Logitech International S.a. · SIX:LOGN
Logitech International — Q4 2025 Earnings Presentation
23 slides from Logitech International's earnings presentation, Apr 29, 2025
Slide 1: Q4 2025 Shareholder Letter
Q4 2025 Shareholder Letter April 29, 2025
Slide 2: Q4 FY25 and Fiscal Year 2025 Highlights
Q4 FY25 Fiscal Year 2025 Highlights Highlights Net Sales Net Sales $1,011M $1,010M $4,555M $4,298M Q4 FY24 Q4 FY25 FY24 FY25 + 2% (cc) y/y + 7% (cc) y/y FY25 net sales were $4.6 billion, up 7% (cc) versus FY24. GAAP Gross Margin GAAP Gross Margin We grew market share in Pointing Devices, Non-Gaming
Slide 3: Dear Logitech Shareholder
Dear Logitech Shareholder, Fiscal Year 2025 was a year of outstanding results for Logitech. We returned the business to broad-based, topline growth across our geographies, key product categories and customers. We expanded our market share in strategic product categories like Pointing Devices, Non-Ga
Slide 4: Superior product innovation remains at the heart of our strategy
Superior product innovation remains at the heart of our strategy. We launched 39 new products during the year. Some of our most popular global innovations included the Combo Touch Keyboard Case for iPad, the Pro X Superlight Wireless Gaming Mouse and the A50 gaming headset family. In February 2025,
Slide 5: Fiscal Year 2026
Fiscal Year 2026 Fiscal Year 2026 presents an unpredictable global environment shaped by factors including fluctuating tariffs, inflation, geopolitical conflict and dynamic consumer and enterprise sentiment. To operate through these dynamic and uncertain conditions, we will focus on three core princ
Slide 6: Q1 FY26 Outlook
Q1 FY26 Outlook Looking at the first quarter of FY26, we expect a number of dynamics to shape performance and not all of them certain at this point. Despite this uncertainty, we are providing a financial outlook for the first quarter of our 2026 fiscal year. The midpoint of the outlook calls for con
Slide 7: What's New
What’s New Logitech for Business: Rally Board 65 We introduced Rally Board 65, a portable video conferencing device with built-in intelligent audio, video, and an interactive 65” touchscreen display. It can be set up quickly to work with Android, PC, or Bring Your Own Device modes. The all-in-one so
Slide 8: Sustainability
Sustainability Transition to Paper Packaging We are fully transitioning from plastic to paper packaging in our flagship mice category. With 90% of the shift now complete, and full transition expected by the end of 2025, this move creates tangible business value Cost and Operational Efficiency: Redes
Slide 9: Financial Discussion: Q4 FY25 Results
Financial Discussion Q4 FY25 Results Non-GAAP gross margin for the quarter was strong at 43.5%, down 10 bps Y/Y with significant manufacturing cost reductions offset by strategic promotional investment and foreign exchange. Non-GAAP operating margin was 13.2%, down 250 bps, primarily related to a ba
Slide 10: Fiscal Year 2025 Results
Fiscal Year 2025 Results For FY25, net sales increased by 7% (cc) to $4,555 million year over year, driven by our strategic priorities, accelerated momentum in B2B, excellent execution across geographies, and our foundational strength as an operations powerhouse. We ended the fiscal year surpassing
Slide 11: Gaming, Video Collaboration, Personal Workspace Solutions
Gaming Video Collaboration Gaming sales decreased by 2% (cc) in Q4 and increased by Video Collaboration sales decreased by 1% (cc) in Q4 and 10% (cc) for the Fiscal Year. End user demand and market increased by 3% (cc) for the Fiscal Year. Q4 net sales shares were strong in Q4, with some reduction o
Slide 12: Net Sales by Region
Net Sales by Region In the quarter, sales grew in the Americas and Asia Pacific in constant currency. For the Fiscal Year, all three regions grew in constant currency. Americas EMEA Asia Pacific Sales in the Americas region were up 3% Sales in the EMEA region were down 2% Sales in the Asia Pacific r
Slide 13: Non-GAAP Gross Margin
Non-GAAP Gross Margin Q4 FY25 non-GAAP gross margin was 43.5%, down 10 basis points versus Q4 FY24, essentially holding the gross margin rate. In the quarter, lower product costs were offset by strategic promotional investments and foreign exchange pressure from a strengthening US dollar. Quarterly
Slide 14: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses Total non-GAAP operating expenses were $306 million in the quarter, up 8% year over year. As a percent of Q4 net sales, non-GAAP operating expenses were up 230 basis points year-over-year. The non-GAAP operating expense increase was driven by a bad debt expense recorded i
Slide 15: Profitability
Profitability GAAP operating income in Q4 was $106 million, down 19% year over year. GAAP operating margin in Q4 was 10.5%, versus 12.9% last year, down 240 basis points. Q4 diluted GAAP EPS was $0.96, down 10%. The GAAP operating expense increase was driven by a bad debt expense recorded in Sales &
Slide 16: Balance Sheet and Cash Flows
Balance Sheet and Cash Flows At the end of Q4, cash and cash equivalents were Accounts receivable were $455 million, down 16% versus last approximately $1.5 billion. We generated operating cash flow year, reflecting improved sales linearity. of $843 million in FY25 representing 109% of non-GAAP oper
Slide 17: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the U.S. federal securities laws, including, without limitation, statements regarding our preliminary financial results for the three months and fiscal year ended March 31, 2025, our outlook for th
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance for making operating decisions and forecasting and plann
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS* Supplemental Financial Information GAAP to non-GAAP reconciliation (A) Three months ended March 31, Fiscal years ended March 31, 2025 2024 2025 2024 Gross profit - GAAP $435,811 $436,977 $1,962,601 $1,778,021 Share-base
Slide 20: GAAP to non-GAAP reconciliation
GAAP to non-GAAP reconciliation (A) Three months ended March 31, Fiscal years ended March 31, 2025 2024 2025 2024 Operating income - GAAP $105,904 $130,217 $654,855 $587,336 Share-based compensation expense 13,846 18,697 89,913 82,889 Amortization of intangible assets 4,840 5,114 20,249 21,962 and a
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS* Supplemental Financial Information GAAP to non-GAAP reconciliation (A) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross profit - GAAP $526,780 $436,977 $466,258 $486,091 $574,441 $435,811 Share-based compensation expense 2,189
Slide 22: Sell-through data
Sell-through data Measures sales of our products by retailer customers to consumers and by our distributor customers to their customer Compiled by Logitech from data supplied by our customer Customers supplying sell-through data vary by geographic region and from period to period, but typically repr
Slide 23: www.logitech.com
www.logitech.com EPFL — Quartier de l'Innovation Daniel Borel Innovation Center CH — 1015 Lausanne, Switzerland
Logitech International — Q4 2025 Earnings Presentation on 6ix