Original-Research: TeamViewer AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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: TEAMVIEWER_AG_20251027 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/