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.

Transition plan for climate change mitigation

Overview and governance

The transition plan outlines measures and a timeline for achieving TeamViewer's climate targets (Scope 1, 2, and 3), encompassing the entire value chain and all global locations of the Group. Approved by the Management Board and Supervisory Board in the 2024 fiscal year, the plan serves as the foundation for a structured and measurable climate strategy.

The transition plan is available on the Company website.

Paris alignment and SBTi validation

As part of its climate transition plan, TeamViewer has committed to aligning its business activities with the 1.5-degree target of the Paris Agreement. The Science Based Targets initiative (SBTi) assessed whether these GHG emissions reduction targets are scientifically sound and aligned with limiting global warming to 1.5 °C. This alignment was confirmed by SBTi. TeamViewer is subject to the Paris-aligned EU benchmark values.

By publicly committing to its SBTi reduction targets, TeamViewer pledges to assess its climate objectives using scientific standards, ensuring that it contributes to limiting global warming in line with the Paris Agreement.

Targets

Short-term target (SBTi short-term target)

TeamViewer has pledged to cut absolute Scope 1 and 2 greenhouse gas emissions by 50 % by 2030, using 2021 as the baseline year. Additionally, the Company aims to reduce absolute Scope 3.1 and 3.2 GHG emissions from purchased goods, services, and capital goods by 37.8 % within the same timeframe.

Net zero target

As part of its net zero emissions target, TeamViewer plans to fully offset and permanently store the remaining 10 % of greenhouse gas emissions through carbon dioxide removal (CDR). This involves removing CO₂ directly from the atmosphere and storing it permanently.

Scope 1, 2, 3 reduction milestones

Key decarbonization levers

The Group aims to further increase the share of its total energy mix represented by renewable energy and expand its CO₂ removal and storage program.

The reduction in Scope 1 emissions was driven mainly by the use of biogas, certified through RGGOs (Renewable Gas Guarantees of Origin). Another significant factor was the increased reliance on district heating.

Investment commitments

To support the implementation of the transition plan, TeamViewer has allocated dedicated investments and financial resources. The majority of these expenditures focus on climate protection initiatives, such as carbon capture and storage (CCS). As part of its commitment, TeamViewer will invest a seven-figure euro amount by 2040 in permanent carbon removal initiatives and emerging technologies to ensure the full execution of its transition plan.

Carbon credits and removals

TeamViewer already entered into long-term contracts to purchase high-quality CDR certificates in 2023 to ensure that these unavoidable emissions are offset by scientifically validated CDR technologies. The Company has continued this strategy in the 2024 fiscal year. The investments made are regarded as part of the long-term climate strategy and are therefore excluded from the corporate carbon footprint (CCF) calculation in accordance with GHG accounting standards.

Monitoring and reporting

The internal sustainability team reviews and measures progress annually against the defined targets. The head of sustainability reports directly to the Management Board and Supervisory Board. Since the 2021 baseline year, TeamViewer has made substantial progress.

As illustrated in the table "Total GHG emissions", TeamViewer reduced the Group's CO₂ emissions by -14 % (location-based) and -15 % (market-based) compared to the previous year. These results confirm the effectiveness of the decarbonization measures outlined in the transition plan.

Climate scenario analysis

A climate scenario analysis was conducted to help identify and assess the climate-related physical risks, transition risks, and opportunities. This analysis included multiple climate scenarios, allowing for a differentiated view of short-, medium-, and long-term risks. Both high-emission scenarios and scenarios aligned with the Paris Agreement's goal of limiting global warming to 1.5 °C were considered.

In the 2024 fiscal year, TeamViewer carried out a comprehensive analysis of its business model's resilience to climate-related risks. This analysis spanned the Group's entire value chain and accounted for both physical and transition risks. The evaluation was based on multiple climate scenarios, including a high-emissions scenario (SSP 5-8.5) and a 1.5 °C scenario (SSP 1-2.6), which focuses on limiting global warming. TeamViewer intends to update this analysis annually to integrate emerging scientific insights and regulatory changes.

The analysis was conducted in accordance with ESRS E1 SBM-3 requirements and relied on key assumptions related to:

• Macroeconomic Trends: Impact of regulatory changes, evolving market requirements, and investments in climate-friendly technologies.
• Energy Consumption and Mix: Reduction of energy consumption in data centers and increased transition to renewable energy sources.
• Technology Adoption: Increasing use of digital solutions to reduce emissions, particularly through energy-efficient remote maintenance and process digitalization.

