28 July 2026
The Digital Workplace Company
Important Notice / APMs (continued)
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.
Billings represent the value (net) of goods and services invoiced to customers within a specific period and which constitute a contract as defined by IFRS 15.
Annual Recurring Revenue (ARR) is annualized recurring revenue for all active subscriptions at the end of the reporting period. It is 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 services 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.
Q2 2026 Results
3
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 activities 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 Flows (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 numbers before closing (unaudited management view at the time of acquisition) as well as a reversal of negative M&A effects on revenue ("haircut") after closing of the transaction. 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.
Oliver Steil
Chief Executive Officer
Mark Banfield
Chief Revenue Officer
The Digital Workplace Company
Q2 2026: DEX turnaround and TeamViewer ONE platform momentum; FY guidance reaffirmed
DEX turnaround fueling TeamViewer ONE rapid scaling and Enterprise growth: highest-value ENT ARR bucket up +11% cc yoy
Leading operational indicators moved in the right direction, previously disclosed effects are leveling off
Strategic position validated by landmark ServiceNow partnership, leading industry analysts and FedRAMP milestone; reinforcing long-term
1 2 growth opportunities 3
Revenue €182.7m (-1.4% cc yoy1); ARR €736.8m (-0.1% cc
yoy); growth acceleration
expected in H2 2026
Profitability remained strong Adjusted EBITDA €78.9m; margin of 43.2%
Full-year guidance reaffirmed: Revenue growth 0% to 3% cc yoy, Adjusted EBITDA margin ~43%
4 5 6
1 YoY revenue growth rate is compared to Q2 2025 comparable pro forma Revenue of €190.7m.
Q2 2026 Results 5
Enterprise ARR momentum strengthened,
DEX turnaround fueled TeamViewer ONE adoption
ENT ARR change quarter-over-quarter
(in m€ adjusted for FX effects)
Enterprise ARR momentum turned positive in Q2, showing the improving customer adoption and expansion trends
Daily Avg. Billings within month
(in k€)
70
34
Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
TMV ONE Standard TMV ONE Advanced
Q2 2026 Results 6
Enterprise platform strategy gaining traction: highest-value ARR bucket up +11% cc
TeamViewer ONE adoption accelerated, driven by strong cross-sell and upsell momentum across DEX and Tensor, with several strategic DEX customers migrating to TeamViewer ONE and generating meaningful ARR uplift.
235.5
+8% cc
227.1
Enterprise (ARR view)
(€m; % yoy cc; pro forma)
€ >200,000 ARR
€ >100,000 ARR
€ >50,000 ARR
€ 10,000 - 50,000 ARR
Q2 2025
Q2 2026
86.8
83.5
31.9
33.5
29.9
29.3
+7% cc
+3% cc
+10% cc
85.9
+11% cc
81.7
Enterprise NRR
(%; cc; pro forma)
Early signs of stabilization in SMB churn
churn expected to continue moderating in H2 2026
SMB (ARR view)
(€m; % yoy cc; pro forma)
532.0
-4% cc
501.4
€ 1,500 - <10,000 ARR
€ 500 - <1,500 ARR
€ <500 ARR
0% cc
-6% cc
Q2 2025
Q2 2026
97.2
-8% cc
101.1
147.0
163.7
257.1
267.3
SMB ARR change quarter-over-quarter
(in m€ adjusted for FX effects)
SMB trends showed encouraging sequential improvement in Q2 2026, churn expected to continue moderating in H2 2026
Landmark strategic partnership with ServiceNow to deliver autonomous IT
Platform Integration: TeamViewer's market-leading DEX and Remote Connectivity solutions integrated with the ServiceNow AI Platform, enabling end-to-end agentic IT workflows
Global Go-to-Market: Distinct benefits with joint dedicated investments and assigned Sales & Marketing resources, supported by implementation and channel partners
Multi-year Agreement: Plans to explore deeper integrations and innovation with the intent to expand to new use cases and markets
"By integrating ServiceNow's AI control tower for business reinvention and TeamViewer's endpoint capabilities, we're closing the loop from insight at the edge to outcomes at scale. Together, we are unlocking autonomous operations, accelerating productivity, and delivering a new era of agentic business."
