Bilal Aziz: 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.

Berta De Pablos-Barbier: 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 core markets. Now all these actions, of course, are intending to strengthen brand desirability and relevance and to build a healthier platform for sustainable growth. I will expand a little bit later, and you'll be able to see some examples. But with all that, let me turn to quarter 2. Quarter 2 played out broadly as we expected. We delivered 1% like-for-like growth and 3% organic growth. Growth in this quarter reflects a deliberate reduction in promotional activity, particularly in core markets. So of course, it has moderated growth in the near term, but it is the right choice for both the health of the brand and the quality of our growth. Profitability remained strong. EBIT margin benefit from the refund of previously paid U.S. tariffs. But even if we actually through this effect, the business has continued to demonstrate a disciplined cost control and very resilient profitability. And finally, our returns remain high at close to 40% despite the external environment. Let's now move to the next slide, please. I would like to turn to guidance now. We have adjusted both our top line and EBIT margin guidance for the year. Now for the top line, we are now targeting an organic growth of 0% to plus 3%. And the main change on this guidance is actually our like-for-like growth, which we are now increasing to minus 2% to plus 1% and this compares to the previous minus 3% to 0% on like-for-like. Now why this upgrade? Well, this upgrade reflects our performance in the first half of the year. But at the same time, we have to be careful because we continue to operate in a volatile macroeconomic and geopolitical environment. So -- and the implications for consumer still remain uncertain. Now on EBIT margin, the upgrade of our guidance to '22 to '23 -- from '22 to '23 compared to the '21-'22 previously. Andres will be taking you through the guidance in a little bit more detail shortly. Now let me talk a little bit about current trading. The like-for-like growth in the quarter so far has been around mid-single-digit levels. Of course, they has benefit from the timing of our end-of-season sale, which was more weighted towards July this year versus June last year. But I want to be very clear, while we start the quarter and the quarter -- the beginning is encouraging, July is not representative of the underlying run rate of the business. So it should not be extrapolated forward. It is important to keep this thing in perspective. Now let's get into more detail on the quarter 2 performance drivers, if you can pass to the next slide, please. Now quarter 2, we delivered a 1% like-for-like growth. And you can see the split between the core and the few with more on this slide. Now the way to read this result is where we have distinctive product newness with high-impact activation, we are driving growth. In other areas, there is more work to do and actions to put this in place are starting with high focus, of course, on our core business. Core delivered minus 1% like-for-like growth in line with Q1. The growth in the core continued to be supported by the strong performance of the collection launched last year, Talisman. Now in moments, our playful aesthetic, the opportunity is still there to bring a stronger, more distinctive newness. And as I said before, this is where all our focus is now. Now in filled with more, where we have higher mix of distinctive design, we delivered 3% like-for-like growth. And that performance was very supported by Timeless, which our new Garden of drinks collection and Pandora Essence. Let's go into the next slide to talk about markets. Our regional performance in quarter 2 remained mixed. Let me start with the EMEA region, which is our largest region. There, we delivered a like-for-like growth of minus 2%. Now Spain, Poland, Portugal continue to perform very well, and that was offset by weak performance in some of our mature markets like Italy and the U.K. Now growth in these markets, Italy and U.K., reflects, as I mentioned, a significant reduction in promotional days versus last year. In these markets, in addition to implementing the new growth model, we are also piloting and evolve retail experience with a clear objective of strengthen desirability, inspire discovery and give consumers more reasons to buy Pandora. We are bringing collections into curated looks, elevating the product presentation and strengthening visual storytelling. Early signs are encouraging, and we will continue to refine and scale what works. Now in the U.S., our largest market, the like-for-like growth was flat in the quarter. Our performance continued to be impacted by softer consumer sentiment and lower store traffic. But against this backdrop, the brand remains healthy and strong, and we continue to focus on what we can control, strengthening demand creation through more impactful brand activation and locally relevant execution. So overall, for the region, North America, there was a stable growth around minus 1%. In Latin America, our like-for-like growth accelerated to 18%. The price repositioning that we introduced earlier this year continues to deliver strong results. This is supported by a strong local activation and influence engagement, which I'll touch a little bit more later as well. And finally, in Asia, we delivered a strong growth of 10%. Our rollout in Japan continues to progress very well, and we still remain in the early stage of building that brand awareness, that reach through continued increased marketing investment. Now let me show some examples of what do we mean by our new growth model is coming to life to drive demand. If we can go to the next slide. I did mention last quarter that we have started to rebalance our marketing investment and the introduction of the Garden of Dreams campaign is a good example of this shift in action. The campaign basically brought together some of our most distinctive designs of the season with a stronger, more focused amplification across touch points, events, influencers. You can see some examples in the picture. And this reinforce a point that I made last quarter. When we bring a strong product design and marketing that is relevant, they work hand-in-hand and deliver growth. So this absolutely translated into growth across all markets, and you can see that reflected in the strong performance of the Timeless collection and therefore, our fuel with more segment in this quarter. Let's go to another example on the next slide. You can see here as well how we are bringing our new growth model to life. Following the success of Bridgerton in quarter 1, in July, we launched Pandora Wonders, a multiyear creative platform that is designed to build desirability and drive demand through design, craftsmanship and cultural relevance. Now our first action was co-created with Harry Lambert and was launched during Paris Couture Week. And this is exactly what we want to do more. It is really create cultural moments for Pandora. It's bringing Pandora into the cultural conversation. through distinctive design and high-impact activations. Now this campaign was launched in key markets. It's early, but response has been very strong, particularly on our earned media and PR coverage. So it is encouraging and that we are seeing as well the first sign of early engagement from new customers coming to the brand and being attracted by the Pandora brand. Now what matters most is the long-term opportunity of this platform as this year, we will bring a new creative voice to play and reinterpret our materials and our craftsmanship through limited edition capsules. Of course, you will hear more of how this campaign performed on the quarter 3, which we will have the entire KPIs. Let's go now into the next slide, please. Now of course, we do continue to invest on our store network, both expanding our footprint, but most importantly or equally important, elevating the experience of our existing stores. So we do continue to roll out our digital screens, our store facade, which is allowing us to bring the collections and the brand storytelling to life with much greater impact. Now during the quarter, we opened new flagship stores in Barcelona and Milan. And these stores is a good opportunity to bring together the full breadth and inspiration of Pandora and set a new benchmark of how consumers experience the brand. I really encourage you if you find yourself in either city to visit some of the stores as you will see and understand better what the great expression of Pandora can be on the brand experience. Now let's go to the next slide. I'm just going to bring everything I have just saying together by reminding the direction that we set out in February. You will recognize this slide. You have seen some concrete examples of how this is now coming to life, more design-led newness, more effective marketing and a stronger locally relevant execution. As you see, Garden of Dreams show that and brought that into practice and also prove that we have opportunity to get Pandora into new categories, neckless, rings, et cetera, where you know we have still opportunity to grow. So these actions are in motion. We are seeing encouraging proof points, but they are not yet fully reflected in the performance of the business today. So as I said, 2026 is a deliberate year of change. We're bringing more discipline and scaling what works. You will hear more on the quarter 3, where we are bringing together a strategic update, but now we can go into the next slide. Now of course, growth is one part of the equation. But of course, as you remember, the biggest second priority for Pandora and for myself is to protect profitability. A key lever is our response to our rising silver prices. Now in February, we introduced the platinum plated jewelry on our proprietary Evershine alloy, which is going to transition a part of our existing white metal portfolio over time into platinum plate. Now this is supporting profitability -- but equally and most importantly, it is a compelling consumer proposition. Why? It's bringing platinum, which is a precious metal into a more accessible format with a strong durability for everyday wear. Now I think it's important to remind that Pandora has already evolved beyond a single material proposition. But what matters also is that consumers choose Pandora for our design, our craftmanship, our quality and our meaning across different materials. We don't need to speculate. A proof of that is the success of our gold plated jewelry, which continues to grow strongly. Now of course, as you remember, we have been working on this transition for more than a year. This transition is being supported by extensive consumer testing and validation. So all above give us confidence in the acceptance and adoption of platinum plating as a wide metal proposition. Now during the quarter as well, we have started our pilot in the Netherlands with 5 key carriers, 4 bracelets and 1 necklace. Now this is early, but the initial response, I have to say, has been encouraging on the adoption, and we are also using the pilot to learn and refine our execution before the global rollout next year. We will extend as well this year with more selected design across more markets, and this will be a good source of learning for us. Now important to remember, this is an evolution of our product platform that is bringing greater choice to consumer while strengthening the long-term resilience of our business. We expect and it's very obvious that we will be the first jewelry brand to bring platinum plated jewelry to scale. We will be providing more detail on the rollout and as well on the latest financial and EBIT margin implications with our quarter 3 strategic update. But on that note, I'd like to now hand over to Anders to take you through the rest of the presentation.

