TeamViewer AG

Annual Report • Feb 7, 2024

Annual Report

TeamViewer AG – Geschäftsbericht 2022

TeamViewer at a glance

	FY 2023	FY 2022	Δ YoY
Sales
Revenue (in EUR m)	626.7	565.9	+11 %
Billings (in EUR m)	678.0	634.8	+7 %/ 9 % cc1
Number of subscribers2 (reporting date) (in thousands)	632	626	+1 %
Net retention rate (NRR)	104 %	107 %	–3 pp
Profits and margins
Adjusted EBITDA3 (in EUR m)	260.5	229.8	+13 %
Adjusted EBITDA margin3	42 %	41 %	+1 pp
EBITDA (in EUR m)	221.9	197.5	+12 %
EBITDA margin (EBITDA in % of revenue)	35 %	35 %	+0 pp
EBIT (in EUR m)	166.6	143.7	+16 %
EBIT margin (EBIT in % of revenue)	27%	25 %	+2 pp
Cash flows
Cash flows from operating activities (in EUR m)	229.9	204.3	+12 %
Cash flows from investing activities (in EUR m)	(29.6)	(10.8)	+173 %
Levered free cash flow (FCFE)	198.8	171.8	+16 %
Cash conversion (FCFE/adjusted EBITDA)	76 %	75 %	+1 pp
Cash and cash equivalents (in EUR m)	72.8	161.0	–55 %
Other
R&D expenses (in EUR m)	(80.1)	(69.5)	+15 %
Employees, full-time equivalents (FTEs) (reporting date)	1,461	1,386	+5 %
Earnings per share – basic (in EUR)	0.66	0.37	+81 %
Adjusted earnings per share – basic (in EUR)	0.88	0.67	+31 %

1 cc = constant currency.

2 Adjusted for Russia and Belarus.

3 Since the beginning of the 2023 fiscal year, TeamViewer has been reporting according to a revised system of key performance indicators, in which a greater emphasis is placed on revenue (IFRS). As a result, the definition of adjusted EBITDA has changed from a billings to a revenue perspective.

IMPORTANT NOTICE

Interactive PDF

This PDF document is optimised for on-screen use. The table of contents can be accessed via the top right house icon. The links contained there lead directly to the respective chapters.

Definition of TeamViewer

TeamViewer refers to the TeamViewer Group, consisting of TeamViewer SE and its consolidated subsidiaries. TeamViewer SE refers to the individual company or Group parent company.

Rounding

Percentage changes and totals are calculated based on unrounded figures. Therefore, values may not add up precisely to the totals given, and percentage changes may not reflect those based on rounded figures.

Alternative performance measures

This document contains alternative performance measures (APMs) that are not defined under IFRS. The APMs are reconcilable to the measures included in the IFRS consolidated financial statements and should not be viewed in isolation. TeamViewer believes that APMs provide a deeper understanding of the Company's business performance.

Gender-related references

Care has been taken to use gender-inclusive language when possible. In cases where this is not possible, this in no way implies discrimination against other genders. In the interest of equal treatment, such terms apply equally to all genders.

Table of contents

To our Shareholders A –	5
Combined Management Report B –	18
C – Consolidated Financial Statements	92
D – Non-Financial Report	162
Further Information E –	195

1	Letter from the Management Board 6
2	Report of the Supervisory Board 9
3	TeamViewer on the Capital Market 14

1	Group Fundamentals 19
2	Employees 30
3	Corporate Responsibility 31
4	Economic Report 33
5	Events after the Reporting Date 42
6	Opportunity and Risk Report 43
7	Outlook 52
8	Remuneration Report54
9	Takeover-Relevant Information 73
10	Corporate Governance Statement 76
11	Non-Financial Reporting 88
12	Management Report of TeamViewer SE 89

1	Consolidated Statement of Profit and Loss and Other Comprehensive Income
	from 1 January to 31 December 93
2	Consolidated Statement of Financial Position as at 31 December 94
3	Consolidated Statement of Cash Flows from 1 January to 31 December 95
4	Consolidated Statement of Changes in Equity 96
5	Notes to the Consolidated Financial Statements 97
6	Release Date for Publication 152
7	Responsibility Statement 153
8	Independent Auditor's Report 154

1	Fundamentals of the Non-financial Report 163
2	Sustainability at TeamViewer 164
3	Governance and Integrity 180
4	Employees 183
5	Environmental and Climate Protection 188
6	Energy, Waste and Water Management 192
7	Social Responsibility 194

1	Index for GRI, SDG, UN Global Compact, WEPs and SASB 196
2	List of Abbreviations 198
3	KPI Glossary 201
4	Financial Calendar 203
5	Imprint 204
6	Disclaimer 205

A – To our Shareholders

5 A – To our Shareholders – 1 Letter from the Management Board

1 Letter from the Management Board

Dear Shareholders,

In 2023, TeamViewer evolved significantly in many respects. We enhanced and expanded our product offering, strengthened our market position, added to our senior leadership team, and optimised our corporate organisation. All of these measures are aimed at ensuring the Company continues to be managed successfully and sustainably.

Leading in the remote connectivity market

In the first half of 2023, we made an extensive update to our core remote access and support product for small and medium-sized companies and non-commercial private use and gave it a name: TeamViewer Remote. The next generation of this popular solution, used by hundreds of millions of people across the globe, came with significant new features and increased security. In the second half of the year, we followed with a new version of TeamViewer Tensor, our remote connectivity solution for large enterprises and critical infrastructure. The new version features innovations and enhancements in the areas of security and access management. The updates to TeamViewer Remote and Tensor underpin our global leadership in the remote connectivity market. At the end of 2023, our high security and quality standards were also further validated through successful ISO certifications.

Partner of choice in the global technology ecosystem

In 2023, we continued to demonstrate TeamViewer's relevance in the global technology industry. Our partnership with Siemens led to a landmark contract in the aviation industry at the end of 2023. One of the world's largest manufacturers of aircraft turbines has chosen the 3D training solution jointly offered by Siemens and TeamViewer to provide training and education for its technicians at hundreds of locations. This will give the manufacturer a tangible competitive advantage in times of skilled labour shortages and is extremely important for quality assurance.

TeamViewer also made great progress in its partnership with SAP with the integration of TeamViewer Frontline into the SAP Digital Manufacturing solution and Tensor into the SAP Service Cloud and numerous joint customer projects. Our collaboration with Nadro, the leading wholesaler for Mexico's healthcare industry, is particularly noteworthy in this context. Nadro is digitalising its warehouse processes with the help of TeamViewer's AR-based logistics solution, which is integrated into SAP's warehouse management system. After an initial pilot project at the end of 2022, Nadro decided to widely roll out TeamViewer's solution in 2023, making this one of our highest revenue-generating projects in the area of AR solutions. In addition, we entered into partnerships with Ivanti and Lansweeper and strengthened our remote monitoring and management solution by integrating their specific functionalities.

Innovation at the cutting edge

A particular highlight in the reporting year was the development of an app for Apple's new Vision Pro spatial computing headset. After the announcement and launch of the headset in autumn 2023, we began immediately to develop an augmented reality assistance solution for remote customer service and combined it with the functionalities of Apple's new smart glasses. Therefore, we were able to introduce our new app directly at the launch of the new product in early February 2024, demonstrating how we can quickly and innovatively adapt to key industry trends.

At the end of 2023, we also underscored our commitment to the smart factory space by investing a low double-digit million euro amount in two pioneering companies working in the areas of manufacturing analytics and IoT software: Sight Machine from San Francisco and Cybus from Hamburg. Together, we intend to drive forward the digital transformation of industrial environments at the interface of information technology (IT) and operational technology (OT). Our commitment is also reflected by our collaboration with the Hyundai Motor Group Innovation Center Singapore (HMGICS), a smart factory that opened in Q4 2023, where our Frontline AR solution is used in numerous processes.

Broad product portfolio for all industries

Our continuous development and expansion of our product portfolio with new functionalities and relevant integrations has enabled us to position ourselves even more firmly as a partner for industrial companies for their digitalisation projects. Our solutions cover a wide number of use cases in all industries and along the entire value chain. Examples include remote support of OT devices, such as industrial equipment, medical devices and coffee machines, and classic IT support, training and onboarding using 3D models and digitalised logistics processes. In 2023, our solutions enabled us to acquire new major customers worldwide and expand existing customer relationships. TeamViewer's customer base has grown to include renowned car manufacturers such as BMW, Ford, and Toyota. Retail chains such as Specsavers and Ernsting's Family, global logistics companies such as DHL and DB Schenker, and healthcare companies such as Siemens Healthineers also use our software, as do consumer and B2B brands such as Henkel, Coca-Cola and Dole. Regardless of the industry, TeamViewer provides solutions that add value.

Global brand with charisma

Our success in winning new customers is also a testament to the significant investments we have made in marketing and sales in recent years. A new look on and off the website, a clear brand presence at conferences, numerous events and promotions with our sports partners in the Premier League and Formula 1, as well as global digital brand campaigns, have led to a tremendous increase in our brand awareness and a growing interest in our solutions. Last year, we were able to turn this interest into significant contracts with the help of our effective online marketing measures, our efficient inside sales and enterprise sales teams and a new global partner programme.

Expanded Management Board for greater innovation

We also reinforced our management team in 2023 and strengthened our corporate organisation. Mei Dent, an internationally experienced manager, joined our Management Board as Chief Product & Technology Officer (CPTO). She is responsible for product management, solution delivery, and research and development in a centralised function, and thus also for the Company's innovation strategy. In addition, the extension of Oliver Steil's contract as CEO until 2028 ensures continuity at the Company's top. At the beginning of 2023, we transferred the leadership of our Americas business to our former Chief of Staff & Strategy, Georg Beyschlag, after experiencing a slowdown in growth in this region at the end of 2022. Three quarters later, we are already seeing the first success of this reorganisation, with a double-digit increase in billings. Other important additions to the team were Constanze Backhaus, who took over as CHRO, and Andrew Belger, who joined as Country Manager for Australia & New Zealand, one of our most important APAC markets. We continued our international expansion, opening new offices in Guadalajara (Mexico) and Mumbai (India) and a new representation in Munich. We also completed the conversion of TeamViewer into a European stock corporation (SE) in March 2023, which included the voluntary creation of a global works council, consisting of employee representatives, to further strengthen employees' engagement in the Company.

Double-digit revenue growth and strong margin

Our initiatives led to strong results in the 2023 fiscal year that either met or exceeded our guidance. We closed the year with revenue of EUR 626.7 million, corresponding to year-onyear growth of 11 %. At 42 %, the adjusted EBITDA margin exceeded our expectations and underlined our outstanding profitability. Earnings per share rose 81 % in the past fiscal year. At the end of the fourth quarter, we had 633,000 paying customers. We completed share buybacks in 2023 totalling close to EUR 164 million, ensuring that, as our shareholders, you continued to participate in our high cash generation.

Corporate culture based on shared values

More than 1,400 TeamViewer employees worldwide played a significant role in achieving this strong performance. We would like to thank them for their unwavering dedication, commitment to our growth initiatives, and embodying our company values. We have a unique company culture, which was on display at our global company gathering in late 2023. We were able to bring colleagues together from around the world for this unforgettable experience. We reward our employees' exceptional performance with our extensive employee share participation programme, a one-off special bonus, flexible working conditions, numerous internal events and progressive HR approach. Our latest employee survey confirmed the success of these measures, showing a seven percentage point increase in our employees' willingness to recommend us to others.

Focus in the year 2024: Future technologies, partnerships and industrial digital transformation

We have resolved to focus even more strongly on future technologies in 2024. This includes expanding our use of the capabilities of artificial intelligence, data analytics and self-learning algorithms across our entire product portfolio. These technologies are useful in maintaining and repairing devices and technical equipment, as well as in production planning and minimising errors in industrial processes. Next to augmented and mixed reality, spatial computing is increasingly used in training and onboarding scenarios. This includes the use of 3D models and digital twins of complex machines provided with interactive annotations.

Outlook for 2024: Steady revenue growth, higher EBITDA margin and further share buybacks

In terms of financial targets, we are aiming for revenue of EUR 660-685 million1 in 2024, which is equal to a growth rate of 7–11 % on constant currency. We expect to further improve our adjusted EBITDA margin to at least 43 %. This improvement will be supported by a positive impact from a large portion of the roughly EUR 17.5 million in savings resulting from the revised scope of our partnership with Manchester United at the beginning of the 2024/2025 season. We will reinvest the remaining savings in other strategic growth initiatives. We are committed as a company to providing attractive shareholder returns. In keeping with this commitment, we launched a new 2023/2024 share buyback programme in December with a maximum volume of EUR 150 million to enable you, our shareholders, to continue to benefit from our strong business performance and high cash flow.

In 2024, we will continue to work with great commitment and engage in constructive dialogue with you to further develop our strategy, achieve our goals, create value for our customers and remain a reliable partner. To ensure we continue to recruit and retain global talent at our German locations as an attractive employer, we will do our part to make our colleagues from over 70 nations who work for us in Germany feel welcome and safe here so we can benefit from diversity and dialogue in the future as well.

Here's to a positive and successful 2024!

Sincerely,

Oliver Steil	Michael Wilkens	Mei Dent	Peter Turner
CEO	CFO	CPTO	CCO

TeamViewer SE – Annual Report

2023

2 Report of the Supervisory Board

Dear Shareholders,

We look back on an eventful 2023, in which TeamViewer made important progress in many areas. The Company proved resilient and well positioned to help its customers navigate the major issues of our time. Hybrid working, increasing automation, industrial digitalisation and the impact of the ongoing skills shortage are global challenges that continue to gain importance – all of which can be addressed using technology such as TeamViewer's. In 2023, TeamViewer's product portfolio underwent extensive further development to address these issues. In spring 2023, for example, the Company strengthened its leading position in the field of remote access and support with the market launch of TeamViewer Remote, the next generation of the successful remote connectivity product for small and medium-sized companies and private users. The Enterprise offers were also enhanced with additional functionalities and bolstered through integrations and partnerships with other global technology companies.

In terms of governing bodies and organisation, TeamViewer set the course for a successful future in key areas during the past fiscal year. We extended Oliver Steil's contract as CEO early until 2028 to ensure continuity, strategic leadership, and operational excellence at the Company's helm. Thus, he can now, in his third term, fully focus on driving and executing TeamViewer's growth strategy. This includes the Company's continued transformation into a leading provider of enterprise software at the interface between information technology (IT) and operational technology (OT) in industrial environments. Alongside CEO Oliver Steil, CFO Michael Wilkens and CCO Peter Turner, we have appointed Mei Dent as Chief Product and Technology Officer (CPTO) to the Management Board with central responsibility for product management and software development. This new role underscores the strategic importance of innovation to TeamViewer's position as a global software champion.

We also made some changes to our Supervisory Board last year and welcomed a new Chair, Ralf W. Dieter, with Abraham (Abe) Peled as the Deputy Chair. We have also added two very experienced members, Swantje Conrad and Christina Stercken, whose expertise in areas

such as corporate development, capital markets, ESG and compliance will be of great value to us. Stefan Dziarski recently stepped down from the Supervisory Board after major shareholder Permira further reduced its stake in the Company to approximately 14 per cent in November 2023.

TeamViewer strives to balance short and long-term value creation for shareholders through continued share buyback programmes, strategic growth investments and ongoing debt reduction. In this context, the Company successfully completed a EUR 150 million share buyback programme in the 2023 fiscal year. This was followed by a further share buyback programme with a total volume of up to EUR 150 million launched in December 2023. The Company cancelled some of the repurchased shares by reducing the share capital. Through share buybacks, TeamViewer gives its shareholders a greater stake in the Company's success. At the same time, the Management Board and Supervisory Board underscore their confidence in TeamViewer's strategic direction. Strengthening the trust of the capital market remains one of the most important goals that we, as the Supervisory Board, will continue to pursue together with TeamViewer's Management Board. Also important in this context is the amendment to TeamViewer's sponsorship agreement with Manchester United, which will take effect for the 2024/2025 season. The revised terms will enable the Company to improve its margin in 2024 and make investments in other areas. In our capacity as the Supervisory Board, we also closely monitored and supported this process.

We are confident that TeamViewer has set the right course for sustainable long-term success with its strategic orientation and definitive progress made during the past year. As the Supervisory Board, we stand behind the path taken.

In the following report, we would like to inform you about the work undertaken by the Supervisory Board and its committees during the 2023 fiscal year.

Collaboration between the Management Board and Supervisory Board

The Company's Supervisory Board fulfilled the tasks and responsibilities assigned to it in the 2023 fiscal year and placed a special focus on the position and performance of TeamViewer SE and the Group.

During the year, the Supervisory Board always had a constructive, open and trust-based working relationship with the Management Board. As part of regular and in-depth dialogue, the Supervisory Board advised the Management Board on the management of the Company and monitored how it conducted business. The Supervisory Board was always involved in decisions of fundamental importance for the Company. The monitoring and advising activities addressed sustainability issues in particular. The Supervisory Board made sure that it was always satisfied that the work of the Management Board was legal, appropriate and orderly. The Management Board also always fulfilled its duty to provide information.

Both in and outside of meetings, the Management Board informed the Supervisory Board regularly, promptly, and comprehensively about strategy development and implementation, planning and business development, the risk situation and risk management, compliance, human resources planning, the sustainability strategy and communication with investors, as well as about current events. All transactions requiring the approval of the Supervisory Board due to legal or statutory provisions were submitted to the Supervisory Board for discussion and resolution. In addition to the two aforementioned share buyback programmes of up to EUR 150 million each, particularly noteworthy in the 2023 fiscal year were the decisions and actions taken in connection with the capital market and corporate strategy, the new elections to the Supervisory Board proposed to the Annual General Meeting and the appointment of Mei Dent as a new member of the Management Board.

The members of the Management Board and Supervisory Board did not have any conflicts of interest during the reporting year that were required to be promptly disclosed to the Supervisory Board or brought to the attention of the Annual General Meeting.

Throughout the fiscal year, the Chairman of the Supervisory Board was appropriately prepared to hold discussions with investors on topics specific to the Supervisory Board.

Supervisory Board meetings and priorities

The Supervisory Board convened ten times during the reporting period. Regular topics at Board meetings included the business performance, strategic direction and financial performance of TeamViewer SE and the Group. The Management Board discussed the relevant detailed reports in-depth with the Supervisory Board. It complied with the legal requirements and principles of good corporate governance as well as with the Supervisory Board's guidelines in terms of the topics addressed and their scope. The Supervisory Board also ensured that regular meetings were held without the Management Board.

During the 2023 fiscal year, the Supervisory Board discussed the following main topics:

At its meeting on 31 January 2023, the Supervisory Board approved, among others, the Company's 2023 share buyback programme of up to EUR 150 million and the proposals of the Nomination and Remuneration Committee concerning the Management Board's remuneration. The meeting also included an external training session on capital market strategy and reporting, which led to a comprehensive discussion on aspects of the capital market and investor relations and the planning of related measures.

At the meeting on 8 March 2023, the Supervisory Board focused on issues relating to product and IT security, the Company's financing structure and the publication of the upcoming annual report.

At the meeting on 25 April 2023, the general business development and the Group's mediumterm planning were discussed. Also on the agenda was an intragroup profit and loss transfer agreement (PTA) between TeamViewer SE and Regit Eins GmbH, which is set to be proposed to the 2024 Annual General Meeting.

At the meeting on 24 May 2023, Ralf W. Dieter was elected as Chair of the Supervisory Board and Dr Abraham (Abe) Peled as Deputy Chair of the Supervisory Board, directly following the new elections to the Supervisory Board by the Annual General Meeting. The Supervisory Board also elected the members of the committees.

On 26 June 2023, the Supervisory Board resolved to expand the Management Board to four members and to appoint Mei Dent as a new member of the Management Board with responsibility for the areas of product and development (Chief Product and Technology Officer, CPTO). The Rules of Procedure for the Management Board and the schedule of responsibilities were amended accordingly.

The main topics of the meeting on 25 July 2023 were the strategic development and topics related to sales and products, after which the Supervisory Board dealt in detail with IT and product security issues following comprehensive training on IT and product security.

On 13 September 2023, the discussion again focused on the product and sales strategy, the market environment and various product and market-related aspects of the corporate strategy.

At its meeting on 25 October 2023, the Supervisory Board resolved to prematurely extend the appointment of CEO Oliver Steil for a further five (5) years until October 2028.

On 6 December 2023, the Supervisory Board approved a new share buyback programme of up to EUR 150 million in a conference call convened for this purpose.

At its meeting on 13 December 2023, the Supervisory Board dealt with budget planning and the subsequent approval of the 2024 budget, as well as with succession planning for Stefan Dziarski, who stepped down from the Supervisory Board effective 11 December 2023. Various corporate governance issues were also discussed and resolved.

In addition to the ten meetings, various resolutions were also passed by way of circular procedure. In the 2023 fiscal year, these were primarily technical measures and implementation resolutions on the topics previously discussed at the Supervisory Board meetings and described above.

Attendance at Supervisory Board meetings in 2023

	Full Supervisory Board	Audit Committee	Nomination and Remuneration Committee
	(Virtual meetings via video/teleconference: 31 Jan, 8 Mar, 25 Oct, 6 Dec)	(Virtual meetings via video/teleconference: 31 Jan, 8 Mar, 25 Oct)	(Virtual meetings via video/teleconference: 31 Jan, 8 Mar, 25 Oct)
	(In-person meetings: 25 Apr, 24 May, 26 Jun, 25 Jul, 13 Sep, 13 Dec)	(In-person meetings: 25 Apr, 24 May, 26 Jun, 25 Jul)	(In-person meetings: 25 Apr, 24 May, 26 Jun, 25 Jul, 13 Sep, 13 Dec)
Ralf W. Dieter	10 (10)	3 (3)	9 (9)
Dr Abraham Peled	10 (10)	3 (3)	9 (9)
Stefan Dziarski	8 (9)	5 (7)	–
Dr Jörg Rockenhäuser	9 (10)	–	8 (9)
Axel Salzmann	10 (10)	7 (7)	9 (9)
Hera Kitwan Siu	9 (10)	7 (7)	–
Swantje Conrad	7 (7)	4 (4)	–
Christina Stercken	7 (7)	4 (4)	–

Meeting attendance of Supervisory Board members in 2023 (in brackets: the number of meetings in the respective term of office of the member).

With the exception of Dr Jörg Rockenhäuser, Stefan Dziarski and Hera Kitwan Sui, who were each unable to attend one meeting, all members of the Supervisory Board participated in all meetings of the Supervisory Board in person or virtually via video or telephone conference. Further details on the attendance at meetings of the Supervisory Board and its committees can be found in the table above.

Committees

To enable the efficient performance of its tasks, the Supervisory Board has formed the following committees:

The Audit Committee, which also serves as the Sustainability Committee, monitors accountting processes, risk management, the effectiveness of the internal control system and the internal audit system. It also deals with compliance issues as well as environmental, social and governance (ESG) topics. Furthermore, it verifies the independence of the external auditor and deals with any other services to be provided by the external auditor, awarding the audit engagement, specifying audit priorities, and agreeing on the auditor's fees. The Audit Committee discusses the half-year financial reports and quarterly statements with the Management Board. It also drafts the resolutions for the full Supervisory Board and prepares the preceding discussion regarding the adoption of the financial statements, profit appropriation and appointing the external auditor. In the reporting year, the Audit Committee discussed the assessment of the audit risk, the audit strategy and audit planning as well as the audit results with the auditor. The Chair of the Audit Committee regularly discussed the progress of the audit with the auditor and reported to the Committee. The Audit Committee regularly consults with the auditor without the Management Board.

During the reporting period, the Audit Committee convened seven meetings and dealt, among others, with the following main issues:

• Discussion of business performance and results, including the annual reporting, interim reporting and the preliminary results
• Discussion and preparations for adopting the financial statements and profit appropriation
• Verification of the independence of the external auditor and other services provided by them
• Determination and discussion of the audit priorities and the result of the audit with the auditor, discussion and agreement of the auditor's fees, issue of the audit mandate
• Discussion and monitoring of accounting processes
• Discussion and monitoring of risk management, the internal control system, the internal audit system and compliance, including a regular focus on compliance with data protection regulations
• Corporate governance issues
• Determining the audit areas for the Internal Audit department
• Assisting in the preparation of CSRD reporting

The Nomination and Remuneration Committee is tasked with proposing suitable candidates to the Supervisory Board for the Supervisory Board's election proposals to the Annual General Meeting, if required. It also examines all aspects of remuneration and terms of employment for the Management Board and makes relevant recommendations to the Supervisory Board. Furthermore, it submits an assessment of how the Management Board has performed.

The Nomination and Remuneration Committee held nine meetings during the reporting year. The focus was on the expansion of the Supervisory Board from six to eight members, the addition of a new member to the Management Board and the extension of Oliver Steil's mandate as CEO until October 2028. In its recommendations, the Nomination and Remuneration Committee takes into account the statutory minimum gender representation and the targets set by the Company for the proportion of women on the Management Board and Supervisory Board, all of which were met or even exceeded. In the fiscal year, the Committee also dealt with the Management Board's remuneration, the setting of targets for the variable remuneration components and the short and long-term succession planning for the Management Board and Supervisory Board.

Training and further education

The members of the Supervisory Board are responsible for obtaining the training and development required for their duties and were again adequately supported by the Company in the 2023 fiscal year. The training and development measures offered by the Company in the 2023 fiscal year centred on capital market-related topics as well as product and IT security issues. Other focal points of the ongoing training and development measures in 2023 were in the areas of corporate governance, compliance, and products. The new members of the Supervisory Board, Swantje Conrad and Christina Stercken, received a comprehensive introduction to familiarise themselves with the Company's business model and structures, as well as strategy and risk aspects that are particularly important.

Audit of the annual and consolidated financial statements

TeamViewer SE's annual financial statements, which were compiled by the Management Board in accordance with German accounting regulations (German Commercial Code, Handelsgesetzbuch, HGB); the consolidated financial statements, prepared in accordance with § 315e (1) HGB on the basis of the International Financial Reporting Standards (IFRSs); and the combined management report of TeamViewer SE and the Group for the 2023 fiscal year were audited and each given an unqualified audit opinion by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC), Stuttgart.

PwC has been the Company's auditor since 2022, replacing Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart. The PwC audit partner responsible as defined by § 319 a (1) sentence 4 HGB was Jürgen Schwehr.

The audit reports, the aforementioned financial statement documents, and the Management Board's profit appropriation proposal were submitted to the Supervisory Board sufficiently in advance of the meeting to approve the financial statements on 8 March 2024, thus providing sufficient opportunity for scrutiny. The audit reports were explained in person by the auditor in charge of the audit to both the Audit Committee and the Management Board. In this process, the auditor reported the key findings of the audit and provided the Audit Committee and the full Supervisory Board with additional information. Following its own examination, the Supervisory Board concluded that no objections needed to be raised and concurred with the auditor's audit findings. Accordingly, at its meeting on 8 March 2024, the Supervisory Board adopted the TeamViewer SE annual financial statements and approved the consolidated financial statements along with the combined management report.

Furthermore, the Supervisory Board examined the contents of the Non-Financial Report in accordance with § 171 (1) AktG. No objections needed to be raised following the outcome of this scrutiny.

Corporate governance

The Supervisory Board attaches foremost importance to ensuring good corporate governance and is guided by the recommendations detailed in the German Corporate Governance Code (GCGC). In December 2023, the Supervisory Board, together with the Management Board, issued a Declaration of Compliance for the reporting period in accordance with § 161 AktG. The Declaration is permanently available under the Investors Relations/Governance & ESG section of the Company's website. TeamViewer SE complies with the recommendations of the GCGC Commission without exception. Further information, including the Declaration of Compliance, can be found in the Corporate Governance Statement.

The Supervisory Board would like to thank the Management Board and all employees of TeamViewer Group for their strong personal commitment during the 2023 fiscal year.

Göppingen, 8 March 2024

On behalf of the Supervisory Board

Ralf W. Dieter

3 TeamViewer on the Capital Market

Since its IPO in 2019, TeamViewer has maintained an open and transparent dialogue with the capital markets. We continued this policy in the 2023 fiscal year. The Company's management and the Investor Relations (IR) department continued building on the development in the second half of 2022 and increasingly participated in face-to-face events to strengthen and expand its personal dialogue with capital market participants. TeamViewer also again held a number of virtual meetings and conferences.

On TeamViewer's IR website, shareholders can find extensive information on the TeamViewer share and all published capital market documents and legal disclosures, as well as recordings of past capital market events. The IR team can be contacted by email at ir@teamviewer.com for any enquiries.

Communication with the capital markets

As at 31 December 2023, the TeamViewer share was covered by a total of 16 German and international financial analysts who regularly publish reports and analyses on the Company. Based on analyst publications, TeamViewer comprised an analyst consensus consisting of the average estimates of revenue, billings and adjusted EBITDA figures. A current overview of the estimates is available on TeamViewer's IR website.

To coincide with the publication of the financial results, TeamViewer held an analyst and investor conference call each quarter in which the CEO and CFO reported on the past quarter and were available to answer questions.

Analyst events 2023

Date	Event
7 February 2023	Q4/Fiscal Year 2022 Preliminary Results
3 May 2023	Q1 2023 Results
1 August 2023	Q2/H1 2023 Results
31 October 2023	Q3 2023 Results

In addition to regular exchanges with financial analysts, TeamViewer also maintained an active dialogue with investors in the 2023 fiscal year. At roadshows, conferences and individual meetings, numerous domestic and international investors were met in one-on-one meetings and at group events. The subjects of discussion included the Company's strategic direction, operational development in the SMB and Enterprise areas and future growth prospects, particularly in the Enterprise area. The progress made in achieving the annual targets was also discussed. Next to exchanges with existing investors, a special emphasis was placed on communicating with potential new investors.

TeamViewer share

The TeamViewer share is listed in the Prime Standard market segment of the Frankfurt Stock Exchange.

ISIN/WKN	DE000A2YN900/A2YN90
Ticker symbol/Stock exchange listing:	TMV/Frankfurt Stock Exchange
Stock market segment:	Regulated market (Prime Standard)
Index membership:	MDAX, TecDAX
Designated sponsor:	ODDO BHF
Number of shares/Share capital in EUR1:	174,000,000/174,000,000.00
Share class:	No-par ordinary bearer shares
Year high on Xetra in EUR:	17.40 (23 August 2023)
Year low on Xetra in EUR:	12.05 (2 January 2023)
Year-end closing price on Xetra in EUR:	14.06 (29 December 2023)
Average daily turnover (Xetra):	584,806 shares/8,635,814 euros
Market capitalisation in EUR million:	2,446 (29 December 2023)
Free float in %:	81.5 %

¹ Based on the authorisation of 24 May 2023, the Company cancelled 6,515,856 acquired treasury shares effective 28 August 2023. This resulted in a corresponding reduction in the share capital from EUR 186,515,856.00 to EUR 180,000,000.00. A further 6,000,000 acquired treasury shares were cancelled effective 20 December 2023, with a corresponding reduction in the share capital from EUR 180,000,000.00 to EUR 174,000,000.00.

Share buyback programme in 2023

In February 2023, with the publication of the preliminary results for the 2022 fiscal year, TeamViewer announced a new share buyback programme with a volume of EUR 150 million. The programme was successfully completed in November 2023. A further buyback programme with a volume of up to EUR 150 million was announced in December 2023. Both programmes were in line with the previously communicated target leverage ratio of 1.5x adjusted EBITDA on a billings basis. In the share buyback programme completed in November, the Company acquired a total of 9,993,893 shares. In the buyback programme launched in December, a total of 987,760 shares were acquired as at 31 December 2023. Based on the authorisation of 24 May 2023, the Company cancelled 6,515,856 acquired treasury shares effective 28 August 2023, with a corresponding reduction in the share capital from EUR 186,515,856.00 to EUR 180,000,000.00. A further 6,000,000 acquired treasury shares were cancelled effective 20 December 2023, with a corresponding reduction in the share capital from EUR 180,000,000.00 to EUR 174,000,000.00.

Shareholder structure

As a result of the aforementioned share buyback programme and capital reduction, TeamViewer's shareholder structure as at 31 December 2023 was as follows:

Shareholder	No. of shares held	Shareholding in %
Permira/TigerLuxOne S.à r.l.	24,498,502	14.1
Treasury shares	7,650,576	4.4
Free float	141,850,922	81.5
Total	174,000,000	100.0

In November 2023, as part of a share sale, TigerLuxOne S.à r.l. (TLO), a subsidiary controlled by Permira, sold a total of 13 million shares in TeamViewer SE to institutional investors. Following the sale, TLO continued to be TeamViewer's largest shareholder with a remaining shareholding of around 24.5 million shares, amounting to 14.1 % of the share capital as at 31 December 2023. The free float as at 31 December 2023 based on the total shares outstanding, including treasury shares, amounted to 81.5 %.

In an analysis of the share register, TeamViewer determined the ownership of around 98.7 % of the outstanding shares. Based on the shares outstanding as at 31 December 2023, the proportion of shares held by private shareholders was 18.8 %. The remaining free float of around 67.1 % was principally held by institutional shareholders. The breakdown of the shareholder structure is as follows:

Share performance in the 2023 fiscal year

The global capital market environment was politically dominated by Russia's war of aggression against Ukraine and the violent conflict in the Middle East. The decline in inflation over the course of the year allowed central banks to ease their tightening stance in the second half of the year and keep interest rates stable.

Inflation initially remained high in many parts of the world in the 2023 fiscal year but eased as the year progressed, particularly due to the decline in energy prices. In Germany, inflation was still around 6.1 % in August 2023 but had fallen to 3.2 % by November 2023. At the end of 2023, the US recorded inflation of around 3 %.

The European Central Bank (ECB) continued to raise interest rates in the 2023 fiscal year to combat inflation. The ECB raised interest rates by 25 basis points each in the months of February, May and September. The interest rate decisions of the US Federal Reserve also had a significant impact on international financial markets. Both the Fed and the ECB decided against further interest rate hikes, leaving the benchmark rates in December unchanged.

The EUR/USD exchange rate generally held steady during the year. The high of EUR/USD 1.13 was reached in July 2023, while the lowest rate of EUR/USD 1.05 occurred at the beginning of October 2023. The average EUR/USD exchange rate for the year was approximately 1.08.

After a challenging 2022, the German stock market got off to a very positive start in 2023. Following an initial record high in June, the German DAX index closed at a new high in August at around 16,528 points. As of October 2023, global stock markets were initially dominated by the violent conflict in the Middle East, causing a slump in stock markets around the world and a drop in the DAX index of almost 500 points within a few short weeks. By the end of the year, however, prices had fully recovered and, thanks to easing signals from central banks, the DAX reached a new record high of 17,003 points in December.

The TeamViewer share started the 2023 trading year at an opening price of EUR 12.07. The share initially recorded strong performance, in line with the market as a whole, driven in part by the publication of the preliminary results for the fourth quarter and the 2022 fiscal year. After the publication of the 2023 first quarter results, the share price declined into July. The shares recovered later in the month and went on to reach the year's high of EUR 17.40 on 23 August 2023.

The share price declined again in the months that followed in line with the market as a whole, although it outperformed the market overall until November. Following the placement of the share package by major shareholder Permira at a significant discount to the stock market price, TeamViewer shares recovered again with the start of the new buyback programme in December and rose significantly again at the end of the year.

The share closed the year at EUR 14.06, for a year-on-year increase of around 16.7 %. The share significantly outperformed the German MDAX benchmark index (+8.0 %) despite the sale of shares by Permira/TigerLuxOne S.à r.l. In the final months of the year however, the TeamViewer share was unable to catch up with the performance of the European STOXX 600 Technology Index (+31.7 %).

B – Combined Management Report

18 0 – 3 TeamViewer on the Capital Market

1 Group Fundamentals

1.1 Business model

TeamViewer is a global technology company headquartered in Germany. TeamViewer's software solutions (TeamViewer Remote and TeamViewer Tensor) provide remote access and support for information technology (IT) devices such as computers, mobile phones and tablets, as well as for non-standardised operation technology (OT) devices such as industrial equipment, robots, medical, and other devices.

TeamViewer also offers solutions based on augmented reality (AR) and mixed reality (MR) to increase the productivity of manual processes in logistics, manufacturing, and aftersales (TeamViewer Frontline). Through its products, TeamViewer aims to increase user efficiency and productivity.

Customers and products

In addition to a large number of private users who can use the free version of the software (free user community), TeamViewer's global customer base ranges from small and mediumsized businesses (SMB) to large corporations (Enterprise)2 from a wide range of industries. These customers primarily use the product portfolio listed opposite as part of a subscription model.

TeamViewer Remote

TeamViewer Remote offers solutions to private users and small business customers via fast, secure and device-independent connectivity. Remote access to another IT device is the most common use case for the software. After the launch of the latest generation in April 2023, TeamViewer Remote offers a revised user interface, a new web client, and higher security.

TeamViewer Tensor

TeamViewer Tensor is especially tailored to corporate customers and provides a comprehensive overview of companies' IT and OT device landscapes and simplifies monitoring, maintenance, and support. A particular feature of this product is the customised security functions and granular control options for companies. These features were further expanded and revised with the update of TeamViewer Tensor in October 2023, when the entire user interface was redesigned.

² SMB customers are customers with an annual contract value (ACV) within the last twelve months of less than EUR 10,000 across all products and services. When this threshold is exceeded, the customer is reclassified. Enterprise customers are

customers with an ACV within the last twelve months of at least EUR 10,000 across all products and services. If the ACV falls below this threshold, the customer is reclassified.

TeamViewer Frontline

TeamViewer Frontline makes it possible to optimise business processes at companies using AR and MR workflows. Step-by-step training or workflow instructions in the areas of logistics, quality assurance, or industrial production are displayed to the user on smart glasses or a mobile device. A variety of IT systems can also be connected, making it easy to integrate TeamViewer Frontline into existing company processes. The application also offers complete direct and automatic digital end-to-end process documentation of all work steps during the entire work process.

Strategy

TeamViewer's product portfolio caters to the following global megatrends in the modern workplace:

• Move towards hybrid working models, especially remote work
• Increasing number and complexity of internet-enabled endpoints and devices
• Progressive automation of work processes (increasing use of robots and AI)
• Growing acceptance of AR and MR in the industrial environment
• Shift from conventional manufacturing towards smart factories
• Necessity for sustainable management, CO₂ and energy savings

TeamViewer is strategically focused on achieving its overarching goal of sustainable growth and permanent increases in enterprise value. TeamViewer's short- and medium-term strategy focuses on the following three growth dimensions:

1. Expansion in use cases

Remote access to IT devices such as computers, mobile phones and tablets using TeamViewer Remote for SMB customers and TeamViewer Tensor for enterprise customers form the core of TeamViewer and still account for a large proportion of TeamViewer's revenue today. In addition, the digital transformation in the industrial sector harbours considerable additional usage potential for TeamViewer technology. In addition to traditional IT support use cases in large companies, Enterprise sales in the 2023 fiscal year focused predominately on industrial use cases for the Tensor and Frontline solutions. The aim is to increase the efficiency of logistics work processes using vision picking and to digitally support skilled workers and service technicians on-site in the aftersales area.

2. Coverage of customer segments

TeamViewer's product portfolio covers a broad customer spectrum. Private individuals can use the software free of charge for non-commercial purposes, while SMB and Enterprise customers use the software for commercial use. Historically, TeamViewer has had a strong customer base in the SME sector, but in recent years the Company has increasingly invested in its key account business, developing solutions for the entire value chain and a wide range of industries.

3. Geographic expansion

TeamViewer is a global company operating in three regions: EMEA (Europe, Middle East and Africa), AMERICAS (North, Central and South America) and APAC (Asia, Australia and Oceania). In strengthening the Company's geographic footprint in the 2023 fiscal year, the focus was on reorganising the management and sales organisation of the AMERICAS region, with local teams concentrating on the ongoing customer base expansion and extending the corresponding use cases.

Within the three strategic growth dimensions, TeamViewer's underlying focus is on organic growth. In specific cases, growth can be supported by expanding the solutions portfolio and/or technological expertise through smaller, strategic acquisitions or participations.

1.2 Group structure and organisation

The Group's parent company is TeamViewer SE, headquartered in Göppingen, Germany. As at 31 December 2023, the Group had a total of 1,461 employees worldwide (31 December 2022: 1,386 FTEs). TeamViewer SE (TeamViewer AG prior to the entry of the change in legal form in the commercial register in March 2023) has been listed on the Frankfurt Stock Exchange since September 2019 and has been a member of the German MDAX index since December 2019.

Legal structure

The TeamViewer Group consists of TeamViewer SE, based in Göppingen, and its total of fifteen fully consolidated subsidiaries. TeamViewer SE acts solely as a holding company for the TeamViewer Group and is responsible for the Group's management and control. The operating business is managed by TeamViewer Germany GmbH, an indirect wholly owned subsidiary of TeamViewer SE and its subsidiaries.

The diagram on the following page provides an overview of TeamViewer SE's group structure as at 31 December 2023.

Locations

TeamViewer has locations in fourteen countries. The Group's headquarters are in Göppingen, Germany, which is also the central development location and the sales centre for the EMEA region. Other central sales hubs are located in Largo, Florida (USA) for the AMERICAS region and Singapore and Adelaide (Australia) for the APAC region. TeamViewer also maintains local sales offices in Tokyo (Japan), Shanghai (China), and Toronto (Canada), as well as further research and development sites in Bremen (Germany), Ioannina (Greece), Porto (Portugal), and Linz (Austria). In Mumbai (India), there is a local sales location and shared services centre, while Yerevan (Armenia) is also home to a shared services centre.

Management and reporting

TeamViewer Group is managed as a single segment. Reporting on the platform is based on the geographic regions EMEA, AMERICAS and APAC as the reporting units, as well as on the level of billings and revenue of the SMB and Enterprise customers.

1.3 Management system

To control and monitor the Group's development, TeamViewer uses financial and nonfinancial performance indicators (KPIs), which are divided into "primary" and "secondary" KPIs. In the 2023 fiscal year, TeamViewer used two primary and five secondary performance indicators. In some cases, the indicators were chosen based on the specific customer or region. The target levels for management KPIs are defined during the annual planning process and monitored on a monthly basis throughout the year. The actual values are then compared with the planned and previous year's values, and corrective measures are initiated when necessary. Since the beginning of the 2023 fiscal year, TeamViewer has been using revenue as the primary performance indicator instead of billings, as revenue is a more common, less volatile planning indicator. Billings is now categorised as a secondary performance indicator.

Primary performance indicators

• Revenue (IFRS) represents the value of goods and services transferred to customers and recognised in profit or loss in accordance with IFRS 15. Revenue is derived from billings by adjusting the change in deferred revenue recognised in profit or loss.
• Adjusted EBITDA (non-IFRS) is defined as the operating result (EBIT) in accordance with IFRS, plus depreciation and amortisation of tangible and intangible assets (EBITDA), adjusted for certain business transactions (income and expenses) defined by the Management Board in consultation with the Supervisory Board. Business transactions to be adjusted include expenses from share-based payment models and other material non-recurring effects. Adjusted EBITDA (non-IFRS) is intended to show the Company's underlying operating performance.

Secondary performance indicators

• Billings represent the (net) value of goods and services invoiced to customers within a specific period and which constitute a contract as defined by IFRS 15. Billings arise directly from invoices to customers and are not affected by deferred revenue recognition.
• Annual recurring revenue (ARR) describes the annual recurring revenue for all active subscribers as at the respective reporting date.
• Net retention rate (NRR) is a key indicator used to assess customer loyalty and is calculated as the retained billings for the previous twelve months (LTM) divided by the total recurring billings (retained billings + new billings) for the previous twelve months (LTM-1). The total recurring billings of the LTM-1 period are adjusted for multi-year contracts (MYD). The sub-categories of billings used to calculate the NRR are defined as follows:
  • Retained billings: Recurring billings (subscription renewals, up- and cross-selling activities) with existing subscribers who were already subscribers in the previous twelve months (LTM-1).
  • New billings: Recurring billings attributable to new subscribers.
  • Non-recurring billings: Non-recurring billings, such as services and hardware sales.
• Number of paying subscribers and customers.
• Number of employees (full-time equivalents, FTEs).

1.4 Markets and sales

Markets

TeamViewer distributes its products in almost every country worldwide. The Company's products and solutions can essentially be used in all economic sectors as well as for noncommercial purposes.

Geographically, TeamViewer divides its sales markets into the regions EMEA (Europe, Middle East and Africa), AMERICAS (North, Central and South America) and APAC (Asia, Australia and Oceania). In the 2023 fiscal year as in prior years, the EMEA region represented the largest regional sales market, followed by the AMERICAS and APAC regions. At a country level, TeamViewer's highest billings were recorded in the USA, followed by its home market of Germany. More information on regional business development in the 2023 fiscal year can be found in the economic report and in the notes to the consolidated financial statements.

Sales

TeamViewer's sales model is regionally organised. Sales channels differ according to product range, customer group and use case.

Web shop: TeamViewer Remote for non-commercial and smaller SMB customers

TeamViewer offers a free, functionally limited software version for remote access to IT devices for non-commercial product use. The software, which is available free of charge via the TeamViewer website, is a core element of the sales strategy and ensures a high level of awareness of the TeamViewer Remote brand and product. We believe that in taking this approach, users who have familiarised themselves with the free, non-commercial product will more likely switch to TeamViewer for commercial use. The additional functionalities of the commercial versus the non-commercial version include comprehensive remote device management and professional IT support. The commercial solution is offered as part of a subscription model via TeamViewer's own web shop. The web shop was thoroughly revamped in the 2023 fiscal year and should now offer an improved and more intuitive purchasing experience as well as simpler, more harmonised price scale for the SMB product range.

Inside Sales: TeamViewer Remote and Tensor for SMB customers

The Inside Sales department and its teams organised by language region focus on new customer acquisitions as well as on existing TeamViewer Remote and Tensor customers who need extended functionality.

Enterprise Sales: TeamViewer Tensor and Frontline for corporate customers

For sales of customised solutions to corporate customers, TeamViewer has a dedicated sales organisation, Enterprise Sales, focused on the Tensor and Frontline solutions. In the Tensor area, the sales team cares for larger corporate customers and offers product solutions specifically tailored to customers' needs for the IT and OT device landscape. A special focus is placed on the holistic management of the devices in use and on various security functions. In the Frontline area, the sales team works closely with in-house product engineers (Solution Engineers) responsible for product design and downstream implementation, particularly for AR and MR solutions. Close cooperation with Customer Success Managers ensures that products are successfully adapted to the customer's needs and enhances the value of TeamViewer solutions for corporate customers.

Channel sales: All products for all customers

TeamViewer's sales model is supported by various sales partners, including resellers, distributors, referral partners, managed service providers (MSPs) and system integrators, who provide their support in selling standardised products in the SMB segment and in developing and implementing complex solutions for the Enterprise business. In the 2023 fiscal year, the Company launched "TeamViewer TeamUP", a new global sales partner channel programme. Participating partners receive benefits, including exclusive discounts, special support, and comprehensive sales training, as well as a wide range of certifications.

Technology partners: All products for all customers

In addition to the sales channels already mentioned, TeamViewer software is also distributed by integrating it into the applications and shops of various strategic technology partners, which include Realwear, EPSON, dynabook and Zebra. In the 2023 fiscal year, TeamViewer expanded its product portfolio to include mobile device management solutions from partners Ivanti (management of IT devices and operating systems) and Lansweeper (device detection in networks). TeamViewer intends to continuously expand its circle of technology partners, not only to strengthen its sales but also to further expand its product range.

Strategic sales partners

TeamViewer pursues a co-selling approach with strategic partners such as Microsoft, SAP, Google, and Siemens. Through the SAP partnership, TeamViewer solutions are presented with SAP at industry events and installed for demonstration at SAP innovation centres worldwide, making them accessible to potential customers. As part of the cooperation with Google, TeamViewer's AR platform and TeamViewer Tensor are available on Google Cloud Marketplace. The partnership with Microsoft includes making TeamViewer Tensor available in the Microsoft Azure Marketplace. The partnership with Siemens focuses on TeamViewer's AR solutions, which are offered in combination with Siemens' product lifecycle management solution. The success of TeamViewer's sales efforts is measured not only by revenue and billings but also by customer loyalty and satisfaction.

1.5 Research and development

The ability of software providers to develop new products and quickly bring them to market while continuously adapting existing products and services is a key factor for success. This makes research and development (R&D) work of central importance for the future success of TeamViewer.

R&D organisation

At the end of the 2023 fiscal year, 399 FTEs (full-time equivalents) were employed in R&D across the Group (previous year: 404), which was largely unchanged compared to the prior year. In 2023, TeamViewer also made greater use of external resources to maintain flexibility and rapidly respond to changing requirements. Most R&D employees work in Germany at the Group's headquarters in Göppingen, as well as in Stuttgart, Karlsruhe, and Bremen. TeamViewer also maintains R&D locations in Greece, Austria, and Portugal. These national and international locations provide the Group additional access to skilled employees in the area of R&D.

R&D expenses

Research and development expenses amounted to EUR 80.1 million in the 2023 fiscal year (2022: EUR 69.5 million). They include personnel costs, costs for work and services rendered by service providers and cooperation partners, and depreciation and amortisation. TeamViewer's R&D expenses, excluding depreciation and amortisation and including adjustments made according to the definition of adjusted EBITDA, amounted to EUR 64.2 million in the 2023 fiscal year (2022: EUR 54.4 million), corresponding to a share of revenues of 10.2 % (2022: 9.6 %).

Continued evolution of core software

In the 2023 fiscal year, TeamViewer successfully repositioned its best-known software under the name "TeamViewer Remote". Through a fundamental redesign, TeamViewer Remote brings significant enhancements to usability and fraud prevention, as well as to the underlying technology, including the switch to Microsoft's WebView2 technology. The revised design and new way of launching remote access sessions not only reflects a contemporary user experience, but also lays the foundation for future innovations and product development. Next to improving performance, stability and security, a special focus was placed on introducing a fully functional web application to maintain the software's standing as one of the leading device-independent solutions for remote connectivity.

TeamViewer Tensor enterprise connectivity software

TeamViewer Tensor enterprise solution received major enhancements in the fiscal year, with a particular focus on expanding security features and tailoring them to the needs of enterprises. Specifically, the "Bring-Your-Own-Certificate" functionality was introduced, which enables companies to use their own certificates for TeamViewer connections. The user interface was also redesigned to ensure a consistent and modern user experience, similar to what was accomplished with TeamViewer Remote. These improvements increase the security and usability of TeamViewer Tensor in mission-critical environments.

Focus on integration

Research and development also focused in the 2023 fiscal year on integrating third-party technologies to provide a comprehensive solution for small, medium, and enterprise customers. This specifically included advancing the integration with leading mobile device management and asset discovery products such as Ivanti's Neurons and Lansweeper platforms, making TeamViewer's remote monitoring and management solution even more effective. All IT devices can now be managed and monitored, regardless of the manufacturer and operating system.

Augmented and mixed reality

In the 2023 fiscal year, TeamViewer also further advanced its applications in the areas of AR and MR. TeamViewer Frontline Spatial, for example, can now integrate 3D models directly from the Siemens Product Lifecycle Management Teamcenter. This enables customers to seamlessly integrate interactive 3D models from existing CAD data into their training and maintenance processes. TeamViewer also redesigned the data analysis options for its vision picking solution. Customers can now prepare and display data on a dashboard and provide a more detailed record and analysis of the individual work steps and the time required. This is intended to make processes more efficient and enable data-based decisions for better processes. TeamViewer intentionally relies on practical data analytics solutions to continuously optimise workflows.

Developments in the area of artificial intelligence

TeamViewer also forged ahead with development in the area of artificial intelligence (AI) during the past year. A key component of this development was the optimisation of AI image recognition for TeamViewer Frontline. This enhancement is essential for Frontline AI Studio training and intended to help structure advanced AR workflows more effectively.

In addition, TeamViewer implemented the first version of an AI-powered co-pilot called AI Script Assistant, which is used in remote monitoring and management (RMM). The aim is to reduce complexity in the RMM environment. Remote monitoring and management tasks can be automated using the co-pilot through simple commands. The implementation of the copilot is part of TeamViewer's conscious focus on practical AI solutions with the aim of offering customers functional, efficient remote management tools.

1.6 Security and data protection

Centrally important to TeamViewer's business is its ability to ensure the best possible data, IT and product security at all times. To meet these demands, the Group continually invests in developing preventive measures and internal guidelines, expanding its security applications, and ensuring it complies with legal regulations.

Security

TeamViewer has a Group-wide IT and product security strategy that protects its own infrastructure as well as the software products it offers. IT and product security are organised as two departments operating under the uniform leadership of the Chief Information Security Officer (CISO). In 2023, the departments continued to be supported by external consultants and providers of recognised security solutions.

Raising employee awareness

To ensure the highest possible level of IT security and cyber hygiene, TeamViewer places particular importance on ensuring the ongoing sensitisation of all employees. Periodic queries on the contents of internal guidelines and frameworks give employees practical experience and ensure a strong security culture. Mandatory training provides sophisticated knowledge of the patterns of possible attack attempts and the appropriate defensive measures. Targeted campaigns regularly assess the organisation to identify possible threat patterns. In 2023, a knowledge database of safety-related aspects dedicated to the safety area was introduced to help the organisation reinforce the knowledge gained in training and campaigns.

Infrastructure and product safety

TeamViewer's Group-wide IT security strategy follows a "best-of-breed" approach. In this way, the world's leading solutions can be integrated into a comprehensive protection concept. TeamViewer regularly assesses the security applications in use and calibrates them to the prevailing threat situation.

In the 2023 fiscal year, several measures were implemented to strengthen the infrastructure and product security. TeamViewer made additional technology investments in securityrelevant hardware and software solutions, underlining its dedication to its consistent bestof-breed approach in choosing the optimal security solutions. These included investments in network traffic monitoring to significantly increase the early detection of anomalies. Modern detection and prevention technologies were also introduced for enhanced protection against ransomware. In the areas of email security and phishing protection, guidelines were tightened again significantly and technically reinforced using a risk-based analysis. TeamViewer also follows a consistent zero-trust strategy within its own system landscape to protect employees and technical resources. Technical access controls were also significantly tightened again in 2023 and secured through extended conditional access. Broadened strategies with tried-and-tested processes and plans were expanded to ensure operational capabilities in the event of a business interruption. These strategies and processes are tested on an ongoing basis and optimised as part of TeamViewer's continuous improvement process.

The security concept for software development was also reinforced in 2023. TeamViewer strives to maximise product security in all phases of software development by means of a Secure Software Development Life Cycle (S-SDLC). TeamViewer also introduced a new scalable programme in 2023 to strengthen the early integration and assurance of security aspects and measures in design and development. Various security tests have already been built into the development phase to identify potential vulnerabilities and close security gaps. To this end, TeamViewer follows the responsible disclosure principle and works closely with independent security researchers via a Group-wide Vulnerability Disclosure Policy (VDP) as well as within the framework of a "bug bounty" programme. Security vulnerabilities in software that has already been released and is in operation are published in accordance with internal guidelines as a security bulletin in the TrustCenter of the corresponding software application, as well as in the official Common Vulnerabilities and Exposures (CVE) register.

TeamViewer monitors its IT systems and applications on a permanent basis. The Company employs a Computer Security Incident Response Team (CSIRT) and Product Security Incident Response Team (PSIRT) for this purpose, whose constant readiness is based on a regularly updated Security Incident Response Plan and other security playbooks. In 2023, TeamViewer continued to significantly expand the overarching security monitoring and threat detection systems for its systems landscape. This involved switching to a scalable SaaS-based Security Operations Centre (SOC) service. The external SOC supports TeamViewer in the 24/7 monitoring of all environments. The prevention of and response to potential cyberattacks was optimised and further automated with the support of advanced Security Orchestration, Automation and Response (SOAR) services, together with a Security Information and Event Management System (SIEM).

