$\square$ TeamViewer

Annual Report

TeamViewer at a glance

	FY 2024	FY 2023	$\Delta$ YoY
Sales
Revenue (in EUR million) ${ }^{1}$	671.4	626.7	$+7 \%$
Annual Recurring Revenue (ARR) (in EUR million) ${ }^{2}$	684.1	644.1	$+9 \%$
Billings (in EUR million) ${ }^{3}$	699.7	678.0	$+7 \%$
			$+4 \%$
Number of subscribers (reporting date) (in thousands)	644	632	$+2 \%$
Net Retention Rate (NRR) (on ARR, cc), Enterprise ${ }^{4,5}$	$100 \%$	$94 \%$	$+5 p p$
Profits and margins
Adjusted EBITDA (in EUR million)	296.7	260.5	$+14 \%$
Adjusted EBITDA margin (Adjusted EBITDA in \% of revenue)	$44 \%$	$42 \%$	$+3 p p$
EBITDA (in EUR million)	252.6	221.9	$+14 \%$
EBITDA margin (EBITDA in \% of revenue)	$38 \%$	$35 \%$	$+2 p p$
EBIT (in EUR million)	206.4	166.6	$+24 \%$
EBIT margin (EBIT in \% of revenue)	$31 \%$	$27 \%$	$+4 p p$
Cash flows
Cash flows from operating activities (in EUR million)	249.2	229.9	$+8 \%$
Cash flows from investing activities (in EUR million)	(12.8)	(29.6)	$-57 \%$
Levered Free Cash Flow (FCFE) (in EUR million)	215.3	198.8	$+8 \%$
Cash conversion (FCFE/adjusted EBITDA)	$73 \%$	$76 \%$	$-4 p p$
Cash and cash equivalents (in EUR million)	55.3	72.8	$-24 \%$
Other
R\&D expenses (in EUR million)	(79.9)	(80.1)	$0 \%$
Employees, full-time equivalents (FTEs) (reporting date)	1,586	1,461	$+9 \%$
Earnings per share - basic (in EUR)	0.77	0.66	$+16 \%$
Adjusted earnings per share - basic (in EUR)	1.05	0.88	$+20 \%$

${ }^{1}$ Revenue growth rate in constant currency (cc) eliminates foreign currency effects related to Last Twelve Months Billings.
${ }^{2}$ Annual Recurring Revenue calculation logic changed from previous quarters. Previous year's numbers have been re-calculated based on the new logic. Previously reported Annual Recurring Revenue (ARR) (in EUR $m$ ) based on Billings was EUR 645.5 million in FY 2023 and EUR 689.1 million in FY 2024, $6 \%$ yrs growth.
${ }^{3}$ Billings growth rate in constant currency (cc) translates Billings in foreign currencies using the average exchange rates from the comparative period instead of the current period.
${ }^{4}$ Net Retention Rate on Group level is now calculated on Annual Recurring Revenue in constant currency. Group NRR (on ARR, cc) in FY 2024 was $98 \%$. Previously reported Group NRR
based on Billings was $104 \%$ in FY 2023 and $102 \%$ in FY 2024, which amounts to a delta of -3 pp yrs.
${ }^{5}$ Enterprise Net Retention Rate is now calculated on Annual Recurring Revenue in constant currency. Previous year's numbers have been re-calculated based on the new logic. Previously reported ENT NRR based on Billings was $108 \%$ in FY 2023 and $114 \%$ in FY 2024, which amounts to a delta of +8 pp yrs .

IMPORTANT NOTICE

This report is a non-binding English translation of the German Annual Report 2024 including the Independent Auditor's attestations and reports.

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Definition of TeamViewer
TeamViewer refers to the TeamViewer Group, comprising 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.

TeamViewer -
the Digital
Workplace company

Creating a world that works better

The result for companies: increased customer and employee satisfaction, reduced machine downtime, time and cost savings, faster onboarding of new colleagues and overall higher productivity.

Against the backdrop of global digital transformation and challenges like the shortage of skilled labor, hybrid working, accelerated data analysis and the rise of AI, TeamViewer's solutions offer a clear value add for employees in their digital workplace, as well as for companies and society.

Customers from all over the world and across all industries use TeamViewer to digitalize processes along the entire value chain and achieve impressive results.

Faster onboarding
Onboarding time reduced by $93 \%$ with augmented reality

A - To our Shareholders ..... 7
B - Combined Management Report ..... 21
C - Consolidated Financial Statements ..... 130
D - Remuneration Report 2024 ..... 205
E - Further Information ..... 228

A - To our Shareholders

1 Letter from the Management Board
2 Report of the Supervisory Board
3 TeamViewer on the Capital Market
B - Combined Management Report
1 Group fundamentals
22
2 Employees
3
3 Economic report
4 Sustainability Statement
5 Events after the reporting date
6 Opportunity and risk report
7 Outlook
8 Takeover-relevant information
9 Corporate Governance Statement
10 Management report of TeamViewer SE

C - Consolidated Financial Statements

1 Consolidated Statement of Profit and Loss and other Comprehensive Income from 1 January to 31 December
2 Consolidated Statement of Financial Position as at 31 December
3 Consolidated Statement of Cash Flows
from 1 January to 31 December
4 Consolidated Statement of Changes in Equity
5 Notes to the Consolidated Financial Statements
6 Release Date for Publication
7 Responsibility Statement
8 Independent Auditor's Attestations

7 D - Remuneration Report 2024

1 Introduction
2 Principles of Management Board remuneration
3 Management Board remuneration in the 2024 fiscal year
4 Remuneration of the Supervisory Board
5 Comparative presentation of earnings development and annual change in remuneration
6 Auditor's Report
226

E - Further Information

1 List of Abbreviations
2 KPI Glossary
3 Financial Calendar
4 Imprint
5 Disclaimer

A - To our Shareholders

1 Letter from the Management Board

Dear Shareholders,

Looking back at the year 2024, at TeamViewer, we have been able to implement significant advancements and make trailblazing decisions that set the course for our company's successful future. We accelerated product innovation and integrated artificial intelligence (AI) into our solutions, addressing the dominant technology theme of our times. Moreover, we won important new customers and expanded our technology partnerships. At the end of the year, we announced the strategically significant acquisition of 1E, marking a pivotal next step in our company's development.

Acquisition of 1E: Creating a leading end-to-end solution for the digital workplace

A key highlight of the reporting year came just before the turn of the year. In December 2024, we announced our acquisition of the British software company 1E for approximately USD 720 million - TeamViewer's largest acquisition to date. This strategic move is an investment in our future and positions us as a leading player in the digital transformation of the workplace.

With approximately 300 employees in the United Kingdom, Ireland, U.S., and India, 1E is a leading provider of Digital Employee Experience (DEX) software. Its solutions provide companies with real-time visibility into their IT landscape, instantly detecting emerging issues and automatically resolving them directly on the device. We are integrating our remote connectivity and support solutions with 1E's autonomous IT platform, creating an industry-leading end-to-end solution for IT processes, intelligent endpoint management, and an enhanced user experience in the digital workplace.

Product innovations: AI and Smart Service for greater work efficiency

On the product side, TeamViewer took a decisive step forward, particularly in the second half of 2024. We launched "Session Insights," an AI-powered feature that enables users of TeamViewer's remote connectivity solutions to boost efficiency and streamline their processes. The AI tool automatically summarizes the contents of a TeamViewer remote connectivity session, eliminating the need for time-consuming manual documentation, facilitating handovers within teams, and enabling better decision-making in IT support. Shortly after the launch, at the Microsoft Ignite conference in Chicago, we introduced the

Oliver Steil
CEO

Michael Wilkens
CFO

Peter Turner
CCO (until 31 January 2025)

Mark Banfield
CCO (since 1 February 2025)

Integration of this AI feature into Microsoft Teams and Copilot, providing IT teams with even more powerful support functions within their familiar work environments.

At the end of 2024, we introduced our "Smart Service" solution that combines our remote connectivity offer for businesses with augmented reality (AR) support. These features are tailored for use in operational technology (OT) environments, specifically in the field of machinery and equipment. They enable manufacturers to enhance their technical customer service and minimize costly downtime for their customers.

In recognition of our strong innovation capabilities in product development, TeamViewer received multiple awards in 2024. The renowned analyst firm PAC ranked us as the top provider of a connected worker platform in the area of augmented reality. We were also recognized by the leading U.S. industry magazine "XR Today" for TeamViewer Frontline as the best AR solution for field service applications.

Success stories from customers around the world

On the customer side, we continued to build on our global success in 2024. Our portfolio serves companies of all sizes, industries, and regions - from SMBs to large corporations from our well-known remote connectivity software to innovative solutions in spatial computing. TeamViewer closed significant deals in all regions in key sectors such as engineering, energy, financial services, retail, and healthcare technology. Our enterprise customers include global corporations like Volvo Trucks, Sony, and Henkel, as well as industry leaders such as the Swiss retailer Coop and the Japanese machine manufacturer Amada.

As part of our global marketing strategy, some of these customers shared their unique success stories with TeamViewer in a short video. This resulted in a series of compelling films, including one featuring Swiss machine manufacturer Bobst using TeamViewer for global technical support and another highlighting the Australian healthcare company Uniting, which uses augmented reality to greatly improve elderly care processes.

Midway through the year, TeamViewer successfully demonstrated that the continuous high investments in our cybersecurity posture are paying off. As we were confronted with a cyberattack, we quickly detected, investigated and remediated the incident. A diligent investigation with leading cybersecurity experts from Microsoft confirmed that the incident was contained within our internal corporate IT environment and that the separated product environment, connectivity platform, and all customer data had not been affected. The swift solution of the incident and transparent communication ensured our customers' continued trust in TeamViewer's products.

TeamViewer as a key partner in the global technology ecosystem

In the reporting year, TeamViewer reinforced and expanded its role as a key player in the global technology ecosystem. At the beginning of the year, we partnered with Almer, a pioneer in augmented reality headsets, who was acquired by industry leader RealWear in the fall, to launch an innovative hardware-software bundle for industrial use. By combining cutting-edge hardware solutions with our Frontline software, we help ensure frontline workers' active participation in digital transformation.

In spring 2024, we entered into a strategic partnership with Manhattan Associates, a global leader in digital logistics solutions, to optimize warehouse logistics worldwide. Our commitment to driving innovation in logistics is also reflected in our 2024 collaboration with Deloitte, which aims to position vision picking as the industry standard for complex orderpicking processes.

Next to forging new partnerships, we further strengthened our existing collaborations in 2024. Our commitment to Microsoft was recognized by the U.S. company with the "Microsoft Teams Partner of the Year Award" in the "Microsoft Apps \& Solutions" category. Competing among top Microsoft partners worldwide, we were honored for our excellence in innovation and the implementation of solutions for customers based on Microsoft technologies. At Hannover Messe, in collaboration with SAP and Siemens, we showcased how companies can enhance efficiency and gain a competitive edge by integrating TeamViewer solutions into various SAP products and Siemens "Teamcenter".

Since 2024, our Tensor enterprise solution has been available on the Google Cloud Marketplace, providing customers with an additional easy way to acquire Tensor, complementing its longstanding presence on the online marketplaces of SAP and Microsoft.

TeamViewer's commitment to a sustainable future

In 2024, TeamViewer achieved several key ESG milestones.
We successfully maintained our AAA rating in the MSCI ESG Rating 2024 and improved our ISS ESG Rating. We also strengthened our commitment to net zero emissions through a partnership with Neustark, a provider of permanent $\mathrm{CO}{2}$ storage. This initiative aims to remove an additional 1,200 tons of $\mathrm{CO}{2}$ from the atmosphere over six years. Between April and July, we hosted our first-ever cyber robotics competition, giving 750 students from the U.S. and Germany the opportunity to learn programming fundamentals. In October, as part of the Europe-wide "Code Week" initiative, we welcomed students to explore coding and digitalization through interactive workshops.

Reaffirming our commitment to data privacy, we received the data protection certification from TÜV Informationstechnik GmbH in early October.

Strengthening our global leadership

In September, the Supervisory Board granted a three-year extension of the contract of Chief Financial Officer (CFO) Michael Wilkens ahead of schedule. This will enable him to continue his successful work as CFO and to further improve TeamViewer's financial profile to enable profitable growth in the future.

In the wake of the announced acquisition of 1E in December, the Supervisory Board also approved a three-year extension of the contract of Chief Product and Technology Officer (CPTO) Mei Dent in order to further advance the significant progress of our product and R\&D strategy.

In addition, we further strengthened our leadership team after the successful closing of the transaction at the end of January 2025. Mark Banfield, the former CEO of 1E, assumed the role of Chief Commercial Officer (CCO) and was appointed member of the Management Board. He succeeds Peter Turner, who announced in September 2024 that he would not extend his contract past its expiration. We would like to express our deep gratitude for Peter's valuable contributions and the great collaboration at the Management Board level over the past years.

In 2025, the entire TeamViewer management team will align the TeamViewer and 1E sales and product strategies, jointly driving further growth.

Strong financial results despite macroeconomic challenges

Despite ongoing macroeconomic challenges, we successfully executed key growth initiatives and fully met and exceeded our annual guidance with strong results. Revenue reached EUR 671 million, reflecting year-over-year growth in constant currency of approximately $9 \%$. The adjusted EBITDA margin rose to $44 \%$, an increase of mathematically three percentage points compared to the previous year. Levered Free Cash Flow increased by $8 \%$ in the fiscal year. The number of software subscribers grew to more than 640,000.

Through the share buyback program we initiated at the end of 2023, we repurchased shares totaling EUR 150 million by the program's completion in December 2024. This contributed to a $20 \%$ increase in adjusted earnings per share in the reporting year to EUR 1.05, allowing us to once again pass on the benefits of our strong cash generation to our valued shareholders.

We extend our sincere gratitude to our employees worldwide for their outstanding dedication to making 2024 a successful year. Each and every team and department played a vital role in executing our growth initiatives, strengthening our unique corporate culture, and embodying our company values.

Al expansion and 1E integration as priorities for 2025

In 2025, our primary focus will be the seamless integration of TeamViewer and 1E, following the successful closing of the transaction at the end of January, as expected. A critical milestone in this process is ensuring that our new colleagues from 1E are swiftly and smoothly integrated into TeamViewer's organization, enabling us to collaborate effectively on the best solutions for our customers and establish a unified market presence.

On the product side, we successfully began taking the first steps to integrate our solutions in the beginning of 2025. Going forward, we can now offer an enhanced Remote Monitoring and Management (RMM) product, leveraging the 1E agent to detect IT issues more quickly and facilitate their resolution. Additionally, we have started to enrich 1E's platform and its existing integration with the ServiceNow platform by incorporating TeamViewer's remote connectivity technology, delivering even greater value to existing 1E customers. Our goal is to roll out 1E's DEX software globally, tailoring it not only for large enterprises but also for small and medium-sized businesses. We also plan to extend the concept of proactive issue detection on endpoints to OT environments.

Throughout the year, we will continue integrating TeamViewer and 1E technologies to develop the industry's leading end-to-end solution for IT processes, intelligent endpoint management, and an enhanced user experience in the digital workplace. The combined platform will provide the full spectrum to resolve IT issues, from proactive auto-remediation capabilities to remote expert support, enriched by further Al development. More broadly, we will expand the role of Al in our products, further automating IT support and other processes to simplify the daily work of IT and support teams worldwide. This initiative will be further strengthened through continued collaboration with technology leaders such as Microsoft and IT service management platforms.

Regarding augmented and mixed reality, we will further solidify our industry-leading position with TeamViewer Frontline in industrial environments - driving technological innovation, exploring new use cases, and expanding our partnerships. AI will also play an extended role on the shop floor to further optimize industrial processes.

Sustainable business success - in 2025 and beyond

In 2025, our aim on a pro forma basis (TeamViewer and 1E) is to achieve revenue between EUR 778 and 797 million, reflecting growth between $5.1 \%$ and $7.7 \%$ over the historical pro forma 2024 numbers (based on an average EUR/USD FX rate of 1.05). Our target for the adjusted EBITDA margin is around $43 \%$. We will continue to work with great dedication and in an ongoing dialogue with you to achieve these goals while maximizing the benefits of our solutions for our customers.

Additionally, as part of our updated corporate strategy, we have announced mid-term targets for fiscal years 2026 to 2028. The strategy is centered on two well-defined growth areas: IT automation and the digital transformation of industry through smart services. This is built on robust software platforms that enable connectivity and remote control of devices as well as digital support for field service technicians and frontline workers.

Digitalization is already well advanced in the IT sector, with AI and automation steadily gaining ground in the market. Through the acquisition of 1E and a range of product innovations, we are ideally positioned to shape the digital workplace of the future.

The industrial sector also presents significant growth opportunities for TeamViewer. As a global market leader in secure connectivity to embedded OT devices, smart services for technical support, and digital frontline workflows, we are well-positioned to capitalize on the convergence of IT and OT.

We are convinced that this strategy will drive sustainable, double-digit annual revenue growth from 2027 onward.

In the years ahead, we anticipate further efficiency gains as the strong growth of the enterprise business drives higher productivity. Additionally, with more than $50 \%$ of technical platform costs shared across different business areas, we can achieve operational leverage. Together, both of these factors will contribute to a gradual improvement in our margin.

In the 2028 fiscal year, we plan to surpass the one-billion-euro mark, with revenue reaching EUR 1,030 to 1,060 million. By then, the enterprise segment should account for over $40 \%$ of revenue. Additionally, we aim to steadily improve our adjusted EBITDA margin to between $44 \%$ and $45 \%$ by the 2028 fiscal year. Adjusted earnings per share in the 2028 fiscal year are projected to be $70 \%$ higher than in the 2024 fiscal year for TeamViewer standalone, creating substantial value for our shareholders.

As an employer, we strive to provide all our employees worldwide with attractive working conditions in a supportive environment while also attracting international talent to our German locations. We remain dedicated to making them feel safe and welcome. The diversity within our workforce is a valuable asset we take great pride in and a key pillar of our company's long-term success.

We want to thank you, our valued shareholders, and equally our loyal customers, strategic partners and employees for your continued support and excellent collaboration. Building on this foundation, we will continue to set the right course for the future and increase the value of our company for all stakeholders.

Here's to a positive, successful 2025!
Sincerely,
Oliver Steil
Michael Wilkens
Mei Dent
Mark Banfield

2 Report of the Supervisory Board

Dear Shareholders,

The year 2024 was an eventful one, with TeamViewer making significant strides in many areas. The most outstanding milestone of the year was the announcement of the acquisition of the UK-based enterprise software company 1E toward the end of the year. 1E offers an autonomous "Digital Employee Experience" platform that detects IT issues directly on the endpoint and proactively and automatically resolves them - ideally before the user of the device even notices a problem. 1E's solution highly complements TeamViewer's remote connectivity platform. By combining these two solutions, TeamViewer is poised to deliver a unique, comprehensive solution for resolving IT issues - spanning proactive, automated support to remote assistance through experts, supported by artificial intelligence.

Artificial intelligence was also one of the defining megatrends of 2024, and TeamViewer took a leading position in this area during the second half-year with the launch of AI functionalities for the remote connectivity platform.

In both IT and industrial environments, TeamViewer succeeded in acquiring new customers and substantially enlarging existing contracts. This was evident across all regions and industries, underscoring the added value of TeamViewer's solutions even during economically difficult times. The major societal challenges and trends, including the demands on hybrid work environments, the growing automation of all work processes, digitalization in the industry, and the impacts of the persistent shortage of skilled labor, are more relevant than ever and drive TeamViewer's business.

The Supervisory Board would also like to highlight the key ESG milestones that helped TeamViewer further solidify its leadership in this area during the reporting period. The Company maintained or even improved its strong ratings from leading agencies such as MSCI, ISS, Sustainalytics, CDP, and EcoVadis. As a result, TeamViewer was included in the prestigious STOXX DAX ESG 50+ Index.

To optimally position TeamViewer for sustained growth and economic success while ensuring continuity and stability, we have extended the contracts of CFO Michael Wilkens and CPTO Mei Dent ahead of schedule for an additional three years. Michael Wilkens has played a pivotal role in enhancing the Company's reporting and financial communication and earning the trust of all stakeholders. He ensures reliable financials, providing a solid foundation for long-term growth. Mei Dent and her team led significant advancements in TeamViewer's product and R\&D strategy, strengthened the Company's positioning in artificial intelligence, and laid the groundwork for the seamless integration of the 1E platform. These contract extensions will enable both leaders to build on their successful work and implement their strategic initiatives, particularly in the integration with 1E. The Management Board will gain further expertise with the addition of former 1E CEO Mark Banfield, who joined the Board as Chief Commercial Officer in February 2025, succeeding Peter Turner. Mark Banfield will collaborate with his colleagues on the Board to align TeamViewer and 1E's sales and product strategies, fuelling the next phase of growth. We would like to thank Peter Turner for his valued contribution during his term in office.

We have also strengthened our Supervisory Board in key areas. We welcomed Joachim Heel, a seasoned international sales expert and former Chief Revenue Officer and Head of Services at Zebra Technologies, as a new member of the Supervisory Board. He was elected at the Annual General Meeting 2024, succeeding Permira partner Stefan Dziarski, who stepped down in December 2023. Joachim Heel brings extensive expertise in enterprise sales and exceptional knowledge of the U.S. market, which remains TeamViewer's largest, most important market. At the end of 2024, Dr Jörg Rockenhäuser, representing major shareholder Permira, also stepped down from his position. In Jeff Kinder, Executive Vice President Product Development and Manufacturing Solutions at the US-based and globally active software company Autodesk, the Supervisory Board has found a suitable successor with extensive industry experience. He was appointed to the Board by the competent court in February 2025.

With the new members of the Management Board and Supervisory Board, we are confident that we are ideally equipped to help TeamViewer navigate its next growth phase. The year 2025 will be a defining one for TeamViewer's future, especially as we focus on integrating the teams and technology from 1E. We believe this acquisition will have a transformative impact on our business and market opportunities, creating significant long-term value for you, our valued shareholders. The financing of the acquisition and the associated increase in debt will naturally lead to changes in the Company's capital allocation strategy. In the years ahead, the priority will be on reducing debt while generating synergies through new products and integrations based on 1E.

We are confident that TeamViewer has set the right course for sustainable long-term success with its strategic orientation and key progress made during the past year.

In the following report, we provide you with further details on the work of the Supervisory Board and its committees during the 2024 fiscal year.

Collaboration between the Management Board and Supervisory Board

In the 2024 fiscal year, the Supervisory Board carried out its responsibilities in accordance with the law, the Articles of Association, and its Rules of Procedure, with a particular focus on the position and development of TeamViewer SE and the Group.

The Supervisory Board maintained a constructive, open, and faithful working relationship with the Management Board at all times. Through regular, in-depth dialogue, the Supervisory Board provided advice on corporate management while monitoring the Management Board's activities. The Supervisory Board was consistently involved in decisions of fundamental importance to the Company. Its monitoring and advisory responsibilities included a particular focus on sustainability matters. The Supervisory Board was consistently able to convince itself of the legality, appropriateness, and propriety of the Management Board's actions. Additionally, the Management Board reliably fulfilled all its reporting obligations. In June, when TeamViewer fell victim to a cyberattack, the Supervisory Board was kept adequately informed at all times about the evolution of the incident and the additional protective measures taken.

Both in and outside of meetings, the Management Board regularly, promptly, and comprehensively updated the Supervisory Board on strategy development and implementation, planning and business performance, risk position and risk management, as well as compliance, personnel planning, sustainability strategy, communication with investors, and current events. Transactions requiring Supervisory Board approval under legal or statutory provisions were presented for consultation and resolution, with some prepared in advance by the committees. Key highlights of the 2024 fiscal year included the acquisition of 1E and its related financing, as well as the Supervisory Board's thorough engagement with corporate strategy in preparation for the acquisition. Personnel matters centered on succession planning for both the Supervisory Board and the Management Board. These efforts included the election of Joachim Heel as a new Supervisory Board member at the Annual General Meeting, the extension of Management Board contracts for Michael Wilkens and Mei Dent, and preparations for Mark Banfield's appointment as CCO, effective February 2025.

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. The sole exception was a potential conflict of interest of Dr. Jörg Rockenhäuser in connection with the acquisition of 1E. At his request, it was agreed that he would not receive any documents or information related to the transaction and would not participate in meetings, resolutions, or any other Supervisory Board proceedings concerning the matter.

