TeamViewer Investor Relations

Q1 2025: TeamViewer Revenue up 7 % yoy, Enterprise ARR up 20 % yoy and Adj. EBITDA up 20 % yoy; FY guidance reiterated

TeamViewer SE / Key word(s): Quarter Results/Quarterly / Interim Statement
Q1 2025: TeamViewer Revenue up 7 % yoy, Enterprise ARR up 20 % yoy and Adj. EBITDA up 20 % yoy; FY guidance reiterated

06.05.2025 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


GÖPPINGEN, Germany, 6 May 2025
 
Q1 2025: TeamViewer Revenue up 7 % yoy, Enterprise ARR up 20 % yoy and Adj. EBITDA up 20 % yoy; FY guidance reiterated
  • Enterprise ARR up 21 % (+20 % cc) yoy; Enterprise Revenue up 22 % (+21 % cc) yoy, ENT NRR (cc) of 103 %*
  • Total ARR up 7 % (+7 % cc) yoy to €759.5m,* on the back of successful up- and cross-sell motions
  • Total Revenue up 7 % (+7 % cc) yoy to €190.3m,* continued growth across all regions
  • Strong Adj. EBITDA margin of 43 %,* supported by optimized marketing spend
  • 1E integration continues as scheduled: the first product integrations launched mid-March, DEX add-on for SMB customers introduced early May; improved net leverage ratio to 3.1x*
  • FY 2025 pro forma guidance reiterated; TeamViewer anticipates continued topline growth with FY 2025 pro forma ARR expected to grow between +7.5 % to +10.8 % yoy and pro forma Revenue to grow between +5.1 % to +7.7 % yoy

* Pro forma

Oliver Steil, TeamViewer CEO
« Q1 2025 marks a good start to the year, with the double-digit ARR growth in our Enterprise business, which has been a major contributor to our success. Together with our very strong Adjusted EBITDA increase of 20 % yoy, these results demonstrate the resilience of our business and the robust demand for our solutions in a highly volatile global market environment. We met many customers and partners early in the year at relevant events around the globe as this has proven to be instrumental in filling the pipeline for our Enterprise business, which typically picks up in the second half of the year. On the product side, we have successfully launched the first integrations of TeamViewer and 1E technology after the closing of the acquisition in January and presented a new DEX add-on for our SMB customers yesterday. We are well on track to bring more digital workplace capabilities to our broad customer base. »
______
Michael Wilkens, TeamViewer CFO
« We achieved yoy growth in pro forma ARR, Revenue and Adjusted EBITDA, a notable result in the current volatile and less predictable macroeconomic climate. We expanded our profitability by 4 percentage points yoy and delivered a strong pro forma Adjusted EBITDA margin of 43 %, slightly exceeding our expectations. Our profitability has benefited from optimized marketing spend. On the financing side, we slightly improved the average interest rate related to the 1E transaction and we improved our pro forma net leverage ratio to 3.1x, further enhancing our financial stability. Our levered FCF conversion remained solid and in line with our expectations. Our robust financing structure positions us well in the current volatile macro 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.
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.
Please see the Important Notice section in this document for definitions of alternative performance measures (APM).
in EUR million (unless otherwise stated)   Q1 2025   Q1 2024   Δ YoY   Δ YoY
    Pro forma   Pro forma   reported   cc
Annual Recurring Revenue (ARR)   759.5   710.7   +7 %    +7 %
Enterprise ARR   224.4   185.6   +21 %    +20 %
SMB ARR   535.2   525.0   +2 %    +2 %
Revenue1   190.3   177.1   +7 %    +7 %
TeamViewer standalone   172.5   161.7   +7 %    +7 %
1E standalone   17.8   15.4   +16 %    +12 %
Revenue by customer group                
Enterprise   59.9   49.0   +22 %    +21 %
SMB   130.4   128.0   +2 %    +2 %
Revenue by region                
EMEA   97.6   91.6   +7 %    +6 %
AMERICAS   74.3   67.5   +10 %    +10 %
APAC   18.4   18.0   +2 %    +4 %
Adjusted EBITDA   81.7   68.1   +20 %   
Adjusted EBITDA margin   43 %   38 %   +4 pp  
1 As 2025 is a transition year, breakdown of TeamViewer & 1E standalone revenue is provided for information purposes only in 2025.
 