For the TeamViewer brand, the Company invested in further protective mechanisms in the 2023 fiscal year for the proactive detection of cyber threats. By monitoring the external attack surface, brand imitations in the form of fake websites, social media scams and other malicious applications can be detected. Fraudulent websites, apps and social media accounts were identified and shut down, preventing potential damage to users and TeamViewer's public reputation.

Audits and certifications

TeamViewer's IT infrastructure, complete product and solutions portfolio, and its relevant suppliers all continued to be routinely subjected to detailed audits and stress tests in 2023 by specialised international security service providers to further enhance product and IT security. The resulting outcomes and potential improvements are discussed by the internal IT security and product security experts at the Security Steering Board meetings, which take place routinely every 14 days. The entire Management Board also keeps informed of current IT and product security developments and reports regularly to the Supervisory Board on cyber security issues of strategic importance.

In addition to the ISO 27001 certification of all the data centres processing TeamViewer data, TeamViewer's own Information Security Management System (ISMS) was certified for the first time in 2023. ISO 27001 is an internationally recognised standard for information security. This certification emphasises TeamViewer's commitment to information security and demonstrates the maturity of its ISMS. The security measures implemented and the high level of maturity and resilience of TeamViewer's IT and product security highlight the importance of this certification for TeamViewer. The Group's security architecture is also HIPAA/HITECH, SOC-2, SOC-3 and TISAX audited.

Independently recognised high rating for security

The Cyber Security Rating from BitSight, a cybersecurity risk assessment and security management measurement company, has rated TeamViewer's security architecture in the highest category for the past several years. As a result, TeamViewer ranks among the top 1 % of global technology companies in a direct competitive comparison against a benchmark of more than 100,000 technology companies. This exceptional position is further underpinned by an excellent "A rating" from SecurityScorecard, another company for the assessment of corporate cybersecurity.3

Physical security concept

In addition to IT and product security, TeamViewer's security concept encompasses the physical security of all of the Group's offices worldwide. TeamViewer reviews the security of its corporate locations annually and in detail to ensure it meets the respective protection requirements at all times. This is required for existing properties as well as when opening new locations. A standardised audit procedure allows for a comparative routine compliance review with the specified protection definitions and security objectives along defined audit areas.

Measures to protect users from fraud and fraudulent activities

TeamViewer works continuously to improve its software and implement security features. Such features include encryption protocols, multi-factor authentication options, security measures to conditionally grant or deny access to resources, data or systems (conditional access), as well as functionality that allows users to use their own digital certificates to ensure a secure remote connection.

TeamViewer also provides information material and guides on its blog and website to educate users about potential fraud and how to protect themselves from fraudulent activities. These resources include tips for recognising and avoiding common online scams, such as phishing attacks and social engineering tactics. Users can report possible abuse or suspicious activity using a form available on TeamViewer's website.

TeamViewer actively combats fraudulent activities and cybercrime groups that intend to misuse the TeamViewer product platform for their own purposes. The Group was prepared to cooperate with law enforcement authorities in 2023. TeamViewer can provide the authorities with support and information to prevent fraudulent use of the TeamViewer platform.

Memberships and partnerships

As a certified member of the Forum of Incident Response and Security Teams (FIRST), TeamViewer actively participates in the global exchange of information and experience regarding worldwide threat situations. In addition, TeamViewer continues to be a partner of the weekday briefing "Tagesspiegel Background Cybersecurity", sponsored by the German daily newspaper "Der Tagesspiegel". In 2023, through this media partnership, TeamViewer supported the creation of a platform to host informed debates on cybersecurity in Germany.

Since 2023, TeamViewer has been a member of Stop Scams UK. This UK-based initiative seeks to educate consumers about the various types of scams around the world to help protect themselves from fraud. The initiative is supported by a range of organisations, including law enforcement agencies, government bodies, and consumer protection groups. As a member of this initiative, TeamViewer shares knowledge and solutions to protect individuals and businesses from the damage and losses caused by fraudsters.

Data protection

The protection of personal data is of elementary importance to TeamViewer. The Group's Compliance Policy places a special emphasis on complying with the fundamental principles for processing personal data in accordance with Article 5 of the European Data Protection Regulation (GDPR). TeamViewer and all of its affiliated companies fully acknowledge their resulting obligations as data controllers and processors.

Data protection organisation

The Company-wide data protection organisation, introduced in 2017, has been continuously expanded and is bundled in the TeamViewer Privacy Management Framework, which encompasses all of the Group's data protection-related regulations, policies and procedures.

TeamViewer has its own internal Data Protection department, which is part of the Legal and Compliance department. The Data Protection department is decentrally organised. Each of the Company's specialist departments has at least one qualified person who acts as the GDPR Lead and is responsible for the respective division's compliance with GDPR principles. Experts from TeamViewer's Legal department provide ongoing support to the Company's data protection organisation. TeamViewer has also appointed an external, independent Data Protection Officer in accordance with Article 37 of the General Data Protection Regulation (GDPR). The Data Protection Officer supports TeamViewer in an advisory and auditing capacity and represents it vis-à-vis the supervisory authorities.

The GDPR Lead's responsibilities include maintaining a complete register of processing activities, reviewing and concluding order processing contracts with contractors, and conducting data protection impact assessments. In addition, suitable technical and organisational measures (TOMs) are implemented to ensure the security of entrusted personal data. These TOMs are reviewed regularly, at least once annually, to ensure they are up-to-date. The last update of the TOMs was carried out in July 2023. To implement the data protection requirements within the scope of new or further product development, TeamViewer is committed to complying with the GDPR provisions "Data protection through technology design" and "Data protection through data protection-friendly default settings".

Training and certification

All employees working for TeamViewer on a permanent or freelance basis regularly receive mandatory training on data protection and GDPR-relevant topics, both in-person and via TeamViewer's internal training platform. Training includes both externally and internally created content and is held regularly and as needed to all employees working in certain atrisk departments.

During the 2023 fiscal year, the following data protection training courses were held as part of the Company-wide education programme:

• Data protection training sessions for all employees. These included a refresher on data protection fundamentals, policies, and processes (e.g. handling data breaches, deletion of unstructured data).
• Department-specific training and on-site training at the Berlin and Göppingen office locations. Additional in-person training and online courses over LinkedIn Learning are scheduled to take place in the 2024 fiscal year.

In addition, TeamViewer offers a qualification programme that gives interested employees – especially those whose work involves personal data protection or the processing of GDPRrelevant data – the opportunity to complete further data protection-related training or earn certifications, such as Certified Information Privacy Professional/Europe (CIPP/E), or become re-certified. Certification is awarded by the International Association of Privacy Professionals (IAPP), of which TeamViewer is a gold member.

2 Employees

TeamViewer Group employed 1,461 people worldwide (full-time equivalents, FTEs) as at 31 December 2023 (31 December 2022: 1, 386 FTEs). Consequently, the number of employees in the 2023 fiscal year was approximately 5 % higher year-on-year.

The increase in personnel was generally evenly distributed across all functional areas and regions. The higher growth in the number of employees in administration, marketing and technical customer service areas was primarily due to changes made to the organisational structure following the appointment of Mei Dent as TeamViewer's Chief Product & Technology Officer (CPTO) and other internal restructuring measures. Changes included the reassignment of the Group's own training team, which is responsible for both the ongoing training of sales staff and the onboarding of new colleagues, from the Sales division to Administration. In addition, the Marketing division invested in expanding the digital and content team in particular to further strengthen TeamViewer's positioning in this area.

As the employer of employees from a wide range of nations, TeamViewer promotes a corporate culture characterised by social, economic and political inclusion and equal treatment regardless of age, gender, ability, ethnicity, origin, religion, economic, social or other background. Diversity is held as one of the Group's core values.

Employees by function

Function	2023	2022	YoY change
Sales	584	572	+2 %
Research & Development	399	404	–1 %
Administration	283	243	+16 %
Marketing	113	98	+15 %
Technical Customer Service	83	69	+20 %
FTE total	1,461	1,386	+5 %

As at 31 December 2023 and 31 December 2022; measured in full-time equivalents (FTEs).

Employees by region

Region	2023	2022	YoY change
EMEA	998	947	+5 %
AMERICAS	268	260	+3 %
APAC	195	179	+8 %
FTE total	1,461	1,386	+5 %

As at 31 December 2023 and 31 December 2022; measured in full-time equivalents (FTEs).

3 Corporate Responsibility

TeamViewer is committed to making a positive contribution to society and the environment as a company, employer, and product and solution provider. Thereby, the company aims to act as a local, national and international role model working in a sustainable and resourceconserving manner, guided by the principles of proper corporate governance.

As part of its global sustainability programme c-a-r-e (c – collaboration, a – access [access to technology], r – reduction [emissions reduction], e – equity), TeamViewer has set specific targets and measures that contribute to the Group's sustainability efforts.

TeamViewer divides its corporate responsibility and sustainability efforts in line with the three dimensions of responsibility: E – Environmental, S – Social (social issues), G – Governance.

Environmental (E)

TeamViewer is aware of its corporate responsibility and intends to continue to make a decisive contribution to achieving the climate goals. The software also helps reduce global travel worldwide and save the associated CO₂ emissions by enabling technicians to remotely service devices. As part of its climate strategy, the Company is pursuing the goal of reducing its own CO₂ emissions by 90 % as of 2040 versus the 2021 reference year and removing or capturing unavoidable emissions from the atmosphere in the long term. On the way to achieving this, TeamViewer sources electricity from renewable energy sources and aims to do the same for the entire product infrastructure. Energy Attribute Certificates (EACs) are already used to track the origin of electricity and verify the consumption of renewable energy. Further measures include emission-efficient business travel by avoiding air travel and a hybrid work model to reduce work-related commuting. TeamViewer is also already investing in the long-term storage of carbon dioxide (Carbon Removal). TeamViewer underlines its sustainability ambitions by recognising the Sustainable Development Goals (SDG) and verifying its CO₂ reduction targets through the Science Based Targets Initiative (SBTi).

Social issues (S)

TeamViewer demonstrates its social commitment by providing a free version of its software, enabling non-commercial users to access its product solutions free of charge in order to help other people. TeamViewer is committed to giving back to society at a regional and national level and supports the training and education of young people, particularly in STEM subjects (mathematics, information technology, natural sciences and technology). TeamViewer also respects international standards for the protection of human rights in the workplace, including the following:

• Universal Declaration of Human Rights (UDHR) of the United Nations (UN)
• European Convention for the Protection of Human Rights and Fundamental Freedoms of the European Court of Human Rights
• International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work

Corporate governance (G)

TeamViewer is committed to complying with global standards for responsible corporate governance. In addition to the recommendations of the German Corporate Governance Code (GCGC), these standards include the UN Global Compact. TeamViewer focuses on diversity and equal opportunities as well as the promotion of women in management positions. Diversity is an integral part of the Company's corporate culture and an important aspect for the Management Board when filling management positions. The Management Board believes that the best possible professional qualifications should outweigh gender considerations when filling management positions at the Company. It also recognises however the importance of diversity, particularly the special importance of women's participation in management positions. The Management Board therefore aims to increase the proportion of women in management positions in the medium term. It also extended its previous UN commitments by joining the UN Women Empowerment Principles (WEPs) programme in 2021.

External rankings

During the past fiscal year, TeamViewer's sustainability performance, initiatives and ambitions were evaluated by three leading independent rating agencies, MSCI, Sustainalytics and CDP (formerly the Carbon Disclosure Project). In the 2023 fiscal year, TeamViewer again received a AAA MSCI sustainability rating (2022: AAA), keeping it in the highest category. The rating places TeamViewer among the top 11 % of companies in the software and services industry worldwide. TeamViewer also ranked highly by Morningstar Sustainalytics, placing it first among 431 companies rated in the Enterprise & Infrastructure Software sector.4 In addition, the CDP organisation, which focuses on environmental impact, awarded a B rating for TeamViewer's environmental protection measures in the fiscal year 2023. TeamViewer thus retains its B rating in the global climate ranking (2022: B, 2021: B-), which is above the industry average and underlines the importance of effective climate protection for the Company.5

4 Economic Report

4.1 Macroeconomic environment

The year 2023 was marked by continued geopolitical tensions and economic upheaval, resulting in a challenging and volatile macroeconomic environment. The much tighter global monetary policy however did not lead to the global recession initially feared by economists.6

After a noticeable pickup in the global economy in the first quarter of 2023, there was a marked slowdown in economic growth in the second quarter, driven largely by a decline in production and rising financing costs. This trend continued in the second half of the year, leaving a challenging macroeconomic environment. For the full year 2023, global economic growth was around 3.0 %. This was a decline of 0.3 percentage points from the previous year's growth of around 3.3 %. 7

TeamViewer's key individual markets, Germany and the US, showed low to negative growth for 2023 as a whole. In Germany, gross domestic product was negative at –0.3 %. GDP growth of 2.0 % was calculated for the US compared to the previous year.8

The USD weakened against the EUR in the reporting period. After an average EUR/USD exchange rate of 1.05 in 2022, the average exchange rate in 2023 was 1.08.9/10

Sector environment

According to calculations by the international market research institute Gartner, global IT expenditure amounted to around USD 4.7 trillion in 2023, growing 3.3 % over the prior year.11 The software solutions and IT services subsegments, which are important for TeamViewer, recorded respective growth rates of around 12.4 % and 5.8 % in 2023.12

The higher growth in global IT expenditure and the relevant subsegments compared to the overall economic situation was primarily driven by rising demand for efficiency-enhancing and cloud-based software solutions.13 Growth prospects were also fuelled by developments in the field of AI and its potential for automating business processes, as well as investments in security solutions (cybersecurity).14/15

4.2 Business development

In the 2023 fiscal year, TeamViewer continued to successfully execute its growth strategy along the three defined growth dimensions through i) expansion of use cases, ii) coverage of existing customer segments, and iii) geographic expansion and grew profitably. Revenue increased by 11 % to EUR 626.7 million, meeting TeamViewer's 2023 fiscal year guidance for "double-digit revenue growth ranging from 10 % to 14 %". Adjusted EBITDA rose 13 % to EUR 260.5 million, resulting in an adjusted EBITDA margin for the 2023 fiscal year of 42 %. This also met the margin guidance for an "adjusted EBITDA margin of around 40 %".

⁶ IfW Kiel – Kiel Economic Report No. 105 – Q3 2023: https://www.ifw-kiel.de/de/publikationen/weltwirtschaft-im-herbst-2023-moderate-expansion-trotz-erheblicher-gegenwinde-31941/

⁷ IfW Kiel – Kiel Economic Reports World Economy in Autumn – Q3 2023: https://www.ifw-

kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/e9964bd9-a22e-4917-ad23-7eb802dc54f0- KKB\_105\_2023-Q3\_Welt\_DE\_V3.pdf

⁸ IfW Kiel – Kiel Economic Reports No. 105 – Q3 2023: Global economy in autumn - Q3 2023: https://www.ifwkiel.de/fileadmin-/Dateiverwaltung/IfW-Publications/fis-import/e9964bd9-a22e-4917-ad23-7eb802dc54f0- KKB\_105\_2023-Q3\_Welt\_DE\_V3.pdf; Federal Statistical Office: Press release dated 15 January 2024 - 019/24

⁹ Statista: https://de.statista.com/statistik/daten/studie/200194/umfrage/wechselkurs-des-euro-gegenueber-dem-usdollar-seit-2001/

¹⁰ Statista: https://de.statista.com/statistik/daten/studie/214878/umfrage/wechselkurs-des-euro-gegenueber-dem-us-

dollar-monatliche-entwicklung/ (average of prices at the end of the month) 11 Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17- 2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024.

¹² Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17- 2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024

¹³ Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/2023-10- 18-gartner-forecasts-worldwide-it-spending-to-grow-8-percent-in-2024

¹⁴ Fortune Tech AI: https://fortune.com/2023/07/06/microsoft-ai-3-trillion-valuation-morgan-stanley/ ¹⁵ Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/2023-10- 18-gartner-forecasts-worldwide-it-spending-to-grow-8-percent-in-2024

Guidance 2023

In EUR million	Fiscal year 2023	Guidance 2023	Fiscal year 2022
Revenue (IFRS)	626.7	620 to 645 +10–14 % YoY	565.9
Adjusted EBITDA margin	42 %	around 40 %	41 %

The revenue guidance for 2023 corresponded to billings of EUR 675 to 705 million at an exchange rate of EUR 1.05 to the US dollar. At this exchange rate, TeamViewer generated billings of EUR 678 million in the 2023 fiscal year.

The following important events and initiatives in the 2023 fiscal year were relevant to the Group's business development and financial performance indicators:

New sales partner programme

TeamViewer launched a new partner programme "TeamViewer TeamUP" in February 2023 to strengthen the global sales organisation and drive growth in all regions. The programme is designed for sales partners, including resellers, referral partners, distributors, managed service providers, and system integrators. The aim of the programme is to deepen cooperation with sales partners and benefit from their local market expertise. The programme focuses on comprehensive sales training, the provision of marketing materials, and a globally standardised partner portal.

Strengthening the AMERICAS sales organisation

TeamViewer appointed Georg Beyschlag as the new President AMERICAS in March 2023 to further strengthen the regional sales organisation in the AMERICAS region and fully exploit the local growth potential. A new sales centre was also opened in Mexico to serve as a central location for TeamViewer's further expansion in the dynamic Latin American markets.

TeamViewer Remote and Tensor product upgrades

In the 2023 fiscal year, TeamViewer rolled out comprehensive product upgrades for Remote and Tensor. The product upgrades also pave the way for the integration of the entire product portfolio along with additional third-party applications on the same tech architecture. The new generation of TeamViewer Remote is designed to increase the product's appeal for the relevant target groups and open up new cross-selling and upselling potential. The update to TeamViewer Tensor harmonises the interface of TeamViewer's enterprise connectivity solution with TeamViewer Remote and unifies the user experience across products. The integration of the Ivanti Neuron and Lansweeper solutions also extends TeamViewer's remote monitoring and management (RMM) functionality to include centralised functions. This provides customers a holistic solution with the aim of making it possible to manage all desktop and mobile IT devices efficiently and securely via a central platform.

Frontline Taskforce

TeamViewer created a task force to strengthen its Frontline activities during the fiscal year. The task force focused particularly on i) improving pitch quality, ii) strengthening the aftersales solution, iii) promoting sales activities in the areas of logistics (vision picking) and aftersales, iv) optimising existing strategic partnerships, and v) improving ongoing financial and pipeline planning.

Tensor certification for the SAP Endorsed App and integration in SAP Service Cloud

TeamViewer's Tensor enterprise connectivity software has successfully passed the certification process to become an SAP Endorsed App. Next to TeamViewer's Frontline solution, which is already listed in the SAP App Centre, Tensor's certification now rounds off TeamViewer's offers in the SAP ecosystem. Tensor was also integrated into the SAP Service Cloud in the 2023 fiscal year. TeamViewer's enterprise-grade solution is designed to enable customer support agents to initiate remote support sessions directly from the SAP Service Cloud with the aim to enable companies to help their customers remotely faster and more reliably.

Change in scope of Manchester United partnership

In September 2023, TeamViewer announced a change in the scope of its existing partnership with Manchester United. It follows the agreement reached in December 2022, under which Manchester United was granted the option to buy back the rights to the club's main shirt sponsorship. Following Manchester United's announcement of the new main shirt sponsor, TeamViewer will take on a new role in Manchester United's partner ecosystem at the start of the 2024/2025 season and will continue its brand-building activities until the end of the 2025/2026 season to benefit from Manchester United's platform.

Strategic investments

TeamViewer expanded its commitment to the digital transformation of industrial work environments and smart factory solutions in the 2023 fiscal year by making strategic acquisitions of minority interests (each under 15 %) in different technology companies. These acquisitions give TeamViewer specific added expertise.

• Cybus: A German software company specialising in industrial IoT solutions for large production environments. The Cybus data hub collects, processes, and distributes industrial data and enables seamless communication between the various devices, machines, and processes in smart factories.
• Sight Machine: A San Francisco-based company offering a platform that collects, structures, and analyses industrial production data.
• Almer: A Swiss company specialising in the development of AR-supported data glasses for use in industrial environments.
• Picavi: A German software company focusing on use cases in logistics (vision picking); TeamViewer has acquired various parts of the company and its assets from bankruptcy.

Successive share buybacks

With the publication of the preliminary annual results in February 2023 for the 2022 fiscal year, TeamViewer announced a share buyback programme with a volume of EUR 150 million. The programme was successfully completed in November 2023, with the Company acquiring a total of 9,993,893 shares. In December 2023, TeamViewer announced a new share buyback programme with a total volume of up to EUR 150 million. The programme is expected to be completed in 2024 and will initially be executed under the existing buyback authorisation from the 2023 Annual General Meeting. A total of 987,760 shares were acquired under this programme by 31 December 2023.

Key growth drivers

The following topics represent the key growth drivers in the 2023 fiscal year:

• Cross-selling and upselling campaigns (SMB and Enterprise)
• Acquisition of new customers (SMB and Enterprise)
• Monetisation campaign (SMB)
• Implementation of price adjustments initiated in the fourth quarter of 2022 (SMB)

4.3 Earnings position of the Group

The presentation that follows includes the most important items of the income statement in accordance with IFRS, as well as the management view (non-IFRS).

Revenue

The Group generally invoices a lump sum payable in advance for its software products at the beginning of the contract. This amount is recognised in revenue over the contract duration, which usually spans 12 months. Multi-year contracts are also concluded in some cases.

Development of revenue

Sales increased in the fiscal year compared to the previous year as follows:

In EUR million	2023	2022	∆ YoY
Revenue (IFRS)	626.7	565.9	+11 %

Revenue by region

				Total	Total
				share in	share in
In EUR million	2023	2022	∆ YoY	2023	2022
EMEA	332.4	301.0	+10 %	53 %	53 %
AMERICAS	222.8	198.8	+12 %	36 %	35 %
APAC	71.5	66.0	+8 %	11 %	12 %
Total	626.7	565.9	+11 %	100 %	100 %

Revenue increased across all regions in the 2023 fiscal year. The AMERICAS region recorded the highest growth rate due to the strong billing growth in this region in the prior year. Revenue in the APAC region also recorded significant growth in the fiscal year.

Revenue by customer classification

				Total	Total
				share in	share in
In EUR million	2023	2022	∆ YoY	2023	2022
SMB 1	504.6	467.2	+8 %	81 %	83 %
Enterprise1	122.1	98.6	+24 %	19 %	17 %
Total	626.7	565.9	+11 %	100 %	100 %

¹ Since the 2023 fiscal year, the effects of multi-year contracts have been taken into account in more detail when calculating the revenue breakdown. The previous year's figures (reported in 2022: SMB: EUR 457.9 million; Enterprise: EUR 108.0 million) have been adjusted for easier comparison.

The SMB business recorded positive performance in the fiscal year. This growth compensated for the weaker development of the Enterprise business, particularly in higher-priced contract categories, and of the AMERICAS region.

Cost development

Total costs and other income/expenses

Other expenses	(3.5)	(1.3)	+170 %
Other income	8.5	23.3	–63 %
Expenses for impairments on trade receivables	(8.5)	(12.4)	–31 %
General and administrative costs1	(49.4)	(53.5)	–8 %
Sales expenses	(106.7)	(99.1)	+8 %
Marketing costs	(138.7)	(128.4)	+8 %
R&D costs	(80.1)	(69.5)	+15 %
Cost of sales	(81.7)	(81.3)	+1 %
In EUR million	2023	2022	∆ YoY

¹ In the 2023 fiscal year, costs for human resource management totalling EUR 8.0 million were allocated to individual departments (of which cost of sales: EUR 0.5 million; R&D costs: EUR 2.8 million; marketing costs: EUR 0.7 million; and sales expenses: EUR 3.9 million). In the previous year, these costs were largely included in general and administrative costs.

Cost of sales consists primarily of amortisation of intangible assets, router and server costs, payment fees, and personnel expenses. Gross profit (gross profit), defined as revenue less cost of sales, increased by 12 % to EUR 544.9 million (2022: EUR 484.6 million). The corresponding gross margin increased slightly to 87 % (2022: 86 %).

R&D costs increased due to higher personnel and material costs in connection with the expansion of future product offers.

The main drivers of higher marketing costs were the rise in sports sponsorship costs and higher personnel costs.

Selling expenses increased in the fiscal year, primarily due to higher personnel and travel costs.

The decline in general and administrative costs was primarily due to the reallocation of costs for human resource management to individual departments.

Expenses for impairments on trade receivables developed positively due to lower bad debt expenses. This resulted from a more efficient dunning process and improved payment behaviour, as well as a higher proportion of Enterprise business.

The main components of the net of other income and other expenses in the fiscal year were income from hedging exchange rate fluctuations and income from Manchester United's repurchase of the rights to the main jersey sponsorship. The net of other income and other expenses in the previous year resulted mainly from income from hedging exchange rate fluctuations.

Overall, the increase in total costs and other income/expenses was lower than the increase in revenue and had a positive effect on TeamViewer's profitability in the fiscal year.

EBITDA

Total costs, which include depreciation and amortisation of tangible and intangible assets, totalled EUR 55.4 million in the 2023 fiscal year. This amounted to an increase of 3 % compared to the prior year (2022: EUR 53.7 million). The increase was primarily due to higher depreciation on capitalised leases for buildings, routers, and servers.

Reconciliation of EBITDA to adjusted EBITDA (non-IFRS)

In EUR million	2023	2022	∆ YoY
EBITDA	221.9	197.5	+12 %
EBITDA margin in % of revenue	35 %	35 %	+0 pp
Expenses for share-based compensation	23.7	28.4	–17 %
Other items to be adjusted	14.9	3.9	+279 %
Adjusted EBITDA (non-IFRS)	260.5	229.8	+13 %
Adjusted EBITDA margin in % of revenue	42 %	41 %	+1 pp

Adjusted EBITDA (non-IFRS) in the 2023 fiscal year increased year-on-year by 13 % to a total of EUR 260.5 million. Due to the growth in revenue of 11 %, the adjusted EBITDA margin (adjusted EBITDA (non-IFRS) as a percentage of sales) rose to 42 % (previous year: 41 %).

Operating profit (EBIT)

EBIT increased 16 % to EUR 166.6 million in the fiscal year. This led to a two percentage point increase in the EBIT margin (EBIT relative to revenue) to 27 % (2022: 25 %) compared to the prior year.

Earnings before taxes (EBT)

EBT increased 26 % to EUR 147.5 million in the 2023 fiscal year (2022: EUR 116.7 million). The disproportionately higher increase compared to EBIT was caused by the development of the items of the finance result shown below.

In EUR million	2023	2022	∆ YoY
Finance income	1.4	4.3	–68 %
Finance expenses	(16.9)	(25.8)	–35 %
Currency result	(3.6)	(5.5)	–34 %

The decline in finance income in the fiscal year was mainly due to the decrease in income from interest rate hedges. Finance expenses fell due to costs in connection with the early repayment of financial liabilities in the previous year and lower financial liabilities in the 2023 fiscal year.

Group net income/loss

Income taxes in the fiscal year consisted of a current tax expense of EUR 46.2 million (2022: EUR 44.9 million) and a deferred tax benefit of EUR 12.8 million (2022: deferred tax expense of EUR 4.2 million). As a result, the total tax expense in the fiscal year declined to EUR 33.4 million (2022: EUR 49.1 million). The higher current tax expense was mainly due to the increase in earnings before taxes. The change in deferred taxes resulted primarily from the first-time capitalisation of tax loss and interest carryforwards, as well as from temporary differences. The first-time capitalisation was due to TeamViewer's concrete plans for future tax utilisation. The fiscal year tax rate (income taxes relative to EBT) of 22.7 % was significantly below the previous year's tax rate (2022: 42.1 %).

The Group net income/loss grew 69 % to EUR 114.0 million (2022: EUR 67.6 million). Earnings per share grew disproportionately from EUR 0.37 to EUR 0.66 due to share buybacks.

TeamViewer also uses the adjusted Group net income/loss (non-IFRS) to assess its earnings situation.

Reconciliation of net profit to adjusted net profit (non-IFRS)

In EUR million	2023	2022	∆ YoY
Group net income/loss	114.0	67.6	+69 %
PPA depreciation and amortisation1	29.8	29.8	+0 %
Expenses for share-based compensation	23.7	28.4	–17 %
Other items to be adjusted 2	14.9	3.9	+279 %
Extraordinary effects in finance result	0.2	6.7	–97 %
Income tax items to be adjusted	(31.0)	(12.2)	+154 %
Adjusted Group net income/loss (non-IFRS)	151.6	124.3	+22%

1 Depreciation and amortisation in connection with company acquisitions. ² See adjusted EBITDA (non-IFRS).

Adjusted earnings per share increased 31 % compared to the prior year to EUR 0.88 (2022: EUR 0.67).

4.4 Net assets and financial position of the Group

Capital structure

Assets

	31 December 2023		31 December 2022		Change
	in EUR m	in %	in EUR m	in %	in EUR m	in %
Non-current assets	952.1	86	963.6	82	(11.6)	–1
Current assets	159.5	14	209.1	18	(49.6)	–24
Total assets	1,111.5	100	1,172.7	100	(61.2)	–5

The Group's non-current assets as at 31 December 2023 consisted of goodwill (largest item at EUR 667.7 million and almost unchanged compared to 31 December 2022), intangible assets, property, plant and equipment, financial assets, other assets, and deferred tax assets. The decline in non-current assets as at the reporting date resulted largely from the scheduled depreciation and amortisation included in intangible assets and property, plant and equipment and was partially offset by investments and higher deferred tax assets.

The Group's current assets as at 31 December 2023 comprised trade receivables, other assets, tax receivables, financial assets and cash and cash equivalents. The decrease in current assets as at 31 December 2023 was mainly due to the reduction in cash and cash equivalents as a result of share buyback programmes and the repayment of the revolving credit facility. At EUR 72.8 million (31 December 2022: EUR 161.0 million), available liquidity continued to represent the largest item within current assets. The decrease in cash and cash equivalents was partially offset by the increase in other assets to EUR 52.4 million (as at 31 December 2022: EUR 19.4 million). This increase primarily resulted from advance payments made under sponsorship agreements.

Equity and liabilities

	31 December 2023		31 December 2022		Change
	in EUR m	in %	in EUR m	in %	in EUR m	in %
Equity	83.7	8	115.3	10	(31.6)	–27
Non-current liabilities	516.1	46	583.1	50	(67.0)	–11
Current liabilities	511.8	46	474.3	40	37.4	+8
Total equity and liabilities	1,111.5	100	1,172.7	100	(61.2)	–5

The Group's equity declined following the acquisition of treasury shares within the scope of the share buyback programmes. This is in contrast to comprehensive income, which had a positive effect on equity in the reporting year. The equity ratio for the 2023 fiscal year decreased from 10 % to 8 %.

The Group's non-current liabilities also declined as at 31 December 2023, mainly due to the reduction in financial liabilities of EUR 87.2 million. The reduction was partially offset by an increase in non-current deferred revenue of EUR 17.2 million. This increase was primarily attributable to the conclusion of a higher number of multi-year contracts.

Current liabilities increased as at 31 December 2023. The increase resulted mainly from the growth-related increase in current deferred revenue of EUR 26.7 million as well as from an increase in deferred liabilities and other liabilities from advance payments of EUR 30.7 million. The reduction in current financial liabilities of EUR 16.0 million had the opposite effect on current liabilities.

Financing

TeamViewer's debt financing mix is based on a balanced ratio of various instruments and maturities. In order to reduce volatility and increase predictability, variable interest rates were largely converted into fixed interest rate structures using interest rate hedges. All liabilities to credit institutions are denominated in euros. The loans and promissory notes utilised had a principal amount of EUR 500 million as at 31 December 2023 (31 December 2022: EUR 600 million).

The revolving credit facility was unutilised as at 31 December 2023 (31 December 2022: EUR 100 million). A drawdown of the facility is possible up to EUR 450 million.

Liabilities

31 December 2023 In EUR thousands	Year of maturity	Principal amount (EUR) 31 December 2023	Principal amount (EUR) 31 December 2022
Loans
2022 syndicated loan	2025	100,000	100,000
2022 syndicated loan Revolving credit facility	2027	–	100,000
2021 bilateral bank loan	2025	100,000	100,000
Promissory notes
3-year fixed/variable promissory notes	2024	85,000	85,000
5-year fixed/variable promissory notes	2026	193,000	193,000
7-year fixed promissory note	2028	13,000	13,000
10-year fixed promissory note	2031	9,000	9,000
Total		500,000	600,000

The interest payment dates for the syndicated loan 2022 are currently on a three-month rolling basis. After each interest payment date, the interest payment period can be extended to any period of between one and twelve months. The variable promissory notes have semiannual interest payment dates.

The TeamViewer Group's net financial liabilities decreased to EUR 456.6 million as at 31 December 2023 (31 December 2022: EUR 471.6 million).

The net leverage ratio decreased to 1.8x as at the 31 December 2023 reporting date (31 December 2022: 2.1x).

Net leverage ratio

In EUR million	31 December 2023	31 December 2022
Current financial liabilities	97.3	113.3
Non-current financial liabilities	432.1	519.3
Cash and cash equivalents	(72.8)	(161.0)
Net financial liabilities	456.6	471.6
Adjusted EBITDA (LTM)	260.5	229.8
Net leverage ratio	1.8x	2.1x

Under the terms of the 2022 credit agreements, TeamViewer is required to comply with certain leverage covenants defined in the respective credit agreements based on the ratio of net financial liabilities to EBITDA. TeamViewer complied with the covenants at all times during the 2023 fiscal year.

The decline in cash outflows from financing activities resulted mainly from lower net cash outflows for financial liabilities and lower payments for share buybacks.

Levered free cash flow

In EUR million	2023	2022	Change	Change in %
Cash flow from operating activities	229.9	204.3	25.5	+12
Investments in property, plant and intangible assets	(5.6)	(8.8)	3.2	–37
Payments for the redemption portion of lease liabilities	(11.1)	(9.5)	(1.6)	+17
Interest paid on borrowed funds and leasing liabilities	(14.4)	(14.2)	(0.2)	+1
Levered free cash flow (FCFE)	198.8	171.8	26.9	+16
In % of adjusted EBITDA (cash conversion)	76.3	74.8		+1.5 pp

Financial position

In EUR million	2023	2022	Change	Change in %
Cash and cash equivalents at the beginning of the period	161.0	550.5	(389.5)	–71
Cash flow from operating activities	229.9	204.3	25.5	+12
Cash flow from investment activities	(29.6)	(10.8)	(18.7)	+173
Cash flow from financing activities	(287.4)	(609.8)	322.4	–53
Other changes	(1.1)	26.7	(27.8)	–104
Cash and cash equivalents at the end of the period	72.8	161.0	(88.2)	–55

The increase in cash flow from operating activities in the 2023 fiscal year was mainly attributable to higher operating income and positive working capital effects.

Payments from investing activities increased due to higher cash outflows for investments in financial assets related to acquisitions of shareholdings.

Overall statement on the economic situation

TeamViewer looks back on a 2023 fiscal year marked by continued geopolitical tensions and a challenging economic environment.

In the view of the Management Board, TeamViewer's business proved very resilient despite the macroeconomic challenges. This is attributed, among others, to the fact that TeamViewer's products and solutions help companies realise efficiency gains. As a result, TeamViewer was able to reaffirm and achieve its guidance for the 2023 fiscal year.

TeamViewer successfully implemented a number of different organisational and operational measures in the fiscal year to position the Company for the future. These measures include the introduction of the new "TeamViewer TeamUP" partner programme for TeamViewer's sales partners and the restructuring of the AMERICAS sales organisation.

In strategic terms, TeamViewer continued to focus on strengthening the three defined growth dimensions. Highlights of these efforts included launching product upgrades for TeamViewer Remote and Tensor that offer new cross-selling and upselling potential. TeamViewer also increased its commitment to the areas of digital transformation for industrial companies and smart factories through strategic company investments. In the area of sustainability, TeamViewer retained its high ranking in the Sustainalytics and MSCI sustainability ratings.

The Management Board assesses the Group's business performance and economic situation in the 2023 fiscal year as positive overall.

5 Events after the Reporting Date

After the end of the 2023 fiscal year, the following events occurred that could have a material effect on the future net assets, financial position and result of operations of TeamViewer:

In January 2024, TeamViewer entered into an additional revolving credit facility of up to EUR 75 million. This revolving credit facility is not drawn so far.

In February 2024, TeamViewer drawn from the existing revolving credit facility (syndicated loan 2022) an amount of EUR 90 million. TeamViewer utilized this amount for the scheduled repayment of a tranche of the promissory note loan in March 2024.

There were no other events of material significance after the 31 December 2023 reporting date.

6 Opportunity and Risk Report

The German Corporate Governance Code (GCGC) contains recommendations for disclosures on the internal control and risk management system that go beyond the statutory requirements for the management report and are therefore outside the scope of the audit of the content of the management report performed by the auditor. In this report, they are assigned to the content of the Corporate Governance Statement; moreover, they are contained in separate paragraphs to set them apart from the disclosures to be audited and flagged accordingly.

6.1 Material opportunities

The Management Board of TeamViewer has identified the following opportunities as material:

Digitalisation of the value chain

The TeamViewer Group sees digitalisation and the associated potential for growth and greater efficiency for companies along the entire value chain as an opportunity. TeamViewer's product portfolio features both horizontal solutions for use in corporate functions and in an IT context as well as vertical solutions for the digitalisation of logistics and production in the area of operational technology (OT). This gives TeamViewer the ability to offer customers the right products and solutions in nearly every area of the industrial and service-related value chain.

Robotics, automation and Industry 4.0

TeamViewer also sees opportunities in the increasing automation and process optimisation in the context of Industry 4.0, particularly for TeamViewer's AR platform Frontline. With the help of AR-supported step-by-step instructions, the speed and efficiency of manual work processes can be increased while reducing the susceptibility to errors at the same time. The software can be used on conventional mobile devices such as tablets and smartphones or on commercially available smart glasses. Connecting these processes to a variety of customer production and inventory systems facilitates the broad use of the Frontline software. Through targeted acquisitions and technical advancements, TeamViewer has been able to significantly expand its market position and the use cases covered in the past several years. TeamViewer's strength in remote access to embedded devices, i.e. any non-IT devices outside the classic office setup, also plays an important role in this context. TeamViewer supports numerous industrial IoT scenarios, including the connectivity of robots, industrial machines, and similar systems.

Omnipresent connectivity

The increasing omnipresence of mobile devices and processor-controlled wearables such as smartphones, tablets, and smart glasses, in conjunction with the growing introduction of IoT (Internet of Things) technology in commercial and industrial use cases, is a megatrend from which TeamViewer can continue to strongly benefit. The use of smart, internet-enabled devices and the associated opportunity for use cases in the area of remote access and remote maintenance is also increasing in the non-commercial environment.

Increasing focus on sustainability

Environmental concerns and the reduction of one's own ecological footprint are becoming increasingly important for companies as well as government organisations and private households. TeamViewer's connectivity solutions can contribute to reducing emissions by enabling interactions between people and the remote control and management of internet-enabled devices, thereby significantly reducing travel activities of all kinds as well as daily commuting between home and the office. Here too, the Management Board sees further growth opportunities for the TeamViewer Group.

Mobile first

With the widespread use of smartphones and tablets, access to corporate software via mobile devices is also steadily increasing. The trend towards mobile software solutions is being further reinforced by the continuous integration of the young, digital-native generation into professional life, as well as by better mobile connection performance (5G network) and a focus of many development teams on mobile applications.

TeamViewer sees itself well positioned in the mobile-first segment and will continue to expand its offering for mobile end users. An example of this is the further development of the TeamViewer remote assist solution AssistAR. Among other things, this software technology enables field staff to access AR-based support remotely and makes it possible to establish a connection and communicate with technical experts using a mobile device.

Flexible and location-independent working

The changes in the modern working world, driven by an increasingly geographically distributed and flexible workforce, are seen by the Management Board as another opportunity for the TeamViewer Group. Companies are increasingly giving employees remote access to company systems, data, and devices and allowing them to collaborate with colleagues, teams, and third parties across locations. This presents an opportunity for TeamViewer to increase the use of its secure remote access solutions. In addition, device support and management are a growing challenge for corporate IT departments. This challenge is exacerbated by the increasing diversity and complexity of end devices and operating systems. Here, too, there are opportunities for TeamViewer's connectivity solutions to facilitate the centralised support and management of a globally distributed device landscape and IT infrastructure, thus realising cost savings and efficiency gains.

Artificial intelligence (AI)

TeamViewer sees an opportunity for its business in the increasing use of artificial intelligence to solve business-critical problems and optimise processes. To seize this opportunity, the Company is integrating AI functionalities into its existing solutions and is also working on its own proprietary innovations in this area. Data-driven decisions will become increasingly important in the future, especially in the industrial environment.

Partnerships and product integration

TeamViewer has significantly expanded various marketing and sales partnerships, including its partnership with international software company SAP and with Siemens Digital Industries Software. This results in various opportunities to expand distribution and sales channels and extend their coverage, integration, and technological development.

6.2 Risk management

For the assessment of the appropriateness and effectiveness of the risk management system and the internal control system, please refer to the information in the Corporate Governance Statement.

Risk management

TeamViewer Group strives to continually develop its products and adapt them to market and customer needs while steadily expanding and strengthening its market position. TeamViewer's success rests on its ability to systematically identify and seize opportunities and control risks in a targeted manner. TeamViewer has implemented a risk management and internal control system, which internally monitors the responsible handling of business risks to ensure the early identification, assessment, and controlled handling of potential risks. The internal control system and the risk management system also cover processes and systems for recording and processing sustainability-related data. The internal control system and the risk management system also include a compliance management system that is aligned with the Company's risk situation. In addition, employees are given the opportunity to provide protected information on possible legal violations within the Company. The risk and control system is considered a key element of good corporate governance.

Overview of the risk management system

TeamViewer's risk management system was implemented based on the Enterprise Risk Management Standards of the Committee of Sponsoring Organisations of the Treadway Commission (COSO) and the auditing standards PS 340, PS 340 (as amended). and PS 981 of the Institute of Public Auditors in Germany (IDW) and comprises the identification and assessment of the Group's risks. A risk management application helps to ensure, among others, a review of the Company's risk-bearing capacity and a fully automated aggregation of risks (Monte Carlo simulation).

Structure and objective

The aim of the risk management system is to provide the Management Board with an overview of risks and to support the decision-making process with regard to the handling of the risks identified at both a strategic and operational level. The risk management system is designed to identify potential risks at an early stage, assess them and broadly mitigate them using controls and measures.

TeamViewer's risk management system is based on the following five core elements:

• 1. Identification
• 1. Evaluation
• 1. Steering
• 1. Surveillance
• 1. Reporting

Risk identification is conducted semi-annually by the risk manager in cooperation with the risk officers appointed for each of the Company's internal departments. Risk officers are required to review risks on an ongoing basis in addition to regular reporting. A further ad hoc reporting system is in place to promptly inform the Management Board and the risk manager of current risk events. This also includes the systematic identification and assessment of risks associated with social and environmental factors. Encouraging the entire workforce to communicate risks to departmental risk owners or the risk management department sharpens the organisation's risk awareness and instils a risk culture in the Company.

All identified risks are assessed semi-annually based on their probability of occurrence and potential impact on the Company, and particularly with regard to their impact on the Company's achievement of its financial and non-financial objectives, on the Company's reputation, and on compliance. The evaluation and classification of the individual risks are carried out using the company-specific risk evaluation matrix:

Risk assessment matrix

Probability of occurrence				Impact
Description	Scale	1 Marginal	2 Minor	3 Moderate	4 Significant	5 Major
Certain	5	Medium	High1	High1	Major1	Major1
Probable	4	Medium	Medium	High1	High1	Major1
Likely	3	Low	Medium	Medium	High1	High1
Possible	2	Low	Low	Medium	Medium	High1
Unlikely	1	Low	Low	Low	Medium	Medium

1 Terminology revised compared to 2022.

During the past fiscal year, TeamViewer reviewed the monetary quantification of all risks so that a fully automated aggregation of risks could be carried out using a Monte Carlo simulation. The quantification of the risks of all categories is carried out along the following defined value limits:

Qualification of risks

Scale	Category	Adjusted EBITDA (in EUR million)
1	Marginal	< 0.5
2	Minor	0.5–3
3	Moderate	3–5
4	Significant	5–20
5	Major	> 20

The assessment is performed on both a gross and net basis. The gross basis represents the risk before considering all risk-mitigating measures and controls. The net risk refers to the residual risk remaining after all risk-mitigating measures and controls have been considered. The resulting net assessment is as follows:

Risk1	Inexistent	Partially effective	Effective
Low	Low	Low	Low
Medium	Medium	Medium	Low
High	High	High	Medium
Major	Major	Major	High

Effectiveness of measures/controls

1 Terminology revised compared to 2022.

Risk-bearing capacity and risk aggregation

TeamViewer defines the Group's risk-bearing capacity in accordance with IDW PS 340 (as amended). According to this, risk-bearing capacity is defined as the TeamViewer Group's ability to bear all potential losses from the risks inherent in the business so that business operations can be maintained. This includes ensuring that the Group has sufficient liquidity to bear the maximum possible losses from the existing risks. At the same time, the requirements for all financing and refinancing needs must be met.

When assessing risks, the Management Board takes into account both the probability of occurrence and the possible aggregated effects of various risks. In doing so, the Management Board uses recognised methods for risk aggregation, such as a Monte Carlo simulation. The aggregated risks may at no time be higher than the risk-bearing capacity of the Company.

In addition, the Group has prepared possible alternatives for action in the event that the Group's risk-bearing capacity limit is reached or exceeded.

Control

Risk owners are responsible for ensuring that appropriate risk mitigation measures and controls are developed and implemented in their area of responsibility. They analyse the responses in terms of the impact of the risk-mitigating measures and controls on the risk consequences and probabilities, their costs relative to the benefits, the resources available, the controls and measures in place, and possible opportunities. Depending on the nature of the risk, they identify different risk strategies, such as risk acceptance, risk avoidance, risk mitigation or the transfer of the risk to third parties.

Reporting

The Management Board and extended management circle of TeamViewer (Senior Leadership Team) are informed semi-annually about the Group-wide risk situation, particularly with regard to the greatest risks and changes in the risk assessment. Ad hoc reporting is made to the Risk Steering Group, consisting of the Management Board, the risk manager and the risk officer of the relevant division. There were no ad hoc reports made during the 2023 fiscal year.

Together with the Management Board, the risk manager reports at regular intervals to the Supervisory Board's Audit Committee on risk management and existing risks.

6.3 Material risks

The TeamViewer Group subdivides its risks into strategic, operational, compliance-related, and financial risks. In the explanations of the main risks, mention is made of those risks that could have a significant or high impact on adjusted EBITDA on a gross basis. The remaining risks are summarised in an overview. Risks classified as at least significant or high in the previous year that were given a lower classification in the fiscal year are listed in the following overview for illustrative purposes. The risks were aggregated, and the highest-ranked risk within each risk group was listed.

Risk assessments

	Group risk assessment (gross risk)*	Group risk assessment (net risk)*	Trend1
Strategic risks
General macroeconomic
environment	Major	Major	
Geopolitical environment	Major	Major	
Competitive environment	Major	Major	
Personnel risks	High	High	
Operating risks
Product risks	High	High	
Product and IT security	Major	Major	
Partnerships and product integration	High	High	
Sales risks	High	High	
Compliance-related risks
General legal and regulatory risks	High	High	
Financial risks
Foreign currency risk	High	Medium	
Inflation risk	High	High	

1 Trend: Forecast development for the upcoming fiscal year. * Terminology revised compared to 2022.

Legend:

Decreasing net risk Unchanged net risk Increasing net risk

Strategic risks

TeamViewer defines strategic risks as all risks resulting from the strategic orientation of the business model. These may include risks that result from the market environment or the Group's internal strategic orientation.

General macroeconomic environment

TeamViewer's performance is influenced by macroeconomic developments and the general business climate. In 2023, the focus continued to be on the macroeconomic impact of increased inflation rates. The resulting consequences and the economic downturn in general, could lead to a decline in product subscriptions, longer sales cycles, increased price competition, and problems in attracting new customers. This in turn may cause a decline in TeamViewer's sales volume and profitability. Small and medium-sized enterprises, which make up the majority of TeamViewer's customers, as well as customers in emerging markets, some of whose economies are subject to major fluctuations, particularly in the Latin American and Asia-Pacific regions, are particularly susceptible to macroeconomic changes. To counteract this risk, the various regional markets are closely monitored and tailored solution portfolios are offered that meet the requirements of the respective markets. TeamViewer is also able to mitigate some of the risks due to its geographical diversification. Although the after-effects of the coronavirus pandemic are still impacting the macroeconomic environment, TeamViewer no longer considers this to be a standalone risk.

Geopolitical environment

As part of its growth strategy, TeamViewer intends to continue expanding its geographic presence, including its sales and marketing activities. Business activity is influenced not only by external market factors, such as economic trends, but also by political, geopolitical, and fiscal changes. The geopolitical environment is currently very tense, not least due to the Russia-Ukraine war, the Middle East conflict and the tensions between China and Taiwan. These and other conflicts can spread beyond a specific region and have a significant impact on TeamViewer's business activities worldwide. In addition to the current conflicts, the expansion of TeamViewer's business activities in the Asia-Pacific and Latin American regions is associated with increased political risk in the related markets.

Political and macroeconomic developments in the regions may cause particular uncertainty and have a negative impact on the investment decisions of TeamViewer's customers. TeamViewer considers these risks to be major overall.

Competitive environment

The Group sees a significant risk in the competitive environment. A further increase in competition from existing competitors and/or new competitors could lead to a loss in market share, greater price pressure, and reduced profit margins. Increased risk would exist if, for example, one of the large international software providers were to decide to expand its own products and solutions, resulting in an increasing overlap with TeamViewer's solutions portfolio. There is also a risk of increased pricing pressure from competitors, particularly in the low-price segment or in business with SMB customers. TeamViewer closely monitors current market developments and maintains good contact with the leading software companies. In addition, TeamViewer maintains strategic partnerships with several international software groups such as Microsoft, SAP, and Google. The Group also invests substantially in the continuous deepening and broadening of the solutions portfolio to set itself apart from competitors on a long-term basis.

Personnel risks

Attracting and retaining highly qualified employees in the long term is an ongoing challenge for the Group, as it is for many other companies, particularly in the technology sector. The knowledge loss associated with the departure of key employees could result in TeamViewer's inability to meet the market requirements for its products and could result in TeamViewer's strategic initiatives not being sufficiently implemented. If TeamViewer is unable to recruit sufficiently qualified employees due to the current shortage of skilled workers, there is a risk that the Group could fail to meet its growth and innovation targets. To counteract this risk, TeamViewer uses various measures to retain and recruit staff, such as flexible work schedules, attractive workplace models, the opening of additional locations, and market-driven remuneration, which includes variable remuneration and a share-based employee participation programme.

Operating risks

TeamViewer defines operational risks as all risks associated with business operations such as product, product security, distribution, and infrastructure.

Product risks

Damage and interruptions may occur in the infrastructure used by TeamViewer and in the infrastructure provided by third parties. The damage or failure of the infrastructure could lead to data losses and disruptions or delays in the services provided by the Group. Internal processes have been established by TeamViewer to avoid such failures and disruptions and remedy them as quickly as possible.

TeamViewer's software enables endpoint connectivity across a wide range of different operating systems. Updates and the further development of these operating systems, as well as the introduction of new operating systems, may result in the full or partial malfunction of TeamViewer's software solutions. This could have a negative impact on customer relationships and lead to a loss of TeamViewer's reputation. To mitigate this risk, the Group's development department always monitors updates to the operating systems and is in close contact with TeamViewer's customer support in order to be able to swiftly remedy any malfunctions of TeamViewer software.

Due to the rapidly changing software market, there is a fundamental risk that TeamViewer's innovative edge over its competitors could be lost, that the Group's product development may not meet market expectations with regard to new trends and innovations and that, as a result, the Group's products lose their appeal and customers switch to competitors. In order to recognise market expectations and to be able to react quickly to them, TeamViewer constantly incorporates customer feedback into product development. Moreover, TeamViewer uses agile software development methods to allow it to respond more quickly to changes.

The software technology underlying TeamViewer's products is complex and may include material faults or shortcomings, especially when new products are launched, or new functions or options are unlocked. The costs incurred during the analysis, correction or remedy of material software bugs or shortcomings may be significant. Although TeamViewer frequently issues software updates, it is possible that it may not be able to remedy vulnerabilities or errors promptly or in full, which could harm the Company's competitive position to a certain degree. Actual, potential, or perceived shortcomings may lead to disruptions in the availability of the software and result in lost or delayed market acceptance and sales, forcing TeamViewer to reimburse customers, or lead in some other way to liability claims. Liability may also result from the continuing use of older versions of the TeamViewer software by customers.

Product and IT security

TeamViewer's business model encompasses solutions that enable end users to securely access devices and networks remotely. Any unauthorised access, network disruptions, denial of service (an attack designed to prevent legitimate users from accessing the services) or similar damaging third-party influences have the potential to adversely affect the integrity, continuity, security, and trust in the software, services or systems of TeamViewer or its customers. This may result in cost-intensive legal disputes, significant financial liabilities, increased regulatory controls, financial sanctions, and a loss of trust in TeamViewer's products. Existing or potential customers could also opt for other IT solutions.

Cyberattacks are becoming increasingly complex and are also originating more and more from highly professional parties. Cloud-based platform providers of products and services and remote connectivity product offerings are increasingly attractive targets of such cyberattacks. In addition to traditional cyberattacks, such as computer hacking, malicious code (e.g. viruses or worms), employee theft and abuse, and denial-of-service attacks, there are also reports of highly professional, financially powerful or state/politically motivated players carrying out cyberattacks. Attacks can aim to damage TeamViewer as well as its users or be part of external or internal espionage activities or acts of sabotage. It only takes a rumour of unauthorised access or alleged security vulnerabilities to have a significant impact on TeamViewer's reputation and business development.

TeamViewer's security team continually focuses on improving product security and the underlying infrastructure. To this end, various measures have been taken to detect and prevent cyberattacks and attempts to gain unauthorised access to TeamViewer's networks and servers at an early stage. Potential risks are first assessed regularly by means of threat modelling, penetration tests, risk classification, audits, and threat profiles. A security operations centre (SOC) monitors the IT and product infrastructure around the clock to immediately detect any potential attacks. In addition, TeamViewer's internal security structures are regularly reviewed by internal and external parties and adjusted if necessary.

Disabling older product versions that no longer meet today's security standards is another security measure.

There is also a risk that TeamViewer's products could be misused for unauthorised purposes. This includes use of the product in connection with malware or fraudulent business models. Such use may lead to reputational damage to TeamViewer and adversely affect the acquisition of new customers and customer loyalty. The product security measures described above also constitute risk-mitigating measures against these events. TeamViewer also works together with external specialist bodies to identify suspected cases early on and take the appropriate security actions.

Partnerships and product integration

TeamViewer maintains numerous partnerships, including various technology and sales partnerships, that are relevant to its continued business success and has successively expanded these in recent years. The Group now categorises the risks generally associated with partnerships as high. In the case of technology and sales partnerships, there is a risk that product integration or the expansion of sales channels would not be monetised as planned. In the case of partnerships in the sports arena, the risk due to negative headlines, which primarily represent reputational risks for TeamViewer, is moderate.