Throughout the entire fiscal year, the chair of the Supervisory Board was available for discussions with investors on Supervisory Board-specific topics as appropriate.

Supervisory Board meetings and priorities

The Supervisory Board convened seven meetings 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 2024 fiscal year, the focus of Supervisory Board discussions was on the following topics:

At the Supervisory Board meeting on 30 January 2024, the Management Board reported on the current business situation, including updates on partnerships, personnel matters, and IT security. Based on a recommendation from the Nomination and Remuneration Committee, the Supervisory Board determined the payout of the variable Management Board remuneration for the 2023 fiscal year and confirmed the pre-agreed performance criteria for the variable remuneration of the Management Board for the 2024 fiscal year. Additionally, the Supervisory Board received an update from the Audit Committee on the audit process, risk management, internal audit, and the status of the implementation of the requirements of the CSRD (Corporate Sustainability Reporting Directive).

At its meeting on 8 March 2024, the Supervisory Board focused primarily on the annual report scheduled for publication. The Board also discussed and assessed the TeamViewer Group's financing needs and instruments. Additionally, the Supervisory Board approved the Management Board's resolution of 1 March 2024 to issue a promissory note and establish money market credit lines.

At the meeting on 25 April 2024, the agenda included the proposal to appoint Joachim Heel as a member of the Supervisory Board and the intragroup profit and loss transfer agreement (PLTA) between TeamViewer SE and Regit Eins GmbH, both of which were proposed to the Annual General Meeting 2024.

On 23 July 2024, the Supervisory Board resolved to cancel 4,000,000 of the Company's treasury shares, which had been acquired as part of the Company's share buyback programs. The Supervisory Board also addressed the IT security incident that the Company faced at the end of June 2024.

At the meeting on 2 October 2024, the Supervisory Board focused primarily on the Company's strategy and a potential acquisition in the Unified Endpoint Management (UEM) and Digital Employee Experience Management (DEX) space to complement TeamViewer's remote connectivity offering. This initiative was successfully executed later in the year with the acquisition of 1 E . Leading up to the acquisition, the Supervisory Board thoroughly reviewed the current market developments and customer feedback and conducted an in-depth assessment of the market opportunities and competitive landscape. In the process, the extensive advantages associated with a strategic focus on endpoint management, the digital workplace and, in particular, DEX, became clear, which is why the technology of the Company portfolio should be expanded in this area.

In the meeting on 30 October 2024, the Audit Committee reported to the Supervisory Board on the status of the CSRD implementation. The Supervisory Board also addressed the share price performance, the cost and cash management of the Company, sponsorship activities, as well as the current M\&A projects and potential acquisitions.

On 9 December 2024, the Supervisory Board approved the acquisition of 1 E and its financing through a bridge and term loan facilities agreement totaling EUR 700,000,000. At the same meeting, the Supervisory Board reviewed the budget plan and subsequently approved the budget for 2025. It also addressed succession planning for Dr. Jörg Rockenhäuser, who stepped down from the Supervisory Board effective 31 December 2024. Various corporate governance topics were also discussed and resolved.

In addition to the seven meetings, various resolutions were also passed by way of circular procedure. On 1 September 2024, the Supervisory Board resolved the early extension of CFO Michael Wilkens' appointment for an additional three (3) years, up to and including 31 August 2027. On 9 December 2024, the Supervisory Board resolved the early extension of CPTO Mei Dent's appointment for an additional three (3) years, up to and including 31 December 2027.

All members of the Supervisory Board participated in all meetings of the Supervisory Board either in person or via video or telephone conference, with the exception of Dr. Rockenhäuser and Mr. Salzmann, who were each unable to attend one meeting. Further details regarding the attendance of the Supervisory Board and its committees are presented in the table below.

Attendance at Supervisory Board meetings in 2024
	Full Supervisory Board	Audit Committee	Nomination and Remuneration Committee
	(Virtual meetings via video/teleconference: 30 Jan, 8 Mar, 23 Jul, 30 Oct)	(Virtual meetings via video/teleconference: 30 Jan, 8 Mar, 23 Jul, 30 Oct)	(Virtual meetings via video/teleconference: 30 Jan, 8 Mar, 23 Jul)
	(In-person meetings: 25 Apr, 2 Oct, 9 Dec)	(In-person meeting: 25 Apr)	(In-person meeting: 9 Dec)
Ralf W. Dieter	7 (7)	-	4 (4)
Dr. Abraham Peled	7 (7)	-	4 (4)
Dr. Jörg Rockenhäuser	6 (7)	-	3 (4)
Axel Salzmann	6 (7)	5 (5)	3 (4)
Hera Kitwan Siu	7 (7)	5 (5)	-
Swartja Conrad	7 (7)	5 (5)	-
Christina Stercken	7 (7)	5 (5)	-
Dr. Joachim Heel	4 (4)	-	-

Meeting attendance of Supervisory Board members in 2024 (in brackets: the number of meetings during the member's respective term of office).

Committees

To perform its tasks efficiently, the Supervisory Board has formed the following committees:

Audit Committee

The Audit Committee, which also serves as the Sustainability Committee, monitors accounting 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 the appointment of 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 presence of the Management Board.

During the reporting period, the Audit Committee convened five meetings and dealt with the following matters in particular:

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.
Monitoring and control of the preparation of CSRD reporting.

Nomination and Remuneration Committee

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, when required. The Committee 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 the Management Board's performance.

During the reporting period, the Nomination and Remuneration Committee convened four meetings. The key topics included the proposal to appoint Joachim Heel as a member of the Supervisory Board at the Annual General Meeting in 2024, the succession planning for Dr. Jörg Rockenhäuser on the Supervisory Board, the extension of Michael Wilkens' mandate as CFO until August 2027, the extension of Mei Dent's mandate as CPTO until December 2027, and the proposal to appoint Mark Banfield as a member of the Management Board in 2025.

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. During the fiscal year, the Committee also dealt with the Management Board's remuneration, target setting for the variable remuneration components, and the short and long-term succession planning for the Management Board and Supervisory Board.

Training and professional development

Supervisory Board members are responsible for obtaining the training and professional development necessary to carry out their duties. The Company continued to adequately support members in accomplishing this during the 2024 fiscal year. The training and development measures offered in 2024 were centered around topics such as product and IT security, including cybersecurity. Additional focus areas included corporate governance, compliance, and product-related topics. As a new member of the Supervisory Board, Joachim Heel received thorough onboarding to become familiar with the Company's business model, structures, and key strategic or risk-related aspects.

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 2024 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 12 March 2025, 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 12 March 2025, 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. The Management Board submitted a Group nonfinancial statement to the Supervisory Board, which was prepared in accordance with the requirements of $\S \S 315 b$ to 315c HGB. In doing so, the European Sustainability Reporting Standards (ESRS) were voluntarily applied as the reporting standard for the first time. To ensure a high quality of reporting, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft voluntarily subjected the declaration to a limited assurance engagement. On the basis of this audit, PricewaterhouseCoopers issued an unqualified audit opinion. At the Supervisory Board meeting on 12 March 2025, the auditor presented the results of the audit and was available to answer questions. After detailed discussion and careful consideration, the Supervisory Board approved the Group nonfinancial statement.

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 2024, 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 on the Company's website under the Investors Relations/Governance \& ESG section, 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 2024 fiscal year.

Göppingen, 12 March 2025

On behalf of the Supervisory Board
Ralf W. Dieter

3 TeamViewer on the Capital Market

Since its initial public offering (IPO) in 2019, TeamViewer has maintained an open and transparent dialogue with the capital markets. We continued this policy in the 2024 fiscal year. Throughout the year, management and the Investor Relations (IR) department participated in numerous in-person events and conferences to strengthen and expand direct engagement with capital market representatives. TeamViewer also continued to hold regular virtual meetings.

The Investor Relations (IR) website of TeamViewer provides shareholders with detailed information on the stock, all published capital market documents and legal disclosures, as well as recordings of past investor events. For any inquiries, the IR team can be reached via email at [email protected].

Communication with the capital markets

As of 31 December 2024, the TeamViewer share was covered by a total of 18 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 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.

In addition to regular engagement with financial analysts, TeamViewer actively maintained a dialogue with investors throughout the 2024 fiscal year. The Management Board and Investor Relations participated in numerous roadshows and high-profile conferences, including the Goldman Sachs European Technology Conference 2024 in London, the J.P. Morgan European Technology, Media and Telecoms Conference in London, Société Générale's "The Nice Conference", the German Corporate Conference hosted by Berenberg and Goldman Sachs in Munich, Morgan Stanley's Technology, Media and Telecom Conference in Barcelona, and the Berenberg Pennyhill Conference in London.

Analyst events 2024

Date	Event
7 February 2024	Q4/2023 Fiscal year preliminary results
7 May 2024	Q1 2024 results
31 July 2024	Q2/H1 2024 results
6 November 2024	Q3 2024 results
11 December 2024	TeamViewer Technology Field Trip, Brackley, United Kingdom

At these events and in 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 guidance was also discussed. Next to exchanges with existing shareholders, a special emphasis was placed on communicating with potential new shareholders.

A particular highlight was the TeamViewer Technology Field Trip at the Mercedes-AMG PETRONAS F1 factory in Brackley, England, an important technology partner and customer of TeamViewer. Investors and analysts were able to experience TeamViewer's leading IT and OT solutions first hand. Together with selected customers, TeamViewer executives and product experts provided insights into the latest advances in IT/OT remote connectivity and AR/MR solutions and presented TeamViewer's cutting-edge technology through product demos. As the company had announced the acquisition of 1E the day before, TeamViewer used the event to present the complementary DEX platform of 1E and to answer questions.

TeamViewer share

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

Reference data and key figures for TeamViewer shares as of 31 December 2024
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 EUR ${ }^{3}$ :	$170,000,000 / 170,000,000.00$
Share class:	No-par ordinary bearer shares
Year high on Xetra in EUR:	15.26 (7 February 2024)
Year low on Xetra in EUR:	8.93 (20 December 2024)
Year-end closing price on Xetra in EUR:	9.54 (30 December 2024)
Average daily turnover (Xetra):	$513,944 \text { shares/6,274,380 euros }$
Market capitalization in EUR million:	$1,622(30 \text { December 2024) }$
Free float in \%:	$77.4 \%$

${ }^{3}$ Based on the authorization of 7 June 2024, the Company has canceled 4,000,000 acquired treasury shares, effective 2 August 2024, thereby reducing the share capital from EUR 174,000,000.00 to EUR 170,000,000.00.

Share buyback program 2024

In December 2023, TeamViewer announced a new share buyback program with a total volume of up to EUR 150 million. This program was successfully concluded in December 2024. By 31 December 2023, a total of 987,760 shares had been acquired under this program. In the 2024 fiscal year, utilizing the authorizations granted on 24 May 2023 and 7 June 2024, TeamViewer repurchased a total of 10,785,155 shares until the program was concluded on 13 December 2024. Based on the authorization of 7 June 2024, the Company canceled 4,000,000 of the shares acquired before 19 July 2024 under the share buyback program, effective 2 August 2024, thereby reducing the share capital from a previous EUR 174,000,000.00 to EUR 170,000,000.00.

Shareholder structure

TeamViewer's shareholder structure as of 31 December 2024, considering both the share buyback programs and capital reductions, was as follows:

Shareholder	No. of shares held	Shareholding in share capital in \%
Permira/TigerLuxOne Sà r.l.	24,498,502	14.4
Treasury Shares	13,901,887	8.2
Free float	131,599,611	77.4
Total	$\mathbf{1 7 0 , 0 0 0 , 0 0 0}$	$\mathbf{1 0 0 , 0 0}$

As of 31 December 2024, TigerLuxOne Sà r.l. (TLO), a subsidiary controlled by Permira, remained TeamViewer's largest shareholder, holding approximately 24.5 million shares, representing $14.4 \%$ of the Company's share capital. After adjusting for treasury shares, the free float equaled $77.4 \%$ of the share capital as of 31 December 2024.

Shareholder structure

As part of a share register analysis, TeamViewer identified approximately $98.8 \%$ of its outstanding shares. As of 31 December 2024, private shareholders held $18.4 \%$. The remaining free float of around $59.1 \%$ (excluding Permira/TLO) was primarily held by institutional investors.

Share performance in the 2024 fiscal year

In 2024, the global stock market environment remained politically shaped by Russia's war against Ukraine and the ongoing conflict in the Middle East. Key events also included the U.S. elections on 5 November 2024 and the dissolution of the German governing coalition on 6 November 2024. With inflation continuing to decline, central banks maintained their monetary policy stance from the previous year, implementing significant interest rate cuts.

Germany's inflation rate improved from around $2.9 \%$ in January to a low of $1.6 \%$ in September before rising slightly to $2.0 \%$ by November, slightly below the European inflation rate of $2.3 \%$. Negative influences included high food prices, geopolitical uncertainties following the U.S. elections, and economic concerns in Europe. In the United States, inflation also fluctuated throughout the year, declining from $3.1 \%$ in January to $2.7 \%$ in November.

The positive trend in inflation, particularly in the first half of the year, allowed the European Central Bank (ECB) to implement multiple interest rate cuts during the 2024 fiscal year. Following rate reductions in June, September, and October, European monetary policymakers decided in December to lower the deposit rate by another 25 basis points, bringing it to $3.0 \%$. Similarly, the U.S. Federal Reserve (FED) cut its benchmark interest rates by a total of 100 basis points between September and December, ending at a range of $4.25 \%$ to $4.50 \%$.

The EUR/USD exchange rate fluctuated throughout the year. While the euro appreciated significantly until September, growing concerns about economic weakness in Europe further amplified by the U.S. election results in November - boosted the dollar from September onward. The highest exchange rate was EUR/USD 1.12 in September, while the lowest rate was EUR/USD 1.04 at the end of 2024. Over the year on average, the EUR/USD exchange rate remained around 1.08 , as in the previous year.

Driven by the repeated central bank interest rate cuts, the stock markets reached new record highs in the 2024 fiscal year. As early as March, the German stock index (DAX) had surpassed 18,000 for the first time. After temporarily trending sideways, it entered a straight uptrend starting in the third quarter, culminating in a record high of 20,522 points in December. In addition to the ECB's rate adjustments, positive signals from the United States also drove this performance, where the artificial intelligence boom fueled Wall Street.

TeamViewer's stock entered the 2024 trading year with an opening price of EUR 14.01. Initially, it tracked the broader market's strong performance, fueled in part by the release of preliminary results for Q4 and fiscal year 2023, which drove the stock to its yearly high of EUR 15.26 on 7 February 2024. Following the release of its first quarter 2024 results in May, TeamViewer's share price initially declined until late July. However, after the publication of strong half-year results, it significantly outperformed the market. The announcement of the third quarter 2024 figures and an updated full-year outlook in early November led to a temporary setback, which was further amplified by the announcement of TeamViewer's acquisition of 1E in December. The stock largely recovered these losses at the beginning of 2025 after TeamViewer announced that it would exceed its revenue guidance range of between EUR 662 million and EUR 668 million for the 2024 fiscal year.

TeamViewer's stock closed the year at EUR 9.54, marking a year-on-year decline of approximately $32.1 \%$. This performance was weaker than the German MDAX benchmark index, which also declined but by a more moderate -5.7 \%. The European STOXX 600 Technology index, in contrast, posted a gain of $7.7 \%$ after adjusting for dividends (total return). ${ }^{4}$

Share price development (total return)

8
01/24 02/24 03/24 04/24 05/24 06/24 07/24 08/24 09/24 10/24 11/24 12/24
— TMV — MDAX — STOXX 600 T

[^0]
[^0]: ${ }^{4}$ The STOXX 600 Technology is a price index, whereas the MDAX is a performance index that systematically reinvests dividend payments. For better comparability, the STOXX 600 Technology is also shown here including reinvested dividend payments (total return). Source for all price data: Bloomberg.

B - Combined Management Report

1 Group fundamentals

1.1 Business model

TeamViewer is a global technology company headquartered in Germany. The Company's TeamViewer Remote software provides IT departments of small and medium-sized businesses (SMBs) remote connectivity solutions, and the control and management of IT (information technology) devices. TeamViewer Tensor offers enterprise connectivity solutions for supporting, controlling, and managing corporate IT, smart devices, and nonstandardized OT (operation technology) equipment, including industrial machinery, robots, medical devices, and other specialized systems.

Additionally, TeamViewer provides augmented reality- (AR) and mixed reality- (MR) based solutions to enhance the efficiency of manual processes in logistics, manufacturing, and aftersales operations (TeamViewer Frontline). These solutions digitally support processes through step-by-step instructions or remote expert guidance.

Customers and products

Next to a large number of private users who can access the free version of the remote software, TeamViewer's global customer base includes small and medium-sized businesses (SMBs) and large enterprises across a diverse range of industries. ${ }^{1}$ These customers primarily use the product portfolio through a subscription model. In 2024, TeamViewer enhanced its product portfolio, integrating artificial intelligence (AI) features designed to streamline workflows and improve efficiency, particularly in IT operations. With the acquisition of 1E, completed on 31 January 2025, the product portfolio was expanded to include solutions in the area of digital employee experience (DEX), which proactively detect and automatically resolve issues on endpoint devices.

Product offering

Remote Support Solutions

Remote access, control and management solutions for SMB IT departments
$\checkmark$ Remote Support
$\checkmark$ Remote Monitoring \& Management
$\checkmark$ Endpoint Protection
$\checkmark$ Ticketing

TeamViewer Remote

Frontline Productivity Solutions
Digital workflows, instructions and assistance for smart frontline operations
$\checkmark$ Digital Workflow
$\checkmark$ AR Assistance
$\checkmark$ Image Recognition
$\checkmark$ Digital Twin

TeamViewer Frontline

Enterprise Connectivity Solutions

Advanced remote support, control and management of enterprise IT, smart devices and industrial equipment
$\checkmark$ Enterprise IT
$\checkmark$ AI Session Insights
$\checkmark$ Smart Devices
$\checkmark$ Industrial Equipment

TeamViewer Tensor

Digital Employee Experience

Real-time diagnostics and remediation, advanced monitoring and analytics for holistic insights, AI-driven automation
$\checkmark$ Observability
$\checkmark$ Remediation
$\checkmark$ Automation
$\checkmark$ Validation

TeamViewer OKY

[^0]
[^0]: ${ }^{1}$ SMB customers mean 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 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. Annual Contract Value (ACV) is used to distinguish different pricing buckets within SMB and Enterprise. The ACV is defined as the annualized value of one SMB / Enterprise contract.

TeamViewer Remote

TeamViewer Remote offers solutions to private users and small businesses via fast, secure and device-independent connectivity. The most common use case is remote access to another IT device using this software. With 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, connectivity, and support. A particular feature of this product is the customized security functions and granular control options for companies.

TeamViewer Frontline

TeamViewer Frontline enables companies to optimize their business processes by leveraging AR and MR workflows. Step-by-step training and workflow instructions for logistics, quality assurance, and industrial production are displayed to users on smart glasses or mobile devices. A variety of IT systems can also be connected, making it easy to integrate TeamViewer Frontline into existing company workflows. Additionally, the application provides complete direct and automated digital end-to-end process documentation for all steps throughout the entire work process.

TeamViewer Digital Employee Experience

The DEX platform from 1E enables companies to detect issues across applications and devices in real-time through continuous monitoring. Automated troubleshooting on the end device enables rapid problem solving and provides IT teams with the information they need to respond immediately to more complex issues and minimize downtime.

Strategy

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

Move toward hybrid work models, especially remote work.
Increasing number and complexity of internet-enabled endpoints and devices.
Growing demands for workforce skills and training.
Digital transformation in industry and the rise of the "Smart Factory".
Necessity for sustainable management, $\mathrm{CO}_{2}$ and energy savings.

TeamViewer is strategically focused on achieving its overarching goal of sustainable growth and permanent increases in enterprise value. Until the end of fiscal year 2024, TeamViewer's strategy was centered around 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, digital transformation in the industrial sector harbors further usage potential for TeamViewer technology. In the 2024 fiscal year, TeamViewer's sales team concentrated on expanding its Enterprise business with Tensor and Frontline solutions in the industrial sector. The focus is on improving logistics workflows through vision picking and digitally supporting skilled workers and service technicians on-site in aftersales operations.

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 SMB 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 expanding the Company's geographic footprint in the 2024 fiscal year, the focus was on strengthening the sales organization in the AMERICAS region. At the same time, local teams worked on continuously growing the customer base and expanding relevant use cases.

Within its three strategic dimensions, TeamViewer relied on both organic growth and, in certain cases, strategic acquisitions or investments to specifically enhance its solution portfolio and/or technological expertise and to support its growth trajectory.

TeamViewer adjusted its strategic direction with the acquisition of 1E, which closed on 31 January 2025. The strategy is now centered on two well-defined growth areas: IT automation and the digital transformation of industry through smart services. This is built on robust software platforms that enable device networking, remote control, and digital support for field service and industrial professionals.

Digitalization is already well advanced in the IT sector, with AI and automation steadily gaining ground in the market. Through the acquisition of 1E and a range of product innovations, TeamViewer sees itself ideally positioned to shape the digital workplace of the future.

The industrial sector also presents significant growth opportunities for TeamViewer. As a global market leader in secure OT device and system connectivity, smart services for technical support, and digital frontline workflows, TeamViewer can capitalize on the convergence of IT and OT.

1.2 Group structure and organization

The Group's parent company is TeamViewer SE, headquartered in Göppingen, Germany. As of 31 December 2024, the Group had a total of 1,586 employees worldwide (FTEs; 31 December 2023: 1,461). 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

In fiscal year 2024, the TeamViewer Group consisted of TeamViewer SE, based in Göppingen, and its total of 16 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 of 31 December 2024.

Locations

TeamViewer had subsidiaries in 15 countries in fiscal year 2024. The Group's headquarters are in Göppingen, Germany, which is also the central development location and the sales center for the EMEA region. Other central sales hubs are located in Clearwater, Florida (USA) for the AMERICAS region and Singapore and Adelaide (Australia) for the APAC region. TeamViewer also maintains local sales offices, among others, in Tokyo (Japan), Shanghai (China), Seoul (South Korea), Guadalajara (Mexico), Toronto (Canada), Paris (France), and Amman (Jordan). It also has 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 center, while Yerevan (Armenia) is also home to a shared services center.

Management and reporting

1.3 Management system

To control and monitor the Group's development, TeamViewer uses financial and non-financial performance indicators (KPIs), which are divided into "primary" and "secondary" KPIs. In the 2024 fiscal year, TeamViewer used two primary and six 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.

Primary performance indicators

Revenue (IFRS): This represents the value of goods and services transferred to customers and recognized in profit or loss in accordance with IFRS 15. Revenue is derived from billings by adjusting the change in deferred revenue recognized in profit or loss.
Adjusted EBITDA (non-IFRS): This is defined as operating income (EBIT) according to IFRS, plus depreciation and amortization of tangible and intangible fixed assets (EBITDA), adjusted for certain business transactions (income and expense) defined by the Management Board in agreement with the Supervisory Board. Business transactions to be adjusted relate to share-based compensation schemes and other material special items of the business that are presented separately to show the underlying operating performance of the business.

Secondary performance indicators

Billings: These 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. Billings arise directly from invoices to customers and are not affected by deferred revenue recognition.
Annual Recurring Revenue (ARR): This is annualized recurring revenue for all active subscriptions at the end of the reporting period. SMB (ARR view) means customers with ARR across all products and services of less than EUR 10,000 at the end of the reporting period. If the threshold is exceeded, the customer will be reallocated. Enterprise (ARR view) means customers with ARR across all products and services of at least EUR 10,000 at the end of the reporting period. Customers who do not reach this threshold will be reallocated.
Net retention rate (NRR): This 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.
Net Retention Rate (NRR) (on ARR, cc): This metric was introduced in the 2024 fiscal year alongside the NRR based on billings. It is defined as Retained ARR (cc) at the end of the reporting period divided by the Total ARR at the end of the prior-year reporting period.
Retained ARR: This is defined as the ARR at the end of the reporting period from customers that were already a customer at the end of the prior-year reporting period.
Number of paying subscribers and customers.
Number of employees (full-time equivalents, FTEs).

