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Good morning, ladies and gentlemen, and welcome to TeamViewer's Q4 and full year 25 earnings call. I am Lisseta Grubesic, head of IR. Today, I am joined by our CEO, Oliver Steyl, CFO Michael Wilkins, and CRO Mark Banfield. Oliver and Mark will run you through the quarterly business updates. Michael will present Q4 and full year financials, followed by the full year guidance and meet and targets. The presentation will be concluded by a Q&A session. Same as in the previous quarters, we will present non-IFRS performance top line and adjusted EBTA performance. And also, please note that you can find the important notice and the APM disclosure on slides two and three. And I now hand it over to Oliver to kick off.

Thank you, Vizsera. Good morning, everyone. Also, welcome from my side. Thank you for joining our call today. As the last year was clearly a year of transition after the 1E acquisition, I would like to start differently this time and give you some broader context before we dive into the results. When we look back at the year 2025, we see a lot of progress and proof that we are on the right track. But of course, there were also some challenges that require our full focus and which we continue to address in 2026 as we are firmly committed to re-accelerate top-line growth. 2025 was again marked by macroeconomic difficulties and geopolitical tensions, which affected customer decision-making and made it more challenging for us to execute and operate as initially planned. And as you know, AI was one of the defining forces in 2025. At TeamViewer, we clearly view AI as a significant opportunity to drive platform growth. We progress significantly with embedding AI into the core of our product to improve our offering. Our webinar for the capital markets last year November made it clear how we and our customers will benefit from AI. We are unique as we are the only company within our industry that can deliver what we do. This is based on our technology and proprietary data and the combination of TeamViewer and 1E product capabilities, which I will elaborate on later. While our enterprise business continued to grow, we were disappointed with the SMB business as growth was slowing down. We needed to course correct our approach regarding SMB customers and decided to suspend all short-term monetization activities like free-to-paid campaigns and pure price ups to revitalize the ecosystem of non-commercial users and smaller SMB customers who are very price sensitive. Also, the 1E business performed below our expectations as integration work temporarily slowed momentum and some key talent left. With a new global sales and customer success set up under Mark's leaderships, we are now focused on customer retention and rebuilding a strong pipeline. And we are already seeing early strategic wins. 2025 was clearly a pivotal year for TeamViewer. We integrated TeamViewer and 1E capabilities, invested heavily in R&D and sales and go-to-market. We launched several new products during the year. The first one, DEX Essentials, is an easy-to-implement DEX version for smaller IT teams. It was built in record time after the one-year acquisition and represents a stepping stone to our most important new product, TeamViewerOne, our all-in digital workplace management platform, unifying DEX, AI-based remote support, and RMM to create a new, differentiated offering for companies of all sizes. We could see that our efforts paid off already in Q4 with a strong traction of TeamViewer 1, highly strategic customer wins index and frontline, as well as an overall continued strong TeamViewer enterprise momentum. Let me now talk you through our full year results. We closed the year with 5% pro forma revenue growth in constant currency year over year. ARR grew 2% in constant currency and TeamViewer's standalone enterprise business was 19% up in constant currency and therefore the main growth driver. New ARR from TeamViewer standalone even doubled year over year. The enterprise business overall showed strength in Q4 with highly strategic wins in DEX and frontline. At the same time, we were able to deleverage as expected and improved our net leverage ratio to 2.6 times. Our profitability remained high and we closed 2025 with a pro forma adjusted EBTA margin slightly above 44%. 