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EQS-News: TeamViewer SE / Schlagwort(e): Quartalsergebnis/9-Monatszahlen

TeamViewer Q3 2025: TeamViewer continues to deliver ARR and revenue growth

YoY with 46% Adj. EBITDA margin

21.10.2025 / 23:13 CET/CEST

Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

---------------------------------------------------------------------------

GÖPPINGEN, Germany, 21 October 2025

Q3 2025: TeamViewer continues to deliver ARR and revenue growth YoY with 46%

Adj. EBITDA margin

* Revenue up 4 % cc (constant currency) yoy*; Enterprise Revenue up 8 % cc

yoy*

* Annual Recurring Revenue (ARR) increased by 4 % cc yoy*

* TeamViewer standalone Enterprise ARR up 18 % cc yoy

* Strong profitability with Adj. EBITDA margin of 46 % and strong pro

forma adj. EPS growth of 15 % yoy*

* Further progress with product innovations and integration: autonomou

endpoint management (AEM), agentic AI, DEX Essentials, TeamViewer ONE

* 1E standalone ARR below expectations due to ongoing transformation and

persistent macroeconomic challenges; TeamViewer standalone at the upper

end of revenue expectation

* Update for FY 2025 pro forma guidance and outlook for 2026**

* Under guided FX rates, total FY 2025 ARR is now expected in the

range of EUR780m - EUR800m (previously EUR815m -EUR840m).

* Despite this ARR shortfall, FY Revenue is expected to remain within

the original FY 2025 guidance range (EUR778m - EUR797m), albeit at the

low end.

* Adjusted EBITDA margin guidance is increased to around 44%

(previously around 43%), driven by rigorous cost management.

* Management remains highly committed to accelerate ARR growth in 2026

and beyond. However, the reduced 2025 ARR expectations do impact

2026 Revenue: in a preliminary view, 2026 Revenue is expected to

grow in a range of 2 - 6% yoy, i.e. to EUR790m - EUR825m (previously

EUR850m - EUR870m).

* To partly offset the above topline shortcomings, further cost measure

will be implemented.

* Pro forma

** Based on assumptions on main FX rates as of Q4 2024: EUR/USD 1.05;

EUR/CAD 1.49; EUR/JPY 161.0; EUR/AUD 1.65

Oliver Steil, TeamViewer CEO

« We are progressing well to achieve sustainable long-term growth with

TeamViewer. Our strategy of combining remote connectivity and Digital

Employee Experience solutions into an Autonomous Endpoint Management

offering powered by AI resonates very well with customers and partners. In

the third quarter, we saw a strong ARR growth of TeamViewer's standalone

Enterprise business of 18% cc yoy, while 1E's standalone business developed

below expectations, which negatively impacts our FY topline guidance. We

took decisive actions to improve 1E's product proposition and go-to-market

motion and continue to build the most comprehensive Digital Workplace

platform across industries. »

______

Michael Wilkens, TeamViewer CFO

« Since its foundation, TeamViewer was able to grow through all

macroeconomic cycles and with outstanding profitability. In the recent

quarter, TeamViewer delivered another 4% yoy growth in ARR and revenue in

constant currency. However, this was below our expectations, largely driven

by the 1E standalone performance. Ongoing initiatives to turn around thi

part of the business will take time to materialize, affecting our short-term

growth outlook. To offset the negative topline effect, we tightened cost

controls and are pleased to report an improved pro forma Adjusted EBITDA

margin of now 46 %. Consequently, pro forma Adjusted EPS increased by 15 %

yoy. The pro forma net leverage ratio improved to 2.8x, further enhancing

our financial strength. We remain firmly committed to continued deleveraging

and long-term value creation. Based on our Q3 results and following a

comprehensive review of the remaining deal pipeline for Q4 2025, we decided

to update FY 2025 pro forma guidance and 2026 revenue outlook. »

______

Mark Banfield, TeamViewer CRO

« I am very excited by what we have achieved in only nine months after the

acquisition. We were able to strategically position TeamViewer at the

forefront of the emerging Digital Workplace and Autonomous Endpoint

Management categories, to launch new product integrations and to introduce

the DEX concept to TeamViewer's existing SMB customer base. Additionally, we

see an encouraging early adoption of our AI product. The downside of u

focusing on these newer products is the impact it had on the 1E standalone

sales performance in the last quarters. In my new role as TeamViewer's Chief

Revenue Officer, I am committed to align all sales teams globally and to

harmonize our go-to-market approach across product priorities to drive

pipeline and conversion for Q4 2025 and beyond. We have now enabled more

than 200 sellers to sell the entire product portfolio, which is a massive

potential for us. I am very confident that we have set up the company in the

right way to generate customer benefits and succeed in the long-term in an

ever changing market environment. »

Key pro forma figures (consolidated, unaudited)

Pro forma figures are prepared for better comparability and transparency

following the combination of TeamViewer with 1E on 31 January 2025.

Please see the Important Notice section in this document for definitions of

alternative performance measures (APM).

in EUR million (unless otherwise Q3 2025 Q3 2024 % %

stated) cc

Pro Pro

forma forma

Annual Recurring Revenue (ARR) 756.8 737.6 +3 % +4 %

Enterprise ARR 230.5 208.0 +11 +12 %

%

SMB ARR 526.3 529.6 -1 % 0 %

Revenue1 192.0 186.8 +3 % +4 %

TeamViewer standalone 176.6 168.7 +5 % +6 %

1E standalone 15.4 18.1 -15 -8 %

%

Revenue by customer group

Enterprise 57.9 55.2 +5 % +8 %

SMB 134.1 131.6 +2 % +3 %

Revenue by region

EMEA 101.5 95.7 +6 % +6 %

AMERICAS 72.1 73.1 -1 % +2 %

APAC 18.3 18.1 +1 % +3 %

Adjusted EBITDA 87.7 86.9 +1 % -

Adjusted EBITDA margin 46 % 47 % -1 -

pp

1 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone

revenue is provided for information purposes only in 2025.

