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Month: October 2026
Press Release
VELIZY-VILLACOUBLAY, France — October 28, 2026
Dassault Systèmes: Strong Q3 performance with improved FY26 objectives and a step change in Life Sciences
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the third quarter 2026 and nine months ended September 30, 2026. The Group’s Board of Directors approved these estimated results on October 27, 2026. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.
Summary Highlights1
(Third quarter 2026 unaudited, non-IFRS, operating cash flow in IFRS,
all growth rates in constant currencies, unless otherwise noted)
- Total revenue and software revenue up 5% in 3Q26, at the high end of our objectives, with ARR consistent growth of 6%, underscoring the traction of our recurring business
- 3DEXPERIENCE software revenue up 25% and cloud software revenue up 14%
- Operating margin up 150 bps at 31.6%, and diluted EPS up 8% at €0.32, above our objectives
- Operating cash flow up 20% year-to-date, supported by strong cash conversion of 111%, compared to 97% last year
- Completion of ArisGlobal acquisition and appointment of Dr. Ashwini Zenooz as Executive Vice President and CEO, Life Sciences & Healthcare
- Improving full-year objectives: new revenue range of €6.399 – €6.459 billion, reflecting 4% to 5% growth, from previous range of 3% to 5%. Raising operating margin range to 32.5% – 32.7%, and EPS growth range to 6% – 7%. This includes ArisGlobal contribution.
Dassault Systèmes’ Chief Executive Officer and Chairman of the Board Commentary
Pascal Daloz, Dassault Systèmes’ Chief Executive Officer and Chairman of the Board, commented:
“In the third quarter, we delivered strong execution against our strategic priorities, with broad-based momentum across industries and continued growth across our 3DEXPERIENCE platform and cloud businesses. This performance reflects the strength of our strategy and the growing relevance of our solutions, enabling us to improve our FY2026 objectives while advancing our long-term ambitions.
Industries are undergoing a fundamental transformation: they are becoming AI-native. AI is moving beyond individual features to become integral to how products are designed, tested and brought to life. The next industrial revolution will not be defined by AI alone, but by how intelligence connects the virtual and physical worlds. Through our 3D UNIV+RSES, we bring together science, industrial knowledge and AI to create Industry World Models and Virtual Twins at scale, enabling industries to anticipate outcomes and validate decisions in virtual worlds before acting in the physical world.
In Life Sciences, the completion of the ArisGlobal acquisition marks a major milestone in connecting the journey from molecule to patient and back to science. With Dr. Ashwini Zenooz joining Dassault Systèmes to lead our Life Sciences ambition, we are bringing together capabilities across the product lifecycle to accelerate scientific discovery, advance innovation and ultimately improve patient outcomes.
We will share more at our Capital Markets Day on November 17. We are building the virtual worlds that will enable industries to imagine the future, invent new possibilities and turn them into reality.”
Dassault Systèmes’ Chief Financial Officer Commentary
(operating margin, operating cash flow and diluted EPS (“EPS”) growth rates in constant currencies, data on a non-IFRS basis, operating cash flow in IFRS,
data for the third quarter, unless otherwise noted)
Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:
“Q3 was a solid quarter on broad-based performance. Revenue grew 5%, at the top of our objectives, and ARR grew 6%, confirming the shift to subscription, cloud and 3DEXPERIENCE. Across our geographies, Asia was excellent, led by China, and Europe was healthy. The Americas executed well, but growth was impacted by a tough year-over-year comparison.
Productivity drove results above our objectives: operating income up 10%, margin up 150 basis points, EPS up 8%. These earnings turned into strong cash generation, with operating cash flow up 20% and cash conversion of 111% both on a year-to-date basis.
By product line, Industrial Innovation delivered solid results driven by 3DEXPERIENCE, and Mainstream Innovation kept its momentum through CENTRIC and SOLIDWORKS. In Life Sciences, we reached two important milestones: MEDIDATA improved sequentially and is on track to deliver growth from Q4 onwards, and we completed the ArisGlobal acquisition in the second half of September.
With improved visibility, we are confident in our full-year objectives. We are narrowing 2026 revenue growth to 4 to 5% and raising our operating margin and EPS objectives. For the fourth quarter, we expect 5 to 8% revenue growth, this includes ArisGlobal, adding 2 points of growth.”
Financial Summary
| In millions of Euros, except per share data and percentages |
IFRS | IFRS | ||||||||
| Q3 2026 | Q3 2025 | Change | Change in constant currencies | YTD 2026 | YTD 2025 | Change | Change in constant currencies | |||
| Total Revenue | 1,551.9 | 1,460.1 | 6% | 5% | 4,617.0 | 4,554.7 | 1% | 4% | ||
| Software Revenue | 1,393.5 | 1,313.7 | 6% | 5% | 4,169.0 | 4,119.2 | 1% | 4% | ||
| Operating Margin | 20.9% | 20.7% | +0.3pt | 22.3% | 18.6% | +3.7pts | ||||
| Diluted EPS | 0.22 | 0.20 | 8% | 0.66 | 0.57 | 16% | ||||
| In millions of Euros, except per share data and percentages |
Non-IFRS | Non-IFRS | ||||||||
| Q3 2026 | Q3 2025 | Change | Change in constant currencies | YTD 2026 | YTD 2025 | Change | Change in constant currencies | |||
| Total Revenue | 1,551.9 | 1,461.5 | 6% | 5% | 4,617.4 | 4,557.6 | 1% | 4% | ||
| Software Revenue | 1,393.5 | 1,315.1 | 6% | 5% | 4,169.5 | 4,122.1 | 1% | 4% | ||
| Operating Margin | 31.6% | 30.1% | +1.5pts | 30.6% | 30.1% | +0.5pt | ||||
| Diluted EPS | 0.32 | 0.29 | 10% | 8% | 0.93 | 0.91 | 3% | 7% | ||
Third Quarter 2026 Versus 2025 Financial Comparisons
(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)
- Total Revenue: Total revenue in the third quarter grew 5% to €1.55 billion, and software revenue rose 5% to €1.39 billion. Subscription & support revenue rose 3%; recurring revenue represented 84% of software revenue. Licenses and other software revenue were up 14% to €219 million. Services revenue increased 7% to €158 million.
- ARR: In the third quarter, ARR grew 6% year-over-year to reach €4.50 billion on a constant currency basis2, reflecting the continued strengthening of our business model.
- Software Revenue by Geography: Asia (23% of software revenue) was up 12%, delivering a strong quarter across regions, led by China with double-digit growth. Aerospace and High-Tech showed good momentum. Europe (38% of software revenue) grew 10% in IFRS and 9% in non-IFRS, underscoring a strong quarter despite weakness in Central and Southern Europe. The region saw broad-based performance across industries driven by 3DEXPERIENCE adoption. The Americas (39% of software revenue revenue) decreased 3% on a strong baseline, which masked healthy growth in Home & Lifestyle, High-Tech, and Industrial Equipment. In addition, Life Sciences improved this quarter.
- Software Revenue by Product Line:
- Industrial Innovation software revenue was up 5% to €753 million, with solid performance from 3DEXPERIENCE and Cloud, ENOVIA leading the momentum.
- Mainstream Innovation software revenue increased by 8% to €375 million. SOLIDWORKS delivered solid broad-based growth and CENTRIC building momentum with new client wins.
- Life Sciences & Healthcare software revenue was up 1% to €266 million. MEDIDATA delivered flat growth, improving sequentially, with bookings continuing to accelerate ARR growth. This quarter reached a key milestone with the acquisition of ArisGlobal, which was completed in September 2026 and had no material revenue impact.
- Software Revenue by Industry: High-Tech, Home & Lifestyle and Industrial Equipment were the main contributors to growth this quarter.
