Pandora AS (CHIX:PNDORc)

Q2 2025 Pandora A/S Earnings Call Transcript

Aug 15, 2025 / 09:00 AM GMT

Release Date Price: kr846 (-18.26%)

Transcript

Key Points

Positve

Pandora AS (PNDZF) achieved 8% overall organic growth in Q2 2025, driven by 3% like-for-like growth and network expansion.
The company maintained strong profitability with gross margins close to 80% and EBIT margins in the high teens, despite significant external headwinds.
Pandora AS (PNDZF) reported a high return on capital at 44%, indicating efficient use of resources.
The company's U.S. market delivered an impressive 8% like-for-like growth, showcasing strong brand metrics and high-quality growth.
Pandora AS (PNDZF) successfully launched a new e-commerce platform, resulting in a low single-digit improvement in revenue per consumer.

Negative

Pandora AS (PNDZF) faced significant external headwinds from commodity prices, foreign exchange fluctuations, and tariffs, impacting profitability.
The company's Q2 2025 like-for-like growth was slower than Q1, with July trading showing only 2% growth.
Pandora AS (PNDZF) experienced challenges in the Chinese market, leading to the closure of around 100 loss-making stores.
The macroeconomic environment in Europe remains challenging, with mixed performance across different countries.
The company is facing increased promotional intensity in the market, particularly in Europe, which could impact pricing strategies.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PNDORA.CO - Pandora A/S
Q2 2025 Pandora A/S Earnings Call
Aug 15, 2025 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, and welcome to the conference call for Pandora's Q2 results. I'm Bilal Aziz from the Investor relations team, and I'm joined here by our CEO, Alessander Latch, CFO Anders Boyer, and the rest of the IR team. As usual, there will be a Q&A session at the end of the call. If you could limit yourself today to 2 questions at a time, that would be wonderful.

If you could please pay attention to the scrambling slide 2 and then turn to slide 3, I will now turn over to Alexander.

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Unidentified_2 [2]
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Thank you, Bilal and welcome everyone. As

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