TeamViewer (TMV) Q2 2025 earnings summary

Executive summary

• Achieved 6% pro forma revenue growth year-over-year in Q2 2025 at constant currency, with enterprise revenue up 15% and strong momentum from new product launches and 1E integration.

• Adjusted EBITDA increased 17% year-over-year, with margin expanding to 44%, up 4 percentage points.

• Net income for Q2 2025 was EUR 27.6 million, up 4% year-over-year; adjusted EPS increased 19% to EUR 0.28.

• Despite U.S. macroeconomic headwinds, EMEA and APAC delivered strong results, and key federal clients were retained.

• Full-year 2025 guidance reiterated, with growth acceleration expected in H2.

Financial highlights

• Q2 2025 pro forma revenue reached EUR 191 million, up 6% year-over-year in constant currency.

• Pro forma adjusted EBITDA was EUR 84 million, up 17% year-over-year, with margin at 44%.

• Pro forma adjusted EPS increased 19% year-over-year to EUR 0.28.

• ARR grew 4% year-over-year in constant currency, reaching EUR 759 million.

• Levered free cash flow was EUR 59.6 million in Q2, with 71% cash conversion.

Outlook and guidance

• Full-year 2025 guidance reiterated: ARR expected between EUR 815–840 million (7.5–10.8% growth), revenue between EUR 778–797 million (5.1–7.7% growth), and adjusted EBITDA margin around 43%.

• Growth acceleration anticipated in H2, driven by seasonality, larger pipeline, and improved conversion rates.

• Cash conversion rate for the year expected around 70%.

• Leverage target of 2.6x by year-end 2025 and below 2x by end of 2026.

• Management expects reported IFRS revenue and margin to be slightly lower than pro forma due to acquisition-related adjustments.