- Key Strategic Drivers: 3DEXPERIENCE software revenue increased 25% and represented 46% of 3DEXPERIENCE eligible software revenue, compared to 40% last year. Cloud software revenue grew 14%, representing 28% of software revenue during the period. This performance reflects customers’ increasing focus on transforming their operations and preparing for Industrial AI at scale.
- Operating Income and Margin: IFRS operating income increased 8% to €325 million, as reported. Non-IFRS operating income increased 11% to €490 million, as reported, and increased 10% in constant currencies. The IFRS operating margin stood at 20.9% compared to 20.7% last year. The non-IFRS operating margin totaled 31.6%, versus 30.1% in the same period of last year.
- Diluted Earnings per Share: IFRS diluted EPS was €0.22, increasing 8% as reported. Non-IFRS diluted EPS grew to €0.32, up 10% as reported and up 8% in constant currencies.
Nine Months Ended 2026 Versus 2025 Financial Comparisons
(unaudited, IFRS and non-IFRS unless otherwise noted,
all revenue growth rates in constant currencies)
- Total Revenue: In the first nine months, total revenue grew 4% to €4.62 billion. Software revenue increased 4% to €4.17 billion. Subscription and support revenue rose 3% to €3.48 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue increased 7% to €691 million. Services revenue was up 6% to €448 million.
- Software Revenue by Geography: The Americas grew by 1%, Europe increased by 5% and Asia was up 8%, representing respectively 39%, 38% and 23% of software revenue.
- Software Revenue by Product Line:
- Industrial Innovation software revenue rose 3% to €2.27 billion and represented 54% of software revenue. ENOVIA and 3DEXPERIENCE were among the strongest contributors to growth.
- Life Sciences software revenue decreased 2% to €777 million, representing 19% of software revenue.
- Mainstream Innovation software revenue increased by 10% to €1.12 billion. Mainstream Innovation represented 27% of software revenue.
- Software Revenue by Industry: Home & Lifestyle, Industrial Equipment, High-Tech and Transportation & Mobility were among the strongest contributors to growth.
- Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 15%, representing 44% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew 12% in non-IFRS, and represented 27% of software revenue. 3DEXPERIENCE Cloud software revenue increased 46% in constant currencies.
- Operating Income and Margin: IFRS operating income was up 22%, to €1.03 billion, as reported. Non-IFRS operating income increased 3% to €1.41 billion, as reported, and increased 7% in constant currencies. IFRS operating margin totaled 22.3% compared to 18.6% for the same period in 2025. Non-IFRS operating margin stood at 30.6% in the first nine months, compared to 30.1% in the same period last year.
- Diluted Earnings per Share: IFRS diluted EPS was €0.66, an increase of 16% as reported. Non-IFRS diluted EPS increased 3% to €0.93, as reported, and increased by 7% in constant currencies.
- Cash Flow from Operations (IFRS): In the first nine months, cash flow from operations was up 20% in constant currencies to €1.57 billion, compared to €1.30 billion last year. Cash flow from operations was supported by strong cash conversion, and was principally used for the acquisition of ArisGlobal, net of cash acquired of €1.5 billion and dividend payments of €357 million.
- Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.05 billion as of September 30, 2026, including cash and cash equivalents of €3.81 billion in the first nine months.
Financial Objectives for 2026
Dassault Systèmes’ fourth quarter and 2026 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2026 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:
| Q4 2026 | FY 2026 | ||||
| Total Revenue (billion) | €1.782 – €1.842 | €6.399 – €6.459 | |||
| Growth | 6 – 9% | 3 – 4% | |||
| Growth ex FX | 5 – 8% | 4 – 5% | |||
| Software revenue growth * | 5 – 8% | 4 – 5% | |||
| Services revenue growth * | 8 – 14% | 6 – 8% | |||
| Operating Margin | 37.2% – 37.8% | 32.5% – 32.7% | |||
| Diluted EPS | €0.42 – €0.43 | €1.35 – €1.36 | |||
| Growth | 4 – 8% | 3 – 4% | |||
| Growth ex FX | 3 – 7% | 6 – 7% | |||
| US dollar | $1.14 per Euro | $1.16 per Euro | |||
| Japanese yen (before hedging) | JPY 170.0 per Euro | JPY 180.5 per Euro | |||
| * Growth in Constant Currencies | |||||
These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.
The 2026 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2026 principal currency exchange rates above: contract liabilities write-downs was not significant; share-based compensation expenses, including related social charges, estimated at approximately €116 million (these estimates do not include any new stock option or share grants issued after September 30, 2026); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €343 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.
The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration, IT transformation projects and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after September 30, 2026.
Corporate Announcements
- October 28, 2026: Dassault Systèmes Takes its Life Sciences Ambition to the Next Level with a Unified AI Platform Connecting Science, Medicine and Patients
- October 28, 2026: MEDIDATA Named by IDC MarketScapeTM as a Leader in Worldwide Life Sciences R&D RWDIRWE Data Platforms, Technology Solutions, and Consulting Services
- October 22, 2026: Dassault Systèmes and Vertiv Team to Accelerate AI Factory Design and Deployment
- October 16, 2026: Dassault Systèmes Showcases AI-Powered Virtual Twin Factories at NVIDIA GTC Berlin 2026
- October 7, 2026: Dassault Systèmes Brings Virtual Twins and Industrial AI to the Paris Motor Show 2026
- September 24, 2026: SYSTRA and Dassault Systèmes Enter into a Technological Collaboration Around a New Generation of Virtual Twins for Transport Infrastructures
- September 10, 2026: Centric Software Unveils Centric AI to Power Smarter Product Decisions at NRF 2026
- July 23, 2026: Dassault Systèmes to acquire ArisGlobal, creating a unified AI intelligence platform for the Life Sciences industry connecting molecule, patient and real-world outcomes
- July 23, 2026: Medidata Launches Medidata Plus, an AI-Native Foundation Built to Scale Clinical Portfolios
- July 23, 2026: Dassault Systèmes Expands the 3DEXPERIENCE AI-Native Agentic Platform with New Virtual Companion Skills to Co-Engineer with Humans
- July 23, 2026: Dassault Systèmes Sets New SBTi-Validated Net-Zero Target
Today’s Webcast and Conference Call Information
Today, Wednesday, October 28, 2026, Dassault Systèmes will host, from London, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.
Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.
Investor Relations Events
- Capital Markets Day: November 17, 2026
- Fourth Quarter 2026 Earnings Release: February 3, 2027
- First Quarter 2027 Earnings Release: April 28, 2027
- Second Quarter 2027 Earnings Release: July 28, 2027
Forward-looking Information
Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.
The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2025 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 31, 2026, available on the Group’s website www.3ds.com.
In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2025 Universal Registration Document set out below for ease of reference:
“In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:
- the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
- the geopolitical, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example due to stricter export compliance rules, or the implementation of new customs barriers or controls on the exchange of goods and services;
- continued inflationary pressure or volatility on raw materials, computer hardware and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries or negatively affect its financial health; and
- the sales cycles of Dassault Systèmes’ products, which are relatively long due to the strategic nature of such investments for customers, could further lengthen.
Tensions, particularly geopolitical, economic, financial or customs tensions, and the occurrence of crises could adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. Certain crises – health and geopolitical crises in particular – could also have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. A deteriorating economic environment, such as deflationary pressure in Asia, could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position. Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.”
In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.14 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the fourth quarter 2026. The Group has assumed an average US dollar to euro exchange rate of US$1.16 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY180.5 to €1.00, before hedging for the full year 2026. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.
Non-IFRS Financial Information
Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2025 Universal Registration Document filed with the AMF on March 31, 2026.
In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, acquisition, integration, IT transformation projects and restructuring expenses, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.
FOR MORE INFORMATION
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com
ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. Through the 3DEXPERIENCE platform, AI-powered, science-based virtual twins help 390,000 customers of all sizes, in all industries, collaborate, imagine and create sustainable innovations that drive meaningful impact.