Sales risks

TeamViewer's success depends to a great extent on its ability to attract new customers as well as on maintaining and expanding its business relationships with existing customers. There is a risk that customers may cancel or not renew their licences at the end of their subscription period or that they may reduce their scope of services. TeamViewer tries to mitigate these risks using various measures and particularly by maintaining a strong customer focus, providing excellent customer support during the subscription period, employing region-specific sales strategies, and using sales partners in a targeted manner. However, despite these efforts, there is no guarantee that lasting customer loyalty and a continuous expansion in the use of TeamViewer products by existing customers will take place in all cases. The high net retention rate (NRR) and customer satisfaction in recent years are evidence of the high level of customer loyalty, which reflects the success of the sales activities and the quality of the Group's product and solutions portfolio.

Compliance-related risks

TeamViewer defines compliance-related risks as all legal and regulatory risks and corporate governance risks.

General legal and regulatory risks

TeamViewer defines general legal and regulatory risks as those resulting from violations of legal provisions and from contractual obligations. TeamViewer is subject to a large number of different laws and underlying legal frameworks in different jurisdictions, including those that regulate internet use, privacy, data protection, IT security, consumer protection, and the labour market. These underlying legal provisions are subject to change and may have a substantial impact on TeamViewer's business activities or its expansion into new areas of business.

Due to the continuous growth in its customer base and sales models, TeamViewer is increasingly exposed to contractual liability risks and product requirements of enterprise customers. This may lead to deviations from the standard end-user licence agreement, the negotiation and ongoing checking of which may tie up significant resources at TeamViewer and delay the sales cycle. Furthermore, their technical integration into the operational requirements of enterprise customers is often complex and necessitates individually agreed development work. Breaches of contractual obligations may lead to liability claims from customers with respect to the damages suffered, including reputational damage. To minimise these risks where possible, TeamViewer's legal department scrutinises enterprise and service agreements in-depth prior to their conclusion.

TeamViewer offers its products to many customers all over the world, often without personal contact and via the internet. This entails the risk of a breach of sanctions or export control restrictions. Such breaches may result in the payment of penalties, legal consequences, and reputational damage. TeamViewer has established comprehensive compliance mechanisms to mitigate this risk.

Financial risks

TeamViewer defines financial risks as all risks resulting in connection with financial resources, accounting, reporting, and taxes.

Foreign currency risk

TeamViewer conducts business in around 180 countries and approximately 40 currencies. A change in the exchange rate of these currencies against the euro therefore harbours a foreign currency risk for the Group. Contracts denominated in US dollars contributed a particularly high proportion of the Group's billings, revenue, and net income in the 2023 fiscal year. TeamViewer uses derivative financial instruments (forward transactions) to hedge the risk of the most important currency pairs, whereby the net risk can be mitigated to a medium level. With the global expansion of our business activities, TeamViewer sees the significance of this risk increasing.

Inflation risk

Inflation risk can have direct financial effects, but even more importantly, it can have indirect and macroeconomic effects. We refer to the above comments on macroeconomic risks.

Overall risk assessment

It is the Management Board's conviction that the risks identified do not currently pose a threat to the continued existence of the Group or any of its material subsidiaries, either individually or in the aggregate.

TeamViewer's risk-bearing capacity defines its ability to bear all of the potential losses from the risks inherent in the business so that business operations can be maintained.

6.4 Accounting-related internal control system and internal audit

The objective of the accounting-related internal control system is to identify, assess and manage all risks that may have a material impact on the proper preparation of the annual and consolidated financial statements. The following elements are covered by the control system:

• Functions that are material to the accounting process are separated, and responsibilities are clearly assigned.
• Statutory amendments and new accounting standards are analysed at regular intervals.
• Financial statements across the Group are prepared using standard accounting policies, and the principle of dual control is observed in all relevant processes.
• The administration of accounts receivable and accounts payable, as well as internal recharging within the Group, are managed centrally.
• The individual companies are consolidated centrally using standard consolidation software.
• In the course of monthly report preparation, reporting figures are reviewed internally on a monthly basis.
• Invoice-relevant measures are covered in the risk management system and in the internal control system.
• The Code of Conduct moreover describes the principles of correct and responsible action with respect to financial reporting; a corresponding set of policies has been implemented.

The internal control system is a crucial element of corporate governance within the TeamViewer Group to ensure full and correct financial and other reporting. Based on the risks outlined in the risk management system, the internal control system ensures that the financial risks are mitigated by means of relevant controls.

Internal Audit

The Internal Audit department is an active part of TeamViewer Group's corporate governance. It ensures that internal processes and organisational structures are audited and legally compliant, appropriate, and economically efficient. It also seeks to create added value for the TeamViewer Group by assessing the effectiveness and efficiency of business processes.

Internal Audit has been transferred to an internal unit, the Internal Audit team, which is supported by external service providers in the implementation of individual projects ("cosourcing"). Internal Audit reports directly to the Management Board and the Audit Committee and operates worldwide. Together with the Management Board, the divisions and issues to be analysed for the upcoming fiscal year are defined and submitted to the Audit Committee, which approves the annual audit programme. The Audit Committee is kept regularly informed of the progress of the projects. The implementation status of the measures agreed to is continually monitored and communicated to the Management Board and the Audit Committee every six months and as part of a yearly report. The implementation of the findings is verified in a follow-up audit.

	Preparation of an annual plan and three-year plan: Proposal of concrete audit projects by the Internal Audit team in cooperation with the Management Board		Engagement of external service provider and (partial) transfer of Audit Projects		Reporting to the Man- agement Board & Audit Committee
Planning	Prepa- ration	Prepa- ration	Execution	Execution II	Reporting	Follow-Up
Evaluation of requirements and creation of an "Audit Universe" through risk- based assessments of departments and manaqement input		Approval of the annual plan and acknowledgement of the three-year- plan by the Audit Committee		Planning & execution of the individual audit projects	Creation of an action plan and follow-up on open findings

7 Outlook

Expected macroeconomic and sector environment

The Kiel Institute for the World Economy (IfW Kiel) expects global economic output to grow by around 2.9 % in 2024, compared to 3.1 % in 2023.16 Global inflation is forecast to decline rapidly, with the expectation that key central banks will cut interest rates as early as the first half of 2024. An economic upturn however is not expected. High uncertainty concerning the economic environment is weighing on advanced economies, while fiscal stimulus is set to fade as pandemic-related crisis measures come to an end.17 Unemployment in the advanced economies is anticipated to rise slightly in the near term but remain at historically low levels.18

For Germany and the United States, TeamViewer's two most important markets, economists at International Monetary Fund (IMF) see differing trends. Germany's gross domestic product is forecast to grow by 0.5 % in 2024, following a decline of 0.3 % in 2023.19 No major impetus is expected to come from the global economy. In addition, according to IfW Kiel, the anticipated consolidation of Germany's federal budget following a decision by the German Federal Constitutional Court would have a dampening effect. 20 For the US, the IMF is predicting a slowdown in economic momentum in 2024, but with projected GDP growth of 2.1 % (2023: 2.5 %), it will still grow faster than the German economy as a whole.21 US growth is expected to benefit from business investment in construction and rising consumer spending, as IfW Kiel explains.22

According to market research institute Gartner, global IT spending in 2024 is expected to increase sharply year-on-year by 6.8%(2023: 3.3%) to a market volume of around USD 5.0 trillion (2023: USD 4.7 trillion).23 Two segments that are particularly relevant to TeamViewer are

¹⁶ IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 2: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB\_109\_2023-Q4\_Welt\_DE.pdf

¹⁷ IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 6: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-

Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB\_109\_2023-Q4\_Welt\_DE.pdf ¹⁹ IMF – World Economic Outlook Update, January 2024, p. 6: https://www.imf.org/-

/media/Files/Publications/WEO/2024/Update/January/English/text.ashx

²⁰ IfW Kiel – Kiel Economic Reports No. 110 (2023-Q4), p. 2: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/6c4fd05f-bb55-42f7-b7a4-96b9fc631caf-KKB\_110\_2023-Q4\_Deutschland\_DE.pdf ²¹ IMF – World Economic Outlook Update, January 2024, p. 6: https://www.imf.org/-

/media/Files/Publications/WEO/2024/Update/January/English/text.ashx

projected to drive this growth: software, which is expected to grow 12.7 % year-on-year to USD 1.0 trillion (2023: USD 0.9 trillion), and IT services, which is set to increase 8.7 % to around USD 1.5 trillion (2023: USD 1.4 trillion).24 According to Gartner, the major growth drivers will be investments in projects for organisational efficiency and optimisation – an area that TeamViewer primarily serves with its products.25 In addition to the broader application of artificial intelligence, Gartner analysts also see other topics particularly relevant to TeamViewer, including digital technologies promoting sustainability and solutions for an augmented connected workforce, among the top ten IT trends in the coming year. 26

Future development of the Group

From the Management's point of view, TeamViewer will also benefit from these trends. With the increasing sustainability efforts of businesses, the ongoing digital transformation of industry, and the persistent skills shortage, we expect demand for our Remote Support, Enterprise Connectivity, and Frontline Productivity solutions to remain strong. At the same time, we will continue to leverage the strong cross-selling and upselling potential of our broad user base. A particular focus of our sales efforts will be on further expanding the customer base for our enterprise solutions.

TeamViewer expects a continued high level of demand for its products in the 2024 fiscal year despite a challenging macro environment outlook. Based on the average FX rates of 2023, the Management Board forecasts revenue in a range of EUR 660 to 685 million. In addition, growth momentum will be influenced by adverse exchange rate effects related to the previous year's billings, which are reflected in revenue only after a time lag.

Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB\_109\_2023-Q4\_Welt\_DE.pdf ¹⁸ IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 2: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-

²² IfW Kiel – Kiel Economic Reports No. 109 (2023-Q4), p. 7: https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/fis-import/6bf368c2-c935-48e4-8f28-098420e6c252-KKB\_109\_2023-Q4\_Welt\_DE.pdf ²³ Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17- 2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024

²⁴ Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17- 2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024

²⁵ Gartner, Inc. – Worldwide IT Spending Expectations: https://www.gartner.com/en/newsroom/press-releases/01-17- 2024-gartner-forecasts-worldwide-it-spending-to-grow-six-point-eight-percent-in-2024

²⁶ Gartner, Inc. –The 10 Most Important Strategic Technology Trends 2024: https://www.gartner.com/en/newsroom/pressreleases/2023-10-16-gartner-identifies-the-top-10-strategic-technology-trends-for-2024

For the 2024 fiscal year, the Management Board expects profitability to increase to an adjusted EBITDA margin of at least 43 % (2023: 42 %). Following the revised partnership with Manchester United, the Management Board expects that a larger part of the expected savings will positively affect margins in the second half of the year 2024. A part of the savings will also be re-invested into strategic growth initiatives that will already be put in motion in the first half of the year.

Guidance 2024

In EUR million	Guidance 2024	Fiscal Year 2023
Revenue (IFRS)	660-6851 (corresponds to +7-11 % cc YoY)	626.7
Adjusted EBITDA margin	at least 43 %	42 %

¹ Based on the average FX rates of 2023.

As described in Chapter "1.3 Management System", TeamViewer has prioritised revenue as its primary performance indicator since the beginning of the 2023 fiscal year, with billings now regarded as a secondary performance indicator. Consequently, billings guidance is no longer published.

In December 2023, the TeamViewer Management Board decided to initiate a new share buyback programme with the approval of the Supervisory Board. The programme began on 13 December 2023 and is expected to be completed in 2024. During this period, up to a maximum of 10,658,374 company treasury shares valued up to EUR 150 million (excluding incidental acquisition costs) are expected to be repurchased.

Overall assessment of future development

TeamViewer's products enable customers to securely control IT and OT devices and work processes remotely. This should not only lead to considerable increases in efficiency, but also to a better sustainability profile thanks to reduced travel. In times of skilled worker shortages, TeamViewer's product portfolio becomes even more relevant by helping to centralise support tasks. The Management Board therefore expects to continue its successful crossselling and upselling activities to win new customers and continually expand the enterprise business in 2024.

The positive growth outlook for the technology sector will be dampened by the overall economic conditions. In addition, Company-specific effects are impacting the development of the primary performance indicators. Taking into account the overall positive signals from customers, the Management Board expects continued revenue growth and a further improvement in profitability for the fiscal year.

8 Remuneration Report

The following remuneration report summarises the basic principles of the remuneration system for members of the Management Board and Supervisory Board and describes the amount of individual remuneration granted or owed to the members of the Management Board and Supervisory Board of TeamViewer SE in the 2023 fiscal year. TeamViewer complies with the legal requirements of § 162 of the German Stock Corporation Act (AktG) as well as the recommendations of the German Corporate Governance Code (GCGC) in the version dated 28 April 2022. The Remuneration Report has been published on the TeamViewer website at https://ir.teamviewer.com/remuneration/. The Management Board's remuneration system and the Supervisory Board's remuneration system are also available at that link. The Management Board and Supervisory Board have prioritised clear, comprehensible and transparent reporting in preparing the Remuneration Report. The Remuneration Report was formally and factually audited by the auditor in accordance with § 162 AktG.

Review of the 2023 fiscal year from a remuneration perspective

Business development in 2023

TeamViewer grew profitably in the 2023 fiscal year despite the ongoing geopolitical and macroeconomic challenges. TeamViewer's focus during the year was on further implementing its growth strategy along the defined growth dimensions, revising its Remote and Tensor software, integrating additional partner applications (e.g. Ivanti, Lansweeper), and appointing a task force to strengthen Frontline activities.

As a result, billings increased 7% to EUR 678.0 million and revenue grew 11% to EUR 626.7 million, meeting the published guidance for "double-digit revenue growth of 10% to 14%" for the 2023 fiscal year. Adjusted (billings) EBITDA increased by 4 % to EUR 311.8 million, yielding an adjusted (billings) EBITDA margin of 46% for the 2023 fiscal year. Adjusted (revenue) EBITDA, which is relevant for the margin forecast, increased 13% to EUR 260.5 million, resulting in an adjusted (revenue) EBITDA margin of 42%. This also met the guidance for an "adjusted (revenue) EBITDA margin of around 40%".

Changes in corporate governance

Mei Dent was appointed as a member of the Management Board and Chief Product and Technology Officer (CPTO) of TeamViewer with effect from 31 August 2023. Her mandate will run until August 2026. In October 2023, Oliver Steil was appointed Chairman of the Management Board and CEO of the Company for a further five-year term.

Swantje Conrad and Christina Stercken joined as new members of the Supervisory Board in May 2023. They were elected to the Supervisory Board at the ordinary Annual General Meeting 2023 as part of the expansion of the Company's Supervisory Board to eight members. The Annual General Meeting also confirmed the appointment of Ralf W. Dieter as Chairman of the Supervisory Board for a four-year term. Stefan Dziarski stepped down from the Supervisory Board prematurely, with effect from 11 December 2023. Other than those mentioned, there were no other changes to the Management Board or Supervisory Board of TeamViewer SE.

Resolution on the approval of the remuneration report

The Remuneration Report 2022 was prepared in accordance with § 162 AktG, formally audited by the auditor in accordance with § 162 (3) sentences 1 and 2 AktG and approved by the Annual General Meeting on 24 May 2023 with a majority of 96.25 %. In view of the broad acceptance of the remuneration report, the Remuneration Report 2023 also follows a similar structure.

Principles of Management Board remuneration

The current remuneration system for the members of the Management Board of TeamViewer SE was adopted by the Supervisory Board on 6 April 2023 at the recommendation of its Nomination and Remuneration Committee. The remuneration system was approved by the Company's Annual General Meeting on 24 May 2023, with 96.63 % of the votes cast. The remuneration system applies to all active members of the Management Board in the 2023

fiscal year and complies with both the requirements of the German Stock Corporation Act (AktG) and the recommendations of the German Corporate Governance Code (GCGC). The remuneration system replaces, but is largely consistent with, the remuneration system approved by the Annual General Meeting on 15 June 2021. In line with financial reporting, the performance indicators "revenue" and "adjusted (revenue) EBITDA" will take priority over the previous indicators "billings" and "adjusted (billings) EBITDA". In the 2023 fiscal year, the Supervisory Board did not make use of the options set out in the remuneration system in accordance with the legal requirements to temporarily deviate from the remuneration system.

Objective of the remuneration system

The Management Board's remuneration system is designed to gear remuneration towards advancing the Company's business strategy and long-term development. The remuneration defined in the remuneration system is specifically intended to provide effective incentives for growth and increasing profitability as well as the achievement of non-financial targets, which should also include sustainability aspects (environmental, social, governance –ESG). From the perspective of the Supervisory Board and the Management Board, the remuneration system should aim to make an important contribution to the successful implementation of the growth strategy pursued by TeamViewer. The individual tasks and performance of the members of the Management Board and TeamViewer's business success should be appropriately taken into account.

Structure of Management Board remuneration

The remuneration of the Management Board encompasses a mix of fixed, short-term, and long-term variable remuneration components. The latter two are intended to effectively promote the execution TeamViewer's corporate strategy and long-term development by setting appropriate targets that include both financial and non-financial performance targets. The long-term remuneration components are largely based on TeamViewer's share price performance and intended to ensure that the interests of the Management Board and the shareholders are aligned. The obligation of Management Board members to buy and hold TeamViewer shares also contributes to this alignment of interests.

In determining the Management Board's remuneration, the Supervisory Board also takes the remuneration and employment conditions of TeamViewer's senior management as well as its workforce into account.

Process for determining, implementing, and reviewing the Management Board remuneration system

The Supervisory Board is responsible for determining, implementing, and reviewing the Management Board remuneration system and is supported by the Nomination and Remuneration Committee in performing these tasks. The Nomination and Remuneration Committee is responsible for formulating recommendations for the Management Board's remuneration that take into account the aforementioned principles and the recommendations of the GCGC as amended. The remuneration system, prepared by the Nomination and Remuneration Committee, as well as all other matters relating to the remuneration of individual Management Board members, are discussed and resolved by the Supervisory Board. When necessary, both the Nomination and Remuneration Committee and the Supervisory Board may consult an independent external remuneration expert to assist in developing the Management Board's remuneration system and assessing the appropriateness of the remuneration.

The Supervisory Board regularly reviews the remuneration system and makes any changes deemed necessary. In accordance with the requirements of § 120a AktG, the remuneration system is resubmitted to the Annual General Meeting for approval no later than every four years and in the event of significant changes. Should the Annual General Meeting reject the remuneration system, a revised remuneration system is submitted to the subsequent Annual General Meeting for approval.

The Supervisory Board's Rules of Procedure set out requirements for avoiding conflicts of interest when determining, implementing, and reviewing the Management Board's remuneration.

Appropriateness of Management Board remuneration

In the opinion of the Supervisory Board, the remuneration appropriately reflects the individual tasks and performance of the members of the Management Board as well as the economic situation, success, and future prospects of TeamViewer.

The Nomination and Remuneration Committee shall regularly review the appropriateness of Management Board remuneration and, if necessary, propose adjustments to the Supervisory Board in order to comply with regulatory requirements and ensure that remuneration is in line with the market. In the 2023 fiscal year, the committee did not identify any indications of an inappropriate development of remuneration or any need for an adjustment. When assessing the appropriateness of remuneration, the Nomination and Remuneration Committee considers the amount of remuneration using a horizontal and vertical comparison.

For the horizontal comparison, the Supervisory Board selects a group of comparable companies based on the country, company size and sector. When determining the remuneration of Management Board members, the comparison group consists of the companies in the MDAX and is supplemented by a peer group of international technology companies of similar size. This ensures the appropriateness of remuneration compared to similarly sized companies in Germany as well as to international companies in the same sector. The Supervisory Board reviews and considers the following aspects in particular:

• Mode of action of the individual fixed and variable remuneration components, including methodology and performance parameters
• Relative weighting of the components, i.e. the ratio of the fixed basic remuneration to the short-term and long-term variable components
• Amount of target total remuneration, consisting of the annual base salary and fringe benefits, the short-term incentive (STI) and the long-term incentive (LTI)
• Potential maximum amount of remuneration granted

For the vertical (internal) comparison, the Management Board's remuneration is analysed for appropriateness in relation to the remuneration and employment conditions of TeamViewer's upper management circle and workforce. The Supervisory Board determines how senior management and the workforce are to be differentiated for the comparison.

On 25 October 2023, the Nomination and Remuneration Committee last reviewed the appropriateness and customary nature of the remuneration of TeamViewer's Management Board in connection with the extension of Oliver Steil's appointment as CEO. The peer group used as a basis for this review continued to consist of the companies listed in the MDAX, supplemented by a peer group of international technology companies of similar size (selected international companies from the software and security sectors and particularly from the STOXX 600 Technology index). The Nomination and Remuneration Committee also reviewed the ratio of Management Board remuneration to the remuneration of TeamViewer's senior management and the workforce as a whole. The changes in remuneration over time were also taken into account. The vertical comparison was based on the remuneration of the senior leadership team as the upper management circle. From this comparison, the Nomination and Remuneration Committee determined that the remuneration of the Management Board is in line with market conditions and is appropriate.

> 30%-40%		Base salary	• Fixed cash remuneration, monthly payment in twelve equal installments
fixed 60%-70% variable		Fringe benefits	• Vehicle allowance, contributions to accident insurance • Reimbursement of accommodation costs and reasonable tax consultancy costs for Management Board members residing abroad
	30% – 47% short-term 53%-70% long-term	Short-Term Incentive (STI)	• Annual cash bonus · Performance targets: – Billings, adjusted EBITDA, non-finance targets comprising ESG aspects and personal performance criteria • Cap: 200% of the target amount
		Long-Term Incentive (LTD)	• Performance share plan • Performance period: four years · Performance targets: – average revenue growth, average adjusted EBITDA growth, relative total shareholder return (50% vs. MDAX initially) and non-financial performance targets comprising ESG aspects • Cap: 200% of the target amount
		Further contractual components	· Share Ownership Guidelines: – Investment of 200% of base salary for the CEO and 100% of base salary for the CFO/Ordinary Board Member - Holding until the end of appointment · Maximum remuneration: – Cap of the total remuneration granted for one fiscal year in accordance with § 87a (1) sentence 2 no. 1 AktG - EUR 9,800,000 for the CEO and Ordinary Board Member each • Malus and clawback: – Full or partial reduction/repayment of variable remuneral breaches or in the event of incorrect consolidated financial statements · Severance payment: – Limited to two years' fixed remuneration plus STI, but not exceeding the remaining term of the service agreement

The remuneration of Management Board members comprises fixed (non-performancebased) and variable (performance-based) remuneration components, the total amount of which determines the respective overall target remuneration of each Management Board member.

Fixed remuneration consists of an annual base salary as well as fringe benefits, which may vary from year to year depending on events and the particular individual. Variable remuneration comprises short-term variable remuneration (short-term incentive – STI) and long-term variable remuneration (long-term incentive – LTI).

The short-term incentive (STI) is the short-term variable remuneration element with a term of one year. The calculation of the STI for a respective fiscal year – subject to any reduction or clawback (malus and clawback) – is as follows:

Entitlement to receive an annual bonus to be paid out in cash is contingent upon the achievement of certain financial targets. For the fiscal years up to and including 2023, these financial targets were billings and adjusted (billings) EBITDA; starting with the 2024 fiscal year, they will be revenue and adjusted (revenue) EBITDA. Entitlement to the annual bonus may additionally be dependent upon certain Company non-financial targets. For each performance target (financial targets and, optionally, certain non-financial targets), the Supervisory Board also sets a target which, if met, results in 100 % target achievement. The Supervisory Board also defines – to the extent possible – a minimum value for each of the performance targets as the lower end of the target corridor, at which 50 % of the target is achieved. In addition, a maximum value is set that, if reached or exceeded, results in target achievement of 200 %. If the value achieved with regard to a performance target falls below the minimum value, the degree of target achievement for this performance target is 0 %. If the value achieved with regard to a performance target reaches or exceeds the maximum value, the degree of target achievement is 200 %. Target achievement within these values is determined by linear interpolation, whereby all target values are adjusted for exchange rate effects before determination.

The amount of the STI also depends on the assessment of the personal performance criteria set individually for each Management Board member by the Supervisory Board at the beginning of the fiscal year. These are weighted on a percentage basis. The Supervisory Board determines the achievement of the personal modifier within a range of 0.8 to 1.2 at its reasonable discretion, depending on the target achievement of the respective defined criteria. There is no guaranteed minimum target achievement, which means a payout may be omitted entirely. If the respective employment contract begins or ends during the year, the STI is calculated on a pro rata temporis basis for the period of the employment in the respective fiscal year, whereby the target achievement is determined according to the originally defined parameters even in the event of a departure during the year and is paid out on the regular due date. The STI is due for payment six weeks after the adoption of the consolidated financial statements, insofar as an entitlement to the payment exists.

The long-term incentive (LTI) is the long-term variable remuneration element. The LTI is share-based and structured as performance shares with a four-year performance period. The calculation of the LTI – subject to any reduction or clawback (malus and clawback) – is as follows:

With each fiscal year, a new performance period begins in accordance with the terms of the applicable LTI. The achievement of certain predefined targets is measured after the end of the performance period. At the beginning of each performance period, the Supervisory Board determines the initial number of performance shares for each individual Management Board member based on the LTI target amount and the average share price. The Supervisory Board also defines a target for each of at least three performance targets (financial targets, relative TSR, non-financial targets), the achievement of which results in target achievement of 100 %. Where possible, the Supervisory Board also sets a minimum value for each of the performance targets as the lower end of the target corridor, which, if achieved, results in target achievement of 50 %. In addition, a maximum value is set that, if reached or exceeded, results in 200 % target achievement. If the value achieved for a performance target falls below the minimum value, the degree of target achievement for this performance target is 0 %. If the value achieved for a performance target reaches or exceeds the maximum value, the degree of target achievement is 200 %. The performance shares are merely a calculation figure, the allocation of which does not yet result in any entitlement to a payment in connection with the LTI.

When measuring target achievement for the respective performance period, the performance targets are weighted according to the current remuneration system as follows:

• 30 % financial performance targets "average revenue growth" and "average adjusted (revenue) EBITDA growth" (equally weighted) (for tranches allocated before and in the 2023 fiscal year, this is "average billings growth" and "average adjusted (billings) EBITDA growth" (equally weighted));
• 50 % relative total shareholder return (TSR), measured against the two peer groups "STOXX® 600 Technology" and "MDAX" (equally weighted) or other peer groups or share indices determined by the Supervisory Board for comparison; and
• 20 % non-financial performance targets, particularly sustainability aspects (environmental, social, governance – ESG aspects).

At the end of the respective performance period, the initial number of performance shares is multiplied by the target achievement and rounded up to the next full share. This calculation results in the final number of performance shares. The final number of performance shares is then multiplied by the final share price, resulting in the payout amount. This amount is limited to 200 % of the allocation value (cap). If the employment contract begins or ends during the year, the allocation value is reduced on a pro rata temporis basis.

If a Management Board member leaves the Company before the end of the respective LTI performance period, the target achievement is determined and the payment is made on the scheduled date, provided the entitlement is not forfeited.

To reinforce the pay-for-performance principle, the remuneration system prescribes that the majority of the target total remuneration for each Management Board member should consist of variable, performance-based components. To ensure that remuneration is aligned with TeamViewer's sustainable, long-term development, the percentage share of long-term incentives outweighs the percentage share of short-term incentives.

The percentage of fixed remuneration as a share of total target remuneration ranges between 30 % and 40 %. The annual base salary accounts for 90 % to 100 % of fixed remuneration, and fringe benefits amount to up to 10 %. The percentage of variable remuneration as a share of total target remuneration is between 60 % and 70 %, of which STI ranges from 30 % to 47 % of the total and LTI from 53 % to 70 %. Subsequent changes to the target values or comparison parameters set by the Supervisory Board in each case for the upcoming fiscal year are excluded.

To attract qualified candidates to the Management Board, the remuneration system also provides the option to grant new Management Board members an appropriate, marketcompetitive compensation payment, for example, for remuneration forfeited from the previous employer. For members of the Management Board who receive this type of compensation payment upon joining the Company, the proportion of the individual components may vary within the legally permissible framework from the aforementioned percentages.

Management Board remuneration in the 2023 fiscal year

Non-performance-based fixed remuneration components

Annual base salary

All Management Board members were granted a fixed, non-performance-based annual base salary in cash, payable in twelve equal monthly instalments.

Management Board member	Annual base salary in EUR	Annual base salary pro rata temporis in EUR
1 Oliver Steil	922,500	922,500
Michael Wilkens	700,000	700,000
Mei Dent 2 (since 31 August 2023)	500,000	168,011
Peter Turner3	464,958	464,958

1 Oliver Steil's base salary was increased from EUR 900,000 p.a. to EUR 1,035,000 p.a., effective 25 October 2023, as part of his extended term of office as Chairman of the Management Board and CEO of the Company.

² The annual base salary was paid to Mei Dent on a pro rata basis.

3 Peter Turner's fixed remuneration is subject to the annual EUR/GBP exchange rate adjustment, effective 1 January, starting as of 1 January 2023. The contractually agreed annual base salary amounted to EUR 475,000.

Fringe benefits

Management Board members were also granted fringe benefits in kind. These consisted mainly of lump-sum payments of up to EUR 2,000 per month for the use of a private car for business trips, contributions to the (private or statutory) health and long-term care insurance (in the amount of the lawful employer contributions to the statutory health and long-term care insurance or a maximum of half of the contribution actually expended), continued salary payments in the event of work incapacity due to illness or death, and accident insurance in the event of death or disability. All Management Board members are insured against thirdparty liability claims through a D&O insurance policy at the Company's expense with a deductible in accordance with the provisions of corporate law amounting to 10 % of the damage but no more than 150 % of the annual base salary.

The Company reimbursed Peter Turner up to an amount of EUR 5,000 plus VAT (p.a.) for the costs of a tax advisor to prepare his tax returns in Germany upon provision of proof. The Company also reimbursed him up to an amount of EUR 3,000 plus VAT (p.a.) for the added costs of a tax advisor to prepare the tax returns in the United Kingdom required as a result of receiving foreign income upon furnishing proof thereof.

Performance-based fixed remuneration components

The Supervisory Board already set the target values for the performance parameters for the 2023 fiscal year in January 2023. As the values set cannot be changed retrospectively, the relevant performance parameters for STI 2023 and LTI 2020–2023 to LTI 2023–2026 will continue to be "billings" and "adjusted (billings) EBITDA" even after the approval of the remuneration system by the 2023 Annual General Meeting.

Short-term variable remuneration (short-term incentive/STI)

STI target amount

In the case of 100 %target achievement, the STI target amount for the 2023 fiscal year would be as follows:

STI target amount for 100 % target achievement in FY 2023	STI target amount p.a. in EUR	STI target amount pro rata temporis in EUR
Oliver Steil	900,000.00	900,000.00
Michael Wilkens	700,000.00	700,000.00
Peter Turner1	430,697.56	430,697.56
Mei Dent2 (since 31 August 2023)	500,000.00	168,010.75

1For Peter Turner, the STI target amount is subject to the annual adjustment of the EUR/GBP exchange rate with effect from 1 January of each year, starting as of 1 January 2023. The contractually agreed STI target bonus in EUR is EUR 440,000.

2 The STI target amount for Mei Dent is a pro rata calculation based on the active service period.

Target achievement in percent in relation to the financial and (where applicable) non-financial targets

On 31 January 2023, the Supervisory Board set the target values for the STI performance criteria for the 2023 fiscal year for Oliver Steil, Michael Wilkens, Peter Turner and, on 26 June 2023, for Mei Dent. In addition to the financial performance targets for billings and adjusted (billings) EBITDA, which are each weighted at 50 %, it also determined individual personal performance criteria for each Management Board member.

STI 2023 target achievement for financial performance criteria:

Performance criterion	Lower limit at 50 % target achievement	Target value for 100 % target achievement	Upper limit at 200 % target achievement	Results 2023	Target achievement in %
Billings1 (50 %)	660.0	695.0	722.5	703.5	131 %
Adjusted (billings) EBITDA1 (50 %)	302.0	308.0	333.0	322.1	157 %
Target achievement in %					144 %

1Adjusted for exchange rate effects.

Personal performance criteria/modifier

The STI payout amounts for the 2023 fiscal year were calculated as follows:

Management Board member	Individual targets	Target achievement in %	Modifier	Management Board member	Target achievement in %
Oliver Steil	Individual target achievement was assessed	116.25 %	1.1625
	particularly based on building a leading global tech brand, strengthening the organisational structure and processes, developing a medium-term strategy and M&A agenda for 2023-2025, communicating			Michael
	the corporate strategy, the growth initiative in the enterprise business in IT and OT, increasing growth and innovation in the SMB business, and further improving ESG ratings.
Michael Wilkens	Individual target achievement was assessed	114.75 %	1.1475
	particularly based on strengthening the positioning of TeamViewer as part of the capital market strategy, defining the budget and financing for 2023, improving corporate and product safety, further developing and strengthening the legal, compliance and internal audit departments, and further improving the ESG ratings.			LTI for the 2023 to 2026 performance period year as defined by § 162 AktG.
Peter Turner	Individual target achievement was assessed particularly based on the establishment of a first-class CCO organisation focused on lead	116.75 %	1.1675
	generation and commercial excellence, accelerating SMB growth via the webshop,			Targets	Weighting	Conditions
	improving sponsorship activities and cost control, and further improving the ESG ratings.			1. Long-term financial target
Mei Dent	Individual target achievement was assessed based on a smooth onboarding process, developing a first-class organisation and strategy for product management and the R&D department, and further improving the ESG ratings.	116.25 %	1.1625	2. Non-financial
				strategic target
				3. Share price/ return-based target

STI target amount in EUR Modifier STI for FY 2023 in EUR Oliver Steil 144 % 900,000 1.1625 1,506,076.88 Wilkens 144 % 700,000 1.1475 1,156,278.38 Peter Turner 144 % 430,697.56 1.1675 723,837.32 Mei Dent 144 % 168,010.76 1.1625 281,152.36

Long-term variable remuneration (long-term incentive/LTI)

The performance period 2023 to 2026 applies to the LTI granted in the 2023 fiscal year. Due to the still ongoing performance period, no payments from the LTI 2023-2026 were made or earned in 2023; accordingly, the LTI 2023-2026 was not "granted and owed" in the 2023 fiscal

The Supervisory Board has defined the following target components:

Targets	Weighting	Conditions
1. Long-term financial target	30 %	50 %: Average billings growth 2023–20261 50 %: Average adjusted (billings) EBITDA growth 2023– 20261
2. Non-financial strategic target	20 %	50 %: Net promoter score 50 %: Proportion of women in management positions
3. Share price/ return-based target	50 %	50 %: Relative stock return vs. STOXX® 600 Technology 50 %: Relative stock return vs. MDAX®

¹ Average of the four annual growth rates for the years 2023 to 2026.

Target amount p.a. in EUR	Target amount pro rata temporis in EUR
1,000,000.00	1,000,000.00
830,000.00	830,000.00
700,000.00	233,333.33
587,314.86	587,314.86

1 The LTI target amount for Mei Dent is a pro rata calculation based on the respective active service period.

² For Peter Turner, the target amount is subject to the annual adjustment of the EUR/GBP exchange rate with effect from 1 January of each year, starting as of 1 January 2023. The contractually agreed LTI target amount in EUR is EUR 600,000.

LTI for the 2020–2023 performance period

The performance period 2020 to 2023 applied to the LTI granted in the 2020 fiscal year. The Supervisory Board set the following target components for the LTI 2020–2023:

Targets	Weighting	Conditions
1. Long-term financial target	30 %	50 %: Average billings growth 2020–20231 50 %: Average adjusted (billings) EBITDA growth 2020–20231
2. Non-financial strategic target	20 %	100 %: Net promoter score (assessed externally)
3. Share price/ return-based target	50 %	50 %: Relative TSR vs. STOXX® 600 Technology 50 %: Relative TSR vs. MDAX®

¹ Average of the four annual growth rates for the years 2020 to 2023.

LTI 2020–2023 target achievement

Performance criterion	Minimum at 50 % target achievement	Target level for 100 % target achievement	Maximum at 200 % target achievement	Result 2023	Target achievement in %
Average billings growth 2020–20231	24 %	27 %	33 %	21 %	0 %
Average adjusted (billings) EBITDA growth 2020–20231	27 %	30 %	36 %	15.5 %	0 %
Net promoter score	43	47	55	0.6	0 %
Relative TSR vs. STOXX® 600 Technology	+0 %	+6.67 %	+20 %	–99 %	0 %
Relative TSR vs. MDAX®	+0 %	+6.67 %	+ 20 %	–52 %	0 %
Total target achievement in %	0 %

The following payout amounts were calculated for the LTI 2020–2023:

Management Board member	Initial number of performance shares	Total target achievement in %	Final number of performance shares	Share price	LTI payout for FY 2023 in EUR
Oliver Steil	38,095	0	0	14.36	0
Stefan Gaiser	20,952	0	0	14.36	0

Only Oliver Steil and Stefan Gaiser participated in the LTI 2020–2023, as they were no other members of the Management Board in the 2020 fiscal year.

Malus and clawback

The STI and LTI are subject to malus and clawback conditions. This means that before determining the payout amount of an STI or LTI, the Supervisory Board reviews as to whether a malus provision justifies a reduction or even the omittance of the variable remuneration amount.

Malus events are those that occur during the respective performance period of the relevant variable remuneration component. A reduction or even a complete omittance of the variable remuneration component can be determined at the reasonable discretion of the Supervisory Board when one of the circumstances described below applies. In the case of the LTI, the malus applies to each performance period in the year in which the malus occurs:

• (a) The Management Board member, through grossly negligent or intentional acts or omissions, was to blame for a material financial loss (which may occur later) or a significant regulatory/official sanction, such as a sanction imposed by a data protection authority (which may occur later), to the detriment of the Company or another company of the TeamViewer Group. An indication of material financial damage is if the amount is equal to at least 1.0 % of the Company's balance sheet equity, based on the audited annual financial statements for the year preceding the year in which the damage occurred.
• (b) The Management Board member has committed a criminal offence in connection with his/her activities for the Company (e.g. fraud, bribery, embezzlement, theft, breach of trust, balance sheet manipulation).
• (c) The Management Board member has committed a serious breach of duty which, once known, leads to extraordinary termination with legal effect or merely justifies an extraordinary termination (§ 626 of the German Civil Code – BGB).

Variable remuneration amounts already paid out can be reclaimed in full or in part at the reasonable discretion of the Supervisory Board for the relevant performance period if a malus event is subsequently discovered within a clawback period. For each variable remuneration component, the clawback period begins at the end of the performance period on which the component is based and ends two years after this date. The clawback is the net amount actually paid and the assignment of all claims for tax refunds that the Management Board member may have against the tax authorities in this context.

In the 2023 fiscal year, there was no cause for reductions or clawbacks of variable remuneration components.

Shareholding obligations

Management Board members are obliged to hold a certain number of shares in TeamViewer (restricted shares) for the duration of their appointment on the Company's Management Board. Members must also provide evidence at the end of each fiscal year that they have fulfilled this obligation. This obligation arises for the first time no later than four years after the initial appointment to the Management Board or at an earlier date as agreed in the individual contract. Under the remuneration system, the investment volume amounts to 200 % of the gross annual base salary for the Chair of the Management Board and 100 % of the gross annual base salary for ordinary Management Board members. Restricted shares are acquired accordingly before the end of the fourth year after the initial appointment to the Management Board (or at an earlier date agreed in the individual contract). The full number of restricted shares must be held after the end of the fourth year (or by an earlier date agreed in the individual contract). The number of shares to be held by Oliver Steil is calculated by dividing (i) two times the annual base salary by (ii) the value of the Company's shares at the time of the IPO. The number of shares to be held by Michael Wilkens, Mei Dent and Peter Turner is calculated as (i) the annual base salary divided by (ii) the value of the Company's shares at the time of their initial appointment to the Management Board, commercially rounded to full units. The shares granted by the Company's main shareholder to redeem previous participation commitments to participate in the increase in value of the Company can be used for this purpose.

Shares held by members of the Management Board as at 31 December 2023:

Management Board member	No. of shares to be acquired	No. of shares held	End of the acquisition phase
Oliver Steil	78,857	2,720,000	31 December 2023
Michael Wilkens	73,176	73,300	31 December 2023
Mei Dent	35,386	10,000	31 December 2025
Peter Turner	49,244	50,321	31 December 2023

The compliance of the Management Board members with the shareholding obligations as at 31 December 2023 was determined based on the above-listed shareholdings. Mei Dent was not subject to the shareholding requirement in her first year on the Management Board.

Benefits in the event of early termination of employment

In the event of the early revocation of their appointment, Management Board members may be entitled to a severance payment in certain circumstances. The severance payment is based on a severance payment basis, consisting of the annual base salary and the STI calculated for the previous year. If the Supervisory Board comes to the conclusion, at its due discretion, that it is inappropriate to use the previous fiscal year as a basis for determining the STI as part of the severance payment, the expected STI for the current fiscal year may be used instead. The maximum severance payment is 200 % of the severance payment amount but is limited to the remuneration for the remaining term of the employment contract.

The Management Board member shall not receive any severance payment if the revocation of the appointment is based on the inability to properly manage the Company as defined in § 84 AktG, on a gross breach of duty, or on any other good cause for which the Management Board member is responsible, or if there is a good cause for which the Management Board member is responsible as defined in § 626 BGB that would have authorised the Company to terminate the employment contract for good cause.

If a Management Board member's term of office ends early due to death, the Company pays the sum of the fixed remuneration and any STI bonus for the month of death and three subsequent calendar months on a pro rata basis. This sum is paid to the surviving spouse or registered partner or, if the Management Board member is unmarried or in a civil partnership, to any first-order heirs.

Benefits in the event of regular termination of employment

In the event of the regular termination of employment, no severance payment or other comparable benefits are promised to the members of the Management Board. If during the year the member leaves the Management Board, or the employment contract is terminated, or the member is released from his or her obligation, the degree of target achievement and the modifier are calculated and determined based on defined target parameters (financial targets and modifier criteria) at the usual time (after the end of the fiscal year).

For the duration of a post-contractual non-compete period, the Management Board member shall receive compensation amounting to 50 % of the last contractual benefits received. Any statutory fees on this amount shall be borne by the Management Board member. Any compensation during the non-compete period is reduced by income the Management Board member earned through other use of the member's services or as a benefit according to the German Social Security Code (SGB) III during the period for which the non-compete compensation is paid, provided the non-compete compensation would exceed 110 % of the contractual benefits last received by the member when this amount is added. Any severance payment shall be credited against the non-compete compensation.

Stefan Gaiser and the Supervisory Board reached a mutual agreement in October 2021 on the expiry of Mr Gaiser's employment contract on 18 August 2022. Stefan Gaiser was subject to a twelve-month non-compete clause following the termination of his employment contract. During the non-compete period, Stefan Gaiser received compensation amounting to 50 % of the last agreed remuneration, consisting of the annual base salary, STI and LTI, totalling EUR 506,275. The compensation thus totalled EUR 42,189 per month and was paid monthly for a period of twelve months following the termination of the employment contract. All payments are to be understood as instalments due to the variable remuneration components. The instalment payment was included in the table "Remuneration granted and owed to the former member of the Management Board" as remuneration granted or owed in 2022 and 2023 in accordance with § 162 (1) AktG. After the end of all performance periods, the remuneration is adjusted in line with the actual target achievement.

Remuneration granted and owed

The tables that follow show the remuneration granted and owed to current and former members of the Management Board in the past fiscal year in accordance with § 162 (1) sentence 1 AktG. Remuneration granted in this sense includes all remuneration components whose underlying activity was completed in full in the reporting year and whose performance criteria were met in full. Remuneration is owed if the Company has a legal obligation to the board member in the fiscal year for which the remuneration report is prepared that is due but not yet fulfilled. This applies regardless of whether the payment was made in the 2023 fiscal year or not until a later time.

Using the STI as an example, the remuneration attributable to this is recognised accordingly in the 2023 fiscal year, even if payment is not made until the beginning of the 2024 fiscal year.

The granted and owed remuneration for the 2023 fiscal year shown in the tables below in accordance with § 162 AktG includes the annual base salary paid out in the fiscal year, the fringe benefits accrued in the fiscal year, the paid sign-on bonus, the STI determined for the fiscal year (to be paid out in the 2024 fiscal year), the LTI 2020-2023, and the advance payment on the compensation for the post-contractual non-compete clause. The Company does not have any current pension expenses.

In addition to the above information, the proportions of all fixed and variable remuneration components relative to total remuneration (TR) in the respective fiscal year are shown in the tables in accordance with § 162 (1) sentence 2 no. 1 AktG.

Remuneration granted and owed to the current Management Board members in accordance with § 162 (1) sentence 1 AktG for the 2023 fiscal year (1 January – 31 December 2023), Part I

	Oliver Steil Chairman of the Board/CEO since 19 August 2019					Michael Wilkens Chief Financial Officer/CFO since 1 September 2022
	2022 in EUR	2022 in % TR	2023 in EUR	2023 in % TR	2022 in EUR	2022 in % TR	2023 in EUR	2023 in % TR
Annual base salary	900,000	49.73 %	922,500	37.24 %	233,333	36.27 %	700,000	37.23%
Fringe benefits	22,307	1.23 %	48,668	1.96 %	8,000	1.24 %	24,000	1.28 %
Other (sign-on bonus)	–	–	–	–	150,0001	23.32 %	–	–
Total fixed remuneration	922,307	50.96 %	971,168	39.20 %	391,333	60.83 %	724,000	38.50%
One-year variable remuneration (STI)	887,436	49.04 %	1,506,077	60.80 %	252,000	39.17 %	1,156,278	61.50 %
Multi-year variable remuneration (LTI)	–	–	0	0 %	–	–	–	–
Total variable remuneration	887,436	49.04 %	1,506,077	60.80 %	252,000	39.17 %	1,156,278	61.50 %
Total remuneration (TR; under § 162 AktG)	1,809,743	100 %	2,477,244	100 %	643,333	100 %	1,880,278	100 %

¹ One-off compensation payment related to the initial appointment as compensation for forfeited remuneration from the previous employer.

Remuneration granted and owed to the current Management Board members in accordance with § 162 (1) sentence 1 AktG for the 2023 fiscal year (1 January – 31 December 2023), Part II

			Mei Dent Chief Product and Technology Officer since 31 August 2023
	2022 in EUR	2022 in % TR	2023 in EUR	2023 in % TR	2022 in EUR	2022 in % TR	2023 in EUR	2023 in % TR
Annual base salary	224,306	54.84 %	464,958	38.96 %	–	–	168,011	33.02 %
Fringe benefits	168	0.04 %	4,752	0.40 %	–	–	26,282	5.17 %
Other (sign-on bonus)	–	–	–	–	–	–	33,3331	6.55%
Total fixed remuneration	224,474	54.88 %	469,709	39.35 %	–	–	227,626	44.74 %
One-year variable remuneration (STI)	184,545	45.12 %	723,837	60.65 %	–	–	281,152	55.26 %
Multi-year variable remuneration (LTI)	–	–	–	–	–	–	–	–
Total variable remuneration	184,545	45.12 %	723,837	60.65 %	–	–	281,152	55.26 %
Total remuneration (TR; under § 162 AktG)	409,018	100 %	1,193,547	100 %	–	–	508,778	100 %

¹ Compensation payment related to the initial appointment as compensation for forfeited remuneration from the previous employer. The compensation payment amounts to a one-off payment of EUR 100,000 and is paid in three equal annual instalments, subject to the effective existence of an employment relationship at the respective time of payment, starting with the first payroll.

Remuneration granted and owed to former Management Board member in accordance with § 162 (1) sentence 1 AktG for the 2023 fiscal year (1 January – 31 December 2023)

	Stefan Gaiser, Chief Financial Officer/CFO 19 August 2019 to 18 August 2022
	2022 in EUR	2022 in % GV	2023 in EUR	2023 in % GV
Annual base salary	348,333	38.59 %	–	–
Fringe benefits	42,343	4.69 %	3,377	1.04 %
Total fixed remuneration	390,676	43.28 %	3,377	1.04 %
One-year variable remuneration (STI)	326,290	36.15 %	–	–
Multi-year variable remuneration (LTI)	–	–	0	0 %
Non-compete compensation	185,6341	21 %	320,6411	98.96 %
Total variable remuneration	511,924	56.72 %	320,641	98.96 %
Total remuneration (TR; under § 162 AktG)	902,600	100 %	324,018	100 %

¹ Benefits based on post-contractual non-compete clause.

Maximum remuneration for Management Board members

The remuneration to be granted to Management Board members for a given fiscal year is capped in order to avoid unrestricted and excessive Management Board remuneration. This applies regardless of whether the remuneration is paid out in the fiscal year or at a later date. Remuneration is limited in two respects: First, the payment of the variable remuneration components is limited to 200 % of the target amount for both the STI and the LTI. Second, the Supervisory Board has set a maximum remuneration for Management Board members in accordance with § 87a (1) sentence 2 no. 1 AktG. The maximum remuneration includes all payments stipulated in the employment contract, which include the annual base salary, fringe benefits, the STI and LTI, sign-on bonuses, and non-compete compensation. The maximum remuneration that can be realised for a given fiscal year may not exceed EUR 9,800,000 p.a. for each Management Board member. If the defined maximum remuneration for a given fiscal year is exceeded, the amount paid out under the LTI is reduced accordingly. A final report on the adherence to the maximum remuneration for the 2023 fiscal year is not possible until the end of the LTI 2023–2026 performance period. That said, reaching the maximum remuneration is already mathematically impossible under all current Management Board contracts due to the 200 % cap on STI and LTI.

Once the LTI 2020–2023 performance period has ended, it will be possible to report on the maximum remuneration for the 2020 fiscal year for the first time. This will include as remuneration components the STI 2020 and the LTI 2020–2023, all fringe benefits and the fixed remuneration for the 2020 fiscal year. There was no restriction on the maximum remuneration in the 2020 fiscal year as defined in § 87a (1) sentence 2 no. 1 AktG, as maximum remuneration was not introduced until the launch of the new remuneration system for the Management Board in 2021. Even before the introduction of maximum remuneration, however, a de facto restriction on remuneration existed due to the 200 % cap on the target amount of the STI and LTI, which served to rule out inappropriately high remuneration from the outset.

Remuneration of the Supervisory Board

The remuneration of Supervisory Board members is governed by § 13 of the Company's Articles of Association and the remuneration system of the Supervisory Board. The remuneration system for Supervisory Board members corresponds to the previous provisions of the Articles of Association on Supervisory Board remuneration in § 13 of the Company's Articles of Association. The current remuneration system was approved by the Annual General Meeting of the Company on 15 June 2021 with 98.71 % of the votes cast and was applied to all Supervisory Board in the 2023 fiscal year. The remuneration system and the Articles of Association are both publicly available.

The remuneration of the Supervisory Board consists of fixed annual remuneration only. Remuneration should take into account the duties and responsibilities of the Supervisory Board members. Members generally receive fixed remuneration of EUR 75,000. The Chairman of the Supervisory Board receives fixed remuneration of EUR 187,500, and his deputy receives fixed remuneration of EUR 165,000. In addition, the Supervisory Board members who are also members of the Audit Committee receive additional fixed remuneration of EUR 30,000. For their work on other Supervisory Board committees, Supervisory Board members receive additional fixed annual remuneration of EUR 25,000 per committee, provided the relevant committee meets at least once a year to perform its duties. The chairs of the committees receive twice the above committee remuneration. Remuneration for committee work is taken into account for a maximum of two committees. The two functions with the highest remuneration are relevant in the event this limit is exceeded. The above remuneration is payable in four equal instalments that are due and payable at the end of each quarter for which the remuneration is paid. Supervisory Board members who hold office on the Supervisory Board, or on a committee, or hold the office of Chair or Deputy Chair for only part of the fiscal year receive the corresponding remuneration on a pro rata basis. In addition, the Company reimburses the Supervisory Board members for their reasonable out-of-pocket expenses incurred in connection with the exercise of their mandate, as well as for valueadded tax on their remuneration and out-of-pocket expenses.

Supervisory Board members are covered by the Company's D&O insurance policy.

Partners and employees of the main shareholder who serve as members of the Company's Supervisory Board do not receive any additional remuneration for their services as this is considered to be covered by the contractual remuneration they receive from the main shareholder. They are generally required to waive any remuneration they may be entitled to in such position.

Remuneration granted and owed to Supervisory Board members in accordance with § 162 (1) sentence 1 AktG

	Fixed annual remuneration		Participation in committees		Total remuneration
In EUR	2022	2023	2022	2023		2023
Supervisory Board members in office as at 31 December 2023
Ralf W. Dieter (Chairman since 24 May 2023)	9,375	143,044	6,875	36,855	16,250	179,899
Dr Abraham Peled (Deputy Chairman since 24 May 2023; formerly the Chairman)	187,500	173,891	55,000	51,976	242,500	225,867
Axel Salzmann (Deputy Chairman until 24 May 2023)	104,837	110,565	110,000	76,734	214,837	187,298
Dr Jörg Rockenhäuser1	0	0	0	0	0	0
Hera Kitwan Siu	75,000	75,000	30,000	30,000	105,000	105,000
Swantje Conrad (since 24 May 2023)	–	45,363	–	36,290	–	81,653
Christina Stercken (since 24 May 2023)	–	45,363	–	18,145	–	63,508
Former Supervisory Board members
Stefan Dziarski (until 11 December 2023)1	0	0	0	0	0	0

¹ Stefan Dziarski and Dr Jörg Rockenhäuser waived their remuneration for the 2022 and 2023 fiscal years.

Comparative presentation of earnings development and annual change in remuneration

In accordance with § 162 (1) sentence 2 no. 2 AktG, the following overview provides a comparative presentation of the annual change in the remuneration of the current and former members of the Management Board and Supervisory Board, the development of the Company's earnings, and the average remuneration of employees on a full-time equivalent basis over the last five fiscal years.

For the members of the Management Board and Supervisory Board, the remuneration granted and owed in the respective fiscal year is presented on an individual basis as defined by § 162 (1) sentence 1 AktG.

The Company's earnings performance is presented on the basis of net income/loss. In addition, the Group's earnings performance is measured on the basis of billings and adjusted (billings) EBITDA.

Since TeamViewer SE has not had any employees of its own, aside from the members of the Management Board, since 1 June 2022, the presentation of the average remuneration of employees is based on the workforce of the TeamViewer Group in Germany (TeamViewer Germany GmbH and Regit Eins GmbH). The average employee remuneration includes personnel expenses for wages and salaries, fringe benefits, employer contributions to social security, as well as the variable remuneration components attributable to the respective fiscal year.

In line with the remuneration of the Management Board and Supervisory Board, employee remuneration therefore generally corresponds to the remuneration granted and owed as defined by § 162 (1) sentence 1 AktG.

