【德意志银行】人工智能利弊并存：既是增长推动力也带来新的竞争风险

DeutscheBank

Research

Europe

NorthAmerica

Technology

ITSoftware&Services

Alcutsboth

Industry

EngineeringSoftware

ways

Date

3June2026

IndustryUpdate

Alasgrowthenabler,whilealsointroducingnewcompetitiverisk

Inthisreport,wesummarizekeytakeawaysfromthelastearningsseasonacrossmajorEngSWplayers.Alremainedthedominanttheme,highlightedasakeydemanddriverascustomersacceleratemodernizationofdataandworkflowstobecomeAl-ready,therebydrivingplatformconsolidation.Conversely,Al-nativechallengersareincreasinglymakinginroads,withhigh-profilepartnerships(e.g.,MistralwithAirbus/BMW)highlightingtheriskofnewentrantstargetingspecificusecaseswithintheengineeringstack.Withlimiteddisclosure,theimpactonincumbentsremainstobeseen,especiallywithsomeemphasizingthatcustomersexperimentingwithAlstartupsoftenreverttoincumbentsforindustrial-scaledeployment,citingtheneedfordomainexpertise,seamlessintegration,andproprietary(multi-)physicsdatatovalidateAloutputs.Thatsaid,weexpectmoreannouncementsofthisnaturetocome,remainingaheadlinerisk.Onmonetization,incumbentsnotedcustomerresistanceto'forced'AladoptionlackingclearROI.Some,hence,separatecoreportfoliovaluefromAlfeatures,withusage/outcome-basedpricing,whileothersembedAlintopremiumtiersorexperimentwithhybrid(seat-andtoken-based)models.InternallycompaniesnotedthatAlisdeliveringproductivitygains,thoughsavingsarelargelybeingreinvestedintoacceleratingproductroadmaps,limitingmarginupsidesomewhat.Weremainselective,preferringAutodesk,PTCandMuM(Buy)overDassault,andHexagon(Hold).

JohannesSchaller

AssociateDirectorofEquityResearch-Germany+49-69-910-31731

NicolasHerms

ResearchAnalyst+49-69-910-13052

BhavinShah,CFA

ResearchAnalyst+1-212-250-6775

NooshinNejati

ResearchAnalyst+49-69-910-61797

YusufJamal

ResearchAssociate

KunalGupta

ResearchAssociate

EMEAmixed,cautiononChina,AmericasandAPACexChinasolid

End-marketcommentaryremainedmixed.StrongunderlyingtrendscontinuetosupportsolidgrowthinA&D,whileAutomotivecommentaryremainedcautiousglobally.Constructionmaintainspositivemomentum,bolsteredbydatacenterandinfrastructurespending.Regionally,EMEAshowedmixedperformancewithpersistentautomotiveweakness,whereastheAmericasdemonstratedrobustgrowth.APACremainssolid,thoughwithongoingcautiononChina.

ForValuationandRisks,pleaserefertopp.17-29.

MiddleEastrisksloom,butnomaterialimpactvisiblesofar

WithmostplayershavinglimiteddirectexposuretotheMiddleEast,therehasbeennomaterialimpactfromthelranconflictsofar,andcommentaryoncurrenttradingremainedbroadlyconstructive.However,withtheconflictstillunresolved,webelieveuncertaintiespersistlongerthanmostcompanieshadhoped,increasingtheriskofsecond-ordereffectsoncustomerdecision-makingandprojecttimingsthroughouttheyear,asthefullimplicationsbecomemorevisible.

DeutscheBankAG

IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoes

andseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmay

haveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasingle

factorinmakingtheirinvestmentdecision.

