Berenberg keeps Buy rating on Nemetschek stock with EUR 115 target

Published on 10/06/2026 at 12:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue hit EUR 327.66 million, up 13.00 percent in the second quarter of 2026. Nemetschek stock costs EUR 65.80 on October 6, 2026 after EUR 64.08.

Flatlay mit Aktienzertifikat, ISIN-Karte, Zirkel, Lineal und Gebäudemodell — Nemetschek SE ISIN DE0006452907: Flatlay-Anordnung aus Aktienzertifikat, ISIN-Karte, Zirkel und kleinem Gebäudemodell, Illustration mit AI erstellt.

Nemetschek (ISIN DE0006452907) carries a Buy rating and a EUR 115.00 price target from Berenberg as of September 25, 2026, according to Finanznachrichten. The stock was trading at EUR 65.80 at Lang & Schwarz on October 6, 2026 at 12:45 p.m. CEST, up 2.68 percent from the prior close of EUR 64.08.

Growth remains visible in 2026 results

Nemetschek reported second-quarter 2026 revenue of EUR 327.66 million, a 13.00 percent increase from EUR 290.03 million in the prior-year quarter, according to Börse Express. Revenue for the first half of 2026 reached EUR 640.75 million, while adjusted EBITDA margin stood at 31.00 percent in the second quarter.

Net income reached EUR 66.00 million in the first half of 2026, compared with earnings per share of EUR 0.57. The comparison with EUR 0.45 in the prior-year quarter shows that the earnings base expanded alongside revenue, although the integration burden remains central to the valuation debate.

HCSS raises scale and integration demands

Nemetschek completed the acquisition of HCSS for USD 2.40 billion, adding a US construction-software platform to its portfolio. The transaction supports the 2026 revenue outlook of 20.00 percent to 21.00 percent growth, while organic growth is projected at 14.00 percent to 15.00 percent on a constant-currency basis, according to Börse Express.

Management guides to an EBITDA margin of 32.00 percent to 33.00 percent for 2026. That range frames the main operational trade-off: HCSS expands the revenue base, while integration costs determine how quickly the group can preserve its profitability profile.

Analyst targets span a wide range

Berenberg's EUR 115.00 target is well above the Lang & Schwarz price, while Jefferies raised its target from EUR 70.00 to EUR 72.00 and retained a Buy rating on September 23, 2026, according to Finanznachrichten. The different targets show that the market is weighing durable software growth against the timing of HCSS synergies.

Third-quarter date sets the next checkpoint

Nemetschek has scheduled its third-quarter 2026 report for November 5, 2026, according to the company's investor-relations calendar at Nemetschek. The report will give investors a new reference point for revenue momentum, the EBITDA margin and the pace of integration after the HCSS transaction.

Stock trades above its prior close

Nemetschek stock was trading at EUR 65.80 at Lang & Schwarz on October 6, 2026 at 12:45 p.m. CEST, plus 2.68 percent versus the Lang & Schwarz prior close of EUR 64.08. The 52-week range was EUR 50.45 to EUR 113.70 as of October 2, 2026, and market capitalization stood at EUR 7.1 billion on that date.

The further course of trading is shown by the continuously updated real-time quote of Nemetschek stock.