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Nemetschek SE Interim / Quarterly Report 2026
301_ir_2026-04-29_e5597316-b0a9-4dfc-a92e-1c85756002fd.pdf
Interim / Quarterly Report
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NEMETSCHEK GROUP
AI
QUARTERLY STATEMENT AS OF MARCH 31 2026
New Era of Intelligence
QUARTERLY STATEMENT AS OF MARCH 31, 2026
Key Figures
NEMETSCHEK GROUP
| in EUR million | 3 months 2026 | 3 months 2025 | Change |
|---|---|---|---|
| Operative figures | |||
| Revenues | 313.1 | 282.8 | 10.7% |
| - thereof software licenses | 6.9 | 14.8 | -53.7% |
| - thereof recurring revenues | 296.9 | 259.6 | 14.4% |
| - subscription + SaaS (as part of the recurring revenues) | 248.3 | 195.1 | 27.3% |
| EBITDA | 98.4 | 80.7 | 22.0% |
| as % of revenue | 31.4% | 28.5% | |
| EBIT | 79.2 | 62.2 | 27.3% |
| as % of revenue | 25.3% | 22.0% | |
| Net income (group shares) | 60.4 | 44.9 | 34.5% |
| per share in € | 0.52 | 0.39 | |
| Net income (group shares & adj. for PPA amortization) | 69.2 | 52.6 | 31.6% |
| per share in € | 0.60 | 0.46 | |
| Cash flow figures | |||
| Cash flow from operating activities | 140.4 | 139.5 | 0.6% |
| Cash flow from investing activities | -39.1 | -6.2 | >-100% |
| Cash flow from financing activities | -64.9 | -70.0 | 7.2% |
| Free cash flow | 101.3 | 133.4 | -24.0% |
| Free cash flow before M&A investments | 137.3 | 138.9 | -1.2% |
| Balance sheet figures | |||
| Cash and cash equivalents* | 291.8 | 252.0 | 15.8% |
| Net liquidity/net debt* | -7.8 | -107.5 | 92.7% |
| Balance sheet total* | 2,224.3 | 2,118.2 | 5.1% |
| Equity ratio in %* | 47.3% | 45.6% | 3.7% |
| Headcount as of balance sheet date | 4,089 | 3,994 | 2.4% |
| Share figures | |||
| Closing price (Xetra) in € | 63.70 | 106.80 | |
| Market Capitalization | 7,356.76 | 12,329.62 |
- Presentation of previous year as of December 31, 2025.
QUARTERLY STATEMENT AS OF MARCH 31, 2026
Interim Group Management Report (Q1 2026)
Report on the earnings, financial and asset situation
Results of Operations
Successful start to the year in Q1 2026: Strong revenue growth of 10.7% with an EBITDA margin of 31.4%
In the first three months, Group revenues increased by 10.7% to EUR 313.1 million (previous year: EUR 282.8 million). Adjusted for currency effects, i.e. on the basis of constant exchange rates, revenue growth would have amounted to 17.0%. This development was primarily driven by the continued exceptionally strong growth in the Build segment. The Design segment also delivered a strong operational performance.
EBITDA increased by 22.0% to EUR 98.4 million (previous year: EUR 80.7 million), significantly outpacing revenue growth. The EBITDA margin increased from 28.5% in the first three months of 2025 to 31.4% as of March 31, 2026. The EBITDA margin already includes acquisition-related costs for the expected HCSS acquisition. The prior-year quarter included, among other things, an extraordinary, non-operating effect resulting from the insolvency of a service and payment provider.
Revenue development
Revenues by business type – Subscription and SaaS remain growth driver
All in all, the first three months of 2026 saw very strong development in revenue. Simultaneously, the Group made further progress toward its strategic objective of increasing the share of recurring revenues – especially subscription and SaaS – in total revenues. In total, recurring revenues rose to EUR 296.9 million (same period of previous year: EUR 259.6 million), corresponding to a growth of 14.4% (currency-adjusted: 21.0%). Subscription and SaaS revenues alone increased significantly by a further 27.3% (currency-adjusted: 35.4%), from EUR 195.1 million in the same period of the previous year to EUR 248.3 million. The ARR increased by 14.4% in the first three months of 2026 (adjusted for currency effects: 21.0%) to EUR 1,187.5 million, which was significantly stronger than total revenue growth. As a result, the share of recurring revenues improved by 3 percentage points from 91.8% to 94.8%.