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 €6.1m and Adjusted EBITDA of €29.9k.
  • For FY 2025, 1E’s deferred revenue haircut equals €15.6m, with a negative impact on 1E’s reported IFRS revenue of €5.4m in Q1 2025 (covering February and March 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 €25.1m in FY 2025 (with €4.6m recognized in Q1 2025, covering February and March 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.
Please see the Important Notice section in this document for definitions of alternative performance measures (APM).
in EUR million (unless otherwise stated)   Basis of
preparation/
definition
  Q1 2025   Pro forma adjustments   Q1 2025
    IFRS &
non-pro forma
APMs
  1E
January 2025
  1E deferred revenue
haircut
Feb & Mar 2025
  Pro forma
Revenue1   IFRS   178.8   +6.1   +5.4   190.3
TeamViewer standalone   IFRS   172.5       172.5
1E standalone   IFRS   6.3   +6.1   +5.4   17.8
Revenue by customer group                    
Enterprise   APM   48.4   +6.1   +5.4   59.9
SMB   APM   130.4   0.0   0.0   130.4
Revenue by region                    
EMEA   APM   95.7   +1.1   +0.9   97.6
AMERICAS   APM   64.8   +5.0   +4.5   74.3
APAC   APM   18.3   0.0   0.0   18.4
Adjusted EBITDA   APM   76.2   0.0   +5.4   81.7
Adjusted EBITDA margin   APM   43 %   0 %     43 %
Adjusted net income2,3   APM   42.7   (1.1)   +4.1   45.6
Adjusted earnings per share – basic (in €)2   APM   0.27   n.m.   n.m.   0.29
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 (Q1 2025), as a pro forma like-for-like yoy comparison is not meaningful for these metrics. Prior year reflects TeamViewer standalone.
3 1E revenue haircut February and March 2025 post tax at assumed 25 % corporate tax rate.

