TeamViewer (TMV) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered 4% year-over-year revenue and ARR growth in constant currency, with pro forma ARR at €757 million and Enterprise ARR up 12% (TeamViewer standalone Enterprise ARR up 18%).

• Profitability remained strong, with a 46% pro forma adjusted EBITDA margin and adjusted EPS up 15% year-over-year.

• 1E standalone business underperformed, with ARR down 2% and revenue down 8% year-over-year, impacted by customer churn, sales team departures, and macroeconomic headwinds.

• Strategic focus shifted to product innovation, AI integration, and harmonizing go-to-market approaches post-1E acquisition, including launches in autonomous endpoint management, agentic AI, DEX Essentials, and TeamViewer ONE.

• Net leverage ratio improved to 2.8x, aligning with deleveraging targets.

Financial highlights

• Q3 2025 pro forma revenue was €192.0 million, up 4% year-over-year in constant currency; TeamViewer standalone revenue was €176.6 million (+6% cc yoy); 1E standalone revenue was €15.4 million (-8% cc yoy).

• Pro forma adjusted EBITDA reached €87.7 million, with a 46% margin.

• Pro forma adjusted EPS was €0.34, up 15% year-over-year.

• Net income (IFRS) for Q3 2025 was €28.7 million, down 27% year-over-year, mainly due to negative FX effects and higher interest expenses from the 1E acquisition.

• Cash flows from operating activities were €34.0 million (-29% yoy); levered free cash flow was €19.4 million (-53% yoy).

Outlook and guidance

• Full-year 2025 ARR guidance revised down to €780–800 million due to slower 1E/DEX pipeline conversion and FX headwinds.

• Full-year revenue guidance maintained at €778–797 million, but at the low end.

• Adjusted EBITDA margin guidance raised to approximately 44% for 2025.

• 2026 revenue expected to grow 2–6% year-over-year, reaching €790–825 million, with €25 million FX headwinds.

• Additional cost measures planned to offset topline shortfall.