Germany's TeamViewer Q1 revenue dips, EBITDA margin rises

TeamViewer SE

06/05/2026 06:21

Overview

German digital workplace platform's Q1 revenue broadly stable, down 0.4% cc yr/yr

Adjusted EBITDA rose 2% yr/yr, margin improved to 45.3%

Growth impacted by one-off churn and SMB measures; company reaffirmed full-year 2026 guidance

Outlook

TeamViewer reaffirms 2026 revenue growth guidance of 0% to 3% cc yoy

Company expects adjusted EBITDA margin of around 43% for full-year 2026

SMB churn expected to remain elevated in Q2, stabilize in H2 2026

Result Drivers

ENTERPRISE CHURN - One-off churn in 1E customers weighed on Enterprise ARR growth, though underlying growth remained strong; company says churn effects are now largely complete

SMB COURSE CORRECTION - Strategic measures in SMB segment led to elevated churn and soft performance, especially among small accounts

AI AND PLATFORM MOMENTUM - Rapid adoption of AI features and strong early commercial traction for TeamViewer ONE platform supported underlying growth

Company press release: ID:nEQQHQ2wa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Miss*
EUR 183.20 mln
EUR 184.07 mln (1 Analyst)
Q1 Adjusted EBITDA
Beat
EUR 83 mln
EUR 79.74 mln (1 Analyst)
Q1 Adjusted EBITDA Margin
45.00%
Q1 Basic EPS
EUR 0.22
Q1 EBIT
EUR 61.90 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the software peer group is "buy"

Wall Street's median 12-month price target for TeamViewer SE is €9.25, about 80.5% above its May 5 closing price of €5.13

The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)