REG-2% ORGANIC GROWTH IN Q1 2026 - GUIDANCE UNCHANGED

Pandora A/SAnnouncement

06/05/2026 06:30

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Q1 2026 highlights
* Q1 2026 organic growth of 2%, comprising of LFL growth at 0% and network
expansion & other at 2%. Profitability remained solid despite significant
external headwinds.
* LFL in North America ended at -2% impacted by lower consumer sentiment. EMEA
also delivered -2% whilst Asia-Pacific and Latin America saw solid growth at
12% and 6%, respectively.
* Within segments, LFL in the Core was -1%, partly mitigated by strength in
the Talisman collection. Fuel with More delivered 1% LFL growth supported by
Timeless with some improved performance.
* The Q1 2026 gross margin ended at 79.5%, down 90bp Y/Y, with efficiencies &
other offsetting a material part of the external headwinds related to tariffs,
commodities and foreign exchange.
* The Q1 EBIT margin landed at a solid 20.9% (Q1 2025 22.3%), despite 440bp of
external headwinds.
Strategic highlights
* As mentioned previously, Pandora is embarking on its next strategic
evolution. This includes a greater focus on design as a key driver of
desirability, evolving the marketing model with stronger local relevance and
calibrating the growth engines by market. While performance in Latin America
and Asia-Pacific continues to improve following strategic action, Pandora is
taking decisive steps to re-energise demand in markets with a higher
penetration in the Core.  
* Pandora is resetting how design drives product leadership across its
collections. This entails a greater focus on more distinctive, culturally
relevant collections to drive demand and target under-penetrated aesthetic
spaces. The Bridgerton collaboration launched in Q1, though limited in scale,
exemplifies this approach with clear product differentiation which generates
brand buzz.
* The marketing model is now complementing its reach-driven approach with a
stronger focus on brand relevance and earned media impact, while further
differentiating execution based on market maturity. Investments are being
reallocated towards social media and earned media driven activations.
* As part of its strategy to evolve the multi-material jewellery offering and
reduce commodity exposure, plans for the introduction of Pandora’s new
platinum-plated offering are progressing well.
2026 Guidance & current trading
* The guidance for 2026 remains “-1% to +2% organic growth” and an EBIT
margin of “21-22%”. Pandora remains mindful of the geopolitical
environment and the elevated economic uncertainty.  
* Current trading in Q2 2026 shows around flat LFL growth.  
Berta de Pablos-Barbier, President and CEO of Pandora, says: 
”We delivered 2% organic growth in the quarter, in line with our
expectations, and are advancing our initiatives to re-energise Pandora’s
growth engine. At the same time, we are expanding into new materials,
positioning Pandora as a multi-material jewellery brand over time. We remain
focused on executing our strategic plans despite the uncertain economic and
geopolitical backdrop”.

 DKK million              Q1 2026  Q1 2025  FY 2025  FY 2026 guidance  
 Revenue                  7,109    7,347    32,549                     
 Organic growth           2%       7%       6%       -1% to +2%        
 Like-for-Like, %         0%       6%       2%                         
 Operating profit (EBIT)  1,487    1,641    7,783                      
 EBIT margin, %           20.9%    22.3%    23.9%    21-22%            

ABOUT PANDORA
Pandora is the world's largest jewellery brand, specialising in the design,
crafting and marketing of accessible luxury jewellery made from high-quality
materials. Each piece is created to inspire self-expression, allowing people
to share their stories and passions through meaningful jewellery. Pandora
jewellery is sold in more than 100 countries through 7,000 points of sale,
including more than 2,800 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs around 39,000 people
worldwide and crafts its jewellery with 100% recycled silver and gold. Pandora
is committed to leadership in sustainability and has set out to halve
greenhouse gas emissions across its value chain by 2030. Pandora is listed on
the Nasdaq Copenhagen stock exchange and generated revenue of DKK 32.5 billion
(EUR 4.4 billion) in 2025.

CONTACT

For more information, please contact:

 Investor Relations  BILAL AZIZ SVP, Investor Relations & Treasury +45 3137 9486 biazi@pandora.net  Corporate Communications  MADS TWOMEY-MADSEN SVP, Corporate Communications & Sustainability +45 2510 0403 madt@pandora.net  
                                                                                                                                                                                                                                

Attachments
*     Pandora Q1 2026 Interim Report Company announcement_No_1012
(https://ml-eu.globenewswire.com/Resource/Download/16e53ebe-5a7f-4d20-9ee1-0ba0045da486)
  
*     Pandora Appendix Company Announcement Q1 2026
(https://ml-eu.globenewswire.com/Resource/Download/d7b035f2-7331-46df-890d-ba7c161210ee)