Comparative presentation of the remuneration and earnings development of the employees, the Management Board and the Supervisory Board in accordance with § 162 (1) sentence 2 no. 2 AktG

Fiscal year	2019	change1	2020	change	2021	change	2022	change	2023	change
Earnings development of TeamViewer SE in EUR
Net loss for the year (HGB) (in EUR million)	2	–	7	+250 %	8	+14 %	14	+75 %	33	+136 %
Earnings development of the TeamViewer Group in EUR
Billings (non-IFRS) (in EUR million)	324.9	–	460.3	+42 %	547.6	+19 %	634.8	+16 %	678.0	+7 %
Adjusted (billings) EBITDA (non-IFRS) (in EUR million)	182.1	–	261.4	+44 %	257.0	–1 %	298.7	+16 %	311.8	+4 %
Average remuneration of employees
Total workforce TeamViewer SE (until 2022)	84,489	–	110,942	+31 %	113,160	+2 %	–	–	–	–
Total workforce TeamViewer Group in Germany (since 2022)	–	–	–	–	92,004	–	95,479	+4 %	105,043	10 %
Management Board remuneration
Oliver Steil (since August 2019)	41,292,2911	–	72,883,9401	+76 %	22,060,6541	–69 %	1,809,743	–92 %	2,477,244	+37 %
Michael Wilkens (since September 2022)	–	–	–	–	–	–	643,333	–	1,880,278	+192 %
Peter Turner (since July 2022)	–	–	–	–	–	–	409,018	–	1,193,547	+192 %
Mei Dent (since August 2023)	–	–	–	–	–	–	–	–	508,778	–
Former Management Board members
Stefan Gaiser (August 2019 to August 2022)	20,844,3991	–	36,757,3821	+76 %	11,177,6381	–69 %	902,600	–92 %	324,018	–64 %

Fiscal year	2019	% change1	2020	% change	2021	% change	2022	% change	2023	% change
Supervisory Board remuneration
Dr Abraham Peled (since August 2019)	71,879	–	242,500	+237 %	242,500	0 %	242,500	0 %	225,867	–7 %
Axel Salzmann (since August 2019)	82,804	–	185,000	+123 %	185,000	0 %	214,837	+16 %	187,298	–13 %
Dr Jörg Rockenhäuser (since August 2019)	0	0	0	0	0	0	0	0	0	0
Ralf W. Dieter (since October 2022)	–	–	–	–	–	–	16,250	–	179,899	+1,007 %
Swantje Conrad (since May 2023)	–	–	–	–	–	–	–	–	81,653
Christina Stercken (since May 2023)	–	–	–	–	–	–	–	–	63,508
Hera Kitwan Siu (since November 2021)	–	–	–	–	4,688	–	105,000	+2,140 %	105,000	0 %
Former Supervisory Board members
Stefan Dziarski (August 2019 to December 2023)	0	0	0	0	0	0	0	0	0	0

¹ The remuneration in the 2019, 2020 and 2021 fiscal years included third-party benefits. These consisted primarily of benefits granted within the scope of an investment agreement concluded in connection with the Company's IPO (see securities prospectus dated 11 September 2019). These benefits were granted exclusively by the main shareholder or its affiliated companies and not by the Company.

9 Takeover-Relevant Information

Composition of subscribed capital

As at 31 December 2023, the share capital of TeamViewer SE amounted to EUR 174,000,000.00 and was divided into 174,000,000 no-par value bearer shares. The change compared to the previous year resulted from the cancellation of a total of 12,515,856 shares. All shares carry the same rights. Each share has a notional value of EUR 1.00 in the Company's share capital. Each no-par value share grants one vote at the Annual General Meeting. As at 31 December 2023, the Company held 7,650,576 treasury shares.

Restrictions on voting rights and share transfers

There are no restrictions affecting voting rights or the transfer of shares as at 31 December 2023.

Material holdings of shareholders

As at 31 December 2023, Permira Holdings Limited, with its registered office in St. Peter Port, Guernsey, held a 14.1 % share in the capital of TeamViewer SE through TLO.

The Management Board is not aware of any other direct or indirect interests in the Company's capital that exceed 10 % of the voting rights.

Holders of shares with special control rights and type of voting control of employee shares

There are no shares with special rights conferring powers of control pursuant to § 315a no. 4 and § 289a no. 4 HGB. Employees do not hold shares in the Company's capital as defined by § 315a no. 5 and § 289a no. 5 HGB.

Provisions on the appointment and dismissal of Management Board members and on amendments to the Articles of Association

The appointment and dismissal of members of the Management Board are governed by §§ 84 and 85 AktG in conjunction with § 6 of the Articles of Association of TeamViewer SE. The Supervisory Board determines the actual number of members of the Management Board. Pursuant to § 179 AktG, amendments to the Articles of Association require at least threequarters of the share capital represented at the time of the resolution by the Annual General Meeting. However, according to § 10 of the Articles of Association of TeamViewer SE, the Supervisory Board is authorised to adopt amendments to the Articles of Association that only affect their wording.

Authority of the Management Board to issue and buy back shares

With a resolution passed by the Annual General Meeting on 3 September 2019, the Management Board was authorised to increase the Company's share capital, subject to the consent of the Supervisory Board, by issuing up to 100,000,000 ordinary bearer shares with no-par value against cash and/or non-cash contributions in one or several tranches for a total maximum of EUR 100,000,000 during the period up to 2 September 2024 (Authorised Capital 2019). The dividend entitlement of new shares may be determined by deviation from § 60 (2) AktG. Existing shareholders must, as a general rule, be granted subscription rights. However, subject to the consent of the Supervisory Board, the Management Board is authorised to exclude shareholder subscription rights on one or several occasions in the following cases:

• Insofar as this is necessary to exclude fractional amounts.
• To the extent necessary to grant holders or creditors of convertible or warrant-linked bonds issued by the Company and/or its direct or indirect majority holding companies and convertible profit participation rights an option to subscribe to new shares to which

they would be entitled upon exercise of the conversion or warrant rights, or performance of the warrant or conversion obligations.

• To the extent that the new shares are issued against cash contributions, and the issue price of the new shares is not significantly lower than the stock exchange price of the Company shares already listed at the time of the final determination of the issue price, which should take place as promptly as possible after placement of the shares. This authorisation to exclude subscription rights applies only to the extent that the notional percentage of shares issued under exclusion of the shareholders' subscription rights pursuant to § 186 (3) sentence 4 AktG in the share capital does not exceed 10 %, i.e. neither the share capital in existence at the time this authorisation takes effect nor the share capital existing at the time this authorisation is exercised.
• To the extent that the new shares are issued against non-cash contributions, particularly in the form of companies, parts of companies, participations in companies, receivables, or other assets.

In addition, the Management Board was authorised by a resolution of the Annual General Meeting, dated 3 September 2019, to issue, with the Supervisory Board's approval, bearer or registered convertible and/or warrant-linked bonds or a combination of these instruments with a total nominal amount of up to EUR 1,400,000,000, with or without fixed maturity, until 2 September 2024, once or multiple times in partial amounts, and to grant the holders of these bonds conversion or option rights to subscribe to up to 60,000,000 ordinary bearer shares with no-par value of the Company with a notional interest in the share capital totalling up to EUR 60,000,000 in accordance with the offering terms of these bonds. The bonds may provide for a conversion or performance obligation in respect of the warrant by the end of the term or at an earlier date. The issue of bonds may take place in exchange for cash or non-cash contributions. The bonds may also be issued by companies in which the Company holds an indirect or direct majority stake. For this event, the Management Board is authorised, with the approval of the Supervisory Board, to assume the required guarantees for the obligations resulting from the bonds and to grant to or impose on the holders or creditors of these bonds conversion or warrant rights or conversion or warrant obligations on shares of the Company.

The Management Board was also authorised to exclude shareholders' subscription rights for issues of bonds under certain circumstances, with the Supervisory Board's consent, including issues in exchange for non-cash contributions, particularly for the purpose of acquiring companies, parts of companies or participations in companies.

The Company's share capital has been conditionally increased by up to EUR 60,000,000 through the issue of up to 60,000,000 new ordinary bearer shares with no-par value (Conditional Capital 2019). Conditional Capital 2019 solely serves the purpose of granting new shares to the owners or holders of bonds, which according to the authorising resolution adopted by the Annual General Meeting on 3 September 2019, are issued until 2 September 2024 by the Company or affiliated companies in which the Company directly or indirectly holds a majority interest, in the event that conversion and/or option rights are exercised, or that conversion and/or option right obligations are met or that the Company exercises its right to grant shares of the Company instead of pay the amount due in full or in part.

As at 31 December 2023, the Company had utilised Authorised Capital 2019 in the amount of EUR 1,070,931.00 as part of a capital increase against non-cash contributions that took place in the 2020 fiscal year. Conditional Capital 2019 has not yet been utilised. Accordingly, as at 31 December 2023, Authorised Capital 2019 amounted to EUR 98,929,069.00, and Conditional Capital 2019 amounted to EUR 60,000,000.00.

The Management Board has also been authorised until 2 September 2024 to acquire its own shares for any statutory permitted purposes up to a total of 10 %of the share capital as of the date of the resolution or – if the amount is lower – as of the time the authority is exercised. The shares acquired based on this authorisation, together with other shares of the Company owned by the Company or attributable to it pursuant to §§ 71a et seqq. AktG, must at no time exceed 10 % of the share capital. The purchase takes place at the Management Board's discretion either via the stock exchange through a public offer addressed to all shareholders, or a public call to issue an offer (acquisition offer), or through the utilisation of derivatives (put or call options or a combination thereof).

In the 2023 fiscal year, under the above authorisation and another previously valid authorisation, TeamViewer repurchased a total of 10,981,653 own shares consisting of the following:

• A total of 9,993,893 shares repurchased under the SBB 2023 share buyback programme, which had a total volume of up to EUR 150 million. In the period from 15 February 2023 up to and including 15 June 2023, 5,078,064 shares totalling EUR 74,999,574.35 were acquired at an average price of EUR 14.7693 in the first tranche of this programme. The total volume of this first tranche corresponded to approximately 2.72 % of the share capital (based on the share capital figure of EUR 186,515,856.00) at the end of the tranche. In the period from 20 June 2023 up to and including 30 November 2023, 4,915,829 shares with a total value of EUR 75,000,008.20 were acquired at an average price of EUR 15.2568 in the second tranche of this programme. The total volume of shares acquired in this second tranche corresponded to approximately 2.73 % of the share capital (based on the share capital figure of EUR 180,000,000.00) at the end of the second tranche.
• By 31 December 2023, a total of 987,760 shares with a total value of EUR 13,669,469.55 were repurchased under the new 2023/2024 share buyback programme. The programme has a total volume of up to EUR 150 million and is scheduled to be completed in 2024.

Based on the authorisation dated 24 May 2023, the Company cancelled 6,515,856 of the acquired treasury shares effective 26 June 2023. This resulted in a corresponding reduction in the share capital from EUR 186,515,856.00 to EUR 180,000,000.00. The cancellation of a further 6,000,000 acquired treasury shares, effective 20 December 2023, resulted in a corresponding reduction in the share capital from EUR 180,000,000.00 to EUR 174,000,000.00.

Material agreements in the event of a change of control following a takeover bid

The Senior Facilities Agreement, the promissory note agreements, as well as a bilateral loan agreement between TeamViewer SE and its lenders, constitute material agreements containing provisions in the event of a change of control. These provisions grant lenders the right to terminate and accelerate repayment in the event of a change of control.

Compensation agreements with the Management Board or employees in the event of a takeover bid

No compensation agreements exist between the Company and the Management Board or employees in the event of a takeover bid.

10 Corporate Governance Statement

The content of this chapter has not been audited by the auditor.

10.1 Fundamental approach

The TeamViewer Group attaches great importance to good corporate governance. Transparent and responsible corporate management and a collaboration between the Management Board and Supervisory Board in the spirit of trust and open capital market communications form its key elements. TeamViewer SE is guided by the latest version of the German Corporate Governance Code (GCGC) standards.

The Management Board and Supervisory Board of TeamViewer SE submit the following corporate governance statement pursuant to § 315d in conjunction with § 289f HGB, which is part of the combined management report. In the corporate governance statement, they report jointly on TeamViewer's corporate governance in accordance with Principle 22 of the GCGC. This statement is also available on the TeamViewer website together with the Remuneration Report for the last fiscal year, the auditor's report in accordance with § 162 AktG, the applicable remuneration system in accordance with § 87a (1) and (2) sentence 1 AktG and the last remuneration resolution in accordance with § 113 (3) AktG.27

10.2 Management Board

Composition

In accordance with the TeamViewer SE Articles of Association, the Management Board is appointed and dismissed by the Supervisory Board. As at 31 December 2023, the TeamViewer SE Management Board consisted of the following four members:

• Oliver Steil, member of the Management Board of TeamViewer SE and Chairman of the Management Board (CEO), appointed until October 2028. Mr Steil has served as

Managing Director of TeamViewer Germany GmbH and CEO of the TeamViewer Group since January 2018.

• Michael Wilkens, member of the Management Board of TeamViewer SE and Chief Financial Officer (CFO), appointed until August 2025. Mr Wilkens has been a member of the Management Board of TeamViewer SE and CFO of the TeamViewer Group since September 2022.
• Peter Turner, member of the Management Board of TeamViewer SE and Chief Commercial Officer (CCO), appointed until July 2025. Mr Turner has been a member of the Management Board of TeamViewer SE and CCO of the TeamViewer Group since July 2022.
• Mei Dent has been appointed as a member of the Management Board of TeamViewer SE and Chief Product and Technology Officer (CPTO) until August 2026. She has been a member of the Management Board of TeamViewer SE and CPTO of the TeamViewer Group since August 2023.

Qualifications profile and diversity concept

The Supervisory Board is of the opinion that, in addition to the professional skills and experience of the Management Board members, diversity aspects also play an important role in the successful development of the Company. In accordance with its diversity concept, the Supervisory Board therefore pays particular attention to diversity in the composition of the Management Board and strives to form a Management Board in which the members complement each other with regard to their personal and professional backgrounds, their experience, and their expertise. This enables the Management Board as a whole to draw on the broadest possible spectrum of expertise, knowledge and skills.

Each Management Board member should be able to perform the tasks of a board member at an internationally operating, listed software company and to uphold the Company's reputation in the public eye. Members of the Management Board should also have a deep understanding of the Company's business and market environment and generally possess several years of management experience. In view of the Company's business model, the following areas should have at least one member of the Management Board with knowledge in that area:

• Strategy and strategic leadership
• Technology and Remote as a Service (RaaS) companies, including relevant markets and customer needs
• Operations and technology, including IT and digitalisation
• Corporate Governance
• Human resource management and development
• Finance, including financing, accounting, controlling, risk management and internal control procedures

Given the international character of the Company's activities, at least some of the Board members should have extensive international experience.

When appointing members to the Management Board, the Supervisory Board is guided by the principle of equal participation of women and men and actively promotes this goal, for example, through the targeted search for female candidates for the Management Board. The Company's goals with regard to the target number of women on the Management Board, as well as the status of their implementation, can be found in the corresponding statements on the targets for the participation of women in management positions. In order to achieve the defined targets and to promote diversity in general, the Supervisory Board has developed a comprehensive and detailed diversity concept that it uses as a guideline for appointments and long-term succession planning.

As a rule, appointments to the Management Board end when a member reaches 65 years of age. An extension for a maximum of three years is possible. A reappointment before the end of the year preceding the end of the appointment period and the simultaneous termination of the current appointment shall only be made in special circumstances. The Company's aim to achieve a heterogeneous age structure is secondary to the other criteria mentioned.

Duties

The Management Board has sole responsibility for managing the Company's operations. In carrying out this responsibility, the Management Board is guided by the Company's interests and committed to ensuring the sustained growth of its enterprise value. The Management Board sets the Company's strategic direction, coordinates it with the Supervisory Board at regular intervals, and ensures its implementation.

The Management Board identifies and evaluates the Company's risks and opportunities associated with social and environmental factors, as well as the environmental and social impacts of the Company's activities. The Company's strategy takes long-term economic goals as well as environmental and social goals into account appropriately. Environmental and social goals are also given suitable consideration in the corporate strategy, next to the long-term business goals. Corresponding financial and sustainability-related goals are included in the corporate planning. The Management Board is responsible for ensuring compliance with legal provisions and internal guidelines and works towards their observance in the Company.

The basic principles guiding the management, the cooperation of the Management Board, and the information of the Supervisory Board are laid down in the Rules of Procedure for the Management Board. The Management Board shall conduct the Company's business with the due care and diligence of a prudent and conscientious manager in accordance with the law, the Articles of Association and the Rules of Procedure. It shall cooperate with the other bodies of the Company in a collegial and trustworthy manner.

The members of the Management Board are jointly responsible for the Company's management. The members of the Management Board lead the business area assigned to them by the schedule of duties independently and on their own responsibility. The members of the Management Board work collegially together and advise and brief one another on a continuous basis. The Management Board meets regularly, generally every other week. Management Board resolutions are required to be unanimous.

The Management Board collaborates closely with the Supervisory Board. It is the joint task of the Management Board and Supervisory Board to ensure an adequate supply of information to the Supervisory Board. The Management Board notifies the Supervisory Board in a regular, timely and comprehensive manner of all issues of relevance to the Company and the Group as part of its reporting obligations pursuant to § 90 AktG. This includes strategy, planning, business performance, the risk situation, risk management, and compliance. The Management Board addresses deviations in business performance from the plans and targets set and provides clarification. Relevant documents for the decisionmaking process are made available to Supervisory Board members well in advance of the meetings. The Management Board requires the Supervisory Board's approval for specific transactions as set out in the Rules of Procedure.

Conflicts of interest

Members of the Management Board are committed to the interests of the Company. Their decision-making must not be guided by their own personal interests. While working for the Company, they are subject to a comprehensive non-compete clause and must not use business opportunities available to the Company or one of its subsidiaries for their personal gain. The members of the Management Board must not demand or accept remuneration or other benefits for themselves or other persons from third parties or grant unjustifiable benefits to third parties in connection with their position at the Company. Each member of the Management Board must disclose conflicts of interest immediately to the chairs of the Supervisory Board and Management Board and inform the other members of the Management Board accordingly. All transactions between the Company, its subsidiaries, Management Board members, or any persons or undertakings personally related to them, must conform to the standards applicable to transactions with non-related third parties. Any secondary gainful activities of Management Board members, specifically Supervisory Board mandates outside the Group, require the Supervisory Board's approval.  

Long-term succession planning

The Management Board, in cooperation with the Supervisory Board, ensures long-term succession planning. To this end, the Supervisory Board has developed a competence profile and diversity concept for members of the Management Board. Based on these guidelines, the Supervisory Board and the Management Board regularly analyse the Company's needs and contemplate long-term succession planning. In addition to contingency planning, the intention is also to ensure that the Company can contact suitable candidates at an early stage.

10.3 Supervisory Board

Composition

In accordance with the Articles of Association, the Supervisory Board of TeamViewer SE consists of eight members who are elected by the Annual General Meeting (AGM). With the exception of Hera Kitwan Siu, whose term of office runs until the end of the Annual General Meeting in 2026, all Supervisory Board members have been appointed until the end of the Annual General Meeting in 2027. Stefan Dziarski, who had been a member of the Supervisory Board since 2019, resigned from his position in December 2023 for personal reasons after consulting with the Supervisory Board.

As at 31 December 2023, the Company's Supervisory Board consisted of the following seven members:

• Ralf W. Dieter, Chairman of the Supervisory Board
• Dr Abraham Peled, Deputy Chairman of the Supervisory Board
• Dr Jörg Rockenhäuser, Member of the Supervisory Board
• Axel Salzmann, Member of the Supervisory Board
• Hera Kitwan Siu, Member of the Supervisory Board
• Swantje Conrad, Member of the Supervisory Board
• Christina Stercken, Member of the Supervisory Board

The Supervisory Board of TeamViewer SE has set itself concrete goals for its composition and has developed a competence profile and diversity concept for the entire body, which are explained in more detail below. Based on their knowledge, skills and professional experience, the members of the Supervisory Board should be able to fulfil the tasks of a Supervisory Board member in an internationally operating software company. Members should ensure that they have sufficient time to perform their duties diligently and that they generally comply with the maximum number of permissible mandates in accordance with recommendations C.4 and C.5 of the German Corporate Governance Code (GCGC). A Supervisory Board member should not be older than 75 years of age at the time of election and, as a rule, should not have been a member of the Supervisory Board for longer than ten years (see recommendations C.2 and C.3 GCGC).

Overview of the terms of office of Supervisory Board members

Name	Date of initial appointment	Date of last appointment	End of term (always at the end of the ordinary AGM for the respective year or upon resignation)
Ralf W. Dieter	17 October 2022 (court-appointed)	24 May 2023	AGM 2027 (4 years)
Dr Abraham Peled	19 August 2019	24 May 2023	AGM 2027 (4 years)
Axel Salzmann	19 August 2019	24 May 2023	AGM 2027 (4 years)
Stefan Dziarski	19 August 2019	24 May 2023	11 December 2023 (effect tive date of resignation)
Dr Jörg Rockenhäuser	19 August 2019	24 May 2023	AGM 2027 (4 years)
Hera Kitwan Siu	26 November 2021	17 May 2022	AGM 2026 (4 years)
Swantje Conrad	24 May 2023	24 May 2023	AGM 2027 (4 years)
Christina Stercken	24 May 2023	24 May 2023	AGM 2027 (4 years)

Targets for Supervisory Board composition

The Supervisory Board pays particular attention to diversity when composing the Board as a whole. Members must complement each other in terms of their personal and professional backgrounds, experience, and expertise to ensure that the Board in its entirety can draw upon the widest possible range of experience and specialised knowledge. The composition of the Supervisory Board must ensure at all times that its members possess the combined knowledge, abilities and professional experience required to properly perform the duties of a supervisory board body. According to § 100 (5) AktG, the Supervisory Board as a whole must also be familiar with the sector in which TeamViewer SE operates. In addition, at least one Supervisory Board member must have expertise in the field of accounting, and at least one other Supervisory Board member must have expertise in the field of auditing. The competence profile of the Supervisory Board should also include expertise in issues of sustainability important to the Company. Election proposals of the Supervisory Board to the Annual General Meeting take these composition objectives into account while striving to fulfil the competence profile for the entire body.

The Supervisory Board elects a chair from among its members who coordinates the work of the Supervisory Board and represents the interests of the Supervisory Board externally. The chair of the Supervisory Board holds discussions with investors on topics specific to the Supervisory Board within an appropriate framework. The chair of the Supervisory Board is informed immediately by the chair of the Management Board of important events of material importance for the assessment of the Company's situation, development, and management. The Supervisory Board chair then informs the Supervisory Board and, if necessary, convenes an extraordinary meeting of the Supervisory Board. Outside of meetings, the Supervisory Board chair maintains regular contact with the Management Board, and particularly with the chair of the Management Board, to discuss the Company's strategy, business development, risk situation, risk management, and compliance.

Competence profile

The Supervisory Board, in its entirety, should cover all of the fields of competence required for the effective performance of its duties. These include in-depth knowledge and experience, particularly

• in the management of an internationally operating company, ideally in the areas of software, SaaS or technology;
• in supervisory board positions at home or abroad;
• in the areas of strategy and innovation;
• in the corporate development of an internationally operating company;
• in accounting, reporting and auditing, financial reporting, controlling/risk management, and internal control procedures;
• in corporate governance and compliance; and
• in Company-relevant sustainability issues.

Expertise in the field of accounting encompasses special knowledge and experience in the application of accounting principles and internal control and risk management systems. Expertise in the field of auditing encompasses special knowledge and experience in the auditing of financial statements. Accounting and auditing also include the reporting for the sustainability report, as well as its audit and confirmation.

In the opinion of the Supervisory Board, the competence profile is fully met by the Board's current composition.

In accordance with recommendation C.1 GCGC, the table that follows contains an overview of the competence and experience of the members of the Supervisory Board.

Qualifications matrix

Areas of competence	Ralf W. Dieter	Dr Abraham (Abe) Peled	Axel Salzmann	Dr Jörg Rockenhäuser	Hera Kitwan Siu	Swantje Conrad	Christina Stercken
Member of the Supervisory Board since	October 2022	August 2019	August 2019	August 2019	November 2021	May 2023	May 2023
Nationality	German	American	German	German	Hong Kong Chinese	German	German
International leadership
Industry (Software/SaaS, IT, digitalisation)
Strategy and innovation
Corporate development
Accounting and financial reporting
Financial statement auditing
Corporate governance/ compliance
Supervisory Board activities
Sustainability/ESG

Fundamental knowledge/experience

Advanced knowledge/experience; at least one existing or previous management position at a large company

Numerous years of professional experience at listed companies; several management positions

Independence

The Supervisory Board attaches particular importance to the independence of its members and ensures comprehensive compliance with the relevant recommendations of the GCGC on the independence of Supervisory Board members. The Supervisory Board shall take due account of the ownership structure and is of the opinion that the Supervisory Board, in accordance with recommendation C.1.6 GCGC, should include at least two shareholder representatives who are independent of the Company, its Management Board and a controlling shareholder, as defined by recommendation C.6 GCGC. In the assessment of the Supervisory Board, Mr Dieter, Mr Peled, Mr Salzmann, Ms Siu, Ms Conrad and Ms Stercken are independent members as defined by recommendations C.6 and C.9 GCGC. All members are considered independent of the Company and of the Management Board in accordance with recommendation C.7 GCGC. The Chairman of the Supervisory Board, Ralf W. Dieter, is also independent in accordance with recommendation C.10 GCGC.

Diversity

The Supervisory Board shall reflect a balanced degree of diversity, particularly with regard to the internationality of its members and their professional experience and know-how, as well as to the proportion of women on the Supervisory Board. In order to reflect the international character of the Company, the Supervisory Board should, in principle, have at least two international members with global management or entrepreneurial experience. The Company's targets with regard to women on the Supervisory Board and the status of their achievement are discussed in the corresponding comments (Chapter 10.4) on the targets for the participation of women in management positions. Furthermore, the Supervisory Board believes that a balanced level of diversity is ensured in its current composition.

The Supervisory Board is convinced that such a composition ensures independent and efficient advice to and supervision of the Management Board. Therefore, the future nomination proposals of the Supervisory Board to the Annual General Meeting shall take into account the aforementioned objectives regarding its composition and, at the same time, strive to meet the competence profile and diversity concept objectives.

Duties

The Supervisory Board regularly advises and monitors the Management Board in the management of the Company. It is required to be involved in decisions of fundamental importance to the Company. Monitoring and advice also encompass sustainability issues.

By resolution of 19 August 2019, including the latest supplement by the resolution of 1 December 2022, the Supervisory Board has adopted Rules of Procedure in accordance with § 11 (1) of the Company's Articles of Association and made them available on TeamViewer's website. The Supervisory Board conducts its business in accordance with the statutory provisions, the Articles of Association and the Rules of Procedure. It shall work closely for the benefit of the Company and in a spirit of trust with the Company's other corporate bodies, particularly with its Management Board. The Supervisory Board has defined the transactions requiring its approval in the Rules of Procedure for the Management Board.

According to its Rules of Procedure, the Supervisory Board must hold at least two meetings per calendar half-year. The Supervisory Board also meets regularly without the Management Board. Additional meetings must be convened if this is necessary in the interest of the Company or if the convening of a meeting is requested by a member of the Supervisory Board or Management Board, stating the purpose and reason. Further information on the meetings of the Supervisory Board during the fiscal year can be found in the Report of the Supervisory Board.

Conflicts of interest

The members of the Supervisory Board are obliged to act exclusively in the interests of the Company. In making their decisions, they may neither pursue personal interests nor take advantage of business opportunities to which the Company or one of its subsidiaries is entitled to themselves or third parties. Each member of the Supervisory Board is obliged to disclose any conflicts of interest to the Supervisory Board and provide information on any conflicts of interest that have arisen and how they have been dealt with in its report to the Annual General Meeting. Material and not merely temporary conflicts of interest involving a Supervisory Board member shall result in the termination of that member's mandate. Members of the Supervisory Board shall not exercise any executive or advisory functions for significant competitors of the Company. Advisory agreements and other contracts with the Company for services or work to be concluded by a Supervisory Board member require the Supervisory Board's approval.

Committees

In order to perform its duties efficiently, the Supervisory Board has formed an Audit Committee and a Nomination and Remuneration Committee from among its members. These committees each consist of at least three members. The Supervisory Board is to receive regular reports on the work and the results of the discussions in the committees.

Audit Committee

The Audit Committee is specifically responsible for preparing the decision of the Supervisory Board on the adoption of the annual financial statements and the approval of the consolidated financial statements; monitoring the accounting and the accounting processes; overseeing the effectiveness of the internal control system, the risk management system and the internal audit system; and dealing with audit and compliance issues. Accounting comprises mainly the consolidated financial statements and the group management report (including non-financial reporting), interim financial information and separate financial statements in accordance with the German Commercial Code (HGB). The Audit Committee is also responsible for all issues related to sustainability.

The Audit Committee prepares the decision of the Supervisory Board to recommend a particular auditor and monitors the auditor's independence. In accordance with recommendation D.8 GCGC, the Audit Committee agrees with the auditor that the auditor shall inform the committee without delay of all findings and events of importance to the auditor's duties that come to the auditor's attention during the performance of the audit. Furthermore, in accordance with recommendation D.9 GCGC, the Audit Committee agrees with the auditor that the auditor will inform the committee and make a note in the audit report if, during the performance of the audit of the financial statements, the auditor discovers facts that show a misstatement in the declaration of conformity with the GCGC issued by the Management Board and the Supervisory Board. The Audit Committee discusses the assessment of the audit risk, the audit strategy and planning, as well as the audit results, with the auditor of the financial statements. The chair of the Audit Committee periodically discusses the progress of the audit with the auditor and reports to the committee. The Audit Committee also regularly consults with the auditor without the Management Board.

The Audit Committee also deals with the additional services provided by the auditor, the determination of the audit's focus, the fee agreement, and awards the audit mandate. The Audit Committee regularly assesses the quality of the audit and discusses the half-year and quarterly reports with the Management Board prior to their publication. The Chair of the Audit Committee, Swantje Conrad, is independent as per the definition in recommendations C.10 and D.4 GCGC and has special knowledge and experience in the application of accounting principles and internal control and risk management systems, as well as in the auditing of the financial statements. The accounting and auditing of the financial statements also include non-financial reporting and the audit of this reporting. Members of the Audit Committee Axel Salzmann, Hera Kitwan Siu and Christina Stercken also possess special knowledge in the field of accounting and auditing.

The Audit Committee as at 31 December 2023 consisted of the following members: Swantje Conrad (Chair), Axel Salzmann, Hera Kitwan Siu and Christina Stercken. For information on the meetings of the Audit Committee during the fiscal year, please refer to the statements in the Report of the Supervisory Board.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee prepares the Supervisory Board's proposals for the Annual General Meeting concerning the election of Supervisory Board members, reviews all aspects of remuneration and employment conditions for the Management Board and makes recommendations to the Supervisory Board regarding the conclusion, amendments and termination of employment contracts. If necessary, the Nomination and Remuneration Committee is permitted to commission an independent review of the remuneration principles as well as the remuneration packages paid to the Management Board members. It shall present an assessment of the performance of the Management Board and make a recommendation to the Supervisory Board on the terms of employment and remuneration of the Management Board.

As at 31 December 2023, the Nomination and Remuneration Committee consisted of the following members: Dr Abraham (Abe) Peled (Chair), Ralf W. Dieter, Axel Salzmann and Dr Jörg Rockenhäuser. The Chair of the Nomination and Remuneration Committee, Dr Abraham (Abe) Peled, is independent as defined by recommendation C.10 GCGC. For information on the meetings of the Nomination and Remuneration Committee during the fiscal year, please refer to the statements in the Report of the Supervisory Board.

Self-assessment

In accordance with recommendation D.12 GCGC, the Supervisory Board regularly assesses, at least once every two years, how effective the Supervisory Board as a whole and its committees fulfil their tasks. In addition to qualitative criteria, which are to be defined by the Supervisory Board, this self-assessment focuses on the procedures of the Supervisory Board and its committees, the flow of information between the committees and the plenum, and the timely and sufficient provision of information to the Supervisory Board and its committees. Recently, the Supervisory Board conducted a comprehensive self-assessment at its meeting on 1 December 2022. First, a detailed questionnaire was evaluated, and based on this evaluation, the members of the Supervisory Board carried out a detailed discussion and evaluation of all topics deemed to be relevant.

Other supervisory board mandates held by Supervisory Board members

The following table lists the additional mandates held by members of the TeamViewer SE Supervisory Board on supervisory boards and comparable control bodies as at 31 December 2023.

Member of the	Mandate pursuant to § 125 (1) sentence 5 AktG
Supervisory Board
Ralf W. Dieter	Member of the Supervisory Board of Körber AG
Entrepreneur	(non-listed company)
	Member of the Supervisory Board of Schuler Group GmbH
	(non-listed company)
	Chair of the Advisory Board of ADAMOS GmbH until May 2023
	(non-listed company)
	Chair of the Advisory Board of Dantherm Group A/S
	(non-listed company)
	Member of the Advisory Board of Leadec Holding BV
	(non-listed company)
Dr Abraham Peled	Chair of the Management Board of CyberArmor Ltd.
Partner Peled Ventures	(non-listed company)
Industrial Advisor
Dr Jörg Rockenhäuser	Member of the Advisory Board of Best Secret GmbH
Partner and Chairman at	(formerly Schustermann & Borenstein GmbH)
Permira	(non-listed company)
	Chair of the Advisory Board of Neuraxpharm Arzneimittel GmbH
	(non-listed company)
	Member of the Advisory Board of Engel & Völkers Holding GmbH
	(non-listed company)
Axel Salzmann	None
CFO BestSecret Group
Hera Kitwan Siu	Member of the Administrative Board of Goodyear Tire & Rubber
Consultant	Company (listed company)
	Member of the Administrative Board of Vallourec S.A.
	(listed company)
	Member of the Administrative Board of ASMPT Limited
	(listed company)
Swantje Conrad	Member of the Supervisory Board of RENK GmbH
Independent Consultant	(non-listed company)
and Supervisory Board	Member of the Supervisory Board of RENK Group AG
Member	(non-listed company)
	Member of the Administrative Board of CT Private Equity Trust Plc
	(listed company)
Christina Stercken	Member of the Board of Directors of Landis&Gyr Group AG
Independent Consultant	(listed company)
and Supervisory Board	Member of the Board of Directors of Ansell Ltd.
Member	(listed company)

10.4 Targets for the participation of women in executive positions

TeamViewer's Supervisory Board and Management Board are very conscious of the special importance of diversity in filling supervisory and executive positions and particularly of ensuring the appropriate participation of women in these positions. Accordingly, the Supervisory Board and Management Board pay particular attention to diversity when filling executive roles at the Company and aim to increase the participation of women on the Supervisory Board and Management Board, as well as in the management levels below the Management Board 28 in the medium term. The table below provides an overview of the targets set for the participation of women in the respective management levels and the status of implementation.

	As of 31 December 2023	Target	To be reached by
Supervisory	42.86 %	37.50 %
Board	(or 3 of 7 members)	(or 3 of 8 members)	31 December 2027
Management	25.00 %	25.00 %
Board	(or 1 of 4 members)	(or 1 of 4 members)	31 December 2027
Senior Leadership	28.57 %	33.33 %
Team (SLT)	(or 2 of 7 members)	(or 2 of 6 members)	31 December 2027
All other executive
positions in the	33.65 %	35.07 %
Group worldwide	(or 71 of 211 members)	(or 74 of 211 members)	31 December 2027

The target quotas for women's participation of 25 % for the Management Board, 33 % for the Supervisory Board and 33 % for management positions in the Group worldwide to be met by 31 December 2023 were all met or exceeded.

10.5 Declaration by the Management Board and the Supervisory Board of TeamViewer SE regarding the recommendations of the Government Commission German Corporate Governance Code pursuant to § 161 German Stock Corporation Act (AktG)

The Management Board and the Supervisory Board of TeamViewer SE declare that, since its last declaration dated December 2022, TeamViewer SE has complied with all recommendations of the German Corporate Governance Code in its version of 28 April 2022, published by the Federal Ministry of Justice and Consumer Protection on 27 June 2022 in the official section of the Federal Gazette (Bundesanzeiger) (the "Code"), and intends to comply with all recommendations of the Code in the future.

Göppingen, December 2023

The Management Board Oliver Steil	Michael Wilkens	Mei Dent	Peter Turner
On behalf of the Supervisory Board Ralf W. Dieter

²⁸ As the Group parent company, TeamViewer SE has no employees of its own and therefore no management levels below the Management Board within the meaning of § 76 (4) sentence 1 of the German Stock Corporation Act (AktG). TeamViewer has set the following targets for women in management positions below the Management Board on a voluntary basis and

includes all employees in the Group worldwide in its assessment. Until 2023, the two levels below the Management Board were considered uniformly.

10.6 Financial reporting and audit of financial statements

TeamViewer SE prepares its consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB) and the interpretations of the IFRS Interpretation Committee (IFRS IC) as applicable in the EU, and additionally the applicable commercial and stock corporation regulations pursuant to § 315e (1) of the German Commercial Code (HGB). The annual financial statements of TeamViewer SE are prepared in accordance with the principles of the HGB. The annual financial statements of TeamViewer SE, the consolidated financial statements and the group management report, which are combined with the Company's management report, are drawn up by the Management Board and audited by the independent auditors and the Supervisory Board. The independent auditors take part in the deliberations of the Audit Committee and the Supervisory Board about the annual financial statements and consolidated financial statements, report on the audit process and its results and are at hand to answer questions and provide additional information. The independent auditor for the 2023 fiscal year is PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC), Stuttgart, Germany.

10.7 Compliance

Compliance means that all business processes are in line with all relevant laws and internal company regulations.

Compliance culture

Compliance is an essential pillar of TeamViewer's corporate culture. Clearly defined compliance requirements are further deepened by an internal training programme. The aim is to raise the awareness of compliance-relevant issues in the entire organisation so that all actions are based on legal requirements, norms, international standards, and internal guidelines.

Compliance management system

The TeamViewer Group has a compliance management whose central component is a compliance management system (CMS) aligned to the Group's risk situation. The CMS covers all necessary measures and processes to ensure conformity with the law and internal regulations. It is largely based on the internal Code of Conduct of the TeamViewer Group.

Compliance organisation

The Group-wide compliance organisation is responsible for reviewing, complying with and, if necessary, improving compliance processes, in addition to assessing and mitigating compliance risks. The Compliance Board, headed by the Compliance Office, is the central body of the compliance organisation and reports to the Management Board and the Audit Committee of the Supervisory Board.  

Code of Conduct

The Code of Conduct establishes a binding framework for ethical behaviour in the business environment. It describes the goal communicated by the Management Board to practice integrity and transparency and comply with applicable laws and regulations as the basis for all decision-making.

Essentially, the Code of Conduct contains regulations on internal dealings with each other, dealings with business partners, combating corruption and behaving responsibly with regard to security, confidentiality, and the environment.

In addition, the Code of Conduct serves as a framework for other important internal guidelines and procedures, including in the areas of data protection and IT security.

TeamViewer is very proud of the diversity of its workforce. The Company employs people of different ages and genders who differ in their nationality, family status, social and ethnic background, sexual orientation, physical and other personal characteristics. Freedom of expression is just as important as the acceptance of all political and religious beliefs. Nevertheless, TeamViewer does not tolerate extremist thinking, offensive behaviour, or propaganda in any way. In this context, TeamViewer does not support or favour any political organisations.

Working together with the Compliance Board, the Compliance Office checks that the regulations of the Code of Conduct are up-to-date and applicable. It also serves as the central point of contact for all compliance-related issues.

The Code of Conduct is published on the TeamViewer website.

Further compliance documents and guidelines

TeamViewer also expects its business partners to act in accordance with laws and ethical standards to ensure compliance throughout the value chain.

Following the Code of Conduct, TeamViewer has therefore established the Business Partner & Supplier Code of Conduct, which is a code for its suppliers and business partners.

Secondary policies supplement the internal compliance framework and include the following:

• Anti-Bribery & Corruption Policy
• Anti-Money Laundering Policy
• Antitrust and Fair Competition Policy
• Data Protection Privacy Handbook
• Diversity & Inclusion Policy
• Group Security Dealings Code
• Health & Safety Policy
• IT Security policies
• Trade Controls and Sanctions Policy
• Travel Policy

All policies and guidelines are reviewed regularly and adjusted when necessary. Training events for all employees, instructions by email and Group-wide meetings ensure that the guidelines are up-to-date and adhered to. Job-specific policies and procedural guidelines supplement the set of rules.

TeamViewer also supports international standards designed to protect human rights. Together with the Code of Conduct, all of the recent global and applicable regulations have been recognised. Further details on TeamViewer's commitment can be found in the non-Financial Report.

Compliance reporting channels

All employees have various channels at their disposal to report compliance violations or anomalies. The first contact partner is the line manager. Employees also have the option of notifying the Compliance Office via a separate, dedicated email account or contacting one of the two people at the Trust Council. A whistleblower and complaints system (SpeakUp) is also available, giving employees and external whistleblowers worldwide the opportunity to report rule violations anonymously. The Company is also in constant exchange with external stakeholders to promote comprehensive compliance through an open dialogue.

All reports are investigated and promptly evaluated. Suitable measures and sanctions are determined when necessary.

Risk management and internal control system

Through the integrated governance, risk and compliance approach, the Management Board has devised and implemented a framework for the management of TeamViewer to provide an appropriate and effective internal control and risk management system. The measures implemented within this framework are also geared to the effectiveness and appropriateness of the internal control and risk management system and are outlined in more detail in the opportunity and risk report. Within the framework and statutory requirements, the approach is accompanied by independent oversight and audits, especially the audits conducted by the internal audit function and its reports to the Management Board and the Audit Committee of the Supervisory Board.

From its examination of the internal control and risk management system and the reports of the internal audit function, the Management Board is not aware of any circumstances that undermine the appropriateness and efficacy of these systems.

10.8 Managers' transactions

TeamViewer SE provides information about transactions carried out by members of the Management Board and Supervisory Board, as well as by the natural persons and legal entities closely related to them, in accordance with § 19 of the EU Market Abuse Regulation (MAR). These transactions can be viewed within the legally prescribed time periods on the Company website.  

In the 2023 fiscal year, TeamViewer SE was notified of five transactions pursuant to § 19 MAR. These transactions are listed on TeamViewer's IR website.

11 Non-Financial Reporting

TeamViewer prepares a separate non-financial Group report in accordance with §§ 315b to 315c HGB, which is published on the website at https://ir.teamviewer.com/financialresults no later than four months after the reporting date of the consolidated financial statements.

With the separate non-financial Group report, TeamViewer provides information on the aspects of environmental concerns, employee concerns, social concerns, combating corruption and bribery, and respecting human rights, as well as on the focal points to be reported within the framework of the EU Taxonomy Regulation for the 2023 fiscal year. The separate non-financial Group report is part of the Annual Report 2023 of TeamViewer and is presented in Chapter D. If any further relevant non-financial aspects can be derived from the Company's economic performance, they are listed in accordance with § 289c (2) HGB.

As a framework in accordance with § 289d in conjunction with § 315c (3) HGB and CSR-RUG, reporting is carried out in line with the standards of the Global Reporting Initiative (GRI). The GRI reporting principles for determining report content and report quality were taken into account. Where useful for comparability and comprehensibility, some chapters also contain data from the previous year in order to show changes over time. An overview of the GRI references can be found in the chapter of the report entitled "Further information".

The aim of the separate non-financial Group report is to meet the relevant needs and requirements of internal and external stakeholders – shareholders, customers, partners, employees, suppliers, investors, rating agencies, vulnerable groups, local communities, non-governmental organisations, further civil society organisations, and others – for communicating material and relevant non-financial aspects with integrity.

The topic of security and data protection, which is essential for TeamViewer, with the subaspects of IT and product security, can be found as a separate chapter in the management report.

Non-financial performance indicators in accordance with § 289 (3) HGB on employee and environmental aspects are listed in the management report and elaborated on in the non-Financial Report.

The separate non-financial Group report is to be reviewed and approved by the Supervisory Board of TeamViewer SE in accordance with § 171 (1) of the German Stock Corporation Act (AktG).

12 Management Report of TeamViewer SE

As a supplement to the reporting on the TeamViewer Group, the development of TeamViewer SE in the 2023 fiscal year is described below.

TeamViewer SE is the parent company of the TeamViewer Group and based in Göppingen, Germany. The Company is registered with the District Court of Ulm under registration number HRB 745906.

The annual financial statements of TeamViewer SE are prepared in accordance with the provisions of the German Commercial Code (HGB). The consolidated financial statements of TeamViewer are prepared in accordance with the IFRSs applicable on the reporting date and the interpretations of the IFRS Interpretations Committee (IFRS IC), the application of which is mandatory in the EU. This results in differences in accounting and valuation methods.

1. Earnings position

The 2023 fiscal year of TeamViewer SE is the calendar year. For the 2023 fiscal year, the income statement of TeamViewer SE is as follows:

Profit and loss statement

In EUR million	Fiscal year from 1 Jan to 31 Dec 2023	Fiscal year from 1 Jan to 31 Dec 2022
Revenue	4.9	12.4
Personnel expenses	(7.6)	(9.3)
Other operating expenses	(20.4)	(12.4)
Interest and similar expenses	(10.2)	(5.0)
Net loss for the year	(33.3)	(14.3)

TeamViewer SE generates revenue primarily from the provision of management services to affiliated companies. Revenue in 2022 additionally included compensation payments from the transfer of employees to TeamViewer Germany GmbH. Total revenue in the 2023 fiscal year amounted to EUR 4.9 million (2022: EUR 12.4 million). Revenue declined year-on-year due to less oncharging of personnel expenses in 2023 following the transfer of the majority of TeamViewer SE's employees to a subsidiary in 2022.

The Company's personnel expenses amounted to EUR 7.6 million in the 2023 fiscal year (2022: EUR 9.3 million). The decline can be mainly attributed to the aforementioned transfer of the majority of the workforce to a subsidiary in the first half of 2022. During the fiscal year, TeamViewer SE employed an average of 4 (2022: 25) employees, including the Management Board members.

Other operating expenses of EUR 20.4 million (2022: EUR 12.4 million) included mainly the costs associated with the issue of shares to Group employees who are not employees of the Company in the amount of EUR 15.1 million (2022: EUR 4.1 million). Other operating expenses also consisted of legal and consulting fees of EUR 1.5 million (2022: EUR 3.4 million), annual financial statement preparation costs and audit fees of EUR 0.8 million (2022: EUR 0.8 million), and expenses for the remuneration of the Supervisory Board of EUR 0.8 million (2022: EUR 0.7 million).

Interest expenses amounted to EUR 10.2 million in the 2023 fiscal year (2022: EUR 5.0 million). The increase was due to the rise in liabilities to affiliated companies of EUR 178.5 million to EUR 499.2 million and the higher level of interest rates. TeamViewer SE's net loss for the year amounted to EUR 33.2 million (2022: EUR 14.3 million).

The lower income resulting from passing on charges to affiliated companies, the higher costs from the TeamViewer Group's employee share programme, and the higher interest rates were already anticipated at the time of preparing the 2022 annual financial statements. Consequently, the higher net loss for the year is in line with the guidance expectation.

The annual result of TeamViewer SE is dependent on the profit distributions of Regit Eins GmbH. There were no distributions in the 2023 and 2022 fiscal years, and no distribution is planned for the 2024 fiscal year.

2. Net assets and financial position

The net assets and financial position of TeamViewer SE as at 31 December 2023 and the previous year's reporting date were as follows:

Assets and financial position

In EUR million	31 Dec 2023	31 Dec 2022
Financial assets	4,048.7	4,048.7
Non-current assets	4,048.7	4,048.7
Receivables and other assets	0.0	0.0
Bank balances	0.8	0.3
Current assets	0.8	0.3
Prepaid expenses	0.1	0.0
Total assets	4,049.6	4,049.0
Equity	3,523.1	3,716.4
Provisions	23.3	9.0
Liabilities (trade payables to affiliated companies and other liabilities)	503.2	323.6
Total equity and liabilities	4,049.6	4,049.0

The total assets of TeamViewer SE amounted to EUR 4,049.6 million as at 31 December 2023 (31 December 2022: EUR 4,049.0 million).

Financial assets accounted for an unchanged EUR 4,048.7 million as at 31 December 2023 (31 December 2022: EUR 4,048.7 million). These are attributable to the shares in Regit Eins GmbH, which in turn holds 100 % of the shares in TeamViewer Germany GmbH.

In the 2023 fiscal year, capital was reduced by EUR 12.5 million, and the capital reserve was reduced by EUR 144.9 million. Treasury shares amounting to EUR 102.9 million are offset against the capital reserve. Taking into account these effects and the net loss for the year of EUR 33.2 million (31 December 2022: EUR 14.3 million), TeamViewer SE's equity decreased to EUR 3,523.1 million as at 31 December 2023 (31 December 2022: EUR 3,716.4 million).

The provisions of EUR 23.3 million as at 31 December 2023 (31 December 2022: EUR 9.0 million) consisted primarily of personnel-related provisions for the year 2023. The increase stemmed mainly from the share programme for the employees of the TeamViewer Group.

The Company's liabilities totalled EUR 503.2 million (31 December 2022: EUR 323.6 million), of which EUR 482.0 million (31 December 2022: EUR 316.0 million) resulted from loans to affiliated companies. Liabilities to affiliated companies increased year-on-year due to the receipt of new loans from an affiliated company granted for the purpose of financing the share buyback programme. Other liabilities also include payment obligations from the share buyback programme in the amount of EUR 1.3 million (31 December 2022: EUR 0.0 million).

3. Risks and opportunities

Due to its function as a holding company, the business development of TeamViewer SE is generally subject to the same opportunities and risks as the TeamViewer Group. TeamViewer SE participates fully in the opportunities and risks of the direct and indirect subsidiaries. The opportunities and risks and risk management system of the Group are presented in the Opportunities and Risks Report. Adverse effects on TeamViewer SE's direct and indirect subsidiaries may lead to an impairment of the participation in Regit Eins GmbH in TeamViewer SE's annual financial statements and reduce the Company's net result for the year.

4. Outlook

For the 2024 fiscal year, TeamViewer SE expects an increase in costs from the share programme for employees of the TeamViewer Group and a higher interest expense related to affiliated companies. Due to the expansion of the Management Board in the course of 2023, a slight increase in management services and a corresponding slight increase in sales revenue is expected at the TeamViewer SE level, but not enough to offset cost increases. As a result, a sharply higher net loss is expected for 2024 compared to the previous year. For a detailed presentation of the expected future development of the TeamViewer Group, please refer to the Group's outlook in the chapter entitled "Outlook".

Göppingen, 8 March 2024

Oliver Steil Michael Wilkens Mei Dent Peter Turner

C – Consolidated Financial Statements

92 0 – 12 Management Report of TeamViewer SE

1 Consolidated Statement of Profit and Loss and Other Comprehensive Income

from 1 January to 31 December

In EUR thousands	2023	2022	Note
Revenue	626,689	565,874
Cost of sales	(81,743)	(81,298)
Gross profit	544,946	484,577
Research and development	(80,138)	(69,538)
Marketing	(138,699)	(128,408)
Sales	(106,691)	(99,051)
General and administrative29	(49,381)	(53,475)
Bad debt expenses	(8,506)	(12,400)	(12)
Other income	8,537	23,319	(21c)
Other expenses	(3,506)	(1,299)
Operating profit	166,562	143,725
Finance income	1,381	4,267	(7)
Finance costs	(16,864)	(25,782)	(7)
Foreign currency result	(3,624)	(5,522)	(7)
Profit before tax	147,455	116,689

In EUR thousands	2023	2022	Note
Income taxes	(33,440)	(49,088)	(8)
Net income	114,015	67,600
Earnings per share, basic (in EUR)	0.66	0.37	(26)
Earnings per share, diluted (in EUR)	0.66	0.37	(26)
Other comprehensive income
Other comprehensive income for the period, reclassified to profit or loss in
subsequent periods	1,161	51
Hedge reserve	2,549	(1,632)	(15)
Exchange differences on the translation of foreign operations	(1,389)	1,683	(15)
Total comprehensive income	115,175	67,651

²⁹ In 2023, costs for human resource management in the amount of EUR 7,955 thousand were allocated to the individual functional areas (of which cost of sales: EUR -517 thousand; research and development: EUR –2,839 thousand; marketing: EUR -727 thousand; and sales: EUR –3.872 thousand). In the previous year, human resource management costs were mainly reported under general and administrative.

2 Consolidated Statement of Financial Position as at 31 December

2023	2022	Note
667,662	667,929	(9)
175,736	212,864	(9)
43,261	50,265	(10)
27,280	18,537	(11), (21)
19,530	11,922	(13)
18,596	2,126	(8)
952,065	963,644
21,966	18,295	(12)
52,366	19,392	(13)
2,892	3,335	(8)
9,423	7,038	(11), (21)
72,822	160,997	(14)
159,468	209,057

Total assets 1,111,533 1,172,702

In EUR thousands	2023	2022	Note
Equity
Issued capital	174,000	186,516	(15)
Capital reserve	105,234	236,849	(15)
Accumulated losses	(95,188)	(209,203)	(15)
Hedge reserve	929	(1,620)	(15)
Foreign currency translation reserve	1,614	3,003	(15)
Treasury shares	(102,929)	(100,263)	(15)
Total equity attributable to the shareholders of TeamViewer SE	83,660	115,282
Non-current liabilities
Provisions	389	530	(20)
Financial liabilities	432,149	519,346	(16)
Deferred revenue	41,367	24,151	(17)
Deferred and other liabilities	2,486	2,081	(19)
Other financial liabilities	13	3,119	(16)
Deferred tax liabilities	39,693	33,852	(8)
Total non-current liabilities	516,098	583,079
Current liabilities
Provisions	9,503	9,013	(20)
Financial liabilities	97,274	113,295	(16)
Trade payables	8,016	8,875	(18)
Deferred revenue	314,797	288,138	(17)
Deferred and other liabilities	73,067	42,385	(19)
Other financial liabilities	8,125	11,537	(16)
Tax liabilities	993	1,098	(8)
Total current liabilities	511,775	474,341
Total liabilities	1,027,873	1,057,420
Total equity and liabilities	1,111,533	1,172,702

Liabilities

3 Consolidated Statement of Cash Flows

from 1 January to 31 December

In EUR thousands	2023	2022	Note
Profit before tax	147,455	116,689
Depreciation, amortisation and impairment of
non-current assets	55,358	53,741	(9), (10)
Increase/(decrease) in provisions	349	7,285	(20)
Non-operational foreign exchange (gains)/losses	758	5,887	(7)
Expenses for equity-settled share-based
compensation	21,842	27,632	(6)
Net financial costs	15,483	21,514	(7)
Change in deferred revenue	43,875	61,714	(17)
Changes in other net working capital and other	(9,630)	(43,705)
Income taxes paid	(45,624)	(46,413)	(8)
Cash flows from operating activities	229,865	204,343
Payments for tangible and intangible assets	(5,607)	(8,845)	(9), (10)
Payments for financial assets	(15,881)	–
Payments for acquisitions	(8,073)	(1,977)
Cash flows from investing activities	(29,561)	(10,821)

In EUR thousands	2023	2022	Note
Repayments of borrowings	(100,000)	(470,376)	(16)
Proceeds from borrowings	–	184,323	(16)
Payments of the capital element of lease liabilities	(11,079)	(9,461)	(16)
Interest paid on borrowings and lease liabilities	(14,409)	(14,200)	(7), (16)
Purchase of treasury shares	(161,902)	(300,088)	(15)
Cash flows from financing activities	(287,390)	(609,802)
Net change in cash and cash equivalents	(87,087)	(416,280)
Net foreign exchange rate difference	(1,088)	25,551
Net change from risk provisioning	–	1,193
Cash and cash equivalents at beginning of period	160,997	550,533	(14)
Cash and cash equivalents at end of period	72,822	160,997	(14)

4 Consolidated Statement of Changes in Equity

In EUR thousands	Issued capital	Capital reserve	Accumulated losses	Hedge reserve	Foreign currency translation reserve	Treasury shares	Total equity	Note
Status as at 1 January 2023	186,516	236,849	(209,203)	(1,620)	3,003	(100,263)	115,282
Profit/(loss) for the period	–	–	114,015	–	–	–	114,015
Other comprehensive income	–	–	–	2,549	(1,389)	–	1,161
Share-based compensation	–	21,842	–	–	–	–	21,842	(6)
Reissuance of treasury shares under share-based payments	–	(3,187)	–	–	–	3,187	–
Purchase of treasury shares	–	(6,737)	–	–	–	(161,902)	(168,639)	(15)
Cancellation of treasury shares	(12,516)	(143,533)	–	–	–	156,049	–	(15)
Balance as at 31 December 2023	174,000	105,234	(95,188)	929	1,614	(102,929)	83,660

In EUR thousands	Issued capital	Capital reserve	Accumulated losses	Hedge reserve	Foreign currency translation reserve	Treasury shares	Total equity	Note
Status as at 1 January 2022	201,071	394,487	(276,803)	12	1,320	–	320,087
Profit/(loss) for the period	–	–	67,600	–	–		67,600
Other comprehensive income	–	–	–	(1,632)	1,683		51
Share-based compensation	–	27,632	–	–	–		27,632	(6)
Purchase of treasury shares	–		–	–	–	(300,088)	(300,088)	(15)
Cancellation of treasury shares	(14,555)	(185,270)	–	–	–	199,825	–	(15)
Balance as at 31 December 2022	186,516	236,849	(209,203)	(1,620)	3,003	(100,263)	115,282

5 Notes to the Consolidated Financial Statements

1. Company information

TeamViewer SE (former TeamViewer AG) is a listed stock corporation headquartered in Göppingen, Germany. The Company is registered at the District Court of Ulm under the commercial register number HRB 745906. TeamViewer SE, Göppingen, is the parent company of the TeamViewer Group ("TeamViewer" or the "Group"). At its meeting on 11 March 2022, the Supervisory Board of TeamViewer SE approved the proposal of the Management Board to prepare the conversion of the Company from an AG ("Aktiengesellschaft") into a European stock corporation (Sociateas Europaea, or SE) under the name TeamViewer SE. The shareholders also accepted the conversion at the Annual General Meeting of 17 May 2022. The conversion took place on March 15, 2023.

