Logitech International J.P. Morgan TMC Conference Takeaways

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Logitech International J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

20 May 2026

Logitech International Neutral

LOGI, LOGI US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$103.66

IT Hardware/ Telecom & Networking

Equipment

Joseph Cardoso AC

(1-212) 622-9036

joseph.cardoso@jpmchase.com

Samik Chatterjee, CFA

(1-212) 622-0798

We hosted a fireside chat with Hanneke Faber, Chief Executive Officer, at our 54th samik.x.chatterjee@jpmorgan.com

annual J.P. Morgan Global TMC Conference. Our key takeaways include: Manmohanpreet Singh

• Management framed the decision to lean into investment spending as both (1-212)manmohanpreet.singh@jpmchase.com622-4527

financially enabled and strategically necessary. With gross and operating

Marc Vitenzon

margins at record levels, $1.7 bn in cash, and no debt, the company has clear (1-212) 622-3342

firepower, and AI is changing the way people work and play, creating marc.vitenzon@jpmchase.com

opportunities both to make existing product categories smarter and to enter Akanksh Chauhan

entirely new form factors and spaces, necessitating investments. Investments (1-212) 622-0045

are concentrated in three areas, including R&D innovation, B2B sales akanksh.chauhan@jpmorgan.com

capabilities, and marketing. With investments delivering strong ROI, along J.P. Morgan Securities LLC

with cost discipline, operating margins should continue to track at the high end

of the 15-18% long-term model.

• Replicable playbook unlocked with success of MX Master 4. The MX

Master 4 mouse, launched in October 2025, has already generated over $100

mn in revenue in just nine months, making it the fastest product adoption in

Logitech's history and contributing 140 bps of global mouse market share

gains.