Anders Boyer-Søgaard: Thank you, Bert, and good morning, everyone. And please turn to Slide 14. Bert has already commented on the top line, so I'll focus on a couple of the other financial metrics. And the key message for the quarter is that margins remain solid. That's both on the gross margin and EBIT margin level and that we continue to manage all of the external headwinds quite effectively. And as I'm sure you've read, we did get a one-off benefit this quarter from the partial refund of our U.S. tariff claim, and we've broken it out in the impact out on the margin for you, so you can track the underlying performance. This one-off meant that our gross margin was up 120 basis points in the quarter. But even when you exclude the one-off, you'll see that our gross margin was still above 78% and thereby only down around 100 basis points compared to last year despite that we faced just under 300 basis points of external headwinds. So quite a strong margin and highlighting the good cost efficiencies that is still being delivered, but also a deliberate reduction in promotions, as Bert has said. Next slide, please. And here, we break down the revenue growth in the quarter as usual. We've talked about the like-for-like building block already. So I'll touch on some of the other elements in the bridge. On the network expansion, the purple building block at 4%, that continues to track well, generating healthy top line growth in white space areas and with no cannibalization and generating very healthy margins. You also noticed that this quarter, specifically, we saw a 2 percentage point drag from the bucket that we call sell-in and other. And there's 2 elements to this. One, it's just phasing between quarters that we will always see. And then secondly, some of it is linked to lower sell-in to certain partners. Next slide, please. On the EBIT margin, performance was strong. The EBIT margin was up 210 basis points year-over-year. And as you can see from the bridge here, it was helped by the partial refund of our claim on the U.S. tariffs, and that accounted for 250 basis points on EBIT margin level. It is a one-off, of course, and there will be more of that coming in the second half of 2026, and I'll speak about that shortly. If you exclude that one-off impact, you can calculate that the EBIT margin was broadly in line with last year. And some of you would probably point out that even that was a bit better than what we have communicated about phasing through the year earlier on, and that's fair. And the reason is that just like in Q1, we did see some cost phasing benefit of around 200 basis points in the quarter. And that phasing includes the level of marketing spend where we ended up deciding to spend, which you can also see in the announcement today that it is a bit below last year. But that phasing will be reversed in Q3 and Q4 and then be neutral for the full year. And overall, yes, you should read from this that we are, of course, keeping a tight control on our cost in this current subdued revenue and macro environment, and we will continue to offset a large proportion of the external headwinds that we are facing. And with that, let's move on to the guidance. As Berta already said, we have upgraded both our revenue and EBIT margin guidance. And let me tackle revenue first. We upgraded our organic growth guidance by 1 percentage point on both low end and high end to now being plus 2% to minus 1%. And this -- sorry -- yes, sorry, 0% to 3%. And this upgrade is driven by higher like-for-like expectations for the full year, where we now see like-for-like growth of between plus 1% and minus 2% versus previously between flat and down to minus 3% and the low end of that range continues to factor in the fact that the consumer environment remains weak and the geopolitical uncertainty remains quite high. And we do not know how this will play out for consumers even on a short time horizon. The high end of plus 1% basically calls for similar growth in the second half as we saw in the first half. So keeping the run rate of our like-for-like growth to what we've already seen. We do acknowledge that our comp base is getting easier in the second half of the year. And here's a couple of thoughts on how to think about that. First of all, we are planning a promotional detox in the second half of the year to further protect brand equity. And secondly, if you dig into the comp base, you will see that the 2-year stack mostly gets easier in the U.S. But the U.S. is at the same time, the market with particularly high macro and geopolitical uncertainty, and it's also the market where we see the K-shaped economy impacting our consumer base. And lastly, we do not expect to repeat the growth levels that we've seen in Latin America and Asia Pacific in the first half of the year. Some of this will naturally moderate. And when we say this, and that's not to ignore the impact of the initiatives that we are working on to reignite the growth engine, but these will take time to feed through into sustainable improvement in like-for-like every quarter. And as we did say back in February, 2026 is a transition year. As you can also see in the bridge, we have increased our network guidance to plus 3% organic growth contribution, up from 2% initially. And this increase is then offset by slightly lower sell-in to certain partners. And we now expect sell-in and others to be around minus 1% and then those 2 components net out. And then if we go to the next slide, please. On the EBIT margin guidance, we've upgraded it to 22% to 23% from 21% to 22% before. So an increase of 100 basis points in both the low end and the high end of the range. And this change in the guidance, you can see here relating to the purple box that we call tariff refund and the 100 basis points being the income we expect from the refund of tariffs that we have previously paid. We already got an impact that we just talked about in the second quarter, equivalent to just around 50 basis points of full year EBIT margin impact, and we expect to have another similar 50 basis points positive impact sometime during the second half of the year. And again, this tariff refund is a one-off benefit for the year. So keep that in mind when you think out to 2027. And all other building blocks are broadly unchanged. And on that note, I'll hand back over to Berta.

Berta De Pablos-Barbier: Thank you very much, Andres. So let me just conclude. And I would like just to leave you with a key few points. Yes, we are making progress on the priorities we set out in February. The actions are now in motion across the business, and we are seeing encouraging proof points. Now there is still more to do to translate this consistently into a stronger like-for-like growth. Now at the same time, we are also driving healthier growth through greater promotional discipline, and we do continue to demonstrate a strong financial control. Based on our performance and outlook, we are upgrading both our top line and EBIT margin guidance for the year. We are progressing our transition to platinum plating, which is an important evolution of our product platform that will diversify our metal mix and strengthen the resilience of the business over time. We will be saying more -- much more about it on the next phase of -- on this phase -- next phase for Pandora and all our strategic priorities with our quarter 3 update. Now if you allow me before we move to Q&A, I will just briefly like to touch on an announcement that we made last Thursday regarding you, Anders. As you know, Andres has been an integral part of Pandora's development, and I am really personally very grateful for everything that he has contributed to Pandora. We do, of course, respect his decision to retire from operating roles is his choice, and we wish him all the very best. Of course, at the same time, we are very pleased to welcome Paolo Garcia. He will be joining Pandora in October. We will have a leadership transition that will run very smoothly between both of them. And of course, this does not change our strategy, does not change our priorities or our ambition for Pandora. We do know where we are going. We remain fully focused on our execution to deliver that with discipline and consistency. And with that, please let me thank you for your attention, and I think it's time to open for the Q&A.