Page2DeutscheBankAG

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ITSoftware&ServicesEngineeringSoftware

Sectorcommentary:A&Drobust,AECimprovingfurther,Autoweak

Aerospace&Defense:Robust;potentialaerospaceriskfromIranconflict

A&Dremainedaclearbrightspot,withresilientdemandsupportedbystrongunderlyingbudgettrendsandintensifyinggeopoliticaltensions.Managementcommentaryacrossthesectorpointstosustainedmomentuminto2026andbeyond.TheIranconflict,however,introducesariskforcommercialaerospacedemand,whichwebelievewarrantsclosemonitoring.DassaultremainedpositiveonunderlyingA&Dgrowth,despiteaslightlyweakerQ1duetotoughcomps,withmanagementhighlightingincreasingbudgetsandearlytractionindefence-relatedareassuchasmarineandoffshore.KeypeerPTCpointedtoparticularstrengthinfederalaerospaceanddefence,includingarecentUSArmycontractwinandcontinuedpipelinemomentum.HexagonsimilarlyhighlightedcontinuedstrongglobalperformanceinA&Dwithnoindicationsofdemandweakening.MuMnotedthatCAMdemandisincreasinglydrivenbytheDefencesector.

Automotive:OngoingweaknessespeciallyinWesternEuroperemains

Automotivecommentaryremainscautious,markedbyongoingmacrouncertaintiesandheadwindsfrom"anti-involution"effortsinChina.HexagonhighlightedcontinuedweaknessinEMEAandtheAmericas,withparticularsoftnessinChinalinkedtoexcesscapacityandlimitednear-termrecoveryvisibility.DassaultalsocontinuestoseeweaknessintheEuropeanautosector(especiallyFrance,Germany)withsomedealslippageinQ1,albeitwithoutfurtherdeterioration.Notably,Renault'sreductioninengineeringcapacityhasnot(yet)translatedintolowerlicensedemand,suggestingsomeresilienceatthesoftwarelevel("doingmorewithless").Meanwhile,autodemandremainsrelativelyhealthyinNorthAmericaandAsia,withDassaultsecuringwinswithFordandBYD.PTCalsoflaggedsupportivedemandtrendslinkedtosoftware-definedvehicles,providingapartialoffsettobroaderweakness.

Architecture,Engineering&Construction:Infrastructurespendanddatacenterbuild-outdrivinggrowth

AECmarketsareresilientamidstInfrastructurespendingandespeciallydatacenterbuild-outemergingasakeyincrementalgrowthdriver,albeitstillrepresentingarelativelysmallshareoftotalconstructionactivity.TheMiddleEastconflictremainsanoverhang,particularlythroughpotentialsecond-ordereffectsonresourceavailability,inputcosts,andprojecttiming,whichcouldweighonconstructionactivityanddownstreamsoftwaredemand.AutodeskreportedstrongperformanceinAEC,withparticularstrengthinconstructionworkflowsandemergingmarkets,andexpectstheenvironmenttoremainbroadlystablethroughouttheyear.Peersbroadlyindicatedunchangeddemandtrends,especiallyintheUS,whereactivityremainsrobust.Importantly,improvingsentimentinGermany(drivenbyfiscalstimulus)isnowstartingtotranslateintoreportednumbers,althoughmanagementremainscautiousincallingadurableinflection.HexagoncontinuestoseeongoingweaknessinChineseconstruction(particularlyheavyinfrastructure),whichisweighingonoverallperformance,butthisisoffsetbysolidgrowthacrossEMEA,theAmericas,andRestofAsia.

Others:Manufacturingmixed,persistentweaknessinMediaandLifeSciencesInManufacturing,Dassaulthighlightedsolidunderlyinggrowthacrosscorebrands,withparticularlystrongmomentuminconsumer-relatedverticalssuchasfood/beverage,retail,andapparel.Hexagonsimilarlyreportedbroad-basedstrengthingeneralmanufacturingglobally,withimprovingtrendsinEMEAandan