Bill McDermott
Chairman & CEO, ServiceNow
Q2 2026 Results 9
We believe the strategic ServiceNow partnership aligns with latest Gartner® research
Gartner Innovation Insights: Agentic Remote Support and Digital Workplace Operations Automation
"Gartner defines agentic remote support (ARS) as autonomous IT incident resolution on employee devices, addressing the critical business problems of technology friction and
high support costs by transforming traditional remote support tasks into an AI driven, self-learning system. ARS tools combine endpoint telemetry data, real-time screen observations, and analytics with AI agents to accurately diagnose IT issues on endpoints, virtual desktops, or within digital workplace infrastructures."1
"By 2029, 70% of enterprises will deploy agentic AI as a part of IT infrastructure operations, compared to less than 5% in 2025."2
TeamViewer view on latest Gartner research
TeamViewer believes its product and partnership strategy addresses the customer needs in the areas discussed in the Gartner research on Agentic Remote Support (ARS) and Digital Workplace Operations Automation (DWOA).
In our view, TeamViewer is well-positioned to support customers pursuing end-to-end autonomous IT with our Agentic Remote Support (ARS), Digital Employee Experience (DEX), and Endpoint Management capabilities alongside ServiceNow's IT Service Management and agentic AI orchestration platform.
Gartner®, Innovation Insight: Agentic Remote Support, Stuart Downes, Tom Cipolla, Robin Milton-Schonemann, 15 July 2026
Gartner®, Innovation Insight for Digital Workplace Operations Automation Platforms, Tom Cipolla, Stuart Downes, 23 April 2026
GARTNER is a trademark of Gartner, Inc. and its affiliates. The Gartner content described herein (the "Gartner Content") represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Quarterly Report), and the opinions expressed in the Gartner Content are subject to change without notice.
Recognition by industry analysts and peer reviews in our view reinforces market leadership
TeamViewer DEX
Gartner® Magic Quadrant™ Digital Employee Experience Management Tools
Recognized as a Leader for three consecutive years
IDC MarketScape Worldwide DEX Vendor Assessment Recognized as a Leader
TeamViewer Remote / Tensor
G2 Business Software Reviews Recognized as G2 Grid Leader across 4 dedicated categories and ranked no. 1 in >60 G2 reports
TrustRadius Top Rated Award
5 Top Rated Awards across various categories (incl. RMM, MDM, and UEM)
TeamViewer Frontline
Frost Radar™ AR-Centric Augmented Connected Worker Platforms Recognized as a Visionary Leader and ranked no. 1 in Growth and Innovation
PAC INNOVATION RADAR™ - Digital
Platforms for Connected Workers Recognized as the sole Best-in-Class vendor for three consecutive years
TeamViewer ONE
Gartner®, Magic Quadrant™ for Digital Employee Experience Management Tools, Dan Wilson, Stuart Downes, Robin Milton-Schonemann, 8 June 2026 GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and its affiliates. Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner's business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose. The Gartner content described herein (the "Gartner Content") represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Quarterly Report), and the opinions expressed in the Gartner Content are subject to change without notice.
TeamViewer DEX platform reaches key FedRAMP® milestone, opening access to the U.S. Federal market
CERTIFICATION PATH
FEDRAMP MODERATE
✓
"In Process" Designation
✓
Listed on the FedRAMP Marketplace
Authority to Operate (ATO)
Completion targeted in 2026
Gateway to the U.S. Federal sector
Federal agencies can often only buy FedRAMP certified cloud services, which defines a market with high security and compliance barriers to entry
A very high bar
The FedRAMP path requires long-term and significant investment with highly specific requirements, security assessments, and thorough sponsor review
One ATO, many agencies
Once completed, federal agencies can re-use the certified package, with TeamViewer already in active pipeline development
Sponsored by the U.S. Department of Veterans Affairs
Tangible customer value, reflected in a strong Voice of the Customer
Proactive
IT management
"TeamViewer AI helped us pinpoint the root causes of application instability and uncover software that was creating unnecessary risk across our environment."
Endpoint Service Manager Amica Mutual Insurance Company
(5,000+ employees)
Enterprise Integration
"AI-powered analytics integrate seamlessly into enterprise IT environments, helping automate workflows and reduce administrative overhead at scale."
Head of IT,
Enterprise Retail customer (1000+ employees)
Efficiency & Cost Reduction
"AI-generated summaries and diagnostics reduce manual work, accelerate issue resolution, and
help reduce downtime and travel costs."
