Slides
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November 05, 2026 Earnings Call Q3 / 9M-26
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Highlights Q3 / 9M-26 CEO Yves Padrines 01.
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Key Messages 1. Q3-26: Continued strong growth with a high increase in profitability. Continuation of the very strong growth dynamic in the Build segment - organically as well as including the first-time contribution of HCSS. Design segment growth reflects a more gradual pace in the transition of existing customers from service contracts to subscription models. 2. 9M-26: Successful first nine months of the year with continued strong growth and high profitability. Build segment main growth driver with outstanding performance. Increase in underlying profitability driven healthy operating leverage, the continued focus on our cost base, and continuous improvements in internal efficiency. Transition to subscription and SaaS in the Design segment continued to progress and was supported by a particularly strong performance in the first half of the year. 3. HCSS: Successful start of integration. Strong underlying operational performance in Q3 in line with expectations and impacted by PPA-related deferred revenue haircut effect. 4. Accelerating AI innovation across the Group: Continued progress on transformation from a leading vertical software player to an AI leader in AEC/O with the successful roll-out of agentic AI solutions across our portfolio (e.g. Archicad Max, Allplan Max, and Bluebeam Max). 5. Outlook FY-26: Based on the strong performance of the first nine months, the organic as well as the extended outlook including HCSS for FY26 are fully confirmed.
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Financial Overview Q3-26: Continued High and Profitable Growth 1 Constant currency 2 Excluding HCSS contribution and ongoing HCSS - as well as M&A-related one-off costs 3 Adjusted for PPA effects as well as the impact of the HCSS deferred revenue haircut 4 • Revenue organic growth: +13.7% y/y (+12.5% cc1) • Continued outstanding performance in the Build segment – organically as well as including HCSS • Design segment growth reflects a more gradual pace in the transition of existing customers from service contracts to subscription models • Adj. EPS3 Q3-26: EUR 0.66 • Decline in EPS as expected following the first-time consolidation of HCSS • HCSS related effects include higher amortization from PPA, non-controlling interests, and increased financing costs • ARR organic growth: +18.0% y/y (+16.6% cc 1) • Strong increase in ARR indicates continued good growth development • Subscription/SaaS revenues with ongoing strong growth momentum: +52.4% (+29.7% organic) • Organic EBITDA margin2 at 34.8% • Reported EBITDA margin: 31.2%, reflecting in particular the HCSS deferred revenue haircut effect as well as HCSS related M&A and cost • Ongoing integration costs & recurring expenses related to SBC program established in connection with HCSS acquisition impacted reported EBITDA by a low-single-digit million-euro amount ARR EURm Revenues EURm EBITDA EURm Adj. EPS EUR 1,076.7 1,462.2 Q3-25 Q3-26 +35.8% +35.1% cc1 293.1 371.1 Q3-25 Q3-26 +26.6% +25.9% cc1 95.2 115.9 Q3-25 Q3-26 +21.8% +22.1% cc1 0.66 0.55 Q3-25 Q3-26 +20.0%
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5 Update on the HCSS Acquisition Status Quo as of Q3-26 Integration and operational performance of HCSS progressing as planned Q3-26 • Official Closing on July 1st and first-time consolidation • Integration and development as planned Q1- & Q2-26 • Due Diligence and Signing Next Steps Go-to-Market • Define route to cross-sell HCSS to Bluebeam customers, e.g. preparing launch HCSS with Bluebeam channel partner • Start of training and collaboration of HCSS and Bluebeam, GoCanvas and Nevaris sales teams • Prepare international expansion of HCSS outside of North America Integration: • Integration of back-office functions such as Finance, Human Resources and IT Culture & HR: • HCSS becoming part of the Nemetschek Group Family • Joint strong customer- and innovation-centric culture
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Accelerating AI Innovation Across the Group Ideally positioned to win in AI Successful roll-out of agentic AI solutions across building lifecycle: Q4-26 - … • Allplan Max AI built for real engineering workflows • Risa Max AI-powered structural analysis and design workflows Q3-26 • Archicad Max Design intelligence for architects • Solibri AI-powered assistant Model checking & quality assurance for BIM workflows Q1-26 • Bluebeam Max AI-powered productivity for construction teams • Powered by the Nemetschek Intelligence Platform, providing a shared AI and data foundation across brands • Agentic, workflow-integrated AI automates repetitive tasks, enhances productivity and improves project quality • Open and interoperable AI ecosystem leveraging open standards (IFC), MCP and third-party AI applications Data Access Across Life Cycle Trusted customer relationship & network effect Deep domain expertise 6
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Financial Review 9M-26 CFO Louise Öfverström 02.
