Nemetschek: Reiterate OW following constructive CEO discussion; we lean positive into Q2 at this stage

Research evidence excerpt

Nemetschek: Reiterate OW following constructive CEO discussion; we lean positive into Q2 at this stage

J P M O R G A N Europe Equity Research

09 July 2026

Nemetschek Overweight

NEKG.DE, NEM GR

Reiterate OW following constructive CEO discussion; Price (08 Jul 26):€56.00

we lean positive into Q2 at this stage Price Target (Dec-27):€110.00

We revisit the Nemetschek equity story following a period of continued European Tech Software & IT

underperformance relative to software peers (Nemetschek share price -14% trailing Services

3M; EU software flat; EU equities +4%). Having been UW-rated throughout 2025 and Joseph George AC

early 2026, we upgraded Nemetschek to OW earlier this year (see note here). And (44-20) 3493-6990

following a strong start to the year (Q126 organic growth tracking ahead of guidance joe.george@jpmorgan.com

– see our take here) and a recent CEO Fireside discussion (see note here), we reiterate J.P. Morgan Securities plc

our OW conviction. With this note, we revisit key pillars of our investment thesis, Toby Ogg

ultimately concluding that Nemetschek offers best-in-class earnings growth coupled (44-20) 7742-3278

toby.ogg@jpmorgan.com

with one of the most discounted growth-adjusted valuations among EU software. We J.P. Morgan Securities plc

continue to see AI as offering more opportunity than risk for growth expectations, with Giulio Gambardella

future revenue growth to benefit from AI monetisation through discrete premium- (44-20) 3493-4181

priced products such as Bluebeam Max (complete with Anthropic Claude giulio.gambardella@jpmorgan.com

partnership). Continued execution of best-in-class organic growth should ease AI J.P. Morgan Securities plc

concerns. Reduced investor expectations for performance in the Media division, as Priya R Suneja