In preparation of the pro forma figures, selected historical 2024 pro forma

financials of TeamViewer and 1E separately and combined have been included

for like-for-like yoy comparison purposes only. The pro forma (1E and

combined TMV+1E) figures have been prepared as if the acquisition of 1E had

been completed on 1 January 2024, are presented in euro, are unaudited and

for comparison only. Historical pro forma financials are not prepared below

EBITDA and for the cash flow.

To enhance readability and transparency, a revised structure is adopted in

this report that consolidates all tables in the Appendix.

Business Update

TeamViewer closed the third quarter 2025 with a pro forma Revenue increase

of 4% cc (constant currency) yoy and a pro forma Annual Recurring Revenue

(ARR) growth of 4% cc yoy. With a pro forma Adj. EBITDA margin of 46 %,

TeamViewer's profitability remains exceptionally high.

TeamViewer standalone Enterprise business strong as alway

Pro forma Enterprise ARR was up 12% cc yoy in Q3 2025, driven by a strong

TeamViewer standalone Enterprise ARR performance of 18% cc yoy. Since it

IPO in 2019, TeamViewer's Enterprise business has reliably grown

double-digit year over year. In Q3 2025, especially the EMEA and APAC

regions contributed with high Enterprise growth rates.

Good momentum with new DEX and Digital Workplace offering

The introduction of DEX capabilities into TeamViewer's existing customer

base showed promising results. The fast launch of DEX Essentials, a new DEX

product tailored to SMB needs, early in the year was a good PMI success,

followed by the announcement of TeamViewer ONE as a new Digital Workplace

platform combining TeamViewer and 1E technology. Within nine months,

TeamViewer was able to double the amount of customers using DEX solutions.

Success with early adoption of AI offering

TeamViewer has successfully bundled its AI capabilities in the TeamViewer

Intelligence suite and embedded AI at the core of its Digital Workplace

offering. Around 9,000 customers have already opted into these new feature

as of now, and in September around 80,000 AI-generated session summarie

have been conducted by TeamViewer Intelligence users, optimizing IT service

desk tasks with automated documentation. This is a promising sign for

TeamViewer's future success in agentic operations.

Course correction in SMB

In Q3 2025, TeamViewer decided to significantly change its marketing

approach towards free users and SMB subscribers. To reduce churn and

encourage product usage, TeamViewer started to abandon all short-term

monetization measures like free-to-paid and price-up campaigns in the third

quarter and will continue with this approach in Q4 and beyond. As a

consequence, short-term billings are negatively impacted and ARR growth i

stabilizing around 0% cc - again, after significant upsells from the highest

value segments into Enterprise.

1E standalone performance clearly below expectation

In Q3 2025, the 1E business, i.e. DEX for Enterprise, delivered a

performance below expectations compared to its pre-acquisition growth

trajectory. Due to several churned customers as well as a slower than

anticipated pipeline conversion, 1E standalone reported a negative ARR

growth of -2% cc yoy in the third quarter. Reasons for this development are

multifaceted. The strong focus on successful post-merger integration paired

with the departure of a few 1E employees impacted 1E's original sale

motion, product prioritization and customer relationships. Moreover, in

addition to the muted macroeconomic environment in Europe, the ongoing macro

challenges in the US, 1E's traditionally strongest market, affected 1E'

sales by slower customer decision making and reduced deal volumes.

New global sales and go-to-market setup to drive pipeline and conversion

To improve the DEX Enterprise business and align it with other sale

priorities, TeamViewer's leadership started to take action immediately and

distributed responsibilities differently within the management board. While

CEO Oliver Steil took over the marketing functions, 1E's previous CEO and

recent Chief Commercial Officer of TeamViewer, Mark Banfield, is now

responsible for consolidating all sales teams across regions and channels a

well as harmonizing all go-to-market functions under his leadership as Chief

Revenue Officer. Additionally, Chief Customer Officer Debbie Lillitos i

building up a global customer success and support organization with the

clear goal to improve customer experience, satisfaction and loyalty.

Long-term strategy remains compelling: Developing the Digital Workplace

platform of the agentic era

Despite the slow traction of the 1E business in the third quarter and YTD,

the strategic value of the acquisition remains unchanged for TeamViewer:

Through the unique combination of TeamViewer and 1E technology, the company

successfully positioned itself at the forefront of the emerging Digital

Workplace and Autonomous Endpoint Management (AEM) categories. By

integrating 1E, TeamViewer was able to create an industry-leading,

one-stop-shop for IT operations, covering the full spectrum from proactive

auto-remediation capabilities to remote expert support, enriched by further

AI development. Customers across the globe understand and embrace the value

of DEX and the strategic roadmap towards more automation and ultimately AEM.

Additionally, over the last months, TeamViewer participated in relevant AI

conferences around the globe and expanded its partner ecosystem, including

an integration with Salesforce's new ITSM platform Agentforce IT Service,

which was announced at this year's Dreamforce conference in San Francisco.

This is testament to TeamViewer's ongoing transition to becoming the Digital

Workplace platform in the era of agentic AI.

Pro forma ARR and Revenue development

In Q3 2025, pro forma Revenue increased by 3 % (+4 % cc) yoy to EUR192.0m.