Business Highlights
TeamViewer kicked off 2025 with a strong ARR growth in its Enterprise business in Q1 (+20 % cc yoy, pro forma), once again confirming the continued double-digit growth trend in higher-value deals. In addition, augmented reality projects with large customers using the Frontline platform contributed to the positive Revenue momentum (total revenue up 7 % cc yoy, pro forma). At the same time, adjusted EBITDA increased by 20 % yoy, and the company delivered a very good adjusted EBITDA margin of 43 % (pro forma) supported by optimized marketing spend.
The growing share of enterprise deals in TeamViewer’s business is reflected in a more pronounced seasonality of the results and an acceleration of the Enterprise momentum towards year-end. To cater for this, TeamViewer started Q1 with successful participation in several major events around the world, including Experience Days in China and Japan, the Gartner Digital Workplace Summit and the AI conference HumanX in the US as well as Hannover Messe and Logimat in Germany. These events are used to demonstrate TeamViewer’s products, to engage with prospects, customers and partners and to help build a strong enterprise pipeline for 2025. For example, at the Hannover Messe, TeamViewer and its partner Siemens presented the success story of their joint customer GE Aerospace, which uses TeamViewer Frontline Spatial to provide high-quality, cost-efficient remote training to aircraft technicians across hundreds of locations worldwide. These presentations have proven to be very suitable starting points for meaningful conversations about new projects. Additionally, a new brand marketing campaign has been developed and launched end of April with extensive online and out-of-home ads in key markets to raise awareness of TeamViewer’s product portfolio.
Following the closing of the 1E acquisition end of January, the ambitious post-merger integration project continues on schedule. On the product side, the first integrations of TeamViewer and 1E technology were already launched mid-March and announced at the Gartner Digital Workplace Summit in the US. TeamViewer’s Device Monitoring now includes 1E’s real-time and historical performance insights for deeper endpoint visibility and proactive issue detection. Additionally, access to TeamViewer Tensor is now directly integrated into the 1E DEX platform, providing secure, enterprise-grade remote connectivity for seamless and compliant IT management. TeamViewer’s remote support functionality is also embedded into the 1E DEX ServiceNow integration, allowing IT teams to take immediate action on critical endpoint issues. At the beginning of May, TeamViewer announced a new add-on subscription for TeamViewer Remote and Tensor customers, called DEX Essentials. It allows SMB customers to benefit from automated detection and remediation of IT issues within their existing TeamViewer account, enhancing IT operations and providing a seamless user experience. TeamViewer is now working on deeper integrations and additional combined offerings to support SMB and Enterprise customers with their digital workplaces.
Finally, TeamViewer made two important additions to its Senior Leadership Team (SLT) in the last months. Debbie Lillitos was appointed Chief Customer Officer. She is responsible for improving customer relationships and satisfaction, and driving customer retention and loyalty. Debbie joins TeamViewer bringing a wealth of experience from 20 years in executive, customer-focused roles in the software industry. Second, Rolf Anweiler was promoted to Senior VP SMB. Rolf is an experienced e-commerce executive with a proven track record in digital marketing. He has been with TeamViewer for two years being responsible for webshop and online marketing. In his new role, he is now leading the global strategy and go-to-market operations for the company’s important SMB business, building on the e-commerce strategy he has put in place over the last years.
 
Pro forma ARR and Revenue Development
in EUR million (unless otherwise stated)   Q1 2025   Q1 2024   Δ YoY   Δ YoY
  Pro forma   Pro forma   reported   cc
Enterprise                
Revenue   59.9   49.0   +22 %   +21 %
ARR3   224.4   185.6   +21 %   +20 %
Enterprise NRR (cc)1   103 %   98 %    
Enterprise NRR (cc) adj. for net upsell from SMB1   108 %   107 %    
Number of customers (reporting date)
(in thousands)2
  5.0   4.4   +14 %  
SMB                
Revenue   130.4   128.0   +2 %   +2 %
ARR3   535.2   525.0   +2 %   +2 %
Number of customers (reporting date)
(in thousands)2
  658.3   660.7   0 %  
Total                
Revenue   190.3   177.1   +7 %   +7 %
ARR   759.5   710.7   +7 %   +7  %
NRR (cc)1   99 %   99 %    
Number of customers (reporting date)
(in thousands)2
  663.4   665.1   0 %  
1 This metric has not been recalculated for historic pro forma figures. Q1 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 Q1 2025, pro forma Revenue increased by 7 % (+7 % cc) yoy to €190.3m, driven by continued Enterprise momentum in TeamViewer’s core business and strong contribution from 1E.
TeamViewer standalone Revenue was €172.5m, up 7 % (+7 % cc) yoy, which was mainly driven by Enterprise and Frontline deals. 1E standalone delivered double-digit Revenue growth of 16 % (+12 % cc) yoy and reached €17.8m (pro forma) on the back of high-value deals in the previous year.
Pro forma Enterprise Revenue continued its double-digit growth trend at +22 % (+21 % cc) yoy and reached €59.9m in Q1 2025. Next to 1E’s yoy revenue growth, revenue inflow was also strongly supported by Frontline projects in the quarter. Pro forma SMB Revenue reached €130.4m in Q1 2025,  up 2 % (+2 % cc) yoy.
Pro forma ARR amounted to €759.5m at the end of the quarter, a solid increase of 7 % (+7 % cc) yoy despite ongoing macro uncertainties.
On the back of successful up- and cross-sell motions in all regions, pro forma Enterprise ARR grew at a very strong 21 % (+20 % cc) yoy, reaching €224.4m at the end of the quarter. Pro forma Enterprise NRR (cc) further improved to 103 % qoq (Q4 2024 TeamViewer standalone: 100 %). Corrected for net upsell of €17.6m (+€0.4m qoq) in the quarter from SMB to Enterprise, Enterprise NRR (cc) amounted to 108 %. The number of Enterprise customers, now calculated based on ARR, was 5,044 at the end of Q1 2025 (+14 % yoy) and also includes customers from 1E.
Pro forma SMB ARR grew in line with Revenue at 2 % (+2 % cc) yoy to €535.2m. Based on the new calculation methodology, the number of SMB customers was 658k at the end of Q1 2025.
 