The analysis considered short- (until 2030), medium- (until 2040), and long-term (until 2050) time horizons. These are aligned with the climate scenarios and serve both to identify material physical and transition risks and to set emission reduction targets.

Impact on workforce

TeamViewer employees already primarily work in a hybrid work model across various locations worldwide. Therefore, the transition plan to reduce negative environmental impacts and achieve more environmentally friendly and climate-neutral operations is not expected to have any material impact on the Company's workforce.

Policies related to climate change mitigation and adaptation

TeamViewer references policies related to climate change mitigation and adaptation in its sustainability statement, but does not provide detailed disclosure of a specific named climate policy under ESRS E1-2.

Climate Transition Plan

While not explicitly labeled as a "policy," TeamViewer's climate transition plan functions as the primary strategic framework for climate action:

• Approval and oversight: The transition plan was approved by the Management Board and Supervisory Board in the 2024 fiscal year
• Scope: The plan encompasses the entire value chain and all global locations of the Group, covering Scope 1, 2, and 3 emissions
• Key content:
  • Outlines measures and timeline for achieving climate targets aligned with the 1.5-degree target of the Paris Agreement
  • Sets absolute targets for reducing greenhouse gas emissions at corporate level
  • Commits to net zero emissions by 2040, with 90% reduction and 10% offset through carbon dioxide removal (CDR)
  • Allocates seven-figure euro investment by 2040 in permanent carbon removal initiatives
  • Aims to increase renewable energy share and expand CO₂ removal and storage program
• Public availability: Available on the Company website
• Link to international standards: Science Based Targets initiative (SBTi) confirmed alignment with 1.5°C goal and Paris Agreement; TeamViewer is subject to Paris-aligned EU benchmark values
• Monitoring: Internal sustainability team reviews and measures progress annually against defined targets; head of sustainability reports directly to Management Board and Supervisory Board

Diversity, Inclusion, and Non-Discrimination Policy

While this policy primarily addresses social matters, it is mentioned in the context of workforce impacts from the climate transition:

• Key content: The Group has committed to paying all employees equally for equal and equivalent work, regardless of gender, sexual orientation, ethnic background, marital status, or other demographic factors
• Relevance to climate: The sustainability statement notes that the transition plan to reduce environmental impacts and achieve climate-neutral operations is not expected to have material impact on the Company's workforce

The disclosure references that climate-related risks and policies are managed through structured processes, but does not provide a dedicated, named "Climate Policy" or "Climate Change Mitigation and Adaptation Policy" with full details as anticipated by ESRS E1-2.

Actions and resources in relation to climate change policies

Decarbonization measures outlined in transition plan

Scope: Own operations (Scope 1 and 2)

Time horizon: Short to long-term (targets set for 2025, 2030, 2035, 2040)

Actions taken:

• Use of biogas certified through RGGOs (Renewable Gas Guarantees of Origin): The reduction in Scope 1 emissions was driven mainly by the use of biogas certified through RGGOs. This action contributed to a -50% reduction in Scope 1 emissions in 2024 compared to 2023 (from 202 tCO2eq to 102 tCO2eq).

• Increased reliance on district heating: Another significant factor was the increased reliance on district heating. Under the GHG Protocol, district heating is classified as Scope 2, meaning this transition shifts emissions from Scope 1 to Scope 2.

Expected outcomes / KPIs:

• Total GHG emissions reduced by -14% (location-based) and -15% (market-based) in 2024 compared to 2023
• These results confirm the effectiveness of the decarbonization measures outlined in the transition plan

Link to targets:

The transition plan outlines measures and a timeline for achieving TeamViewer's climate targets (Scope 1, 2, and 3), encompassing the entire value chain and all global locations. The Company has set the following milestones:

Overall sustainability goal: Reducing own CO₂ emissions by 90% by 2040 (compared to 2021 baseline) and carbon dioxide removal (CDR) of the remaining emissions from the atmosphere to achieve net zero emissions.

Resources allocated: Not quantified in financial or non-financial terms in the excerpts provided.

Note on customer-facing climate action

TeamViewer has established a sustainability goal of "helping customers meet their climate targets by providing climate-friendly technologies." The Company's products allow customers to significantly boost efficiency while enhancing sustainability efforts by reducing travel-related emissions through remote IT and OT device management.

