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TeamViewer AG
Investor Presentation • Jul 29, 2025
430_rns_2025-07-29_fef42e4f-0490-42f7-99d5-d65ce9183931.pdf
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Q2/6M 2025 Results
Presentation
29 July 2025
Important Notice / APMs
This presentation as well as any information communicated in connection therewith (the "Presentation") contains information regarding TeamViewer SE (the "Company") and its subsidiaries (the Company, together with its subsidiaries, "TeamViewer"). It is provided for information 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.
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 forwardlooking statements as predictions of future events, and TeamViewer's 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. TeamViewer 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.
All stated figures are unaudited.
Percentage change 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 percentage change data may not precisely reflect the change data of the rounded figures for the same reason.
This document contains alternative performance measures (APM) that are not defined under IFRS. The APMs (non-IFRS) can be reconciled to the key performance indicators included in the IFRS consolidated financial statements and should not be viewed in isolation, but only as supplementary information for assessing the operating performance. TeamViewer believes that these APMs provide an additional, deeper understanding of the Company's performance.
TeamViewer has defined each of the following APMs as follows:
- Adjusted EBITDA 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 sharebased compensation schemes and other material special items of the business that are presented separately to show the underlying operating performance of the business.
- Adjusted EBITDA margin means Adjusted EBITDA as a percentage of revenue.
- Annual Recurring Revenue (ARR) is annualized recurring revenue for all active subscriptions at the end of the reporting period. It is calculated by multiplying the daily subscription revenue at the end of the reporting period by 365 days (or 366 days for leap years). Daily subscription revenue is calculated as the total active contract value divided by the contract duration in days. The end of the reporting period is defined as the last calendar day of the respective period.
- Retained ARR 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.
Important Notice / APMs (continued)
- Net Retention Rate (NRR) (cc) is defined as Retained ARR (cc) at the end of the reporting period divided by the Total ARR at the end of the prioryear reporting period.
- Number of customers means the total number of paying customers with an active subscription at the reporting date.
- SMB customers 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 customers 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.
- Customer churn rate means the percentage of customers not retained during the last twelve-month period. It is calculated as 100% minus the number of customers that were retained (no new customers) during the last twelve months divided by the total number of customers twelve months ago.
- Average Selling Price (ASP) is calculated by dividing the total ARR by the total number of customers at the reporting date.
- Net financial liabilities are defined as financial liabilities (without other financial liabilities) less cash and cash equivalents.
- Net leverage ratio means the ratio of net financial liabilities to Adjusted EBITDA of the last twelve-month period.
- Levered Free Cash Flow (FCFE) means net cash from operating activities less capital expenditure for property, plant and equipment and intangible assets (excl. M&A), payments for the capital element of lease liabilities and interest paid for borrowings and lease liabilities.
- Cash Conversion means the percentage share of Levered Free Cash Flows (FCFE) in relation to the Adjusted EBITDA.
- Adjusted Net Income is the net income adjusted for certain income and expenses. These adjustments are: share-based compensation, amortization related to business combinations, other non-recurring income and expenses and related tax effects.
- Adjusted basic earnings per share is calculated in line with basic earnings per share, whereby Adjusted Net Income is used as the basis for the calculation instead of the net income.
- Constant currency (cc) comparisons eliminate the impact of exchange rate fluctuations between different periods.
- "Pro forma" refers to TeamViewer group numbers including 1E numbers before closing (unaudited management view at the time of acquisition) as well as a reversal of negative M&A effects on revenue ("haircut") after closing. Pro forma numbers are prepared for comparative purposes and should be read in conjunction with financial statements. They are not necessarily indicative of the results that would have been attained if the transaction had taken place on a different date.
Business Overview
Oliver Steil (CEO)
Double-digit Enterprise growth and strong Adj. EBITDA margin; FY 2025 guidance reiterated
Solid pro forma Revenue growth of +6 % cc yoy
Double-digit growth in pro forma Enterprise Revenue, up 15 % cc yoy
Pro forma ARR up 4 % cc yoy on the back of strong TeamViewer Enterprise business; partly offset by US macro headwinds
Adj. EBITDA up 17 % yoy; strong profitability with Adj. EBITDA Margin of 44 % (+4 pp yoy)
Significant portfolio and platform enhancements with DEX integration; promising early momentum
Pro forma FY 2025 guidance reiterated, growth acceleration expected in H2
Revenue growth across all regions EMEA with strongest contribution
Regional Development Customer Categories
(pro forma Revenue, % yoy) (pro forma, % yoy)
Q2 Revenue €190.7m (+5 % | 6 % cc)
Continued growth in Enterprise across all ARR value ranges
Very good progress on 1E integration; promising momentum for new DEX products
Leading DEX capabilities
TeamViewer DEX Essentials
Proactive IT with realtime visibility, automated fixes, and zero disruption.
TeamViewer ONE, the Digital Workplace Platform
ONE platform to manage, support, and optimize digital work.
TeamViewer has been named a Leader in the 2025 Gartner® Magic Quadrant™ report for Digital Employee Experience (DEX) Management Tools.
TeamViewer CoPilot: Support for IT troubleshooting diagnosis
Session Insights: Closing existing feature gaps, allowing connections to unmanaged devices, more granular controls
10 TeamViewer | Q2 2025 Results
Financial Overview
Michael Wilkens (CFO)
Q2 2025: Significant YoY margin expansion and strong Adj. EPS growth
| Topline KPIs Q2 2025 | Profitability / Cash Q2 2025 | |||||
|---|---|---|---|---|---|---|
| (% and pp yoy; pro forma) | (% and pp yoy; pro forma) | |||||
| Revenue | €190.7m +5 %/+6 % cc |
Adjusted EBITDA | €84.0m +17 % |
|||
| ARR | €759.1m +4 %/+4 % cc |
Adjusted EBITDA Margin |
44 % +4 pp |
|||
| ENT ARR | €227.1m +13 %/+13 % cc |
Adjusted EPS | €0.28 +19 %1 |
|||
| ENT NRR (cc) | 98 % adj. for net upsell from SMB: 103 % |
Net Leverage Ratio | 2.9x |
1 Compared to TeamViewer standalone Q2 2024.
TeamViewer | Q2 2025 Results
Solid performance with strong profitability
Quarterly Revenue and Growth Rates ARR and Growth Rates Adjusted EBITDA and Margin
(€m; %; pro forma, Q2–Q4 2024 yoy growth rates reflect TeamViewer standalone)
(€m; %; pro forma, Q2–Q4 2024 yoy growth rates reflect TeamViewer standalone)
(€m; %; pro forma)
Double-digit Enterprise growth
51.7 55.2 63.8 59.9 58.7 19 % 22 % 37 % 22 % 13 % Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (21 % cc) (21 % cc) (38 % cc) (23 % cc) (15 % cc)
ENT ARR and Growth Rates ENT NRR
(%; cc; pro forma; Q2–Q4 2024 NRR reflects TeamViewer standalone)
1 Since Q1 2025, ASP is calculated based on ARR. Prior year numbers have been restated based on ARR. | 2 Since Q1 2025, the number of customers is calculated based on ARR. Prior year numbers have been restated based on ARR.
14 TeamViewer | Q2 2025 Results
Solid SMB performance
Quarterly SMB Revenue and Growth Rates
SMB ARR and Growth Rates SMB Customers2
1 Since Q1 2025, ASP is calculated based on ARR. Prior year numbers have been restated based on ARR. | 2 Since Q1 2025, the number of customers is calculated based on ARR. Prior year numbers have been restated based on ARR.
15 TeamViewer | Q2 2025 Results
Strong growth in Adj. EBITDA up 17 % yoy
| in € million | Q2 2025 Pro forma |
Q2 2024 Pro forma |
∆ % | 6M 2025 Pro forma |
6M 2024 Pro forma |
∆ % |
|---|---|---|---|---|---|---|
| Revenue | 190.7 | 180.8 | +5 % | 380.9 | 357.9 | +6 % |
| Cost of Goods Sold (COGS) | (15.4) | (15.3) | +1 % | (31.6) | (29.7) | +7 % |
| Gross profit | 175.2 | 165.5 | +6 % | 349.3 | 328.2 | +6 % |
| % Margin | 92 % | 92 % | 0 pp | 92 % | 92 % | 0 pp |
| Sales | (30.4) | (28.4) | +7 % | (61.5) | (57.0) | +8 % |
| % of Revenue | -16 % | -16 % | -16 % | -16 % | ||
| Marketing | (30.7) | (35.0) | -12 % | (56.3) | (70.5) | -20 % |
| % of Revenue | -16 % | -19 % | -15 % | -20 % | ||
| R&D | (21.4) | (19.9) | +8 % | (43.5) | (40.5) | +8 % |
| % of Revenue | -11 % | -11 % | -11 % | -11 % | ||
| G&A | (9.3) | (9.4) | -2 % | (19.4) | (17.9) | +8 % |
| % of Revenue | -5 % | -5 % | -5 % | -5 % | ||
| Other1 | 0.6 | (1.1) | -151 % | (2.8) | (2.6) | +8 % |
| % of Revenue | 0 % | -1 % | -1 % | -1 % | ||
| Total Opex | (91.2) | (94.0) | -3 % | (183.7) | (188.6) | -3 % |
| % of Revenue | -48 % | -52 % | -48 % | -53 % | ||
| Total Costs2 | (106.7) | (109.3) | -2 % | (215.3) | (218.2) | -1 % |
| Adjusted EBITDA | 84.0 | 71.6 | +17 % | 165.6 | 139.7 | +19 % |
| % Margin | 44 % | 40 % | 4 pp | 43 % | 39 % | 4 pp |
Q2 2025 Recurring Cost slightly decreased yoy
- COGS: Largely stable yoy
- Sales: Increased sales force in all regions
- Marketing: Lower due to optimized sponsorship cost
- R&D: Up due to investments in product offering and FTEs, offset by reduced external support
- G&A: Largely stable yoy
- Other: Gain due to lower bad debt and proceeds from derivatives
1 Incl. other income/expenses and bad debt expenses of €1.9m in Q2 2025 and €2.5m in Q2 2024 / €5.4m in 6M 2025 and €5.3m in 6M 2024. 2 Total Costs are the sum of Cost of Goods Sold (COGS) and Total Opex.
Adj. EPS up 19 % yoy vs. TMV standalone
| €m | Q2 2025 IFRS |
Q2 2024 TMV standalone |
∆ % | 6M 2025 Pro forma |
6M 2024 TMV standalone |
∆ % |
|---|---|---|---|---|---|---|
| EBITDA | 82.9 | 60.2 | +38 % | 145.9 | 113.2 | +29 % |
| D&A | (14.0) | (14.3) | -2 % | (27.4) | (28.6) | -4 % |
| Operating Profit (EBIT) | 68.9 | 45.9 | +50 % | 118.5 | 84.7 | +40 % |
| Financial / FX result | (26.4) | (5.1) | >+300 % | (36.0) | (9.8) | +266 % |
| Share of profit/loss of associates | (1.0) | (1.0) | 0 % | (3.2) | (2.1) | +51 % |
