EQS-News: TeamViewer Q3 2025: TeamViewer continues to deliver ARR and revenue growth YoY with 46% Adj. EBITDA margin (deutsch)
TeamViewer Q3 2025: TeamViewer continues to deliver ARR and revenue growth YoY with 46% Adj. EBITDA margin
EQS-News: TeamViewer SE / Schlagwort(e): Quartalsergebnis/9-Monatszahlen TeamViewer Q3 2025: TeamViewer continues to deliver ARR and revenue growth YoY with 46% Adj. EBITDA margin
21.10.2025 / 23:13 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.
GÖPPINGEN, Germany, 21 October 2025
Q3 2025: TeamViewer continues to deliver ARR and revenue growth YoY with 46% Adj. EBITDA margin
* Revenue up 4 % cc (constant currency) yoy*; Enterprise Revenue up 8 % cc yoy*
* Annual Recurring Revenue (ARR) increased by 4 % cc yoy*
* TeamViewer standalone Enterprise ARR up 18 % cc yoy
* Strong profitability with Adj. EBITDA margin of 46 % and strong pro forma adj. EPS growth of 15 % yoy*
* Further progress with product innovations and integration: autonomous endpoint management (AEM), agentic AI, DEX Essentials, TeamViewer ONE
* 1E standalone ARR below expectations due to ongoing transformation and persistent macroeconomic challenges; TeamViewer standalone at the upper end of revenue expectations
* Update for FY 2025 pro forma guidance and outlook for 2026**
* Under guided FX rates, total FY 2025 ARR is now expected in the
range of EUR780m - EUR800m (previously EUR815m -EUR840m).
* Despite this ARR shortfall, FY Revenue is expected to remain within
the original FY 2025 guidance range (EUR778m - EUR797m), albeit at the
low end.
* Adjusted EBITDA margin guidance is increased to around 44% (previously around 43%), driven by rigorous cost management.
* Management remains highly committed to accelerate ARR growth in 2026
and beyond. However, the reduced 2025 ARR expectations do impact
2026 Revenue: in a preliminary view, 2026 Revenue is expected to
grow in a range of 2 - 6% yoy, i.e. to EUR790m - EUR825m (previously
EUR850m - EUR870m).
* To partly offset the above topline shortcomings, further cost measures will be implemented.
* Pro forma ** Based on assumptions on main FX rates as of Q4 2024: EUR/USD 1.05; EUR/CAD 1.49; EUR/JPY 161.0; EUR/AUD 1.65
Oliver Steil, TeamViewer CEO
« We are progressing well to achieve sustainable long-term growth with TeamViewer. Our strategy of combining remote connectivity and Digital Employee Experience solutions into an Autonomous Endpoint Management offering powered by AI resonates very well with customers and partners. In the third quarter, we saw a strong ARR growth of TeamViewer's standalone Enterprise business of 18% cc yoy, while 1E's standalone business developed below expectations, which negatively impacts our FY topline guidance. We took decisive actions to improve 1E's product proposition and go-to-market motion and continue to build the most comprehensive Digital Workplace platform across industries. »
______
Michael Wilkens, TeamViewer CFO
« Since its foundation, TeamViewer was able to grow through all macroeconomic cycles and with outstanding profitability. In the recent quarter, TeamViewer delivered another 4% yoy growth in ARR and revenue in constant currency. However, this was below our expectations, largely driven by the 1E standalone performance. Ongoing initiatives to turn around this part of the business will take time to materialize, affecting our short-term growth outlook. To offset the negative topline effect, we tightened cost controls and are pleased to report an improved pro forma Adjusted EBITDA margin of now 46 %. Consequently, pro forma Adjusted EPS increased by 15 % yoy. The pro forma net leverage ratio improved to 2.8x, further enhancing our financial strength. We remain firmly committed to continued deleveraging and long-term value creation. Based on our Q3 results and following a comprehensive review of the remaining deal pipeline for Q4 2025, we decided to update FY 2025 pro forma guidance and 2026 revenue outlook. »
______
Mark Banfield, TeamViewer CRO
« I am very excited by what we have achieved in only nine months after the acquisition. We were able to strategically position TeamViewer at the forefront of the emerging Digital Workplace and Autonomous Endpoint Management categories, to launch new product integrations and to introduce the DEX concept to TeamViewer's existing SMB customer base. Additionally, we see an encouraging early adoption of our AI product. The downside of us focusing on these newer products is the impact it had on the 1E standalone sales performance in the last quarters. In my new role as TeamViewer's Chief Revenue Officer, I am committed to align all sales teams globally and to harmonize our go-to-market approach across product priorities to drive pipeline and conversion for Q4 2025 and beyond. We have now enabled more than 200 sellers to sell the entire product portfolio, which is a massive potential for us. I am very confident that we have set up the company in the right way to generate customer benefits and succeed in the long-term in an ever changing market environment. »
Key pro forma figures (consolidated, unaudited)
Pro forma figures are prepared for better comparability and transparency following the combination of TeamViewer with 1E on 31 January 2025.
