TeamViewer AG

Investor Presentation • Feb 7, 2024

3 TeamViewer

Preliminary Q4/FY 2023 Results Analyst / Investor Presentation

Important Notice / APMs

This presentation as well as any information therewith (the "Presentation") contains information regarding TeamVewer SE (the "Company") and its subsidiaries (the Company, together with is subscion information purposes only and should not be relied on for any purpose and may not be redistributed, published, or passed on to any other person or used in whole or in part for any other purpose.

Certain statements in this presentation may constitute to ward looking statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significal including, but not limited to, those risks and uncertainties described in TeamVewer's disclosures. You should not rely on these forwards as predictions of future events, and TeamViewer's actual results may differ materially and adversely from any forward-looking statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innequate data security and changes in competition levels. Team liever undertakes no obligation, and does not expect to publicy revise, any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements atting on its behalf are expressy qualified in their entredy by the cautionary statements referred to above and contained elsewhere in this Presentation.

All stated figures are unaudited.

Percentage data and totals presented in tables throughout this presentation are generally calculated on unrounded numbers . Therefore, numbers in tables may not add up precisely to the totals indicated and may not precisely reflect the change data of the rounded figures for the same reason.

This document contains alternative performance meat (APM) that are not defined under IFRS (can be reconciled to the key performance indicators included in the FRS consolidated financial to be viewed in isolation, but only as supplementary information for assessing the operating performance. TeamViewer believes that these APMs provide an additional. deeper understanding of the Company's performance.

TeamViewer has defined each of the following APMs as follows:

• · Adiusted EBITDA (also referred to as Adjusted (Revenue) EBIT) according to FRS, plus depreciation and amortisation of tangible and intangible fixed assets (EBTDA), adjusted for certain business transactions (income and expenses of in agreement with the Superviory Board. Business transactions of each one based compensation schemes and other material special tems of the business that are presented separately to show the underlying operformance of the business.
• · Adjusted EBITDA margin (also referred to as Adjusted (Revenue) EBITDA Margin) means Adjusted EBITDA as a percentage of revenue.

Important Notice / APMs (continued)

• · Billings represent the value (net) of goods and services within a specific period and which constitute a contract as defined by IFRS 15.
• · Retained Billings means recurring Billings (retained subscribers who wee subscribers in the previous twolver in the previous twolved.
• · New Billings means recurring Billings attributable to new subscribers.
• · Non-recurring Billings means Billings that do not recur, such as professional services and hardware reselling.
• · Net Retertion Rate (NR) means the Retained Billings of the last twelve morths (LTM), divided by the total recurring Billings of the previous twelve-month period (LTM-1). The total recurring Billings of the LTM-1 period are aquisted for Multi Year Deals (MYD).
• · Annual Recurring Revenue (ARR) are annualized recurring Billings for all active subscriptions at the reporting date.
• · Number of subscribers means the total number of paying subscription at the reporting date.
• · SMB customers mean customers with ACV across all products and services of less twelve-month period. If the threshold is exceeded, the customer will be reallocated.
• Enterprise customers with ACV across al products and services of at least EUR 10,000 within the last twelve morth period. Customers who do not reach this threshold will be reallocated.
• · Churn (subscriber) is calculated by dividing the numbers at the reporting date by the total number of subscribers at the previous year's reporting date.
• · Average Selling Price (ASP) is calculated by divider of the last twelve morths (LTM) by the total number of SMB / Enterprise subscribers at the reporting date.
• · Annual Contract Value (ACV) is used to disting buckets within SMB and Enterprise. The ACV is defined as the annualized alue of on SMB / Enterprise contract.
• · Net financial liabilities are defined as financial liabilities (without other financial liabilities) less cash and cash equivalents.
• · Net leverage ratio means the ratio of net financial liabilities to Adjusted EBITDA of the last twelve-month period.
• · Levered Free Cash Flow (FCFE) means net cash from operative for property, plant and equipment and intangible assets (excl. M&A), payments for the capital element of lease liabilities and interest paid for borrowings and lease liabilities.
• Cash Conversion means the percentage share of Levered Free Cash Flows (FCFE) in relation to the Adjusted EBITDA.
• · Adjusted Net Income is the net income and expenses. These adjustments are share based compensation, anortization related to business combinations, other non-recurring income and expenses and related tax effects.
• · Adjusted basic earnings per shared in line with basic earnings per share, whereby Adjusted Net Income is used of the net income.

CTeamViewer

Business Overview

Oliver Steil (CEO)

A successful 2023 with strong momentum in Q4

Preliminary Q4 / FY 2023 Highlights

FY 2023 with double-digit Revenue growth (+11%), further margin improvement (+1pp), and significantly higher basic EPS (+81%)

Q4 2023 outperformed strong previous year's quarter with 8% cc Billings growth

Strong ENT Billings momentum (+23% cc) in Q4 on back of successful pipeline conversion and partner sales

AMS reorganization showing tangible results; returning to double-digit Billings growth (+12% cc) in Q4

Strategic investments in new use cases, strengthening smart factory solutions with Sight Machine and Cybus

FY 2023 with continued high cash conversion (76%) and commitment to shareholder value; started new Share Buyback with up to EUR 150m until the end of 2024

Highest growth in highest value buckets

TeamViewer | Preliminary Q4 / FY 2023 Results

AMERICAS reorganization on track with doubledigit Billings growth in Q4

AMS

Q4 2023 Revenue: €58.1m (+6%) Billings: €68.2m (+7% | +12% cc)

FY 2023 Revenue: €222.8m (+12%) Billings: €232.3m (+4% | +7% cc)

Strongest regional growth in Q4 delivers promising exit rate on back of a progressing reorganization in the region.

EMEA

Q4 2023 Revenue: €86.8m (+11%) Billings: €115.2m (+6% | +6% cc)

FY 2023 Revenue: €332.4m (+10%) Billings: €368.9m (+8% | +9% cc)

Excellent Enterprise pipeline conversion and good partner business, showcased by very large deals in Q4.

APAC

Q4 2023 Revenue: €18.2m (+5%) Billings: €17.4m (-2% | +5% cc)

FY 2023

Revenue: €71.5m (+8%) Billings: €76.8m (+7% | +14% cc)

Softer Q4 driven by regional macro development - for FY fastest growing region with encouraging Enterprise wins.

ENT deal flow proving strength of product platform

TeamViewer | Preliminary Q4 / FY 2023 Results

8

Large Enterprise deals across regions: Siemens & leading aerospace company

9TeamViewer & SIEMENS

• · Closed groundbreaking deal with our partner Siemens Digital Industries in December 2023
• · We provide a holistic interactive 3D user experience to a leading global aerospace company, making complex engineering data tangible
• · Enabling high-quality, cost-efficient, and detailed remote training and skills development to frontline workers in hundreds of locations worldwide
• · Combination of Siemens' sophisticated digital twin capabilities and TeamViewer's Spatial solution that brings the 3D data to life
• · Solution mitigates skilled labor shortage through faster onboarding and reduced trave

TeamViewer Spatial Support on Apple Vision Pro

• Real-time remote assistance app for new headset Apple Vision Pro already available at launch day in US
• Spatial computing and 3D visualization combined with AR-based remote support
• B2B / industry-focused solution for next level of immersive after-sales and field service for complex objects and machinery

Financial Overview

Michael Willkens (CFO)

Double-digit revenue growth & further margin increase

Topline KPls FY 2023		Profitability / cash FY 2023
(yoy)		(yoy)
Revenue	€626.7m² +11%	Adjusted EBITDA	€260.5m +13%
Billings	€678.0m1 +7%/+9%cc	Adjusted EBITDA Margin	42% +1pp
ARR (LTM)	€649.5m +8%	Free Cash Flow (FCFE)	€198.8m +16%
NRR (LTM)	104% -3pp	Adjusted EPS	€0.88 +31%

1 Corresponds to €632.1m Revenue and €689.8 Billings based on guidance FX rate 1.05 EUR/USD.

. 6

1

Significant new billings growth in Q4

Quarterly Revenue and Growth Rates

Quarterly Billings and Growth Rates

Adjusted EBITDA and Margin

New Billings Development

4 Corresponds to €165.7m Revenue and €20.2m Billings based on guidance FX rate 1.05 EUR/USD. Reported Billings are based on an average FX rate of 1.08 EUR/USD.

ு Team Viewer

SMB with Q4 growth despite strong compare

SMB Quarterly Billings and Growth Rates

Quarterly SMB Revenue and Growth Rates

SMB Subscriber Churn2

1 Based on reported Billings; subscribers not adjusted.

2 Adjusted for discontinuation of business in Russia and Belarus (since Q2 2022).

ENT with strong Billings and customer base growth

Quarterly ENT Revenue and Growth Rates

ENT Quarterly Billings and Growth Rates

ENT Net Retention Rate2

1 Based on reported Billings.

2 The eligible base (LTM-1) includes Billings from MYD only when they are up-for renewal in the respective LTM period.

Operating leverage and continued investments

€m (all adjusted non-IFRS figures)	Q4 2023	Q4 2022	A %	FY 2023	FY 2022	A %
Billings	200.8	190.6	5%	678.0	634.8	7%
Change in deferred Revenues	(37.7)	(40.1)	-6%	(51.3)	(68.9)	-26%
Revenue	163.1	150.5	8%	626.7	ਦੇ ਪੰਜਾਬ	11%
Cost of Goods Sold (COGS)	(13.1)	(12.3)	6%	(46.5)	(41.6)	12%
Gross profit	150.0	138.2	9%	580.2	524.2	11%
% Margin	92%	92%	0 pp	93%	93%	0 pp
Sales	(22.7)	(22.8)	0%	(87.2)	(79.1)	10%
% of Revenue	-14%	-15%		-14%	-14%
Marketing	(34.7)	(31.4)	10%	(132.9)	(120.1)	11%
% of Revenue	-21%	-21%		-21%	-21%
R&D	(17.9)	(15.7)	14%	(64.2)	(54.4)	18%
% of Revenue	-11%	-10%		-10%	-10%
G&A	(10.1)	(9.5)	7%	(34.1)	(31.3)	9%
% of Revenue	-6%	-6%		-5%	-6%
Other1	(2.3)	(1.6)	44%	(1.2)	(9.5)	-87%
% of Revenue	-1%	-1%		0%	-2%
Total Opex	(87.7)	(80.9)	8%	(319.7)	(294.4)	golo
% of Revenue	-54%	-54%		-51%	-52%
Total Costs2	(100.8)	(93.2)	+8%	(366.2)	(336.0)	+9%
Adjusted EBITDA	62.4	57.3	9%	260.5	229.8	13%
% Margin	38%	38%	0 pp	42%	41%	1 pp

1 hcl.other income/expenses and bad debt expenses of €3.3m in Q4 2022 / €8.5m in FY 2023 and €12.4m in FY 2022.

2 Total Costs are the sum of Cost of Goods Sold (COGS) and (Total Opex)

16

Total costs in FY 2023 grew by 9% (€30.2m) and thus slightly lower than Revenue ...

• … despite increased R&D costs (+18%) due to accelerated product development ...
• … largely compensated by lower other costs, mainly driven by decreased bad debt and hedging gains.

13% Adj. EBITDA & 81% EPS growth

am	Q4 2023	Q4 2022	A %	FY 2023	FY 2022	A %
Adjusted EBITDA	62.4	57.3	9%	260.5	229.8	13%
Adjustments for non-recurring1 items	(7.3)	5.8	N/A	(38.6)	(32.4)	19%
EBITDA	55.0	63.1	-13%	221.9	197.5	12%
D&A	(13.5)	(13.6)	-1%	(55.4)	(53.7)	3%
Operating Profit (EBIT)	41.5	49.5	-16%	ના લેકો ઉ	1437	16%
Financial / FX result	(5.0)	(3.8)	30%	(19.1)	(27.0)	-29%
Profit before Tax	36.5	4.5.7	-20%	147.5	116.7	26%
Income taxes	(6.2)	(20.9)	-70%	(33.4)	(49.1)	-32%
Net Income	30 3	24.7	22%	114.0	67.6	69%
Basic number of shares outstanding in m	168.0	176.3	-5%	172.1	184.6	-7%
EPS (basic) in €	0.18	0.14	28%	0.66	0.37	81%
Adjusted EPS (basic) in €	0.22	0.16	36%	0.83	0.67	31%

Strong increase in Net Income in FY2023 ...

• · ... despite increasing Adjustments for non-recurring items mainly driven by employee share program (see Appendix)
• · Slower growth in D&A resulting from lower CAPEX
• · Lower Financial / FX result driven by one-off effects from 2022 refinancing
• ・ Significantly lower income tax expense due to improved tax scheme and prior-year one-off effects (Q4 tax rate at 17%; FY 2023 at 23%; FY 2024 expected at lower thirties)

1 IFRS 2 and other items. 2Period average, without treasury shares.

Around €244m pre-tax FCFE with 94% cash conversion

em	Q4 2023	Q4 2022	A %	FY 2023	FN 2012	A %
Pre-tax net cash from operating activities (IFRS)	78.8	92.4	-15%	275.5	250.8	10%
Capital expenditure (excl. M&A)	(1.0)	(2.0)	-49%	(5.6)	(8.8)	-37%
Lease payments	(5.9)	(3.2)	85%	(11.1)	(9.5)	17%
Pre-tax Unlevered Free Cash Flow (pre-tax UFCF)	71.9	37.2	-18%	258.8	23,245	11%
Cash Conversion (pre-tax UFCF/Adjusted EBITDA)	115%	152%		99%	101%
Interest paid for borrowings and lease liabilities	(2.5)	(2.1)	22%	(14.4)	(14.2)	1%
Pre-tax Levered Free Cash Flow (pre-tax FCFE)	69.3	35.1	-19%	244.4	218 3	12%
Cash Conversion (pre-tax FCFE/Adjusted EBITDA)	111%	149%		94%	95%
Income tax paid	(14.9)	(11.8)	26%	(45.6)	(46.4)	-2%
Levered Free Cash Flow (FCFE)	54.4	7333	-26%	198.8	17.8	16%
Cash Conversion (FCFE/Adjusted EBITDA)	87%	128%		76%	75%

FY 2023 FCFE at 16% growth supported by one-off tax effects of EUR 6m. Pre-Tax FCFE growth strong at 12%

Stronger cash from operating activities further boosted by:

• · Reduced Capex due to fully invested office landscape and infrastructure
• · Stable interest payments as higher interest rates are compensated by lower debt level
• · Income tax paid stable despite higher EBT due to positive one-off effect of €6m from tax return

Significant shareholder return and debt repayment

(€m)

Note: All data as of 31 December 2023.

1 Net cash from operating activities (after tax). 2 Mainly consists of payments capital element of lease liabilities, payments for financial assets and FX effects.

Share buybacks

• · Share Buyback 2023 completed in two tranches; total of 9,993,893 shares / € 150m volume repurchased
• · Share Buyback 2023/2024 started on 13 December 2023; up to 10,658,374 shares/ € 150m by to be purchased at maximum
• · Share redemption effective 20 December; new share capital now comprising 174,000,000 shares / € 174,000,000 (details on share count see Appendix page 31)

Debt maturity profile

3 Including lease liabilities.

4 Calculated on Adj. (Revenue) EBITDA LTM of €260.5m. 5 Calculated on Adj. (Billings) EBITDA LTM of €311.8m.

TeamViewer

Outlook

Michael Wilkens (CFO)

Guidance FY2024

Revenue (IFRS)	EUR 660 to 685m1 (corresponds to ca. +7-11% cc yoy)
Adjusted EBITDA Margin	at least 43%

• · Topline expectations reflect continued high levels of customer demand despite a challenging macro; additional FX headwinds in reported revenue from 2023 billings
• · Margin improvement on the back of EUR 17.5m Adjusted EBITDA effect from the revised scope of the Manchester United partnership in H2, partially offset by 2pp FX headwinds
• Margin phasing with an investment • focus during H1 followed by strong margins in H2 due to partial reinvest of Manchester United savings already in H1

1 Based on the average FX rates of 2023

Commitment to efficient capital allocation

Strong FCFE generation (€ m)

FCFE FY 2023 supported by EUR 6m tax repayment; adjusted for this, FCFE FY 2024 is expected to grow in line with prior year

Capital Allocation Framework

Continued shareholder value creation through

• · Immediate shareholder return with continued share buyback programs
  • · EUR 450m executed since 2022
  • · Up to EUR 150m in execution for 2023/2024
• Strategic investments into organic growth and tuck-in M&A
• · Expected leverage of ~1.3x Net Debt to Adjusted EBITDA (LTM)1 per end of 2024
• · Targeted equity ratio of ~10% per end of 2024

1 translates to 1.2x Net Debt to Adjusted (Billings) EBITDA)

A successful 2023 with strong momentum in Q4

Preliminary Q4 / FY 2023 Highlights

FY 2023 with double-digit Revenue growth (+11%), further margin improvement (+1pp), and significantly higher basic EPS (+81%)

Q4 2023 outperformed strong previous year's quarter with 8% cc Billings growth

Strong ENT Billings momentum (+23% cc) in Q4 on back of successful pipeline conversion and partner sales

AMS reorganization showing tangible results; returning to double-digit Billings growth (+12% cc) in Q4

Strategic investments in new use cases, strengthening smart factory solutions with Sight Machine and Cybus

FY 2023 with continued high cash conversion (76%) and commitment to shareholder value; started new Share Buyback with up to EUR 150m until the end of 2024

Appendix

Overview sales KPIs

	Q4'23	Q3,23	Q2'23	Q1.23	Q4°22	Q3°22	Q2'22	Q1'22	Q4'21
SMB
Billings p.q. in €m	148.6	122.8	121.9	142.8	147.3	117.9	109.3	128.3	124.4
Billings LTM in €m	536.0	534.7	529.9	517.3	502.8	479.8	469.5	459.6	454.6
Number of subscribers2	627,362	622,188	629,302	627,436	622,410	615,650	615,531	607,834	614,262
ASP (LTM) in €	852	857	840	822	804	773	753	745	728
Enterprise
Billings p.q. in €m	52.2	27.1	28.7	34.0	43.3	26.7	26.9	35.2	29.4
Billings LTM in €m	141.9	133.0	132.6	130.8	132.0	118.1	109.5	104.9	93.0
Number of subscribers	4,164	4,034	3,956	3,777	3,666	3,296	3,062	2,873	2,712
ASP (LTM) in €	34,089	32,971	33,517	34,619	36,000	35,826	35,775	36,519	34,279
l otal
Billings p.q. in €m	200.8	149.8	150.6	176.8	190.6	144.6	136.1	163.5	153.7
- Retained p.q. in €m	179.6	135.4	135.9	161.4	174.8	129.4	118.1	146.5	133.2
- New p.q. in €m	19.4	14.2	13.9	14.7	14.3	14.9	17.0	16.2	19.8
- Non-subscribers p.q. in €m	1.8	0.3	0.8	0.6	1.5	0.3	1.1	0.7	0.7
MYD with full upfront payment p.q. in €m	20.9	15.9	14.7	16.2	20.9	10.9	7.0	6.8	5.2
Billings LTM in €m	678.0	667.7	662.5	648.1	634.8	597.9	579.1	564.5	547.6
ARR in €m	649.5	632.5	626.2	613.6	602.5	574.1	555.1	545.9	534.8
Number of subscribers 2	631,526	626,222	633,258	631,213	626,076	618,946	618,593	610,707	616,974

1 Adjusted for discontinuation of business in Russia and Belarus.

Q4 2023: Reconciliation management metrics to IFRS

	Management view	Change in	Management view		Other non-IFRS	Accounting view
€m	adjusted P&L1	deferred revenue2	Revenue adj. P&L	D&A	adjustments	IFRS P&L
Billings / Revenue	200.8	(37.7)	163.1			163.1
Cost of sales	(13.1)		(13.1)	(8.7)	(0.4)	(22.2)
Gross profit contribution	187.7		150.0			141.0
% of Billings / Revenue	93.5%		92.0%			86.4%
Sales	(22.7)		(22.7)	(1.8)	(4.1)	(28.5)
Marketing	(34.7)		(34.7)	(0.6)	(1.7)	(37.0)
R&D	(17.9)		(17.9)	(1.8)	(2.1)	(21.8)
G&A	(10.1)		(10.1)	(0.6)	(4.1)	(14.9)
Other3	(2.3)		(2.3)	0.0	5.0	2.8
Adj. EBITDA	100.1		62.4
% of Billings / Revenue	49.8%		38.2%
D&A (ordinary only)4	(6.1)		(6.1)
Adj. EBIT / Operating profit (EBIT)	94.0	(37.7)	56.3	(7.4)"	(7.3)	41.5
% of Billings / Revenue	46.8%		34.5%			25.4%
D&A (total)4+5						13.5
EBITDA						55.0
% of Billings / Revenue						33.7%

1 Margins and percentages of billings in adjusted view and IFRS revenue. 2 Included change in undue billings. 3 Incl. other income/expenses and bad debt expenses of €3.3m. 4D&A excl. amortization intangible assets from PPA. 5 Amortization intangible assets from PPA.

FY 2023: Reconciliation management metrics to IFRS

	Management view	Change in	Management view		Other non-IFRS	Accounting view
€m	adjusted P&L1	deferred revenue2	Revenue adj. P&L	D&A	adjustments	IFRS P&L
Billings / Revenue	678.0	(51.3)	626.7			626.7
Cost of sales	(46.5)		(46.5)	(34.2)	(1.0)	(81.7)
Gross profit contribution	631.5		580.2			544.9
% of Billings / Revenue	93.1%		92.6%			87.0%
Sales	(87.2)		(87.2)	(8.0)	(11.5)	(106.7)
Marketing	(132.9)		(132.9)	(2.5)	(3.3)	(138.7)
R&D	(64.2)		(64.2)	(7.8)	(8.1)	(80.1)
G&A	(34.1)		(34.1)	(2.8)	(12.5)	(49.4)
Other3	(1.2)		(1.2)	0.0	(2.3)	(3.5)
Adj. EBITDA	311.8		260.5
% of Billings / Revenue	46.0%		41.6%
D&A (ordinary only)4	(25.6)		(25.6)
Adj. EBIT / Operating profit (EBIT)	286.2	(51.3)	234.9	(29.8)"	(38.6)	166.6
% of Billings / Revenue	42.2%		37.5%			26.6%
D&A (total)4+5						55.4
EBITDA						221.9
% of Billings / Revenue						35.4%

1 Margins and percentages of billings in adjusted view and IFRS revenue. ²Included change in undue billings. 3 Incl. other income/expenses and bad debt expenses of €8.5m. 4D&A excl. amortization intangible assets from PPA. 5 Amortization intangible assets from PPA.

Non-IFRS adjustments in EBITDA

€m	Q4 2023	Q4 2022	FY 2023	FY 2022
Total IFRS 2 charges	(7.2)	(8.1)	(23.7)	(28.4)
TeamViewer LTIP	0.4	(0.3)	(0.9)	(0.7)
RSU	(3.7)	(1.9)	(15.5)	(4.2)
M&A related share-based compensation	0.0	(1.3)	(3.3)	(10.3)
Share-based compensation by TLO1	(3.9)	(4.6)	(3.9)	(13.2)
Other material items	(4.5)	(2.9)	(9.4)	(20.8)
Financing, M&A, transaction-related	0.7	(0.2)	(1.0)	3.4
ReMax	0.0	(0.1)	(0.1)	(7.0)
Other	(5.2)	(2.5)	(8.3)	(17.2)
Valuation effects	4.4	16.8	(5.5)	16.8
Total	(7.3)	5.8	(38.6)	(32.4)

• IFRS2 charges lower in Q4 due to:

• Decreasing M&A-related vesting and extended TLO vesting period...
• ... partly offset by new employee share program
• · Other material items increase due to ongoing reorganization measures
• Valuation effects reflect USD hedges fair value fluctuations (future periods in non-recurring items)

1 Pre-IPO management incentive program

Tax Rates

€m	FY 2023	FY 2022	Δ %
IFRS EBT	147,455	116,689	26%
Theoretical TV group Tax Rate	28,6%	28,6%	Opp
Theoretical Tax Expense	(42,172)	(33,373)	26%
Actual Tax Expense	(33,440)	(49,088)	(32%)
Current Year	(46,762)	(48,279)	(3%)
Prior Years	13,322	(810)	(1746%)
Actual Tax Rate	23%	42%	(19pp)
Δ Tax Expense theoretical vs. actual, w/o prior years	(4,590)	(14,906)	(69%)
Actual Cash Taxes	(45,624)	(46,413)	(2%)
Cash Tax Rate	31%	40%	(9pp)

Actual Tax Expense

• Actual Tax Expense 2023 with decrease EUR 15.6m due to lower non deductible expenses and prior years tax income; equals 32% actual tax expense decrease instead of theoretical 26% tax expense increase;
• · Prior years tax income EUR 13m in 2023; t/o EUR 8m TV SE tax scheme improvement; EUR 5m net income from tax audit and follow up effects;
• · Δ Tax Expense theoretical vs. actual w/o prior years with lower non deductible:
  • FY 2023 EUR 4,6m non deductible: t/o IFRS 2 EUR 2m; other EUR 2,6m;
  • · FY 2022 EUR 14m non deductible:t/o IFRS2 EUR 7m; TV SE losses not recognized EUR 4m; other EUR 4m;

Actual cash taxes:

· Expected EUR 10m cash tax increase due to EBT increase EUR 30m; offset against EUR -12m tax effect from payment shift; t/o EUR 6m cash tax overpayment 2022; EUR 6m cash tax refund FY2023;

Share Count Development since IPO

1 Including 95,306 shares already bought back but still held on trading accounts of executing bank per 29 December 2023

Top of the industry ESG profile

Repeatedly strong rating results

• · Morningstar Sustainalytics ranks TeamViewer 1st in its subindustry as of 2 Feb 2024
  • · Risk Score of 8.6 indicating negligible ESG risk
  • Leading amongst >1,000 ranked companies
• MSCI renewed its AAA rating in January ranking us in the top 11% in software and services

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Financial Statements

Profit & Loss Statement

€ thousand	Q4 2023	Q4 2022	A %	FY 2023	FY 2022	A %
Revenue	163,114	150,507	8%	626,689	565,874	11%
Cost of sales	(22,163)	(20,896)	6%	(81,743)	(81,298)	1%
Gross profit	140,951	129,611	9%	544,946	484,577	12%
Research and development	(21,752)	(19,343)	12%	(80,138)	(69,538)	15%
Marketing	(37,039)	(33,101)	12%	(138,699)	(128,408)	8%
Sales	(28,540)	(27,301)	5%	(106,691)	(99,051)	8%
General and administrative	(14,861)	(14,796)	0%	(49,381)	(53,475)	-8%
Bad debt expenses	(3,273)	(3,158)	4%	(8,506)	(12,400)	-31%
Other income	3,290	18,327	-82%	8,537	23,319	-63%
Other expenses	2,735	(152)	<-300%	(3,506)	(1,299)	170%
Operating profit	41,510	49,487	-16%	166,562	143,725	16%
Finance income	575	1,329	-57%	1,381	4,267	-68%
Finance costs	(4,728)	(3,868)	22%	(16,864)	(25,782)	-35%
Foreign currency result	(852)	(1,297)	-34%	(3,624)	(5,522)	-34%
Profit before tax	36,505	45,650	-20%	147,455	116,689	26%
Income taxes	(6,234)	(20,921)	-70%	(33,440)	(49,088)	-32%
Net income	30,272	24,730	22%	114,015	67,600	69%
Basic number of shares issued and outstanding	168,024,755	176,310,613		172,140,196	184,618,537
Earnings per share (in € per share)	0.18	0.14	28%	0.66	0.37	81%
Diluted number of shares issued and outstanding	169,125,651	176,735,131		172,980,453	185,060,864
Diluted earnings per share (in € per share)	0.18	0.14	28%	0.66	0.37	80%

Balance Sheet - Assets

€ thousand	31 December 2023	31 December 2022
Non-current assets
Goodwill	667,662	667,929
Intangible assets	175,736	212,864
Property, plant and equipment	43,261	50,265
Financial assets	27,280	18,537
Other assets	19,530	11,922
Deferred tax assets	18,596	2,126
Total non-current assets	952,065	963,644
Current assets
Trade receivables	21,966	18,295
Other assets	52,366	19,392
Tax assets	2,892	3,335
Financial assets	9,423	7,038
Cash and cash equivalents	72,822	160,997
Total current assets	159,468	209,057
Total assets	1,111,533	1,172,702

