Nemetschek: Updated FY26 guidance ahead of Q226 results; small positive for fundamentals

研报英文原文证据摘录

Nemetschek: Updated FY26 guidance ahead of Q226 results; small positive for fundamentals

J P M O R G A N Europe Equity Research

28 July 2026

Nemetschek Overweight

NEKG.DE, NEM GR

Updated FY26 guidance ahead of Q226 results; small Price (27 Jul 26):€60.45

positive for fundamentals Price Target (Dec-27):€110.00

Our Take: Nemetschek has issed a short release, updating its FY26 guidance to European Tech Software & IT

account for the HCSS acquisition. The release is brief, with no details on the Q226 Services

performance (full results are scheduled for Thursday 30th July). The HCSS Joseph George AC

acquisition is expected to add ~600bps of YoY revenue growth in FY26, with (44-20) 3493-6990

acquisition-related costs leading to ~150bps of EBITDA margin dilution vs. the joe.george@jpmorgan.com

mid-point of the prior 32-33% range. From an organic perspective, the 14-15% J.P. Morgan Securities plc

YoY growth guidance has been reiterated. Nemetschek also confirmed that the Toby Ogg

organic EBITDA margin performance (i.e. before any HCSS-related costs) was (44-20) 7742-3278

toby.ogg@jpmorgan.com

tracking towards the upper end of the range. Our Take: Upon initial blush, a J.P. Morgan Securities plc

~600bps revenue contribution from HCSS appears on the conservative end, even Giulio Gambardella

accounting for the dampening effect from the associated H2 PPA. Separately, we (44-20) 3493-4181

think investors will welcome the better-than-expected organic margin giulio.gambardella@jpmorgan.com

performance. Consensus will see largely mechanical earnings upgrades, with J.P. Morgan Securities plc

more detail on underlying performance to come with the full Q226 results on Priya R Suneja

Thursday. We think the better margin performance and potentially conservative (91-22) 6157 4721