Original-Research: Nemetschek - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Nemetschek
Strong growth, HCSS adds potential On July 30, 2026, Nemetschek released its Q2 financial results and confirmed its guidance for 2026. Revenues increased by 13.0% yoy to EUR 327.7m (14.5% at cc), exceeding our expectation by 4.0%, driven by strong subscription and SaaS growth, continued momentum in Build and the subscription transition in Design. Weakness in Media and negative FX effects partly offset growth. The EBITDA margin declined from 30.5% to 30.1%, in line, as FX effects and acquisition-related costs were partly offset by operating leverage and a stronger Build contribution. Management confirmed organic revenue growth guidance of 14.0%-15.0% yoy at cc and an EBITDA margin of 32.0%-33.0%. HCSS supports the medium-term growth case, although PPA and integration costs will dilute margins initially. We lower our target price to reflect more conservative long-term growth assumptions and a higher beta. We decrease our target price to EUR 98 (previously EUR 127) and confirm our Buy recommendation. You can download the research here: NEMETSCHEK_20260804 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2377258 04.08.2026 CET/CEST
© 2026 EQS Group
