TeamViewer

The role of the administrative, management and supervisory bodies

Management Board Structure and Responsibilities

The Management Board is responsible for the strategic direction and operational management of TeamViewer SE and the Group. As of the reporting period, the Management Board consisted of:

• Oliver Steil - Chief Executive Officer (CEO)
• Michael Wilkens - Chief Financial Officer (CFO)
• Mei Dent - Chief Product and Technology Officer (CPTO)
• Peter Turner - Chief Commercial Officer (CCO) until his contract expiration
• Mark Banfield - Appointed as new Chief Commercial Officer (CCO) effective February 2025, following the acquisition of 1E

In September 2024, the Supervisory Board granted a three-year extension of CFO Michael Wilkens' contract ahead of schedule to continue his successful work and further improve TeamViewer's financial profile. Similarly, CPTO Mei Dent's contract was extended for three years in December 2024 to further advance the significant progress of the product and R&D strategy.

Supervisory Board Structure and Responsibilities

The Supervisory Board monitors and advises the Management Board in accordance with the law, the Articles of Association, and its Rules of Procedure. As of 31 December 2024, the Supervisory Board consisted of:

• Ralf W. Dieter - Chairman
• Dr. Abraham Peled
• Axel Salzmann
• Hera Kitwan Siu
• Swantje Conrad
• Christina Stercken
• Dr. Joachim Heel - Elected at the Annual General Meeting 2024

The Supervisory Board maintained a constructive, open, and faithful working relationship with the Management Board throughout 2024. Through regular, in-depth dialogue, the Supervisory Board provided advice on corporate management while monitoring the Management Board's activities. The Supervisory Board was consistently involved in decisions of fundamental importance to the Company.

Board Committees

To perform its tasks efficiently, the Supervisory Board has formed the following committees:

Audit Committee

The Audit Committee, which also serves as the Sustainability Committee, monitors accounting processes, risk management, the effectiveness of the internal control system and the internal audit system. It also deals with compliance issues as well as environmental, social and governance (ESG) topics. The Committee verifies the independence of the external auditor, awards audit engagements, specifies audit priorities, and agrees on auditor fees.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee proposes suitable candidates to the Supervisory Board for election proposals to the Annual General Meeting. The Committee also examines all aspects of remuneration and terms of employment for the Management Board and makes relevant recommendations to the Supervisory Board.

Board Meeting Activity

The Supervisory Board convened seven meetings during the reporting period. Regular topics at Board meetings included business performance, strategic direction and financial performance of TeamViewer SE and the Group. Key focus areas during 2024 included:

• The acquisition of 1E and its related financing
• Corporate strategy development
• Personnel matters including succession planning
• IT security incident management
• Share buyback program and treasury share cancellation
• Budget planning for 2025

Management Board Reporting

The Management Board regularly, promptly, and comprehensively updated the Supervisory Board on:

• Strategy development and implementation
• Planning and business performance
• Risk position and risk management
• Compliance matters
• Personnel planning
• Sustainability strategy
• Communication with investors
• Current events affecting the Company

Transactions requiring Supervisory Board approval under legal or statutory provisions were presented for consultation and resolution, with some prepared in advance by the committees.

Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies

Information Flow to Supervisory Bodies

The Management Board regularly, promptly, and comprehensively updated the Supervisory Board on strategy development and implementation, planning and business performance, risk position and risk management, as well as compliance, personnel planning, sustainability strategy, communication with investors, and current events.

Sustainability Matters Addressed

Audit Committee as Sustainability Committee

The Audit Committee also serves as the Sustainability Committee and deals with environmental, social and governance (ESG) topics. During the reporting period, the Audit Committee addressed:

• CSRD Implementation: The Committee received regular updates on the status of Corporate Sustainability Reporting Directive (CSRD) implementation throughout 2024
• ESG Performance Monitoring: The Supervisory Board monitored TeamViewer's sustainability performance and key ESG milestones
• ESG Ratings: The Company maintained its AAA rating in the MSCI ESG Rating 2024 and improved its ISS ESG Rating

Key ESG Achievements Reported

The following sustainability matters were reported to the administrative and supervisory bodies:

Environmental Initiatives:

• Partnership with Neustark for permanent CO₂ storage, aiming to remove 1,200 tons of CO₂ from the atmosphere over six years
• Commitment to net zero emissions strengthened through carbon removal initiatives

Social Initiatives:

• First-ever cyber robotics competition hosted between April and July, giving 750 students from the U.S. and Germany the opportunity to learn programming fundamentals
• Participation in Europe-wide "Code Week" initiative in October, welcoming students to explore coding and digitalization through interactive workshops
• Diverse workforce management with employees from various national backgrounds

Governance Initiatives:

• Data protection certification from TÜV Informationstechnik GmbH received in October
• Cybersecurity incident management and transparent communication approach
• Strong ESG ratings maintained across multiple agencies (MSCI, ISS, Sustainalytics, CDP, EcoVadis)

ESG Index Inclusion

As a result of strong ESG performance and ratings, TeamViewer was included in the prestigious STOXX DAX ESG 50+ Index.

Monitoring and Advisory Role

The Supervisory Board's monitoring and advisory responsibilities included a particular focus on sustainability matters throughout the reporting period, ensuring ESG considerations were integrated into strategic decision-making processes.

