Pandora A/S Ord (PNDZF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the conference call for Pandora's first quarter results for 2025. I'm Bilal Aziz from the Investor Relations team, and I'm joined here by our CEO, Alexander Lasik, CFO Anders Boyer, and the rest of the IR team. As some of you may understand, we have a bit more to cover than usual today, but there will be a Q&A at the end. If you could kindly limit yourself to two questions at a time, that would be wonderful. Please pay notice to the disclaimer on slide two and turn to slide three. I will now hand over to Alexander. Thank you, Bilal, and welcome everyone. It's actually not been that long since we spoke to you after the 24 results, but I'm sure for some it's felt like a long time given the ever-changing world we live in. For Pandora, you'll be pleased to know it's been more of the same in Q1 of 25. We basically delivered another solid quarter despite the noises around us. We generally like to keep things simple in this company, and that means always coming back to what works for us, the Fenix strategy and our overall mission to build a full jewelry brand. And that's what helped drive the Q1 performance. We delivered 6% like-for-like growth, which helped drive organic of seven. Once again, you'll see within the numbers that we kept our core nice and stable, but then complemented this with strong growth in fuel with more, exactly in line with our overall mission. On profitability, I'm happy to also report that we started very strongly. Most of you will know that the cost environment we and most of the sector faces, but our Q1 performance hopefully emphasizes that this will not change the fact that Panora is and will be very profitable as a company. Our gross margins are up over 100 basis points again in the quarter, and EBIT margins...