Nemetschek's Strong Q2 Results Prompt Buy Recommendation

On August 4, 2026, Quirin Privatbank Kapitalmarktgeschäft issued a positive update on Nemetschek AG, reaffirming its "Buy" recommendation. The report follows the release of Nemetschek's Q2 financial results, which showed a 13.0% year-on-year increase in revenues to EUR 327.7 million, surpassing expectations by 4.0%. This growth was largely driven by the subscription and SaaS segments.

Despite a slight decline in the EBITDA margin from 30.5% to 30.1% due to FX effects and acquisition costs, Nemetschek maintained strong performance in its Build segment. The company confirmed its guidance for organic revenue growth between 14.0% and 15.0% year-on-year at constant currency and an EBITDA margin of 32.0% to 33.0%.

The research update also highlighted the long-term growth potential linked to HCSS, although initial integration costs may impact margins. The target price was adjusted to EUR 98, reflecting a more conservative outlook.