Dassault Systemes : Shareholders’ Meeting convening brochure

Pascal Daloz, Chief Executive Officer

Bernard Charlès, Executive Chairman

As the Experience Economy and the Circular Economy are converging into the Generative Economy, our clients need not only to embrace a sustainable economy, accomplishing more with fewer resources, but also cultivate an economy characterized by personalization, contextualization, and automatic updates of experiences. For both our customers and Dassault Systèmes, this will create new possibilities in terms of markets, audiences and portfolio, just as 3DEXPERIENCE did a decade ago. Our scientific approach, industrial know-how, modeling and simulation capabilities coupled with AI and data science, represent strategic assets for innovators to succeed in the new Generative Economy.

2023 marked an important stage in the transformation of the industries we serve as well as in our performance and strategy.

2023 reflected the successful delivery of our 2018-2023 five-year plan. We doubled our diluted non-IFRSEPS to €1.20, an increase mostly attributed to organic growth. This performance was achieved in five years as initially planned, despite the pandemic and geopolitical instability. Over this period, Dassault Systèmes proved a game-changer in innovation and trusted partner for transformation in the three strategic sectors of the economy we serve - Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities - thus strengthening our positions and laying a solid foundation for future success. We either established leadership positions or assumed strong positions in promising segments. As evidence, Dassault Systèmes solutions have become the asset of choice and de facto standard in EVs, pharmaceuticals, and nuclear technology.

Over the past five years, the scope of sovereignty has clearly expanded from Defense only to energy, materials, industrial offerings and data - notably health data. Today, products are made of virtual and real. Therefore, virtual assets now hold more strategic value than the physical ones. The virtualization of society requires the highest levels of trust and services: data, as part of organizations' and nations' sovereign legacy, must be valued and protected. Dassault Systèmes, as a global player in virtualization and Cloud services, has become a key strategic partner for sovereignty and trust, both of which being major factors of differentiation for our customers.

Focusing on 2023, we have delivered revenue growth of 9% and built momentum in subscription revenue with an increase of 16%, both in constant currencies. We have delivered on our profitability objectives, achieving a non- IFRS operating margin of 32.4%, all the while continuing to invest in our future growth. We increased our headcount by 6%, which sets us apart from many tech players.

Across the 12 industries we serve, we saw a renewed focus on investment in innovation and concluded a significant number of large commercial agreements for our 3DEXPERIENCE platform. This is driven by the imperative for our customers to gain a competitive edge through rapid innovation and operational efficiency while staying profitable, meeting regulatory sustainability deadlines, and decoupling economic growth from resource consumption. Clients are turning to Dassault Systèmes to enable real-time analysis of raw material and part substitutions, as well as the reshaping of value networks.

These results have provided a very solid platform for us to embark on our new five-year plan to double again non-IFRSEPS to reach €2.40. Strategically positioned, we can leverage a vast market creating new opportunities.

This marks an important stage in our strategy, as we're introducing the "Generative Economy" as our horizon for 2040. It's a new milestone in our legacy.

In 2012, we stated that "product is no longer enough" to build a sustainable economy and opened up the Experience Economy, centered on product usage. In 2020, we declared that industry had to shift "from things to life" and extended Virtual Twin Experiences to living organisms - including human beings.

Now, to support our customers' transformation, it's time to accelerate this shift to "life of things". Mirroring the metamorphic method of life is the driving principle of the "Generative Economy": imagine self-healing materials; or products that are grown rather than manufactured; or net-positive business models giving as much back to society as they take away… We see "generative" as the solution to "consumption". A consumption model is not sustainable because it entails negative eco-bills for customers - the eco-bill being the ratio between what we take from the planet and society and what we give back.

We believe that the industry can be the solution to circularity provided it reaches a new balance. All industries will have to go through this metamorphosis and Dassault Systèmes is mission critical for businesses to imagine, create, and deliver generative experiences to their consumers, patients, workers, citizens, and society at large.

As virtualization is the catalyst and enabler of the Generative Economy, we want to push our Virtual Twin Experience approach further. Indeed, mobility is not about devices only, it's about environments involving passengers, vehicles, buildings, and air quality. Cancer is not just cells: it's the effect of an organic process, and to better heal cancer, we need to understand it in a more holistic manner. For all this, we have to connect multiple Virtual Twin Experiences together.

