Original-Research: Nemetschek (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Nemetschek

Company Name:	Nemetschek
ISIN:	DE0006452907
Reason for the research:	Update
Recommendation:	Buy
from:	04.08.2026
Target price:	98
Last rating change:
Analyst:	Sebastian Droste

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/