Please see the Important Notice section in this document for definitions of alternative performance measures (APM).
in EUR million (unless otherwise Q3 2025 Q3 2024 % %
stated) cc
Pro Pro
forma forma
Annual Recurring Revenue (ARR) 756.8 737.6 +3 % +4 %
Enterprise ARR 230.5 208.0 +11 +12 %
%
SMB ARR 526.3 529.6 -1 % 0 %
Revenue1 192.0 186.8 +3 % +4 %
TeamViewer standalone 176.6 168.7 +5 % +6 %
1E standalone 15.4 18.1 -15 -8 %
%
Revenue by customer group
Enterprise 57.9 55.2 +5 % +8 %
SMB 134.1 131.6 +2 % +3 %
Revenue by region
EMEA 101.5 95.7 +6 % +6 %
AMERICAS 72.1 73.1 -1 % +2 %
APAC 18.3 18.1 +1 % +3 %
Adjusted EBITDA 87.7 86.9 +1 % -
Adjusted EBITDA margin 46 % 47 % -1 -
pp
1 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone revenue is provided for information purposes only in 2025.
In preparation of the pro forma figures, selected historical 2024 pro forma financials of TeamViewer and 1E separately and combined have been included for like-for-like yoy comparison purposes only. The pro forma (1E and combined TMV+1E) figures have been prepared as if the acquisition of 1E had been completed on 1 January 2024, are presented in euro, are unaudited and for comparison only. Historical pro forma financials are not prepared below EBITDA and for the cash flow.
To enhance readability and transparency, a revised structure is adopted in this report that consolidates all tables in the Appendix.
Business Update
TeamViewer closed the third quarter 2025 with a pro forma Revenue increase of 4% cc (constant currency) yoy and a pro forma Annual Recurring Revenue (ARR) growth of 4% cc yoy. With a pro forma Adj. EBITDA margin of 46 %, TeamViewer's profitability remains exceptionally high.
TeamViewer standalone Enterprise business strong as always
Pro forma Enterprise ARR was up 12% cc yoy in Q3 2025, driven by a strong TeamViewer standalone Enterprise ARR performance of 18% cc yoy. Since its IPO in 2019, TeamViewer's Enterprise business has reliably grown double-digit year over year. In Q3 2025, especially the EMEA and APAC regions contributed with high Enterprise growth rates.
Good momentum with new DEX and Digital Workplace offerings
The introduction of DEX capabilities into TeamViewer's existing customer base showed promising results. The fast launch of DEX Essentials, a new DEX product tailored to SMB needs, early in the year was a good PMI success, followed by the announcement of TeamViewer ONE as a new Digital Workplace platform combining TeamViewer and 1E technology. Within nine months, TeamViewer was able to double the amount of customers using DEX solutions.
Success with early adoption of AI offering
TeamViewer has successfully bundled its AI capabilities in the TeamViewer Intelligence suite and embedded AI at the core of its Digital Workplace offering. Around 9,000 customers have already opted into these new features as of now, and in September around 80,000 AI-generated session summaries have been conducted by TeamViewer Intelligence users, optimizing IT service desk tasks with automated documentation. This is a promising sign for TeamViewer's future success in agentic operations.
Course correction in SMB
In Q3 2025, TeamViewer decided to significantly change its marketing approach towards free users and SMB subscribers. To reduce churn and encourage product usage, TeamViewer started to abandon all short-term monetization measures like free-to-paid and price-up campaigns in the third quarter and will continue with this approach in Q4 and beyond. As a consequence, short-term billings are negatively impacted and ARR growth is stabilizing around 0% cc - again, after significant upsells from the highest value segments into Enterprise.
1E standalone performance clearly below expectations
In Q3 2025, the 1E business, i.e. DEX for Enterprise, delivered a performance below expectations compared to its pre-acquisition growth trajectory. Due to several churned customers as well as a slower than anticipated pipeline conversion, 1E standalone reported a negative ARR growth of -2% cc yoy in the third quarter. Reasons for this development are multifaceted. The strong focus on successful post-merger integration paired with the departure of a few 1E employees impacted 1E's original sales motion, product prioritization and customer relationships. Moreover, in addition to the muted macroeconomic environment in Europe, the ongoing macro challenges in the US, 1E's traditionally strongest market, affected 1E's sales by slower customer decision making and reduced deal volumes.
New global sales and go-to-market setup to drive pipeline and conversion
To improve the DEX Enterprise business and align it with other sales priorities, TeamViewer's leadership started to take action immediately and distributed responsibilities differently within the management board. While CEO Oliver Steil took over the marketing functions, 1E's previous CEO and recent Chief Commercial Officer of TeamViewer, Mark Banfield, is now responsible for consolidating all sales teams across regions and channels as well as harmonizing all go-to-market functions under his leadership as Chief Revenue Officer. Additionally, Chief Customer Officer Debbie Lillitos is building up a global customer success and support organization with the clear goal to improve customer experience, satisfaction and loyalty.