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Key Financial Highlights 9M-26: Strong Performance in line with Guidance 1 Constant currency 2 Excluding HCSS contribution and recurring HCSS costs as well as M&A -related one-off costs 3 Adjusted for PPA effects as well as the impact of the HCSS deferred revenue haircut 8 Revenues: +16.8% to EUR 1,011.8m (+19.2% cc1) Organic Growth: +12.5% (+14.6% cc) EBITDA Margin: 30.9% Organic EBITDA Margin2: 32.1% ARR Growth: +35.8% to EUR 1,462.2m (+35.1% cc1) Organic Growth 2: +18.0% Subscription/SaaS Revenues: +36.1% to EUR 836.5m (+39.0% cc1) Organic Growth: +28.3% EBITDA: +18.4% to EUR 312.9m (+23.3% cc1) Earnings per Share (EPS): EUR 1.50 (+13.4%) Adj. EPS3: EUR 1.92 (+26.3%) Net Debt Position: EUR -425.9m Cash Conversion: 100.1% Equity Ratio: 63.7%
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Segments 9M-26: Build Continues to be the Main Growth Driver 1 Constant currency 2 Excluding HCSS contribution and ongoing HCSS - as well as M&A-related one-off costs 9 DESIGN Revenues EURm • Outstanding growth combined with strong margin expansion • Organic revenue growth: +25.8% cc, organic EBITDA margin: 41.5% • HCSS with strong underlying growth and profitability but impacted by PPA-related deferred revenue haircut • Strong growth in US and internationally • Successful roll-out of Agentic AI Suite Bluebeam Max • Continued challenging market environment due to customer consolidation, ongoing budget constraints as well as prolonged investment and decision cycles • Focus on diversifying segment’s revenue streams, expanding into adjacent markets, and leveraging synergies with the Group’s AEC/O business to unlock additional growth opportunities • Subscription transition supported by a particularly strong performance in H1. Q3 with more gradual pace. Multi-year contracts to convert existing maintenance customers to subscription partially supporting transition • Subscription & SaaS revenues main growth driver (+49.0% cc) • Margin impacted by subscription transition as well as organizational reorganization measures Margin27.5% 24.7% 35.7% 38.1% 31.3% 31.5% 351.1 468.5 9M-25 9M-26 89.8 88.5 9M-25 9M-26 +7.3% +8.6% cc1 -1.4% +1.2% cc1 +33.4% +37.0% cc1 BUILD MEDIA • Significantly stronger demand for Workspace Management and Energy Efficiency solutions, which account for the larger part of the segment • Healthy sales pipeline with existing and new customers in the public & financial sectors, while the smaller property management market in Germany continue to face challenging conditions • Ongoing investments into further business expansion 10.5% 8.3% 37.9 39.3 9M-25 9M-26 +3.9% +3.9% cc1 MANAGE 389.3 417.6 9M-25 9M-26
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Indicative P&L Impacts of HCSS Acquisition for FY-26: 10 Revenues EBITDA D&A (incl. PPA) EBIT Financial Result Non-controlling interest Net income (group shares) EPS Revenue: Contribution to Group revenue growth of around 600bps (after deferred revenue haircut) EBITDA margin: (Indicative illustration) 32.5% 31.0% Organic EBITDA Margin (incl. M&A costs) HCSS Contribution Deferred Revenue Haircut Share Based Compensation Reported EBITDA Margin D&A (incl. PPA): Additional PPA amortization charges ~ EUR 40m Financial Result: Interest charges related to debt funding of HCSS acquisition expected to be in mid to higher single digit EUR million range NCI &Taxes: EPS: FY-26: slightly dilutive (FY-27: neutral, FY-28ff: clearly value accretive) ........ EBITDA margin Integration Costs - 150bps • Build & Construct legal entities are transparent from an income tax perspective, Thoma Bravo is participating with 28% • Tax expense included at 72% (Nemetschek share) in the group P&L • NCI share in net income is allocated pre-tax, hence, no impact on EPS
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At a Glance: Income Statement and Important KPIs Key Figures mEUR 9M-26 9M-25 Reported Growth y/y Organic Growth y/y Revenues 1,011.8 866.0 +16.8% +12.5% Cost of goods and services -38.5 -33.2 +15.8% +9.8% Personnel expenses -402.5 -351.0 +14.7% +9.5% Other operating income/expenses -258.0 -217.5 +18.6% +10.4% EBITDA 312.9 264.3 +18.4% 18.5% EBITDA margin 30.9% 30.5% +40bps +1.6pp D&A (incl. PPA) -78.7 -54.0 +45.6% 10.4% EBIT 234.3 210.2 +11.4% +20.5% EBIT margin 23.2% 24.3% -110bps +170bps Net income (group shares) 173.0 152.6 +13.4% - EPS 1.50 1.32 +13.4% - Adj. EPS 1.92 1.52 +26.3% - FCF (before M&A) 309.1 284.3 +8.7% - Equity ratio in % 63.7% 44.1% +19.6pp - Net Debt -425.9 -142.0 >100% - 11
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Outlook FY-26 03.
