Financial Performance - In Q3 2025, Pandora achieved organic revenue growth of 6%, driven by 2% like-for-like (LFL) growth and 4% from network expansion [1] - The gross margin was strong at 79.3%, despite a 280 basis point headwind from foreign exchange, commodities, and tariffs [2] - The EBIT margin for Q3 2025 was 14.0%, reflecting a decline of 210 basis points year-over-year due to significant headwinds [2] - Reported EPS growth in Q3 2025 was -14%, but +5% in constant currency, aligning with expectations [2] Strategic Initiatives - Pandora is focusing on the Phoenix strategy to enhance consumer engagement through creative innovation and marketing content [3] - The company launched two new sub-collections, Pandora Talisman and Pandora Minis, which received positive feedback [4] - A new holiday campaign is underway, aimed at deepening emotional connections through storytelling [4] Future Outlook - Pandora maintains its 2025 guidance for organic growth at 7-8%, with LFL growth now expected to be 3-4% and network expansion at 4% [6] - The EBIT margin guidance for 2025 remains at around 24% [6] - The company updated its 2026 EBIT margin target from "at least 24%" to "around 23%" due to additional commodity and FX headwinds [5] Leadership Commentary - Alexander Lacik, President and CEO, emphasized the company's growth journey and sound performance amid a challenging macroeconomic environment [7]

Financial Performance - In Q1 2025, Pandora reported revenue of DKK 7,347 million, an increase from DKK 6,834 million in Q1 2024, reflecting a 7% organic growth [4][5] - The EBIT margin for Q1 2025 was 22.3%, up from 22.0% in Q1 2024, indicating a 30 basis points year-over-year improvement [5] - Earnings per share (EPS) grew by 19% in Q1 2025 [5] Phoenix Strategy Execution - The company continues to implement its Phoenix strategy, aiming to position itself as a full jewellery brand while delivering solid financial results [5] - Q1 2025 organic growth consisted of 6% like-for-like (LFL) growth and 4% from network expansion, with LFL growth in the US accelerating to 11% [5] - The gross margin improved to 80.4%, up 110 basis points year-over-year, supported by pricing strategies and operational efficiencies [5] 2025 Guidance and Current Trading - Pandora maintains its guidance for 2025, expecting organic growth of 7-8% and an EBIT margin of around 24%, slightly revised from the previous estimate of 24.5% due to foreign exchange headwinds [5] - Current trading in Q2 2025 shows underlying LFL growth at mid single-digit levels [5] - The company is preparing for various scenarios related to potential US tariffs, with updates expected as the impact on 2025 guidance and 2026 targets becomes clearer [5]