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Good morning, ladies and gentlemen, and welcome to TeamViewer's Q1 2026 earnings call. I am Visita Grubicic, head of IR here at TeamViewer, and 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 update, and Michael will present Q1 financials. The presentation will be concluded by a Q&A session. As per usual, kindly note that you can find the important notice and the APM disclosure on slides two and three. And with this, I hand it over to Oliver to kick off our presentation.

Thank you, Bezira. Good morning, everyone. Also welcome from my side. Thank you for joining us today. 2026 is the year of delivery and Q1 was the first proof point. Top line was broadly stable and profitability was strong as expected. The building blocks for acceleration in the second half are firmly in place and we are reaffirming our full year 2026 guidance. The two effects that moderated our Q1 results, the one of 1E customer churn and our S&B course corrections, have been shaping out as flagged in February. Good visibility gives us confidence in the ARR growth acceleration, which is expected for the second half of the year. Strategically, we are focused on where the highest ROI and future upsides are, while we continue to benefit from strong cash generation in the core SMB business. We are leaning into higher-end SMB and enterprise, where we see clear demand and willingness to pay for premium capabilities, including AI. Looking at the underlying business, enterprise ARR grew despite absorbing the anticipated one-off churn in 1E. If you strip that out, then Enterprise ARR would have been up by 11%. The core is performing well. Mark and Michael will take you through the details shortly. TeamViewer 1 is gaining real commercial momentum. Its ARR doubled quarter over quarter. The Enterprise tier was launched in February and it closed its first deals almost immediately. The value proposition is clearly resonating at the top end of the market. We are building market-leading autonomous endpoint management innovations, which will expand our total addressable market meaningfully. What connects these proof points is a single direction of travel. Customers are moving towards autonomous IT operations and TeamViewer is the platform they choose to get there. Let me now take you through the details, starting with how we see ARR across our base. I want to take a moment to explain how we are presenting this job because we have refined the view from what you've seen before. We have kept the customer groupings that you are familiar with SMB and enterprise and we have broken them down in a way that we think is more useful to understand the underlying dynamics of the business. We wanted to be clear about exactly where we are facing challenges and where we are not. And here you can see that the message is encouraging. Approximately two-thirds of our ARR base is healthy and growing. Let me walk you through the four customer groups. Enterprise excluding DEX grew 18% in constant currency year over year, representing 24% of total ARR, continuing the strong double-digit momentum that we saw throughout 2025. Aya and SMB accounts, which are between 1,500 to 10,000 euros, contributed 35% of ARR and grew 1%. This is a large base of customers with real upsell potential. The two areas that face challenges are exactly the ones which we fled before. Dex ARR was down 16%, driven by the one-off customer churn of 1E, which is confined to Q1. If you strip that out, then enterprise AR overall would have been growing 11%, not 8%. Within lower-end SMB, which are accounts below €1,500 ARR, ARR was down 6%. This reflects the impact of our last year's deliberate cost corrections to revitalize the business. Both headwinds? the one of churn in one E and the SMB course corrections are known, anticipated and fully reflected in our 2026 guidance. The core of the business is performing well. This is where we've made significant investments and we have not yet even seen the full commercial impact flow through yet. TeamViewer One, autonomous endpoint management or the TeamViewer Intelligent Agents. These products are still in their early innings commercially. This is a very strong foundation to build on, and we expect the momentum to increase. Notably, net upsell from SMB to Enterprise was €10.5 million in the quarter. This demonstrates again that our strategy to migrate the most valuable SMB customers into richer product packages continues to drive growth. And the primary engine of this growth is and will be TeamViewerOne. Let me walk you through TeamView 1, as this is where we are investing significantly and which is driving the commercial story of 2026 and beyond. What you see on the left of the slide is the product architecture. There are three tiers, standard, advanced and enterprise, and they span from SMB through to large enterprises. The products are all built on the same core stack of Tensor, DEX and AI. While the tiers assemble our core offerings for each customer group, across the board we are delivering what our customers are increasingly looking for. A simpler, unified platform that reduces complexity, enables predictive problem solving, and supports the move towards