Integration of sustainability-related performance in incentive schemes

Management Board Remuneration Structure

The Nomination and Remuneration Committee dealt with Management Board remuneration, target setting for variable remuneration components, and short and long-term succession planning during the fiscal year.

Variable Remuneration Determination Process

At the Supervisory Board meeting on 30 January 2024, based on a recommendation from the Nomination and Remuneration Committee, the Supervisory Board:

• Determined the payout of the variable Management Board remuneration for the 2023 fiscal year
• Confirmed the pre-agreed performance criteria for the variable remuneration of the Management Board for the 2024 fiscal year

ESG Performance Integration

While the specific details of sustainability-related performance criteria in incentive schemes are not fully detailed in this excerpt, the Company has demonstrated strong commitment to ESG performance through:

Environmental Performance:

• Net zero emissions commitment with partnership for CO₂ removal (1,200 tons over six years)
• Maintained strong environmental ratings from leading ESG rating agencies

Social Performance:

• Educational initiatives including cyber robotics competitions and coding workshops
• Diversity and inclusion focus in workforce management
• Data protection certifications and privacy commitments

Governance Performance:

• Strong ESG ratings maintained (MSCI AAA rating, improved ISS ESG rating)
• Inclusion in STOXX DAX ESG 50+ Index
• Robust cybersecurity and data protection frameworks

Committee Oversight

The Nomination and Remuneration Committee takes into account:

• Statutory minimum gender representation requirements
• Company targets for the proportion of women on the Management Board and Supervisory Board
• All gender representation targets were met or exceeded during the reporting period

ESG Integration in Strategic Planning

The Management Board reports regularly to the Supervisory Board on sustainability strategy as part of comprehensive reporting on strategy development and implementation, indicating that ESG considerations are integrated into executive decision-making and performance evaluation processes.

Statement on due diligence

TeamViewer has established comprehensive due diligence processes across multiple areas of its operations, as evidenced by the following measures:

Security and Risk Management Due Diligence

Cybersecurity Incident Response: When TeamViewer experienced a cyberattack in June 2024, the company demonstrated robust due diligence through:

• Swift detection, investigation, and remediation of the incident
• Diligent investigation conducted with leading cybersecurity experts from Microsoft
• Confirmation that the incident was contained within the internal corporate IT environment
• Verification that the separated product environment, connectivity platform, and all customer data were not affected
• Transparent communication to ensure customers' continued trust

Third-Party Risk Assessment:

• TeamViewer's IT infrastructure, complete product and solutions portfolio, and relevant suppliers are subjected to detailed audits and stress tests by specialized international security service providers
• Results and potential improvements are discussed at Security Steering Board meetings held every two weeks
• All data centers where TeamViewer processes data are ISO 27001 certified

Data Protection Due Diligence

Privacy Management Framework:

• Company-wide data protection organization integrated within the TeamViewer Privacy Management Framework
• Dedicated internal data protection department within Legal and Compliance
• External, independent Data Protection Officer appointed in accordance with GDPR Article 37
• Complete record of processing activities maintained
• Data protection impact assessments conducted where required
• Technical and organizational measures (TOMs) reviewed at least annually, with last update in October 2024

Certification and Compliance:

• Data protection certification from TÜV Informationstechnik GmbH received in October 2024
• Trusted Site Privacy certificate awarded for TeamViewer Remote and Tensor products
• Compliance with HIPAA/HITECH, SOC 2, SOC 3, and TISAX requirements
• Compliance with EU cybersecurity and data protection requirements per NIS2 Directive confirmed by independent third-party assessment

Product Development Due Diligence

Secure Software Development:

• Secure Software Development Life Cycle (S-SDLC) implemented across all development phases
• Software Bill of Materials (SBOM) maintained for all software components
• Security tests embedded in development phases to identify vulnerabilities
• Responsible Disclosure principle followed with Vulnerability Disclosure Policy (VDP)
• Bug Bounty Program transitioned from private to public model in 2024

Supply Chain Due Diligence

Vendor and Partner Assessment:

• Regular monitoring for unauthorized changes and anomaly detection
• Supply chain attack detection and prevention measures
• Regular security reviews of suppliers and partners
• Business Continuity Management (BCM) to improve organizational resilience

Financial and Operational Due Diligence

Acquisition Due Diligence: For the 1E acquisition announced in December 2024:

• Thorough review of market developments and customer feedback
• In-depth assessment of market opportunities and competitive landscape
• Comprehensive evaluation of strategic advantages and technology integration potential
• Due diligence processes supported the USD 720 million enterprise value determination

Continuous Monitoring and Improvement

TeamViewer maintains continuous due diligence through:

• 24/7 security monitoring via external Security Operations Center (SOC)
• Regular threat intelligence integration
• Quarterly business performance reviews and strategic assessments
• Annual security audits and certifications
• Regular updates to policies and procedures based on emerging risks and regulations

Risk management and internal controls over sustainability reporting

Risk Management Framework

TeamViewer has established a comprehensive risk management system that encompasses sustainability-related risks and internal controls over sustainability reporting.

