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TeamViewer: TeamViewer Posts Strong Q2 with 6% Pro Forma Revenue Growth

TeamViewer's Q2 financial performance was marked by a 6% year-over-year increase in pro forma revenue to EUR 191 million, with a pro forma adjusted EBITDA margin expansion from 40% to 44%. The company's adjusted EBITDA reached EUR 84 million, up 17% year-over-year. Pro forma adjusted EPS was EUR 0.28, a 90% increase compared to the prior year. However, actual EPS came out at EUR 0.1877, below estimates of EUR 0.2918. The company's pro forma net leverage ratio improved to 2.9x, down from 3.1x in Q1 '25.

TMV.DE

EUR 5.62

0.18%

A-Score: 3.7/10

Publication date: July 29, 2025

Full Report

Author: Analystock.ai

šŸ“‹ Highlights
  • Enterprise Business Growth 15% year-over-year increase, driving strategic progress in Q2.
  • Adjusted EBITDA Margin Expanded to 44%, reflecting a 17% year-over-year increase in adjusted EBITDA.
  • Regional Revenue Performance EMEA led with ā‚¬100 million, up 8% year-over-year, while Americas and APAC saw 3% growth each.
  • Annual Recurring Revenue (ARR) Pro forma ARR grew 4% in constant currency, with Enterprise ARR up double-digits.
  • Pro Forma Leverage Ratio Improved to 2.9x, down from 3.1x in Q1 '25, reflecting stronger cash flow performance.

Segment Performance

The enterprise business drove growth, with a 15% year-over-year increase, contributing to the overall revenue growth. SMB revenue grew 3% year-over-year to EUR 132 million. Regionally, EMEA was the strongest, with revenue reaching EUR 100 million, up 8% year-over-year. The Americas region faced headwinds, particularly in the U.S., due to the macro environment, resulting in revenue growth of 3% to EUR 72.7 million. APAC delivered EUR 18.2 million in revenue, up 3% reported and 4% in constant currency.

DEX Technology Integration and Product Launches

The company made significant progress in integrating DEX technology into its portfolio, launching DEX Essentials and TeamViewer ONE. DEX Essentials targets SMB businesses, while TeamViewer ONE is a unified digital workplace management platform. According to Mark Banfield, "The company sees promising early momentum in the digital workplace offering and expects growth acceleration in the second half of the year."

Guidance and Outlook

TeamViewer reiterated its full-year guidance, expecting ARR growth between 7.5% and 10.8% and pro forma revenue growth between 5.1% and 7.7%. The company expects growth acceleration in the second half, driven by Enterprise deal closures and ARR synergies from the 1E acquisition. Analysts estimate next year's revenue growth at 8.2%.

Valuation

With a P/E Ratio of 11.43, P/B Ratio of 14.05, and EV/EBITDA of 5.11, the market seems to have a relatively optimistic view of TeamViewer's prospects. The company's ROIC is 16.1%, and ROE is 158.13%, indicating strong profitability. The Net Debt / EBITDA ratio is -0.51, suggesting a healthy debt position. The Free Cash Flow Yield is 15.27%, which is attractive for income-seeking investors.

TeamViewer's A-Score