For key figures that are presented in constant currency (cc), the values for the reporting period are adjusted based on the exchange rates from the prior-year period.

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 2024 fiscal year, as in prior years, the EMEA region represented the largest regional sales market, followed by the AMERICAS and APAC regions. At the country level, TeamViewer's highest revenue was recorded in the US, followed by its home market of Germany. More information on regional business development in the 2024 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 organized. Sales channels differ according to product range, customer group, and use case.

Webshop: TeamViewer Remote for non-commercial and smaller SMB customers

TeamViewer offers a free, functionally limited software version for remote connectivity 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. This approach is based on the expectation that users who have become familiar with the product in this way will prefer TeamViewer for commercial use. The commercial version offers additional functionalities, allowing for more comprehensive remote device management compared to the noncommercial version, as well as professional IT support. The commercial solution is available through a subscription model through TeamViewer's own webshop. In the 2024 fiscal year, the webshop began offering a 30-day free trial of the software in addition to the direct purchase option. This alternative purchasing mechanism is designed to engage the shop's undecided visitors and drive additional revenue. The webshop was also expanded to include product extensions (add-ons), enabling customers to customize their solutions more easily. The purchasing experience - from purchase to software usage - was also optimized. The steps required between purchase and product use were streamlined, and first-time users now have the option to receive automated guidance on getting started and exploring key software functions.

Inside sales: TeamViewer Remote and Tensor for SMB customers

The Inside Sales team, organized by language region, focuses on acquiring new customers as well as on offering existing TeamViewer Remote and Tensor customers tailored solutions and add-ons to enhance product functionality and support additional use cases. In the 2024 fiscal year, Inside Sales placed particular emphasis on cross-selling product extensions such as Remote Management, which enables centralized management of computers, devices, and software from a central dashboard.

Enterprise sales: TeamViewer Tensor and Frontline for Enterprise customers

For sales of customized solutions to corporate customers, TeamViewer has a dedicated sales organization, 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 collaboration with Customer Success Managers for Tensor and Frontline solutions aims to ensure successful product adoption by customers and maximize the value of TeamViewer solutions for Enterprise clients. In the 2024 fiscal year, sales development resources, in particular, were expanded to further enhance the acquisition of new Enterprise 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 standardized products in the SMB segment and developing and implementing complex solutions for the Enterprise business. As part of the ongoing development of the "TeamViewer TeamUP" partner program launched in 2023, TeamViewer strengthened its collaboration with selected focus partners in the 2024 fiscal year to co-develop and implement tailored solutions and innovative business strategies. Additionally, TeamViewer introduced a dedicated model for MSP partners to strategically expand its partner network and enhance the effectiveness of the channel sales model.

Technology partners: Expanding the ecosystem

TeamViewer software is distributed through integrations with applications and online stores of various technology partners, including RealWear, EPSON, dynabook, and Zebra. In the 2024 fiscal year, TeamViewer launched the TeamViewer Spatial Support app alongside Apple Vision Pro, enabling 3D visualizations and real-time support directly on the device. Sony also integrated TeamViewer technology into BRAVIA Professional Displays, allowing remote connectivity and troubleshooting for commercial displays used in restaurants, shopping malls, and airports. TeamViewer plans 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, Siemens, and Google. Through the SAP partnership, TeamViewer solutions are presented with SAP at industry events and installed for demonstration at SAP innovation centers 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 and have been installed at their Cloud Space in Munich for demonstration purposes. TeamViewer Remote Access and Support is also available through the Google Workspace Marketplace and can be used within Google Meet. The partnership with Microsoft includes the availability of TeamViewer Tensor and TeamViewer Frontline in the Microsoft Azure Marketplace. In the 2024 fiscal year, TeamViewer received the "Microsoft Apps \& Solutions for Microsoft Teams Partner of the Year Award" and showcased its solutions at the Microsoft Ignite tech conference. The collaboration with Siemens focuses on TeamViewer's AR solutions, which are integrated with Siemens' Product Lifecycle Management solution. Additionally, in the 2024 fiscal year, TeamViewer partnered with Manhattan Associates and Deloitte to promote its vision picking solution.

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. TeamViewer views research and development (R\&D) as essential to the successful execution of its strategy.

R\&D organization

By the end of the 2024 fiscal year, TeamViewer employed 450 full-time equivalents (FTEs) in R\&D across the Group (2023: 399). This marks an increase of about $13 \%$ compared to the prior year, driven in part by a strategic shift from external contractors to reinforcing the internal development teams focused on product innovation and security. The majority of 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 should provide the Group additional access to skilled employees in the area of R\&D.

R\&D expenses

Research and development expenses amounted to EUR 79.9 million in the 2024 fiscal year (2023: EUR 80.1 million). They include personnel costs, costs for work and services rendered by service providers and cooperation partners, and depreciation and amortization. TeamViewer's R\&D expenses, excluding depreciation and amortization and including adjustments made according to the definition of adjusted EBITDA, amounted to EUR 65.9 million in the 2024 fiscal year (2023: EUR 64.2 million), corresponding to a share of revenues of $10 \%$ (2023: $10 \%$ ).

Developments in artificial intelligence

A key focus of TeamViewer's R\&D efforts in the 2024 fiscal year was finalizing the development of new artificial intelligence (AI) features that were initiated in the prior year. As part of this effort, the R\&D team has built extensive expertise and developed an internal AI platform designed to drive future innovations.

TeamViewer Remote: Further development of the core software

Following its redesign and rebranding as TeamViewer Remote in the previous year, the development cycles for TeamViewer's core product for small and medium-sized businesses returned to a regular rhythm in the 2024 fiscal year. Alongside the widespread introduction of AI-powered support, enhancements focused on functionality, security, and transparency. On IOS devices, for example, support agents can now provide end-users with visual cues. This should help improve support quality while reducing resolution time. Additionally, new indicators can also enhance security and transparency by making it clearer to users when a support agent is connected to their device.

TeamViewer Tensor: Enterprise connectivity software

TeamViewer Tensor, TeamViewer's Enterprise solution, also received new AI features to support workflows and enhancements designed to improve administration, security, and transparency. IT administrators now have new capabilities, including granular, inheritable authorization management for devices and device groups, a new enterprise-level device group overview, as well as extensions for device policies and tabular views in user and device management. Expanded bulk transactions now enable centralized and efficient changes. Additionally, TeamViewer sessions can now be recorded and stored in the customer's own

cloud. This is intended to support compliance requirements and improve transparency and traceability. The goal of these innovations is to enhance administrative efficiency and security while providing companies with a powerful, future-oriented IT management solution.

TeamViewer Frontline: Augmented and mixed reality

TeamViewer's remote support solution "Assist AR" was expanded in the 2024 fiscal year with the addition of new features for the aftersales market. With AI integration, service employees can now display live translations as subtitles during conversations with people speaking a foreign language. The tool can also automatically collect and process conversation details for future customer interactions if desired. Additionally, TeamViewer's "Frontline Spatial" was updated for training applications in the industrial and aerospace sectors, particularly for the use of interactive 3D models. TeamViewer "Frontline Pick" received a quantity countdown feature, enabling users to pick and track partial quantities within the solution. The goal is to facilitate uninterrupted workflows and further increase the efficiency of picking processes.

Integration: TeamViewer in external tools

TeamViewer products are compatible with various third-party applications and can often be accessed directly from external programs. In the 2024 fiscal year, research and development focused on improving integrations for IT service management (ITSM) support cases and providing additional data from the TeamViewer platform, facilitated in part by integrating the AI tool "Session Insights". Additionally, integrations with ServiceNow "Enterprise", Salesforce, Google "Meet", and Microsoft "Teams" were enhanced. For Microsoft "Teams", TeamViewer received the Microsoft Partner of the Year Award.

4.6 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 organized as two departments operating under the uniform leadership of the Chief Information Security Officer (CISO). In 2024, the departments continued to be supported by external consultants and providers of recognized security solutions.

Security incident in summer 2024

At the end of June 2024, TeamViewer experienced a cyberattack linked to the group known as APT29/Midnight Blizzard. The incident was quickly detected, investigated, and resolved. A thorough investigation, conducted in collaboration with cybersecurity experts from Microsoft, confirmed that the incident was confined to TeamViewer's internal corporate IT environment and did not impact the separate product environment, connection platform, or customer data.

TeamViewer products remained secure at all times. This was clearly communicated early and continuously to customers and the public as part of an open disclosure approach. ${ }^{9}$ Since the incident, TeamViewer has further reinforced its security measures and processes by implementing additional protective layers.

The incident had no material financial impact on TeamViewer.

Raising employee awareness

To ensure the highest possible level of IT security and cyber hygiene, TeamViewer places particular importance on ensuring the ongoing sensitization of all employees. Periodic queries on the contents of internal guidelines and frameworks give employees practical experience and ensure a strong security culture. In addition, training sessions provide advanced knowledge of the patterns of potential attack attempts and related defense measures. Targeted campaigns also regularly test the organization's ability to identify

potential threats. In the 2024 fiscal year, the Company-wide knowledge database for employee security awareness was expanded to cover additional current security aspects. This helps reinforce learned knowledge through 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 assesses the security applications in use daily and calibrates them to the prevailing threat situation.

In 2024, TeamViewer continued to expand IT security. As a central component of its security architecture, the Company-wide Zero Trust framework continued to be implemented, which should ensure only authorized and secure devices can access corporate resources. To further mitigate the risk of password theft and phishing attacks, TeamViewer introduced passwordless authentication based on Zero Trust principles in the 2024 fiscal year, enabling users to log into internal applications without entering a password. Additionally, administrative access is restricted to phishing-resistant authentication methods and dedicated devices.

In the area of anomaly detection, TeamViewer has expanded its advanced threat protection (ATP) scanning to detect, analyze, and prevent threats such as malware, phishing, and other cyberattacks. The systems are now scanned and monitored daily using industry tools to detect hacker activity, further enhancing coverage.

Deception Services were also further expanded in the 2024 fiscal year. This concept seamlessly integrates with general detection and defense mechanisms. The use of specialized analysis tools and machine learning aims to enhance the identification of attack patterns, enabling TeamViewer to respond proactively to threats and ensure the long-term security of its systems and data. For email security and phishing protection, the Group has also strengthened its policies and reinforced them technically through risk-based assessments.

TeamViewer expects this to strengthen its resilience against external threats. All measures are assessed within the internal control system using real-time security metrics benchmarked against external standards and are continuously refined.

All these processes and improvements, along with monitoring for unauthorized changes, anomaly detection and regular security reviews, are designed to help TeamViewer detect and counter supply chain attacks. Business Continuity Management (BCM) aims to continuously improve TeamViewer's organizational resilience to these risks and help it adapt to an ever-changing environment.

The security concept for software development was further expanded in 2024. In all phases of software development, TeamViewer strives for the highest level of product security through a Secure Software Development Life Cycle (S-SDLC). This includes a list of all components of the software products and their relationships within the software supply chain (Software Bill of Materials, SBOM). Additionally, in the 2024 fiscal year, TeamViewer expanded its scalable program launched the previous year to further strengthen the early integration and assurance of security aspects and measures in design and development. Various security tests have already been embedded in the development phase to identify potential vulnerabilities and close security gaps. As part of this initiative, TeamViewer follows the Responsible Disclosure principle and works closely with independent security researchers by means of a Company-wide Vulnerability Disclosure Policy (VDP) as part of a Bug Bounty Program. In 2024, this program transitioned from a private to a public model to encourage global security researchers to confidentially report vulnerabilities in TeamViewer products. Security vulnerabilities in already released and operational software are published in accordance with internal policies such as a Security Bulletin in the Trust Center of the respective software application and in the official Common Vulnerabilities and Exposures (CVE) register. This report is also available via an email subscription.

TeamViewer permanently monitors its IT systems and applications. To support this, the Company employs a Computer Security Incident Response Team (CSIRT) and a Product Security Incident Response Team (PSIRT), both of which maintain constant readiness based on a regularly updated Security Incident Response Plan and additional security playbooks. In the 2024 fiscal year, threat detection across TeamViewer's system landscape was further enhanced through comprehensive security monitoring, delivered via a Security Operations Center (SOC) service designed as Software as a Service (SaaS). This external SOC provides 24/7 monitoring of all TeamViewer environments. Combined with a SiEM (Security Information and Event Management System), it enables automated prevention and response to potential cyberattacks, supported by advanced SOAR (Security Orchestration, Automation, and Response) services. In 2024, TeamViewer made greater use of Threat Intelligence within its security operations and products to detect and mitigate potential threats early. This approach ensures that the Company can respond swiftly to security incidents. The integration of Threat Intelligence into security solutions such as SiEM and SOAR allows for the continual improvement of these processes.

The Company has also invested in further protective mechanisms related to the TeamViewer brand in the 2024 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 subjected to detailed audits and stress tests in 2024 by specialized international security service providers on defined intervals 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 routinely take place every two weeks. These meetings are also attended by two members of the Management Board. The entire Management Board is also informed of current IT and product security developments as and when required. The Management Board reports to the Supervisory Board as necessary on cyber security issues of strategic importance.

All data centers where TeamViewer processes data are ISO 27001 certified, an internationally recognized standard for information security. Additionally, in the 2024 fiscal year, TeamViewer's own Information Security Management System (ISMS) successfully passed the ISO 27001
surveillance audit. This certification reinforces TeamViewer's commitment to information security and demonstrates the effectiveness of its ISMS. The implemented security measures in IT and product security emphasize the importance of this certification for TeamViewer. The Group's security architecture is also audited for HIPAA/HITECH, SOC 2, SOC 3, and TISAX compliance. TeamViewer prioritizes responding swiftly to policy changes and ensuring their timely implementation. Additionally, an independent third-party assessment confirmed that TeamViewer complies with the EU's cybersecurity and data protection requirements, as specified in the published implementing regulation for the NIS2 Directive and the existing national implementation framework.

Independently recognized 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 leading position is further underpinned with an "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 corporate locations 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 standardized audit process makes it possible to regularly and comparably verify compliance with the defined protection requirements and security objectives across specified audit areas.

Measures to protect users from fraud and fraudulent activities

TeamViewer continuously enhances its software to integrate security features. In 2024, this included an add-on designed to detect vulnerabilities. Additionally, the Company has a dedicated team focused on implementing technical measures to protect users from fraud and misuse when using the services on the platform. These measures were further expanded in 2024, including password expiration and the discontinuation of all older versions up to 15.37 for free users.

TeamViewer offers informational materials and guides on its website and blog to educate users about potential fraud cases and help them protect themselves from fraudulent

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[^0]: ${ }^{3}$ https://securityocorecard.com/security-rating/teamviewercus

activities. These resources include tips and other support on recognizing and avoiding common online scams, such as phishing attacks and social engineering tactics. Additionally, users can report suspicious activities or potential misuse through a form on the TeamViewer 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 2024. TeamViewer can provide the authorities with support and information to prevent fraudulent use of the TeamViewer platform.

In the 2024 fiscal year, TeamViewer expanded its publicly accessible Trust Center ${ }^{4}$, by implementing more efficient processes and transparent information channels for users with tool support. Users can independently conduct security checks in the Trust Center in a simple and targeted manner and verify compliance with standards and regulations. At all times, relevant information about TeamViewer's Security Management System is available in the Trust Center. By regularly reviewing its security processes, performance, and data and process integrity, TeamViewer establishes the foundation for continuous improvement in security.

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. TeamViewer is also 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 organizations, 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 fundamental for TeamViewer. The Privacy Management Framework specifically established by TeamViewer places particular emphasis on compliance with the principles for processing personal data in accordance with Article 5 of the European General Data Protection Regulation (GDPR). TeamViewer and all of its affiliated companies fully acknowledge their resulting obligations as data controllers and processors.

Data protection organization

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

TeamViewer has a dedicated internal data protection department, which operates within the Legal and Compliance department. Each business unit is assigned at least one qualified GDPR Lead, who is responsible for advising their department on ensuring compliance with GDPR principles. Experts from TeamViewer's Legal department are available as points of contact and thereby support the Company's data protection organization. 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 record of processing activities, reviewing and concluding data processing agreements with contractors, and conducting data protection impact assessments where required. In addition, suitable technical and organizational measures (TOMs) are implemented to ensure the security of entrusted personal data. These TOMs are reviewed as necessary and at least once annually to ensure they are up to date. The last update of the TOMs was carried out in October 2024. 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 by Design " and "Data protection by Default ".

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[^0]: ${ }^{4}$ https://www teamviewer.com/en/resources/trust-center/

Training and certification

All employees working for TeamViewer on a permanent or freelance basis receive annual mandatory trainings on data protection and GDPR-relevant topics, both in-person and via TeamViewer's internal training platform. These trainings include both externally and internally created content and are held at least once annually and as needed for all employees working in certain at-risk departments.

During the 2024 fiscal year, the following data protection trainings were held as part of the Company-wide education program:

Data protection training sessions for all employees. These included a refresher on data protection fundamentals, policies, and processes (e.g., handling of data breaches, deletion of unstructured data).
Department-specific training focusing on R\&D, Marketing, Customer Support, and IT, along with on-site sessions at the Bremen, loannina, and Göppingen offices. Additional on-site training and online courses via LinkedIn Learning are scheduled for the 2025 fiscal year.

In addition, TeamViewer offers a qualification program 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 trainings or earn certifications, such as the Certified Information Privacy Professional/Europe (CIPP/E), or become re-certified. This Certification is awarded by the International Association of Privacy Professionals (IAPP), of which TeamViewer is a gold member.

In the 2024 fiscal year, TeamViewer completed a certification process with TÜV Informationstechnik GmbH and received the Trusted Site Privacy certificate for its TeamViewer Remote and Tensor products. The Certification was awarded in August. The aforementioned products underwent a thorough evaluation which included an assessment of data protection compliance from both a legal and technical perspective, along with a security analysis.

2 Employees

TeamViewer Group employed 1,586 people worldwide (full-time equivalents, FTEs) as of 31 December 2024 (31 December 2023: 1,461 FTEs). Consequently, the number of employees in the 2024 fiscal year was approximately $9 \%$ higher year-on-year.

In the fiscal year, TeamViewer continued to expand its workforce. The Company has acquired new talent, particularly in the area of the CPTO (Chief Product and Technology Officer) Mei Dent since her appointment in 2023. While the previous year focused on expanding technical customer support, the 2024 hiring efforts were centered on research and development, reflecting a shift from external contractors toward strengthening internal teams for product innovation and security. In the Technical Customer Support department, the overall headcount remained stable. The Marketing department invested in expanding its brand and product marketing teams to further reinforce TeamViewer's positioning in the enterprise market.

As an employer of people from diverse national backgrounds, TeamViewer fosters a corporate culture built on social, economic, and political inclusion, as well as equal treatment, regardless of age, gender, ability, ethnicity, origin, religion, or economic, social or other background. Diversity is recognized as one of the Group's core values.

Employees by function

Function	2024	2023	$\Delta$ YoY
Technical Customer Service	87	83	$+5 \%$
Sales	634	584	$+9 \%$
Marketing	127	113	$+13 \%$
Research \& Development	450	399	$+13 \%$
Administration	288	283	$+2 \%$
FTE total	1,586	1,461	$+9 \%$

As of 31 December 2024 (2023) in full-time equivalents(FTEs).

Employees by region

Region	2024	2023	$\Delta$ YoY
EMEA	1,071	998	$+7 \%$
AMERICAS	308	268	$+15 \%$
APAC	207	195	$+6 \%$
FTE total	1,586	1,461	$+9 \%$

As of 31 December 2024 (2023) in full-time equivalents(FTEs).

3 Economic report

3.1 Macroeconomic environment

The year 2024 remained defined by geopolitical tensions and economic disruptions. The challenging and volatile macroeconomic conditions of previous years continued throughout the fiscal year. Despite a strong start to the year and the interest rate reversal introduced by the European and U.S. central banks, economic growth - especially in Europe - remained moderate overall. ${ }^{9}$

After the global economy gained noticeable momentum in the first quarter of 2024, it slowed in the spring and saw only a slight acceleration in the second and third quarters. This development was driven by the services sector, while industrial production showed little increase after the first half of the year. Economic policy uncertainties and trade conflicts particularly shaped the second half of 2024. With the exception of the U.S. economy, which continued to expand strongly in the third quarter, advanced economies experienced a decline in economic momentum in the second half of the year. As a result, the overall economic environment remained challenging. In 2024, global economic growth reached approximately $3.2 \%$, representing a decline of 0.1 percentage points compared to the previous year's growth of around $3.3 \%{ }^{6}$

TeamViewer's key individual markets, Germany and the U.S., exhibited notably different growth rates in 2024. Germany's GDP contracted ${ }^{7}$ by $-0.2 \%$, whereas the U.S. economy recorded a $2.8 \%$ GDP growth compared to the previous year. ${ }^{8}$

During the reporting period, the EUR initially showed strong gains against the USD but weakened significantly in the second half of the year. On average, the EUR/USD exchange rate stood at 1.08 , holding steady compared to the 2023 annual average. ${ }^{9}$

Sector environment

According to calculations by the international market research institute Gartner, global IT expenditure amounted to around USD 5.3 trillion in 2024, growing $7.2 \%$ over the prior year. The software solutions and IT services subsegments, which are important for TeamViewer, recorded respective growth rates of around $11.7 \%$ and $5.6 \%$ in $2024 .{ }^{10}$

The higher growth in global spending on IT and in key subsegments relative to the broader economy was mainly fueled by investments in generative AI infrastructure. This trend was especially evident in the surge in data center expenditures over the reporting year. ${ }^{11}$

3.2 Business development

In the 2024 fiscal year, TeamViewer successfully pursued its growth strategy across the three defined growth dimensions: (i) expansion of use cases, (ii) coverage of existing customer segments, and (iii) geographic expansion, achieving profitable growth. Revenue increased by $7 \%$ year-over-year to EUR 671.4 million and exceeded the updated revenue guidance range, issued in the Q3 2024 results announcement, of between EUR 662 and 668 million for 2024. Adjusted EBITDA rose by $14 \%$ to EUR 296.7 million, resulting in an adjusted EBITDA margin of $44 \%$ for the fiscal year. This also met the updated guidance of an adjusted EBITDA margin of at least $44 \%$.

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[^0]: ${ }^{9}$ the kiel - Kiel Economic Reports No. 118 - World Economy in Autumn 2024, p. 3: https://www.fe-kiel.de/fileadmin/Dateiversaltung/PW-Publications/fe-import/23b5c580-697e-8f6d-872e-eee2327f65d549/8_118_2024-Q3_Welt_EN.pdf ${ }^{9}$ the Kiel - Kiel Economic Reports No. 119 - World Economy in Winter 2024, pp. 2-5: https://www.fe-kiel.de/fileadmin/Dateiversaltung/PW-Publications/fe-import/78097681-d900-4bfe-9428-838e8b4ff77e-493_119_2024-Q4_Welt_EN.pdf
${ }^{10}$ the Kiel - Kiel Economic Reports No. 120 - German Forecast in Winter 2024, p. 4: https://www.fe-kiel.de/fileadmin/Dateiversaltung/PW-Publications/fe-import/ac7c79e1-3a8f-4345-b193-65d074f2d14049/8_120_2024-Q4_Deutschland_EN_ pal ${ }^{9}$ the Kiel - Kiel Economic Reports No. 119 - World Economy in Winter 2024, p. 10: https://www.fe-kiel.de/fileadmin/Dateiversaltung/PW-Publications/fe-import/78097681-d900-4bfe-9428-838e8b4ff77e-493_119_2024-Q4_Welt_EN.pdf European Central Bank - Currency Calculator: https://www.ecb.europa.eu/stats/polloy_and_exchange_rabes/ecro_reference_exchange_rabes/html/eurofroid-graph-uad.es.html
${ }^{10}$ Gartner, Inc. - Expected Global IT Spending, October 2024: https://www.gartner.com/en/newsroom/press-releases/2024-10-23-gartner-forecasts-worldwide-it-spending-to-grow-nine-point-three-percent-in-2025
${ }^{11}$ Gartner, Inc. - Expected Global IT Spending, July 2024: https://www.gartner.com/en/newsroom/press-releases/2024-07-16-gartner-forecasts-worldwide-it-spending-to-grow-7-point-5-percent-in-2024

The initial 2024 revenue guidance projected IFRS revenue in a range of EUR 660 to 685 million, based on the previous year's average exchange rates. On 6 November 2024, with the release of the Q3 2024 results, the guidance was revised to a narrower range of between EUR 662 and 668 million, which remained within the originally guided revenue range. This updated revenue guidance range included currency effects from 2023 billings, totaling approximately EUR 10-11 million on a full-year basis. Adjusted for these effects, the updated revenue guidance reflected a growth rate in constant currency of $7-8 \%$. Due to higher profitability, TeamViewer raised its adjusted EBITDA margin guidance by 1 percentage point to at least $44 \%$. TeamViewer generated EUR 671.4 million in revenue in 2024.

