TeamViewer AG

Q2 2026 ARR was EUR 737 million, broadly stable year over year in constant currency. Revenue was EUR 183 million, down 1.4% year over year in constant currency, with reported revenue also hit by a 2.8 percentage point FX headwind. Gross profit was EUR 168 million and gross margin was 92%, while adjusted EBITDA was EUR 79 million with a 43.2% margin; adjusted EBITDA was down 6% year over year, mainly because of lower revenue and FX. Net income increased 33% year over year and adjusted EPS was EUR 0.27. Net debt was EUR 833 million and net leverage was 2.5x. For full-year 2026, management reaffirmed constant-currency revenue growth guidance of 0% to 3% versus pro forma 2025 revenue and an adjusted EBITDA margin of around 43%. They also said the expected FX impact is negative 2.1 percentage points for Q3 2026 and negative 2.4 percentage points for full-year 2026 revenue growth.

Oliver Steil described Q2 as a real inflection point, saying the DEX turnaround is fueling growth, churn is improving, and larger enterprise customers are recommitting through multiyear deals. He emphasized that customers are consolidating remote connectivity, DEX and AI capabilities on TeamViewer ONE, which he said validates the platform strategy and the company’s push toward autonomous endpoint management. His tone was confident and strategic, with repeated references to external validation from analyst firms, customer feedback, Gartner research and the ServiceNow partnership.

Michael Wilkens focused on the numbers and the drivers behind them: revenue of EUR 183 million, gross margin of 92%, adjusted EBITDA of EUR 79 million at a 43.2% margin, and adjusted EPS of EUR 0.27. He said net debt improved to EUR 833 million, net leverage stayed at 2.5x, and the company remains on track for around 2.3x year-end leverage. On cash flow, he said pretax cash from operating activities was EUR 66 million, down 21% year over year, with weaker upfront payments on multiyear deals and a technical delay from former 1E customers among the main causes; he still pointed to a seasonal second-half pickup and reaffirmed the around 43% EBITDA margin target.

Analysts pressed management on where growth would land within the 0% to 3% revenue guidance range, and Michael said it was too early to call, but pointed to SMB churn improvement, higher-end SMB demand for AI and TeamViewer ONE, enterprise pipeline from existing and new customers, and some one-off revenue opportunities. On the ServiceNow partnership, Oliver said it should expand TeamViewer’s reach into ServiceNow’s 8,800+ large enterprise customers and create a strong route to market, but he stressed there would be no short-term ARR impact because enterprise sales cycles are long. On AI adoption and SMB churn, management said AI usage is broad-based, with more than 500,000 AI-powered support sessions in June, while SMB churn improvement was mainly driven by the end of last year’s commercial measures and the move to a more value-based pricing approach.