Q4 | FY 2021 Results Investor/Analyst Presentation

02 February 2022

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 preliminary and unaudited.

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 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.

Business Overview

Oliver Steil

What we achieved in 2021

FY 2021 results fully in line with revised guidance

Strong Enterprise business growth recorded

Successfully retained COVID-19 related subscribers, churn improved

Major strategic partnerships initiated

Progress on project ReMax made

2021 acquisitions fully integrated

Q4 and FY 2021 at a glance

Financials Billings (non-IFRS) Adj. EBITDA Margin (non-IFRS) € 153.7m +20% | +17% cc¹ 44% -12pp € 547.6m +19% | +20% cc¹ 47% -10pp Q4 2021 FY 2021

¹At constant currencies 2 [Retained subscribers (LTM) divided by total subscribers (LTM-12)] -1 ³31 December 2021, LTM

5 Q4 | FY 2021 Results - Investor Presentation

Key developments

Q4 2021 billings growth up compared to previous quarter
Strong Enterprise growth: 75% YoY to now € 93m billings, more than doubled in Q4
Enterprise business accounts now for 17% of total billings
Significant increase of NRR in Q4 2021 to 105% after 88% in Q2 2021 and 99% in Q3 2021 – LTM now at 98% / 99% cc³
Improving subscriber churn rate² to 14.0% (FY 2020: 15.1%)
7% subscriber growth³ to 627,000 subscribers at year-end
Strong liquidity position with net leverage at 1.3x

Enterprise accelerating and SMB stabilizing in second half of year

¹TeamViewer defines Enterprise customers as customers with invoiced billings across all products and services of at least EUR 10,000 within the last 12 months. Customers which exceed or fall below this threshold are reallocated accordingly

Very strong finish in Enterprise, accelerated net additions in Q4…

Quarterly Development of Enterprise Customers¹

Further strengthened enterprise AR platform Frontline by the fully integrated offerings of the acquired companies Upskill and Viscopic
Strong pipeline conversion at year end
Well-balanced mix of use cases across Managed Connectivity and Operational Workflows

¹Customers with invoiced billings across all products and services of at least €10,000 during the last twelve months (ACV or annual contract value)

… leading to strong Enterprise billings growth of 75% (LTM)

• TMV's success in building lasting customer relationships underpinned by significantly increased Enterprise NRR compared to Q3 21

• Increasing number of >€200k contracts due to successful up- and cross selling

¹Total billings of all enterprise customers

Multiple new high-profile strategic partnerships with leading companies

TeamViewer's partnerships

Conclusion of major new partnerships with leading businesses in their respective industries in 2021
Partnerships as major driver for long-term growth due to:
Acceleration of the expansion into various strategically relevant industries
Opportunity for continuous extension of TeamViewer's sales reach
Partnerships underline TeamViewer's strong value proposition in the enterprise segment and its relevance for the global tech ecosystem

Covering unlimited use cases for all industries: NSF International

Covering unlimited use cases for all industries: Ford

Covering unlimited use cases for all industries: Erste Bank Oesterreich

Covering unlimited use cases for all industries: ABB

Solid increase in SMB subscribers, good retention of COVID-19 induced subscribers and even improved churn

SMB Billings Total and by ACV Bucket (€m, LTM) 2019 2020 2021 € 1,500 – 10,000 € <500 € 500 – <1,500 455 407 308 +32% +12% 29% 43% 29% 36% 37% 28% 24% 37% 39%

SMB Subscriber Churn¹ (LTM)

• Continuously improving churn rate, further supporting subscriber growth

SMB Subscriber Development (k)

Digitalizing small and medium-sized businesses around the world

Supplier of turnkey systems for the brewing industry relies on remote support with TeamViewer to guarantee the planned commissioning of the plant.	On-demand IT support for businesses in Norway reduced travel time and cost and increased efficiency.	With TeamViewer , the team at VOSS Fluid can remotely access machines and computers to quickly diagnose and resolve issues.	The Austrian transportation company uses TeamViewer Engage to support customers with online ticket purchases.
With TeamViewer Remote Management, a German fire brigade keeps their complete IT ready for use 24/7.	Air conditioning systems provider relies on TeamViewer for faster fault diagnosis.	TeamViewer helps Norwegian CRM supplier to streamline its customer support for 10,000 users.	Laser cleaning systems provider uses TeamViewer to remotely access control units for troubleshooting and repair.

Nordics IT infrastructure provider uses TeamViewer for 200,000 client support sessions every year.	Ropeway manufacturer relies on AR-based support to optimize the operating time of ropeways.	The Salvation Army Australia relies on TeamViewer to save time and costs while effectively supporting workers.	German plant manufacturer uses TeamViewer for rapid service to increase machine availability.

