TeamViewer reported flat Q4 revenue of €194.60 million (2% cc growth), missing growth expectations despite strong Enterprise performance. Currency headwinds and integration costs from its 1E acquisition pressured 2026 guidance, with adjusted EBITDA falling to 45% (vs. 46% YoY). Net income rose 8% to €37.35 million, but pro forma revenue growth guidance of 0–3% cc undershoots analyst forecasts.

Enterprise ARR surged 11% cc to €241 million, driven by a record U.S. Frontline deal, while 1E revenue declined 9% cc amid customer churn. SMB ARR fell 1% cc to €518.70 million, reflecting paused monetization strategies. CEO Oliver Steil emphasized 2025 as a "pivotal year" for integration progress and AI adoption, though Americas revenue slumped 3% cc due to weak 1E performance.

Full-year 2025 results showed €767.50 million pro forma revenue (+5% cc) and €340.30 million EBITDA (44.3% margin), but levered free cash flow dropped 15% to €180.80 million due to FX impacts. Net debt stood at €901.40 million, with a target to reduce leverage to 2.30x by 2026. RBC analyst Wassachon Udomsilpa noted guidance implies €746–768 million 2026 revenue—below the €780 million consensus—amplifying downside risks.

Analysts stress currency volatility and integration risks as key challenges. Despite strong Enterprise momentum, the 1E drag and muted SMB performance highlight execution hurdles. TeamViewer remains focused on deleveraging, but near-term growth hinges on overcoming FX headwinds and stabilizing SMB demand.