Sector Rethink Overpowers Nemetschek's 17% Revenue Growth and $2.4bn US Acquisition
15.06.2026 - 01:35:29 | boerse-global.de
A wave of disappointment rippling through US cloud infrastructure stocks has caught Nemetschek in its undertow, dragging the German construction software group’s shares down 37.3% since the start of the year despite a strong operational showing. The selloff accelerated last week, with the stock falling a further 3.82% on Friday alone to close at €56.65, perilously close to its 52-week trough of €55.00.
Investors are punishing the wider software sector after several large US players issued underwhelming capex forecasts, fuelling fears of rising costs and compressed cash flows. Nemetschek, which counts cloud-based solutions as a growing part of its business, has been caught in the crossfire. The technical picture adds to the anxiety: the 200-day moving average stands far above current prices at €81.48, confirming a steep downtrend. If the €55 support level cracks, chartists warn of another wave of forced selling.
Yet beneath the market turmoil, the company’s underlying performance tells a different story. In the first quarter of 2026, Nemetschek grew revenue by 17.0% on a currency-adjusted basis to €313.1 million. EBITDA jumped 22.0% to €98.4 million, demonstrating that the business model continues to scale profitably. The market, however, remains singularly focused on macro headwinds and has brushed aside these numbers.
Should investors sell immediately? Or is it worth buying Nemetschek?
Management is not standing still. Nemetschek has announced the largest acquisition in its history: the purchase of Heavy Construction Systems Specialists, better known as HCSS, for approximately $2.4 billion. The US-based infrastructure specialist will significantly broaden Nemetschek’s footprint in the civil engineering and heavy construction segments, particularly in North America. Completion is expected in the second half of 2026, pending regulatory clearance. Notably, HCSS’s current owner Thoma Bravo will retain a 28% stake in the acquired business under the Nemetschek “Build & Construct” segment, a structure that keeps the private equity firm aligned with the group’s long-term strategy.
The company’s next scheduled milestone is the release of its half-year results in July 2026. By then, investors will be looking for clarity on the HCSS transaction timeline and for any signs that the disconnect between operational strength and share price performance is beginning to narrow. Until then, Nemetschek remains at the mercy of sentiment in the US construction technology space — a factor well beyond its own control.
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