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Ladies and gentlemen, welcome to the Q3 9-month 2025 Results Conference Call. I'm Sergan, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and then 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to turn over to Bezira Grubesic, Vice President, Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and welcome to TeamViewer's Q325 earnings call. I am Bezira Grubesic, Head of Investor Relations here at TeamViewer, and today I am joined by our CEO, Oliver Steyl, CFO Michael Wilkins and CRO Mark Banfield. We rescheduled this call to today from the originally planned date of 4 November in the financial calendar, following the publication of our ad hoc statement yesterday evening. We wanted to provide you with a comprehensive overview of our Q3 performance and the updated full year guidance today. Today, Oliver and Mark will run you through the quarterly business update and Michael will present the financials. The presentation will be concluded by a Q&A session. Same as in previous quarters, we will present non-IFRS pro forma top line and adjusted EBDA performance. And also, please note, you can find the important notice and the APM disclosure on slides two and three. With this, I hand it over to Oliver to kick off our presentation.

Thank you, Vizsera. Good morning, everyone. Also welcome from my side. Thank you for joining our call today, which we had to organize in short notice, as Bizzaro just mentioned. Apologies for that short notice. But based on our Q3 performance and following a comprehensive review of the remaining deal pipeline for the fourth quarter in 2025, we decided to update the full year 2025 pro forma guidance yesterday evening. And then obviously we worked hard to be able to provide you today with the complete picture of where we are. But let me begin with an overview of the last quarter. Close the quarter with 4% revenue growth as well as 4% ARR growth year over year in constant currency. Proforma ARR reached 757 million euros now at the end of the quarter. Our enterprise business remained the key growth driver, with TeamViewer's standalone enterprise ARR up 18% year-over-year in constant currency. Our profitability continued to be high in Q3, with pro forma adjusted EBITDA margin at 46% and adjusted EPS up 15% year-over-year. This demonstrates the resilience of our operating model and our ability to deliver strong margins through all macroeconomic cycles. Additionally, we improved our pro forma net leverage ratio to 2.8 times in line with our deleveraging target. We also made further progress with product innovations and integration, particularly in the emerging category of autonomous endpoint management or AEM. which is the main building block for the future digital workplace offering. We also progressed with DEX Essentials, which is our SMB DEX offering, as well as with TeamViewer One, which is the digital workplace platform. Moreover, we are well on track regarding our agentic AI roadmap. I will share a few more details on this topic later in the presentation. but obviously also need to address one topic where we clearly perform below our expectations the one is standalone business one is arr decreased by two percent year over year in constant currency and mark will provide more details on this later but i can already say that we have immediately taken first actions we will continue to implement further measures and we are confident that this action will strengthen this part of the business going forward Ultimately, the slow pipeline conversions of 1E standalone business negatively impact our top line guidance for this fiscal year. Michael will explain the guidance update in the financial part of the presentation in detail then. And as usual, let's now take a look at the regions and customer categories and how they developed in the quarter. Revenue grew in constant currency across all regions in Q3. demonstrating the resilience and adaptability of our business. EMEA was once again our strongest region, delivering €101.5 million in revenue, which is up 6% year over year in constant currency. This very solid performance reflects the continuous robust enterprise momentum, and it underlines the relevance of our offering in this market. EMEA remains a reliable growth engine for TeamViewer, supported by a strong demand for our high-value solutions. In the Americas, revenue came in at 72.1 million euros, which is up 2% in constant currency, despite a generally subdued market environment in the US. This impacted deal volumes and slowed decision-making, particularly regarding the 1E business and in the public sector, where the recent government shutdown has been overshadowing customer conversations for quite some time now, after Doge in the second quarter. This was the next topic. APEC delivered €18.3 million in revenue, which is up 3% in constant currency, also driven by solid enterprise performance. We also secured promising DEX pilot wins in markets like South Korea, which is really reinforcing our strategic directions in the region, because it's clearly a new topic in the regions where we can position ourselves very nicely. If you look at our customer categories, enterprise continued to demonstrate strength. Revenue grew by 8% year over year in constant currency to now 57.9 million euros, and enterprise ARR increased by 12%, reaching 230.5 million euros in constant currency. And as I already said, this performance was driven more by TeamViewer's standalone enterprise, which grew ARR by 18% year-over-year in constant currency. This growth was then partially offset by the already mentioned disappointing performance from the 1E business. If we turn to SMB, Revenue grew by 3% in constant currency, reaching €134.1 million, while ARR remained broadly flat at €526.3 million. This reflects a course correction regarding our free user ecosystem and our SMB subscribers. To reduce churn and encourage product usage, for example also AI, We started to abandon all short-term monetization measures like free-to-paid and price-up campaigns in the third quarter and will continue with this approach in Q4 and beyond. As a consequence, short-term billings are negatively impacted and ARR growth is stabilizing around 0% constant currency. And of course, after significant upsets from the highest value segment into enterprise, as always. I mean, we take the highest value customers, move them up into the 10th product range. And what you see on SMB is the net effect after these migrations. Let's now look at the ARR value ranges in enterprise and SMB, where you can see some of the underlying dynamics. So all value ranges delivered good growth in enterprise underlying the healthy demand for our solutions across a wide range of customer profiles. The 100,000 to 200,000 range showed strongest momentum with 30% growth and even the largest value range of above 200,000 euro grew by 4% year over year. despite the weak performance from 1E, because 1E with its generally much bigger ticket sizes is clearly affecting that value segment of the stack, and therefore with the most negative impact in this segment. If you look at SMB, the new customer inflow was more muted. As I said, some strategic decisions we did on free-to-paid monetization, for example, and hence the ARR declined slightly in the lower value ranges. However, highest SMB value range of €1,500 to below €10,000 still grew by 5% year over year, reflecting the successful upselling into these higher product packages. So from the middle bucket into the higher bucket and then out of the higher bucket into enterprise, as you know. This is further supported by a continued net upsell from SMB to enterprise. which was 15.6 million this time, which I think demonstrates the effectiveness of this strategy of moving customers up the chain. We continue. Let me quickly explain where we stand in the post-merger integration process with 1E. Obviously, a lot is progressing as planned and as expected. I already mentioned our product launches. We had DEX Essentials and TeamViewerOne as our new digital workplace platform to the market, presented to the market. Marc will talk in a bit about our go-to-market approach around this, where we also clearly needed to adjust and harmonize our approach, as we had lost some momentum in the transition in the original sales motion of 1E, which is a very strong and dedicated enterprise motion. which we want to roll over across the company. We are making good progress from our perspective with the processes and infrastructure harmonization. For example, all former 1E colleagues are fully integrated into our organization and application landscape. And we're also progressing well with the role of Salesforce as our new joint CRM system. 1E was on Salesforce before, and we're going to roll this out across the whole company, which will also bring even more structure and rigor and processes in the enterprise motion. Unfortunately, we had a few former 1E people that left the company. This is natural, obviously, in an M&A process, but it was slightly more than expected, and that slowed down the progress, especially on the sales side a little bit. And with this, I'd like to hand over to Mark to explain what happened to the 1E business and how we are going to move this forward or turn this around. Mark.