Full-Year Revenue and ARR Growth
Pro forma revenue for FY2025 reached approximately EUR 768 million, representing +5% year-over-year in constant currency. Annual Recurring Revenue (ARR) grew +2% year-over-year in constant currency to EUR 760 million.
Strong Profitability and EBITDA Expansion
Pro forma adjusted EBITDA rose ~+8% year-over-year to around EUR 340 million, delivering an industry-leading adjusted EBITDA margin of 44.3% for FY2025 (an improvement of +2 percentage points versus 2024). Q4 adjusted EBITDA margin was approximately 45%.
Earnings and Cash Generation
Pro forma adjusted basic EPS increased +17% year-over-year to EUR 1.23. Adjusted levered free cash flow for 2025 amounted to ~EUR 208 million, representing a cash conversion of about 61%.
Enterprise Momentum and High-Value Wins
Enterprise ARR grew +11% year-over-year in constant currency to EUR 241 million and now contributes >30% of the business. TeamViewer stand-alone Enterprise showed very strong performance (notably a reported +90% ARR increase in a stand-alone Enterprise metric for the quarter). Q4 included multiple large strategic wins (including the largest Frontline deal in company history spanning >350 warehouses) and new-logo contract wins.
TeamViewer ONE and AI Traction
Strong early traction for TeamViewer ONE (unified digital workplace platform) with notable Q4 deals and continued adoption after the December product update. AI adoption progressing: over 13,000 customers opted into the AI Session Insights feature (as of early February) and the feature summarized >600,000 TeamViewer sessions.
Regional Growth Across All Regions
Revenue grew in constant currency across all regions in 2025: EMEA +6% to EUR 402 million, Americas +3% to EUR 292 million, and APAC +4% to EUR 73 million—EMEA contributed slightly above 50% of revenue.
Improved Leverage and Refinancing Progress
Net leverage ratio improved to 2.6x (from 2.8x in Q3 2025). Management reiterated a deleveraging target of around 2.3x net leverage by year-end 2026 and executed partial refinancing (EUR 30m of bridge loan via private placement) to strengthen financing.
Operational Investments and Efficiency Gains
Investments in R&D (+7% year-over-year) and sales enablement were maintained while marketing costs were optimized (marketing costs decreased -15% year-over-year and represented 13% of revenue vs 16% in 2024), driving improved sales & marketing efficiency.