TeamViewer standalone Revenue grew by a solid 5 % (+6 % cc) yoy, and reached

EUR176.6m. Pro forma SMB Revenue reached EUR134.1m in Q3 2025, up 2 % (+3 % cc)

yoy. Pro forma Enterprise Revenue increased by 5 % (+8 % cc) yoy and reached

EUR57.9m in Q3 2025. This increase was driven by continued strong performance

of TeamViewer Enterprise on a standalone basis. 1E standalone performance

was affected by transformation-related headwinds and persistent

macroeconomic challenges, which led to notably weaker results in the U

market in particular. As a result, pro forma 1E standalone Revenue was down

by 15 % (-8 % cc) yoy, reaching EUR15.4m in the third quarter.

At the end of the third quarter, pro forma ARR grew by 3 % (+4 % cc) yoy to

EUR756.8m, with growth (cc) recorded across all regions. Pro forma Enterprise

ARR grew by 11 % (+12 % cc) yoy, and reached EUR230.5m at the end of the

quarter. TeamViewer Enterprise standalone ARR maintained a strong

double-digit growth rate of 18 % yoy in cc, driven by a good momentum in the

EMEA and APAC regions in particular. Pro forma Enterprise NRR (cc) was 97 %

in the quarter (Q2 2025: 98 %). Corrected for net upsell of EUR15.6m (EUR-1.2m

qoq) in the quarter from SMB to Enterprise, Enterprise NRR (cc) amounted to

102 % (Q2 2025: 103 %). This NRR trend mainly reflects the 1E's performance

and its subdued ARR growth in Q3 2025. The total number of Enterprise

customers including customers from 1E increased by 11 % yoy to 5,216 at the

end of Q3 2025.

Pro forma SMB ARR was down by 1 % (0 % cc) yoy to EUR526.3m. The number of SMB

customers amounted to 640k at the end of Q3 2025.

In Q3 2025, all regions delivered pro forma Revenue growth yoy in constant

currency. Growth in the AMERICAS region was 2 % cc yoy and reached pro forma

Revenue of EUR72.1m, which was impacted by a generally subdued market

environment in the US in combination with weaker performance of 1E. Driven

by a strong Enterprise momentum over the last 12 months, EMEA showed a

continued high single-digit increase of 6 % cc yoy, leading to pro forma

Revenue of EUR101.5m. APAC delivered a pro forma Revenue growth of 3 % cc yoy,

reaching EUR18.3m in the quarter, driven by its good development in the

Enterprise business.

Pro forma Adjusted EBITDA

In Q3 2025, pro forma Adjusted EBITDA was EUR87.7m, up 1 % yoy (Q3 2024:

EUR86.9m). Pro forma Adjusted EBITDA margin reached 46 % (-1 pp yoy) in the

quarter. Profitability benefited from opex optimization. Total 1E

acquisition related material adjustments in EBITDA were EUR2.0m in Q3 2025,

which is related to integration and transaction costs.

In Q3 2025, total pro forma Recurring Cost increased by 4 % year-over-year,

reaching EUR104.2m.

Cost of Goods Sold (COGS) remained broadly stable year-over-year. Sale

expenses increased by 5 % yoy, primarily driven by investment in Enterprise

technology stack to drive transformation into a data-driven sale

organization. Sales as % of Revenue was 16 %. Marketing costs increased by 3

% yoy, aligned with planned phasing from the previous quarter, and also

reflect investments in branding and in the launch of TeamViewer One and

AI-related products. R&D expenses were flat (0 % yoy), and represented 11%

of Revenue. G&A expenses were 14 % higher yoy, mainly due to phasing and

regulatory-related costs. Other expenses amounted to EUR1.7m.

Pro forma Adjusted Net income

Net income (IFRS) was EUR28.7m in Q3 2025, a decrease of 27 % yoy compared to

TeamViewer standalone net income (IFRS) of EUR39.5m in Q3 2024. This decrease

is largely attributable to negative FX translation effect related to an

intercompany loan, as required under IFRS. Total interest expenses were

EUR10.4m in Q3 2025, up EUR6.1m yoy. As in the last two quarters, this increase

was driven by the financing of the 1E transaction.

Pro forma Adjusted net income amounted to EUR52.7m in Q3 2025, an increase of

13 % yoy compared to TeamViewer standalone Adjusted net income of EUR46.5m in

Q3 2024. Pro forma Adjusted (basic) EPS was EUR0.34 in Q3 2025 (Q3 2024

TeamViewer standalone: EUR0.29).

Financial Position

In Q3 2025, cash flows from operating activities (IFRS) amounted to EUR34.0m,

which is 29 % lower yoy. This decline reflects moderate top-line growth,

primarily due to seasonal patterns at 1E, higher operating costs and

additional contractual commitments. Cash flows from investing activitie

(IFRS) were EUR-1.5m, around EUR1.3m less investments than in in the comparable

period last year. Cash flows from financing activities (IFRS) amounted to

EUR-45.2m and mainly include net debt repayments of EUR32m, this is similar to

the previous year. Moreover, interest expense increased yoy due to the 1E

acquistion. Cash and cash equivalents (IFRS) increased by EUR3.4m yoy to

EUR27.9m at the end of Q3 2025.

In total, Net Debt amounted to EUR969.6m at the end of Q3 2025. The resulting

pro forma Net Leverage Ratio of 2.8x (Net Debt/pro forma Adjusted EBITDA

LTM) is in line with TeamViewer's internal deleveraging target after the

acquisition of 1E.

