EQS-Adhoc: Nemetschek SE expands outlook for FY 2024 following the acquisition of GoCanvas - while confirming organic guidance - and announces preliminary Q2-24 figures

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Nemetschek SE expands outlook for FY 2024 following the acquisition of GoCanvas - while confirming organic guidance - and announces preliminary Q2-24 figures

Munich, July 24, 2024 - After the first half of the year, Nemetschek SE (ISIN DE 0006452907) confirms its previous guidance for the operational business (i.e. excluding acquisition effects) for the financial year 2024. In addition, it further expands the outlook due to the acquisition of GoCanvas.

The Executive Board continues to expect that the currency-adjusted, organic revenue growth in 2024 will be in a range of 10% to 11%. The growth in annual recurring revenue (ARR) is forecasted to grow by around 25% while the share of recurring revenue as a percentage of total revenue is expected to increase to around 85% in 2024. The EBITDA margin is forecasted to be between 30% to 31%.

Based on the consolidation of GoCanvas as of July 1, 2024, the Executive Board expects an additional positive effect on the forecasted revenue growth of around 3 percentage points for the financial year 2024. The EBITDA margin in 2024 is expected to be diluted by around 100 basis points due to the GoCanvas' profitability, which is still below the Nemetschek Group average, and M&A-related one-off costs. These figures do not yet reflect the full potential of the acquisition, as both the revenue and EBITDA contribution of GoCanvas is reduced by a high single-digit million euro amount in the second half of the year due to the IFRS-related purchase price allocation.

The growth in annual recurring revenue (ARR) is expected to increase from around 25% to more than 30% in 2024. The share of recurring revenue as a percentage of total revenue is expected to continue to increase to around 85% in 2024.

The statements on the effects of the acquisition on the 2024 financial year are subject to the proviso that important key figures, including the calculation of the purchase price allocation (PPA) for GoCanvas, will not be finalized until later in the year.

The business development in the second quarter of 2024 was in line with plans. Group revenue increased by 9.7% (currency-adjusted: 9.7%) to EUR 227.7 million in Q2 2024. Group revenue in the first half of 2024 increased by 9.6% (currency-adjusted: 10.0%) to EUR 451.6 million.

The EBITDA in Q2 2024 increased by 9.5% year-on-year and reached EUR 61.4 million, corresponding to an EBITDA margin of 27.0% (previous year: 27.0%). This figure includes M&A-related one-off costs in the mid-single-digit million-euro range. In the first half of the year, the EBITDA increased by 10.8% to EUR 129.7 million. As a result, the EBITDA margin increased from 28.4% in H1 2023 to 28.7% in the first half of 2024. Excluding the one-off costs, the EBITDA margin of 30% in H1 2024 would already have been in line with the outlook for the financial year 2024 communicated in March 2024.

As planned, Nemetschek will provide detailed information on the development of the second quarter and first half of 2024 as well as details on the expected business development in 2024 on July 31, 2024 with its 6-month 2024 report and in a virtual earnings call.

1952585  24-Jul-2024 CET/CEST