Pandora A/S (PNDRY) Q2 2026 Earnings Call Transcript

Good morning, everyone, and welcome to the conference call for Pandora's Q2 2026 Results. I'm Bilal Aziz from the Investor Relations team, and I'm joined here by our CEO, Berta de Pablos-Barbier; 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 to 2 questions, that would be great. Please pay notice to the disclaimer on Slide 2 and then turn to Slide 3, and I will hand over to Berta. Thank you, Bilal, and welcome, everyone. I would like to start with a small reminder and providing some context that 2026 is a year of deliberate change for Pandora. We are rolling our new growth model with greater focus on distinctive design, cultural relevance and a stronger local execution. Now in addition, we are also expanding our retail experience with some pilots intending to inspire discovery and giving the consumers more reasons to buy. We will be scaling across markets as we see proof points that is working. And importantly, we are also improving the quality of growth, substantially reducing promotions and heavy discounting. And you can see this implemented particularly in our