This is what we call UNIV+RSES, a combination of multiple virtual twins, unifying all stakeholders, knowledge and know-how, and virtual and real.

The IFWE Loop is our lever in the short and mid-term to allow our customers achieve this strategic move. For 40 years, Dassault Systèmes has powered the spiral of innovation, guiding innovation from design to manufacturing. Today, as our most advanced clients already think in terms of lifecycle and systems of systems, we extend this journey into an infinite loop by seamlessly connecting the virtual and the real with real-world data. In the Generative Economy, we can take advantage of data science to innovate and improve the users experience. This opens up new possibilities, such as giving life to things: powered by real-world data, physical objects become augmented objects. Cars can be monitored and optimized in real-time through their virtual counterpart. This will enable 'software-defined experiences', shifting the value from physical assets to software, all the while empowering our clients to establish direct connections with their end customers, providing tailored experiences. Crucially, this software will be "cyber-software" to address cybersecurity. Dassault Systèmes brings together new ecosystems and fosters new public-private partnerships to tackle these challenges. In addition, it will be possible to generate multiple lives of the things - waste is becoming a resource for new products. It's the PLM of the 21st century:

Dassault Systèmes invented Product Lifecycle Management in the 1990s, and now we virtualize the multiple cycles of lives of things.

Doing so, we aim to leverage the power of the numbers to broaden our value proposition and make generative innovation accessible to all business users, consumers, patients, and citizens. This will substantially expand our addressable market and serve as a catalyst for accelerating top-line growth.

We are best positioned to catalyze significant transformations in the global industry.

In Manufacturing Industries, we catalyze change with electrification. Moving from thermal to electric requires a metamorphosis of the entire value network - from consumers needs to battery providers to materials providers to charging stations and grids.

In Life Sciences & Healthcare, we empower customers with generative therapeutics and bioreactors to meet rising demand at sustainable costs. We're also pioneering precision medicine and a shift from cure to care - from treatment to prevention.

In Infrastructure & Cities, our customers benefit from breakthrough innovation we bring to create alternatives to fossil energies such as nuclear, hydrogen or biofuels.

What sets us apart is our ability to provide a science-based representation of the world's complexity, combining data science, modeling and simulation. Our Artificial Intelligence (AI) engines elevate gigantic data into structured knowledge and know-how, Intellectual Property being innovators' most powerful competitive asset. We work hand in hand with the scientific communities to explore deep-coupling of AI, cyber systems and ModSim at the core of which is bio science.

In harnessing the power of AI-driven Virtual Twin Experiences, we are upskilling the workforce of the future. AI automates repetitive tasks, driving significant productivity gains, enabling informed decision-making, and nurturing imagination and creativity. AI shifts the responsibilities of workers from "doing" to "choosing", acting as a true cornucopia to driving innovation and success.

Finally, the governance organization carefully crafted over years and aligned with the Company's long term strategy, is effective since January 1st, 2024. Pascal Daloz now serves as Dassault Systèmes Chief Executive Officer, as announced last June, and Bernard Charlès is Executive Chairman. As the CEO, Pascal Daloz, alongside a talented executive team, is engaged to build on the Company's powerful legacy to lead Dassault Systèmes into a new chapter and increase the value we bring to our giant customer base. The role of Bernard Charlès as Executive Chairman is to organize the Board of Directors' work encompassing strategy, governance, risks' oversight and corporate social

• environmental responsibility. Furthermore, the Executive Chairman collaborates with the CEO on strategy, research, and developing our connections with governments and longstanding clients.

The two of us have worked side by side for 25 years. Today, we continue the successful tandem approach that Bernard Charlès and Charles Edelstenne formed for the past 40 years. What matters most to us is that we share the same vision for Dassault Systèmes: pushing the boundaries of science and the imagination and inspiring significant transformations in the industry for the benefit of consumers, patients, citizens and learners. Our purpose - to provide 3DEXPERIENCE universes to harmonize product, nature, and life - is our inspiration.