in EUR million (unless otherwise stated)   Q1 2025   Q1 2024   Δ YoY   Δ YoY
  Pro forma   Pro forma   reported   cc
Revenue by region                
EMEA   97.6   91.6   +7 %   +6 %
AMERICAS   74.3   67.5   +10 %   +10 %
APAC   18.4   18.0   +2 %   +4 %
Total Revenue   190.3   177.1   +7 %   +7 %

In Q1 2025, all regions delivered pro forma Revenue growth yoy. Measured in constant currency, the AMERICAS region delivered double-digit increase of 10 % yoy and reached pro forma Revenue of €74.3m, which was supported by strong growth of 1E and Frontline deals. EMEA showed a good high single-digit increase of 6 % yoy, leading to pro forma Revenue of €97.6m. While APAC continued to face FX headwinds, its pro forma Revenue grew by 4 % yoy to €18.4m.
 
Pro forma Adjusted EBITDA
in EUR million (unless otherwise stated)   Basis of
preparation/
definition
  Q1 2025
EBITDA   APM   66.6
Total IFRS 2 charges (expenses for share-based compensation)   APM   +6.5
TeamViewer LTIP   APM   +1.7
RSU/PSU1   APM   +3.8
M&A related share-based compensation   APM   +0.1
Share-based compensation by TLO2   APM   +0.9
1E acquisition related integration & transaction costs   APM   +5.6
Other material items   APM   +3.0
Financing   APM   0.0
Other   APM   +3.0
Valuation effects   APM   (5.5)
Non-pro forma Adjusted EBITDA   APM   76.2
Add back:        
1E deferred revenue haircut February and March 2025   Pro forma adjustment   +5.4
1E January 2025 Adjusted EBITDA   Pro forma adjustment   0.0
Pro forma Adjusted EBITDA   Pro forma   81.7
Pro forma Adjusted EBITDA margin (in %)   Pro forma   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.

In Q1 2025, pro forma Adjusted EBITDA was €81.7m, up 20 % yoy (Q1 2024: €68.1m). Pro forma Adjusted EBITDA margin of 43 % (+4 pp yoy) slightly exceeded internal expectations due to higher-than expected Frontline Revenue contribution in the first quarter. Profitability benefited from optimized marketing spend, despite dilution from 1E’s profitability in the consolidation. Total 1E acquisition related material adjustments in EBITDA were €5.6m in Q1 2025, which is related to integration and transaction costs.

Pro forma recurring cost (adjusted for non-recurring items and D&A)
in EUR million (unless otherwise stated)   Q1 2025   Q1 2024   Δ YoY
  Pro forma   Pro forma   reported
Cost of Goods Sold (COGS)   (16.2)   (14.4)   +13 %
As % of revenue   -9 %   -8 %    
Sales   (31.1)   (28.5)   +9 %
As % of revenue   -16 %   -16 %    
Marketing   (25.6)   (35.5)   -28 %
As % of revenue   -13 %   -20 %    
R&D   (22.1)   (20.6)   +7 %
As % of revenue   -12 %   -12 %    
G&A   (10.2)   (8.5)   +20 %
As % of revenue   -5 %   -5 %    
Other1   (3.4)   (1.5)   +130 %
As % of revenue   -2 %   -1 %    
Total COGS and OpEx   (108.6)   (109.0)   0 %
As % of revenue   -57 %   -62 %    
1 Incl. other income/expenses and bad debt expenses of €3.5m in Q1 2025 and €3.8m in Q1 2024.