IT Manager,
Software & IT services (50 employees)
Q2 2026 Results 13
Flagship customer wins evidence TeamViewer's compelling value proposition across the portfolio
DEX
Leading global aviation technology provider
Scale: 60,000 endpoints
Key differentiator: Real-time automation and visibility
Use Case: Managing global airport IT operations at scale to ensure seamless passenger services, operational continuity, and high-performing employee
digital experiences.
TeamViewer ONE
Scale: 400 endpoints, expanding MSP footprint into public sector Differentiator: Standardizing entire MSP stack on a single platform to resell
Use Case: Secure, automated IT operations across fragmented
municipal environments
Frontline
Leading US building products manufacturer
Scale: 100+ users, multiple locations in North America
Key differentiator: Hands-free workflows integrating with SAP EWM
Use Case: Increasing warehouse productivity and reducing errors
by vision picking
Upsell engine in full swing: Renewing DEX customers are moving to TeamViewer ONE with strong ARR uplift
ARR Uplift (€)*
Replaced
Endpoints
One of the largest US public sector organizations
>2.0m
Big Tech IT platform
~ 600k
A leading global financial services group
>1.5m
Big Tech IT platform
~150k
One of the world's largest non-profit hospital systems
>150k
Enterprise RS/RA
~ 100k
One of the world's largest airlines
>125k
Enterprise RS/RA
~ 50k
* At FX rate of 1.1785 EUR/USD
TeamViewer's fast progressing AEM innovation delivery creates accelerating platform pull
DEX
insights
Turning visibility to insights
General Availability
General Availability in summer 2026
Remote support session
Multi-year, multi-million strategic commitments by renewing DEX customers moving to TeamViewer ONE with significant ARR uplift is a strong proof point for the platform pull and innovation roadmap around TeamViewer's unique proposition for Autonomous Endpoint Management (AEM)
Agentic AI augments experts to resolve case
AI-driven automations August2026 Release
Session summaries
16
Q2 2026 Results 16
August release brings key innovation toward self-healing IT with Automations created from AI sessions
Launch of Automations: proven break-fix resolutions, captured across more than 2.8 million AI sessions, converted into reusable automations with tangible benefits for IT teams:
Reduce manual effort: the same issue no longer needs to be diagnosed and fixed by hand every time. Fix once, fixed forever.
Accelerate resolution: proven fixes apply automatically when a known issue recurs, collapsing mean-time-to-resolution (MTTR).
Q2 2026 Results
17
Scale with control: automations roll out across device groups under approval workflows and policy controls.
AI adoption scales fast with more than 500,000 AI sessions in June alone, fueling our strong data moat
>49kCustomers that have used TeamViewer AI1
>2.8m
Cumulative AI sessions2
Strong and scaling customer traction continues to underscore structural data advantage for unique AEM innovation
Total number of customers that have used TeamViewer AI as of July 25th 2026
Number of cumulative AI sessions summarized as of July 25th 2026
18
Q2 2026 Results 18
AI safety and hazard incidents are accelerating, driving a growing demand for self-healing IT and Autonomous Endpoint Management
600
500
400
300
200
100
2024-01
2023-01
2025-01
2026-01
0
AI safety and hazard incidences are accelerating
Rising AI safety and governance risks are increasing demand for endpoint intelligence, control and automation platforms
Growing demand for Autonomous Endpoint Management is already visible in high-trust sectors such as government, defense and financial services, where AI governance, security and operational resilience are mission-critical
TeamViewer is seeing growing pipeline momentum and customer demand in these verticals as organizations invest in platforms that can safely manage and control AI-driven operations at scale
