TeamViewer AG — Investor Presentation 2021

Nov 10, 2021

Capital Markets Day 10 November 2021

Important notice

This presentation as well as any information communicated in connection therewith (the "Presentation") contains information regarding TeamViewer AG (the "Company") and its subsidiaries (the Company, together with its subsidiaries, "TeamViewer"). It is being provided for informational purposes only and should not be relied on for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose. All stated figures are unaudited, unless otherwise stated.

Certain statements in this presentation may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in TeamViewer's disclosures. You should not rely on these forward-looking statements as predictions of future events, and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels. The Company undertakes no obligation, and does not expect to publicly update, or publicly revise, any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to it or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Presentation.

This document contains certain alternative performance measures (collectively, "APMs") including billings and Adjusted EBITDA that are not required by, or presented in accordance with, IFRS, German GAAP or any other generally accepted accounting principles. TeamViewer presents APMs because they are used by management in monitoring, evaluating and managing its business and management believes these measures provide an enhanced understanding of TeamViewer's underlying results and related trends. The definitions of the APMs may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results as reported under IFRS or German GAAP. APMs such as billings and Adjusted EBITDA are not measurements of TeamViewer's performance or liquidity under IFRS or German GAAP and should not be considered as alternatives to results for the period or any other performance measures derived in accordance with IFRS, German GAAP or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. TeamViewer has defined each of the following APMs as follows:

"Billings" represent the (net) value of invoiced goods and services charged to customers within a period and constitute a contract as defined by IFRS 15.

"Adjusted EBITDA" is defined as operating income (EBIT) as per IFRS plus depreciation and amortisation of tangible and intangible fixed assets (EBITDA), adjusted for change in deferred revenue recognised in profit or loss during the period under consideration and for certain transactions that have been defined by the Management Board in agreement with the Supervisory Board (income and expenses). Business events to be adjusted relate to share-based compensation models and other material special items of the business which are presented separately to show the underlying operating performance of the business. "Adjusted EBITDA margin" means Adjusted EBITDA as a percentage of billings.

This document also includes further certain operational metrics, such as Net Retention Rate, and additional financial measures (including splits) that are not required by, or presented in accordance with IFRS, German GAAP or any other generally accepted accounting principles (collectively, "other financial measures"). TeamViewer presents these operational metrics and other financial measures for information purposes and because they are used by the management for monitoring, evaluating and managing its business. The definitions of these operational metrics and other financial metrics may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results, performance or liquidity as reported under IFRS or German GAAP. TeamViewer has defined these operational metrics and other financial measures for information purposes as follows:

"Levered free cash flow" (FCFE) means net cash from operating activities less capital expenditure for property, plant and equipment and intangible assets (excl. M&A), payments for the capital element of lease liabilities and interest paid for borrowings and lease liabilities.

"Net leverage ratio" means the ratio of net financial liabilities (sum of interest-bearing loans and borrowings, current and non-current, less cash and cash equivalents) to Adjusted EBITDA (LTM).

"Net retention rate" or "NRR" is calculated as recurring billings (subscription renewal, up-selling and cross-selling activities) over the last twelve months attributable to retained subscribers (subscribers who were subscribers in the previous twelve month period) divided by the total recurring billings from the previous twelve-month period.

"Retained Billings" means recurring billings (renewals, up- and cross sell) attributable to retained subscribers who were subscribers in the previous twelve-month period.

"New Billings" means recurring billings attributable to new subscribers.

"Non-recurring Billings" means all billings that do not recur such as professional services and hardware reselling.

Agenda

Our purpose Creating a world that works better

For society

Bridge distances, reduce environmental footprint, remove barriers to digital progress, and democratize technology

For free users

Enable people to connect and help each other

For customers

Digitalize businesscritical processes along the value chain end to end and in all verticals

For partners

Enable new business models and services

For employees

Provide a meaningful workplace with a strong company culture for people who want to realize their full potential

37m

tons of CO2 avoided through use of TeamViewer solutions per year¹

1.5bn

Connections by free users in last year

628k

Customers rely on TeamViewer

25 Integrations with major

software players

1,500

Employees with more than 70 nationalities

For shareholders: Creating value through long-term growth, attractive margins and cash generation

4

We benefit from strong and sustainable megatrends

Remote connectivity – Anyone. Anything. Anywhere. Anytime.