| Profit before tax (EBT) | 41.6 | 39.8 | +4 % | 79.3 | 72.7 | +9 % |
| Income taxes | (13.9) | (13.2) | +5 % | (29.4) | (23.8) | +23 % |
| Net income | 27.6 | 26.5 | +4 % | 49.9 | 48.9 | +2 % |
| Basic number of shares issued and outstanding1 in m |
157.0 | 161.3 | -3 % | 157.0 | 162.9 | -4 % |
| EPS (basic) in € | 0.18 | 0.16 | +7 % | 0.32 | 0.30 | +6 % |
| Pro forma Adjusted EPS (basic)2 in € |
0.28 | 0.24 | +19 % | 0.57 | 0.46 | +24 % |
1 Period average, without treasury shares. 2 Pro forma is only calculated for Q2/6M 2025.
- Total interest expenses of €10.4m in Q2 2025, up €5.7m yoy; driven by the financing of the 1E transaction
- Lower Financial / FX result due to negative FX translation effect related to an intercompany loan, as required under IFRS
- Lower share count due to last year's share buybacks
Strong FCFE Conversion of 71 % in Q2
| €m | Q2 2025 Non-pro forma1 |
Q2 2024 TMV standalone |
∆ % | 6M 2025 Non-pro forma2 |
6M 2024 TMV standalone |
∆ % |
|---|---|---|---|---|---|---|
| Pre-Tax net cash from operating activities (IFRS) | 84.0 | 84.1 | 0 % | 130.6 | 145.5 | -10 % |
| Capital expenditure (excl. M&A) | (2.8) | (1.1) | +150 % | (3.8) | (3.0) | +26 % |
| Lease payments | (5.3) | (4.0) | +33 % | (6.8) | (5.3) | +27 % |
| Pre-tax Unlevered Free Cash Flow (pre-tax UFCF) | 75.9 | 79.0 | -4 % | 120.1 | 137.2 | -12 % |
| Cash Conversion (pre-tax UFCF / pro forma Adjusted EBITDA) |
90 % | 117 % | 73 % | 103 % | ||
| Interest paid for borrowings and lease liabilities | (10.7) | (3.7) | +191 % | (19.6) | (9.4) | +108 % |
| Pre-tax Levered Free Cash Flow (pre-tax FCFE) | 65.3 | 75.3 | -13 % | 100.5 | 127.8 | -21 % |
| Cash Conversion (pre-tax FCFE / pro forma Adjusted EBITDA) |
78 % | 112 % | 61 % | 96 % | ||
| Income tax paid | (11.8) | (14.5) | -19 % | (20.2) | (26.4) | -23 % |
| Levered Free Cash Flow (FCFE) | 53.5 | 60.8 | -12 % | 80.2 | 101.4 | -21 % |
| Cash Conversion (FCFE / pro forma Adjusted EBITDA) |
64 % | 90 % | 48 % | 76 % | ||
| Adjustment for 1E acquisition | 6.1 | – | 12.2 | – | ||
| Adjustment for a one-off payment in connection with special legal disputes |
– | – | 11.6 | – | ||
| Levered Free Cash Flow (FCFE) adj. for 1E and legal disputes |
59.6 | 60.8 | -2 % | 104.0 | 101.4 | +3 % |
| Cash Conversion (FCFE / Pro forma Adjusted EBITDA) after adjustments |
71 % | 90 % | 63 % | 76 % |
- Decrease of pre-tax UFCF in Q2 driven by 1E acquisition related one-offs and higher net working capital due to phasing effects
- Lower pre-tax FCFE due to higher interest payments related to the 1E acquisition
- Lower tax payments as anticipated due to changes in tax scheme and phasing effects
1 Includes 1E April through June 2025.
2 Includes 1E February through June 2025.
Pro forma net leverage ratio improved to 2.9x in line with deleveraging target
2025 2026 2027 2028 2029 2030 2031
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. | 3 Including lease liabilities. | 4 Calculated on pro forma Adj. EBITDA LTM of €341.4m.
