LOGITECH INTERNATIONAL S.A.

Previous wording

•Changes in trade regulations, policies and agreements and the imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed on U.S. imports, and our ability to mitigate;

Current wording

•Changes in trade regulations, policies and agreements and the imposition of tariffs or other trade restrictions that affect our products or operations, including potential new tariffs that may be imposed on U.S. imports, and our ability to mitigate;

Previous wording

Forward-looking statements also include, among others, those statements including the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should,” “will,” and similar language. These statements reflect our views and assumptions as of the date of this Quarterly Report on Form 10-Q. All forward-looking statements involve risks and uncertainties that could cause our actual performance to differ materially from those anticipated in the forward-looking statements depending on a variety of factors. Important information as to these factors can be found in this Quarterly Report on Form 10-Q under the headings of “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Company Overview,” “Critical Accounting Estimates,” and “Liquidity and Capital Resources,” among others. Factors that might cause or contribute to such differences include, but are not limited to, those discussed under Part II, Item 1A “Risk Factors” as well as elsewhere in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended March 31, 2025, and in our other filings with the U.S. Securities and Exchange Commission, or “SEC.” You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

Current wording

Forward-looking statements also include, among others, statements that include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should,” “will,” and similar language. These statements reflect our views and assumptions as of the date of this Quarterly Report on Form 10-Q. All forward-looking statements involve risks and uncertainties that could cause our actual performance to differ materially from those anticipated in the forward-looking statements depending on a variety of factors. Important information as to these factors can be found in this Quarterly Report on Form 10-Q under the headings of “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Company Overview,” “Critical Accounting Estimates,” and “Liquidity and Capital Resources,” among others. Factors that might cause or contribute to such differences include, but are not limited to, those discussed under Part II, Item 1A “Risk Factors” as well as elsewhere in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended March 31, 2025, and in our other filings with the U.S. Securities and Exchange Commission, or “SEC.” You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update the forward-looking statements made in this document to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

Previous wording

In 2025, the United States introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions. These tariff policies in the U.S. and responsive policies enacted in other countries are evolving. The incremental tariffs have had and may continue to have an adverse impact on our result of operations. In addition, our business has continued to be impacted by ongoing macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations, uncertainty in consumer and enterprise demand, low economic growth in certain regions, changes in fiscal policies and geopolitical conflicts.

Current wording

In 2025, the United States introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions. These tariff policies in the U.S. and responsive policies enacted in other countries are evolving. The incremental tariffs have had and may continue to have an adverse impact on our results of operations. In addition, our business has continued to be impacted by ongoing macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations, uncertainty in consumer and enterprise demand, low economic growth in certain regions, changes in fiscal policies and geopolitical conflicts.

Previous wording

Our sales for thethree months ended June 30, 2025 increased 5%, compared tothe three months ended June 30, 2024, primarily due to an increase in sales of Video Collaboration, Tablet Accessories and Webcams. Our sales for the three months ended June 30, 2025, compared to three months ended June 30, 2024, benefited from improved demand in the Asia Pacific and EMEA regions.

Current wording

Our sales were $1,186.1 million and $2,333.8 million for the three and six months ended September 30, 2025, respectively, an increase of 6% compared to $1,116.0 million and $2,204.3 million for the three and six months ended September 30, 2024, respectively, primarily due to an increase in sales for Keyboards & Combos, Pointing Devices, and Gaming. Our sales forthe three and six months ended September 30, 2025, compared to the same periods ended September 30, 2024, benefited from improved demand in the Asia Pacific and EMEA regions.

Previous wording

Sales for the three months ended June 30, 2025 increased 16% and 12% in the Asia Pacific and EMEA regions, respectively, and decreased 5% in the Americas region, compared to the three months ended June 30, 2024.