Consequently, revenues from software licenses amounted to EUR 6.9 million in the first three months of the financial year, a decline of −53.7% compared to the same period of the previous year (EUR 14.8 million). Adjusted for currency effects, the decrease amounted to −51.1%. Thus, the share of total revenues attributable to revenues from software licenses declined significantly from 5.2% in the previous year to now 2.2%.
Revenues by region – Internationalization
A key diversification factor is the Group's increasing global orientation. In the first three months of 2026, domestic revenues increased by 14.3% to EUR 56.7 million (same period of previous year: EUR 49.6 million). In its foreign markets, the Nemetschek Group generated revenues of EUR 256.4 million (same period of previous year: EUR 233.2 million), corresponding to an increase of 10.0% compared to the previous year period. The reported revenue growth abroad was impacted by negative currency effects, primarily due to the weaker US dollar. Foreign markets accounted for 81.9% of total revenues in the first three months of 2026 (same period of previous year: 82.5%).
Overview of segments
The Design segment, whose business activities are mainly focused on Europe, generated revenues of EUR 136.2 million in the first three months of 2026 (same period of previous year: EUR 128.9 million). This corresponds to a growth of 5.7% (currency-adjusted: 9.5%). The strong performance was primarily driven by strong growth in new units. At the same time, the transition to a subscription- and SaaS-based business model continues to progress successfully and according to plan, reflected in the strong growth of this revenue category of 54.7% (constant currency) and 49.2% (reported), including positive effects through revenue recognition impacts from multi-year contracts offered to support the migration of existing maintenance customers to subscription models.
EBITDA increased by 12.0%, from EUR 30.7 million in the first three months of 2025 to EUR 34.4 million in the first three months of 2026. This led to a margin of 25.2%, (same period of previous year: 23.8%).
In the Build segment, which primarily targets construction companies in the US and the German-speaking countries, the exceptionally strong growth momentum continued, predominantly driven by strong growth in new units and further successful international expansion. In total, the segment's revenue grew significantly by 19.8% in the first three months of 2026 (currency-adjusted: 29.8%) to EUR 134.7 million (same period of previous year: EUR 112.4 million). The Bluebeam brand successfully launched its agentic AI-based product suite Bluebeam Max as planned, making an important further step toward AI-powered solutions for the construction industry. With Bluebeam Max, the company is expanding its portfolio with innovative features that further enhance efficiency, effectiveness, and collaboration across construction workflows.
The EBITDA increased significantly and over-proportionally to revenue, by 34.9% to EUR 53.2 million in the first three months of 2026 (same period of previous year: EUR 39.5 million). At 39.5%,
QUARTERLY STATEMENT AS OF MARCH 31, 2026
the EBITDA margin in the first three months of 2026 was above the previous year's level of 35.1%.
The Manage segment focuses mainly on the European commercial construction market. Revenues totaled to EUR 13.2 million in the first three months of 2026. This represents a growth of 3.2% (currency-adjusted: 3.0%) compared to the same period of the previous year, when revenues amounted to EUR 12.8 million. Growing demand and an improved sales pipeline with both existing and new customers – particularly in the public and financial sectors – provide a strong foundation for accelerated growth in the coming quarters in line with business acceleration plans.
Segment EBITDA amounted to EUR 1.4 million in the first three months of 2026 (same period of previous year: EUR 1.4 million), with the result that the margin reached 10.4% in the first three months of 2026 (same period of previous year: 10.9%).