Levered Free Cash Flow (FCFE), including cash flows from 1E, amounted to

EUR19.4m in Q3 2025, which reflects a decline of 53 % yoy. This was driven by

modest top-line growth, largely influenced by seasonal trends at 1E,

alongside increased operating expenditures, additional contractual

commitments and higher interest payments. Adjusted for 1E-related

acquisition costs, Levered Free Cash Flow was EUR21.1m, resulting in a Cash

Conversion (FCFE in relation to pro forma Adjusted EBITDA) after adjustment

of 24 % in the quarter. On a year-to-date basis, cash conversion amounted to

49 %.

FY 2025 Pro forma Guidance updated

In Q3 2025, and on a pro forma basis, TeamViewer delivered Revenue of EUR

192.0m (+4% cc yoy), reported Annual Recurring Revenue (ARR) of EUR756.8m (+4%

cc yoy), and an Adj. EBITDA margin of 46 %. Based on this, and following a

comprehensive review of the remaining deal pipeline for Q4 2025, management

decided to update FY 2025 pro forma guidance as follows:

* Under guided FX rates1, total ARR is now expected in the range of EUR780m

- EUR800m (previously EUR815m -EUR840m).

* Despite this ARR shortfall, FY Revenue is expected to remain within the

original FY 2025 guidance range (EUR778m - EUR797m)1, albeit at the low end.

* The guidance for the Adjusted EBITDA margin is increased to around 44%

(previously around 43%)1, driven by rigorous cost management.

For comparison purposes, the table below presents the previously

communicated pro forma FY 2025 guidance as of Q4 2024 alongside the updated

FY 2025 pro forma guidance as of 21 October2025.

Previous FY 2025 Current FY 2025

Guidance, pro forma1,3 Guidance, pro forma

(Jan 1 - Dec 31, 2025) 1,2,3 (Jan 1 - Dec 31,

2025)

815m - 840m ARR in EUR 780m - 800m

( +7.5 % to +10.8 %) (equivalent to ( +2.9% to +5.5%)

YoY %)

778m - 797m Revenue in EUR At low end of range:

778m - 797m

( +5.1 % to +7.7 %) (equivalent to ( +5.1% to+7.7%)

YoY %)

which break

down approx.

into (in EUR): 3

697m - 712m TeamViewer 707m - 722m

81m - 85m 1E 71m - 75m

around 43% Adj. EBITDA around 44%

margin %

1 Ranges indicate guidance ranges between the specified value

2 Based on assumptions on main FX rates as of Q4 2024 (12 February 2025):

EUR/USD 1.05; EUR/CAD 1.49; EUR/JPY 161.0; EUR/AUD 1.65

3 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone i

provided for information purposes only in 2025

###

Webcast

Oliver Steil (CEO), Michael Wilkens (CFO), and Mark Banfield (CRO) will

speak at an analyst and investor conference call at 8:00 am CEST on 22

October 2025 to discuss the Q3 2025 results (rescheduled from 4 November

2025 as initially planned in the financial calendar). The audio webcast can

be followed via https://www.webcast-eqs.com/teamviewer-10-2025. A recording

will be available on the Investor Relations website at ir.teamviewer.com.

The accompanying presentation is also available for download there.

About TeamViewer

TeamViewer provides a Digital Workplace platform that connects people with

technology-enabling, improving and automating digital processes to make work

work better.

In 2005, TeamViewer started with software to connect to computers from

anywhere to eliminate travel and enhance productivity. It rapidly became the

de facto standard for remote access and support and the preferred solution

for hundreds of millions of users across the world to help others with IT

issues.Today, more than 645,000 customers across industries rely on

TeamViewer to optimize their digital workplaces-from small to medium sized

businesses to the world's largest enterprises-empowering both desk-based

employees and frontline workers.

Organizations use TeamViewer's solutions to prevent and resolve disruption

with digital endpoints of any kind, securely manage complex IT and

industrial device landscapes, and enhance processes with augmented reality

powered workflows and assistance-leveraging AI and integrating seamlessly

with leading tech partners. Against the backdrop of global digital

transformation and challenges like shortage of skilled labor, hybrid

working, accelerated data analysis, and the rise of new technologies,

TeamViewer's solutions offer a clear value add by increasing productivity,

reducing machine downtime, speeding up talent onboarding, and improving

customer and employee satisfaction. The company is headquartered in

Göppingen, Germany, and employs around 1,900 people globally.

In 2024, TeamViewer achieved a revenue of around EUR 671 million. TeamViewer

SE (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX.

Further information can be found at www.teamviewer.com.

Contact

Press Investor Relation

Martina Dier Bisera Grubesic

Vice President Communications Vice President Investor Relation

E-Mail: press@teamviewer.com E-Mail: ir@teamviewer.com

Important Notice

Certain statements in this communication may constitute forward-looking

statements. These statements are based on assumptions that are believed to

be reasonable at the time they are made, and are subject to significant

risks and uncertainties, including, but not limited to, those risks and

uncertainties described in TeamViewer's disclosures. You should not rely on

these forward-looking statements as predictions of future events, and

TeamViewer's actual results may differ materially and adversely from any

forward-looking statements discussed in these statements due to several

factors, including without limitation, risks from macroeconomic

developments, external fraud, lack of innovation capabilities, inadequate

data security and changes in competition levels. TeamViewer undertakes no

obligation, and does not expect to publicly update, or publicly revise, any

forward-looking statement, whether as a result of new information, future

events or otherwise.

All stated figures are unaudited.

Percentage change data and totals presented in tables throughout thi

document are generally calculated on unrounded numbers. Therefore, number

in tables may not add up precisely to the totals indicated and percentage

change data may not precisely reflect the change data of the rounded figure

for the same reason.