Current wording

Sales for the three months ended September 30, 2025 increased 20% and 9% in the Asia Pacific and EMEA regions, respectively, and decreased 4% in the Americas region, compared to the three months ended September 30, 2024. Sales for the six months ended September 30, 2025 increased 18% and 10% in the Asia Pacific and EMEA regions, respectively, and decreased 4% in the Americas region, compared to the six months ended September 30, 2024.

Previous wording

Gross margin was 41.7% for the three months ended June 30, 2025 and decreased by 110 basis points, compared to the three months ended June 30, 2024, primarily driven by an unfavorable impact from increased tariffs, higher promotional spend and a prior year release in inventory reserves, partially offset by a favorable impact from price increases in North America and product cost reductions.

Current wording

Gross margin was 43.4% for the three months ended September 30, 2025 and decreased by 20 basis points, compared to the three months ended September 30, 2024. Gross margin was 42.6% for the six months ended September 30, 2025 and decreased by 60 basis points, compared to the six months ended September 30, 2024. The decrease in gross margin for both the three-month and six-month periods was primarily driven by higher promotional spend and increased tariffs, partially offset by favorable impacts from product cost reductions and price increases in North America.

Previous wording

We had an income tax provision of$28.5 million and$25.6 million for thethree months ended June 30, 2025 and June 30, 2024, respectively.

Current wording

We had an income tax provision of$32.4 million and$30.6 million for thethree months ended September 30, 2025 and 2024, respectively. We had an income tax provision of$60.9 million and $56.1 million for the six months ended September 30, 2025 and 2024, respectively.

Previous wording

Net income for the three months ended June 30, 2025 was $146.0 million, compared to$141.8 millionfor the three months ended June 30, 2024.

Current wording

Net income for the three and six months ended September 30, 2025 was $170.7 million and $316.7 million, respectively, compared to$145.5 million and $287.3 million, for the three and six months ended September 30, 2024, respectively.

Previous wording

We believe that the assumptions, judgments and estimates involved in the accounting for accruals for customer incentives and related breakage, accrued sales return liability, inventory valuation, and uncertain tax positions, have the greatest potential impact on our condensed consolidated financial statements. These areas are key components of our results of operations and are based on complex rules requiring us to make judgments and estimates and consequently, we consider these to be our critical accounting policies. Historically, our assumptions, judgments and estimates relative to our critical accounting policies have not differed materially from actual results.

Current wording

We believe that the assumptions, judgments and estimates involved in the accounting for accruals for customer incentives and related breakage, accrued sales return liability, inventory valuation, and uncertain tax positions, have the greatest potential impact on our condensed consolidated financial statements. These areas are key components of our results of operations and are based on complex rules requiring us to make judgments and estimates and consequently, we consider these to be our critical accounting policies.

Previous wording

There have been no material changes in our critical accounting estimates during the three months ended June 30, 2025 compared with the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Current wording

There have been no material changes in our critical accounting estimates during the six months ended September 30, 2025 compared with the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Previous wording

Our sales for thethree months ended June 30, 2025 increased 5%, compared tothe three months ended June 30, 2024, primarily due to an increase in sales of Video Collaboration, Tablet Accessories and Webcams. Our sales for the three months ended June 30, 2025, compared to three months ended June 30, 2024, benefited from improved demand in the Asia Pacific and EMEA regions. If currency exchange rates had been constant in the three months ended June 30, 2025 and 2024, our sales growth rate in constant currency would have been 5%.

Current wording

Our sales for the three and six months ended September 30, 2025 increased 6%, compared to the three and six months ended September 30, 2024, primarily due to an increase in sales for Keyboards & Combos, Pointing Devices, and Gaming. Our sales forthe three and six months ended September 30, 2025, compared to the same periods ended September 30, 2024, benefited from improved demand in the Asia Pacific and EMEA regions. If currency exchange rates had been constant in the three and six months ended September 30, 2025 and 2024, our sales growth rates in constant currency would have been 4% for both the three-month and six-month periods.