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expectationofstableperformanceintoQ2.EnergywasanotherstandoutverticalforbothDassaultandHexagon,supportedbylarge-scaleinfrastructureandsovereignty-driveninvestmentprograms.AgricultureremainedweakatHexagon,withdemandmutedgloballyduetopost-COVIDoversupply,particularlyintheAmericasandEurope.Miningperformancewasmixed,withuncertaintyimpactingdemandinSouthAmerica,alongsidenegativetimingeffectsfromshipmentpull-forwardsintoQ4/25.InElectronics,Hexagonreportedverystronggrowth,particularlyinChinaandRestofAsia,whilePTCalsohighlightedrobustdemanddrivenbyglobaldatacenterexpansionandrelatedinfrastructureinvestment.Mediaremainedsoft,particularlyintheUS,withweaknessconcentratedamongsmallercustomersandfreelancers,longerdecisioncycles,anddelayedspending.AtAutodesk,thesegmentcontinuestolagoverallgroupgrowth.DassaultremainscautiousonLifeSciences,citingastill-challengingenvironment,althoughQ1showedearlysignsofimprovingmomentumintheCRObusiness,withbookings,volumes,andvaluetrendingpositiveyear-on-year.

Geographictrends:Chinaweak,RoAandAmericassolid,Europestabilizing

PerformanceacrosstheAPACregionremainedmixed,withChinastillsoft,potentiallyimpactedby"anti-involution"efforts,whilethebroaderRestofAsiaremainsresilient.Hexagonreported-4%growthinChina,withstrengthingeneralmanufacturing,A&Dandelectronicsbeingmorethanoffsetbyprolongedweaknessinconstruction(heavyinfrastructure),automotive,andmining.Incontrast,RestofAsiareturnedtopositivegrowth(+7%)withbroad-basedgrowthinconstruction,generalmanufacturing,andelectronics,andparticularlystrongmomentuminIndia.PTCreportedrobust13%y/yccgrowthinAPAC.ForDassault,Asiasaw3%ylyccgrowth,despiteaslightdeclineinChina,morethanoffsetbyresilientgrowthincoreindustriesacrosstheRestofAsia(especiallyKorea,JapanandIndia).Autodeskreported16%ccgrowthinAPAC.

TheAmericasshowedsolidunderlyinggrowthwithgoodgrowthinconstructionandA&D.ForHexagon,Americasremainedthestandoutregion,growing15%organically,andmanagementnotedpositiveperformance,especiallyinconstructionandA&D,whilemining,agricultureandautomotiveremainedweaker.NorthAmericawasespeciallystrong,whileSouthAmericawasslightlyweaker.PTCreported7%ylyccgrowth,stilllagginggrowthratesofEMEAandAPAC.ForsimilarlyexposedDassault,Americasdeclined1%duetoahighcomparisonbasefromalargedealsignedwithLockheedMartininQ1lastyear(upmid-tohigh-singledigitsexthisdeal),withstronggrowthinTransportation&MobilityandIndustrialEquipment,andconsumerindustries.Autodeskreported17%ccgrowthintheAmericas.

EMEAshowedsomestabilizationinQ1butweaknessinautomotiveremained.PTCreported8%y/yccgrowthinEurope.SimilarlyexposedDassaultposted7%ccgrowthinEMEAwithbroad-basedgrowthacrossregions,andespeciallyinHome&LifestyleandEnergy,whiletheautobusinessinEuroperemainsweakerwithsomedealsbeingpushedout.Thecompanyisfocussingoncontinuingtodiversifyawayfromautotoreducedependence.HexagonsawcontinuedstabilizationinEMEA,recording4%organicgrowth,drivenbystrengthinA&D,miningandimprovementsingeneralmanufacturing,whileweaknessinautomotiveandagriculturepersisted.Autodeskposted16%ccgrowthinEMEA,slightlydownfromstrong23%ccgrowthinthepreviousquarter,which,however,

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benefittedfromtailwindsofthechangeinthepartnermodel.KeypeershighlightedthattheimprovingsentimentinGermanydrivenbytheGermanstimuluspackageisfinallyshowinginnumbers,albeithesitanttocalloutatrend.MuMsoundedmorepositiveontheGermanmarket,ashigherdemandinInfraandDefencerelatedtopublicspendingshouldbedrivinggrowthlongerterm.

Commentaryonkeyproductperformance

DassaultSystemes

■IndustrialInnovationwasflaty/yccinQ1/26withresilientgrowthforSIMULIAandENOVIAbutweaknessinCATIA,wherereportedgrowthwasimpactedbyastrongbaselinefromtheLockheedMartindealinQ1/25.Adjustedforthis,growthwouldhavebeeninthemsdrange.

