REG-Pandora delivers 8% organic growth in Q2

Pandora A/SAnnouncement

15/08/2025 06:30

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FINANCIAL HIGHLIGHTS
* In Q2 2025, Pandora continued to deliver solid revenue growth and margins
despite the increasingly turbulent macroeconomic backdrop as well as headwind
from foreign exchange, tariffs and commodity prices. 
* Q2 2025 organic growth ended at 8%. Like-for-like (LFL) was 3% and network
expansion added 5% to growth. 
* LFL growth in the US remained strong at 8%, and Rest of Pandora was robust
at 6%. Despite some challenges in the four European markets disclosed
separately, overall LFL in Europe was 1% fuelled by double-digit growth in
several countries, including for example Spain, Portugal, the Netherlands and
Poland. 
* The gross margin remained strong at 79.3% despite 170bp headwind from
foreign exchange, commodities and tariffs (80.2% in Q2 2024). Pricing and cost
efficiencies continued to contribute positively.  
* The Q2 2025 EBIT margin landed at 18.2%. The margin declined by 160bp Y/Y
reflecting 230bp of headwinds from foreign exchange, commodities and tariffs.
In constant currency, the EBIT margin was 19.4% in Q2 2025.
* Reported EPS growth in Q2 2025 was 6% (18% in constant currency).
PHOENIX STRATEGY HIGHLIGHTS
* To position Pandora as a full jewellery brand, Pandora continues to invest
across all four strategy pillars: brand, design, markets and personalisation.
A number of key strategic initiatives are lined up for H2 2025, including an
exciting product pipeline with two new collections, Pandora Talisman and
Minis, that refresh the core charms & carriers offering with new styles whilst
also strengthening the affordability position.
* Pandora is preparing a new chapter of the “BE LOVE” marketing campaign
with a holiday campaign that deepens emotional connection through
storytelling, anchored in Pandora’s brand DNA. Additionally, in selected
markets, Pandora will invest behind locally relevant talent, strengthening
cultural resonance and boosting social engagement to inspire consumers. 
* Pandora’s full jewellery brand message continues to resonate with
consumers and is visible in the numbers with LFL growth in the “Core”
segment in Q2 of 1% whilst the “Fuel with more” segment drove 5% LFL
growth. 
* Despite 30bp further headwind from commodity prices and foreign exchange
since the Q1 2025 report, Pandora remains on track towards the target of an
EBIT margin of “around 25%” in 2026 (excl. tariffs). The current tariff
level adds 120bp headwind in 2026 and Pandora currently expects to deliver
“at least 24%” EBIT margin incl. tariffs.
2025 GUIDANCE AND CURRENT TRADING
* Pandora maintains the guidance for 2025 of “7-8% organic growth” while
noting the elevated macro uncertainty. The EBIT margin guidance for 2025 is
also maintained at “around 24%” despite including the 60bp headwind based
on current tariff levels. 
* Current trading in July has seen LFL growth at around 2%. This has been
negatively impacted by a) a weak End of Season Sale and b) the timing of
product launches with PANDORA ESSENCE being launched in May 2024 while
Talisman/Minis will be launched at the end of Q3 2025.
Alexander Lacik, President and CEO of Pandora, says: 
“In these turbulent times, we are satisfied with yet another quarter of high
single-digit organic growth and strong profitability. The results show that
our brand and unique storytelling proposition continue to attract more
consumers and that our global footprint enables us to balance ups and downs
across the markets. Despite the macroeconomic challenges to top and bottom
line, we are confident that we will deliver on our targets for the year driven
by an exciting product pipeline, new marketing campaigns and operational
agility.”

 DKK million              Q2 2025  Q2 2024  H1 2025  H1 2024  FY 2024  FY 2025 guidance  
 Revenue                  7,075    6,771    14,421   13,605   31,680                     
 Organic growth           8%       15%      7%       16%      13%      7-8%              
 Like-for-Like, %         3%       8%       4%       9%       7%                         
 Operating profit (EBIT)  1,287    1,338    2,928    2,845    7,974                      
 EBIT margin, %           18.2%    19.8%    20.3%    20.9%    25.2%    Around 24%        

Attachments
*     Pandora Q2 2025 Interim Report Company Announcement_No_965
(https://ml-eu.globenewswire.com/Resource/Download/6c0ac0d5-5041-49c8-87c5-d55c31fbdc0b)
  
*     Pandora Appendix Company Announcement Q2 2025
(https://ml-eu.globenewswire.com/Resource/Download/b7477bf6-68d6-4844-b246-1ff98f5eca6c)