Nemetschek SE

For the first nine months of 2025, revenue increased 22.9% reported and 25% FX-adjusted to EUR 866 million. Recurring revenues rose 61.3% to EUR 614.7 million, reported EBITDA increased 28.4% to EUR 264.3 million, and the EBITDA margin was 30.5% reported; management said the underlying margin would have been 31.8% excluding the extraordinary insolvency-related effect. For Q3, ARR rose 22% reported and 26.4% FX-adjusted, revenue increased 15.8% reported and 20% FX-adjusted, EBITDA grew 25% reported and 34% FX-adjusted, EBITDA margin was 32.5%, and EPS increased 40.7%. Full-year 2025 guidance was confirmed at 20%-22% currency-adjusted revenue growth, including about 400 basis points from GoCanvas, with an EBITDA margin around 31% including GoCanvas dilution; management said it targets the upper end of the revenue range.

Yves Padrines framed Q3 as another “very successful quarter” and emphasized the resilience of the business model, the strength of the subscription and SaaS transition, and the role of AI as a long-term growth lever. He said the company is already seeing value from AI across products and internal operations, and highlighted launches and partnerships such as Bluebeam Max, Firmus AI, Google Cloud, Stanford, and TUM. His tone was confident and expansionary, repeatedly stressing that the company is investing to sustain high and profitable growth.

Louise Ofverstrom focused on the mechanics behind the strong numbers: nine-month revenue of EUR 866 million, EBITDA of EUR 264.3 million, margin of 30.5%, and recurring revenue now at 92% of total revenue. She said the first-half margin was affected by an extraordinary nonoperating effect in the low-teens millions of euros from an insolvency, but underlying profitability would have been 31.8%, and Q3 op-ex growth normalized as that impact faded. She also pointed to strong cash generation, up 111%, free cash flow before M&A up 44.5% over nine months, equity ratio of 44.1%, and net debt-to-EBITDA below 1x, giving room for deleveraging and M&A.

Analysts pressed management on the Media segment’s weak U.S. backdrop, the sustainability of multiyear contracts, Bluebeam growth drivers and pricing, AI monetization, Build growth for 2026, and whether U.S. construction demand could weaken. Management said Media remains pressured by cautious customer spending and missing subscription sales from earlier in the year, but expects a slight recovery in Q4 and low-double-digit growth next year, with no plan to dispose of the business. On Build, management said U.S. demand remains strong, international growth is accelerating, Bluebeam pricing increases are not the current lever, and Bluebeam Max will be a new paid AI package in Q1 2026; multiyear contracts are temporary, have no discount, and are used only to help migrate maintenance customers to subscription.