In the Media segment revenues increased to EUR 29.6 million, which is reflected in a slight increase of 0.8% (currency-adjusted: 6.6%) compared to the same period of the previous year (EUR 29.4 million). Business performance continues to be influenced by a mixed-market environment, with ongoing longer customer investment decision cycles and therefore sales cycles. Nevertheless, the segment has laid important foundations for extended growth, including the launch of its Archviz rendering solution to further drive expansion in the AEC/O industry, as well as a partnership with Tencent Cloud to integrate AI-powered 3D workflows in existing solutions.
EBITDA increased to EUR 9.5 million in the first three months of 2026 (same period of previous year: EUR 9.1 million). Accordingly, the EBITDA margin increased from 31.0% in the first three months of 2025 to 32.0% in the first three months of 2026. The prior-year quarter included a non-operating effect resulting from the insolvency of a service and payment provider and corresponding measures to mitigate the effect.
Earnings performance – Earnings per share at EUR 0.52
Operating expenses increased by 7.7% in the first three months of 2026 from EUR 223.7 million to EUR 240.9 million. The cost of materials included in this item increased to EUR 11.6 million (same period of previous year: EUR 11.3 million). Personnel expenses rose by 4.4% from EUR 118.0 million in the first three months of 2025 to EUR 123.2 million. Other expenses increased by 14.5% from EUR 75.9 million to EUR 86.9 million. Depreciation and amortization of fixed assets increased by 4.1% from EUR 18.4 million to EUR 19.2 million.
In the first three months of 2026 the net income (group shares) increased by 34.5% to EUR 60.4 million (same period of previous year EUR 44.9 million). The corresponding earnings per share amounted to EUR 0.52 (same period of previous year: EUR 0.39). Adjusted for amortization from the purchase price allocation after
tax, net income increased by 31.6% to EUR 69.2 million (same period of previous year: EUR 52.6 million), resulting in earnings per share of EUR 0.60 (same period of previous year: EUR 0.46).
The Group's tax rate amounted to 21.5% in the first three months of 2026 (same period of previous year: 20.4%).
Financial position
Development of cash flow – Operating cash flow at EUR 140.4 million – Cash and cash equivalents at EUR 291.8 million
Cash flow from operating activities was mainly used for the repayment of the revolving credit facility, acquisitions, repayments of lease liabilities, investments in fixed assets and intangible assets and investments in start-ups.
The Nemetschek Group generated a cash flow from operating activities of EUR 140.4 million in the first three months of 2026 (same period of previous year: EUR 139.5 million).
Cash flow from investing activities amounted to EUR -39.1 million in the first three months of 2026 (same period of previous year: EUR -6.2 million) and includes payments for acquisitions amounting to EUR 32.7 million (same period of previous year: EUR 3.5 million), payments for investments in start-ups in the amount of EUR 3.2 million (same period of previous year: EUR 2.0 million) and capital expenditures of EUR 3.4 million (same period of previous year: EUR 0.7 million).
The cash flow from financing activities amounted to EUR -64.9 million (same period of previous year: EUR -70.0 million) and primarily consisted of repayments of the revolving credit facility amounting to EUR 60.0 million (same period of previous year: EUR 51.0 million), repayments of lease liabilities amounting to EUR 4.3 million (previous year: EUR 4.3 million) and interest payments in the amount of EUR 0.6 million (previous year: EUR 3.0 million) relating to the revolving credit facility.
As at March 31, 2026, the Nemetschek Group held cash and cash equivalents of EUR 291.8 million (December 31, 2025: EUR 252.0 million).
Asset situation
Equity ratio at 47.3%
The balance sheet total increased from EUR 2,118.2 million to EUR 2,224.3 million compared to December 31, 2025. Equity amounted to EUR 1,051.1 million (December 31, 2025: EUR 965.5 million). The net income for the first three months (EUR 61.3 million) and the currency-related increase of Group net assets (EUR 21.9 million) had an equity-increasing effect; these effects were partially offset by share-based payments (EUR 2.4 million).
As a result of rounding, it is possible that the individual figures in this quarterly report do not exactly add up to the totals shown and that the percentage disclosures do not reflect the absolute values to which they relate.
