Teamviewer Se · XETR:TMV
Teamviewer — FY2025 Earnings Presentation
46 slides from Teamviewer's earnings presentation, Feb 10, 2026
Slide 1: Q4/FY 2025 Results Presentation
Q4/FY 2025 Results Presentation 10 February 2026
Slide 2: Important Notice / APMs
Important Notice / APMs This presentation as well as any information communicated in connection This document contains alternative performance measures (APM) that are therewith (the “Presentation”) contains information regarding TeamViewer not defined under IFRS. The APMs (non-IFRS) can be reconcile
Slide 3: Important Notice / APMs (continued)
Important Notice / APMs (continued) • Net Retention Rate (NRR) (cc) is defined as Retained ARR (cc) at the end • Adjusted Net Income is the net income adjusted for certain income and of the reporting period divided by the Total ARR at the end of the prior- expenses. These adjustments are: share-base
Slide 4: Business Overview
Business Overview Oliver Steil (CEO)
Slide 5: 2025 was a year of challenges, progress, and proof
2025 was a year of challenges, progress, and proof Challenges Progress Proof Integrated 1E capabilities Highly strategic customer Volatile markets into portfolio wins in 1E and Frontline Course correction Invested heavily Continued strong TMV ENT in SMB in R&D business momentum 1E Performance / Inve
Slide 6: Overview
Overview TeamViewer delivered on FY 2025 pro forma revenue and Adj. EBITDA guidance FY 2025 Pro forma Revenue up FY 2025 ARR up 2% cc yoy; Continued strong ENT business 5% cc yoy, in line with guidance; strong TeamViewer standalone momentum; strategic wins in growth across all regions in cc Enterpri
Slide 7: Revenue growth (cc) across all regions
Revenue growth (cc) across all regions Enterprise ARR and Revenue each up +11% cc yoy Regional Development Customer Categories (pro forma Revenue, % yoy) (pro forma, % yoy) EMEA 52 % €402.0m (+7 % | +6 % cc) AMERICAS 38 % ENT SMB €292.4m (+1 % | +3 % cc) 31 % 69 % Revenue: Revenue: €240.2m (+9% | +1
Slide 8: Continued growth in Enterprise across all ARR value ranges
Continued growth in Enterprise across all ARR value ranges SMB (ARR view) Enterprise (ARR view) (€m; % yoy cc; pro forma) (€m; % yoy cc; pro forma) € 1,500 - <10,000 ARR € >200,000 ARR 241.0 533.4 -1% cc 518.7 € 500 - <1,500 ARR +11% cc € >100,000 ARR € <500 ARR 223.9 € >50,000 ARR € 10,000 - 50,000
Slide 9: Continued strong business momentum in Enterprise with strategic new logo wins
Continued strong business momentum in Enterprise with strategic new logo wins, particularly in the US Strategic DEX Deals Frontline Deal Aerospace & Food & beverage defense customer customer Customer: Global Top 10 Defense Collaboration: Technology Customer: Global Top 5 Beverage Contactor Partnersh
Slide 10: 2026: Strategic Transformation
2026: Strategic Transformation Oliver Steil (CEO) & Mark Banfield (CRO)
Slide 11: IT is at a breaking point, and customers are seeking platforms
IT is at a breaking point, and customers are seeking platforms to begin the journey to autonomous IT The IT inflection / breaking point Runaway costs Operational overload Deteriorating experience A reactive, manual model that drains time Too many tools, too much complex Employees remain frustrated d
Slide 12: TeamViewer optimally positioned to lead in this market shift
TeamViewer optimally positioned to lead in this market shift TeamViewer | Q4 / FY 2025 Results 12
Slide 13: Strategic priorities for 2026