Through easy-to-use tools, managed enterprise connectivity and digital workflows

Industry leading solution portfolio on our Remote-as-a-Service platform

Customers solve critical business challenges with our solutions

We are very well set up for continued success

• ~€19bn 2021 global TAM, set to grow 18% CAGR to 2025¹
• Digital transformation, future of work and sustainability key market priorities
• Huge leap in digital penetration and large TAM pull forward in core markets in 2020¹

• AR & MR TAM worth €2.6bn today, rising to €11bn in 2025¹

• Product features remain industry leading across SMB and Enterprise

• Positioned as AR market leader² via M&A
• New use case discovery continues
• Proven ability to increase ACV through upsell/cross-sell

BRANDING OPPORTUNITY

• Developed strategy to drive our role in future digitalization
• Raising awareness to match our product and GTM readiness

• Powerful sports partnerships, providing massive reach and use case development

• Increased salesforce to capture COVIDinduced growth opportunities

• Increased verticalization to tackle digital workflows
• Exciting new partnerships with SAP and Google

• New APAC set-up to drive growth

• 4x growth in Enterprise Billings since 2019

• Enterprise NRR > 100% and growing
• Fully invested cost base, yet still industry leading EBITDA margins
• High cash conversion
• Project REMAX in place to push on growth and profitability

With a highly experienced and motivated team to deliver

Chairman of the Management Board and CEO

Member of the Management Member of the Management Board and CMO/ CCO

Senior Leadership Team

Board and CFO

Dr. Mike Eissele Chief Technology Officer

Dr. Hendrik Witt Chief Product Officer

Jan Junker 14

Executive Vice President Solution Sales & Delivery

Alfredo Patron Executive Vice President Business Development

Patty Nagle President Americas

To be announced President APAC

Georg Beyschlag Chief of Staff & Strategy

13

However, very mixed 2021 results call for improvement program: Remax

Therefore, key topics for today's session

Market: Provide TAM update

Business composition: Provide deep-dive into both SMB and Enterprise

Product range: Provide update on broad solutions portfolio and context on competitive dynamics

Brand investments: Discuss sports partnerships' expected long-term impact and return

Mid-term guidance: Present and discuss growth initiatives and levers to adapt cost structure

Agenda

COVID has driven a huge amount of change in our market

Significant TAM pull forward in our core markets in 2020

Large step-up in penetration, leading to strong subscriber growth in 2020

Increased awareness & more use cases

Digitalization urge intensified

Increased competition, although mainly in low-value ACV segments

Significant TAM pull forward in our core markets in 2020

TAM development for remote access and support market vs. expectations

TAM Growth (%)	FY20	FY21	'19-21 CAGR
Expectation	24%	24%	24%
Actual	34%	14%	24%

16 Sources: Top Tier Strategy Consultancy; TeamViewer

Large step-up in penetration during 2020…

Monthly active devices in relevant markets (m)

17

…led to rapid new subscriber growth…

18

…and our billings continued to grow throughout the period

COVID has also significantly increased awareness for digital solutions across business areas

Our products and solutions tap into a large and growing TAM

21

Within remote support, competition has increased, but mainly in low ASP cluster

Competitive situation for low ASP segment clearly overstated on Google trends

We enjoy much better traffic mix and higher subscriber count

Global search term popularity

Color intensity represents the percentage of searches for the leading search term in a particular region.

TeamViewer top 5 countries by paid connection

TeamViewer's high subscriber count

We have focused our product development and go-to-market investments on higher ASP segments

Billings by cluster1	Share of Billings	Increasing portfolio	Established sales channel	Other differentiators
Enterprise (>€10,000)	15%		Direct EAM and Partners
>€1,500	32%		Mid-market	FEATURES PRIVACY
>€500 – <€1,500	31%		Inside sales	SECURITY BRAND
<€500	22%		Webshop
	Q3 2021 LTM	Product suite

And have significantly improved on large Enterprise deals since IPO

Top 50 deals, total billings¹ €m

Key takeaways

• €19bn 2021 global TAM, set to grow 18% 01 CAGR to 2025
• 02 Huge leap in digital penetration and large TAM pull forward in core markets in 2020
• 03 Competition mostly in low ASP clusters and higher security risk geographies
• 04 Digital transformation and future of work as key market trends
• 05 AR & MR TAM worth €2.6bn today, growing to €11bn in 2025
• 06 We successfully focus on Enterprise market dynamics

Agenda

Evolved to industry leading solution portfolio on our Remote-as-a-Service platform

Platform delivers value to customers along the entire value chain

Immediate Remote Support Tools Managed Enterprise Connectivity Operational Workflow Optimization

Now beyond just IT Support, attracting more buying centers

Operational Workflow Optimization

• Deeply embedded into processes
• Solution rather than product
• Requires industry and process knowhow to sell and implement

Enterprise offering

• Hybrid between office and business
• Often involving complex IT infrastructure or embedded OT
• Requires deep technical know-how

TMV Core products

• Predominantly used in the office as a support tool (product)
• Horizontal solution rolled out from IT departments