2026 will clearly be another transformational year for us. I will elaborate later more on what that means and which priority areas we will be focusing on. Let's now take a look at the regions and customer categories and how we have developed during the year. Revenue grew in constant currency across all regions in 2025. EMEA was our strongest region, contributing slightly above 50% to our revenue. The region delivered €402 million in revenue, up 6% year-over-year. In the Americas, revenue reached €292 million, up 3% in constant currency, despite an ongoing difficult market environment in the U.S. Especially towards the end of Q4, the US team brought in a few very important strategic deals, which I will show in a few minutes. APEC delivered 73 million euros in revenue, up 4% in constant currency, driven by good enterprise performance. We were especially happy about a few DEX enterprise deals in the region. This is noteworthy as 1E didn't have any business in APEC, but TeamViewer was able to bring DEX to the region due to our dedicated APEC go-to-market efforts. Looking at our customer categories, enterprise continued to demonstrate strength. Revenue as well as ARR grew by 11% year over year in constant currency. With this, the enterprise business now contributes more than 30% to our business. In SMB, revenue grew by 2% in constant currency, while SMB ARR was down minus 1% in constant currency. As already explained, we were not satisfied with the SMB performance in 2025 and already took measures to course correct. Let us now look at the respective ARR value ranges in Enterprise and SMB. In Enterprise, all value ranges deliver double-digit growth, reflecting the enterprise momentum we saw throughout the year and especially in Q4. Notably, also the highest value range of above €200,000 picked up again, with a strategic DEX and frontline wins in the quarter. In SMB, the highest value range grew by 3% year over year. The lower value ranges were down mid-single digits. This reflects successful upselling into richer product packages within SMB on the one hand, but also the price sensitivity of smaller customers that I already talked about. As user, we saw net upsells from SMB2 enterprise of 12 million euros reported, which demonstrates the effectiveness of our sales strategy to move customers up to higher value ranges. Let me now tell you a bit more about some of the enterprise deals of Q4 that we are particularly excited about. In the fourth quarter, we won a few highly relevant large deals. I would like to highlight three of them, all from the US. First, we were able to convince a large and well-known US company from the defense sector to introduce our DAX solution and use it across the vast IT landscape. For this customer, the capabilities of our platform for real-time remediation and autonomous endpoint management were the decisive reasons to choose TeamViewer DEX. This equally applies to the second deal with Thrive, a large US-based managed service provider with a growing presence across the globe. They will integrate our DEX solution into their managed services platform to enable better insights and more automation for their customers. They chose TeamViewer as we are a clear leader in the DAX space and in IT support automation. And secondly, because of our ServiceNow integration. The last example I would like to highlight is the largest frontline deal in our history. It's one of the world's largest consumer food and beverage producers who will deploy our frontline picking solution across more than 350 warehouses, which also offers great potential for the future. We have been working with these customers on this project for quite some time and are very excited that we were able to close the deal now. Frontline is an integral part of our digital workplace platform as it is very much needed to digitalize physical work environments such as production lines or warehouses. We are a recognized leader in this space and have built a unique and differentiating positioning over the last years with large customers such as DHL, Coca-Cola, Nagio, and now this additional win in the U.S. Some of our largest enterprise customers use TeamViewer Frontline to digitalize manual work in industrial settings. All in all, we see that whenever the requirements are complex, when critical processes are affected and real-time operations needed, we are very well positioned as we create very real business value for our customers in these environments. Let me now explain our strategic priorities for the year 2026 and beyond so that you know what to expect from us. We have a clear plan to make TeamViewer even stronger going forward. In this section, our CRO Mark will also present a few topics. First, let me take a step back and look at what we are seeing in the market. Quite simply, IT is reaching an inflection point. Over the last decade, companies have layered tool upon tool to solve individual problems. The result is a highly complex and fragmented landscape with overlapping solutions, rising operating costs and frustrated users despite very significant investments. Too much time and money are being spent simply just keep the operations running and far too little on true innovation and value creation. At the same time, we are witnessing a secular technology shift with AI. Companies clearly recognize the potential of AI to transform IT operations, automate work, and meaningfully improve productivity. But fragmented tools, manual processes, and reactive operating models make it difficult to deploy AI at scale. And in many cases, AI even adds the complexity instead of reducing it. Taken together, this IT breaking point and the AI opportunity drives a fundamental market shift. Companies are now demanding simpler, more cost efficient, AI-powered IT management. They are looking for consolidated platforms that reduce complexity, enable