Original-Research: TeamViewer AG - from Quirin Privatbank Kapitalmarktgeschäft 26.08.2025 / 17:26 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: TeamViewer AG - from Quirin Privatbank
Kapitalmarktgeschäft

26.08.2025 / 17:26 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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:                       26.08.2025
     Target price:               15.50
     Last rating change:
     Analyst:                    Sebastian Droste

Enterprise business well on track
On July 29, 2025, TeamViewer released its Q2 2025 financial results and
confirmed its guidance for 2025. Revenue growth was stable and in line with
our expectation, supported by double-digit Enterprise growth, strong
performance in EMEA and APAC, and retention of key US federal customers.
However, revenue was held back by headwinds in the Americas due to political
uncertainty and IT budget cuts in the US public sector, as well as weaker
SMB demand. Additional growth came from product launches such as DEX
Essentials for SMBs and TeamViewer ONE, alongside expanded AI features,
though the uptake of new products remains in early stages. The adj. EBITDA
margin improved due to lower marketing costs and efficiency gains from the
1E integration, while sales and R&D expenses increased. Guidance for 2025
was reiterated, forecasting revenue growth of 5.1%-7.7% yoy and an adj.
EBITDA margin of around 43%. While macro uncertainty, particularly in the
US, remains a risk, resilient Enterprise growth, and cross-sell
opportunities underpin the investment case. We decrease our target price to
EUR 15.50 (previously EUR 17.50) due to more cautious adjustments to our
estimates and confirm our Buy recommendation.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=87f63b756400bcd9777aca0668b7b2e4
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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2188942 26.08.2025 CET/CEST