In Q1 2025, total pro forma Recurring Cost remained stable year-over-year and amounted to €108.6m. Recurring costs as % of Revenue decreased by 4.4 percentage points yoy to 57 %, which is primarily driven by lower Marketing spend.
Cost of Goods Sold (COGS) increased by 13 % yoy, driven by phasing effects, continued investments in the customer platform and deployment support for Frontline projects. The 9 % yoy increase in Sales expenses can be mainly attributed to an increased sales force in EMEA and AMERICAS to support growth. Sales as % of Revenue remained stable at 16 %. Marketing costs decreased by 28 % yoy, which is mainly due to optimized sponsorship cost. R&D expenses were up 7 % yoy reflecting continued investments in the product offering and an increase in internal developers, which was offset by a reduction in external support. G&A expenses increased yoy due to phasing effects, however remained stable as % of Revenue. Other expenses increased to €3.4m, which is mainly related to lower proceeds from derivatives.
 
Pro forma Adjusted Net income
in EUR million (unless otherwise stated)   Basis of
preparation/
definition
  Q1 2025
Net income   IFRS   29.6
Expenses for share-based compensation   APM   +6.5
PPA depreciation and amortization   APM   +6.1
 Other material items1   APM   +3.1
Extraordinary effects in finance result   APM   +1.5
Income tax items to be adjusted   APM   (4.2)
Adjusted net income   APM   42.7
Add back / deduct:        
1E deferred revenue haircut February and March 20252   Pro forma adjustment   +4.1
1E January 2025 adjusted net income   Pro forma adjustment   (1.1)
Pro forma adjusted net income   Pro forma   45.6
Basic number of shares issued and outstanding       156,966,162
Pro forma adjusted earnings per share – basic (in €)   Pro forma   0.29
1 See (pro forma) Adjusted EBITDA development table on page 6.
2 1E revenue haircut February and March 2025 post tax at assumed 25 % corporate tax rate.

Net income (IFRS) was €29.6m in Q1 2025, up +33 % yoy compared to TeamViewer standalone net income (IFRS) of €22.3m in Q1 2024. Total interest expenses were €8.6m in Q1 2025, up €4.4m yoy. This increase was driven by the financing of the 1E transaction. As part of optimized financing, the average interest rate related to the 1E transaction was brought  down further by rounded 10 bps to 3.9 %.
Pro forma Adjusted net income amounted to €45.6m in Q1 2025, an increase of 24 % yoy compared to TeamViewer standalone Adjusted net income of €36.8m in Q1 2024. Pro forma Adjusted (basic) EPS was €0.29 in Q1 2025 (Q1 2024 TeamViewer standalone: €0.22).
 
Financial Position
in EUR million (unless otherwise stated)   Basis of
preparation/
definition
  Q1 2025   Q1 2024
        (TeamViewer standalone)
Cash flows from operating activities   IFRS   38.2   49.5
Cash flows from investing activities   IFRS   (668.7)   (1.9)
Cash flows from financing activities   IFRS   709.5   (84.8)
Cash and cash equivalents   IFRS   133.8   35.8
Total financial liabilities   IFRS   1,161.6   521.8