Number of incidents
2020-01
2021-01
2022-01
2020 2021 2022
2023
2024
2025 2026
Total Incidents & Hazards 6-month moving averageQ2 2026 Results
19
Source: OECD AI incidents and hazard monitor
The Self-Healing Agent for IT
Self-Healing control layer for the Autonomous Workplace
Internal
Every Endpoint continuously observed
Employees AI Agents
Autonomous Workflows Robots & Machines Edge Devices
Applications & Devices
ACT
Autonomously remediate before impact
SELF-HEALING AGENT
OBSERVE | DECIDE | ACT
DECIDE
OBSERVE
Real-time intelligence across every endpoint
Prevent friction from slowing productivity
Friction detected early
Issues predicted & prevented
Problems resolved autonomously
Availability & experience protected
Predict & understand issues before they create friction
Real-time Intelligence
Continuously detect friction across devices, apps, employees & AI agents
Automation
Orchestrate action at the scale of the autonomous enterprise
Remediation
Resolve problems autonomously before productivity is impacted
Q2 2026 Results 20
The Unique Right to Win Autonomous IT
Seven advantages powering the shift to Self-Healing Autonomous IT
Internal
Largest Remote Access Base
Used by ops teams worldwide to diagnose & fix digital friction; 610k+ customers globally
Intelligent Remediation Agent
Detect, diagnose & remediate friction in
sub-millisecond real time
Proprietary Dual Data Streams
Remote sessions + intelligent agents continuously feed TeamViewer ONE
Native Embedded AI Platform
Continuous learning to detect, remediate and optimize
IT - securely
Vast Upsell Customer Base
Millions of break-fix customers ready for the Autonomous
IT journey
Mature Global Go-To-Market
Proven value-curve upsell engine, amplified by the ServiceNow partnership
Proven Transformational Results
Already delivering in the strategic Autonomous IT platform transition
Q2 2026 Results 21
Financial Overview
Michael Wilkens
Chief Financial Officer
The Digital Workplace Company
Q2 2026: Improving operational indicators
support confidence in H2 2026 growth acceleration
Revenue
€182.7m
-1.4% cc yoy1
ARR
€736.8m
-0.1% cc yoy
Adjusted EBITDA
€78.9m
-6% yoy1
Adjusted EBITDA Margin
43.2%
-1 pp yoy1
Basic EPS / Adjusted EPS
€0.19 / €0.27
+32% yoy / -5% yoy1
Net Leverage Ratio
2.5x
1 YoY growth rate is compared to Q2 2025 comparable pro forma actuals
Key P&L and other financial KPIs development
Q2 2026: previously disclosed effects are leveling off
Revenue growth - as a lagging indicator - continued to reflect the effects of previously disclosed headwinds
Underlying operational indicators improved throughout the quarter
Ongoing organic investments in Sales and Research & Development; Marketing cost include Q2 commercial activation
Levered Free Cash Flow reflects lower topline growth and less upfront paid multi-year deals
Net leverage ratio: on track for around 2.3x year-end target
in € million | Q2 2026 | Q2 2025 | ∆ % |
Revenue1 | 182.7 | 190.7 -4% | |
Cost of Goods Sold (COGS)1,2 | (15.1) | (15.4) | -2% |
Gross profit1,2 | 167.6 | 175.2 -4% | |
% Margin1,2 | 92% | 92% 0 pp | |
Total Opex1,2 | (88.7) | (91.2) | -3% |
Adjusted EBITDA1 | 78.9 | 84.0 | -6% |
% Margin1 | 43% | 44% -1 pp | |
D&A | -13.3 | -14.0 | -5% |
Operating Profit (EBIT) | 57.3 | 63.9 | -10% |
Net income | 30.1 | 22.6 | +33% |
Basic number of shares issued and outstanding in m | 157.8 | 157.0 1% | |
EPS (basic) in € | 0.19 | 0.14 | +32% |
Adjusted EPS (basic)1 in € | 0.27 | 0.28 | -5% |
Levered Free Cash Flow (FCFE)3 | 40.8 | 59.6 | -31% |
Cash conversion (FCFE / Adjusted EBITDA4) | 52% | 71% | |
Net debt | 832.8 | 991.7 | -16% |
Net leverage ratio5 | 2.5x | 2.9x | |
1 2025 comparable actuals are pro forma. YoY growth rate is compared to 2025 pro forma comparable actuals. | 2 Based on recurring costs. | 3 Adjusted for the effects from the 1E acquisition. | 4 FCFE / Pro forma adjusted EBITDA for 2025. | 5 Net debt / Pro forma adjusted EBITDA LTM.
