Pandora A/S Ord (PNDZF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the conference call for Pandora's Q2 results. I'm Bilal Aziz from the Investor Relations team, and I'm joined here by our CEO, Alexander Lachik, 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 limit yourself today to two questions at a time, that would be wonderful. If you could please pay attention to the disclaimer on slide two, and then turn to slide three. I will now turn over to Alexander. Thank you Bilal and welcome everyone. As usual, I'll start with a quick snapshot of the overall quarter for Q2. I think it's fair to say it's been another quarter of solid performance from Pandora, especially when you consider that we delivered these results in a very challenging external environment. That's not only when it comes to consumer sentiment, but also when it comes to significant volatility in FX, commodity, and headwinds through tariffs. Despite this, we're progressing on our overall mission, making Pandora known as a full jewelry brand. As you know, this is the main focus of our Phoenix strategy. For Q2, we delivered 3% like-for-like growth, which alongside network expansion drives 8% overall organic growth. Once again, you'll see within the numbers that our core is stable and then this is complemented with good growth in fuel with more. Exactly in line with our overall mission. On profitability, I already mentioned the three types of external headwinds we're facing. I say this because they're quite significant now. Despite that, you'll see we're still delivering very strong profitability with gross margins close to 80% and the EBIT margins in the high teens. As I just mentioned, the underlying performance of these metrics is even stronger. That means ...