UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~December~~June 3130, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number: 0-29174

LOGITECH INTERNATIONAL S.A.

(Exact name of registrant as specified in its charter)


Canton of Vaud,	Switzerland	None
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Logitech International S.A.

EPFL - Quartier de l'Innovation

1015 Lausanne, Switzerland

c/o Logitech Inc.

3930 North First Street

San Jose, California 95134

(Address of principal executive offices and zip code)

(510) 795-8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Registered Shares	LOGN	SIX Swiss Exchange
Registered Shares	LOGI	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Smaller reporting company

☐

Accelerated filer

☐

Emerging Growth Company

☐

Non-accelerated filer

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ý

As of ~~January~~July 1516, 2025, there were ~~149~~147,~~199~~296,~~581~~376 shares of the Registrant’s share capital outstanding.

Table of Contents

TABLE OF CONTENTS

		Page
Part I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2024 and 2023	3
	Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended December 31, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended June 30, 2025 and 2024	4
	Condensed Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024	5
	Condensed Consolidated Balance Sheets as of June 30, 2025 and March 31, 2025	5
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2024 and 2023	6
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended December 31, 2024 and 2023	7
	Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended June 30, 2025 and 2024	7
	Notes to the Condensed Consolidated Financial Statements	98
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2322
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3735
Item 4.	Controls and Procedures	3837
Part II	OTHER INFORMATION
Item 1.	Legal Proceedings	3938
Item 1A.	Risk Factors	3938
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4139
Item 3.	Defaults Upon Senior Securities	4140
Item 4.	Mine Safety Disclosures	4140
Item 5.	Other Information	4140
Item 6.	Exhibit Index	4341
Signatures

In this document, unless otherwise indicated, references to the “Company,” “Logitech,” "we," "our," and "us" are to Logitech International S.A. and its consolidated subsidiaries. Unless otherwise specified, all references to U.S. Dollar, Dollar or $ are to the United States Dollar, the legal currency of the United States of America. All references to CHF are to the Swiss Franc, the legal currency of Switzerland.

Logitech, the Logitech logo, and the Logitech products referred to herein are either the trademarks or the registered trademarks of Logitech. All other trademarks are the property of their respective owners.

Our fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each ending on a Friday of each quarter. The ~~third~~first quarter of fiscal year ~~2025~~2026 ended on ~~December~~June 27, ~~2024~~2025. The same quarter in the prior fiscal year ended on ~~December~~June 2928, ~~2023~~2024. For purposes of presentation, we have indicated our quarterly periods end on the last day of the calendar quarter.

The term “sales” means net sales, except as otherwise specified.

We make available, free of charge on our website, access to our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we file or furnish them electronically with the Securities and Exchange Commission ("SEC").

Table of Contents

Recordings of our earnings videoconferences and certain events we participate in or host, with members of the investment community are posted on our investor relations website at https://ir.logitech.com. Additionally, we provide notifications of news or announcements regarding our operations and financial performance, including SEC filings, investor events, and press and earnings releases as part of our investor relations website. We intend to use our investor relations website as means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD. Our corporate governance information also is available on our investor relations website.

All references to our websites are intended to be inactive textual references only, and the contents of such websites do not constitute a part of and are not intended to be incorporated into this Quarterly Report on Form 10-Q.

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2024

2023

2025

2024

Net sales

1,~~340~~147,~~294~~703

1,~~255~~088,~~473~~217

~~3,544,545~~

~~3,286,980~~

Cost of goods sold

~~763~~666,~~403~~592

~~726~~619,~~252~~517

~~2,010,411~~

~~1,937,367~~

Amortization of intangible assets

2,~~450~~149

2,~~441~~442

~~7,344~~

~~8,569~~

Gross profit

~~574~~478,~~441~~962

~~526~~466,~~780~~258

~~1,526,790~~

~~1,341,044~~

Operating expenses:

Marketing and selling

~~217~~195,~~048~~796

~~189~~196,~~175~~905

~~615,816~~

~~544,716~~

Research and development

7774,~~973~~587

7275,~~704~~307

~~229,485~~

~~211,822~~

General and administrative

4241,~~117~~797

3937,~~711~~458

~~123,748~~

~~116,546~~

Amortization of intangible assets and acquisition-related costs

2,~~637~~646

2,~~276~~703

~~8,065~~

~~8,279~~

Restructuring charges, net

~~110~~2,042

~~839~~386

~~725~~

~~2,562~~

Total operating expenses

~~339~~316,~~885~~868

~~304~~312,~~705~~759

~~977,839~~

~~883,925~~

Operating income

~~234~~162,~~556~~094

~~222~~153,~~075~~499

~~548,951~~

~~457,119~~

Interest income

1211,~~176~~229

1215,~~826~~790

~~42,603~~

~~34,508~~

Other income (expense), net

(1,~~524)~~162

~~189~~(1,898)

~~(2,889)~~

~~(13,827)~~

Income before income taxes

~~245~~174,~~208~~485

~~235~~167,~~090~~391

~~588,665~~

~~477,800~~

Provision for (benefit from) income taxes

45,061

(9,594)

101,202

33,272

Provision for income taxes

28,470

25,558

Net income

~~200~~146,~~147~~015

~~244~~141,~~684~~833

~~487,463~~

~~444,528~~

Net income per share:

Basic

10.3399

10.5793

~~3.20~~

~~2.82~~

Diluted

10.3298

10.5592

~~3.18~~

~~2.80~~

Weighted average shares used to compute net income per share:

Basic

~~150~~147,~~647~~864

~~155~~153,~~933~~300

~~152,127~~

~~157,568~~

Diluted

~~151~~149,~~895~~053

~~157~~154,~~440~~978

~~153,506~~

~~158,843~~

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(unaudited)

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2024

2023

2025

2024

Net income

~~200~~146,~~147~~015

~~244~~141,~~684~~833

~~487,463~~

~~444,528~~

Other comprehensive income (loss):

Currency translation gain (loss):

Currency translation gain (loss), net of taxes

~~(39~~27,~~568)~~293

25(5,~~319~~219)

~~(23,998)~~

~~13,168~~

Defined benefit plans:

Reclassification of amortization included in other income (expense), net

~~251~~(157)

~~500~~(200)

~~(501)~~

~~252~~

Hedging gain (loss):

Deferred hedging gain (loss), net of taxes

3(12,~~577~~349)

(21,~~539)~~582

~~2,228~~

~~(1,165)~~

Reclassification of hedging loss (gain) included in cost of goods sold

~~790~~2,002

(~~863~~733)

~~(849)~~

~~3,493~~

Total other comprehensive income (loss)

~~(34~~16,~~950)~~789

22(4,~~417~~570)

~~(23,120)~~

~~15,748~~

Total comprehensive income

~~165~~162,~~197~~804

~~267~~137,~~101~~263

~~464,343~~

~~460,276~~

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(unaudited)

December 31, 2024

March 31, 2024

June 30, 2025

March 31, 2025

Assets

Current assets:

Cash and cash equivalents

1,~~502~~487,~~832~~822

1,~~520~~503,~~842~~205

Accounts receivable, net

~~648~~636,~~230~~523

~~541~~454,~~715~~546

Inventories

~~483~~499,~~569~~770

~~422~~503,~~513~~747

Other current assets

~~139~~154,~~523~~106

~~146~~131,~~270~~211

Total current assets

2,~~774~~778,~~154~~221

2,~~631~~592,~~340~~709

Non-current assets:

Property, plant and equipment, net

~~109~~116,~~547~~103

~~116~~113,~~589~~858

Goodwill

~~461~~465,~~183~~790

~~461~~463,~~978~~230

Other intangible assets, net

2920,~~161~~324

4424,~~603~~630

Other assets

~~357~~362,~~515~~525

~~350~~344,~~194~~077

Total assets

3,~~731~~742,~~560~~963

3,~~604~~538,~~704~~504

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

~~578~~549,~~951~~936

~~448~~414,~~627~~586

Accrued and other current liabilities

~~715~~672,~~267~~788

~~637~~686,~~262~~503

Total current liabilities

1,~~294~~222,~~218~~724

1,~~085~~101,~~889~~089

Non-current liabilities:

Income taxes payable

~~129~~97,~~497~~074

~~112~~88,~~572~~483

Other non-current liabilities

~~205~~235,~~027~~913

~~172~~221,~~590~~512

Total liabilities

1,~~628~~555,~~742~~711

1,~~371~~411,~~051~~084

Commitments and contingencies (Note 10)

Shareholders’ equity:

Registered shares, CHF 0.25 par valueIssued shares: 168,994 and 173,106 at December 31, 2024 and March 31, 2024, respectively

29,432

30,148

Registered shares, CHF 0.25 par valueIssued shares: 168,994 at June 30, 2025 and March 31, 2025

29,432

Additional paid-in capital

9564,~~162~~604

6382,~~524~~591

Shares in treasury, at cost — 19,555 and 19,243 at December 31, 2024 and March 31, 2024, respectively

(1,381,949)

(1,351,336)

Shares in treasury, at cost Treasury shares: 21,443 and 20,485 at June 30, 2025 and March 31, 2025, respectively

(1,536,190)

(1,464,912)

Retained earnings

3,~~494~~759,~~495~~569

3,~~602~~627,~~519~~261

Accumulated other comprehensive loss

(~~134~~130,~~322~~163)

(~~111~~146,~~202~~952)

Total shareholders’ equity

2,~~102~~187,~~818~~252

2,~~233~~127,~~653~~420

Total liabilities and shareholders’ equity

3,~~731~~742,~~560~~963

3,~~604~~538,~~704~~504

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

	Nine months ended December 31,
	Three Months Ended June 30,
	2024		2023
	2025		2024
Cash flows from operating activities:
Net income	$	~~487~~146,~~463~~015	$	~~444~~141,~~528~~833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4415,~~178~~064		4814,~~874~~506
Amortization of intangible assets	154,~~258~~795		165,~~583~~079
Loss on investments	~~1,718~~393		121,~~213~~186
Share-based compensation expense	7632,~~067~~828		6423,~~192~~405
Deferred income taxes	1812,~~652~~113		(911,~~515)~~662
Other	~~130~~(25)		~~336~~(24)
Changes in assets and liabilities, net of acquisitions:
Changes in assets and liabilities:
Accounts receivable, net	(~~127~~166,~~934~~767)		(4653,~~786~~952)
Inventories	~~(67~~17,~~554)~~304		~~237~~(39,~~969~~095)
Other assets	9(19,~~416~~817)		34,~~698~~907
Accounts payable	~~136~~135,~~848~~003		~~120~~109,~~383~~028
Accrued and other liabilities	~~118~~(51,~~659~~861)		13(42,~~536~~506)
Net cash provided by operating activities	~~712~~125,~~901~~045		~~906~~176,~~011~~029
Cash flows from investing activities:
Purchases of property, plant and equipment	(4316,~~340~~276)		(4514,~~585~~586)
Acquisitions, net of cash acquired	—		(14,138)
Purchases of deferred compensation investments	(3,261)		(695)
Purchases of deferred compensation investments	(5,802)		(7,893)
Proceeds from sales of deferred compensation investments	1,738		738
Proceeds from sales of deferred compensation investments	4,958		8,193
Other investing activities	(301)		(816)
Other investing activities	(1,173)		(406)
Net cash used in investing activities	(18,100)		(15,359)
Net cash used in investing activities	(45,357)		(59,829)
Cash flows from financing activities:
Payment of cash dividends	(207,853)		(182,305)
Purchases of registered shares	(121,657)		(130,899)
Payment of contingent consideration for business acquisition	(1,245)		(5,002)
Proceeds from exercises of stock options and purchase rights	3,262		4,618
Purchases of registered shares	(463,322)		(376,775)
Tax withholdings related to net share settlements of restricted stock units	(16,038)		(18,853)
Proceeds from exercises of stock options and purchase rights	20,235		15,319
Net cash used in financing activities	(134,433)		(145,134)
Tax withholdings related to net share settlements of restricted stock units	(22,251)		(28,596)
Effect of exchange rate changes on cash and cash equivalents	12,105		(1,998)
Other financing activities	(1,663)		(1,116)
Net increase (decrease) in cash and cash equivalents	(15,383)		13,538
Net cash used in financing activities	(676,099)		(578,475)
Cash and cash equivalents, beginning of the period	1,503,205		1,520,842
Effect of exchange rate changes on cash and cash equivalents	(9,455)		(4,080)
Cash and cash equivalents, end of the period	$	1,487,822	$	1,534,380
Net increase (decrease) in cash and cash equivalents	(18,010)		263,627
Cash and cash equivalents, beginning of the period	1,520,842		1,149,023
Cash and cash equivalents, end of the period	$	1,502,832	$	1,412,650
Supplementary Cash Flow Disclosures:
Non-cash investing and financing activities:
Property, plant and equipment purchased during the period and included in period end liability accounts	$	58,~~770~~565	$	8,~~738~~130
Right-of-use assets obtained in exchange for operating lease liabilities	$	261,~~564~~221	$	4,~~621~~292
Supplemental cash flow information:
Income taxes paid, net	$	3228,~~586~~772	$	3210,~~777~~374

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except per share amounts)

(unaudited)

Three Months Ended ~~December~~June 3130, ~~2024~~2025

				Additional Paid-in Capital							Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Registered Shares					Treasury Shares			Retained Earnings
	Shares	Amount				Shares	Amount
September 30, 2024	173,106	$	30,148	$	72,268	21,270	$	(1,518,149)	$	3,626,999	$	(99,372)	$	2,111,894
March 31, 2025	168,994	$	29,432	$	82,591	20,485	$	(1,464,912)	$	3,627,261	$	(146,952)	$	2,127,420
Total comprehensive income	—	—		—		—	—		~~200~~146,~~147~~015		~~(34~~16,~~950)~~789		~~165~~162,~~197~~804
Purchases of registered shares	—	—		—		21,~~428~~531	(~~199~~124,~~283~~135)		—		—		(~~199~~124,~~283~~135)
Issuance of shares upon vesting of restricted stock units	—	—		(3,124)		(31)	3,395		(1,279)		—		(1,008)
Sales of shares upon exercise of stock options and purchase rights	—	—		(479)		(41)	3,741		—		—		3,262
Cancellation of treasury shares	(4,112)	(716)				(4,112)	332,088		(331,372)		—		—
Issuance of shares upon vesting of restricted stock units	—	—		(51,447)		(532)	49,116		(13,707)		—		(16,038)
Share-based compensation	—	—		2633,~~018~~939		—	—		—		—		2633,~~018~~939
December 31, 2024	168,994	$	29,432	$	95,162	19,555	$	(1,381,949)	$	3,494,495	$	(134,322)	$	2,102,818
June 30, 2025	168,994	$	29,432	$	64,604	21,443	$	(1,536,190)	$	3,759,569	$	(130,163)	$	2,187,252
Nine Months Ended December 31, 2024
				Additional Paid-in Capital							Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Registered Shares					Treasury Shares			Retained Earnings
	Shares	Amount				Shares	Amount
March 31, 2024	173,106	$	30,148	$	63,524	19,243	$	(1,351,336)	$	3,602,519	$	(111,202)	$	2,233,653
Total comprehensive income	—	—		—		—	—		487,463		(23,120)		464,343
Purchases of registered shares	—	—		—		5,328	(461,402)		—		—		(461,402)
Sales of shares upon exercise of stock options and purchase rights	—	—		(6,065)		(273)	29,567		(3,267)		—		20,235
Issuance of shares upon vesting of restricted stock units	—	—		(38,518)		(631)	69,134		(52,867)		—		(22,251)
Cancellation of treasury shares	(4,112)	(716)		—		(4,112)	332,088		(331,372)		—		—
Share-based compensation	—	—		76,221		—	—		—		—		76,221
Cash dividends ($1.37 per share)	—	—		—		—	—		(207,981)		—		(207,981)
December 31, 2024	168,994	$	29,432	$	95,162	19,555	$	(1,381,949)	$	3,494,495	$	(134,322)	$	2,102,818

Three Months Ended June 30, 2024


				Additional Paid-in Capital							Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Registered Shares					Treasury Shares			Retained Earnings
	Shares	Amount				Shares	Amount
March 31, 2024	173,106	$	30,148	$	63,524	19,243	$	(1,351,336)	$	3,602,519	$	(111,202)	$	2,233,653
Total comprehensive income	—	—		—		—	—		141,833		(4,570)		137,263
Purchases of registered shares	—	—		—		1,444	(132,132)		—		—		(132,132)
Sales of shares upon exercise of stock options and purchase rights	—	—		(1,539)		(57)	6,157		—		—		4,618
Issuance of shares upon vesting of restricted stock units	—	—		(29,335)		(540)	59,260		(48,778)		—		(18,853)
Share-based compensation	—	—		24,386		—	—		—		—		24,386

June 30, 2024	173,106	$	30,148	$	57,036	20,090	$	(1,418,051)	$	3,695,574	$	(115,772)	$	2,248,935

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Three Months Ended December 31, 2023

				Additional Paid-in Capital							Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Registered Shares					Treasury Shares			Retained Earnings
	Shares	Amount				Shares	Amount
September 30, 2023	173,106	$	30,148	$	47,311	16,029	$	(1,083,468)	$	3,190,220	$	(106,946)	$	2,077,265
Total comprehensive income	—	—		—		—	—		244,684		22,417		267,101
Purchases of registered shares	—	—		—		2,126	(172,422)		—		—		(172,422)
Issuance of shares upon vesting of restricted stock units	—	—		(6,948)		(47)	4,576		—		—		(2,372)
Share-based compensation	—	—		20,529		—	—		—		—		20,529
December 31, 2023	173,106	$	30,148	$	60,892	18,108	$	(1,251,314)	$	3,434,904	$	(84,529)	$	2,190,101
Nine Months Ended December 31, 2023
				Additional Paid-in Capital							Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Registered Shares					Treasury Shares			Retained Earnings
	Shares	Amount				Shares	Amount
March 31, 2023	173,106	$	30,148	$	127,380	13,763	$	(977,266)	$	3,177,575	$	(100,277)	$	2,257,560
Total comprehensive income	—	—		—		—	—		444,528		15,748		460,276
Purchases of registered shares	—	—		—		5,628	(391,594)		—		—		(391,594)
Sales of shares upon exercise of stock options and purchase rights	—	—		(15,755)		(315)	31,074		—		—		15,319
Issuance of shares upon vesting of restricted stock units	—	—		(115,068)		(968)	86,472		—		—		(28,596)
Share-based compensation	—	—		64,335		—	—		—		—		64,335
Cash dividends ($1.19 per share)	—	—		—		—	—		(187,199)		—		(187,199)
December 31, 2023	173,106	$	30,148	$	60,892	18,108	$	(1,251,314)	$	3,434,904	$	(84,529)	$	2,190,101

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 — The Company and Summary of Significant Accounting Policies and Estimates

The Company

Logitech International S.A., together with its consolidated subsidiaries ("Logitech" or the "Company"), designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, ~~gaming~~ and ~~streaming~~gaming. As athe point of connection between people and the digital world, the Company's mission is to extend human potential in work and play, in a way that is good for people and the planet.

The Company sells its products to a broad ~~network~~range of international customers, including direct sales to retailers, e-tailers, businesses large and small and end consumers through the Company's e-commerce platform, and indirect sales to end customers through distributors.

Logitech was founded in Switzerland in 1981 and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Hautemorges, Switzerland, and headquarters in Lausanne, Switzerland, which conducts its business through subsidiaries in the Americas, Europe, Middle East and Africa ("EMEA") and Asia Pacific. Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange under the trading symbol LOGN and the Nasdaq Global Select Market under the trading symbol LOGI.

Basis of Presentation

The condensed consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and therefore do not include all the information required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, ~~2024~~2025, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 1623, ~~2024~~2025.

In the opinion of management, these condensed consolidated financial statements include all adjustments, consisting of only normal and recurring adjustments, necessary and in all material aspects, for a fair statement of the results of operations, comprehensive income, financial position, cash flows and changes in shareholders' equity for the periods presented. Operating results for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, ~~2025~~2026, or any future periods.

Changes in Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies during the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 compared with the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended March 31, ~~2024~~2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of goodwill and intangible assets acquired from business acquisitions, ~~valuation of investment in privately held companies classified under Level 3 fair value hierarchy,~~ pension obligations, accruals for customer incentives, cooperative marketing, and pricing programs and related breakage when appropriate, inventory valuation, share-based compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets. Although these estimates are based on management’s best knowledge of current events and actions that may impact the Company in the future, actual results could differ materially from those estimates.

Risks and Uncertainties

Impacts of Macroeconomic and Geopolitical Conditions on the Company's Business

~~The~~In ~~Company's~~2025, ~~business~~the ~~has~~United ~~continued~~States tointroduced betrade ~~impacted~~policy byactions ~~macroeconomic~~that ~~and~~have ~~geopolitical~~increased ~~conditions.~~import ~~These~~tariffs ~~conditions~~across ~~include~~a ~~inflation,~~wide ~~interest~~range ~~rate~~of ~~and~~countries ~~foreign~~at ~~currency~~various ~~fluctuations~~rates, ~~changes~~with incertain ~~fiscal~~exemptions. These tariff policies, ~~geopolitical~~in ~~conflicts,~~the ~~low~~U.S. ~~economic~~and ~~growth~~responsive policies enacted in ~~certain~~other ~~regions,~~countries ~~and~~are ~~uncertainty~~evolving. inThe ~~consumer~~incremental tariffs have had and ~~enterprise~~may ~~demand~~continue to have an adverse impact on the Company's result of operations. In addition, the Company's business ~~may~~has becontinued ~~adversely~~to be impacted by ~~the~~ongoing ~~potential~~macroeconomic ~~expansion~~and ofgeopolitical ~~tariffs~~conditions. onThese ~~goods~~conditions ~~imported~~include ~~into~~inflation, ~~the~~interest ~~U.S.~~rate and foreign currency fluctuations, asuncertainty ~~well~~in asconsumer ~~responsive~~and orenterprise ~~related~~demand, ~~policies~~low ~~enacted~~economic growth in ~~other~~certain ~~countries~~regions, changes in fiscal policies and geopolitical conflicts.

The global and regional economic and political conditions, as well as changes in trade policies, have caused and may continue to cause volatility in demand for the Company's products as well as the cost of tariffs, materials and logistics, and transportation delays, and as a result have impacted and may continue to impact the pricing of the Company's products, product availability and the Company's results of operations.

~~Recent~~New Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. In addition, ASU 2023-07 requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. Under ASU 2023-09, for each annual period presented, public entities are required to (1) disclose specific categories in the tabular rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires all reporting entities to disclose on an annual basis the amount of income taxes paid disaggregated by federal, state, and foreign taxes as well as the amount of income taxes paid by individual jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and can be applied on a prospective basis with an option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires all public entities to disclose in the notes to the financial statements the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

109

Note 2 — Net Income Per Share

The following table summarizes the computations of basic and diluted net income per share for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 (in thousands, except per share amounts):

	Three months ended December 31,				Nine months ended December 31,
	Three Months Ended June 30,
	2024		2023		2024		2023
	2025		2024
Net income	$	~~200~~146,~~147~~015	$	~~244~~141,~~684~~833	$	~~487,463~~	$	~~444,528~~
Shares used in net income per share computation:
Weighted average shares outstanding - basic	~~150~~147,~~647~~864		~~155~~153,~~933~~300		~~152,127~~		~~157,568~~
Effect of potentially dilutive equivalent shares	1,~~248~~189		1,~~507~~678		~~1,379~~		~~1,275~~
Weighted average shares outstanding - diluted	~~151~~149,~~895~~053		~~157~~154,~~440~~978		~~153,506~~		~~158,843~~
Net income per share:
Basic	$	10.3399	$	10.5793	$	~~3.20~~	$	~~2.82~~
Diluted	$	10.3298	$	10.5592	$	~~3.18~~	$	~~2.80~~

Share equivalents attributable to outstanding stock options, restricted stock units, and employee share purchase plans totaling 01.86 million ~~for each of the three months ended December 31, 2024~~ and ~~2023, and 0.9 million and~~ 1.31 million for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive. A small number of performance-based restricted stock units were not included in the dilutive net income per share calculation because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.

Note 3 — Employee Benefit Plans

Employee Share Purchase Plans and Stock Incentive Plans

As of ~~December~~June 3130, ~~2024~~2025, the Company offers the 2006 Employee Share Purchase Plan (Non-U.S.), as amended and restated, the 1996 Employee Share Purchase Plan (U.S.), as amended and restated, and the 2006 Stock Incentive Plan, as amended and restated. Shares issued to employees as a result of purchases or exercises under these plans are generally issued from shares held in treasury stock.

The following table summarizes ~~the~~ share-based compensation expense and total income tax benefit recognized for ~~share-based awards for~~ the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 (in thousands):

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2024

2023

2025

2024

Cost of goods sold

2,~~173~~380

2,~~189~~598

~~8,673~~

~~6,066~~

Marketing and selling

1113,~~813~~930

811,~~878~~851

~~34,133~~

~~28,623~~

Research and development

56,~~043~~351

45,~~421~~739

~~15,849~~

~~13,568~~

General and administrative

710,~~164~~167

53,~~125~~217

~~17,412~~

~~15,935~~

Total share-based compensation expense

2632,~~193~~828

2023,~~613~~405

~~76,067~~

~~64,192~~

Income tax benefit

(4,~~523~~906)

(37,~~391~~602)

~~(16,901)~~

~~(11,257)~~

Total share-based compensation expense, net of income tax benefit

2127,~~670~~922

1715,~~222~~803

~~59,166~~

~~52,935~~

The income tax benefit in the respective periods primarily consisted of tax benefits related to the share-based compensation expense for the period and direct tax benefit realized, including net excess tax benefits recognized from share-based awards vested or exercised during the period.

11Share-based compensation costs capitalized as part of inventory were $2.8 million and $2.5 million for the three months ended June 30, 2025 and 2024, respectively.

Share-based compensation costs capitalized as part of inventory were $1.6 million and $1.4 million for the three months ended December 31, 2024 and 2023, respectively, and $5.9 million and $4.8 million for the nine months ended December 31, 2024 and 2023, respectively.10

Defined Benefit Plans

Certain subsidiaries of the Company’s ~~subsidiaries~~ sponsor defined benefit pension plans or non-retirement post-employment benefits covering substantially all of their employees. Benefits are provided based on employees’ years of service and earnings, or in accordance with applicable employee benefit regulations. The Company’s practice is to fund amounts sufficient to meet the requirements set forth in the applicable employee benefit and tax regulations. The costs of $1.87 million ~~and $1.9 million~~ recorded for each of the three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023, respectively, and $5.3 million and $5.7 million recorded for the nine months ended December 31,~~ 2024 ~~and 2023, respectively,~~ were primarily related to service costs.

Note 4 — Income Taxes

The Company is incorporated in Switzerland but operates in various countries with differing tax laws and rates. Further, a portion of the Company’s income before taxes and the provision for ~~(benefit from)~~ income taxes ~~are~~is generated outside of Switzerland.

The income tax provision for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 was $4528.15 million ~~and $101.2 million~~ based on an effective income tax rate of 1816.43% ~~and 17.2%~~ of pre-tax income~~, respectively~~. The income tax provision ~~(benefit)~~ for the same ~~periods~~period ended ~~December~~June 3130, ~~2023~~2024 was ~~a benefit of~~ $925.6 million ~~and a provision of $33.3 million~~ based on an effective income tax rate of (415.1)3% ~~and 7.0%~~ of pre-tax income~~, respectively~~.

The change in the effective income tax rate for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, compared with the ~~same~~three ~~periods~~months ended ~~December~~June 3130, ~~2023~~2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which the Company operates, ~~and~~less ~~unrecognized~~ tax ~~benefits~~incentives ~~due~~for toforeign ~~uncertain~~derived ~~tax~~intangible ~~positions~~income ~~compared~~and ~~with~~R&D ~~the~~as ~~discrete~~compared ~~tax~~to ~~benefits recognized in the~~ prior period, ~~for~~and ~~the~~less ~~remeasurement~~benefit ofon ~~the~~stock ~~tax~~based ~~basis~~compensation ofas ~~goodwill~~compared ~~under~~to ~~the~~prior ~~Swiss Federal Act on Tax Reform and AHV Financing ("TRAF")~~period, ~~remeasurement~~offset ofwith ~~the Company's Swiss deferred tax assets due to~~ a change in uncertain tax ~~rate, and Foreign Derived Intangible Income ("FDII") incentive provided by the Tax Cuts and Jobs Act~~positions.

~~The~~On ~~canton~~July of4, ~~Vaud~~2025, ~~completed~~ the ~~legislative~~One ~~process~~Big toBeautiful ~~enact~~Bill ~~TRAF,~~Act a(the ~~reform~~"OBBBA") towas ~~better~~enacted ~~align~~into law in the ~~Swiss~~United ~~tax~~States ~~system~~and towill ~~international~~be ~~tax~~generally ~~standards,~~effective onfor ~~March~~the ~~10,~~Company ~~2020~~beginning toin ~~take~~fiscal ~~effect~~year as2027. ofThe ~~January~~OBBBA 1includes numerous provisions that affect corporate taxation, ~~2020.~~impacting Inareas ~~March~~such ~~2020~~as R&D expensing, ~~the~~bonus ~~Company~~depreciation, ~~increased~~and ~~the~~international tax ~~basis~~provisions. ofThe ~~goodwill,~~Company ashas areviewed ~~transition~~the ~~measure~~provisions ~~under~~of ~~TRAF,~~the OBBBA to bedetermine ~~amortized~~the ~~over~~potential ~~ten~~impact ~~years~~on ~~beginning~~the Company's financial statements. Based on ~~January~~this 1review, ~~2020.~~and ~~During~~considering the ~~three~~Company's ~~months~~current ~~ended~~tax ~~December~~position ~~31,~~and ~~2023~~operations, at this time the Company ~~remeasured~~does ~~the~~not ~~tax~~expect ~~basis~~the ofOBBBA ~~goodwill~~to ~~under~~have ~~TRAF,~~a ~~which~~material ~~resulted~~impact inon anits income taxes, including current and deferred tax ~~benefit~~balances ofand ~~$25~~the effective tax rate.~~1 million~~ However, ~~net~~the Company is still in the process of ~~assessment~~evaluating the full impact of ~~uncertain~~the ~~tax~~OBBBA ~~positions.~~and ~~The~~any ~~remeasurement~~material ofchanges to the ~~step-up~~Company's assessment will be ~~amortized~~disclosed ~~over~~in ~~the~~future ~~remaining~~filings ~~ten-year~~as ~~amortization period~~required.

OnFor ~~December~~the 29three months ended June 30, ~~2023~~2025, athe ~~change~~Company assessed its exposure to the ~~cantonal~~OECD ~~tax~~Pillar ~~legislation~~Two ~~was~~global ~~published~~minimum tax rules. ~~According~~The toCompany ~~the~~has ~~law~~determined ~~approved~~that, byfor the ~~Vaud~~fiscal ~~parliament~~year 2026, amost ~~progressive~~jurisdictions ~~scale~~in ~~will~~which beit ~~applicable~~operates should qualify for ~~cantonal~~the ~~tax~~transitional ~~purposes~~Country-by-Country ~~resulting~~Reporting ("CbCR") safe harbor, as outlined in anthe ~~increase~~OECD ~~from~~Administrative Guidance and enacted domestic legislation. The Company's CbCR has been prepared in accordance with the ~~then~~requirements ~~current~~for ~~tax~~a ~~rate~~Qualified ofCbCR, 13using qualified financial statements.~~61%~~ Based on this data, most jurisdictions continue to ~~14.28~~meet safe harbor qualifications at 16% ~~effective~~tax ~~fiscal~~rates, ~~year~~and ~~2025.~~therefore, ~~The~~the ~~increase~~Company inis ~~tax~~only ~~rate~~required ~~resulted~~to inperform a detailed Pillar Two top-up tax ~~benefit~~calculation offor $5limited jurisdictions.~~1 million~~ ~~due~~The toestimated atop ~~remeasurement~~up tax for fiscal year 2026 is not material and has been included in the calculation of the Company's ~~Swiss~~annual ~~deferred~~effective tax ~~assets~~rate. inThe ~~the~~OECD ~~fiscal~~and ~~quarter~~participating ~~ended~~countries ~~December~~continue 31to issue underlying rules and administrative guidance related to Pillar Two, ~~2023~~and the Company continues to monitor the relevant developments.

The Tax Cuts and Jobs Act enacted Section 250, which provides for a deduction with respect to Global Intangible Low-Taxed Income ("GILTI") and FDII in the U.S. The application of this tax incentive is inherently complex. During the three months ended December 31, 2023, the Company analyzed the applicability of FDII and determined that this tax incentive applies to fiscal years 2021, 2022 and 2023. As a result, the Company realized a tax benefit of $17.9 million related to FDII. The Company has also concluded that any GILTI tax since the enactment of Tax Cuts and Jobs Act is immaterial.11

The Base Erosion and Profit Shifting Project (the “BEPS Project”) undertaken by the Organization for Economic Co-operation and Development (the "OECD") recommended changes to numerous long-standing tax principles, including a proposal to reallocate profits among tax jurisdictions in which companies do business (“Pillar One”) and establishing a minimum tax on global income (“Pillar Two”). Some jurisdictions, including Switzerland, where the Company operates are implementing Pillar Two laws to effectuate a 15% minimum tax. The minimum tax

effective beginning in fiscal year 2025 for the Company is treated as a current cost and does not have a material impact on the Company's effective tax rate. The OECD and participating countries continue to issue underlying rules and administrative guidance related to Pillar Two, and the Company continues to monitor the relevant developments.

Note 5 — Balance Sheet Components

The following table presents the components of certain balance sheet asset amounts (in thousands):

December 31, 2024

March 31, 2024

June 30, 2025

March 31, 2025

Accounts receivable, net:

Accounts receivable

~~966~~920,~~878~~172

~~744~~708,~~836~~693

Allowance for cooperative marketing arrangements

(5245,~~861~~679)

(4144,~~634~~457)

Allowance for customer incentive programs

(~~109~~77,~~599~~367)

(6066,~~027~~564)

Allowance for pricing programs

(~~125~~120,~~627~~165)

(91105,~~280~~876)

Other allowances

(3040,~~561~~438)

(1037,~~180~~250)

~~648~~636,~~230~~523

~~541~~454,~~715~~546

Inventories:

Raw materials

4347,~~106~~123

6548,~~209~~699

Finished goods

~~440~~452,~~463~~647

~~357~~455,~~304~~048

~~483~~499,~~569~~770

~~422~~503,~~513~~747

Other current assets:

Value-added tax ("VAT") receivables

5541,~~625~~556

4146,~~172~~332

Prepaid expenses and other assets

83112,~~898~~550

~~105~~84,~~098~~879

~~139~~154,~~523~~106

~~146~~131,~~270~~211

Property, plant and equipment, net:

Property, plant and equipment

~~524~~562,~~347~~038

~~503~~543,~~882~~747

Less: accumulated depreciation and amortization

(~~414~~445,~~800~~935)

(~~387~~429,~~293~~889)

~~109~~116,~~547~~103

~~116~~113,~~589~~858

Other assets:

Deferred tax assets

~~213~~212,~~986~~516

~~224~~202,~~831~~180

Right-of-use assets

7776,~~044~~647

6175,~~163~~239

Investments for deferred compensation plan

3133,~~037~~657

29,~~174~~006

Investments in privately held companies

2827,~~092~~888

2827,~~662~~980

Other assets

711,~~356~~817

69,~~364~~672

~~357~~362,~~515~~525

~~350~~344,~~194~~077

1312

The following table presents the components of certain balance sheet liability amounts (in thousands):

	December 31, 2024		March 31, 2024
	June 30, 2025		March 31, 2025
Accrued and other current liabilities:
Accrued customer marketing, pricing and incentive programs	$	~~186~~203,~~803~~412	$	~~170~~173,~~371~~401
Accrued personnel expenses	~~163~~134,~~688~~992		~~145~~180,~~473~~763
Income taxes payable	63,264		24,196
Warranty liabilities	35,637		34,428
VAT payable	35,625		28,253
Deferred revenue (1)	29,768		25,798
Warranty liabilities	33,755		30,270
VAT Payable	27,406		29,648
Accrued sales return liability	2824,~~397~~576		3027,~~098~~913
Deferred revenue (1)	25,911		19,262
Accrued loss for inventory purchase commitments	23,466		19,614
Accrued loss for inventory purchase commitments	18,783		29,349
Income taxes payable	19,261		26,841
Operating lease liabilities	16,~~044~~746		15,~~107~~780
Other current liabilities	~~142~~157,~~997~~524		~~144~~152,~~883~~317
	$	~~715~~672,~~267~~788	$	~~637~~686,~~262~~503
Other non-current liabilities:
Operating lease liabilities	$	7876,~~829~~883	$	6176,~~920~~622
Employee benefit plan obligations	4061,~~834~~887		4257,~~707~~338
Deferred revenue (1)	3543,~~492~~382		2138,~~097~~216
Obligation for deferred compensation plan	3133,~~037~~657		29,~~174~~006
Warranty liabilities	1514,~~306~~569		14,~~384~~756
Deferred tax liabilities	682		705
Other non-current liabilities	5,535		5,574
Other non-current liabilities	2,847		2,603
	$	235,913	$	221,512
	$	205,027	$	172,590

(1) Includes deferred revenue for post-contract customer support and other services.

Note 6 — Fair Value Measurements

Fair Value Measurements

The Company considers fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the ~~priority~~priorities of the inputs used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

1413

The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis, excluding assets related to the Company’s defined benefit pension plans, classified by the level within the fair value hierarchy (in thousands):

	December 31, 2024						March 31, 2024
	June 30, 2025						March 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	1822,~~069,986~~300	$	—	$	—	$	1852,~~042,604~~467	$	—	$	—
Investments for deferred compensation plan included in other assets:
Cash	$	~~142~~108	$	—	$	—	$	~~312~~90	$	—	$	—
Common stock	~~773~~762		—		—		~~573~~540		—		—
Money market funds	7,~~847~~906		—		—		87,~~129~~359		—		—
Mutual funds	2224,~~275~~881		—		—		2021,~~160~~017		—		—
Total investments for deferred compensation plan	$	3133,~~037~~657	$	—	$	—	$	29,~~174~~006	$	—	$	—
Currency derivative assetsincluded in other current assets	$	—	$	~~148~~731	$	—	$	—	$	~~913~~90	$	—
Liabilities:
Contingent consideration included in accrued and other current liabilities	$	—	$	—	$	—	$	—	$	—	$	1,215
Currency derivative liabilitiesincluded in accrued and other current liabilities	$	—	$	10,038	$	—	$	—	$	2,849	$	—
Currency derivative liabilitiesincluded in accrued and other current liabilities	$	—	$	470	$	—	$	—	$	573	$	—

Investments for Deferred Compensation Plan

The marketable securities for the Company's deferred compensation plan were recorded at a fair value of $3133.07 million and $29.20 million, as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively, based on quoted market prices. Quoted market prices are observable inputs that are classified as Level 1 within the fair value hierarchy. Unrealized gains (losses) related to marketable securities for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 were not material and were included in other income (expense), net, and corresponding changes in the deferred compensation liability were included in operating expenses and cost of goods sold, in the Company's condensed consolidated statements of operations.

Equity Method Investments

The Company has certain non-marketable investments included in other assets that are accounted for as equity method investments, with a carrying value of $18.73 million and $18.04 million as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively. ~~Gains~~Income (~~losses~~loss) related to equity method investments for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 ~~were~~was not material and ~~are~~is included in other income (expense), net, in the Company's condensed consolidated statements of operations. There was no impairment of equity method investments during the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024.

Assets Measured at Fair Value on a Nonrecurring Basis

Financial Assets

The Company has certain equity investments without readily determinable fair values due to the absence of quoted market prices, the inherent lack of liquidity, and the fact that inputs used to measure fair value are unobservable and require management's judgment. When certain events or circumstances indicate that impairment may exist, the Company revalues the investments using various assumptions, including the financial metrics and ratios of comparable public companies. The carrying value is also adjusted for observable price changes with the same or similar security from the same issuer. The amount of these equity investments without readily determinable fair value included in other assets was $8.8 million ~~and $10.1 million~~ as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025. There was no impairment of these equity investments during the three months ended June 30, ~~respectively.~~2025 ~~The~~and the impairment charges related to ~~these~~the equity investments were not material during the three ~~and nine~~ months ended ~~December 31~~June 30, 2024 ~~and 2023~~.

1514

During the nine months ended December 31, 2023, the Company recorded an impairment loss, before tax, of $9.6 million as a result of the write-off of a note receivable which has been deemed no longer recoverable. This note receivable was previously obtained in conjunction with an exchange transaction related to the Company's investment in a privately held company. The impairment loss is included in other income (expense), net, in the Company's condensed consolidated statement of operations for the nine months ended December 31, 2023.

Non-Financial Assets

Goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate these non-financial assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, the non-financial assets are measured at fair value during such period. There was no impairment of non-financial assets during the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024.

Note 7 — Derivative Financial Instruments

Under certain agreements with the respective counterparties to the Company’s derivative contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, the Company presents its derivative assets and derivative liabilities on a gross basis in other current assets and accrued and other current liabilities, respectively, on the condensed consolidated balance sheets as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025. See Note 6 for the fair values of the Company’s derivative instruments as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025.

Cash Flow Hedges

The Company enters into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory purchases. ~~These~~Previously, ~~hedging~~the hedge contracts ~~mature~~covered inventory purchases within ~~approximately~~four months. Beginning in the first quarter of fiscal year 2026, they cover inventory purchases up to twelve months, with reduced coverage beyond four months. Gains and losses in the fair value of the effective portion of the hedges are deferred as a component of accumulated other comprehensive income (loss) until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Cash flows from such hedges are classified as operating activities in the condensed consolidated statements of cash flows. Hedging relationships are discontinued when the hedging contract is no longer eligible for hedge accounting, or is sold, terminated or exercised, or when the Company removes hedge designation for the contract. Gains and losses in the fair value of the effective portion of the discontinued hedges continue to be reported in accumulated other comprehensive income (loss) until the hedged inventory purchases are sold, unless it is probable that the forecasted inventory purchases will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter.

The notional amounts of foreign currency exchange forward contracts outstanding related to forecasted inventory purchases were $~~124~~314.38 million and $9074.56 million as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively. The Company had $213.54 million of net ~~gain~~loss related to its cash flow hedges included in accumulated other comprehensive loss as of ~~December~~June 3130, ~~2024~~2025, which will be reclassified into earnings within the next twelve months.

16The following table presents the amounts of gain (loss) on the Company’s derivative instruments designated as hedging instruments for the three months ended June 30, 2025 and 2024 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands):

The following table presents the amounts of gain (loss) on the Company’s derivative instruments designated as hedging instruments for the three and nine months ended December 31, 2024 and 2023 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands):


	Three Months Ended June 30,
	Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss				Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold
	2025		2024		2025		2024
Cash flow hedges	$	(12,349)	$	1,582	$	2,002	$	(733)

	Three months ended December 31,
	Amount of Gain (Loss)Deferred as a Component of AccumulatedOther Comprehensive Loss				Amount of Loss (Gain)Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold
	2024		2023		2024		2023
Cash flow hedges	$	3,577	$	(2,539)	$	790	$	(863)
	Nine months ended December 31,
	Amount of Gain (Loss)Deferred as a Component of AccumulatedOther Comprehensive Loss				Amount of Loss (Gain)Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold
	2024		2023		2024		2023
Cash flow hedges	$	2,228	$	(1,165)	$	(849)	$	3,493

The Company presents the earnings impact from forward points in the same line item that is used to present the earnings impact of the hedged item, i.e., cost of goods sold, for hedging forecasted inventory purchases and such amount is not material for all periods presented.

Other Derivatives

The Company also enters into foreign currency exchange forward and swap contracts to reduce the short-term effects of currency exchange rate fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of its subsidiaries. These contracts generally mature within approximately one month. The primary risk managed by using forward and swap contracts is the currency exchange rate risk. The gains or losses on these contracts are not material and included in other income (expense), net, in the condensed consolidated statements of operations based on the changes in fair value. The notional amounts of these contracts outstanding as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025 were $~~113~~156.39 million and $79131.48 million, respectively.

The fair value of all foreign currency exchange forward and swap contracts is determined based on observable market transactions of spot currency rates and forward rates. Cash flows from these contracts are classified as operating activities in the condensed consolidated statements of cash flows.

Note 8 — Goodwill and Other Intangible Assets

The Company conducts its impairment analysis of goodwill annually at December 31 or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting unit may be less than its carrying amount. ~~The~~There ~~Company~~have ~~conducted~~been ~~its~~no ~~annual~~triggering ~~impairment~~events ~~analysis~~identified ofaffecting ~~goodwill~~the asvaluation of ~~December~~goodwill ~~31, 2024 by performing a qualitative assessment~~ and ~~concluded~~intangible ~~that~~assets itduring ~~was more likely than not that~~ the ~~fair~~three ~~value~~months ofended ~~its~~June 30, ~~reporting~~2025 ~~unit~~and ~~exceeds its carrying amount~~2024.

The following table summarizes the activities in the Company’s goodwill balance (in thousands):

As of March 31, 2024	$	461,978
As of March 31, 2025	$	463,230
Effects of foreign currency translation	~~(795)~~2,560
As of December 31, 2024	$	461,183
As of June 30, 2025	$	465,790

The Company's acquired intangible assets were as follows (in thousands):

December 31, 2024

March 31, 2024

June 30, 2025

March 31, 2025

Gross Carrying Amount

AccumulatedAmortization

Net Carrying Amount

Gross Carrying Amount

AccumulatedAmortization

Net Carrying Amount

Trademarks and trade names

32,390

(2729,~~941~~409)

42,~~449~~981

32,390

(2528,~~739~~675)

63,~~651~~715

Developed technology

107,421

(9498,~~224~~596)

138,~~197~~825

107,421

(8696,~~855~~464)

2010,~~566~~957

Customer contracts/relationships

69,087

(5660,~~750~~543)

128,~~337~~544

69,087

(5158,~~061~~646)

1810,~~026~~441

Effects of foreign currency translation

~~(1,411)~~619

~~589~~(645)

(~~822~~26)

(~~1,019~~620)

~~379~~137

(~~640~~483)

Total

~~207~~209,~~487~~517

(~~178~~189,~~326~~193)

2920,~~161~~324

~~207~~208,~~879~~278

(~~163~~183,~~276~~648)

4424,~~603~~630

Note 9 — Financing Arrangements

~~The~~On January 27, 2025, the Company ~~had~~entered ~~several~~into ~~uncommitted,~~an unsecured ~~bank~~revolving ~~lines~~credit facility with a syndicate of ~~credit~~banks ~~and~~(the ~~letters~~"Credit Agreement"). The Credit Agreement provides a revolving line of credit ~~aggregating~~of up to $~~171~~750.3 0 million ~~and~~to ~~$172.5~~the ~~million~~Company asincluding the issuance of ~~December 31,~~letters ~~2024~~of ~~and~~credit ~~March~~of up to $100.0 ~~31,~~million. ~~2024~~The Credit Agreement terminates on January 27, ~~respectively~~2030 unless extended in accordance with its terms. ~~There~~The ~~are~~Credit noAgreement ~~financial~~contains ~~covenants~~(1) ~~under~~an increase option allowing the ~~lines~~Company to secure up to $250.0 million of ~~credit~~additional ~~with~~commitments ~~which~~and (2) an extension option to extend the ~~Company~~term ~~must~~by ~~comply.~~one-year ~~There~~which ~~was~~may be exercised no ~~borrowing~~more ~~outstanding~~than two times, subject to certain requirements. Loans under the ~~lines~~Credit ofAgreement ~~credit~~are asavailable ofin ~~December 31~~U.S. Dollars, ~~2024~~Euro, orSterling, ~~March 31~~Yen, ~~2024.~~Swiss AsFrancs, ofCanadian ~~December 31~~Dollars, ~~2024~~Australian Dollars and ~~March 31,~~any ~~2024,~~other ~~the~~currency ~~Company~~agreed ~~had~~to ~~outstanding~~by ~~bank~~each ~~guarantees~~lender. Proceeds of ~~$27.7~~loans ~~million~~made ~~and~~under ~~$14.3~~the ~~million,~~Credit ~~respectively.~~Agreement may be used for general corporate purposes.

~~On January 27, 2025, the Company entered into an unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement").~~ The Credit Agreement ~~provides~~contains a ~~revolving~~maximum ~~line~~net ofdebt ~~credit of up~~ to ~~$750 million~~adjusted toEBITDA ~~the Company including the issuance of letters of credit of up to $100 million. The Credit Agreement terminates on January 27~~ratio, ~~2030~~compliance ~~unless extended in accordance~~ with ~~its~~which ~~terms.~~is ~~The~~a ~~Credit~~condition ~~Agreement~~to ~~contains (1) an increase option allowing~~ the Company's toability ~~secure up~~ to ~~$250 million of additional commitments and (2) an extension option to extend the term by one-year which may be exercised no more than two times, subject to certain requirements~~borrow. ~~Loans~~Borrowings under the Credit Agreement ~~are~~will ~~available~~bear ininterest ~~U.S.~~at ~~Dollars,~~a ~~Euro,~~rate ~~Sterling,~~determined ~~Yen,~~by ~~Swiss~~reference ~~Francs,~~to ~~Canadian~~benchmark ~~Dollars,~~rates ~~Australian~~plus ~~Dollars~~an ~~and~~applicable ~~any~~spread ~~other~~(ranging ~~currency~~from ~~agreed~~0% to ~~by each lender~~1.5%) ~~Proceeds~~based ofon ~~loans made under~~ the ~~Credit Agreement may be used for general corporate purposes.~~

The Credit Agreement contains a maximum net debt to adjusted EBITDA ratio, compliance with which is a condition to the Company's ability to borrow. Borrowings under the Credit Agreement will bear interest at a rate determined by reference to benchmark rates plus an applicable spread (ranging from 0% to 1.5%) based on the Company's net leverage ratio or credit rating at the time of the borrowing. Undrawn balances available under the Credit Agreement are subject to commitment fees at the applicable rate determined by reference to the Company's net leverage ratio or credit rating. There has been no borrowing outstanding under the Credit Agreement as of January 29, 2025.16

Company's net leverage ratio or credit rating at the time of the borrowing. Undrawn balances available under the Credit Agreement are subject to commitment fees at the applicable rate determined by reference to the Company's net leverage ratio or credit rating. There has been no borrowing outstanding under the Credit Agreement as of June 30, 2025.

In addition, the Company had several uncommitted, unsecured bank lines of credit and letters of credit aggregating to $174.3 million and $172.2 million as of June 30, 2025 and March 31, 2025, respectively. There are no financial covenants under the lines of credit with which the Company must comply. There was no borrowing outstanding under the lines of credit as of June 30, 2025 or March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company had outstanding bank guarantees of $22.1 million and $12.1 million, respectively.

Note 10 — Commitments and Contingencies

Product Warranties

Changes in the Company’s warranty liabilities for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 were as follows (in thousands):

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2024

2023

2025

2024

Beginning of the period

4649,~~833~~184

4044,~~265~~654

~~44,654~~

~~40,886~~

Provision

128,~~060~~622

1110,~~249~~186

~~34,022~~

~~30,734~~

Settlements

(98,~~111~~249)

(10,~~158~~038)

~~(29,124)~~

~~(29,914)~~

Effects of foreign currency translation

~~(721)~~649

~~421~~(300)

~~(491)~~

End of the period

4950,~~061~~206

4144,~~777~~502

~~49,061~~

~~41,777~~

Indemnifications

The Company indemnifies certain of its suppliers and customers for losses arising from matters such as intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but in some instances includes indemnification for damages and expenses, including reasonable attorneys’ fees. As of ~~December~~June 3130, ~~2024~~2025, no material amounts have been accrued for these indemnification provisions. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under its indemnification arrangements.

The Company also indemnifies its current and former directors and certain of its current and former officers. Certain costs incurred for providing such indemnification may be recoverable under various insurance policies. The Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements because these exposures are not ~~capped~~limited, the obligations are conditional in nature, and the facts and circumstances involved in any situation that might arise are variable.

Legal Proceedings

From time to time the Company is involved in claims and legal proceedings that arise in the ordinary course of its business. The Company is currently subject to several such claims and legal proceedings. The Company intends to vigorously defend against them. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. The Company follows ASC ("Accounting Standards Codification") 450, Contingencies, in determining the accounting and disclosure for these contingencies. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows, and results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity, and other factors. Any failure to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business.

Note 11 — Shareholders’ Equity

Share Capital

As of ~~December~~June 3130, ~~2024~~2025, the Company's nominal share capital is CHF 42.2 million, consisting of 168,994,142 issued shares with a par value of CHF 0.25 each, of which 1921,~~555~~442,~~027~~654 were held in treasury shares.

The capital band under Swiss law allows a company's board of directors to adjust the company's share capital within a predefined range based on a general authority granted by the company's shareholders. At the 2023 Annual General Meeting ("AGM"), the Company's shareholders approved an amendment to the Company’s Articles of Incorporation to introduce a capital band provision authorizing the Board of Directors to adjust the Company's share capital, without additional shareholder approval, within a range of 155,795,958 registered shares to 190,417,282 registered shares for the five-year period ending on September 13, 2028. In addition, the Company has reserved conditional capital (1) up to 25,000,000 shares for potential issuance for the exercise of rights granted under the Company's employee equity incentive plans, and (2) up to 25,000,000 shares for issuance to cover any conversion rights under any potential future convertible bond issuance.

In September 2024, the Company's Board of Directors approved the cancellation of 4.1 million treasury shares, which were repurchased in fiscal year 2024 for an aggregate cost of $332.1 million under the 2023 share repurchase program. The cancellation became effective in the quarter ended December 31, 2024, and as a result both the number of registered shares issued and the number of treasury shares outstanding decreased by 4.1 million shares. Upon cancellation of these shares, the Company deducted the par value from registered shares and reflected the excess of share repurchase cost over par value as a reduction to retained earnings.

Share Repurchases

In June 2023, the Company's Board of Directors approved a three-year share repurchase program, which allows the Company to use up to $1.0 billion to repurchase its shares. The 2023 share repurchase program enables the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. In March 2025, the Company's Board of Directors approved an increase of $600.0 million to the 2023 share repurchase program, to an aggregate amount of $1.6 billion. The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025. As of June 30, 2025, $524.3 million was available for repurchase under the 2023 share repurchase program.

19The following table summarizes the Company's share repurchase activities for the three months ended June 30, 2025 and 2024 were as follows (in thousands):

the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. During the nine months ended December 31, 2024, the Company repurchased 5.3 million shares for an aggregate cost of $461.4 million under the 2023 share repurchase program for cancellation, of which $17.6 million of the aggregate cost was not paid yet as of December 31, 2024. As of December 31, 2024, $174.8 million was available for repurchase under the 2023 share repurchase program.


	Three Months Ended June 30,
	2025		2024
2023 Share Repurchase Program:
Number of shares repurchased (1)	1,531		1,444
Aggregate cost of shares repurchased (1) (2)	$	124,135	$	132,132

~~During~~(1) ~~the~~All ~~nine~~shares ~~months~~were ~~ended December 31, 2023, the Company~~ repurchased ~~3.0 million shares~~ for ~~an aggregate cost of $232.5 million under the 2023 share repurchase program for~~ cancellation~~, of which $14~~.~~8 million~~ of the aggregate cost was not paid yet as of December 31, 2023. In addition, the Company repurchased 2.6 million shares for an aggregate cost of $159.1 million under the previous share repurchase program during the nine months ended December 31, 2023. This previous share repurchase program was initially approved by the Company's Board of Directors in May 2020, to purchase Logitech shares to support equity incentive plans or potential acquisitions, and expired on July 27, 2023.

~~Swiss~~(2) ~~law~~Includes ~~limits~~an ~~a company’s ability to hold or repurchase its own shares. The~~ aggregate ~~par~~cost ~~value~~ of ~~all~~$21.2 million ~~shares held in treasury by the Company~~ and ~~its subsidiaries may not exceed 10% of the issued share capital of the Company, which for the Company corresponds to approximately 16~~$20.98 million, ~~registered shares as of December 31~~respectively, ~~2024.~~that ~~This~~was ~~limitation does~~ not ~~apply~~yet topaid ~~shares~~as ~~repurchased for cancellation, due to the Board~~ of ~~Directors’ authority under the Company’s capital band set forth in the Company’s Articles of Incorporation. As of December~~June 3130, ~~2024,~~2025 ~~the Company had a total of 19.6 million shares held in treasury stock, which includes 5.3 million shares that have been repurchased for cancellation~~ and 142024.~~3 million shares that have been purchased to support equity incentive plans or potential acquisitions.~~

Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares held in treasury by the Company and its subsidiaries may not exceed 10% of the share capital of the Company, which for the Company corresponds to approximately 16.9 million registered shares as of June 30, 2025. This limitation does not apply to shares repurchased for cancellation, due to the Board of Directors’ authority under the Company’s capital band set forth in the Company’s Articles of Incorporation. As of June 30, 2025, the Company had a total of 21.4 million shares held in treasury stock, which includes 8.2 million shares that have been repurchased for cancellation and 13.2 million shares that have been purchased to support equity incentive plans or potential acquisitions.

To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of SIX Swiss Exchange (“SIX”) and/or The Nasdaq Global Select Market (“Nasdaq”). Shares repurchased for cancellation purposes are repurchased on a second trading line on SIX. Shares may be repurchased from time to time on the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors and the program does not require the purchase of any minimum number of shares.

~~Dividends~~18

~~During~~Share the nine months ended December 31, 2024, the Company declared cash dividends of CHF 1.16 (USD equivalent of $1.37 based on the exchange rate on the date of declaration) per share and paid a total of $207.9 million on the Company's outstanding shares. During the nine months ended December 31, 2023, the Company declared cash dividends of CHF 1.06 (USD equivalent of $1.19 based on the exchange rate on the date of declaration) per share and paid a total of $182.3 million on the Company's outstanding shares.Cancellation

~~Any~~In ~~future~~June ~~dividends~~2025, ~~will~~the beCompany's ~~subject~~Board of Directors approved the cancellation of 8.2 million treasury shares, which were repurchased under the 2023 share repurchase program in fiscal year 2025 and the first quarter of fiscal year 2026, for an aggregate cost of $712.2 million. The cancellation is expected to ~~approval~~take effect in the second quarter of fiscal year 2026. When the cancellation becomes effective, the number of registered shares issued and the number of treasury shares will both decrease by 8.2 million shares, and the Company's ~~shareholders~~will deduct the par value from registered shares and reflect the excess of share repurchase cost over par value as a reduction to retained earnings.

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss ~~was~~were as follows (in thousands):

	Currency Translation Adjustment		Defined Benefit Plans		Deferred Hedging ~~Gains~~Losses		Total
March 31, 2024	$	(103,947)	$	(8,395)	$	1,140	$	(111,202)
March 31, 2025	$	(118,652)	$	(25,276)	$	(3,024)	$	(146,952)
Other comprehensive income (loss)	~~(23~~27,~~998)~~293		(~~501~~157)		1(10,~~379~~347)		~~(23~~16,~~120)~~789
December 31, 2024	$	(127,945)	$	(8,896)	$	2,519	$	(134,322)
June 30, 2025	$	(91,359)	$	(25,433)	$	(13,371)	$	(130,163)

Note 12 — Segment Information

The Company manages its business activities on a consolidated basis and operates inas a single operating segment: ~~that~~Peripherals. The operating segment encompasses the design, manufacturing and ~~marketing~~sales of peripherals for gaming, ~~personal computers ("~~PCs"), tablets, video conferencing, and other digital platforms. ~~Operating~~The ~~performance measures are provided directly to the~~ Company's Chief ~~Executive~~Operating ~~Officer~~Decision Maker (~~"CEO"~~the “CODM”), ~~who~~ is ~~considered to be~~ the ~~Company’s~~ Chief ~~Operating~~Executive ~~Decision Maker~~Officer. The ~~CEO~~CODM periodically reviews information such as sales and ~~adjusted~~net ~~operating~~ income ~~(loss)~~ to make business decisions. ~~These~~and ~~operating~~evaluate performance. ~~measures~~The doCODM ~~not~~uses ~~include~~net ~~restructuring~~income ~~charges~~to evaluate income generated from segment assets (~~credits~~return on assets), ~~net,~~in ~~share-based~~deciding ~~compensation~~whether ~~expense,~~to ~~amortization~~reinvest ~~and~~profits ~~impairment~~into the Peripherals segment or into other parts of ~~intangible~~the ~~assets~~entity, ~~acquisition-related~~such ~~costs~~as for acquisitions, ~~and~~share ~~change~~repurchase inor ~~fair~~to ~~value~~pay ofdividends. ~~contingent~~The ~~consideration~~CODM ~~from~~also ~~business~~monitors ~~acquisitions~~budget versus actual net income results.

~~Sales~~The byfollowing ~~product~~table ~~category~~presents ~~for~~segment ~~the~~revenue, ~~three~~significant ~~and~~segment ~~nine months ended December 31~~expenses, ~~2024~~ and ~~2023~~net ~~were~~income ~~as follows~~ (in thousands):

			Three months ended December 31,						Nine months ended December 31,
	Three Months Ended June 30,
			2024				2023		2024		2023
	2025				2024
Gaming (1)			$	466,715			$	409,043	$	1,076,660	$	957,576
Net sales	$	1,147,703			$	1,088,217
Keyboards & Combos			236,748				229,432		662,017		605,201
Less: Significant segment expenses
Pointing Devices			217,045				206,180		602,927		572,310
Cost of goods sold (1)	664,212				616,919
Video Collaboration			176,053				169,522		482,755		461,257
Marketing and selling (1)	181,866				185,054
Webcams			84,419				85,851		237,572		249,273
Research and development (1)	68,236				69,568
Tablet Accessories			77,433				64,239		241,586		198,252
General and administrative (1)	31,630				34,241
Headsets			45,886				41,762		137,038		123,023
Less: other segment items
Other (2)			35,995				49,444		103,990		120,088
Share-based compensation expense	32,828				23,405
Total Sales			$	1,340,294			$	1,255,473	$	3,544,545	$	3,286,980
Amortization of intangible assets and acquisition-related costs	4,795				5,145
Interest income	(11,229)				(15,790)
Other (2)	880				2,284
Provision for income taxes	28,470				25,558
Net income	$	146,015			$	141,833

(1) The difference between the amounts included in the table above and the amounts included in the condensed consolidated statements of operations is related to share-based compensation expense (see Note 3).

(2) Includes restructuring charges, net, and other income (expense), net.

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


	Three Months Ended June 30,
	2025		2024
Gaming (1)	$	315,875	$	309,475
Keyboards & Combos	222,492		215,333
Pointing Devices	195,780		189,946
Video Collaboration	166,716		147,042
Webcams	84,374		72,904
Tablet Accessories	91,227		78,539
Headsets	45,523		44,236
Other (2)	25,716		30,742
Total Sales	$	1,147,703	$	1,088,217

(1) Gaming includes streaming services revenue generated by Streamlabs.

(2) Other primarily consists of mobile speakers and PC speakers.

Sales by geographic region (based on the customers’ locations) for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 were as follows (in thousands):

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2024

2023

2025

2024

Americas

~~553~~461,~~563~~690

~~538~~485,~~530~~289

~~1,518,933~~

~~1,446,104~~

EMEA

~~454~~346,~~665~~840

~~416~~309,~~618~~817

~~1,116,368~~

~~987,301~~

Asia Pacific

~~332~~339,~~066~~173

~~300~~293,~~325~~111

~~909,244~~

~~853,575~~

Total Sales

1,~~340~~147,~~294~~703

1,~~255~~088,~~473~~217

~~3,544,545~~

~~3,286,980~~

Revenue from sales to customers in the United States, ~~Germany~~China and ~~China~~Germany each represented 10% or more of the total consolidated sales for ~~each of~~ the periods presented herein. No other countries represented 10% or more of the Company’s total consolidated sales for the periods presented herein.

Switzerland, the Company’s country of domicile, represented 3% ~~of the Company's total consolidated sales for each of the three months ended December 31, 2024~~ and ~~2023, and 3% and~~ 2% of the Company's total consolidated sales for the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024, respectively.

Three customers of the Company each represented 10% or more of the total consolidated gross sales for each of the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024.

Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as follows (in thousands):

December 31, 2024

March 31, 2024

June 30, 2025

March 31, 2025

Americas

6259,~~920~~862

6761,~~762~~521

EMEA

4751,~~144~~773

3047,~~819~~874

Asia Pacific

5762,~~281~~866

5860,~~901~~710

Total

~~167~~174,~~345~~501

~~157~~170,~~482~~105

Property, plant and equipment, net (excluding software) and right-of-use assets in the United States, ~~China~~ and ~~Ireland,~~China were $6158.3 million, ~~$39.9 million,~~ and $1445.45 million, respectively, as of ~~December~~June 3130, ~~2024~~2025. Property, plant and equipment, net (excluding software) and right-of-use assets in the United States, ~~China,~~ and ~~Ireland~~China were $6660.50 million, ~~$41.2 million,~~ and $1643.24 million, respectively, as of March 31, ~~2024~~2025.

Property, plant and equipment, net (excluding software) and right-of-use assets in Switzerland, the Company’s country of domicile, were $2326.59 million and $924.01 million as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively. No ~~other countries represented more than 10% of the Company’s total property, plant and equipment, net (excluding software) and right-of-use assets as of December 31, 2024 or March 31, 2024.~~

2220

other countries represented more than 10% of the Company’s total property, plant and equipment, net (excluding software) and right-of-use assets as of June 30, 2025 or March 31, 2025.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on beliefs of our management as of the filing date of this Quarterly Report on Form 10-Q. These forward-looking statements include, among other things, statements related to:

•Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial performance, and market position;

•Our business strategy and investment priorities in relation to ~~competitive~~evolving ~~offerings~~consumer and ~~evolving~~enterprise ~~consumer~~ demand trends, ~~affecting~~competitive ~~our~~landscape ~~products~~ and ~~markets,~~ current and future worldwide geopolitical, economic and capital market conditions, including fluctuations in currency exchange rates, ~~changes in fiscal policies,~~ inflation, economic downturns, and disruptions in global logistics;

•~~Our~~Changes ~~expectations~~in ~~regarding~~trade ~~any~~regulations, ~~restructuring~~policies ~~efforts~~and agreements and the imposition of tariffs that affect our products or operations, including ~~the~~potential ~~timing~~new ~~thereof~~tariffs that may be imposed on U.S. imports, and our ability to mitigate;

•Long-term, secular trends that impact our product categories;

•The evolution and adoption of artificial intelligence (“AI”), its impact on our industry and related risks and opportunities for our business;

•~~The~~Our ~~scope,~~expectations ~~nature~~regarding orany ~~impact~~restructuring ~~of acquisition~~efforts, ~~strategic~~including ~~alliance,~~the ~~and~~timing ~~divestiture~~or ~~activities;~~effectiveness thereof;

•~~Our~~The ~~expectations~~scope, ~~regarding~~nature ~~the~~or ~~success~~impact of ~~our~~any ~~strategic acquisitions~~acquisition, ~~including~~strategic ~~integration of acquired operations~~alliance, ~~products, technology, internal controls, personnel~~ and ~~management~~divestiture ~~teams~~activities;

•Our expectations regarding ~~our~~the ~~effective~~success ~~tax~~of ~~rate~~any strategic acquisitions, ~~future~~including ~~tax~~integration ~~benefits,~~of ~~tax~~acquired ~~settlements~~operations, ~~the~~products, ~~adequacy~~technology, ofinternal ~~our~~controls, ~~provisions~~personnel ~~for~~and ~~uncertain~~management ~~tax positions~~teams;

•Our expectations regarding our effective tax rate, future tax benefits, tax settlements, and the adequacy of our provisions for uncertain tax positions;

•Our expectations regarding our potential indemnification obligations, and the outcome of pending or future legal proceedings and tax audits;

•Our business development, product development and innovation, and their impact on future operating results and anticipated operating costs for fiscal year ~~2025~~2026 and beyond;

•Opportunities for growth and our ability to execute on and take advantage of them, including our marketing initiatives and strategy and our expectations regarding the success thereof;

•Potential tariffs, their effects and our ability to mitigate their effects;

•Our expectations regarding our share repurchase and dividend programs;

•The sufficiency of our cash and cash equivalents, cash generated from operations, and available borrowings under our Credit Agreement and our bank lines of credit to fund capital expenditures and working capital needs, and our ability to comply with our obligations under such debt agreements; and

•The effects of environmental and other laws and regulations in the United States and other countries in which we operate.

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, ~~2024~~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.

You should read the following discussion in conjunction with the interim unaudited condensed consolidated financial statements and related notes.

2322

Company Overview

Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, ~~gaming~~ and ~~streaming~~gaming. As athe point of connection between people and the digital world, our mission is to extend human potential in work and play, in a way that is good for people and the planet. We sell ~~these~~the ~~products~~vast ~~through~~majority ~~a number~~ of ~~brands,~~our ~~including~~products under Logitech, and Logitech G ~~and~~brand ~~others~~names.

Our diverse, innovative portfolio includes: Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, Webcams, Tablet Accessories, and Headsets. These products are all classified under a single operating segment: Peripherals (see Note 12 to our condensed consolidated financial statements).

We sell our products to a broad ~~network~~range of international customers, in the Americas, Europe, the Middle East and Africa (“EMEA”) and Asia Pacific. This includes direct sales to retailers, e-tailers, businesses large and small and end consumers through our e-commerce platform, and indirect sales to end customers through distributors.

From time to time, we may seek to partner with or acquire, when appropriate, companies that have products, personnel, and technologies that complement our strategic direction. We continually review our product offerings and our strategic direction in light of our profitability targets, competitive conditions, changing consumer trends and the evolving nature of the interface between the consumer and the digital world.

Impacts of Macroeconomic and Geopolitical Conditions on our Business

~~Our~~In ~~business~~2025, ~~has~~the ~~continued~~United toStates beintroduced ~~impacted~~trade bypolicy ~~macroeconomic~~actions ~~and~~that ~~geopolitical~~have ~~conditions.~~increased ~~These~~import ~~conditions~~tariffs ~~include~~across ~~inflation,~~a ~~interest~~wide ~~rate~~range ~~and~~of ~~foreign~~countries ~~currency~~at ~~fluctuations~~various rates, ~~changes~~with incertain ~~fiscal~~exemptions. These tariff policies, ~~geopolitical~~in ~~conflicts,~~the ~~low~~U.S. ~~economic~~and ~~growth~~responsive policies enacted in ~~certain~~other ~~regions,~~countries ~~and~~are ~~uncertainty~~evolving. inThe ~~consumer~~incremental tariffs have had and ~~enterprise~~may ~~demand~~continue to have an adverse impact on our result of operations. In addition, our business ~~may~~has becontinued ~~adversely~~to be impacted by ~~the~~ongoing ~~potential~~macroeconomic ~~expansion~~and ofgeopolitical ~~tariffs~~conditions. onThese ~~goods~~conditions ~~imported~~include ~~into~~inflation, ~~the~~interest ~~U.S.~~rate and foreign currency fluctuations, asuncertainty ~~well~~in asconsumer ~~responsive~~and orenterprise ~~related~~demand, ~~policies~~low ~~enacted~~economic growth in ~~other~~certain ~~countries~~regions, changes in fiscal policies and geopolitical conflicts.

The global and regional economic and political conditions, as well as changes in trade policies, have caused and may continue to cause volatility in demand for our products as well as cost of tariffs, materials and logistics, and transportation delays, and as a result have impacted and may continue to impact the pricing of our products, product availability and our results of operations.

For additional information, see Part II, Item 1A "Risk Factors."

Trends and Uncertainties

Several long-term secular- trends offer long-term structural growth opportunities across Logitech’s product portfolio. We design, create and sell products that benefit from these secular trends which include the following:

•Hybrid work: Hybrid work provides an opportunity to equip multiple workspaces including in the office and other places of work, as well as at home and away from home. Hybrid work also provides an opportunity for increased enterprise and consumer adoption of video conferencing. Our video collaboration products are compatible with a variety of video conference platforms, including Zoom, Microsoft Teams and Google Meet.

•Gaming: The ongoing growth and evolution of gaming creates an opportunity for us to provide more tools to a wider community of gamers. In particular, social gaming continues to gain popularity through online gaming, multi-platform experiences and esports.

•AI: AI has reshaped expectations for productivity improvements, product innovation and technology ecosystem evolution. While we have used AI solutions and machine learning to enhance the features of different products in our portfolio, AI offers additional growth opportunities and risks as we work to integrate our capabilities with our ecosystem partners.

•~~Climate~~New ~~change~~ways of working: ~~Climate~~The ~~change~~new ~~affects~~ways ~~everyone.~~of Weworking ~~already~~that ~~consider~~have ~~sustainability~~emerged asafter ~~part~~the ofpandemic ~~our~~in ~~product~~which ~~design~~people ~~and~~are splitting time between working in ~~other~~the ~~areas~~office, from home, and ~~intend~~from toother ~~continue~~places while on the go, provide opportunities for Logitech to doequip somultiple inworkspaces ~~the~~with ~~future~~products across our portfolio including Pointing Devices, Keyboards & Combos, Tablet Accessories, Headsets and Webcams. The new ways of working also provide an opportunity for increased adoption of video conferencing by enterprises and consumers. Our video collaboration products are compatible with a variety of video conference platforms, including Zoom, Microsoft Teams and Google Meet.

•Gaming growth: The ~~importance~~ongoing ofgrowth ~~trust:~~and ~~With~~evolution ~~our~~of ~~well-established~~gaming ~~Logitech~~creates ~~brand,~~an ~~consumer-centric~~opportunity ~~design~~for ~~philosophy,~~us ~~and~~to ~~commitment~~provide more tools to ~~high~~a ~~privacy~~wider ~~and~~community ~~security~~of ~~standards~~gamers. In particular, wesocial ~~strive~~gaming continues to ~~deliver~~gain ~~trusted~~popularity ~~user~~through online gaming, multi-platform experiences and esports.

While we believe we will further benefit from these secular trends, we have experienced and will continue to experience challenges that impact our business and financial results. These challenges include (i) ~~the~~uncertainty ~~current~~in ~~macroeconomic~~tariffs ~~environment,~~on ~~including~~goods ~~interest~~imported ~~rate~~into ~~fluctuations,~~the ~~inflation,~~U.S. ~~foreign~~and ~~exchange~~responsive ~~movements, changes in fiscal~~ policies ~~and~~enacted ~~low~~by ~~economic~~other ~~growth in certain regions~~countries, (ii) the ~~uncertainty~~macroeconomic ~~with~~environment, ~~overall~~including ~~consumer and enterprise demand~~inflation, ~~(iii)~~interest ~~the~~rate ~~uncertainty~~and ~~with~~foreign ~~enterprise~~currency ~~strategy~~fluctuations, ~~for~~low ~~office~~economic ~~space~~growth ~~utilization~~in ~~and~~certain ~~related timing of enterprise~~

2423

regions, changes in fiscal policies and geopolitical conflicts, (iii) the uncertainty of overall consumer and enterprise demand, (iv) the uncertainty of timing of enterprise investments in infrastructure and technology, and (ivv) the timing of further development of our B2B go-to-market capabilities.

We expect these challenges to continue in the near-term. We have taken steps to mitigate the impact of these challenges, including but not limited to: (i) continued diversification of our manufacturing footprint and supplier ecosystem, (ii) maintaining discipline in our operating expenses, (iiiii) managing inventory levels to align with demand, (~~iii~~iv) continued investment in our B2B capabilities, and (ivv) continued release of new products to increase the value proposition of our portfolio.

For additional information, see Part II, Item 1A "Risk Factors."

~~Business~~ Seasonality ~~and Product Introductions~~

We ~~have~~experience ~~historically~~seasonal ~~experienced~~trends ~~higher~~related ~~sales~~to in our ~~third~~product ~~fiscal~~sales. ~~quarter~~Sales ~~ending~~are ~~December~~generally ~~31,~~highest ~~compared~~during toour ~~other~~third fiscal ~~quarters~~quarter in(October ~~our~~to ~~fiscal~~December) ~~year,~~ primarily due to ~~the~~ increased consumer demand ~~for our products~~ during the ~~year-end~~ holiday ~~buying~~ season and ~~year-end~~increased spending by enterprises. ~~Additionally,~~in ~~new~~the ~~product~~months ~~introductions~~nearing and business acquisitions can significantly impact sales, product costs and operating expenses. Product introductions can also impact our sales to distribution channels as these channels are filled with new product inventory following a product introduction, and often channel inventory of an earlier model product declines as the ~~next~~calendar ~~related major product launch approaches~~year-end. ~~Sales~~Cash can also be affected when consumers and distributors anticipate a product introduction or changes in business circumstances. However, neither historical seasonal patterns nor historical patterns of product introductions should be considered reliable indicators of our future pattern of product introductions, future sales or financial performance. Furthermore, cash flow is correspondingly lower in the first half of our fiscal year as we typically build inventories in advance ~~for~~of ~~the~~our third fiscal quarter and we also pay an annual dividend following our Annual General Meeting, ~~which is~~ typically held in September.

Summary of Financial Results

Our sales for the three months ended ~~December~~June 3130, ~~2024~~2025 increased 75%, compared to the three months ended ~~December~~June 3130, ~~2023~~2024, primarily due to an increase in sales inof ~~Gaming~~Video ~~and~~Collaboration, Tablet Accessories and Webcams. Our sales for the ~~nine~~three months ended ~~December~~June 3130, ~~2024 increased 8%~~2025, compared to ~~the~~three ~~nine~~ months ended ~~December~~June 3130, ~~2023~~2024, ~~primarily~~benefited ~~due~~from toimproved andemand ~~increase~~ in ~~sales~~the inAsia ~~Gaming,~~Pacific ~~Keyboards & Combos,~~ and ~~Tablet~~EMEA ~~Accessories~~regions. ~~The sales in the three- and nine- month periods benefited from improved demand.~~

Sales for the three months ended ~~December~~June 3130, ~~2024~~2025 increased 1116%, ~~9%,~~ and 312% in the Asia Pacific, ~~EMEA,~~ and ~~Americas~~EMEA regions, respectively, ~~compared to the three months ended December 31, 2023. Sales for the nine months ended December 31, 2024 increased 13%, 7%,~~ and decreased 5% in the ~~EMEA, Asia Pacific, and~~ Americas ~~regions~~region, ~~respectively,~~ compared to the ~~nine~~three months ended ~~December~~June 3130, ~~2023~~2024.

Gross margin was 4241.97% ~~and 43.1%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024,~~2025 ~~respectively,~~ and ~~increased~~decreased by 90110 ~~and 230~~ basis points, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by ~~lower~~an ~~product~~unfavorable ~~costs~~impact from increased tariffs, higher promotional spend and a prior year release in inventory reserves, partially offset by ~~higher~~a ~~promotional~~favorable ~~spending~~impact from price increases in North America and product cost reductions.

Operating expenses for the three months ended ~~December~~June 3130, ~~2024~~2025 were $~~339~~316.9 million, or 2527.46% of sales, compared to $~~304~~312.78 million, or 2428.37% of sales, for the three months ended ~~December~~June 3130, ~~2023. Operating expenses for the nine months ended December 31,~~ 2024 ~~were $977~~.8 million, or 27.6% of sales, compared to $883.9 million, or 26.9% of sales, for the nine months ended December 31, 2023. The increase in operating expense was primarily driven by an increase in marketing and advertising spend.

We had an income tax provision of $4528.15 million and ~~an income tax benefit of~~ $925.6 million for the three months ended ~~December~~June 3130, ~~2024~~2025 and ~~December~~June 3130, ~~2023, respectively. We had an income tax provision of $101.2 million and $33.3 million for the nine months ended December 31,~~ 2024 ~~and December 31~~, ~~2023,~~ respectively. The change in the income tax provision for the three and nine months ended December 31, 2024, compared to the three and nine months ended December 31, 2023, respectively, was primarily due to the mix of income and losses in the various tax jurisdictions in which we operate and unrecognized tax benefits due to uncertain tax positions compared with the discrete tax benefits recognized in the prior period to remeasure the tax basis of goodwill under the Swiss Federal Act on Tax Reform and AHV Financing ("TRAF"), remeasurement of our Swiss deferred tax assets due to a change in tax rate, and Foreign Derived Intangible Income ("FDII") incentive provided by the Tax Cuts and Jobs Act.

Net income for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 was $~~200~~146.10 million ~~and $487.5 million~~, ~~respectively,~~ compared to $~~244~~141.78 million ~~and $444.5 million,~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023, respectively~~2024.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to make assumptions, judgments, and estimates that affect reported amounts of assets, liabilities, sales and expenses, and the disclosure of contingent assets and liabilities.

We consider an accounting estimate critical if it: (i) requires management to make judgments and estimates about matters that are inherently uncertain; and (ii) is important to an understanding of our financial condition and operating results.

We base our assumptions, judgments, and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. On a regular basis, we evaluate our assumptions, judgments and estimates. We also discuss our critical accounting policies and estimates with the Audit Committee of the Board of Directors.

We believe that the assumptions, judgments and estimates involved in the accounting for accruals for customer incentives and related breakage ~~when appropriate~~, 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.

There have been no material changes in our critical accounting estimates during the nine months ended December 31, 2024 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, 2024.24

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.

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.

New Accounting Pronouncements

Refer to Note 1 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for ~~recent~~new accounting pronouncements to be adopted.

Constant Currency

We refer to our net sales growth rates excluding the impact of currency exchange rate fluctuations as "constant currency" sales growth rates. Percentage of constant currency sales growth is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

Given our global sales presence and the reporting of our financial results in U.S. Dollars, our financial results could be affected by significant shifts in currency exchange rates. See “Results of Operations” for information on the effect of currency exchange rate fluctuations on our sales. If the U.S. Dollar appreciates or depreciates in comparison to other currencies in future periods, this will affect our results of operations in future periods as well.

References to Sales

The term “sales” means net sales, except as otherwise specified and the sales growth discussion and sales growth rate percentages are in U.S. Dollars, except as otherwise specified.

Results of Operations

Net Sales

Sales Denominated in Other Currencies

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, ~~Japanese Yen,~~ Pound Sterling and New Taiwan Dollar. During the three months ended ~~December~~June 3130, ~~2024~~2025, approximately 5253% of our sales were denominated in currencies other than the U.S. Dollar.

Sales by Region

The following table presents the change in sales by region for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, compared with the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024:

	Sales Growth Rate				Constant DollarSales Growth Rate	~~Constant DollarSales Growth Rate~~
	Three Months Ended December 31, 2024		Nine Months Ended December 31, 2024			Three Months Ended December 31, 2024		Nine Months Ended December 31, 2024
	Three Months Ended June 30, 2025					Three Months Ended June 30, 2025
Americas	3(5)	%	5	%		(4)	%	6	%
EMEA	912	%	13	%		69	%	12	%
Asia Pacific	1116	%	7	%		915	%	7	%

Americas:

The ~~increase~~decrease in sales in the Americas region for the three-month period presented above was primarily driven by ~~an increase in sales for Gaming and Video Collaboration, partially offset by~~ a decrease in sales ~~for~~of ~~Keyboards & Combos. The increase in sales in the Americas region for the nine-month period presented above was primarily driven by an increase in sales for~~ Gaming~~, Tablet Accessories, and Keyboards & Combos~~.

EMEA:

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

Asia Pacific:

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

Sales by Product Category

Sales by product category for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 were as follows (~~dollars~~Dollars in thousands):

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

Change

2024

2023

Change

2025

2024

Change

Gaming (1)

~~466~~315,~~715~~875

~~409~~309,~~043~~475

~~14%~~2

~~1,076,660~~

~~957,576~~

~~12%~~

Keyboards & Combos

~~236~~222,~~748~~492

~~229~~215,~~432~~333

~~662,017~~

~~605,201~~

Pointing Devices

~~217~~195,~~045~~780

~~206~~189,~~180~~946

~~602,927~~

~~572,310~~

Video Collaboration

~~176~~166,~~053~~716

~~169~~147,~~522~~042

413

~~482,755~~

~~461,257~~

Webcams

84,~~419~~374

8572,~~851~~904

~~(2)~~16

~~237,572~~

~~249,273~~

~~(5)~~

Tablet Accessories

7791,~~433~~227

6478,~~239~~539

2116

~~241,586~~

~~198,252~~

Headsets

45,~~886~~523

4144,~~762~~236

103

~~137,038~~

~~123,023~~

Other (2)

3525,~~995~~716

4930,~~444~~742

(2716)

~~103,990~~

~~120,088~~

~~(13)~~

Total Sales

1,~~340~~147,~~294~~703

1,~~255~~088,~~473~~217

7%5

~~3,544,545~~

~~3,286,980~~

(1) Gaming includes streaming services revenue generated by Streamlabs.

(2) Other primarily consists of mobile speakers and PC speakers.

Gaming

Our Gaming category includes gaming mice, steering wheels, headsets, keyboards, console gaming headsets, ~~studio-quality~~microphones ~~Blue Microphones~~ and Streamlabs services.

Sales of Gaming increased 142% ~~and 12%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by an increase in sales of gaming mice, ~~and~~partially ~~gaming~~offset ~~steering~~by ~~wheels~~decreases in sales of other gaming products.

Keyboards & Combos

Our Keyboards & Combos category includes PC keyboards and keyboard/mice combo products.

Sales of Keyboards & Combos increased 3% ~~and 9%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by an increase in sales of cordless combo products.

Pointing Devices

Our Pointing Devices category includes PC- and Mac-related mice including trackballs and presentation tools.

Sales of Pointing Devices increased 53% for ~~each of~~ the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by an increase in sales of cordless mice.

Video Collaboration

Our Video Collaboration category includes Logitech’s conference room cameras, which combine affordable enterprise-quality audio and high definition 4K video to bring video conferencing to a variety of room sizes.

Sales of Video Collaboration increased 413% ~~and 5%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily due to an increase in sales of conference room cameras ~~as well as an increase in services revenue~~.

Webcams

Our Webcams category includes PC-based webcams ~~that are targeted primarily at consumers,~~ including streaming cameras, and VC webcams that turn any desktop into an instant collaboration space.

28Sales 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.

Sales of Webcams decreased 2% and 5% for the three and nine months ended December 31, 2024, respectively, compared to the three and nine months ended December 31, 2023, primarily driven by a decrease in sales of our VC webcams, partially offset by an increase of sales of our PC-based webcams.

Tablet Accessories

Our Tablet Accessories category primarily includes tablet keyboards.

Sales of Tablet Accessories increased 2116% ~~and 22%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily ~~driven~~benefiting ~~by an increase in sales of Rugged Combo 4 and Rugged Combo 4 Touch as well as sales~~ from our Combo Touch products for the new releases of iPad Air and iPad Pro that were launched in fiscal year 2025. Sales of Tablet Accessories for the three and nine months ended December 31, 2024, compared to the three and nine months ended December 31, 2023, benefited from strong demand from the education sector.

Headsets

Our Headsets category includes PC and VC headsets, in-ear headphones, and premium wireless earbuds.

Sales of Headsets increased 103% ~~and 11%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by an increase in sales of ~~PC headsets and~~ VC headsets.

Other

Our Other category primarily consists of mobile speakers and PC speakers.

Sales in Other category decreased 2716% ~~and 13%~~ for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by a decline in sales of mobile speakers.

Gross Profit

Gross profit for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 was as follows (~~dollars~~Dollars in thousands):

	Three months ended December 31,								Nine months ended December 31,
	Three Months Ended June 30,
	2024			2023			Change		2024			2023			Change
	2025			2024			Change
Net sales	$	1,~~340~~147,~~294~~703		$	1,~~255~~088,~~473~~217		75	%	$	~~3,544,545~~		$	~~3,286,980~~		8	%
Gross profit	$	~~574~~478,~~441~~962		$	~~526~~466,~~780~~258		93	%	$	~~1,526,790~~		$	~~1,341,044~~		14	%
Gross margin	4241.97		%	42.08		%			~~43.1~~		%	~~40.8~~		%

Gross profit consists of sales, less cost of goods sold (which includes materials, direct labor and related overhead costs, costs of manufacturing facilities, royalties, costs of purchasing components from outside suppliers, distribution costs, warranty costs, customer support costs, shipping and handling costs, outside processing costs and write-down of inventories), and amortization of intangible assets.

Operating Expenses

Operating expenses for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 were as follows (~~dollars~~Dollars in thousands):

	Three months ended December 31,						Nine months ended December 31,
	Three Months Ended June 30,
	2024			2023			2024			2023
	2025			2024
Marketing and selling	$	~~217~~195,~~048~~796		$	~~189~~196,~~175~~905		$	~~615,816~~		$	~~544,716~~
% of sales	1617.21		%	1518.1		%	~~17.4~~		%	~~16.6~~		%
Research and development	7774,~~973~~587			7275,~~704~~307			~~229,485~~			~~211,822~~
% of sales	56.85		%	56.89		%	~~6.5~~		%	~~6.4~~		%
General and administrative	4241,~~117~~797			3937,~~711~~458			~~123,748~~			~~116,546~~
% of sales	3.26		%	3.25		%	~~3.5~~		%	~~3.5~~		%
Amortization of intangible assets and acquisition-related costs	2,~~637~~646			2,~~276~~703			~~8,065~~			~~8,279~~
% of sales	0.2		%	0.2		%	~~0.2~~		%	~~0.3~~		%
Restructuring charges, net	~~110~~2,042			~~839~~386			~~725~~			~~2,562~~
% of sales	—0.2		%	~~0.1~~—		%	—		%	~~0.1~~		%
Total operating expenses	$	~~339~~316,~~885~~868		$	~~304~~312,~~705~~759		$	~~977,839~~		$	~~883,925~~
% of sales	2527.46		%	2428.37		%	~~27.6~~		%	~~26.9~~		%

~~The~~Operating ~~increase~~expenses inremained ~~total~~relatively ~~operating~~flat ~~expenses~~ during the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, ~~was~~reflecting ~~primarily~~our ~~driven~~efforts byto anreduce ~~increase~~operating expenses in ~~marketing~~order ~~and~~to ~~selling~~offset ~~expenses~~higher tariff costs.

Marketing and Selling

Marketing and selling expenses consist of personnel and related overhead costs, corporate and product marketing, promotions, advertising, trade shows, technical support for customer experiences and facilities costs.

During the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, marketing and selling expenses ~~increased~~remained ~~$27.9~~relatively ~~million and $71.1 million~~flat, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023, primarily driven by increased investment in marketing and advertising and a provision for credit loss on accounts receivable recorded in the third quarter of fiscal year 2025~~2024.

Research and Development

Research and development expenses consist of personnel and related overhead costs for contractors and outside consultants, supplies and materials, equipment depreciation and facilities costs, all associated with the design and development of new products and enhancements of existing products.

During the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, research and development expenses ~~increased~~remained ~~$5.3~~relatively ~~million and $17.7 million~~flat, ~~respectively,~~as ~~compared~~we continued to ~~the~~invest ~~three~~in ~~and~~innovation ~~nine~~at ~~months~~a ~~ended~~similar ~~December 31,~~level ~~2023,~~as ~~primarily~~compared ~~driven by higher personnel-related costs and third party costs~~ to ~~support~~the ~~our~~three ~~increased~~months ~~investment~~ended inJune 30, ~~product innovation~~2024.

General and Administrative

General and administrative expenses primarily consist of personnel and related overhead, information technology, and facilities costs for the infrastructure functions such as finance, information systems, executives, human resources and legal.

During the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, general and administrative expenses increased $2.4 ~~million and $7~~.23 million, ~~respectively,~~ compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily driven by higher ~~personnel~~performance-~~related~~based ~~costs~~stock tocompensation ~~support business growth~~expense.

Amortization of Intangible Assets and Acquisition-Related Costs

Amortization of intangible assets consists of amortization of acquired intangible assets, including customer relationships and trademarks and trade names. Acquisition-related costs include legal expenses, due diligence costs, and other professional costs incurred for business acquisitions.

During the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, amortization of intangible assets and acquisition-related costs remained flat, compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024.

Restructuring Charges, Net

The restructuring charges, net, for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 ~~and 2023,~~ were related to costs incurred as a result of our restructuring plan initiated during the fourth quarter of fiscal year ~~2023~~2025, which is expected to be substantially completed in fiscal 2026. ~~These~~The restructuring ~~activities~~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.

Interest Income

Interest income for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 was as follows (in thousands):

	Three months ended December 31,				Nine months ended December 31,
	Three Months Ended June 30,
	2024		2023		2024		2023
	2025		2024
Interest Income	$	12,176	$	12,826	$	42,603	$	34,508
Interest income	$	11,229	$	15,790

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 ~~December~~June 3130, ~~2024~~2025, interest income decreased $04.76 million, compared to the three months ended ~~December~~June 3130, ~~2023, primarily driven by a decrease in interest rates, partially offset by an increase in the cash equivalents balance. During the nine months ended December 31,~~ 2024, ~~interest income increased $8.1 million, compared to the nine months ended December 31, 2023,~~ primarily driven by andecreases ~~increase~~ in the cash equivalents balance and ~~an increase in average~~ interest rates.

Other Income (Expense), Net

Other income (expense), net for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 was as follows (in thousands):

Three months ended December 31,

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2024

2023

2025

2024

Investment gain related to the deferred compensation plan

~~571~~2,060

~~2,061~~447

~~2,631~~

~~2,761~~

Currency exchange loss, net

(32,~~282~~003)

(12,~~850~~318)

~~(7,073)~~

~~(6,648)~~

Loss on investments, net

(~~119~~393)

(~~604~~1,186)

~~(1,718)~~

~~(12,213)~~

Non-service cost net pension income and other

1,~~306~~498

~~582~~1,159

~~3,271~~

~~2,273~~

Total

(1,~~524)~~162

~~189~~(1,898)

~~(2,889)~~

~~(13,827)~~

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 ~~decrease~~increase in investment gain for three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, compared to the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, primarily relates to the change in market performance of the underlying securities.

Currency exchange loss, net, relates to balances denominated in currencies other than the functional currency in our subsidiaries, as well as to 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 ~~December~~June 3130, ~~2024~~2025 was primarily due to fluctuations in currency exchange rates of the ~~Australian~~Swiss ~~Dollar,~~Franc ~~Japanese Yen,~~ and ~~Brazilian~~New ~~Real~~Taiwan dollar against the U.S. Dollar. The loss for the three months ended ~~December~~June 3130, ~~2023~~2024 was primarily due to fluctuations in the currency exchange rates of the ~~Chinese~~Mexican ~~Renminbi~~Peso and ~~Swedish~~Japanese ~~Krona~~Yen against the U.S. Dollar.

31Loss 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.

The loss for the nine months ended December 31, 2024 was primarily due to fluctuations in currency exchange rates of the Chinese Renminbi, Mexican Peso, and Brazilian Real against the U.S. Dollar. The loss for the nine months ended December 31, 2023 was primarily due to fluctuations in the currency exchange rates of the Chinese Renminbi, Brazilian Real, and Australian Dollar against the U.S. Dollar.

Loss on investments, net, includes unrealized gain (loss) from the change in fair value of investments, gain (loss) on equity-method investments and impairment of investments during the periods presented, as applicable. The loss on investments, net, for the three and nine months ended December 31, 2024 and the three months ended December 31, 2023 were not material. The loss on investments, net, for the nine months ended December 31, 2023 was primarily due to an impairment loss, as a result of the write-off of a note receivable which has been deemed no longer recoverable. This note receivable was previously obtained in conjunction with an exchange transaction related to our investment in a privately held company. See Note 6 to our condensed consolidated financial statements for more information.

Provision for Income Taxes

The provision for income taxes and effective income tax rates for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 were as follows (~~dollars~~Dollars in thousands):

	Three months ended December 31,						Nine months ended December 31,
	Three Months Ended June 30,
	2024			2023			2024			2023
	2025			2024
Provision for (benefit from) income taxes	$	45,061		$	(9,594)		$	101,202		$	33,272
Provision for income taxes	$	28,470		$	25,558
Effective income tax rate	1816.43		%	(415.1)3		%	~~17.2~~		%	~~7.0~~		%

The change in the effective income tax rate for the three ~~and nine~~ months ended ~~December~~June 3130, ~~2024~~2025, compared with the three ~~and nine~~ months ended ~~December~~June 3130, ~~2023~~2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which we operate, ~~and~~less ~~unrecognized~~ tax ~~benefits~~incentives ~~due~~for toforeign ~~uncertain~~derived ~~tax~~intangible ~~positions~~income ~~compared~~and ~~with~~R&D ~~the~~as ~~discrete~~compared ~~tax~~to ~~benefits recognized in the~~ prior period, ~~for~~and ~~remeasurement~~less ofbenefit ~~the~~on ~~tax~~stock ~~basis~~based ofcompensation ~~goodwill~~as ~~under~~compared ~~TRAF,~~to ~~remeasurement~~prior ofperiod, ~~our~~offset ~~Swiss~~with ~~deferred tax assets due to~~ a change in uncertain tax ~~rate, and FDII incentive provided by the Tax Cuts and Jobs Act~~positions.

~~The~~On ~~canton~~July of4, ~~Vaud~~2025, ~~completed~~ the ~~legislative~~One ~~process~~Big toBeautiful ~~enact~~Bill ~~TRAF,~~Act a(the ~~reform~~"OBBBA") towas ~~better~~enacted ~~align~~into ~~the~~law ~~Swiss~~in ~~tax~~the ~~system~~United toStates ~~international~~and ~~tax~~will ~~standards,~~be ongenerally ~~March~~effective ~~10,~~for ~~2020~~us tobeginning ~~take~~in ~~effect~~fiscal asyear ~~of January 1, 2020~~2027. InThe ~~March~~OBBBA ~~2020,~~includes wenumerous ~~increased~~provisions ~~the~~that ~~tax~~affect ~~basis~~corporate ~~of goodwill~~taxation, asimpacting aareas ~~transition~~such ~~measure~~as ~~under~~R&D ~~TRAF~~expensing, tobonus bedepreciation, ~~amortized~~and ~~over~~international ~~ten~~tax ~~years~~provisions. ~~beginning~~We onhave ~~January~~reviewed 1,the ~~2020.~~provisions ~~During~~of the ~~three~~OBBBA ~~months~~to ~~ended~~determine ~~December~~the ~~31,~~potential ~~2023,~~impact weon ~~reached~~our anfinancial ~~agreement~~statements. toBased ~~remeasure~~on ~~the~~this ~~tax~~review, ~~basis~~and ofconsidering ~~goodwill~~our ~~under~~current ~~TRAF,~~tax ~~which~~position ~~resulted~~and inoperations, anat ~~income~~this ~~tax~~time ~~benefit~~we ofdo ~~$25.1 million,~~not ~~net~~expect ofthe ~~assessment~~OBBBA ofto ~~uncertain~~have ~~tax~~a ~~positions.~~material ~~The~~impact ~~remeasurement~~on ofour ~~the~~income ~~step-up~~taxes, ~~will~~including becurrent ~~amortized~~and ~~over~~deferred ~~the~~tax ~~remaining~~balances ~~ten-year~~and ~~amortization~~the ~~period.~~

On December 29, 2023, a change to the cantonal tax legislation was published. According to the law approved by the Vaud parliament, a progressive scale will be applicable for cantonal tax purposes resulting in an increase from the then current tax rate of 13.61% to 14.28% effective fiscal year 2025. The increase in tax rate resulted in a tax benefit of $5.1 million due to a remeasurement of our Swiss deferred tax assets in the fiscal quarter ended December 31, 2023.30

~~The~~effective ~~Tax~~tax ~~Cuts~~rate. ~~and Jobs Act enacted Section 250~~However, ~~which~~we ~~provides~~are ~~for~~still ~~a deduction with respect to Global Intangible Low-Taxed Income ("GILTI") and FDII~~ in the ~~U.S.~~process ~~The application~~ of ~~this~~evaluating ~~tax incentive is inherently complex. During~~ the ~~three~~full ~~months~~impact ~~ended~~of ~~December 31, 2023, we analyzed~~ the ~~applicability~~OBBBA ~~of FDII~~ and ~~determined~~any ~~that~~material ~~this~~changes ~~tax incentive applies~~ to ~~fiscal~~our ~~years~~assessment ~~2021,~~will ~~2022~~be ~~and~~disclosed ~~2023.~~in Asfuture afilings ~~result,~~as ~~we realized a tax benefit of $17~~required.~~9 million related to FDII. We have also concluded that any GILTI tax since the enactment of Tax Cuts and Jobs Act is immaterial.~~

~~The~~For ~~BEPS~~the ~~Project~~three ~~undertaken~~months byended ~~the~~June ~~OECD~~30, ~~recommended~~2025, ~~changes~~we assessed our exposure to ~~numerous~~the ~~long-standing~~OECD Pillar Two global minimum tax ~~principles,~~rules. ~~including~~We ahave ~~proposal~~determined tothat, ~~reallocate~~for ~~profits~~the ~~among~~fiscal ~~tax~~year 2026, most jurisdictions in which ~~companies~~we dooperate ~~business~~should ~~(“Pillar~~qualify ~~One”~~for the transitional Country-by-Country Reporting ("CbCR") ~~and~~safe ~~establishing~~harbor, aas ~~minimum~~outlined ~~tax~~in onthe ~~global~~OECD ~~income~~Administrative ~~(“Pillar~~Guidance ~~Two”)~~and enacted domestic legislation. ~~Some~~Our ~~jurisdictions~~CbCR has been prepared in accordance with the requirements for a Qualified CbCR, ~~including~~using ~~Switzerland~~qualified financial statements. Based on this data, ~~where~~most wejurisdictions ~~operate~~continue ~~are~~to ~~implementing~~meet ~~Pillar~~safe ~~Two~~harbor ~~laws~~qualifications at 16% tax rates, and therefore, we are only required to ~~effectuate~~perform a ~~15%~~detailed ~~minimum~~Pillar Two top-up tax calculation for limited jurisdictions. The ~~minimum~~estimated ~~tax~~top ~~effective~~up ~~beginning~~tax infor fiscal year ~~2025~~2026 ~~for~~is not material and has been included in the ~~Company,~~calculation isof ~~treated~~our asannual aeffective ~~current~~tax ~~cost~~rate. The OECD and ~~does~~participating ~~not~~countries ~~have~~continue ato ~~material~~issue ~~impact~~underlying onrules and administrative guidance related to Pillar Two, and we continue to monitor the relevant developments.

Company's effective tax rate. The OECD and participating countries continue to issue underlying rules and administrative guidance related to Pillar Two, and we continue to monitor the relevant developments.

We file Swiss and foreign tax returns. We received final tax assessments in Switzerland through fiscal year 2023. For other material foreign jurisdictions such as the United States, we are generally not subject to tax examinations for years prior to fiscal year 2020 and calendar year 2020. In the United States, the federal and state tax agencies have the authority to examine periods prior to fiscal year 2020, to the extent allowed by law, where tax attributes were generated, carried forward, and being utilized in subsequent years. We are under examination in foreign tax jurisdictions. If the examinations are resolved unfavorably, there is a possibility that they may have a material negative impact on our results of operations.

Liquidity and Capital Resources

Cash Balances, Available Borrowings, and Capital Resources

As of ~~December~~June 3130, ~~2024~~2025, we had cash and cash equivalents of $1,~~502~~487.8 million, compared with $1,~~520~~503.82 million as of March 31, ~~2024~~2025. Our cash and cash equivalents consist of bank demand deposits, short-term time deposits, and U.S. Treasury securities, of which 7248% iswas held in Switzerland, ~~and 11~~28% iswas held in ~~China~~the ~~(including~~United ~~Hong~~States, ~~Kong)~~and 10% was held in Germany. We do not expect to incur any material adverse tax impact except for what has already been recognized, or to be significantly inhibited by any country in which we do business, from the repatriation of funds to Switzerland, our country of domicile.

As of ~~December~~June 3130, ~~2024~~2025, our working capital was $1,~~479~~555.95 million, compared to $1,~~545~~491.56 million as of March 31, ~~2024~~2025. The ~~decrease~~increase was primarily driven by an increase in accounts ~~payable and accrued and other current liabilities~~receivable, ~~and a decrease in cash and cash equivalents~~net, partially offset by an increase in accounts ~~receivable and inventories~~payable.

WeOn ~~had~~January ~~several~~27, ~~uncommitted~~2025, we entered into an unsecured ~~bank~~revolving ~~lines~~credit facility with a syndicate of ~~credit~~banks ~~and~~(the ~~letters~~"Credit Agreement"). The Credit Agreement provides a revolving line of credit ~~aggregating~~of up to $~~171~~750.3 0 million asincluding the issuance of ~~December~~letters of credit of up to $100.0 31million. The Credit Agreement terminates on January 27, ~~2024~~2030 unless extended in accordance with its terms. ~~There~~The ~~are~~Credit noAgreement ~~financial~~contains ~~covenants~~(1) ~~under~~an ~~these~~increase ~~lines~~option ofallowing ~~credit~~us ~~with~~to ~~which~~secure weup ~~must~~to ~~comply~~$250.0 million ~~There~~of ~~was~~additional commitments and (2) an extension option to extend the term by one-year which may be exercised no ~~borrowing~~more ~~outstanding~~than two times, subject to certain requirements. Loans under the ~~lines~~Credit ofAgreement ~~credit~~are asavailable ofin ~~December 31~~U.S. Dollars, ~~2024.~~Euro, AsSterling, ofYen, ~~December 31~~Swiss Francs, ~~2024~~Canadian Dollars, weAustralian ~~had~~Dollars ~~outstanding~~and ~~bank~~any ~~guarantees~~other ofcurrency ~~$27.7~~agreed ~~million~~to by each lender. Proceeds of loans made under the Credit Agreement may be used for general corporate purposes.

~~On January 27, 2025, we entered into an unsecured revolving credit facility with a syndicate of banks ("the Credit Agreement").~~ The Credit Agreement ~~provides~~contains a ~~revolving~~maximum ~~line~~net ofdebt ~~credit of up~~ to ~~$750~~adjusted ~~million~~EBITDA ~~including~~ratio, ~~the~~compliance ~~issuance~~with ofwhich ~~letters~~is ofa ~~credit~~condition ofto upour ability to ~~$100 million~~borrow. ~~The~~Borrowings ~~Credit~~under ~~Agreement~~the ~~terminates on January 27, 2030 unless extended in accordance with its terms. The~~ Credit Agreement ~~contains~~will ~~(1)~~bear aninterest ~~increase~~at ~~option~~a ~~allowing~~rate usdetermined toby ~~secure~~reference up to ~~$250~~benchmark ~~million~~rates ofplus ~~additional~~an ~~commitments~~applicable ~~and~~spread (2)ranging anfrom ~~extension~~0% ~~option~~ to ~~extend~~1.5%) ~~the~~based ~~term~~on byour ~~one-year~~net ~~which~~leverage ~~may~~ratio beor ~~exercised~~credit norating ~~more~~at ~~than~~the ~~two~~time ~~times,~~of ~~subject~~the toborrowing. ~~certain~~Undrawn ~~requirements.~~balances ~~Loans~~available under the Credit Agreement are ~~available~~subject into ~~U.S.~~commitment ~~Dollars,~~fees ~~Euro,~~at ~~Sterling,~~the ~~Yen,~~applicable ~~Swiss~~rate ~~Francs,~~determined ~~Canadian~~by ~~Dollars,~~reference ~~Australian~~to ~~Dollars~~our ~~and~~net ~~any~~leverage ~~other~~ratio ~~currency~~or ~~agreed~~credit torating. byThere ~~each~~has ~~lender.~~been ~~Proceeds~~no ofborrowing ~~loans~~outstanding ~~made~~ under the Credit Agreement ~~may~~as beof ~~used~~June 30, ~~for general corporate purposes~~2025.

~~The~~In ~~Credit~~addition, ~~Agreement~~we ~~contains~~had aseveral ~~maximum~~uncommitted, ~~net~~unsecured ~~debt~~bank tolines ~~adjusted~~of ~~EBITDA~~credit ~~ratio,~~and ~~compliance~~letters ~~with~~of ~~which~~credit isaggregating ~~a condition~~ to ~~our ability to borrow~~$174.3 ~~Borrowings~~million ~~under~~as ~~the~~of ~~Credit~~June 30, ~~Agreement~~2025. ~~will~~There ~~bear~~are ~~interest~~no atfinancial acovenants ~~rate~~under ~~determined~~these bylines ~~reference~~of tocredit ~~benchmark~~with ~~rates~~which ~~plus~~we anmust ~~applicable spread (ranging from 0% to 1~~comply.~~5%)~~ ~~based~~There onwas ~~our~~no ~~net leverage ratio or credit rating at the time of the~~ borrowing. ~~Undrawn~~outstanding ~~balances available~~ under ~~the~~these ~~Credit~~lines ~~Agreement~~of ~~are~~credit ~~subject~~as toof ~~commitment~~June 30, ~~fees at the applicable rate determined by reference to our net leverage ratio or credit rating~~2025. ~~There~~As ~~has~~of ~~been~~June 30, no2025, ~~borrowing~~we had outstanding ~~under~~bank ~~the~~guarantees ~~Credit Agreement as~~ of ~~January~~$22.1 ~~29, 2025~~million.

3331

The following tables present selected financial information and statistics as of and for the three months ended ~~December~~June 3130, ~~2024~~2025 and ~~2023~~2024 (~~dollars~~Dollars in thousands):

	As of December 31,
	As of June 30,
	2024		2023
	2025		2024
Accounts receivable, net	$	~~648~~636,~~230~~523	$	~~685~~591,~~777~~251
Accounts payable	$	~~578~~549,~~951~~936	$	~~527~~554,~~988~~301
Inventories	$	~~483~~499,~~569~~770	$	~~447~~459,~~262~~582

	Three months ended December 31,
	Three Months Ended June 30,
	2024	2023
	2025	2024
Days sales in accounts receivable (“DSO”) (Days)(1)	4450	49
Days accounts payable outstanding (“DPO”) (Days)(2)	6874	6580
Inventory turnover (“ITO”) (x)(3)	65.34	6.5.4

(1) DSO is determined using ending accounts receivable, net, as of the most recent quarter-end and sales for the most recent quarter.

(2) DPO is determined using ending accounts payable as of the most recent quarter-end and cost of goods sold for the most recent quarter.

(3) ITO is determined using ending inventories as of the most recent quarter-end and annualized cost of goods sold (based on ~~cost~~the ofmost ~~goods~~recent ~~sold~~quarterly ~~for~~cost ~~the~~of ~~most~~goods ~~recent quarter~~sold).

DSO for the three months ended ~~December~~June 3130, ~~2024~~2025 ~~decreased~~increased by 51 ~~days~~day to 4450 days, compared to 49 days for the three months ended ~~December~~June 3130, ~~2023~~2024, primarily due to ~~higher sales from improved demand as well as~~ timing of sales within the quarter.

DPO for the three months ended ~~December~~June 3130, ~~2024~~2025 ~~increased~~decreased by 36 days to 6874 days, compared to 6580 days for the three months ended ~~December~~June 3130, ~~2023~~2024, primarily due to ~~higher~~timing of inventory purchases ~~during~~and ~~the~~improved ~~third~~demand ~~quarter~~in ofthe ~~fiscal~~Asia ~~year~~Pacific ~~2025~~and toEMEA ~~align with demand~~regions.

ITO for the three months ended ~~December~~June 3130, ~~2024~~2025 ~~decreased~~was ~~by 0~~5.~~2 to 6.3~~4, ~~compared~~consistent towith ~~6.5 for~~ the three months ended ~~December~~June 3130, ~~2023~~2024, ~~primarily~~reflecting ~~due~~our efforts to ~~higher~~align inventory ~~balances~~levels aswith ~~of December 31, 2024~~demand.

If we are not successful in launching and phasing in our new products, or market competition increases, or we are not able to sell the new products at the prices planned, it could have a material impact on our sales, gross profit ~~margin~~, operating results including operating cash flow, and inventory turnover in the future.

The following table summarizes our condensed consolidated statements of cash flows (in thousands):

Nine months ended December 31,

Three Months Ended June 30,

2024

2023

2025

2024

Net cash provided by operating activities

~~712~~125,~~901~~045

~~906~~176,~~011~~029

Net cash used in investing activities

(4518,~~357~~100)

(5915,~~829~~359)

Net cash used in financing activities

(~~676~~134,~~099~~433)

(~~578~~145,~~475~~134)

Effect of exchange rate changes on cash and cash equivalents

(912,~~455)~~105

(41,~~080~~998)

Net increase (decrease) in cash and cash equivalents

(1815,~~010~~383)

~~263~~13,~~627~~538

3432

For the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, net cash provided by operating activities was $~~712~~125.90 million, resulting from net income of $~~487~~146.50 million, a favorable impact from adding back non-cash expenses totaling $~~156~~65.02 million, and aan ~~favorable~~unfavorable net change in operating assets and liabilities of $6986.41 million. Non-cash adjustments were primarily related to share-based compensation expenses, depreciation and amortization~~, and deferred income taxes~~. The increase in accounts receivable, net, was ~~primarily~~ driven by higher sales as well as timing of sales within the quarter. The ~~increases~~increase in ~~inventories and~~ accounts payable ~~were~~was ~~due~~driven toby higher inventory purchases to align with demand as well as timing of inventory purchases. The ~~increase~~decrease in accrued and other liabilities was primarily driven by ~~higher~~payment ~~income~~of ~~tax~~the ~~payable~~fiscal ~~and~~year ~~higher~~2025 ~~performance-based~~annual ~~compensation~~bonus, ~~accrual~~partially ~~due~~offset toby ~~strong business performance as well as~~ higher ~~deferred~~accrued ~~revenue~~liabilities ~~due~~for tocustomer anmarketing, ~~increase~~pricing inand ~~services~~incentive ~~bookings~~programs.

For the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, net cash used in investing activities was $4518.41 million, primarily resulting from $4316.3 million of purchases of property, plant, and equipment.

For the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, net cash used in financing activities was $~~676~~134.14 million, primarily resulting from payment for repurchases of our registered shares of $~~463~~121.37 million ~~and payment of cash dividends of $207~~.9 ~~million.~~

For the ~~nine~~three months ended ~~December~~June 3130, 2025, the effect of exchange rate changes on cash and cash equivalents was primarily driven by the exchange rate fluctuations of Swiss Franc, Euro, and New Taiwan dollar versus the U.S. Dollar. For the three months ended June 30, 2024, the effect of exchange rate changes on cash and cash equivalents was not material.

Cash Outlook

Our principal sources of liquidity are our cash and cash equivalents, cash flow generated from operations, and, to a much lesser extent, capital markets and borrowings. Our future working capital requirements and capital expenditures may increase to support investments in product innovations and growth opportunities or to acquire or invest in complementary businesses, products, services, and technologies. ~~Market~~Our ~~volatility~~principal ~~driven~~uses byof ~~the~~cash, ~~current~~aside ~~macroeconomic~~from ~~and~~operational ~~geopolitical~~needs ~~environment~~and ~~may~~capital ~~increase~~expenditures, ~~our~~include ~~costs~~outlays offor ~~capital~~dividends and ~~otherwise~~share ~~adversely~~repurchases ~~affect~~reflecting our ~~business,~~commitment ~~results~~to ofreturn ~~operations,~~value ~~financial~~to ~~condition~~our ~~and liquidity~~shareholders.

In ~~fiscal~~May ~~year~~ 2025, wethe ~~paid~~Board aof Directors recommended that we pay cash ~~dividend~~dividends for fiscal year 2025 of CHF ~~176~~1.326 ~~million~~per share (~~U.S.~~approximately ~~Dollar amount of~~ $~~207~~1.~~9 million~~43 per share based on the exchange rate on ~~the~~March 31, ~~date~~2025). Based on our shares outstanding, net of ~~payment~~treasury shares, as of March 31, 2025 (148,509,018 shares), ~~out~~this would result in an aggregate gross dividend of ~~fiscal~~approximately ~~year~~CHF ~~2024~~187.1 ~~retained~~million ~~earnings~~(approximately $212.4 million based on the exchange rate on March 31, 2025). In fiscal year ~~2024~~2025, we paid a cash dividend of CHF ~~169.~~1.16 per share, or CHF 176.3 million (U.S. Dollar amount of $~~182~~207.39 million based on the exchange rate on the date of payment) out of fiscal year ~~2023~~2024 retained earnings.

In June 2023, our Board of Directors approved a three-year share repurchase program, which allows us to use up to $1.0 billion to repurchase our shares. The 2023 share repurchase program enables us to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. In March 2025, our Board of Directors approved an increase of $600.0 million to the 2023 share repurchase program, to an aggregate amount of $1.6 billion. The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025. During the ~~nine~~three months ended ~~December~~June 3130, ~~2024~~2025, we repurchased 51.35 million shares for an aggregate cost of $~~461~~124.41 million, ~~under~~for ~~the~~cancellation ~~2023~~under this share repurchase program ~~for cancellation~~, of which $1721.62 million of the aggregate cost was not paid yet as of ~~December~~June 3130, ~~2024~~2025. As of ~~December~~June 3130, ~~2024~~2025, $~~174~~524.83 million was available for repurchase under the 2023 share repurchase program. We plan to target share repurchases of $2 billion over the three-year period ending March 31, 2028, subject to market conditions and regulatory approvals.

Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares held in treasury by us and our subsidiaries may not exceed 10% of our issued share capital, which corresponds to approximately 16.9 million registered shares as of ~~December 31~~June 30, ~~2024~~2025. This limitation does not apply to shares repurchased for cancellation, due to the Board of Directors' authority under the capital band set forth in the Company's Articles of Incorporation. As of ~~December~~June 3130, ~~2024~~2025, we had a total of 1921.64 million shares held in treasury stock, which includes 58.32 million shares that have been repurchased for cancellation and 1413.32 million shares that have been purchased to support equity incentive plans or potential acquisitions.

Although we enter into trading plans for systematic repurchases (e.g., 10b5-1 trading plans) from time to time, our 2023 share repurchase program provides us with the opportunity to make opportunistic repurchases during periods of favorable market conditions and is expected to remain in effect for a period of three years through July 27, 2026. To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of Swiss Exchange ("SIX") and/or the Nasdaq Global Select Market ("Nasdaq"). Shares repurchased for cancellation purposes are repurchased via a second trading line on SIX. 33

35Although we enter into trading plans for systematic repurchases (e.g., 10b5-1 trading plans) from time to time, our 2023 share repurchase program provides us with the opportunity to make opportunistic repurchases during periods of favorable market conditions and is expected to remain in effect for a period of three years through July 27, 2026. To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of Swiss Exchange ("SIX") and/or the Nasdaq Global Select Market ("Nasdaq"). Shares repurchased for cancellation purposes are repurchased via a second trading line on SIX. Opportunistic purchases may be started or stopped at any time without prior notice depending on market conditions and other factors.

~~Opportunistic~~If ~~purchases~~we ~~may~~do not generate sufficient operating cash flows to support our operations and future planned cash requirements, our operations could be ~~started~~harmed and our access to credit facilities could be restricted or ~~stopped~~eliminated. atAlthough ~~any~~we ~~time~~believe ~~without~~that ~~prior~~the ~~notice~~trend ~~depending~~of onour historical cash flow generation, our projections of future operations and our available cash balances will provide sufficient liquidity to fund our operations for at least the next 12 months, market ~~conditions~~volatility driven by the current macroeconomic and ~~other~~geopolitical ~~factors~~environment may increase our costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity.

If we do not generate sufficient operating cash flows to support our operations and future planned cash requirements, our operations could be harmed and our access to credit facilities could be restricted or eliminated. However, we believe that the trend of our historical cash flow generation, our projections of future operations and our available cash balances will provide sufficient liquidity to fund our operations for at least the next 12 months.

Operating Leases Obligations

We lease facilities under operating leases, certain of which require us to pay property taxes, insurance and maintenance costs. Operating leases for facilities are generally renewable at our option and usually include escalation clauses linked to inflation. There have been no material changes to our contractual obligations as previously disclosed in our Annual Report on Form 10-K for the year ended March 31, ~~2024~~2025. The remaining terms of our non-cancelable operating leases expire in various years through 2035.

Purchase Commitments

As of ~~December~~June 3130, ~~2024~~2025, we had non-cancelable purchase commitments of $~~424~~368.87 million for inventory purchases made in the normal course of business from original design manufacturers, contract manufacturers and other suppliers, the majority of which are expected to be fulfilled within the next 12 months. We recorded a liability for firm, non-cancelable, and unhedged inventory purchase commitments in excess of anticipated demand or net realizable value consistent with our valuation of excess and obsolete inventory. As of ~~December~~June 3130, ~~2024~~2025, the liability for these purchase commitments was $1823.8 5 million and is recorded in accrued and other current liabilities in the condensed consolidated balance sheet.

As of ~~December~~June 3130, ~~2024~~2025, we have firm purchase commitments of $2219.91 million for capital expenditures primarily related to commitments for tooling and equipment for new and existing products. We expect to continue making capital expenditures in the future to support product development activities and ongoing and expanded operations. Although open purchase commitments are considered enforceable and legally binding, the terms generally allow us to reschedule or adjust our requirements based on business needs prior to delivery of goods or performance of services.

Other Contractual Obligations and Commitments

For further detail about our contractual obligations and commitments, refer to our Annual Report on Form 10-K for the fiscal year ended March 31, ~~2024~~2025.

Indemnifications

We indemnify certain suppliers and customers for losses arising from matters such as intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but in some instances includes indemnification for damages and expenses, including reasonable attorneys’ fees. As of ~~December~~June 3130, ~~2024~~2025, no material amounts have been accrued for indemnification provisions. We do not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under our indemnification arrangements.

We also indemnify our current and former directors and certain current and former officers. Certain costs incurred for providing such indemnification may be recoverable under various insurance policies. We are unable to reasonably estimate the maximum amount that could be payable under these arrangements because these ~~exposures are not capped, the obligations are conditional in nature, and the facts and circumstances involved in any situation that might arise are variable.~~

exposures are not capped, the obligations are conditional in nature, and the facts and circumstances involved in any situation that might arise are variable.

Legal Proceedings

From time to time, we are involved in claims and legal proceedings that arise in the ordinary course of our business. For more information about Legal Proceedings, see Part II Item 1 Legal Proceedings of this quarterly report on Form 10-Q for the period ended ~~December~~June 3130, ~~2024~~2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk

Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments. As a company with global operations, we face exposure to adverse movements in currency exchange rates and interest rates. These exposures may change over time as business practices evolve and could have a material adverse impact on our financial results.

Currency Exchange Rates

We report our results in U.S. Dollars. Changes in currency exchange rates compared to the U.S. Dollar can have a material impact on our results when the financial statements of our non-U.S. subsidiaries are translated into U.S. Dollars. The functional currency of our operations is primarily the U.S. Dollar. Certain operations use the Swiss Franc or the local currency of the country as their functional currencies. Accordingly, unrealized currency gains or losses resulting from the translation of net assets or liabilities denominated in other currencies to the U.S. Dollar are accumulated in the cumulative translation adjustment component of accumulated other comprehensive income (loss) ("AOCI") in shareholders' equity.

We are exposed to currency exchange rate risk as we transact business in multiple currencies, including exposure related to anticipated sales, anticipated purchases and assets and liabilities denominated in currencies other than the U.S. Dollar. We transact business in approximately 30 currencies worldwide, of which the most significant to operations are the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, ~~Japanese Yen,~~ Pound Sterling and New Taiwan Dollar. For the three months ended ~~December~~June 3130, ~~2024~~2025, approximately 5253% of our sales were denominated in non-U.S. currencies, with 2724% of our sales denominated in Euro. The mix of our costs of goods sold and operating expenses by currency are significantly different from the mix of our sales, with a larger portion denominated in U.S. Dollar and less denominated in Euro and other currencies. A strengthening U.S. Dollar has a more unfavorable impact on our sales compared to the favorable impact on our cost of goods sold and operating expenses, resulting in an adverse impact on our operating results.

We enter into currency forward and swap contracts to reduce the short-term effects of currency fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of our subsidiaries. These contracts generally mature within approximately one month. The gains or losses on these contracts are recognized in earnings based on the changes in fair value.

If an adverse 10% foreign currency exchange rate change had been applied to total monetary assets and liabilities denominated in currencies other than the functional currencies at the balance sheet dates, it would have resulted in an adverse effect on income before income taxes of approximately $1615.89 million and $1917.12 million as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025, respectively. The adverse effect as of ~~December~~June 3130, ~~2024~~2025 and March 31, ~~2024~~2025 is after consideration of the offsetting effect of approximately $1014.75 million and $612.94 million, respectively, from foreign exchange contracts in place as of such dates.

We enter into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory purchases. ~~These~~Previously, ~~hedging~~the hedge contracts ~~mature~~ covered inventory purchases within ~~approximately~~four months. Beginning in the first quarter of fiscal year 2026, they cover inventory purchases up to twelve months, with reduced coverage beyond four months. Gains and losses in the fair value of the effective portion of the hedges are deferred as a component of AOCI until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold.

If the U.S. Dollar had weakened by 10%, the amount recorded in AOCI related to our foreign exchange contracts before tax effect as of December 31, 2024 and March 31, 2024 would have been approximately $12.4 million and $9.0 million lower, respectively. The change in the fair value recorded in AOCI would be expected to offset a corresponding foreign currency change in cost of goods sold when the hedged inventory purchases are sold. 35

37If the U.S. Dollar had weakened by 10%, the amount recorded in AOCI related to our foreign exchange contracts before tax effect as of June 30, 2025 and March 31, 2025 would have been approximately $31.5 million and $7.5 million lower, respectively. The change in the fair value recorded in AOCI would be expected to offset a corresponding foreign currency change in cost of goods sold when the hedged inventory purchases are sold.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Logitech's management, with the participation of the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the CEO and the CFO have concluded that, as of such date, our disclosure controls and procedures are effective at the reasonable assurance level.