For more information, visit www.3ds.com.
Dassault Systèmes Investor Relations Team FTI Consulting
Marie Dumas : +33 1 61 62 70 92 Cosme Julien-Madoni: +33 1 47 03 68 19
investors@3ds.com Jamie Ricketts : +44 20 3727 1600
Dassault Systèmes Press Contacts
Arnaud Malherbe / Déborah Cobbi
+33 (0)1 61 62 87 73 / 70 83
arnaud.malherbe@3ds.com / deborah.cobbi@3ds.com
© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DVIA, BIOVIA, CATIA, CENTRIC, DELMIA, ENOVIA, GEOVIA, MEDIDATA, OUTSCALE, SIMULIA, SOLIDWORKS, NETVIBES and 3DEXCITE are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versaillecompanies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.
APPENDIX TABLE OF CONTENTS
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Glossary of Definitions
Non-IFRS Financial Information
Acquisitions and Foreign Exchange Impact
Condensed consolidated statements of income
Condensed consolidated balance sheet
Condensed consolidated cash flow statement
IFRS – non-IFRS reconciliation
DASSAULT SYSTÈMES – Glossary of Definitions
Information in Constant Currencies
Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives in constant currencies in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS and non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.
While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.
Information on Growth excluding acquisitions (“organic growth”)
In addition to financial indicators relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.
Information on Industrial Sectors
Dassault Systèmes provides end-to-end software solutions and services: its AI native 3D UNIV+RSES – made of multiple virtual twin experiences that are powered by the 3DEXPERIENCE platform – combine artificial intelligence (AI), modeling, simulation, data science, and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.
These three sectors comprise twelve industries:
- Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
- Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient’s journey and lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercialization, the Group’s solutions connect all elements from molecule development to prevention and care, and combine new therapeutics, medical practices, as well as Medtech;
- Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In this sector, the Group supports the virtualization of infrastructure and cities, making its industries more efficient and sustainable, and creating desirable living environments.
Information on Product Lines
The Group’s financial reporting on product lines includes the following information:
- Industrial Innovation software revenue, which includes mainly CATIA, ENOVIA, SIMULIA, DELMIA and GEOVIA brands;
- Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
- Mainstream Innovation software revenue which includes its CENTRIC and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.
OUTSCALE has been a Dassault Systèmes brand since 2022, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.
GEOs
Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer-centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.
These GEOs are structured into three groups:
- the “Americas” group, made of two GEOs;
- the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
- the “Asia” group, comprising Asia and Oceania and made of five GEOs.
3DEXPERIENCE Software Contribution
To measure the relative share of 3DEXPERIENCE software in its revenue, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC and other acquisitions (defined as “3DEXPERIENCE eligible software revenue”).
Software revenue
Software license revenue represents fees earned from granting customers licenses to use Dassault Systèmes’ software. It includes license revenue of perpetual and periodic license sales of software products.
Subscription contracts generally have a term of between one and five years, and include on premise software license and support.
Subscription revenue also includes Cloud revenue. Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services.
Subscription revenue is also derived from cloud contracts and hybrid on-premise and cloud contracts. It also includes subscription renewals of on-premise licenses signed with hybrid on-premise and cloud deals.
Support revenue represents periodic fees associated with the sale of unspecified product updates on a when-and-if- available basis and technical support. Support agreements are entered into in connection with the initial software license purchase. Support may be renewed by the customer at the conclusion of each term.
Recurring fees for subscription and support are reported within “Software Revenue”.
Annual Run Rate (ARR)
ARR is the annual value of all active subscription software, SaaS, hosting & support contracts as of the end of the reporting period.
- The value of active contracts is annualized by dividing the total active contract value by the contract duration in days (end date minus start date), then multiplying the result by 360 days.
- The value of an active contract refers to contract value for which orders have been submitted.
- For contracts that include annual values that change over time, we include in ARR only the annual value of components of the contract that are considered active as of the date of the ARR calculation.
- A contract or a component of the contract is considered active only between the contractual start and end dates.
- For ramp contracts, only the portion where the customer has already submitted an order is included. Future ramped amounts are excluded until they are activated.
- For MEDIDATA “Study by Study” contracts that are not contractually renewable, only the contractually committed portion is counted in the Group ARR.
- No assumptions are taken regarding future customer renewals or future committed increases.
ARR is composed of 2 elements: subscription annual run rate (SARR) and maintenance annual run rate (MARR).
We believe ARR is a valuable operating measure to assess the health of our recurring business because it is aligned with the amount that we invoice the customer on an annual basis. We generally invoice customers annually for the current year of the active contract.
ARR increases by the annual value of active contracts that commence in a reporting period and decreases by the annual value of contracts that expire in the reporting period.
ARR is not annual recurring revenue, and is therefore not affected by revenue recognition standards, including point in time revenue recognition of on-premise license subscriptions.
Cash conversion
Dassault Systèmes’ ability to convert its operating performance into cash flow (operating cash flow / non-IFRS operating income).
DASSAULT SYSTÈMES
NON-IFRS FINANCIAL INFORMATION
(unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)
Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration, information systems transformation projects and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.
Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.
| In millions of Euros, except per share data, percentages, headcount and exchange rates | Non-IFRS reported | |||||||
| Three months ended | Nine months ended | |||||||
| September 30, 2026 |
September 30, 2025 |
Change | Change in constant currencies | September 30, 2026 |
September 30, 2025 |
Change | Change in constant currencies | |
| Total Revenue | € 1,551.9 | € 1,461.5 | 6% | 5% | € 4,617.4 | € 4,557.6 | 1% | 4% |
| Revenue breakdown by activity | ||||||||
| Software revenue | 1,393.5 | 1,315.1 | 6% | 5% | 4,169.5 | 4,122.1 | 1% | 4% |
| Of which licenses and other software revenue | 219.3 | 188.8 | 16% | 14% | 691.1 | 662.5 | 4% | 7% |
| Of which subscription and support revenue | 1,174.2 | 1,126.3 | 4% | 3% | 3,478.4 | 3,459.6 | 1% | 3% |
| Services revenue | 158.4 | 146.4 | 8% | 7% | 447.9 | 435.6 | 3% | 6% |
| Software revenue breakdown by product line | ||||||||
| Industrial Innovation | 753.2 | 717.1 | 5% | 5% | 2,270.7 | 2,254.9 | 1% | 3% |
| Life Sciences | 265.7 | 256.6 | 4% | 1% | 776.7 | 817.5 | (5)% | (2)% |
| Mainstream Innovation | 374.6 | 341.3 | 10% | 8% | 1,122.1 | 1,049.7 | 7% | 10% |
| Software Revenue breakdown by geography | ||||||||
