Segments 

There remains increased uncertainty on the outlook for Q2 2025, both in terms of potential for further tariff changes as well as in the broader macroeconomic environment. 

Networks 

Sales growth in Q2 2025 is expected to be broadly similar to 3-year average seasonality. Based on our current assessment of announced tariffs, and including a negative impact from tariffs estimated at approximately 1 percentage point, adjusted gross margin in Q2 is expected to be in the range of 48% to 50%.