Previous wording

Although our financial results are reported in U.S. Dollars, a portion of our sales was generated in currencies other than the U.S. Dollar, such as the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, Pound Sterling and New Taiwan Dollar. During the three months ended June 30, 2025, approximately 53% of our sales were denominated in currencies other than the U.S. Dollar.

Current wording

Although our financial results are reported in U.S. Dollars, a portion of our sales was generated in currencies other than the U.S. Dollar, such as the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, Pound Sterling and Brazilian Real. During the three months ended September 30, 2025, approximately 53% of our sales were denominated in currencies other than the U.S. Dollar.

Previous wording

The following table presents the change in sales by region for the three months ended June 30, 2025, compared with the three months ended June 30, 2024:

Current wording

The following table presents the change in sales by region for the three and six months ended September 30, 2025, compared with the three and six months ended September 30, 2024:

Previous wording

The decrease in sales in the Americas region for the three-month period presented above was primarily driven by a decrease in sales of Gaming.

Current wording

The decrease in sales in the Americas region for the three-month period presented above was primarily driven by a decrease in sales for Gaming and Tablet Accessories, offset by an increase in sales for Pointing Devices. The decrease in sales in the Americas region for the six-month period presented above was primarily driven by a decrease in sales for Gaming. The decline in Gaming sales in both the three-month and six-month periods resulted mainly from the competitive pricing environment in North America.

Previous wording

The increase in sales in the EMEA region for the three-month period presented above was primarily driven by an increase in sales of Gaming, Video Collaboration, Keyboards & Combos, and Tablet Accessories.

Current wording

The increase in sales in the EMEA region for the three-month period presented above was primarily driven by an increase in sales for Keyboards & Combos, Pointing Devices, and Video Collaboration. The increase in sales in the EMEA region for the six-month period presented above was primarily driven by an increase in sales for Keyboards & Combos, Video Collaboration, Pointing Devices, and Gaming.

Previous wording

The increase in sales in the Asia Pacific region for the three-month period presented above was primarily driven by an increase in sales for Gaming and Tablet Accessories.

Current wording

The increase in sales in the Asia Pacific region for the three and six-month period presented above was primarily driven by an increase in sales for Gaming and Tablet Accessories.

Previous wording

Sales by product category for the three months ended June 30, 2025 and 2024 were as follows (Dollars in thousands):

Current wording

Sales by product category for the three and six months ended September 30, 2025 and 2024 were as follows (Dollars in thousands):

Previous wording

Sales of Gaming increased 2%for thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024, primarily driven by an increase in sales of gaming mice, partially offset by decreases in sales of other gaming products.

Current wording

Sales of Gaming increased 8% and 5% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of gaming mice, partially offset by decreases in other gaming products.

Previous wording

Sales of Keyboards & Combos increased 3% for thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024, primarily driven by an increase in sales of cordless combo products.

Current wording

Sales of Keyboards & Combos increased 12% and 8% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of cordless combo products.

Previous wording

Sales of Pointing Devices increased 3% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily driven by an increase in sales of cordless mice.

Current wording

Sales of Pointing Devices increased 13% and 8% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of cordless mice.

Previous wording

Sales of Video Collaboration increased 13% for the three months ended June 30, 2025, compared to thethree months ended June 30, 2024, primarily due to an increase in sales of conference room cameras.

Current wording

Sales of Video Collaboration increased 5% and 9% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily due to an increase in sales of conference room cameras.

Previous wording

Sales of Webcams increased 16% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily driven by an increase in sales of our PC-based webcams.

Current wording

Sales of Webcams increased 4% and 9% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of our PC-based webcams, partially offset by a decrease in sales of our VC webcams and streaming cameras.

Previous wording

Sales of Tablet Accessories increased 16% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily benefiting from strong demand from the education sector.

Current wording

Sales of Tablet Accessories remained relatively flat for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Sales of Tablet Accessories increased 7% for the six months ended September 30, 2025, compared to the six months ended September 30, 2024, primarily benefiting from strong demand from the education sector.

