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

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the conference call for Pandora's Q1 2026 results. I'm Bilal Aziz from the Investor Relations team and I'm joined here by our CEO Berta de Pablos Barbier, CFO Anders Boyer and the rest of the IR team. As usual there will be a Q&A session at the end of the call. If you could kindly limit yourself to two questions at a time that would be great. I also would like to draw your attention that at 12 o'clock CET today there will be a national Danish emergency alarm system test so you might hear some background noise but hopefully that doesn't interfere. Please pay notice to the disclaimer on slide two and turn to slide three. I will now turn over to Berta. Thank you, Bilal, and welcome, everyone. I am going to first start with a brief summary of our quarter one performance before turning to an update on the strategic initiatives we outlined back in February on how we were going to re-energize growth. So let's start. In quarter one, the quarter played out broadly as expected. we deliver 0% life-for-life growth and 2% organic growth. We deliver this in a challenging consumer environment, and yet we are clear that there is more we can do to drive a stronger life-for-life growth, and I will come back to that. On profitability, EBIT margin remains solid. This continues to reflect our high gross margins, where efficiency gains continue to offset most external headwinds. combined, of course, with tight control of our OPEX. Finally, returns remain high at close to 40% despite the external environment. So please, let's move to the next slide. Turning to guidance, we are maintaining both our top line and EBIT margin guidance. For the top line, we continue to target organic growth of minus one to 2% with light for light growth of minus three to 0...