The following key events and initiatives in 2024 were significant for the Group:

Strategic expansion in digital workplace management

In December, TeamViewer announced the acquisition of 1E, a provider of digital employee experience (DEX) software. The acquisition was completed on 31 January 2025. The Company signed a binding agreement with Carlyle Europe Technology Partners, part of the global investment firm Carlyle (NASDAQ: CG), to acquire the London-based company. The enterprise value of 1 E is set at USD 720 million on a cash- and debt-free basis. Through this strategic acquisition, TeamViewer intends to position itself in digital workplace management. As part of the acquisition, TeamViewer's remote connectivity and support solutions should be integrated with 1E's autonomous IT platform. Customers are expected to benefit from this expanded offer, as many IT issues can be proactively prevented before they occur, while others should be able to be resolved quickly through efficient remote support. Together with 1E, TeamViewer aims to create a comprehensive solution for IT processes, intelligent endpoint management, and an improved user experience in the digital workplace.

Innovations in artificial intelligence

In the 2024 fiscal year, TeamViewer launched "Session Insights", its first AI-powered feature designed to streamline workflows in TeamViewer Remote and TeamViewer Tensor. This add-on is designed to automatically summarize the contents of a TeamViewer session, replacing time-consuming manual processes to enhance IT team productivity and facilitate strategic decision-making. After a beta phase with selected customers, "Session Insights" has been available since October 2024 for all customers with a TeamViewer Remote Corporate or TeamViewer Tensor license. Additionally, these features have been integrated into Microsoft products, including Microsoft Teams, Microsoft 365 Copilot, and Microsoft Azure OpenAI service, enabling companies to optimize their remote support with greater speed, intelligence, and proactivity.

Vision picking partnerships

At the beginning of the year, TeamViewer entered into two strategic partnerships in the vision picking software sector with the goal of strengthening its market position. Together with Deloitte, TeamViewer aims to further accelerate digital transformation in warehouse logistics by jointly marketing and implementing TeamViewer's vision picking solution alongside SAP's Extended Warehouse Management solution. Additionally, TeamViewer is working with Manhattan Associates, a U.S.-based provider of unified commerce and supply chain solutions. The goal of this collaboration is to integrate TeamViewer Frontline Pick into Manhattan Associates' cloud-based Active Warehouse Management platform. As an SAP partner, TeamViewer also showcased its solutions to a broad customer base at Hannover Messe in April 2024. For instance, in SAP Extended Warehouse Management, TeamViewer's vision picking solution, combined with smart glasses, is used to optimize warehouse processes and minimize error rates.

Investments in augmented reality

In November, RealWear, a U.S.-based leader in wearable computing for industrial applications headquartered in Vancouver (USA), announced the acquisition of Almer Technologies, a Swiss startup specializing in AR headsets. TeamViewer provided both financial and strategic support for this acquisition. Even prior to the acquisition, TeamViewer was a key partner and strategic minority investor with a stake of under $15 \%$ in both RealWear and Almer, and it plans to continue in this role. Oliver Steil, CEO of TeamViewer, serves on RealWear's Supervisory Board.

Integration awards

In June, TeamViewer was awarded the Microsoft Teams Partner of the Year Award 2024 in the "Microsoft Apps \& Solutions" category. The Company was recognized by Microsoft partners for its innovative contributions and successful implementation of customer solutions based on Microsoft technologies. Within Microsoft Teams, users can seamlessly access integrated TeamViewer features, including support for mobile employees, AR-powered remote maintenance, and advanced troubleshooting capabilities.

Smart solutions for aftersales

In December, TeamViewer launched TeamViewer "Smart Service", a new solution that integrates software and hardware support capabilities. Designed for machinery and equipment manufacturers (OEMs), it enables faster and more efficient on-site issue resolution for their customers. TeamViewer "Smart Service" not only aims to improve response times and reduce costs but should also help OEMs minimize travel for maintenance and repairs, thereby reducing their environmental footprint.

Changes in the Management Board

In September, the Supervisory Board extended Michael Wilkens' contract as CFO and Management Board member for another three years. Serving as Chief Financial Officer since September 2022, he is responsible for TeamViewer's global finance department and other cross-functional areas such as IT and Legal. At the same time, CCO Peter Turner, after consulting with the Supervisory Board, decided not to extend his Management Board contract beyond its expiration in July 2025. As part of the 1E acquisition, it was announced that Mark Banfield, former CEO of 1E, will assume this role in February 2025. Additionally, the Supervisory Board approved a three-year contract extension for CPTO Mei Dent to further advance the Company's product and R\&D strategy.

Strengthening EMEA sales

In early May, Rupert Clayson joined TeamViewer, bringing extensive experience from the enterprise software industry, including roles at companies such as the cybersecurity firm Fortinet. Following a comprehensive transition period, he succeeded Jan Junker as President EMEA. Jan Junker, who became part of TeamViewer through the acquisition of Ubimax, played a key role in building the EMEA Enterprise business and transitioned his responsibilities to Rupert Clayson under a structured succession plan.

Share buyback program

In December 2023, TeamViewer launched a new share buyback program with a total volume of up to EUR 150 million, which was successfully completed in December 2024. As of 31 December 2023, a total of 987,760 shares had been repurchased under this program. In the 2024 fiscal year, under the authorizations granted on 24 May 2023 and 7 June 2024, TeamViewer repurchased a total of 10,785,155 shares before the program's completion on 13 December 2024. Based on the authorization of 7 June 2024, the Company canceled 4,000,000 shares acquired under the share buyback program prior to 19 July 2024, with effect from 2 August 2024, thereby reducing the share capital from EUR 174,000,000.00 to EUR 170,000,000.00 accordingly.

Key growth drivers

The following factors were the key growth drivers in the 2024 fiscal year:

Expansion of Enterprise sales in EMEA and AMERICAS.
Cross-selling and up-selling initiatives (SMB and Enterprise).
New customer acquisition (SMB and Enterprise).
Monetization campaigns (SMB).

3.3 Group earnings position

The presentation that follows highlights 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 recognized in revenue over the contract duration, which usually spans 12 months. Multi-year contracts are also concluded in some cases.

Development of revenue

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

in EUR million	$\mathbf{2 0 2 4}$	2023	$\Delta$ YoY
Revenue (IFRS)	671.4	626.7	$+7 \%$

Revenue grew across all regions in the 2024 fiscal year, with the EMEA region recording the highest growth rate, mainly fueled by strong billings from the previous year.

Revenue by region

in EUR million	2024	2023	$\Delta$ YoY	Total share in 2024	Total share in 2023
EMEA	365.2	332.4	$+10 \%$	$54 \%$	$53 \%$
AMERICAS	234.4	222.8	$+5 \%$	$35 \%$	$36 \%$
APAC	71.9	71.5	$0 \%$	$11 \%$	$11 \%$
Total	672.4	626.7	$+7 \%$	$100 \%$	$100 \%$

Revenue from the Enterprise business saw significant growth, increasing its share of total revenue to $23 \%$ (previous year: $19 \%$ ).

Revenue by customer classification

	2024	2023	$\Delta$ YoY	Total share in 2024	Total share in 2023
in EUR million
SMB	520.0	504.6	$+3 \%$	$77 \%$	$81 \%$
Enterprise	151.4	122.1	$+24 \%$	$23 \%$	$19 \%$
Total	671.4	626.7	$+7 \%$	$100 \%$	$100 \%$

Cost development

Total costs and other income/expenses

in EUR million	2024	2023	$\Delta$ YoY
Cost of Goods Sold (COGS)	$(80.8)$	$(81.7)$	$-1 \%$
R\&D costs	$(79.9)$	$(80.1)$	$0 \%$
Marketing costs	$(119.6)$	$(138.7)$	$-14 \%$
Sales expenses	$(113.8)$	$(106.7)$	$+7 \%$
General and administrative costs	$(50.9)$	$(49.4)$	$+3 \%$
Expenses for impairments on trade receivables	$(11.8)$	$(8.5)$	$+38 \%$
Other income	2.5	8.5	$-71 \%$
Other expenses	$(10.7)$	$(3.5)$	$+205 \%$
Total	$(485.0)$	$(460.1)$	$+1 \%$

Cost of sales primarily includes amortization of intangible assets, router and server costs, payment fees, and personnel expenses. The decline in cost of sales was largely driven by lower amortization of customer relationships, partially offset by an increase in personnel costs and costs for contract labor. Gross profit, defined as revenue minus cost of sales, grew by $8 \%$ to EUR 590.6 million (2023: EUR 544.9 million). The corresponding gross margin increased slightly to $88 \%$ (2023: $87 \%$ ).

R\&D costs remained at the prior year's level.
Marketing costs declined due to reduced spending on sports sponsorship and consulting. These savings were partially offset by higher personnel and advertising expenses.

Selling expenses rose over the fiscal year, mainly due to increased personnel expenses.
The rise in general and administrative costs was primarily driven by higher consulting costs.
Expenses for impairments on trade receivables increased, mainly due to higher outstanding receivables from Enterprise customers.

As in the previous year, the main component of other income and other expenses in the fiscal year was costs incurred from hedging currency fluctuations. Additionally, in the previous year, TeamViewer recorded income from Manchester United's repurchase of the main jersey sponsorship rights.

Overall, total costs and other income/expenses grew at a slower rate than revenue, which had a positive effect on TeamViewer's profitability in the fiscal year.

EBITDA

Total costs include depreciation and amortization of tangible and intangible assets of EUR 46.2 million in the fiscal year, reflecting a $17 \%$ year-on-year decline (2023: EUR 55.4 million). This decrease was mainly due to the full amortization of the customer base purchase price allocation during the fiscal year.

Reconciliation of EBITDA to adjusted EBITDA (non-IFRS)

in EUR million	2024	2023	$\Delta$ YoY
EBITDA	252.6	221.9	$+14 \%$
EBITDA margin in \% of revenue	$38 \%$	$35 \%$	$+3 p p$
Expenses for share-based compensation	16.6	23.7	$-30 \%$
Other items to be adjusted	27.5	14.9	$+85 \%$
Adjusted EBITDA (non-IFRS)	296.7	260.5	$+14 \%$
Adjusted EBITDA margin in \% of revenue	$44 \%$	$42 \%$	$+2 p p$

Other items to be adjusted

in EUR million	2024	2023
Measurement of financial instruments	14.0	5.5
Reorganization expenses	4.9	5.8
IT projects	3.9	2.4
Financing and M\&A	3.9	1.0
Expenses for special legal disputes	0.3	3.1
Other	0.5	$(3.0)$
Total	27.5	14.9

For the fiscal year, adjusted EBITDA (non-IFRS) reached EUR 296.7 million, reflecting a $14 \%$ increase year-over-year. With revenue growth at $7 \%$, the adjusted EBITDA margin (adjusted EBITDA (non-IFRS) as a percentage of revenue) rose to $44 \%$ (2023: $42 \%$ )

Operating profit (EBIT)

EBIT grew by $24 \%$ in the fiscal year, reaching EUR 206.4 million. This led to an EBIT margin (EBIT as a percentage of revenue) of $31 \%$, marking an increase of four percentage points compared to the previous year (2023: $27 \%$ ).

Earnings before taxes (EBT)

EBT rose by $25 \%$ in the 2024 fiscal year, reaching EUR 184.4 million (2023: EUR 147.5 million). The higher relative increase compared to EBIT was driven by the developments in finance result positions, as detailed below.

in EUR million	2024	2023	$\Delta$ YoY
Finance income	0.9	1.4	$-38 \%$
Finance expense	$(17.5)$	$(16.4)$	$+7 \%$
Share of profit loss of associates	$(2.4)$	$(0.5)$	n/a
Foreign currency result	$(2.9)$	$(3.6)$	$-19 \%$

The decline in finance income during the fiscal year was mainly driven by lower interest income from short-term investments. At the same time, finance expenses rose due to higher interest rates, which was largely offset by a reduction in volume.

Group net income/loss

In the fiscal year, income taxes consisted of current tax expenses of EUR 67.9 million (2023: EUR 46.2 million) and deferred tax income of EUR 6.5 million (2023: EUR 12.8 million). Total tax expenses therefore increased to EUR 61.4 million (2023: EUR 33.4 million). The higher current tax expenses resulted primarily from the increase in earnings before taxes. In addition, only the remaining amount of the interest carryforward could be utilized. The lower income from deferred taxes in the current year compared to the previous year is due to the one-time capitalization of tax loss and interest carryforwards in the previous year as well as temporary differences relating to previous years. The reason for the first-time capitalization in the previous year was substantiated plans for future tax use through the planned profit transfer agreement for the years 2025 and beyond. The tax rate (income taxes in relation to EBT) for the fiscal year of $33.3 \%$ was significantly higher than the tax rate of the previous year (2023: $22.7 \%$ ).

Group net income rose by $8 \%$ to EUR 123.1 million (2023: EUR 114.0 million). Due to share buybacks, earnings per share increased significantly from EUR 0.66 to EUR 0.77 .

To evaluate its earnings performance, TeamViewer also uses adjusted Group net income (non-IFRS).

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

in EUR million	2024	2023	$\Delta$ YoY
Net income	123.1	114.0	$+8 \%$
PPA depreciation ${ }^{1}$	18.6	29.8	$-38 \%$
Expenses for share-based compensation	16.6	23.7	$-30 \%$
Other items to be adjusted ${ }^{2}$	27.5	14.9	$+85 \%$
Extraordinary items in finance result	0.3	0.2	$+42 \%$
Income tax items to be adjusted	$(17.1)$	$(31.0)$	$-45 \%$
Adjusted net income (non-IFRS)	168.3	111.6	$+11 \%$

${ }^{1}$ Amortization related to business acquisitions.
${ }^{2}$ Refer to adjusted EBITDA (non-IFRS).
Adjusted earnings per share reached EUR 1.05, a $20 \%$ increase from the previous year (2023: EUR 0.88).

3.4 Group net assets and financial position

Capital structure

Assets on the balance sheet

	31 Dec 2024		31 Dec 2023		Change
	in EUR million	in \%	in EUR million	in \%	in EUR million	in \%
Non-current assets	936.0	87	952.1	86	(16.0)	$-2 \%$
Current assets	174.3	$-17$	159.5	14	(25.1)	$16 \%$
Star assets	1,070.3	100	1,111.5	100	(41.2)	$-4 \%$

The Group's non-current assets as of 31 December 2024 comprised goodwill (EUR 668,1 million, nearly unchanged from 31 December 2023), along with intangible assets, property, plant and equipment, financial assets, other assets, and deferred tax assets. The decline in non-current assets by year-end 2024 was mainly driven by scheduled amortization of intangible assets and depreciation of property, plant, and equipment. This was partially offset by new investments and an increase in deferred tax assets.

The Group's current assets as of 31 December 2024 comprised trade receivables, other assets, tax receivables, financial assets, and cash and cash equivalents. The decline in current assets by year-end 2024 was mainly attributed to the reduction in cash and cash equivalents following the share buyback program and the net repayment of loans. With EUR 55.3 million (31 December 2023: EUR 72.8 million), available liquidity remained the largest component of current assets. Other assets also fell by EUR 13.1 million to EUR 39.2 million (31 December 2023: EUR 52.4 million), primarily due to reduced prepayments for sponsorship contracts.

Equity and liabilities on the balance sheet

	31 Dec 2024		31 Dec 2023		Change
	in EUR million	in \%	in EUR million	in \%	in EUR million	in \%
Equity	100.5	9	83.7	8	16.8	$+20 \%$
Non-current liabilities	421.9	39	516.1	46	(94.2)	$-18 \%$
Current liabilities	548.0	51	511.8	46	36.7	$+7 \%$
Total equity and liabilities	1070.3	100	1111.5	100	(41.2)	$-4 \%$

The Group's equity as of 31 December 2024 increased mainly due to the positive comprehensive income, while the share buyback program had a negative counter effect. The equity ratio rose from $8 \%$ to $9 \%$.

The Group's non-current liabilities as of 31 December 2024 decreased primarily due to a EUR 103.0 million reduction in financial liabilities. Offsetting factors included a EUR 5.8 million increase in deferred tax liabilities and a EUR 3.5 million increase in non-current deferred revenue.

Current liabilities increased as of 31 December 2024, driven mainly by a EUR 21.6 million growth-related rise in current deferred revenue and an EUR 18.2 million increase in financial 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 utilized had a principal amount of EUR 415 million as of 31 December 2024 (31 December 2023: EUR 500 million).

The revolving credit facility was not utilized as of 31 December 2024 and 31 December 2023. A drawdown of the facility is possible up to EUR 525 million.

Liabilities
31 December 2024 in EUR thousands	Year of maturity	Principal amount 31 December 2024	Principal amount 31 December 2023
Loans
Bilateral bank loan 2021	2025	100,000	100,000
Syndicated loan 2022	2027	-	100,000
Syndicated loan 2022 revolving credit facility	2029	-	-
Revolving credit facility 2024	2027	-	-
Promissory notes
3-year fixed/variable promissory note 2021	2024	-	85,000
5-year fixed/variable promissory note 2021	2026	193,000	193,000
3-year fixed/variable promissory note 2024	2027	48,500	-
7-year fixed promissory note 2021	2028	13,000	13,000
5-year fixed/variable promissory note 2024	2029	51,500	-
10-year fixed promissory note 2021	2031	9,000	9,000
Total		415,000	500,000

The interest payment dates are currently scheduled at intervals between one and twelve months.

The TeamViewer Group's net financial liabilities decreased to EUR 389.4 million as of 31 December 2024 (31 December 2023: EUR 456.6 million).

As of the 31 December 2024 reporting date, the net leverage ratio was lower at 1.3x (31 December 2023: 1.8x).

Development of net leverage ratio

in EUR million	31 December 2024	31 December 2023
Current financial liabilities	115.5	97.3
Non-current financial liabilities	329.1	432.1
Cash and cash equivalents	(55.3)	(72.8)
Net financial liabilities	389.4	456.6
Adjusted EBITDA (LTM)	296.7	260.5
Net leverage ratio	1.3x	1.8x

Under the terms of its loan agreements, TeamViewer is required to meet leverage covenants based on the ratio of net financial liabilities to EBITDA, as specified in the respective credit agreements. Throughout the 2024 fiscal year, TeamViewer remained fully compliant with these covenants at all times.

Financial position

in EUR million	2024	2023	Change	Change in \%
Cash and cash equivalents at the beginning of the period	72.8	161.0	$-88.2$	$-55 \%$
Cash flow from operating activities	249.2	229.9	$+19.3$	$+8 \%$
Cash flow from investing activities	(12.8)	(29.6)	$+16.7$	$+57 \%$
Cash flow from financing activities	(254.4)	(287.4)	$+33.0$	$+11 \%$
Other changes	0.5	(1.1)	$+1.6$	$+144 \%$
Cash and cash equivalents at the end of the period	55.3	72.8	$-17.6$	$-24 \%$

The increase in cash flow from operating activities in the 2024 fiscal year was primarily driven by higher operating income and positive working capital effects, though partially offset by higher income tax payments.

Cash outflows from investing activities declined due to reduced spending on investments in financial assets related to equity investments.

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	2024	2023	Change	Change in \%
Cash flows from operating activities ${ }^{1}$	312.6	275.5	$+37.1$	$+13 \%$
Income tax paid	$(63.4)$	$(45.6)$	$-17.8$	$-39 \%$
Investments in property, plant and equipment, and intangible assets	$(5.4)$	$(5.6)$	$+0.2$	$+4 \%$
Payments for the redemption portion of lease liabilities	$(12.5)$	$(11.1)$	$-1.4$	$-13 \%$
Interest paid on borrowed funds and lease liabilities ${ }^{2}$	$(16.1)$	$(14.4)$	$-1.7$	$-12 \%$
Levered free cash flow (FCFE)	215.3	198.8	$+16.5$	$+8 \%$
in \% of adjusted EBITDA (Cash Conversion)	$73 \%$	$76 \%$		$-3 p p$

${ }^{1}$ Before income tax paid.
${ }^{2}$ Adjusted for transaction costs of EUR 3.1 million (2023: EUR 0 million) related to M\&A financing.

Overall statement on the economic situation

TeamViewer looks back on a 2024 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 realize efficiency gains. As a result, TeamViewer was able to reaffirm and achieve its guidance for the 2024 fiscal year.

TeamViewer successfully implemented a number of different organizational and operational measures in the fiscal year to position the Company for the future. Strategically, TeamViewer remained focused on strengthening its three defined growth dimensions throughout the 2024 fiscal year.

A key highlight was the introduction of new AI-powered features across all TeamViewer solutions, designed to provide customers with decisive added value while unlocking additional cross-selling and up-selling potential. By expanding integration within the digital ecosystem and strengthening partnerships, TeamViewer positioned itself in new markets. To further enhance its sales organization, TeamViewer expanded the "TeamViewer TeamUP" partner program, launched in 2023, established new partnerships in vision picking, and significantly reinforced sales operations in the EMEA region. Additionally, through a strategic investment in RealWear, TeamViewer deepened its commitment to the digital transformation of the industrial and logistics sectors. In sustainability, TeamViewer maintained its leading position in the Sustainalytics and MSCI sustainability ratings.

The Management Board views the business development and economic position of the Group in 2024 as positive overall.

4 Sustainability Statement

This chapter has not been checked for content by the external auditor.

4.1 General information

Basis of preparation

General principles

This Sustainability Statement for the TeamViewer Group is prepared on a consolidated basis in full compliance with the European Sustainability Reporting Standards (ESRS). It also fulfills the non-financial reporting obligations under $\S \S 315 b$ to 315 c of the German Commercial Code (HGB) (non-financial group declaration).

Due to the lack of long-term experience with the application of the ESRS, the initial preparation of the Sustainability Statement for TeamViewer was associated with uncertainties regarding open questions and related explanations.

The same scope of consolidation as applied in TeamViewer's consolidated financial statements is used for the Sustainability Statement, while material impacts, risks, and opportunities related to its upstream and downstream value chains are considered. TeamViewer has made use of the option to omit certain information related to intellectual property, know-how, or the results of innovations, ensuring that the overall relevance of the disclosed information remains unaffected.

Certain statements in this Sustainability Statement may constitute forward-looking statements. These statements are based on assumptions deemed reasonable at the time they were made and are subject to material risks and uncertainties, including those outlined in TeamViewer's disclosures.

The time horizons considered differ from the definition in ESRS $1 \S 6.4$, as TeamViewer places particular importance on maintaining a consistent internal definition. This is based on the Group's risk management system, which, given the rapid evolution of its business model, defines the following time horizons:

Short-term: $<1$ year
Medium-term: 1 to 4 years
Long-term: $>4$ years

Estimates related to the value chain were used solely in the calculation of TeamViewer's corporate carbon footprint (CCF). Further details can be found in the table "Overview of uncertainties in the use of estimates in the corporate carbon footprint (CCF) calculation" in the "Environment" subchapter of this Sustainability Statement.

Unless explicitly stated otherwise, all metric-related information in this report has been solely subject to review with limited assurance by the financial auditor.

Double Materiality Assessment

In preparation for the EU Corporate Sustainability Reporting Directive (CSRD), TeamViewer expanded its materiality analysis to a Double Materiality Assessment (DMA) in the 2023 fiscal year. The DMA is used to identify and prioritize the sustainability topics that are material to TeamViewer. Double materiality considers both the Company's impact on the environment and society ("inside-out") as well as the financial opportunities and risks arising from sustainability aspects ("outside-in").