Operating cash flow reflects lower topline growth and less upfront paid multi year deals yoy
Q2 2026 Cash flow was impacted by lower topline growth and by less upfront paid multi year deals compared to last year
In addition, normal anticipated cash flow timing effects from taxes, interest and lease payments during the second quarter
Free cash flow is seasonally stronger in H2
in € million (unless otherwise stated) | Q2 2026 | Q2 2025 | ∆ % | 6M 2026 | 6M 2025 | ∆ % |
Pre-Tax net cash from operating activities (IFRS) | 66.3 | 84.0 -21% | 121.5 | 130.6 -7% | ||
Capital expenditure (excl. M&A) | (2.3) | (2.8) | -18% | (3.3) | (3.8) | -13% |
Lease payments | (3.9) | (5.3) | -26% | (10.9) | (6.8) | +60% |
Pre-tax Unlevered Free Cash Flow (pre-tax UFCF) | 60.2 | 75.9 -21% | 107.4 | 120.1 -11% | ||
Interest paid for borrowings and lease liabilities | (11.4) | (10.7) | +7% | (23.4) | (19.6) | +19% |
Pre-tax Levered Free Cash Flow (pre-tax FCFE) | 48.7 | 65.3 -25% | 84.0 | 100.5 -16% | ||
Income tax paid | (8.7) | (11.8) | -26% | (22.2) | (20.2) | +10% |
Levered Free Cash Flow (FCFE) | 40.0 | 53.5 -25% | 61.8 | 80.2 -23% | ||
Cash Conversion (FCFE / Adjusted EBITDA1) | 51% | 64% | 38% | 48% | ||
Adjustment for 1E acquisition | 0.8 | 6.1 | -87% | 2.7 | 12.2 | -78% |
Adjustment for a one-off payment in connection with special legal disputes | - | - n/a | - | 11.6 n/a | ||
Levered Free Cash Flow (FCFE) adj. for 1E and legal disputes | 40.8 | 59.6 -31% | 64.6 | 104.0 -38% | ||
Cash Conversion (FCFE / Adjusted EBITDA1) after adjustments | 52% | 71% | 40% | 63% | ||
1 FCFE / Pro forma adj. EBITDA for 2025.
Debt maturity profile as of 30 June 2026
(€m)
450
51.5
145
150
25
48.5
25
15
13
25
12.5
15
75
12.5
1299.5
Financing Flexibility increased in Q2 2026
Successfully extended debt maturities and new financing capacity: extended €75m RCF to 2031, secured a new €40m bilateral facility and initiated a new Schuldschein placement
2026 2027 2028 2029 2030 2031
Term Loan (1E) | Bridge to DCM (1E) | Promissory Note 2021 |
Promissory Note 2024 | Private Placement 2025 | Private Placement 2026 |
2024 Syndicated RCF | 2022 Syndicated RCF |
FY 2026 Guidance reaffirmed
FY 2025 Actuals
(comparison base)
FY 2026
Guidance
Revenue growth
(YoY constant currency vs PY pro forma basis)
€767.5m
pro forma
0% - 3% cc1,2
Adjusted EBITDA margin
(reported, incl. currency effects)
44%
pro forma
~ 43%
FY 2026 guidance for revenue growth is at constant currencies2
Actual currency reported figures are expected to be impacted by currency exchange rate fluctuations through the year
TeamViewer's expected currency impact on revenue growth in FY 2026 is shown on slide 31
1 Revenue growth in constant currencies vs IFRS Revenue FY 2025 of €746.8m will be higher than the revenue growth in cc vs pro forma Revenue FY 2025 of €767.5m.
2 Constant currency growth including an average exchange rate of 1.13 EUR/USD for FY 2025.
Q&AAppendix
The Digital Workplace Company
FX impact
The Digital Workplace Company
Expected currency impact: USD represents TeamViewer's largest topline foreign currency exposure
Currency exposure vs guided YoY growth in cc:
TeamViewer guides YoY revenue growth in constant currency3
Actual currency reported figures are expected to be impacted by currency exchange rate fluctuations through the year as reflected in the table
TeamViewer specific situation:
TeamViewer's central invoicing model
◦
◦
and IFRS treatment fix deferred revenue at the invoice-date FX rate, causing unavoidable FX effects when historic deferred revenue is released in revenue
Therefore, TeamViewer provides the additional expected FX impact that comes from historic deferred revenue release to avoid systematic over/ underestimation of currency movements in reported revenue
Expected FX impact Q3 & FY 2026 in revenue at spot rate on 30 Jun 2026
(compared to 2025 pro forma revenue)
Q2 2026 (actual) | Q3 2026 (expected) | FY2026 (expected) | |
Total FX Impact1,2 | -2.8pp | -2.1pp | -2.4pp |
YoY FX Impact | -1.4pp | -1.2pp | -1.4pp |
Additional Deferred Revenue FX Impact2 | -1.4pp | -0.8pp | -1.0pp |
1 FY 2026 expected FX impact reflects the actual FX impact recorded in H1 2026, the expected FX impact for H2 2026 based on June 30, 2026 spot rates, and deferred FX effects resulting from TeamViewer's centralized invoicing model
2 The expected additional deferred revenue FX impact in Q4 is -0.3pp.
3 main currencies | Q2 2026 (actual average) | Q3 2026 (expected) |
EUR/USD | 1.16 | 1.14 |
EUR/CAD | 1.61 | 1.62 |
EUR/AUD | 1.64 | 1.65 |
Q2 2026 Results
31
3 Constant currency growth including an average exchange rate of 1.05 USD per EUR for Q1 2025, 1.13 USD per EUR for Q2 2025 and 1.13 USD per EUR for FY 2025.