Portfolio expansion through organic growth and high-impact M&A

Double-down on AR as key enabler for operational workflow optimization

• Augmented Reality the mega trend: Changing the world to work better
• Build on and expand organic AR product success: From TeamViewer Pilot to Frontline
• Deeper process integration of products: By optimizing operational workflows
• 80% of global workforce are non-desk workers: Potential to improve workflows 0.4

AR segment attractive: large TAM and high growth

AUGMENTED REALITY A L R E A D Y PA R T O F O U R D A I LY L I F E

AUGMENTING AUTOMOTIVE AFTER SALES WITH AR TECHNOLOGY

W O R K F L O W O P T I M I Z AT I O N I N W O R K S H O P S

Reduced repair and maintenance times through knowledge sharing and remote diagnosis

100% hands-free remote assistance via smart glasses

Replacement for emails and phone calls

All 347 BMW U.S. dealers & selected MINI dealers

99.99% ACCURACY THROUGH VISION PICKING

P E R F E C T L A N D & E X PA N D E X E C U T I O N

19 warehouses use TeamViewer Frontline, FY2021 target is 27

Use case expansion into 54 manufacturing plants

250+ devices deployed

1,000+ AR users skilled up

TeamViewer Frontline changing the game, creating the Internet of Humans

Business Area	Logistics	Manufacturing	Field Service	Remote Support
Key Processes	Manual Order Picking In- & Outbound Logistics Inventory & Sorting	Assembly Instructions Quality Assurance Guided Training	Maintenance & Service Inspection & Repair Audit	Remote Support Instant Troubleshooting Virtual Visits
Our Solution
Business Benefits	Higher speed	Fewer errors	Greater Faster flexibility upskilling	Happier employees

TeamViewer now leading Augmented Reality player

CORE PRODUCTS

FOR OFFICE AND OPERATIONAL TECHNOLOGY

REMOTE DESKTOP AND SUPPORT POWERHOUSE

S C A L E I T S U P P O R T F O R C O M P L E X I T L A N D S C A P E

Leading IT infrastructure provider present in 84 cities with 200k remote sessions per year

TeamViewer as go-to tool for customer support team in all 350 day-to-day customer interactions

Successful partnership for more than 12 years

S U P P O R T & C O N T R O L F O R N O N - S TA N D A R D I T D E V I C E S

ENABLING A NEW BUSINESS MODEL IN HEALTHCARE

Remotely maintain tens of thousands of diagnostic devices worldwide & support clinical staff

Game changing new service: Remotely perform magnetic resonance imaging (MRI) scans when lacking qualified radiology staff

Higher utilization of devices and reduced waiting time for patients

Allow handling sensitive healthcare data in real-time with highest security standards

In the sweet spot of OT to profit from device proliferation

E X A M P L E # 1 : F I X I N G O U T D O O R L O C K E R S R E M O T E LY MULTINATIONAL MAILING EQUIPMENT PROVIDER

• Highlights: Migrated to TeamViewer for security and support of embedded platform
• Further Potential: Expand to other connected systems, e.g. refrigerated lockers, indoor lockers

E X A M P L E # 2 : S E R V I C I N G I N V E N T O R Y S T O R A G E V E N D I N G S Y S T E M R E M O T E LY GLOBAL TECHNICAL WHOLESALER

• Highlights: Migrated from TMV Corporate to special purpose IoT product after OT inclusion
• Further Potential: Endpoint volume expected to expand across all platforms (lock-in)

Winning combination of product features and connectivity expertise

Strong competition only in most mature remote support product segment

Most complete solution offering for all remote support use cases

Industry-leading security – Very important criteria in buying decisions

~50 people in IT Security, Product Security, and Data Protection

Investment in Security and Data Protection last five years

Best-of-breed approach combining the world's leading IT security resources

24/7 Security Operations Center (SOC) for AI-based infrastructure monitoring

Red teaming fire drills by elite consultants including in-depth audits of key suppliers

Product Security and Privacy by Design vetted in pen tests and Bug Bounty program

Good platform hygiene fostered by high-impact innovation in misuse prevention

Ranking in Tech Industry by leading BitSight Security Rating and others

Strong user ratings for our core product – People love using us

Enterprise ramp-up diluted SMB product focus – action plan in place to regain momentum for core product

Improve Customer Journey Simplify Online Product Discovery Review Product Packaging

Change to State-of-the-Art Premium UI Design Harmonize Across all Products Improve User Experience

Product innovation: Fast time to market with TeamViewer Classroom

Listened to customers.

Need for a GDPR-compliant online teaching and learning product not relying on any US-based services

Developed with speed.

Built on our acquired, web-based Engage online collaborating technology stack in only two months. Developed in EU, hosted in Germany

Tapped into adjacent market.

Post-COVID, schools and universities demand long-term hybrid teaching and collaboration solutions that don't compromise students' privacy

Product focus 2022: Improvements, innovation, and increased use of AI

2022

Data-driven Services and Capabilities

Key takeaways

• 01 Radically expanded product portfolio to win in new high growth markets
• 02 TeamViewer's AR positioning is best-in-class via three successful acquisitions and integration
• 03 Remain most complete remote support offering for all remote support use cases
• Industry leading product features and capabilities across SMB and Enterprise 04
• 05 Near term focus on improving customer journey and in-product experience

Agenda

Agenda

Marketing at TeamViewer: Evolution from viral to digital to brand

Free-2-paid conversion from free user ecosystem accounting for €15-20m in new billings per year 1

What to look out for: Installs and active devices 1

	Installs Q3 2021	Yearly active devices as of Q3 2021
	51m	283m
EMEA	19m	134m
Americas	14m	76m
APAC	18m	73m

2 TeamViewer still benefiting from top digital position…

…however, recent direct e-commerce performance disappointing and being addressed 2

Webshop vs. Inside Sales billings

Relative share of 100% new billings (only Webshop, Inside Sales)

Problem identified and addressed through our Digital Task Force

Stronger growth will be driven by dedicated short-term measures 2

Better SEM targeting of prospects in countries with highest propensity to buy

SEO improvements to raise our position on Search Engine Results Page (SERP)

Simplified user experience and calls to action for downloads and direct purchase

Simple tools to help prospects identify the right product for their needs

Instant trials and support for prospects needing more engagement

SHORT-TERM (next 2-4 months) MID-TERM

Continuous improvements of our total user and customer experience

Marketing at TeamViewer: Evolution from viral to digital to brand

3 There is a large opportunity to grow our brand equity

63

Brand equity works along the entire purchasing funnel 3

All major tech players have started to build significant brand equity at same point in their life cycle

DOMINATE the clutter	POSITIONING the solutions	GAIN pricing power	BUILD relationships
Awareness	Consideration	Purchase	Re-Purchase Loyalty
Gain global unaided awareness & significantly revive ecosystem	Foster brand values, relevant success stories and quality perception to position the solutions portfolio	Gaining pricing power from premium position, through significant customer access and lead generation	Long term business (Re Purchase) based on relevant innovation, repeated performance proof points

Many enterprise software leaders leverage motorsports to build brand equity…

…and team sports are becoming more and more popular with tech players

We picked the very best assets: winners in their space, global brands, technical resonance, educated audiences, decision makers… 3

68 Source: Manchester United, Mercedes-AMG Petronas F1 Team

With ManUnited we acquired a very broad set of rights (plus Ronaldo effect) 3

Conference key note

Launch

Various campaigns in print and social launched

Dedicated marketing FTE with Man Utd

Partner event held with C-level guests

1st

of match time digi board advertisement 10%

Fan center reopening

We can and will present all of our various use cases over time 3

3 Early days but successful launches with great media value

Notes:

71

1. Excludes match highlights / news coverage / catch-ups, press, player channels, earned media

2. Worldwide, incl. first 9 season games

3. Partnership started in Monaco (round #5); all values based on 7 rounds (out of 22 in 2021)

Sources: Manchester United, Mercedes-AMG Petronas F1 Team

3 We will regularly measure our brand KPIs and report back

Key takeaways

• Marketing at TeamViewer has extended from 01 viral to digital to brand
• 02 Virality still important, as is our top digital position, but we can and will do more
• 03 Brand equity a critical element of long term growth in SMB and Enterprise, within years
• 04 Best assets with huge reach, rights, and use case opportunities
• 05 Promising launches to complement our other Enterprise and SMB marketing initiatives

Agenda

Expand our sales motion to capture new markets

Developing stronger horizontal and new vertical sales routes

Diversified strategy to enable broad customer reach and net new logo acquisition aligned to how customers consume

	Immediate Remote Support Tools	Managed Enterprise Connectivity	Operational Workflow Optimization
Customer	Inside Sales and SMB	Mid-market & Enterprise IT	Enterprise OT & Partners
Decision buyer	SoHo worker / IT professional	IT department / CIO / CTO	Business owner / COO / CEO
Decision criteria	Immediate need / Pricing	Quality, reliability & security	Long term solution sustainability
Route to market	Webshop & Inside Sales	MM / EAM, Distributor, Reseller	EAM & vertical references strategic alliances
Sale conversion	Transactional Net New	3-6 month sales cycles Capacity expansion	PoC to full implementation Adjacent use cases