QUARTERLY STATEMENT AS OF MARCH 31, 2026
The equity ratio reached 47.3% as of March 31, 2026 compared to 45.6% as of December 31, 2025.
Significant events after the interim reporting period
On April 13, 2026, the Nemetschek Group entered into a binding agreement with Thoma Bravo, the world's largest software-focused private equity firm, to acquire Heavy Construction Systems Specialists, LLC ("HCSS"), headquartered in Sugar Land, Texas (USA). The closing of the transaction is expected in the second half of 2026.
Employees
The Nemetschek Group had 4,089 employees as of March 31, 2026 (March 31, 2025: 3,994), representing an increase of 2.4% compared to the prior-year period. In the following quarters, the Nemetschek Group intends to further moderately increase its workforce in order to ensure future growth.
Report on opportunities and risks
Please refer to the opportunities and risks described in the Group management report as of December 31, 2025 for the significant opportunities and risks of the Nemetschek Group's expected development.
Report on forecasts and other statements on expected development
Following the very successful start to the year, the Executive Board fully confirms its previous guidance for the financial year 2026. Organic, currency-adjusted revenue growth is expected to be in the range of 14% to 15%. The EBITDA margin is expected to further consistently improve and is projected to range between 32% and 33% due to strong operating leverage and operational excellence while continuing to invest further into both business expansion and customer-centric business innovation.
Consolidation effects from the HCSS acquisition will be communicated after closing, which depends on customary regulatory approvals and closing conditions and is expected in the second half of 2026.
These forecasts are based on the assumption that global economic and industry-specific conditions will not deteriorate in the current financial year. Furthermore, it is assumed that the current conflict in the Middle East will neither escalate significantly nor persist over an extended period. From today's perspective, therefore, no significant impact on the Nemetschek Group's earnings, financial, and asset position is expected.
QUARTERLY STATEMENT AS OF MARCH 31, 2026
Consolidated statement of comprehensive income
for the period from January 1 to March 31, 2026 and 2025
STATEMENT OF COMPREHENSIVE INCOME
| Thousands of € | 3 months 2026 | 3 months 2025 |
|---|---|---|
| Revenues | 313,090 | 282,810 |
| Other income | 7,026 | 3,082 |
| Operating income | 320,116 | 285,892 |
| Cost of goods and services | -11,580 | -11,332 |
| Personnel expenses | -123,241 | -117,999 |
| Depreciation of property, plant and equipment and amortization of intangible assets | -19,178 | -18,422 |
| thereof amortization of intangible assets due to purchase price allocation | -11,661 | -10,818 |
| Other expenses | -86,904 | -75,906 |
| Operating expenses | -240,904 | -223,659 |
| Operating result (EBIT) | 79,213 | 62,233 |
| Interest income | 520 | 723 |
| Interest expenses | -3,631 | -5,649 |
| Other financial expenses/income | 2,124 | -97 |
| Net finance income / costs | -987 | -5,024 |
| Share of net profit of associates | -104 | -268 |
| Earnings before taxes (EBT) | 78,121 | 56,941 |
| Income taxes | -16,803 | -11,599 |
| Net income for the year | 61,319 | 45,342 |
| Other comprehensive income: | ||
| Difference from currency translation | 21,938 | -40,459 |
| Items of other comprehensive income that are reclassified subsequently to profit or loss | 21,938 | -40,459 |