Targets related to climate change mitigation and adaptation

GHG Emission Reduction Targets (SBTi-validated)

TeamViewer has set science-based targets validated by the Science Based Targets initiative (SBTi), aligned with limiting global warming to 1.5°C.

Short-term Target (SBTi short-term target)

Long-term Target (SBTi long-term target)

Supporting Targets

Progress to Date (2024)

GHG Emissions (market-based):

• 2024 total: 21,336 metric tons CO₂eq
  • Scope 3: 21,151 metric tons (99%)
• Baseline 2021: Not disclosed in excerpts

Energy:

• Total energy consumption 2024: 3,563 MWh
• Renewable energy share 2024: 80%
• Total energy from fossil sources 2024: 709 MWh

GHG Intensity per net revenue:

• 2024: 31.78 tCO₂/EUR (market-based)
• 2023: 39.87 tCO₂/EUR (market-based)
• Change: -20%

Carbon Credits Retired (2024):

• Total volume: 419 tons CO₂eq
• Share of removal projects: 100%
• Share from EU projects: 100%

Climate Transition Plan Investment

TeamViewer has committed to invest a seven-figure euro amount by 2040 in permanent carbon removal initiatives and emerging technologies, including carbon capture and storage (CCS), to ensure full execution of its transition plan.

Energy consumption and mix

Reporting year: 2024

Scope: All energy consumption across TeamViewer's operations, including office buildings and data centers.

Energy consumption by source

Share of renewable sources in total energy consumption: 80%

Notes on methodology and scope

• The reported energy consumption covers TeamViewer's global operations, including offices and data centers used by the Company.
• The reduction in Scope 1 emissions was driven mainly by the use of biogas certified through RGGOs (Renewable Gas Guarantees of Origin) and increased reliance on district heating, which is classified as Scope 2 under the GHG Protocol.
• The Company uses Energy Attribute Certificates (EACs) to verify the renewable origin of globally sourced electricity, explaining the difference between location-based and market-based Scope 2 emissions.
• TeamViewer aims to ensure that all data services and office buildings are powered entirely by renewable energy by 2026.
• The economic activity CCM 4.5 – Electricity generation from hydropower is relevant because TeamViewer has ongoing power purchase agreements (PPAs) for hydropower at its Göppingen, Berlin, and Bremen locations.

Energy intensity: Not disclosed.

Disaggregated breakdown by fossil fuel type (coal, crude oil, natural gas, other fossil sources) and renewable subtypes (solar, wind, hydro, biomass, etc.): Not disclosed. The Company reports only aggregated totals for fossil and renewable energy consumption.

Gross Scopes 1, 2, 3 and Total GHG emissions

Total GHG emissions

TeamViewer reported total greenhouse gas emissions for the 2024 fiscal year of 21,336 metric tons of CO₂ equivalent (market-based), with 21,151 metric tons (99%) classified under Scope 3 activities.

GHG intensity per net revenue

The calculation was based on revenue of EUR 671.4 million for the 2024 fiscal year.

Scope 3 categories not included

The following Scope 3 categories have not been included as they were deemed non-material:

• Category 4 – Upstream transportation and sales
• Category 9 – Downstream transportation and sales
• Category 10 – Processing of sold products
• Category 11 – Use of sold products
• Category 12 – End-of-life treatment of sold products
• Category 14 – Franchises
• Category 15 – Investments

Methodology and scope notes

Values are calculated in compliance with ISO 14064-1 requirements and in alignment with the standards of the GHG Protocol. The emissions data and the Group's carbon footprint calculations for the 2023 and 2024 reporting years underwent an external audit in accordance with ISO 14064-1.

Primary data was not always available for the CCF calculation, particularly in parts of the value chain where direct supplier information remains incomplete. Where primary data is missing, estimation methods based on the GHG Protocol and industry-specific emission factors are used. Uncertainties are documented in accordance with IPCC guidelines.

The reduction in Scope 1 emissions was driven mainly by the use of biogas, certified through RGGOs (Renewable Gas Guarantees of Origin). Another significant factor was the increased reliance on district heating. Under the Greenhouse Gas Protocol (GHG Protocol), district heating is classified as Scope 2, meaning this transition shifts emissions from Scope 1 to Scope 2.