TeamViewer SE's principal shareholder, with a shareholding of 14.08% as at 31 December 2023 (31 December 2022: 20.10%), is TigerLuxOne S.à.r.l. (TLO), a company registered in Luxembourg.

TeamViewer SE's registered office is Göppingen, Germany. The registered office is located at Bahnhofsplatz 2, 73033 Göppingen, Germany. The Group's fiscal year is the calendar year.

In the following, "Company" refers to TeamViewer SE.

TeamViewer is a global technology company headquartered in Germany. TeamViewer's software solutions (TeamViewer Remote and TeamViewer Tensor) provide remote access and support for information technology (IT) devices such as computers, mobile phones and tablets, as well as for non-standardised operation technology (OT) devices such as industrial equipment, robots, medical and other devices. TeamViewer also offers solutions based on augmented reality (AR) and mixed reality (MR) to increase the productivity of manual processes in logistics, manufacturing and aftersales (TeamViewer Frontline). Through its products, TeamViewer aims to increase user efficiency and productivity. In addition to a large number of private users who are offered the free version of the software (Free User Community), TeamViewer's global customer base consists of small and medium-sized companies (SMB) to large corporations (Enterprise) from a wide range of industries.

2. Basis of preparation

(a) Statement of compliance

These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) applicable as at the reporting date and as adopted by the European Union (EU) pursuant to EU Regulation No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards, as well as the additional requirements of German stock corporation and commercial law pursuant to § 315e (1) of the German Commercial Code (Handelsgesetzbuch – HGB). The term "IFRS" also includes the International Accounting Standards (IAS) still in force. All binding interpretations of the IFRS Interpretations Committee (IFRS IC) required for the year 2023 have also been taken into account.

The Management Board of TeamViewer SE on 8 March 2024 approved the submission of these consolidated financial statements to the Supervisory Board.

(b) Basis of measurement

The consolidated financial statements are prepared based on the principle of historical cost, with the exception of the following items measured at fair value:

• Derivative financial instruments
• Liabilities for cash-settled share-based compensation
• Contingent purchase price liabilities from business combinations

Monetary assets and liabilities denominated in foreign currencies are translated at the closing rates as at the reporting date.

(c) Basis of preparation of the consolidated statements of profit and loss and other comprehensive income and the consolidated statement of financial position

The consolidated statement of profit and loss and other comprehensive income is prepared using the cost of sales method. The structure of the consolidated financial statements complies with the requirements of IAS 1. The presentation of the consolidated statement of financial position distinguishes between current and non-current assets and liabilities. Assets and liabilities are classified as current if they are realised or settled within one year. Liabilities are also classified as current if there is no unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Deferred taxes are always classified as non-current.

In order to provide a clearer and more meaningful picture, some items in the consolidated statement of profit and loss and other comprehensive income and the consolidated statement of financial position have been combined, with more detailed explanations provided in the notes to the consolidated financial statements.

The Company's internal management system also encompasses financial and non-financial performance indicators that are not defined in accordance with IFRS. The financial performance indicators can be reconciled to the key figures included in the IFRS consolidated financial statements and should not be viewed in isolation but as supplementary information for assessing the results of operations.

(d) Basis of preparation of the consolidated statement of cash flows

The Group reports cash flows from operating activities using the indirect method using "profit before tax" as a starting point.

Cash flows from financing activities include interest paid on loans, borrowings and leases. Other interest payments (from other than financing activities) are presented in cash flows from operating activities. Interest received from financial assets is reported in cash flows from investing activities.

Proceeds from and payments for short-term financial investments with a high turnover rate, high amounts and short maturities are shown in the consolidated statement of cash flows on a net basis.

(e) Presentation currency

The consolidated financial statements are presented in euros (EUR), which is the Company's presentation currency. Unless otherwise stated, all amounts are rounded to the nearest thousand euros (EUR thousand), with the effect that rounding differences may occur when individual amounts are added together. The same also applies to the addition of percentages.

(f) Use of judgements and estimates

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of income, expenses, assets, liabilities, related disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities in future periods.

Judgements

In the process of applying the Group's accounting policies, management has made the following judgements that have a material effect on the amounts recognised in the consolidated financial statements:

Recognition and measurement of assets – In particular, on the recognition and measurement of intangible assets/goodwill and liabilities arising from the purchase price allocation at the date of initial consolidation. See Note 9 Goodwill and intangible assets.

Other intangible assets and goodwill – Goodwill has been allocated to cash-generating units and an annual impairment test has been performed. The key assumption for impairment testing is the determination of the recoverable amount per cash-generating unit. See Note 9 Goodwill and intangible assets.

Leases – Renewal and termination options are taken into account when determining the lease terms. If the Company has a unilateral renewal or termination option, the probability of the option being exercised is also taken into account when determining the term. The Group assumes a term that is longer than the original term only when the Group is reasonably certain

that it will extend or not terminate the contract. If both parties have a renewal or termination option, the contract's term is determined based on the probability of these options being exercised and any potential economic disadvantages that may be incurred by either party.

Estimates and assumptions

Described below are the Group's key assumptions about the future as at the reporting date as well as other primary sources of uncertainty related to estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal years. The Group based its assumptions and estimates on the parameters available at the time of preparing the consolidated financial statements. The prevailing circumstances and assumptions about future developments may change however, due to changes in the market or circumstances beyond the Group's control. Such changes are reflected in the assumptions as they occur.

For revenue, see Note 3 (b) Revenue.

For impairment, see Note 3 (p) Impairment.

For contingent purchase price liabilities from business combinations, see Note 21(a) Classification and fair values.

Share Appreciation Rights Programme/EPP Programme – The fair value of share-based compensation on the grant date was estimated using applicable valuation models. The vesting period must also be estimated in order to recognise the EPP bonus expense. See Note 6 Personnel expenses.

Phantom Share Programme for long-term performance-based compensation (Long-term Incentive Plan, LTIP) – In estimating the fair value of the LTIP, assumptions are used that incorporate the expected volatility of the Company's share price. The determination of the final payout amount additionally depends on the achievement of performance targets and the future closing share price. Changes in these assumptions or outcomes that differ from these assumptions could result in substantial adjustments to the carrying amounts of related liabilities. The most critical assumption in estimating the fair value of the LTIP is the expected volatility. In calculating the payout amount, the most critical factor is the closing share price. See Note 6 Personnel expenses.

Recognition of deferred tax assets – The prerequisite for recognising deferred tax assets is the availability of future taxable profits against which tax losses carried forward can be offset. See Note 8 Income taxes.

Tax-related liabilities – The Group calculates and pays income taxes in accordance with the applicable tax laws.

The Group measures its ongoing tax refund claims/liabilities for the current and prior periods at the amount expected to be paid to or recoverable from the tax authorities. Estimating this amount involves uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the global operations.

Uncertain tax positions – The application of tax rules to complex transactions is often open to interpretation by both the Group and the tax authorities. Tax authorities may challenge positions taken by the Group when determining current income tax expenses and may require additional payments. Interpretations of tax laws that are subject to interpretation are generally referred to as uncertain tax positions.

For the measurement of uncertain tax positions, the Group first assesses whether the position should be measured separately or together with other uncertain tax positions. The decision is based on whether a relationship exists between the items that makes it probable that the uncertainty for the items will be resolved together. On the assumption that the tax authorities will review the uncertain tax position on a fully informed basis, a subsequent assessment is made as to whether the tax authority will accept the Group's handing of the tax treatment. If it is probable that the authority will accept the Group's tax treatment, this will then be the only assessment used as the basis for the uncertain tax position. Otherwise, the uncertain tax position is measured on the basis of the most likely amount or through the application of the expected value method. If the possible outcomes are binary or concentrated around one value, the uncertain tax position is measured on the basis of the most likely amount, otherwise through the application of the expected value method.

The strong inflation has no material impact on the planning, estimates, assumptions or measurements.

(g) IFRS 13 – Fair values

The Group measures financial instruments such as derivatives at fair value as at each reporting date. Fair value-related disclosures for financial instruments and non-financial assets that are measured at fair value or for which fair values are reported are summarised in the following notes:

• 16 Financial liabilities
• 21 Financial instruments – fair values and risk management

Fair value is the price as at the measurement date that would be received when selling an asset or paid when transferring a liability in an orderly transaction between market participants. Fair value measurement is based on the presumption that the sale of the asset or the transfer of the liability will be successful and

• takes place in the principal market for the asset or liability, or
• in the most advantageous market for the asset or liability when no principal market exists.

The principal or most advantageous market must be a market that is accessible to the Group.

The fair value of an asset or liability is determined using the same assumptions that market participants would use in pricing the asset or liability and assumes that market participants act in their best economic interest.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, while seeking to maximise the use of relevant observable inputs and minimise the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised according to the fair value hierarchy levels described below, based on the lowest level that is significant to the fair value measurement as a whole:

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (e.g. in the form of prices) or indirectly (e.g. derived from prices)
• Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)

For assets and liabilities that are recognised at fair value on a recurring basis in the financial statements, the Group determines whether transfers between hierarchy levels have occurred by reassessing categorisation (based on the lowest level that is significant to the fair value measurement as a whole) as at the end of each reporting period.

To disclose fair values, the Group has defined different classes of assets and liabilities based on their nature, characteristics and risks and their respective level in the fair value hierarchy (as described above).

Interest rate caps and currency options are measured using an option pricing model that takes into account market volatilities.

The fair values of debt instruments assigned to Level 2 are calculated as the present value of the payments associated with the debt instrument based on the applicable yield curves and TeamViewer current credit spreads.

The fair values of debt instruments allocated to Level 3 are calculated using the discounted cash flow model based on significant unobservable inputs, such as expected contractually defined ratios and a weighted average cost of capital. Trade receivables, receivables from affiliates and other associates and investments, loan receivables and cash and cash equivalents generally have short-term maturities. Trade payables, liabilities due and other non-financial liabilities also generally have short-term maturities, resulting in their carrying amounts as at the reporting date being almost equal to their fair values.

3. Significant accounting policies

The accounting policies set out below have been applied consistently by the Group companies throughout the periods presented in these consolidated financial statements.

(a) Basis of consolidation

Business combinations – The Group accounts for business combinations using the acquisition method in accordance with IFRS 3 as at the date on which the Group obtained control. The consideration transferred in an acquisition is generally measured at fair value, as are the net identifiable assets acquired. Any goodwill arising from business combinations is tested annually for impairment. Gains resulting from an acquisition made at a price below fair value are recognised immediately in the income statement. Transaction costs are expensed in full as incurred.

Subsidiaries – In accordance with IFRS 10, subsidiaries are those entities that are controlled by TeamViewer SE. The Company controls an entity when it is subject to or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements as at the date that control commences until the date that control ceases.

Loss of control – When the Group loses control of a subsidiary, it derecognises the assets and liabilities of the subsidiary, as well as any relevant non-controlling interests or other equity components. Any resulting gain or loss is recognised in profit or loss. An interest retained in the former subsidiary is measured at fair value as at the date control was lost.

Transactions eliminated through consolidation – Intragroup balances, transactions and all resulting income, expenses and cash flows are eliminated upon consolidation. Intragroup losses are eliminated in the same way as intragroup gains.

Fiscal year – The fiscal year of all consolidated companies corresponds to the fiscal year of the parent company, with the exception of TeamViewer India Pvt. Ltd., which uses an April through March fiscal year. When fiscal years differ, financial information is used for Group consolidation that refers to the same reporting date as the financial statements of the parent company.

(b) Revenue

Revenue is generated mainly from the provision of connectivity services on the basis of software licences. In addition, TeamViewer offers services for the implementation of more complex solutions, for example in the enterprise, IoT (Internet of Things), or augmented reality (AR) environments. Hardware sales are made in the AR area in order to offer customers a holistic solution. The Group uses direct sales to end customers, indirect sales via distribution partners, and sales via original equipment manufacturers (OEMs). Our contracts with customers often include various products and services.

For connectivity solutions that are based on temporary software licences (subscription model), the most appropriate method of revenue recognition is a pro rata temporis, straightline basis over the term of the contract since the Group has to provide services over the full term of the contract. The subscription period is usually one year, but also other periods (i.e. multi-year contracts (MYD)) are agreed with customers on case-by-case basis.

Connectivity solutions based on software product licences are generally billed at a fixed amount set at the inception of the contract. The line item "deferred revenue" in the statement of financial position therefore includes the amount of revenue still unrealised as the related services have not yet been provided to the customer (contract liability to the customer as defined by IFRS 15). Deferred revenue is usually recognised as revenue on a straight-line basis over the performance period.

The Group generally grants customers a payment term of 14 days. Payment terms can also be agreed individually for larger customers.

Revenue from contracts with customers is recognised when it can be assumed that the corresponding contracts will actually be performed. Above all, it must be reasonable to assume that the customer intends to pay the consideration owed. This assessment involves a degree of judgement. Criteria such as the customer's historical behaviour in terms of contract compliance, as well as the intensity of the customer relationship, are used to make this assessment. To arrive at its assessment, the Group uses historical data obtained from contract portfolios but also takes into account expected future developments that differ from past experience. The assessment can sometimes lead to recognising revenue only after a payment is made for certain contract portfolios.

In rare cases, the promised consideration in a contract includes a variable amount. TeamViewer uses then the expected value approach to estimate the amount of the consideration.

To provide additional information on its revenues, TeamViewer also uses billings as a financial performance indicator.

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.

In distinguishing between the different customer groups, TeamViewer uses the following categories:

SMB customers mean customers with ACV (Annual Contract Value; is defined as the annualised value of one SMB/Enterprise contract) across all products and services of less than EUR 10,000 within the last twelve-month period. If the threshold is exceeded, the customer will be reallocated.

Enterprise customers mean customers with ACV across all products and services of at least EUR 10,000 within the last twelve-month period. Customers who do not reach this threshold will be reallocated.

(c) Employee benefits

Accounting for equity-settled share-based compensation

Expenses from equity-settled share-based compensations are determined using the fair value at the grant date. See Note 6 Personnel expenses.

Service and vesting conditions that are not market conditions are not considered in determining the fair value of the awards at the grant date. The probability that these conditions will be met however is still considered by the Company when making its best estimate of the number of equity instruments that will ultimately vest and is adjusted for at each reporting date. Detailed information on the vesting conditions that are not market conditions can be found in Note 6 Personnel expenses.

In contrast to service and vesting conditions, market conditions are considered in determining the fair value at the grant date. Other conditions attached to a compensation award that are not service or vesting conditions are treated as non-vesting conditions. Nonvesting conditions are included in the grant date fair value of a compensation award.

If executives acquire an unconditional right to share-based compensation already at the grant date, the related expenses are also recognised at the grant date. Otherwise, the expenses are recognised over the service period or the period over which the performance conditions are expected to be fulfilled (the vesting period), as appropriate (Note 6 Personnel expenses). The cumulative expense recognised for equity-settled transactions on each reporting date until the vesting date reflects the extent to which the expected vesting period has expired on the reporting date, as well as the Company's best estimate of the number of equity instruments that will ultimately vest. The expense recognised in the reporting period equals the change in the cumulative expense recognised between the beginning and the end of the relevant period. A corresponding increase in additional paid-in capital is recognised that is equal to the amount of the expense.

Amendments to equity-settled share-based compensation

In the case of an amendment made to an existing compensation award, the fair value of the original award determined at the original grant date is recognised as an expense when the services are rendered, i.e., the amendment to the existing contract does not affect the previous accounting treatment. In addition, the effects from the amendment that result in an increase in the total fair value of the share-based compensation arrangements on the date of the amendment are accounted for as if a new agreement had been entered into, which is then measured at the additional fair value on the amendment's date.

Share-based compensations accounted for as cash-settled share-based compensation

Expenses from cash-settled share-based compensations are determined using the fair value at reporting date. See Note 6 Personnel expenses.

If employees acquire an unconditional right to a cash-settled share-based compensation already at the grant date, the related expenses are also recognised at the grant date. Otherwise, the expenses are recognised over the service period or the period over which the performance conditions are expected to be fulfilled (the vesting period), as appropriate (Note 6 Personnel expenses). The vesting period encompasses the period from the grant date to the vesting date. The cumulative expense recognised on each reporting date reflects the extent to which the vesting period has expired as at the reporting date.

Service and vesting conditions that are not market conditions are not considered in determining the fair value of the awards. The probability that these conditions will be met is still however taken into account as part of the Company's best estimate of the number of virtual equity instruments that will ultimately vest. Market conditions are also included in the determination of the fair value. Other conditions attached to a compensation award that are not service conditions or vesting conditions are treated as non-vesting conditions. Nonvesting conditions are included in the fair value of an award.

Calculating employee headcount

The average number of employees (headcount) is determined on the basis of the number of employees as at each quarter-end.

The number of full-time equivalents (FTEs) is determined by dividing the hours worked by an employee on a contract basis by the regular working hours of a full-time employee.

(d) Finance income and finance expenses

The Group's finance income and finance expenses include the following items:

• Interest income
• Interest expenses
• Financing costs
• Shares in earnings of associates
• Gains and losses on currency translation of financial assets and liabilities

(e) Income taxes

Income tax expenses include current and deferred income taxes and are recognised in profit or loss in accordance with IAS 12 unless they arise in connection with an acquisition or relate to an item recognised directly in equity or in other comprehensive income.

Current taxes – Current taxes on income include the taxes expected to be paid or refunded on the taxable income for the current year as well as related adjustments from previous years. They are measured using tax rates enacted or substantively enacted as at the reporting date.

Deferred taxes – Deferred taxes on income are recognised for temporary differences that arise between the carrying amounts of assets and liabilities recognised for financial reporting purposes and those recognised for tax purposes. Deferred taxes are not recognised for

• temporary differences arising on initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable profit or loss;
• temporary differences relating to investments in subsidiaries, if the Group is able to control the timing of the reversal of the temporary differences and it is probable that the reversal will not occur in the foreseeable future; and
• taxable temporary differences arising from the initial recognition of goodwill.

Upon initial recognition of leases, the Group recognises deferred tax assets in connection with lease liabilities and deferred tax liabilities in connection with right-of-use assets.

Deferred tax assets are recognised for unused tax loss carryforwards, unused interest carryforwards, unused tax credits and deductible temporary differences, when it is probable that there will be future taxable profits available against which they can be used. Deferred tax assets are reviewed on each reporting date and reduced to the extent that it is no longer probable that the related tax benefit can be utilised.

Deferred taxes are measured at the tax rates expected to be applicable to temporary differences when they reverse using tax rates enacted or substantively enacted as at the reporting date.

The measurement of deferred taxes reflects the Group's expectations as at the reporting date as to the extent to which it expects to recover or settle the carrying amounts of its assets and liabilities.

Deferred taxes resulting from transactions recognised in other comprehensive income are also recognised in other comprehensive income.

Deferred tax items are offset if there is a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred income taxes relate to the same entity and the same taxation authority.

(f) Intangible assets and goodwill

Goodwill – Goodwill arising from the acquisition of a business is measured at cost less any accumulated impairment losses.

Research and development (R&D) – Expenses for research and development activities are recognised in profit or loss in the year they are incurred.

Other intangible assets – Other intangible assets acquired by the Group with finite useful lives are measured at cost less accumulated scheduled amortisation and impairment losses in accordance with IAS 38. Other intangible assets with indefinite useful lives acquired by the Group are measured at cost and tested for impairment at least annually in accordance with IAS 36.

Amortisation – Amortisation of intangible assets with a finite useful life is calculated on the basis of the acquisition cost of the assets less their estimated residual value using the straight-line method over their estimated useful lives. They are generally recognised in profit or loss. Goodwill is not amortised on a scheduled basis.

The estimated useful lives of intangible assets were unchanged from the previous year and are as follows:

Years
Indefinite
Indefinite
4–10
3–10

The useful life of the "TeamViewer" trademark is classified as indefinite because the use of the trademark does not depend on the product life cycle of the software, and it can be used as a trademark independently of the technology in place. The Group determined the indefinite useful life of the trademark based on the following significant factors in accordance with IAS 38.90:

• The Group expects to continue to use its company trademark for an indefinite period. The commercial usage of the trademark does not depend on specific executives of the management team.

• There are no indications of any commercial obsolescence of the trademark. The brand's recognition has increased since the Company was acquired.
• There are currently no indications of declining market demand in the respective industry.

Intangible assets with an indefinite useful life are tested for impairment at least annually in accordance with IAS 36, applying the procedure described in Note 3 Significant accounting policies. The impairment test of the trademark is performed in combination with the goodwill impairment test as the trademark does not generate cash inflows on a standalone basis, and all products of the Group are sold under the "TeamViewer" trademark.

Amortisation methods, useful lives and residual carrying amounts are reviewed at each reporting date and adjusted if necessary.

(g) Property, plant and equipment

In accordance with IAS 16, property, plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditures directly attributable to the acquisition of the asset. For property, plant and equipment acquired in a business combination, the cost is equal to the fair value resulting from the respective purchase price allocation.

Subsequent expenditures –Subsequent expenditures are capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group.

Depreciation – Scheduled depreciation is calculated on the cost of property, plant and equipment, less their estimated residual value, using the straight-line method over their estimated useful lives. They are generally recognised in profit or loss. Land is not depreciated.

The estimated useful lives of property, plant and equipment were unchanged from the previous year and are as follows:

	Years
Office equipment	3–13
IT equipment	3–8
Improvements in third-party premises	3–10

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains or losses arising from the derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) are recognised as profit or loss in the year the asset is derecognised.

The depreciation methods, useful lives, and residual carrying amounts are reviewed on each reporting date and adjusted if necessary.

(h) Associates

Associates are companies where TeamViewer has the opportunity to exercise significant influence on business and financial policy. This is usually done through indirect or direct voting rights of 20% to 50% or the right to appoint members of the highest management body.

Associated companies are accounted for in the consolidated financial statements using the equity method and initially recognised at acquisition cost.

TeamViewer's share of the associated company's earnings after acquisition is recorded in the financial result of the consolidated income statement, and the share of changes in equity that do not affect profit or loss is recorded directly in consolidated equity. The cumulative changes after the acquisition date also include effects from adjustments to the fair value and increase or decrease the carrying amount of the investment. If the losses of an associated company that are attributable to TeamViewer equal or exceed the value of the share in this company, no further shares of the loss are recognised unless TeamViewer has entered into obligations for the company or has made payments for the company.

TeamViewer checks associated companies for impairment if there is objective evidence of this, for example a significant or prolonged decline in the fair value below the amortised cost of the investment. TeamViewer also uses the same principles to check whether the reasons for an impairment loss recorded in previous periods no longer exist or lead to a reduction in impairment. If this is the case, an impairment loss is reversed in accordance with the increase in the recoverable amount, up to a maximum of the carrying amount that would result if no impairment loss had been recognised in previous periods. Impairment losses and reversals involve discretionary decisions.

(i) Trade receivables

The Group only recognises trade receivables if it has an unconditional right to consideration. Customers generally have the right to return the purchased licences within a trial period of seven days from the date of purchase. During this period, the Group has no unconditional right to consideration. In these cases, the amount of the contract asset recognised corresponds to the amount of the services already rendered. The Group only recognises trade receivables that are not due to the extent the services have already been rendered.

The Group's loss allowance for trade receivables is recognised in accordance with IFRS 9. For this, the expected credit loss model (ECL) is used. The simplified approach under IFRS 9 is used to calculate expected credit losses over the term. The loss allowance for trade receivables (without sales tax/value-added tax) is recognised based on the category size of the receivable (invoiced amount), the region of the customer and by the ageing of the receivable based on historical credit losses. Management evaluates quarterly whether adequate and supportable qualitative information is available to adjust the historical loss rates using forward-looking information. Due to the short time period, the time value of money has no material impact on the allowances.

Overdue trade receivables are subject to various enforcement measures. Due to the Group's business model (annual subscription) Trade receivables are derecognised after one year (payment default) if no further realisation of the receivable is expected.

(j) Capitalised costs from customer contracts

Capitalised costs from customer contracts are reported under other assets in the statement of financial position. The capitalised incremental cost of obtaining contracts consists of sales commissions for sales representatives. Generally, TeamViewer either does not pay sales commissions for the renewal of customer contracts, or these commissions do not correspond to the commissions paid for new contracts. Consequently, the commissions paid for new contracts with renewal options are also based on the expected renewals of these contracts. Sales commissions for new customer contracts are therefore amortised on a straight-line basis over the expected life of the contract and include expected contract renewals. Incremental contract acquisition costs are expensed as incurred if it is probable that the amortisation period will not exceed one year. The determination of the expected term of the contract requires judgement and is exercised uniformly for all customer contracts. Since 1 October 2023, capitalised costs under customer contracts are amortised over five years (until 30 September 2023: four years). The amortisation of capitalised contract acquisition costs is classified as selling expenses.

(k) Advance payments for sponsorship activities

Advance payments for sponsorship activities are recognised as accruals under other current assets until the services are received and are expensed in full after they are received. Significant expenses for sponsorship activities are expensed on a straight-line basis over the expected term of the sponsorship.

(l) Cash and cash equivalents

Cash and cash equivalents comprise cash at banks, cash in hand and short-term deposits with original maturities of three months or less. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. For cash and cash equivalents, the Group calculates a risk provision for expected credit losses in line with IFRS 9 using an expected credit loss model. Expected credit loss of cash and cash equivalents is calculated based on the probability of default and recovery rates derived from CDS spreads or external credit ratings of the counterparties. The Group also monitors the risk on a quarterly basis to determine if a significant deterioration in credit risk has occurred. When a bank's credit rating is downgraded to below investment grade, the Group considers this a significant deterioration in credit risk. A default is assumed to have occurred when a bank's credit rating falls below C.

(m) Issued capital

The Company's issued capital is divided into no-par value ordinary bearer shares classified as equity. Costs directly attributable to the issue of new shares are recognised as a deduction from equity, net of any tax effects.

(n) Provisions

According to IAS 37, provisions are recognised if a present legal or constructive obligation to third parties has arisen as a result of a past event, if payment is probable and if the amount of the payment can be estimated reliably. They are measured using the best estimate of the resources required to settle the obligation as at the reporting date, considering past experience. They are recognised at the most likely amount of the obligation. The amount of the provision is regularly adjusted if new information becomes available or if circumstances change. Non-current provisions are recognised as at the reporting date at the present value of expected settlement amounts, taking into account the development of prices and costs. Discount rates are regularly adjusted to prevailing market interest rates.

(o) Financial instruments

All financial liabilities are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, financial liabilities are subsequently measured at amortised cost using the effective interest method. The amortisation of transaction costs through profit or loss is included in finance costs. Financial liabilities include both loans and lease liabilities.

Financial liabilities are derecognised when the obligation is discharged, cancelled or expired. Where existing financial liabilities have been replaced by the lender on substantially different terms, or the terms of existing liabilities have been substantially modified, such an exchange or modification is treated as an extinguishment of the original obligations accompanied by the recognition of new liabilities. The difference in the respective carrying amounts is recognised in profit or loss.

The Group measures non-derivative financial assets that are held to collect contractual cash flows that are solely payments of principal and interest at amortised cost.

The Group classifies non-derivative financial liabilities at amortised cost. This particularly includes financial liabilities, as well as other financial liabilities, including trade payables.

Non-derivative financial assets

The Group initially recognises non-derivative financial assets at the point in time the Group companies become party to the contractual provisions of the instrument. Purchases or sales of financial assets are recognised as at the trading date.

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all risks and rewards of ownership of the financial asset are transferred or it neither transfers nor retains substantially all of the risks and rewards of ownership but does not retain control over the transferred asset. Any interest in such transferred financial assets that are created or retained by the Group is recognised as a separate asset or liability. Moreover, trade receivables are derecognised when the Group has no reasonable expectation of recovering the receivable.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

Non-derivative financial liabilities, trade receivables and other financial liabilities are initially recognised at fair value plus or less any directly attributable transaction costs. Subsequent to initial recognition, these financial instruments are measured at amortised cost using the effective interest method.

Derivative financial instruments

The Group holds derivative financial instruments to hedge against interest rate and currency risks. Embedded derivatives are separated from the host contract and accounted for separately if certain criteria are met.

These criteria include the conditions that the economic risks and characteristics of the embedded derivative are not closely related to those of the host contract, that a standalone instrument with the same contractual terms would meet the definition of a derivative, and that the hybrid (compound) financial instrument is not measured at fair value through profit or loss.

Derivatives that are not designated to an effective hedging relationship are measured at fair value through profit or loss.

Derivatives are initially recognised at fair value. All directly attributable transaction costs are recognised in profit or loss as incurred. Subsequently, derivatives are measured at fair value, and changes in fair value are generally recognised immediately in profit or loss. Derivatives are recognised as financial assets if the fair value is positive, and as financial liabilities if the fair value is negative.

Hedge accounting

The Group applies the hedge accounting requirements set out in IFRS 9. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. Fair value changes regarding the time value of an option that hedges a time period-related hedged item are recognised in a separate component of OCI and amortised on a rational and systematic basis. The amount accumulated in equity in the cash flow hedge is retained in OCI and is reclassified to profit or loss in the same period in which the hedged item affects profit or loss.

If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the amount accumulated in the cash flow hedge is reclassified to profit or loss.

(p) Impairment

Non-financial assets – In accordance with IAS 36, the Group reviews assets with a finite useful life for impairment if there are indications that those assets may be impaired. Moreover, intangible assets with an indefinite useful life, intangible assets not yet ready for use and goodwill are tested for impairment at least annually.

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If such an indication exists, the asset's recoverable amount is estimated. Goodwill and the TeamViewer trademark with an indefinite useful life are tested at least annually for impairment and whenever there is an indication of impairment.

For impairment testing, assets are grouped together into the smallest group of assets that includes the asset and generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units (CGUs). Goodwill arising from the acquisition of a company is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the higher of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. To determine fair value less costs of disposal, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for comparable publicly traded companies or other available fair value indicators.

An impairment loss is recognised when the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. The carrying amounts of each of the other assets in the CGU will not be reduced to lower than the higher of their fair value less costs of disposal (if measurable), their value in use (if determinable) or zero. The amount of the impairment loss that cannot be allocated due to this lower limit is allocated to the other assets in the CGU on a pro rata basis.

An impairment loss on goodwill cannot be reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined net of depreciation or amortisation if no impairment loss had been recognised.

Financial assets – The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the cash flow the Group is contractually entitled to and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows include cash flows from the sale of collateral held or other guarantees that are an integral part of the contractual conditions.

ECLs are recognised as follows:

• a) For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are recognised for default events that are possible within the next 12 months (a 12-month ECL).
• b) For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

See Note 21 Financial instruments – fair values and risk management.

For trade receivables and contract assets, included within other current assets, the Group applies a simplified approach in calculating ECLs (see Note 3 (i) Trade receivables). Therefore, the Group does not track changes in credit risk but instead recognises a loss allowance based on lifetime ECLs at each reporting date. See Note 12 Trade receivables.

(q) Rental/lease payments

The Group applies IFRS 16 to rental and lease agreements. Lease payments represent rentals payable by the Group for certain buildings, servers and motor vehicles.

Right-of-use assets

The Group recognises right-of-use assets at the commencement date. The right-of-use asset is initially measured at cost, which consists of the initial amount of the respective lease liability adjusted for any prepayment done at or before the commencement less any lease incentive received. The right-of-use asset is adjusted for any changes in the lease contract. The recognised right-of-use assets are depreciated on a straight-line basis during the lease term and are subject to impairments.

Lease liabilities

The lease liabilities are measured initially at the present value of lease payments that are not paid at the commencement date and are expected to be made during the remaining lease term, discounted using the Company's incremental borrowing rate. The incremental borrowing rate used matches the lease term. The lease payments include the fixed payments (including in-substance fixed payments) less any incentives receivable, variable lease payments (which are linked to an index or rate) and any amount expected to be paid under residual value guarantees.

Subsequently, the lease liabilities are measured at amortised cost using the effective interest method. They are remeasured when there is a change in future lease payments arising from a change in the index or rate, a change in the estimate related to the amount expected to be payable under a residual value guarantee, or if the Group changes its assumption regarding its right to exercise the purchase, renewal or termination option. For any change in the value of the lease liability, the carrying amount of the respective right-of-use asset is adjusted accordingly.

At the commencement of a lease for which the Company is the lessee, it recognises

• a deferred tax asset related to the lease liability to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised; and
• a deferred tax liability related to the right-of-use asset.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered of low value (i.e. TeamViewer assets with a value below EUR 5,000). Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Significant judgement in determining the lease term of contracts with renewal and termination options

Periods resulting from the exercise of a renewal option by the lessee are included in the term of a lease if the exercise of the renewal option by the lessee is reasonably certain. The same applies to periods by which the lease is extended by not exercising a termination option. These periods are also included in the lease term if it is reasonably certain that the lessee will not exercise the termination option. In the case of mutual termination options that can be exercised without the consent of the other contractual party, these periods are only included in the term of the lease if the termination is associated with more than only minor economic disadvantages for both contractual parties.

(r) Foreign currencies

Foreign currency transactions and foreign operations are accounted for in accordance with IAS 21.

Foreign currency transactions – Transactions in foreign currencies are translated into the respective functional currencies of Group companies at exchange rates as at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency with the exchange rate as at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency with the exchange rate as at the measurement date. Foreign currency differences are generally recognised in profit or loss. Non-monetary items that are measured based on the historical exchange rate at their time of addition will not be remeasured.

Foreign operations – Since the euro is the reporting currency of the parent company, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising from acquisitions, are translated from the functional currencies of Group companies into euro at exchange rates at the reporting date. The functional currencies of subsidiaries are the euro, US dollar, British pound, Australian dollar, Japanese yen, Indian rupee, Singapore dollar, Chinese renminbi, Mexican peso, Canadian dollar and Armenian dram. For reasons of simplification, the income and expenses of foreign operations are translated into euros at the average exchange rate for the year.

Foreign currency differences arising from the translation of a foreign operation are recognised in OCI and accumulated in the translation reserves. When a foreign operation is disposed of in its entirety or partially such that control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal.

The following relevant exchange rates were applied as at the reporting date:

			Closing rates	Average rate for year
Currency	ISO code	31 December 2023	31 December 2022	2023	2021
Armenian dram	AMD	447.96	422.35	424.59	460.80
Australian dollar	AUD	1.62	1.58	1.63	1.52
Canadian dollar	CAD	1.46	1.46	1.46	1.37
Chinese yuan	CNY	7.83	7.40	7.66	7.08
Pound sterling	GBP	0.87	0.89	0.87	0.85
Indian rupee	INR	92.03	88.76	89.34	82.73
Japanese yen	JPY	155.90	140.64	151.97	138.00
Mexican peso	MXN	18.76	20.90	19.19	21.21
Singapore dollar	SGD	1.46	1.44	1.45	1.45
US dollar	USD	1.11	1.07	1.08	1.05

(s) Contingent liabilities

According to IAS 37, contingent liabilities are liabilities that must be borne by the Group depending on the outcome of an uncertain future event. A contingent liability is disclosed unless the outflow of economic resources is unlikely.

(t) Segment

The Group has only one segment, with the TeamViewer platform as the reporting entity. The Group defines the Management Board for TeamViewer SE as the "chief operating decisionmakers". The Management Board is responsible for allocating resources and assessing performance based on discrete financial information at a consolidated level.

(u) Standards, interpretations and amendments to existing published standards issued and applied

The following amendments or improvements to standards have been applied by the Group and were mandatory for the first time for annual periods beginning on or after 1 January 2023 but have no or no material impact on the Group:

• Amendments to IFRS 17 Insurance Contracts
• Amendments to IAS 1 Disclosure of Accounting Policies
• Amendments to IAS 8 Definition of Accounting Estimates
• Amendments to IAS 12 Income Taxes Deferred Taxes Related to Assets and Liabilities arising from a Single Transaction
• Amendments to IAS 12 Income Taxes International tax reform pillar two model rules

The first-time application of the accounting pronouncements listed in the table had no or no material impact on the presentation of the net assets, financial position and results of operations.

(v) Standards, interpretations and amendments to published standards that have not yet been applied

A number of new standards and amendments to standards and interpretations are effective for fiscal years beginning on or after 1 January 2024.

The following new or amended standards should not have a material impact on the consolidated financial statements:

• Amendments to IFRS 16 Lease liability in a Sale and Leaseback (from 1 January 2024)
• Amendments to IAS 1 Classification of Liabilities as Current or Non-current (from 1 January 2024)
• Amendments to IAS 7 and IFRS 7 Supplier finance (from 1 January 2024)
• Amendments to IAS 21 Lack of Exchangeability (from 1 January 2025)

4. Structure of the Group

Name and registered office of entity	Shareholding
Regit Eins GmbH, Germany	100%
TeamViewer Germany GmbH, Germany	100%
TeamViewer India Pvt. Ltd., India	100%
TeamViewer Greece Epe, Greece	100%
TeamViewer UK Limited, United Kingdom	100%
TeamViewer Singapore Pte. Ltd., Singapore	100%
TeamViewer Pty. Ltd., Australia	100%
TeamViewer Japan KK, Japan	100%
TeamViewer Information Techn. (Shanghai) Co., Ltd, China	100%
TeamViewer Armenia CJSC, Armenia	100%
TeamViewer US, Inc., USA	100%
TeamViewer Mexico S.A. de. CV, Mexico	100%
TeamViewer Portugal, Unipessoal Lda., Portugal	100%
TeamViewer Austria GmbH, Austria	100%
TeamViewer Canada, Inc., Canada founded in 2022	100%

(a) Group structure as at 31 December 2023

As at 31 December 2023, the Group consisted of TeamViewer SE, headquartered in Göppingen, Germany, as the parent company, and 15 fully consolidated companies.

In June 2022, TeamViewer Germany GmbH founded TeamViewer Canada Inc, Toronto, Canada. The company provides Sales and Marketing services for TeamViewer Germany GmbH.

(b) Investment in associates

In 2023 TeamViewer invested in several associates. TeamViewer owns less than 20% of the equity interest and less than 20% of the voting rights in each but has a right to solely designate a member to the boards of directors and can therefore participate in significant financial and operating decisions. Therefore, TeamViewer has determined that it has significant influence over those entities.

Individually material associates

In November 2023 TeamViewer invested in Sight Machine Inc. (Sight Machine), which is considered material to the Group and disclosed below. Sight Machine Inc., which has its principal place of business located in the USA, provides remote connection and analysing tool for Manufacturing.

Summarised financial information

(since investment date)

In EUR thousands	Sight Machine 2023
Revenue	715
Profit for the period	(1,569)
Other comprehensive income	–
Total comprehensive income	(1,569)

In EUR thousands	Sight Machine 2023
Net assets as of investment date	49,687
Profit for the period since investment date	(1,569)
Foreign exchange rate difference	(462)
Net assets as of 31 December	47,656

In EUR thousands (unless otherwise stated)	Sight Machine 31 December 2023
Non-current assets	46,505
Current assets	11,025
Non-current liabilities	3,868
Current liabilities	6,006
Net assets	47,656
Ownership interest, in %	13,71
TeamViewer share in net assets	6,533
Goodwill	2,909
Transaction costs	33
Carrying amount	9,475

Individually immaterial associates

In addition to the interest in associates disclosed above, the Group also has interests in several, individually immaterial associates.

In EUR thousands	31 December 2023	31 December 2022
Aggregated carrying amount of interest in associates	5,914	–
Aggregated amounts of the group's share of:		–
Profit	(252)	–
Other comprehensive income	–	–
Total comprehensive income	(252)	–

5. Category of expenses

Cost elements

In EUR thousands	2023	2022
Personnel expenses	(187,497)	(172,055)
Purchases/services received from third parties and others	(213,797)	(205,974)
Depreciation and amortisation	(55,358)	(53,741)
Allowances for trade receivables	(8,506)	(12,400)
Other expenses	(3,506)	(1,299)
Total expenses	(468,665)	(445,468)

6. Personnel expenses

Personnel expenses consist of the following items:

Personnel expenses

In EUR thousands	2023	2022
Wages and salaries	136,432	121,274
thereof pension insurance	6,727	6,308
Social security contributions	26,990	22,255
Equity-settled share-based compensation	21,842	27,632
thereof EPP Programme	3,879	13,223
thereof Ubimax	3,349	10,283
thereof RSU	14,614	4,125
Cash-settled share-based compensation	1,829	861
thereof LTIP	896	740
thereof PSU1	933	121
Expenses for M&A	405	33
Total personnel expenses	187,497	172,055

1Including social security contributions RSU.

Employees by region

		2023		2022
Region	Average headcount	FTEs as at 31 Dec	Average headcount	FTEs as at 31 Dec
EMEA	978	998	1,002	947
AMERICAS	265	268	244	260
APAC	191	195	170	179
Total	1,434	1,461	1,416	1,386

EPP Programme

In August 2019, TLO launched a programme to grant share appreciation rights (SARs) for selected executives of the Group (in the following "EPP Programme") in order to create a long-term incentive for the executives with regard to the value appreciation of the Company.

Vesting conditions

An IPO (in the following "IPO event") results in a partial payment at the date of the IPO (Tranche 1) and another partial payment at the date of the full sell-down, i.e. when the last share in TeamViewer SE is sold by TLO (Tranche 2). In addition, a discretionary bonus may be granted 30 days after the full sell-down by TLO (Tranche 3).

The beneficiaries are entitled to this settlement only if they are employed at the Group when the IPO occurs (Tranche 1) or when the full sell-down occurs (Tranche 2 and Tranche 3). If beneficiaries have terminated their employment relationship prior to these dates, the claim for the respective tranche lapses only if they are bad leavers as defined in the contract, e. g. termination of employment by the beneficiaries without cause.

Amount of the EPP bonus

The settlement amount is based on the EPP value, which represents the total settlement amount that might be paid out to executives and is divided into 12,000,000 EPP units, of which 10,780,000 units were granted to employees in August 2019.

The EPP value equals 1.63 % of the proceeds from the sale of 100 % of the shares in the Company, less:

• any third-party debt, exit fees, costs, taxes or other liabilities;
• liabilities under PECs, shareholder loans and comparable shareholder instruments, including repayment of nominal amounts and accrued interest; and
• amounts contributed as equity to the Company by the shareholder.

Partial payments

If an IPO event occurs, the payment for each tranche is determined as follows:

Tranche 1:

A total of 30 % of the preliminary EPP value per EPP unit, with a maximum payout amount of EUR 50 million (upper limit – cap). The preliminary EPP value is determined at the time of the IPO under the assumption that TLO places all shares of TeamViewer SE in the IPO.

Tranche 2:

The final EPP value per EPP unit based on the actual proceeds from the sale of the shares by TLO after TLO no longer has an interest in the Company and subject to the cap, less the payment from Tranche 1.

Tranche 3:

To the extent that the final EPP value exceeds the cap, TLO may award compensation equal to the final, unrestricted EPP value per EPP unit less the cap (EUR 50 million) per EPP unit to selected executives at its sole discretion upon the complete sale of its interest in the Company.

Since TLO has already promised the selected executives the unlimited EPP value, this discretionary compensation commitment (Tranche 3) is considered a de facto commitment.

Accounting

Although only TLO is obliged to settle the share-based compensation, the Group of TeamViewer SE, as the recipient of the executives' service, must also recognise an equitysettled share-based compensation for the EPP bonus agreement because it is a transaction between companies of the superordinate TLO Group as at the grant date (see Note 3 Significant accounting policies (c) Employee benefits).

The performance of services by the respective selected executives until all shares are sold constitutes a vesting condition. The estimated vesting period for the second and third tranches ends on 31 December 2024 (prior year: 31 December 2023), as a complete sale of the TeamViewer shares by TLO is not expected before that date. The expense recognised in the fiscal year corresponds to the change in the cumulative expense between 31 December 2023 and 31 December 2022. For some participants, the EPP was adjusted and terminated early in the fiscal year 2022 and 2023. As there was no increase in the fair value of the share-based compensation at the time of termination, the expenses from these programmes were expensed in full until the termination. For some participants, the EPP programme was

adjusted in the fiscal year 2023 and 2023. Those participants received additional EPP units and were paid an additional non-recoverable advance payment in the fiscal year in connection with the sale of shares by the TLO. The fair value of the additional EPP units is EUR 1.1 million (2022: EUR 5.6 million). The fair value was determined using the TeamViewer SE share price at the grant date (2023: EUR 15.40; 2022: EUR 9.52).

Ubimax

In connection with the acquisition of Ubimax, the Company issued 1,070,931 new shares from authorised capital in a capital increase against contribution in kind. The transfer of these shares is accounted for as a separate equity-settled share-based compensation transaction.

The shares issued were pledged to the Company, with 356,977 shares scheduled to vest on each of the dates of 20 August 2021, 20 August 2022 and 20 August 2023. The vesting of the shares depended on the performance of work by the founders.

The fair value of the share-based compensation as at the grant date was measured based on the Company's share price on 20 August 2020 (EUR 44.21) and amounts to EUR 47,346 thousand. The vesting period for each of 356,977 shares results from the grant date of the share-based compensation and the respective vesting date.

The programme ended in the fiscal year 2023. No shares were forfeited and all expenses were recognised.

Long-term Incentive Plan (LTIP)

For the performance-based compensation of executives, TeamViewer introduced a Longterm Incentive Plan (LTIP) in fiscal year 2020, which will be granted in yearly tranches.

Plan description

The LTIP serves to secure the long-term commitment of the Management Board and selected executives and is intended to align the compensation structure with sustainable corporate development. From the 2022 fiscal year, the programme will only apply to the Management Board. The performance period for the LTIP shall be four calendar years for all tranches, starting on 1 January of the calendar year in which the tranche in question was granted.

Payment of the performance-based compensation based on the LTIP is made in the calendar year following the end of the performance period for the respective tranche. The amount of the remuneration is calculated according to the following formula:

the final number of performance shares. The total target achievement level is capped at 200 %. The final number of performance shares is multiplied by the final share price to give the payout amount. The final share price is the arithmetic mean of the Xetra closing prices of TeamViewer shares for the last 60 trading days prior to the end of the respective performance period. The payout amount is limited to twice the allocation amount.

The allocation amount in euros for the respective tranche is contractually agreed with the employees individually and is the basis for calculating the initial number of performance shares of the respective tranche. The allocation amount is divided by the arithmetic mean of the Xetra closing prices of the TeamViewer share on the 60 trading days prior to the start of the respective tranche (initial share price) or, for the first tranche, by the issue price, and results in the initial number of performance shares for the respective tranche. At the end of the performance period, these are multiplied by the overall target achievement level to give

Different performance targets with different weightings have been defined for the performance period. These are financial targets (average billings or adjusted EBITDA growth), nonfinancial targets (net promoter score and ESG targets) and total shareholder return (TSR) targets (TSR compared with Stoxx Europe 600 and MDAX). The ESG targets apply to the Management Board only.

The overall degree of target achievement is calculated from the weighted average of the individual performance targets. Minimum and maximum target achievement values of 50 % and 200 %, respectively, are set for each performance target. If the minimum value is not achieved, the corresponding target achievement is 0 %. If the maximum value of 200 % is exceeded, the target achievement is capped at 200 %. The following performance targets and weightings have been defined:

Weighting of single performance targets

Target	LTIP 2023	LTIP 2022	LTIP 2021	LTIP 2020
ø Billings growth p.a.	15 %	15 %	15 %	15 %
ø Adjusted (billings) EBITDA growth p.a.	15 %	15 %	15 %	15 %
Net promoter score (NPS) – Management Board	10 %	10 %	10 %	20 %
Net promoter score (NPS) – other employees	–	–	20 %	20 %
ESG target (solely Management Board)	10 %	10 %	10 %	–
TSR vs. STOXX® 600 Technology	25 %	25 %	25 %	25 %
TSR vs. MDAX®	25 %	25 %	25 %	25 %

The entitlements under the LTIP lapse if a bad leaver event occurs before the end of the vesting period (particularly termination of employment). The vesting periods of the first and second tranches for the CEO end on 31 December 2023, respectively 31 December 2024, for the former CFO on 18 August 2022, for all other employees on 31 December 2021, respectively on 31 December 2022. The vesting period for the second tranche for the former CMO ended on 31 December 2021. The vesting period of the third tranche ends for the Management Board on 31 December 2025. The vesting period of the fourth tranche ends for the Management Board on 31 December 2026.

LTIP valuation as at 31 December 2023

		LTIP 2023	LTIP 2022	LTIP 2021	LTIP 2020
Disclosures on the determination of fair value at the measurement date
Option price model		Monte Carlo	Monte Carlo	Monte Carlo	N/A
Share price	EUR	14.06	14.06	14.06	14.36
Risk-free interest rate depending on term	%	2.125	2.475	3.113	–
Expected volatility	%	51.03	43.25	36.28	–
Expected dividend yield	%	0.0	0.0	0.0	–
Remaining term of the performance shares	Years	3	2	1	–
Fair value	EUR thousands	2,679	1,996	294	–
Total carrying amount of liabilities	EUR thousands	636	1,113	277	–
Thereof vested	EUR thousands	–	340	225	–

LTIP valuation as at 31 December 2022

		LTIP 2022	LTIP 2021	LTIP 2020
Disclosures on the determination of fair value at the measurement date
Option price model		Monte Carlo	Monte Carlo	Monte Carlo
Share price	EUR	12.05	12.05	12.05
Risk-free interest rate depending on term	%	2.507	2.569	2.424
Expected volatility	%	58.17	58.17	58.17
Expected dividend yield	%	0.0	0.0	0.0
Remaining term of the performance shares	Years	3	2	1
Fair value	EUR thousands	1,592	252	388
Total carrying amount of liabilities	EUR thousands	542	222	365
Thereof vested	EUR thousands	–	193	297

In estimating the fair value of the LTIP, assumptions are applied that take, among others, the expected volatility of the share price into consideration. The final payout amount additionally depends on the achievement of performance targets and the future share price. Changes in these assumptions and outcomes that differ from these assumptions could result in significant adjustments to the carrying amount of the liabilities. For the payout amount, the most crucial factor is the final share price.

Restricted Stock Unit Plan (RSU) and Phantom Stock Unit Plan (PSU)

In May 2022, TeamViewer introduced a Restricted Stock Unit Plan (RSU 2022) and a Phantom Stock Unit Plan (PSU 2022) for the performance-based remuneration of employees. In addition, TeamViewer introduced in June 2023 a new Restricted Stock Unit Plan (RSU 2023) and a Phantom Stock Unit Plan (PSU 2023). The purpose of the RSU or PSU is to attract, retain and motivate employees by enabling them to participate in the Company's success. Employees participate in either the RSU or the PSU.

RSU 2022 and RSU 2023

Plan description

The RSU grants the employees TeamViewer shares after vesting. Under the RSU 2023 programme, TeamViewer grants, in addition, certain employees additional shares, including a performance condition that billings targets in 2023 need to be reached. These entitlements are granted to the employees in the respective fiscal year and vests in four equal parts every 31 December. After each vesting period, the shares are transferred to the employees. The employee is not entitled to dividends or voting rights before the shares are transferred. The employee's entitlement expires upon termination of the employment relationship.

Valuation and accounting

The fair value of one share of the RSU is based on the Company's share price and is EUR 10.33 (RSU 2022), respective EUR 15,37 (RSU 2023). RSUs granted, whose vesting is dependent on vesting conditions that are not market conditions, are only recognised if it can be assumed at the reporting date, that the vesting conditions will be met. An adjustment for the lack of dividend entitlement was not made, as no dividend payments are expected. The RSU 2022 is accounted for as an equity-settled share-based payment transaction. To the extent that TeamViewer incurs expenses for social security contributions on the granting of shares, these are accounted for as cash-settled share-based payments.

PSU 2022 and PSU 2023

Plan description

The PSU has the same terms and conditions as the RSU but is settled in cash instead of shares. The cash settlement is calculated based on the average price of the TeamViewer share over the last 60 trading days before vesting.

Valuation and accounting

The fair value of a virtual share of the PSU on the measurement date was determined solely based on the Company's share price. An adjustment for the missing dividend entitlement of the virtual shares was not made, as no dividend payment is expected. The PSU is accounted for as a cash-settled share-based payment.

PSU valuation as of 31 December 2023

		PSU 2023	PSU 2022
Stock price	EUR	14.06	14.06
Total carrying amount of liabilities1	In EUR thousands	849	162
Thereof vested	In EUR thousands	464	86

¹ Including social security contributions RSU.

PSU valuation as of 31 December 2022

		PSU 2022
Stock price	EUR	12.05
Total carrying amount of liabilities1	In EUR thousands	121
Thereof vested	In EUR thousands	88

¹ Including social security contributions RSU.

Development of the number of RSU shares/virtual PSU shares

In units	RSU	PSU
31 December 2021	–	–
Granted	991,109	18,090
Forfeited	43,048	2,037
31 December 2022 pending	948,061	16,053
Excercised (vested 31 December 2022)	237,452	4,041
Excercied (vested Q1 2023)	21,063	–
Granted	2,039,310	68,598
Forfeited	417,138	13,476
31 December 2023 pending	2,311,718	67,134
thereof vesting on 31 December 2023	629,150	17,553
thereof vesting on 31 December 2024	628,578	17,536
thereof vesting on 31 December 2025	627,924	17,467
thereof vesting on 31 December 2026	426,066	14,578

7. Finance income and expenses

Exchange rate fluctuations

In EUR thousands	2023	2022
From operating activities	(2,867)	365
From cash and cash equivalents	(758)	25,112
From financial liabilities	–	(31,000)
Foreign currency result	(3,624)	(5,522)
thereof income	6,296	35,984
thereof expenses	(9,921)	(41,506)

Finance income and expenses

In EUR thousands	2023	2022
Finance income	1,381	4,267
Finance expenses	(16,864)	(25,782)
Interest for bank loans and promissory notes1	(13,276)	(20,708)
Other finance costs	(3,589)	(5,073)
Net financing costs	(15,483)	(21,514)

¹ The 2022 fiscal year includes a one-time effect of EUR 5.9 million related to refinancing.