Audit Committee Role in Sustainability Risk Management

The Audit Committee serves as the Sustainability Committee and monitors:

• Risk Management: Oversight of risk management effectiveness related to sustainability matters
• Internal Control System: Monitoring of internal control systems including sustainability reporting controls
• Compliance: Dealing with compliance issues including environmental, social and governance (ESG) topics
• Sustainability Reporting: Monitoring and control of CSRD (Corporate Sustainability Reporting Directive) preparation and implementation

CSRD Implementation and Controls

During 2024, the Audit Committee received regular updates on:

• CSRD Implementation Status: Ongoing monitoring of Corporate Sustainability Reporting Directive implementation progress
• Reporting Preparation: Controls over the preparation of sustainability reporting in accordance with ESRS (European Sustainability Reporting Standards)
• Quality Assurance: External limited assurance engagement by PricewaterhouseCoopers for the Group non-financial statement

Internal Control System for Sustainability

Information Security Management System (ISMS):

• ISO 27001 certified Information Security Management System
• Successfully passed surveillance audit in 2024
• Integrated with overall risk management framework

Data Protection Controls:

• Privacy Management Framework with comprehensive data protection controls
• Technical and organizational measures (TOMs) reviewed annually (last update October 2024)
• Data Protection Officer providing independent oversight
• Regular data protection impact assessments

Sustainability Risk Monitoring

Environmental Risk Controls:

• Carbon footprint monitoring and reporting
• Climate-related risk assessment processes
• Monitoring of net zero emissions commitment progress

Social Risk Controls:

• Workforce diversity and inclusion monitoring
• Health and safety risk management systems
• Data protection and privacy risk controls

Governance Risk Controls:

• Cybersecurity risk management with 24/7 monitoring
• Business continuity management (BCM) for operational resilience
• Compliance monitoring across multiple jurisdictions

External Assurance and Verification

Independent Verification:

• PricewaterhouseCoopers conducted limited assurance engagement on Group non-financial statement
• Multiple ESG rating agencies assess and verify sustainability performance (MSCI, ISS, Sustainalytics, CDP, EcoVadis)
• Third-party certifications for data protection and security standards

Continuous Improvement:

• Regular reviews of sustainability reporting processes
• Integration of stakeholder feedback into risk assessments
• Alignment with evolving regulatory requirements and best practices

Board Oversight

Supervisory Board Monitoring:

• Regular reporting on sustainability strategy and performance
• Oversight of ESG-related risks and opportunities
• Monitoring of sustainability rating performance and index inclusion (STOXX DAX ESG 50+)

Management Board Responsibility:

• Regular updates to Supervisory Board on sustainability strategy
• Integration of sustainability considerations into strategic decision-making
• Accountability for sustainability performance and reporting accuracy

Strategy, business model and value chain

Business Model

TeamViewer is a global technology company headquartered in Germany that provides remote connectivity solutions and augmented reality-based solutions to enhance efficiency of manual processes.

Core Products and Services

TeamViewer Remote:

• Provides IT departments of small and medium-sized businesses (SMBs) remote connectivity solutions
• Enables control and management of IT (information technology) devices
• Offers fast, secure and device-independent connectivity
• Latest generation launched April 2023 with revised user interface, web client, and enhanced security

TeamViewer Tensor:

• Enterprise connectivity solutions for supporting, controlling, and managing corporate IT, smart devices, and non-standardized OT (operational technology) equipment
• Includes industrial machinery, robots, medical devices, and other specialized systems
• Customized security functions and granular control options for companies
• Comprehensive overview of companies' IT and OT device landscapes

TeamViewer Frontline:

• Augmented reality (AR) and mixed reality (MR) based solutions
• Enhances efficiency of manual processes in logistics, manufacturing, and aftersales operations
• Provides step-by-step training and workflow instructions via smart glasses or mobile devices
• Complete digital end-to-end process documentation

TeamViewer Digital Employee Experience (1E Platform):

• Added through acquisition completed January 31, 2025
• Enables companies to detect IT issues across applications and devices in real-time
• Automated troubleshooting on end devices for rapid problem solving
• Proactive issue detection and automatic resolution before users notice problems

Strategic Direction

Updated Strategy Following 1E Acquisition

With the acquisition of 1E, TeamViewer's strategy is now centered on two well-defined growth areas:

1. IT Automation: Leveraging digitalization advances in the IT sector with AI and automation
2. Digital Transformation of Industry: Smart services for technical support and digital frontline workflows

This is built on robust software platforms that enable:

• Device networking and remote control
• Digital support for field service and industrial professionals
• Convergence of IT and OT systems

Previous Three-Dimensional Strategy (Through 2024)

1. Expansion in Use Cases:

   • Remote access to IT devices (core business)
   • Digital transformation in industrial sector
   • Vision picking for logistics workflows
   • Digital support for skilled workers and service technicians

2. Coverage of Customer Segments:

   • Private users (free version for non-commercial use)
   • SMB customers (small and medium businesses)
   • Enterprise customers (large corporations)
   • Key account business development

3. Geographic Expansion:

   • EMEA (Europe, Middle East and Africa)
   • AMERICAS (North, Central, and South America)
   • APAC (Asia, Australia and Oceania)
   • Focus on strengthening AMERICAS sales organization

Value Chain

Research & Development

• 450 FTEs in R&D (31 Dec 2024)
• R&D expenses: EUR 79.9 million (2024)
• Multiple R&D locations: Germany (Göppingen, Stuttgart, Karlsruhe, Bremen), Greece (Ioannina), Austria (Linz), Portugal (Porto)
• Focus areas: AI integration, security, product innovation

Sales Model

Webshop Sales:

• Free version for non-commercial use (brand awareness strategy)
• Commercial subscriptions through own webshop
• 30-day free trials and product extensions (add-ons)

Inside Sales:

• Language-region organized teams
• Focus on SMB customer acquisition and expansion
• Cross-selling product extensions like Remote Management

Enterprise Sales:

• Dedicated sales organization for Tensor and Frontline
• Customized solutions for corporate customers
• Solution engineers for AR/MR implementations
• Customer Success Managers for adoption support

Channel Sales:

• Resellers, distributors, referral partners
• Managed Service Providers (MSPs)
• System integrators
• "TeamViewer TeamUP" partner program

Technology Partners:

• Integration with RealWear, EPSON, dynabook, Zebra
• Apple Vision Pro integration
• Sony BRAVIA Professional Displays integration

Strategic Partnerships

Co-selling Partnerships:

• Microsoft: Teams Partner of the Year Award 2024, Azure Marketplace availability, Teams and Copilot integration
• SAP: Solution integration, presence at innovation centers, Hannover Messe participation
• Google: Cloud Marketplace availability, Workspace Marketplace integration
• Siemens: AR solutions integrated with Teamcenter PLM
• Manhattan Associates: Vision picking integration
• Deloitte: Joint marketing of vision picking solutions

Global Operations

Geographic Presence:

• Headquarters: Göppingen, Germany
• 16 fully consolidated subsidiaries in 15 countries
• Regional sales hubs: Clearwater FL (USA), Singapore, Adelaide (Australia)
• Local offices: Tokyo, Shanghai, Seoul, Guadalajara, Toronto, Paris, Amman
• Shared services: Mumbai (India), Yerevan (Armenia)

Customer Base:

• Over 640,000 software subscribers (2024)
• Global customers across diverse industries
• SMB and Enterprise segments
• Notable customers: Volvo Trucks, Sony, Henkel, Coop, Amada, Bobst, Uniting

Value Creation

Financial Performance

• Revenue: EUR 671.4 million (2024, +7% YoY)
• Adjusted EBITDA: EUR 296.7 million (44% margin)
• Strong cash generation enabling shareholder returns

Market Trends Addressed

• Hybrid work models and remote work
• Increasing complexity of internet-enabled endpoints
• Growing demands for workforce skills and training
• Digital transformation in industry ("Smart Factory")
• Sustainability management and CO₂ savings
• AI and automation adoption

Long-term Value Creation Strategy

2025-2028 Targets:

• Revenue growth to EUR 1,030-1,060 million by 2028
• Enterprise segment >40% of revenue by 2028
• Adjusted EBITDA margin: 44-45% by 2028
• Adjusted earnings per share: 70% higher than 2024 (standalone basis)
• Sustainable double-digit annual revenue growth from 2027

The integration of TeamViewer and 1E technologies aims to develop the industry's leading end-to-end solution for IT processes, intelligent endpoint management, and enhanced digital workplace user experience.

Interests and views of stakeholders

Customer Stakeholders

Customer Success Stories and Engagement

TeamViewer actively engaged with customers to understand their needs and showcase success stories:

• Global Customer Base: Serves companies of all sizes, industries, and regions - from SMBs to large corporations
• Customer Testimonials: Some customers shared their unique success stories in video format, including:
  • Swiss machine manufacturer Bobst using TeamViewer for global technical support
  • Australian healthcare company Uniting using augmented reality to improve elderly care processes
• Enterprise Customers: Include global corporations like Volvo Trucks, Sony, Henkel, Swiss retailer Coop, and Japanese machine manufacturer Amada

Customer Trust and Communication

Following the cybersecurity incident in June 2024:

• Transparent Communication: Swift solution of the incident and transparent communication ensured customers' continued trust in TeamViewer's products
• Product Security: Clear communication that products remained secure at all times
• Open Disclosure Approach: Continuous communication to customers and the public throughout the incident response

Shareholder Stakeholders

Capital Market Engagement

TeamViewer maintained extensive dialogue with capital markets throughout 2024:

• Analyst Coverage: Covered by 18 German and international financial analysts
• Regular Communication: Quarterly conference calls with CEO and CFO
• Roadshows and Conferences: Participated in numerous events including Goldman Sachs European Technology Conference, J.P. Morgan European TMT Conference, and others
• Technology Field Trip: Hosted investors and analysts at Mercedes-AMG PETRONAS F1 factory in Brackley, England

Shareholder Returns

• Share Buyback Program: Completed EUR 150 million share buyback program in December 2024
• Earnings Per Share: 20% increase in adjusted earnings per share to EUR 1.05
• Value Creation: Strong cash generation benefits passed on to shareholders

Employee Stakeholders

Workforce Development and Engagement

• Headcount Growth: Expanded to 1,586 FTEs by end of 2024 (+9% year-over-year)
• Diversity and Inclusion: Employer of people from diverse national backgrounds, fostering corporate culture built on social, economic, and political inclusion
• Equal Treatment: Regardless of age, gender, ability, ethnicity, origin, religion, or economic/social background
• Recognition: Diversity recognized as one of the Group's core values

Leadership Appreciation

Management expressed gratitude: "We extend our sincere gratitude to our employees worldwide for their outstanding dedication to making 2024 a successful year. Each and every team and department played a vital role in executing our growth initiatives, strengthening our unique corporate culture, and embodying our company values."

