Pandora A/S Ord (PNDZF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the conference call for Pandora's Q3 2025 results. I'm Bilal Aziz from the Investor Relations team, and I'm joined here by CEO Alessandra Lacek, CFO Anders Boyer, and the rest of the IR team. I'm also really happy to have with us today CEO-designate and current CMO Berta de Pablos Barbier. As usual, there will be a Q&A session at the end of the call. You could kindly limit yourself to two questions, and at a time, that would be great. On that point, I will hand over to Alessandra on slide three. Thank you Bilal and welcome everyone. Let me start with a few high level points on our business. So we've been operating with very challenging macroeconomics actually for a while now. But even in this difficult setting, we continue to execute on our strategy and repeatedly deliver solid organic growth. The strategy centers around investing behind the Pandora brand and bringing more exciting innovations to our consumers. This will help keep us relevant today and will drive value for us well into the future. Our business model and financial algorithm remains incredibly healthy. You can see that in our gross margin still operating close to 80% despite the macro headwinds. We keep having very healthy margins. We keep generating significant cash flow and we keep driving healthy EPS growth. These points are also clear when we look at Q3. So now let's have a closer look at the quarter. Next slide, please. Again, we did a good job in a tough backdrop. We have maintained good discipline on the Phoenix strategy and our overall mission to build a full jewelry brand. We delivered 2% like-for-like growth, which alongside network expansion drives 6% organic growth. The like-for-like growth has been a bit below our usual run rate over the past few year...