📉 Market reaction - why the results were disappointing
- Lowered outlook: The reduction in ARR guidance (from €815-840m to €780-800m) was clearly received negatively by the market. Analysts almost always see guidance cuts as a warning signal.
- SMB weakness: Stagnating ARR and rising churn in the SMB segment indicate structural problems. This causes skepticism, as SMB is traditionally a core market.
- Cash flow burden: Higher interest payments and lower cash conversion reduce short-term financial flexibility.
📊 Positive counterweights
- Enterprise segment strong: +12% ARR growth shows that the strategic shift towards key accounts is working.
- High profitability: EBITDA margin raised to 44% - signaling efficiency and cost control.
- New products (DEX Essentials, Agentic AI): Are seen as future drivers, even if they do not yet make a major contribution to sales in the short term.
🔮 Typical effects on the share & sentiment
- Short-term: Share price pressure due to lowered forecast and uncertainty in the SMB segment.
- Medium-term: Stabilization possible if enterprise growth continues and new AI products show traction.
- Long-term: The decisive factor will be whether TeamViewer gets to grips with the SMB challenges and the integration of 1E delivers sustainable added value.
👉 To summarize: The figures themselves were solid, but the lowered forecast disappointed expectations. Investors are skeptical in the short term, but see potential if the enterprise strategy works out.
*summarized with AI