Finance income consists primarily of interest income on short-term financial assets and bank deposits (2022: income from realised gains of the interest rate cap and gains from lower valuation allowance for cash and cash equivalents).

Other finance costs consist mainly of provision fees of the revolving credit facility, interest not related to debt, interest on leases and shares in earnings of associates. See Note 21 Financial instruments – fair values and risk management.

8. Income taxes

Total income tax benefit/(expense)

In EUR thousands	2023	2022
Current tax benefit/(expense)	(46,237)	(44,933)
thereof from current year	(48,867)	(41,942)
thereof from previous years	2,630	(2,991)
Deferred tax benefit/(expense)	12,797	(4,156)
thereof from current year	2,105	(6,337)
thereof from previous years	10,692	2,181
thereof from temporary differences	17,281	3,315
thereof from interest and tax loss carryforwards	(4,484)	(7,471)
Total income tax benefit/(expense)	(33,440)	(49,088)

The Group is domiciled in Germany. The parent company is subject to a tax rate of 28.6 % (2022: 28.6 %). The income tax rates for other countries ranges between 17 % and 33 % (2022: 17 % and 33 %).

Pillar Two has been fully or substantially implemented in countries where the Group has business activities.

Pillar Two includes a global minimum taxation for multinationals with an annual turnover of at least EUR 750,000 thousand. In case this minimum tax rate is not guaranteed by national taxation, a so-called supplementary tax is levied within the group. The aim is to ensure that company profits are taxed at an effective rate of at least 15 % in order to limit international tax competition and create more tax justice.

As the Group's turnover does not exceed the threshold of EUR 750,000 thousand, Pillar Two regulations do not apply to the Group.

Reconciliation of expected to actual income tax expense

In EUR thousands	2023	2022
Profit before taxes	147,455	116,689
Group tax rate (in %)	28.6 %	28.6 %
Expected income tax expense	(42,172)	(33,373)
Differences due to differing tax rates	(304)	(189)
Tax income (tax expense) from (non-) recognition of tax interest and tax loss carryforwards	8,289	(3,804)
Non-deductible expenses from share-based compensation	(2,067)	(6,864)
Permanent differences (tax-exempt income and non-deductible expenses)	(2,233)	(3,975)
Current and deferred taxes from prior years	5,033	(810)
Other	14	(74)
Actual income tax benefit/(expense)	(33,440)	(49,088)
Effective tax rate (in %)	22.7 %	42.1 %

Due to the specific planning of a profit loss transfer agreement between Regit Eins GmbH and TeamViewer SE, there will be future taxable profits at the level of TeamViewer SE which can be offset against existing tax interest and tax loss carryforwards. As a result, the existing tax interest and tax loss carryforwards as well as the temporary differences at TeamViewer SE level in the amount of EUR 8,289 thousand (2022: EUR 0 thousand) is capitalised.

The income from previous years in the amount of EUR 5,033 thousand results from final tax audit assessments plus subsequent effects in a total amount of EUR 2,780 thousand and other adjustments from previous years in the total amount of EUR 2,353 thousand.

Deferred taxes from temporary differences

In EUR thousands	31 Dec 2023	31 Dec 2022
Deferred tax assets
Intangible assets	390	627
Lease liabilities	6,204	6,882
Property, plant and equipment	292	447
Trade receivables	1,727	461
Provisions	6,667	2,824
Tax interest carryforward for tax purposes	14,119	26,874
Tax loss carryforward for tax purposes	8,272	–
Employee benefit	5,054	–
Deferred tax assets before netting	42,724	38,116
Netting	(24,128)	(35,989)
Total deferred tax assets	18,596	2,126
Deferred tax liabilities
Intangible assets – subject to scheduled amortisation	(13,921)	(21,693)
Intangible assets – not subject to scheduled amortisation	(30,689)	(30,689)
Leasing right-of-use assets	(6,260)	(6,694)
Inventory	(1,073)	(683)
Capitalised costs from customer contracts	(7,403)	(4,715)
Financial liabilities	(4,475)	(5,366)
Deferred tax liabilities before netting	(63,822)	(69,841)
Netting	24,128	35,989
Total deferred tax liabilities	(39,693)	(33,852)
Net deferred taxes	(21,098)	(31,726)

Change in net deferred taxes

In EUR thousands	2023	2022
As at 1 January	(31,726)	(29,268)
Deferred tax benefit/(expense)	12,797	(4,156)
Recognised in other comprehensive income	(2,104)	1,720
From acquisitions (see Note 4 Structure of the Group)	–	–
From currency translation	(66)	(22)
As at 31 December	(21,098)	(31,726)

As at 31 December 2023 a total tax interest carryforward of EUR 54,869 thousand (2022: EUR 104,003 thousand) is recognised based on current profit forecast and tax planning.

At the TeamViewer SE level, a tax loss carryforward of EUR 28,922 thousand (2022: EUR 0) and temporary differences of EUR 17,670 thousand (2022: EUR 0) were capitalised in full on the basis of planning and expected profit.

The underlying tax interest and tax loss carryforwards can be carried forward indefinitely in accordance with tax regulations.

In the current year, the existing tax interest and tax loss carryforwards, as well as temporary differences at the level of TeamViewer SE, were fully recognised with reference to the planned profit loss transfer agreement between Regit Eins GmbH and TeamViewer SE. The profit loss transfer agreement requires the approval of the annual general meeting.

Unrecognised deferred tax assets

In EUR thousands	31 December 2023		31 December 2022
	Base amount of unrecognised deferred taxes	Unrecognised deferred tax assets	Base amount of unrecognised deferred taxes	Unrecognised deferred tax assets
Tax loss carryforwards	–	–	20,654	5,907
Temporary amounts	–	–	4,164	1,191
Interest loss carryforwards	–	–	4,948	1,252

As in the prior year, no deferred tax liabilities were recognised on retained earnings of subsidiaries of around EUR 290,717 thousand (2022: EUR 389,350 thousand), as the time of the reversal of the temporary difference is under the control of the Company, and a reversal of the temporary difference is assessed not to be probable over a foreseeable period of time.

The application of IFRIC 23 resulted in a liability for potential tax risks in the amount of EUR 1,036 thousand (2022: EUR 2,614 thousand).

The liability includes possible additional tax payments, with EUR 1,036 thousand (2022: EUR 970 thousand) relating to the establishment of permanent establishments abroad as well as the allocation of divergent profits at existing permanent establishments in the course of tax audits. Furthermore, the liability includes amounts for a deviating profit allocation in the case of cross-border transactions.

For the current year, no further tax amounts are recognised related to a tax audit (2022: EUR 1,666 thousand; this prior year liability includes a liability for potential tax payments with EUR 2,957 thousand, together with an offsetting deferred tax asset with EUR 1,292 thousand).

In determining the amount of the liability, expected refunds as well as exemption and credit amounts under double taxation agreements were taken into account accordingly.

9. Goodwill and intangible assets

Goodwill and intangible assets 2023

In EUR thousands	Gross carrying amount as at 1 Jan 2023	Additions	Reclassi fications	Exchange rate effects	Gross carrying amount as at 31 Dec 2023	Accum. amortisation and impairment losses as at 1 Jan 2023	Additions	Exchange rate effects	Accum. amortisation and impairment as at 31 Dec 2023	Net carrying amount as at 31 Dec 2023	Net carrying amount as at 1 Jan 2023
Goodwill	667,929	–	–	(267)	667,662	–	–	–	–	667,662	667,929
TeamViewer trademark	105,100	–	–	–	105,100	–	–	–	–	105,100	105,100
Customer relationships	257,217	–	–	–	257,217	(204,903)	(25,830)	–	(230,733)	26,483	52,313
Software	110,959	1,454	2,041	(40)	114,415	(56,748)	(13,566)	37	(70,277)	44,138	54,211
Construction in progress	1,241	816	(2,041)	–	15	–	–	–	–	15	1,241
Total	1,142,445	2,270	–	(307)	1,144,408	(261,651)	(39,395)	37	(301,010)	843,398	880,793

Goodwill and intangible assets 2022

In EUR thousands	Gross carrying amount as at 1 Jan 2022	Additions	Reclassi fications	Exchange rate effects	Gross carrying amount as at 31 Dec 2022	Accum. amortisation and impairment losses as at 1 Jan 2022	Additions	Exchange rate effects	Accum. amortisation and impairment as at 31 Dec 2022	Net carrying amount as at 31 Dec 2022	Net carrying amount as at 1 Jan 2022
Goodwill	667,224	–	–	705	667,929	–	–	–	–	667,929	667,224
TeamViewer trademark	105,100	–	–	–	105,100	–	–	–	–	105,100	105,100
Customer relationships	257,217	–	–	–	257,217	(179,074)	(25,830)	–	(204,903)	52,313	78,143
Software	108,341	2,514	–	104	110,959	(43,425)	(13,233)	(90)	(56,748)	54,211	64,917
Construction in progress	–	1,241		–	1,241	–	–	–	–	1,241	–
Total	1,137,882	3,754	–	809	1,142,445	(222,498)	(39,063)	(90)	(261,651)	880,793	915,383

Impairment test – The impairment test was performed on the basis of the TeamViewer cashgenerating unit.

The recoverable amount was derived based on the value in use determined by discounting expected future cash flows to be generated from continuing use. In accordance with IAS 36, five years of projected cash flows were included in the discounted cash flow model. The discount rate was calculated using a pre-tax weighted average cost of capital (WACC), which includes cost of debt with a credit spread to consider borrowing costs from a market participant's view and the cost of equity from a market perspective. The cost of equity is derived from market data on the basis of a peer group of companies, which is made up of companies that are comparable to the Group's risk profile with respect to their business model, size and geographic distribution of sales. Major components used in determining the cost of equity are the market risk premium, the risk-free rate and an unlevered beta which incorporates the two-year average of the Group's peer group. A country risk premium was taken into account to reflect the geographical risks to which the Company is exposed. Key assumptions used in the impairment test were discount rate, revenue growth rate, terminal value growth rate and EBITDA margin.

The business plan was approved by TeamViewer's Management Board and represents the most current planning available as at the measurement date (31 December 2023) for a period of five years. The planned EBITDA is based on expectations regarding future results, taking into account empirical values. Revenue and EBITDA are expected to grow in fiscal years 2024- 2028. The planned revenue growth is driven by disproportionate growth in enterprise customers. This growth results from an increase in NRR (LTM), the ongoing advancement of small and medium-sized businesses into the enterprise segment, and new enterprise customers.

Measurement parameters/assumptions

	2023	2022
Annual revenue growth rate	10.1 %	9.4%
Discount rate (before tax)	12.5 %	10.8%
Credit spread	1.9 %	3.6%
Market risk premium	7.0 %	7.0%
Risk-free interest rate	2.7 %	2.0%
Unlevered beta	0.98	0.89
Weighted country risk premium	0.6 %	0.7%
Terminal value growth rate	2.0 %	2.0%
Adjusted EBITDA margin* (terminal value)	50.0 %	53.0 %**

*Adjusted EBITDA margin means adjusted EBITDA (see Note 22 Operating segments) as a percentage of revenue. Since the beginning of the 2023 fiscal year, TeamViewer has been reporting according to a revised system of key performance indicators, in which a greater emphasis is placed on revenue (IFRS). As a result, the definition of adjusted EBITDA has changed from a billings to a revenue perspective. **Previous year shown 54.9 % based on adjusted (billings) EBITDA.

The recoverable amount was greater than the carrying amount, therefore no impairment loss was recognised. Changes in key assumptions of the impairment test considered possible by management would not result in an impairment loss.

10. Property, plant and equipment

Property, plant and equipment 2023

In EUR thousands	Gross carrying amount as at 1 Jan 2023	Additions	Reclassi fications	Disposals	Exchange rate effects	Gross carrying amount as at 31 Dec 2023	Accum. depreciation as at 1 Jan 2023	Additions	Disposals	Exchange rate effects	Accum. depreciation as at 31 Dec 2023	Net carrying amount as at 31 Dec 2023	Net carrying amount as at 1 Jan 2023
Improvements in third-party buildings	9,742	328	–	–	(50)	10,020	(2,712)	(1,078)	–	48	(3,742)	6,278	7,031
IT equipment	15,385	2,428	–	–	(244)	17,570	(9,921)	(3,783)	–	206	(13,498)	4,072	5,464
Office furniture and equipment	6,613	581	–	–	(69)	7,124	(2,909)	(515)	–	40	(3,383)	3,741	3,704
Assets under construction	–	–	–	–	–	–	–	–	–	–	–	–	–
Total property, plant and equipment	31,740	3,337	–	–	(363)	34,714	(15,541)	(5,376)	–	294	(20,623)	14,091	16,199

Property, plant and equipment 2022

In EUR thousands	Gross carrying amount as at 1 Jan 2022	Additions	Reclassi fications	Disposals	Exchange rate effects	Gross carrying amount as at 31 Dec 2022	Accum. depreciation as at 1 Jan 2022	Additions	Disposals	Exchange rate effects	Accum. depreciation as at 31 Dec 2022	Net carrying amount as at 31 Dec 2022	Net carrying amount as at 1 Jan 2022
Improvements in third-party buildings	8,063	750	794	–	135	9,742	(1,254)	(1,383)	–	(75)	(2,712)	7,031	6,809
IT equipment	11,300	3,560	–	–	526	15,385	(6,292)	(3,282)	–	(347)	(9,921)	5,464	5,008
Office furniture and equipment	5,665	780	–	–	168	6,613	(2,191)	(636)	–	(81)	(2,909)	3,704	3,473
Assets under construction	745	–	(794)	–	49	–	–	–	–	–	–	–	745
Total property, plant and equipment	25,773	5,090	–	–	877	31,740	(9,737)	(5,301)	–	(503)	(15,541)	16,199	16,036

Right-of-use assets in 2023

In EUR thousands	Gross carrying amount as at 1 Jan 2023	Additions	Disposals	Exchange rate effects	Gross carrying amount as at 31 Dec 2023	Accum. Deprecia tion as at 1 Jan 2023	Additions	Disposals	Exchange rate effects	Accum. depreciation as at 31 Dec 2023	Net carrying amount as at 31 Dec 2023	Net carrying amount as at 1 Jan 2023
Buildings	37,245	2,884	(431)	(366)	39,332	(12,265)	(5,363)	431	227	(16,971)	22,362	24,980
IT equipment	18,379	2,969	(2,858)	(35)	18,454	(9,293)	(5,223)	2,858	12	(11,646)	6,808	9,086
Total right-of-use assets	55,624	5,852	(3,289)	(401)	57,787	(21,558)	(10,587)	3,289	239	(28,617)	29,170	34,066

Right-of-use assets in 2022

In EUR thousands	Gross carrying amount as at 1 Jan 2022	Additions	Disposals	Exchange rate effects	Gross carrying amount as at 31 Dec 2022	Accum. Deprecia tion as at 1 Jan 2022	Additions	Disposals	Exchange rate effects	Accum. depreciation as at 31 Dec 2022	Net carrying amount as at 31 Dec 2022	Net carrying amount as at 1 Jan 2022
Buildings	28,170	8,482	(77)	670	37,245	(7,267)	(4,836)	77	(238)	(12,265)	24,980	20,903
IT equipment	13,299	5,091	–	(11)	18,379	(4,754)	(4,541)	–	2	(9,293)	9,086	8,545
Total right-of-use assets	41,469	13,572	(77)	659	55,624	(12,021)	(9,377)	77	(237)	(21,558)	34,066	29,448

11. Financial assets

Financial assets 2023

In EUR thousands	Current	Non-current	31 Dec 2023 Total
Derivatives	8,559	7,107	15,666
Investment in Associates	–	15,414	15,414
Lease deposits and other assets	864	4,759	5,623
Total financial assets	9,423	27,280	36,703

Financial assets 2022

In EUR thousands	Current	Non-current	31 Dec 2022 Total
Derivatives	7,038	13,771	20,809
Lease deposits and other assets	–	4,766	4,766
Total financial assets	7,038	18,537	25,575

12. Trade receivables

As at 31 December 2023 and 31 December 2022, only current trade receivables exist.

Age structure of trade receivables

In EUR thousands	31 December 2023	31 December 2022
Past due <31 days	22,108	19,524
31–60 days past due	2,818	2,457
61–90 days past due	1,575	2,041
91–120 days past due	1,362	1,273
121–150 days past due	1,528	1,119
More than 150 days past due	6,881	7,688
Total before valuation allowance	36,271	34,101
Valuation allowance	(14,305)	(15,806)
Trade receivables	21,966	18,295

Expected credit losses on trade receivables as at 31 December

		2023		2022
Past due	In EUR thousands	Expected default rate in %	In EUR thousands	Expected default rate in %
Up to 30 days	(3,041)	16	(3,718)	22
31–60 days	(1,348)	49	(1,390)	58
61–90 days	(1,128)	74	(1,284)	64
91–120 days	(1,024)	79	(1,105)	89
121–150 days	(1,264)	85	(1,069)	99
More than 150 days	(6,499)	99	(7,241)	99
Total valuation allowance	(14,305)		(15,806)

Development of valuation allowance on trade receivables

In EUR thousands	31 December 2023	31 December 2022
Valuation allowance at the beginning of fiscal year	(15,806)	(17,115)
Release/(additions)	(8,506)	(13,604)
Utilisation	10,007	14,913
Total valuation allowance at the end of fiscal year	(14,305)	(15,806)

On average, invoices in fiscal year 2023 were paid 39 days after invoicing (2022: 37 days).

Information about the Group's exposure to credit and market risks for trade receivables is provided in Note 21 Financial instruments – fair values and risk management.

13. Other assets

Other assets 2023

In EUR thousands	Current	Non-current	31 Dec 2023 Total
Other receivables	9,175	642	9,817
Capitalised costs from customer contracts	6,466	18,889	25,354
Advance payments	36,318	–	36,318
Inventories	403	–	403
VAT receivables	4	–	4
Total other assets	52,366	19,530	71,896

Other assets 2022

In EUR thousands	Current	Non-current	31 Dec 2022 Total
Other receivables	5,866	574	6,440
Capitalised costs from customer contracts	4,799	11,348	16,147
Advance payments	8,336	–	8,336
Inventories	388	–	388
VAT receivables	4	–	4
Total other assets	19,392	11,922	31,315

Amortisation of capitalised costs from customer contracts in the fiscal year amounted to EUR 6.3 million (2022: EUR 2.8 million).

14. Cash and cash equivalents

Cash and cash equivalents as at 31 December

In EUR thousands	2023	2022
Short-term deposits	12,025	85,013
Bank accounts	60,263	75,217
From payment service providers	531	763
Cash in hand	4	4
Total cash and cash equivalents	72,822	160,997

As at the reporting dates of 31 December 2023 and 31 December 2022, no impairment was recognised for cash and cash equivalents due to immateriality.

15. Equity

Equity as at 31 December

In EUR thousands	2023	2022
Issued capital	174,000	186,516
Capital reserve	105,234	236,849
Accumulated losses	(95,188)	(209,203)
Hedge reserve	929	(1,620)
Foreign currency translation reserve	1,614	3,003
Treasury shares	(102,929)	(100,263)
Total equity	83,660	115,282

Number of shares

In thousands	Subscribed capital	Treasury shares
31 December 2021	201,071	–
Purchase of treasury shares	–	(24,094)
Cancellation of treasury shares	(14,555)	14,555
31 December 2022	186,516	(9,539)
Purchase of treasury shares	–	(10,886)
Reissuance of treasury shares under share-based payments	–	259
Cancellation of treasury shares	(12,516)	12,516
31 December 2023	174,000	(7,651)

Issued capital – As at 31 December 2023, the subscribed capital comprised the share capital of TeamViewer SE in the amount of EUR 174,000,000 and is divided into ordinary 174,000,000 no-par value ordinary bearer shares (no-par value shares).

Authorised capital – The Management Board is authorised to increase the issued capital on one or more occasions until 2 September 2024 by up to EUR 98,929,069 (Authorised Capital 2020). The subscription rights of existing shareholders may be excluded under certain conditions.

By resolution of the Annual General Meeting on 3 September 2019, the Management Board was authorised, with the approval of the Supervisory Board, to increase the Company's share capital once or several times in the period up to 2 September 2024 by up to a total of EUR 100,000,000 by issuing up to 100,000,000 no-par value bearer shares in return for cash contributions and/or contributions in kind (Authorised Capital 2019). The profit entitlement of new shares may be determined in deviation from § 60 (2) AktG. Shareholders are in principle to be granted subscription rights. However, the Management Board is authorised, in each case with the approval of the Supervisory Board, to exclude shareholders' subscription rights on one or more occasions in the following cases:

• Insofar as this is necessary to compensate for fractional amounts.
• Insofar as this is necessary to grant holders or creditors of convertible bonds, bonds with warrants or convertible profit participation rights issued by the Company and/or by its directly or indirectly majority-owned subsidiaries subscription rights to new shares to the

extent to which they would be entitled after exercising their conversion or option rights or after, fulfillment of their option exercise or conversion obligations.

• Insofar as the new shares are issued against cash contributions and the issue price of the new shares is not significantly lower than the stock market price of the shares of the Company already listed at the time of the final determination of the issue price, which should be as close as possible to the placement of the shares. This authorisation to exclude subscription rights shall only apply insofar as the notional interest in the share capital attributable to the shares issued with the exclusion of subscription rights pursuant to § 186 (3) Sentence 4 AktG does not exceed a total of 10 % of the share capital, neither at the time this authorisation becomes effective nor at the time this authorisation is exercised.
• Insofar as the new shares are issued against contributions in kind, particularly in the form of companies, parts of companies, interests in companies, receivables or other assets.

As at 31 December 2023, the Company had utilised Authorised Capital 2019 in the amount of EUR 1,070,931.00 in the context of a capital increase against contribution in kind, which took place in the 2020 fiscal year. Authorised Capital 2019 amounted to EUR 98,929,069.00 as at 31 December 2023.

Conditional Capital – The Company's share capital is conditionally increased by up to EUR 60,000 thousand through the issue of up to 60,000,000 new no-par value bearer shares (Conditional Capital 2019). Conditional Capital 2019 serves exclusively to grant new shares to the holders or creditors of bonds issued by the Company or other companies in which the Company directly or indirectly holds a majority interest until 2 September 2024 in accordance with the authorisation resolution of the Annual General Meeting on 3 September 2019, in the event that conversion or option rights are exercised or conversion or option obligations are fulfilled or the Company exercises its right to grant shares in the Company in whole or in part instead of payment of the cash amount due. The Conditional Capital 2019 has not been utilised to date.

In addition, by resolution of the Annual General Meeting on 3 September 2019, the Management Board was authorised, with the approval of the Supervisory Board, to issue bearer or registered convertible bonds and/or bonds with warrants, or a combination of these instruments, on one or more occasions in partial amounts until 2 September 2024, for a total nominal amount of up to EUR 1,400,000,000, in each case with or without a limited term, and to grant the holders of these bonds conversion or option rights to subscribe for up to 60,000,000 no-par value bearer shares in the Company with a notional interest in the share capital of up to EUR 60,000,000 in total in accordance with the more detailed provisions of the terms and conditions of issue of these bonds. The bonds may provide for an obligation to convert or exercise an option at the end of the term or at an earlier point in time. The bonds may be issued against cash or non-cash contributions. The bonds may also be issued by companies in which the Company directly or indirectly holds a majority interest. In this case, the Management Board is authorised, with the approval of the Supervisory Board, to assume the necessary guarantees for the obligations arising from the bonds on behalf of the Company and to grant or impose conversion or option rights or conversion or option exercise obligations for shares in the Company on the holders or creditors of these bonds.

The Management Board was also authorised, with the approval of the Supervisory Board, to exclude shareholders' subscription rights when issuing bonds under certain circumstances, including issuance in return for non-cash contributions, in particular for the purpose of acquiring companies, parts of companies or equity interests in companies.

Capital reserve – The decrease in the capital reserve in the fiscal year results mainly from the purchase of treasury shares and the cancellation of treasury shares (see Note 6 Personnel expenses).

Hedge reserve – The reserve for cash flow hedges includes the effects of an interest rate cap. The following table shows the movement of the hedge reserve during the year:

In EUR thousands	2023	2022
Hedge reserve at the beginning of fiscal year	(1,620)	12
Total movement during the period in OCI	2,549	(1,632)
thereof change in fair value	4,252	(3,420)
thereof reclassified to profit and loss	(1,703)	1,788
Hedge reserve at the end of fiscal year	929	(1,620)

Foreign currency translation reserve – The currency translation reserve results from the translation of foreign operations into euros.

Treasury shares – The Management Board was authorised by the Company's Annual General Meeting on 3 September 2019, until 2 September 2024, to buy treasury shares for any purpose permitted by law, up to a total of 10 % of the share capital existing at the time of the resolution or – whichever is less – to purchase the existing share capital at the time this authorisation is exercised. This authorisation was renewed and replaced by the Company's Annual General Meeting on 17 May 2022, and subsequently renewed and replaced by the Company's Annual General Meeting on 24 May 2023, so that the Management Board is now authorised, with the approval of the Supervisory Board, to acquire treasury shares up to a total of 10 %of the share capital until 23 May 2028. If the share capital is lower at the time this authorisation is exercised, this lower value shall apply. The shares acquired on the basis of the authorisation, together with other shares in the Company that the Company has already acquired and still owns, may at no time account for more than 10 % of the respective existing share capital. The acquisition takes place via the stock exchange by means of a public offer to buy or sell addressed to all shareholders of the Company, using derivatives or from a credit or financial institution.

On 2 February 2022, the Management Board of TeamViewer SE approved a share buyback programme with a volume of up to EUR 300 million or, if higher, up to 20,000,000 shares. This began on 3 February 2022 and was amended by resolution on 2 August 2022 so that the maximum number of shares to be purchased is up to 30,000,000 shares. The programme was implemented under the authorisations set out above and was completed on 26 September 2022. A total of 24,093,675 shares were acquired.

On 6 February 2023, the Management Board of TeamViewer SE resolved a share buyback programme (SBB 2023) with a total volume of up to EUR 150 million (without ancillary costs) and was completed on 30 November 2023. The buyback was concluded in two independent tranches via the stock exchange. The first tranche with a volume of up to EUR 75 million started on 15 February 2023 and ended on 15 June 2023. In total 5,078,064 shares have been purchased as part the first tranche. The second tranche of the SBB 2023 started on 20 June 2023 and ended on 30 November 2023. 4,915,829 shares have been purchased as part of the second tranche.

On 7 December 2023, the Management Board of TeamViewer SE, with the approval of the Supervisory Board, resolved a new share buyback programme (SBB 2024) of up to EUR 150 million (without ancillary costs). The buyback programme started in 2023 and will end in 2024. Initially, the company makes use of the existing authorisation, granted by the Annual General Meeting in May 2023, to purchase up to 10.7 million shares. The remainder of the programme is subject to the renewal of the buyback authorisation by the Annual General Meeting in June 2024. By 31 December 2023, the Company had acquired 892,454 shares under the SBB 2024 programme. In addition, 95,306 shares were acquired by a trustee by 31 December 2024 as part of the SBB 2024. These will be transferred to TeamViewer in the 2024 fiscal year. In the first quarter 2023, 258,515 shares were transferred to the employees under the RSU programme.

Effective 13 June 2022, 14,555,075 shares have been cancelled, effective 26 June 2023, 6,515,856 shares and effective 20 December 2023 6,000,000 shares have been additionally cancelled. The Company's issued capital was reduced accordingly to 174,000,000 EUR. The remaining shares will initially be held by the Company for later use for all purposes permitted under stock corporation law, in particular the "RSU" programme. As at 31 December the company held 7,650,576 treasury shares (31 December 2022: 9,538,600).

The item "Treasury share reserve" as at 31 December 2023 contains the acquisition costs for 7,650,576 treasury shares (31 December 2022: 9,538,600 treasury shares).

16. Financial liabilities

In EUR thousands	31 December 2023
	Current	Non-current	Total
Financial liabilities	97,274	432,149	529,424
thereof from loans	87,835	412,401	500,236
thereof from lease liabilities	9,439	19,748	29,188
Other financial liabilities	8,125	13	8,138
Total	105,399	432,162	537,562

In EUR thousands	31 December 2022
	Current	Non-current	Total
Financial liabilities	113,295	519,346	632,641
thereof from loans	101,664	496,380	598,044
thereof from lease liabilities	11,632	22,966	34,598
Other financial liabilities	11,537	3,119	14,656
Total	124,832	522,465	647,297

(a) Maturity and repayment structure

Liabilities to banks

In EUR thousands			31 December 2023
	Currency	Year of maturity	Nominal value	Carrying amount
Loan
2022 syndicated loan in EUR	EUR	2025	100,000	99,652
2022 syndicated loan – revolving credit facility	EUR	2027	–	(1,895)
2021 bilateral bank loan in EUR	EUR	2025	100,000	100,000
Promissory notes
3-year fixed promissory note	EUR	2024	27,000	27,078
3-year variable promissory note	EUR	2024	58,000	58,923
5-year fixed promissory note	EUR	2026	118,000	118,274
5-year variable promissory note	EUR	2026	75,000	76,148
7-year fixed promissory note	EUR	2028	13,000	13,031
10-year fixed promissory note	EUR	2031	9,000	9,024
Total			500,000	500,236

Liabilities to banks

In EUR thousands		31 December 2022
	Currency	Year of maturity	Nominal value	Carrying amount
Loan
2022 syndicated loan in EUR	EUR	2025	100,000	99,301
2022 syndicated loan – revolving credit facility	EUR	2027	100,000	97,636
2021 bilateral bank loan in EUR	EUR	2025	100,000	100,000
Promissory notes
3-year fixed promissory note	EUR	2024	27,000	27,054
3-year variable promissory note	EUR	2024	58,000	58,347
5-year fixed promissory note	EUR	2026	118,000	118,218
5-year variable promissory note	EUR	2026	75,000	75,438
7-year fixed promissory note	EUR	2028	13,000	13,028
10-year fixed promissory note	EUR	2031	9,000	9,023
Total			600,000	598,044

The interest payment dates are currently three months rolling. The interest payment period can be extended after each interest payment date to periods between one and twelve months.

The carrying amounts of the respective loans include directly attributable transaction costs that are amortised over the term of the respective loans using the effective interest method.

The Group has the unconditional right to prepay the loans in part or in full at any time.

The revolving credit facility is undrawn as at 31 December 2023 (31 December 2022: EUR 100 million). Utilisation is possible up to an amount of EUR 450 million (2022: EUR 450 million).

The payment structure of the financial liabilities from loans is as follows, based on the assumption at the reporting date of repayment as agreed in the loan agreement:

Future cash flows as at 31 December 2023

In EUR thousands	Payable within 3 months	Payable in 3 –12 months	Payable in more than 12 months	Total amount outstanding
Loans	1,549	4,768	203,145	209,462
2022 syndicated loan in EUR	1,296	4,004	102,895	108,195
2022 syndicated loan – revolving credit facility	–	–	–	–
2021 bilateral bank loan	253	764	100,250	101,267
Promissory notes	89,360	2,805	224,400	316,565
3-year fixed promissory note	27,128	–	–	27,128
3-year variable promissory note	59,448	–	–	59,448
5-year fixed promissory note	679	679	120,036	121,393
5-year variable promissory note	1,948	1,969	80,843	84,760
7-year fixed promissory note	88	88	13,614	13,790
10-year fixed promissory note	70	70	9,907	10,046
Total future payments	90,909	7,573	427,545	526,027

In EUR thousands	Payable within 3 months	Payable in 3 –12 months	Payable in more than 12 months	Total amount outstanding
Loans	1,957	5,943	318,778	326,678
2022 syndicated loan in EUR	873	2,680	105,759	109,312
2022 syndicated loan – revolving credit facility	835	2,502	111,752	115,089
2021 bilateral bank loan	250	761	101,267	102,278
Promissory notes	2,588	2,588	310,867	316,043
3-year fixed promissory note	135	135	27,135	27,405
3-year variable promissory note	657	657	58,657	59,970
5-year fixed promissory note	708	708	121,540	122,956
5-year variable promissory note	925	925	79,636	81,486
7-year fixed promissory note	91	91	13,819	14,001
10-year fixed promissory note	72	72	10,080	10,224
Total future payments	4,545	8,531	629,645	642,721

For additional information on risk management with regard to interest rate and liquidity risk, see Note 21 Financial instruments – fair values and risk management.

Future cash flows as at 31 December 2022

(b) Syndicated loan 2022

On 14 July 2022, the Group improved the conditions of its credit facilities by lowering the interest margins and extending the maturity profile. The Group entered into a new loan contract (2022 syndicated loan) with several lenders to replace the 2019 syndicated loan with the following conditions:

• New term loan in EUR 150 million
• Revolving Credit Facility (RCF) in EUR 450 million
• Decrease of the interest rates

(c) Promissory notes

In February 2021, TeamViewer entered into an agreement to issue a promissory note of EUR 300 million, comprising variable and fixed rate tranches with different maturities. All tranches were issued at par and are bullet. Interest coupons are paid semi-annually. The reference interest rate (6M EURIBOR) is floored at 0 % for the variable tranches totalling EUR 133 million. The interest margins are linked to the Company's net leverage ratio and the ESG rating.

(d) Bilateral bank loan

In March 2021, TeamViewer entered into a fixed-interest loan agreement in the amount of EUR 100 million. The loan has a bullet maturity and matures on 31 March 2025. The interest rate is 1.00 % p.a. Interest are paid quarterly in arrears at the end of each calendar quarter.

(e) Credit covenants

Under the terms of the 2022 syndicated loan and the bilateral bank loan, the Group must comply with certain leverage ratio covenants (equivalent to net debt/pro forma EBITDA, each as defined in the credit agreement).

As at 31 December 2023, there were no violations of the terms and conditions of the loan.

(f) Financial management

TeamViewer's financial management is designed to ensure the Group's financial stability, flexibility and liquidity. It comprises capital structure management and corporate financing, cash and liquidity management, and the monitoring and management of market price risks such as exchange rate and interest rate risks. TeamViewer's financing structure is geared towards maintaining financial room for manoeuvre in order to take advantage of business and investment opportunities.

(g) Lease liabilities

Development of lease liabilities

In EUR thousands	2023	2022
1 January	34,598	30,129
Additions	4,094	13,141
Interest expense	841	745
Lease payments	(11,920)	(10,206)
Exchange rate effects	(244)	566
Modifications & adjustments	1,820	(516)
Additions from business combinations	–	738
31 December	29,188	34,598

Lease payments for short-term leases and for low-value leased assets in fiscal year 2023 amounted to EUR 591 thousand (2022: EUR 532 thousand).

Maturity analysis of lease obligations

In EUR thousands	As at 31 December 2023	As at 31 December 2022
Undiscounted contractual cash flows
< 1 year	9,914	11,751
1–3 years	14,391	15,998
3–5 years	4,900	4,609
> 5 years	1,945	3,748
Total undiscounted lease liabilities	31,150	36,106
Lease liabilities recognised in the statement of financial position	29,188	34,598
thereof current	9,439	11,632
thereof non-current	19,748	22,966

17. Deferred revenue

Development of deferred revenue in the statement of financial position and bridge to profit or loss

In EUR thousands	2023
	As at 1 January	Additions/ billings	Reversals/ revenue	As at 31 December
Deferred revenue in statement of financial position	312,289	677,993	(634,119)	356,164
Other	n/a	(0)	7,43030	n/a
Change recognised in profit or loss	n/a	677,993	(626,689)	n/a

In EUR thousands	2022
	As at 1 January	Additions/ billings	Reversals/ revenue	As at 31 December
Deferred revenue in statement of financial position	250,575	634,774	(573,060)	312,289
Other	n/a	(0)	7,18630	n/a
Change recognised in profit or loss	n/a	634,774	(565,874)	n/a

Deferred revenue

In EUR thousands	31 December 2023	31 December 2022
Non-current	41,367	24,151
Current	314,797	288,138
Total deferred revenue	356,164	312,289

18. Trade payables

Age structure of trade payables

In EUR thousands	31 December 2023	31 December 2022
Up to 30 days	7,703	8,169
31–60 days	–	–
61–90 days	148	92
More than 90 days	165	613
Total trade payables	8,016	8,875

19. Deferred and other liabilities

The Group expects the following deferred and other liabilities to be settled within one year:

Deferred and other liabilities

In EUR thousands	31 December 2023	31 December 2022
Employee-related liabilities	36,119	24,891
Purchases/services received from third parties and others	27,474	8,008
Payroll-related taxes and social security	2,487	2,629
VAT liabilities	6,987	6,857
Deferred and other liabilities	73,067	42,385

Employee-related liabilities include items relating to performance-based compensation, vacation entitlements, severance payments and garden leave.

20. Provisions

Provisions 2023

In EUR thousands	Personnel	Taxes	Other	Total
Balance as at 1 January	628	692	8,224	9,543
Additions	–	201	2,314	2,516
Utilisation	(96)	(18)	(729)	(843)
Reversals	(44)	(322)	(166)	(532)
Exchange rate effects	–	–	(792)	(792)
Balance as at 31 December	488	553	8,851	9,892
thereof long-term	389	–	–	389

Provisions 2022

In EUR thousands	Personnel	Taxes	Other	Total
Balance as at 1 January	412	590	1,257	2,259
Additions	277	692	8,204	9,173
Utilisation	(62)	(590)	(1,237)	(1,888)
Reversals	–	–	–	–
Balance as at 31 December	628	692	8,224	9,543
thereof long-term	530	–	–	530

As part of the global developments in the taxation of digital business models, an ever-growing number of countries are classifying the sale of software as a taxable transaction, even in the absence of a physical presence. In such cases, the foreign entrepreneur is obliged to collect the corresponding sales tax from the local customer and pay it to the responsible tax office.

The interpretation of the newly introduced laws is still being clarified in many cases. TeamViewer checks the respective interpretation and application. If necessary, corresponding registrations and the payment of sales tax will be made. Provisions in the amount of EUR 0.3 million (2022: EUR 0.7 million) have been recognised in the statement of financial position as at 31 December 2023 for potential payment obligations.

In addition to the accruals recognised in the statement of financial position, further payment obligations in the low single-digit million range may arise if the competent tax authorities disagree. As the Company believes that the probability of these amounts being utilised is low, no further provisions have been recognised in the statement of financial position.

The addition to the other provisions in the fiscal year 2023 is mainly due to legal and consultancy fees and customer rebates (2022: mainly due to ongoing legal cases).

21. Financial instruments – fair values and risk management

(a) Classification and fair values

All assets and liabilities for which a fair value is determined or recognised are categorised as follows:

• Level 1: Quoted prices in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
• Level 3: Inputs for the asset or liability that are not based on observable market data.

The following table shows the carrying amounts and fair values of financial assets and liabilities with their respective level in the fair value hierarchy.

Carrying amount and fair value level 31 December 2023

In EUR thousands	Carrying amount		Fair value level*
Classification according to IFRS 9	At fair value through profit or loss	At amortised cost	Fair value	Level
Financial assets – thereof derivatives
thereof derivatives	15,666			2
Trade receivables		21,966
Cash and cash equivalents		72,822
Other financial assets		21,036
Total financial assets	15,666	115,824
Derivatives	1,031			2
Other financial liabilities: Contingent purchase price payments	371			3
Trade payables		8,016
Lease liabilities		29,188
Liabilities to banks		500,236	483,272	2
Other financial liabilities		6,737
Total financial liabilities	1,402	544,177

* If no fair value level was noted, the book values as of the reporting date are almost equal to their fair values.

Carrying amount and fair value level 31 December 2022

In EUR thousands	Carrying amount	Fair value level*
Classification according to IFRS 9	At fair value through profit or loss	At amortised cost	Fair value	Level
Financial assets
thereof derivatives	20,809			2
Trade receivables		18,295
Cash and cash equivalents		160,997
Other financial assets		4,766
Total financial assets	20,809	184,059
Derivatives	5,892			2
Other financial liabilities: Contingent purchase price payments	4,490			3
Trade payables		8,875
Lease liabilities		34,598
Liabilities to banks		598,044	590,973	2
Other financial liabilities		4,273
Total financial liabilities	10,382	645,789

*If no fair value level was noted, the book values as of the reporting date are almost equal to their fair values.

Non-current other financial assets consist mainly of rent deposits for rented office space and specifically for the Group's new headquarters.

(b) Fair value measurement

The fair value of derivatives as of the valuation date is calculated using an option pricing model in which the most relevant factors are interest yield curves and, in the case of foreign currency derivatives, the appropriate forward rates.

The fair values of financial liabilities allocated to Level 2 are calculated as the present value of the payments associated with the liabilities.

Trade receivables, loans receivable and cash and cash equivalents all generally have shortterm maturities. Trade payables, liabilities due and other financial liabilities also generally have short-term maturities. For this reason, their carrying amount at the reporting date is almost equal to their fair value.

The fair value of the outstanding contingent consideration for business combinations (Level 3) is measured using a discounted cash flow model based on significant unobservable inputs. The significant unobservable inputs are the contractually defined earn-out relevant billings.

The significant unobservable inputs related to a fair value measurement classified within Level 3 of the measurement hierarchy, together with a quantitative sensitivity analysis, were as follows as at 31 December 2022:

Valuation of contingent purchase price payments as at 31 December 2023

	Measurement method	Relevant unobservable input factors	Earn-out relevant billings (in EUR million)	Sensitivity analysis +/– 10 %31 (in EUR million)
Contingent purchase price payment for Viscopic acquisition	DCF method	Contractually defined billings	1.2	+/– 0.0

Valuation of contingent purchase price payments as at 31 December 2022

	Measurement method	Relevant unobservable input factors	Earn-out relevant billings (in EUR million)	Sensitivity analysis +/– 10 %32 (in EUR million)
Contingent purchase price payment for Upskill acquisition	DCF method	Contractually defined billings	0.0	+/– 0.0
Contingent purchase price payment for Xaleon acquisition	DCF method	Contractually defined billings	8.1	+/– 0.0
Contingent purchase price payment for Viscopic acquisition	DCF method	Contractually defined billings	1.2	+/– 0.0

The main input factors are in line with expectations as at the reporting date.

The estimates of the fair values of the liabilities for the outstanding contingent purchase price payments are also based on the contractually defined factors that the future payments are based on and the expectations that the Group has for these factors (Level 3). The Group assesses the probability based on the achievement of the defined targets and their timing. The assumptions made are reviewed at regular intervals.

The changes in the fair values of financial instruments classified in Level 3 in fiscal year 2022 are presented below:

In EUR thousands	Outstanding contingent purchase price payments for acquisitions
1 January 2023	4,490
Additions	–
(Other income)/other expenses	14
Payouts	(4,133)
31 December 2023	371

There were no transitions between fair value levels in 2023 and 2022.

(c) Derivatives

Foreign currency cash flows are hedged partly with FX forwards. The overall portfolio for 2024 amounts to EUR 155 million, including forwards in USD (66 %), GBP (16 %), CHF (10 %) and JPY (8 %). For 2025, forwards of EUR 75 million hedge USD cash flows until 31 December 2025. The derivatives are not designated as hedges.

Another portfolio of FX forwards is designated as a hedging instrument for contractual agreed GBP prepayments. The derivatives mitigate the risk of unfavourable currency movements totalling GBP 12.0 million until May 2025. The hedge ratio is 1:1. The existing FX forward derivatives hedging the USD contractual prepayments were settled due to the contract changes.

In July 2022, four interest rate cap agreements were incepted to hedge the cash flows for the floating rate promissory notes with maturities in March 2024 (EUR 58 million) and March 2026 (EUR 75 million). All contracts are with a strike of 2 % on the 6-month EURIBOR, which is inversely proportional to the floating rate promissory notes with the same benchmark rate.

Net gains/(losses) – Net gains/(losses) by category of financial instruments in accordance with IFRS 7.20 are as follows:

Net gains/(losses)

In EUR millions	From 1 January to 31 December 2023	From 1 January to 31 December 2022
Financial assets and liabilities measured at fair value through profit or loss	1.0	19.833
Financial assets measured at amortised cost	(11.2)	15.4
thereof impairment of trade receivables	(8.5)	(12.4)
thereof impairment of cash and cash equivalents	–	1.2
thereof exchange rate gains/(losses)	(3.6)	25.5
thereof interest income and other	0.9	1.1
Financial liabilities measured at amortised cost	(15.8)	(56.5)
thereof exchange rate gains/(losses)	–	(31.0)
thereof interest expense for bank loans	(13.3)	(14.8)
thereof interest expense for leasing and other	(2.6)	(10.7)
Total net gain/(loss)	(26.0)	(21.3)

(d) Financial risk management

The Group is exposed to the following risks arising from financial instruments:

• Credit risk
• Liquidity risk
• Market risk

The Group's risk management strategy aims to identify and analyse the risks to which the Group is exposed and to set appropriate risk limits and controls to monitor risks and compliance with risk limits.

With regard to assets, liabilities and future transactions, TeamViewer SE and its subsidiaries are exposed to risks arising from fluctuations in exchange rates and interest rates, among other things. Based on risk assessments, selected hedging instruments are used to limit these risks.

The use of derivatives is constantly monitored by the management. This includes the functional separation of trading, settlement and posting and the authorisation of only a few qualified employees to enter into such transactions. The Group enters into derivative financial instruments for hedging purposes only.

Further explanations on risk concentration and diversification are provided in the opportunities and risks report in the Group management report.

Credit risk – Credit risk is the risk of financial losses to the Group if a customer or counterparty fails to meet its payment obligations.

The Group is exposed to credit and counterparty risk through its financing and business activities. The carrying amount of financial assets in the statement of financial position represents the credit risk.

Trade receivables – Credit risks for the Group arise mainly from the economic environment of the customers.

³³ This category includes the unrealised fair value gain of the foreign currency forward portfolio not designated as cash flow hedge in the amount of EUR 16.4 million This is reported in the consolidated statement of comprehensive income as other income, as the derivatives economically hedge the operating currency risk.

The Group seeks to minimise credit risks by imposing creditworthiness requirements on business partners and continuously monitoring the receivables portfolio. The credit risk is limited to the nominal value of the receivable.

Software licences and services are sold subject to payment to give the Group the ability to block the licence in the event of non-payment. The Group does not otherwise require collateral for trade receivables or other receivables.

The Group establishes an allowance corresponding to the expected losses related to trade and other receivables (see Note 3 [i] Trade receivables).

Cash and cash equivalents – As at 31 December 2023, the Group held cash and cash equivalents of EUR 72,822 thousand (31 December 2022: EUR 160,997 thousand).

Derivatives – Derivative financial instruments are solely held for hedging purposes and only entered into with financial institutions possessing an "Investment Grade" credit rating.

Liquidity risk – Liquidity risk is the risk that the Group will no longer be able to service its financial obligations fully and on time. The Group's approach to liquidity management is to maintain sufficient cash and cash equivalents to meet its obligations as they fall due, under both normal and stressed conditions, without incurring unacceptable losses or damage to the Group's reputation.

The Group aims to maintain cash or cash equivalents in excess of the weekly expected cash flows to service its financial liabilities (excluding trade payables). Together with the expected cash outflows from trade payables and other liabilities, the Group also monitors the amount of expected cash inflows from trade and other receivables. Possible extreme effects, such as natural disasters that cannot be predicted under normal circumstances, are not taken into account.

The Group's credit agreements include an unsecured revolving credit facility of EUR 450 million. As at 31 December 2023, the revolving credit facility was not utilised (31 December 2022: EUR 100 million) (see Note 15 Financial liabilities).

Exposure to liquidity risk – The following presents the contractual maturities of financial liabilities at the reporting date. The amounts are gross, undiscounted and include estimated interest payments but do not include the effects of netting arrangements.

Liquidity risk as at 31 December 2023

	Contractual cash flows
In EUR thousands	Carrying amount	Total	< 1 year	1–5 years	More than 5 years
Financial liabilities	500,236	526,027	98,482	418,196	9,349
IFRS 16 lease liabilities	29,188	31,150	9,914	19,291	1,945
Trade payables	8,016	8,016	8,016	–	–
Other financial liabilities	371	371	371	–	–
Total non-derivative financial liabilities	537,811	534,445	106,879	418,215	9,351

Liquidity risk as at 31 December 2022

	Contractual cash flows
In EUR thousands	Carrying amount	Total	< 1 year	1–5 years	More than 5 years
Financial liabilities	598,044	642,721	13,076	607,050	22,595
IFRS 16 lease liabilities	34,598	36,106	11,751	20,607	3,748
Trade payables	8,875	8,875	8,875	–	–
Other financial liabilities	8,764	8,764	8,764	–	–
Total non-derivative financial liabilities	650,279	696,465	42,465	627,657	26,343

Foreign currency amounts were translated in each case at the closing rate on the reporting date. The variable interest payments arising from financial instruments were calculated using the interest rate most recently determined in December 2022.

Future cash flows may differ from the amounts in the table above due to changes in interest rates and exchange rates.

Market risk – Market risk is the risk that changes in market prices, such as changes in foreign exchange rates or interest rates, will negatively affect the Group's earnings or the value of its financial instruments. The objective of market risk management is to limit and control exposure to market risk within certain ranges while optimising returns.

The Group uses derivative financial instruments to limit market risks. As a matter of principle, the Group strives for hedge accounting in order to limit the volatility of the result.

Currency risks – Currency risk is the risk that the Group may incur losses due to changes in exchange rates.

The Group is exposed to currency risk to the extent that currencies in which sales, purchases and borrowings are denominated, and the respective functional currencies of Group entities may differ. The Group's exposure to significant foreign currency risk is limited in the fiscal year 2023 to the US dollar (USD) and the Pound sterling (GBP), as the other currencies do not account for more than 3 % of total monetary assets and liabilities. In the fiscal year 2022, the exposure to significant foreign currency risk was limited to the US dollar (USD).

Level of currency risks – The Group's exposure to currency risks is as follows:

Exposure to currency risk

In USD thousands	31 December 2023	31 December 2022
Cash	8,783	17,717
Trade receivables	10,278	9,094
Financial liabilities	–	–
Derivatives	–	–
IFRS 16 lease liabilities	(3,483)	(4,756)
Other financial liabilities	–	–
Trade payables	(3,239)	(1,713)
Net exposure in statement of financial position	12,339	20,343

In GBP thousands	31 December 2023	31 December 2022
Cash	1,326	1,939
Trade receivables	865	1,310
Other assets	3,000	–
Trade payables	(202)	(125)
Net exposure in statement of financial position	4,988	3,125

Sensitivity analysis – A possible appreciation (depreciation) of the euro against the US dollar or the pound sterling as at 31 December 2023 would have affected the valuation of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. Other foreign currencies would not have had a significant impact on profit or loss or equity. This analysis assumes that all other variables and, above all, interest rates, remain constant and excludes the impact of forecasted purchases and sales.

If the euro had been 10 % stronger (weaker) against the US dollar, assuming that all other risk factors had remained unchanged, net income/loss would have been EUR 1.1 million (EUR 1.1 million) (2022: EUR 1.9 million (EUR 1.9 million)) higher (lower).

If the euro had been 10 % stronger (weaker) against the pound sterling, assuming that all other risk factors had remained unchanged, net income/loss would have been EUR 0.6 million (EUR 0.6 million) (2022: EUR 0.4 million (EUR 0.4 million)) higher (lower).

Interest rate risk – Interest rate risks are understood as the negative effects of changing interest rates on the Group's earnings. A distinction is made between financial instruments with fixed interest rates and those with variable interest rates. In the case of financial instruments with a fixed interest rate, a fixed market interest rate is agreed for the entire term of the financial instrument. The risk is that if market interest rates change, the fair value of the financial instrument will change (fair value risk due to changing interest rates). The fair value is based on the present value of future payments (interest payment plus repayment of the loan amount) discounted at the prevailing market interest rate at the end of the reporting period for the remaining term of the respective payment. The risk related to the fair value due to changing interest rates then leads to a gain or loss if the financial instrument is sold before maturity.

For financial instruments with variable interest rates, the interest rate is adjusted using the respective market interest rates. There is a risk that there will be fluctuations in interest rates resulting in changes in future interest payments (cash flow risk due to changes in interest rates).

Interest rate caps were used to hedge interest rate risks in fiscal year 2023. The decision on whether to use derivative financial instruments is based on the estimated interest rate risk and the level of debt. The interest rate hedging strategy is regularly reviewed, and targets are adjusted as necessary.

Exposure to interest rate risk – Financial liabilities from loans carry fixed and variable interest rates. Financial liabilities from leasing carry a fixed interest rate.

Sensitivity analysis for variable rate financial instruments – The interest rate sensitivity analysis presented below shows the hypothetical effects that a change in the market interest rate at the end of the reporting period would have had on profit before income taxes and equity. In this simplified analysis, it is assumed that the charge at the end of the reporting period is representative of the full year. In the calculations, it is further assumed that all other variables, in particular foreign currency exchange rates, remain constant.

A movement in the interest yield curve of +150/–150 basis points would have had a cash flow effect on the loans over the subsequent twelve months of EUR (1.5) million/+1.5 million (2022: EUR (0.1) million/+1.7 million (movement in the interest yield curve of +50/–50 basis points)) and an effect on the net income/loss and consequently on the equity of EUR (1.5) million/+1.5 million (2022: EUR (0.1) million/+1.7 million (movement in the interest yield curve of +50/–50 basis points)).

(e) Change in liabilities from financing activities

The following table shows the change in liabilities resulting from financing activities:

Change in liabilities from financing activities

In EUR thousands	1 January 2023	Cash flows	Exchange rate effects	Changes in fair value	Interest and amortised cost	Additions from acquisitions	Other	31 December 2023
2022 syndicated loan	196,936	(105,322)	–	–	6,142	–	–	97,757
Promissory notes	301,107	(6,530)	–	–	7,901	–	–	302,479
Bilateral bank loan	100,000	(1,014)			1,014			100,000
Lease liabilities	34,598	(11,920)	(178)	(66)	841	4,094	1,820	29,188
Other financial liabilities	8,764	(8,407)	–	14	–	–	6,737	7,107
Total	641,405	(133,193)	(178)	(53)	15,899	4,094	8,557	536,531

Change in liabilities from financing activities

In EUR thousands	1 January 2022	Cash flows	Exchange rate effects	Changes in fair value	Interest and amortised cost	Additions from acquisitions	Other	31 December 2022
2019 syndicated loan	446,989	(491,135)	31,000	–	13,151	–	(5)	–
2022 syndicated loan	–	194,659	–	–	2,277	–	–	196,936
Promissory notes	300,349	(3,508)	–	–	4,267	–	–	301,107
Bilateral bank loan	100,000	(1,014)	–	–	1,014	–	–	100,000
Lease liabilities	30,129	(10,206)	423	143	745	13,141	222	34,598
Other financial liabilities	14,680	(2,214)	–	(3,702)	–	–	–	8,764
Total	892,147	(313,418)	31,423	(3,558)	21,453	13,141	217	641,405

22. Operating segments

The Group is managed as a single-segment company with the TeamViewer platform as the basis for segmentation. The decision for segmentation was based on the internal organisation, which is based on the platform as the single reporting line. The platform´s reporting is based on the different geographical regions as reporting units, namely "Europe, Middle East and Africa" (EMEA), "North, Central and South America" (AMERICAS), and "Asia-Pacific" (APAC).