19 TeamViewer | Q2 2025 Results
FY 2025 Pro forma guidance reiterated
| FY 2024 Actuals, TMV+1E unaudited (Jan 1 - Dec 31, 2024) |
FY 2025 Guidance, pro forma 1 (Jan 1 - Dec 31, 2025) |
|
|---|---|---|
| 758m | ARR in € 2 | 815m - 840m |
| (equivalent to YoY %) 2 | ( +7.5 % to +10.8 % ) | |
| 740m | Revenue in € 2 | 778m - 797m |
| (equivalent to YoY %) 2 | ( +5.1 % to +7.7 % ) | |
| which breaks down approx. into: 3 | ||
| 671m | TeamViewer | 697m - 712m |
| 69m | 1E | 81m - 85m |
| 43 % | Adj. EBITDA margin % 2 | around 43 % |
-
Ranges indicate guidance ranges between the specified values
-
Based on EUR/USD FX rate of 1.05
-
As 2025 is a transition year, breakdown of TeamViewer & 1E standalone is provided for information purposes only in 2025
Growth acceleration expected in H2
- Larger pipeline and higher conversion: strengthened sales execution expected to drive higher win rates; larger deals expected, particularly in Q4 when Enterprise typically sees a seasonal peak
- ARR 1E Synergies starting to come through: first promising leads secured to sell DEX into large TeamViewer base
- Improved customer journey and sales channels to reignite SMB: new in-product marketplace and wider adoption of the new UI is expected to fuel monetization through both upgrades and cross-sell
- Targeted GTM campaigns: focused initiatives such as product replacements and phaseout campaigns to boost regional performance
- Operational capacity unlocked: team integration efforts are largely completed; post-integration focus fully shifted to growth and execution
- However, macro uncertainty continues to affect customer decision making
Overview Topline KPIs
| Q2'25 Pro forma |
Q1'25 Pro forma |
Q4'24 Pro forma |
Q3'24 Pro forma |
Q2'24 Pro forma |
Q1'24 Pro forma |
|
|---|---|---|---|---|---|---|
| SMB | ||||||
| ARR2 in €m |
532.0 | 535.2 | 533.4 | 529.6 | 528.8 | 525.0 |
| ASP (ARR) in € | 816.9 | 812.9 | 802.8 | 796.3 | 796.2 | 794.7 |
| Number of customers1 | 651,221 | 658,327 | 664,461 | 665,147 | 664,197 | 660,683 |
| Enterprise | ||||||
| ARR2 in €m |
227.1 | 224.4 | 223.9 | 208.0 | 201.5 | 185.6 |
| ASP (ARR) in € thousands | 44.2 | 44.5 | 45.2 | 44.3 | 44.1 | 41.9 |
| Number of customers1 | 5,143 | 5,044 | 4,957 | 4,698 | 4,573 | 4,426 |
| Total | ||||||
| ARR in €m | 759.1 | 759.5 | 757.4 | 737.6 | 730.3 | 710.7 |
| Revenue in €m | 190.7 | 190.3 | 195.3 | 186.8 | 180.8 | 177.1 |
1 After implementation of the ARR methodology, the number of customers is now calculated based on ARR. 2024 numbers have been restated based on ARR.
2 Incremental improvements in methodology of parent-child account relationships / the merging of multiple customer accounts led to minor adjustments in the historical ARR segmentation for TeamViewer ENT and SMB.
Q2 2025: Reconciliation management metrics to IFRS
| in EUR million | Pro forma Management view adjusted P&L |
Pro forma adjustments |
Management view Revenue adj. P&L |
D&A | Other non-IFRS adjustments |
Accounting view IFRS P&L |
|---|---|---|---|---|---|---|
| Revenue | 190.7 | (5.0) | 185.6 | 185.6 | ||
| Cost of Goods Sold (COGS) | (15.4) | (15.4) | (9.0) | (0.3) | (24.7) | |
| Gross profit contribution | 175.2 | (5.0) | 170.2 | 160.9 | ||
| % of Revenue | 91.9 % | 100.0 % | 91.7 % | 86.7 % | ||