A value chain analysis helped identify relevant stakeholders for the Double Materiality Assessment. This made it possible to assess relevant environmental, social, and economic impacts along the entire value chain and integrate them into strategic planning. Regular feedback mechanisms, training, and internal dialogues ensure that the perspectives of employees and other stakeholders are incorporated into the strategy. TeamViewer places

particular emphasis on its own workforce as a key stakeholder group to comprehensively consider the interests, perspectives, and rights of its employees.

In assessing impacts, TeamViewer analyzes both actual and potential negative consequences based on their relative severity (a combination of magnitude, scope, and irreversibility) and their likelihood of occurrence. Positive impacts are evaluated based on their relative magnitude, scope, and probability. Thresholds, which are also used in the group-wide risk management system, help determine the material sustainability topics for reporting.

TeamViewer considers it important that the interests, perspectives, and rights of its customers and end-users, as further key stakeholders, are incorporated into its strategy and business model. This includes a strong emphasis on the protection of human rights. To reinforce this commitment, TeamViewer has issued a policy statement on human rights and social responsibility and has signed the UN Global Compact. Additionally, the Company engages in close dialogue with customers and end-users and reports transparently on sustainability-related topics.

To identify and assess climate-related risks and opportunities, TeamViewer uses climate scenarios of the Intergovernmental Panel on Climate Change (IPCC) and the Science Based Targets initiative (SBTi)-approved net zero target for 2040 within the framework of the $1.5^{\circ} \mathrm{C}$ pathway. These approaches facilitate an analysis of the material climate-related impacts on both the Company's operations and along the value chain.

TeamViewer assesses climate-related risks based on IPCC scenarios and integrates them into its risk management framework. In addition to physical hazards such as extreme weather events, the focus is on regulatory transition risks. Regarding physical risks, extreme weather events, such as the hurricane season in Florida, have been identified as climaterelated threats. These risks were assessed using the IPCC SSPS-8.5 high-emissions scenario. Risks within the upstream and downstream value chain were analyzed through expert interviews but were deemed non-material.

TeamViewer has identified climate-related transition risks, especially in relation to new reporting requirements that necessitate adjustments to business processes. The $1.5^{\circ} \mathrm{C}$ warming limitation scenario was not applied in this assessment. Additionally, TeamViewer recognizes the potential for emission reductions among its customers through greater adoption of remote solutions, which could help reduce the need for business travel.

Climate-related risks are assessed with a short-term time horizon. At present, no quantitative evaluation of the financial impacts of these risks and opportunities is conducted.

The management and supervisory bodies receive ongoing updates on the Company's sustainability-related impacts. These include semi-annual sustainability reporting to the Management Board and Supervisory Board, strategy meetings, and ad hoc updates, particularly in response to customer feedback on sustainability topics.

TeamViewer has implemented a risk management and internal control system to ensure a responsible approach to risk. This system includes the systematic identification and assessment of risks related to social and environmental factors. In evaluating financial materiality, the Company examines the likelihood, magnitude, and nature of financial impacts associated with identified risks and opportunities. A defined threshold helps determine material risks, opportunities, and key sustainability topics for reporting.

TeamViewer's risk management complies with generally recognized standards, such as the Enterprise Risk Management Standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), as well as the auditing standards PS 340, PS 340 n.F. and PS 981 of the Institute of Public Auditors in Germany (IDW). The risk management system aims to proactively identify, assess, and effectively mitigate potential risks through controls and measures.

All identified risks are evaluated semi-annually based on their probability of occurrence and potential impact on the Company. This assessment specifically considers the risks' potential effects on achieving financial and non-financial corporate objectives, as well as their impact on the Company's reputation and compliance. The evaluation and classification of individual risks are conducted using the Company's custom risk assessment matrix.

Among other risks, the Group has categorized product and IT security as major, including the potential threat of cyberattacks. Through ongoing improvement measures, various initiatives have been implemented to detect and prevent cyberattacks and unauthorized access attempts to TeamViewer's networks and servers at an early stage.

Material topics

As part of the Double Materiality Assessment for the 2024 fiscal year, TeamViewer has identified climate change mitigation and adaptation, gender equality, good corporate governance, and product, data, and IT security as material sustainability matters.

The Group is actively working to lower its greenhouse gas emissions and develop adaptation strategies to strengthen the resilience of its business processes against climate risks. Additionally, TeamViewer's products enable users to reduce travel, thereby helping to prevent climate-damaging emissions.

Equal opportunity and diversity are firmly established as core values in TeamViewer's approach to equal treatment and anti-discrimination. At the same time, the Group takes its responsibility seriously to safeguard the security and privacy of its consumers and endusers, particularly given the increasing threat of cyberattacks. To address this, TeamViewer continuously strengthens IT security standards and develops technological solutions that enhance both data protection and the resilience of its products.

Good corporate governance is central to TeamViewer's strategy, with clear compliance guidelines and a transparent decision-making structure. This creates long-term value and strengthens stakeholder trust. With this integrative approach, TeamViewer actively contributes to sustainable transformation, both within the Group and along the value chain.

The following table, "Material sustainability topics," details the four identified non-financial aspects and indicates from which perspectives (outside-in or inside-out) each topic has been classified as material.

Based on the identified material sustainability topics, TeamViewer has evaluated the materiality of disclosed information on impacts, risks, and opportunities by applying a combination of quantitative and qualitative factors.

TeamViewer does not expect the identified risks and opportunities to have a material financial impact on the Company's financial position, financial performance, or cash flows, or that significant adjustments to carrying amounts will be required in the next reporting period.

Material sustainability matters

ESRS sustainability topic	Title	Definition	Position in the value chain ${ }^{1}$	Material impacts (Inside-out)	Material financial impacts (Outside-in)	Expected time horizon for outcome	Resilience strategy	ESRS disclosure/ entity-specific disclosure
E1 Climate change	Climate change mitigation and adaptation	Greenhouse gas emissions from energy consumption in our own operations and the associated negative impacts on climate change	Upstream and own operations	Direct negative impact (Upstream and own operations)	n/a	Short- to mediumterm	Net zero emissions by 2040	ESRS disclosure
E1 Climate change	Climate change mitigation and adaptation	Avoidance of greenhouse gas emissions by using digital solutions instead of travel, which can enhance customer benefits	Downstream	n/a	Opportunity (Downstream)	Short-to mediumterm	n/a	ESRS disclosure

Material sustainability matters
ESRS sustainability topic	Title	Definition	Position in the value chain ${ }^{7}$	Material impacts (Inside-out)	Material financial impacts (Outside-in)	Expected time horizon for outcome	Resilience strategy	ESRS disclosure/ entity-specific disclosure
S1 Own workforce	Equal opportunity for all	A balanced representation of women in management at all levels of the Company to increase diversity within the global workforce	Own operations	Direct positive impact	n/a	Short-term	Equal pay for equal work and promotion of women in leadership positions	ESRS disclosure
G1 Business conduct	Good corporate governance	As a publicly listed company, TeamViewer is committed to responsible business conduct. By fostering a culture of effective communication, the Company ensures clear policy definition and has processes in place to comply with applicable global regulations.	Upstream, own operations and downstream	Direct positive impact	n/a	Short-term	Compliance Management System, internal control system, and risk management system	ESRS disclosure
n/a	Product, data and IT security	Potential cyberattacks can have negative impacts on the Company's users and customers. Reducing the risk of a successful cyberattack or data breach is therefore particularly important to protect customers and prevent potential financial losses due to operational disruptions and reputational damage to the Company.	Upstream, own operations and downstream	Potential negative impact	Potential risk	Short-term	IT and product security strategy; data protection officer	Entity-specific disclosure

[^0]
[^0]: ${ }^{7}$ Downstream refers to a segment further along TeamViewer's supply chain (customers), whereas upstream refers to an earlier/upstream segment in the supply chain.

Corporate governance and concepts
Composition and diversity of the management and supervisory bodies
TeamViewer is a European stock corporation (SE) with a dualistic corporate governance system, which ensures a strict institutional separation between management (Management Board) and supervision (Supervisory Board). The institutional separation of management and supervision in the dualistic system is linked to a requirement for personnel separation between these functions. Under § 105 (1) AktG, current Supervisory Board members are prohibited from being simultaneously appointed to the Management Board. Under § 76 (3) sentence 1 AktG and $\S 100$ (1) sentence 1 AktG, only natural persons with full legal capacity may serve as members of the Management Board or Supervisory Board. Consequently, the number of executive body members under the German corporate governance framework is equivalent to the number of Management Board members, while non-executive members correspond to Supervisory Board members. Both boards work closely together in the best interests of the Company.

In the reporting year, TeamViewer was led by a four-member Management Board and overseen by an eight-member Supervisory Board, which is elected by the shareholders. The Supervisory Board considers all its members to be independent of the Company in line with the recommendations of the German Corporate Governance Code.

To ensure effective employee participation, TeamViewer has a "World Works Council", which represents the interests of local employees to the Management Board at all Company locations worldwide. A Works Council is also in place at the Göppingen site for TeamViewer Germany GmbH and Regit Eins GmbH.

Roles and responsibilities of the Management Board and Supervisory Board

The Audit Committee, which also serves as the Sustainability Committee, the Chief Financial Officer (CFO), and the Sustainability Steering Board - comprising the Management Board and the Group-wide Senior Leadership Team (SLT) (the first management level below the members of the Management Board or executive management) - are responsible for overseeing the DMA-defined impacts, risks, and opportunities (IROs). The internal control and risk management systems also encompass processes and systems for capturing and processing sustainability-related data and risks.

The Management Board receives semi-annual updates on the Group-wide risk situation, with a focus on the most significant risks and any changes in risk assessments. Additionally, the Audit Committee of the Supervisory Board and the CFO are regularly briefed on risk management and existing risks.

The monitoring of objectives and target achievement regarding the impacts, risks, and opportunities identified in the DMA takes place through a structured exchange between the relevant governing bodies. The Head of Sustainability holds semi-annual meetings with the Audit Committee, as well as with the Management Board. During these meetings, targets for the identified focus areas are defined based on the Double Materiality Assessment. The progress made toward these objectives is also systematically tracked through the monitoring of key performance indicators ( $\mathrm{CO}_{2}$ emissions, gender pay gap, gender distribution in management positions). These metrics serve as a basis for evaluating existing actions and, if necessary, making adjustments to ensure the continuous improvement of sustainability performance.

TeamViewer's management and supervisory bodies, as well as the responsible business departments, ensure sustainability-related expertise through the following:

Incorporating existing sustainability expertise into decision-making.
Keeping up to date through further training and conferences.
Consulting with external advisors as needed.
Engaging regularly with the Head of Sustainability for the latest information.

This expertise enables TeamViewer's governing bodies to assess material environmental and social impacts, identify potential sustainability risks early, and implement appropriate actions.

Sustainability management and information processes
TeamViewer's Head of Sustainability reports directly to the CFO and provides semi-annual updates to the Supervisory Board and the Audit Committee. This direct reporting line in two of TeamViewer's highest governing bodies highlights the strategic importance of sustainability within the Group. Additionally, regular written reports to the Management Board and Supervisory Board on the progress and planning of key sustainability topics enable agile decision-making in line with established priorities. Serving as a central coordinating function, the Head of Sustainability oversees non-financial topics, delivers analyses, decision-making materials, and recommendations, ensures the strategic and operational advancement of sustainability initiatives, manages sustainability reporting through cross-functional collaboration, and serves as a key point of contact for ESG rating agencies.

To strategically oversee sustainability topics, the Senior Leadership Team (SLT) and Management Board form the Sustainability Steering Board. The Audit Committee of the Supervisory Board is responsible for monitoring the relevant key metrics.

In the 2024 fiscal year, TeamViewer actively involved its management and supervisory bodies in monitoring the material sustainability impacts, risks, and opportunities. As shown in the ESG governance graphic, the committees refined the strategy, evaluated decisions, and monitored risks, drawing specifically from insights gained from the Double Materiality Assessment.

The analysis enabled the integration of key ESG topics, such as climate change, diversity, corporate governance, and cybersecurity, into strategic decision-making. Investments in IT security infrastructure and emission reduction initiatives, for example, were assessed not only in terms of their financial impact but also with regard to their long-term social and environmental implications. When conflicts of interest existed or trade-offs between different objectives arose, a transparent evaluation was conducted, guided by the priorities of the sustainability strategy and feedback from relevant stakeholders.

Additionally, the Supervisory Board conducted semi-annual reviews to evaluate how risks and opportunities associated with material sustainability topics were integrated into decision-making processes and to ensure their alignment with TeamViewer's long-term objectives. This approach aims to enhance TeamViewer's resilience to external challenges and ensure the implementation of responsible and future-oriented business practices.

During the reporting period, the management and supervisory bodies of TeamViewer SE addressed the following key impacts, risks, and opportunities:

Double Materiality Assessment
$\mathrm{CO}_{2}$ reduction targets
Closing the gender pay gap
Cyberattack prevention
Reporting obligations under CSRD

Incentives and remuneration systems for the Management Board and Supervisory Board Sustainability as a component of variable remuneration

The remuneration system for the Management Board is designed to promote the business strategy and long-term corporate development. It aims to create effective incentives for growth, higher profitability, and the achievement of non-financial objectives, including those related to ESG (environment, social, governance). It consists of both fixed and variable remuneration components and is in compliance with the requirements of the German Stock Corporation Act and the recommendations of the German Corporate Governance Code ("GCGC"). The Supervisory Board's Remuneration Committee defines the remuneration framework for the Management Board. In the event of significant changes to the remuneration system and at least every four years, the remuneration system is presented to the Annual General Meeting for approval in accordance with § 120a AktG.

Variable remuneration consists of short-term variable remuneration (Short-Term Incentive STI) in the form of an annual bonus with a one-year performance period and long-term variable remuneration (Long-Term Incentive - LTI) in the form of a performance share plan with a four-year performance period. The Supervisory Board reviews the target achievement, which includes ESG targets, annually.

Short-term variable remuneration provides the option to include non-financial performance targets, including ESG aspects, to account for a share of $0 \%$ to $20 \%$. The STI amount is also based on the evaluation of individual performance criteria set by the Supervisory Board for each Management Board member at the beginning of the fiscal year and weighted as a percentage accordingly. The Supervisory Board assesses the achievement of these personal performance criteria using a multiplier (modifier) ranging from 0.8 to 1.2 and applies reasonable discretion based on the extent to which the defined targets have been met. The ESG component's percentage can vary significantly depending on the number of targets, their relative weighting, and the degree of target achievement.

In the reporting year, ESG integration was achieved through ESG ratings, which reflect all key ESG targets identified in the Double Materiality Assessment, as well as the perception of TeamViewer's stock from an ESG perspective within the personal performance criteria of all Management Board members. The personal multiplier, which includes ESG performance, was set at 1.135 for three out of four Management Board members, while one Board member achieved a value of 0.98 . Each Management Board member was assigned at least one specific ESG target, contributing a minimum of $15 \%$ to the overall evaluation of the personal performance criterion.

With long-term variable remuneration, non-financial performance targets incorporate ESG aspects and account for $20 \%$ of the overall LTI target achievement. Before each LTI allocation, the Supervisory Board selects relevant targets based on an ESG catalog outlined in the remuneration system and defines the specific targets and their weightings Depending on the level of fulfillment, target achievement can range from $0 \%$ to $200 \%$. The
first tranche (2020-2023) included the Net Promoter Score (NPS) as a non-financial performance target within the remuneration framework. Starting with the second tranche (2021-2024), the tranches have included women's representation in leadership positions as a second non-financial performance target. Each ESG target contributes equally to the $20 \%$ ESG share in the LTI.

The Supervisory Board's remuneration system does not contain any sustainability-related components.

Details on the current sustainability aspects considered are available in the Remuneration Report contained in the TeamViewer Annual Report 2024. The current Management Board remuneration system of TeamViewer can also be accessed on the Company's website.

ESG governance facilitates sound decision-making accompanied by the Audit Committee acting as a sustainability committee

Due diligence compliance and risk management in relation to sustainability

Due diligence compliance

Core elements of due diligence	Sections in the Sustainability Statement
a. Embedding due diligence in governance, strategy and business model	Sustainability management and information processes
b. Engaging with affected stakeholders in all key steps of the due diligence	Double Materiality Assessment
c. Identifying and assessing adverse impacts	Double Materiality Assessment
d. Taking actions to address those adverse impacts	Environment: Climate protection and climate change adaptation targets Social: Targets and actions related to own workforce
e. Tracking the effectiveness of these efforts and communicating	Environment: Tracking and effectiveness of targets Social: Actions and risk management

To ensure a responsible approach to managing business risks, TeamViewer has implemented a risk management and internal control system, including internal monitoring mechanisms. The risk management system also encompasses the systematic identification and evaluation of risks related to social and environmental factors.

Strategy and business model

Through its products and services, TeamViewer strives to contribute to a more sustainable world:

TeamViewer's free remote software aims to enable private users worldwide to provide IT assistance for technical issues.
TeamViewer strives to support business customers and their employees in adopting flexible work models, promoting a better work-life balance.
TeamViewer's solutions are intended to empower millions of enterprise customers and free users to sustain or enhance productivity, regardless of physical distance.
TeamViewer's products help users reduce travel requirements, thereby lowering climateimpacting greenhouse gas emissions.

The following table provides a breakdown of the TeamViewer Group's workforce by geographic region:

Employees by region

Region	2024
EMEA	1,071
AMERICAS	308
APAC	207
FTE total	1,996

As of 31 December 2024 in full-time equivalents (FTEs)
The following overview presents a breakdown of total revenue, as reported in TeamViewer's consolidated financial statements, according to the relevant ESRS sectors. All of TeamViewer's business activities are classified under the ESRS sector group Technology and the ESRS sector Information Technology. TeamViewer does not provide segment reporting.

Total revenue by relevant ESRS sector
ESRS sector group	ESRS sector	Revenue in EUR million
Technology	Information technology	671.4

Sustainability targets

The 2030 Agenda for Sustainable Development, adopted in 2015 by all United Nations member states, serves as an action plan for people, the planet, and global prosperity. TeamViewer is committed to the Sustainable Development Goals (SDGs) and recognizes the significance of all 17 goals.

To maximize the impact of its resources and efforts, TeamViewer focuses on seven SDGs where the Company could help contribute to meaningful improvement:

Quality Education (SDG #4)
Gender Equality (SDG #5)
Decent Work and Economic Growth (SDG #8)
Industry, Innovation, and Infrastructure (SDG #9)
Reduced Inequalities (SDG #10)
Climate Action (SDG #13)
Partnerships for the Goals (SDG #17)

Building on these focus SDGs, TeamViewer has established the following sustainability goals:

Reducing its own $\mathrm{CO}_{2}$ emissions by $90 \%$ by 2040 (compared to 2021) and carbon dioxide removal (CDR) of the remaining emissions from the atmosphere to achieve net zero emissions.
Increasing the share of women in leadership positions to $35 \%$ by 31 December 2027.
Helping customers meet their climate targets by providing climate-friendly technologies.

TeamViewer Group is managed as a single segment. Reporting is based on the geographic regions EMEA, AMERICAS, and APAC as reporting units and by revenue classified according to SMB and Enterprise customers. The three products - TeamViewer Remote, TeamViewer Tensor, and TeamViewer Frontline - are offered globally to all customers. TeamViewer's value chain is primarily consolidated within TeamViewer Germany GmbH. For these reasons, TeamViewer's sustainability goals generally apply to all products, customer categories, geographical regions, and stakeholders.

All three growth pillars of TeamViewer's strategy - Expansion in use cases, Coverage of customer segments, and Geographic expansion - have implications for sustainability. The key challenge moving forward primarily relates to climate change mitigation and adaptation. As business operations grow, there is potential for increased $\mathrm{CO}_{2}$ emissions at TeamViewer (e.g., from larger office spaces, increased business travel, and higher energy consumption). TeamViewer will closely monitor these developments and take appropriate action when necessary.

Value chain

TeamViewer's business is to develop and distribute software, as further detailed in the management report in Chapter B_1.1 "Business model" in the Combined Management Report. The Group identifies the following inputs in its global value chain:

Resources: Energy, raw materials for information and communication technology, water.
Infrastructure: Server infrastructure, IT infrastructure.
Partners: Employees, service providers, third-party suppliers.
Finances: Creditors, shareholders, ESG-linked promissory notes.
Innovation: Research, software, licenses, contracts, patents.

To gather these inputs, TeamViewer conducted interviews with internal and external stakeholders from areas such as procurement, legal, sales channels, sales, finance, and office management. In identifying and evaluating impacts, risks, and opportunities within its value chain, TeamViewer focused on areas where they are most likely to occur, considering factors such as business relationships, geographic regions, and the nature of activities. This process applies due diligence to analyze the interconnections between TeamViewer's impacts on and dependencies on natural and social resources, as well as the risks and opportunities that may result from these interdependencies.

Based on discussions with relevant stakeholders and the analysis of the value chain, TeamViewer has identified the following outputs: greenhouse gas emissions, wastewater, waste materials, software, employee retention and satisfaction, length of service, organization-specific competencies (e.g., knowledge, skills, etc.), revenue, profit, taxes, investments, donations to charitable causes, brand awareness and recognition, patents, customer satisfaction, market share, number of strategic partnerships, industry leadership, number of social media contributions, brand image, reputation, and stakeholder trust.

TeamViewer's value chain consists of several core components that are essential across the different stages from software development to sales. Key aspects of the TeamViewer value chain include the following:

Research and development (R\&D): TeamViewer invests in the ongoing development and optimization of its software products, with a focus on remote maintenance, remote desktop access, and technologies in the Internet of Things (IoT) area. Research and development are fundamental to driving innovation and maintaining the Company's competitive edge.
Software production and IT infrastructure: The development and maintenance of the software are carried out by a team of software developers, system administrators, and IT architects. This includes the management and maintenance of an IT infrastructure that enables global access to TeamViewer products.
Marketing and sales: TeamViewer operates a global sales network, which includes both direct sales channels and partnerships with third-party providers and distributors. Sales are primarily conducted digitally through online platforms and channels. The focus is on a customer-centric marketing approach that targets distributors serving both businesses and consumers.
Customer support and service: TeamViewer provides customer support through various channels, including online support, telephone service, and knowledge databases. The Company aims to ensure high customer satisfaction and build longterm relationships.
Suppliers and partners: In addition to internal stakeholders (such as research, development, and sales), external suppliers and partners play a key role. These include cloud providers, IT infrastructure service providers, and software and hardware suppliers, all of whom support TeamViewer in delivering its solutions or have integrated TeamViewer into their own software solutions.

The key economic stakeholders within TeamViewer's value chain include the following:

Employees
IT infrastructure and cloud service providers (e.g., for servers and data storage)
Distributors and partners (e.g., for software sales and implementation)
End-users and businesses (who rely on TeamViewer products for remote maintenance and support)
Regulatory authorities (who oversee data protection and compliance)

4.2 Environment

Climate change

Strategy, business model, and value chain

TeamViewer is a global technology company and a provider of a cloud-based platform for the connectivity of computers, machines, and industrial equipment, as well as for digitally supporting work processes across the entire value chain in industrial and service sectors. Through its core business products and services, the Group aims to contribute to a more sustainable world. TeamViewer's remote solutions are designed to enable companies worldwide to reduce business travel and physical presence, thereby helping to prevent $\mathrm{CO}_{2}$ emissions.

At the same time, as part of its climate transition plan (available on the Company website), TeamViewer has committed to aligning its business activities with the 1.5-degree target of the Paris Agreement. To achieve this, TeamViewer has set absolute targets for reducing its greenhouse gas emissions at the corporate level. The Science Based Targets initiative (SBTi) assessed whether these GHG emissions reduction targets are scientifically sound and aligned with limiting global warming to $1.5^{\circ} \mathrm{C}$. This alignment was confirmed by SBTi. TeamViewer is subject to the Paris-aligned EU benchmark values.

The transition plan outlines measures and a timeline for achieving TeamViewer's climate targets (Scope 1, 2, and 3), encompassing the entire value chain and all global locations of the Group. Approved by the Management Board and Supervisory Board in the 2024 fiscal year, the plan serves as the foundation for a structured and measurable climate strategy. To support the implementation of the transition plan, TeamViewer has allocated dedicated investments and financial resources. The majority of these expenditures focus on climate protection initiatives, such as carbon capture and storage (CCS). As part of its commitment, TeamViewer will invest a seven-figure euro amount by 2040 in permanent carbon removal initiatives and emerging technologies to ensure the full execution of its transition plan. The Group aims to further increase the share of its total energy mix represented by renewable energy and expand its $\mathrm{CO}_{2}$ removal and storage program. The internal sustainability team reviews and measures progress annually against the defined targets. The head of sustainability reports directly to the Management Board and Supervisory Board. Since the 2021 baseline year, TeamViewer has made substantial progress, which will be detailed in the following chapters.

