客户转向云软件，达索系统全年营收实现增长

Core Insights - Dassault Systèmes reported a full-year revenue of €6.24 billion ($7.44 billion) for fiscal year 2025, reflecting a 4% year-over-year growth at constant exchange rates, with recurring revenue increasing by 6% driven by an 11% growth in subscription services as more customers transition to cloud services [1][2] - The fourth quarter revenue grew only 1% at constant exchange rates, reaching €1.68 billion, which is at the lower end of the performance guidance range [1] Revenue Breakdown - The 3DEXPERIENCE platform and cloud services saw revenue growth of 10% and 8% respectively, primarily driven by large contracts [2] - The life sciences segment, which includes the Medidata clinical trial business, experienced a 2% decline in revenue due to pharmaceutical companies reducing new project initiations [2] - The industrial innovation software business grew by 6%, remaining the core growth engine for the company [2] Outlook for 2026 - The company projects revenue growth of 3% to 5% at constant exchange rates for 2026 [3] - Expected operating margin is between 32.2% and 32.6% [3] - Earnings per share are forecasted to be between €1.30 and €1.34 [3]