Long-term strategy remains compelling: Developing the Digital Workplace platform of the agentic era
Despite the slow traction of the 1E business in the third quarter and YTD, the strategic value of the acquisition remains unchanged for TeamViewer: Through the unique combination of TeamViewer and 1E technology, the company successfully positioned itself at the forefront of the emerging Digital Workplace and Autonomous Endpoint Management (AEM) categories. By integrating 1E, TeamViewer was able to create an industry-leading, one-stop-shop for IT operations, covering the full spectrum from proactive auto-remediation capabilities to remote expert support, enriched by further AI development. Customers across the globe understand and embrace the value of DEX and the strategic roadmap towards more automation and ultimately AEM.
Additionally, over the last months, TeamViewer participated in relevant AI conferences around the globe and expanded its partner ecosystem, including an integration with Salesforce's new ITSM platform Agentforce IT Service, which was announced at this year's Dreamforce conference in San Francisco. This is testament to TeamViewer's ongoing transition to becoming the Digital Workplace platform in the era of agentic AI.
Pro forma ARR and Revenue development
In Q3 2025, pro forma Revenue increased by 3 % (+4 % cc) yoy to EUR192.0m. TeamViewer standalone Revenue grew by a solid 5 % (+6 % cc) yoy, and reached EUR176.6m. Pro forma SMB Revenue reached EUR134.1m in Q3 2025, up 2 % (+3 % cc) yoy. Pro forma Enterprise Revenue increased by 5 % (+8 % cc) yoy and reached EUR57.9m in Q3 2025. This increase was driven by continued strong performance of TeamViewer Enterprise on a standalone basis. 1E standalone performance was affected by transformation-related headwinds and persistent macroeconomic challenges, which led to notably weaker results in the US market in particular. As a result, pro forma 1E standalone Revenue was down by 15 % (-8 % cc) yoy, reaching EUR15.4m in the third quarter.
At the end of the third quarter, pro forma ARR grew by 3 % (+4 % cc) yoy to EUR756.8m, with growth (cc) recorded across all regions. Pro forma Enterprise ARR grew by 11 % (+12 % cc) yoy, and reached EUR230.5m at the end of the quarter. TeamViewer Enterprise standalone ARR maintained a strong double-digit growth rate of 18 % yoy in cc, driven by a good momentum in the EMEA and APAC regions in particular. Pro forma Enterprise NRR (cc) was 97 % in the quarter (Q2 2025: 98 %). Corrected for net upsell of EUR15.6m (EUR-1.2m qoq) in the quarter from SMB to Enterprise, Enterprise NRR (cc) amounted to 102 % (Q2 2025: 103 %). This NRR trend mainly reflects the 1E's performance and its subdued ARR growth in Q3 2025. The total number of Enterprise customers including customers from 1E increased by 11 % yoy to 5,216 at the end of Q3 2025.
Pro forma SMB ARR was down by 1 % (0 % cc) yoy to EUR526.3m. The number of SMB customers amounted to 640k at the end of Q3 2025.
In Q3 2025, all regions delivered pro forma Revenue growth yoy in constant currency. Growth in the AMERICAS region was 2 % cc yoy and reached pro forma Revenue of EUR72.1m, which was impacted by a generally subdued market environment in the US in combination with weaker performance of 1E. Driven by a strong Enterprise momentum over the last 12 months, EMEA showed a continued high single-digit increase of 6 % cc yoy, leading to pro forma Revenue of EUR101.5m. APAC delivered a pro forma Revenue growth of 3 % cc yoy, reaching EUR18.3m in the quarter, driven by its good development in the Enterprise business.
Pro forma Adjusted EBITDA
In Q3 2025, pro forma Adjusted EBITDA was EUR87.7m, up 1 % yoy (Q3 2024: EUR86.9m). Pro forma Adjusted EBITDA margin reached 46 % (-1 pp yoy) in the quarter. Profitability benefited from opex optimization. Total 1E acquisition related material adjustments in EBITDA were EUR2.0m in Q3 2025, which is related to integration and transaction costs.
In Q3 2025, total pro forma Recurring Cost increased by 4 % year-over-year, reaching EUR104.2m.
Cost of Goods Sold (COGS) remained broadly stable year-over-year. Sales expenses increased by 5 % yoy, primarily driven by investment in Enterprise technology stack to drive transformation into a data-driven sales organization. Sales as % of Revenue was 16 %. Marketing costs increased by 3 % yoy, aligned with planned phasing from the previous quarter, and also reflect investments in branding and in the launch of TeamViewer One and AI-related products. R&D expenses were flat (0 % yoy), and represented 11% of Revenue. G&A expenses were 14 % higher yoy, mainly due to phasing and regulatory-related costs. Other expenses amounted to EUR1.7m.