TeamViewer's pathway to net zero emissions

Climate impacts, risks, and opportunities

As part of the Double Materiality Assessment, TeamViewer has implemented a structured process to identify and assess climate-related impacts, risks, and opportunities. In this process, energy consumption in the data centers used by the Group and the associated greenhouse gas emissions were identified as one of the most significant negative impacts on the climate. The process includes the analysis of operating emissions and the evaluation of potential effects across the value chain.

Two primary categories of climate-related risks were also identified but were deemed to be non-material:

Climate-related physical risks: Physical risks include potential damage to infrastructure or disruptions to business operations caused by extreme weather events such as heatwaves, floods, or storms. An example would be an office building located in a high-risk region for extreme weather events. To identify these risks, a screening was conducted that considered various high-emission climate scenarios. The assessment of exposure took into account both the likelihood and the magnitude of potential threats to infrastructure and business activities.
Climate-related transition risks: Transition risks arise from regulatory changes, rising energy prices, or shifting market demands. Examples would be higher costs for nonrenewable energy or stricter requirements for emissions reporting and reduction. As part of the transition risk analysis, a scenario analysis was conducted that considered scenarios aligned with limiting global warming to $1.5^{\circ} \mathrm{C}$.

Climate-related risks are identified through regular screening processes that consider both internal and external factors. This process involves analyzing actual and potential sources of greenhouse gas emissions across operations and the value chain. The risks are then evaluated using specific climate scenarios to assess their potential impact on business operations and assets.

Climate-related risks are identified across short-, medium-, and long-term periods, aligned with the expected asset lifespan and strategic planning horizons. Short-term refers to the time between 0 and 1 year, medium-term is between 1 and 4 years, and long-term extends beyond 4 years. These timeframes are in line with TeamViewer's long-term corporate goals and capital allocation strategies.

A climate scenario analysis was conducted to help identify and assess the climate-related physical risks, transition risks, and opportunities. This analysis included multiple climate scenarios, allowing for a differentiated view of short-, medium-, and long-term risks. Both high-emission scenarios and scenarios aligned with the Paris Agreement's goal of limiting global warming to $1.5^{\circ} \mathrm{C}$ were considered.

The climate scenario analysis serves as a strategic tool for assessing the potential impacts of physical risks, transition risks, and opportunities across different timeframes. The selected scenarios cover short-term, medium-term, and long-term perspectives. Scenario selection was guided by the latest scientific research and aligned with recognized climate science sources. Each scenario was carefully chosen to ensure it delivers relevant and precise insights into potential climate-related impacts. The analysis also considers key factors such as global $\mathrm{CO}_{2}$ emissions, as well as regulatory and economic adaptations to climate change.

The scenario analysis takes into account key inputs and constraints such as the availability and cost of renewable energy, global political and regulatory developments, and the latest advancements in climate research.

In the 2024 fiscal year, TeamViewer carried out a comprehensive analysis of its business model's resilience to climate-related risks. This analysis spanned the Group's entire value chain and accounted for both physical and transition risks. The evaluation was based on multiple climate scenarios, including a high-emissions scenario (SSP 5-8.5) and a $1.5^{\circ} \mathrm{C}$ scenario (SSP 1-2.6), which focuses on limiting global warming. TeamViewer intends to update this analysis annually to integrate emerging scientific insights and regulatory changes.

The analysis was conducted in accordance with ESRS E1 SBM-3 requirements and relied on key assumptions related to macroeconomic trends, energy consumption, and technological advancements.

Macroeconomic Trends: Impact of regulatory changes, evolving market requirements, and investments in climate-friendly technologies.
Energy Consumption and Mix: Reduction of energy consumption in data centers and increased transition to renewable energy sources.
Technology Adoption: Increasing use of digital solutions to reduce emissions, particularly through energy-efficient remote maintenance and process digitalization.

The analysis considered short- (until 2030), medium- (until 2040), and long-term (until 2050) time horizons. These are aligned with the climate scenarios and serve both to identify material physical and transition risks and to set emission reduction targets.

The results show that significant parts of the value chain are prepared for physical risks. The cloud infrastructure and redundant server networks demonstrate high resilience against potential disruptions caused by extreme weather events. To comply with regulatory requirements in the long term and maintain competitiveness, TeamViewer continuously invests in reducing greenhouse gas emissions.

Additionally, the analysis highlights significant strategic opportunities: TeamViewer's innovative software solutions help companies decarbonize their business processes, thereby strengthening the Company's position as a reliable partner for sustainable transformation.

Climate protection and climate change adaptation targets

TeamViewer's emission reduction targets are structured into short-term and long-term objectives. With its short-term target (SBTi short-term target), TeamViewer has pledged to cut absolute Scope 1 and 2 greenhouse gas emissions ${ }^{10}$ by $50 \%$ by 2030, using 2021 as the baseline year. Additionally, the Company aims to reduce absolute Scope 3.1 and 3.2 GHG emissions from purchased goods, services, and capital goods by $37.8 \%$ within the same timeframe. As part of its long-term target (SBTi long-term target), TeamViewer is committed to reducing Scope 1, 2, and 3 greenhouse gas emissions by $90 \%$ by 2040, compared to 2021 levels. By 2040 - ten years ahead of the minimum required by SBTi TeamViewer aims to achieve net zero greenhouse gas emissions across its entire value chain by neutralizing remaining emissions. The SBTi categorizes targets according to long-term temperature pathways well below $2^{\circ} \mathrm{C}$ and $1.5^{\circ} \mathrm{C}$. The SBTi validation team has reviewed
and confirmed TeamViewer's Scope 1, 2, and 3 targets, verifying their alignment with the $1.5^{\circ} \mathrm{C}$ goal. By publicly committing to its SBTi reduction targets, TeamViewer pledges to assess its climate objectives using scientific standards, ensuring that it contributes to limiting global warming in line with the Paris Agreement.

As part of its net zero emissions target, TeamViewer plans to fully offset and permanently store the remaining $10 \%$ of greenhouse gas emissions through carbon dioxide removal (CDR). This involves removing $\mathrm{CO}_{2}$ directly from the atmosphere and storing it permanently. TeamViewer already entered into long-term contracts to purchase high-quality CDR certificates in 2023 to ensure that these unavoidable emissions are offset by scientifically validated CDR technologies. The Company has continued this strategy in the 2024 fiscal year (see table "Carbon credit"). The investments made are regarded as part of the longterm climate strategy and are therefore excluded from the corporate carbon footprint (CCF) calculation in accordance with GHG accounting standards.

As part of its net zero emissions strategy, TeamViewer plans to fully offset and permanently store the remaining $10 \%$ of greenhouse gas emissions through carbon dioxide removal (CDR). This involves removing $\mathrm{CO}{2}$ directly from the atmosphere and storing it permanently. In 2023, TeamViewer has already entered into long-term contracts to purchase high-quality CDR certificates to ensure that these unavoidable emissions are offset by scientifically validated CDR technologies. These efforts continued in the 2024 fiscal year (see table "Retired certificates for $\mathrm{CO}{2}$ removal"). These investments are considered an integral part of TeamViewer's long-term climate strategy, which is why they are not included in the corporate carbon footprint (CCF) calculation.

Tracking and effectiveness of targets

The greenhouse gas emissions generated by the Group and their negative impact on the climate are a key priority for TeamViewer. To address this, the Company measures and reports its emissions annually across Scope 1, 2, and 3 categories. This comprehensive data collection serves as the basis for TeamViewer to actively manage and reduce its emissions, ensuring that the effectiveness of both current and planned actions is continuously evaluated and optimized.

Actions

TeamViewer's emission reduction strategy envisions a future in which the entire Group relies exclusively on renewable energy and its value chain operates in a climate-friendly,

[^0]
[^0]: ${ }^{10}$ The term "greenhouse gases" encompasses all significant greenhouse gases defined by the GHG Protocol.

energy-efficient manner. By 2026, all data services and office buildings used by TeamViewer will be powered entirely by renewable energy. By 2028, TeamViewer will require its key suppliers (determined by their share of the Group's total expenditures) to establish binding Scope 1 to Scope 3 emission reduction targets, supporting a net zero trajectory by 2050.

The strategy also outlines measures to lower emissions from business travel. By 2030, TeamViewer aims to increase the use of rail travel while reducing the number of short-haul flights. Additionally, TeamViewer is promoting a low-emission work environment by supporting low-carbon commuting (by supporting public transportation tickets, company bikes, and similar initiatives) and plans to fully implement a hybrid work model by 2027.

The Sustainability team conducts annual progress reviews and tracks performance using key indicators, such as $\mathrm{CO}_{2}$ emissions, energy consumption, and the proportion of renewable energy in the Company's energy mix. To ensure transparency and credibility, these results were verified by an independent third party.

Energy consumption and mix

	2024
Total energy consumption from fossil sources (MWh)	709
Total renewable energy consumption (MWh)	2,854
Share of renewable sources in total energy consumption (in \%)	$80 \%$
Total energy consumption (MWh)	3,363

Carbon credits retired

Total volume of carbon credits retired in reporting year (in tons $\mathrm{CO}_{2} \mathrm{eq}$ )	419
Share of removal projects (in \%)	$100 \%$
Share of reduction projects (in \%)	$0 \%$
Share of credits from ISO 14064 (in \%)	$100 \%$
Share of credits that are not registered (in \%)	$0 \%$
Share from projects in EU (in \%)	$100 \%$
Share of credits with corresponding adjustment (in \%)	$0 \%$
Credits purchased for future retirement	0
Total volume of carbon credits purchased for future retirements (in tons $\mathrm{CO}_{2} \mathrm{eq}$ )	0

Greenhouse gas emissions

TeamViewer's total greenhouse gas emissions for the 2024 fiscal year amount to 21,336 metric tons of $\mathrm{CO}_{2}$ equivalent (market-based), with 21,151 metric tons (99 \%) classified under Scope 3 activities.

Primary data was not always available for the CCF calculation, particularly in parts of the value chain where direct supplier information remains incomplete. TeamViewer is working with suppliers to address this gap. Where primary data is missing, estimation methods based on the GHG Protocol and industry-specific emission factors are used. Uncertainties are documented in accordance with IPCC guidelines. A detailed overview of sources and uncertainty classifications based on IPCC standards can be found in the table "Overview of uncertainties when using estimated values in the CCF calculation".

Despite these challenges, the reported corporate carbon footprint (CCF) offers a realistic reflection of TeamViewer's greenhouse gas emissions. The Company remains dedicated to enhancing the quality and precision of this data through ongoing reviews, alignment with evolving standards and technological advancements, and close cooperation with partners and stakeholders across the entire value chain.

TeamViewer does not currently have an internal $\mathrm{CO}{2}$ pricing system in place. Instead, it focuses on reducing greenhouse gas emissions through the use of renewable energy and efficiency measures. The Company is evaluating the potential introduction of a $\mathrm{CO}{2}$ pricing model to further enhance climate-related decision-making.

GHG intensity per net revenue ${ }^{1}$

	2024	2023	Change in \%
Total GHG emissions (location-based) per net revenue ( $\mathrm{tCO}_{2} / \mathrm{EUR}$ )	32.87	41.16	$-20 \%$
Total GHG emissions (market-based) per net revenue (tCO2/EUR)	31.78	39.87	$-20 \%$

${ }^{1}$ The calculation was based on revenue of EUR 671.4 million for the 2024 fiscal year.
As illustrated in the table "Total GHG emissions" below, TeamViewer reduced the Group's $\mathrm{CO}_{2}$ emissions by -14 \% (location-based) and -15 \% (market-based) compared to the previous year. These results confirm the effectiveness of the decarbonization measures outlined in the transition plan.

The reduction in Scope 1 emissions was driven mainly by the use of biogas, certified through RGGOs (Renewable Gas Guarantees of Origin). Another significant factor was the increased reliance on district heating. Under the Greenhouse Gas Protocol (GHG Protocol), district heating is classified as Scope 2, meaning this transition shifts emissions from Scope 1 to Scope 2.

This also accounts for the rise in market-based Scope 2 emissions: As direct fossil energy consumption (Scope 1) decreased, emissions from district heating are now reported under Scope 2. The difference between location-based and market-based Scope 2 values stems from the use of EACs ("Energy Attribute Certificates"), which TeamViewer utilizes to verify the renewable origin of its globally sourced electricity.

A significant reduction in Scope 3 emissions was achieved through targeted collaboration with key suppliers. A reduction in business travel also contributed to lowering emissions in this category.

The Scope 3 categories shown in the table "Total GHG emissions" were identified as material in accordance with GHG Protocol guidelines and correspond to the respective segment of the complete value chain. As a result, the following Scope 3 categories have not been included:

Category 4 - Upstream transportation and sales
Category 9 - Downstream transportation and sales
Category 10 - Processing of sold products
Category 11 - Use of sold products
Category 12 - End-of-life treatment of sold products
Category 14 - Franchises
Category 15 - Investments

Total GHG emissions ${ }^{1}$

	Retrospective
	2021 ${ }^{2}$	2023	2024	$\% 2024$ / 2023	2025	2030	2035	2040	Annual \% target / Base year ${ }^{3}$
Scope 1 GHG emissions
Gross Scope 1 GHG emissions ( $\mathrm{tCO}_{2}$ eq)	222	202	102	$-50 \%$	101	100	73	22	$-5 \%$
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)	458	835	816	$-2 \%$	815	700	150	46	$-5 \%$
Gross market-based Scope 2 GHG emissions (tCO2eq)	255	32	84	$165 \%$	83	80	75	26	$-5 \%$
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions (tCO2eq)	39,358	24,755	21,151	$-15 \%$	21,024	18,700	13,234	3,867	$-5 \%$
Purchased goods and services	27,171	14,860	12,897	$-13 \%$	12,789	11,531	8,873	1,700	$-5 \%$
Cloud computing and data centre services	6,757	1,418	447	$-68 \%$	440	400	350	300	$-5 \%$
Capital goods	3,521	1,732	2,648	$53 \%$	2,660	2,400	1,150	210	$-5 \%$
Fuel and energy-related activities	71	397	328	$-17 \%$	320	250	150	80	$1 \%$
Upstream leased assets	16	747	444	$-41 \%$	440	300	200	100	$27 \%$
Waste generated in operations	34	19	20	$7 \%$	25	19	11	5	$-4 \%$
Business travels	1,106	4,916	3,359	$-32 \%$	3,350	3,000	2,000	1,150	$0 \%$
Employee commuting	681	664	1,007	$52 \%$	1,000	800	500	322	$-3 \%$
Total GHG emissions
Total GHG emissions (location-based) (tCO2eq)	40,038	25,792	22,069	$-14 \%$	21,940	19,500	13,456	3,935	$-5 \%$
Total GHG emissions (market-based) (tCO2eq)	39,836	24,988	21,336	$-15 \%$	21,208	19,300	13,381	3,915	$-5 \%$

*Values are calculated in compliance with ISO 14064-1 requirements and in alignment with the standards of the GHG Protocol, which represent global best practices for greenhouse gas emissions reporting. To ensure maximum transparency and credibility, the emissions data and the Group's carbon footprint calculations for the 2023 and 2024 reporting year underwent an external audit in accordance with ISO 14064-1.
${ }^{3}$ Within the ESRS E1 framework, a baseline year must be defined as the year whose data a company uses when setting and monitoring its greenhouse gas (GHG) emissions reduction targets. The baseline year serves as a reference point to measure progress in emissions reduction. TeamViewer has established 2021 as the baseline year.

Overview of uncertainties when using estimated values in the CCF calculation

Scope	Available data	Emission calculation method	Database of emission factors	External parameters and statistics sources	Uncertainty ${ }^{1}$	Commentary
3.06. Business travel	Secondary data	Distance-based method, expenditure-based method	(DEFRA 2024) https://www.gov.uk/ (EPA 2024) https://cfpub.epa.gov/si/	(Inflation rate) https://www.inflationtool.com/ (Exchange rates) https://www.ecb.europa.eu/	Low to moderate	The applied emission factors are not region-specific. Certain data points were estimated based on expenditure-based data, which do not reflect TeamViewer's specific activities but rather summarize a list of activities of an industry sector modeled in an EEIO model. Expenditure-based emission factors are not region- or currency-specific, leading to uncertainty regarding the derived emission intensities.
3.07. Employee commuting	Secondary data	Method based on average data	(DEFRA 2024) https://www.gov.uk/	n/a	Moderate	The applied emission factors are not region-specific. The working hours and work-from-home patterns for TeamViewer's entire workforce were extrapolated based on sample data from a survey completed by TeamViewer employees.
3.08. Upstream leased assets	Secondary data	Asset-specific method, method based on average data	(EPA 2024) https://cfpub.epa.gov/si/ (IEA 2024) https://www.iea.org/ (UBA 2024) https:// www.umweltbundesamt.de/	(Inflation rate) https://www.inflationtool.com/ (Exchange rates) https://www.ecb.europa.eu/ (Energy consumption statistics) https://entranze.enerdata.net/	High	Energy consumption for facilities over which TeamViewer has no operational control was estimated based on statistical data. Expenditure-based emission factors are neither region- nor currency-specific, leading to uncertainty regarding emission intensity.

[^0]
[^0]: ${ }^{1}$ Uncertainty classification according to IPCC. A high classification indicates that deviations of more than $50 \%$ are possible, medium denotes possible deviations between $30 \%$ and $50 \%$, and low signifies potential deviations below $30 \%$. Additionally, a second classification is applied based on specific archetypes.

EU Taxonomy

As climate change accelerates, the European Union (EU) has reinforced its commitment to climate protection and a sustainable growth strategy through the "European Green Deal." The EU Taxonomy, a classification framework for sustainable economic activities, is designed to help the EU Commission channel private investments into environmentally sustainable business activities. By setting uniform criteria, the EU Taxonomy provides a consistent basis for companies to analyze and evaluate the sustainability of their operations.

The first step in the assessment process is to determine taxonomy eligibility, which involves verifying whether a Company's economic activity is listed in the supplementary delegated act of the EU Taxonomy. If so, and if the economic activity has the potential to contribute to at least one of the six environmental objectives established by the EU Taxonomy, it is classified as taxonomy-eligible (eligible). The environmental objectives under the EU Taxonomy are:

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 involves assessing taxonomy alignment. An economic activity is classified as taxonomy-aligned (aligned) if it fulfills the following three criteria:

Provides a substantial contribution to one of the six environmental objectives by complying with the technical screening criteria set for the specific economic activity (e.g., the amount of $\mathrm{CO}_{2}$ emissions reduced for the Climate Change Mitigation objective).
Ensures no significant harm to the other five environmental objectives by adhering to the EU Taxonomy's "Do No Significant Harm" (DNSH) criteria.
Complies with minimum safeguards, including human and consumer rights, anticorruption measures, taxation, and fair competition.

Taxonomy-eligible activities

TeamViewer analyzed all its business activities to determine their taxonomy eligibility. This evaluation was conducted in accordance with 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, TeamViewer broadened its perspective on taxonomy-eligible activities. Previously, the analysis focused solely on revenue, including CapEx and OpEx, for revenue-related activities.

For TeamViewer, as a provider of data-driven remote connectivity solutions, a total of five economic activities listed in the EU Taxonomy are deemed relevant for revenue, OpEx, and CapEx:

Data-driven solutions for GHG emissions reductions (CCM 8.2, Annex I, Delegated Regulation (EU) 2021/2139).
Data processing, hosting, and related activities (CCM 8.1, Annex I, Delegated Regulation (EU) 2021/2139).
Acquisition and ownership of buildings (CCM 7.7, Annex I, Delegated Regulation (EU) 2021/2139).
Electricity generation from hydropower (CCM 4.5, Annex I, Delegated Regulation (EU) 2021/2139).
Manufacture of electrical and electronic equipment (CE 1.2, Annex II, Delegated Regulation (EU) 2023/2486).

For TeamViewer solutions, the economic activity "CCM 8.2 - Data-Driven Solutions for GHG Emissions Reductions" covers remote access, remote control, and remote connectivity. With TeamViewer solutions, computers, mobile devices, and machines - essentially any internetconnected device - can be remotely accessed and operated worldwide. This activity qualifies as taxonomy-eligible due to its potential to reduce travel-related greenhouse gas emissions, provided that these solutions primarily deliver data and analytics that support emission reductions. For TeamViewer, the prevention of $\mathrm{CO}{2}$ emissions is a key ESG metric ("avoided emissions" per year), tracked since 2020 and externally verified since 2023. This metric quantifies the number of business trips actually avoided and calculates the resulting $\mathrm{CO}{2}$ savings.

Economic activity CCM 8.1 - Data processing, hosting, and related activities is relevant because TeamViewer incurs hosting expenses to provide its data-driven solutions.
Economic activity CCM 7.7 - Acquisition and ownership of buildings is relevant because TeamViewer incurs expenses for leasing office space.
Economic activity CCM 4.5 - Electricity generation from hydropower is relevant because TeamViewer has ongoing power purchase agreements (PPAs) for hydropower at its Göppingen, Berlin, and Bremen locations.
Economic activity CE 1.2 - Manufacture of electrical and electronic equipment pertains to the electronic devices used by TeamViewer, such as laptops and monitors.

The revenue generated by TeamViewer's products and solutions (as defined by the EU Taxonomy), along with its operating expenses (OpEx as defined by EU Taxonomy) and taxonomy-aligned investments (CapEx), are classified under the EU Taxonomy's environmental objectives "Climate change mitigation" and "Circular economy (CE)".

TeamViewer has no economic activities related to energy generation from fossil gas or nuclear power. Further information on this can be found in reporting form 1 in Annex XII to Delegated Regulation (EU) 2021/2178.

Taxonomy eligibility of economic activities 2024

in EUR million	Turnover	OpEx as defined by EU Taxonomy	CapEx as defined by EU Taxonomy
CCM 8.2 Data-based solutions to reduce greenhouse gas emissions	646.2	25.2	0
CCM 8.1 Data processing, hosting and related activities	0	26.1	11.8
CCM 7.7 Acquisition and ownership of buildings	0	0.6	0.4
CCM 4.5 Electricity generation from hydropower	0	0.2	0
CE 1.2 Manufacture of electrical and electronic equipment	0	0.5	2.7
Total taxonomy-eligible activities	646.2	52.7	14.9
Taxonomy-non-eligible activities	25.1	316.1	2.6
Total	671.4	368.6	17.5
Share of Taxonomy-eligible activities (in \%)	$50.2 \%$	$14.3 \%$	$85.1 \%$

To prevent double counting in the numerator of all assessed performance indicators across different economic activities, a precise allocation was implemented. Revenues and expenditures were clearly assigned to specific economic activities to avoid overlaps, using strict delineation criteria.

The EU Taxonomy regulation and its delegated acts include wording and terms that currently involve considerable uncertainties in interpretation. Consequently, the classification of activities and the calculation of key performance indicators may be subject to reassessment in future years based on interpretative decisions.

Taxonomy-aligned activities

In the reporting year, TeamViewer conducted an analysis of the potential taxonomy alignment of its taxonomy-eligible economic activities at a high level. This assessment applied initial screening questions for general criteria relevant to all of TeamViewer's taxonomy-eligible activities, specifically the criteria Do No Significant Harm (DNSH) for climate change adaptation and minimum social safeguards. To further deepen the evaluation, a specific focus was placed on the substantial contribution criterion for "CCM 8.2 - Data-Driven Solutions for GHG Emissions Reductions," as this activity is highly relevant to TeamViewer's revenue. The taxonomy alignment assessment concluded that TeamViewer cannot report any taxonomy-aligned activities for the 2024 fiscal year.

Material contribution to climate change mitigation

According to the EU Taxonomy, it must be assessed whether the information and communication technology solution is primarily used to reduce greenhouse gas emissions and what material emissions savings can be achieved by using TeamViewer solutions compared to the "most efficient alternative solution." TeamViewer already began conducting a greenhouse gas (GHG) lifecycle assessment in 2023 and continued working in the 2024 fiscal year on providing evidence of emissions reductions in a competitive comparison. For "CCM 8.2 - Data-Driven Solutions for GHG Emissions Reductions," there is currently insufficient data available from companies offering similar products. TeamViewer will continue working on substantiating its emissions reduction impact.