Strategic priorities for 2026: focused execution and delivery, strengthening financial position 01 02 03 Revitalize Ongoing Accelerate SMB and 1E organic global sales & performance investments Go‑to‑Market execution Firmly committed to continued deleveraging: net leverage of ~2.3x by year‑end 2026 T
Slide 14: Revitalize SMB and 1E performance
1 Revitalize SMB and 1E performance Clear strategic actions in place to reignite revenue growth in 2026 and beyond Strategic actions Strategic actions to revitalize SMB Segment to revitalize DEX / 1E Performance Re-focus on free user ecosystem growth as a Enhance product focus on core DEX and ü prov
Slide 15: Ongoing organic investments: Product and innovation strategy
2 Ongoing organic investments Product and innovation strategy enabling sustainable growth in the long-run 1. Lead with Agentic AI Continuously build out a fleet of AI agents leveraging our unique data moat across Best-of-Breed products and Best-of-Suite offering 2. Defend Best-of-Breed (for ENT) DEX
Slide 16: TeamViewer's AEM proposition driven by flywheel effects on proprietary data
2 Ongoing organic investments TeamViewer’s AEM proposition is driven by strong flywheel effects on back of proprietary data Turning visibility to insights Remote support session Real-time analysis of system Unknown On-demand expert session for data to predict and track issues friction occurs cases n
Slide 17: TeamViewer ONE: the new Digital Workplace platform
2 Ongoing organic investments TeamViewer ONE: the new Digital Workplace platform Unified platform for For all our customers Autonomous IT across industries TMV ONE changes our #1 With TeamViewer ONE we core value proposition offer one solution to all our towards Autonomous IT customer segments and n
Slide 18: Accelerate global sales & Go-to-Market execution
3 Accelerate global sales & GTM execution Accelerate global sales & Go‑to‑Market execution Retain & Grow TeamViewer ONE Operational Excellence • Laser-sharp focus on • Lead with • Ruthless Prioritization managing churn, TeamViewer ONE on KPI’s/Leading segmented approach Indicators: • Consistent and
Slide 19: Financial Overview
Financial Overview Michael Wilkens (CFO)
Slide 20: FY2025: TeamViewer delivered on its updated pro forma guidance
FY2025: TeamViewer delivered on its updated pro forma guidance Topline KPIs FY 2025 Profitability / Cash FY 2025 (% and pp yoy; pro forma) (% and pp yoy; pro forma) €767.5m1 €340.3m Revenue Adjusted EBITDA +4 %/+5 % cc +8 % €759.7m1 Adjusted EBITDA 44 % ARR 0%/+2% cc Margin +2 pp €241.0m 1.23 ENT AR
Slide 21: Strong profitability at 45% margin in Q4 2025
Strong profitability at 45% margin in Q4 2025 Quarterly Revenue and Growth Rates ARR and Growth Rates Adjusted EBITDA and Margin (€m; %; pro forma, (€m; %; pro forma, (€m; %; pro forma) Q4 2024 yoy growth rates reflect TeamViewer standalone) Q4 2024 yoy growth rates reflect TeamViewer standalone) 19
Slide 22: Double-digit Enterprise ARR growth supported by TeamViewer ENT standalone
Double-digit Enterprise ARR growth supported by continued momentum in TeamViewer ENT standalone Quarterly ENT Revenue and Growth Rates ENT ASP (ARR)1 ENT Customers2 (€m; %; pro forma; Q4 2024 yoy growth rates reflect TeamViewer standalone) (€k; pro forma) (eop; pro forma) 45 44 44 44 46 63.8 63.8 59
Slide 23: Strategic investment in SMB ecosystem impacted SMB ARR and KPIs