This document contains alternative performance measures (APM) that are not

defined under IFRS. The APMs (non-IFRS) can be reconciled to the key

performance indicators included in the IFRS consolidated financial

statements and should not be viewed in isolation, but only as supplementary

information for assessing the operating performance. TeamViewer believe

that these APMs provide an additional, deeper understanding of the Company'

performance.

TeamViewer has defined each of the following APMs as follows:

* Adjusted EBITDA is defined as operating income (EBIT) according to IFRS,

plus depreciation and amortization of tangible and intangible fixed

assets (EBITDA), adjusted for certain business transactions (income and

expense) defined by the Management Board in agreement with the

Supervisory Board. Business transactions to be adjusted relate to

share-based compensation schemes and other material special items of the

business that are presented separately to show the underlying operating

performance of the business.

* Adjusted EBITDA margin means Adjusted EBITDA as a percentage of revenue.

* Annual Recurring Revenue (ARR) is annualized recurring revenue for all

active subscriptions at the end of the reporting period. It i

calculated by multiplying the daily subscription revenue at the end of

the reporting period by 365 days (or 366 days for leap years). Daily

subscription revenue is calculated as the total active contract value

divided by the contract duration in days. The end of the reporting

period is defined as the last calendar day of the respective period.

* Retained ARR is defined as the ARR at the end of the reporting period

from customers that were already a customer at the end of the prior-year

reporting period.

* Net Retention Rate (NRR) (cc) is defined as Retained ARR (cc) at the end

of the reporting period divided by the Total ARR at the end of the

prior-year reporting period.

* Number of customers means the total number of paying customers with an

active subscription at the reporting date.

* SMB customers means customers with ARR across all products and service

of less than EUR 10,000 at the end of the reporting period. If the

threshold is exceeded, the customer will be reallocated.

* Enterprise customers means customers with ARR across all products and

services of at least EUR 10,000 at the end of the reporting period.

Customers who do not reach this threshold will be reallocated.

* Customer churn rate means the percentage of customers not retained

during the last twelve-month period. It is calculated as 100% minus the

number of customers that were retained (no new customers) during the

last twelve months divided by the total number of customers twelve

months ago.

* Average Selling Price (ASP) is calculated by dividing the total ARR by

the total number of customers at the reporting date.

* Net financial liabilities are defined as financial liabilities (without

other financial liabilities) less cash and cash equivalents.

* Net leverage ratio means the ratio of net financial liabilities to

Adjusted EBITDA of the last twelve-month period.

* Levered Free Cash Flow (FCFE) means net cash from operating activitie

less capital expenditure for property, plant and equipment and

intangible assets (excl. M&A), payments for the capital element of lease

liabilities and interest paid for borrowings and lease liabilities.

* Cash Conversion means the percentage share of Levered Free Cash Flow

(FCFE) in relation to the Adjusted EBITDA.

* Adjusted Net Income is the net income adjusted for certain income and

expenses. These adjustments are: share-based compensation, amortization

related to business combinations, other non-recurring income and

expenses and related tax effects.

* Adjusted basic earnings per share is calculated in line with basic

earnings per share, whereby Adjusted Net Income is used as the basis for

the calculation instead of the net income.

* Constant currency (cc) comparisons eliminate the impact of exchange rate

fluctuations between different periods.

* „Pro forma“ refers to TeamViewer group numbers including 1E number

before closing (unaudited management view at the time of acquisition) a

well as a reversal of negative M&A effects on revenue („haircut“) after

closing. Pro forma numbers are prepared for comparative purposes and

should be read in conjunction with financial statements. They are not

necessarily indicative of the results that would have been attained if

the transaction had taken place on a different date.

The bridge between IFRS and pro forma figure

The acquisition of 1E was completed on 31 January 2025.

* For 1E, the month of January 2025 is excluded when reporting according

to IFRS and it is adjusted for in pro forma. In January 2025, 1E

generated Revenue of EUR6.1m and Adjusted EBITDA of EUR29.9k.

* For FY 2025, 1E's deferred revenue haircut equals EUR15.6m1, with a total

negative impact on 1E's reported IFRS revenue of EUR12.9m between February

and September 2025. This haircut is related to IFRS requirements, which

reduced the deferred revenue position at acquisition. Deferred revenue

haircut is adjusted for in pro forma.

* Purchase Price Allocation („PPA“) adjustments are included from 1

February 2025, and onwards. PPA amortization related to the 1E

acquisition amounts to EUR25.1m2 in FY 2025 (with a total of EUR17.1m

recognized between February and September 2025) and is included in IFR

Cost of Goods Sold. TeamViewer adjusts for PPA amortization in it

Adjusted EBITDA and Adjusted net income definition (APM), therefore

there is no additional PPA amortization related adjustment in the pro

forma Adjusted EBITDA and pro forma Adjusted net income.

1 Expectation based on a EUR/USD FX rate of 1.06.

2 Expectation based on a EUR/USD FX rate of 1.06.

Please see the Important Notice section in this document for definitions of

alternative performance measures (APM).

in EUR million Basis of Q3 2025 Pro forma Q3

(unless otherwise preparation/ adjust- 2025

stated) definition ment

IFRS & non-pro 1E deferred Pro forma

forma APMs revenue haircut

Q3 2025

Revenue1 IFRS 189.5 +2.5 192.0

TeamViewer IFRS 176.6 - 176.6

standalone

1E standalone IFRS 12.9 +2.5 15.4

Revenue by

customer group

Enterprise APM 55.4 +2.5 57.9

SMB APM 134.1 - 134.1

Revenue by region

EMEA APM 100.9 +0.7 101.5

AMERICAS APM 70.3 +1.8 72.1

APAC APM 18.3 - 18.3

Adjusted EBITDA APM 85.2 +2.5 87.7

Adjusted EBITDA APM 45 % - 46 %

margin

Adjusted net APM 50.8 +1.9 52.7

income2,3

Adjusted earnings APM 0.32 n/a 0.34

per share - basic

(in EUR)2

1 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone

revenue is provided for information purposes only in 2025.

