TeamViewer (TMV.DE): 2Q26 First take: Lower Topline with EBITDA in line; unchanged FY26 guidance implies 2H26 acceleration

研报英文原文证据摘录

TeamViewer (TMV.DE): 2Q26 First take: Lower Topline with EBITDA in line; unchanged FY26 guidance implies 2H26 acceleration

Equity Research

28 July 2026 | 7:13AM BST

TeamViewer (TMV.DE): 2Q26 First take: Lower Topline with EBITDA in

line; unchanged FY26 guidance implies 2H26 acceleration

Results Mohammed Moawalla

+44(20)7774-1726 |

mohammed.moawalla@gs.com

Given TeamViewer’s 2Q26 revenue miss and unchanged FY26 guidance, we note that Goldman Sachs International

an acceleration in 2H26 is implied at the mid-point of the guidance. We believe any Deepshikha Agarwal

+1(212)934-6961 |

revisions to consensus will be contingent on messaging during the earnings call. deepshikha.agarwal@gs.com

Goldman Sachs India SPL

TeamViewer reported its 2Q26 results, with ARR growth flat yoy ex-fx PF, below our Uzair Merchant

+44(20)7774-7645 |

expectations (GSe at c.2%), while revenue declined c.1% yoy, also below uzair.merchant@gs.com

Goldman Sachs International

GSe/consensus and modestly decelerating vs 1Q26. By segment, Enterprise revenue

Ahlam Haouachgrew c.3% yoy ex-fx, while SMB was softer at c.-3%, with SMB churn broadly stable +44(20)7051-8714 |

at c.17% in the quarter. On profitability, adj. EBITDA margins came in modestly ahlam.haouach@gs.comGoldman Sachs International

ahead of expectations at 43.2% (vs. GSe/cons at 42.2%/41.7%). Levered FCF

declined c.30% yoy, below consensus expectations, driven by lower top-line and

fewer upfront-paid multi-year deals in the quarter, although management indicated

FCF is seasonally stronger in 2H26.

Guidance

Management reiterated its FY26 guidance, continuing to expect 0-3% growth yoy

ex-fx (GSe/cons at c.2%), with adj. EBITDA margin expectations unchanged at c.43%

(vs. GSe/cons at 43%/43.7%). We note that the unchanged FY26 guidance at the