Nemetschek: Another organic growth beat; headline EBITDA miss but underlying appears much healthier

研报英文原文证据摘录

Nemetschek: Another organic growth beat; headline EBITDA miss but underlying appears much healthier

J P M O R G A N Europe Equity Research

30 July 2026

Nemetschek Overweight

NEKG.DE, NEM GR

Another organic growth beat; headline EBITDA miss but Price (29 Jul 26):€67.10

underlying appears much healthier Price Target (Dec-27):€110.00

Our Take: Nemetschek has released Q226 results, reporting organic revenue European Tech Software & IT

growth of 14.5% YoY (ahead of consensus at ~13.6%). However, headline Services

EBITDA is ~5% below expectations, driven by weaker than expected margins Joseph George AC

(~30.1% vs. ~31.6% expected). Nemetschek stated that costs were higher during (44-20) 3493-6990

Q226 due to one-off effects from transactional currency impacts as well as M&A joe.george@jpmorgan.com

costs related to the HCSS acquisition (which closed 1st July). Adjusting out these J.P. Morgan Securities plc

costs - which likely equate to ~€10m in aggregate, based on being described as Toby Ogg

‘HSD €m’ and ‘LSD €m’, respectively - we think underlying EBITDA would have (44-20) 7742-3278

toby.ogg@jpmorgan.com

totalled closer to ~€109m, equating to a ~6% beat. Notwithstanding, the headline J.P. Morgan Securities plc

margin miss considered alongside Nemetschek steering towards the uper end of the Giulio Gambardella

margin guidance sends a somewhat confused message. When considered with the (44-20) 3493-4181

unscheduled guidance update earlier this week, Q226 has been a slightly messier giulio.gambardella@jpmorgan.com

print than investors may be used to with Nemetschek. Though cutting through the J.P. Morgan Securities plc

moving parts, we have another organic growth beat and what appears to be an Priya R Suneja

underlying margin beat and slight uptick in margin guidance.