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

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WEBVTT 00:00:00.537 -- 00:00:04.542 Good morning, everyone, and welcome to the conference call for Pandora's full year 2025 00:00:04.542 -- 00:00:07.306 results. I'm Bilal Zees from the Investor Relations team. 00:00:07.306 -- 00:00:12.092 I'm joined here by a CEO, Berta de Pablos Barbier, CFO, Anders Boyer, and the rest of 00:00:12.092 -- 00:00:16.317 the IR team. As usual, there will be a Q&A session at the end of the call. 00:00:16.317 -- 00:00:20.302 If you could kindly limit yourself to two questions at a time, that would be great. 00:00:20.302 -- 00:00:23.346 Please pay notice to disclaimer on slide two and turn to slide three. 00:00:23.346 -- 00:00:26.525 And on that note, I will hand over to Berta. 00:00:26.525 -- 00:00:31.835 Thank you, Bilal, and welcome, everyone. Well, we have a lot to cover today, so 00:00:31.835 -- 00:00:36.944 I will begin with our four-quarter performance before outlining 00:00:36.944 -- 00:00:42.234 how we plan to reignite growth through a recalibration toward desirability-led 00:00:42.234 -- 00:00:47.244 growth. I will then cover the creative innovation addressing high 00:00:47.244 -- 00:00:52.640 silver cost mitigation. Now I am sure that most of you are aware that we pre-announced 00:00:52.640 -- 00:00:57.873 in January the quarter four results. So let's quickly see how the final 00:00:57.873 -- 00:01:03.486 and total results shape up. As a reminder, we ended the year with 2% 00:01:03.486 -- 00:01:08.693 life-for-life growth and Q4 at 0%. These results 00:01:08.693 -- 00:01:14.099 were, of course, below our expectation, even against a weak macro drop, 00:01:14.099 -- 00:01:18.505 and we do see clear areas where we can drive better performance. 00:01:18.505 -- 00:01:23.151 Now, on the positive side, our profitability remained very ...