The difference between location-based and market-based Scope 2 values stems from the use of EACs ("Energy Attribute Certificates"), which TeamViewer utilizes to verify the renewable origin of its globally sourced electricity.

For key figures that are presented in constant currency (cc), the values for the reporting period are adjusted based on the exchange rates from the prior-year period.

Energy consumption and mix

Carbon credits retired

The investments made are regarded as part of the long-term climate strategy and are therefore excluded from the corporate carbon footprint (CCF) calculation in accordance with GHG accounting standards.

Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

General statement on financial effects

TeamViewer does not expect the identified risks and opportunities to have a material financial impact on the Company's financial position, financial performance, or cash flows, or that significant adjustments to carrying amounts will be required in the next reporting period.

Material climate-related risks and opportunities

As part of the Double Materiality Assessment for the 2024 fiscal year, TeamViewer has identified climate change mitigation and adaptation as material sustainability matters.

Material sustainability matters related to climate change

Climate-related risk assessment

TeamViewer assesses climate-related risks based on IPCC scenarios and integrates them into its risk management framework. In addition to physical hazards such as extreme weather events, the focus is on regulatory transition risks.

Physical risks

Regarding physical risks, extreme weather events, such as the hurricane season in Florida, have been identified as climate-related threats. These risks were assessed using the IPCC SSP5-8.5 high-emissions scenario. Risks within the upstream and downstream value chain were analyzed through expert interviews but were deemed non-material.

Transition risks

TeamViewer has identified climate-related transition risks, especially in relation to new reporting requirements that necessitate adjustments to business processes. The 1.5 °C warming limitation scenario was not applied in this assessment.

Climate-related opportunities

TeamViewer recognizes the potential for emission reductions among its customers through greater adoption of remote solutions, which could help reduce the need for business travel.

Phase-in provisions

The disclosure requirements under ESRS E1-9 are noted as "Material" with "Disclosure Requirement introduced gradually" in the list of datapoints from other EU legislation.

Pollution of air, water and soil

TeamViewer has assessed ESRS E2-4 (Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil) as non-material.

No quantified emissions data for pollutants to air, water, or soil are disclosed in the sustainability statement.

Policies related to water and marine resources

TeamViewer has assessed ESRS E3-1 (Water and marine resources) as non-material to its operations. The company has not disclosed any specific policies related to water and marine resources, dedicated policies for water management, or policies concerning sustainable oceans and seas.

The materiality assessment indicates that water consumption, water recycling, and marine resource management are not considered material topics for TeamViewer's business model, which is primarily focused on software and digital solutions.

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.

Policies related to own workforce

TeamViewer has established several policies governing its own workforce, anchored in its commitment to international human rights standards.

Code of Conduct

Policy name: Code of Conduct (TeamViewer Group's Code of Ethics)

Scope: All employees globally

Key content and principles:

• Serves as the foundation for the Group's policies, manuals, and procedures at a global level
• Includes a clear zero tolerance statement against any form of discrimination
• Emphasizes compliance with international human rights standards, such as the United Nations Guiding Principles on Business and Human Rights and the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work
• Commits TeamViewer and all its employees to upholding these principles
• Includes guidelines on internal interactions, relationships with business partners, anti-corruption measures, and responsibilities regarding security, confidentiality, and the environment
• Violations may result in disciplinary actions (warnings, reassignment, or termination), fines, damages, or even imprisonment

Links to international standards:

• United Nations Guiding Principles on Business and Human Rights
• International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work
• European Convention on Human Rights
• UN Global Compact
• Universal Declaration of Human Rights

Public availability: Available on the Company website and intranet

Governance: Together with the Compliance Board, the Compliance Office reviews the relevance and applicability of the Code of Conduct's regulations

Monitoring and implementation:

• All employees receive regular training on key topics
• As part of onboarding, newly hired employees complete compliance courses covering data protection, the Code of Conduct, and diversity
• Regular training sessions on unconscious bias are conducted for both employees and managers
• Compliance Management System is aligned with the Group's risk profile using a risk-based approach
• TeamViewer integrates findings from audits, investigations, data analyses, and industry-specific best practices into compliance processes
• The Compliance Board, led by the Compliance Office, reports to the Management Board and the Audit Committee of the Supervisory Board

Diversity, Inclusion, and Non-Discrimination Policy

Policy name: Diversity, Inclusion, and Non-Discrimination Policy

Scope: All employees at all locations

Key content and principles:

• The Group has committed to paying all employees equally for equal and equivalent work, regardless of gender, sexual orientation, ethnic background, marital status, or other demographic factors
• Defines diversity as a range of differences between individuals, explicitly including factors such as ethnicity, skin color, gender, sexual orientation, gender identity, disability, age, religion, political opinion, national origin, or social background
• Focus areas: gender equality, cultural diversity, equal opportunities, equal pay, flexible working, inclusive language, and zero tolerance for discrimination
• All decisions regarding career development, promotions, and advancement are to be based on performance and demonstrated potential
• At all locations, TeamViewer strives to comply with local legal requirements regarding equal opportunities for people with disabilities

Public availability: Available on the Company website and intranet

Monitoring and implementation:

• Annual remuneration review conducted to minimize inequalities
• Defined career paths provide transparency regarding all positions within the Company and their respective job requirements
• Annual review of equal pay based on comparable employee groups with similar positions, titles, job descriptions, tenure, length of service, and location
• In-depth role analysis to investigate pay discrepancies
• Standardized pay bands introduced within functions
• Improved performance monitoring through detailed tracking system
• HR department at headquarters centrally monitors the Company's progress toward targets across all global locations
• Findings are evaluated by HR department and presented to relevant committees including Senior Leadership Team, Management Board, Works Council, World Works Council, and Supervisory Board
• Job postings written in inclusive language
• Employees and managers involved in hiring decisions receive regular training on fairness and inclusivity

Reporting and remediation mechanisms

TeamViewer provides multiple reporting channels for employees:

• Direct supervisors as first point of contact
• Compliance Office via dedicated email account
• Whistleblowing and complaints system (SpeakUp) allowing anonymous reporting by employees and external whistleblowers worldwide
• All whistleblowers are fully protected from any form of retaliation
• Reports are handled confidentially and promptly reviewed by the Compliance Office in collaboration with the HR department
• Appropriate measures and sanctions are implemented if necessary

Employee engagement approach

TeamViewer incorporates employees' perspectives through:

• World Works Council informed at least annually
• Works Council receives weekly updates
• HR representatives participate in Operations Committee and Personnel Committee meetings
• Works Council involved in all co-determination matters through formal written consultation process
• Internal work groups (Female Empowerment, LGBTQIA+, Parents@TeamViewer)
• Annual employee survey evaluated by HR department with results shared with department heads

Governance: Operational responsibility for employee engagement lies with the Senior Leadership Team and the Chief Human Resources Officer (CHRO), who reports directly to the CEO

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.

Characteristics of non-employees in the undertaking's own workforce

Profile of non-employees

Non-employee workers at TeamViewer include individuals without a direct employment relationship with the company. This category primarily consists of:

• Third-party employees: Workers based in countries where TeamViewer cannot provide direct employment contracts (e.g., Indonesia, Brazil, Romania), requiring workers to be hired through a service provider
• External contractors: All other individuals performing work for TeamViewer without a formal employment contract, such as those engaged under a service agreement

This definition does not include external contractors whose contractual services are merely part of the value chain (such as technical maintenance, catering, cleaning, or business consulting). Instead, it refers to external contractors whose contractual work involves tasks that are also regularly performed by employees, particularly in research and development and sales.

Non-employee headcount

Methodology

The figures are reported as headcount (not FTE) as of 31 December 2024. Non-employees include external contractors who either have a contract with TeamViewer for the provision of work services ("self-employed people") or are temporary workers supplied by companies specializing in staffing and labor leasing, primarily working for TeamViewer.

Strategic context

In 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. This was driven in part by a strategic shift from external contractors to reinforcing the internal development teams focused on product innovation and security.

Collective bargaining coverage and social dialogue

Worker representation structures

To ensure effective employee participation, TeamViewer has a "World Works Council", which represents the interests of local employees to the Management Board at all Company locations worldwide. A Works Council is also in place at the Göppingen site for TeamViewer Germany GmbH and Regit Eins GmbH.

Social dialogue arrangements

The World Works Council is informed at least annually, while the Works Council of TeamViewer Germany GmbH and Regit Eins GmbH at the Göppingen site receive weekly updates on current developments. HR representatives participate in meetings of the Operations Committee and the Personnel Committee to facilitate this exchange. Additionally, the Works Council is involved in all co-determination matters through a formal written consultation process before decisions are made.