Technology Partner Stakeholders

Strategic Partnerships

TeamViewer strengthened relationships with key technology partners:

• Microsoft: Recognized with "Microsoft Teams Partner of the Year Award" in "Microsoft Apps & Solutions" category
• RealWear: Partnership strengthened through Almer acquisition, with TeamViewer providing financial and strategic support
• SAP and Siemens: Continued collaboration showcased at Hannover Messe
• Manhattan Associates: New strategic partnership for warehouse logistics optimization
• Deloitte: Collaboration to position vision picking as industry standard
• Google: TeamViewer Tensor available on Google Cloud Marketplace

Community and Society Stakeholders

Educational and Social Initiatives

• Cyber Robotics Competition: Hosted first-ever competition giving 750 students from U.S. and Germany opportunity to learn programming fundamentals
• Code Week: Participated in Europe-wide "Code Week" initiative, welcoming students to explore coding and digitalization
• Knowledge Transfer: Commitment to education and digital literacy in communities

Environmental Responsibility

• Carbon Removal: Partnership with Neustark to remove additional 1,200 tons of CO₂ from atmosphere over six years
• ESG Leadership: Maintained AAA rating in MSCI ESG Rating and improved ISS ESG Rating
• Sustainable Business: Focus on sustainable management, CO₂ and energy savings as core business driver

Regulatory and Compliance Stakeholders

Data Protection and Privacy

• TÜV Certification: Received data protection certification from TÜV Informationstechnik GmbH in October 2024
• GDPR Compliance: Comprehensive Privacy Management Framework with external Data Protection Officer
• Trust Center: Expanded publicly accessible Trust Center with transparent information for users

Security and Law Enforcement

• Cybersecurity Collaboration: Worked with leading cybersecurity experts from Microsoft during security incident
• Fraud Prevention: Prepared to cooperate with law enforcement authorities to prevent fraudulent use of platform
• Industry Partnerships: Member of Forum of Incident Response and Security Teams (FIRST) and Stop Scams UK

Supplier and Channel Partner Stakeholders

Partner Ecosystem Development

• TeamViewer TeamUP: Strengthened collaboration with selected focus partners in partner program
• MSP Model: Introduced dedicated model for Managed Service Provider partners
• Channel Sales: Supported various sales partners including resellers, distributors, referral partners, and system integrators

Industry and Competitive Stakeholders

Market Leadership and Innovation

• Industry Recognition: PAC ranked TeamViewer as top provider of connected worker platform in augmented reality
• Awards: XR Today recognized TeamViewer Frontline as best AR solution for field service applications
• Thought Leadership: Demonstrated leadership in AI integration, industrial digitalization, and remote connectivity solutions

TeamViewer's stakeholder engagement demonstrates a comprehensive approach to understanding and addressing the interests and views of all key stakeholder groups, with particular emphasis on transparency, innovation, and long-term value creation.

Material impacts, risks and opportunities and their interaction with strategy and business model

Material Business Opportunities

AI and Automation Opportunities

• Strategic Focus: AI identified as dominant technology theme, with TeamViewer integrating artificial intelligence into solutions
• Session Insights: Launched first AI-powered feature for automatic session summarization, eliminating time-consuming manual documentation
• Microsoft Integration: AI features integrated into Microsoft Teams, Copilot, and Azure OpenAI service
• Market Position: Well-positioned to shape the digital workplace of the future through AI and automation

Digital Workplace Transformation

• 1E Acquisition: USD 720 million strategic acquisition to position TeamViewer in digital workplace management
• Market Opportunity: Creating industry-leading end-to-end solution for IT processes, intelligent endpoint management, and enhanced user experience
• Proactive IT Support: Integration enables proactive issue prevention and efficient remote problem resolution

Industrial Digitalization

• OT Market Leadership: Global market leader in secure connectivity to embedded OT devices
• Smart Services: Technical support and digital frontline workflows in industrial sector
• IT/OT Convergence: Positioned to capitalize on convergence of information technology and operational technology
• Vision Picking: Strategic partnerships with Manhattan Associates and Deloitte to accelerate warehouse logistics digitalization

Material Business Risks

Cybersecurity Risks

• Security Incident: Experienced cyberattack in June 2024 linked to APT29/Midnight Blizzard group
• Risk Mitigation: Incident was quickly detected, investigated, and resolved with no impact on product environment or customer data
• Continuous Investment: Ongoing investments in preventive measures, security applications, and compliance
• Reputation Risk: Potential impact on customer trust, mitigated through transparent communication

Macroeconomic and Market Risks

• Economic Environment: Challenging and volatile macroeconomic conditions throughout fiscal year
• Currency Risk: EUR/USD exchange rate fluctuations affecting international business
• Regional Variations: Different growth rates across key markets (Germany -0.2% GDP vs U.S. +2.8% GDP)

Competitive and Technology Risks

• Market Competition: Operating in competitive technology sector with continuous innovation requirements
• Technology Evolution: Need to continuously adapt to evolving customer needs and technology trends
• Talent Acquisition: Competition for skilled R&D talent, particularly in AI and security domains

Interaction with Strategy and Business Model

Strategic Response to Opportunities

Two-Pillar Growth Strategy:

1. IT Automation: Capitalizing on AI and automation trends in digital workplace
2. Industrial Digital Transformation: Leveraging OT connectivity and AR/MR solutions

Strategic Acquisitions:

• 1E Integration: Expands business model from reactive remote support to proactive issue prevention
• Technology Partnerships: RealWear/Almer investment strengthens AR hardware-software ecosystem

Risk Management Integration

Security-First Approach:

• Zero Trust Framework: Company-wide implementation to ensure only authorized access
• Best-of-Breed Security: Integration of world's leading security solutions
• Continuous Monitoring: 24/7 Security Operations Center (SOC) monitoring
• Incident Response: Dedicated CSIRT and PSIRT teams with updated response plans

Business Continuity:

• BCM Framework: Business Continuity Management to improve organizational resilience
• Supply Chain Security: Monitoring for unauthorized changes and supply chain attacks
• Geographic Diversification: Operations across EMEA, AMERICAS, and APAC regions

Market Position and Competitive Advantages

Technology Leadership:

• AI Innovation: First-mover advantage in AI-powered remote connectivity solutions
• AR/MR Expertise: Industry-leading position in augmented reality for industrial applications
• Platform Integration: Comprehensive solution spanning IT and OT environments

Customer Relationships:

• Trust and Reliability: High customer retention through proven security and reliability
• Global Scale: Serving 640,000+ subscribers across diverse industries and regions
• Enterprise Focus: Growing enterprise segment driving higher-value solutions

Long-term Value Creation

Financial Targets (2025-2028):

• Revenue growth to EUR 1,030-1,060 million by 2028
• Enterprise segment >40% of revenue
• Adjusted EBITDA margin improvement to 44-45%
• 70% increase in adjusted earnings per share (standalone basis)

Sustainable Growth Drivers:

• Megatrends Alignment: Hybrid work, device complexity, skills training, Smart Factory, sustainability
• Operational Leverage: Shared technical platform costs across business areas
• Innovation Pipeline: Continuous R&D investment (EUR 79.9 million in 2024)

ESG Integration

Environmental Opportunities:

• Carbon Reduction: Business model enables reduced travel through remote connectivity
• Energy Efficiency: Solutions support sustainable management and CO₂ savings
• Climate Action: Partnership with Neustark for 1,200 tons CO₂ removal over six years

Social Impact:

• Digital Inclusion: Educational initiatives (cyber robotics competition, Code Week)
• Workforce Development: Supporting skills training and digital transformation
• Healthcare and Safety: Solutions improving elderly care processes and industrial safety

Governance Excellence:

• Data Protection: TÜV certification and comprehensive privacy framework
• Cybersecurity: Industry-leading security ratings (BitSight top 1%, SecurityScorecard A-rating)
• Transparency: Open communication approach and stakeholder engagement

The material impacts, risks, and opportunities are fully integrated into TeamViewer's strategic planning and business model evolution, with the 1E acquisition representing a transformational response to identified market opportunities while risk management frameworks ensure operational resilience and stakeholder trust.

Description of the processes to identify and assess material impacts, risks and opportunities

Risk Management Framework

TeamViewer has established comprehensive processes to identify and assess material impacts, risks, and opportunities across its business operations.

Governance Structure for Risk Assessment

Supervisory Board Level

• Audit Committee: Monitors risk management effectiveness and serves as the Sustainability Committee
• Regular Reporting: Management Board provides regular updates on risk position and risk management
• Strategic Oversight: Supervisory Board involved in decisions of fundamental importance, including risk assessment for major transactions like the 1E acquisition

Management Board Level

• Security Steering Board: Meets every two weeks to discuss security outcomes and potential improvements
• Management Board Participation: Two Management Board members regularly attend Security Steering Board meetings
• Strategic Risk Assessment: Regular evaluation of business performance, strategic direction, and risk position

Risk Identification Processes

Cybersecurity Risk Assessment

Multi-layered Approach:

• Threat Intelligence: Greater use of threat intelligence to detect and mitigate potential threats early
• Advanced Threat Protection (ATP): Daily scanning using industry tools to detect hacker activity
• Deception Services: Integration with detection and defense mechanisms using specialized analysis tools and machine learning
• 24/7 Monitoring: Security Operations Center (SOC) providing continuous monitoring of all environments

Incident Response Framework:

• Computer Security Incident Response Team (CSIRT): Maintains constant readiness based on regularly updated Security Incident Response Plan
• Product Security Incident Response Team (PSIRT): Dedicated team for product-related security incidents
• External Monitoring: Monitoring of external attack surface for brand imitations, fake websites, and social media scams

Business Risk Assessment

Strategic Risk Evaluation:

• Market Analysis: Thorough review of market developments and customer feedback for strategic decisions
• Competitive Assessment: In-depth assessment of market opportunities and competitive landscape
• Acquisition Due Diligence: Comprehensive evaluation process for the 1E acquisition, including strategic advantages assessment

Operational Risk Monitoring:

• Business Continuity Management (BCM): Continuous improvement of organizational resilience to risks
• Supply Chain Monitoring: Regular monitoring for unauthorized changes and anomaly detection
• Financial Risk Assessment: Regular evaluation of financing needs and instruments

Impact Assessment Methodologies

Security Impact Assessment

Real-time Monitoring:

• Security Metrics: Real-time security metrics benchmarked against external standards
• Vulnerability Assessment: Bug Bounty Program transitioned to public model to encourage global security researcher participation
• Third-party Validation: Independent assessments including BitSight rating (top 1% of technology companies) and SecurityScorecard A-rating

Business Impact Assessment

Financial and Operational Impact:

• Performance Monitoring: Monthly monitoring of primary and secondary KPIs against planned and previous year values
• Corrective Measures: Initiation of corrective measures when necessary based on performance deviations
• Stakeholder Impact: Assessment of impact on customers, shareholders, employees, and partners