Previous wording

Sales in Other category decreased 16% for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily driven by a decline in sales of mobile speakers.

Current wording

Sales in Other category decreased 30% and 24% for the three and six months ended September 30, 2025, respectively, compared to the three and six months ended September 30, 2024, primarily driven by a decline in sales of mobile speakers.

Previous wording

Gross profit for the three months ended June 30, 2025 and 2024 was as follows (Dollars in thousands):

Current wording

Gross profit for the three and six months ended September 30, 2025 and 2024 was as follows (Dollars in thousands):

Previous wording

Gross margin was 41.7% for the three months ended June 30, 2025 and decreased by 110 basis points, compared to the three months ended June 30, 2024, primarily driven by an unfavorable impact from increased tariffs, higher promotional spend and a prior year release in inventory reserves, partially offset by a favorable impact from price increases in North America and product cost reductions.

Current wording

Gross margin was 43.4% for the three months ended September 30, 2025 and decreased by 20 basis points, compared to the three months ended September 30, 2024. Gross margin was 42.6% for the six months ended September 30, 2025 and decreased by 60 basis points, compared to the six months ended September 30, 2024. The decrease in gross margin for both the three-month and six-month periods was primarily driven by higher promotional spend and increased tariffs, partially offset by favorable impacts from product cost reductions and price increases in North America.

Previous wording

Operating expenses for the three months ended June 30, 2025 and 2024 were as follows (Dollars in thousands):

Current wording

Operating expenses for the three and six months ended September 30, 2025 and 2024 were as follows (Dollars in thousands):

Previous wording

Operating expenses remained relatively flat during thethree months ended June 30, 2025, compared to thethree months ended June 30, 2024, reflecting our efforts to reduce operating expenses in order to offset higher tariff costs.

Current wording

Operating expenses remained relatively flat during thethree and six months ended September 30, 2025, compared to thethree and six months ended September 30, 2024, reflecting our efforts to reduce operating expenses in order to offset higher tariff costs.

Previous wording

During thethree months ended June 30, 2025, marketing and selling expenses remained relatively flat, compared to the three months ended June 30, 2024.

Current wording

During thethree and six months ended September 30, 2025, marketing and selling expenses remained relatively flat, compared to the three and six months ended September 30, 2024, respectively.

Previous wording

During the three months ended June 30, 2025, research and development expenses remained relatively flat, as we continued to invest in innovation at a similar level as compared to the three months ended June 30, 2024.

Current wording

During the three and six months ended September 30, 2025, research and development expenses remained relatively flat, as we continued to invest in innovation at a similar level as compared to the three and six months ended September 30, 2024, respectively.

Previous wording

During the three months ended June 30, 2025, general and administrative expenses increased $4.3 million, compared to the three months ended June 30, 2024, primarily driven by higher performance-based stock compensation expense.

Current wording

During the three months ended September 30, 2025, general and administrative expenses decreased $2.4 million, compared to the three months ended September 30, 2024, primarily driven by lower third-party spend resulting from our cost saving efforts. During the six months ended September 30, 2025, general and administrative expenses increased $2.0 million, compared to the six months ended September 30, 2024, primarily driven by higher performance-based stock compensation expense, partially offset by lower third-party spend.

Previous wording

During the three months ended June 30, 2025, amortization of intangible assets and acquisition-related costs remained flat, compared to the three months ended June 30, 2024.

Current wording

During thethree and six months ended September 30, 2025, amortization of intangible assets and acquisition-related costs decreased $0.9 million and $1.0 million, respectively, compared to the three and six months ended September 30, 2024, driven by full amortization of certain intangible assets.

Previous wording

The restructuring charges, net, for the three months ended June 30, 2025 were related to costs incurred as a result of our restructuring plan initiated during the fourth quarter of fiscal year 2025, which is expected to be substantially completed in fiscal 2026. The restructuring charges, net, for the three months ended June 30, 2024, were related to costs incurred as a result of our restructuring plan initiated during fiscal year 2023, which was substantially completed during fiscal year 2024.