The findings and potential improvements identified through performance tracking are evaluated by the HR department and presented to the relevant committees for discussion, including the Senior Leadership Team, Management Board, Works Council, World Works Council, and Supervisory Board.

Coverage percentages

Not disclosed.

Diversity metrics

Gender distribution at top management level

Top Management level below the Management Board (Senior Leadership Team - SLT)

Management Board level

Supervisory Board level

Gender distribution - total workforce

Age band distribution - total workforce

Target quotas for women in leadership positions

Methodology notes

• Figures are based on information provided by employees
• Annual average values are determined by calculating the mean of the number of employees at the end of each quarter
• Age groups defined as: Group 1 (Born 1995 to 2024, under 30); Group 2 (Born 1974 to 1994, aged 30–50); Group 3 (Born prior to 1973, over 50)
• The first management tier of the Group directly below the Management Board is the Senior Leadership Team (SLT)
• Total workforce in fiscal year 2024: 1,641 employees (annual average) across 22 countries

Work-life balance metrics

Family-related leave entitlement and take-up

Not disclosed.

Return-to-work rate after parental leave

Not disclosed.

Related information

The company mentions the existence of a work group called "Parents@TeamViewer" that is "dedicated to improving work-life balance and creating a more supportive work environment for parents." However, no quantitative metrics on family-related leave entitlement, take-up rates by gender, or return-to-work rates are provided in the excerpts.

The employee headcount methodology explicitly excludes employees on parental leave from the reported headcount figures: "employees on unpaid leave, parental leave, or long-term sick leave are not included." Maternity leave is included in the count as an inactive status.

Compensation metrics

Pay gap

TeamViewer's 2024 gender pay gap analysis, based on target salary (fixed salary plus target bonus), reports an average pay gap of 22%, which includes the Management Board. This figure primarily reflects differences in workforce composition rather than inequalities within comparable roles. The median pay gap stands at 15.4% (including the Management Board) and provides a more balanced representation of the typical gender pay gap within the Company.

The following are the key drivers of the gender pay gap:

Workforce composition:

• Women represent 33% of the total workforce, with a higher concentration in lower-paid departments (e.g., Administration & Support) than in higher-paid areas (e.g., Technical Roles & Sales).
• Gender imbalances in senior leadership roles (including the Management Board) and departments with higher average remuneration further contribute to the gap.

Geographical influences:

• Country-specific differences in workforce size, local labor market conditions, and industry composition also impact salary distribution.

A deeper analysis of comparable roles with balanced gender representation reveals smaller pay gaps. This underscores that the overall disparity is mainly driven by systemic workforce composition factors, a challenge faced by most technology companies, rather than by unequal pay for the same roles.

TeamViewer also aims to further reduce the gender pay gap. As part of its Diversity, Inclusion, and Non-Discrimination Policy, the Company is committed to paying all employees equally for equal and equivalent work, regardless of gender, sexual orientation, ethnic background, marital status, or other demographic factors. The principle of equal pay is reviewed annually based on comparable employee groups with similar positions, titles, job descriptions, tenure, length of service, and location. The timeframe, baseline year and baseline value for achieving this objective, as well as the measurement of progress, are set to be defined by 2026 following a data analysis.

To achieve this goal, TeamViewer has implemented the following measures and plans to continue to conduct these annually throughout its entire own workforce:

• In-depth role analysis: Pay discrepancies are investigated to identify underlying causes and validate the results.
• Standardized pay bands: TeamViewer has introduced pay structures within functions to improve pay transparency and ensure fair and consistent remuneration.
• Improved performance monitoring: The Company is implementing a detailed system for performance tracking and introducing tiered classifications at the individual role level to standardize evaluation and reward mechanisms.

Remuneration ratio

In the 2024 fiscal year, TeamViewer's annual total pay ratio, based on target salary (fixed salary plus target bonus), stood at 27.72. This figure reflects the pay ratio between the highest-paid employee and the median salary of all other employees.

The annual total pay gap highlights significant disparities in pay distribution, which are influenced by various contextual factors:

• Gender representation: Women account for 33% of TeamViewer's workforce. At 29% in leadership roles below the SLT, they are slightly underrepresented, which contributes to pay discrepancies.
• Executive remuneration: The remuneration of the CEO and other executives significantly impacts the overall pay ratio. This aligns with common practice, where top executives' remuneration is often well above the median.
• Global operations: Operating in various economic regions leads to differences in local remuneration practices and market conditions, influencing the overall pay structure.