■MainstreamInnovationincreasedincreasedstronglyat14%y/yccinQ1/26.GoodmomentumcontinuesforSOLIDWORKS,uphsdinQ1/26(ddinvolume),whileCENTRICPLMreturnedtostronggrowth.GrowthforCENTRICisexpectedtonormalizesequentiallyinQ2,inlinewithplans.

■LifeSciencesdeclined3%y/yccinQ1/26.MEDIDATAcontinuedtofaceheadwindswithcarryovereffectsfromweakerbookingsin2025,whileBIOVIAwasslightlyupinQ1.ManagementnotedimprovingbookingsmomentuminQ1andpositivey/ytrendsinvolume/value,withMEDIDATAisexpandingmarketshareinphasell/Itrials.

Hexagon

ManufacturingIntelligencegrew9%orgyly,withstronggrowthinA&D,offsetbyweakdemandinautomotive.Orderintakewasnotedasstrong,suggestingcontinuedgrowthinthequartersahead.

■Geosystemsdeclinedreturnedtopositivegrowthat2%org,withweaknessinChinapartlyduetosomeremainingdestockinginitiativesandintheMiddleEast,butstronggrowthinAmericasandWesternEurope.

■AutonomousSolutionsstoodoutwith13%orggrowth,drivenbyA&DandtheAmericasandEurope,offsetbyadeclineinAPACandweakerminingandagriculturemarkets.

PTC

■CAD:CADdelivered8%ccylygrowthinFQ2/26.

■PLM:PLMgrewby9%ccy/yinFQ2/26.

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Keyend-marketdataandKPlsforEngineeringSoftware

Manufacturing:EuropeandUSsomewhatstabilizingpreIranconflict;

