Dassault Systèmes' first quarter is not bad in itself. Growth came in at 5%, and 4% LFL. However, this growth is below expectations and contrasts sharply with SAP's performance, whose results demonstrated the strength and robustness of the German group's model.

Dassault Systèmes' results come after a series of contract announcements since the end of last year. However, the reality of the figures contrasts with this promising run. The group is particularly trailing in software licenses (12.5% of total revenue): the decline amounts to 9% compared to Q1 2024. The reason? Macroeconomic uncertainty. Dassault Systèmes is trying to be reassuring, explaining that the company has "strong ties" with the US government and should therefore not lose the contracts it has signed with it.

Nevertheless, the current climate, particularly the aggressive trade policy in the US, is leading customers to take longer to make decisions. And this could continue. The improvement hoped for by the company in the second half of the year is being called into question by several analysts specializing in the sector. While the group's pipeline remains particularly strong in many areas—industrial innovation, life sciences, and innovation for SMEs—conditions could still worsen given the lack of visibility regarding US ambitions.

Apart from that, other activities have offset the weakness in licensing. Subscriptions and support (78.5% of revenue) grew by 9%, although in life sciences (20% of revenue), Medidata solutions were affected by a continuing unfavorable environment for clinical research organizations. Excluding software, services (9% of revenue) were down 4%.

Overall, this has prompted the group to lower its operating margin forecast to between 32.3% and 32.6%. Analysts are also skeptical about the targets provided for the current quarter, which seem somewhat lackluster.

Just a few days ago, the French company was trading at multiples close to those of SAP. Q1 results have given the German group a head start, as it is currently performing at significantly better levels. And the situation is unlikely to reverse significantly in the coming months.