As there is no other segment, the consolidated statement of profit and loss and other comprehensive income already shows the segment revenue and expenses, while the consolidated statement of financial position already shows the segment assets and segment liabilities. All revenue reported in the consolidated statement of profit and loss and other comprehensive income was generated with external customers.

Non-current assets relate mainly to Germany.

The management analyses the revenue based on regional and customer group level. The performance is measured by the management based on adjusted EBITDA.

Revenue by regions

In EUR thousands	2023	2022
EMEA	332,410	301,047
AMERICAS	222,753	198,837
APAC	71,526	65,990
Revenue	626,689	565,874

Revenue by country

In EUR thousands	2023	2022
USA	175,943	157,873
Germany	101,625	89,012
Great Britain	35,481	33,128
France	33,997	31,138
Other countries	279,642	254,724
Revenue	626,689	565,874

Revenue is allocated to individual countries based on the location of the respective customer.

Revenue by customer group

In EUR thousands	2023	2022*
SMB customers	504,639	467,244
Enterprise customers	122,051	98,631
Revenue	626,689	565,874

* Since FY 2023, the effects of multi-year deals are considered more precisely in the revenue split calculation. Prior year's comparable figures (2022 reported: For SMB, EUR 457,897 thousand; for Enterprise, EUR 107,977 thousand) were adjusted accordingly.

The Group has a very diversified customer base, with no single customer accounting for more than 10 % of revenue.

Adjusted EBITDA is calculated as follows:

In EUR thousands	2023	2022
Operating profit (EBIT)	166,562	143,725
Depreciation and amortisation	55,358	53,741
EBITDA	221,920	197,466
Other items for adjustment	38,580	32,376
Adjusted EBITDA	260,499	229,842

Other items for adjustment comprise the following:

In EUR thousands	2023	2022
Expenses for share-based compensation	(23,671)	(28,439)
Further items for adjustment	(14,909)	(3,937)
Total	(38,580)	(32,376)

23. Related party disclosures

Relation to companies with significant influence

For TigerLuxOne S.à r.l. (TLO), which is majority-owned by Permira Holdings Limited, the shareholding in TeamViewer SE decreased by 6.02 % from 20.10 % to 14.08 % in the fiscal year 2023, after having increased its ownership interest from 19.97 % to 20.10 % in 2022. The decrease in the fiscal year 2023 was mainly the result of selling 13 million shares to institutional investors (2022: cancellation of own shares) (see Note 15 Equity). Currently, 81.52 % (2022: 79.90 %) of the shares are in free float.

Transactions with other related parties

In EUR thousands	2023	2022
Sales to related parties	198	272
Purchases from related parties	4,808	4,015
Open balance as at	31 December 2023	31 December 2022
Trade receivables from related parties	60	55

There were no further material related-party transactions in fiscal years 2023 and 2022 beyond those presented in these notes.

Transactions with key management personnel

Management Board remuneration in accordance with IFRS

In EUR thousands	31 Dec 2023	31 Dec 2022
Short-term employee benefits	6,063	3,579
Severance benefits	–	510
Share-based compensation	1,119	606
Total	7,183	4,695

Share-based compensation includes expenses related to the Long-term Incentive programme (LTIP) of EUR 1.1 million (2022: EUR 0.6 million) and liabilities as at 31 December 2023 of EUR 1.9 million (31 December 2022: EUR 1.1 million). In addition, there are outstanding liabilities from short-term employee benefits under the Short-term Incentive Program (STIP) amounting to EUR 3.7 million (31 December 2022: EUR 1.7 million).

Management Board remuneration (1 January 2022–31 December 2022)

In EUR thousands	2023	2022
Fixed remuneration	2,225	1,706
Fringe benefits	104	73
Other	33	–
Total	2,393	1,779
Third-party benefits	–	–
One-year variable remuneration	3,667	1,650
Multi-year variable remuneration	2,128	1,342
Other	–	660
Subtotal variable remuneration	5,795	3,652
Pension costs	–	–
Total compensation current Management Board members	8,188	5,431

In the fiscal year 2023, the above tables contains remuneration of a former member of the Management Board in the amount of EUR 0.0 million (2022: EUR 0.5 million).

Further details on share-based compensations/third-party benefits granted to key management personnel are provided in Note 6 Personnel expenses.

There were no other transactions with key employees during the period (as in 2022) and no outstanding balances as at 31 December 2021 or 31 December 2022.

In addition to the abovementioned programmes, expenses for share-based compensations from the Employee Participation Programme (EPP) amounting to EUR 3.9 million (2022: EUR 13.2 million) for employees outside the Management Board were also recognised in fiscal year 2023.

The compensation paid to the Supervisory Board consisted of short-term benefits in the amount of EUR 843 thousand (2022: EUR 720 thousand), with liabilities or provisions amounting to EUR 0 thousand (2022: EUR 0 thousand) as at 31 December 2023. No consulting services were provided by a member of the Supervisory Board in 2023 or 2022.

The members of the Supervisory Board are active in the following comparable supervisory bodies:

Supervisory Board member	Occupation	Company and type of mandate
Ralf W. Dieter (Chairman of the Supervisory Board)	Entrepreneur and managing partner of RWD Vermögens- und Beteiligungs gesellschaft mbH	Member of the Supervisory Board of Körber AG Member of the Supervisory Board of Schuler Group GmbH Chairman of the Advisory Board of ADAMOS GmbH Chairman of the Advisory Board of Dantherm Group A/S Member of the Advisory Board Leadec Holding BV
Dr Abraham Peled (Deputy Chairman of the Supervisory Board)	Partner at Peled Ventures LLC and industry advisor to Hg Capital Private Equity	Chairman of the Board of Directors of CyberArmor Ltd.
Axel Salzmann (Deputy Chairman of the Supervisory Board)	Member of the Management Board and Chief Financial Officer at BestSecret GmbH	None
Swantje Conrad (since May 2023)	Self-employed consultant and non-executive director	Member of the Supervisory Board of RENK GmbH Member of the Supervisory Board of RENK Group AG (since September 2023) Non-Executive Director at CT Private Equity Trust Plc
Stefan Dziarski (until 11 December 2023)	Partner at Permira	Member of the Supervisory Board of P&I Personal & Informatik AG Member of the Advisory Board of FlixMobility GmbH Member of the Board of Directors of McAfee TopCo, Inc (since February 2022)
Hera Kitwan Siu	Consultant	Member of the Board of Directors of Goodyear Tire & Rubber Company Member of the Board of Directors of Vallourec S.A. Member of the Board of Directors of ASMPT Limited

Supervisory Board member	Occupation	Company and type of mandate
Dr Jörg Rockenhäuser	Partner and Chairman at Permira	Member of the Advisory Board of Best Secret GmbH
		Chairman of the Advisory Board of Neuraxpharm Arzneimittel GmbH
		Member of the Advisory Board of Engel & Völkers Holding GmbH
Christina Stercken (since May 2023)	Self-employed consultant and non-executive director	Member of the Board of Directors of Landis&Gyr Group AG
		Member of the Board of Directors of Ansell Ltd.

24. Events after the reporting date

After the end of the 2023 fiscal year, the following events occurred that could have a material effect on the future net assets, financial position and result of operations of TeamViewer:

In January 2024, TeamViewer entered into an additional revolving credit facility of up to EUR 75 million. This revolving credit facility is not drawn so far.

In February 2024, TeamViewer drew an amount of EUR 90 million from the existing revolving credit facility (syndicated loan 2022). TeamViewer utilised this amount for the scheduled repayment of a tranche of the promissory note loan in March 2024.

There were no other events of material significance after the 31 December 2023 reporting date.

25. Contractual obligations and contingent liabilities

Other financial obligations

TeamViewer has other financial obligations in connection with sponsorship agreements. The remaining terms of these contracts are as follows:

Contractual obligations arising from sponsorship agreements

In EUR thousands	31 December 2023	31 December 2022
Due within one year	37,646	66,422
Due in 1– 5 years	51,234	209,915
Due in more than five years	–	–
Total	88,880	276,338

Contractual obligations arising from other contracts

In EUR thousands	31 December 2023	31 December 2022
Due within one year	18,290	27,338
Due in 1– 5 years	25,187	23,970
Due in more than five years	–	–
Total	43,477	51,308

The other contractual obligations and contingent liabilities consist primarily of leasing costs for IT infrastructure.

There were no contingent liabilities as at 31 December 2023 or 31 December 2022.

26. Earnings per share

For the purpose of calculating basic earnings per share, net income/loss attributable to the parent company's ordinary shares is divided by the weighted average number of ordinary shares outstanding during the year.

Earnings per share (basic)

In EUR	2023	2022
Group net income/(loss) for the period	114,014,729	67,600,265
Shares issued as at 31 December	174,000,000	186,515,856
Effect of clawback of Ubimax share-based compensation	(226,900)	(583,877)
Weighted effect of treasury shares	(1,632,904)	(1,313,442)
Weighted average number of shares outstanding	172,140,196	184,618,537
Earnings per share (Net income/(loss)/number of shares)	0.66	0.37

In determining basic earnings per share, 1,070,931 ordinary shares issued by TeamViewer to the seller in connection with the acquisition of Ubimax GmbH are excluded as long as they are subject to potential clawback for lack of vesting. These new shares were subject to a clawback in the event that they were not vested under the "Ubimax" share-based compensation because the founders do not perform the required work. They were pledged to TeamViewer SE and were subject to a vesting period of three years. These were vested under share-based compensation on 21 August 2021 (first tranche: 356,977 shares), on 21 August 2022 (second tranche: 356,977 shares) and on 21 August 2023 (third tranche: 356,977 shares) and consequently released. For additional information on the share-based compensation transaction "Ubimax", see Note 6 Personnel expenses.

For the purpose of calculating diluted earnings per share, net income/loss attributable to ordinary equity holders of TeamViewer SE is divided by the weighted average number of ordinary shares outstanding, plus the weighted average number of ordinary shares that would result from the conversion of all potentially dilutive ordinary shares into ordinary shares.

Earnings per share (diluted)

In EUR	2023	2022
Group net income/(loss) for the period	114,014,729	67,600,265
Weighted average number of shares outstanding	172,140,196	184,618,537
Dilutive effect of Ubimax share-based compensation	–	293,297
Dilutive effect of RSU share-based compensation	840,257	149,030
Weighted average number of shares outstanding adjusted for dilutive effect	172,980,453	185,060,864
Earnings per share (Net income/(loss)/number of shares)	0.66	0.37

For the calculation of diluted earnings per share, the weighted average number of shares outstanding is increased by the number of potentially dilutive shares from the "Ubimax" and "RSU" share-based compensation. The number of potentially dilutive shares is determined as the difference between the following two figures:

• a) the weighted average number of ordinary shares issued but not yet vested under the "Ubimax" and "RSU" share-based compensation plan
• b) the number of ordinary shares that would have been issued at their average market price during the period

To determine the latter figure, it is assumed that an amount equal to the future expense still to be incurred from the share-based compensation transaction is used to repurchase the issued ordinary shares at their average market price during the period (so-called treasury stock method).

Between the reporting date and the publication date of the consolidated financial statements, further shares were purchased under the SBB 2024 programme (see Note 15 Equity).

27. Auditor's fees

The fees for the services of the Group's auditor, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, totalled EUR 729 thousand in fiscal year 2023 (2022: EUR 475 thousand) and include audit services in the amount of EUR 696 thousand (2022: EUR 470 thousand) and other consulting (consulting with regards to taxonomy, access to online IFRS training) in the amount of EUR 34 thousand (2022: EUR 5 thousand). The aforementioned statements also correspond to the information for the entire PwC network. In addition to the audit of the consolidated financial statements and the annual financial statements of TeamViewer SE, the audit services also include the statutory and voluntary audits of subsidiaries and audit reviews of interim financial statements.

28. Declaration of Conformity with the German Corporate Governance Code

In December 2023, the Management Board and Supervisory Board of TeamViewer SE issued the declaration of conformity required by § 161 of the German Stock Corporation Act (Aktiengesetz, AktG) and made it available on the Company's Investor Relations website under the "Governance & ESG" chapter, section "Policies & Statutes".

6 Release Date for Publication

The consolidated financial statements were released for publication on 8 March 2024.

8 March 2024

The Management Board

Oliver Steil Michael Wilkens Mei Dent Peter Turner

TeamViewer SE – Annual Report 2023

7 Responsibility Statement

To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the earnings, assets, and financial position of the Group, and the Group management report, which is combined with the management report of TeamViewer SE, includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group.

Göppingen, 8 March 2024

The Management Board

Oliver Steil Michael Wilkens Mei Dent Peter Turner

8 Independent Auditor's Report

To TeamViewer SE, Göppingen

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE GROUP MANAGEMENT REPORT

Audit Opinions

We have audited the Consolidated Financial Statements of TeamViewer SE (formerly TeamViewer AG), Göppingen, and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2023, and the consolidated statement of profit and loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cashflows from1 January 2023 to31 December2023, and notes to the consolidated financial statements, including material accounting policy information. In addition, we have audited the group management report of TeamViewer SE, which is combined with the Company's management report, including the remuneration report pursuant to § [Article] 162 AktG [Aktiengesetz: German Stock Corporation Act], including the related disclosures, included in section "8 Remuneration Report" for the financial year from 1 January to 31 December 2023. In accordance with the German legal requirements, we have not audited the content of the statement on corporate governance pursuant to § 289f HGB [Handelsgesetzbuch: German Commercial Code] and § 315d HGB.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e Abs. [paragraph] 1 HGB and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at 31 December 2023, and of its financial performance for the financial year from 1 January to 31 December 2023, and
• the accompanying group management report as a whole provides an appropriate view of the Group's position. In all material respects, this group management report is consistent with the consolidated financial statements, complies with German legal requirements

and appropriately presents the opportunities and risks of future development. Our audit opinion on the group management report does not cover the content of the statement on corporate governance referred to above.

Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the group management report.

Basis for the Audit Opinions

We conducted our audit of the consolidated financial statements and of the group management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as "EU Audit Regulation") in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial statements and on the group management report.

Key Audit Matters in the Audit of the Consolidated Financial Statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2023. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.

In our view, the matters of most significance in our audit were as follows:

• ❶ Recoverability of goodwill and the trademark
• ❷ Share-based payment
• ❸ Measurement of deferred tax assets
• Our presentation of these key audit matters has been structured in each case as follows:

① Matter and issue

• ② Audit approach and findings
• ③ Reference to further information

Hereinafter we present the key audit matters:

❶ Recoverability of goodwill and the trademark

① In the Company's consolidated financial statements goodwill amounting in total to EUR 667.9 million (60% of total assets) is reported under the "Goodwill" item in the consolidated statement of financial position. In addition, the trademark in the total amount of EUR 105.1 million (9% of total assets) is reported under the "Intangible assets" item in the consolidated statement of financial position. Goodwill and the trademark are tested for impairment by the Company once a year or when there are indications of impairment to determine any possible need for write-downs. The impairment test is carried out at the level of the individual cash-generating unit or at the level of the Company's trademark. In the context of the impairment test, both for goodwill and for the trademark, the carrying amount of the cash-generating unit (including goodwill) and the carrying amount of the trademark are compared with the corresponding recoverable amount. The recoverable amount is generally determined using the value in use. The present value of the future

cash flows from the cash-generating unit or the trademark normally serves as the basis of valuation. The present value is calculated using a discounted cash flow model. For this purpose, the adopted medium-term business plan of the Group forms the starting point which is extrapolated based on assumptions about long-term rates of growth. Expectations relating to future market developments and assumptions about the development of macroeconomic factors are also taken into account. The discount rate used is the weighted average cost of capital for the cash-generating unit. The impairment test determined that no write-downs were necessary.

The outcome of this valuation is dependent to a large extent on the estimates made by the executive directors with respect to the future cash inflows from the cash-generating unit and the trademark, the discount rate used, the rate of growth and other assumptions, and is therefore subject to considerable uncertainty. Against this background and due to the complex nature of the valuation, this matter was of particular significance in the context of our audit.

② As part of our audit, we assessed the methodology used for the purposes of performing the impairment test, among other things. After matching the future cash flows used for the calculation against the adopted medium-term business plan of the Group, we assessed the appropriateness of the calculation, in particular by reconciling it with general and sector-specific market expectations. In the knowledge that even relatively small changes in the discount rate applied can have a material impact on the value of the entity and of the trademark calculated in this way, we focused our testing in particular on the parameters used to determine the discount rate applied, and assessed the calculation model. In order to reflect the uncertainty inherent in the projections, we evaluated the sensitivity analyses performed by the Company. Taking into account the information available, we determined that the carrying amounts of the cash-generating unit (including the allocated goodwill) and of the trademark were adequately covered by the discounted future cash flows.

Overall, the measurement inputs and assumptions used by the executive directors are in line with our expectations and are also within the ranges considered by us to be reasonable.

③ The Company's disclosures on goodwill and the trademark are contained in section 9 of the Notes to the Consolidated Financial Statements.

❷ Share-based payment

① The total expense for equity-settled share-based payment transactions for 2023 amounted to EUR 21.8 million (EUR 1.1 million for cost of sales, EUR 6.6 million for research and development costs, EUR 2.4 million for marketing costs, EUR 6.9 million for sales costs, EUR 4.9 million for general and administrative costs). In financial years 2019 to 2023, various share-based payment programmes were launched for employees, executives and the Management Board. From our perspective, two programmes were of particular significance in the financial year. Prior to the IPO conducted by the then parent company of TeamViewer SE, TigerLuxOne S.à r.l. (TLO) in financial year 2019, a program to grant share appreciation rights (referred to as "EPP units") was launched for selected Group executives (EPP Program). The payout was broken down into various partial payments (tranches). The first partial payment (first tranche) was made on the date of the IPO. The second and third tranches are linked to the sale of the shares that TLO still holds in TeamViewer SE. Recognition of the related expense is subject to the estimate of the expected vesting period, since the respective executives only receive their second and third tranches if they are still employed at TeamViewer when TLO sells its shares. The expected vesting period for the second and third tranches ends on 31 December 2024, as a complete sale of TeamViewer shares by TLO is not expected before that date. In this and the previous financial year, the program was adjusted for some executives and additional EPP units were granted. An additional non-recoverable advance payment was made to these executives in this financial year in connection with the sale of shares by TLO. In addition, the Company launched a restricted stock unit (RSU) plan in May 2022 to grant staff performance-related remuneration. The claim to shares of the Company under the plan is granted to staff in the respective financial year. Of that, one quarter respectively vests at the end of that financial year and then at the end of each of the following three financial years. The grant in this financial year was made in June 2023. The fair value of the shares granted in financial year2023 was calculated based on the share price as of the grant date. In this financial year, the framework agreement and the granting process were adjusted, which will apply from the coming financial year.

Given the estimation of the expected vesting period, the modification of the EPP Program, the adjustment of the RSU plan and the amount by which these programs impact profit or loss, we consider the accounting treatment of share-based payment transactions to be a key audit matter.

② As part of our audit, we assessed, among other things, the Company's procedure to identify new or adjusted share-based payment programs. In this context, we also inspected the minutes of meetings of the Remuneration Committee.

We also obtained and inspected the related documents such as award letters, the plan terms of the programs including the measurement parameters, and the market values provided by the executive directors for the underlying data such as share prices used to measure fair value as of the date of awards under the program. Together with our valuation specialists, we assessed the models used by the executive directors to measure fair value. To assess the assumptions in the models, we compared the relevant data such as grant date, number of units granted and vesting date with the contractual bases and award letters, and reconciled the underlying share price with observable stock market data. To assess the underlying vesting period for the EPP Program, we obtained, as audit evidence, a written confirmation from the executive directors of TLO concerning the estimated timing of the complete sale of TeamViewer shares. In addition, we reconciled the calculations with the underlying accounting documents.

We were able to satisfy ourselves that the estimates and assumptions made by the executive directors are substantiated and sufficiently documented for the purpose of recognizing expenses under share-based payment programs.

③ The Company's disclosures relating to share-based payment are contained in section 6 of the Notes to the Consolidated Financial Statements.

❸ Measurement of deferred tax assets

① Deferred tax assets amounting to EUR 18.6 million after netting are reported in the consolidated financial statements of the Company. Deferred tax assets amounting to EUR 42.7 million were recognized before netting with matching deferred tax liabilities. Of this amount, EUR 14.1 million relates to a tax interest carryforward in Germany and a tax loss carryforward of EUR 8.3 million in Germany. These items were measured in the extent to which the executive directors consider it probable that taxable profit will be available in the foreseeable future which will enable the deductible temporary differences, unused tax losses and interest carryforwards to be utilized. For this purpose, insofar as sufficient deferred tax liabilities are not available, future taxable profits are projected on the basis of the adopted business plan. Deferred tax assets were recognized for the first time in respect of deductible temporary differences and unused tax interest and loss carryforwards of EUR 29.8 million in total, since it has become probable that they will be utilized for tax purposes in the foreseeable future due to the planning of a profit and loss transfer agreement between Regit Eins GmbH, Göppingen, and TeamViewer SE, which was specified in the reporting year.

From our point of view, the measurement of deferred tax assets was of particular significance in the context of our audit, as it depends to a large extent on the estimates and assumptions made by the executive directors and is therefore subject to uncertainties.

② As part of our audit, we assessed, among other things, the internal processes and controls for recording tax matters as well as the methodology used for the determination, accounting treatment and measurement of deferred taxes. We also assessed the recoverability of the deferred tax assets relating to deductible temporary differences, unused tax losses and interest carryforwards on the basis of the Company's internal forecasts of its future earnings situation, and the appropriateness of the underlying estimates and assumptions.

Based on our audit procedures, we were able to satisfy ourselves that the estimates and assumptions made by the executive directors are substantiated and sufficiently documented.

③ The Company's disclosures relating to deferred taxes are contained in section 8 of the Notes to the Consolidated Financial Statements.

Other Information

The executive directors are responsible for the other information. The other information comprises the statement on corporate governance pursuant to § 289f HGB and § 315d HGB as an unaudited part of the group management report. The other information comprises further

• the separate non-financial group report to comply with §§ 315b to 315c HGB
• all remaining parts of the annual report excluding cross-references to external information – with the exception of the audited consolidated financial statements, the audited group management report and our auditor's report

Our audit opinions on the consolidated financial statements and on the group management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information mentioned above and, in so doing, to consider whether the other information

• is materially inconsistent with the consolidated financial statements, with the group management report disclosures audited in terms of content or with our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.

Responsibilities of the Executive Directors and the Supervisory Board for the Consolidated Financial Statements and the Group Management Report

The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e Abs. 1 HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, the executive directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

Furthermore, the executive directors are responsible for the preparation of the group management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a group management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report.

The supervisory board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the group management report.

The executive directors and the supervisory board are further responsible for the preparation of the remuneration report, including the related disclosures, which is included in a separate section of the group management report and complies with the requirements of § 162 AktG. They are also responsible for such internal control as they determine are necessary to enable the preparation of a remuneration report, including the related disclosures, that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management Report

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our audit opinions on the consolidated financial statements and on the group management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this group management report.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements and of the group management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures (systems) relevant to the audit of the group management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems.
• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.
• Conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the group management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to § 315e Abs. 1 HGB.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express audit opinions on the consolidated financial statements and on the group management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinions.
• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with German law, and the view of the Group's position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the group management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

OTHER LEGAL AND REGULATORY REQUIREMENTS

Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Group Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB

Assurance Opinion

We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable assurance as to whether the rendering of the consolidated financial statements and the group management report (hereinafter the "ESEF documents") contained in the electronic file Teamviewer_SE_KA+KLB_ESEF-2023-12-31.zip and prepared for publication purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the group management report into the ESEF format and therefore relates neither to the information contained within these renderings nor to any other information contained in the electronic file identified above.

In our opinion, the rendering of the consolidated financial statements and the group management report contained in the electronic file identified above and prepared for publication purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated financial statements and the accompanying group management report for the financial year from 1 January to 31 December 2023 contained in the "Report on the Audit of the Consolidated Financial Statements and on the Group Management Report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the electronic file identified above. Basis for the Assurance Opinion

We conducted our assurance work on the rendering of the consolidated financial statements and the group management report contained in the electronic file identified above in accordance with § 317 Abs. 3a HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of Financial Statements and Management Reports, Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410 (06.2022)) and the International Standard on Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith is further described in the "Group Auditor's Responsibilities for the Assurance Work on the ESEF Documents" section. Our audit firm applies the IDW Standard on Quality Management: Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)).

Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents

The executive directors of the Company are responsible for the preparation of the ESEF documents, including the electronic rendering of the consolidated financial statements and the group management report in accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB and for the tagging of the consolidated financial statements in accordance with § 328 Abs. 1 Satz 4 Nr. 2 HGB.

In addition, the executive directors of the Company are responsible for such internal control as they have considered necessary to enable the preparation of ESEF documents that are free from material non-compliance with the requirements of § 328 Abs. 1 HGB for the electronic reporting format, whether due to fraud or error.

The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process.

Group Auditor's Responsibilities for the Assurance Work on the ESEF Documents Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We exercise professional judgment and maintain professional skepticism throughout the assurance work. We also:

• Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance work on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
• Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815 in the version in force at the date of the consolidated financial statements on the technical specification for this electronic file.
• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated financial statements and to the audited group management report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the consolidated financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML rendering.

Further Information pursuant to Article 10 of the EU Audit Regulation We were elected as group auditor by the annual general meeting on 24 May 2023. We were engaged by the supervisory board on 6 July 2023. We have been the group auditor of the TeamViewer SE, Göppingen, without interruption since the financial year 2022.

We declare that the audit opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

REFERENCE TO AN OTHER MATTER– USE OF THE AUDITOR'S REPORT

Our auditor's report must always be read together with the audited consolidated financial statements and the audited group management report as well as the assured ESEF documents. The consolidated financial statements and the group management report converted to the ESEF format – including the versions to be filed in the company register – are merely electronic renderings of the audited consolidated financial statements and the audited group management report and do not take their place. In particular, the "Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Group Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB" and our assurance opinion contained therein are to be used solely together with the assured ESEF documents made available in electronic form.

GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT

The German Public Auditor responsible for the engagement is Jürgen Schwehr.

Stuttgart, 8 March 2024

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

Jürgen Schwehr ppa. Jens Rosenberger Wirtschaftsprüfer Wirtschaftsprüfer

(German Public Auditor) (German Public Auditor)

D – Non-financial Report

This chapter has not been checked for content by the auditor.

162 D – Non-financial Report – 8 Independent Auditor's Report

1 Fundamentals of the Non-financial Report

TeamViewer prepares a separate Group non-financial report in accordance with §§ 315b to 315c HGB. This is published on the TeamViewer website at https://ir.teamviewer.com/financialresults no later than four months after the reporting date of the consolidated financial statements.

In this separate Group non-financial report, TeamViewer provides information about the aspects of environmental concerns, employee concerns, social concerns, combating corruption and bribery as well as respect for human rights and the facts to be reported within the framework of the EU Taxonomy Regulation for the 2023 fiscal year. If further relevant non-financial aspects can be derived from the economic performance of the Company, these are listed in accordance with § 289 c (2) HGB.

In preparing the separate Group non-financial report, the reporting principles set out by the Global Reporting Initiative (GRI) were taken into account in determining the content and quality of the report. Where useful for comparability and comprehensibility, some chapters also include data from the previous year in order to show changes over time. An overview of the GRI references can be found in Chapter E (Further Information) in the Annual Report 2023.

The aim of the separate Group non-financial report is to transparently meet the relevant information needs and requirements of TeamViewer's stakeholders, including shareholders, customers, partners, employees, suppliers, rating agencies, vulnerable groups, local communities, non-governmental organisations and other civil society organisations, and to communicate material and relevant non-financial aspects with integrity.

The topic of security and data protection is material for TeamViewer, along with the subaspects of infrastructure and product security, which can be found as a separate chapter in the combined management report (Chapter B\_1.6 "Security and data protection"). Nonfinancial performance indicators as defined by § 289 (3) of the German Commercial Code (HGB) on the aspects of employees and the environment are also listed in the combined management report and dealt with in greater detail in the Company's separate non-financial report.

The separate Group non-financial report is to be reviewed and approved by the Supervisory Board of TeamViewer SE in accordance with § 171 (1) AktG.

2 Sustainability at TeamViewer

As a global technology company, TeamViewer offers a cloud-based platform to connect computers, machines and industrial equipment and digitally supports work processes along the entire value chain in both the industrial and service sectors. Through the products and services of its core business, the Company makes a valuable contribution to a more sustainable world:

• TeamViewer connects people who help others with private applications worldwide millions of times every day, free of charge.
• TeamViewer helps businesses and their workforces employ flexible work models to achieve a better work-life balance.
• TeamViewer's solutions enable millions of corporate customers and free users to maintain or increase their productivity despite physical distance.
• TeamViewer enables users to avoid travel, thereby reducing climate-damaging greenhouse gas emissions.

A detailed description of TeamViewer's business model can be found in Chapter B\_1.1 "Group fundamentals" in the combined management report.

Protecting the environment, achieving the climate international goals and fully respecting human rights are at the centre of our sustainable business practices. These fundamental principles form the foundation of our sustainability efforts and reflect our commitment to environmental and social responsibility. By pursuing a coherent and effective environmenttal strategy, we are actively reducing our ecological footprint and working to conserve natural resources. We also take our responsibility towards human rights seriously and are committed to a fair and inclusive work culture. These endeavours are complemented by good corporate governance and respect for social responsibility. Our aim is not only to be successful as a company, but also to make a positive contribution to a sustainable and equitable world.

Our customers' trust in the security of their personal data and critical information, as well as the reliability and availability of our software solutions and services, are the foundations for our business growth. We consider it our greatest responsibility to guarantee these requirements at all times. We describe how we fulfil this responsibility in Chapter B\_1.6 "Security and data protection" contained in the combined management report.

As a signatory to the UN Global Compact, TeamViewer supports the ten principles of the UN Global Compact and the Sustainable Development Goals (SDGs34) of the United Nations. The SDGs are a central conceptual framework for our materiality analysis and our sustainability goals and form important guidelines for the Group's sustainability strategy.

TeamViewer is moreover committed to the UN Women's Empowerment Principles (UN-WEP) and is a signatory of the Diversity Charter and the #positvarbeiten initiative of the German Aids Association.

Double materiality analysis

In preparation for the EU Corporate Sustainability Reporting Directive (CSRD), TeamViewer evolved its materiality analysis into a double materiality analysis (DWA) in the 2023 fiscal year. The DWA is used to identify and prioritise the sustainability issues material to TeamViewer. Double materiality is distinguished by the fact that it takes both an "inside-out" perspective (which determines the positive and negative effects of TeamViewer's actions on the environment and society) and an "outside-in" perspective (financial materiality). This analyses the opportunities and risks resulting from sustainability aspects that may impact the corporate strategy and, in turn, the Company's future viability.

A preliminary selection of all potentially material sustainability topics for TeamViewer was made based on the material topics to date and an internal market analysis. This resulted in the identification of the following topics:

• Access to the information society

Promotion of greater access and inclusivity in the digital world.

• Biodiversity and ecosystems

Identification and monitoring of negative and positive impacts on biodiversity in TeamViewer's value chain.

• Mitigation and adaptation to the impacts of climate change

Mitigation: Process of reducing greenhouse gas emissions to limit the increase in global average temperature to 1.5 °C.

Adaptation: Process of preparing for actual and expected climate change and its impacts.

• Societal impact

Social responsibility includes the protection of economic, social and cultural interests, and the rights of minorities in particular.

• Diversity, equality & inclusion

Equal treatment and equal opportunities for all, including gender equality and equal pay for work of equal value.

• Employee engagement

Degree of emotional engagement, dedication, and enthusiasm employees have for their work and their organisation.

• Good corporate governance

Compliance with global regulations and standards, disclosure obligations, whistleblower protection, political engagement, anti-corruption and bribery, fair competition, and fair tax practices.

• Pollution

Air pollution (e.g. CO₂ emissions), water pollution, soil pollution, microplastics or chemicals of concern.

• Data privacy

Protection of personal and all data from loss or misuse.

• Responsible use of technology Impact of technology on sustainability, including ethical issues around artificial intelligence and technological solutions to societal challenges.
• Product, data and IT security Security of products and data, and readiness to combat fraud and cybercrime.
• Sustainable use of resources Responsible and balanced use of natural resources.
• Sustainable supply chain Integration of sustainability aspects into the entire supply chain, specifically labour conditions and human rights.
• Working conditions

Above all, workplace amenities, remote work and flexibility, work hours and project deadlines, compensation and benefits, job security and stability, career development and advancement, innovation and creativity, team dynamics and collaboration, workload and stress management, (mental) health and safety.

As part of a survey, internal and external stakeholders had the opportunity to add further topics and identify positive or negative impacts and evaluate the financial opportunities and risks for each of the 14 topics. The identified impacts, opportunities and risks were then assessed by internal experts based on the probability of occurrence and the extent of the impact on the environment, society and human rights. Once the assessment process was completed, the results were validated by internal and external stakeholders and finally approved by the Management Board (CEO, CFO, CCO, CPTO).

The following non-financial topics were identified as material in relation to at least one of the two perspectives (outside-in/inside-out):

Sustainability topic	Definition	Impact materiality (inside-out)	Financial materiality (outside-in)
Climate change mitigation and adaption	Reduction of greenhouse gas emissions & preparation for impact of climate change.
Diversity, equality & inclusion	1. Diversity: Recognition and respect for the diverse individual differences of employees, including differences in ethnicity, gender, age, sexual orientation, physical ability, socioeconomic status, religious beliefs and cultural backgrounds.
	2. Equality: Assurance of fairness and impartiality in the treatment of all employees, while recognising that different people may need different resources or support to reach their full potential.
	3. Inclusion: Creating a work environment in which every employee feels valued and respected and is able to bring their unique perspectives to the table. It's not just about representation, but also about fostering a sense of belonging.
Employee engagement	Employee engagement refers to employees' level of emotional engagement, dedication and enthusiasm towards their work and organisation. Engaged employees are not only satisfied with their work, they also feel deeply connected to it, have a sense of purpose and pride in their contribution, and are motivated to go above and beyond to help the organisation achieve its goals.
Good corporate governance	Good corporate governance seeks to harmonise the interests of all Company stakeholders, increase the long-term value of the Company, and ensure that the Company acts ethically and responsibly.
Air pollution	Air pollution refers to the air pollution caused by CO₂ emissions.
Data privacy	Data privacy, also known as information security, refers to the protection of personal information and data from unauthorised access, use, disclosure, alteration or destruction.
Product, data and IT security	Product, data and IT security refer to the wide-ranging measures and practices used to protect IT systems, software products and data from unauthorised access, breaches, fraud and other security threats. These areas are critical to protecting the confidentiality, integrity and availability of digital data and ensuring that sensitive information is handled securely.
Responsible use of technology	Responsible use of technology refers to the ethical and conscientious application of technological tools, systems and innovations with the aim of minimising negative impacts on individuals, society and the environment. It is about considering the broader implications and consequences of technological advances and making decisions that prioritise ethical considerations, human well-being and sustainability. The key principles and aspects include ethical considerations, sustainability, openness and transparency, human-centred design, regulatory compliance, and ongoing assessment.

Based on the double materiality analysis, resources such as time, effort and budget are allocated to the material non-financial topics in order to achieve further progress on the relevant topics in the future. They therefore characterise the sustainability strategy and our reporting. This separate Group non-financial report also reports on non-financial topics that are not classified by the materiality analysis as relevant, as TeamViewer feels particularly committed to these issues.

Sustainability targets

The 2030 Agenda for Sustainable Development, adopted by all United Nations member states in 2015, is an action plan for people, planet and prosperity. TeamViewer is committed to the Sustainable Development Goals (SDGs) and recognises the importance of all 17 goals. TeamViewer believes that potential technological innovation is fundamental to leading our society to a more sustainable way of working and living.

To optimally deploy its energies and resources, TeamViewer has defined the following eight SDGs where the Company can make a significant contribution:

• 1. Quality Education (SDG #4)
• 1. Gender Equality (SDG #5)
• 1. Decent Work and Economic Growth (SDG #8)
• 1. Industry, Innovation and Infrastructure (SDG #9)
• 1. Reduced Inequalities (SDG #10)
• 1. Responsible Consumption and Production (SDG #12)
• 1. Climate Action (SDG #13)
• 1. Partnerships for the Goals (SDG #17)

Based on the eight focus SDGs, TeamViewer is working to achieve the following key sustainability targets with concrete measures and, in some cases, a binding timeframe:

• Removing carbon dioxide (CO₂) from the atmosphere from 2023 onwards
• Reducing own CO₂ emissions by 90 % by 2040 compared to 2021 and removal of remaining emissions from the atmosphere (net zero emissions)
• Promoting women in management positions (target ratio of 35 % by 31 December 2027)
• Improving access to technology and education
• Supporting our customers in achieving their climate protection goals through the use of our technologies

Sustainability management

TeamViewer considers corporate responsibility as fundamental to all aspects of sustainability, particularly climate protection and equal opportunities. The deep integration of these topics into TeamViewer's sustainability management is guaranteed through targeted measures and a dedicated budget for Group-wide sustainability activities. The measures already implemented include the c-a-r-e sustainability programme, the monitoring of sustainability management in the Supervisory Board, participation in the UN-WEPs programme and the UN Global Compact, as well as the introduction of emissions reduction targets approved by the Science Based Targets Initiative (SBTi), which envisages net zero emissions by 2040. To achieve this target, a designated budget for managing our greenhouse gas emissions has been established to provide the financial means for implementing greenhouse gas management measures.

TeamViewer's Sustainability department reports directly to the Chief Financial Officer (CFO) and reports half-yearly to the Supervisory Board and Sustainability Committee. The direct reporting line to TeamViewer's two highest corporate bodies underscores the priority the Group assigns to the topic of sustainability. Regular written reports to the Management Board and the Supervisory Board on the progress and planning surrounding the main sustainability topics allow to promptly address the set priorities. The Sustainability department acts as an interface and coordinates the non-financial topics; submits analyses, decision papers and recommendations; facilitates strategic and operational development; and ensures sustainability reporting in cross-functional dialogue. It is also the point of contact for ESG rating agencies.

To strategically manage sustainability topics, the Group-wide Senior Leadership Team, consisting of the Management Board and the first management level below the Management Board, assumes the function of a Sustainability Steering Board. The Audit Committee of the Supervisory Board also functions as a sustainability committee and is responsible for approving the relevant key indicators.

As part of our ongoing commitment to sustainability and environmental protection, we are planning to have our sustainability management externally certified and are seeking ISO 14001 certification. This process will ensure that our sustainability practices meet the highest international standards. This initiative is another milestone in our endeavour to build a sustainable future and demonstrates our firm commitment to environmental stewardship and responsible corporate governance. We are confident that this certification will create sustainable value for our stakeholders and the environment as a whole.

Sustainability programme c-a-r-e

TeamViewer's sustainability programme c-a-r-e is designed to communicate the Group-wide sustainability priorities in a targeted, easy-to-understand and consistent manner, linked to clear commitments, targets and measures.

The word c-a-r-e is an acronym for the terms

• c Collaboration (We want to master global sustainability challenges together.)
• a Access (We empower people to help others through technology).
• r Reduction (We reduce our carbon footprint and enable our customers to avoid emissions).
• e Equity (We promote a diverse and inclusive work environment without discrimination).

c-a-r-e combines TeamViewer's vision of contributing to a more efficient and sustainable world with a corporate culture shaped by a sense of responsibility and sustainable thinking and action.

Following the launch of our c-a-r-e sustainability programme in 2020, we made revisions to the programme in the 2023 fiscal year and adapted it to the current sustainability challenges. As part of this process, we communicated the following specific measures and targets:

• C Collaboration:
  • 1. By 2025, TeamViewer will have established a supplier engagement plan and begun engaging at least 30 % of its supplier base in achieving the sustainability targets.
  • 1. By 2026, TeamViewer will engage at least 67 % of its supplier base in achieving sustainability targets.
  • 1. By 2028, TeamViewer will require its suppliers to set scope 1-3 targets directed at achieving a net zero pathway by 2050, as well as to disclose emissions and ensure equivalent systematic emission reductions.
• A Access
  • 1. Free use of TeamViewer solutions for private and socially beneficial purposes.
  • 1. Increased access to education and technology.
• R Reduction
  • 1. Help customers avoid emissions.
  • 1. 100 % use of renewable energy to provide products.
  • 1. Net zero CO₂ emissions by 2040.
• E Equity (Equality)
  • 1. Increase the representation of women at all management levels.
  • 1. Recognition of cultural diversity with a zero-tolerance policy towards discrimination.

In internal company workshops, TeamViewer employees get actively involved in developing and implementing sustainability measures to achieve the targets. In this process, all material sustainability topics are covered by the following working groups:

• Female Empowerment (promotion of women)
• Climate Action (climate protection)
• LGBTQIA+ (lesbian, gay, bisexual, transgender, queer, inter, asexual, +)
• Parents@TeamViewer (parents at TeamViewer)
• Cultural Diversity (launched in 2023)
• Accessibility@TeamViewer (barrier-free access launched in 2023)

Four of these groups were active in the 2023 fiscal year: Female Empowerment, Climate Action, LGBTQIA+, Parents @TeamViewer. The groups are open to all TeamViewer employees and are led by at least two volunteer "ambassadors". Participation in the groups is at the employees' own initiative and takes place alongside the respective main job at TeamViewer, but may also be integrated into regular working hours. A total of 390 employees worldwide took part in the first meetings of these groups. The following is a brief overview of the four groups, including their agenda and activities:

Female Empowerment (promotion of women)

This Female Empowerment group is dedicated to the visibility and targeted promotion and networking of women at TeamViewer. The group's offers and activities are not just aimed at women but all genders and are primarily intended to raise awareness. The group focuses on promoting women to fill management positions and dissolving role models at various levels in everyday work life.

Through its "She Leads" initiative, the group increases the internal and external visibility of women at the Company and offers information on a variety of career paths. It also raises the awareness of the problem of unconscious bias, organises local and global networking events and offers a mentoring programme in collaboration with other working groups.

Climate Action (climate protection)

The focus of the Climate Action group is to raise awareness of climate protection issues and the question of how each employee and TeamViewer as a company can behave (more) sustainably. The group conducts awareness campaigns on the topics of saving energy, recycling, and the use of resources. It also regularly organises waste clean-ups in collaboration with local NGOs, where employees collect waste and rubbish around the offices and dispose of it properly. Also in 2023, the employees at our Ioannina site in Greece planted over 60 trees in a local recreation area.

LGBTQIA+ (lesbian, gay, bisexual, transgender, queer, inter, asexual, +)

The LGBTQIA+ group aims to promote an inclusive workplace for employees from the LGBTQIA+ community. In June 2022, the group launched an internal and external visibility campaign in honour of Pride Month (traditionally celebrated in the LGBTQIA+ community with campaigns, marches, celebrations, among others, to honour the LGBTQIA+ movement). In 2023, the Group commissioned UHLALA Group, an external service provider, to evaluate the current status of various LGBTQIA+ issues at TeamViewer. In the evaluation, TeamViewer achieved an overall score of up to 90 % or 4.5 out of 5 points in the Pride Index 2023, making it an LGBTQIA+ friendly employer. The group also organised various local events and presented TeamViewer as an LGBTQIA+-friendly company at Christopher Street Day 2023 in Stuttgart. For LGBTQIA+ community employees with any doubts or questions, the group also acts as a point of contact. This service was what prompted the idea of establishing a mentoring programme in collaboration with the Female Empowerment group.

Parents@TeamViewer

The Parents@TeamViewer group is primarily concerned with the issue of work-life balance. The group identifies initiatives that improve the work environment for parents and contribute to greater flexibility. The group is deliberately aimed at fathers and mothers, which separates it in terms of content from the Female Empowerment group. The focus of the Parents@TeamViewer group is on supporting parents in finding childcare options, effective onboarding after parental leave, and providing information on all aspects of parenthood.

Sustainability opportunities and risks

The opportunities and risk assessment associated with sustainability topics at TeamViewer are derived from the Company-wide opportunity and risk management as well as the materiality analysis of non-financial topics.

Chapter B\_6 "Opportunity and risk report" in the combined management report lists only material risks. This non-financial report supplements that chapter with the addition of all nonfinancial topics. The risk quantification follows the same assessment logic used to recognise and assess financial risks.

Climate change

Risks from climate change will affect our lives and the economy even more in the future. The impact on the business environment and products of TeamViewer is currently rated as "medium". By taking climate protection measures, such as the commitment to the SBTi goals, TeamViewer is assuming an active role in keeping the impacts of climate change as low as possible. At the same time, opportunities arise when TeamViewer actively invests in climate protection, as this makes the "TeamViewer" brand more attractive to employees and customers alike.

Net zero CO₂ emissions

Net zero CO₂ emissions means that the carbon emissions generated by an activity are reduced to the unavoidable minimum, and the remainder is offset by carbon-absorbing activities. The risk that TeamViewer will not achieve its net zero targets within the target timeframe is assessed as "low". Failure to achieve these targets could lead to a loss of reputation. Many other companies have their own net zero strategy, which presents TeamViewer with an opportunity to help its partners and customers achieve their own net zero goals.

Diversity and anti-discrimination

With its "Diversity, Inclusion & Non-Discrimination Policy", TeamViewer has set its own standards leading to an open and inclusive corporate culture. The positive effects of this can be observed in the daily interaction between employees, as well as with partners and customers. This is accompanied by the risk of not fulfilling the Company's own policy. This risk is rated as "medium". Regular training of employees reduces this risk.

Unethical behaviour

Our corporate culture is underpinned by our corporate values and the Company-wide Code of Conduct and an important element in our engagement with employees. Unethical behaviour that ignores our values and violates our Code of Conduct represents a "medium" risk. Regular training of our employees reduces this risk.

Disclosure of confidential information

The disclosure of confidential information and the associated possible competitive disadvantages is classified as a risk and rated as "medium". This risk is mitigated by employing high security standards and providing regular training for employees.

Regulatory framework

Particularly within the realm of sustainability reporting, the regulatory framework is in a constant process of change. Especially in the global context, this requires continuous monitoring of the relevant regulations and amending the Company's own disclosures. The risk of not meeting the revised standards is rated as "medium". Continuous internal training and the inclusion of external expertise reduce this risk.

Social responsibility

TeamViewer is aware of its social responsibility and is involved in numerous projects (see Chapter D\_7 "Social Responsibility"). The risk of a loss of reputation due to insufficient social commitment is rated "low".

No high or significant non-financial risks with a potential impact on our business, revenue and cost base were identified in the risk analysis we conducted in the 2023 fiscal year. The definition of the risk classes can be found in the risk report.

Risk assessments

Non-financial risks	Group risk assessment (gross risk)	Trend1 (net risk)
Climate change	Medium	
Net zero CO₂ emissions	Low	
Diversity and anti-discrimination	Medium	
Unethical behaviour	Medium	
Disclosure of confidential information	Medium	
Official regulations	Medium	
Social responsibility	Low	

1 Trend: Net risk level compared to the previous year.

Legend: Decreased net risk Unchanged net risk Increased net risk

EU Taxonomy

In view of advancing climate change, the European Union (EU) has committed itself to strengthen climate protection and a sustainable growth strategy through the European Green Deal. The EU Sustainable Finance Taxonomy (EU Taxonomy) aims to guide investment flows into environmentally sustainable economic activities and, as such, represents an EUwide classification system for sustainable economic activities.

The first step is an examination of Taxonomy eligibility by analysing whether a company's economic activity is listed in the delegated act of the EU Taxonomy. If this is the case and the Company's business activity contributes to the potential achievement of at least one of the following six environmental objectives defined in the EU Taxonomy, the economic activity can be considered Taxonomy-eligible. The following are the environmental objectives as defined by the EU Taxonomy:

• Climate change mitigation (CCM)
• Climate change adaptation (CCA)
• Water and marine resources (WTR)
• Circular economy (CE)
• Pollution prevention and control (PPC)
• Biodiversity and ecosystems (BIO)

The second step is to assess Taxonomy alignment. An economic activity is considered Taxonomy-aligned if the following three conditions are met:

• Substantial contribution to at least one of six environmental targets through alignment with the defined technical evaluation criteria for the respective economic activity (e.g. CO₂ emissions saved for the environmental target of climate protection).
• Significant harm to the other five environmental objectives is excluded by complying with the Do No Significant Harm (DNSH) criteria of the EU Taxonomy.
• A minimum level of protection (Minimum Safeguards) of human and consumer rights, anti-corruption, taxation and fair competition is observed.

Taxonomy-eligible activities

We have examined all of the TeamViewer Group's business activities and assessed whether they are taxonomy-eligible within the meaning of the EU Taxonomy. We analysed the Delegated Climate Regulation (Delegated Regulation 2021/2139, Delegated Regulation 2022/1214 and Delegated Regulation 2023/2485) and the Delegated Environmental Regulation (Delegated Regulation 2023/2486). In 2023, we broadened our perspective on taxonomy-eligible activities. Previously, we had analysed this from a turnover perspective and included CapEx and OpEx for turnover-related activities. Starting in 2023, we no longer distinguish between core and non-core economic or business activities. As a result, a total of four activities were added for the 2023 reporting year in comparison to the previous reporting year.

For TeamViewer as a provider of data-based remote connectivity solutions, a total of five economic activities listed in the EU Taxonomy are considered relevant in terms of turnover, OpEx and CapEx:

• Data-based solutions to reduce greenhouse gas emissions (CCM 8.2. in Annex I of Delegated Regulation (EU) 2021/2139)
• Data processing, hosting and related activities (CCM 8.1 in Annex I of Delegated Regulation (EU) 2021/2139)
• Acquisition and ownership of buildings (CCM 7.7 in Annex I of Delegated Regulation (EU) 2021/2139)
• Electricity generation from hydropower (CCM 4.5 in Annex I of Delegated Regulation (EU) 2021/2139)
• Manufacture of electrical and electronic equipment (CE 1.2 in Annex II of Delegated Regulation (EU) 2023/2486)

In the case of TeamViewer's solutions, the economic activity "CCM 8.2 – Data-based solutions to reduce greenhouse gas emissions" covers remote access, remote control and remote maintenance that works with almost all desktop and mobile platforms, including Windows, macOS, iOS and Android. TeamViewer's solutions enable computers, mobile devices and equipment – in other words, technical devices that have a data connection to the Internet – to be remotely controlled and used anywhere in the world. This activity is "Taxonomy-eligible" given its potential to reduce travel and the associated greenhouse gas emissions, provided these economic activities are primarily intended to provide data and analyses to reduce greenhouse gas emissions. The avoidance of climate-damaging CO₂ emissions is an important ESG indicator for TeamViewer ("emissions avoided" per year). We have been collecting this data

since 2020 and began having it verified by external experts in 2023. It measures how many (business) trips are actually avoided and calculates the CO₂ emissions saved.

• Economic activity CCM 8.1 Data processing, hosting and related activities is relevant because TeamViewer incurs expenses for hosting to provide our data-based solutions.
• Economic activity CCM 7.7 Acquisition and ownership of buildings is relevant as TeamViewer incurs expenses for renting office space.
• Economic activity CCM 4.5 Generation of electricity from hydropower is relevant as TeamViewer has concluded ongoing power purchase agreements (PPAs) for electricity from hydropower for the Göppingen, Berlin and Bremen sites.
• Economic activity CE 1.2 Manufacture of electrical and electronic equipment refers to the electronic equipment used by TeamViewer, such as laptops and monitors.

We allocate the turnover (as defined by EU Taxonomy), operating expenses (OpEx as defined by EU Taxonomy), and investments (Taxonomy-aligned CapEx) associated with our products and solutions to the environmental goal of "climate protection" and "circular economy: CE" as defined by EU Taxonomy.

TeamViewer has no non-taxonomy-compliant economic activities in the area of nuclear energy or fossil gas.

Taxonomy eligibility of economic activities

	Turnover	OpEx as defined by EU Taxonomy	CapEx as defined by EU Taxonomy
CCM 8.2 Data-based solutions to reduce greenhouse gas emissions (in EUR m)	603.5	34.4
CCM 8.1 Data processing, hosting and related activities		24.8	3.0
CCM 7.7 Acquisition and ownership of buildings		0.9	3.2
CCM 4.5 Electricity generation from hydropower		0.2
CE 1.2 Manufacture of electrical and electronic equipment		0.7	2.4
Taxonomy-non-eligible activities (in EUR m)	23.2	305.1	2.9
(in EUR m)	626.7	366.2	11.5
Share of Taxonomy-eligible activities (in %)	96.3 %	16.7 %	75.1 %

The EU Taxonomy Regulation and the related delegated act comprise formulations and terms that are still subject to considerable interpretation uncertainties. For the allocation of activities and the respective calculation of the KPIs, other evaluations may arise in subsequent years as a result of interpretation decisions.

Taxonomy-aligned activities

The following analysis relates to the activity "Data-based solutions to reduce greenhouse gas emissions" (CCM 8.2). All newly identified Taxonomy-eligible activities this year have not yet been assessed for alignment, as CCM 8.2 was given priority due to its relevance to turnover. The assessment of new activities will be completed next year.

Significant contribution to climate protection

In accordance with EU Taxonomy, an assessment must be made as to whether the information and communication technology solution is used primarily to reduce greenhouse gas emissions and what significant greenhouse gas emission savings can be achieved through the use of TeamViewer solutions compared to the "best performing alternative solution". The key contribution criteria of activity CCM 8.2 were not met in the 2023 fiscal year because the data availability was insufficient to allow for a comparison with the "best performing alternative solution". TeamViewer began conducting a GHG life cycle assessment in 2023 and will continue to work on providing evidence of the reduction in greenhouse gas emissions as part of a peer-group comparison in 2024.

Do No Significant Harm (DNSH) and minimum safeguards

As the contribution criteria for climate protection of activity CCM 8.2 were not met in the 2023 fiscal year, no further examination of the DNSH criteria and "minimum safeguards" was carried out. The economic activity is therefore classified as Taxonomy-eligible but not Taxonomy-aligned.

KPIs according to the EU Taxonomy Regulation

The EU Taxonomy defines turnover, OpEx and CapEx as the KPIs required for reporting. Mandatory disclosures on Taxonomy eligibility and alignment are to be made for the 2023 fiscal year. The financial data relevant for TeamViewer are derived from its consolidated financial statements for the 2023 fiscal year.

Turnover in the 2023 fiscal year

Turnover is determined based on the Group's turnover according to IFRS of EUR 626.7 million, as reported in the consolidated financial statements of TeamViewer (Chapter\_1 – "Consolidated statement of profit and loss and other comprehensive income"); details of the accounting policies relating to net turnover might be found in Note 5.3 "Significant accounting policies". TeamViewer develops and distributes software for remote access to/remote connectivity of devices to digitise industrial work processes, increase process efficiency on the customer side and help to avoid travel and GHG emissions. However, some of our solutions focus primarily on increasing efficiency and quality assurance rather than avoiding travel (e.g. in the context of workflow optimisation in logistics). As a result, only the use cases for remote access, remote control, and remote management solutions were classified as Taxonomy-eligible. These account for around 96.3 % of total Group turnover (see table: "Taxonomy eligibility of economic activities").

