TeamViewer (TMV) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered 7% year-over-year pro forma revenue growth to €190.3 million, with all regions contributing and enterprise revenue up 22%.

• Enterprise segment drove growth, posting a 21% increase in ARR and 20% ARR growth year over year, with NRR at 103%.

• Adjusted EBITDA rose 20% year-over-year to €81.7 million, with a margin of 43%, supported by lower marketing spend.

• Integration with 1E is progressing well, with new products and cross-selling initiatives launched for both enterprise and SMB customers.

• Full-year 2025 guidance is reiterated despite macroeconomic uncertainties and reduced visibility.

Financial highlights

• Q1 pro forma revenue reached €190.3 million, up 7% year over year in constant currency.

• Pro forma adjusted EBITDA grew 20% year over year to €81.7 million, with a margin of 43% (+4pp year-over-year).

• Pro forma adjusted basic EPS increased 30% year over year to €0.29; IFRS EPS was €0.19 (+39%).

• Cash conversion for Q1 was 54%, with levered free cash flow after adjustments at €44.5 million (+10%).

• Net leverage ratio improved to 3.1x adjusted EBITDA, with net financial debt at €1,027.7 million.

Outlook and guidance

• Full-year 2025 ARR expected between €815 million and €840 million, representing 7.5%-10.8% growth.

• Full-year pro forma revenue guidance is €778 million to €797 million, or 5.1%-7.7% growth.

• Pro forma adjusted EBITDA margin expected to remain around 43% for 2025.

• Targeting net leverage ratio below 2.0x by end of 2026.

• Revenue phasing anticipates at least €374 million in H1 and at least €104 million in H2.