We have developed a fully deployed GTM model

INSIDE SALES / SMB

• High velocity model supporting efficient and productive sales results
• Highly educated and incentivised salesforce
• Data-driven approach, leveraging vast customer base

ENTERPRISE SALES MID-MARKET / IT / OT

• Global coverage: midmarket, enterprise IT, enterprise OT...
• Horizontal & vertical domain expertise
• Geographical & named account sales model(s)
• Focused business use case(s)

CHANNEL SALES

• Channel strategy: volume and market reach
• ✓ Distributor = volume
• ✓ Reseller = local expertise and solution orientation

STRATEGIC PARTNERSHIP

• Market validation
• Portfolio / platform oriented
• New sales potential with highly integrated solutions
• SAP
• Google
• Microsoft

Selling RaaS across market segments means moving beyond the funnel approach

Action plan to deliver regional best practices, globally

• ✓ Solution knowledgeable
• ✓ Multilingual
• ✓ Low attrition & churn
• ✓ Consistent lead generation and funnel conversion "feeder"

• ✓ Successful SMB / MM cross selling

• ✓ Focused sales teams

• Horizontal / IT
• Vertical / OT
• ✓ Use case orientation
• ✓ Enabled Partner structure

• ✓ Targeted engagement model for the enterprise

• ✓ Single hub required (Singapore)

• ✓ Focused leadership (new President APAC hired)
• ✓ Targeted solution selling (OT focus)
• ✓ Localization (e.g. replicate Japan success)

Focused Inside Sales footprint to win in different markets

Highly efficient EMEA Inside Sales team consistently contributes to our growth

We have successfully expanded Enterprise sales since it was launched at IPO

Americas - Evolving the Enterprise sales motion ... Defining the blueprint for enterprise engagement

... Through 4 Key Drivers

Early days but …

• ✓66% decrease in ramp time (from 9 to 3 months for EAMs)¹
• ✓>30% increase in ASP¹

✓34 accounts with >€100k ACV (up from 16 at FY 2020)

We have a large installed base ready for verticalization

Industry split of current Customer Base¹

We have built up vertical expertise and strong references to grow in selected industries and expanding into new verticals

Value of the Platform: proven upsell, cross-sell and combination of both

New external routes to drive horizontal and vertical sales

Sports sponsorships accelerating our partner-driven Enterprise sales motion

Distributors & Resellers: provide volumetrics, regional support, local expertise and geographical

Strategic Alliances & System Integrators: global relationships that will tap new sales potential via highly integrated solutions

SAP Partnership: Market validation for AR & MR solutions

Strategic partnership with SAP involving deep product integration

Full TeamViewer Frontline product set will be made available to serve multiple verticals and selling centers

Joint go-to-market engagement model between SAP and TeamViewer: lead generation, pipeline development, opportunity management

Leverage the SAP footprint with >400k customers and 25k+ sellers across geographies with a vertical led approach

Sports sponsorships accelerating our partnership-driven enterprises sales motion

We now have multiple levers to grow Enterprise NRR

Key takeaways

• 01 Increased salesforce globally to capture COVID-induced growth opportunities
• 02 Fully enabled and deployed go-to market model supporting all routes to market
• 03 Vertically focused sales orientation supporting broader customer segmentation
• 04 Transferring best practices globally to drive improvement
• 05 Leverage global Strategic Alliances as a force multiplier

Agenda

Enterprise now relevant part of our business...

Quarterly billings growth rate %

Notes:

95

…and already accounting for a significant part of growth with 40% of incremental billings from Enterprise

Billings development €m

Clear and simple billings model for both customer segments

Strong growth in SMB subscribers, albeit slowing down in 2021…

Quarterly number of SMB subscribers 000s

However even in a year with significant headwind we generated >40k net SMB subscriber additions

Net SMB subscriber additions 000s

SMB ASP development €

…driven by consistent SMB ASP growth of retained subscriber through upsell and cross-sell across all cohorts…

Notes:

103

…and higher ASP of new SMB subscribers compared to churned SMB subscribers

Q3 2021 LTM

Therefore shifting SMB billings into higher SMB ASP buckets with lower churn

SMB billings distribution by bucket %

Q3 2021 LTM subscriber churn

~12%

~17%

Key levers to get back to market growth of 12%

ENTERPRISE

Outstanding growth in Enterprise business

Quarterly number of Enterprise customers #

Three pillars of continued strong Enterprise growth

109

Pillar 1 – Retention: Improving Enterprise NRR, now comfortably over 100% (excl. 20-25ppt SMB upsell)

