Nemetschek stock slips after Q3 growth as 2026 outlook holds

Nemetschek reported strong third-quarter growth on Thursday, November 5, 2026, after consolidating HCSS for the first time. The company kept its full-year 2026 group outlook, while the results showed a wider gap between reported and underlying earnings. The Finanzen.net report reproduced the company announcement published at 07:00 CET.

Nemetschek stock traded at 67.95 euros on Lang & Schwarz at 18:08 CET on Thursday, November 5, 2026, 0.07 percent below the Xetra close of Thursday, November 5. That was 1.06 percent below the 68.68 euros cited in the previous report at 15:37 CET.

HCSS lifts growth and recurring revenue

Group revenue rose 26.6 percent year over year to 371.1 million euros, including HCSS from July 1. Organic revenue growth reached 13.7 percent, or 12.5 percent after currency effects. Build revenue increased 56.6 percent to 190.8 million euros, while organic currency-adjusted growth in the segment reached 23.6 percent.

Annual recurring revenue advanced 35.8 percent to 1.4622 billion euros. Subscription and software-as-a-service revenue grew 52.4 percent to 321.9 million euros, highlighting the continued shift toward recurring business models.

Reported profit faces acquisition effects

EBITDA rose 21.8 percent to 115.9 million euros, but the reported margin declined to 31.2 percent from 32.5 percent. Nemetschek attributed the pressure to the purchase-price-allocation effect from HCSS and one-off merger costs; the organic EBITDA margin reached 34.8 percent.

Net income attributable to shareholders fell 15.7 percent to 46.6 million euros, and reported earnings per share declined to 0.40 euros from 0.48 euros. Adjusted earnings per share increased 20.0 percent to 0.66 euros after adjusting for purchase-price-allocation effects and the HCSS deferred-revenue haircut.

Segment outlook becomes more selective

Nemetschek still expects currency-adjusted organic revenue growth of 14 to 15 percent and an EBITDA margin of 32 to 33 percent for 2026. HCSS is expected to add about 600 basis points to group revenue growth, while the acquisition is expected to dilute the EBITDA margin by about 150 basis points.

The outlook for Design and Build remains unchanged. Manage is now expected to grow at a mid-single-digit rate rather than a low-double-digit rate, while Media revenue is expected to remain broadly stable instead of posting mid-single-digit growth. Management said the segment changes do not alter the overall group outlook.

Investors can follow the real-time quote of Nemetschek stock as the market assesses the HCSS integration and the durability of recurring-revenue growth.

Broader sentiment among German large and mid-cap stocks is covered in current DAX market reports.

More company-specific developments are available in more news and analyses on Nemetschek stock.