2 Pro forma Adjusted net income and Pro forma Adjusted EPS are only provided

for this year's reporting period (Q3 2025), as a pro forma like-for-like yoy

comparison is not meaningful for these three metrics.

3 1E revenue haircut Q3 2025 post tax at assumed 25 % corporate tax rate.

Pro forma ARR and Revenue Development

in EUR Q3 Q3 9M 9M

million 2025 2024 % % 202- 2024 % %

(unless cc 5 cc

otherwise

stated)

Pro Pro Pro Pro

for- for- for- for-

ma ma ma ma

Enterprise

Revenue 57.9 55.2 +5 +8 176- 156.0 +1- +1-

% % .4 3 5

% %

ARR3 230.5 208.0 +1- +1-

1 2

% %

Enterprise 97 % 99 %

NRR (cc)1

Enterprise 102 % 108 %

NRR (cc)

adj. for

net upsell

from SMB1

Number of 5.2 4.7 +1-

customers 1

(reporting %

date) (in

thousands)2

SMB

Revenue 134.1 131.6 +2 +3 396- 388.7 +2 +2

% % .5 % %

ARR3 526.3 529.6 -1 0

% %

Number of 640.3 665.1 -4

customers %

(reporting

date) (in

thousands)2

Total

Revenue 192.0 186.8 +3 +4 572- 544.7 +5 +6

% % .9 % %

ARR 756.8 737.6 +3 +4

% %

NRR (cc)1 97 % 98 %

Number of 645.6 669.8 -4

customers %

(reporting

date) (in

thousands)2

1 This metric has not been recalculated for historic pro forma figures. Q3

2024 shows TeamViewer standalone.

2 After implementation of ARR, the number of customers is now also

calculated based on ARR.

3 Incremental improvements in methodology of parent-child account

relationships / the merging of multiple customer accounts led to minor

adjustments in the historical ARR segmentation for TeamViewer ENT and SMB.

in EUR Q3 Q3 9M 9M

million 2025 2024 % % 2025 2024 % %

(unless cc cc

otherwise

stated)

Pro Pro Pro Pro

for- for- for- for-

ma ma ma ma

Revenue by

region

EMEA 101.5 95.7 +- +6 299.0 279.6 +- +7

6 % 7 %

% %

AMERICAS 72.1 73.1 -- +2 219.1 211.3 +- +5

1 % 4 %

% %

APAC 18.3 18.1 +- +3 54.9 53.8 +- +4

1 % 2 %

% %

Total 192.0 186.8 +- +4 572.9 544.7 +- +6

Revenue 3 % 5 %

% %

Pro forma Adjusted EBITDA bridge and recurring cost

in EUR million (unless otherwise Basis of Q3 9M

stated) preparation/ 2025 2025

definition

EBITDA APM 79.5 223.9

Total IFRS 2 charges (expenses for APM +1.6 +12.9

share-based compensation)

TeamViewer LTIP APM 0.0 +1.2

RSU/PSU1 APM (0.1) +7.9

M&A related share-based compensation APM 0.0 +0.2

Share-based compensation by TLO2 APM +1.7 +3.6

1E acquisition related integration & APM +2.0 +9.3

transaction cost

Other material items APM +0.2 +4.0

Financing APM - -

Other APM +0.2 +4.0

Valuation effects APM 1.9 (9.8)

Non-pro forma Adjusted EBITDA APM 85.2 240.4

Add back:

1E deferred revenue haircut Pro forma adjustment +2.5 +12.9

1E January 2025 Adjusted EBITDA Pro forma adjustment - +0.03

Pro forma Adjusted EBITDA Pro forma 87.7 253.4

Pro forma Adjusted EBITDA margin (in Pro forma 46 % 44 %

%)

1 Refers to the Restricted Stock Unit Plan (RSU) and Phantom Stock Unit Plan

(PSU) introduced by TeamViewer in 2022.

2 Pre-IPO management incentive program provided by Tiger LuxOne S.à r.l.

Pro forma recurring cost (adjusted for non-recurring items and D&A)

in EUR Q3 2025 Q3 9M 9M 2024

million 2024 % 2025 %

(unle

otherwi-

se

stated)

Pro Pro Pro Pro

for- for- for- for-

ma ma ma ma

Cost of (15.1) (15.1) +1 (46.8) (44.7) +5

Goods % %

Sold

(COGS)

As % of -8 % -8 % -8 % -8 %

revenue

Sales (30.4) (28.8) +5 (91.9) (85.8) +7

% %

As % of -16 % -15 % -16 % -16 %

revenue

Marke- (23.9) (23.2) +3 (80.2) (93.7) -1-

ting % 4

%

As % of -12 % -12 % -14 % -17 %

revenue

R&D (21.8) (21.9) 0 (65.4) (62.4) +5

% %

As % of -11 % -12 % -11 % -11 %

revenue

G&A (11.3) (9.9) +1- (30.7) (27.8) +1-

4 0

% %

As % of -6 % -5 % -5 % -5 %

revenue

Other1 (1.7) (1.0) +6- (4.5) (3.7) +2-

7 4

% %

As % of -1 % -1 % -1 % -1 %

revenue

Total (104.2) (99.9) +4 (319.5- (318.1) 0

COGS % ) %

and

OpEx

As % of -54 % -53 % -56 % -58 %

revenue

1 Incl. other income/expenses and bad debt expenses of EUR3.6m in Q3 2025 and

EUR2.8m in Q3 2024 / EUR9.0m in 9M 2025 and EUR8.1m in 9M 2024.

