TeamViewer SE

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Original-Research: TeamViewer AG - from Quirin Privatbank

Kapitalmarktgeschäft

27.10.2025 / 15:58 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to TeamViewer AG

Company Name: TeamViewer AG

ISIN: DE000A2YN900

Reason for the research: Update

Recommendation: Buy

from: 27.10.2025

Target price: 13.50

Last rating change:

Analyst: Sebastian Droste

1E weakness pressures growth - guidance cut

On October 21, 2025, TeamViewer released its Q3 2025 financial results and

lowered its guidance for FY 2025 and 2026. Revenue growth was weak (+4.0%

yoy cc), coming in 2.0% below our expectation. The shortfall was mainly

driven by the underperformance of 1E, which saw declining revenues due to

customer churn, slower pipeline conversion and macroeconomic headwinds in

the US. SMB growth remained muted as the company deliberately abandoned

short-term monetization measures such as free-to-paid conversions and price

increases, weighing on short-term billings. Positive contributions came from

TeamViewer's standalone Enterprise business, which showed strong ARR growth,

and from regional momentum in EMEA and APAC, although these could not fully

offset the weak performance in the Americas. New product launches in digital

workplace and AI created some traction but are still at an early stage and

not yet material to the topline. The adjusted EBITDA margin of Q3 2025

declined slightly from 47.0% to 46.0%, in line with our estimate. Margin

pressures stemmed from higher sales and G&A costs, while cost discipline,

stable COGS and flat R&D expenses helped cushion the impact. Revenue

guidance for FY 2025 and 2026 were lowered - we had to adjust our estimates

especially for 2026. The integration of 1E, slow pipeline conversion and

macroeconomic weakness in the US remain key risks, while AI and Digital

Workplace offerings provide some longer-term opportunities. We decrease our

target price to EUR 13.50 (previously EUR 15.50) and confirm our Buy

recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=74590f87bac86febc0546d1e343d3cfc

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2219282 27.10.2025 CET/CEST

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