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

Original-Research: Nemetschek - from Quirin Privatbank Kapitalmarktgeschäft

04.08.2026 / 17:08 CET/CEST

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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:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f74e4aea6aa72e15898f6aa4c1b87165

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/

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2377258 04.08.2026 CET/CEST

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