Pro forma Adjusted Net income
Net income (IFRS) was EUR28.7m in Q3 2025, a decrease of 27 % yoy compared to TeamViewer standalone net income (IFRS) of EUR39.5m in Q3 2024. This decrease is largely attributable to negative FX translation effect related to an intercompany loan, as required under IFRS. Total interest expenses were EUR10.4m in Q3 2025, up EUR6.1m yoy. As in the last two quarters, this increase was driven by the financing of the 1E transaction.
Pro forma Adjusted net income amounted to EUR52.7m in Q3 2025, an increase of 13 % yoy compared to TeamViewer standalone Adjusted net income of EUR46.5m in Q3 2024. Pro forma Adjusted (basic) EPS was EUR0.34 in Q3 2025 (Q3 2024 TeamViewer standalone: EUR0.29).
Financial Position
In Q3 2025, cash flows from operating activities (IFRS) amounted to EUR34.0m, which is 29 % lower yoy. This decline reflects moderate top-line growth, primarily due to seasonal patterns at 1E, higher operating costs and additional contractual commitments. Cash flows from investing activities (IFRS) were EUR-1.5m, around EUR1.3m less investments than in in the comparable period last year. Cash flows from financing activities (IFRS) amounted to EUR-45.2m and mainly include net debt repayments of EUR32m, this is similar to the previous year. Moreover, interest expense increased yoy due to the 1E acquistion. Cash and cash equivalents (IFRS) increased by EUR3.4m yoy to EUR27.9m at the end of Q3 2025.
In total, Net Debt amounted to EUR969.6m at the end of Q3 2025. The resulting pro forma Net Leverage Ratio of 2.8x (Net Debt/pro forma Adjusted EBITDA LTM) is in line with TeamViewer's internal deleveraging target after the acquisition of 1E.
Levered Free Cash Flow (FCFE), including cash flows from 1E, amounted to EUR19.4m in Q3 2025, which reflects a decline of 53 % yoy. This was driven by modest top-line growth, largely influenced by seasonal trends at 1E, alongside increased operating expenditures, additional contractual commitments and higher interest payments. Adjusted for 1E-related acquisition costs, Levered Free Cash Flow was EUR21.1m, resulting in a Cash Conversion (FCFE in relation to pro forma Adjusted EBITDA) after adjustments of 24 % in the quarter. On a year-to-date basis, cash conversion amounted to 49 %.
FY 2025 Pro forma Guidance updated
In Q3 2025, and on a pro forma basis, TeamViewer delivered Revenue of EUR 192.0m (+4% cc yoy), reported Annual Recurring Revenue (ARR) of EUR756.8m (+4% cc yoy), and an Adj. EBITDA margin of 46 %. Based on this, and following a comprehensive review of the remaining deal pipeline for Q4 2025, management decided to update FY 2025 pro forma guidance as follows:
* Under guided FX rates1, total ARR is now expected in the range of EUR780m - EUR800m (previously EUR815m -EUR840m).
* Despite this ARR shortfall, FY Revenue is expected to remain within the original FY 2025 guidance range (EUR778m - EUR797m)1, albeit at the low end.
* The guidance for the Adjusted EBITDA margin is increased to around 44% (previously around 43%)1, driven by rigorous cost management.
For comparison purposes, the table below presents the previously communicated pro forma FY 2025 guidance as of Q4 2024 alongside the updated FY 2025 pro forma guidance as of 21 October2025.
Previous FY 2025 Current FY 2025
Guidance, pro forma1,3 Guidance, pro forma
(Jan 1 - Dec 31, 2025) 1,2,3 (Jan 1 - Dec 31,
2025)
815m - 840m ARR in EUR 780m - 800m
( +7.5 % to +10.8 %) (equivalent to ( +2.9% to +5.5%)
YoY %)
778m - 797m Revenue in EUR At low end of range:
778m - 797m
( +5.1 % to +7.7 %) (equivalent to ( +5.1% to+7.7%)
YoY %)
which breaks
down approx.
into (in EUR): 3
697m - 712m TeamViewer 707m - 722m
81m - 85m 1E 71m - 75m
around 43% Adj. EBITDA around 44%
margin %
1 Ranges indicate guidance ranges between the specified values
2 Based on assumptions on main FX rates as of Q4 2024 (12 February 2025): EUR/USD 1.05; EUR/CAD 1.49; EUR/JPY 161.0; EUR/AUD 1.65
3 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone is provided for information purposes only in 2025
###
Webcast
Oliver Steil (CEO), Michael Wilkens (CFO), and Mark Banfield (CRO) will speak at an analyst and investor conference call at 8:00 am CEST on 22 October 2025 to discuss the Q3 2025 results (rescheduled from 4 November 2025 as initially planned in the financial calendar). The audio webcast can be followed via https://www.webcast-eqs.com/teamviewer-10-2025. A recording will be available on the Investor Relations website at ir.teamviewer.com. The accompanying presentation is also available for download there.
About TeamViewer
TeamViewer provides a Digital Workplace platform that connects people with technology-enabling, improving and automating digital processes to make work work better.
