Pandora A/S Ord (PNDZF) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.330 Good morning, everyone, and welcome to the conference call for Pandora's Q1 2026 results. 00:00:05.330 -- 00:00:09.274 I'm Bilal Aziz from the Investor Relations team and I'm joined here by our CEO Berta 00:00:09.274 -- 00:00:13.779 de Pablos Barbier, CFO Anders Boyer and the rest of the IR team. 00:00:13.779 -- 00:00:16.723 As usual there will be a Q&A session at the end of the call. 00:00:16.723 -- 00:00:21.288 If you could kindly limit yourself to two questions at a time that would be great. 00:00:21.288 -- 00:00:25.993 I also would like to draw your attention that at 12 o'clock CET today there will be a 00:00:25.993 -- 00:00:31.018 national Danish emergency alarm system test so you might hear some background noise but 00:00:31.018 -- 00:00:35.704 hopefully that doesn't interfere. Please pay notice to the disclaimer on slide two and 00:00:35.704 -- 00:00:40.608 turn to slide three. I will now turn over to Berta. 00:00:41.031 -- 00:00:45.798 Thank you, Bilal, and welcome, everyone. I am going to first start with a brief summary 00:00:45.798 -- 00:00:51.265 of our quarter one performance before turning to an update on the strategic initiatives 00:00:51.265 -- 00:00:55.991 we outlined back in February on how we were going to re-energize growth. 00:00:55.991 -- 00:01:00.882 So let's start. In quarter one, the quarter played out broadly as expected. 00:01:00.882 -- 00:01:06.210 we deliver 0% life-for-life growth and 2% organic 00:01:06.210 -- 00:01:11.357 growth. We deliver this in a challenging consumer environment, and yet we 00:01:11.357 -- 00:01:16.845 are clear that there is more we can do to drive a stronger life-for-life growth, 00:01:16.845 -- 00:01:22.372 and I will come back to that. On profitability, EBIT margin remains so...