Chinavolatile

Figure

65.0

60.0

55.0

50.0

45.0

40.0

Dec-18

35.0

Figure2:IndustrialProduction

1:ManufacturingPMlsimproving

25.0

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0

-15.0

-20.0

-25.0

Mar-05

Dac-05

Sap-06

Mar-08

Dec-08

Sep-09

Jun-10

Mar-11

L0-unr

Sap-12

Jun-13

Mar-14

Mar-17

Sep-18

Jun-19

Dec-23

Sap-24

Jun-25

Ap-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Apr-22

Aug-22

Dec-22

Aug-25

ep-21

Dec-21

Mar-05

Sep-07

Jul-08

May-19

Figure4:EurozoneProductionExpectationsdroppingsharplyinApril

25.0

15.0

5.0

-5.0

-25.0

-35.0

ay-096

Jan-11

Nov-11

Sep-12

Jul-13

May-14

Mar-15

Jan-16

Sep-17

Jul-18

Mar-20

Nov-21

Sep-22

May-24

Mar-25

Jan-26

——ManufacturingConfidence:EurozoneSource:BloombergFinanceLP,DeutscheBank

ProductionExpectations

Mar-05

Jan-06

Nov-06

Figure6:ChinaNewOrdersPMI

70.0

65.0

60.0

55.0

50.0

45.0

40.0

Sep-7

Ju-08

May-06

Mar-10

Jan-11

Nov-11

Sep-12

Jul-13

May-14

Mar-15

Jan-16

Nov-16

Sep-17

Ju-18

May-19

Mar-20

Jan-21

Nov-21

Sap-2

May-24

Mar-25

Jan-26

ChinaNewOrdersPMI

Source:NationalBureauofStatistics,DeutscheBank

Jul-23

-EurozoneUS

Source:BloombergFinanceLP,DeutscheBank

Source:BloombergFinanceLP,NationalBureauofStatistics,DeutscheBank

Figure3:CapacityUtilization

900ZLD

90.0

85.0

80.0

75.0

70.0

65.0

60.0

Q42005

06

a12008

800Zto

032009

Q22010

LLOZLD

Q42011

032012

Q22013

14

042014

15

16

17

Q22019

a12020

20

D32021

Q22022

23

24

25

a12026

20

20

20

20

20

Q3

Q2

Source:BloombergFinanceLP,NationalBureauofStatistics,DeutscheBank

Q420

Q420

Q320

Q220

Q1

Q3

Q1

Figure5:USEmpireStatemanufacturingsurvey

Mar-05

Jan-06

Nov-06

80-1nr

50.0

40.0

30.0

20.0

10.0

0.0

-10.0

-20.0

-30.0

-40.0

-50.0

ay-06

Mar-10

Jan-11

ov-11

Sep-12

Ju-13

May-14

Mar-15

Jan-16

Nov-16

Sap-17

Jul-18

May-19

Jan-21

Nov-21

Sep-22

May-24

Mar-25

Jan-26

—USEmpireStateManufacturingSurveyGeneralBusinessConditionsSource:BloombergFinanceLP,DeutscheBank

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Jn-14

Jul-14

Jul-15

Jan-16

9L-nr

Jul-17

Jan-18

Jul-18

Jan-19

Jan-20

Jul-20

Jan-21

6L-Inr

Jan-22

Ju-22

Jan-23

Z-Inr

an-24

Jan-25

Jul-25

Jan-26

Jan-15

Jul-24

May-05

Mar-06

Jan-07

Sed-08

Z0-AON

Figure8:EuropeanConstructionconfidenceslowly

rebounding

120

100

60

40

20

-10

-20

-30

40-uJ

May-10

Mar-11

Jan-12

Nov-12

Sep-13

Jul-14

May-15

Mar-16

No-17

Sep-18

May-20

Mar-21

Jan-22

Sep-23

Jul-24

May-25

Mar-26

EurostatConstructionproductionEU27SA—EurozoneConstructionConfidenceIndexSource:BloombergFinanceLP,DeutscheBank

Figure10:GrowthinUSconstructionspendaccelerating

35%

30%

25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

-US-TotalResidentialConstructionSpending,SAAR[y/yl

US-TotalNon-residentialConstructionSpending,SAARIy/yl

Mar-05

Jan-06

May-06

Mar-10

80-uJ

May-14

Mar-15

9L-uer

an-21

LZ-AON

Sep-07

Jul-13

Figure12:ChinaFixedAssetInvestment

40.0%7

30.0%

20.0%

10.0%

0.0%

-10.0%

-20.0%

No-06

an-11

LL-AON

Sep-12

Sep-17

Jul-18

May-19

Mar-20

Sep-22

Jul-23

Mar-25

Jan-26

-RealEstateFAI

Source:NationalBureauofStatistics,DeutscheBank

May-24

Construction:Europeweakerrecently,USrobust,Chinaremainsweak

Figure7:EuropeanConstructionPMIdowninApril

40

30

Sep-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

ec-21

Jun-22

Sap-22

Dec-22

Jun-23

Sep-23

Dec-23

Mar-24

Jun-25

Sep-25

Dec-25

Mar-26

-EurozoneConstructionPMI

Source:BloombergFinanceLP,DeutscheBank

Figure9:ArchitectureBillingsIndex(ABI)remains<50

75.0

70.0

65.0

60.0

55.0

Jan-13

50.0

45.0

40.0

35.0

30.0

25.0

Jul-13

Jan-14

Jan-15

JuI-15

Jan-16

Jul-16

Ju-17

Jan-18

Jul-18

Jan-19

0Z-Inr

Jan-21

u-21

Jan-22

Jan-23

Jan-24

Jul-24

an-25

Jul-25

Jan-26

EZ-Inr

AIAArchitecturalBillingsIndex-AIAArchitecturalInquiryIndex

Jul-14

Source:AmericanInstituteofArchitects(AIA;LeadingeconomicindicatorofconstructionactivityintheUS,reflectsa9-to12-monthleadtimebetweenarchitecturebilingsandconstructionspending

Figure11:ChinaconstructionPMItrendingdown

65

55

50

May-12

45

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

May-18

Nov-18

May-19

May-20

ay-21

Nov-21

Nov-22

Nov-23

May-24

Nov-24

May-25

Nov-25

May-26

—ChinaConstructionPMISource:BloombergFinanceLP,DeutscheBank

6

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Automotive:Mixedtrendsglobally