In 2005, TeamViewer started with software to connect to computers from anywhere to eliminate travel and enhance productivity. It rapidly became the de facto standard for remote access and support and the preferred solution for hundreds of millions of users across the world to help others with IT issues.Today, more than 645,000 customers across industries rely on TeamViewer to optimize their digital workplaces-from small to medium sized businesses to the world's largest enterprises-empowering both desk-based employees and frontline workers.
Organizations use TeamViewer's solutions to prevent and resolve disruptions with digital endpoints of any kind, securely manage complex IT and industrial device landscapes, and enhance processes with augmented reality powered workflows and assistance-leveraging AI and integrating seamlessly with leading tech partners. Against the backdrop of global digital transformation and challenges like shortage of skilled labor, hybrid working, accelerated data analysis, and the rise of new technologies, TeamViewer's solutions offer a clear value add by increasing productivity, reducing machine downtime, speeding up talent onboarding, and improving customer and employee satisfaction. The company is headquartered in Göppingen, Germany, and employs around 1,900 people globally.
In 2024, TeamViewer achieved a revenue of around EUR 671 million. TeamViewer SE (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com.
Contact
Press Investor Relations
Martina Dier Bisera Grubesic Vice President Communications Vice President Investor Relations E-Mail: press@teamviewer.com E-Mail: ir@teamviewer.com
Important Notice
Certain statements in this communication 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 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 stated figures are unaudited.
Percentage change data and totals presented in tables throughout this document 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 share-based compensation schemes and other material special items of the business that are presented separately to show the underlying operating performance of the business.
* 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.
* 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 prior-year 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.
The bridge between IFRS and pro forma figures
The acquisition of 1E was completed on 31 January 2025.
* For 1E, the month of January 2025 is excluded when reporting according to IFRS and it is adjusted for in pro forma. In January 2025, 1E generated Revenue of EUR6.1m and Adjusted EBITDA of EUR29.9k.
* For FY 2025, 1E's deferred revenue haircut equals EUR15.6m1, with a total negative impact on 1E's reported IFRS revenue of EUR12.9m between February and September 2025. This haircut is related to IFRS requirements, which reduced the deferred revenue position at acquisition. Deferred revenue haircut is adjusted for in pro forma.
* Purchase Price Allocation ("PPA") adjustments are included from 1 February 2025, and onwards. PPA amortization related to the 1E acquisition amounts to EUR25.1m2 in FY 2025 (with a total of EUR17.1m recognized between February and September 2025) and is included in IFRS Cost of Goods Sold. TeamViewer adjusts for PPA amortization in its Adjusted EBITDA and Adjusted net income definition (APM), therefore there is no additional PPA amortization related adjustment in the pro forma Adjusted EBITDA and pro forma Adjusted net income.
1 Expectation based on a EUR/USD FX rate of 1.06.
2 Expectation based on a EUR/USD FX rate of 1.06.
Please see the Important Notice section in this document for definitions of alternative performance measures (APM).
in EUR million Basis of Q3 2025 Pro forma Q3
(unless otherwise preparation/ adjust- 2025
stated) definition ments
IFRS & non-pro 1E deferred Pro forma
forma APMs revenue haircut
Q3 2025
Revenue1 IFRS 189.5 +2.5 192.0
TeamViewer IFRS 176.6 - 176.6
standalone
1E standalone IFRS 12.9 +2.5 15.4
Revenue by
customer group
Enterprise APM 55.4 +2.5 57.9
SMB APM 134.1 - 134.1
Revenue by region
EMEA APM 100.9 +0.7 101.5
AMERICAS APM 70.3 +1.8 72.1
APAC APM 18.3 - 18.3
Adjusted EBITDA APM 85.2 +2.5 87.7
Adjusted EBITDA APM 45 % - 46 %
margin
Adjusted net APM 50.8 +1.9 52.7
income2,3
Adjusted earnings APM 0.32 n/a 0.34
per share - basic
(in EUR)2
1 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone
revenue is provided for information purposes only in 2025.
2 Pro forma Adjusted net income and Pro forma Adjusted EPS are only provided
for this year's reporting period (Q3 2025), as a pro forma like-for-like yoy
comparison is not meaningful for these three metrics.
3 1E revenue haircut Q3 2025 post tax at assumed 25 % corporate tax rate.
Pro forma ARR and Revenue Development
in EUR Q3 Q3 9M 9M
million 2025 2024 % % 202- 2024 % %
(unless cc 5 cc
otherwise
stated)
Pro Pro Pro Pro
for- for- for- for-
ma ma ma ma
Enterprise
Revenue 57.9 55.2 +5 +8 176- 156.0 +1- +1-
% % .4 3 5
% %
ARR3 230.5 208.0 +1- +1-
1 2
% %
Enterprise 97 % 99 %
NRR (cc)1
Enterprise 102 % 108 %
NRR (cc)
adj. for
net upsell
from SMB1
Number of 5.2 4.7 +1-
customers 1
(reporting %
date) (in
thousands)2
SMB
Revenue 134.1 131.6 +2 +3 396- 388.7 +2 +2
% % .5 % %
ARR3 526.3 529.6 -1 0
% %
Number of 640.3 665.1 -4
customers %
(reporting
date) (in
thousands)2
Total
Revenue 192.0 186.8 +3 +4 572- 544.7 +5 +6
% % .9 % %
ARR 756.8 737.6 +3 +4
% %
NRR (cc)1 97 % 98 %
Number of 645.6 669.8 -4
customers %
(reporting
date) (in
thousands)2
1 This metric has not been recalculated for historic pro forma figures. Q3
2024 shows TeamViewer standalone.
