Nemetschek is an undervalued, AI-accelerating OpenBIM compounder: record €1.19B revenue, 92% recurring sales, and a fortress balance sheet amid a sector de-rating.
Overview
Nemetschek SE is a leading global software provider spanning the full lifecycle of construction (AEC/O) and a dedicated Media segment, operating as a strategic holding company with 13 largely independent brands. It has become a key European tech compounder listed in the MDAX and TecDAX and reached a scale milestone in 2025 by surpassing €1B in annual revenue for the first time (prelim. €1,191.2M). The business is increasingly subscription-led: recurring revenue rose to ~92% in 2025, transforming the company from a cyclical license vendor into a more predictable, high-visibility software model. Operations are organized into four segments—Design (BIM/CAD brands like Graphisoft, Allplan, Vectorworks), Build (Bluebeam, GoCanvas), Manage (Spacewell, dTwin digital twins), and Media (Maxon). Growth leadership is coming from Build (cloud transition and GoCanvas acquisition), while Design remains the core BIM franchise and Manage targets long-term monetization of building operations. Geographically, revenue is diversified (Americas ~41%, Europe ex-Germany ~31%, with increasing APAC/Middle East exposure). OpenBIM interoperability is a strategic differentiator, particularly in regulated markets requiring open standards.