Figure13:Globallight-vehicleproductionwithflattish

trendsin2026

Source:DeutscheBankestimates,IHS

Figure15:USnewlight-vehicleretailsales

an-07

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

-50%

80-uJ

pr-06

Jan-10

Oct-10

Apr-12

Jan-13

Oct-13

Apr-15

Jan-16

Oct-16

ul-17

Apr-18

Jan-19

Ju-20

Jan-22

Oct-22

Apr-24

Jan-25

Oct-25

Oct-07

Jul-11

Jul-14

Oct-19

—USTotalLightVehicleSales(SAAR)(y/y)Source:BloombergFinanceLP,DeutscheBank

Jul-23

Figure17:GrowthinChinesepassenger-carsalesmorevolatilelately

Jan-07

100%

80%

60%

40%

20%

0%

-20%

-40%

-60%

-80%

-100%

Apr-09

Jan-10

Apr-12

Jan-13

Oct-13

JuI-14

Apr-15

Jan-16

Oct-16

Jul-17

Apr-18

Oct-19

pr-21

Oct-22

Ju-23

Apr-24

Oct-25

ChinaPassengerCarSales(yly)BureauofStatistics,DeutscheBank

Oct-07

Oct-10

Source:BloombergFinanceLP,National

Figure14:Europenewregistrations

Jan-07

u-08

Apr-09

Jan-10

Oct-10

Jul-11

Apr-12

Jan-13

Apr-15

Jan-16

Jul-17

Apr-18

Jan-19

Oct-19

0Z-Inr

pr-21

Jul-23

Oet-25

50%

40%

30%

10%

0%

-10%

-20%

-40%

-50%

EU+EFTAnewcarregistrations(y/y)

Source:BloombergFinanceLP,EuropeanAutomobileManufacturers'Association(ACEALDeutscheBank

Figure16:USClass8retailsales

90%

70%

50%

30%

10%

Jan-07

Sep-07

May-08

May-10

60-des

-50%

-70%

an-11

ep-11

Sep-13

May-14

Jan-15

Sep-15

Sep-17

Jan-19

Sep-19

p-21

Jan-23

Sep-23

Jan-25

Sep-25

May-12

Jan-13

Source:BloombergFinanceLP,DeutscheBank

Figure18:ChinaEVregistrations

Jan-21

Apr-21

900,000

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

ul-21

ct-21

Jan-22

Apr-22

Ju-22

Dct-22

Jan-23

Apr-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

EZ-Inr

Apr-25

Oct-25

Jan-26

Apr-26

160%

140%

120%

100%

80%

60%

40%

20%

0%

-20%

-40%

60%

-25

ChinaBEVregistrations-3mma

Source:BloombergFinanceLP,NationalBureauofStatistics,DeutscheBank

Jul-25

Jan

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Aerospace&Defence:Solidunderlyingtrendsremainsupportive,butIranconflictcouldimpactaerospacedemand

Figure

airline

20:Numberofflightsindustry

performed

bythe

global

25

20

15

30%

0%

-10%

-20%

-30%

40%

-50%

Numberofflightsperformedbytheglobalairlineindustry[m]

Figure19:IATAlong-termindustryRPKprojections

RPKtrilon

一HstoricalRPK

—High-growthscenario

2014

豆克黄景照蒸段

1992

Figure22:Globalmilitaryspending

3,00012%

10%

2,500

8%

2,0006%

4%

2%

0%

1,000-2%

500-4%

6%

Figure23:USdefenseoutlaysandforecast

1,200

40%

35%

1,000

30%

800

25%

20%

600

15%

10%

400

5%

200

-5%

2026E

-15%

DefenseoutlaysandforecastintheUnitedStatesUSDb]Source:USCongressiona/BudgetOffice,DeutscheBank

一

growthy/y

Source:/ATA,DeutscheBank

Figure21:Growthinrevenuepassenger-kilometer(RPK)