Do No Significant Harm (DNSH) and minimum safeguards
In the reporting year, the established Do No Significant Harm (DNSH) criteria for climate change adaptation were not yet met, as not all 28 potential climate hazards were thoroughly evaluated. As a result, this economic activity is classified as taxonomy-eligible but not taxonomy-aligned.

Performance indicators in accordance with EU Taxonomy regulation

The EU Taxonomy defines the reportable performance indicators as revenue, operating expenses (OpEx), and capital expenditures (CapEx). For the 2024 fiscal year, mandatory disclosures must be made regarding taxonomy eligibility and taxonomy alignment. The financial data relevant to TeamViewer is derived from the consolidated financial statements for the 2024 fiscal year.

Turnover in the 2024 fiscal year

The reporting basis is Group revenue under IFRS, totaling EUR 671.4 million, as disclosed in TeamViewer's consolidated financial statements (Chapter C_1 "Consolidated Statement of Comprehensive Income"). Further details on accounting policies related to Group revenue are provided in C_5.3 "Significant accounting and measurement methods". TeamViewer develops and sells software products, as outlined in Chapter B 1.1 "Business model" of the Management Report. This primarily involves the avoidance of business travel and greenhouse gas emissions. However, for some TeamViewer solutions, the focus is more on efficiency improvements and quality assurance rather than the direct reduction of travel, such as in workflow optimization within logistics. As a result, only the use cases of remote access, remote control, and remote connectivity have been classified as taxonomy-eligible. These activities account for approximately $96 \%$ of TeamViewer Group's economic activities (see table "Taxonomy eligibility of economic activities").

Operating expenses (OpEx) in the 2024 fiscal year
The consolidated financial statements under IFRS serve as the basis for determining operating expenses (OpEx) as defined by the EU Taxonomy. Under the EU Taxonomy, operating expenses primarily include the following:

All direct, non-capitalized research and development expenses.
Non-capitalized lease expenses for short-term leases in accordance with IFRS 16.
Maintenance and repair costs, along with other direct expenses related to the day-to-day upkeep of property, plant, and equipment, determined based on internal cost centers.

The direct, non-capitalized research and development expenses amount to EUR 51.0 million and, at $94 \%$, represent the majority of operating expenses as defined by the EU Taxonomy. Of this, approximately $87 \%$ is allocated to personnel expenses. Within the R\&D department, around $58 \%$ of employees (FTEs) work on solutions that do not make a substantial contribution to reducing greenhouse gas emissions. As a result, only $46 \%$ of the total operating expenses of EUR 54.6 million are considered taxonomy-eligible under the EU Taxonomy, which amounts to EUR 25.2 million (see table "Taxonomy eligibility of economic activities").

Overview of operating expenses (OpEx) in 2024 in line with the EU taxonomy

EUR million
Research and development costs (recurring) 51.04
Maintenance and repair costs and other direct expenses related to the day-to-day servicing of property, plant and equipment
VISF
54.17

Capital expenditures (CapEx) in the 2024 fiscal year
The consolidated financial statements under IFRS serve as the basis for determining capital expenditures (CapEx) as defined by the EU Taxonomy. This assessment primarily considers additions to intangible assets and property, plant, and equipment, which are detailed in Chapter C_3 "Consolidated Statement of Cash Flows".

In the 2024 fiscal year, total additions amounted to EUR 17.5 million. This includes EUR 5.4 million in reported investments in property, plant, and equipment, as well as intangible assets and EUR 12.1 million in capitalized right-of-use assets under IFRS 16. The breakdown of additions to intangible assets and property, plant, and equipment is as follows:

EUR 2.2 million in addition to intangible assets.
EUR 15.3 million in addition to property, plant, and equipment.

Further details on TeamViewer's accounting policies for additions under IAS 16, IAS 38, and IFRS 16 can be found in the consolidated financial statements, specifically in C_5.3 "Significant accounting and measurement methods".

Information on the Group's economic activities is presented in the following reporting tables for revenue, operating expenses (OpEx), and capital expenditures (CapEx) under the EU Taxonomy.

Legend:

Y-Yes, taxonomy-eligible and taxonomy-aligned with the relevant environmental objective
N - No, taxonomy-eligible but not taxonomy-aligned with the relevant environmental objective
EL - Eligible activity that is not eligible for taxonomy for the respective environmental objective
N/EL - Not eligible, not taxonomy-eligible for the respective environmental objective
CCM - Climate change mitigation
CCA - Climate change adaptation
WTR - Water and marine resources
CE - Circular economy
PPC - Pollution prevention and control
BIO - Biodiversity and ecosystems

Operating expenditures (OpEx) 2024

Template 1 according to Annex XII of the Delegated Regulation (EU) 2021/2178

Nuclear energy related activities

1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.

2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.

3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.

Fossil gas related activities

4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No

5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.

6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

4.3 Social responsibility

TeamViewer's own workforce

Strategy, business model, and value chain

Interests and perspectives of stakeholders

A description of how TeamViewer incorporates the interests, perspectives, and rights of its employees - including respect for their human rights - into the Group's strategy and business model can be found in the section "Double Materiality Assessment" under "General information" in the Sustainability Statement.

Impacts, risks, and opportunities and their interaction with strategy and business model
As a globally operating company, TeamViewer considers it essential to attract top talent across different fields and regions while continuously expanding the talent pool. To successfully achieve its strategic growth objectives and ensure the highest level of product quality and security for end-users, TeamViewer places great importance on recruiting highly skilled and qualified professionals. Accordingly, a core element of TeamViewer's corporate culture is to position itself as an attractive employer in all aspects relevant to both applicants and employees.

Material impacts on employees related to the business model arise from the traditionally high proportion of male graduates and professionals in the IT sector, which can lead to gender imbalance. This creates the risk of potential disadvantage for women and other individuals.

TeamViewer aims to ensure equal opportunities for all its employees. As part of its "Diversity, Inclusion, and Non-Discrimination Policy," the Group has committed to paying all employees equally for equal and equivalent work, regardless of gender, sexual orientation, ethnic background, marital status, or other demographic factors. Various procedures and measures contribute to this effort. For example, TeamViewer conducts an annual remuneration review and strives to minimize inequalities as much as possible. Additionally, defined career paths provide a high level of transparency regarding all positions within the Company and their respective job requirements.

TeamViewer employees already primarily work in a hybrid work model across various locations worldwide. Therefore, the transition plan to reduce negative environmental impacts and achieve more environmentally friendly and climate-neutral operations is not expected to have any material impact on the Company's workforce.

Profile of non-employees at TeamViewer

Non-employee workers at TeamViewer include individuals without a direct employment relationship with the company. This category primarily consists of "third-party employees", which are workers based in countries where TeamViewer cannot provide direct employment contracts (e.g., Indonesia, Brazil, Romania, and others), requiring workers to be hired through a service provider. Additionally, the non-employee workforce includes a subset of "external contractors." This designation covers all other individuals performing work for TeamViewer without a formal employment contract, such as those engaged under a service agreement.

Characteristics of non-employees

	Headcount as of 31 Dec 2024	Share in \% as of 31 Dec 2024
Non-employees	75.0	$4.3 \%$
Employees	1,669.0	$95.7 \%$
Total	1,744.6	100\%

Non-employees include external contractors who either have a contract with TeamViewer for the provision of work services ("self-employed people") or are temporary workers supplied by companies specializing in staffing and labor leasing, primarily working for TeamViewer. This definition does not include external contractors whose contractual services are merely part of the value chain (such as technical maintenance, catering, cleaning, or business consulting). Instead, it refers to external contractors whose contractual work involves tasks that are also regularly performed by employees, particularly in research and development and sales.

Material impacts, risks, and opportunities

Policies related to own workforce

The TeamViewer Code of Conduct serves as the foundation for the Group's policies, manuals, and procedures at a global level. It includes a clear zero tolerance statement against any form of discrimination; emphasizes compliance with international human rights standards, such as the United Nations Guiding Principles on Business and Human Rights and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work; and commits TeamViewer and all its employees to upholding these principles.

Based on this foundation, TeamViewer aims to create and maintain a supportive work environment where all employees can reach their full potential. This ensures that all employees are treated with dignity and respect and are free from discrimination and harassment. The goal is to foster a positive and inclusive workplace that attracts diverse talent while developing and retaining TeamViewer's diverse workforce. All decisions regarding career development, promotions, and advancement are to be based on performance and demonstrated potential. This global commitment is supported by a focus on the following areas: gender equality, cultural diversity, equal opportunities, equal pay, flexible working, inclusive language, and zero tolerance for discrimination. Employees who consciously or unconsciously violate the behavioral guidelines set out in the Code of Conduct may face consequences, including disciplinary actions (warnings, reassignment, or termination), fines, damages, or even imprisonment.

To support compliance with internal conduct standards, all employees receive regular training on key topics. As part of the onboarding process, newly hired employees complete compliance courses, which cover data protection, the Code of Conduct, and diversity at TeamViewer. Additionally, regular training sessions on unconscious bias are conducted for both employees and managers to promote more positive workplace interactions and foster a more inclusive work culture.

TeamViewer's concepts and initiatives are designed to promote and maintain diversity across the entire Group. The "Diversity, Inclusion, and Non-Discrimination Policy" (available on the Company website and intranet) defines diversity as a range of differences between individuals, explicitly including factors such as ethnicity, skin color, gender, sexual orientation, gender identity, disability, age, religion, political opinion, national origin, or social background. At all locations, TeamViewer strives to comply with local legal requirements regarding equal opportunities for people with disabilities.

Further details on the Compliance Organization and responsibilities for implementing these concepts can be found in the "Corporate governance" subchapter of the Sustainability Statement.

Employee engagement approach

To incorporate employees' perspectives into the decisions and activities of the Compliance Organization, TeamViewer uses various formats. The World Works Council is informed at least annually, while the Works Council of TeamViewer Germany GmbH and Regit Eins GmbH at the Göppingen site receive weekly updates on current developments. HR representatives participate in meetings of the Operations Committee and the Personnel Committee to facilitate this exchange. Additionally, the Works Council is involved in all codetermination matters through a formal written consultation process before decisions are made.

TeamViewer employees are also actively involved in the development and implementation of initiatives through internal work groups. Participation in these groups is at the employee's own initiative and takes place alongside their primary role, though it can be incorporated into regular work hours. The Female Empowerment group focuses on visibility, targeted support, and networking opportunities for women at TeamViewer. Its initiatives are open to all genders and primarily aim to raise awareness. The LGBTQIA+ group works to create an inclusive workplace for employees who identify as part of this community. Parents@TeamViewer is dedicated to improving work-life balance and creating a more supportive work environment for parents.

To assess the effectiveness of its collaboration with employees, TeamViewer conducts an annual employee survey, which is evaluated by the HR department. The results are then shared with the respective department heads, who derive and implement appropriate measures. Operational responsibility for employee engagement and ensuring that survey results are integrated into the corporate strategy lies with the Senior Leadership Team and the Chief Human Resources Officer (CHRO), who reports directly to the CEO.

Procedures for mitigating negative impacts and whistleblowing channels

For all incidents directly affecting employees, TeamViewer's HR department and Compliance Office work closely together. Requests related to individual career development are typically analyzed and evaluated by the HR department in collaboration with the respective managers.

To report violations of applicable laws and regulations, internal policies, or irregularities, TeamViewer employees have access to multiple reporting channels. The first point of contact is usually direct supervisors. Additionally, employees can report concerns to the Compliance Office via a dedicated email account. Furthermore, TeamViewer provides a whistleblowing and complaints system (SpeakUp), which allows both employees and external whistleblowers worldwide to report misconduct anonymously. In all cases, whistleblowers are fully protected from any form of retaliation.

Information on reporting channels is available to employees via the TeamViewer intranet. All reports are handled confidentially. Submitted reports, including questions and concerns related to potential discrimination or harassment, are promptly reviewed and assessed by the Compliance Office in collaboration with the HR department. If necessary, appropriate measures and sanctions are implemented.

To continuously strengthen and evaluate the individual elements of the Compliance Management System, TeamViewer incorporates findings from audits, investigations, data analyses, and industry-specific best practices into the process.

Key indicators and targets

Process for defining targets

As part of the DMA, TeamViewer has identified diversity, equality, and inclusion as material for the Company. TeamViewer's focus is on achieving gender equality within its workforce. The process for defining targets actively involves internal stakeholders, which includes HR teams and department heads. This collaborative approach aims to ensure alignment with corporate goals and values, leveraging diverse perspectives to develop effective solutions.

The HR department at TeamViewer's headquarters in Göppingen centrally monitors the Company's progress toward these targets across all global locations. The findings and potential improvements identified through performance tracking are evaluated by the HR department and presented to the relevant committees for discussion, including the Senior Leadership Team, Management Board, Works Council, World Works Council, and Supervisory Board. The local HR business partners and department heads, in turn, are responsible for implementing the results.

Targets and actions related to own workforce

Gender equality at all levels is a key priority for TeamViewer. To assess performance and effectiveness regarding the key impacts, risks, and opportunities related to its workforce, TeamViewer has defined two central control metrics, including targets for female representation in leadership positions. Further details can be found in Chapter B_8 "Corporate Governance Statement" in the Management Report.

TeamViewer also aims to further reduce the gender pay gap. As part of its Diversity, Inclusion, and Non-Discrimination Policy, the Company is committed to paying all employees equally for equal and equivalent work, regardless of gender, sexual orientation, ethnic background, marital status, or other demographic factors. The principle of equal pay is reviewed annually based on comparable employee groups with similar positions, titles, job descriptions, tenure, length of service, and location. The timeframe, baseline year and baseline value for achieving this objective, as well as the measurement of progress, are set to be defined by 2026 following a data analysis.

To achieve this goal, TeamViewer has implemented the following measures and plans to continue to conduct these annually throughout its entire own workforce:

In-depth role analysis: Pay discrepancies are investigated to identify underlying causes and validate the results.
Standardized pay bands: TeamViewer has introduced pay structures within functions to improve pay transparency and ensure fair and consistent remuneration.
Improved performance monitoring: The Company is implementing a detailed system for performance tracking and introducing tiered classifications at the individual role level to standardize evaluation and reward mechanisms.

TeamViewer ensures equal treatment in all recruitment processes. Job postings are always written in inclusive language, and employees and managers involved in hiring decisions receive regular training on fairness and inclusivity.

These measures are intended to enable TeamViewer to do the following:

Accurately measure and track the development of the relative pay gap (in percent) within certain job roles over time.
Assess the effectiveness of initiatives aimed at reducing the gender-specific pay gap.
Promote transparency and fairness in remuneration practices while strengthening trust within the workforce.

Progress toward achieving the objectives is monitored by evaluating the effectiveness of the measures using predefined metrics (including target figures for female representation in leadership positions and equal pay). By tracking results and refining strategies as needed, the Company reinforces its commitment to eliminating the gender pay gap and achieving sustainable pay equity. To ensure effective management, dedicated resources are allocated for each measure.

Workforce

In fiscal year 2024, TeamViewer employed 1,641 people (annual average) across 22 countries, with the greatest number based in Germany. The table below provides a country-by-country breakdown of TeamViewer's total workforce.

Number of employees by country
Country	Number of employees (headcount, quarterly average)
Armenia	74.3
Australia	121.3
Austria	53.5
Canada	10.3
China	7.5
France	9.8
Germany	838.8
Greece	46.0
India	46.8
Italy	2.0
Japan	8.5
Korea (the Republic of)	9.8
Mexico	35.8
Netherlands	2.5
Portugal	64.3
Singapore	15.0
South Africa	1.5
Spain	3.5
Switzerland	1.5
United Arab Emirates	5.0
United Kingdom	20.5
United States	263.5
Total employees	1,641.3

For more details on the regional distribution of employees, see Chapter C_5.6 "Personnel expenses" in the notes to the consolidated financial statements.

In fiscal year 2024, women made up $33.2 \%$ of the workforce, as shown in the table below.

Number of employees by gender ${ }^{1}$	Number of employees	in \%
Gender	(headcount, quarterly average)
Male	1,096.0	$66.8 \%$
Female	545.3	$33.2 \%$
Other	0.0	$0.0 \%$
Not reported	0.0	$0.0 \%$
Total employees	1,641.3	$100 \%$

${ }^{1}$ Figures are based on information provided by employees.
Of these, 544 women were employed on a permanent basis, and 1 woman was employed on a fixed-term basis (headcount, annual average):

Information on employees by contract type broken down by gender ${ }^{1}$

2024
Male	Female	Other	Not disclosed	Total
Number of employees (headcount, quarterly average)
1,096.0	545.3	0.0	0.0	1,641.3
Number of permanent employees (headcount, quarterly average)
1,089.0	544.3	0.0	0.0	1,633.3
Number of temporary employees (headcount, quarterly average)
7.0	1.0	0.0	0.0	8.0
Number of non-guaranteed hours employees (headcount, quarterly average)
0.0	0.0	0.0	0.0	0.0

${ }^{1}$ Figures are based on information provided by employees.

In fiscal year 2024, TeamViewer had an employee turnover rate of $18.6 \%$, with a total of 303 employees leaving the Company.

Employee turnover

	2024
Number of own employee turnover per headcount	303.0
Rate of own employee turnover (in \%)	$18.6 \%$

TeamViewer has compiled its data based on various methods and assumptions, which are outlined in more detail below.

For reporting purposes, "employees" include all individuals with a formal employment contract with TeamViewer. Additionally, interns, thesis students, and similar roles are included in HR reporting, even though they do not legally qualify as employees but still perform supervised work. The specific groups included depend on the indicators used. External contractors (contingent workers) and "third-party employees" are not counted as employees.

The tables reflect the average annual headcount of employees. Headcount represents the total number of individuals employed by a TeamViewer entity at a given time who receive a form of compensation from the Company. Both active employees and certain inactive employee groups are included. The following inactive statuses are counted: work restricted, maternity leave, sabbaticals, and paid leave of absence. However, employees on unpaid leave, parental leave, or long-term sick leave are not included.

Both full-time and part-time employees are included in the count. Students of all types are excluded, except for employees in Austria who are enrolled at a university while working at TeamViewer (interns are not included). Employees are counted in a binary manner, meaning each person is recorded as either 0 or 1 . The formula for calculating the employee headcount is as follows: the total number of currently paid employees, excluding students (except in Austria).

Annual average values are determined by calculating the mean of the number of employees at the end of each quarter.

In the case of permanent employment, there is an open-ended employment contract between TeamViewer and the employee. This means that the contract does not automatically end after a certain period or on a specific date. With temporary employment, there is a fixed-term employment contract between TeamViewer and the employee. This means that the contract automatically ends after a specified period or on a specific date without requiring a separate termination notice. For on-call work, where non-guaranteed working hours are possible, employees must work as needed, meaning they are available on demand. In this case, there is no set work schedule employees are entitled to.

The turnover rate is calculated by dividing the number of employees who left TeamViewer during the reporting period by the average number of employees during the same period. The average number of employees is calculated by the sum of the headcount at the end of the month divided by 12 months.

Diversity

In the 2024 fiscal year, TeamViewer's top management level below the Management Board comprised 2 women and 3 men. The first management tier beneath the Management Board is the Senior Leadership Team (SLT), which aligns with the "Top Management level" as defined in ESRS 51-9 AR 71. The Group has therefore defined the following organizational levels (in descending order):

Management Board
Senior Leadership Team (SLT)
Vice President (VP)
Director
Team Lead
Employee
Student

Gender distribution at Top Management level below the Management Board

	Headcount (quarterly average)	in \%
Number of employees at Top Management level: female	2.0	$38.1 \%$
Number of employees at Top Management level: male	3.3	$61.9 \%$
Total	4.1	$100 \%$

The gender distribution of 1:3 (women to men) in the Management Board is as follows:

Gender distribution at Management Board level
	Headcount (quarterly average)	in \%
Number of employees at Board level: female	1.0	$25.0 \%$
Number of employees at Board level: male	3.0	$75.0 \%$
Total	4.0	$100 \%$

The Supervisory Board has the following gender distribution with a ratio of 3:5 (women to men):

Gender distribution at Supervisory Board level
	Headcount (quarterly average)	in \%
Number of employees at Supervisory Board level: female	3.0	$38.7 \%$
Number of employees at Supervisory Board level: male	4.8	$61.3 \%$
Total	7.4	$100 \%$

With a $70 \%$ share of the total workforce, the majority of TeamViewer employees in the 2024 fiscal year belonged to the middle of three age groups, according to the following age group classifications utilized:

Group 1: Born 1995 to 2024 (age under 30)
Group 2: Born 1974 bis 1994 (aged 30-50)
Group 3: Born prior to 1973 (age over 50)

Employees by age group
Distribution of employees by age group	Headcount (quarterly average)	in \%
Under 30 years old	388.5	$23.7 \%$
Between 30 and 50 years old	1,150.3	$70.1 \%$
Over 50 years old	102.5	$6.2 \%$
Total	1,641.3	100\%

Remuneration

TeamViewer's 2024 gender pay gap analysis, based on target salary (fixed salary plus target bonus), reports an average pay gap of $22 \%$, which includes the Management Board. This figure primarily reflects differences in workforce composition rather than inequalities within comparable roles. This is further illustrated by the median pay gap, which is less affected by extreme values. The median pay gap stands at $15.4 \%$ (including the Management Board) and provides a more balanced representation of the typical gender pay gap within the Company.

The following are the key drivers of the gender pay gap:

Workforce composition:
Women represent $33 \%$ of the total workforce, with a higher concentration in lowerpaid departments (e.g., Administration \& Support) than in higher-paid areas (e.g., Technical Roles \& Sales).
Gender imbalances in senior leadership roles (including the Management Board) and departments with higher average remuneration further contribute to the gap.
Geographical influences:
Country-specific differences in workforce size, local labor market conditions, and industry composition also impact salary distribution.

A deeper analysis of comparable roles with balanced gender representation reveals smaller pay gaps. This underscores that the overall disparity is mainly driven by systemic workforce composition factors, a challenge faced by most technology companies, rather than by unequal pay for the same roles.

In the 2024 fiscal year, TeamViewer's annual total pay ratio, based on target salary (fixed salary plus target bonus), stood at 27.72 . This figure reflects the pay ratio between the highest-paid employee and the median salary of all other employees. The calculation methodology includes the following considerations:

Non-active employees, interns, and working students were excluded to ensure the analysis focuses on standard pay.
Target salary values of the different regions were converted to euros to allow for accurate regional comparisons.
The target salary of part-time employees was adjusted to full-time equivalents for consistency.
Long-Term Incentive programs (LTIP) and benefits (e.g., car allowances, special payments, and others) were not included due to the lack of a globally consistent data set and to avoid distorting the results.

The annual total pay gap highlights significant disparities in pay distribution, which are influenced by various contextual factors:

Gender representation: Women account for $33 \%$ of TeamViewer's workforce. At $29 \%$ in leadership roles below the SLT, they are slightly underrepresented, which contributes to pay discrepancies.
Executive remuneration: The remuneration of the CEO and other executives significantly impacts the overall pay ratio. This aligns with common practice, where top executives' remuneration is often well above the median.
Global operations: Operating in various economic regions leads to differences in local remuneration practices and market conditions, influencing the overall pay structure.

Discrimination

In the 2024 fiscal year, TeamViewer received four reported cases/notifications/complaints related to discrimination and harassment that required further fact-finding or investigation. The total number of disciplinary actions taken for violations related to discrimination based on gender, ethnicity, nationality, religion or belief, disability, age, sexual orientation, or other relevant forms of discrimination was one. All complaints were submitted through internal employee reporting channels. No reports were filed via national contact points. Details on internal employee reporting channels can be found in the "Corporate governance" subchapter.

Number of incidents of discrimination and harassment

	2024
Number of all reported cases/hints	4
Disciplinary action related to discrimination and harassment	1
Fines, penalties, and compensation for damages	0

Customers and end-users

Strategy, business model, and value chain

Stakeholder interests and perspectives

A description of how the interests, perspectives, and rights of TeamViewer's customers and/ or end-users, including respect for their human rights, are incorporated into the Group's strategy and business model, can be found in the "Double Materiality Assessment" chapter within the "General information" subchapter of the Sustainability Statement.

