Dassault Systèmes Delays Earnings Target to 2029, Cuts Revenue Growth Outlook

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French software firm Dassault Systèmes announced on Friday that it has extended the timeline for achieving its medium-term earnings target by one year, now expecting to reach it in 2029 instead of 2028. The company also lowered its revenue growth forecast amid weakening demand in the automotive sector and ongoing tariff-related uncertainties.

Previously, Dassault Systèmes aimed to double its non-IFRS diluted earnings per share (EPS) to between €2.20 and €2.40 by 2028 under its 2023–2028 strategy. The new timeline shifts this goal to 2029.

At its capital markets day event, the company revised down its medium-term revenue growth target to a compound annual growth rate (CAGR) of 7% to 8% from 2024 to 2029. This is a reduction from the previous forecast of double-digit growth of 10% for the 2023–2028 period.

The company cited a prolonged slowdown in the global automotive industry and market volatility linked to U.S. President Donald Trump’s tariffs as key challenges. Dassault Systèmes had already lowered its 2025 operating margin growth forecast in April and revised its 2024 forecasts twice last year.

These repeated downward adjustments have raised investor concerns about Dassault Systèmes’ ability to meet its medium- and long-term financial goals. Following the announcement, the company’s shares fell 1.7% as of 15:30 GMT.

UK Judge Warns Lawyers Against Using AI to Cite Fake Cases, Threatens Sanctions

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London’s High Court issued a stern warning on Friday that lawyers who rely on artificial intelligence to cite fabricated or non-existent legal cases risk being held in contempt of court or facing criminal charges. The caution comes amid growing concerns about generative AI tools, such as ChatGPT, leading legal professionals astray.

Judge Victoria Sharp condemned lawyers in two recent cases who used AI-generated arguments containing fake case law. She urged legal regulators and industry leaders to take stronger actions to ensure lawyers understand their ethical duties regarding AI use.

“There are serious implications for the administration of justice and public confidence in the justice system if artificial intelligence is misused,” Judge Sharp said in her written ruling. She stressed the need for practical, effective measures from those responsible for legal regulation and leadership within the profession.

Since generative AI tools became widely accessible over the past two years, lawyers globally have faced scrutiny for referencing false authorities in court. Sharp emphasized that lawyers who cite non-existent cases breach their duty not to mislead courts, which can amount to contempt of court.

In the most severe instances, deliberately submitting false information with intent to disrupt justice could constitute the criminal offence of perverting the course of justice, she warned.

While legal regulators and the judiciary have issued guidance on AI use by lawyers, Judge Sharp said guidance alone is insufficient to curb misuse and called for stronger enforcement and leadership.

SES Appoints Aerospace Veteran Elisabeth Pataki as New CFO Amid Intelsat Acquisition

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European satellite operator SES announced on Friday the appointment of Elisabeth Pataki as its new chief financial officer, effective June 16. Pataki, currently CFO of Aerojet Rocketdyne, a unit of aerospace and defense giant L3Harris, will succeed Sandeep Jalan in the role.

SES CEO Adel Al-Saleh praised Pataki’s extensive experience in the aerospace sector and highlighted her successful track record in managing complex M&A finance integrations. This expertise comes as SES pursues a major $3.1 billion acquisition of Intelsat, a deal set to be one of the decade’s largest in the satellite industry and aimed at challenging SpaceX’s Starlink dominance.

The satellite sector is undergoing significant disruption as Starlink’s rapid expansion pressures traditional operators like SES, raising concerns about their financial stability. SES carries over $5 billion in total debt and has seen its five-year credit default swap (CDS) spreads climb to 235 basis points recently, signaling increased investor worries over default risk.

Despite this, SES confirmed in April that it has secured full financing for the Intelsat acquisition, which is currently awaiting approval from European antitrust authorities. The deal is seen as a strategic move to strengthen SES’s competitive position in a rapidly evolving market.