Ju-15

20%

0%

-20%

-40%

60%

Jan-16

Jan-17

Ju-17

Jan-19

Jul-19

Jan-20

Jul-21

Jan-22

Jul-23

Jan-24

Jan-25

Jan-26

8L-Inr

6

0

IndustrytotalAPAC

Jul-1

Source:IATA,DeutscheBank

Jul-2

Jul-22

Jan-23

Figure24:Strongpick-upindefenceexpenditureofNATOcountries(ex.US)

800

600

500

300

100

201420152016201720182019

30%

25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

DefenceExpenditureofNATOCountries(exUS)

Source:NATO,USCongressiona/BudgetOffice,DeutscheBank

growthy/y

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Science

Nov-15

May-16

May-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

May-23

Nov-23

May-24

Nov-24

May-25

Nov-25

Figure26:USshaleoilproduction

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

-USshaleoilproduction

Source:BloombergFinanceLP,DeutscheBank

Other:Energy,Mining,Media,Life

Figure25:Globalrenewableenergycapacity(inGW)

6,000

5,000

4,000

3,000

2,000

1,000

2014

2015

2016

2017

2018

2019

800

700

300

200

2020

一GlobalRenweableEnergyCapacitylinGW]Source:IRENA,DeutscheBank

Figure27:Internationaltotalrigcount

Figure28:UStotalrigcount

2,500

2,000

1,500

1,000

500

an-11

ov-11

Sep-12

May-14

Mar-15

Jan-16

Nov-16

Sep-17

Jul-18

May-19

Mar-20

an-21

ov-21

Sep-22

May-24

Mar-25

Jan-26

-BakerHughesTotalUSOilandGasRotaryRigCountSource:BloombergFinanceLP,BakerHughes,DeutscheBank

Mar-

Figure30:Growthinclinicaltrialstarts

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

20082010201220142016201820202024

EarlyPhase1trias(yy)—Phase1trials(y/y)——Phase2trials(yly)

—Phase3trials(y/y)一—Phase4trials(y/y)

Source:CinicalTrialsgov,DeutscheBank

Mar-05

Jan-06

Nov06

Sep-07

May-06

Mar-10

Jan-11

Nov-11

Sep-12

80-uJ

May-14

Mar-15

Jan-16

Nov-16

Sep-17

Jul-18

May-19

Mar-20

Jan-21

Nov-21

Sep-22

Ju-23

May-24

Mar-25

Jan-26

Mar-05

Jan-06

Nov-06

Sep-07

May-06

1,600

1,400

1,200

1,000

800

600

400

200

0

Jul-13

Jul-08

Jul-13

BakerHughesTotalInternationalOilandGasRotaryRigCount

10

Source:BloombergFinanceLPBakerHughes,DeutscheBank

Figure29:ClinicaltrialstartspeakedduringCovid

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026ytd

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

■EarlyPhase1trials

Source:ClinicalTrialsgov,DeutscheBank

3June2026

ITSoftware&ServicesEngineeringSoftware

Revenuesplitlastprovidedbycompanies

Figure32:PTCrevenuesplit(FY18;lastdisclosed)

Other

LifeSciences

Retail&

Consumer

8%

Automotive14%

Federal,

Aerospace&

Defense

15%

Source:Companydata,DeutscheBank

Products

33%

Tech

16%

Figure31:Autodeskrevenuesplit(FY26)

Media&

Entertainment

andOther

Manufacturing

19%

AECO

50%

AutoCADand

AutoCADLT

25%

Source:Companydata,DeutscheBank

Figure33:Dassaultrevenuesplit(FY25)

Mainstream

Innovation

25%

IndustrialInnovation

56%

LifeSciences

Source:Companydata,DeutscheBank

Figure35:MenschundMaschinegrossprofitsplit(FY25)

AECManufacturing

35%55%

Source:Companydata,DeutscheBank

Figure34:Hexagonrevenuesplit(FY25)

Other25%

General

Mining9%

Energy&Power

Electronics4%

Aerospace&

Defence11%

manufacturing

14%

Construction22%

Automotive7%

Source:Companydata,DeutscheBank

10

PageDeutscheBankAG

3June2026

ITSoftware&ServicesEngineeringSoftware

DeutscheBankAGPage11

Market