Risks and opportunities related to the strategy and business model

As further detailed in that chapter, TeamViewer has identified product, data, and IT security as material to its strategy and business model as part of its Double Materiality Assessment. As a software company, TeamViewer is inherently more exposed to cyberattack risks. At the same time, its products are designed to open up opportunities for customers and end-users to digitize business processes and increase productivity. The systematic identification of opportunities and targeted risk management - for customers, end-users and TeamViewer itself - are embedded in TeamViewer's strategy and managed through the Group-wide opportunity and risk management system. Further details can be found in Chapter B_6 "Opportunity and risk report" in the Management Report.

In principle, all TeamViewer customers - private users, small and medium-sized enterprises, and large corporations -can be equally affected by the key impacts of TeamViewer's products. The potential risk of harm depends on the number of products used or active connections, the IT environment in use, and the individual security measures implemented. TeamViewer has established a comprehensive Privacy Management Framework to help mitigate potential negative impacts related to customers' personal data protection.

Material impacts, risks, and opportunities

Policies for consumers and end-users

TeamViewer is aware of its responsibility and has established frameworks to equally protect its customers from material risks associated with its products. This is achieved through a Group-wide IT and product security strategy. IT and product security are organized into two departments, both operating under the unified leadership of the Chief Information Security Officer (CISO). In 2024, these departments continued to receive support from external consultants and providers of recognized security solutions.

To ensure the highest possible level of IT security and cyber hygiene, TeamViewer places great importance on continuously raising awareness among all employees. Periodically reviewed content from internal policies and frameworks provides employees with practical guidance and fosters a strong security culture. In addition, training programs impart advanced knowledge on the patterns of potential attack attempts and corresponding defense measures.

TeamViewer has also published a handbook on its website, providing customers with insights into its security concepts, covering everything from software development and integrated product features to security settings within the applications. These concepts are thoroughly explained in Chapter 9, 1 "Group fundamentals" in the Management Report.

To protect the human rights of its customers and end-users, TeamViewer has established various processes and mechanisms. Customers, employees, and other stakeholders can report irregularities and violations at any time through TeamViewer's whistleblower and complaints system (SpeakUp). In the 2024 fiscal year, no reports were received regarding violations of the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises within the supply chain. Through its Code of Conduct and the Supplier and Business Partner Code of Conduct, TeamViewer also commits itself and its suppliers to comply with legal requirements and international guidelines. Further information on compliance at TeamViewer can be found in the "Corporate governance" subchapter of the Sustainability Statement.

Engagement with customers and end-users

TeamViewer maintains ongoing direct communication with customers to incorporate their perspectives and requirements early on in product development and ensure an optimal user experience. The premium support service is specifically designed for large enterprise customers, providing them with $24 / 7$ access to a dedicated contact person for assistance with issues as well as for suggestions and requests for improvements. ${ }^{13}$ Additionally, all customers can contact TeamViewer's support team on weekdays during regular business hours via phone or chat or submit an inquiry through a web form. ${ }^{14}$ An online community with over 600,000 members allows TeamViewer customers to exchange ideas with one another or submit improvement suggestions to the Company. ${ }^{15}$

To enhance security for its users, TeamViewer has set up a website where customers can report fraud attempts to the Company. ${ }^{16}$ A public bug bounty program ${ }^{17}$ is designed to encourage security researchers to report potential vulnerabilities in TeamViewer software.

Actions and risk management

TeamViewer's IT infrastructure, entire product and solution portfolio and relevant suppliers undergo detailed assessments and stress tests at defined intervals - including in 2024 conducted by specialized international security service providers. The aim is to continuously improve product and IT security. The results and potential improvement measures are discussed by TeamViewer's internal IT and product security experts as part of the Security Steering Board, which convenes biweekly and includes two Management Board members. Additionally, the full Management Board is updated as necessary about current developments in IT and product security. For strategic cybersecurity matters, the Management Board provides regular reports to the Supervisory Board.

All data centers processing TeamViewer's data are ISO 27001 certified, adhering to an internationally recognized standard for information security. Additionally, in the 2024 fiscal year, TeamViewer's Information Security Management System (ISMS) successfully passed its own ISO 27001 surveillance audit. The Group's security architecture has also been audited for compliance with HIPAA/HITECH, SOC 2, SOC 3, and TISAX standards. Moreover, an independent third-party assessment confirmed that TeamViewer complies with EU cybersecurity and data protection requirements, as defined by the published Implementing Regulation for the NIS2 Directive and the existing national implementation regulation.

In the security rating from BltSight, a company specializing in the assessment of cybersecurity risk and the effectiveness of security management, TeamViewer's security architecture has ranked in the highest category for several years. This places TeamViewer among the top $1 \%$ of companies in the global technology industry based on a benchmark of more than 100,000 technology companies. TeamViewer's leading cybersecurity standing is further validated by an "A" rating from SecurityScorecard, another leading corporate cybersecurity evaluator. ${ }^{18}$

TeamViewer's security framework extends beyond IT and product security to include the physical security of all the Group's locations worldwide. To ensure continuous protection,

[^0]
[^0]: ${ }^{13}$ https://www.teamviewer.com/en/global/support/customer-support/premium-support/
${ }^{14}$ https://www.teamviewer.com/en/global/support/customer-support/
${ }^{15}$ https://community.tesemviewer.com/
${ }^{16}$ https://www.teamviewer.com/en/resources/trust-center/neslute-mouse-prevention/
${ }^{17}$ https://www.teamviewer.com/en/resources/trust-center/bug-bounty-program/
${ }^{18}$ https://securityscorecard.com/security-rating/teamviewer.us

TeamViewer conducts a detailed annual review of its sites, covering both existing and new locations. A standardized audit process allows for consistent and regular verification of compliance with defined security standards and objectives across specified assessment areas.

TeamViewer works continuously to improve its software and implement security features. In 2024, this included an add-on for detecting vulnerabilities. Additionally, a dedicated team at TeamViewer works on implementing technical measures to protect users from fraud and misuse when using services across platforms. These measures were further expanded in 2024.

TeamViewer offers information materials and guides on its website and blog to help users recognize potential fraud cases and protect themselves from fraudulent activities. These resources provide tips on identifying and avoiding common online scams, including phishing attacks and social engineering tactics. Users can also report suspicious activities or potential misuse through a dedicated form on TeamViewer's website.

TeamViewer actively works to prevent fraudulent activities and cybercrime groups from misusing its product platform. In 2024, the Group continued its commitment to cooperating with law enforcement authorities, offering support and information to help prevent fraudulent use of the TeamViewer platform.

In the 2024 fiscal year, TeamViewer expanded its publicly accessible Trust Center ${ }^{19}$ by implementing more efficient processes and transparent information channels with the support of new tools. Users can now independently conduct security checks in a simple and targeted manner while verifying compliance with standards and regulations. The Trust Center provides access to relevant information about TeamViewer's Security Management System at all times. By continuously reviewing its security processes, performance, and data and process integrity, TeamViewer ensures ongoing improvements in security. TeamViewer offers information materials and guides on its website and blog to help users recognize potential fraud cases and protect themselves from fraudulent activities. These resources provide tips on identifying and avoiding common online scams, including phishing attacks and social engineering tactics. Users can also report suspicious activities or potential misuse through a dedicated form on TeamViewer's website.

As a certified member of the Forum of Incident Response and Security Teams (FIRST), TeamViewer actively engages in the global exchange of information and expertise on emerging cybersecurity threats. TeamViewer is also a member of Stop Scams UK, a UKbased initiative aimed at educating consumers about various forms of fraud worldwide and helping them protect themselves against scams. This initiative is supported by organizations such as law enforcement agencies, government institutions, and consumer protection groups. Through its membership, TeamViewer contributes to knowledge sharing and the development of solutions aimed at protecting individuals and businesses from fraud-related harm and financial losses.

The IT and product security teams, under the leadership of the CISO, implement the measures. They have an annual budget that can be supplemented as needed to promptly mitigate negative impacts from identified threats.

Metrics and targets

The key indicators for assessing the effectiveness of security measures are ratings from external security assessments. These provide consumers and end-users with an independent evaluation of a company's performance in IT and product security. In 2024, TeamViewer ranked in the highest category of the BitSight security rating.

TeamViewer's goal is to continue to rank each year in the highest category of the BitSight security rating, which evaluates cybersecurity risks and the effectiveness of security management. The reference year and benchmark for this objective are derived from the previous year's rating results. Progress toward the target is assessed by comparing the current rating to the prior year. The BitSight rating uses a comparative scale to measure security performance. This target is defined by the CISO in coordination with the Management Board. This goal is set by the CISO in consultation with the Management Board.

4.4 Corporate governance

Business conduct

Governance processes, controls, and procedures

TeamViewer's Management Board and Supervisory Board play a key role in shaping corporate governance. Comprised of experienced leaders and experts, they establish ethical standards, ensure compliance with legal requirements, and foster transparency and integrity.

The Management Board establishes guidelines for business conduct, which serve as the foundation for compliance with legal and internal regulations and their adherence by Group companies (Compliance). In line with the Supervisory Board's diversity concept, the Management Board consists of members with diverse backgrounds, experiences, and expertise. As a result, the Management Board possesses extensive experience in corporate governance, compliance, risk management, and integrity.

The Supervisory Board provides essential oversight and accountability, ensuring transparency and responsible corporate governance. Additional details are available in the "General information" subchapter of the Sustainability Statement.

Material impacts, risks, and opportunities

Procedures for identifying material impacts, risks, and opportunities

To ensure a responsible approach to business risks, TeamViewer has implemented a risk management system, including internal monitoring, to enable the early detection, assessment, and controlled handling of potential risks. This risk management system also covers the systematic identification and evaluation of risks associated with social and environmental factors.

A description of the procedures for identifying material impacts, risks, and opportunities related to corporate governance can be found in the "Double Materiality Assessment" section of the "General information" subchapter in the Sustainability Statement.

Corporate governance and corporate culture policies and actions

Compliance management

In an increasingly complex business environment, TeamViewer places great importance on making the right decisions and upholding ethical principles. Alongside its core values of integrity and transparency, TeamViewer, as a global company, is committed to complying with applicable laws and regulations worldwide. Beyond legal compliance, the Company also strives to ensure that its business practices reflect its own high internal standards for ethical and responsible conduct. As a result of this commitment, TeamViewer has received strong ratings from ESG agencies, confirming its compliance management meets industry standards and outperforms the average of comparable companies. TeamViewer remains dedicated to continuously enhancing the Group's sustainability management to further improve these ratings.

A central pillar of TeamViewer's corporate culture is its embedded Compliance Management System, whose clearly defined guidelines are both distributed in written form to all employees worldwide for their acknowledgement and reinforced through an internal training program. The goal is to permanently raise awareness throughout the entire organization regarding compliance-related matters, ensuring that all actions are consistently aligned with legal requirements, norms, international standards, and internal policies. Awareness training is part of the onboarding process, requiring all employees to confirm that they have read and understood the Code of Conduct. TeamViewer aims to continue ensuring that $100 \%$ of employees are informed about compliance-related matters.

TeamViewer Group's Compliance Management System is aligned with the Group's risk profile using a risk-based approach. The Compliance Management System encompasses all necessary measures and processes to ensure compliance with laws and internal regulations. It is largely based on the Company's internal Code of Conduct, the TeamViewer Group's Code of Ethics.

The Group-wide Compliance Organization is responsible for reviewing, ensuring compliance with, and updating compliance processes as needed, as well as for assessing and mitigating compliance risks. The Compliance Board, led by the Compliance Office, serves as the central body of the Compliance Organization and reports to the Management Board and the Audit Committee of the Supervisory Board. The overview that follows provides insights into TeamViewer's Compliance Organization.

Code of Conduct

TeamViewer's Code of Conduct establishes a binding framework for ethical conduct in the business environment. It outlines the goal communicated by the Management Board to apply integrity, transparency, and compliance with applicable laws and regulations as the foundation for all decision-making.

Essentially, the Code of Conduct includes guidelines on internal interactions, relationships with business partners, anti-corruption measures, and responsibilities regarding security, confidentiality, and the environment. Additionally, it serves as a framework for other key internal policies and procedural instructions, including those related to data protection and IT security.

Together with the Compliance Board, the Compliance Office reviews the relevance and applicability of the Code of Conduct's regulations and serves as the central point of contact for all compliance-related inquiries.

TeamViewer considers it essential to make the right decisions and adhere to ethical principles in an increasingly complex business environment. In addition to corporate values such as integrity and transparency, TeamViewer, as a globally operating company, is committed to complying with applicable laws and regulations worldwide. TeamViewer also strives to ensure that its business practices align with its own internal standards for ethical and responsible behavior. TeamViewer's commitment to these principles has earned it strong ratings from ESG agencies, reflecting the Company's performance in sustainability and responsible corporate governance. The company remains dedicated to continuously improving these ratings and further advancing the Group's sustainability management in the future. The Code of Conduct and additional information are published on the TeamViewer website and the Company's internal intranet.

Compliance Organisation

Other compliance documentation and policies
TeamViewer also expects its business partners to comply with laws and ethical standards, ensuring compliance throughout the entire value chain. In alignment with the Code of Conduct, TeamViewer has introduced a Supplier and Business Partner Code of Conduct. This framework is further supplemented by subordinate policies.

All employees are required to adhere to TeamViewer's ethical and business principles, confirming their commitment in writing. TeamViewer conducts regular policy reviews and updates them as necessary. Awareness is strengthened through training sessions, emails, and meetings, while function-specific policies and procedural guidelines further enhance the compliance framework.

TeamViewer upholds international human rights standards, including the European Convention on Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, the UN Global Compact, and the Universal Declaration of Human Rights. Alongside the Code of Conduct, these frameworks ensure compliance with all relevant regulations.

Employees have continuous access to policies, principles, and informational materials through the Group-wide intranet. External stakeholders can find details on TeamViewer's commitments and policies on the Company's website.

Reporting channels

To report violations of applicable laws and regulations, internal policies, or irregularities, all TeamViewer employees have access to various reporting channels. The first point of contact is the employee's direct supervisor. Concerns can also be reported to the Compliance Office via a dedicated email account specifically set up for this purpose. In addition, a whistleblower and grievance system (SpeakUp) is always available, allowing both employees and external whistleblowers worldwide to anonymously report misconduct.

Information about reporting channels is available to employees via TeamViewer's intranet. All reports and notifications are treated confidentially. In no case do whistleblowers need to fear any retaliation. Additionally, TeamViewer maintains an ongoing dialogue with external stakeholders to promote comprehensive compliance through open exchange. All reported incidents are promptly investigated and evaluated. If necessary, appropriate measures and sanctions are implemented.

To ensure the continuous improvement and effectiveness of its Compliance Management System, TeamViewer integrates findings from audits, investigations, data analyses, and industry best practices into its compliance processes.

4.5 Further information

To fulfill its commercial reporting obligations, TeamViewer declares the following:
The first-time and full adoption of the European Sustainability Reporting Standards (ESRS) as a reporting framework in accordance with $\S \S 315 \mathrm{c}$ (3) in conjunction with $\S 289 \mathrm{~d}$ HGB is based on the importance of the ESRS as the sustainability reporting standards adopted by the European Commission.

There are no material risks arising from the Group's business activities, business relationships, products, or services that have or are highly likely to have severe negative impacts on the non-financial aspects as defined in § 289c HGB.

As part of the environmental information in this Sustainability Statement, the disclosures required under Article 8 of Regulation 2020/852 (EU Taxonomy regulation) for the TeamViewer Group are included in Chapter B_4 "Sustainability Statement".

TeamViewer's most material non-financial performance indicators are presented in Chapter B_3 "Economic report" and Chapter B_7 "Outlook".

Additionally, TeamViewer provides the following disclosures regarding combating corruption and bribery:

TeamViewer is committed to complying with all applicable laws and regulations in conducting its business activities. Internal policies for preventing corruption and bribery have been established and are binding.

Ethical and transparent conduct in business transactions between employees, suppliers, and business partners is a fundamental principle for TeamViewer. This principle encompasses not only compliance with legal anti-corruption regulations but also fair business, marketing, and competition practices. The principles, processes, and reporting channels are documented in the Code of Conduct, the Anti-Bribery and Anti-Corruption Policy, the Supplier and Business Partner Code of Conduct, and the Antitrust and Fair Competition Policy. Regular training for all employees (at least once per year) and due diligence processes in relation to TeamViewer's suppliers and partners are in place to ensure compliance.

Compliance with the principles outlined in the Anti-Bribery and Anti-Corruption Policy is monitored through regular reporting by department heads to the Compliance Department. Observations and violations can also be reported anonymously via the whistleblower system.

4.6 Content index of the covered ESRS Disclosure Requirements

The reportable disclosures were identified based on the Data Point List from the EFRAG Implementation Guidance. TeamViewer applies the materiality principle and has excluded certain non-material data points from its reporting. In its first reporting year, TeamViewer prioritized mandatory disclosures. For some key metrics, the Company makes use of the one-year transition period and will fully integrate these disclosures into reporting at a later stage. This approach aligns with regulatory requirements and facilitates the phased implementation of expanded reporting obligations.

#	Standard	Topic	No.	Section of report	Name of Disclosure Requirement	Page
1	ESRS 2	Basis for preparation	BP-1	General information	General basis for preparation of sustainability statements	44
2	ESRS 2	Basis for preparation	BP-2	General information	Disclosures in relation to specific circumstances	44
3	ESRS 2	Governance	GOV-1	General information	The role of the administrative, management and supervisory bodies	48
4	ESRS 2	Governance	GOV-2	General information	Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	48
5	ESRS 2	Governance	GOV-3	General information	Integration of sustainability-related performance in incentive schemes	49
6	ESRS 2	Governance	GOV-4	General information	Statement on due diligence	51
7	ESRS 2	Governance	GOV-5	General information	Risk management and internal controls over sustainability reporting	45
8	ESRS 2	Strategy	SBM-1	General information	Strategy, business model and value chain	51
9	ESRS 2	Strategy	SBM-2	General information	Interests and views of stakeholders	44
10	ESRS 2	Strategy	SBM-3	General information	Material impacts, risks and opportunities and their interaction with strategy and business model	46 f .
11	ESRS 2	Impact, risk and opportunity management	IRO-1	General information	Description of the process to identify and assess material impacts, risks and opportunities	45
12	ESRS 2	Impact, risk and opportunity management	IRO-2	General information	Disclosure requirements in ESRS covered by the undertaking's sustainability statement	84 f .
13	ESRS E1	Governance	GOV-3	Environment	Integration of sustainability-related performance in incentive schemes	49
14	ESRS E1	Strategy	E1-1	Environment	Transition plan for climate change mitigation	54
15	ESRS E1	Strategy	SBM-3	Environment	Material impacts, risks and opportunities and their interaction with strategy and business model	55
16	ESRS E1	Impact, risk and opportunity management	IRO-1	Environment	Description of the process to identify and assess material impacts, risks and opportunities	55
17	ESRS E1	Impact, risk and opportunity management	MDR-P	Environment	Policies adopted to manage material sustainability matters	54
18	ESRS E1	Impact, risk and opportunity management	E1-2	Environment	Policies related to climate change mitigation and adaptation	54

#	Standard	Topic	No.	Section of report	Name of Disclosure Requirement	Page
19	ESRS E1	Impact, risk and opportunity management	MDR-A	Environment	Actions and resources in relation to material sustainability matters	56
20	ESRS E1	Impact, risk and opportunity management	E1-3	Environment	Actions and resources in relation to climate change policies	56
21	ESRS E1	Metrics and targets	MDR-T	Environment	Tracking effectiveness of policies and actions through targets	56
22	ESRS E1	Metrics and targets	E1-4	Environment	Targets related to climate change mitigation and adaptation	56
23	ESRS E1	Metrics and targets	MDR-M	Environment	Metrics in relation to material sustainability matters	57 f .
24	ESRS E1	Metrics and targets	E1-5	Environment	Energy consumption and mix	57
25	ESRS E1	Metrics and targets	E1-6	Environment	Gross Scopes 1, 2, 3 and Total GHG emissions	59
26	ESRS S1	Strategy	SBM-2	Social responsibility	Interests and views of stakeholders	70
27	ESRS S1	Strategy	SBM-3	Social responsibility	Material impacts, risks and opportunities and their interaction with strategy and business model	71
28	ESRS S1	Impact, risk and opportunity management	MDR-P	Social responsibility	Policies adopted to manage material sustainability matters	71
29	ESRS S1	Impact, risk and opportunity management	S1-1	Social responsibility	Policies related to own workforce	71
30	ESRS S1	Impact, risk and opportunity management	S1-2	Social responsibility	Processes for engaging with own workforce and workers' representatives about impacts	71
31	ESRS S1	Impact, risk and opportunity management	S1-3	Social responsibility	Processes to remediate negative impacts and channels for own workforce to raise concerns	72
32	ESRS S1	Impact, risk and opportunity management	MDR-A	Social responsibility	Actions and resources in relation to material sustainability matters	72
33	ESRS S1	Impact, risk and opportunity management	S1-4	Social responsibility	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	72 f .
34	ESRS S1	Metrics and targets	MDR-T	Social responsibility	Tracking effectiveness of policies and actions through targets	72
35	ESRS S1	Metrics and targets	S1-5	Social responsibility	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	72 f .
36	ESRS S1	Metrics and targets	MDR-M	Social responsibility	Metrics in relation to material sustainability matters	73 f .
37	ESRS S1	Metrics and targets	S1-6	Social responsibility	Characteristics of the undertaking's employees	73 f .
38	ESRS S1	Metrics and targets	S1-7	Social responsibility	Characteristics of non-employees in the undertaking's own workforce	70
39	ESRS S1	Metrics and targets	S1-9	Social responsibility	Diversity metrics	75
40	ESRS S1	Metrics and targets	S1-16	Social responsibility	Remuneration metrics (pay gap and total remuneration)	76

#	Standard	Topic	No.	Section of report	Name of Disclosure Requirement	Page
41	ESRS S1	Metrics and targets	S1-17	Social responsibility	Incidents, complaints and severe human rights impacts	77
42	ESRS S4	Strategy	SBM-2	Social responsibility	Interests and views of stakeholders	77
43	ESRS S4	Strategy	SBM-3	Social responsibility	Material impacts, risks and opportunities and their interaction with strategy and business model	77
44	ESRS S4	Impact, risk and opportunity management	MDR-P	Social responsibility	Policies adopted to manage material sustainability matters	77
45	ESRS S4	Impact, risk and opportunity management	S4-1	Social responsibility	Policies related to consumers and end-users	77
46	ESRS S4	Impact, risk and opportunity management	S4-2	Social responsibility	Processes for engaging with consumers and end-users about impacts	78
47	ESRS S4	Impact, risk and opportunity management	S4-3	Social responsibility	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	78
48	ESRS S4	Impact, risk and opportunity management	MDR-A	Social responsibility	Actions and resources in relation to material sustainability matters	78
49	ESRS S4	Impact, risk and opportunity management	S4-4	Social responsibility	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	78
50	ESRS S4	Metrics and targets	MDR-T	Social responsibility	Tracking effectiveness of policies and actions through targets	79
51	ESRS S4	Metrics and targets	S4-5	Social responsibility	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	79
52	ESRS S4	Metrics and targets	MDR-M	Social responsibility	Metrics in relation to material sustainability matters	78
53	ESRS G1	Impact, risk and opportunity management	IRO-1	Corporate governance	Description of the process to identify and assess material impacts, risks and opportunities	45
54	ESRS G1	Impact, risk and opportunity management	MDR-P	Corporate governance	Policies adopted to manage material sustainability matters	80
55	ESRS G1	Impact, risk and opportunity management	G1-1	Corporate governance	Business conduct policies and corporate culture	80 f .
56	ESRS G1	Impact, risk and opportunity management	MDR-A	Corporate governance	Actions and resources in relation to material sustainability matters	82
57	ESRS G1	Metrics and targets	MDR-T	Corporate governance	Tracking effectiveness of policies and actions through targets	80

4.7 Datapoints from other EU legislation

The following table provides a list of datapoints in general and topic-specific standards arising from other EU legislation: