TeamViewer - AI gains traction, growth proof still needed

研报英文原文证据摘录

TeamViewer - AI gains traction, growth proof still needed

Richard Nguyen +33 1 42 13 54 22 richard.nguyen@bernsteinsg.com 28 July 2026

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INVESTMENT SUMMARY

TeamViewer’s 2Q26 results reinforce our neutral stance. While the company delivered stronger-than-expected profitability and

reiterated FY26 guidance, revenue again missed expectations, highlighting the ongoing uncertainty around top-line recovery. Our

estimates are virtually unchanged, and we maintain our Market-Perform rating and €5.7 price target. The report also highlights a

meaningful evolution in TeamViewer’s AI strategy, with growing evidence that the company is moving from vision to execution.

Revenue remains the key debate. 2Q26 was another quarter of mixed execution. Revenue declined 1% at constant currencies

and missed both consensus and our expectations, driven primarily by continued weakness in SMB, which remains under pressure

from elevated churn and customer losses. While management pointed to signs of stabilization late in the quarter, TeamViewer has

now missed consensus revenue expectations in four of the last six quarters. In our view, the central investment question remains

unchanged: can the company convert improving leading indicators into a sustained acceleration in ARR and revenue growth?

FY26 guidance reiteration limits downside but does not fully resolve growth concerns. Management reaffirmed its FY26

outlook for 0-3% constant-currency revenue growth and an adjusted EBITDA margin of around 43%, while continuing to expect

stronger growth in 2H26. The anticipated improvement rests on a gradual SMB recovery, and healthier Enterprise momentum.

These factors provide some reassurance, but investors have yet to see clear evidence of a durable top-line inflection, particularly