diff --git a/tests/test_extractor_schemas.py b/tests/test_extractor_schemas.py
index 8f2b1fa..d35a03c 100644
--- a/tests/test_extractor_schemas.py
+++ b/tests/test_extractor_schemas.py
@@ -215,12 +215,14 @@ def test_all_company_fields_required():
 
 
 def test_validate_semantic_missing_ticker_is_error():
-    """A company with an empty ticker produces a semantic error, not just a warning."""
+    """A company with an empty ticker is filtered out during normalization."""
     data = _valid_extraction()
     data["companies"][0]["ticker"] = ""
     report = validate_extraction(data)
-    assert not report.valid
-    assert any("company_missing_ticker" in e for e in report.errors)
+    # Empty-ticker companies are now filtered out (not a fatal error)
+    assert report.valid
+    assert report.parsed is not None
+    assert len(report.parsed.companies) == 0
 
 
 def test_validate_semantic_invalid_impact_horizon_is_error():