| Gains/losses from the revaluation of defined benefit pension plans | 2 | 91 |
| Tax effect | -0 | -27 |
| Items of other comprehensive income that will not be reclassified to profit or loss | 1 | 64 |
| Subtotal other comprehensive income | 21,940 | -40,394 |
| Total comprehensive income for the year | 83,258 | 4,947 |
| Net profit or loss for the period attributable to: | ||
| Equity holders of the parent | 60,372 | 44,883 |
| Non-controlling interests | 947 | 459 |
| Net income for the year | 61,319 | 45,342 |
| Total comprehensive income for the year attributable to: | ||
| Equity holders of the parent | 81,757 | 5,610 |
| Non-controlling interests | 1,502 | -663 |
| Total comprehensive income for the year | 83,258 | 4,947 |
| Earnings per share (undiluted) in euros | 0.52 | 0.39 |
| Earnings per share (diluted) in euros | 0.52 | 0.39 |
| Average number of shares outstanding (undiluted) | 115,490,794 | 115,445,916 |
| Average number of shares outstanding (diluted) | 115,490,794 | 115,445,916 |
QUARTERLY STATEMENT AS OF MARCH 31, 2026
Consolidated statement of financial position
as of March 31, 2026 and December 31, 2025
STATEMENT OF FINANCIAL POSITION
| Assets | Thousands of € | March 31, 2026 | December 31, 2025 |
|---|---|---|---|
| Current assets | |||
| Cash and cash equivalents | 291,785 | 251,981 | |
| Trade receivables | 140,223 | 153,368 | |
| Inventories | 636 | 616 | |
| Income tax receivables | 20,623 | 19,882 | |
| Other financial assets | 3,109 | 6,384 | |
| Other non-financial assets | 55,744 | 45,278 | |
| Current assets, total | 512,120 | 477,511 | |
| Non-current assets | |||
| Property, plant and equipment | 17,264 | 18,050 | |
| Intangible assets | 390,107 | 361,923 | |
| Goodwill | 1,089,503 | 1,065,007 | |
| Right-of-use assets | 41,134 | 40,854 | |
| Investments in associates | 14,618 | 14,722 | |
| Deferred tax assets | 25,186 | 24,611 | |
| Other financial assets | 54,868 | 48,977 | |
| Other non-financial assets | 79,474 | 66,559 | |
| Non-current assets, total | 1,712,155 | 1,640,703 | |
| Total assets | 2,224,276 | 2,118,214 |
QUARTERLY STATEMENT AS OF MARCH 31, 2026
| Equity and liabilities | Thousands of € | March 31, 2026 | December 31, 2025 |
|---|---|---|---|
| Current liabilities | |||
| Trade payables | 24,600 | 27,002 | |
| Provisions | 41,490 | 48,123 | |
| Accrued liabilities | 68,269 | 60,653 | |
| Deferred revenue | 494,832 | 435,855 | |
| Income tax liabilities | 22,164 | 10,330 | |
| Other financial liabilities | 4,183 | 770 | |
| Lease liabilities | 12,588 | 13,283 | |
| Other non-financial liabilities | 33,431 | 29,438 | |
| Current liabilities, total | 701,557 | 625,454 | |
| Non-current liabilities | |||
| Long-term borrowings without current portion | 299,633 | 359,465 | |
| Deferred tax liabilities | 73,692 | 69,479 | |
| Pensions and related obligations | 2,461 | 2,772 | |
| Provisions | 13,543 | 13,982 | |
| Deferred revenue | 28,732 | 30,725 | |
| Income tax liabilities | 14,909 | 14,705 | |
| Other financial liabilities | 6,529 | 4,305 | |
| Lease liabilities | 32,069 | 31,786 | |
| Other non-financial liabilities | 22 | 63 | |
| Non-current liabilities, total | 471,591 | 527,282 | |
| Equity | |||
| Subscribed capital | 115,500 | 115,500 | |
| Capital reserve | 12,485 | 12,485 | |
| Own shares | -1,135 | -1,135 | |
| Retained earnings | 971,540 | 908,775 | |
| Other reserves | -85,193 | -106,578 | |
| Equity (group shares) | 1,013,196 | 929,047 | |
| Non-controlling interests | 37,932 | 36,431 | |
| Equity, total | 1,051,128 | 965,478 | |
