Nemetschek SE — Call Transcript 2025

Mar 20, 2025

NEMETSCHEK GROUP

Earnings Call Q4-/ FY-24

Agenda

01 Review Financial Year 2024

Financial Year 2024: All Financial Goals Achieved or Clearly Exceeded

Strategic Highlights FY-24: Foundation for the Next Phase of Growth

• Al \& Data Innovation Hub to drive innovation and synergies and efficiency.
• Based on ethical and trustworthy AI practices.
• Solutions that lead to a more environmentally friendly and resourceefficient construction industry.
• Highly successful move to subscription \& SaaS progressing in line with plans.
• Successful completion of Bluebeam transition to subscription-based business model.
• Record share of recurring and subscription \& SaaS revenues.
• Strengthening and expanding our international footprint even further.
• India: Opening of a go-to-market office in Mumbai.
• Increased focus on cross-selling and larger accounts.
• Targeting a comprehensive ecosystem enabling end-to-end workflows.
• dTwin: A horizontal, data-centric, open, and cloud-based platform that improves efficiency and sustainability.
• M\&A: Largest acquisition in company's history with GoCanvas.
• Ventures: Investments in highly innovative start-ups, e.g. SmartPM, Document Crunch, Briq.
• In total already 15 venture investments.
• Progress in enhancing operational excellence.
• Increased efficiency and effectiveness through harmonized processes, best practice sharing, and an optimized support system landscape.

02 Update

Subscription / Saaš Transition

Successful Recurring Business Model

03 Financial Results

Q4- / FY-24

Q4-24: Strong Finish of the Year

Key Financial Highlights FY-24: Strong Profitable Growth

Revenues:

+16.9\% to EUR 995.6m
(+17.2\% cc ${ }^{1}$ )
Organic Growth ${ }^{2}:+13.7 \%$
$(+14.0 \% \mathrm{cc})$

ARR Growth:

+41.9\% to EUR 1,019.9m
(+41.6\% cc ${ }^{1}$ )
Organic Growth: +34.6\%
$(+34.2 \% \mathrm{cc})$

Subscription/SaaS Revenues:

+88.1\% to EUR 567.8m
(+88.3\% cc)
Organic Growth: +79.5\%
$(+79.6 \% \mathrm{cc})$

EBITDA:

+16.8\% to EUR 301.0m
(+15.3\% cc)
Organic Growth ${ }^{2}:+16.9 \%$
$(+15.4 \% \mathrm{cc})$

EBITDA Margin: 30.2\%
Organic EBITDA Margin ${ }^{3}: 31.1 \%$

Earnings per Share:

EUR 1.52 (+8.8\%)
EPS before PPA: EUR 1.74
$(+9.3 \%)$
(C) Cash Conversion: 101.9\%

Net Debt Position: EUR -294.6m

Equity Ratio:

$44.2 \%$

Segments FY-24: Design and Build Segments Main Growth Drivers

Revenues per Region: Americas and Asia/Pacific Main Growth Drivers

Recurring Revenues: Successful Transition leads to New Record High of 87\%

Revenue Share by type in \%

Recurring revenues (Software services (30\%); Subscription/SaaS (57\%)) Licenses $\square$ Consulting \& Hardware

Overview Q4-24:

NEMETSCHEK

GROUP

At a Glance: Income Statement and Important KPIs

Key Figures mEUR	FY-24	FY-23	Growth y/y
Revenues	995.6	951.6	$+16.9 \%$
Cost of goods and services	$-40.5$	$-33.9$	$+19.6 \%$
Personnel expenses	$-406.1$	$-360.9$	$+12.5 \%$
Other operating income/expenses	$-248.0$	$-199.1$	$+24.6 \%$
EBITDA	301.0	257.7	$+16.8 \%$
EBITDA margin	$30.2 \%$	$30.3 \%$	$-10 b p s$
D\&A (incl. PPA)	$-66.8$	$-58.2$	$+14.7 \%$
EBIT	234.2	198.5	$+17.4 \%$
EBIT margin	$23.5 \%$	$23.4 \%$	$+10 b p s$
Net income (group shares)	175.4	161.3	$+8.8 \%$
EPS	1.52	1.40	$+8.6 \%$
FCF (before M\&A)	293.5	240.6	$+22.0 \%$
Equity ratio in \%	$44.2 \%$	$61.4 \%$	$-17.2 p p$
Net Cash	$-294.6$	261.2	$->100 \%$