autonomous IT operations. The right side of this slide tells you what is happening commercially, and the trajectory is clear. In October, daily average billings were only €4,000. By March, they reached €45,000 already. What excites us most is the pace of that rapid increase. Let me point out three key milestones in this chart. First, the December release of the major Standard & Advance update gave the first real commercial push, and you can see that billing stepped up meaningfully from that point. in January dipped as expected with normal seasonality. Third, and excitingly, February and March show a clear execution ramp after our sales kickoff. The Salesforce came out of Munich energized with a playbook that works and a product that addresses a key need of our customers. That ramp is real and it continues to build. The enterprise tier launched earlier this year and as you can see in this chart only two months in it is already contributing meaningfully to that March number. The fact that we are closing deals this quickly when sales cycles typically run much longer is a strong early signal that the value proposition is resonating at the top end of the market. All in all, this early commercial momentum confirms customer demand and marks the beginning of our transition to an endpoint-based pricing model from seed-based pricing. To understand where this goes from here, it is worth looking at what we have achieved before. This chart here demonstrates our ability to repeatedly up and cross-sell our products. I want to spend a moment on it because I think it's one of the most important frames for how to think about Team UHS-I's commercial potential. What you are looking at is illustrative annual recurring billings per upsell motions since 2018. Each layer represents a distinct growth wave. We identified an opportunity, built the product and go to market, and executed the upsell at scale. The first wave was perpetual to SaaS. We migrated a large global customer base to recurring SaaS licenses across all products. This was a fundamental commercial transformation. The second wave was driven by corporate channel upgrades. As customers scaled their usage, we grew with them. This sounds straightforward, but it required the right product market fit with continuous innovation and a disciplined sales motion to capture the potential at scale. The third wave is corporate to tensor and is still very much alive today. A functionality-led migration of corporate customers to our advanced tensor licenses. Purpose-built for enterprise IT environments. This meant higher value and higher stickiness. Tenso went from initial traction to a core share of enterprise ARR within six quarters, driven by a strong value proposition and focused commercial execution. TeamView 1 is the fourth wave, and I believe it is the largest and most exciting opportunity we have had. We are at the very beginning of this wave, but early proof points confirm that the journey has started. We know how to do this, as we'll expand on later. What makes this wave different from the prior ones is the AI accelerator. TeamViewer One is self-reinforcing in a way superior to any of the prior three product improvements. Every AI session makes the platform smarter and every automation makes it stickier. The more customers use it, the harder it becomes to replace. This is a genuine differentiator. The shift to endpoint-based pricing means the revenue opportunity scales with the device footprint, not just with the number of users. This is structurally larger and significantly more durable growth engine. When we talk about expanding our growth one way, this is what we mean. We are not relying on market expansion alone. We have a proven internal engine, one we have run multiple times before. We are now running it again with a highly differentiated product, a larger addressable market, and a data advantage that compounds with every interaction. Let me now explain the mechanics behind that compounding effect, what we call our flywheel for autonomous endpoint management. What you see on this slide is the core of what makes TeamViewer 1 structurally different from anything a competitor can bring to market. The infinity loop shape is deliberate because it is a self-reinforcing cycle that gets smarter with every single interaction. And it is powered by two proprietary data streams that no competitor owns together. Expert remote support session knowledge and deep endpoint telemetry from DEX. On the right hand side, the loop starts with a remote support session. Our TeamViewer intelligent agent called TIA joins the sessions and helps the IT expert diagnose and fix the issue, often in seconds rather than minutes and in an increasingly agentic way. Once the session ends, AI automatically creates a summary, capturing what happened, the root cause, and the resolution. That summary then flows into the left-hand side of the loop. Each session becomes a data point, patterns emerge across thousands of sessions, which our DEX intelligence translates into proactive recommendations for IT teams. The next step is automated and autonomous remediation. Instead of fixing the same issue manually every time, the system creates an automation that resolves