Since inception, Dassault Systèmes' leadership and trusted relationships with customers have been built on a solid, consistent and independent governance. We are committed to ensuring that Dassault Systèmes has the means and freedom to pursue innovative strategies.

We thank our teams for their dedication to our success. We thank our clients for their continued trust. We are proud to be continuing this journey together and have every confidence we will succeed.

23,811

employees from

142

countries

350,000+

entreprise customers in 12 industries

Headcount breakdown: 39% Europe

28% Americas

33% Asia

194

sites worldwide

13

brands

A Growing & High-Performance Company

+9%* €5.95 bn*

total revenue

+19% *

growth in 3DEXPERIENCE (representing 36% of 3DEXPERIENCE eligible software revenue)

+16%*

growth in revenue from subscription

+12% *

growth in cloud solutions (24% of software revenue)

32.4% *

operating margin

+12% *

diluted EPS growth

• Non-IFRS,growth rates in constant currencies. See chapters 1.7 and 3.1 for IFRS figures.

+7.1%

R&D headcount

41%

share of employees in R&D

790+

protected innovations

Within the 3DEXPERIENCE Lab:

2,000+

mentors involved

60+

supported projects in 2023

A Sustainable & Responsible Company

#4

ranking in the software sector S&P Global CSA; and also member of the Dow Jones Sustainability World Index

AAA

rated "Leader" in the software sector MSCI ESG rating

67%

eligible revenue to the EU Taxonomy

33%

aligned revenue with EU Taxonomy

3,800

employees having followed sustainability training modules in the last 2 years

5

women among 13 members of the Executive team

The purpose of Dassault Systèmes is to provide business and people with 3DEXPERIENCE universes to imagine sustainable innovations capable of harmonizing product, nature and life.

Dassault Systèmes, a global leading player in sustainable innovation, provides to companies and individuals virtual twin experiences based on a unique collaborative and secured software platform. In three main sectors of the economy (Manufacturing Industries, Life Sciences & Healthcare, Infrastructure & Cities), Dassault Systèmes develops virtual twin experiences that allow customers to create products and services for a more sustainable and desirable world.

This representation of the real world, based on scientific laws and mathematical models and which combines virtual modeling, simulation and visualization, makes it possible to imagine, design and deploy new concepts or processes.

Dassault Systèmes helps its customers to face their most ambitious challenges of the past ten years:

• How to make cities great places to live and work?
• How to care for the entire planet and for each individual, and how to conduct clinical trials to roll out a vaccine in less than a year?
• How to design the entire product lifecycle?
• How to make sustainable purchasing choices?
• How to prepare the workforce of the future for the jobs of the future?
• How to develop new paradigms of scientific observation and reasoning?

In this context, Dassault Systèmes stated that "product is no longer enough" to build a sustainable economy and opened up the Experience Economy, centered on product usage.

In 2012,Dassault Systèmes launched the 3DEXPERIENCE, a platform that provides to companies a real time broad view of their business and ecosystem. The 3DEXPERIENCE connects people, ideas, data, and solutions in a unified environment, allowing companies of all sizes to innovate, produce, and sell in entirely new ways.

Dassault Systèmes solutions transform the way products are designed, simulated, produced, marketed and supported, leveraging the virtual world to improve the real world. The Company has helped manufacturers disrupt how products are designed and manufactured - with 3D design, with 3D digital mock-ups (DMU), with 3D Product Lifecycle Management (PLM), and now with 3DEXPERIENCE.

In 2020, the Company declared that industry had to shift "from things to life" and extended Virtual Twin Experiences to living organisms - including human beings.

Today, as the global Economy is entering a new era, the Company is pushing this approach further. The Experience Economy and the Circular Economy are converging into the Generative Economy and Dassault Systèmes aims to catalyze this metamorphosis. It's about learning from life: understanding and paralleling the metamorphic method magic of life. Learning from life will open up a new perspective on sustainable innovation.

It is important to remember that virtual worlds were created to drive sustainable development. The purpose of the first 3D representations was to replace physical prototyping, saving raw materials, energy and resources. The Product Lifecycle Management (PLM) solutions pioneered by Dassault Systèmes in the early 1990s have helped foster a circular, more balanced approach within industry. Dassault Systèmes wants to be the catalyst and enabler of the real Industry Renaissance of the 21st century and the Generative Economy. Combining the real and the virtual leads to usher in new ways of inventing, learning, producing, and doing business. Achieving a more sustainable future is only possible by leveraging the virtual world.

