Nemetschek 2Q26 preview: ARR resilience and Build strength in focus as HCSS enters the story

研报英文原文证据摘录

Nemetschek 2Q26 preview: ARR resilience and Build strength in focus as HCSS enters the story

n growth would support confidence in ARR expansion and long-term margin progression.

Margin progression

With 2Q26 EBITDA margin expected at 31.4% (+70bp) by consensus vs Bernstein’s 32.1%, investors will assess whether

Nemetschek can continue expanding margins while investing in cloud products and integrating HCSS. Margin durability is

particularly important given elevated valuation expectations for quality software companies.

WHAT ARE THE KEY INVESTOR DEBATES GOING INTO 2H26?

For 2Q26, we believe the focus is likely to be less on headline revenue, where expectations are already well understood, and

more on three issues: subscription/ARR momentum, margin resilience, and management's updated FY26 framework following

the completion of HCSS. Looking into 2H26, the central debate is whether AI can drive further revenue growth, and HCSS can

extend Nemetschek's growth runway and reinforce Build's leadership position, or whether integration complexity and cyclical

construction exposure lead to a more moderate growth profile than investors currently expect.

DEBATE 1: CAN HCSS BECOME A MEANINGFUL NEW GROWTH PILLAR?

Bull case

The HCSS acquisition significantly increases Nemetschek's exposure to the US construction software market, which remains one

of the largest and most attractive global end markets. HCSS expands the group's Build offering and could accelerate cross-selling

across the broader customer base. Investors may increasingly view Nemetschek as a global construction technology platform

rather than primarily a European design software company. The acquisition could therefore support both growth and valuation

over time.

Bear case

Integration risk should not be underestimated.