it across the entire endpoint estate. And as it says in the middle, fix an issue once and it is fixed forever. The more the platform is used, the smarter it gets, because every session sharpens TES intelligence, which enables continuously more automations across the support operations. The result is a stealth-reinforcing flywheel. More AI sessions mean better detection, faster resolution, and smarter automation, which reduces frictions for end users and drives greater adoption and stickiness. This translates directly into measurable productivity gains for our customers. What makes this genuinely hard to replicate is the data. We are the only company in this space that owns both data sets natively. The session data from remote support and the telemetry data from the endpoint occurs. We own both at scale across more than 620,000 customers globally, tens of millions of managed devices and billions of connections. Our flywheel is not even fully in motion yet, and already early customer feedback is outstanding, as you see on the right side. The full flywheel capabilities are being unlocked this summer, which will be a major milestone for TeamViewer. This is what drives our confidence in our growth story. TeamViewer One is the commercial vehicle. The AEM flywheel is the platform pool. And our data advantage compounds with every session, widening the mode and deepening customer our path to sustainable growth. Let me zoom into one element of that flywheel, the rapid growth of AI adoption across our product and customers. By the end of April, more than 26,000 customers have already used TeamViewer AI, and cumulatively, we have generated more than 1.3 million AI sessions with over 300,000 added in March alone. These are paying customers making a AI. That level of active adoption is a strong signal that the customers see real value. This growing customer traction underscores the structural data advantage that powers our autonomous endpoint management innovation. There has been considerable debate in the market about how AI will shape the future of the SaaS industry. For TeamViewer, we have a clear-eyed view on why we see AI as a structural tailwind. organized around three dimensions, the market, our mode, and our business model. Let's start with the market. AI does not shrink our opportunity. In fact, all indications point the other way. As IT shifts from reactive to autonomous management, the number of endpoints that need to be actively managed actually grows. AI moves to the edge, Internet of Things penetration accelerates, and every new connected device is a potential TeamViewer endpoint. Gartner estimates more than 50% of organizations will adopt some form of autonomous Android management by 2029. That is the market we are moving into, and it is meaningfully larger than the remote support market we are coming from. With our unique AI innovation, we are leapfrogging into that autonomous IT market and its massive opportunity. On TeamViewer's mode, The reason AI strengthen our position rather than threatening it comes down to data, trust and integration. We operate at the endpoint where the friction occurs and where the remediation happens. This gives us two proprietary data streams we described earlier at scale that no competitor can match. We are also deeply embedded in global IT infrastructures across more than 620,000 customers and in mission critical environments around the globe. We have built trust, reputation and expertise over 20 years as a vendor-agnostic software provider. That entrenchment is a structural advantage. This is then amplified by the AI flywheel effects discussed earlier. And on the model. Our expansion into AEM is driven by our existing go-to-market approach, since we are already selling to the relevant buyers through Tenzer and DEX. We are bringing a strong, new best-of-suite value proposition to proven upsell motions. The transition from seed-based to endpoint-based pricing is a natural evolution as we sit on the endpoint and do endpoint management. There is substantial upside from this alone in our massive global device footprint. Zooming out and putting all of this together, the shift towards autonomous IT management validates the importance of our proprietary data advantage. anything, the pace of AI adoption tells us that there is more potential ahead than we initially anticipated. Early commercial data confirms it. For a company with our data, our endpoint footprint, and 20 years of customer trust, AI is not a threat. It is a structural tailwind. Let me give the floor to our customers because they say better than we can. a real-world impact of our market-leading AI innovation. 25% faster resolution on recurring issues. 25 to 50 hours saved per month. Recurring issues identified. Countermeasures defined. Automations written automatically. Instant proof of service at the click of the button. This is what it looks like when AI moves from promise to tangible business impact. Our full AEM capabilities go live this summer, and the compounding effect of this data advantage will only accelerate from there. And with this, I would like to hand it over to Mark to detail how the commercial engine is set up to capture the opportunity in front of us.