| Americas | 538.6 | 542.8 | (1)% | (3)% | 1,609.4 | 1,658.9 | (3)% | 1% |
| Europe | 527.7 | 479.4 | 10% | 9% | 1,595.9 | 1,527.4 | 4% | 5% |
| Asia | 327.2 | 292.9 | 12% | 12% | 964.3 | 935.7 | 3% | 8% |
| Operating income | € 490.2 | € 439.9 | 11% | € 1,413.8 | € 1,372.1 | 3% | ||
| Operating margin | 31.6% | 30.1% | 30.6% | 30.1% | ||||
| Net income attributable to shareholders | € 427.4 | € 389.6 | 10% | € 1,233.7 | € 1,200.7 | 3% | ||
| Diluted earnings per share | € 0.32 | € 0.29 | 10% | 8% | € 0.93 | € 0.91 | 3% | 7% |
| Closing headcount | 26,999 | 26,070 | 4% | 26,999 | 26,070 | 4% | ||
| Average Rate USD per Euro | 1.15 | 1.17 | (2)% | 1.16 | 1.12 | 4% | ||
| Average Rate JPY per Euro | 183.25 | 172.29 | 6% | 184.04 | 165.63 | 11% | ||
DASSAULT SYSTÈMES
ACQUISITIONS AND FOREIGN EXCHANGE IMPACT
(unaudited; in millions of Euros)
| In millions of Euros | Non-IFRS reported | o/w growth at constant rate and scope | o/w change of scope impact at current year rate | o/w FX impact on previous year figures | ||
| September 30, 2026 |
September 30, 2025 |
Change | ||||
| Revenue QTD | 1,551.9 | 1,461.5 | 90.5 | 69.5 | 5.7 | 15.3 |
| Revenue YTD | 4,617.4 | 4,557.6 | 59.8 | 171.9 | 6.3 | (118.4) |
DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited; in millions of Euros, except per share data and percentages)
| In millions of Euros, except per share data and percentages | IFRS reported | |||
| Three months ended | Nine months ended | |||
| September 30, | September 30, | September 30, | September 30, | |
| 2026 | 2025 | 2026 | 2025 | |
| Licenses and other software revenue | 219.3 | 188.8 | 691.1 | 662.5 |
| Subscription and Support revenue | 1,174.2 | 1,125.0 | 3,477.9 | 3,456.7 |
| Software revenue | 1,393.5 | 1,313.7 | 4,169.0 | 4,119.2 |
| Services revenue | 158.4 | 146.4 | 447.9 | 435.6 |
| Total Revenue | € 1,551.9 | € 1,460.1 | € 4,617.0 | € 4,554.7 |
| Cost of software revenue (1) | (122.2) | (118.4) | (343.5) | (367.7) |
| Cost of services revenue | (132.4) | (118.6) | (399.8) | (394.2) |
| Research and development expenses | (328.0) | (314.3) | (979.9) | (1,011.7) |
| Marketing and sales expenses | (407.7) | (398.7) | (1,245.7) | (1,293.1) |
| General and administrative expenses | (113.9) | (111.6) | (317.1) | (355.8) |
| Amortization of acquired intangible assets and of tangible assets revaluation | (82.6) | (83.5) | (243.2) | (257.2) |
| Other operating income and expense, net | (40.2) | (13.0) | (56.9) | (26.8) |
| Total Operating Expenses | (1,226.9) | (1,158.0) | (3,586.1) | (3,706.5) |
| Operating Income | € 325.0 | € 302.1 | € 1,030.9 | € 848.2 |
| Financial income (loss), net | 23.1 | 24.9 | 69.4 | 85.1 |
| Income before income taxes | € 348.1 | € 327.0 | € 1,100.3 | € 933.4 |
| Income tax expense | (57.3) | (54.2) | (197.7) | (182.6) |
| Net Income | € 290.8 | € 272.8 | € 902.6 | € 750.8 |
| Non-controlling interest | 0.1 | 2.2 | 0.1 | 8.3 |
| Net Income attributable to equity holders of the parent | € 290.9 | € 275.0 | € 902.7 | € 759.1 |
| Basic earnings per share | 0.22 | 0.21 | 0.68 | 0.58 |
| Diluted earnings per share | € 0.22 | € 0.20 | € 0.66 | € 0.57 |
| Basic weighted average shares outstanding (in millions) | 1,324.0 | 1,320.3 | 1,321.5 | 1,316.3 |
| Diluted weighted average shares outstanding (in millions) | 1,325.4 | 1,327.6 | 1,326.0 | 1,324.8 |
(1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.
| IFRS reported |
Three months ended September 30, 2026 | Nine months ended September 30, 2026 | ||
| Change (2) | Change in constant currencies | Change (2) | Change in constant currencies | |
| Total Revenue | 6% | 5% | 1% | 4% |
| Revenue by activity | ||||
| Software revenue | 6% | 5% | 1% | 4% |
| Services revenue | 8% | 7% | 3% | 6% |
| Software Revenue by product line | ||||
| Industrial Innovation | 5% | 5% | 1% | 3% |
| Life Sciences | 4% | 1% | (5)% | (2)% |
| Mainstream Innovation | 10% | 8% | 7% | 10% |
| Software Revenue by geography | ||||
| Americas | (1)% | (3)% | (3)% | 1% |
| Europe | 10% | 10% | 5% | 5% |
| Asia | 12% | 12% | 3% | 8% |
(2) Variation compared to the same period in the prior year.
DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited; in millions of Euros)
| In millions of Euros | IFRS reported | |
| September 30, | December 31, | |
| 2026 | 2025 | |
| ASSETS | ||
| Cash and cash equivalents | 3,814.0 | 4,125.4 |
| Trade accounts receivable, net | 1,772.7 | 2,168.4 |
| Contract assets | 68.3 | 37.3 |
| Other current assets | 463.9 | 454.4 |
| Total current assets | 6,118.9 | 6,785.5 |
| Property and equipment, net | 968.0 | 944.8 |
| Goodwill and Intangible assets, net | 8,662.7 | 6,868.8 |
| Other non-current assets | 510.3 | 460.4 |
| Total non-current assets | 10,141.0 | 8,274.0 |
| Total Assets | € 16,259.9 | € 15,059.4 |
| LIABILITIES | ||
| Trade accounts payable | 305.9 | 253.0 |
| Contract liabilities | 1,557.6 | 1,536.0 |
| Borrowings, current | 652.7 | 1,449.5 |
| Other current liabilities | 937.3 | 990.9 |
| Total current liabilities | 3,453.4 | 4,229.3 |
| Borrowings, non-current | 2,112.4 | 1,145.8 |
| Other non-current liabilities | 1,019.0 | 886.4 |
| Total non-current liabilities | 3,131.3 | 2,032.2 |
| Non-controlling interests | 5.4 | 5.4 |
| Parent shareholders’ equity | 9,669.8 | 8,792.5 |
| Total Liabilities | € 16,259.9 | € 15,059.4 |
DASSAULT SYSTÈMES
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(unaudited; in millions of Euros)
| In millions of Euros | IFRS reported | |||||
| Three months ended | Nine months ended | |||||
| September 30, | September 30, | Change | September 30, | September 30, | Change | |
| 2026 | 2025 | 2026 | 2025 | |||
| Net income attributable to equity holders of the parent | 290.9 | 275.0 | 15.9 | 902.7 | 759.1 | 143.7 |
| Non-controlling interest | (0.1) | (2.2) | 2.1 | (0.1) | (8.3) | 8.2 |
| Net income | 290.8 | 272.8 | 18.0 | 902.6 | 750.8 | 151.8 |
| Depreciation of property and equipment | 54.5 | 49.8 | 4.7 | 159.1 | 148.7 | 10.4 |
| Amortization of intangible assets | 84.0 | 84.2 | (0.2) | 246.6 | 260.0 | (13.4) |
| Adjustments for other non-cash items | 4.5 | 30.8 | (26.3) | (0.1) | 67.4 | (67.5) |
| Changes in working capital | (103.9) | (251.4) | 147.5 | 258.7 | 106.6 | 152.1 |
| Net Cash From Operating Activities | €329.9 | €186.2 | €143.7 | €1,567.0 | €1,333.5 | €233.4 |
| Additions to property, equipment and intangibles assets | (39.9) | (28.1) | (11.8) | (104.2) | (123.4) | 19.2 |
| Payment for acquisition of businesses, net of cash acquired | (1,538.7) | (0.6) | (1,538.2) | (1,552.6) | (203.5) | (1,349.1) |
| Other | (7.7) | (0.8) | (6.9) | (20.6) | (35.4) | 14.8 |
| Net Cash Provided by (Used in) Investing Activities | €(1,586.3) | €(29.4) | €(1,556.9) | €(1,677.4) | €(362.2) | €(1,315.1) |
| Proceeds from exercise of stock options | 1.4 | 10.1 | (8.7) | 16.5 | 39.7 | (23.2) |
| Cash dividends paid | – | (0.0) | 0.0 | (357.5) | (342.6) | (14.9) |
| Repurchase and sale of treasury stock | 5.1 | (111.7) | 116.9 | (54.7) | (336.6) | 281.8 |
| Capital increase | (0.0) | 0.0 | (0.0) | (0.0) | 111.3 | (111.3) |
| Acquisition of non-controlling interests | (4.3) | (217.9) | 213.6 | (4.3) | (218.0) | 213.7 |
| Proceeds from borrowings | 317.0 | 14.1 | 302.9 | 1,097.4 | 95.1 | 1,002.3 |
| Repayment of borrowings | (900.0) | – | (900.0) | (900.0) | (18.5) | (881.5) |
| Repayment of lease liabilities | (14.9) | (30.0) | 15.1 | (75.0) | (75.3) | 0.3 |
| Net Cash Provided by (Used in) Financing Activities | €(595.6) | €(335.4) | €(260.3) | €(277.7) | €(744.9) | €467.2 |
| Effect of exchange rate changes on cash and cash equivalents | 6.0 | 4.6 | 1.4 | 76.6 | (269.3) | 345.9 |
| Increase (decrease) in cash and cash equivalents | €(1,846.0) | €(174.0) | €(1,672.0) | €(311.4) | €(42.9) | €(268.6) |
| Cash and cash equivalents at beginning of period | €5,660.1 | €4,083.7 | €4,125.4 | €3,952.6 | ||
| Cash and cash equivalents at end of period | €3,814.0 | €3,909.7 | €3,814.0 | €3,909.7 | ||
DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)
Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2025 filed with the AMF on March 31, 2026. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.