Enterprise business scaled enough to make NRR a relevant metric

NRR above 100% (Q3 2021 LTM) driven by both upsell and cross-sell

Excludes benefit of SMB upsell, which is worth another +20-25ppt on NRR (Q3 2021 LTM)

COVID boosted NRR in 2020, with reductions in Q1 and Q2 2021 due to capacity adjustments (downsell)

Expect to become a reported item in FY2022

Pillar 2 – SMB upsell: Huge untapped pool for Enterprise upsell within SMB base

~20k 628k Total customer pool

SMB customers with Enterprise potential¹

2.4k Enterprise customers

~60% of current Enterprise customers were upsold from SMB

<5% of customers with Enterprise potential (>500 FTE) are within Enterprise bucket

Pillar 3 – New customers: Deal sizes for new customers are increasing rapidly

Growth ambition based on higher growth Enterprise business and SMB

Clear plan to margin recovery – Project REMAX to benefit all expense lines

Project Remax: Impact on various cost lines

	Q3'21 costs as % of billings	Impact	Impact on cost as % of billings
Cost of Sales	6%	• Remain constant as % of billings
Sales	14%	• Modest improvement in % of billings, as utilization improves
Marketing Costs	27%	• Modest reduction as discretionary marketing is reduced (excl. Sports Partnerships)
R&D	9%	• Absolute €MM to remain largely stable as FTEs are re-allocated to higher growth initiatives
G&A	10%	• Moderate reduction in absolute €MM

Seasonality of billings impact on margin

Illustrative impact of Billings growth on margin Conceptual framework

• EBITDA margin is sensitive to quarterly billings growth, given high gross margin and temporarily high fixed cost base
• Recovery of margin will be weighted towards to 2nd half of 2022 as:
• − billings growth outstrips cost growth
• − project REMAX takes impact
• Marketing cost impact from sports partnerships is already in Q3 Adj. EBITDA
• − FY22 will be the first year such expenses are incorporated in Q1 and Q2

116

Strong levered free cash flow, improving in Q3 2021

FCFE (€m)

FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 77.1 35.2 44.3 29.7 56.2 25.0 32.2 32.5 42% 48% 77% 51% 78% 28% 57% 77% Going forward, Q1 and Q3 will be impacted by sports partnerships payments

Quarterly levered Free Cash Flow (FCFE) development

FCFE as % of Adjusted EBITDA

Capital structure & allocation

Net financial position €m

Cash & Cash Equivalents Financial Liabilities Net Fin. Liabilities • Business remains well capitalized with plenty of liquidity

• Full focus on execution, will only consider M&A opportunistically

• Currently no change to capital allocation or returns policy – full toolkit at our disposal

Mid-term guidance unchanged from Q3 results

	Outlook 2021	2022 and beyond
Billings (non-IFRS)	€555m1 €535m -	High teens percentage growth YoY
Revenue (IFRS)	€505m1 €495 -	Mid teens percentage growth YoY
Adj. EBITDA Margin (non-IFRS, as % of Billings)	44% - 46%	Margin recovery

119

Key takeaways

• Two large, growing businesses (SMB and 01 Enterprise); multiple growth levers for each
• 02 SMB new adds have decelerated post-COVID, but continuous increase in ASP
• 03 Enterprise NRR of 100%+, growing, with additional +20-25% contribution from SMB
• 04 Fully invested cost base, yet still industry leading EBITDA margins
• 05 Project REMAX: focused on action plan delivery

Agenda

A compelling positioning

Our purpose Creating a world that works better

For society

Bridge distances, reduce environmental footprint, remove barriers to digital progress, and democratize technology

For free users

Enable people to connect and help each other

For customers

Digitalize businesscritical processes along the value chain end to end and in all verticals

For partners

Enable new business models and services

For employees

Provide a meaningful workplace with a strong company culture for people who want to realize their full potential

For shareholder: Creating value through long-term growth, attractive margins and cash generation

An industry leading solution portfolio

Immediate Remote Support Tools	Managed Enterprise Connectivity	Operational Workflow Optimization
Remote connectivity for individuals and business of all sizes	Advanced secure solutions for SMB and enterprises	Digitalization across entire value chain through leading-edge technology
	Corporate
	Remote-as-a-Service Platform
Open APIs	Microservices Software Libraries	API for Connectivity
Global Access Network

A short-term improvement plan

Key investment highlights

Appendix

Segmental KPIs LTM

Enterprise

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	2019A	2020A	Q3 LTM 2021
Billings p.q in €m	17.5	13.6	7.7	14.2	23.2	22.2	18.1
Billings LTM p.q in €m	31.0	40.7	44.5	53.0	58.7	67.4	77.8	17.4	53.0	77.8
Number of subscribers (LTM)	1,183	1,457	1,658	1,885	2,058	2,252	2,419	698	1,885	2,419
ASP (LTM) in k€	26.2	27.9	26.9	28.1	28.5	29.9	32.2	24.9	28.1	32.2

