Nemetschek: Q226 preview: Forecasting +13.9% organic growth

研报英文原文证据摘录

Nemetschek: Q226 preview: Forecasting +13.9% organic growth

J P M O R G A N Europe Equity Research

15 July 2026

Nemetschek Overweight

NEKG.DE, NEM GR

Q226 preview: Forecasting +13.9% organic growth Price (14 Jul 26):€56.05

Price Target (Dec-27):€110.00

Nemetschek is set to report Q226 results on 30th July. Having reiterated our OW European Tech Software & IT

view last week (note here), we fine tune our forecasts into the release, after taking Services

further stock of the latest industry data points and speaking with the company. Joseph George AC

Overall, we make limited changes to our group-level forecasts (see table below). (44-20) 3493-6990

Through Q226, we continue to expect significant growth in the Build division joe.george@jpmorgan.com

(JPMe +27% organic YoY Q226), driven by Bluebeam momentum. We expect the J.P. Morgan Securities plc

Design division to continue benefitting from multi-year deal contributions, while Toby Ogg

we now forecast the Media division tracking closer to LSD% organic growth (44-20) 7742-3278

toby.ogg@jpmorgan.com

throughout the remainder of FY26. We expect Q226 to be a slightly softer quarter J.P. Morgan Securities plc

from a margin perspective, in line with recent seasonality of investments. Net / net, Giulio Gambardella

our headline forecasts for Q226 are now broadly in line with consensus, so we do (44-20) 3493-4181

not foresee significant changes to expectations at this stage. And while we see some giulio.gambardella@jpmorgan.com

level of upside risk that Nemetschek could steer towards the upper end of its J.P. Morgan Securities plc

organic growth range, a reiteration of the current guidance is on balance the more Priya R Suneja

likely scenario in our view. Notwithstanding, we do expect the HCSS acquisition (91-22) 6157 4721