Märkte & Kurse

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Original-Research: TeamViewer AG - from Quirin Privatbank
Kapitalmarktgeschäft

27.10.2025 / 15:58 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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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