SMB

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	2019A	2020A	Q3 LTM 2021
Billings p.q in €m	102.2	92.4	98.7	113.9	123.3	99.3	107.6
Billings LTM p.q in €m	345.1	368.3	388.3	407.2	428.4	435.3	444.2	307.5	407.2	444.2
Number of subscribers (LTM)	513,306	532,906	565,125	582,593	600,555	620,445	625,744	462,806	582,593	625,744
ASP (LTM)	672	691	687	699	713	702	710	665	699	710

Strong free cash flow, improving in Q3 2021

€m

FYE, 31-Dec	FY 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Pre-Tax net cash from operating activities (IFRS)	161.5	62.8	64.8	57.4	72.9	46.6	59.0	51.9
Income tax paid	(17.9)	(8.1)	(9.6)	(7.0)	(8.7)	(12.6)	(17.0)	(10.3)
Capital expenditure (excl. M&A)	(16.6)	(5.2)	(9.9)	(7.8)	(3.3)	(3.9)	(4.5)	(3.7)
Lease payment	(3.8)	(1.0)	(0.8)	(1.6)	(1.5)	(1.1)	(2.5)	(1.0)
Interest paid for borrowings and lease liabilities	(46.1)	(13.3)	(0.3)	(11.2)	(3.2)	(4.0)	(2.8)	(4.3)
Levered Free Cash Flow (FCFE)	77.1	35.2	44.3	29.8	56.2	25.0	32.2	32.5
as % of adj. EBITDA	42%	48%	77%	51%	78%	28%	57%	77%
as % of EBITDA	41%	75%	81%	55%	113%	62%	77%	104%

FY 2020 reconciliation from management key metrics to IFRS

€m	Management view adjusted P&L	Deferred revenue	D&A	Other non-IFRS adjustments	Accounting view IFRSP&L
Billings / Revenue	460.3	(4.7)			455.6
Cost of sales	(35.9) / (7.8% of Billings)		(27.6)	(0.6)	(64.1) / (14.1% of Revenue)
Gross profit contribution	424.4 / (92.2% of Billings)				391.5/ (85.9% of Revenue)
Sales	(58.1) / (12.6% of Billings)		(5.0)	(14.6)	(77.7) / (17.1% of Revenue)
Marketing	(31.1) / (6.8% of Billings)		(1.3)	(6.0)	(38.5) / (8.4% of Revenue)
R&D	$(34.8) / (7.6)$ % of Billings)		(5.2)	(6.6)	(46.6) / (10.2% of Revenue)
G&A	$(26.1)$ / $(5.7%$ of Billings)		(2.0)	(26.9)	(55.0) / (12.1% of Revenue)
Other 1	$(12.8)$ / $(2.8%$ of Billings)			3.1	(9.7) / (2.1% of Revenue)
Adj. EBITDA	261.5 / (56.8% of Billings)
D&A (ordinary only) 2	$(16.3)^2$
Adj. EBIT / Operating profit (EBIT)	245.2 / (53.3% of Billings)	(4.7)	$(24.8)^3$	(51.6)	164.0 / (36.0% of Revenue)
D&A (total)					41.1
EBITDA					205.1 / (45.0% of Revenue)

incl. other income/expenses and bad debt expenses of €14.6m ²D&A excl. amortization intangible assets from PPA 3amortization intangible assets from PPA

Q3 2021 reconciliation from management key metrics to IFRS

	Management view	Change in		Other non-IFRS	Accounting view
€m	adjusted P&L 1	deferred revenue 2	D&A	adjustments	IFRSP&L
Billings / Revenue	125.8	1.9			127.7
Cost of sales	(8.1)		(8.5)	(0.1)	(16.7)
Gross profit contribution	117.7 (94% of billings)				111.0 (87% of revenue)
Sales	(17.6)		(1.9)	(5.1)	(24.6)
Marketing	(34.5)		(0.4)	(1.4)	(36.3)
R&D	(10.8)		(1.6)	(2.5)	(14.9)
G&A	(8.4)		(0.7)	(2.9)	(11.9)
Other 3	(4.2)		0.0	(0.8)	(5.0)
Adj. EBITDA	42.3 (34% of billings)
D&A (ordinary only) 4	(5.6)
Adj. EBIT / Operating profit (EBIT)	36.7 (29% of billings)	1.9	$(7.5)^5$	(12.9)	18.3 (14% of revenue)
D&A (total) 4+5					13.0
EBITDA					31.4 (25% of revenue)

