Dassault Systèmes (-18.27% at 18.34 euros) is at the bottom of the CAC 40 index. Already under pressure due to concerns over the impact of the AI revolution on software publishers, the group plunged further following the release of its earnings and outlook.

Dassault Systèmes this morning reported a non-IFRS EPS of 0.40 euro for its fourth quarter of 2025, up 9% at constant currency (CC), but 6% below consensus estimates. Similarly, its non-IFRS operating margin improved by 90 basis points to 37%, yet still missed the 38.2% average expected by analysts, according to Jefferies.

Also at CC, the enterprise software publisher's total revenue rose by 1% to 1.68 billion euros, "against a high comparison base, at the lower end of its guidance range," and 3% below the market's average forecast.

"Moreover, the revenue growth guidance for fiscal 2026 of 3 to 5% (at CC) is below expectations and reflects a company facing economic model challenges," Jefferies also highlighted.

The broker also estimates that the target of a 20 to 60 basis point operating margin gain for 2026 implies only about 3% growth in operating expenses. "In this period of accelerated change, it is difficult to see how this level of opex growth can drive significant changes," it warns, while maintaining its "underperform" rating on the stock.