In Q1 2025, cash flows from operating activities (IFRS) amounted to €38.2m, which is €11.3m lower compared to the same period last year. This is mainly due to 1E acquisition related payments and a one-off payment in connection with special legal disputes, which TeamViewer was able to settle at the end of Q1 2025, partly offset by lower sponsorship payments. Cash flows from investing activities (IFRS) amounted to negative €668.7m, and were mainly driven by the purchase price of 1E in the amount of €692m. Cash flows from financing activities (IFRS) were €709.5m and mainly include financing related to the acquisition of 1E.  Cash and cash equivalents (IFRS) increased by €98.1m yoy to €133.8m at the end of Q1 2025.
In total, Net Debt amounted to €1,027.7m at the end of Q1 2025. The resulting pro forma Net Leverage Ratio of 3.1x (Net Debt/pro forma Adjusted EBITDA LTM) is in line with TeamViewer’s internal deleverage target after the acquisition of 1E.
Levered Free Cash Flow (FCFE), including cash flows from 1E after closing at the end of January, was €26.8m in Q1 2025. Adjusted for the acquisition costs of 1E and a one-off payment in connection with special legal disputes, Levered Free Cash Flow was €44.5m, up 10 % yoy. This resulted in a Cash Conversion (FCFE in relation to pro forma Adjusted EBITDA) after adjustments of 54 % in the first quarter.
 
in EUR million (unless otherwise stated)   Basis of
preparation/
definition
  Q1 2025
Non-pro forma1
  Q1 2024
TeamViewer standalone
Levered Free Cash Flow (FCFE)   APM   26.8   40.5
Adjustment for 1E acquisition   APM   6.1   0.0
Adjustment for a one-off payment in connection with special legal disputes   APM   11.6   0.0
Levered Free Cash Flow (FCFE) adj. for 1E and legal disputes   APM   44.5   40.5
Cash Conversion (FCFE / pro forma Adj. EBITDA) after adjustments   APM   54 %   62 %
1 Includes 1E February and March 2025
 
FY 2025 Pro forma guidance reiterated
For FY 2025, TeamViewer anticipates continued topline growth on a pro forma and like-for-like basis, as outlined in the below table.
For a like-for-like comparison, the table below includes the historical FY 2024 pro forma financials for TeamViewer and 1E, and FY 2025 pro forma guidance.
FY 2024 Actuals
TMV+1E unaudited
(1 Jan - 31 Dec 2024)
      FY 2025 Guidance
pro forma 1
(1 Jan - 31 Dec 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 (in €): 3    
671m   TeamViewer   697m - 712m
69m   1E    81m - 85m
43 %   Adj. EBITDA margin %   around 43 %
1. Ranges indicate guidance ranges  between the specified values.
2. Based on average EUR/USD FX rate of of 1.05.
3. As 2025 is a transition year, breakdown of TeamViewer & 1E standalone is provided for information purposes only in 2025.


Pro forma figures
In preparation of the pro forma figures, the 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 Jan 2024, are presented in euro, are unaudited and for comparison only.
  • The pro forma FY 2025 guidance financials reflect the period 1 Jan 2025 – 31 Dec 2025.
  • Historical pro forma financials are not prepared below EBITDA and for the cash flow.

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 €6.1m and Adjusted EBITDA of €29.9k.
  • For FY 2025, 1E’s deferred revenue haircut equals €15.6m. 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 €25.1m in FY 2025  and is included in IFRS Cost of Goods Sold. TeamViewer adjusts for PPA amortization in its Adjusted EBITDA  definition (APM), therefore there is no additional PPA amortization related adjustment in the pro forma Adjusted EBITDA .
 
###

Webcast
Oliver Steil (CEO) and Michael Wilkens (CFO) will speak at an analyst and investor conference call at 9:00 am CET on 6 May 2025 to discuss the Q1 2025 results. The audio webcast can be followed via https://www.webcast-eqs.com/teamviewer-2025-q1. 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 660,000 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 more than 1,800 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                                                                                                                                      
Martina Dier                                                                                                              
Vice President Communications                                   
E-Mail: [email protected]                                      

Investor Relations
Bisera Grubesic
Vice President Investor Relations
E-Mail: [email protected]

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.
 