Strategic investment in SMB ecosystem long-term impacted SMB ARR and related KPIs in short-term Quarterly SMB Revenue and Growth Rates SMB ASP (ARR)1 SMB Customer churn rate2 (€m; %; pro forma; Q4 2024 yoy growth rates reflect TeamViewer standalone) (€; pro forma) (%; LTM; pro forma) 131.5 130.4 132
Slide 24: Strong Adj. EBITDA margin of 44.3% in FY 2025
Strong Adj. EBITDA margin of 44.3% in FY 2025 FY 2025 pro forma Recurring Cost remained broadly flat (+1% yoy) Q4 2025 Q4 2024 FY 2025 FY 2024 in € million ∆% ∆% Pro forma Pro forma Pro forma Pro forma Revenue 194.6 195.3 0% 767.5 740.0 +4% • COGS: up yoy, driven by customer platform investments and
Slide 25: Pro forma Adj. EPS up 17% yoy vs. TMV standalone in FY 2025
Pro forma Adj. EPS up 17 % yoy vs. TMV standalone in FY 2025 Q4 2025 Q4 2024 FY 2024 FY 2025 €m IFRS TMV ∆% TMV ∆% standalone IFRS standalone • Total interest expenses were EBITDA 82.5 65.2 +26% 306.4 252.6 +21% €39.6m in FY 2025, up €22.1m yoy, D&A (13.1) (8.5) +54% (53.8) (46.2) +17% driven by the
Slide 26: FCFE Conversion of 61% in FY 2025
FCFE Conversion of 61% in FY 2025 Q4 2025 Q4 2024 FY 2025 FY 2024 €m Non-pro TMV ∆% Non-pro TMV ∆% forma1 standalone forma2 standalone • Decrease of pre-tax UFCF in FY Pre-Tax net cash from operating activities (IFRS) 102.4 100.7 +2% 279.7 312.6 -11% 2025 reflects moderate top-line Capital expenditu
Slide 27: Pro forma net leverage ratio improved to 2.6x
Pro forma net leverage ratio improved to 2.6x in line with deleveraging target Leverage further improved to 2.6x (€m) Post-1E, deleveraging to ~2.3x by the end of 2026 3.2x 3.1x 2.9x 2.8x 2.6x ~2.3x Cash/Cash Op. Cash CapEx incl. Paid Net proceeds Other2 Cash/Cash Financial Net Finan. Equivalents Fl
Slide 28: FY 2026 Guidance and Mid-term Outlook
FY 2026 Guidance and Mid-term Outlook FY 2025 Actuals FY 2026 Mid-term (comparison base) Guidance Outlook FY 2026 guidance for revenue growth is at constant currencies2 Revenue growth Re-accelerate growth €767.5m Actual currency reported (YoY constant currency 0% - 3% cc1,2 to mid to high figures ar
Slide 29: Expected currency impact: USD largest topline foreign currency exposure
Expected currency impact: USD represents TeamViewer’s largest topline foreign currency exposure Expected FX impact in revenue at spot rate on 31 Dec 2025 (compared to 2025 pro forma revenue) Currency exposure vs guided YoY growth in cc: • TeamViewer guides YoY revenue growth in constant Q1 2026 FY20
Slide 30: Q&A
Q&A
Slide 31: Appendix
© TeamViewer Appendi
Slide 32: TeamViewer offers a full range of solutions for both SMB and Enterprise
TeamViewer offers a full range of solutions for both SMB and Enterprise (Agentic) AI TeamViewer ONE1,2 Remote Support Enterprise Connectivity Digital Employee Experience Frontline Productivity Advanced remote support, control Real-time diagnostics and Digital workflows, instructions Remote access, c
Slide 33: Agentic AI: Our right to win builds on our unique AI proposition
Agentic AI: Our right to win builds on our unique AI proposition, combining data and capabilities TeamViewer | Q4 / FY 2025 Results 33
Slide 34: Overview Topline KPIs
Overview Topline KPIs Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Pro forma Pro forma Pro forma Pro forma Pro forma Pro forma SMB ARR2 in €m 518.7 526.3 532.0 535.2 533.4 529.6 ASP (ARR) in € 821.5 821.9 816.9 812.9 802.8 796.3 Number of customers1 631,373 640,342 651,221 658,327 664,461 665,147
Slide 35: Q4 2025: Reconciliation management metrics to IFRS
