TeamViewer (TMV.DE) Updating estimates post 2Q26; remain Neutral

Equity Research 7 September 2026 | 5:28PM BST

TeamViewer (TMV.DE): Updating estimates post 2Q26; remain Neutral

We update our estimates for TeamViewer post the 2Q26 results, where topline Mohammed Moawalla | growth came in below our and street expectations, while EBITDA was broadly in line. Goldman Sachs International Overall, given continued softness in the SMB business and the timing of the Deepshikha Agarwal Enterprise recovery, we take a conservative view on near-term growth and lower our | FY26E revenue to flat growth PF (at the lower end of the 0-3% growth guidance). We Goldman Sachs India SPL

keep our margin estimates broadly unchanged across FY26–30. Uzair Merchant | All in, our price target increases to €6 (from €5.5) despite our lower estimates, driven Goldman Sachs International by the roll-forward of the valuation quarter. We remain Neutral rated on TMV, as we Ahlam Haouach | believe the current valuation reflects the risks associated with 1E integration and a Goldman Sachs International slowdown in core, and that a re-rating will hinge upon any evidence of improvement in both 1E and core.

Changes to estimates We update our estimates post the 2Q26 results and for FX (essentially unchanged). We lower our FY26 revenue growth estimate to c.0%, reflecting continued softness in SMB and the timing of the Enterprise recovery. On EBITDA, we reflect the phasing of marketing expenses in H1 2026, but keep our FY26 EBITDA forecast essentially unchanged.

Our 12-month price target increases to €6 (from €5.5), based on a broadly unchanged 3Q27–2Q28E EV/EBITDA multiple of c.4x.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs TeamViewer (TMV.DE)

Exhibit 1: Changes to estimates € mn, except per-share data Year to Dec 2026E 2026E % Chg. 2027E 2027E % Chg. 2028E 2028E % Chg. 2029E 2029E % Chg. 2030E 2030E % Chg. €mn Old New Old New Old New Old New Old New

ARR % % % % % % yoy 2.1% 2.2% 4.6% 4.6% 5.0% 5.0% 5.2% 5.2% 5.2% 5.2% % yoy ex-fx 3.4% 3.4% 4.5% 4.5% 5.0% 5.0% 5.2% 5.2% 5.2% 5.2% % yoy PF (company definition) 3.4% 3.4% 4.5% 4.5% 5.0% 5.0% 5.2% 5.2% 5.2% 5.2%

Revenue % % % % % % yoy 0.3% -0.8% 3.4% 3.4% 4.4% 4.4% 5.1% 5.1% 5.2% 5.2% % yoy ex-fx 1.6% 0.5% 3.3% 3.3% 4.4% 4.4% 5.1% 5.1% 5.2% 5.2% % yoy PF (company definition) 0.8% -0.3% 3.3% 3.3% 4.4% 4.4% 5.1% 5.1% 5.2% 5.2%

Adj. EBITDA % % % % % % margin 43.3% 43.4% 43.1% 43.1% 43.2% 43.2% 43.3% 43.3% 43.4% 43.4% % margin PF % yoy -2.8% -3.7% 2.8% 2.8% 4.6% 4.6% 5.3% 5.3% 5.5% 5.5%

EPS (reported) 0.92 0.90 -2% 0.97 0.96 -1% 1.05 1.04 -1% 1.14 1.13 -1% 1.24 1.22 -1% % yoy 23% 20% 6% 7% 9% 9% 8% 8% 8% 8%

EPS (adjusted) 1.11 1.09 -2% 1.17 1.15 -1% 1.25 1.24 -1% 1.34 1.32 -1% 1.43 1.42 -1% % yoy 2% 0% 5% 6% 7% 7% 7% 7% 7% 7%

FCF (GS def.) % % % % % % yoy 9% 5% 1% 4% 5% 5% 6% 6% 6% 6%

Net debt (Cash) 692 699 1% 481 491 2% 260 272 5% 26 40 58% -222 -204 -8% Net debt / cash EBITDA 1.5x 1.5x 0.9x 0.9x 0.4x 0.4x 0.0x 0.1x -0.3x -0.3x

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 2: Our estimates vs Visible Alpha Consensus Data Year to December 3Q

GS vs GS vs GS vs GS vs GS vs GS vs in €mn GS Avg Consensus GS Avg Consensus GS Avg Consensus GS Avg Consensus GS Avg Consensus GS Avg Consensus Visible Alpha consensus

Revenue % % % % % % % yoy 0% -2% -1% 1% 3% 3% 4% 4% 5% 4% 5% 5% % yoy ex-fx -0.5% 0.0% 0.46% 0.00% 3% 3% 4% 4% 5% 4% 5% 3%

Adjusted EBITDA 81.8 80.9 1% % % % % % Margin % (on revenues) 42.5% 43.0% 43.4% 43.6% 43.1% 43.6% 43.2% 43.6% 43.3% 43.7% 43.4% 42.6% % yoy -7% -8% -4% -3% 3% 3% 5% 5% 5% 4% 5% 2%

Levered FCF % % % % % % yoy -30% 5% -21% 4% 12% 5% 6% 6% 1% 6% 0% % conversion 58% 46% 59% 50% 59% 51% 59% 50% 60% 49%

Source: Visible Alpha Consensus Data, Goldman Sachs Global…