| Sales | (30.4) | (30.4) | (1.7) | (2.0) | (34.1) | |
| Marketing | (30.7) | (30.7) | (0.9) | (0.5) | (32.1) | |
| R&D | (21.4) | (21.4) | (1.8) | (1.5) | (24.7) | |
| G&A | (9.3) | (9.3) | (0.6) | (3.2) | (13.0) | |
| Other1 | 0.6 | 0.6 | 0.0 | 6.4 | 7.0 | |
| Adj. EBITDA | 84.0 | (5.0) | 79.0 | |||
| % of Revenue | 44.1 % | 42.5 % | ||||
| D&A (ordinary only)2 | (6.6) | (6.6) | ||||
| Adj. EBIT / Operating profit (EBIT) | 77.4 | (5.0) | 72.4 | (7.4)3 | (1.1) | 63.9 |
| % of Revenue | 40.6 % | 39.0 % | 34.4 % | |||
| D&A (total)2+3 | 14.0 | |||||
| EBITDA | 77.9 | |||||
| % of Revenue | 41.9 % |
1 Incl. other income/expenses and bad debt expenses of €1.9m 2
D&A excl. amortization intangible assets from PPA
3 Amortization intangible assets from PPA
6M 2025: Reconciliation management metrics to IFRS
| €m | Pro forma Management view adjusted P&L |
Pro forma adjustments |
Management view Revenue adj. P&L1 |
D&A | Other non-IFRS adjustments |
Accounting view IFRS P&L |
|---|---|---|---|---|---|---|
| Revenue | 380.9 | (16.6) | 364.4 | 364.4 | ||
| Cost of Goods Sold (COGS) | (31.6) | 0.7 | (31.0) | (16.7) | (1.5) | (49.2) |
| Gross profit contribution | 349.3 | (15.9) | 333.4 | 315.2 | ||
| % of Revenue | 91.7 % | 96.0 % | 91.5 % | 86.5 % | ||
| Sales | (61.5) | 2.2 | (59.3) | (3.6) | (4.1) | (67.1) |
| Marketing | (56.3) | 0.6 | (55.7) | (1.8) | (2.0) | (59.5) |
| R&D | (43.5) | 1.7 | (41.9) | (3.9) | (2.2) | (47.9) |
| G&A | (19.4) | 0.5 | (19.0) | (1.4) | (10.9) | (31.3) |
| Other1 | (2.8) | 0.5 | (2.4) | 10.0 | 7.6 | |
| Adj. EBITDA | 165.6 | (10.5) | 155.1 | |||
| % of Revenue | 43.5 % | 42.6 % | ||||
| D&A (ordinary only)2 | (13.9) | (13.9) | ||||
| Adj. EBIT / Operating profit (EBIT) | 151.8 | (10.5) | 141.3 | (13.5)3 | (10.7) | 117.1 |
| % of Revenue | 39.8 % | 38.8 % | 32.1 % | |||
| D&A (total)2+3 | 27.3 | |||||
| EBITDA | 144.4 | |||||
| % of Revenue | 39.6 % |
1 Incl. other income/expenses and bad debt expenses of €5.4m 2
D&A excl. amortization intangible assets from PPA
3 Amortization intangible assets from PPA
Non-IFRS adjustments in EBITDA
| €m (unless otherwise stated) | Basis of preparation / definition |
Q2 2025 | 6M 2025 |
|---|---|---|---|
| EBITDA | APM | 77.9 | 144.4 |
| Total IFRS 2 charges (expenses for share-based compensation) | APM | +4.8 | +11.3 |
| TeamViewer LTIP | APM | -0.5 | +1.2 |
| RSU/PSU1 | APM | +4.2 | +7.9 |
| M&A related share-based compensation | APM | +0.1 | +0.2 |
| Share-based compensation by TLO2 | APM | +1.1 | +2.0 |
| 1E acquisition related integration & transaction costs | APM | +1.8 | +7.3 |
| Other material items | APM | +0.7 | +3.8 |
| Financing | APM | 0.0 | 0.0 |
| Other | APM | +0.7 | +3.8 |
| Valuation effects | APM | (6.2) | (11.7) |
| Non-pro forma Adjusted EBITDA | APM | 79.0 | 155.1 |
| Add back: | |||
| 1E deferred revenue haircut | Pro forma adjustment |
+5.0 | +10.5 |
| 1E January 2025 Adjusted EBITDA | Pro forma adjustment |
– | +0.03 |
| Pro forma Adjusted EBITDA | Pro forma | 84.0 | 165.6 |
| Pro forma Adjusted EBITDA (%) | Pro forma | 44 % | 43 % |
1 Refers to the Restricted Stock Unit Plan (RSU) und Phantom Stock Unit Plan (PSU) introduced by TeamViewer in 2022. 2 Pre-IPO management incentive program provided by Tiger LuxOne S.à r.l.
