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Martin

Managing Director and Head of European Equity Strategy at BNP Paribas

Martin O'Riordan is a Managing Director and Head of European Equity Strategy at BNP Paribas, specializing in European equity research and macroeconomic strategy. He provides insights on major companies including ASML, LVMH, SAP, and Novo Nordisk, with a strong performance track record featuring a 68% success rate on TipRanks and average returns of 14.2% per rating, ranking him in the top 5% of European analysts. O'Riordan started his career at Morgan Stanley in 2003 as an equity strategist, moved to Société Générale in 2010, and joined BNP Paribas in 2016, bringing over two decades of experience in European markets. He holds Series 7 and 63 FINRA-equivalent licenses through his prior U.S. roles and is a CFA charterholder.

Martin's questions to LOGITECH INTERNATIONAL (LOGI) leadership

Question · Q3 2026

Martin inquired about the main swing factors that could lead Logitech's Q4 constant currency guidance to reach the high or low end, specifically asking about the influence of the US consumer, China's sustainability, gaming performance, or the PC market slowdown. He also asked if the strong sell-through observed in APAC and EMEA was primarily due to promotional activity or inventory restocking in the channel.

Answer

CFO Matteo Anversa explained that the Q4 outlook's midpoint assumes regional performance similar to Q3, with Asia-Pacific growing mid-teens, EMEA low single-digit, and Americas flat to low single-digit. The high end of the guidance depends on the Americas' momentum accelerating to mid-single-digit growth. Regarding sell-through, Matteo stated that total company sell-through was up 10% year-over-year (8% in constant currency), with a couple of points attributed to slightly higher promotional spend for the holiday season and a slightly negative mix from tablet accessories. He confirmed no significant inventory restocking. CEO Hanneke Faber added that channel inventory levels were healthy, and own inventory turns were excellent.

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