Nemetschek: Growth Momentum Continues in Core Segments

Goldman Sachs maintains a Buy rating on Nemetschek with a revised €100 price target following strong 17% organic growth in 1Q26. The target reduction reflects broader European software sector de-rating rather than fundamental changes to the company's outlook.

Key Takeaways

• 1.Nemetschek reported strong 1Q26 results with organic revenue growth of approximately 17%, driven by momentum in core Build and Design segments.
• 2.The 12-month price target is lowered from €110 to €100, primarily reflecting a broad de-rating of the European software sector rather than company-specific weakness.
• 3.Early signs of macroeconomic improvement are emerging in the German market according to company indications.

Table of Contents

• Changes to estimates
• GS vs Visible Alpha Consensus Data
• Price Target Risks and Methodology
• Disclosure Appendix
• GS Factor Profile
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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