Operator: [Operator Instructions] Our first question will be from the line of Thomas Chauvet from Citi.

Thomas Chauvet: And before questions, let me thank you for all the support over the years and best wishes for your retirement from executive life. I think you have many other exciting projects. And so all the best for that. My 2 questions are as follows. The first one on the U.S. LFL improvement in a still difficult consumer sentiment environment. What are you seeing across traffic, conversion, average ticket? And Berta are you starting to see tangible benefits from the recent product and marketing initiatives that give you a greater confidence about a rebound in this market maybe in the back half of the year? And secondly, on the tariffs topic, but maybe for next year, you indicated in the release a lower tariff rate of 12.5% on U.S. imports from Thailand going forward, down from 19%. I mean how much do you expect that to support your gross margin next year? And could you comment on the implications for Vietnam as well? Is there any change there in that new crafting facility's tariffs for the U.S. imports? And -- but also could you comment whether that facility is also adapting, shifting to the platinum plated strategy as planned, given it was built for a slightly different purpose, I guess, more for silver type of business?

Berta De Pablos-Barbier: Yes. Thank you, Thomas. Let me start with your question on the U.S. What we are seeing in the U.S. is that the consumer sentiment continues to be low. The macroeconomic continues to be difficult for the increase of discretionary spend. And this is something that you see. What we see on the industry, on the total jewelry and accessories industry, the traffic is slightly flattish. We are slightly behind on traffic, but we are seeing a strong increase on our conversion on our average basket for the U.S. business, and this is both on our offline and our online store. So everything that we see indicates that what we are doing with the distinctive newness and the new marketing model is working in the U.S. We see that as well reflecting on the performance of the Timeless collection, which was growing as well in this market. So yes, the proof points are building up, and that's why we are confident for the remaining not only of the year, but of the years to come.

Anders Boyer-Søgaard: Thank you, Thomas. On the other question -- thank you for your kind words. On the tariffs, when we communicated targets back in February, a high-level guidance on the EBIT margin for 2027 and midterm, that was based on the assumption of the old tariffs, if I can call it that, around 19% to 20% level. So with the new tariffs in place, that gives roughly 70 to 80 basis points of margin upside on gross margin going forward compared to what we've said previously. So we take that. On Vietnam, the tariff level between Vietnam and Thailand are very much aligned. So there's no competitive difference from that point of view from producing in the 2 countries. And Vietnam is definitely part of our overall plan on how we build up much more plating capacity going forward. There will be some plants that have a higher share of plating than others like today where one of the factories in Thailand, the BB factory is only doing plating. So there will be some differences between them, but there's no disadvantage on Vietnam from the tariffs.

Operator: Our next question will be from the line of Lars Topholm from DNB Carnegie.

Lars Topholm: Congrats, first of all, on a great quarter. And from me also Anders, thanks for everything you still look way too young to retire, but that's how it is. I'll also limit myself to 2 questions, please. So one goes for the moving parts in 2027, where you specifically call out that the price of silver, everything else equal, helps you with 200 bps on the gross margin compared to the assumptions behind the 12% minimum margin, 14% underlying. I wonder if you can give a similar specification of the tailwinds relating to gold, relating to FX and relating to platinum. So we sort of know what moving parts you are working with? And then a second question, maybe for you, Berta. I just wonder if you can put some more color on what you are seeing from the platinum plating in Holland. And I know it's early days and not that many SKUs, but have you learned anything that surprised you pleasantly or the opposite? And what are sort of the key findings? And are there any sort of hard numbers you can share so far?

Anders Boyer-Søgaard: Thank you for those questions, Lars, and I'll put you look younger into my scrap book. So a particular thank you for that. Yes, fair question on the margins. Starting with 2027, silver, just around 200 basis points as we wrote in the announcement. And the logic in that is that the original assumption was a silver price of $82. Now we've hedged around $65. So that's a $70 -- $17, obviously, upside. And with a sensitivity next year in the 12%, 13%, 14% range basis points per $1, you get to around 200 basis points of upside on that. Then on gold and platinum is much smaller numbers, but still an upside of -- in round numbers for both gold and platinum, 25 to 30 basis points of upside at the current spot prices each next year. And then as we just spoke about just before, then we have 70 to 80 basis points of tariff upside as well if they remain at the current levels that was announced by the U.S. government over the summer. Foreign exchange is a small change. That on a pure technical upgrade that will give just a little bit above 300 basis points of margin upside next year on all other things basis. But of course, we think that it makes more sense to give you a broader update on the margin guidance for '27 and midterm as part of the strategic update that will be coming in November because, of course, there's other moving parts than commodities and silver. So we want to bake it into the broader update, which feels like a natural time to do it come November.