Resilient Business Model: Diversified With a High Share of Recurring Revenues

Outlook Financial Year 2025

05

Appendix

Income Statement

€m	FY 2024	FY 2023	\% YoY
Revenues	995.6	851.6	$+16.9 \%$
Other income	11.8	8.9	$+31.8 \%$
Operating income	1,007.3	860.5	$+17.1 \%$
Cost of goods and services	$-40.5$	$-33.9$	$+19.6 \%$
Personnel expenses	$-406.1$	$-360.9$	$+12.5 \%$
Other expenses	$-259.8$	$-208.0$	$+24.9 \%$
Operating expenses	$-706.3$	$-602.8$	$+17.2 \%$
EBITDA	301.0	257.7	$+16.8 \%$
Margin	30.2\%	30.3\%
Depreciation and amortization	$-66.8$	$-58.2$	$+14.7 \%$
t/o right-of-use assets	$-16.8$	$-16.7$	$+0.6 \%$
t/o PPA	$-36.7$	$-29.4$	$+24.8 \%$
EBIT	234.2	199.5	$+17.4 \%$
Financial result	$-6.0$	5.0	$>-100 \%$
t/o IFRS 16	$-1.9$	$-1.9$	$+39.0 \%$
EBT	228.2	204.5	$+11.6 \%$
Income taxes	$-49.4$	$-40.6$	$+21.9 \%$
Non-controlling interests	3.4	2.7	$+23.1 \%$
Net income (group shares)	175.4	161.3	$+8.8 \%$
EPS in EUR	1.52	1.40	$+8.8 \%$

Balance Sheet - Assets

€m	December 31, 2024	December 31, 2023
Assets
Cash and cash equivalents	205.7	268.0
Trade receivables, net	147.4	99.6
Inventories	1.0	1.0
Other current assets	59.5	49.6
Current assets, total	413.7	418.2
Property, plant and equipment	22.1	23.7
Right-of-use assets	60.7	60.9
Intangible assets	383.4	135.1
Goodwill	1,135.2	552.0
Other non-current assets	121.3	84.3
Non-current assets, total	1,722.7	856.1
Total assets	2,136.3	1,274.3

Balance Sheet - Equity and Liabilities

€m	December 31, 2024	December 31, 2023
Equity and liabilities
Short-term borrowings and current portion of long-term loans	0	6.8
Trade payables	20.8	15.3
Provisions and accrued liabilities	94.3	65.7
Deferred revenue	354.6	265.1
Current lease liability	16.7	16.7
Other current liabilities	49.2	31.0
Current liabilities, total	535.6	400.6
Long-term borrowings without current portion	500.3	0.1
Deferred tax liabilities	53.0	16.7
Non-current lease liability	52.8	52.8
Other non-current liabilities	50.2	22.2
Non-current liabilities, total	656.3	91.8
Subscribed capital and capital reserve	128.0	128.0
Retained earnings	763.3	640.8
Other reserves	15.2	$-22.2$
Non-controlling interests	37.9	35.3
Equity, total	944.4	781.9
Total equity and liabilities	2,136,3	1,274.3

Cash Flow Statement

€m	FY 2024	FY 2023	\% YoY
Cash and cash equivalents at the beginning of the period	268.0	196.8	$+36.2 \%$
Cash flow from operating activities	306.8	252.9	$+21.3 \%$
Cash flow from investing activities	$-707.1$	$-37.8$	$>-100 \%$
t/o CapEX	$-13.7$	$-12.7$
t/o Cash paid for acquisition of equity investments	$-13.0$	$-15.3$
t/o Cash paid for acquisition of subsidiaries, net of cash acquired	$-680.8$	0
Cash flow from financing activities	331.8	$-139.4$	$>+100 \%$
t/o Dividends	$-55.4$	$-52.0$	$+6.7 \%$
t/o Cash received from loans	931.0	18.5
t/o Repayments of borrowings	$-507.1$	$-83.6$
t/o Principal elements of lease payments	$-18.0$	$-16.5$
FX-effects	6.2	$-4.4$
Free cash flow	$-400.3$	215.0	$>-100 \%$
Free cash flow (before M\&A) ${ }^{1}$	293.5	240.6	$+22.0 \%$
Cash and cash equivalents at the end of the period	205.7	268.0	$-23.2 \%$

NEMETSCHEK GROUP

Questions?

NEMETSCHEK SE

Konrad-Zuse-Platz 1
81829 München
Germany
kontakt@nemetschek.com
www.nemetschek.com

NEMETSCHEK GROUP

Disclaimer

This presentation contains forward-looking statements based on the beliefs of Nemetschek SE management. Such statements reflect current views of Nemetschek SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. Nemetschek SE does not intend or assume any obligation to update these forward looking statements.