Nemetschek (NEM) Q2 2025 earnings summary

Executive summary

• Achieved strong and profitable growth in Q2 and H1 2025, led by Build and Design segments, with recurring revenue reaching a record 93% and a successful transition to subscription and SaaS models.

• Raised full-year 2025 revenue guidance to 20–22% currency-adjusted growth, reflecting robust business momentum, successful GoCanvas integration, and continued strategic focus on AI, international expansion, and SaaS.

• Strategic acquisitions (GoCanvas, Manufacton, Laubwerk) and investments in AI and start-ups expanded the solution portfolio and growth opportunities.

• International revenue growth outpaced overall growth, with significant expansion in India, Saudi Arabia, and the Americas.

• Profitability remained high despite extraordinary non-operating effects from a service provider insolvency.

Financial highlights

• Q2 2025 revenue rose 27.4% reported and up to 30.5% FX-adjusted to €290.0m; H1 revenue up 26.8% to €572.8m; organic growth at 18.8% reported and 19.5% FX-adjusted.

• Q2 EBITDA increased 44% to €88.5m (margin 30.5%, 31.5% adjusted); H1 EBITDA up 30.4% to €169.1m (margin 29.5%).

• EPS for H1 at €0.84, up 15.2%; net income for H1 at €97.3m.

• Subscription/SaaS revenues in H1 rose 74.8% to €403.6m; ARR in Q2 reached €1,078.3m, up 35.1%.

• Free cash flow before M&A reached €193.6m–€194m in H1, up 42.7%.

Outlook and guidance

• 2025 revenue guidance raised to 20–22% currency-adjusted growth, including a 450bps M&A contribution from GoCanvas.

• EBITDA margin expected around 31%, including dilution from GoCanvas and extraordinary non-operating effects.

• Guidance assumes stable macroeconomic and industry conditions; does not factor in potential adverse geopolitical or tariff impacts.