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

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WEBVTT 00:00:00.183 -- 00:00:04.947 Good morning, everyone, and welcome to the conference call for Pandora's Q3 2025 results. 00:00:04.947 -- 00:00:08.910 I'm Bilal Aziz from the Investor Relations team, and I'm joined here by CEO Alessandra 00:00:08.910 -- 00:00:12.593 Lacek, CFO Anders Boyer, and the rest of the IR team. 00:00:12.593 -- 00:00:17.498 I'm also really happy to have with us today CEO-designate and current CMO Berta de Pablos 00:00:17.498 -- 00:00:22.041 Barbier. As usual, there will be a Q&A session at the end of the call. 00:00:22.041 -- 00:00:25.785 You could kindly limit yourself to two questions, and at a time, that would be great. 00:00:25.785 -- 00:00:29.748 On that point, I will hand over to Alessandra on slide three. 00:00:29.748 -- 00:00:34.974 Thank you Bilal and welcome everyone. Let me start with a few high level points 00:00:34.974 -- 00:00:36.896 on our business. 00:00:36.896 -- 00:00:41.802 So we've been operating with very challenging macroeconomics actually for a while now. 00:00:41.802 -- 00:00:47.349 But even in this difficult setting, we continue to execute on our strategy and repeatedly 00:00:47.349 -- 00:00:50.372 deliver solid organic growth. 00:00:50.372 -- 00:00:55.218 The strategy centers around investing behind the Pandora brand and bringing more exciting 00:00:55.218 -- 00:00:57.946 innovations to our consumers. 00:00:57.946 -- 00:01:03.756 This will help keep us relevant today and will drive value for us well into the future. 00:01:03.756 -- 00:01:08.344 Our business model and financial algorithm remains incredibly healthy. 00:01:08.344 -- 00:01:13.373 You can see that in our gross margin still operating close to 80% despite 00:01:13.373 -- 00:01:17.419 the macro headwinds. We keep having very healthy margins. 00:01:17.419 ...