Financial Performance - In Q2 2025, Pandora reported revenue of DKK 7,075 million, up from DKK 6,771 million in Q2 2024, reflecting an organic growth of 8% compared to 15% in the same quarter last year [4][5] - The gross margin for Q2 2025 was 79.3%, despite a 170 basis points headwind from foreign exchange, commodities, and tariffs, down from 80.2% in Q2 2024 [5] - The EBIT margin for Q2 2025 was 18.2%, a decline of 160 basis points year-over-year, with a constant currency EBIT margin of 19.4% [5][6] - Reported EPS growth in Q2 2025 was 6%, or 18% in constant currency [5] Market and Growth Insights - Like-for-like (LFL) growth was 3% in Q2 2025, with the US showing strong LFL growth of 8% and the Rest of Pandora at 6% [5] - LFL growth in Europe was 1%, driven by double-digit growth in countries like Spain, Portugal, the Netherlands, and Poland [5] - The company maintains its guidance for 2025, projecting organic growth of 7-8% and an EBIT margin of around 24%, despite current macroeconomic uncertainties [5] Strategic Initiatives - Pandora is focusing on becoming a full jewellery brand by investing in four strategic pillars: brand, design, markets, and personalization [5] - Key initiatives for H2 2025 include launching two new collections, Pandora Talisman and Minis, aimed at refreshing the core charms and carriers offering [5] - The company is preparing a new chapter of the "BE LOVE" marketing campaign, emphasizing emotional storytelling and local talent engagement [5] Current Trading and Outlook - Current trading in July has seen LFL growth at around 2%, impacted by a weak End of Season Sale and the timing of product launches [5] - Despite challenges, Pandora remains on track to achieve an EBIT margin of around 25% by 2026, excluding tariffs, with current tariff levels adding a 120 basis points headwind [5]