Non-IFRS EBITDA adjusted by
1) non-recurring items
- IFRS2 charges, mainly RSU
- 1E acquisition related items
- Valuation effects from fair value derivatives of future USD hedges due to changing EUR/USD development 2) 1E deferred revenue haircut
Financial Statements
Profit & Loss Statement (IFRS)
| € thousand | Q2 2025 | Q2 2024 | ∆ % | 6M 2025 | 6M 2024 | ∆ % |
|---|---|---|---|---|---|---|
| Revenue | 185,629 | 164,116 | +13 % | 364,382 | 325,770 | +12 % |
| Cost of Goods Sold (COGS) | (24,681) | (23,410) | +5 % | (49,199) | (45,498) | +8 % |
| Gross profit | 160,947 | 140,705 | +14 % | 315,183 | 280,272 | +12 % |
| Research and development | (24,744) | (18,948) | +31 % | (47,912) | (38,690) | +24 % |
| Marketing | (32,143) | (34,407) | -7 % | (59,487) | (69,912) | -15 % |
| Sales | (34,093) | (27,776) | +23 % | (67,071) | (56,035) | +20 % |
| General and administrative | (13,026) | (10,048) | +30 % | (31,265) | (21,285) | +47 % |
| Bad debt expenses | (1,919) | (2,501) | -23 % | (4,989) | (5,199) | -4 % |
| Other income | 9,149 | 736 | n/a | 15,110 | 1,121 | n/a |
| Other expenses | (267) | (1,829) | -85 % | (2,479) | (5,608) | -56 % |
| Operating Profit | 63,905 | 45,933 | +39 % | 117,090 | 84,664 | +38 % |
| Finance income | 108 | 422 | -74 % | 242 | 597 | -59 % |
| Finance costs | (10,433) | (4,773) | +119 % | (19,198) | (9,186) | +109 % |
| Share of profit/(loss) of associates | (984) | (987) | 0 % | (3,165) | (2,095) | +51 % |
| Foreign currency result | (16,069) | (799) | n/a | (14,415) | (1,257) | n/a |
| Profit before tax | 36,528 | 39,796 | -8 % | 80,554 | 72,723 | +11 % |
| Income taxes | (13,913) | (13,248) | +5 % | (28,309) | (23,835) | +19 % |
| Net income | 22,615 | 26,548 | -15 % | 52,245 | 48,888 | +7 % |
| Basic number of shares issued and outstanding (in thousands) |
156,966,162 | 161,287,689 | 156,966,162 | 162,878,461 | ||
| Basic earnings per share (in € per share) | 0.14 | 0.16 | -12 % | 0.33 | 0.30 | +11 % |
| Diluted number of shares issued and outstanding (in thousands) |
157,973,657 | 162,253,120 | 158,057,101 | 164,047,119 | ||
| Diluted earnings per share (in € per share) | 0.14 | 0.16 | -13 % | 0.33 | 0.30 | +11 % |
Balance Sheet – Assets (IFRS)
| € thousand | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 1,121,376 | 668,091 |
| Intangible assets | 363,630 | 149,006 |
| Property, plant and equipment | 43,382 | 41,457 |
| Financial assets | 7,995 | 5,412 |
| Investments in associates | 16,371 | 20,862 |
| Other assets | 25,198 | 22,440 |
| Deferred tax assets | 773 | 28,750 |
| Total non-current assets | 1,578,726 | 936,018 |
| Current assets | ||
| Trade receivables | 32,581 | 30,187 |
| Other assets | 48,769 | 39,221 |
| Tax assets | 511 | 257 |
| Financial assets | 10,531 | 9,394 |
| Cash and cash equivalents | 40,515 | 55,265 |
| Total current assets | 132,907 | 134,323 |
| Total assets | 1,711,633 | 1,070,341 |
Balance Sheet – Equity & Liabilities (IFRS)
| € thousand | 30 June 2025 | 31 December 2024 |
|---|---|---|
| Equity | ||
| Issued capital | 170,000 | 170,000 |
| Capital reserve | 69,185 | 70,327 |
| (Accumulated losses)/retained earnings | 80,138 | 27,893 |
| Hedge reserve | (1,920) | 5,822 |
| Foreign currency translation reserve | (59,925) | 4,653 |
| Treasury share reserve | (167,636) | (178,211) |
| Total equity attributable to shareholders of TeamViewer SE | 89,842 | 100,485 |
| Non-current liabilities | ||