Lars Topholm: Yes. That makes sense. But in connection with that, because in your part of the presentation, you also mentioned underlying margin drivers contributing 250 bps. So since we are on that topic, maybe you can specify what those are. I mean there's some channel mix, there's probably some price, there's some efficiency gains. There is an effect from fuel more outperforming core. Can you quantify that bridge a little bit more?

Anders Boyer-Søgaard: You're thinking about specifically the second quarter margin.

Lars Topholm: Yes, because I assume some of these drivers are also drivers which are relevant when we look into 2027.

Anders Boyer-Søgaard: Yes, fair comment. By far, the majority of what sits in that sort of net operating leverage in the second quarter that upside there, that's cost phasing to the tune of 200 basis points specifically in Q2. And again, if we drill one more step down into that cost phasing, more than half of it is marketing, where we have been spending less marketing in the first half compared to last year. And in the second half, we will be spending more than what we did last year. So on that note, there's no sort of other structural changes for the '27 margin apart from commodities and tariffs.

Berta De Pablos-Barbier: On your second question will actually become the third question. We -- on the platinum plated. So you said it, Lars. I think we -- it's still very early days, but what was a pleasant surprise was to see that it was confirming the hypothesis and it was according to the expectations of all the data that we have previously collected with our more than 30,000 consumers. So that is actually confirming what we initially expected. Just to give you a little bit more flavor, as a reminder, we are doing a test on both our physical stores and on our online stores. On our physical stores, the platinum plated products are priced at the same price as silver. So we are learning about what is the demand when we price at the same. And on the online, we're actually getting a different price testing as well. So more to come on our quarter 3 announcement on all the learnings on that part. But so far, confident.

Operator: Our next question will be from the line of [ Frederik Novest ] from Morgan Stanley.

Unknown Analyst: I have 2, if that's okay. Firstly, on the 2026 like-for-like guidance. So you're now guiding for minus 2% to plus 1% for the year, which given the flat like-for-like in H1 implies roughly minus 4% to plus 1% or 2% in H2. But at the same time, Q3 trading is already running at mid-single digits, albeit with some benefit from phasing of commercial activities. So perhaps could you help us understand the degree of conservatism embedded in the guidance and specifically what you -- what would drive the slowdown implied for the remainder of the second half and in Q4 in particular? And then my second question is on Europe. Berta, you mentioned earlier today that the recent heat waves have weighed on store traffic in Europe with some consumers staying at home and shopping online instead. So could you help us understand how material that impact has been on recent like-for-like trends? And are you seeing online growth broadly offsetting the weaker store traffic? Or has there been a net negative impact on like-for-like? And as temperatures have normalized now, I think, have you seen any corresponding improvement in store traffic?

Bilal Aziz: I'll take the first one on the guidance. You're broadly in the right ballpark in terms of the implied like-for-like growth for the rest of the year with the high end implying around 1-ish. I just kind of repeat what Anders said, there is a kind of deliberate detox on the promotion planned even for the remainder part of the year that will a small part of a drag against that just to protect the brand equity going forward. And I also appreciate your comment on kind of current trading. But again, we said please don't take that as a run rate right now. There's some phasing element in that as well. And then last but not least, we're still relatively cautious on the broader macro environment in the U.S. as well. We'll see how that plays out. So many moving pieces. I appreciate the math is what it is as well, but there's many factors at play here.

Berta De Pablos-Barbier: Yes. And then on the traffic, is it substantially impacting the quarter 2 results? The answer is no. And did we see some changes on those weeks? Yes. I mean, what we are seeing is that if I take the full quarter 2 traffic in 7 out of our 10 markets, the traffic for the industry, so this is either the jewelry and accessories or the retail has been negative on the quarter 2, and we are pretty much either online or slightly negative depending on which are the countries. As far as our e-commerce performance, it's pretty much on line for the total quarter with our offline with, again, maybe on those 2 weeks, yes, we saw a slightly peak, but we are just talking weeks out of 3 months. So not a substantial impact.

Operator: Our next question will be from the line of Kristian Godiksen from SEB.

Kristian Godiksen: I usually don't do these congratulations, but Anders, I also want to congratulate on a strong heritage and performance based on your well-deserved choice to retire. So the 2 questions I'll limit myself to this time. First of all, maybe could you comment a bit on the -- whether there is a structurally higher run rate and hence, impact from new stores as you alluded to you upgraded the guidance from network expansion without upgrading the number of new stores. So that will be the first question. And then the second question, I guess that's for you, Berta. Could you maybe comment a bit more on the when should we look in terms of timing of the inflection points in terms of like-for-like improvement in mature markets such as Italy and the U.K. and France based on all the initiatives you are doing?

Anders Boyer-Søgaard: Thank you for that, Kristian. And likewise, a pleasure to have been working with you. But you're right that we are upgrading the network guidance, but keeping the same number of stores that we opened this year. But when we set out the guidance at the start of the year, we took a probably somewhat deliberate cautious stance on this given that it's a transition year, but also the uncertain consumer environment. and the network assumptions and how much growth each store would be generating was part of that. And then since that, so far, the 7, 8 months that has passed so far, the rollout of new store has tracked at the upper end of what we had planned for internally. And that has the new stores generating a bit more revenue than we had in the original 2% assumption. So we're basically simply bringing the assumptions now in line with the actual delivery for the first 7 months of the year.