Operating expenses (OpEx) in the 2023 fiscal year

The consolidated financial statements according to IFRS are the basis for determining operating expenses (OpEx) as defined by EU Taxonomy. Operating expenses largely consist of the following:

• All direct, non-capitalised research and development costs.
• Non-capitalised lease expenses for short-term leases in accordance with IFRS 16.
• Maintenance and repair costs and other direct expenses relating to the day-to-day servicing of property, plant and equipment, determined on the basis of our internal cost centres.

At 94 %, direct, non-capitalised research and development costs of EUR 49 million accounted for the largest share of operating expenses for the economic activity CCM 8.2 Data-based Solutions to reduce greenhouse gas emissions as defined by the EU Taxonomy. Of this, around 83 %was attributable to personnel expenses. About 36 % of the employees (measured in fulltime equivalents) in the Research & Development department focus on developing solutions that do not substantially contribute to a reduction in greenhouse gas emissions. As a result, TeamViewer only determined 64 % (EUR 31.4 million) of the operating expenses of around EUR 49 million as Taxonomy-eligible. This results in a total of EUR 34.4 million in operating expenses within the meaning of the EU Taxonomy (see the table: "Taxonomy eligibility of economic activities").

Capital expenditures (CapEx) in the 2023 fiscal year

Capital expenditure (CapEx), as defined by the EU Taxonomy, is determined based on the consolidated financial statements according to IFRS. In particular, this includes additions to intangible assets and property, plant and equipment. This data can be found in Chapter C\_3 "Consolidated statement of cash flows".

In the 2023 fiscal year, additions totalled EUR 11.5 million. This comprises the reported investments in property, plant and equipment and intangible assets of EUR 2.3 million, supplemented by the capitalised rights of use in accordance with IFRS 16 of EUR 5.9 million. The breakdown of additions to intangible assets and property, plant and equipment is as follows:

• EUR 2.3 million additions to intangible assets
• EUR 9.2 million additions to property, plant and equipment

Further details on our accounting policies for additions under IAS 16, IAS 38 and IFRS 16 are described in Note 5.3 "Significant accounting policies" in the notes to the consolidated financial statements.

Further details on our economic activities can be found in the following reporting tables for turnover, operating expenditure (OpEx) and capital expenditure (CapEx) as defined by the EU Taxonomy.

Legend:

• Y Yes, taxonomy-eligible activity that is taxonomy-compliant with the relevant environmental objective;
• N No, taxonomy-eligible activity, but not taxonomy-compliant with the relevant environmental objective;
• N/EL 'not eligible', activity not taxonomy-compliant for the relevant environmental objective

Turnover 2023

							Substantial contribution criteria			DNSH criteria (Do No Significant Harm)
Economic activities (1)	Co de (s) (2 )	Tu rn ov er 20 23 (3 )	Pr op or tio n o f T ur no ve r 2 02 3 ( 4)	Cl im at e C ha ng e M iti ga tio n ( 5)	Cl im at e C ha ng e A da pt ion (6 )	W at er (7 )	Po llu tio n ( 8)	Ci rc ula r E co no my (9 )	Bi od ive rs ity (1 0)	Cl im at e C ha ng e M iti ga tio n ( 11 )	Cl im at e C ha ng e A da pt ion (1 2)	W at er (1 3)	Po llu tio n ( 14 )	Ci rc ula r E co no my (1 5)	Bi od ive rs ity (1 6)	Mi Proportion of ni Taxonomy m aligned (A.1.) um or -eligible Sa (A.2.) fe turnover gu 2023 (18) ar ds (1 7)	Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) turnover 2022 (19)	Category enabling activity (20)	Category transitional activity (21)
		In EUR m	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)		0	0 %														0 %	0 %
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0 %
Of which enabling		0	0 %
Of which transitional		0	0 %
A.2. Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)		603.5	96.3 %	0 %													0 %	0 %
Data-based solutions to reduce greenhouse gas emissions	CCM 8.2	603.5	96.3 %	N
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		603.5	96.3 %	0 %													0 %	0 %
Turnover of Taxonomy-eligible activities (A.1+A.2) (A)
B. TAXONOMY- NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities (B)		23.2	3.7 %
Total (A + B)		626.7	100 %

Operating expenditures (OpEx)

Total (A + B) 366.2 100 %

				Substantial contribution criteria							DNSH criteria (Do No Significant Harm)
Economic activities (1)	Co de (s) (2 )	Op Ex 20 23 (3 )	(4 Pr ) op or tio n o f O pE x 2 02 3	Mi Cl im tig at at e C ion ha (5 ng ) e	Ad Cl im ap at tio e C n ( ha 6) ng e	W at er (7 )	Po llu tio n ( 8)	Ci rc ula r E co no my (9 )	Bi od ive rs ity (1 0)	Mi Cl im tig at at e C ion ha (1 ng 1) e	Ad Cl im ap at tio e C n ( ha 12 ng ) e	W at er (1 3)	Po llu tio n ( 14 )	Ci rc ula r E co no my (1 5)	Bi od ive rs ity (1 6)	(1 Mi 7) ni m um Sa fe gu ar ds	Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) OpEx 2023 (18)	Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) OpEx 2022 (19)	Category enabling activity (20)	Category transitional activity (21)
		In EUR m	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	%	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N	%	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)		0	0 %														0 %	0 %
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0 %
Of which enabling		0	0 %
Of which transitional		0	0 %
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)		61.1	16.7 %	0%													0 %	0 %
Data-based solutions to reduce greenhouse gas emissions	CCM 8.2	34.4	9.4 %	N
Data processing, hosting and related activities	CCM 8.1	24.8	6.8 %	N
Acquisition and ownership of buildings	CCM 7.7	0.9	0.2 %	N
Electricity generation from hydropower	CCM 4.5	0.2	0.1 %	N
Manufacture of electrical and electronic devices	CE 1.2	0.7	0.2 %	N
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		61.1	16.7 %	0%													0 %	0 %
OpEx of Taxonomy-eligible activities(A.1+A.2) (A)
B. TAXONOMY- NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)		305.1	83.3 %

Capital expenditures (CapEx) 2023

	Substantial contribution criteria DNSH criteria (Do No Significant Harm)
Economic activities (1)	Co de (s) (2 )	Ca pE x 2 02 3 ( 3)	Pr op or tio n o f C ap Ex 20 23 (4 )	Cl im at e C ha ng e M iti ga tio n ( 5)	Cl im at e C ha ng e A da pt ion (6 )	W at er (7 )	Po llu tio n ( 8)	Ci rc ula r E co no my (9 )	Bi od ive rs ity (1 0)	Cl im at e C ha ng e M iti ga tio n ( 11 )	Cl im at e C ha ng e A da pt ion (1 2)	W at er (1 3)	Po llu tio n ( 14 )	Ci rc ula r E co no my (1 5)	Bi od ive rs ity (1 6)	Mi ni m um Sa fe gu ar ds (1 7)	Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) CapEx 2023 (18)	Proportion of Taxonomy aligned (A.1.) or -eligible (A.2.) CapEx 2022 (19)	Category enabling activity (20)	Category transitional activity (21)
		In EUR m	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y /N	Y /N	Y /N	Y/N	Y/N	Y/N	Y/N	%	%	E	T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)		0	0 %														0 %	0 %
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)		0	0 %
Of which enabling		0	0 %
Of which transitional		0	0 %
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)		8.6	75.1 %														0 %	0 %
Data processing, hosting and related activities	CCM 7.7	3.2	28.0 %
Acquisition and ownership of buildings	CCM 8.1	3.0	25.9 %
Manufacture of electrical and electronic devices	CE 1.2	2.4	21.2 %
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)		8.6	75.1 %														0 %	0 %
CapEx of Taxonomy-eligible activities (A.1+A.2)
B. TAXONOMY- NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities (B)		2.9	24.9 %
Total (A + B)		11.5	100 %

Sustainability ratings

TeamViewer uses ESG ratings and the annual feedback process as part of the review and revision of the rating results to comprehensively assess and optimise its own sustainability efforts. The Company critically evaluates the independent rating analyses and derives measures for improvement based on this evaluation. In 2023, TeamViewer's performance in the areas of environmental, social and governance (ESG), among others, was rated by the following ESG rating agencies:

• MSCI: TeamViewer was able to reaffirm the excellent ESG rating it received in the prior year from the global analysis institute MSCI. For 2023, TeamViewer again received a AAA rating (2022: AAA), keeping it in the highest category. With this rating, TeamViewer is among the top 11 % of companies in the software and services industry worldwide. The rating analyses companies' business practices with respect to "Environmental", "Social" and "Governance" aspects and rates each of these pillars with a score from 0 to 10. For 2023, TeamViewer received a score of 6.4 for its environmental activities, 6.0 for social aspects and 7.5 for its governance practices.
• Sustainalytics: TeamViewer improved its ESG risk rating again in the 2023 fiscal year awarded by Morningstar Sustainalytics, an independent ESG market research and rating company. Sustainalytics' ESG risk rating assesses a company's exposure to material industry-specific ESG topics and evaluates how well the company manages the identified risks. With this multi-dimensional measurement, Sustainalytics arrives at an overall ESG risk score that is comparable across all industries. Companies are classified in five

different risk categories, ranging from negligible (0 to 10), low (10 to 20), medium (20 to 30) and high (30 to 40) to severe (40+). In 2023, Sustainalytics awarded TeamViewer an ESG risk rating of 8.6 points (2022: 9.9 points; 2021: 12.8). This rating reflects Sustainalytics' assessment that the risk of TeamViewer facing material adverse financial effects from ESG factors is negligible. With this rating, TeamViewer is now the leader among 431 companies rated within the industry "Enterprise & Infrastructure Software".

• ISS ESG: In 2021, TeamViewer was awarded "Prime" status under the ISS ESG Corporate Rating and has since maintained this rating. The rating is expected to be updated in 2024.
• CDP: The Carbon Disclosure Project (CDP) is an independent, non-profit organisation that encourages companies and governments to disclose their environmental impact, particularly regarding greenhouse gas emissions, climate change risks and environmental protection measures. Climate protection and climate stewardship play a central role in TeamViewer's ESG endeavours. The CDP rating increases the transparency and comparability of companies' climate data and targets worldwide. TeamViewer was rated B in the 2023 fiscal year. TeamViewer thus maintains its rating in the global climate ranking (2022: B, 2021: B-), which is above the industry average and underlines the importance of effective climate protection for the Company.
• EcoVadis: The EcoVadis ESG rating focuses on the upstream and downstream supply chains of companies and analyses their transparency. In 2023, TeamViewer achieved an overall score of 42/100. For the update in 2024, TeamViewer aims to improve this score, for example, by collecting additional data points.

3 Governance and Integrity

Good corporate governance

At TeamViewer, we believe it is our responsibility to maintain and deepen the trust of our shareholders, customers and employees in line with our high standards of corporate governance and responsibility. This trust is an essential prerequisite for our entrepreneurial success. Further details on this topic can be found in Chapter B\_10 "Corporate Governance Statement" in the combined management report.

Respect for human rights

As a responsible global company, TeamViewer is committed to ensuring that human rights are fully respected and protected at all times in its own operations, throughout the value chain and by its own products. TeamViewer respects the international standards for protecting human rights and is committed to observing these standards within its scope of influence. The provisions to this effect are set out in our Code of Conduct and Supplier and Business Partner Code of Conduct, which must be recognised by all suppliers and other business partners.35 They are also encouraged to analyse and assess their own conduct, and TeamViewer reserves the right to conduct its own random checks. In the past fiscal year, there were no anomalies that required taking action.

TeamViewer is guided by the human rights standards highlighted in the United Nations Universal Declaration of Human Rights (UDHR), the European Convention for the Protection of Human Rights and Fundamental Freedoms, the UN Guiding Principles on Business and Human Rights (UNGP) and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work. As a signatory to the United Nations Global Compact, the world's largest and most important initiative for sustainable and responsible corporate governance, TeamViewer also reaffirms its commitment to the integration of the ten universal principles of the UN Global Compact (focus areas: Human Rights, Labour,

³⁵ The current version can be viewed at https://ir.teamviewer.com/websites/teamviewer/English/4700/sustainability-andcorporate-social-responsibility.html.

Environment and Anti-Corruption) into its own business activities, in particular the principles relating to compliance with human rights standards.

TeamViewer's Code of Conduct formalises these beliefs and commitments for all entities and employees. It reflects existing policies to ensure basic standards of business conduct. The aim is to prevent potential human rights violations. Several departments at TeamViewer are tasked with conducting ongoing human rights due diligence processes. They identify and prevent human rights abuses in the Company and in the value chain wherever possible, report risks and actual abuses, eliminate potential negative human rights impacts of our business activities, and seek redress when necessary.

TeamViewer employees receive periodic training on human rights policies and procedures at least once annually. The Company also has a whistleblower system in place to make it possible for TeamViewer and third-party employees to anonymously report potential human rights violations or other incidents.

In the 2023 fiscal year, as in the prior year, there were no significant incidents of human rights violations reported at TeamViewer.

Combating corruption and bribery

TeamViewer is committed to complying with the applicable laws and guidelines when conducting its business activities. The Company has adopted mandatory internal guidelines in an effort to combat any forms of corruption and bribery.

Ethical and transparent conduct in business and between employees, suppliers and business partners is an absolute must. Alongside compliance with statutory anti-corruption provisions, this also includes fairness in business, marketing and competition. The principles, processes and reporting channels are set out in the Code of Conduct, the Anti-Bribery and Corruption Policy, the Supplier and Business Partner Code of Conduct, and the Antitrust and Fair Competition Policy. All employees receive routine training at least once annually. Performing due diligence on our suppliers and partners is also intended to ensure regulatory compliance.

To ensure compliance with the principles of the Anti-Bribery and Corruption Policy, the heads of the Compliance department carry out a review as part of their regular reporting activities. Observations and violations can also be reported anonymously via the whistleblower system or through other channels.

In the 2023 fiscal year, as in the prior year, TeamViewer was not aware of any identified or reported material cases of violations of the provision of the Anti-corruption and Bribery Policy.

Transparency and collaboration

It is TeamViewer's strong conviction that behind every successful business lies transparent communication and open cooperation with the relevant organisations and authorities. TeamViewer aims to consistently maintain the highest level of transparency and disclosure possible in all aspects of its business activities, while complying with regulatory requirements. Information security and privacy are of particular importance in this context (see also Chapter B\_1.6 "Security and data protection" in the combined management report). Communication with external stakeholders, such as ESG rating agencies, will also continue in an open and transparent manner.

Tax transparency

Tax payments are an important part of TeamViewer's economic and social contribution to society. In the 2023 fiscal year, the TeamViewer Group paid a total of EUR 45.6 million in income taxes. Fair and equitable tax systems play an essential role for TeamViewer in every country in which the Company operates. TeamViewer takes a transparent and responsible approach to all tax matters and ensures this by paying its fair share of taxes and cooperating with local tax authorities worldwide in a spirit of trust.

TeamViewer supports the goals of a global tax system that promotes stability and fair taxes for all the countries and companies involved. TeamViewer monitors tax developments, particularly at the OECD level, and aligns its tax strategy accordingly.

Tax strategy

The Company's tax strategy encompasses the following main principles:

• Compliance with applicable tax laws
• Establishment of an organisational structure suitable for the Company's size to ensure adequate tax management
• Application of effective tax risk and compliance management
• Acting as a responsible taxpayer

The tax strategy is in line with TeamViewer's business and sustainability strategies. Paying its "fair share" of taxes has an indirect influence on the Company's achievement of its sustainability goals in the respective countries. TeamViewer rejects tax practices that contradict these goals. As part of this approach, the Company has incorporated the following practices described below:

No aggressive tax planning

TeamViewer applies the current tax regulations based on their prevailing interpretation. This also applies to the avoidance of double taxation through corresponding intergovernmental agreements.

The tax practices applied by TeamViewer, as well as transactions with and between Group companies, are disclosed to the respective tax authorities in the context of tax returns and other notification requirements. The Company also ensures that the pricing of intercompany activities is in line with the OECD arm's length principle and local transfer pricing rules to ensure it pays the appropriate taxes on profits in the countries involved. TeamViewer does not practice aggressive tax planning, such as creating entities without an underlying business purpose or substantial economic substance.

No engagement in tax havens

TeamViewer does not relocate business activities to tax havens in order to avoid taxes that would be incurred elsewhere. The term "tax haven" refers to those jurisdictions contained in the EU's "List of Non-Cooperative Tax Jurisdictions".

Tax governance, tax compliance and tax risk management

Tax governance

TeamViewer's Tax function is the responsibility of the Finance function, which reports to the CFO. The Tax function monitors compliance with the overall tax strategy, ensures alignment on tax issues across the Group, and coordinates local tax requirements within the Group. The remuneration of the employees working in the Tax function is in no way influenced by the Company's tax rate.

Tax compliance

TeamViewer operates in most countries worldwide. In addition to paying taxes on its own income, TeamViewer also withholds sales taxes and other withholding taxes on customer and supplier payments. Tax payments therefore represent a significant portion of the Company's contribution to society. The internal Tax Department provides guidance to the entire Group on how to comply with local tax regulations.

The Company's employees also have access to Group-wide mechanisms, such as a whistleblowing system, to report existing unethical or unlawful behaviour and activities with tax relevance.

Tax risk management

Tax risk management is integrated into the overall Group-wide risk management. The internal tax department identifies, assesses, monitors and manages potential tax risks. The Tax Department exchanges regularly with the Head of Finance regarding tax risks, and external tax experts are consulted in the event of uncertainties.

Stakeholder dialogue and advocacy

TeamViewer believes that responsible tax compliance also benefits economic and social development. TeamViewer supports efforts to sustain a better and more equitable tax system domestically and internationally to balance the different interests of society, politics and the economy. The Company underscores this belief by working cooperatively with the responsible tax authorities.

The Group's responsible persons are not currently members of any tax interest groups or have any related political exchanges.

4 Employees

Human resources management and corporate culture

In an era of general skilled labour shortages, TeamViewer's future success is determined more than ever by its ability to attract, develop and, above all, retain highly qualified and motivated employees. The unique skills, creativity and commitment of our teams are not just the driving force behind our current performance, but also form the foundation for a sustainable future. It is therefore our responsibility to create a work environment that not only attracts talented professionals, but also fosters their personal and professional development. Fostering an inclusive, supportive and inspiring work environment is at the heart of our endeavours as a company, and we are committed to recognising and developing the individual strengths of each individual employee. Through this sustainable focus, we not only strengthen our organisation, but also contribute to creating a positive social and economic impact.

At TeamViewer, we strive to create a work environment that is centred on openness and honesty. This promotes a dynamic atmosphere that gives our employees the freedom to thrive in a digital work environment. Our commitment to this vision is reflected not only in the way we work, but also in the everyday interaction between employees, our leadership team, and managers throughout the organisation.

Employee headcount development

As at 31 December 2023, the TeamViewer Group employed 1,461 FTEs worldwide (31 December 2022: 1,386 FTEs). Consequently, the number of employees was approximately 5 % higher than at the year-end reporting date in the prior year.

Employees by function

Function	2023	2022	YoY change
Sales	584	572	+2 %
Research & Development	399	404	–1 %
Administration	283	243	+16 %
Marketing	113	98	+15 %
Technical Customer Service	83	69	+20 %
Total FTEs	1,461	1,386	+5 %

As at 31 December 2023 in full-time equivalents (FTEs).

Employees by region

Region	2023	2022	YoY change
EMEA	998	947	+5 %
AMERICAS	268	260	+3 %
APAC	195	179	+8 %
Total FTEs	1,461	1,386	+5 %

As at 31 December 2023 in full-time equivalents (FTEs).

Employee retention

The retention of our employees is an extremely high priority at TeamViewer. They are often the foundation of our knowledge base, and inducting new team members requires a significant amount of time and resources. However, this is not the only reason why it is important to us to retain and motivate as many of our employees as possible. In addition to competitive remuneration, attractive supplemental pay for additional or irregular working hours, and additional benefits, we also offer flexible work schedules, an inspiring and dynamic work environment, and individual development opportunities. Our packages are designed to attract and retain the best talent, both globally and locally.

We offer a Company-wide bonus linked to the achievement of our operational and financial targets to ensure that all employees share in the Company's success (sales employees have a separate bonus system). In addition, we introduced an employee share programme for the first time in 2022. As part of this programme, employees worldwide (provided they are still employed by the TeamViewer Group) receive shares in stages over a four-year period, which are initially subject to a vesting period. When the shares are transferred to the employee, all restrictions cease.

In 2023, we continued to gradually grant and later transfer shares to our employees and will continue to do so once annually in the future. This process enables employees to receive additional shares on an ongoing basis.

The flexible work scheduling programmes introduced by TeamViewer in 2021 also turned out to be a major competitive advantage in the recruitment market in 2023. The hybrid work model is particularly advantageous for attracting and retaining employees, but the offer to work part of the year away from home was also popular in 2023. A total of 254 employees worldwide took advantage of this offer. We were able to extend this offer to many more locations in 2023, provided this was permitted under the applicable local regulations.

In addition to location flexibility, our part-time programme also offers time flexibility. At the end of the 2023 fiscal year, 93 employees were participating in this programme.

Following a decline in 2021 and 2022 in line with the trend of the overall industry, employee retention recovered significantly in 2023. With a retention rate of 91 % and a voluntary attrition rate of 9 %, we are back to pre-Covid levels. We calculate employee turnover by dividing the number of employees who actively terminate their employment with TeamViewer by the average monthly number of employees.

Diversity and anti-discrimination

With the publication of a Company-wide Diversity, Inclusion and Non-Discrimination Policy, participation in the UN Global Compact's Target Gender Equality Programme, and the signing of the United Nations Women Empowerment Principles, TeamViewer laid an important foundation for diversity and non-discrimination in the 2021 fiscal year.

Gender equality at all levels is of fundamental importance to TeamViewer. In 2023, we continued to recruit women whenever possible, especially in previously underrepresented areas. TeamViewer applies the principle of equal treatment in all recruitment activities and grants equal pay regardless of gender. We also use inclusive language in our job advertisements and continuously train our employees and managers involved in recruitment on equal treatment and inclusivity. In addition to providing equal pay for new hires, TeamViewer is committed to reviewing gender-specific pay each year and achieving equal pay. As part of our Diversity, Inclusion and Non-Discrimination Policy, we are committed to taking concrete action when the salary difference for a comparable group of employees with the same qualifications, professional experience, company affiliation and regional location is more than 3 %.

As at 31 December 2023, the proportion of women in our global workforce was 34.03 % and largely unchanged compared to the prior year. Our goal is to continue to increase the number of women in our workforce and be a leader in our industry.

	2023	in %	2022	in %
Women	519	34.03 %	493	34.3 %
Men	1,006	65.97 %	943	65.7 %
	1,525	100 %	1,436	100 %

Note: The ratio of women and men as a percentage of the total workforce is based on TeamViewer's total headcount.

TeamViewer attaches particular importance to the promotion of women in management positions and has therefore set itself ambitious targets to promote the proportion of women in management positions in the Group worldwide. The table below shows that TeamViewer has met or exceeded all its targets for women in management positions36 as at 31 December 2023. We have thus taken another important step towards a balanced gender representation for more diversity and inclusion.

This achievement resulted from the Company's current recruitment and promotion initiatives, which include a target of at least 33 % women in management training. In the 2023 fiscal year, 28 % of women were promoted based on their career and management training. In addition, the proportion of women hired across all hierarchies was 38 %, as in the prior year.

	2023	Target	Achievement deadline
Supervisory Board	42.86 %	33.00 %	31 December 2023
Management Board	25.00 %	25.00 %	31 December 2023
Women in management positions worldwide in the Group	33.49 %	33.00 %	31 December 2023

TeamViewer has once again set itself ambitious targets for the proportion of women in management positions in the Group worldwide in the coming years. The management levels and target values have been defined as follows:

	As at 31 Dec 2023	Target	Achievement deadline
Supervisory Board	42.86 %	37.50 %	31 December 2027
	(or 3 of 7)	(or 3 of 8)
Management Board	25.00 %	25.00 %	31 December 2027
	(or 1 of 4)	(or 1 of 4)
Senior Leadership Team	28.57 %	33.33 %	31 December 2027
(SLT)	(or 2 of 7)	(or 2 of 6)
All other management	33.65 %	35.07 %	31 December 2027
positions in the Group worldwide	(or 71 of 211)	(or 74 of 211)

³⁶ As the Group parent company, TeamViewer SE has no employees of its own and therefore no management levels below the Management Board within the meaning of § 76 (4) sentence 1 AktG. The targets for the proportion of women at the levels below the Management Board are therefore set on a voluntary basis.

Employee training and development

In 2023, employees participated in virtual and face-to-face training for an average of 11.8 hours. New employees undergo a training programme that lasts an average of two months. For us, the (further) qualification and development of our employees is a decisive building block for the security and sustainability of the Group. Through our learning management system, we provide our employees globally with both mandatory online training and content for self-directed online learning on a central platform. The content is presented so that the various target groups can easily find relevant topics. Content includes our own internal training on our products, solutions and systems, as well as content from external providers. In this learning environment, employees have access to a catalogue of various topics to choose from. Examples of these topics include the following:

Compliance training

Employees received a total average of four hours of compliance training in 2023. As part of the onboarding process, we make it mandatory for newly hired employees to complete all existing courses – provided they are still current – and to start all learning curricula. During this training, employees are informed about data protection, the Code of Conduct and TeamViewer's diversity policy.

Security training

All TeamViewer employees are required to participate regularly in IT security training to gain essential knowledge about IT security and learn best practices. Employees are provided with guidelines that include information on the use of various software solutions, networks and devices.

Diversity, equality and inclusion training

In the 2023 fiscal year, employees and managers were offered training on unconscious bias. This training supports more positive interaction in the workplace by identifying common examples of unconscious bias to minimise its negative effects and create a more inclusive work culture.

Training for junior managers

This programme is intended for employees who have recently taken on a management role or are expected to do so in the near future. Since 2022, the focus of the programme has shifted to up-and-coming managers to ensure that a growing number of young managers can start their new role well prepared. In 2023, a total of 28 junior managers took part in the programme, 36 % of whom were women.

Training for experienced managers

This hybrid programme offers experienced managers in-depth development opportunities in various full-day modules covering all areas of employee management and mastering an agile environment. In 2023, twelve experienced managers took part in this programme; 42 % of the participants were female, representing a six percentage point increase over the prior year.

All our leadership programmes are interdisciplinary and global in nature. This approach promotes networking across departments and disciplines as well as across our different locations.

Since 2023, we have also provided LinkedIn Learning to all our employees worldwide. It offers topic-specific e-learning courses and lectures for every department, as well as a variety of soft-skill training opportunities.

Health and well-being

In 2023, we once again organised the TeamViewer Health Days event in collaboration with various external partners, including health insurance companies and the company physician. Employees at our headquarters in Göppingen had the opportunity to undergo various general and preventive medical checkups on-site. The event also included virtual events on various health topics such as stress management, nutrition, and exercise, as well as practical courses such as yoga classes, which were also open to all employees.

Flexible work models

At TeamViewer, flexible work models are an integral part of the offers provided by desirable employers. Examples include flexible work schedules, attractive part-time offers and a hybrid work model. With the hybrid work model, employees have an opportunity to find the right balance between working from home and from the respective office location. They also have the option to work part of the year independently away from their place of residence. In order to promote the compatibility of family and career, TeamViewer offers various forms of parental leave within the scope of the legal possibilities and, depending on the location,actively promotes the reintegration of mothers and fathers after their return to work. Further details can be found in the chapter on employee retention.

Feedback and employee engagement

Engagement opportunities in the form of structured feedback are important and highly desirable factors for our motivated and committed employees. At 82 %, the participation of permanent employees in our annual employee survey continued to be very high in 2023. TeamViewer used the comprehensive and diverse insights gained from the survey to create a Company-wide action plan at several levels, both locally and globally. This plan was implemented in 2023 in the form of various optimisation projects.

At TeamViewer, our central and global feedback processes aim to evaluate individual performance, express appreciation, and provide employees with constructive feedback on development potential. Our managers receive comprehensive training on how to give individual feedback and evaluate performance. All non-managerial staff have also been fully informed of the process, especially to enable them to effectively use the self-reflection phase that is part of the process. In the 2023 fiscal year, we continued to develop our feedback processes and tailored them even more specifically to individual roles and career paths. In the 2024 fiscal year, we plan to continue this process for all departments and incorporate our feedback processes into our recently introduced HR system.

Openness and organisational transparency are important to us to ensure our employees are up-to-date on both strategic and operational issues. We use routine staff meetings (all-hands meetings) to help accomplish this. Frequent interaction within teams and across departments is important for employee engagement. We encourage this interaction through our collaboration platforms. Regular updates allow employees to network on a global level and develop a better sense of the open and diverse TeamViewer culture.

To ensure active employee participation, TeamViewer established a World Works Council in fiscal year 2023 to represent the specific local interests of employees vis-à-vis the management at all TeamViewer locations around the world. The council was formed to complement the existing works council for the TeamViewer companies located in Göppingen, Germany.

5 Environmental and Climate Protection

Climate strategy

Protecting the environment and the climate are important concerns for TeamViewer and were categorised as material for the Company in the materiality analysis. Climate and environmental protection are also given high priority as part of our c-a-r-e sustainability programme.

As a provider of remote connectivity software, we recognise the significant potential to make a positive contribution to the decarbonisation of the economy. We realise this by helping customers to reduce CO₂ emissions and by making our own business operations environmentally friendly. Our goal is to use 100 % renewable energy along the entire value chain.

With the inclusion of environmental and climate concerns in our own opportunity and risk management, climate protection has become particularly important for TeamViewer. Accordingly, the corporate and product-related carbon footprint (Scope 1, 2, 3) has been calculated since the 2019 fiscal year.

Together with the Science Based Target Initiative (SBTi), we have set specific, fixed-term absolute targets for reducing greenhouse gas emissions at the corporate level. Our shortterm target (SBTi short-term target) includes a commitment to reduce our absolute Scope 1 and 2 greenhouse gas emissions by 50 % by 2030 compared to the base year 2021. In addition, we aim to reduce absolute Scope 3 GHG emissions from purchased goods, services and capital goods by 37.8 % in the same period. As a long-term target (SBTi long-term target), we are committed to reducing greenhouse gas emissions in scopes 1, 2 and 3 by 90 % by 2040 compared to the base year 2021. This commitment means that TeamViewer has set itself the goal of achieving net zero greenhouse gas emissions across the entire value chain by 2040 – ten years earlier than recommended by the SBTi. The SBTi categorises targets based on longterm temperature trajectories of well below 2°C and 1.5°C. The SBTi validation team has reviewed TeamViewer's target ambitions in Scope 1 and 2 and found them to be in line with the 1.5 °C trajectory. By publishing our SBTi reduction targets, we are committing to reviewing our climate targets according to scientific standards and thus fulfilling our contribution to limiting global warming in line with the Paris Agreement.

In 2023, we created the first version of our Climate Transition Plan, which fleshes out our decarbonisation strategy. This plan sets clear targets to ensure we meet our short-, mediumand long-term environmental goals. The Climate Transition Plan is the foundation of our efforts to ensure that we act consistently and transparently, and it reaffirms our commitment to taking corporate responsibility for active climate protection. Building on this, we began investing in the long-term storage of carbon dioxide emissions in 2023.

We follow industry standards and undergo regular external audits to ensure the validity of our climate strategy. Our participation in the Carbon Disclosure Project (CDP) reporting since 2021 and the improvement of our score from "B" to "B+" in 2023 confirm TeamViewer's active environmental management.

Environmental protection

Environmental protection is an important issue throughout TeamViewer's value chain. Our Code of Conduct, as well as our Supplier and Business Partner Code of Conduct, outline basic principles for resource-efficient behaviour. TeamViewer strives to use energy, water, and other natural resources responsibly throughout its operations. The Company optimises its energy efficiency and favours renewable energy sources. Education is seen as a key factor for future improvements in environmental protection. Employees are trained internally about ways to save resources.

In 2023, no environmentally relevant incidents occurred and no corresponding fines were imposed.

Climate protection and the path to net zero greenhouse gas emissions

TeamViewer was founded in 2005 with the primary goal of transcending physical distance by enabling users to connect to computers and other devices remotely. Not only does this create efficiencies in the form of time and cost savings for our customers, but it also helps reduce carbon emissions by eliminating travel.

Our overarching environmental goal is to enable companies and individuals to reduce their carbon footprint by providing user-friendly technology that allows people to connect from anywhere, any time. As a company, TeamViewer is committed to reducing its own emissions and plans to remove the remaining emissions from the atmosphere and store them for the long term in accordance with the Science Based Target Initiative.

In 2023, we began investing in a portfolio of diverse carbon dioxide removal (CDR) methods to remove a portion of our greenhouse gas emissions (2,695 metric tonnes of CO₂e) from the atmosphere for long-term storage. This measure is not included in the calculation of the corporate carbon footprint (CCF). As shown in the chart "TeamViewer's pathway to net zero emissions", we plan to significantly increase the volume of CDR from 2025 onwards.

Emission reduction measures

TeamViewer has defined five key measures to achieve its reduction targets:

• 1. Renewable energy
  2. Sourcing data services with 100 % renewable energy
  3. Office buildings powered by 100 % renewable energy
• 1. Influence the supply chain
  2. Require suppliers to define carbon emission reduction targets
• 1. Increase product efficiency
  2. Reduce the data intensity of our services, thereby reducing energy requirements along the entire value chain
• 1. Emission-efficient business travel
• Increase use of rail and public transport and avoid short-haul flights
• 1. Hybrid workplace model
  2. Reduce emissions from work commuting by working 60 % from home

Beyond these five measures, TeamViewer is investing substantially in improving data quality. This will involve increasing the proportion of primary data from the Company's own operations and supply chain, as well as improving the quality of the carbon footprint calculation.

TeamViewer also strengthens its commitment to achieving its reduction goals by linking Management Board compensation to clearly defined ESG targets. Starting in fiscal year 2023, clearly measurable reductions in CO₂ emissions have been defined as personal performance criteria for the individual members of the Management Board. This is in addition to the ESG targets of employee satisfaction, proportion of women, compliance, and safety (see Chapter B\_8 "Remuneration report").

TeamViewer lives up to its responsibility towards society and shareholders by consistently and sustainably modernising its own supply chain and the associated procurement processes. The goal is to create an end-to-end sustainable supply chain and anchor it in the procurement processes.

The targeted realignment of structures is based on a multi-stage approach. It encompasses the areas of sustainability and environment, and specifically the carbon footprint of the supply chain; labour and human rights, as regulated in the Supply Chain Duty of Care Act, among others; and compliance aspects, such as corruption, data protection and others.

In addition to longstanding measures to satisfy minimum legal requirements, a comprehensive review of the current situation is underway. This includes the involvement of leading platforms for quantifying the status of sustainability in the various areas.

We are also holding discussions and meetings with our largest suppliers, including cloud providers, in order to promptly begin implementing improvements. These will involve areas such as energy and resource consumption, as well as ensuring that TeamViewer's partners also pursue clear and realistic sustainability goals. The basis for discussions is TeamViewer's Code of Conduct for Suppliers and Business Partners, which all suppliers are required to sign.

The next steps will be to embed all the principles in revised procurement processes and guidelines, and to provide annual training to employees in these areas. This will ensure that sustainability factors are considered just as carefully in the future for procurement as they are in purely commercial terms.

Reporting based on the data collected will ultimately allow TeamViewer to make targeted and continuous improvements. This will reduce the risk of engaging with the wrong partners, generate significant mid-term economic benefits, and drive a progressive approach to meeting sustainability goals.

TeamViewer technology protects the environment

Remote connectivity can have a significant positive impact on achieving global climate targets. To quantify this effect, TeamViewer, together with external consultants, quantified for the first time the CO₂ savings attributable to the use of TeamViewer products in the year 2019.

The study of our CO₂ savings was repeated in fiscal 2023. It was based on the CCF (Corporate Carbon Footprint) as defined by the Greenhouse Gas (GHG) Protocol and a product carbon footprint (PCF) derived from it. An analysis of anonymous connection data was then combined with feedback from private and commercial users on their usage and associated travel patterns. This was further verified by additional expert interviews. According to the results, TeamViewer helped non-commercial users and customers to avoid between 15.6 and 44.8 million tonnes of CO₂ emissions in 2022. As studies of this nature are largely based on assumptions, a further sensitivity analysis of the results was carried out. The scenario deemed most realistic by internal and external experts corresponds to an avoidance of 41 million tonnes of CO₂. The entire study was critically reviewed by TÜV SÜD.

Carbon footprint

In the 2023 fiscal year, TeamViewer continued to record its greenhouse gas emissions in compliance with the GHG Protocol and plans to continue to do so annually. The calculation of the carbon footprint for 2023 was performed in cooperation with external consultants and subsequently verified by third parties.

The emissions determined in tCO₂e are distributed across scopes 1 to 3 as follows:

Development of CO₂ emissions

In CO₂e tonnes	2021	2022	2023	YoY change
Scope 1	222	353	202	–43 %
Scope 2	255	54	31	–41 %
Scope 3	38,665	28,443	24,276	–15 %
Total CO₂ footprint	39,142	28,850	24,510	–15 %

Development of CO₂ emissions per EUR m in revenue

In CO₂e tonnes /EUR m	2021	2022	2023	YoY change
Scope 1	0.4	0.6	0.3	–48 %
Scope 2	0.5	0.1	0.05	–47 %
Scope 3	77.2	50.3	38.7	–23 %
Total CO₂ footprint	78.1	51.0	39.1	–23 %

In the 2023 fiscal year, TeamViewer's total net CO2 emissions decreased by 15 % year-on-year, corresponding to a reduction of approximately 4,300 metric tonnes of CO₂e. A key factor in this reduction was our close cooperation with our suppliers, who are also committed to reducing emissions. The reduction was also due to a considerable improvement in the quality of the incoming data. Where possible, we also ensure that our electricity consumption is fully sourced from renewable energy sources. Our primary goal is to purchase renewable energy directly. In cases where this was not yet possible in fiscal year 2023, we used electronically documented Energy Attribute Certificates (EACs) as verification.

Starting with the 2023 fiscal year, we are aligning our calculation and disclosure with the SBTi requirements. The prior-year figures have been adjusted accordingly.

6 Energy, Waste and Water Management

Energy

Year	Absolute energy consumption (in kWh)	YoY change (in %)	Relative energy consumption per employee (in kWh)	YoY change (in %)	Relative energy consumption per EUR m in revenue (in kWh)	YoY change (in %)
2023	4,329,313	33 %	2,963	26 %	6,908	20 %
2022	3,256,292	–2 %	2,349	4 %	5,754	–13 %
2021	3,328,197	–23 %	2,306	–44 %	6,643	–29 %
2020	4,309,053	–1 %	4,088	–44 %	9,386	–29 %
2019	4,336,024	–	5,036	–19 %	11,112	–16 %

In line with the achievement of our reduction targets, we also oblige our suppliers to achieve greater efficiency and a rapid transition to renewable energy sources. This is monitored through a due diligence process as part of the globally binding Supplier & Business Partner Code of Conduct.

Waste

Waste separation options have been introduced at all German sites in recent years and are increasingly being rolled out and optimised globally. To avoid single-use plastics, we provide washable and reusable dishes, cutlery, drinking cups and water dispensers at nearly all locations.

Extending the lifetime of our IT and electrical equipment is particularly important to us. After three years on average, our equipment is sorted but not scrapped. Instead, it is sold to secondary recycling partners (or, in some cases, donated locally) and reused after undergoing a technical and data protection overhaul.

Year	Absolute waste volume (in kg)	YoY change (in %)	Relative waste volume per employee (in kg)	YoY change (in %)	Relative waste volume per EUR m revenue (in kg)	YoY change (in %)
2023	38,063	7 %	26	7%	61	7 %
2022	35,408	–5 %	24	–5 %	56	–5 %
2021	37,274	1 %	26	1 %	59	1 %
2020	36,817	–18 %	25	–52 %	59	–49 %
2019	44,864	–	52	–	115	–

Water management

Year	Absolute wastewater volume 3 (in m )	YoY change (in %)	Relative wastewater volume per employee (in m 3 )	YoY change (in %)	Relative wastewater volume per EUR m revenue	YoY change (in %)
2023	7,179	–36 %	5	–40 %	11	–43 %
2022	11,275	–2 %	8	–49 %	20	–57 %
2021	11,550	83 %	16	167 %	46	229 %
2020	6,298	+1 %	6	–14 %	14	–13 %
2019	6,257	–	7	–	16	–

The use of fresh water was also calculated globally for all offices for the first time in 2023:

Year	Absolute fresh water volume (in m 3 )	YoY change (in %)	Relative fresh water volume per employee (in m 3 )	YoY change	Relative fresh water volume per EUR m revenue (in m 3 )	YoY change (in %)
2023	3,377	–	2	–	5	–

7 Social Responsibility

Our understanding

As a global company, TeamViewer assumes responsibility worldwide for its business activities, for the climate and the environment, for its employees and, most of all, for the local communities in which our offices are located. Our social commitment is based on the principles of our sustainability programme c-a-r-e: collaboration, access, reduction and equity.

The aim of all our social activities is to strengthen the community, promote exchange between people and thereby build a foundation for cultural diversity and participation. By actively supporting schools and universities, we increase the educational opportunities of young people and young adults through better access to technology.

Our external actions go hand in hand with our internal sustainability projects, which are described in the c-a-r-e sustainability programme section of this non-financial report.

Our contribution

TeamViewer's commitment comprises three dimensions, from indirect support for organisations and the targeted promotion of selected local initiatives to the personal commitment of TeamViewer employees on-site.

The first dimension includes our "TeamViewer for Good" programme. We offer licences for our solutions to charitable institutions worldwide at significantly reduced prices and sometimes even free of charge. We donated more than 1,500 licences this way in 2023.

At a local level, we have a partnership with the University of Applied Sciences, located in Göppingen, where TeamViewer is headquartered, particularly to support the technology degree programmes. We award several scholarships each year to students for science degree programmes in order to carry out research. We also support the Girls' Digital Camp of the University, which aims to get young girls interested in STEM subjects (mathematics, computer science, natural sciences and technology). In addition, we sponsor several initiatives aimed at giving pupils better access to technology, including Tech4Girls, an initiative by the non-profit organisation TechEducation, which aims to bridge the gender gap in IT. With the help of a donation from TeamViewer, two schools in low-income areas of Berlin can now participate in this programme.

We are also engaged at our locations in Germany, Greece, Australia and the USA to strengthen the local community. Through donations, we support smaller sports clubs, mental health initiatives and social programmes, as well as organisations that promote climate protection, diversity and integration.

Our employees were also personally active last year in contributing their knowledge and experience to their communities. In Armenia and Greece, for example, we invited grade school and high school girls to our offices to give them a first-hand impression of career opportunities in the tech sector. At our headquarters in Göppingen, colleagues offered a programming workshop in collaboration with a local initiative, in which participants were able to gain their first experience in creating applications.

E – Further Information

195 E – Further Information – 7 Social Responsibility

1 Index for GRI, SDG, UN Global Compact, WEPs and SASB

Chapter in Non-financial Report	GRI	SDGs	UNGC Principles	WEPs
01 Fundamentals of the Non-financial Report
02 Sustainability at TeamViewer
Double materiality analysis	3, 102– 15 103–1 201–2	4, 5, 7, 8, 9, 10, 12, 13, 16, 17		1, 2, 3, 4
Sustainability targets		4, 5, 7, 8, 9, 10, 12, 13, 16, 17	8, 9	2, 7
Sustainability management	102–29 103–2	4, 5, 7, 8, 9, 10, 12, 13, 16, 17	7, 8	1, 7
03 Governance and integrity
Respect for human rights	407, 408, 409	5, 8, 10	1, 2, 3, 4, 5, 6	2
Combating corruption and bribery	205, 206	16, 17	10
Transparency and collaboration	207	16, 17
04 Employees
Human resource management and corporate culture	102–8	8, 10	6, 8, 10	1, 2
Employee headcount development	2-7, 405, 406	5, 8	6	1, 7
Employee retention		5, 8, 10	6
Diversity and anti-discrimination	405, 406	5, 8, 10	6	1, 2, 5, 6, 7
Employee training and development	404	4, 8	6	1, 2, 4, 7

Chapter in Non-financial Report	GRI	SDGs	UNGC Principles	WEPs
Health and well-being	403	3, 8		3
Flexible work models	401–2	8		2, 3
Feedback and employee engagement	102–43 403–4	8	2
05 Environment and climate protection
Climate strategy	103–2 308	12, 13, 17	7, 8
Environmental protection	302, 305	12, 13	7, 8
Climate protection and the path to net zero greenhouse gas emissions	302, 305	13, 17	7
Carbon footprint	302, 305	12, 13	7
06 Energy management, waste management and water management
Energy	302	7, 12, 13, 15	7
Waste	306	12, 13, 15	7
07 Social responsibility
Our understanding	413	4, 5, 8, 10, 12, 13, 17	1, 8	1, 2, 4, 6
Our contribution	413	4, 5, 17	8	1, 2, 4, 6

Overview of the references to relevant Sustainability Accounting Standards Board (SASB) Standards

Annual Report 2023 chapter references	SASB
Group fundamentals (Combined management report)	TC -SI -000.A
Financial statement TeamViewer SE	TC -SI -000.A
Security and data protection (Combined management report)	TC -SI -000.B
Financial statement TeamViewer SE	TC -SI -000.B
Security and data protection (Combined management report)	TC -SI -000.C
Financial statement TeamViewer SE	TC -SI -000.C
Energy management, waste management and water management (Non -Financial Report)	TC -SI -130a.1
Energy management, waste management and water management (Non -Financial Report)	TC -SI -130a.2
Climate protection and the path to net zero greenhouse gas emissions (Non - Financial Report)	TC -SI -130a.3
Security and data protection (Combined management report)	TC -SI -220a.1
Markets and distribution (Combined management report)	TC -SI -220a.5
Respect for human rights (Non -Financial Report)	TC -SI -220a.5
Security and data protection (Combined management report)	TC -SI -230a.2
Employees (Combined management report and Non -Financial Report)	TC -SI -330a.1
Employees (Combined management report and Non -Financial Report)	TC -SI -330a.2
Diversity and anti -discrimination (Non -Financial Report)	TC -SI -330a.3
Combating corruption and bribery (Non -Financial Report)	TC -SI -520a.1
Opportunities and risks report (Combined management report)	TC -SI -550a.1
Opportunities and risks report (Combined management report)	TC -SI -550a.2

2 List of Abbreviations

ACV	Annual contract value
AEMR	Universal Declaration of Human Rights, Allgemeine Erklärung der Menschenrechte
AG	Stock corporation, Aktiengesellschaft
AGM	Annual General Meeting
AktG	Stock Corporation Act, Aktiengesetz
AI	Artificial intelligence
AMERICAS	North, Central and South America
APAC	Asia-Pacific
AR	Augmented reality
ARR	Annual recurring revenue
ARUG II	German act implementing the second shareholder rights directive, Gesetz zur Umsetzung der zweiten Aktionärsrichtlinie
ASP	Average selling price
BGB	German Civil Code, Bürgerliches Gesetzbuch
CAGR	Compound annual growth rate
c-a-r-e	Collaboration, access, reduction, equity
CC	Constant currency
CCF	Corporate carbon footprint
CCO	Chief Commercial Officer
CDS	Credit default swap
CEO	Chief Executive Officer
CFO	Chief Financial Officer
CHRO	Chief Human Resources Officer
CIPP/E	Certified information privacy professional/Europe
CGU	Cash-generating unit
CISO	Chief information security officer

CMS	Compliance Management System
CoC	Code of conduct
COSO	Committee of sponsoring organizations of the treadway commission
CPTO	Chief Product & Technology Office
CRM	Customer relationship management
CSIRT	Computer security incident response team
CSR	Corporate social responsibility
CSRD	Corporate Sustainability Reporting Directive
CSR-RUG	CSR Directive Implementation Act, CSR-Richtlinie-Umsetzungsgesetz
CVE	Common vulnerabilities and exposures
DD	Director's dealings
DMA	Double Materiality Assessment
GCGC	German Corporate Governance Code
GDP	Gross domestic product
EAC	Energy attribute certificate
EBIT	Earnings before interest and taxes
EBITDA	Earnings before interest, taxes, depreciation and amortisation
ECB	European Central Bank
EMEA	Europe, Middle East, Africa
EONIA	Euro overnight index average
EPP	Employee participation programme
EPS	Earnings per share
ERP	Enterprise resource planning
ESG	Environmental, social, governance
EU	European Union
EUR	Euro

FCFE	Levered free cashflow
FED	Federal Reserve
FIRST	Forum of incident response and security teams
FTE	Full-time equivalent
GBP	British pound
GDPR	General Data Protection Regulation
GHG	Greenhouse gas emissions
GmbH	Limited liability company
GRI	Global Reporting Initiative
Hapibot	Hapibot Studio Unipessoal Lda
HGB	German commercial code, German accounting standards
HIPAA	Health Insurance Portability and Accountability Act
HITECH	Health Information Technology for Economic and Clinical Health Act
HoldCo	TigerLuxOne Holdco S.C.A.
IAPP	International Association of Privacy Professionals
IAS	International Accounting Standards
IASB	International Accounting Standards Board
IDW	German Institute of Public Auditors, Institut der Wirtschaftsprüfer in Deutschland
IFRS	International Financial Reporting Standards
IFRS IC	IFRS Interpretations Committee
IfW	Kiel Institute for the World Economy
ILO	International Labour Organization
IMF	International Monetary Fund
IoT	Internet of Things
IPO	Initial public offering
IR	Investor relations
ISMS	Information Security Management System
IT	Information technology
LGBTQIA+	Lesbian, gay, bisexual, transgender, queer, intersexual, asexual, +

LTI	Long-term incentive
LTIP	Long-term incentive plan for Management Board members of the company
LTM	Last twelve months
MAR	Market Abuse Regulation
MEP	Management equity participation
MR	Mixed reality
MYD	Multi-year deals
NGO	Non-governmental organization
NPS	Net promoter score
NRR	Net retention rate
OECD	Organisation for Economic Co-operation and Development
OEM	Original equipment manufacturer
OT	Operational technology
PC	Personal computer
PCF	Product carbon footprint
PEC	Preferred equity certificates
PPA	Purchase price allocation
PSIRT	Product security incident response team
PSU	Phantom stock unit
PwC	PricewaterhouseCoopers GmbH auditor
R&D	Research and development
RaaS	Remote as a Service
RCF	Revolving credit facility
RSU	Restricted stock units, employee shares
SaaS	Software as a Service
SARs	Share appreciation rights
SBB	Share buyback
SBTi	Science Based Targets initiative
SDG	Sustainable Development Goals
SE	Societas Europaea

SIC	Standing interpretations committee	UFCF	Unlevered free cash flow
SIEM	Security Information and Event Management System	UK	United Kingdom
SLT	Senior leadership team
SMB	Small and medium-sized businesses	UN	United Nations
SOAR	Security Orchestration, Automation and Response	UNGC	United Nations Global Compact
SOC	Security operations centre
S-SDLC	Secure software development life cycle	USA	United States of America
STEM	Science, technology, engineering and mathematics	USD	US dollar
STI	Short-term incentive	VDP	Vulnerability disclosure policy
TISAX	Trusted Information Security Assessment Exchange	WACC	Weighted average cost of capital
TLO	Tiger LuxOne S. à r.l.	WEP	Women empowerment principles
TOM	Technical and organisational measures
TR	Total remuneration
TSR	Total shareholder return

UFCF	Unlevered free cash flow
UK	United Kingdom
UmwG	German Transformation Act, Umwandlungsgesetz
UN	United Nations
UNGC	United Nations Global Compact
UNGP	UN Guiding Principles on Business and Human Rights
USA	United States of America
USD	US dollar
VDP	Vulnerability disclosure policy
WACC	Weighted average cost of capital

3 KPI Glossary

This KPI glossary 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 believes that these APMs provide an additional, deeper understanding of the Company's performance. TeamViewer has defined each of the following APMs as follows:

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.

Adjusted EBITDA (non-IFRS) [Definition until 2022; also referred to as adjusted (billings) EBITDA] is defined as operating income (EBIT) according to IFRS, plus depreciation and amortisation of tangible and intangible fixed assets (EBITDA), adjusted for the change in deferred revenue recognised in profit or loss in the period under review and 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 sharebased compensation schemes and other material special items that are presented separately to show the underlying operating performance of the business.

Adjusted EBITDA margin (definition until 2022; also referred to as adjusted (billings) EBITDA margin) means adjusted EBITDA as a percentage of billings.

Adjusted EBITDA (definition as of FY 2023 onwards; also referred to as adjusted (revenue) EBITDA) is defined as operating income (EBIT) according to IFRS, plus depreciation and amortisation 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 (definition from FY 2023 onwards, also referred to as adjusted (revenue) EBITDA margin) means adjusted EBITDA as a percentage of revenue.

Retained billings means recurring billings (renewals, cross- and upselling) attributable to retained subscribers who were subscribers in the previous twelve-month period.

New billings means recurring billings attributable to new subscribers.

Non-recurring billings means billings that do not recur, such as professional services and hardware reselling.

Net retention rate (NRR) means the retained billings of the last twelve months (LTM), divided by the total recurring billings (retained billings + new billings) of the previous twelve-month period (LTM-1). The total recurring billings of the LTM-1 period are adjusted for multi-year deals (MYD).

Annual recurring revenue (ARR) is annualised recurring billings for all active subscriptions at the reporting date.

Number of subscribers means the total number of paying subscribers with a valid subscription at the reporting date.

SMB customers means customers with ACV across all products and services of less than EUR 10,000 within the last twelve-month period. If the threshold is exceeded, the customer will be reallocated.

Enterprise customers means customers with ACV across all products and services of at least EUR 10,000 within the last twelve-month period. Customers who do not reach this threshold will be reallocated.

Churn (subscribers) is calculated by dividing the number of retained subscribers at the reporting date by the total number of subscribers at the previous year's reporting date.

Average selling price (ASP) is calculated by dividing the total SMB/Enterprise billings of the last twelve months (LTM) by the total number of SMB/Enterprise subscribers at the reporting date.

Annual contract value (ACV) is used to distinguish different pricing buckets within SMB and Enterprise. The ACV is defined as the annualised value of one SMB/Enterprise contract.

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, amortisation related to business combinations, other non-recurring income and expenses and related tax effects.

Adjusted basic earnings per share (Adjusted EPS) 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.

⁴ Financial Calendar 7 May 2024

Q1 2024 Results

7 June 2024

Annual General Meeting

Q2 2024 Results/Half -year Report 2024

6 November 2024

Q3 2024 Results

5 Imprint

Investor Relations

ir@teamviewer.com

Public Relations press@teamviewer.com

Publisher

TeamViewer SE Bahnhofsplatz 2 73033 Göppingen Germany

Design

HGB Hamburger Geschäftsberichte GmbH & Co. KG

www.teamviewer.com

www.hgb.de

6 Disclaimer

Certain statements in this report 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.

TeamViewer's actual results may differ materially and adversely from any forward-looking statements discussed in this report due to several factors, including and 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 resulting from new information, future events, or otherwise.

Percentage change data and totals presented in tables throughout this report are generally calculated on unrounded numbers. Therefore, numbers in tables may not add up precisely to the totals indicated. For the same reason, percentage changes may not precisely reflect the change based on the rounded figures.

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 believes that these APMs provide an additional, deeper understanding of the Company's performance. A complete overview of the APMs contained in this report and the corresponding definitions can be found in the glossary of key figures (E\_3) .

TeamViewer SE Bahnhofsplatz 2 73033 Göppingen Germany

206 E – Further Information

–

6 Disclaimer

www.teamviewer.com

TeamViewer SE

–

Annual Report

2023