Current wording

The restructuring charges, net, for the three and six months ended September 30, 2025 were related to costs incurred as a result of our restructuring plan initiated during the fourth quarter of fiscal year 2025, which is expected to be substantially completed in fiscal 2026. The restructuring charges, net, for the three and six months ended September 30, 2024, were related to costs incurred as a result of our restructuring plan initiated during fiscal year 2023, which was substantially completed during fiscal year 2024.

Previous wording

Interest income for the three months ended June 30, 2025 and 2024 was as follows (in thousands):

Current wording

Interest income for the three and six months ended September 30, 2025 and 2024 was as follows (in thousands):

Previous wording

We invest in highly liquid instruments with an original maturity of three months or less at the date of purchase, which are classified as cash equivalents. During the three months ended June 30, 2025, interest income decreased $4.6 million, compared to the three months ended June 30, 2024, primarily driven by decreases in the cash equivalents balance and interest rates.

Current wording

We invest in highly liquid instruments with an original maturity of three months or less at the date of purchase, which are classified as cash equivalents. During the three and six months ended September 30, 2025, interest income decreased $2.8 million and $7.4 million, respectively, compared to the three and six months ended September 30, 2024, primarily driven by a decrease in interest rates.

Previous wording

Other income (expense), net for the three months ended June 30, 2025 and 2024 was as follows (in thousands):

Current wording

Other income (expense), net, for the three and six months ended September 30, 2025 and 2024 was as follows (in thousands):

Previous wording

Investment gain related to the deferred compensation plan represents earnings, gains, and losses on marketable securities related to a deferred compensation plan offered by one of our subsidiaries. The increase in investment gain for three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily relates to the change in market performance of the underlying securities.

Current wording

Investment gain related to the deferred compensation plan represents earnings, gains, and losses on marketable securities related to a deferred compensation plan offered by one of our subsidiaries. The increase in investment gain for three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, primarily relates to the change in market performance of the underlying securities.

Previous wording

Currency exchange loss, net, relates to balances denominated in currencies other than the functional currency in our subsidiaries, as well as the sale of currencies, and gains or losses recognized on currency exchange forward contracts. We do not speculate in currency positions, but we are alert to opportunities to maximize currency exchange gains and minimize currency exchange losses. The loss for the three months ended June 30, 2025 was primarily due to fluctuations in currency exchange rates of the Swiss Franc and New Taiwan dollar against the U.S. Dollar. The loss for the three months ended June 30, 2024 was primarily due to fluctuations in the currency exchange rates of the Mexican Peso and Japanese Yen against the U.S. Dollar.

Current wording

Currency exchange loss, net, relates to balances denominated in currencies other than the functional currency in our subsidiaries, as well as the sale of currencies, and gains or losses recognized on currency exchange forward contracts. We do not speculate in currency positions, but we are alert to opportunities to maximize currency exchange gains and minimize currency exchange losses. The loss for the three and six months ended

Previous wording

Loss on investments, net, includes unrealized gain (loss) from the change in fair value of investments, income (loss) on equity-method investments and impairment of investments during the periods presented, as applicable. The loss on investments, net, for the three months ended June 30, 2025 and the three months ended June 30, 2024 was not material. See Note 6 to our condensed consolidated financial statements for additional information.

Current wording

Loss on investments, net, includes unrealized gain (loss) from the change in fair value of investments, income (loss) on equity-method investments and impairment of investments during the periods presented, as applicable. The loss on investments, net, for the three and six months ended September 30, 2025 and 2024 were not material.

Previous wording

The provision for income taxes and effective income tax rates for the three months ended June 30, 2025 and 2024 were as follows (Dollars in thousands):

Current wording

The provision for income taxes and effective income tax rates for the three and six months ended September 30, 2025 and 2024 were as follows (Dollars in thousands):