Kristian Godiksen: So maybe just -- and before Berta, can I maybe just follow up, so basically to understand, I guess, many of the stores are opening in some of the -- in the new markets. So is it fair to assume that you're confident or optimistic or a bit more optimistic on the growth contribution from network expansion in these new markets? Is that the way to look at it as well?

Anders Boyer-Søgaard: I think in general, the way to think about it is that when we set out the original guidance, we had an assumption of both, of course, when do the stores open and then what kind of revenue do they generate from day 1. And on both, a little bit earlier in terms of opening them and they generate a bit more store than what -- sorry, a bit more revenue than what we had hoped for in this macroeconomic environment. And that's somewhat, I would say, in the decimal. When we made the original guidance, we were -- it was 2-point something that rounded down to 2. And now with the updated assumptions, it's 2-point something that rounds just to 3. So that's also, of course, one of the consequences we report in -- without the decimal, and you can't see that.

Berta De Pablos-Barbier: Yes. And as for your other question, basically, if you look at the performance of our core market, it is directly linked to the performance of our core collections. So what we need to do is to start improving the performance of the existing core collection. And as we said already, this is coming from new distinctive newness being reinjected to refresh the core collections. What we are starting to see, we are now focusing on that, and you will start seeing improvement over time. When we look at the time it takes us to develop collection, the biggest impact will start from 2027. But of course, that doesn't mean that we are doing nothing this year. We are just trying to maximize the impact of what we had on our plan. One example of that I shared with you was Wonders, where we created a lot of noise and achieved earned media value record for Pandora, 10x more than previous activation. So we continue to focus on driving that perception as we bring the new collections.

Kristian Godiksen: Very clear. You said -- I think you said earlier on the conference call that you could see when -- I think it was a connection when Philippa was hired that you could see some newness in Q4. Is that still in place for timing-wise that you will see some of the newness in Q4?

Berta De Pablos-Barbier: She's working hard on that. So that still remains some of the plan. And then let's see how much volume we can bring. One is to bring the design and the other is to make sure that we can scale that at a substantial level.

Operator: Our next question will be from the line of Daria from Bank of America.

Daria Nasledysheva: This is Daria from Bank of America. And I also wanted to say thank you to Anders for all the years of collaboration. And I have 2 questions. Could you please share the split between volume, price and mix in the second quarter, but also in your current trading number? And then a clarification on the EBIT margin guidance upgrade. Considering also better like-for-like growth guidance, why is the underlying market assumptions not really moving considering the upgrade fuels driven mostly by the tariff refund?

Anders Boyer-Søgaard: Thank you for that kind words, Daria. On the second quarter, the overall volume total is slightly positive in the quarter. when I'm thinking about total revenue growth. If you look specifically at like-for-like units, it's down 2 points and then you have plus 3% on the pricing, then that takes us to the 1% like-for-like for the quarter. And then on the -- on current trading, we don't comment on that, but it is structurally you should think the same on the pricing side because we didn't do any pricing in between. Then on the underlying, you're right, technically that with 1 percentage point higher like-for-like growth, there's a little bit of operating leverage, all other things equal in that. We -- it's -- of course, it's not something that moves several percentage points on the margins that will be in the decimals. But we have decided -- 2 things to note here. We have decided to invest a little bit more in reigniting our growth engines in different parts of the world. That includes Asia, where we want to put even more muscle behind that becoming an even bigger growth driver in the years to come. And then secondly, we have bits and pieces on the freight cost from the Middle East crisis. It's not a big money in our context. But net-net, that means that the underlying margin is the same despite the revenue upgrade.

Operator: Our next question will be from the line of Anthony Serchaffri from BNP Paribas.

Anthony Charchafji: It's Anthony Serchaffri, BNP Paribas. I have 2 questions, please. The first one is on the tariff reimbursement, which is an interesting deal that you've done with a third party and leaving $0.23 to the dollar on the table. So just curious to know if you felt that there were a sense of risk on those reimbursement and why would you -- did you took the decision to book the cash in Q2 and Q3? Is it a sign that potentially you could resume share buyback as early as 2027. And my second question is again on the 2027 margin comments, maybe just on the commodity part because I have quite a bit of a delta versus your indication of 250, 260 bps upside to the guidance on commodity. Could you just remind me the moving part because if you switch 1/3 of the silver consumption and it's switched to platinum, I get something closer to 400 bps instead of 250 bps. So maybe just some color on those sensitivity would be very helpful for me to understand why I got it wrong.

