The Nemetschek Group reached or even clearly exceeded all its targets for the financial year 2024. This was achieved despite a continued challenging market environment in Europe and the ongoing transition of the business model to subscription and SaaS offerings.
Furthermore, the Nemetschek Group is also optimistic for the current financial year: The MDAX and TecDAX-listed Group expects to continue its profitable growth course in 2025 with a strong double-digit revenue growth of 17% to 19% and a sustained high EBITDA margin of around 31%. This includes a revenue contribution of around 350 basis points from GoCanvas, which was acquired in 2024.
In the financial year 2024, the Nemetschek Group demonstrated strong performance across key indicators. Group revenue rose by 16.9% to EUR 995.6 million, with a notable contribution from the first-time consolidation of GoCanvas, adding around 3 percentage points to total growth. Organic revenue growth, excluding GoCanvas, was 14.0%, exceeding the targeted range of 10% to 11%. Annual recurring revenue (ARR) increased by 41.9%, driven by a significant rise in subscription and SaaS models, which grew by 88.1%. As a result, the share of recurring revenue in total revenue rose to 86.5%, surpassing the target of 85%. Consolidated EBITDA also saw a solid increase of 16.8% to EUR 301.0 million, with margins slightly above the upper end of the forecasted range. Net income grew by 8.8%, reaching EUR 175.4 million, translating to earnings per share of EUR 1.52. Reflecting the strong business performance, the Executive Board and Supervisory Board will propose a dividend increase to EUR 0.55 per share, marking the twelfth consecutive dividend increase for the Group.
In FY 2024, the Nemetschek Group achieved significant strategic milestones. The transition to a subscription and SaaS-based business model progressed smoothly, with the Bluebeam brand completing its shift in the Build segment. In contrast, the Design segment and GoCanvas' fully SaaS-based revenue were key drivers. The Group also accelerated its international expansion, with revenue from international markets growing by approximately 21%. Further, it solidified its presence in high-growth regions like India, where a new go-to-market office was opened in Mumbai.
Acquisitions and start-up investments continued to play a vital role in driving growth. The purchase of GoCanvas, a US-based company, added valuable SaaS solutions for field management, enhancing safety and efficiency on construction sites. Additionally, the Group invested strategically in more than a dozen start-ups over the past three years, focusing on cutting-edge technologies such as AI to optimize the building process.
In 2024, the Nemetschek Group saw notable developments across its various segments. In the Design segment, revenue increased by 13.1% (currency-adjusted: 13.7%) to EUR 488.8 million, driven by strong year-end performance. The segment benefited from the successful sale of licenses and effective campaigns to transition existing maintenance customers to subscription contracts. The EBITDA margin rose to 29.6%, up from 27.7% in the previous year, as the segment shifted to subscription and SaaS models.
The Build segment, which began consolidating GoCanvas on 1st July, 2024, experienced a significant revenue growth of 28.4% (currency-adjusted: 28.4%), reaching EUR 340.7 million. Organic growth in the segment was also strong at 18.0% (currency-adjusted: 18.0%). However, the EBITDA margin decreased to 31.8%, mainly due to the dilutive effect of GoCanvas. The organic margin (excluding GoCanvas) remained stable at 34.6%, compared to 35.1% the previous year.
In the Manage segment, revenue slightly declined by 1.1% (currency-adjusted: -1.1%) to EUR 49.9 million, primarily due to the discontinuation of a low-profitability consulting unit. Despite this, the EBITDA margin improved significantly to 10.2%, up from 3.6% in the prior year, highlighting efficiency improvements within the segment.
The Media segment saw revenue growth of 7.8% (currency-adjusted: 8.2%) to EUR 120.1 million, with the Maxon brand again outperforming the broader market. However, the segment was still impacted by subdued demand, particularly in the US market, following the prolonged Hollywood strike in the previous year. The EBITDA margin remained strong, although it slightly decreased to 35.7% from 38.7% in 2023.
The Nemetschek Group's Executive Board looks positively on the financial year 2025 despite the overall restrained economic and industry-specific conditions. The structural growth drivers for the Nemetschek Group, such as the low level of digitalization or the need for more efficiency and sustainability in the construction industry, are fully intact and are becoming even more important given the crisis in the construction industry. In the short term, the ongoing transition to subscriptions and SaaS models, particularly in the design segment, will have a temporary accounting-related dampening effect on revenue growth and profitability. However, in the medium and long term, it leads to more plannable and more resilient revenues.
For the financial year 2025, the Executive Board expects currency- adjusted revenue growth for the Nemetschek Group (including GoCanvas) between 17% and 19%. This includes an M&A-related revenue contribution from the acquisition of GoCanvas of around 350 basis points. The EBITDA margin for the Nemetschek Group, including the dilutive effect of GoCanvas, is expected to be around 31%.
These figures do not yet reflect the full potential of the GoCanvas acquisition, as the revenue and EBITDA contribution in the first half of 2025 are still reduced due to IFRS-related purchase price allocation effects. These forecasts are subject to the proviso that the global economic and sector-specific conditions do not deteriorate significantly in the current financial year. Furthermore, no additional negative effects of the various ongoing geopolitical crises are reflected in the outlook.
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