The Nemetschek Group has reported fiscal Q2 earnings and H1 2026 financial results. Once again, the Build segment is the main growth driver, according to the German AEC/O software giant, whose chief competitors include US-based Autodesk, Bentley, and Trimble.
The Group legally closed its largest company acquisition to date, Heavy Construction Systems Specialists, LLC (HCSS), on 1 July 2026. The launch of Bluebeam Max as the Group’s first comprehensive agentic AI solution for the construction industry has been a significant milestone for the company as part of its broad AI strategy.
Financial Results:
In general, the Nemetschek Group’s earnings have grown by more than 10% over the past five years (on average), while the past year has seen growth of more than triple that. Here is a summary of its recent financials:
- Q2 (2026) revenue of EUR 327.7 million (+14.5%)
- Q2 EBITDA (currency-adjusted) is EUR 98.6 million (+15.8%)
- Q2 Net Income is EUR 66 million (25.4%)
- +25.3% growth in earnings per share to EUR 0.57 in Q2
- Q2 EBITDA margin reported at 30.1% (adjusted for acquisition-related one-off costs at 31.0%
Group revenue for H1, 2026 increased to EUR 640.7 million (USD 736.2 million), representing a constant-currency growth rate of 15.7% (reported: 11.9%).
Nemetschek Group – Q2 and H1 2026.
“The first half of 2026 was characterized by continued very strong operational performance and important strategic milestones for the Nemetschek Group,” says Yves Padrines, CEO of the Nemetschek Group. “With the successful closing of the HCSS acquisition, the largest acquisition in the company’s history, we are strengthening our market position in the infrastructure and heavy civil construction sector, which offers very attractive long-term growth prospects. At the same time, we consistently continue to execute our AI strategy. The successful market launch of our agentic AI suite, Bluebeam Max, together with the further expansion of Group-wide AI solutions, sets new standards for the integration of AI across our industries. The combination of strong organic growth, strategic investments and a clear AI strategy provide an excellent foundation for sustained profitable growth and long-term value creation for our customers, partners and shareholders.”
Looking at Segments
The Nemetschek Group positions all of its products into market segments for the two primary industries it serves. Here are some notes on those:
- Design Segment — this segment reached Q2 revenue of EUR 142.9 million (growth of 9.9%). Margin in this segment was 22.7%. The main brands in this segment include Graphisoft, Allplan and Vectorworks (all BIM and CAD platforms). Engineering design solution companies are also in this segment, including Frilo and RISA.
- Build Segment — this segment reached Q2 revenue of EUR 142.9 million (growth of 22.4%). Margin in this segment reached 40.1%, a substantially higher level than the design segment. The main brands in this segment include Bluebeam, Nevaris, and GoCanvas. HCSS will also be in this segment.
- Manage Segment — this segment reached Q2 revenue of 13.1 million (4.6% growth). Margin was 5.1%. The primary brands in this segment are Crem Solutions and dTwin.
- Media Segment — this segment reached revenues of EUR 29.4 million (flat to slightly down, YoY). Margin was 27.7%. The primary brand is Maxon, with recent acquisitions in this segment consolidating into Maxon.
For the full year in 2026, the Group expects currency-adjusted organic revenue growth in the range of 14 – 15% for the financial year in 2026. For those who want a deeper dive or for AEC industry investors, read our deeper analysis below.
Architosh Analysis and Commentary
The HSCC acquisition will impact the Group’s top and bottom lines next quarter. HSCC alone had annual 2025 revenues of over USD 215 million. Prior to the acquisition, HSCC’s annual revenue growth rate was over 21%, making it twice as strong (in growth) as the Design segment’s average organic growth rate and close to the Build segment’s. Architosh sees the Build segment accelerating growth due to multiple factors, including Bluebeam Max (a premium-tier AI-centric Bluebeam offering), HSCC’s organic rate, plus synergies within the segment, including those with GoCanvas.
A more troubling aspect of Group is its Media segment (Maxon). Flat revenue growth is always a concern, and this may explain why Maxon began to pivot more aggressively towards the AEC visualization space over the past year, introducing real-time, interactive rendering solutions for authoring tools, beginning with Vectorworks and then Revit. The company must resist discounting those solutions to the point of projecting lower value to the market than its chief competitors in Chaos, Lumion, and D5. Instead, the Maxon solution needs to demonstrate unique value-add in the offering itself.
Nemetschek’s forward PE Ratio is currently 24.1, which is a bit lower than its main rivals but notably low by its five-year history (see chart below).
The Nemetschek Group is doing well financially, but its stock price is down for the year, as are those of its chief rivals (Autodesk, Bentley, and Trimble). With broad real estate slowdowns and a cooling construction industry, the entire sector’s stocks are down for the year (approximately 26% for Nemetschek and Autodesk and 32% for Trimble). However, these financial results reported yesterday have seen the stock (ETRA:NEM) shoot up dramatically.
This five-year view of the PE ratio for Nemetschek clearly shows that through most of the past five years, the PE ratio has been over 30, reflecting the company’s strong earnings growth and free cash flow generation.
Looking forward, Nemetschek is currently undervalued by most analysts. Simply Wall Street has it at 40%+ undervalued. Using the Rule of 40, with 15% ± revenue growth plus 25 – 30% ± margins (= 40+), the company deserves a premium multiple (30-40PE). With HSCC’s revenue and margin contribution, the Nemetschek Group is currently a very attractive stock buy. Adding further optimism are the company’s broader AI strategy, the Bluebeam Max rollout, and AI in general.
Nemetschek Earnings Growth forecasts and recent history show clear strength and upward momentum.
Architosh sees the AEC/O industry finding new paths to higher revenue as agentic AI solutions drive clear value in automating the mundane and tedious in AEC workflows. Bluebeam Max’s implementation is a crystal clear indicator of what AI success looks like for revenue expansion. Take a product that is already a standard on a subscription customer base and offer a higher-tier offering that offers highly attractive benefits. With the broad construction industry stalled or cooling, the take-up for more premium AI offerings will be slower than if the construction industry were doing well, but the take-up will still manifest for products with clear ROI.
Disclaimer: This content is for informational and educational purposes only and should not be construed as professional financial, investment, or legal advice. Investing involves risk, including the loss of principal. Always conduct your own research and consult a licensed financial advisor before making any investment decisions.