Pro forma Adjusted net income bridge

in EUR million (unless Basis of Q3 2025 9M 2025

otherwise stated) preparation/

definition

Net income IFRS 28.7 80.9

Expenses for share-based APM +1.6 +12.9

compensation

PPA depreciation and APM +8.2 +21.7

amortization

Other material items1 APM +4.1 +3.5

Extraordinary effects in APM +14.3 +31.8

finance result

Income tax items to be APM (6.0) (16.7)

adjusted

Adjusted net income APM 50.8 134.1

Add back / deduct:

1E deferred revenue APM +1.9 +9.7

haircut2

1E January 2025 adjusted APM 0.0 (1.1)

net income

Pro forma adjusted net Pro forma 52.7 142.7

income

Basic number of shares IFRS 156,966,162 156,966,162

issued and outstanding

Pro forma adjusted Pro forma 0.34 0.91

earnings per share -

basic (in EUR)

1 See Pro forma Adjusted EBITDA development table.

2 1E revenue haircut July through September 2025 / February through

September 2025 post tax at assumed 25 % corporate tax rate.

Financial Position

in EUR Basis of Q3 2025 Q3 9M 2025 9M 2024

million preparation/ 2024

(unless definition

otherwise

stated)

(TeamViewer (TeamViewer

standalone) standalone)

Cash flows IFRS 34.0 48.0 144.4 167.1

from

operating

activitie

Cash flows IFRS (1.5) (2.8) (688.2) (9.8)

from

investing

activitie

Cash flows IFRS (45.2) (66.3) 518.4 (205.3)

from

financing

activitie

Cash and IFRS 27.9 24.5 27.9 24.5

cash

equivalent

Total IFRS 997.5 468.4 997.5 468.4

financial

liabilitie

in EUR million (unless Basis of Q3 Q3 2024 9M 9M 2024

otherwise stated) prepara- 2025 TeamVie- 2025 TeamVie-

tion/ Non-pr- wer Non-pr- wer

definiti- o standalo- o standalo-

on forma1 ne forma2 ne

Levered Free Cash Flow APM 19.4 41.3 99.6 142.6

(FCFE)

Adjustment for 1E APM 1.7 0.0 14.0 -

acquisition

Adjustment for a APM 0.0 0.0 11.6 0.0

one-off payment in

connection with

special legal dispute

Levered Free Cash Flow APM 21.1 41.3 125.1 142.6

(FCFE) adj. for 1E and

legal dispute

Cash Conversion (FCFE APM 24 % 51 % 49 % 67 %

/ pro forma Adj.

EBITDA) after

adjustment

1 Includes 1E July through September 2025.

2 Includes 1E February through September 2025.

Key IFRS & non-pro forma figures (consolidated, unaudited)

in EUR million (unless Basis of Q3 2025 Q3 %

otherwise stated) preparation/ 2024

definition

(TeamViewer

standalone)

Sale

Revenue IFRS1 189.5 168.7 +12

%

Profits and margin

Adjusted EBITDA (APM, non pro 85.2 81.0 +5

forma) %

Adjusted EBITDA margin (APM, non pro 45 % 48 % -3

forma) pp

EBITDA APM1 79.5 74.1 +7

%

EBIT IFRS1 66.1 65.0 +2

%

Net income & EP

Net income IFRS 28.7 39.5 -27

%

Earnings per share - basic IFRS 0.18 0.25 -27

(in EUR) %

Adjusted net income (APM, non pro 50.8 46.5 +9

forma) %

Adjusted earnings per (APM, non pro 0.32 0.29 +11

share - basic (in EUR) forma) %

Cash flow figure

Cash flows from operating IFRS 34.0 48.0 -29

activities %

Cash flows from investing IFRS (1.5) (2.8) -48

activities %

Cash flows from financing IFRS (45.2) (66.3) -32

activities %

Balance sheet figure

Cash and cash equivalents IFRS 27.9 24.5 +14

%

Total financial IFRS 997.5 468.4 +11-

liabilities 3 %

Net debt (APM, non pro 969.6 444.0 +11-

forma) 8 %

Employees, full-time (APM, non pro 1,909 1,545 +24

equivalents (FTEs) forma) %

(reporting date)

1 Key IFRS figures for Q3 2025 include: 1) 1E consolidated months of July

through September 2025, 2) 1E's deferred revenue haircut of EUR2.5m in Q3 2025

and 3) Purchase Price Allocation („PPA“) related amortization of EUR6.7m in Q3

2025.

Consolidated Profit & Loss Statement (IFRS, unaudited)

in EUR thousands Q3 2025 Q3 2024 9M 2025 9M 2024

Revenue 189,484 168,681 553,866 494,451

Cost of Goods Sold (COGS) (25,102) (17,392) (74,302) (62,890)

Gross profit 164,381 151,288 479,564 431,561

Research and development (23,542) (21,266) (71,454) (59,956)

Marketing (25,489) (22,965) (84,976) (92,877)

Sales (31,369) (28,823) (98,440) (84,858)

General and administrative (14,139) (13,128) (45,404) (34,413)

Bad debt expenses (3,619) (2,846) (8,608) (8,045)

Other income 26 414 15,137 1,536

Other expenses (108) 2,358 (2,587) (3,250)

Operating Profit 66,142 65,032 183,232 149,696

Finance income 84 79 327 676

Finance costs (10,419) (4,317) (29,617) (13,502)

