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    Joern Iffert • UBS

    Joern Iffert's questions to Logitech International SA (LOGI) leadership

    Joern Iffert's questions to Logitech International SA (LOGI) leadership • Q1 2026

    Question

    Joern Iffert of UBS Group asked for clarification on whether US price negotiations led to empty shelves, questioned the gaming category's growth rate, and sought to verify his calculation of the gross tariff impact.

    Answer

    CEO Hanneke Faber clarified that while shelves weren't empty, key SKUs did go out of stock in North America during price negotiations, particularly affecting the competitive gaming category. CFO Matteo Anversa corrected that gaming sell-through demand was actually up 6% in the quarter. He also confirmed the analyst's calculation of a ~15% average tariff rate (excluding Q1's inventory benefit) was 'close' to his own.

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    Joern Iffert's questions to Logitech International SA (LOGI) leadership • Q2 2025

    Question

    Joern Iffert asked if future growth would be more geographically balanced and why Europe's successful go-to-market strategy wasn't being replicated elsewhere. He also sought clarity on whether the guided increase in promotions was a certainty or a cautious assumption.

    Answer

    CEO Hanneke Faber expressed a goal for more balanced geographic growth, noting improvements in the U.S. market and a focus on reapplying successful European strategies elsewhere. She attributed strong European growth in tablets and headsets to innovation and B2B strength. Both Faber and CFO Matteo Anversa confirmed that the guidance includes planned promotional activity for the consumer-heavy holiday quarter, describing it as a normal and expected part of their strategy rather than just a cautious forecast.

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    Joern Iffert's questions to Logitech International SA (LOGI) leadership • Q1 2025

    Question

    Joern Iffert of UBS inquired about the Q2 outlook for sell-in versus sell-out dynamics, recent trends in promotional activity, the breakdown of performance between price and volume, and the drivers behind EMEA's strong regional growth.

    Answer

    CEO Hanneke Faber confirmed that the sell-in versus sell-out dynamic remains unchanged, with Q1/Q2 inventory builds reversing in Q3/Q4. She noted that promotional discipline has been strong, though they remain cautious. Faber also attributed EMEA's outperformance to strong local execution, including new in-store displays and consumer events. Interim CFO Meeta Sunderwala added that Q1 growth was primarily volume-driven, with a minor year-over-year favorability from promotions.

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