predictive problem solving, and support the move towards autonomous operations. So the obvious next question is, who is best positioned to help customers drive this shift from reactive to predictive IT? Doing this well requires several things to come together at the same time. seamless connectivity across very heterogeneous environments, a high-performing operational engine, proven automation capabilities, a large customer base, and increasingly a unique AI advantage built on access to hard-to-get and high-quality data. And this is exactly where TeamViewer differentiates. Our core TeamViewer heritage is built on over 20 years of experience in remote support and connectivity at global scale. And with 1E, we added unmatched and proprietary capabilities for real-time remediation and autonomous endpoint management. Together, this gives us unique, broad visibility into devices, applications, performance, and user experience. The kind of data foundation that AI actually needs to deliver value. With TeamViewer 1, we have deliberately unified these capabilities into a single best of suite platform. Purpose built to simplify complex IT environments and to drive a shift left towards proactive and predictive operations. It brings together all of TeamViewer's best of breed solutions and connects them through a shared data and AI layer. Every AI-powered remote support remediation generates insights that continuously reinforce our DEX-driven self-remediation engine. And that is why we believe TeamView is uniquely positioned to shape this market inflection. Our integrated capabilities position us at the very center of the shift towards intelligent, consolidated IT operations. Looking at 2026, we have defined four key priorities that we will focus on in the coming months and that form building blocks for our transformation journey. We will elaborate on each of them in more details afterwards. Firstly, it is crucial to revitalize the SMB business as well as the performance of the standalone DEX business. Secondly, we will continue to invest organically in our market-leading product offering. Thirdly, we will accelerate global sales and go-to-market execution. And while doing all of this, we remain committed to our deleveraging goal of around 2.3 times net leverage at the end of this year. We have clear actions in place to reignite revenue growth in 2026 and beyond. The first building block is the turnaround of our SMB business and the re-acceleration of the 1E performance, meaning DAX for enterprise. As we've already mentioned, end of last year, we have started initiatives to revitalize the ecosystem of non-commercial users, for example, through avoiding aggressive free-to-paid campaigns. Price increases will be tied to clear additional value in the product, for example, bundling our AI capabilities or automations into the remote licenses. We appointed Finn Foley as Executive VP Global Insight Sales to strengthen the global sales organization. And on top of that, we have set up sales and customer-facing organizations more efficiently and according to best practices with new sales and AI tech stack to ensure more focus and improved customer retention. This goes together with better onboarding and customer support throughout the entire lifecycle to unlock potential and create value. Of course, also TeamView 1 will play a key role in retention and upselling strategies and represents a key strategic differentiator against competing RMM products. For 1E and DAX, We've also identified and implemented measures in general and enhanced product focus on the core DEX and automation use cases to release features the customers were waiting for. We enabled our global enterprise sales force to sell DEX and we have improved relationships with long-standing 1E customers through a comprehensive customer success management framework and a structured customer advisory board program. Again, the TeamViewerOne platform and our AEM proposition play an important role in this context, and Mark and I will elaborate on this in a few minutes. Now, let's have a look at our ongoing organic product development. As part of these organic investments, I would like to show you again how we position our product offering in the market. All our different solutions are leaders in their respective space. TensorFlow and remote in remote access and support, DEX in digital employee experience and frontline in the connected workforce space. We will continue to improve them as standalone products. Additionally, through the 1E acquisition, we were able to successfully position us at the forefront of the emerging digital workplace and autonomous endpoint management categories, which we will naturally extend into frontline workplaces. With a unique combination of TeamViewer and 1E technology within the TeamViewer One platform, we are able to deliver an industry-leading one-stop shop for IT operations and AEM, covering the full spectrum from proactive auto-remediation capabilities to remote expert support. Customers across the globe understand and embrace the value of DAX and the strategic roadmap towards