Ecosystem remains stable quarter over quarter

Sports partnerships boosting our Brand Exposure

Improvement program ReMax fully on track since CMD

Financial Overview

Stefan Gaiser

Financial Highlights

Top Line (€m)			Profitability (€m)
	FY 2021	Q4 2021
Billings (non-IFRS)	547.6 +20% cc1 +19%	153.7 +17% cc1 +20%	Adj. EBITDA (non-IFRS)2

Revenue (IFRS)	501.1 +10%	132.3 +9%	Adj. EBITDA margins (non IFRS)2

Revenue from Subscription Model	498.5 +22%	132.2 +16%

Adj. EBITDA (non-IFRS)² 257.0 -2% 67.7 -6% FY 2021 Q4 2021

-10pp -12pp IFRS)2
--------------------------

Free Cash Flow and Cash Conversion (€m)

	FY 2021	Q4 2021
Levered Free	157.8	68.0
Cash Flow	-5%	+21%

¹At constant currencies ²Including non-cash relevant charges due to share-based compensation by TLO of € 4.4m in FY 2021 (FY 2020: € 36.8m) and M&A related share-based compensation of € 23.2m (FY 2020: € 10.5m) ²EBITDA adjusted for IFRS 2 charges related to share-based compensation and other non-recurring costs related to one-off projects

20% cc billings growth with c. 627,000 subscribers by 31 Dec 21

Increasingly loyal customer base after COVID-related dip

Net Retention Rate (NRR), past five quarters (overall) New Billings per Quarter (overall, in €m)

Strong year in Americas with significant Enterprise acceleration; EMEA with reliable, consistent growth; APAC with improvements towards year end

Business again with strong scale effects, brand investments impact margin

€m	Q4 2021	Q4 2020	∆ %	FY 2021	FY 2020	∆ %
Billings	153.7	128.1	20%	547.6	460.3	19%
Cost of sales of billings %	(10.0) -6.5%	(9.6) -7.5%	4%	(38.3) -7.0%	(35.9) -7.8%	7%
Gross profit Margin %	143.7 93.5%	118.6 92.5%	21% 1 pp	509.4 93.0%	424.4 92.2%	20% 0.8 pp
Sales of billings %	(17.3) -11.3%	(16.7) -13.0%	4%	(69.2) -12.6%	(58.1) -12.6%	19%
Marketing % of billings	(31.3) -20.4%	(9.3) -7.2%	237%	(92.9) -17.0%	(31.1) -6.8%	198%
R&D of billings %	(14.9) -9.7%	(10.7) -8.3%	39%	(46.0) -8.4%	(34.8) -7.6%	32%
G&A of billings %	(8.2) -5.3%	(7.1) -5.5%	15%	(30.8) -5.6%	(26.1) -5.7%	18%
Other1 % of billings	(4.3) -2.8%	(2.7) -2.1%	60%	(13.6) -2.5%	(12.8) -2.8%	6%
Total OpEx of billings %	(76.0) 49.4%	(46.4) 36.2%	64%	(252.4) 46.1%	(162.9) 35.4%	55%
Adj. EBITDA	67.7	72.1	-6%	257.0	261.4	-2%
Margin %	0% 44	56 3%	-12 pp	46 9%	56 8%	-10 pp

¹ incl. other income/expenses and bad debt expenses of € 3.7m in Q4 2021 and € 3.8m in Q4 2020 / € 16m in FY 2021 and € 14.6m in FY 2020

Despite strong push of the Enterprise business, the land and expand model with SMB funnel remains attractive and economically strong
Gross profit margin remained comfortably above 90% and even increased
Adjusted EBITDA margin influenced by significant investments in marketing; sales and R&D in line with key growth initiatives
Since Q3 2021, brand investments fully impact P&L

Continued strong free cash flow and high cash conversion

Levered Free Cash Flow and Cash Conversion

€m	Q4 2021	Q4 2020	∆ %	FY 2021 FY 2020		∆ %
Pre-Tax net cash from operating activities (IFRS)	80.0	72.9	10%	237.5	258.0	-8%
Income tax paid	(3.6)	(8.7)	-58%	(43.5)	(33.4)	30%
Capital expenditure (excl. M&A)	(3.1)	(3.4)	-8%	(15.2)	(26.1)	-42%
Lease repayments	(2.2)	(1.5)	49%	(6.9)	(4.9)	42%
Interest paid for borrowings and lease liabilities	(3.0)	(3.2)	-6%	(14.1)	(28.1)	-50%
Levered Free Cash Flow (FCFE)	68.0	56.1	21%	157.8	165.5	-5%

as % of adj. EBITDA	100%	78%	61%	63%
as % of EBITDA	125%	113%	94%	81%

Pre-tax cash flow FY from operating activities mainly impacted by investments into brand equity through tier-1 sports partnerships
Levered free cash flow in Q4 benefitted from strong cash conversion as well as lower capex and interest payments
Significantly lower capex and interest payments for whole of FY 2021