Dassault Systèmes believes that virtual worlds extend and improve the real world.

Dassault Systèmes is a European science-based, innovation-driven, business-minded and long-term oriented company, with a global presence and market reach. The Company's more than 23,800 employees in more than 140 countries all share this same mindset. This also translates into a high level of market confidence and trust among Dassault Systèmes more than 350,000 customers.

Dassault Systèmes built its strategy around three words: 'Human Industry Experiences'.

"Human" means that the Company is focused on the human being, building on imagination, knowledge and know-how to make a lasting contribution for the benefit of all. "Industry" means that Dassault Systèmes wants to offer customers what they value the most - a sustainable outcome. "Experiences" refers to the will to help businesses and people grow and live in today's new "New World".

To achieve this strategy, Dassault Systèmes is focusing on developing solutions in three main sectors: Manufacturing Industries, Life Sciences & Healthcare and Infrastructure & Cities. After modeling the object in its environment, Dassault Systèmes also wants to model the living.

The Company is rolling out its strategy through strategic operational components: Brands, Industries and Geographies.

Dassault Systèmes' Brands create great user experiences and build vibrant user communities. Industries develop Solution Experiences, industry-focused offerings which deliver specific value to companies and users in a particular industry. The eleven Geographies (GEOs) are responsible

for making GEOs the driving force for the development of our business and for overseeing the implementation of our customer-centric engagement model.

Dassault Systèmes offers the 3DEXPERIENCE, which is a platform for knowledge and know-how. It aims to catalyze and enable innovation by allowing businesses to connect the dots within and outside their company, from upstream thinking to design, engineering, manufacturing, sales & marketing, all the way to ownership.

The 3DEXPERIENCE platform is a game-changer in value creation for organizations because it is the only platform that offers both a system for running their business and a business model to transform their businesses. As a system of operations, the 3DEXPERIENCE platform enables businesses to improve their operational excellence. As a business model, it allows them to set up the most innovative value networks.

The 3DEXPERIENCE platform is structured in four quadrants encompassing thirteen brands. The Company's 3DEXPERIENCE portfolio is comprised of 3D modeling applications, simulation applications, social and collaborative applications, and information intelligence applications.

Dassault Systèmes' Purpose

Established in 2012, Dassault Systèmes' purpose is to provide business and people with 3DEXPERIENCE universes to imagine sustainable innovations capable of harmonizing product, nature and life.

Through this ambition, Dassault Systèmes contributes to the improvement of society and the quality of the environment. "Harmonizing product, nature and life" is how to define sustainable innovation. It is based on the premise that, in the 21st century, with a global population of nearly 8 billion, we cannot produce and consume in the same way that we did in the 20th century. A product cannot be sustainable if its impact on the environment and on society has not been thought through. And conversely, product design can be improved by observing nature and other living creatures.

Dassault Systèmes believes that we should think about progress in terms of balance: what are we taking from and giving back to our planet? "Harmonizing product, nature and life" lies at the heart of the industry of the 21st century -the primary driver of innovation and the key to both sustainable enterprise in all sectors of the economy and progress in all spheres of society.

Since more than a decade, Dassault Systèmes is defined as the 3DEXPERIENCE Company. Dassault Systèmes anticipated that the world would shift from a product-based

economy to an experience economy that values usage over the product.

The experience economy is not just about "user experience". It is about the overall balance and impact of any service we provide to society. This means seeing industry as a value creation process for people, rather than the "means of production". The industry of the 21st century is a network of creation, production and exchange of experiences.

In 2012 Dassault Systèmes also dared to imagine that the 3DEXPERIENCE universes would become the most powerful vehicle for sustainable innovation. Its platform has clearly risen to the challenge.

First, it makes it possible to represent hypotheses, which are then tested and verified against real-world data, with the aim of optimizing models within a loop process.

