Pandora A/S Ord (PNDZF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to the conference call for Pandora's Q2 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 limit yourself to two questions that would be great. Please pay notice to disclaimer on slide two and then turn to slide three and I will hand over to Berta. Thank you Bilal and welcome everyone. I would like to start with a small reminder and providing some context that 2026 is a year of deliberate change for Pandora. We are rolling our new growth model with greater focus on distinctive design, cultural relevance and a stronger local execution. Now, in addition, we are also expanding our retail experience with some pilots, intending to inspire discovery and giving the consumers more reasons to buy. We will be scaling across markets as we see Proofpoint that is working. and, importantly, we are also improving the quality of growth, substantially reducing promotions and heavy discounting. And you can see this implemented particularly in our core markets. Now, all these actions, of course, are intended to strengthen brand desirability and relevance and to build a healthier platform for sustainable growth. I will expand a little bit later and you will be able to see some examples. But with all that, let me turn to quarter two. Quarter 2 played out broadly as we expected. We delivered 1% life-for-life growth and 3% organic growth. Growth in this quarter reflects a deliberate reduction in promotional activity, particularly in core markets, so of course it has moderated growth in the near term, but is the right choice for both the health of the brand and the quality ...