| In millions of Euros, except per share data and percentages | Three months ended September 30, | Change | ||||||
| 2026 | Adjustment(1) | 2026 | 2025 | Adjustment(1) | 2025 | IFRS | Non-IFRS(2) | |
| IFRS | Non-IFRS | IFRS | Non-IFRS | |||||
| Total Revenue | € 1,551.9 | – | € 1,551.9 | € 1,460.1 | € 1.3 | € 1,461.5 | 6% | 6% |
| Revenue breakdown by activity | ||||||||
| Software revenue | 1,393.5 | – | 1,393.5 | 1,313.7 | 1.3 | 1,315.1 | 6% | 6% |
| Licenses and other software revenue | 219.3 | – | 219.3 | 188.8 | – | 188.8 | 16% | 16% |
| Subscription and Support revenue | 1,174.2 | – | 1,174.2 | 1,125.0 | 1.3 | 1,126.3 | 4% | 4% |
| Recurring portion of Software revenue | 84% | 84% | 86% | 86% | ||||
| Services revenue | 158.4 | – | 158.4 | 146.4 | – | 146.4 | 8% | 8% |
| Software Revenue breakdown by product line | ||||||||
| Industrial Innovation | 753.2 | – | 753.2 | 717.1 | – | 717.1 | 5% | 5% |
| Life Sciences | 265.7 | – | 265.7 | 256.6 | – | 256.6 | 4% | 4% |
| Mainstream Innovation | 374.6 | – | 374.6 | 340.0 | 1.3 | 341.3 | 10% | 10% |
| Software Revenue breakdown by geography | ||||||||
| Americas | 538.6 | – | 538.6 | 542.7 | – | 542.8 | (1)% | (1)% |
| Europe | 527.7 | – | 527.7 | 478.2 | 1.2 | 479.4 | 10% | 10% |
| Asia | 327.2 | – | 327.2 | 292.9 | 0.1 | 292.9 | 12% | 12% |
| Total Operating Expenses | € (1,226.9) | € 165.2 | € (1,061.7) | € (1,158.0) | € 136.5 | € (1,021.6) | 6% | 4% |
| Share-based compensation expense and related social charges | (42.2) | 42.2 | – | (39.6) | 39.6 | – | ||
| Amortization of acquired intangible assets and of tangible assets revaluation | (82.6) | 82.6 | – | (83.5) | 83.5 | – | ||
| Lease incentives of acquired companies | (0.3) | 0.3 | – | (0.3) | 0.3 | – | ||
| Other operating income and expense, net | (40.2) | 40.2 | – | (13.0) | 13.0 | – | ||
| Operating Income | € 325.0 | € 165.2 | € 490.2 | € 302.1 | € 137.8 | € 439.9 | 8% | 11% |
| Operating Margin | 20.9% | 31.6% | 20.7% | 30.1% | ||||
| Financial income (loss), net | 23.1 | 1.4 | 24.5 | 24.9 | 0.5 | 25.4 | (8)% | (4)% |
| Income tax expense | (57.3) | (30.1) | (87.3) | (54.2) | (23.4) | (77.6) | 6% | 13% |
| Non-controlling interest | 0.1 | (0.1) | 0.0 | 2.2 | (0.4) | 1.8 | (96)% | (98)% |
| Net Income attributable to shareholders | € 290.9 | € 136.5 | € 427.4 | € 275.0 | € 114.5 | € 389.6 | 6% | 10% |
| Diluted Earnings Per Share (3) | € 0.22 | € 0.10 | € 0.32 | € 0.20 | € 0.09 | € 0.29 | 8% | 10% |
(1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment of acquired companies; (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangibles assets and of tangible assets revaluation, share-based compensation expense, and related social charges, the effect of adjusting the lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration, information systems transformation projects and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial income, net reflect the exclusion of certain one-time items, net, and; (iv) all adjustments to IFRS net income data reflect the combined effect of these adjustments, and with respect to net income and diluted net income per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.
| In millions of Euros, except percentages | Three months ended September 30, | Change | ||||||||
| 2026 IFRS |
Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2026 Non-IFRS |
2025 IFRS |
Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2025 Non-IFRS |
IFRS | Non- IFRS |
|
| Cost of revenue | (254.5) | 1.9 | 0.1 | (252.6) | (236.9) | (1.2) | 0.1 | (238.0) | 7% | 6% |
| Research and development expenses | (328.0) | 15.4 | 0.1 | (312.5) | (314.3) | 19.6 | 0.1 | (294.6) | 4% | 6% |
| Marketing and sales expenses | (407.7) | 11.1 | 0.1 | (396.5) | (398.7) | 6.8 | 0.1 | (391.8) | 2% | 1% |
| General and administrative expenses | (113.9) | 13.8 | 0.0 | (100.1) | (111.6) | 14.4 | 0.0 | (97.2) | 2% | 3% |
| Total | € 42.2 | € 0.3 | € 39.6 | € 0.3 | ||||||
(2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
(3) Based on a weighted average 1,325.4 million diluted shares for Q3 2026 and 1,327.6 million diluted shares for Q3 2025, and, for IFRS only, a diluted net income attributable to the shareholders of € 290.1 million for Q3 2026 (€ 269.5 million for Q3 2025). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.