Anders Boyer-Søgaard: All right. Thank you for those questions, Anthony. Let me start with the tariffs. So yes, you're right. We sold the claim back in early May based on an evaluation of the risk of whether the funds would actually ever come back. We had quite extensive discussions about that, both how long time it could take before cash would be returned if ever, by the U.S. government. And therefore, we decided to monetize the claim and sell it. So we got the money that was received, the $55 million we received back in the first part of -- the first half of May. And we know that several companies or many companies around the world that decided to do that. But it was based on a risk reward compared to the discount that we had to sell the claim at. The accounting about this is under IFRS is actually rather complex, but all the cash is sitting on the bank account. They have been received. And then on the IFRS accounting, how that works is that even though we've sold the claim on a nonrecourse basis, so it's full and final, then we can only take the income in the P&L as such as the refund administrative process in the U.S. is progressing. That led to $28 million coming into the books in Q2. And we expect the majority to come here in the second half of the year, maybe in Q3, maybe in Q4, that still remains to be seen. And on the share buyback, you're right. Of course, everything helps, we're getting cash into the bank, but it's still too early to go down the line of reinitiating a share buyback program. I think if you do a little bit of math with the 2027 margin, you would see that we would be above the leverage range next year. If we started out the share buyback program either this year or next year, in fact. That doesn't mean that we wouldn't end up concluding that a share buyback program next year might be appropriate, even though it would lead to leverage being a little bit above the range for a short time as we transition into platinum play. But that's too early to decide and communicate anything on that. That will be part of the 2027 communication. And of course, also when we come out with the full year guidance for next year in February next year, we will talk about how we look at it at that point in time. But I think it's very important to stress it's not a question of if we start share buyback programs again, it's only a question of the timing during this transition into platinum plate for part of the jury. And then the consequent increase in leverage that we will see just by pure math because the margin will go down next year compared to this year. So more to come on that. And then on the 2027 margin, high level, the way to think about the silver sensitivity, if we take that one specifically, then in 2026 so this year, the sensitivity is around that if the silver moves $1, then the margin changes 20 basis points. And now with the level of transition that we're doing from silver to platinum, then next year, that sensitivity goes from the 20 to around 13, 14 basis points. That's just that one and then the sensitivity will go down even further next year. But that -- if you're using 13 basis points sensitivity per $1, then the upside on the margin next year would be $17 lower from $82 to $65. That's now being hedged times 13, and that gives you 214 basis points to be precise, but let's call it 200 basis points of margin upside. And then I'm happy to go through the math on gold and platinum or we can follow up separately afterwards with IR. But then the sensitivity is obviously still much lower, and that would give 25 to 30 basis points uplift on each. And there, the spot -- the prices that we are using is that in the original announcement back in February, we used a gold price of just about $4,700. And getting to the 25 to 30 basis points upside, we are using a gold spot price of $4,400 and equivalent on platinum it's from $2,400 originally to now around $1,600 spot price for platinum. But again, I'm happy to go through it and reconcile the math that you had in your mind.

Anthony Charchafji: Okay. But just to confirm, in terms of silver usage, your assumptions still take into account a reduction of 1/3.

Anders Boyer-Søgaard: Yes. Exactly.

Operator: Our next question will be from the line of André Thomann from Danske Bank.

André Thormann: I have 2 as well. So first question is regarding this promotional detoxing you mentioned, Anders, in the second half to come. Can you maybe tell a bit more about where this will be in the world? And then second question is regarding the U.S. like-for-like in the second half. Can you maybe put some words on why we won't see a significant uptick in like-for-like with comps coming significantly down in the U.S. for the second half? That's my questions.

Berta De Pablos-Barbier: Yes. So why don't I start with the retail discount. I would say that what you will see -- you should expect to see this is pretty much across all markets, but we have as well a higher focus on our mature markets. So you should expect to see a reduction on the U.K., on Italy, et cetera, as the biggest reduction. Of course, when you look at the retail discounts, you will see a big decline. And what we are seeing is a big decline on the retail discount level on LatAm. As a reminder, there was a change from a high low positioning in the previous year to the beginning of this year, getting the same pricing in line with the rest of the pricing corridors on the rest of the world and substantially reducing the promotion to nearly half of the days. So long answer short, it's across all markets, but we are focusing heavily on the mature markets, which is where we saw the highest increase in the last 2 years.

Anders Boyer-Søgaard: And sorry, Andre, I didn't get the second question.

André Thormann: I just asked why we won't see a strong like-for-like pickup in the second half for U.S. when the comps are much lighter.

Berta De Pablos-Barbier: Okay. Let me start, and again, Andre, you can complement. I think we discussed it in the call. I mean, we are not claiming victory yet. We are seeing strong signs that our model is working. But if you look at it, our like-for-like growth on core is still negative. I can look, of course, at what is happening on the collections and the base assortment in this market. So we are sensible and we remain prudent with our approach. Yes, we are -- the comps get easier. But at the same time, and I answered that before, we are seeing a decline on our promo detox as well, which -- in the U.S., it was we do on our offline, but also on our online, on our e-commerce store where we were promoting slightly heavily on quarter 3, adding more days in addition to the Black Friday weeks, et cetera. So those days of extra promo outside of the big commercial periods will go away, and that will have an impact. And of course, last but not least, this is a market where the consumer sentiment is still low at record lows. We see jewelry increasing, and then we could be very happy about that. But when you double-click on that, it's actually on the high income. So the accessible jewelry market is still declining, and this was in quarter 1 and quarter 2. So really, we are just looking at the facts and making just sensible decisions for the rest of the year.