Q4 2025: Reconciliation management metrics to IFRS Pro forma Accounting Management view Pro forma Management view Other non-IFRS view in EUR million adjusted P&L adjustments Revenue adj. P&L D&A adjustments IFRS P&L Revenue 194.6 (1.7) 192.9 192.9 Cost of Goods Sold (COGS) (17.6) (17.6) (9.4) 0.1 (2
Slide 36: FY 2025: Reconciliation management metrics to IFRS
FY 2025: Reconciliation management metrics to IFRS Pro forma Accounting Management view Pro forma Management view Other non-IFRS view €m adjusted P&L adjustments Revenue adj. P&L D&A adjustments IFRS P&L Revenue 767.5 (20.8) 746.8 746.8 Cost of Goods Sold (COGS) (64.4) 0.7 (63.7) (36.0) (1.5) (101.2
Slide 37: Non-IFRS adjustments in EBITDA
Non-IFRS adjustments in EBITDA Basis of €m (unless otherwise stated) preparation Q4 2025 FY 2025 / definition Non-IFRS EBITDA adjusted by in FY 2025 EBITDA APM 82.5 306.4 1) non-recurring items Total IFRS 2 charges (expenses for share-based compensation) APM -1.2 +11.7 • Share-based compensation TLO
Slide 38: Share Count Development since IPO
Share Count Development since IPO Share Buyback 2022 Share Buyback 2023 (24,093,675 shares) Tranche I (5,078,064 shares) Ubimax Acquisition Capital increase by contribution in kind Share Buyback 2023 (1,070,931 shares) Tranche II (4,915,829 shares) Share Buyback Share Buyback 2023/2024 2023/2024 (9,
Slide 39: Financial Statements
© TeamViewer Financial Statements
Slide 40: Profit & Loss Statement (IFRS)
Profit & Loss Statement (IFRS) € thousand Q4 2025 Q4 2024 ∆% FY 2025 FY 2024 ∆% Revenue 192,908 176,971 +9% 746,774 671,422 +11% Cost of Goods Sold (COGS) (26,900) (17,943) +50% (101,202) (80,834) +25% Gross profit 166,008 159,028 +4% 645,572 590,588 +9% Research and development (24,909) (19,994) +2
Slide 41: Balance Sheet – Assets (IFRS)
Balance Sheet – Assets (IFRS) € thousand 31 December 2025 31 December 2024 Non-current assets Goodwill 1,115,457 668,091 Intangible assets 343,866 149,006 Property, plant and equipment 44,905 41,457 Financial assets 5,640 5,412 Investments in associates 13,763 20,862 Other assets 27,524 22,440 Defer
Slide 42: Balance Sheet – Equity & Liabilities (IFRS)
Balance Sheet – Equity & Liabilities (IFRS) € thousand 31 December 2025 31 December 2024 Equity Issued capital 163,500 170,000 Capital reserve (3,874) 70,327 Retained earnings 146,141 27,893 Hedge reserve (146) 5,822 Foreign currency translation reserve (55,060) 4,653 Treasury share reserve (85,682)
Slide 43: Cash Flow Statement (IFRS)
Cash Flow Statement (IFRS) € thousand Q4 2025 Q4 2024 ∆% FY 2025 FY 2024 ∆% Profit before tax 61,178 51,604 19% 180,944 184,450 -2% Depreciation, amortization and impairment of non-current assets 13,119 8,525 54% 53,837 46,169 17% Increase/(decrease) in provisions (116) 681 -117% (8,294) 907 n/a Non
Slide 44: Cash Flow Statement (IFRS, continued)
Cash Flow Statement (IFRS, continued) € thousand Q4 2025 Q4 2024 ∆% FY 2025 FY 2024 ∆% Repayments of borrowings (70,000) (20,000) 250% (265,000) (279,000) -5% Proceeds from borrowings 5,000 0 n/a 758,000 194,000 291% Payments for the capital element of lease liabilities (2,039) (5,206) -61% (12,598)
Slide 45: Financial Calendar
18 March 2026 Annual Report 2025 Financial 6 May 2026 Q1 2026 Results & Analyst Call Calendar 2 June 2026 Annual General Meeting 28 July 2026 Q2/H1 2026 Results & Analyst Call 3 November 2026 Q3 2026 Results & Analyst Cal TeamViewer | Q4 / FY 2025 Results 45
Slide 46: © TeamViewer
© TeamViewer