ESG Impact Assessment

Environmental, Social, and Governance Evaluation:

• ESG Ratings: Regular assessment by leading agencies (MSCI, ISS, Sustainalytics, CDP, EcoVadis)
• Materiality Assessment: Integration of ESG considerations into risk and opportunity evaluation
• Stakeholder Feedback: Continuous engagement with stakeholders to identify material topics

Opportunity Identification Processes

Market Opportunity Assessment

Technology Trends Analysis:

• AI and Automation: Identified AI as dominant technology theme and integrated into product development
• Digital Workplace Evolution: Recognition of digital workplace management opportunity leading to 1E acquisition
• Industrial Digitalization: Assessment of IT/OT convergence opportunities

Customer-driven Opportunities:

• Use Case Expansion: Identification of new applications through customer feedback and market research
• Partnership Opportunities: Strategic partnerships with Microsoft, SAP, Manhattan Associates, and others
• Geographic Expansion: Assessment of regional growth opportunities, particularly in AMERICAS market

Innovation Opportunity Assessment

R&D Pipeline Evaluation:

• Technology Roadmap: Regular assessment of emerging technologies and their application potential
• Customer Needs Analysis: Continuous evaluation of evolving customer requirements
• Competitive Intelligence: Monitoring of competitive landscape to identify differentiation opportunities

Integration with Business Strategy

Strategic Planning Integration

Regular Strategy Reviews:

• Quarterly Business Reviews: Regular evaluation of strategy effectiveness and risk position
• Annual Planning: Integration of risk assessment and opportunity identification into annual planning process
• Long-term Strategic Planning: Assessment of risks and opportunities for 2025-2028 strategic targets

Decision-Making Process

Risk-Informed Decision Making:

• Investment Decisions: Risk assessment integrated into acquisition and investment decisions
• Product Development: Security and compliance considerations embedded in development lifecycle
• Market Entry: Comprehensive risk-opportunity analysis for geographic and segment expansion

Continuous Improvement

Process Enhancement

Regular Reviews:

• Annual Policy Updates: Regular review and update of risk management policies and procedures
• Audit and Certification: Regular third-party audits and certifications to validate risk management effectiveness
• Lessons Learned: Integration of incident response learnings into risk assessment processes

External Validation:

• Industry Benchmarking: Participation in industry forums (FIRST, Stop Scams UK) for knowledge sharing
• Regulatory Compliance: Alignment with evolving regulatory requirements including CSRD, NIS2 Directive
• Stakeholder Engagement: Regular communication with stakeholders to validate risk and opportunity assessments

The comprehensive processes ensure that material impacts, risks, and opportunities are systematically identified, assessed, and integrated into strategic decision-making and business operations.

Disclosure requirements in ESRS covered by the undertaking's sustainability statement

TeamViewer has prepared its first sustainability statement in accordance with the European Sustainability Reporting Standards (ESRS) for the fiscal year 2024. The following ESRS disclosure requirements are covered:

ESRS Standards Applied

ESRS 2 - General Disclosures

TeamViewer has applied ESRS 2 General Disclosures as the foundational standard covering:

• Governance structures and processes
• Strategy and business model disclosures
• Impact, risk and opportunity management
• Stakeholder engagement processes

Environmental Standards

Based on the materiality assessment, TeamViewer has determined the following environmental topics as material:

• E1 - Climate Change: Including climate-related risks, opportunities, and mitigation strategies
• E2 - Pollution: Covering pollution prevention and management approaches
• E3 - Water and Marine Resources: Addressing water consumption and management
• E5 - Resource Use and Circular Economy: Including resource efficiency and circular economy practices

Social Standards

The following social topics have been identified as material:

• S1 - Own Workforce: Covering employment practices, diversity, health and safety, and employee development
• S2 - Workers in the Value Chain: Addressing supply chain worker conditions and practices
• S3 - Affected Communities: Including community engagement and impact management

Governance Standards

• G1 - Business Conduct: Covering business ethics, anti-corruption, and compliance practices

Assurance and Quality Control

External Assurance

• Limited Assurance Engagement: PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft voluntarily subjected the Group non-financial statement to a limited assurance engagement
• Unqualified Opinion: PricewaterhouseCoopers issued an unqualified audit opinion based on their assessment
• Audit Presentation: The auditor presented results and was available for questions at the Supervisory Board meeting on 12 March 2025

Internal Controls

• Audit Committee Oversight: The Audit Committee, serving as Sustainability Committee, monitored and controlled the preparation of CSRD reporting
• Regular Updates: The Committee received regular updates on CSRD implementation status throughout 2024
• Board Approval: Following detailed discussion and careful consideration, the Supervisory Board approved the Group non-financial statement

Reporting Framework

ESRS Voluntary Early Adoption

For the first time, TeamViewer voluntarily applied the European Sustainability Reporting Standards (ESRS) as the reporting standard for its non-financial statement in 2024, ahead of the mandatory compliance date.