Methodology

Pay gap methodology: The gender pay gap is based on target salary (fixed salary plus target bonus). Target salary values of different regions were converted to euros. The target salary of part-time employees was adjusted to full-time equivalents. Long-Term Incentive programs (LTIP) and benefits (e.g., car allowances, special payments) were not included.

Remuneration ratio methodology: The calculation includes the following considerations:

• Non-active employees, interns, and working students were excluded to ensure the analysis focuses on standard pay.
• Target salary values of different regions were converted to euros to allow for accurate regional comparisons.
• The target salary of part-time employees was adjusted to full-time equivalents for consistency.
• Long-Term Incentive programs (LTIP) and benefits (e.g., car allowances, special payments, and others) were not included due to the lack of a globally consistent data set and to avoid distorting the results.

Incidents, complaints and severe human rights impacts

Number of incidents of discrimination and harassment

Severe human rights impacts

In the 2024 fiscal year, no reports were received regarding violations of the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises within the supply chain.

Grievance mechanisms

Customers, employees, and other stakeholders can report irregularities and violations at any time through TeamViewer's whistleblower and complaints system (SpeakUp).

Policies related to value chain workers

TeamViewer has assessed ESRS S2-1 (Policies related to value chain workers) as non-material. No specific policies related to value chain workers are disclosed in the provided excerpts.

The company's materiality assessment indicates that disclosure requirements under ESRS S2-1, including human rights policy commitments (paragraph 17), policies related to value chain workers (paragraph 18), non-respect of UNGPs on Business and Human Rights principles and OECD guidelines (paragraph 19), and due diligence policies on issues addressed by fundamental ILO Conventions 1 to 8 (paragraph 19), are all classified as non-material for TeamViewer.

Policies related to affected communities

TeamViewer has identified ESRS S3-1 (Policies related to affected communities) as non-material and has not disclosed specific policies related to affected communities.

The company's materiality assessment determined that human rights policy commitments related to affected communities (referenced as Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1) are not material to its operations.

Incidents of corruption or bribery

Confirmed incidents

TeamViewer reported zero confirmed incidents of corruption or bribery during the 2024 fiscal year.

Convictions and fines

No convictions, legal decisions, or fines related to anti-corruption or anti-bribery violations were reported for the 2024 fiscal year.

Investigation procedures and speak-up mechanisms

TeamViewer has established multiple reporting channels for violations of applicable laws and regulations, internal policies, or irregularities:

• Direct supervisors: The first point of contact for employees
• Compliance Office: Dedicated email account for reporting concerns
• SpeakUp system: A whistleblower and grievance system allowing both employees and external whistleblowers worldwide to report misconduct anonymously

All reports are handled confidentially, and whistleblowers are fully protected from any form of retaliation. Submitted reports are promptly reviewed and assessed by the Compliance Office in collaboration with the HR department, with appropriate measures and sanctions implemented when necessary.

Policies and frameworks

TeamViewer is committed to complying with all applicable anti-corruption laws and regulations. The Company has established:

• Code of Conduct: Includes clear guidelines on anti-corruption measures and serves as a binding framework for ethical conduct
• Anti-Bribery and Anti-Corruption Policy: Documents principles, processes, and reporting channels
• Supplier and Business Partner Code of Conduct: Ensures compliance throughout the value chain
• Antitrust and Fair Competition Policy: Addresses fair business practices

Regular training for all employees (at least once per year) and due diligence processes in relation to suppliers and partners are in place to ensure compliance. Compliance with these principles is monitored through regular reporting by department heads to the Compliance Department.

Data points from EU legislation

According to the list of datapoints from other EU legislation (page 96), TeamViewer identified the following ESRS G1-4 disclosure requirements as non-material:

• Fines for violation of anti-corruption and anti-bribery laws (SFDR Indicator 17)
• Standards of anti-corruption and anti-bribery (SFDR Indicator 16)

Payment practices

Standard contractual payment terms

The Group generally grants customers a payment term of 14 days. Payment terms can also be agreed on individually for larger customers.

Note: The excerpt discusses payment terms granted to customers (accounts receivable), not payment practices to suppliers (accounts payable). No specific information is disclosed regarding average time to pay invoices to suppliers, percentage breakdown of payment terms by value, legal proceedings for late payment, or participation in prompt payment codes.