Key IFRS & non-pro forma figures (consolidated, unaudited)
in EUR million (unless otherwise stated)   Basis of
preparation/
definition
  Q1 2025   Q1 2024   Δ YoY
        (TeamViewer standalone)   reported
Sales                
Revenue   IFRS1   178.8   161.7   +11 %
Profits and margins                
Adjusted EBITDA   (APM, non pro forma)   76.2   65.2   +17 %
Adjusted EBITDA margin   (APM, non pro forma)   43 %   40 %   +2 %
EBITDA   APM1   66.6   53.0   +26 %
EBIT   IFRS1   53.2   38.7   +37 %
Net income & EPS                
Net income   IFRS   29.6   22.3   +33 %
Earnings per share – basic (in €)   IFRS   0.19   0.14   +39 %
Adjusted net income   (APM, non pro forma)   42.7   36.8   +16 %
Adjusted earnings per share – basic (in €)   (APM, non pro forma)   0.27   0.22   +22 %
Cash flow figures                
Cash flows from operating activities   IFRS   38.2   49.5   -23 %
Cash flows from investing activities   IFRS   (668.7)   (1.9)   >+300%
Cash flows from financing activities   IFRS   709.5   (84.8)   <-300%
Balance sheet figures                
Cash and cash equivalents   IFRS   133.8   35.8   +274 %
Total financial liabilities   IFRS   1,161.6   521.8   +123 %
Net debt   (APM, non pro forma)   1,027.7   486.0   +111 %
Employees, full-time equivalents (FTEs) (reporting date)   (APM, non pro forma)   1,891   1,553   +22 %
1 Key IFRS figures for Q1 2025 include: 1) 1E consolidated months of February and March 2025, 2) 1E’s deferred revenue hair-cut of €5.4m in Q1 2025 and 3) Purchase Price Allocation (“PPA”) related amortization of €4.6m in Q1 2025.

Consolidated Profit & Loss Statement (IFRS, unaudited)
in EUR thousands   Q1 2025   Q1 2024
Revenue                                            178,753                                              161,654
 Cost of Goods Sold (COGS)                               (24,518)                              (22,088)
Gross profit                                           154,235                                            139,567
 Research and development                               (23,168)                               (19,742) 
 Marketing                               (27,344)                               (35,505)
 Sales                               (32,978)                               (28,259)
 General and administrative                               (18,239)                               (11,238)
 Bad debt expenses                                 (3,069)                                 (2,698)
 Other income                                   5,961                                        386 
 Other expenses                                 (2,212)                                  (3,779)
Operating Profit                                               53,185                                                38,732
 Finance income                                       134                                        174
 Finance costs                                 (8,765)                                 (4,413)
 Share of profit/(loss) of associates                                 (2,181)                                 (1,108)
 Foreign currency result                                    1,653                                      (458)
Profit before tax                                              44,026                                                  32,927   
 Income taxes                               (14,396)                               (10,587)
Net income                                               29,630                                                  22,340  
 Basic number of shares issued and outstanding
(in thousands)
                             156,966                                164,469 
Basic earnings per share (in € per share)                                                      0.19                                                        0.14  
 Diluted number of shares issued and outstanding
(in thousands)
                              157,865                               165,456 
Diluted earnings per share (in € per share)                                                      0.19                                                        0.14  


Consolidated Balance Sheet Total Assets (IFRS, unaudited)
in EUR thousands   31 March 2025   31 December 2024
Non-current assets        
  Goodwill                           1,163,874                                668,091  
  Intangible assets                              387,448                               149,006  
  Property, plant and equipment                                40,574                                   41,457 
  Financial assets                                   5,328                                    5,412 
  Investments in associates                                 18,334                                 20,862 
  Other assets                                 24,348                                 22,440 
  Deferred tax assets                                       603                                  28,750  
 Total non-current assets                                    1,640,508                                              936,018   
Current assets        
  Trade receivables                                 34,997                                  30,187 
  Other assets                                 42,467                                  39,221 
  Tax assets                                   8,278                                        257 
  Financial assets                                    5,132                                    9,394 
  Cash and cash equivalents                              133,845                                  55,265 
 Total current assets                                           224,719                                              134,323   
Total assets                                      1,865,227                                        1,070,341   


