Nemetschek SE

NEM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nemetschek Earnings: Clarity Is Becoming an Issue; Shares Undervalued

Rob Hales

Jul 31, 2026

Nemetschek's second quarter had revenue in line with Vara consensus but missed on EBITDA due to a one-off currency effect. Furthermore, HCSS integration guidance, challenges in media, and the transition to subscription in design are reducing clarity on underlying trends. Shares fell 14% on July 30.

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Nemetschek SE

Nemetschek Earnings: Clarity Is Becoming an Issue; Shares Undervalued

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