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Original-Research: TeamViewer AG - from Quirin Privatbank

Kapitalmarktgeschäft

26.08.2025 / 17:26 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to TeamViewer AG

Company Name: TeamViewer AG

ISIN: DE000A2YN900

Reason for the research: Update

Recommendation: Buy

from: 26.08.2025

Target price: 15.50

Last rating change:

Analyst: Sebastian Droste

Enterprise business well on track

On July 29, 2025, TeamViewer released its Q2 2025 financial results and

confirmed its guidance for 2025. Revenue growth was stable and in line with

our expectation, supported by double-digit Enterprise growth, strong

performance in EMEA and APAC, and retention of key US federal customers.

However, revenue was held back by headwinds in the Americas due to political

uncertainty and IT budget cuts in the US public sector, as well as weaker

SMB demand. Additional growth came from product launches such as DEX

Essentials for SMBs and TeamViewer ONE, alongside expanded AI features,

though the uptake of new products remains in early stages. The adj. EBITDA

margin improved due to lower marketing costs and efficiency gains from the

1E integration, while sales and R&D expenses increased. Guidance for 2025

was reiterated, forecasting revenue growth of 5.1%-7.7% yoy and an adj.

EBITDA margin of around 43%. While macro uncertainty, particularly in the

US, remains a risk, resilient Enterprise growth, and cross-sell

opportunities underpin the investment case. We decrease our target price to

EUR 15.50 (previously EUR 17.50) due to more cautious adjustments to our

estimates and confirm our Buy recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=87f63b756400bcd9777aca0668b7b2e4

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2188942 26.08.2025 CET/CEST

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