Key financials & KPIsThe Digital Workplace Company
Overview Topline KPIs
Q2 2026 | Q1 2026 | Q4 2025 Pro forma | Q3 2025 Pro forma | Q2 2025 Pro forma | |
SMB | |||||
Revenue in €m | 124.1 | 126.2 | 130.9 | 134.1 | 132.0 |
Revenue YoY % cc | -3% | -1% | 1% | 3% | 3% |
ARR1 in €m | 501.4 | 506.7 | 518.7 | 526.3 | 532.0 |
ARR1 YoY % cc | -4% | -3% | -1% | 0% | +1% |
ASP (ARR)1 in € | 826 | 822 | 822 | 822 | 817 |
Number of customers1 | 606,616 | 616,598 | 631,373 | 640,342 | 651,221 |
SMB Customer churn rate | 17% | 17% | 16% | 16% | 16% |
Enterprise | |||||
Revenue in €m | 58.6 | 57.0 | 63.8 | 57.9 | 58.7 |
Revenue YoY % cc | +3% | 0% | +3% | +8% | +15% |
ARR1 in €m | 235 | 231 | 241 | 230 | 227 |
ARR1 YoY % cc | +8% | +8% | +11% | +12% | +13% |
ASP (ARR)1 in € thousands | 44 | 44 | 46 | 44 | 44 |
NRR (cc)1 | 94% | 93% | 96% | 98% | 98% |
NRR (cc)1 adj. for net upsell from SMB | 98% | 96% | 99% | 102% | 103% |
Number of customers1 | 5,311 | 5,259 | 5,262 | 5,216 | 5,143 |
Total | |||||
ARR1 in €m | 736.8 | 737.3 | 759.7 | 756.8 | 759.1 |
Revenue in €m | 182.7 | 183.2 | 194.6 | 192.0 | 190.7 |
Revenue by region in €m | |||||
EMEA | 100.4 | 100.6 | 103.1 | 101.5 | 99.8 |
AMERICAS | 64.7 | 64.8 | 73.4 | 72.1 | 72.7 |
APAC | 17.6 | 17.7 | 18.2 | 18.3 | 18.2 |
1 2025 comparable actuals and growth rates are non-pro forma.
Enterprise platform strategy gaining traction:
highest-value ARR bucket up +11% yoy driven by DEX turnaround and TeamViewer ONE adoption
+8% cc
SMB (ARR view) Enterprise (ARR view)
(€m; % yoy cc; pro forma)
€ 1,500 - <10,000 ARR(€m; % yoy cc; pro forma)
€ >200,000 ARR532.0
-4% cc
501.4
€ 500 - <1,500 ARR 235.5€ >100,000 ARR
267.3
163.7
-6% cc
257.1
147.0
101.1
-8% cc
97.2
€ <500 ARR227.1
€ >50,000 ARR€ 10,000 - 50,000 ARR
0% cc
Net upsell from SMB to Enterprise:
€10.7m
29.3
33.5
+3% cc
85.9
+10% cc
86.8
+7% cc
83.5
31.9
+11% cc
29.9
81.7
Q2 2025 Q2 2026 Q2 2025 Q2 2026
in € million (unless otherwise stated) | Q2 2026 | Q2 2025 Pro forma | ∆ % | 6M 2026 | 6M 2025 Pro forma | ∆ % |
Revenue | 182.7 | 190.7 -4% | 365.9 | 380.9 -4 % | ||
Cost of Goods Sold (COGS) | (15.1) | (15.4) | -2% | (30.0) | (31.6) | -5 % |
Gross profit | 167.6 | 175.2 -4% | 335.9 | 349.3 -4 % | ||
% Margin | 92 % | 92 % 0 pp | 92 % | 92 % 0 pp | ||
Sales | (32.0) | (30.4) | +5% | (65.0) | (61.5) | 6 % |
% of Revenue | -18% | -16% | -18 % | -16 % | ||
Marketing | (22.3) | (30.7) | -28% | (40.6) | (56.3) | -28 % |
% of Revenue | -12% | -16% | -11 % | -15 % | ||
R&D | (24.0) | (21.4) | +12% | (47.6) | (43.5) | 9 % |
% of Revenue | -13% | -11% | -13 % | -11 % | ||
G&A | (9.7) | (9.3) | +4% | (19.1) | (19.4) | -2 % |
% of Revenue | -5% | -5% | -5 % | -5 % | ||
Other1 | (0.7) | 0.6 | -226% | (1.6) | (2.8) | -43 % |
% of Revenue | 0% | 0% | 0 % | -1 % | ||
Total Opex | (88.7) | (91.2) | -3% | (174.0) | (183.7) | -5 % |
% of Revenue | -49% | -48% | -48 % | -48 % | ||
Total Costs2 | (103.8) | (106.7) | -3% | (204.0) | (215.3) | -5 % |
Adjusted EBITDA | 78.9 | 84.0 | -6% | 161.9 | 165.6 -2 % | |
% Margin | 43% | 44% -1 pp | 44 % | 43 % 1 pp | ||
Adjusted P&L management view based on recurring cost
2025.