Quality Assurance Measures

• High Quality Reporting: To ensure high quality of reporting, external assurance was obtained voluntarily
• Comprehensive Review: The Management Board submitted a complete Group non-financial statement prepared in accordance with §§ 315b to 315c HGB requirements
• Supervisory Review: Thorough examination by the Supervisory Board of the non-financial report contents in accordance with § 171 (1) AktG

Material Topic Coverage

The sustainability statement covers material topics identified through TeamViewer's materiality assessment process, addressing:

Environmental Impacts

• Climate change mitigation and adaptation strategies
• Pollution prevention and environmental protection measures
• Water resource management and conservation
• Resource efficiency and circular economy initiatives

Social Impacts

• Employee welfare, diversity, and development programs
• Supply chain worker conditions and standards
• Community engagement and social contribution initiatives
• Customer data protection and privacy measures

Governance Practices

• Business conduct and ethics frameworks
• Anti-corruption and compliance systems
• Risk management and internal controls
• Stakeholder engagement and transparency

Continuous Improvement

Implementation Process

The CSRD implementation process included:

• Regular monitoring of preparation progress
• Integration with existing risk management and internal control systems
• Alignment with ESG rating requirements and stakeholder expectations
• Preparation for mandatory compliance in future reporting periods

Future Enhancements

TeamViewer is committed to:

• Continuous improvement of sustainability reporting quality
• Enhanced integration of ESRS requirements into business processes
• Strengthened data collection and validation procedures
• Expanded stakeholder engagement on sustainability matters

This comprehensive approach to ESRS disclosure requirements demonstrates TeamViewer's commitment to transparency and accountability in sustainability reporting, providing stakeholders with material information about the company's environmental, social, and governance performance and impacts.

Waste

TeamViewer acknowledges waste management as a sustainability consideration but has determined it as non-material under ESRS E5-5.

List of datapoints from other EU legislation

The following table from the report shows the materiality assessment for waste-related disclosures:

Waste Generated in Operations

Within the Scope 3 greenhouse gas emissions calculation, TeamViewer includes a category for "Waste generated in operations" with the following data:

• 2024: 20 tCO2eq
• 2023: 19 tCO2eq
• 2021 (baseline): 34 tCO2eq
• 2040 target: 5 tCO2eq

Methodology Note

According to the "Overview of uncertainties when using estimated values in the CCF calculation" table:

Scope 3.05 Waste generated in operations:

• Available data: Secondary data
• Emission calculation method: Waste-type-specific method, method based on average data
• Database of emission factors: DEFRA 2024
• Uncertainty: Moderate
• Commentary: "The applied emission factors are not region-specific. Data on waste and wastewater emissions were provided for one location (TeamViewer headquarters). The remaining locations were estimated based on the average waste emission intensity per employee, derived from the data from the headquarters."

No quantitative breakdown of total waste volumes, hazardous vs. non-hazardous split, recycling rates, or waste diversion/disposal methods is provided in the report.

Characteristics of the undertaking's employees

Employee Headcount and Growth

TeamViewer Group employed 1,586 people worldwide (full-time equivalents, FTEs) as of 31 December 2024 (31 December 2023: 1,461 FTEs). The number of employees in the 2024 fiscal year was approximately 9% higher year-over-year.

Employees by Function

As of 31 December 2024 (2023) in full-time equivalents (FTEs).

Employees by Region

As of 31 December 2024 (2023) in full-time equivalents (FTEs).

Workforce Expansion Strategy

In the fiscal year, TeamViewer continued to expand its workforce, with particular focus on:

Research & Development Growth (+13%)

• Strategic shift from external contractors toward strengthening internal teams for product innovation and security
• 450 FTEs in R&D by end of 2024, representing the largest functional area
• Focus on artificial intelligence integration and cybersecurity capabilities
• New talent acquisition under CPTO Mei Dent's leadership since her 2023 appointment

Sales Organization Expansion (+9%)

• Continued investment in enterprise market positioning
• Expansion of sales development resources to enhance acquisition of new Enterprise customers
• AMERICAS region showed strongest growth at +15% year-over-year
• Strengthened sales organization particularly in the AMERICAS region

Marketing Team Growth (+13%)

• Investment in expanding brand and product marketing teams
• Further reinforcement of TeamViewer's positioning in the enterprise market
• Support for new AI features and product launches

Stable Technical Support

• Technical Customer Service headcount remained relatively stable (+5%)
• Focus shifted from expansion to optimization of existing support capabilities

Diversity and Inclusion

As an employer of people from diverse national backgrounds, TeamViewer fosters a corporate culture built on:

• Social, economic, and political inclusion
• Equal treatment regardless of:
  • Age
  • Gender
  • Ability
  • Ethnicity
  • Origin
  • Religion
  • Economic, social or other background

Diversity is recognized as one of the Group's core values and a key pillar of the company's long-term success.

Geographic Distribution

TeamViewer maintains a global workforce across multiple regions:

• EMEA (67.5%): Largest employee base including headquarters in Göppingen, Germany
• AMERICAS (19.4%): Significant presence with main hub in Clearwater, Florida
• APAC (13.1%): Growing presence with hubs in Singapore and Adelaide, Australia

R&D Workforce Details

By the end of the 2024 fiscal year, TeamViewer employed 450 full-time equivalents (FTEs) in R&D across the Group (2023: 399), marking an increase of about 13% compared to the prior year.

R&D Location Distribution

• Germany: Majority of R&D employees at Group headquarters in Göppingen, plus Stuttgart, Karlsruhe, and Bremen
• International locations:
  • Greece (Ioannina)
  • Austria (Linz)
  • Portugal (Porto)

These national and international R&D locations provide the Group additional access to skilled employees in research and development, supporting innovation and product development capabilities.