Operator: Our next question will be from the line of Lars Topholm from DNB Carnegie.

Lars Topholm: Just a couple of brief follow-ups, please. On the current trading and this uptick from Q1 to the mid-single-digit level in the beginning of Q3. Can you comment on is this broad-based? Is it specific markets driving this? And the second follow-up question, Berta, you gave a comment on the performance in mature markets being related to how the core performs. So I just wonder if you can give some numbers on the distribution between core revenue and fuel with more revenue in some of your less mature markets like LatAm, Japan, Spain compared to the group average where fuel with more 26%. Is that significantly higher share in some of these younger markets?

Anders Boyer-Søgaard: I'll take the first one, Lars. So it's relatively broad-based. The commercial phasing had quite consistent effect across all regions really. Yes, on to Berta.

Berta De Pablos-Barbier: Yes. I think on the thing you should expect when you look at all the mature markets and when you look at [ Vietnam ] and EMEA and given that is really the biggest part of our market, the split is the same. What we are seeing is slightly different is when we start new markets like Japan, where we are seeing that is slightly more, let's say, balanced between the core and the fuel with more. But on the majority of our business is exactly the same. So this would also imply profitability incrementally is better in like LatAm, Japan potentially more higher margins?

Anders Boyer-Søgaard: It's close to each other. So I think the gross margin between the 2 are sort of high or high. But strictly speaking, you're right.

Operator: Our next question will be from the line of Kristian Godiksen from SEB.

Kristian Godiksen: Also a couple of follow-ups from me. So maybe could you comment a bit on the relative weak performance in the online channel this year and yes, compared to the underperformance of the physical stores contrary to the last many years? And then secondly, could you elaborate a bit maybe on the -- I noticed a jump in the unaided brand awareness in the mature markets for the younger groups in the first half year in 2026. It would be nice to have some more flavor on that. And then thirdly and lastly, comment a bit on the lower selling. I guess it's a bit contrary to me based on the performance of wholesale actually for a very long time, obviously, has underperformed. But this quarter, actually, it's doing better than your own stores. So yes, it sounds a bit contrary to me that then they reduced their inventories. So happy to hear some thoughts on that.

Berta De Pablos-Barbier: So why don't I start on the e-com. I mean what you see, I mean, we've been talking quite a lot on this call about the promo detox. And we were detoxing, of course, in the entirety of our business. So we do get less offer hunting that we will get actually on the e-com. So I think this is one of the biggest driver. The second question was?

Anders Boyer-Søgaard: Unaided brand awareness among the younger...

Berta De Pablos-Barbier: Yes, sorry. So that's good. So what we -- it's important to say is that unaided brand awareness continue to increase, so which is important because, of course, as you know, we are moving from only reach to reach and relevance. So the shift on the marketing investments that are going more to earned media, PR, et cetera, is not in detriment of our reach. So we continue to increase that. What we are seeing as well is that the recent activations that we have done has drove proportionally more Gen Z consumers into our brand. So we continue to be cross-generational. So -- and this is an important strength for Pandora. But it is, of course, important that we are relevant to the new generation. And what we've been doing in the last quarters, in the first half of the year has actually increased the number of Gen Z consumers slightly higher than the millennials and the Gen X.

Anders Boyer-Søgaard: And on your last question, Kristen, I think that's very well framed. And where we see the lower sell-in is on the partners that are not sitting in the like-for-like base. And with the way that we build up our revenue growth rate starting with like-for-like, then the like-for-like basis, let's call it, almost 90% -- 85% to 90% of our revenue base. But then we have the small multi-brand partners as an example, that is not counting in like-for-like, but obviously impacts our sell-in. And that's the main area where we see that a drag on the sell-in and thereby the reported revenue and have seen for a while that those partners are trailing the growth that we can generate in our own channels and in the partner concept stores. probably partly linked into the fact that we have a bigger marketing muscle that we can put behind that helps our own channels more. But that's the link into why we see this sell-in impact.

Kristian Godiksen: Okay. That's very clear. Just one very quick follow-up and then just on the performance on the like-for-like -- sorry, on the online channel. So when -- what about the structural impact? Are there any there when the promotional detox is done? Should we expect online to grow faster than physical stores? Or how should we think about it?

Anders Boyer-Søgaard: Yes. Exactly, that's typically how we see it. The reaction online to promos is bigger than in the physical store. So when you -- if you do more promos, you will typically see faster growth online. And case in point, the second quarter here goes the other way around as well.

Operator: As we have no further questions in the queue, I'll hand it back to the speakers for any closing remarks.

Berta De Pablos-Barbier: Yes. So listen, just thank you very much for being with us today. We just like to remind everyone that we are not declaring victory, but we are seeing that the proof points are building, and this is just reinforcing our conviction on the direction and on the new growth model. I am looking forward to seeing you in November for our quarter 3 update and a more of a strategic update on all the other shifts that we are planning for Pandora. So with that, just have a fantastic day.