Balance Sheet - Liabilities

€ thousand	31 December 2023	31 December 2022
Equity
lssued capital	174,000	186,516
Capital reserve	105,234	236,849
Accumulated losses	(95,188)	(209,203)
Hedge reserve	aza	(1,620)
Foreign currency translation reserve	1,614	3,003
Treasury share reserve	(102,929)	(100,263)
Total equity attributable to shareholders of TeamViewer SE	83,660	115,282
Non-current liabilities
Provisions	389	530
Financial liabilities	432,149	519,346
Deferred revenue	41,367	24,151
Deferred and other liabilities	2,486	2,081
Other financial liabilities	13	3,119
Deferred tax liabilities	39,693	33,852
Total non-current liabilities	516,098	583,079
Current liabilities
Provisions	9,503	9,013
Financial liabilities	97,274	113,295
Trade payables	8,016	8,875
Deferred revenue	314,797	288,138
Deferred and other liabilities	73,067	42,385
Other financial liabilities	8,125	11,537
Tax liabilities	ਰੂਰਤ	1,098
Total current liabilities	511,775	474,341
Total liabilities	1,027,873	1,057,420
Total equity and liabilities	1,111,533	1,172,702

Cash Flow Statement

€ thousand	Q4 2023	Q4 2022	A %	FY 2073	F 2022	A %
Profit before tax	36,505	45,650	-20%	147,455	116,689	26%
Depreciation, amortisation and impairment of non-current assets	13,528	13,638	-1%	55,358	53,741	3%
Increase/(decrease) in provisions	(761)	(1,291)	-41%	349	7,285	-95%
Non-operational foreign exchange (gains)/losses	693	1,524	-55%	758	5,887	-87%
Expenses for equity settled share-based compensation	7,554	7,767	-3%	21,842	27,632	-21%
Net financial costs	4,153	2,539	64%	15,483	21,514	-28%
Change in deferred revenue	22,670	32,024	-29%	43,875	61,714	-29%
Changes in other net working capital and other	(5,527)	(9,434)	-41%	(9,630)	(43,705)	-78%
Income taxes paid	(14,946)	(11,844)	26%	(45,624)	(46,413)	-2%
Cash flows from operating activities	63,869	80,573	-21%	229,865	204,343	12%
Payments for tangible and intangible assets	(1,025)	(2,012)	-49%	(5,607)	(8,845)	-37%
Payments for financial assets	(13,843)	O	n/a	(15,881)	0	n/a
Payments for acquisitions	0	0	n/a	(8,073)	(1,977)	>+300%
Cash flows from investing activities	(14,868)	(2,012)	>+300%	(29,561)	(10,821)	173%

Cash Flow Statement (cont'd)

€ thousand	Q4 2023	Q4 2022	Δ %	FY 2023	F 2017	A %
Repayments of borrowings	O	O	n/a	(100,000)	(470,376)	-79%
Proceeds trom borrowings	O	O	n/a	O	184,323	-100%
Payments for the capital element of lease liabilities	(5,914)	(3,201)	85%	(11,079)	(9,461)	17%
Interest paid for borrowings and lease liabilities	(2,537)	(2,072)	22%	(14,409)	(14,200)	1%
Purchase of treasury shares	(46,691)	O	n/a	(161,902)	(300,088)	-46%
Cash flows from financing activities	(55,142)	(5,274)	>+300%	(287,390)	(609,802)	153%
Net change in cash and cash equivalents	(6,142)	73,287	-108%	(87,087)	(416,280)	-79%
Net foreign exchange rate difference	(927)	(2,151)	-57%	(1,088)	25,551	-104%
Net change from cash risk provisioning	0	888	-100%	O	1,193	-100%
Cash and cash equivalents at beginning of period	79,891	88,973	-10%	160,997	550,533	-71%
Cash and cash equivalents at end of period	72,822	160,997	-55%	72,822	160,997	-55%

9 TeamViewer

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Financial Calendar

Annual Report 2023 Q1 2024 Earnings & Analyst Call Annual General Meeting Q2 2024 Earnings & Analyst Call Q3 2024 Earnings & Analyst Call

14 March 2024 7 May 2024 7 June 2024 31 July 2024 6 November 2024