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]