Financing Information
Maintaining a High Level of Cash Flow from Operating Activities
Figure 1 in €M; in Current Euro
Dassault Systèmes Capital Allocation
Cash is used mainly for acquisitions, repayment of debt, cash dividends and for the repurchase of treasury stocks, to be delivered as part of share-based compensation plans and employee shareholding plan.
For the half year June 30th 2026, cash flow from operations was up 11% in constant currencies to €1.24 billion, compared to €1.15 billion last year. Cash flow from operations was supported by strong cash conversion, and was principally used for dividend payments of €357 million and debt repayment of €217 million.
Maintaining Significant Financial Flexibility with a High Level of Liquidity
Figure 2 in € billions
Dassault Systèmes’ net financial position totaled €2.28 billion as of June 30, 2026, an increase of €0.75 billion, compared to €1.53 billion for the year ended December 31, 2025. Cash and cash equivalents totaled €5.66 billion in the first half, with Dassault Systèmes issuing a new bond on June 2026 for €1.00 billion.
Corporate Rating
On November 27th, 2025, Standard & Poor’s Global Ratings re-affirmed their “A” rating with a stable outlook for Dassault Systèmes SE and its long-term credit.
| Agency | Date | Long term | Outlook | Short term | Business risk profile |
| S&P | November 27th, 2025 | A | Stable | - | Strong |
| S&P | April 26th, 2022 | A | Stable | -- | Strong |
| S&P | August 27th, 2019 inaugural | A- | Stable | -- | Strong |
N.B : for the latest S&P report on the company please register on https://www.spglobal.com/ratings/en/products-benefits/products/ratings360
Bond issue program
On September 16, 2019, the Group issued four tranches of fixed rate bonds for a total of €3,650.0 million. This issuance was part of the financing of the acquisition of Medidata Solutions, Inc. completed in October 2019.
On September 16, 2022 and 2024, the Group reimbursed the first two tranches of bonds for €900 million and €700 million, respectively.
On June 16, 2026, the Group issued a €1,000 million bond with a maturity of June 16, 2031. The issuance will be used for general corporate purposes, including refinancing of the €900 million in notes due September 2026.
| Bond | Date of issue | Maturity Date | Volume (in €m) | Coupon (Payable Annually) |
| 2026 | Sept. 16, 2019 | Sept. 16, 2026 | 900 | 0.125% |
| 2029 | Sept. 16, 2019 | Sept. 16, 2029 | 1,150 | 0.375% |
| 2031 | June 16, 2026 | June 16, 2031 | 1,000 | 3.375% |
Borrowings
| As of June 30, 2026 | Payments due by period | |||
| in million euros | Total | Less than 1 year | 1-5 years | 5-10 years |
| Bonds | 3,039.9 | 899.8 | 1,146.3 | 993.8 |
| Term loans | 0.5 | 0.5 | ||
| Commercial Paper | 331.6 | 331.6 | - | - |
| Accrued interest | 5.7 | 5.7 | - | - |
| TOTAL | 3,377.7 | 1,237.5 | 1,146.3 | 993.8 |
In July 2022, the Group launched a program of commercial paper (Negotiable EUropean Commercial Paper - NEU CP) with a maximum outstanding amount, authorized by the Board, of €750 million.
During the first half of 2026, the Group issued €1,878.0 million with a maximum maturity of three months and reimbursed €2,095.5 million under this program. As of June 30, 2026, the outstanding amount of commercial papers came up to €331.6 million.
Line of credit
In October 2019, the Group received a revolving line of credit of €750 million maturing in October 2026.
On June 12, 2026, the Group notified the voluntary cancellation of this facility and replaced it, on the same date, with a new €750 million financing commitment, which includes an extension option that could increase its amount to €1,250 million. This new five-year credit line also includes a €250 million swingline facility. As of June 30, 2026, the line of credit was not drawn down.
The Group’s financing contracts do not have commitments such as “covenant ratios" linked to the change in the Group's rating. A lower credit rating would result in an increase (capped) in the margins applicable to the line of credit; symmetrically, a higher rating would lead to a decrease in the applicable margins (with a floor).