Consolidated Balance Sheet Equity and Liabilities (IFRS, unaudited)
in EUR thousands   31 March 2025   31 December 2024
Equity        
  Issued capital                             170,000                               170,000  
  Capital reserve                                 64,017                                  70,327 
(Accumulated losses)/retained earnings                                 57,523                                  27,893  
  Hedge reserve                                    (144)                                   5,822 
  Foreign currency translation reserve                               (17,725)                                    4,653 
  Treasury share reserve                             (167,636)                             (178,211)
 Total equity attributable to shareholders of TeamViewer SE                                           106,034                                             100,485  
Non-current liabilities        
  Provisions                                       634                                        615 
  Financial liabilities                              679,097                                329,143 
  Deferred revenue                                44,826                                  44,827 
  Deferred and other liabilities                                    2,376                                    1,488
  Other financial liabilities                                    9,397                                        288 
  Deferred tax liabilities                                 79,213                                 45,540 
  Total non-current liabilities                                           815,543                                             421,902   
Current liabilities        
  Provisions                                   1,852                                 10,184 
  Financial liabilities                              482,483                               115,490 
  Trade payables                                 13,674                                  15,840 
  Deferred revenue                               367,457                               336,390 
  Deferred and other liabilities                                 69,779                                   65,412 
  Other financial liabilities                                       533                                    1,817 
  Tax liabilities                                   7,872                                     2,822 
  Total current liabilities                                           943,650                                              547,954    
 Total liabilities                                      1,759,193                                               969,856  
Total equity and liabilities                                      1,865,227                                        1,070,341   

 

Consolidated Cash Flow Statement (IFRS, unaudited)
in EUR thousands   Q1 2025   Q1 2024
Profit before tax                                44,026                                  32,927 
Depreciation, amortization and impairment of non-current assets                                 13,372                                  14,269 
Increase/(decrease) in provisions                                 (8,314)                                      340 
Non-operational foreign exchange (gains)/losses                                       269                                             6 
Expenses for equity settled share-based compensation                                   4,264                                     5,787 
Net financial costs                                10,812                                      5,347 
Change in deferred revenue                                 31,066                                  17,012  
Changes in other net working capital and other                              (48,829)                                (14,232)
Income taxes paid                                 (8,429)                               (11,923)
Cash flows from operating activities                                                38,237                                                 49,532   
Payments for tangible and intangible assets                                     (994)                                 (1,872)
Payments for financial assets                                    (480)                                            0 
Payments for acquisitions                            (667,182)                                             0 
Cash flows from investing activities                                        (668,656)                                                (1,872)
Repayments of borrowings                                            0                            (100,000) 
Proceeds from borrowings                             720,000                                  90,000  
Payments for the capital element of lease liabilities                                 (1,504)                                 (1,361)
Interest paid on borrowings and lease liabilities                                 (8,985)                                  (5,771)
Purchase of treasury shares                                            0                                (67,697) 
Cash flows from financing activities                                           709,511                                               (84,829)
Net change in cash and cash equivalents                                               79,093                                               (37,169)
Net foreign exchange rate difference                                     (513)                                       134 
Cash and cash equivalents at beginning of period                                 55,265                                  72,822  
Cash and cash equivalents at end of period                                           133,845                                                   35,787   

 


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Language: English
Company: TeamViewer SE
Bahnhofsplatz 2
73033 Göppingen
Germany
Phone: +49 7161 60692 50
Fax: +49 7161 60692 335
E-mail: [email protected]
Internet: ir.teamviewer.com
ISIN: DE000A2YN900
WKN: A2YN90
Indices: MDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 2130464

 
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2130464  06.05.2025 CET/CEST