Nemetschek (NEM) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of €1.19 billion in 2025, surpassing €1 billion for the first time, with 19.7% reported growth and 22.6% FX-adjusted growth year-over-year, driven by Build and Design segments and strong SaaS transition.

• Transition to a subscription and SaaS-centric business model nearly complete, with recurring revenues now 92% of total and subscription/SaaS at 72%, fueling profitability.

• EBITDA increased by 23.3% to €371.1 million (31.2% margin), and EPS rose 23.9% to €1.88.

• Strategic focus on AI innovation, with new product launches (Bluebeam Max), targeted M&A (GoCanvas, Firmus AI), and partnerships (Google Cloud, Tencent).

• International expansion advanced, with strong growth in Americas, Asia Pacific, India, and Saudi Arabia.

Financial highlights

• FY 2025 revenues rose 19.7% year-over-year to €1,191.2m (+22.6% at constant currency); ARR up 22.9% to €1,199.2m.

• EBITDA grew 23.3% to €371.1m (31.2% margin); EBIT margin improved to 25.0%.

• Free cash flow before M&A increased 32.7% to €389.5m; cash conversion at 109%.

• Net income attributable to group shares was €217.2m, up 23.8% year-over-year; EPS before PPA was €2.15.

• Net debt/EBITDA below 1x; net cash position improved to €252.0m at year-end.

Outlook and guidance

• 2026 guidance: organic revenue growth of 14–15% at constant currency, EBITDA margin of 32–33%.

• Build segment expected to grow in the low 20% range, Design in high single to low double digits, Manage in low double digits, Media in high single digits.

• Continued investment in AI, internationalization, and M&A; forecasts assume no significant deterioration in global economic or industry conditions.