The virtual twin experience is a virtual representation of the world achieved by combining modeling, simulation, real-world data and artificial intelligence. In some ways, the virtual twin experience can be seen as a library and a workshop: it represents existing and potential knowledge and know-how, and it allows us to create use case scenarios which are then verified against real-world data. With the cloud, all these technologies can be made available to every kind of organization, business and research lab.

It is now possible to measure the tangible benefits of these virtual twin experiences delivered through the platform in the shift toward a more circular economy. According to a study led in 2021 by Dassault Systèmes in collaboration with Accenture, the potential impact of virtual twins on the climate has been quantified: on the basis of five use case scenarios, savings of up to 7.5 gigatons of CO2 are possible.

Second, virtual twin experiences rely on collaborative experience platforms, which have emerged as the key infrastructure for the 21st century.

Thanks to these platforms, companies like Amazon, Uber and Airbnb are able to provide new experiences for the retail, the mobility and the hospitality industry. Next up is the rest of industry. Platforms make it possible to unify entire research and production ecosystems, rethink public/ private partnerships, and converge supply and demand. Far more than just a technology, virtual platforms offer a holistic approach to innovation and an inspiration for new offerings.

Sustainable innovation is intrinsically holistic, multi-disciplinary, multi-scale and circular. Tomorrow's game-changers will not be those with the most automated production systems, but those with the best-developed legacy of knowledge and know-how, whose business environments involve subcontractors as full-fledged partners in value creation. Manufacturers must take a more balanced approach: reducing their negative impact (footprint) and improving their positive impact (handprint) across the entire product lifecycle. This is where platforms really come to the fore - elevating the role of businesses as sustainability leaders, sparking creativeness and sharing knowledge and expertise.

There is an imperative now for manufacturers to consider the entire lifecycle of their products: where are the materials sourced? Is the production process frugal? What is the impact of the distribution channel? Does the product have a sustainable end-use? Can the materials be reused or repurposed? We must work toward a more decarbonized and circular economy. This calls for a system of systems approach, which is today possible using the virtual twin experiences of value chains, ecosystems and collaborative platforms.

As it is adopted by new categories of innovators, the 3DEXPERIENCE platform has become the catalyst and enabler of the Industry Renaissance, today's global transformation that brings new ways of inventing, learning, producing and trading.

The platform encompasses a highly complementary and resolutely unique scope of scientific disciplines: including biology, chemistry, materials science, mechanics, and electromagnetics.

Through virtual experiences, augmented reality and realistic simulation, the virtual revolutionizes our relationship with knowledge, just like the printing press did in 15th century Europe. The new book is the experience! The

virtual experience adds knowledge and know-how, while eliminating the gap between experimentation and learning. Through the virtual world -today's library and workshop- new categories of industrial firms create new categories of experiences for new categories of customers.

Dassault Systèmes has extended its focus from things to life.

Since its inception in 1981, Dassault Systèmes has been instrumental in fostering sustainable innovation for products. At the same time, our ambition to harmonize product, nature and life has led us to develop a new understanding of life and nature. Today, the Company is capable of applying knowledge and know-how acquired in the non-organic world to the organic - living - world.

While the surface of simple objects is represented with 3D design, it takes the 3D digital mock-up (DMU) to represent not only the surface but also the inside of complex systems. The 3D product lifecycle management (PLM) integrates the time dimension. Now, with the 3DEXPERIENCE, we are representing the use.

In 2020, Dassault Systèmes announced its ambition to create the virtual twin experience of the human body, integrating modeling, simulation, information intelligence, and collaboration. This brings together biosciences, material sciences and information sciences to project the data from an object into a complete living virtual model that can be fully configured and simulated. Industry, researchers, physicians and even patients can visualize, test, understand, and predict what cannot be seen - from the way drugs affect a disease to surgical outcomes - before a patient is treated.