DASSAULT SYSTÈMES
SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
IFRS – NON-IFRS RECONCILIATION
(unaudited; in millions of Euros, except per share data and percentages)
Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2025 filed with the AMF on March 31, 2026. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.
| In millions of Euros, except per share data and percentages | Nine months ended September 30, | Change | ||||||
| 2026 | Adjustment(1) | 2026 | 2025 | Adjustment(1) | 2025 | IFRS | Non-IFRS(2) | |
| IFRS | Non-IFRS | IFRS | Non-IFRS | |||||
| Total Revenue | € 4,617.0 | € 0.5 | € 4,617.4 | € 4,554.7 | 2.9 | € 4,557.6 | 1% | 1% |
| Revenue breakdown by activity | ||||||||
| Software revenue | 4,169.0 | 0.5 | 4,169.5 | 4,119.2 | 2.9 | 4,122.1 | 1% | 1% |
| Licenses and other software revenue | 691.1 | – | 691.1 | 662.5 | – | 662.5 | 4% | 4% |
| Subscription and Support revenue | 3,477.9 | 0.5 | 3,478.4 | 3,456.7 | 2.9 | 3,459.6 | 1% | 1% |
| Recurring portion of Software revenue | 83% | 83% | 84% | 84% | ||||
| Services revenue | 447.9 | – | 447.9 | 435.6 | – | 435.6 | 3% | 3% |
| Software Revenue breakdown by product line | ||||||||
| Industrial Innovation | 2,270.7 | – | 2,270.7 | 2,254.9 | – | 2,254.9 | 1% | 1% |
| Life Sciences | 776.7 | – | 776.7 | 817.5 | – | 817.5 | (5)% | (5)% |
| Mainstream Innovation | 1,121.6 | 0.5 | 1,122.1 | 1,046.8 | 2.9 | 1,049.7 | 7% | 7% |
| Software Revenue breakdown by geography | ||||||||
| Americas | 1,609.3 | – | 1,609.4 | 1,658.8 | 0.1 | 1,658.9 | (3)% | (3)% |
| Europe | 1,595.4 | 0.4 | 1,595.9 | 1,524.8 | 2.6 | 1,527.4 | 5% | 4% |
| Asia | 964.3 | – | 964.3 | 935.5 | 0.2 | 935.7 | 3% | 3% |
| Total Operating Expenses | € (3,586.1) | € 382.5 | € (3,203.6) | € (3,706.5) | € 520.9 | € (3,185.6) | (3)% | 1% |
| Share-based compensation expense and related social charges | (81.4) | 81.4 | – | (235.8) | 235.8 | – | ||
| Amortization of acquired intangible assets and of tangible assets revaluation | (243.2) | 243.2 | – | (257.2) | 257.2 | – | ||
| Lease incentives of acquired companies | (1.0) | 1.0 | – | (1.1) | 1.1 | – | ||
| Other operating income and expense, net | (56.9) | 56.9 | – | (26.8) | 26.8 | – | ||
| Operating Income | € 1,030.9 | € 382.9 | € 1,413.8 | € 848.2 | € 523.8 | € 1,372.1 | 22% | 3% |
| Operating Margin | 22.3% | 30.6% | 18.6% | 30.1% | ||||
| Financial income (loss), net | 69.4 | 3.2 | 72.6 | 85.1 | 1.6 | 86.8 | (18)% | (16)% |
| Income tax expense | (197.7) | (55.1) | (252.7) | (182.6) | (77.8) | (260.4) | 8% | (3)% |
| Non-controlling interest | 0.1 | (0.1) | 0.0 | 8.3 | (6.0) | 2.3 | (98)% | (98)% |
| Net Income attributable to shareholders | € 902.7 | € 330.9 | € 1,233.7 | € 759.1 | € 441.7 | € 1,200.7 | 19% | 3% |
| Diluted Earnings Per Share (3) | € 0.66 | € 0.27 | € 0.93 | € 0.57 | € 0.33 | € 0.91 | 16% | 3% |
(1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the deferred revenue adjustment of acquired companies; (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangibles assets and of tangible assets revaluation, share-based compensation expense, and related social charges, the effect of adjusting the lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration, information systems transformation projects and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial income, net reflect the exclusion of certain one-time items, net, and; (iv) all adjustments to IFRS net income data reflect the combined effect of these adjustments, and with respect to net income and diluted net income per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.
| In millions of Euros, except percentages | Nine months ended September 30, | Change | ||||||||
| 2026 IFRS |
Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2026 Non-IFRS |
2025 IFRS |
Share-based compensation expense and related social charges | Lease incentives of acquired companies | 2025 Non-IFRS |
IFRS | Non- IFRS |
|
| Cost of revenue | (743.3) | 2.5 | 0.3 | (740.5) | (761.9) | 17.6 | 0.4 | (743.9) | (2)% | (0)% |
| Research and development expenses | (979.9) | 34.0 | 0.4 | (945.5) | (1,011.7) | 81.0 | 0.4 | (930.3) | (3)% | 2% |
| Marketing and sales expenses | (1,245.7) | 22.5 | 0.2 | (1,222.9) | (1,293.1) | 71.0 | 0.3 | (1,221.9) | (4)% | 0% |
| General and administrative expenses | (317.1) | 22.4 | 0.1 | (294.7) | (355.8) | 66.2 | 0.1 | (289.5) | (11)% | 2% |
| Total | € 81.4 | € 1.0 | € 235.8 | € 1.1 | ||||||
(2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
(3) Based on a weighted average 1,326.0 million diluted shares for YTD 2026 and 1,324.8 million diluted shares for YTD 2025, and, for IFRS only, a diluted net income attributable to the shareholders of € 879.7 million for YTD 2026 (€ 759.1 million for YTD 2025). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.
1 IFRS figures for 3Q26: Total revenue of €1.55 billion compared to €1.46 billion in 3Q25, operating margin of 20.9% compared to 20.7% last year, and diluted EPS of €0.22 compared to €0.20 last year; IFRS figures for YTD26: Total revenue of €4.62 billion, operating margin of 22.3% compared to 18.6% in 3Q25, and diluted EPS of €0.66 compared to €0.57 last year.
2 FY26 Plan foreign exchange rates used for all periods ($1.16 per euro and JPY 180.5 per euro)
Attachment
Press Release
VELIZY-VILLACOUBLAY, France — October 28, 2026
Dassault Systèmes Takes Its Life Sciences Ambition to the Next Level with a Unified AI Platform Connecting Science, Medicine and Patients
- Dassault Systèmes takes decisive step in its life sciences strategy to empower faster discovery, better therapies and smarter decisions
- Dassault Systèmes completes the acquisition of ArisGlobal; will now create a unified AI-native platform for life sciences connecting the therapeutic lifecycle
- Dr. Ashwini Zenooz, formerly with the U.S. Department of Veterans Affairs and Salesforce, joins Dassault Systèmes in newly created role to lead this ambition
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced it has completed the acquisition of ArisGlobal and is now uniting its Life Sciences and Healthcare capabilities into a unified AI platform that connects science, medicine and patients. The milestones advance its ambition to improve people’s lives by empowering faster drug discovery, better therapies and smarter decisions. Dr. Ashwini Zenooz has been appointed Executive Vice President and CEO of its Life Sciences and Healthcare sector to lead this ambition.
“Life Sciences is reaching its own inflection point. For years, discovery, clinical development, manufacturing and patient outcomes have been separate worlds, each learning too slowly from the others. Today, we take a decisive step to change that,” said Pascal Daloz, Chief Executive Officer and Chairman of the Board, Dassault Systèmes. “Today our Life Sciences portfolio comes together in 3D UNIV+RSES: one AI-native enterprise platform connecting the full drug lifecycle in a continuous cycle of discovery, learning and improvement. Every step becomes more valuable because it is connected to, and informs, the others. Scientific models become smarter. Clinical trials become more informed. Manufacturing becomes more adaptive, and patient outcomes continuously improve future innovation.”
Dassault Systèmes completed the acquisition of ArisGlobal for $1.8 billion in cash at closing, with up to $200 million in additional consideration tied to multi-year AI-related revenue milestones. ArisGlobal’s AI-native platform serves as a single source of truth for regulatory, safety, quality and medical affairs, serving more than 200 clients, including half of the top 50 global biopharma companies. ArisGlobal will continue to be led by Aman Wasan as CEO and will become an integral part of Dassault Systèmes’ Life Sciences and Healthcare sector alongside its BIOVIA and MEDIDATA brands.
The acquisition extends Dassault Systèmes’ reach, enabling it to create a unified AI-native platform that unites scientific discovery, clinical development, manufacturing, and real-world patient outcomes. By combining AI with science, Virtual Twins, and deep expertise in 3D UNIV+RSES, Dassault Systèmes gives AI the context to turn data into actionable insights.