Thank you, Oliver. Let me walk you through what the commercial engine looks like on the ground. We came into 2026 with a clear mandate to accelerate global sales and go-to-market execution. I want to share the progress that has been made and the early evidence of our efforts. Let me start with the organization since structure is what makes everything else possible. We took decisive action to level up the organization. We have exceptional new leadership in place with Tim Kubek as President of Americas and Finn Fowley as our new EVP of Insight Sales, combining deep domain expertise and strong executive presence. Him and I worked together previously at LogicMonitor, so I know what he is capable of. He has already hit the ground running. Americas is our second largest region, and he and I are fully aligned on the mission to reignite growth in this exciting market. We both see strong upside as the go-to-market motion matures there. Finn is a TeamViewer veteran rejoining. He was the key leader driving the upsell motions discussed earlier and will now drive the same for Team VL1 in global inside sales. He has already had a material impact in the short time he has been on board. We have a unified sales in a global organization under my leadership and rolled out a very highly sophisticated sales playbook operating across SMB and enterprise. Our revenue operating system will take a further leap forward with the rollout of Salesforce, which is in its final stages. This will give us better pipeline visibility and sales discipline to execute at scale. The organization is truly energized by the new momentum around TeamVL1. This was evident at our global sales kickoff in January, where we set the course for this year. On go-to-market activation, TeamViewer 1 is resonating. The market feedback on the unified value proposition has been very strong. Customers understand the consolidated value proposition, and they're responding to it. We're also strategically scaling our marketing presence, deliberately ramping up brand campaigns and events ahead of the AEM general availability this summer. So the commercial activation and the product milestone arrived together. And the channel motion is stepping up too. We had a fantastic EMEA partner summit in March with the Americas to come. The partner network is an important multiplier for us, particularly for managed service providers, and we are investing accordingly. On deal momentum, we are very confident in our pipeline. The leading indicators are moving in the right direction across both segments. In enterprise, Team Bureau One is already winning strategic large deal flagship customers less than a few months into launch, demonstrating that the value proposition is clearly landing and the sales motion is effective. In SMB, we can see the course correction is stabilizing the base, which is the foundation for new growth momentum on the back of TeamViewerOne. TeamViewerOne AOR more than doubled quarter over quarter in Q1. This is the commercial engine turning. We have the organization, motion activation, and deal momentum. And with the AEM launch ahead of us and the pipeline building across both segments, we believe we are set up for growth. Q1 shows tangible evidence that our strategic positioning is translating into wins on the ground. Three flagship deals stand out. First, a German bicycle retailer with more than 40 local shops. They chose TeamVR1 to manage internal IT across a distributed retail and workshop network, ensuring frictionless store operations and excellent customer experience. a clear example of TeamView One resonating with mid-market customers where simplicity and reliability matter most. Second, a global digital transformation provider with thousands of endpoints. They selected TeamView One to seamlessly integrate acquired companies into a centralized IT model. with real-time automation and response, delivering tangible ROI from day one. This is exactly the unified proposition we have been building towards with TeamViewerOne. And third, a global leader in agricultural machinery with some of the most iconic brands, they have selected TeamViewer to embed Tensor OT directly into their remote portal across an estate of almost 100,000 connected machines. This is a multi-year strategic partnership built on joint engineering going well beyond typical software deployment. They plan to use TeamViewer to deliver a new digital service to dealers and farmers, reduce on-site technician costs, and improve uptime in time-sensitive harvest operations. Their CEO described this capability as a, quote, must-win bet. This is the kind of strategic OEM use case where there are very few credible alternatives to tensor OT in the market. And looking ahead to Q2, we have already secured a significant contract expansion in one of our flagship DEX accounts. The customer, one of the largest integrated healthcare systems in the United States, with approximately 600,000 endpoints under management, is scaling their commitment with us. The expanded contract now exceeds $10 billion in annual recurring revenue, a clear validation of our DEX platform, a mission-critical scale, and a strong indicator of how flagship customers deepen their investment once real-time remediation is proven across the fleet. This is an excellent example of how our leading value proposition in digital employee experience and autonomous endpoint management continues to translate into tangible growth. Team V01 is clearly resonating with our customers. Finally, just last week we announced that the Mercedes-AMG Petronas Formula 1 team has upgraded from Tensa to Team V01. This is a textbook example of the upsell motion playing out at the top of the market. a high-performance organization running thousands of critical endpoints across factory, office, and trackside with zero tolerance for downtime. And importantly, under the Formula One cost cap, sponsor status does not automatically translate into operational deployment. This is particularly true for the Mercedes sponsor roster. The fact that they actively chose to expand with us is therefore a strong validation of the TeamViewer 1 and AEM value proposition at the highest performance tier. Taken together, customers are choosing TeamViewer because we can deal with outcomes of scale that point solutions cannot. That is the value proposition working, and it gives us real confidence in the pipeline ahead. With that, I hand over to Michael for the financial overview.