2 After implementation of ARR, the number of customers is now also
calculated based on ARR.
3 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.
in EUR Q3 Q3 9M 9M
million 2025 2024 % % 2025 2024 % %
(unless cc cc
otherwise
stated)
Pro Pro Pro Pro
for- for- for- for-
ma ma ma ma
Revenue by
region
EMEA 101.5 95.7 +- +6 299.0 279.6 +- +7
6 % 7 %
% %
AMERICAS 72.1 73.1 -- +2 219.1 211.3 +- +5
1 % 4 %
% %
APAC 18.3 18.1 +- +3 54.9 53.8 +- +4
1 % 2 %
% %
Total 192.0 186.8 +- +4 572.9 544.7 +- +6
Revenue 3 % 5 %
% %
Pro forma Adjusted EBITDA bridge and recurring cost
in EUR million (unless otherwise Basis of Q3 9M
stated) preparation/ 2025 2025
definition
EBITDA APM 79.5 223.9
Total IFRS 2 charges (expenses for APM +1.6 +12.9
share-based compensation)
TeamViewer LTIP APM 0.0 +1.2
RSU/PSU1 APM (0.1) +7.9
M&A related share-based compensation APM 0.0 +0.2
Share-based compensation by TLO2 APM +1.7 +3.6
1E acquisition related integration & APM +2.0 +9.3
transaction costs
Other material items APM +0.2 +4.0
Financing APM - -
Other APM +0.2 +4.0
Valuation effects APM 1.9 (9.8)
Non-pro forma Adjusted EBITDA APM 85.2 240.4
Add back:
1E deferred revenue haircut Pro forma adjustment +2.5 +12.9
1E January 2025 Adjusted EBITDA Pro forma adjustment - +0.03
Pro forma Adjusted EBITDA Pro forma 87.7 253.4
Pro forma Adjusted EBITDA margin (in Pro forma 46 % 44 %
%)
1 Refers to the Restricted Stock Unit Plan (RSU) and Phantom Stock Unit Plan
(PSU) introduced by TeamViewer in 2022.
2 Pre-IPO management incentive program provided by Tiger LuxOne S.à r.l.
Pro forma recurring cost (adjusted for non-recurring items and D&A)
in EUR Q3 2025 Q3 9M 9M 2024
million 2024 % 2025 %
(unless
otherwi-
se
stated)
Pro Pro Pro Pro
for- for- for- for-
ma ma ma ma
Cost of (15.1) (15.1) +1 (46.8) (44.7) +5
Goods % %
Sold
(COGS)
As % of -8 % -8 % -8 % -8 %
revenue
Sales (30.4) (28.8) +5 (91.9) (85.8) +7
% %
As % of -16 % -15 % -16 % -16 %
revenue
Marke- (23.9) (23.2) +3 (80.2) (93.7) -1-
ting % 4
%
As % of -12 % -12 % -14 % -17 %
revenue
R&D (21.8) (21.9) 0 (65.4) (62.4) +5
% %
As % of -11 % -12 % -11 % -11 %
revenue
G&A (11.3) (9.9) +1- (30.7) (27.8) +1-
4 0
% %
As % of -6 % -5 % -5 % -5 %
revenue
Other1 (1.7) (1.0) +6- (4.5) (3.7) +2-
7 4
% %
As % of -1 % -1 % -1 % -1 %
revenue
Total (104.2) (99.9) +4 (319.5- (318.1) 0
COGS % ) %
and
OpEx
As % of -54 % -53 % -56 % -58 %
revenue
1 Incl. other income/expenses and bad debt expenses of EUR3.6m in Q3 2025 and
EUR2.8m in Q3 2024 / EUR9.0m in 9M 2025 and EUR8.1m in 9M 2024.
Pro forma Adjusted net income bridge
in EUR million (unless Basis of Q3 2025 9M 2025
otherwise stated) preparation/
definition
Net income IFRS 28.7 80.9
Expenses for share-based APM +1.6 +12.9
compensation
PPA depreciation and APM +8.2 +21.7
amortization
Other material items1 APM +4.1 +3.5
Extraordinary effects in APM +14.3 +31.8
finance result
Income tax items to be APM (6.0) (16.7)
adjusted
Adjusted net income APM 50.8 134.1
Add back / deduct:
1E deferred revenue APM +1.9 +9.7
haircut2
1E January 2025 adjusted APM 0.0 (1.1)
net income
Pro forma adjusted net Pro forma 52.7 142.7
income
Basic number of shares IFRS 156,966,162 156,966,162
issued and outstanding
Pro forma adjusted Pro forma 0.34 0.91
earnings per share -
basic (in EUR)
1 See Pro forma Adjusted EBITDA development table.
2 1E revenue haircut July through September 2025 / February through
September 2025 post tax at assumed 25 % corporate tax rate.