Definition of Disclosure Controls

Disclosure Controls are controls and procedures designed to reasonably assure that information required to be disclosed in the Company’s reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure Controls are also designed to reasonably assure that such information is accumulated and communicated to the Company’s management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. The Company’s Disclosure Controls include components of its internal control over financial reporting, which consists of control processes designed to provide reasonable assurance regarding the reliability of its financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles in the United States. To the extent that components of the Company’s internal control over financial reporting are included within its Disclosure Controls, they are included in the scope of the Company’s annual controls evaluation.

Limitations on the Effectiveness of Controls

The Company’s management, including the CEO and the CFO, does not expect that the Company’s Disclosure Controls or internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the fiscal quarter ended ~~December~~June 3130, ~~2024~~2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

3837

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, the Company is involved in claims and legal proceedings that arise in the ordinary course of its business. The Company is currently subject to several such claims and legal proceedings. The Company intends to vigorously defend against them. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. The Company follows ASC ("Accounting Standards Codification") 450, Contingencies, in determining the accounting and disclosure for these contingencies. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows, and results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity, and other factors. Any failure to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business.

As a result of Regulation S-K disclosure requirements related to environmental proceedings to which the government is a party and such proceedings involve potential monetary sanctions, the Company selected the quantitative threshold of $1.0 million.

ITEM 1A. RISK FACTORS

The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, ~~2024 (the "2024 Form 10-K")~~2025, under the heading “Risk Factors”, which is incorporated herein by reference. When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. ~~There~~In the first quarter of fiscal year 2026, there have been no material changes to the ~~Company's~~ risk factors ~~since~~disclosed in the ~~2024~~Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, except as indicated below.

~~Changes~~As a result of changes in ~~trade~~tax ~~policy~~laws, ~~and~~treaties, rulings, regulations inor ~~the~~agreements, ~~United~~or ~~States~~their ~~and~~interpretation, ~~other~~of ~~countries,~~Switzerland ~~including~~or ~~changes~~any other country in ~~trade~~which ~~agreements~~we ~~and~~operate, the ~~imposition~~loss of ~~tariffs~~a ~~and~~major ~~the~~tax ~~resulting~~dispute ~~consequences~~or a successful challenge to our operating structure, ~~may~~intercompany ~~have~~pricing ~~adverse~~policies ~~impacts~~or onthe taxable presence of our ~~business~~key subsidiaries in certain countries, ~~results~~or ofother ~~operations~~factors, our effective income tax rates may increase, which could adversely affect our net income and ~~financial~~cash ~~condition~~flows.

~~The~~We operate in multiple jurisdictions, and our profits are taxed pursuant to the tax laws of these jurisdictions. Our effective income tax rate may be affected by changes to existing tax laws, enactment of new tax laws, such as the recently enacted U.S. ~~government~~federal ~~has~~tax ~~instituted~~legislation orcommonly ~~proposed~~referred ~~changes~~ to ~~international~~as ~~trade~~the ~~policy~~One ~~through~~Big Beautiful Bill Act (the ~~renegotiation~~“OBBBA”), ~~and~~or ~~potential~~changes ~~termination,~~to interpretations of ~~certain~~tax ~~existing~~laws, ~~bilateral~~treaties, orrulings, ~~multilateral~~regulations ~~trade~~or agreements ~~and~~in ~~treaties~~any ~~with~~given jurisdiction, ~~and~~or changes in international tax reform by the ~~imposition~~Organization offor ~~tariffs~~Economic onCo-operation aand ~~wide~~Development ~~range~~(the "OECD") and similar organizations, utilization of ~~products~~net ~~and~~operating ~~other~~losses ~~goods~~and ~~from~~tax ~~China~~credit carryforwards, ~~countries~~changes in ~~EMEA~~geographical allocation of income and ~~other~~expense, ~~countries~~and changes in management’s assessment of matters such as the realizability of deferred tax assets. We have ~~invested~~reviewed ~~significantly~~the inprovisions ~~manufacturing~~of ~~facilities~~the inOBBBA ~~China~~to ~~and~~determine ~~Southeast~~the ~~Asia.~~potential ~~Given~~impact on our ~~manufacturing~~financial isstatements. ~~principally~~Based inon ~~those~~this ~~countries~~review, ~~policy~~and orconsidering ~~regulations~~our ~~changes~~current intax ~~the~~position ~~United~~and ~~States~~operations, orwe ~~other~~do ~~countries~~not ~~present~~expect ~~particular~~the ~~risks~~OBBBA ~~for~~to ~~us.~~have Wea ~~are~~material ~~constantly~~impact ~~evaluating~~on ~~our~~the ~~manufacturing~~Company's ~~footprint~~income ~~globally~~taxes, including ~~beyond~~current ~~Asia.~~and ~~Our~~deferred ~~business~~tax ~~may~~balances beand ~~impacted~~the byeffective tax rate; however, we are currently evaluating and will continue to evaluate the ~~potential~~full ~~expansion~~impact of ~~tariffs~~the OBBBA on ~~goods~~us. ~~imported~~In ~~from~~the ~~other~~past, ~~countries~~we ~~including,~~have ~~but~~experienced ~~not~~fluctuations ~~limited~~in toour ~~China,~~effective ~~Canada,~~income ~~and~~tax ~~Mexico~~rate. ~~While~~Our ~~the~~effective ~~full~~income ~~extent~~tax rate in a given fiscal year reflects a variety of ~~potential~~factors ~~tariff~~that ~~changes~~may ~~remains~~not ~~uncertain,~~be present in the ~~risk~~succeeding offiscal ~~significant~~year ~~trade~~or ~~policy~~years. ~~shifts~~There ~~could~~is ~~materially~~no ~~impact~~assurance that our ~~operations,~~effective ~~costs,~~income ~~and~~tax ~~financial~~rate ~~results~~will not change in future periods.

~~New~~For orexample, ~~increased~~as ~~tariffs~~a ~~could~~result ~~adversely affect more or all~~ of ~~our~~the ~~products.~~Federal ~~There~~Act ~~also~~on ~~are risks associated with retaliatory policies and resulting trade wars. We cannot predict future trade policy and regulations in~~ the ~~United~~Tax ~~States~~Reform and ~~other~~AHV ~~countries~~Financing (“TRAF”), the ~~terms~~canton of ~~any~~Vaud ~~renegotiated~~in ~~trade agreements or treaties~~Switzerland, orwhere ~~tariffs~~we ~~and~~are ~~their~~incorporated, ~~impact~~enacted ontax ~~our~~reforms ~~business.~~that Atook ~~trade war could have a significant adverse~~ effect onas ~~world~~of ~~trade~~January ~~and~~1, ~~the world economy~~2020. ToAs ~~the~~a ~~extent~~result ~~that trade tariffs and other restrictions imposed by the United States or other countries increase the price~~ of, ~~or limit~~ the ~~amount~~TRAF ofreform, ~~our~~Logitech ~~products~~will orincur ~~components~~cash orincome ~~materials~~taxes ~~used~~that inwill ~~our~~increase ~~products~~over ~~imported~~time ~~into~~as the ~~United~~deferred ~~States~~income ~~or other countries, or create adverse~~ tax ~~consequences,~~benefit ~~the~~established ~~sales,~~in ~~cost~~connection orwith ~~gross margin of our products may be adversely affected and~~ the ~~demand~~reform ~~from our customers for products and services may be diminished~~diminishes. ~~Uncertainty~~Implementation surrounding international trade policy and regulations as well as disputes and protectionist measures could also have an adverse effect on consumer confidence and spending. If we deem it necessary to alter all or a portion of ~~our~~any ~~activities~~material orchange ~~operations~~ in ~~response~~tax tolaws ~~such policies, agreements or tariffs, our capital and operating costs may increase.~~

3938

~~Our~~or ~~ongoing~~policies ~~efforts~~or tothe ~~address~~adoption ~~these~~of ~~risks~~new ~~may~~interpretations ~~not~~of beexisting ~~effective~~tax ~~and~~laws ~~may have long-term adverse effects on our operations~~ and ~~operating~~rulings, ~~results that we may not be able to reverse. Such efforts may also take time to implement~~ or totermination ~~have an effect and may result in adverse quarterly financial results~~ or ~~fluctuations~~replacement inof our ~~quarterly~~tax ~~financial~~arrangements ~~results.~~with ~~As a result, changes in trade policy and regulations in~~ the ~~United~~canton ~~States~~of ~~and~~Vaud ~~other~~may ~~countries as well as changes in trade agreements and tariffs could~~ adversely affect our ~~business,~~net ~~results of operations and financial condition~~income.

~~There~~In ~~are~~addition, ~~risks~~the ~~associated~~Base ~~with~~Erosion ~~our~~and ~~outstanding~~Profit Shifting Project (the “BEPS Project”) undertaken by the OECD recommended changes to numerous long-standing tax principles, including a proposal to reallocate profits among tax jurisdictions in which companies do business (“Pillar One”) and ~~future~~establishing ~~indebtedness~~a minimum tax on global income (“Pillar Two”). As many countries have proposed or enacted Pillar Two legislation in jurisdictions in which we operate, we continue to monitor the relevant developments. Although we continue to evaluate and assess the potential impact of Pillar Two on us, the minimum tax rules could result in tax increases in both Switzerland and many foreign jurisdictions where we operate or have a presence. In addition, the G7 released a joint statement on June 28, 2025 that it had reached an understanding with the United States for a side-by-side system based on certain accepted principles, including that U.S.-parented groups would be exempt from certain provisions of Pillar Two. However, it is unclear if this exemption would be extended, or if any other changes will be proposed to the Pillar Two rules that would apply to non-U.S. parented groups like us.

InWe ~~January~~file ~~2025,~~Swiss weand ~~entered~~foreign ~~into~~tax anreturns. ~~unsecured~~We ~~Credit~~are ~~Agreement,~~frequently ~~which~~subject ~~provides~~to ~~for~~tax aaudits, ~~revolving~~examinations ~~credit~~and ~~facility~~assessments in anvarious ~~aggregate~~jurisdictions. ~~principal~~If ~~amount~~any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of ~~$750~~our ~~million.~~key ~~Indebtedness~~subsidiaries ~~incurred~~in ~~under~~certain countries, if the ~~Credit~~terms ~~Agreement~~of ~~and~~certain ~~any~~income ~~indebtedness~~tax treaties are interpreted in a manner that is adverse to our structure, or if we ~~may~~lose ~~incur~~a material tax dispute in any country, our effective income tax rate could increase. For example, policy changes in Switzerland, the ~~future~~United ~~may~~States ~~affect~~or China predicated on our ~~financial~~presence ~~condition~~in those countries could adversely affect where we recognize profit and ~~future~~our ~~financial~~effective ~~results~~income tax rate. WeIf ~~may~~our ~~also~~effective beincome ~~exposed~~tax torate ~~greater~~increases ~~interest~~in ~~rate~~future ~~risk~~periods, ~~particularly~~our innet aincome ~~rising~~and ~~interest~~cash ~~rate~~flows ~~environment~~could be adversely affected.

The agreements governing our indebtedness impose restrictions on us and, in particular, the Credit Agreement requires us to comply with a financial covenant. Our ability to comply with these restrictions may be affected by events beyond our control. If we breach any of these restrictions and do not obtain a waiver from the lenders, then, subject to applicable cure periods, our related indebtedness (and other unrelated indebtedness) could become due and payable prior to its stated maturity, and we may not be able to repay the indebtedness that becomes due. Moreover, compliance with this covenant may restrict our strategic or operational flexibility in the future, which could harm our business, results of operations and financial condition. Our ability to repay any amounts we borrow under our lines of credit or Credit Agreement will depend on market conditions and our future performance, which is subject to economic, financial, competitive and other factors beyond our control. There can be no assurance that any refinancing or additional financing would be available on terms that are favorable or acceptable to us, if at all.

The collection, storage, transmission, use and distribution of personal data could give rise to liabilities and additional costs of operation as a result of laws, governmental regulation and risks of data breaches and security incidents.

In connection with our operations, we collect and otherwise process personal data, including that of our consumers. The processing of this information is increasingly subject to legislation, regulations and enforcement in numerous jurisdictions around the world. Global data privacy regulation is increasingly fragmented, with increasing enforcement efforts and penalties. Such fragmentation requires more complex and costly compliance structures, while heightened enforcement increases the cost and reputational risk associated with even minor compliance errors. For example, the General Data Protection Regulation ("GDPR"), which is applicable to us and to all companies processing data of people in the European Union, imposes significant fines and sanctions for violation of the Regulation. Compliance with the GDPR's international transfer rules has been made more difficult by the invalidation of the European Union-U.S. Privacy Shield and we are now required to put in place additional privacy protective measures for transfer of data of people in the European Union to certain countries outside of the European Economic Area. In the United States, several states have adopted broad privacy laws. Such laws and regulations are typically intended to protect the privacy and security of personal information and its collection, storage, transmission, use, disclosure and other processing. For example, California has enacted the California Consumer Privacy Act (the “CCPA”), which, among other things, requires covered companies to provide disclosures to California consumers and afford such consumers abilities to opt-out of certain sales of personal information. Additionally, the California Privacy Rights Act (the “CPRA”), was approved by California voters in November 2020. The CPRA significantly modifies the CCPA and has made compliance more uncertain and complex. Additionally, other U.S. states continue to propose, and in certain cases adopt, privacy-focused legislation. Other laws and regulations may follow, at state and federal levels. Other regions also have robust data protection and privacy legislation. For example, China has enacted the Personal Information Protection Law of the People’s Republic of China (“PIPL”), which strictly regulates the processing of personal information and the transfer of personal data of Chinese residents to territories outside of China.

In addition, because various jurisdictions have different laws and regulations concerning the use, storage, transmission and other processing of such information, we may face requirements that pose compliance challenges in existing markets as well as new international markets that we seek to enter. The collection and processing of personal data also heightens the risk of security breaches and other data security issues related to our IT systems and the systems of third-party data storage and other service and IT providers. Such laws and regulations, variation between jurisdictions and risks presented by our processing of personal data could limit our ability to use data and

develop new features and services, subject us to increased costs, require allocation of additional resources and changes to our policies and practices, which may be difficult to achieve in a commercially reasonable manner or at all. Any actual or perceived failure by us to comply with these laws, regulations, or other actual or asserted obligations relating to privacy or the collection, use or other processing of personal data may lead to significant fines, penalties, regulatory investigations, lawsuits, significant costs for remediation, damage to our reputation, or other liabilities, all of which could adversely affect our business.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Share Repurchases

In the ~~third~~first quarter of fiscal year ~~2025~~2026, the following approved share repurchase program was in place (in thousands):

Share Repurchase Program

Shares Approved

Approved Amounts

July 2023 (1)

17,311

1,~~000~~600,000

(1) See Note 11 to the condensed consolidated financial statements for further information on this share repurchase program.

The following table presents certain information related to purchases made by Logitech of its equity securities under the 2023 share repurchase program (in thousands, except per share amounts):

Total Number of SharesRepurchased

Weighted Average Price Paid Per Share

Remaining Amount that May Yet BeRepurchased under the Programs

Total Number of SharesRepurchased (1)

Weighted Average Price Paid Per Share

Remaining Amount that May Yet BeRepurchased under the Programs

During the three months ended December 31, 2024

CHF (LOGN)

USD (LOGI)

During the Three Months Ended June 30, 2025

CHF (LOGN)

USD (LOGI)

Month 1

September 28, 2024 to October 25, 2024

April 1, 2025 to April 25, 2025

SIX

~~569~~451

~~(1)~~

7361.7032

N/A

~~325~~615,~~014~~406

Nasdaq

—

N/A

~~325~~615,~~014~~406

Month 2

October 26, 2024 to November 22, 2024

April 26, 2025 to May 23, 2025

SIX

~~1,187~~399

~~(1)~~

7068.2406

N/A

~~230~~582,~~172~~651

Nasdaq

—

N/A

~~230~~582,~~172~~651

Month 3

November 23, 2024 to December 27, 2024

May 24, 2025 to June 27, 2025

SIX

~~672~~681

~~(1)~~

7370.2303

N/A

~~174~~524,~~810~~297

Nasdaq

—

N/A

~~174~~524,~~810~~297

2,428

71.88

N/A

174,810

1,531

66.95

N/A

524,297

(1) Shares repurchased on the second trading line on SIX Swiss Exchange for cancellation under the 2023 share repurchase program.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

During the ~~third~~first quarter of fiscal year ~~2025~~2026, no director or officer, as defined in Rule 16a-1(f), adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

4240

ITEM 6. EXHIBITS

Exhibit Index

Exhibit No.		Description
10.1		~~Credit~~Representative ~~Agreement,~~form ~~dated~~of ~~January~~performance ~~27,~~share ~~2025,~~unit byagreement ~~and~~(Group ~~among~~Management ~~Logitech~~Team ~~Europe~~(executive ~~S.A.~~officers), Leadership Team) under the Logitech International S.A., ~~the~~2006 ~~lenders~~Stock ~~from~~Incentive time to time party thereto, and PNC Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 28, 2025 (File No. 000-29174))Plan
10.2		~~Guaranty~~Representative ~~Agreement,~~form ~~dated~~of ~~January~~performance ~~27,~~share ~~2025,~~unit byagreement (executives and ~~among~~other ~~Logitech~~employees) ~~Europe~~under ~~S.A.~~the ~~and~~ Logitech International S.A. in2006 ~~favor~~Stock ofIncentive ~~PNC Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on January 28, 2025 (File No. 000-29174))~~Plan
31.1		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1	*	Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer
101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		XBRL Taxonomy Definition Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* This exhibit is furnished herewith, but not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we explicitly incorporate it by reference.

4341

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

									LOGITECH INTERNATIONAL S.A.
January 29, 2025									/s/ Johanna (Hanneke) Faber
July 30, 2025									/s/ Johanna (Hanneke) Faber
Date									Johanna (Hanneke) Faber
									Chief Executive Officer
January 29, 2025									/s/ Matteo Anversa
July 30, 2025									/s/ Matteo Anversa
Date									Matteo Anversa
									Chief Financial Officer

4442

Filing Compare · LOGITECH INTERNATIONAL S.A.