Pandora A/S Ord (PNDZF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the conference call for Pandora's full year 2025 results. I'm Bilal Zees from the Investor Relations team. I'm joined here by a 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. Please pay notice to disclaimer on slide two and turn to slide three. And on that note, I will hand over to Berta. Thank you, Bilal, and welcome, everyone. Well, we have a lot to cover today, so I will begin with our four-quarter performance before outlining how we plan to reignite growth through a recalibration toward desirability-led growth. I will then cover the creative innovation addressing high silver cost mitigation. Now I am sure that most of you are aware that we pre-announced in January the quarter four results. So let's quickly see how the final and total results shape up. As a reminder, we ended the year with 2% life-for-life growth and Q4 at 0%. These results were, of course, below our expectation, even against a weak macro drop, and we do see clear areas where we can drive better performance. Now, on the positive side, our profitability remained very solid throughout the year, and we ended the year broadly as expected. This reflects our high gross margins, where efficiency initiatives and pricing action help offset most of the external headwinds. Now, when we combine these with very good cost control on OPEX, our EBIT margins ended the year around 24 again. 24 with the vast majority of the pressures we face. It's worth also remember how quickly the environment has changed. I mean, 12 months seems like a very long time ago now, but this time last year, our guidance assum...