Depeche Mode - Precious Lyrics Meaning

Precious is a song to the children whose parents have split up.
‘You’ in the song means the children, and ‘we’ refers to the parents who are no longer together:
“We always tried to share
The tenderest of care
Now look what we have put you through…

…I pray you learn to trust
Have faith in both of us”

The “keep room in your hearts for two” lyric is reassuring the children that both parents will still be in their lives – though the situation isn’t the same anymore, the love should remain the same.