more automation and ultimately autonomous endpoint management. All of this is powered by AI, as this is horizontally embedded across the entire product portfolio and at the core of our offerings. We will continue to invest organically in AI and develop more agents that can leverage the unique proprietary data we have access to. Our AI products are good and quick adoption since the introduction of the growing suite of AI powered features in summer 2025, as well as the announcement of TeamViewer's new intelligent agent here at Microsoft Ignite in November. At the beginning of February, more than 13,000 customers had already opted in for the AI Session Insights feature and had used it to summarize more than 600,000 TeamViewer sessions. To illustrate our unique position in the autonomous endpoint management space, I would like to quickly explain again how the complementary capabilities of DAX and remote access and support work together and strengthen each other. In an ideal scenario, a new and until now unsolved digital friction occurs on one of the devices inside a company's IT landscape. A human expert will now take care and use remote support capabilities to look into the issue. Obviously, the expert will appreciate AI supporting him or her on root cause analysis and remediation of the issue. The session will be captured and automatically summarized by AI to make it available as a foundation for the future and increase intelligence across support operations. At the same time, our DEX technology is constantly analyzing device and system data in real time. This is matched against the DEX inside library with pre-configured automation for frequent issues. Closing the loop, we are able to build new automations out of the previously generated session summaries resulting from expert support. This loop is constantly increasing the amount of automations across the support operations. Fixing an issue once means it is then fixed forever and can be executed autonomously at scale. With this, I'd like to hand over to Mark, who will talk about TeamViewer 1 as well as our go-to-market strategy.

Thanks, Oliver, and a warm welcome from me too. TeamViewer 1, as we said two weeks ago at our global sales give-off in Munich, is clearly our number one. It's a unified digital workplace platform to enable autonomous IT and endpoint management. It combines all of our leading solutions and capabilities, remote access and support, DEX, RMM, AI at the core, and we are the only vendor who can unify this range of capabilities in a single platform. We will offer it to all our existing as well as all of our new customers across all geographies, all industries, and across all customer categories, as it is equally compelling for both SMBs, enterprises, as well as managed service providers. It adds enormous value to our customers as it unifies all IT operations under a single platform. This makes it our number one go-to product, go-to market product for this year and beyond. Of course, we will continue to sell our standalone solutions, but wherever there is a case for Team Bureau 1, we will go for that as it offers endpoint pricing and therefore financial upside, but also higher stickiness as we will become much more relevant to our customers. We have the right ingredients, the right products, the right proprietary data, the right customer base, and an enabled global sales force to sell this leading solution and win in this space. Only recently in December, we released a major product update to TeamViewer 1 with a very compelling design and user experience. This gave another push to marketing and sales to focus on TeamViewer 1, and we already see the first results. Now let me wrap up this section by talking about our go-to-market strategy. Our first focus area is to retain and grow customers. We need to set strong focus on churn prevention and work across sales and all customer-facing departments in lockstep. Of course, enterprise customers need to be treated very differently than SMB ones. But overall, we need to reduce churn and instead try demonstrable outcomes for our customers, satisfying them and using the momentum for upsell and cross-selling as we migrate them to Team Bureau 1. As I already outlined on the previous page, TeamViewer 1 is the leading go-to-market product for our sales force. If there is no direct entry point to TeamViewer 1, we will go with the most suitable standalone solution and follow up with a very clear land and expand strategy. For all scenarios, we have developed a very comprehensive global sales playbook and we have trained our entire sales force on this at the recent global sales kickoff. The third set of measures that will move the needle this year is ruthless prioritization of leading KPIs and a rigorous data-driven approach to decision-making. We will continue tracking and managing our pipeline, as well as sales productivity and focus on operational excellence everywhere. This is not rocket science that gives us a clear path to a strong global go-to-market execution. With that, I'd like to hand over to Michael for our financial section.