Share of profit/(loss) of (533) (814) (3,698) (2,909)

associate

Foreign currency result (16,062) 142 (30,477) (1,115)

Profit before tax 39,212 60,122 119,767 132,846

Income taxes (10,562) (20,621) (38,871) (44,457)

Net income 28,650 39,501 80,895 88,389

Basic number of shares issued 156,966 158,431 156,966 161,385

and outstanding (in thousands)

Basic earnings per share (in EUR 0.18 0.25 0.52 0.55

per share)

Diluted number of shares issued 158,024 159,737 158,197 162,878

and outstanding (in thousands)

Diluted earnings per share (in 0.18 0.25 0.51 0.54

EUR per share)

Consolidated Balance Sheet Total Assets (IFRS, unaudited)

in EUR thousands 30 September 2025 31 December 2024

Non-current asset

Goodwill 1,118,984 668,091

Intangible assets 351,799 149,006

Property, plant and equipment 40,427 41,457

Financial assets 6,654 5,412

Investments in associates 15,823 20,862

Other assets 25,737 22,440

Deferred tax assets 756 28,750

Total non-current assets 1,560,180 936,018

Current asset

Trade receivables 18,805 30,187

Other assets 50,488 39,221

Tax assets 558 257

Financial assets 9,472 9,394

Cash and cash equivalents 27,872 55,265

Total current assets 107,194 134,323

Total assets 1,667,374 1,070,341

Consolidated Balance Sheet Equity and Liabilities (IFRS, unaudited)

in EUR thousands 30 31 December

September 2024

2025

Equity

Issued capital 170,000 170,000

Capital reserve 70,925 70,327

Retained earnings 108,788 27,893

Hedge reserve (996) 5,822

Foreign currency translation reserve (49,912) 4,653

Treasury share reserve (167,636) (178,211)

Total equity attributable to 131,170 100,485

shareholders of TeamViewer SE

Non-current liabilitie

Provisions 835 615

Financial liabilities 537,427 329,143

Deferred revenue 38,486 44,827

Deferred and other liabilities 2,874 1,488

Other financial liabilities 10,788 288

Deferred tax liabilities 69,385 45,540

Total non-current liabilities 659,795 421,902

Current liabilitie

Provisions 1,787 10,184

Financial liabilities 460,062 115,490

Trade payables 8,286 15,840

Deferred revenue 342,481 336,390

Deferred and other liabilities 57,375 65,412

Other financial liabilities 1,258 1,817

Tax liabilities 5,161 2,822

Total current liabilities 876,410 547,954

Total liabilities 1,536,205 969,856

Total equity and liabilities 1,667,374 1,070,341

Consolidated Cash Flow Statement (IFRS, unaudited)

in EUR thousands Q3 2025 Q3 2024 9M 2025 9M 2024

Profit before tax 39,212 60,122 119,767 132,846

Depreciation, amortization and 13,380 9,061 40,718 37,644

impairment of non-current

asset

Increase/(decrease) in 416 (73) (8,178) 226

provision

Non-operational foreign 67 114 1,142 (14)

exchange (gains)/losse

Expenses for equity settled 1,740 5,120 11,172 15,733

share-based compensation

Net financial costs 10,867 5,051 32,988 15,736

Change in deferred revenue (37,730) (17,806) (251) (1,132)

Changes in other net working 18,756 4,755 (20,022) 10,837

capital and other

Income taxes paid (12,685) (18,395) (32,916) (44,802)

Cash flows from operating 34,023 47,950 144,420 167,074

activitie

Payments for tangible and (1,448) (1,255) (5,199) (4,230)

intangible asset

Payments for financial assets (3) (1,512) (482) (5,559)

Payments for acquisitions 0 - (682,500) -

Cash flows from investing (1,450) (2,767) (688,181) (9,790)

activitie

Repayments of borrowings (65,000) (39,000) (195,000) (259,000)

Proceeds from borrowings 33,000 4,000 753,000 194,000

Payments for the capital (3,776) (1,921) (10,559) (7,266)

element of lease liabilitie

Interest paid on borrowings (9,425) (3,502) (29,063) (12,935)

and lease liabilitie

Purchase of treasury shares - (25,833) - (120,140)

Cash flows from financing (45,201) (66,256) 518,378 (205,341)

activitie

Net change in cash and cash (12,628) (21,074) (25,382) (48,056)

equivalent

Net foreign exchange rate (15) (363) (2,011) (310)

difference

Cash and cash equivalents at 40,515 45,892 55,265 72,822

beginning of period

Cash and cash equivalents at 27,872 24,455 27,872 24,455

end of period

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21.10.2025 CET/CEST Veröffentlichung einer Corporate News/Finanznachricht,

übermittelt durch EQS News - ein Service der EQS Group.

Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate

News/Finanznachrichten und Pressemitteilungen.

Originalinhalt anzeigen:

https://eqs-news.com/?origin_id=865cc422-aec1-11f0-be29-0694d9af22cf&lang=de

---------------------------------------------------------------------------

Sprache: Deutsch

Unternehmen: TeamViewer SE

Bahnhofsplatz 2

73033 Göppingen

Deutschland

Telefon: +49 7161 60692 50

Fax: +49 7161 60692 335

E-Mail: ir@teamviewer.com

Internet: ir.teamviewer.com

ISIN: DE000A2YN900

WKN: A2YN90

Indizes: MDAX, TecDAX

Börsen: Regulierter Markt in Frankfurt (Prime Standard);

Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,

München, Stuttgart, Tradegate Exchange

EQS News ID: 2216490

Ende der Mitteilung EQS News-Service

---------------------------------------------------------------------------

2216490 21.10.2025 CET/CEST

°