Q3 2025 Pandora A/S Earnings Call Transcript
Key Points
- Pandora AS (PNDRY) achieved a 6% organic growth in Q3 2025, driven by a 2% like-for-like growth and network expansion.
- The company's gross margin remains robust at approximately 80%, despite facing significant external headwinds.
- Pandora AS (PNDRY) reported a high return on capital at 43%, indicating strong financial health.
- The launch of new collections, such as Talisman and Minis, has been well-received, contributing positively to brand excitement and consumer engagement.
- Pandora AS (PNDRY) has successfully increased its expectations for new store performance, raising the growth contribution from new stores to 4% from 3%.
- The like-for-like growth guidance has been revised downwards to 3% to 4% from the previous 4% to 5%, reflecting a cautious outlook due to macroeconomic uncertainties.
- Pandora AS (PNDRY) faces external headwinds from tariffs, foreign exchange rates, and commodity prices, impacting profitability.
- The European market showed mixed results, with overall like-for-like growth flat at minus 1%, and specific challenges in key markets like Germany and France.
- The US market experienced a decline in online platform performance, contributing to a softer like-for-like growth of minus 8%.
- Pandora AS (PNDRY) anticipates additional EBIT margin headwinds in 2026 due to rising commodity prices, potentially impacting future profitability.
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Good morning, everyone, and welcome to the conference call for Pandora's Q3 2025 results. I'm Bilal Aziz from the Investor Relations team, and I'm joined here by our CEO, Alexander Lacik; CFO, Anders Boyer; and the rest of the IR team. I'm also really happy to have with us today CEO Designate and current CMO, Berta de Pablos-Barbier.
As usual, there will be a Q&A session at the end of the call. If you could kindly limit yourself to two questions at a time, that will be great. On that point, I will hand over to Alexander on slide 3.
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Thank you, Bilal, and welcome, everyone. Let me start with a few high-level points on our business. So we've been operating with very challenging macroeconomics actually for a while now. But even in this difficult setting, we continue to execute on our
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