To lead its ambition, Dassault Systèmes has appointed Dr. Ashwini Zenooz to a newly created role, Executive Vice President and CEO, Life Sciences and Healthcare sector, and as a member of the Executive Committee. She reports to Pascal Daloz.
Zenooz will lead MEDIDATA, BIOVIA, and ArisGlobal, with responsibility for strategy, integration, go-to-market, and sales, as well as strategic partnerships across pharma, biotech, medtech, diagnostics and digital health. Her mission is to drive platform adoption, giving the industry a new way to understand complexity, accelerate innovation, and make better decisions across the entire value chain.
With a unique background as a physician, technology leader, and entrepreneur, Zenooz brings deep expertise in telehealth, precision medicine, mental health and applied AI, having held leadership roles at Salesforce, Commure, and the U.S. Department of Veterans Affairs. She is a fellowship-trained radiologist and maintains an active California medical license. Zenooz received her Bachelor of Science and Doctor of Medicine degrees in the accelerated Medical Honors program at the University of Florida.
For more than a decade, Dassault Systèmes has built a strong foundation of technology, capabilities, customer relationships and expertise across the sector. Its BIOVIA brand pioneered modeling and simulation in science. Its MEDIDATA brand has transformed clinical development across 42,000 trials and 13 million patients. Its industrial knowledge has brought Virtual Twins to manufacturing and operations. In 2020, Dassault Systèmes unveiled its ambition to extend the power of Virtual Twins from the world of things into the world of life by bringing together biosciences, material sciences and information sciences into complete living virtual models that can be configured, simulated and predicted on the 3DEXPERIENCE platform.
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FOR MORE INFORMATION
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: https://www.3ds.com
ABOUT DASSAULT SYSTÈMES
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. Through the 3DEXPERIENCE agentic platform, AI-powered, science-based virtual twins help 390,000 customers of all sizes, in all industries, collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit: www.3ds.com
Dassault Systèmes Press Contacts
Corporate / France Arnaud MALHERBE arnaud.malherbe@3ds.com +33 (0)1 61 62 87 73
North America Natasha LEVANTI natasha.levanti@3ds.com +1 (508) 449 8097
EMEA Virginie BLINDENBERG virginie.blindenberg@3ds.com +33 (0) 1 61 62 84 21
China Grace MU grace.mu@3ds.com +86 10 6536 2288
Japan Reina YAMAGUCHI reina.yamaguchi@3ds.com +81 3 4321 6650
Korea Jeemin JEONG jeemin.jeong@3ds.com +82 2 3271 6653
India Priyanka PANDEY priyanka.pandey@3ds.com +91 9886302179
AP South Hazel FOO hazel.foo@3ds.com +65 8333 3484
Attachment
Ari-Pekka Määttänen
Lassila & Tikanoja Plc
Stock exchange release
28 October 2026 at 7:55 AM EET
Inside information: Ari-Pekka Määttänen appointed President and CEO of Lassila & Tikanoja Plc
The Board of Directors of Lassila & Tikanoja Plc has appointed M.Sc. (Tech.) Ari-Pekka Määttänen (born 1968) as the company’s new President and CEO. He will assume his position on 1 May 2027. Määttänen will succeed the current President and CEO, Eero Hautaniemi, whose decision to step down from his position by summer 2027 was announced on 19 March 2026.
Ari-Pekka has extensive experience in leading, transforming and growing businesses based on customer needs. He has held senior leadership and business development positions at Stora Enso and Andritz, and joins Lassila & Tikanoja from his current position as CEO of Fintoil Oy.
“We are very pleased to welcome Ari-Pekka to lead Lassila & Tikanoja into its next phase. He has strong experience in business growth and transformation, strategy execution and value creation for customers. The Board believes he is the right person to accelerate Lassila & Tikanoja’s growth as a company purely focused on the circular economy. At the same time, I would like to thank Eero Hautaniemi for his many years of excellent service as President and CEO of the company”, says Jukka Leinonen, Chair of the Board of Directors of Lassila & Tikanoja.
“Lassila & Tikanoja is a highly respected company with a unique role in enabling the circular economy. The company has a strong market position, highly skilled employees and significant opportunities to create value for its customers and shareholders. I look forward to joining Lassila & Tikanoja and building the company’s next phase of growth together with its employees,” says Ari-Pekka Määttänen.
Eero Hautaniemi will continue as President and CEO of Lassila & Tikanoja until 30 April 2027. Thereafter, he will serve as Senior Advisor until 31 July 2027.
Ari-Pekka Määttänen’s CV and photograph are attached to this release.
LASSILA & TIKANOJA PLC
Board of Directors
For additional information please contact:
Jukka Leinonen, Chair of the Board of Directors
jukka.leinonen@lassila-tikanoja.fi
Lassila & Tikanoja is a leading Nordic circular economy company committed to unleashing the potential of circularity together with its customers and partners. Our services include waste management and recycling, hazardous waste and remediation services as well as industrial services and water treatment. Our goal is to strengthen an efficient infrastructure in society and promote the sustainable use of materials by transforming waste streams into valuable raw materials. L&T employs approximately 2,300 people in Finland and Sweden and is listed on Nasdaq Helsinki.
Distribution:
Nasdaq Helsinki
Major media
www.lt.fi/en
Attachments
PRESS RELEASE
Paris, 28 October 2026
Following the approval of the European Central Bank, BNP Paribas announces the launch
of its share buyback programme related to the 2026 financial year results for a maximum amount of EUR 1.3 billion.
The purchase will start on November 2, 2026, under a contract with an investment services provider acting independently, entrusted with an irrevocable instruction to purchase the shares. The shares purchased under the programme will be cancelled.
BNP Paribas will provide weekly updates on the progress of the programme via a press release on BNP Paribas’ website, and via full and effective dissemination in accordance with the applicable legal provisions:
https://invest.bnpparibas/en/search/reports/documents/regulated-information.
The share buyback programme will be carried out in accordance with the provisions set out in the EU Regulation n°596/2014 of the European Parliament and of the Council of April 16th, 2014 on market abuse and its implementing provisions, and within the limits of the authorisation granted to BNP Paribas to purchase shares on the market pursuant to the 5th resolution adopted by the General Meeting of BNP Paribas on May 12th, 2026.
The description of the share buyback programme authorised by the above-mentioned 5th resolution, published on May 12th, 2026, is available on BNP Paribas’s website: https://invest.bnpparibas/en/document/descriptif-du-programme-de-rachat-d-actions-propres-2026.
Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and territories with more than 180,000 employees, including more than 146,000 in Europe. The Group’s activities are structured by three operating divisions: Commercial, Personal Banking & Services covering commercial & personal banking entities and specialised businesses; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, a bridge between corporate and institutional clients. Based on its strong diversified and integrated model, the Group accompanies all its clients (individuals, entrepreneurs, SMEs, corporates and institutional clients) through solutions spanning financing, investment, savings and insurance. The Group has a historic footprint in four eurozone markets: France, Italy, Belgium and Luxembourg. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas implements a Social and Environmental Responsibility approach across all its activities, enabling it to contribute to building a sustainable future while ensuring the Group’s performance and stability.
Press Contact
Giorgia Rowe – giorgia.rowe@bnpparibas.com – +33 6 64 27 57 96
Marie Clouard – marie.clouard@bnpparibas.com – +33 6 98 37 45 70
Attachment
Equinor (OSE: EQNR, NYSE: EQNR) will on 29 October 2026 commence the fourth tranche of up to USD 1,125 million of the share buy-back programme for 2026, as announced in connection with the company’s third quarter results on 28 October 2026.
In this fourth tranche of the share buy-back programme for 2026, shares for up to USD 371.3 million will be purchased in the market, implying a total fourth tranche of up to USD 1,125 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 1 February 2027.
