Core Insights - Pandora is expanding its distribution capabilities in the U.S. by relocating to a larger facility in Maryland, increasing its footprint by nearly 80 percent [1][2] Group 1: Expansion Plans - The new distribution center will be located in Anne Arundel, Maryland, 13 miles from the current site, and will have a total space of 107,000 square feet [1][2] - Construction is set to begin this month, with the facility expected to open in the first half of 2026 [4] Group 2: Operational Enhancements - The facility will support an omni-channel strategy with advanced fulfillment capabilities aimed at enhancing operational efficiency and enabling faster service across retail and e-commerce [3] - New warehouse and transport management systems will implement more efficient "pick-and-pass" methods to boost productivity [3] Group 3: Commitment to Sustainability and Employee Wellbeing - The new facility will be LEED Silver Certified, adhering to high standards for energy efficiency and sustainable design [5] - Employee wellbeing will be prioritized with upgraded amenities, ergonomic workstations, and collaborative spaces [5] Group 4: Business Performance - Pandora's U.S. business has shown sustained momentum, with revenue more than doubling from 2020 to 2024 and a reported 12 percent organic growth in the first half of 2025 [6] - The U.S. market has outperformed the broader market, driven by strong in-store and online traffic [6]

Retail Segment Performance - Retail segment demonstrated strong resilience, with gaming volumes rebounding in March and remaining consistent through April and early May[7] - April retail trends were stable, showing year-over-year revenue growth across properties, especially those unaffected by new supply[13] - Total retail revenue growth in April was +2%, but excluding new supply markets, the growth was +4%[14] Interactive Segment Performance - Interactive segment generated record gaming revenue and significant year-over-year improvements in both Adjusted Revenue and Adjusted EBITDA[7] - Q1 2025 Interactive Adjusted Revenue reached $161.9 million[57] - The company saw a $71 million year-over-year Adjusted Revenue growth in the Interactive segment[26] - The company saw a $107 million year-over-year Adjusted EBITDA improvement in the Interactive segment[26] - iCasino momentum is building, supported by the standalone iCasino app in PA and MI[7] - iCasino business continues to grow, achieving record NGR and average MAUs in Q1 2025, with +20% Q1 year-over-year growth in average MAUs[33][34] Strategic Initiatives - The company repurchased $35 million of shares year-to-date and remains committed to repurchasing at least $350 million of shares this year[7] - The company announced the landside relocation of Ameristar Council Bluffs in Iowa, with an estimated project budget of approximately $180-$200 million[7][19]