Nemetschek (NEKG.DE): IR check-in suggests confidence in 2026 outlook and into 2027

We caught up with the Nemetschek IR team, assessing business trends, puts & takes for 3Q26 and into 2027, and the view on the role of AI & possible AI-native competition. Messaging is consistent with the recent quarter, with demand dynamics steady and confidence in the 2026 outlook (2026 growth in the upper half of the range). Soft growth in the media segment and multi-year deal-driven growth in the design segment have weighed on investor sentiment, where we see limited scope to address the overhang in 2H. The HCSS deal (structure and adjustments) still presents a need for more clarity for modelling (minority adjustment and PPA phasing). On AI, the team's view is similar to that of peers, seeing AI-labs as partners and technology evolution as complementary. Into 2027, expectation is for the growth rate staying steady and margins improving;