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13 Guidance 2026: Organic & Expanded Guidance Fully Confirmed Starting Point Confirmed Organic Guidance Expanded Guidance (incl. HCSS) 2025 2026 2026 Revenue: EUR 1,191.2m Revenue Growth: +19.7% (reported) + 22.6% (at constant currency) EBITDA Margin: 31.2% (reported) Revenue Growth: +14% - 15% (at constant currency) EBITDA Margin: 32% - 33% (organic) Additional Positive Growth Impact on Organic Guidance: ~ +600 Basis Points* *including estimated purchase price allocation (PPA) effects Additional EBITDA Margin Impact on Mid- Point of Organic Guidance: ~ -150 Basis Points** **reflects the expected impact of the PPA for HCSS, ongoing integration expenses & recurring expenses related to a newly established share-based compensation program Additional Information Guidance 2026: 1) The statements on the effects of the acquisition on the financial year 2026 are subject to the proviso that important key figures, including the calculation of the purchase price allocation (PPA) for HCSS, will not be finalized until later in the year. 2) These forecasts are based on the assumption that global economic and industry-specific conditions will not deteriorate during the current fiscal year. Furthermore, it is assumed that the current conflict in the Middle East will neither escalate significantly nor persist over an extended period.
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NEMETSCHEK SE investorrelations@nemetschek.com www.nemetschek.com Konrad-Zuse-Platz 1 81829 Munich Germany Questions?
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Appendix 04.
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Income Statement 16 €m 9M 2026 9M 2025 % YoY Revenues 1,011,8 866.0 +16.8% Other income 24.0 9.7 >+100.0% Operating income 1,035.8 875.7 +18.3% Cost of goods and services -38.5 -33.2 +15.8% Personnel expenses -402.5 -351.0 +14.7% Other expenses -282.0 -227.2 +24.1% Operating expenses -722.9 -611.4 +18.2% EBITDA 312.9 264.3 +18.4% Margin 30.9% 30.5% +40bps Depreciation and amortization -78.7 -54.0 +45.6% t/o right-of-use assets -10.9 -12.2 -10.1% t/o PPA -55.8 -31.4 +77.4% EBIT 234.3 210.2 +11.4% Financial result 0.0 -12.4 >-100.0% t/o IFRS 16 -1.3 -1.5 -9.1% EBT 234.2 197.9 +18.3% Income taxes -47.2 -42.9 +9.8% Non-controlling interests 14.0 2.4 >+100.0% Net income (Group shares) 173.0 152.6 +13.4% EPS in EUR 1.50 1.32 +13.4%
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Balance Sheet – Assets 17 €m September 30, 2026 December 31, 2025 Assets Cash and cash equivalents 263.9 252.0 Trade receivables, net 175.1 153.4 Inventories 1.8 0.6 Other current assets 98.8 71.5 Current assets, total 539.6 477.5 Property, plant and equipment 46.8 18.1 Right-of-use assets 39.9 40.9 Intangible assets 1,308.8 361.9 Goodwill 2,456.6 1,065.0 Other non-current assets 180.3 154.9 Non-current assets, total 4,032.4 1,640.7 Total assets 4,572.0 2,118.2
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Balance Sheet – Equity and Liabilities 18 €m September 30, 2026 December 31, 2025 Equity and liabilities Trade payables 26.6 27.0 Provisions and accrued liabilities 134.0 108.8 Deferred revenue 567.4 435.9 Current lease liability 13.3 13.3 Other current liabilities 61.9 40.5 Current liabilities, total 803.2 625.5 Long-term borrowings without current portion 689.8 359.5 Deferred tax liabilities 77.8 69.5 Non-current lease liability 30.3 31.8 Other non-current liabilities 60.1 66.6 Non-current liabilities, total 858.1 527.3 Subscribed capital and capital reserve 128.0 128.0 Own shares -1.1 -1.1 Retained earnings 2,086.6 908.8 Other reserves -69.9 -106.6 Non-controlling interests 767.1 36.4 Equity, total 2,910.7 965.5 Total equity and liabilities 4,572.0 2,118.2
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Cash Flow Statement 1 Operating cash flow – Investing cash flow. 19 €m 9M 2026 9M 2025 % YoY Cash and cash equivalents at the beginning of the period 252.0 205.7 +22.5% Cash flow from operating activities 313.1 293.7 +6.6% Cash flow from investing activities -139.9 -19.2 >100% t/o Cash paid for acquisition of interest in associates 0.0 -0.6 t/o CapEX -9.4 -9.5 t/o Cash paid for acquisition of equity investments -16.1 -5.4 t/o Cash paid for acquisition of subsidiaries, net of cash acquired -119.8 -3.8 Cash flow from financing activities -168.1 -154.7 -8.7% t/o Dividend payments -78.5 -63.5 t/o Cash received from loans 398.3 81.6 t/o Repayments of borrowings -464.3 -132.7 t/o Principal elements of lease payments -11.3 -14.5 t/o Interest paid -8.2 -12.1 t/o Purchase of own shares 0.0 -11.1 FX-effects 6.9 -18.1 Free cash flow 173.2 274.5 Free cash flow (before M&A)1 309.1 284.3 Cash and cash equivalents at the end of the period 263.9 307.5 -15.7%
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This presentation contains forward-looking statements based on the beliefs of Nemetschek SE management. Such statements reflect current views of Nemetschek SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, changes in currency exchange, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. Nemetschek SE does not intend or assume any obligation to update these forward-looking statements. Disclaimer