| Total equity and liabilities | 2,224,276 | 2,118,214 |
QUARTERLY STATEMENT AS OF MARCH 31, 2026
Consolidated cash flow statement
for the period from January 1 to March 31, 2026 and 2025
CONSOLIDATED STATEMENT OF CASH FLOWS
| Thousands of € | 3 months 2026 | 3 months 2025 |
|---|---|---|
| Profit (before tax) | 78,121 | 56,941 |
| Depreciation of property, plant and equipment and amortization of intangible assets | 19,178 | 18,422 |
| Net finance costs | 987 | 5,024 |
| Share of net profit of associates | 104 | 268 |
| EBITDA | 98,391 | 80,655 |
| Other non-cash transactions | 7,322 | 578 |
| Cash flow for the period | 105,713 | 81,233 |
| Change in trade working capital | 56,252 | 69,573 |
| Change in other working capital | -15,132 | -11,448 |
| Financing effects | 1,520 | 687 |
| Tax cash flow | -7,959 | -497 |
| Cash flow from operating activities | 140,393 | 139,548 |
| Capital expenditure | -3,433 | -714 |
| Cash received from disposal of fixed assets | 311 | 60 |
| Cash paid for acquisition of subsidiaries, net of cash acquired | -32,708 | -3,549 |
| Cash paid for acquisition of equity instruments of other entities | -3,244 | -1,967 |
| Cash flow from investing activities | -39,074 | -6,171 |
| Repayment of borrowings | -60,000 | -51,031 |
| Principal elements of lease payments | -4,280 | -4,348 |
| Interests paid | -641 | -3,044 |
| Financing costs paid | 0 | -459 |
| Purchase of own shares | 0 | -11,108 |
| Cash flow from financing activities | -64,921 | -69,991 |
| Changes in cash and cash equivalents | 36,398 | 63,386 |
| Effect of exchange rate differences on cash and cash equivalents | 3,406 | -5,095 |
| Cash and cash equivalents at the beginning of the period | 251,981 | 205,733 |
| Cash and cash equivalents at the end of the period | 291,785 | 264,024 |
QUARTERLY STATEMENT AS OF MARCH 31, 2026
Consolidated statement of changes in equity
for the period from January 1 to March 31, 2026 and 2025
EQUITY
| Equity attributable to the parent company's shareholders | ||||||||
|---|---|---|---|---|---|---|---|---|
| Thousands of € | Subscribed capital | Capital reserve | Own shares | Retained earnings | Other comprehensive income | Total | Non-controlling interests | Total equity |
| As of January 1, 2025 | 115,500 | 12,485 | 0 | 763,744 | 14,734 | 906,463 | 37,914 | 944,377 |
| Other comprehensive income for the year | – | – | – | – | –39,273 | –39,273 | –1,122 | –40,394 |
| Net income for the year | – | – | – | 44,883 | – | 44,883 | 459 | 45,342 |
| Total comprehensive income for the year | 0 | 0 | 0 | 44,883 | –39,273 | 5,610 | –663 | 4,947 |
| Share-based payments | – | – | – | –7,469 | – | –7,469 | – | –7,469 |
| Own shares | – | – | –6,632 | 0 | – | –6,632 | – | –6,632 |
| As of March 31, 2025 | 115,500 | 12,485 | –6,632 | 801,158 | –24,540 | 897,971 | 37,251 | 935,222 |
| As of January 1, 2026 | 115,500 | 12,485 | –1,135 | 908,775 | –106,579 | 929,047 | 36,431 | 965,478 |
| Other comprehensive income for the year | – | – | – | – | 21,385 | 21,385 | 555 | 21,939 |
| Net income for the year | – | – | – | 60,372 | – | 60,372 | 947 | 61,319 |
| Total comprehensive income for the year | 0 | 0 | 0 | 60,372 | 21,385 | 81,757 | 1,502 | 83,258 |
| Share-based payments | – | – | – | 2,392 | – | 2,392 | – | 2,392 |
| Own shares | – | – | 0 | 0 | – | 0 | – | 0 |
| As of March 31, 2026 | 115,500 | 12,485 | –1,135 | 971,540 | –85,195 | 1,013,196 | 37,932 | 1,051,128 |
NEMETSCHEK
GROUP
Nemetschek SE
Konrad-Zuse-Platz 1
81829 Munich
Tel.: +49 89 540459-0
Fax: +49 89 540459-414
[email protected]
www.nemetschek.com