| Provisions | 693 | 615 |
| Financial liabilities | 508,302 | 329,143 |
| Deferred revenue | 45,741 | 44,827 |
| Deferred and other liabilities | 2,646 | 1,488 |
| Other financial liabilities | 11,604 | 288 |
| Deferred tax liabilities | 69,804 | 45,540 |
| Total non-current liabilities | 638,789 | 421,902 |
| Current liabilities | ||
| Provisions | 1,513 | 10,184 |
| Financial liabilities | 523,872 | 115,490 |
| Trade payables | 16,545 | 15,840 |
| Deferred revenue | 372,957 | 336,390 |
| Deferred and other liabilities | 59,418 | 65,412 |
| Other financial liabilities | 1,996 | 1,817 |
| Tax liabilities | 6,699 | 2,822 |
| Total current liabilities | 983,001 | 547,954 |
| Total liabilities | 1,621,790 | 969,856 |
| Total equity and liabilities | 1,711,633 | 1,070,341 |
Cash Flow Statement (IFRS)
| € thousand | Q2 2025 | Q2 2024 | ∆ % | 6M 2025 | 6M 2024 | ∆ % |
|---|---|---|---|---|---|---|
| Profit before tax | 36,528 | 39,796 | -8 % | 80,554 | 72,723 | 11 % |
| Depreciation, amortization and impairment of non-current assets | 13,966 | 14,315 | -2 % | 27,338 | 28,583 | -4 % |
| Increase/(decrease) in provisions | (279) | (42) | n/a | (8,593) | 299 | n/a |
| Non-operational foreign exchange (gains)/losses | 807 | (133) | n/a | 1,075 | (128) | n/a |
| Expenses for equity settled share-based compensation | 5,168 | 4,827 | 7 % | 9,432 | 10,613 | -11 % |
| Net financial costs | 11,309 | 5,338 | 112 % | 22,121 | 10,684 | 107 % |
| Change in deferred revenue | 6,414 | (338) | n/a | 37,480 | 16,674 | 125 % |
| Changes in other net working capital and other | 10,050 | 20,314 | -51 % | (38,779) | 6,082 | n/a |
| Income taxes paid | (11,802) | (14,484) | -19 % | (20,231) | (26,407) | -23 % |
| Cash flows from operating activities | 72,159 | 69,591 | 4 % | 110,397 | 119,124 | -7 % |
| Payments for tangible and intangible assets | (2,757) | (1,103) | 150 % | (3,751) | (2,975) | 26 % |
| Payments for financial assets | – | (4,047) | -100 % | (480) | (4,047) | -88 % |
| Payments for acquisitions | (15,317) | – | n/a | (682,500) | – | n/a |
| Cash flows from investing activities | (18,074) | (5,150) | 251 % | (686,730) | (7,022) | n/a |
Cash Flow Statement (IFRS, continued)
| € thousand | Q2 2025 | Q2 2024 | ∆ % | 6M 2025 | 6M 2024 | ∆ % |
|---|---|---|---|---|---|---|
| Repayments of borrowings | (130,000) | (120,000) | 8 % | (130,000) | (220,000) | -41 % |
| Proceeds from borrowings | – | 100,000 | -100 % | 720,000 | 190,000 | 279 % |
| Payments for the capital element of lease liabilities | (5,279) | (3,984) | 33 % | (6,783) | (5,345) | 27 % |
| Interest paid on borrowings and lease liabilities | (10,653) | (3,662) | 191 % | (19,638) | (9,433) | 108 % |
| Purchase of treasury shares | – | (26,609) | -100 % | – | (94,307) | -100 % |
| Cash flows from financing activities | (145,932) | (54,255) | 169 % | 563,579 | (139,084) | n/a |
| Net change in cash and cash equivalents | (91,847) | 10,186 | n/a | (12,754) | (26,983) | -53 % |
| Net foreign exchange rate difference | (1,483) | (81) | n/a | (1,996) | 53 | n/a |
| Net change from cash risk provisioning | – | – | n/a | – | – | n/a |
| Cash and cash equivalents at beginning of period | 133,845 | 35,787 | 274 % | 55,265 | 72,822 | -24 % |
| Cash and cash equivalents at end of period | 40,515 | 45,892 | -12 % | 40,515 | 45,892 | -12 % |
Financial Calendar
4 November 2025 Q3 2025 Results & Analyst Call
