Dassault Systèmes: not a great start to 2025
This morning, Dassault Systèmes published Q1 2025 results slightly below expectations for the top-line, but more significantly so on the profitability side. Revenues were up just 4%, well below consensus and the guidance midpoint, both at +5.5%, while IFRS operating income stood at 19.4%, vs 21.6%
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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