Financial Position
in EUR Basis of Q3 2025 Q3 9M 2025 9M 2024
million preparation/ 2024
(unless definition
otherwise
stated)
(TeamViewer (TeamViewer
standalone) standalone)
Cash flows IFRS 34.0 48.0 144.4 167.1
from
operating
activities
Cash flows IFRS (1.5) (2.8) (688.2) (9.8)
from
investing
activities
Cash flows IFRS (45.2) (66.3) 518.4 (205.3)
from
financing
activities
Cash and IFRS 27.9 24.5 27.9 24.5
cash
equivalents
Total IFRS 997.5 468.4 997.5 468.4
financial
liabilities
in EUR million (unless Basis of Q3 Q3 2024 9M 9M 2024
otherwise stated) prepara- 2025 TeamVie- 2025 TeamVie-
tion/ Non-pr- wer Non-pr- wer
definiti- o standalo- o standalo-
on forma1 ne forma2 ne
Levered Free Cash Flow APM 19.4 41.3 99.6 142.6
(FCFE)
Adjustment for 1E APM 1.7 0.0 14.0 -
acquisition
Adjustment for a APM 0.0 0.0 11.6 0.0
one-off payment in
connection with
special legal disputes
Levered Free Cash Flow APM 21.1 41.3 125.1 142.6
(FCFE) adj. for 1E and
legal disputes
Cash Conversion (FCFE APM 24 % 51 % 49 % 67 %
/ pro forma Adj.
EBITDA) after
adjustments
1 Includes 1E July through September 2025.
2 Includes 1E February through September 2025.
Key IFRS & non-pro forma figures (consolidated, unaudited)
in EUR million (unless Basis of Q3 2025 Q3 %
otherwise stated) preparation/ 2024
definition
(TeamViewer
standalone)
Sales
Revenue IFRS1 189.5 168.7 +12
%
Profits and margins
Adjusted EBITDA (APM, non pro 85.2 81.0 +5
forma) %
Adjusted EBITDA margin (APM, non pro 45 % 48 % -3
forma) pp
EBITDA APM1 79.5 74.1 +7
%
EBIT IFRS1 66.1 65.0 +2
%
Net income & EPS
Net income IFRS 28.7 39.5 -27
%
Earnings per share - basic IFRS 0.18 0.25 -27
(in EUR) %
Adjusted net income (APM, non pro 50.8 46.5 +9
forma) %
Adjusted earnings per (APM, non pro 0.32 0.29 +11
share - basic (in EUR) forma) %
Cash flow figures
Cash flows from operating IFRS 34.0 48.0 -29
activities %
Cash flows from investing IFRS (1.5) (2.8) -48
activities %
Cash flows from financing IFRS (45.2) (66.3) -32
activities %
Balance sheet figures
Cash and cash equivalents IFRS 27.9 24.5 +14
%
Total financial IFRS 997.5 468.4 +11-
liabilities 3 %
Net debt (APM, non pro 969.6 444.0 +11-
forma) 8 %
Employees, full-time (APM, non pro 1,909 1,545 +24
equivalents (FTEs) forma) %
(reporting date)
1 Key IFRS figures for Q3 2025 include: 1) 1E consolidated months of July
through September 2025, 2) 1E's deferred revenue haircut of EUR2.5m in Q3 2025
and 3) Purchase Price Allocation ("PPA") related amortization of EUR6.7m in Q3
2025.