1 Incl. other income/expenses and bad debt expenses of €-1.7m in Q2 2026 and €-1.9m in Q2 2025 / €-3.8m in 6M 2026 and €-5.4m in 6M
Opex.
2 Total Costs are the sum of Cost of Goods Sold (COGS) and Total
Q2 2026: Reconciliation management metrics to IFRS
in € million
Management view Revenue adj. P&L
Other non-IFRS adjustments
Accounting view
IFRS P&L
D&A
Revenue 182.7 182.7
Cost of Goods Sold (COGS) (15.1) (9.4) (0.3) (24.9)
Gross profit contribution 167.6 157.9
% of Revenue 92% 86%
Sales (32.0) (1.4) (2.2) (35.6)
Marketing (22.3) (0.4) (0.5) (23.2)
R&D (24.0) (1.5) (1.1) (26.6)
G&A (9.7) (0.5) (2.7) (12.9)
Other1 (0.7) 0.0 (1.6) (2.3)
Adj. EBITDA 78.9
% of Revenue 43%
D&A (ordinary only)2 (5.5)
Adj. EBIT / Operating profit (EBIT) 73.4 (7.7)3 (8.4) 57.3
% of Revenue 40% 31%
D&A (total)2+3 13.3
EBITDA 70.6
% of Revenue 39%
1 Incl. other income/expenses and bad debt expenses of €1.7m
2 D&A excl. amortization intangible assets from PPA
3 Amortization intangible assets from PPA
6M 2026: Reconciliation management metrics to IFRS
in € million
Management view Revenue adj. P&L
Other non-IFRS adjustments
Accounting view
IFRS P&L
D&A
Revenue 365.9 365.9
Cost of Goods Sold (COGS) (30.0) (18.9) (0.4) (49.3)
Gross profit contribution 335.9 316.6
% of Revenue 92% 87%
Sales (65.0) (2.7) (2.7) (70.4)
Marketing (40.6) (1.1) (0.5) (42.1)
R&D (47.6) (2.9) (1.5) (52.1)
G&A (19.1) (1.0) (5.7) (25.7)
Other1 (1.6) 0.0 (5.5) (7.1)
Adj. EBITDA 161.9
% of Revenue 44%
D&A (ordinary only)2 (11.0)
Adj. EBIT / Operating profit (EBIT) 150.9 (15.5)3 (16.3) 119.1
% of Revenue 41% 33%
D&A (total)2+3 26.5
EBITDA 145.7
% of Revenue 40%
1 Incl. other income/expenses and bad debt expenses of €3.8m
2 D&A excl. amortization intangible assets from PPA
3 Amortization intangible assets from PPA
Non-IFRS adjustments in EBITDA
in € million (unless otherwise stated) | Basis of preparation / definition | Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 |
EBITDA | APM | 70.6 | 77.9 | 145.7 | 144.4 |
Total IFRS 2 charges (expenses for share-based compensation) | APM | +1.7 | +4.8 | +2.6 | +11.3 |
TeamViewer LTIP | APM | +0.3 | -0.5 | +0.2 | +1.2 |
RSU/PSU1 | APM | +1.4 | +4.2 | +2.4 | +7.9 |
M&A related share-based compensation | APM | 0.0 | +0.1 | 0.0 | +0.2 |
Share-based compensation by TLO2 | APM | 0.0 | +1.1 | 0.0 | +2.0 |
1E acquisition related integration & transaction costs | APM | +0.8 | +1.8 | +2.7 | +7.3 |
Other material items | APM | +4.0 | +0.7 | +5.0 | +3.8 |
Financing | APM | 0.0 | 0.0 | 0.0 | 0.0 |
Other | APM | +4.0 | +0.7 | +5.0 | +3.8 |
Valuation effects | APM | 2.0 | (6.2) | 5.9 | (11.7) |
Adjusted EBITDA | APM | 78.9 | 79.0 | 161.9 | 155.1 |
Add back: | |||||
1E deferred revenue haircut | Pro forma adjustment | - | +5.0 | - | +10.5 |
1E January 2025 Adjusted EBITDA | Pro forma adjustment | - | - | - | 0.0 |
Adjusted EBITDA3 | 78.9 | 84.0 | 161.9 | 165.6 | |
Adjusted EBITDA margin (%)3 | APM | 43% | 44% | 44% | 43% |
In Q2 2026, Non-IFRS EBITDA
adjusted by
non-recurring items
IFRS2, mainly RSU
1E acquisition related items
Other material items including one-off personnel related costs
Valuation effects from fair value derivatives of future USD hedges due to changing EUR/ USD development
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.