Strong and consistent deleveraging post IPO, strong balance sheet with long term secured financing

Levered Free Cash Flow (€m)

1 (Net Debt / Adjusted EBITDA)

Maturity Profile (€m)

A unique cash profile

Low capex, now and going forward

Low taxes, particularly until 2023

High margins, and further improving

Adequate leverage ratio, driven by consistent cash flow generation and deleveraging

Consistently strong FCF, driven by growing Enterprise, SMB cross/upselling, and ReMax

TeamViewer has a superior and sustainable cash profile which is opening multiple avenues for further value generation.

Revised capital allocation, major share buyback program to be initiated

Major Share Buyback Program Based on Updated Capital Allocation

Buyback program rooted in strong and long-term secured financing structure, high cash flow generation, and new leverage target of around 1.5x adj. EBITDA
Program demonstrates confidence in strong business outlook and commitment to shareholder value creation by allowing shareholders to participate in the success of the company
In addition, it ensures sufficient strategic flexibility going forward

Facts & Figures of SBB

SBB program with a total volume of up to €300m or a maximum of 20,000,000 shares (representing nearly 10% of total shares outstanding)
Program is expected to start on 3 February 2022 and to be completed within 2022
Vast majority of shares to be cancelled, reduction of total share capital accordingly

Outlook 2022

2022 Outlook

	2021 revised guidance	2021 actuals	2022 guidance	Mid-term outlook
Billings (non-IFRS)	€ 535m – € 555m	€ 548m	€ 630m – € 650m	High teens percentage growth YoY

Revenue (IFRS)	€ 495m – € 505m	€ 501m	€ 565m – € 580m	Mid teens percentage growth YoY

Adj. EBITDA Margin (non-IFRS, as % of Billings)	44% – 46%	47%	45% – 47%	Further margin improvement

Thank you for your attention

Appendix

Q4 2021 reconciliation from management key metrics to IFRS

	Management view	Change in		Other non-IFRS	Accounting view
€m	adjusted P&L1	deferred revenue2	D&A	adjustments	IFRS P&L
Billings / Revenue	153.7	(21.5)			132.3
Cost of sales	(10.0)		(8.3)	1.0	(17.3)
Gross profit contribution	143.7				115.0
of Billings % / Revenue	93%				87%
Sales	(17.3)		(2.1)	5.6	(13.8)
Marketing	(31.3)		(0.2)	3.0	(28.5)
R&D	(14.9)		(2.0)	(0.4)	(17.3)
G&A	(8.2)		(0.7)	(4.2)	(13.1)
Other3	(4.3)		0.0	3.2	(1.1)
Adj. EBITDA	67.7
of Billings % / Revenue	44%
D&A (ordinary only)4	(5.8)
Adj. EBIT / Operating profit (EBIT)	61.9	(21.5)	-7.4⁵	8.3	41.3
of Billings % / Revenue	40%				31 2%
D&A (total)4+5					13.3
EBITDA					54.5
of Billings % / Revenue					41%

¹Margins and percentages of billings in adjusted view and IFRS revenue ²Included change in undue billings

³Incl. other income/expenses and bad debt expenses of € 3.6 m

⁴D&A excl. amortization intangible assets from PPA

5Amortization intangible assets from PPA

FY 2021 reconciliation from management key metrics to IFRS

	Management view	Change in		Other non-IFRS	Accounting view
€m	adjusted P&L1	deferred revenue2	D&A	adjustments	IFRS P&L
Billings / Revenue	547.6	(46.5)			501.1
Cost of sales	(38.3)		(33.2)	0.5	(70.9)
Gross profit contribution	509.4				430.2
of Billings % / Revenue	93 0%				85 8%
Sales	(69.2)		(7.3)	(12.7)	(89.2)
Marketing	(92.9)		(1.3)	(1.9)	(96.1)
R&D	(46.0)		(6.6)	(9.5)	(62.1)
G&A	(30.8)		(2.5)	(18.3)	(51.5)
Other3	(13.6)		0.0	(0.3)	(13.8)
Adj. EBITDA	257.0
of Billings % / Revenue	46.9%
D&A (ordinary only)4	(21.5)
Adj. EBIT / Operating profit (EBIT)	235.5	(46.5)	-29.4⁵	(42.1)	117.4
of Billings % / Revenue	43 0%				23 4%
D&A (total)4+5					50.9
EBITDA					168.3
of Billings % / Revenue					33 6%

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

²Included change in undue billings

³Incl. other income/expenses and bad debt expenses of € 15.9m