In 2023, Dassault Systèmes led groundbreaking initiatives for developing virtual twin experiences of the human body across the entire lifecycle of medical technologies, demonstrating the Company's sustained commitment to revolutionizing healthcare and scientific research. These included collaborative research publications and visionary symposia, pioneering medical initiatives with industry and government agencies, and strategic partnerships with educational institutions:

• the Company held the 9th WW Symposium of Virtual Human Twin, animating and federating the largest vibrant communities on the fields, with 500+ professionals from pharmaceutical, medical devices, practitioners, and regulatory bodies to define and experience new medical twin-based practices;
• "Living Heart", "Living Brain" and "TwinOnco" projects on cardiology, neurology & oncology have been demonstrating new values as illustrated by the "Digital Twin" book (Springer, 2023), chapter "Digital Twin for Healthcare and Life Sciences" co-signed by Patrick Johnson (Executive Vice President, Corporate Research & Sciences) and members from Dassault Systèmes' Corporate Research and Life Sciences & Healthcare industry teams;

• Dassault Systèmes completed a five-year collaborative project with the US Food & Drug Administration (FDA) to create a playbook on the use of virtual human twins to accelerate the approval of medical devices;
• the French prime minister has been validating a large collaborative public/hospital/private program on use of virtual human twins for healthcare (MEDITWIN) led by Dassault Systèmes;
• Dassault Systèmes announced an interdisciplinary program on theoretical foundations for biology with Ecole Normale Supérieure, underlining the Company's strong commitment to advancing science, technology, knowledge & know-how for those communities;
• in the US, Long Island University in New York City received ABET accreditation for a new undergraduate Digital Health Engineering Degree, designed to merge traditional engineering with the virtual twin revolution and prepare students for the future of healthcare, based on 3DEXPERIENCE platform.

Today, Dassault Systèmes aims to be the catalyst and enabler of the Generative Economy, that is emerging from the convergence of the Experience Economy and the Circular Economy. This is the Company's horizon for 2040.

Having shift from things to life, it's time to accelerate this shift to "life of things". Mirroring the metamorphic method of life is the driving principle of the "Generative Economy". It's about imagining self-healing materials; or products that are grown rather than manufactured; or net-positive business models giving as much back to society as they take away… For Dassault Systèmes, "generative" is the solution to "consumption". A consumption model is not sustainable because it entails negative eco-bills for customers - the eco-bill being the ratio between what we take from the planet and society and what we give back.

The industry can be the solution to circularity provided it reaches a new balance. All industries will have to go through this metamorphosis and Dassault Systèmes is mission critical for businesses to imagine, create, and deliver generative experiences to their consumers, patients, workers, citizens, and society at large.

As virtualization is the catalyst and enabler of the Generative Economy, the Company aims to push its Virtual Twin Experience approach further. Indeed, mobility is not about devices only, it's about environments involving passengers, vehicles, buildings, and air quality. Cancer is not just cells: it's the effect of an organic process, and to better heal cancer, researchers need to understand it in a more holistic manner. For all this, it is necessary to connect multiple Virtual Twin Experiences together.

This is the definition of Dassault Systèmes' UNIV+RSES, a combination of multiple virtual twins, unifying all stakeholders, knowledge and know-how, and virtual and real.

The IFWE Loop is the Company's lever in the short and mid-term to achieve this strategy. For 40 years, Dassault Systèmes has powered the spiral of innovation, guiding innovation from design to manufacturing. Today, as its most advanced clients already think in terms of lifecycle and systems of systems, Dassault Systèmes extends this journey into an infinite loop by seamlessly connecting the virtual and the real with real-world data.

In the Generative Economy, it is possible to take advantage of data science to innovate and improve the users experience. This opens up new possibilities, such as giving life to things: powered by real-world data, physical objects become augmented objects. Cars can be monitored and optimized in real-time through their virtual counterpart. This will enable "software-defined experiences", shifting the value from physical assets to software, all the while empowering clients to establish direct connections with their end customers, providing tailored experiences. Crucially, this software will be "cyber-software" to address cybersecurity. Dassault Systèmes brings together new ecosystems and fosters new public-private partnerships to tackle these challenges. In addition, it will be possible to generate multiple lives of the things - waste is becoming a resource for new products. It's the PLM of the 21st century: Dassault Systèmes invented Product Lifecycle Management in the 1990s and is now virtualizing the multiple cycles of lives of things.

Doing so, the Company aims to leverage the power of the numbers to broaden its value proposition and its audiences reaching all business users, consumers, patients, and citizens. This will substantially expand its addressable market and serve as a catalyst for accelerating top-line growth.