3 2025 comparables contain pro forma adjustments.
EBITDA to net income
in € million (unless otherwise stated) | Q2 2026 | Q2 2025 | ∆ % | 6M 2026 | 6M 2025 | ∆ % |
EBITDA | 70.6 | 77.9 -9% | 145.7 | 144.4 +1% | ||
D&A | (13.3) | (14.0) | -5% | (26.5) | (27.3) | -3% |
Operating Profit (EBIT) | 57.3 | 63.9 -10% | 119.1 | 117.1 +2% | ||
Financial / FX result | (10.5) | (26.4) | -60% | (21.4) | (33.4) | -36% |
Share of profit/loss of associates | (1.6) | (1.0) | +62% | (2.4) | (3.2) | -23% |
Profit before tax (EBT) | 45.2 | 36.5 +24% | 95.3 | 80.6 +18% | ||
Income taxes | (15.1) | (13.9) | +8% | (31.0) | (28.3) | +10% |
Net income | 30.1 | 22.6 +33% | 64.3 | 52.2 +23% | ||
Basic number of shares issued and outstanding1 in m | 157.8 | 157.0 +1% | 157.8 | 157.0 +1% | ||
EPS (basic) in € | 0.19 | 0.14 +32% | 0.41 | 0.33 +22% | ||
Adjusted EPS (basic)2 in € | 0.27 | 0.28 -5% | 0.56 | 0.57 -3% | ||
1 Period average, without treasury shares.
2 2025 comparables contain pro forma adjustments.
Adjusted net income & EPS
in € million (unless otherwise stated) | Basis of preparation / definition | Q2 2026 | Q2 2025 | 6M 2026 | 6M 2025 |
Net income | IFRS | 30.1 | 22.6 | 64.3 | 52.2 |
Expenses for share-based compensation | APM | +1.7 | +4.8 | +2.6 | +11.3 |
PPA depreciation and amortization | APM | +7.7 | +7.4 | +15.5 | +13.5 |
Other material items | APM | +6.7 | -3.7 | +13.7 | -0.6 |
Extraordinary effects in finance result | APM | +0.6 | +16.0 | +0.2 | +17.5 |
Income tax items to be adjusted | APM | -4.3 | -6.5 | -8.5 | -10.7 |
Adjusted net income | APM | 42.5 | 40.6 | 87.7 | 83.2 |
Add back / deduct: | |||||
1E deferred revenue haircut1 | Pro forma adjustment | - | +3.8 | - | +7.9 |
1E January 2025 adjusted net income | Pro forma adjustment | - | 0.0 | - | -1.1 |
Adjusted net income2 | 42.5 | 44.3 | 87.7 | 90.0 | |
Basic number of shares issued and outstanding | 157,794,594 | 156,966,162 | 157,794,594 | 156,966,162 | |
Adjusted earnings per share - basic (in €)2 | APM | 0.27 | 0.28 | 0.56 | 0.57 |
1 Period average, without treasury shares.
2 Pro forma is only calculated for Q4/FY 2025.
1 1E revenue haircut Q2 2025 post tax at assumed 25% corporate tax rate.
2 2025 comparables contain pro forma adjustments.
e
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