DB-Pandora Softer LFL driven by Europe；outer year margins capturing silver cost-20251105

LFL softer driven by greater declines in Europe

Q3 saw a 1% revenue miss driven by LFL of 2% (cons 3%) giving organic growth 6%(cons 7%) whilst EBIT of DKK880m was c.1% ahead at a 14% margin (cons 13.8%).Current trading and outer year impact of silver were going to be key focus areas.Current trading has accelerated to 4%, following a sequential improvementthrough Q3, which is encouraging on new product launches, but not enough to hold4-5% LFL guidance for the year, which has been downgraded to 3-4%, thoughconsensus was largely there at 3.6%. US and ROW LFLs were solid at +6% butdeclines in UK (-8%), Germany (-9%) and France (-7%) were greater than expected.