Nemetschek Shares Drop >5% After UBS Downgrade

UBS downgraded Nemetschek SE to sell, cutting 12‑month target to €56 from €76, citing multi‑year contract risks.
Shares fell over 5% to an intraday low of €55.10, shedding more than half their value from the 52‑week high of €137.70.
UBS cut Design growth to 5% in 2026 and 6% in 2027, pulling organic growth to 12% versus the company’s 14‑15% target.
Remaining performance obligations rose to €69.5 million end‑2025 and capitalised contract costs jumped to €44.7 million, indicating higher contract acquisition expenses.