Nemetschek CEO virtual fireside discussion - key takeaways: AI opportunity and organic growth trajectory in focus

Research evidence excerpt

Nemetschek CEO virtual fireside discussion - key takeaways: AI opportunity and organic growth trajectory in focus

J P M O R G A N Europe Equity Research

02 July 2026

Nemetschek Overweight

NEKG.DE, NEM GR

CEO virtual fireside discussion - key takeaways: AI Price (01 Jul 26):€56.55

opportunity and organic growth trajectory in focus Price Target (Dec-27):€110.00

We hosted Nemetschek’s CEO Yves Padrines for a virtual fireside discussion. European Tech Software & IT

Topics of discussion included the growth outlook for the largest divisions, an Services

overview of the group-level organic growth algorithm, AI, M&A and more. We Joseph George AC

provide specific takeaways below. (44-20) 3493-6990

joe.george@jpmorgan.com

• Build growth outlook: Underlying market growth in the Build division J.P. Morgan Securities plc

remains healthy, with management targeting 20%+ organic revenue growth per Toby Ogg

annum through the mid-term. Bluebeam continues to be the primary growth (44-20) 7742-3278

driver, with strong momentum in both North America and internationally, toby.ogg@jpmorgan.com

J.P. Morgan Securities plc

driven by new user growth rather than pricing. Management reiterated that

Giulio Gambardella pricing is not the primary lever for growth, with volumes the priority. The 20%

(44-20) 3493-4181

+ ambition resultingly builds in minimal price uplift. Average contract value giulio.gambardella@jpmorgan.com

for Bluebeam remains low (<$500 per user per year), which management J.P. Morgan Securities plc

views as supportive to potential future price increases (though no material Priya R Suneja

increases are planned). Wallet share penetration within existing large US (91-22) 6157 4721

customers remains at only ~40%, and the SMB opportunity in North America priya.suneja@jpmchase.com