Teamviewer Se Unsp/Adr

Ladies and gentlemen, welcome to the TeamViewer SE Q3 2026 Preliminary Results and Analyst Call. I am Shari, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 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 hand over to Bisera Grubesic, Vice President, Investor Relations. Please go ahead.

Thank you, operator, and good morning, ladies and gentlemen. Welcome to TeamViewer's Q3 2026 earnings call. I am Bisera Grubesic, Head of IR here at TeamViewer, and today I am joined by our CEO, Oliver Steil, CFO Michael Wilkens and CRO Mark Banfield. 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. Please 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, Bisera. Good morning, everyone. Welcome from my side as well. Thank you for joining our call today. For several quarters now, we've seen strong business momentum in Team Bureau 1 and Index. Meaningful ARR growth of our highest enterprise tiers and also stabilizing trends in our SMB business. So that's clearly going well and in the right direction. Also, at the same time, I think it's clear that we're not always everywhere we want to be. But let me go into the details of this. So first of all, TeamView01 has become an increasingly important driver of enterprise growth. We have new and upsell business from TeamView01, which grew more than sixfold year over year, while ARR growth in our highest value enterprise segment accelerated further. Within nine months, TeamView01 has grown from no contribution to around 10% of enterprise ARR, supported by both upgrades from existing DEX and Tensor customers, as well as meaningful new business. And this momentum was particularly visible among large customers, including a significant win with the leading US aerospace and defense company that we'll also cover later. And I think this really underlines our ability to build and expand strategic customer relationships. In SMB also, we saw encouraging signs. Sequential ARR decline slowed now for the second consecutive quarter, which will pave the way for return to growth over the next quarters as some of the more negative effects are washing out. The stabilization of churn, which we talked about, has become more and more visible in the last month. and this is due to some targeted retention initiatives and also improving sales execution which we talked about and they really continue to take effect so that's also a positive movement. On the other hand we had some softer upsell and retention especially in enterprise together with some slower pipeline conversion in EMEA and both of that held back total ARR growth and this resulted in a Q3 performance that was somewhat below our ambition, honestly. So driving broader customer expansion and improving the steel conversions are therefore top priorities to translate the momentum behind our platform strategy into broader and more sustainable AI and revenue growth in 27 and beyond. And as you know, revenue as a lagging indicator does not yet fully reflect the momentum increase or improvement that you see in the business. and that's obviously a negative. Profitability on the other hand remains strong and really in line with our full year 2026 guidance with an adjusted EBDA margin of 43% which I think demonstrates again the operational efficiency and disciplined cost management that we've seen in the past. But at the same time we do continue to invest in innovation, in AI and go-to-market capabilities which is reinforcing, I think, the ability to drive future growth while maintaining financial discipline. We're going to talk about some of these investment areas, but again, all of this with margin in line with guidance. Talking about innovation, AI is important. Clearly, we also see continued strong adoption of our AI capabilities. We have now more than 5.5 million AI sessions by beginning of November. More than 70,000 customers using it. And together with the expansion of our self-healing automation capabilities, it's a strong foundation for further TeamViewerOne adoption. Clearly a key driver is AI being part of the platform, which makes that platform, TeamViewerOne, a very interesting proposition for customers. And it's really resonating, and Mark will cover this more in his part. We also enhanced our financial position during the quarter. We completed some refinancing activities and therefore strengthened our maturity profile. In addition, our equity ratio strongly improved to 18%. Michael is going to go into this in much more detail. If we look ahead, we see some delays in the conversion of larger enterprise deals, clearly based on the economic uncertainty in Europe. which is weighing on our Q4 outlook for enterprise and therefore we adjusted our full year revenue guidance to between minus two percent and minus one percent in constant currency year over year which was as you remember previously between zero and three percent constant currency. We do reaffirm our adjusted EBDR margin guidance of around 43 percent for the full year despite this top line softness. Platform Momentum across enterprise and SMB gives us confidence that our strategic progress will translate into broader ARR and revenue goals. And our ambition remains clear. We want to establish TeamViewer as the trusted intelligence and action layer for automated and eventually also autonomous IT and OT operations. And in the following slide, we will zoom in on the most relevant results for this quarter. If you go to the left slide, one of the most important developments in Q3 was the growth in enterprise ARR. Looking at the chart on the left, we saw particularly strong momentum in the highest value segment, clearly outpacing overall enterprise growth. This reflects the momentum we discussed earlier and was supported by strategic customer wins, DEX and Tensor up and cross sell. And on the right, it's encouraging really how quickly TeamViewerOne is becoming a meaningful contributor to our enterprise business. We went from close to zero at the beginning of the year to now approximately 10% of total enterprise ARR. So the TeamViewerOne contribution to enterprise ARR increased 13 times between the first and the third quarter, which I think is a very strong development. And importantly, this acceleration happened in our highest value segment and the growth of TeamViewerOne reinforced each other and demonstrate growing momentum behind our platform strategy. Let me now hand over to Mark, who will walk you through the TeamViewerOne progress in much more detail.