Equinor announced at the 4Q and full year 2025 results presentation on 4 February 2026, a share buy-back programme of up to USD 1.5 billion for 2026, including shares to be redeemed from the Norwegian State. At the Capital Markets Day on 16 June this year, the share buy-back programme for 2026 was further increased to up to USD 3 billion, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the fourth tranche for 2026, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.
The commencement of future share buy-back tranches after the fourth tranche for 2026 will be decided by the board of directors on a quarterly basis, in line with the company’s dividend policy, and will be subject to board authorisation for share buy-backs from the company’s general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).
The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the fourth tranche for 2026 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2027.
Further information about the share buy-back programme and the fourth tranche:
The fourth tranche of the share buy-back programme for 2026 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 12 May 2026. According to the authorisation, the maximum number of shares that may be purchased in the market is 78 million, of which 65,708,418 remain available at the commencement of the fourth tranche for 2026 (taking into account buy-backs carried out under previous tranches during the authorisation period). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2027, but no later than 30 June 2027.
An agreement between Equinor and the Norwegian State governs the State’s participation in the share buy-back programme: at the annual general meeting of the company in May 2027, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.
In the fourth tranche for 2026, shares will be purchased on the Oslo Stock Exchange and potentially also on other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation No 2016/1052 and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programmes from March 2025.
The board of directors will propose to the annual general meeting to be held in May 2027, to cancel shares purchased in the market in this fourth tranche in 2026 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State.
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Further information from:
Investor relations
Bård Glad Pedersen, senior vice president Investor Relations
+47 918 01 791
Media
Sissel Rinde, vice president Media Relations
+47 412 60 584
Key information relating to the cash dividend to be paid by Equinor ASA (OSE: EQNR, NYSE: EQNR) for third quarter 2026.
Cash dividend amount: 0.39
Announced currency: USD
Last day including rights: 12 February 2027
Ex-date Oslo Børs: 15 February 2027
Ex-date New York Stock Exchange: 16 February 2027
Record date: 16 February 2027
Payment date: 26 February 2027
Date of approval: 27 October 2026
Other information: The cash dividend per share in NOK will be communicated on 22 February 2027.
This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.
Equinor (OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 12.35 billion in the third quarter of 2026. Equinor reported a net operating income of USD 11.95 billion and a net income of USD 2.54 billion. Adjusted net income* was USD 2.86 billion, leading to adjusted earnings per share* of USD 1.20.
Delivering on the strategy
- Acquired gas-fired power plant in the US
- Progressing Bay du Nord with new partner in October
- Accessed attractive exploration acreage in Namibia, and established a strategic exploration collaboration on the NCS
Strong production, cash flow and financial results
- Production growth of 2%
- Increased 2026 production guiding to ~4%
- Strong Marketing, Midstream and Processing results with record contribution from the Mongstad refinery
- Cash flow from operations after taxes paid* of USD 8.1 billion
Capital distribution
- Third quarter cash dividend of USD 0.39 per share
- Fourth tranche of the share buy-back of up to USD 1,125 million
- Share buy-back of up to USD 3 billion for 2026
Anders Opedal, President and CEO of Equinor ASA:
“High production in the third quarter enabled us to capture additional value from higher prices. Based on safe and efficient operations we are increasing our 2026 guiding for oil and gas production growth from 3 to around 4 per cent.”
“In a period of continued geopolitical tension, we remain committed to safe and reliable operations, supplying the products our customers need. At the Mongstad refinery, our operational performance was strong and we achieved record results.”
“We continue to deliver on our strategy by creating new opportunities for long-term value. In the quarter, we have accessed new exploration acreage and acquired a stake in a gas-fired power plant in the US. We have also progressed the Bay du Nord project in Canada with a new partner.”
Delivering more energy
Equinor delivered high production in the third quarter with a total equity production of 2,166 mboe per day. This is a 2% increase compared to the same quarter last year.
Production on the NCS remained high, and was stable compared to the third quarter in 2025. New fields, such as Halten East and Verdande, and contribution from new wells offset natural decline and unplanned losses from Johan Castberg and Troll.
Production increased by 21% for the international oil and gas reporting segment compared to the same quarter last year. Main drivers were the addition of production from Adura in the UK and Bacalhau in Brazil, as well as lower turnaround activity. This was partially offset by portfolio divestments and natural decline.
The US production was lower than in the same quarter last year. Onshore production remained high, while planned downtime and natural decline offshore impacted overall production levels.
The renewable power generation increased by 26% due to contributions from Dogger Bank and a new onshore asset in Brazil. The total power generation was 1.32 TWh. Lower gas-to-power generation from Triton resulted in a decrease in total power generation in the third quarter.
Growing cash flow with strong financial results
Equinor delivered an adjusted operating income* of USD 12.35 billion and adjusted net income* was USD 2.86 billion in the third quarter. The results are primarily impacted by higher liquid prices and European gas prices. In addition, international liftings were lower than the company’s share of production, resulting in lower sales volumes.
The reported net operating income of USD 11.95 billion is up from USD 5.27 billion in the same quarter last year. The results were supported by higher commodity prices and strong refining margins.
Equinor realised a European gas price of USD 20.0 per mmbtu and a liquids price of USD 92.3 per bbl in the third quarter.
The Marketing, Midstream and Processing results were strong, primarily driven by high refining margins and strong refining performance, as well as LNG trading.
Adjusted operating and administrative expenses* remained broadly stable compared to the same quarter last year. Higher transportation costs and other variable costs were offset by a lower impact of changes in decommissioning estimates for a US offshore asset.
Elevated commodity prices and high production generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 14.68 billion.
In the quarter, Equinor paid the two first NCS tax instalments for 2026 totalling USD 6.2 billion.
Cash flow from operations after taxes paid* ended at USD 8.14 billion.
Organic capital expenditure* was USD 3.28 billion and total capital expenditures were USD 3.82 billion.
The net debt to capital employed adjusted ratio* was 3.8% at the end of the third quarter, compared to 10.4% last quarter.
Executing on strategy
On the NCS, Equinor, Aker BP and Vår Energi established a new strategic exploration partnership to unlock greater value through closer collaboration. In the quarter, Equinor also signed energy supply agreements with companies in Poland, the Netherlands and Germany.
Equinor acquired bp’s interest in Bay du Nord in Canada in the quarter. In October, the company sold a 30% interest to Shell. The project maturation continues towards an investment decision.
Equinor entered Namibia through an exploration licence interest and was involved in new discoveries in Angola.
To further build its integrated power business, Equinor acquired an interest in the gas-fired power plant Lackawanna in the US.
Equinor had exploration activity on 13 wells in the quarter. Six wells were completed of which three were commercial. In addition a commercial discovery was confirmed from one of the wells completed in the second quarter.
Capital distribution
The board of directors has decided a cash dividend of USD 0.39 per share for the third quarter of 2026. This is in line with the communication on 4 February 2026, when results for the fourth quarter of 2025 were announced.
At the Capital Markets Day on 16 June this year, Equinor announced an intention to increase the share buy-back programme for 2026 by USD 1.5 billion. This brings the total expected programme for 2026 to up to USD 3 billion. The board has decided to initiate a fourth and final tranche of the share buy-back programme for 2026 of up to USD 1,125 million. The tranche will commence on 29 October 2026 and end no later than 1 February 2027.
The third tranche of the share buy-back programme for 2026 was completed on 22 October with a total value of USD 1,125 million.
All share buy-back amounts include shares to be redeemed by the Norwegian State.
– – –
*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
– – –
Further information from:
Investor relations
Bård Glad Pedersen, Senior vice president Investor relations,
+47 918 01 791 (mobile)
Press
Sissel Rinde, Vice president Media relations,
+47 412 60 584 (mobile)
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
Attachments
- Equinor Financial Statements and Review Third Quarter 2026
- CFO presentation Third quarter 2026 results
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