Consolidated Profit & Loss Statement (IFRS, unaudited)
in EUR thousands Q3 2025 Q3 2024 9M 2025 9M 2024
Revenue 189,484 168,681 553,866 494,451
Cost of Goods Sold (COGS) (25,102) (17,392) (74,302) (62,890)
Gross profit 164,381 151,288 479,564 431,561
Research and development (23,542) (21,266) (71,454) (59,956)
Marketing (25,489) (22,965) (84,976) (92,877)
Sales (31,369) (28,823) (98,440) (84,858)
General and administrative (14,139) (13,128) (45,404) (34,413)
Bad debt expenses (3,619) (2,846) (8,608) (8,045)
Other income 26 414 15,137 1,536
Other expenses (108) 2,358 (2,587) (3,250)
Operating Profit 66,142 65,032 183,232 149,696
Finance income 84 79 327 676
Finance costs (10,419) (4,317) (29,617) (13,502)
Share of profit/(loss) of (533) (814) (3,698) (2,909)
associates
Foreign currency result (16,062) 142 (30,477) (1,115)
Profit before tax 39,212 60,122 119,767 132,846
Income taxes (10,562) (20,621) (38,871) (44,457)
Net income 28,650 39,501 80,895 88,389
Basic number of shares issued 156,966 158,431 156,966 161,385
and outstanding (in thousands)
Basic earnings per share (in EUR 0.18 0.25 0.52 0.55
per share)
Diluted number of shares issued 158,024 159,737 158,197 162,878
and outstanding (in thousands)
Diluted earnings per share (in 0.18 0.25 0.51 0.54
EUR per share)
Consolidated Balance Sheet Total Assets (IFRS, unaudited)
in EUR thousands 30 September 2025 31 December 2024
Non-current assets
Goodwill 1,118,984 668,091
Intangible assets 351,799 149,006
Property, plant and equipment 40,427 41,457
Financial assets 6,654 5,412
Investments in associates 15,823 20,862
Other assets 25,737 22,440
Deferred tax assets 756 28,750
Total non-current assets 1,560,180 936,018
Current assets
Trade receivables 18,805 30,187
Other assets 50,488 39,221
Tax assets 558 257
Financial assets 9,472 9,394
Cash and cash equivalents 27,872 55,265
Total current assets 107,194 134,323
Total assets 1,667,374 1,070,341
Consolidated Balance Sheet Equity and Liabilities (IFRS, unaudited)
in EUR thousands 30 31 December
September 2024
2025
Equity
Issued capital 170,000 170,000
Capital reserve 70,925 70,327
Retained earnings 108,788 27,893
Hedge reserve (996) 5,822
Foreign currency translation reserve (49,912) 4,653
Treasury share reserve (167,636) (178,211)
Total equity attributable to 131,170 100,485
shareholders of TeamViewer SE
Non-current liabilities
Provisions 835 615
Financial liabilities 537,427 329,143
Deferred revenue 38,486 44,827
Deferred and other liabilities 2,874 1,488
Other financial liabilities 10,788 288
Deferred tax liabilities 69,385 45,540
Total non-current liabilities 659,795 421,902
Current liabilities
Provisions 1,787 10,184
Financial liabilities 460,062 115,490
Trade payables 8,286 15,840
Deferred revenue 342,481 336,390
Deferred and other liabilities 57,375 65,412
Other financial liabilities 1,258 1,817
Tax liabilities 5,161 2,822
Total current liabilities 876,410 547,954
Total liabilities 1,536,205 969,856
Total equity and liabilities 1,667,374 1,070,341
Consolidated Cash Flow Statement (IFRS, unaudited)
in EUR thousands Q3 2025 Q3 2024 9M 2025 9M 2024
Profit before tax 39,212 60,122 119,767 132,846
Depreciation, amortization and 13,380 9,061 40,718 37,644
impairment of non-current
assets
Increase/(decrease) in 416 (73) (8,178) 226
provisions
Non-operational foreign 67 114 1,142 (14)
exchange (gains)/losses
Expenses for equity settled 1,740 5,120 11,172 15,733
share-based compensation
Net financial costs 10,867 5,051 32,988 15,736
Change in deferred revenue (37,730) (17,806) (251) (1,132)
Changes in other net working 18,756 4,755 (20,022) 10,837
capital and other
Income taxes paid (12,685) (18,395) (32,916) (44,802)
Cash flows from operating 34,023 47,950 144,420 167,074
activities
Payments for tangible and (1,448) (1,255) (5,199) (4,230)
intangible assets
Payments for financial assets (3) (1,512) (482) (5,559)
Payments for acquisitions 0 - (682,500) -
Cash flows from investing (1,450) (2,767) (688,181) (9,790)
activities
Repayments of borrowings (65,000) (39,000) (195,000) (259,000)
Proceeds from borrowings 33,000 4,000 753,000 194,000
Payments for the capital (3,776) (1,921) (10,559) (7,266)
element of lease liabilities
Interest paid on borrowings (9,425) (3,502) (29,063) (12,935)
and lease liabilities
Purchase of treasury shares - (25,833) - (120,140)
Cash flows from financing (45,201) (66,256) 518,378 (205,341)
activities
Net change in cash and cash (12,628) (21,074) (25,382) (48,056)
equivalents
Net foreign exchange rate (15) (363) (2,011) (310)
difference
Cash and cash equivalents at 40,515 45,892 55,265 72,822
beginning of period
Cash and cash equivalents at 27,872 24,455 27,872 24,455
end of period
21.10.2025 CET/CEST Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch EQS News - ein Service der EQS Group. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.
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Sprache: Deutsch
Unternehmen: TeamViewer SE
Bahnhofsplatz 2
73033 Göppingen
Deutschland
Telefon: +49 7161 60692 50
Fax: +49 7161 60692 335
E-Mail: ir@teamviewer.com
Internet: ir.teamviewer.com
ISIN: DE000A2YN900
WKN: A2YN90
Indizes: MDAX, TecDAX
Börsen: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart, Tradegate Exchange
EQS News ID: 2216490
Ende der Mitteilung EQS News-Service
2216490 21.10.2025 CET/CEST
ISIN DE000A2YN900
AXC0278 2025-10-21/23:13
Relevante Links: TeamViewer AG