1. ¹Margins and percentages of billings in adjusted view and IFRS revenue

2. ²Included change in undue billings

3. ³Incl. other income/expenses and bad debt expenses of € 4.4m

4. ⁴D&A excl. amortization intangible assets from PPA

5. ⁵Amortization intangible assets from PPA

9M 2021 reconciliation from management key metrics to IFRS

	Management view	Change in		Other non-IFRS	Accounting view
€m	adjusted P&L 1	deferred revenue 2	D&A	adjustments	IFRSP&L
Billings / Revenue	393.9	(25.0)			368.8
Cost of sales	(28.2)		(24.9)	(0.5)	(53.7)
Gross profit contribution	365.6 / (93% of billings)				315.2 / (86% of revenue)
Sales	(51.9)		(5.2)	(18.3)	(75.4)
Marketing	(61.5)		(1.2)	(4.9)	(67.6)
R&D	(31.1)		(4.6)	(9.2)	(44.9)
G&A	(22.6)		(1.8)	(14.1)	(38.5)
Other 3	(9.2)		0.0	(3.5)	(12.7)
Adj. EBITDA	189.3/ (48% of billings)
D&A (ordinary only) 4	(15.7)
Adj. EBIT / Operating profit (EBIT)	173.6 / (44% of billings)	(25.0)	$(22.0)^5$	(50.5)	76.1 / (21% of revenue)
D&A (total) 4+5					37.7
EBITDA					113.8 / (31% of revenue)

1. ¹Margins and percentages of billings in adjusted view and IFRS revenue

2. ²Included change in undue billings

3. ³Incl. other income/expenses and bad debt expenses of € 12.3m

4. ⁴D&A excl. amortization intangible assets from PPA

5. ⁵Amortization intangible assets from PPA

Our strong commitment to sustainability

Foster sustainability leadership with C-A-R-E

• Launching our program C-A-R-E until year end, we bring our vision, business model, product proposition and corporate culture together and foster a sustainability leadership position.
• Clear focus with ambitious targets and measures allow for a maximum in transparency, towards all stakeholder groups including customers, employees, ESG rating agencies and investors.

Key Commitments

• Achieve net zero climate neutrality latest by 2030
• Reduce climate emissions scope 1-3 by 50%* until 2030
• Support the SBTi / UNFCC Race to Zero

• * (per mil. EUR revenue)

• Leverage the free usage of our solutions for private and socially beneficial use

• Increase access to education and technology
• Reduce global climate emission of 37mt CO2e and more annually by enabling users to avoid travel and providing easy metrics
• Deliver our services with 100% green energy latest by 2030
• Increase female representation in management board (25%) and supervisory board (33%) by 2023
• Increase the female representation in corporate management positions to 33% by 2024
• Celebrate cultural diversity with zero tolerance for discrimination

Glossary

Abbreviation	Definition
ACV	Annual Contract Value
AI	Artificial Intelligence
Americas	North and South America regions
APAC	Asia Pacific regions
API	Application Programming Interface
AR	Augmented Reality
ASP	Average Selling Price
Av.	Average
BI	Business Intelligence
CAGR	Compound Annual Growth Rate
EAM	Enterprise Account Management
EMEA	Europe, The Middle East, And Africa
EoY	End-of-Year
EU	European Union
F2P	Free To Paid Conversion
FCF	Free Cash Flow
FTE	Full-Time Employees
FY	Full-Year

Abbreviation	Definition
GDPR	General Data Protection Regulation
GTM	Go-To-Market
HQ	Headquarters
IFRS	International Financial Reporting Standards as adopted by the European Union
IoT	The Internet of Things
IPO	Initial Public Offering
IS	Inside Sales
KAM	Key Account Management
LTM	Last Twelve Months
M&A	Mergers and Acquisitions
Man Utd / MU	Manchester United
Mgmt	Management
MM	Mid-Market
MR	Mixed Reality
MS	Microsoft
MSP	Managed Service Provider
NRR	Net Retention Rate

Glossary (continued)

Abbreviation	Definition
OS	Operating System
OT	Operating Technology
PoC	Point of Contact
QI	Quality Indexed
RaaS	Remote-as-a-Service
ROA	Return On Assets
ROI	Return On Investment
SaaS	Software-as-a-Service
SEM	Search Engine Marketing
SEO	Search Engine Optimization
SERP	Search Engine Results Page
SMB	Small and Medium Business
SOC	Security Operations Center
SoHo	Small office / Home office
TAM	Total Addressable Market
TMV	TeamViewer
TV	Television
UI	User Interface

Abbreviation	Definition
UX	User Experience
VR	Virtual Reality
Y/Y	Year-on-Year
YTD	Year-to-Date