REG-Pandora expects to deliver 6% organic growth and around 24% EBIT margin in 2025

Pandora A/SAnnouncement

09/01/2026 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260109:nGNE1VBwkN&default-theme=true


Pandora today announced preliminary and unaudited results for 2025. The
company is expected to deliver organic growth of 6% for 2025, marginally below
the prior guidance of 7-8%. Group EBIT margin for 2025 is expected to be in
line with guidance of around 24%. Pandora will, as already communicated,
announce audited full-year 2025 results on 5 February, 2026.

The top-line performance reflects a year marked by a generally weak consumer
sentiment, with North America being particularly impacted in Q4 2025.  The
bottom-line performance demonstrates strong gross margins and cost discipline
which partially offset significant external headwinds from commodity prices,
foreign exchange rates, and tariffs.

Berta de Pablos-Barbier was appointed as President & CEO of Pandora on 1
January, 2026. On 5 February, alongside the full-year results, she will
outline the Group’s strategic priorities for 2026 including an update on the
plans to lower the commodity exposure and thereby protect margins through
creative innovation.

Q4 2025 summary (preliminary and unaudited):
* Q4 2025 organic growth was 4%, comprising of flat like-for-like (LFL) and
network expansion etc. of 4%.
* North America reported 2% LFL growth in Q4 2025. Trading in November and
December was below expectations due to lower traffic in the stores, reflecting
the weak consumer sentiment.
* LFL development in EMEA landed at -1% LFL. Strong LFL growth in Spain,
Poland and Portugal was offset through ongoing weakness in Italy where initial
actions are yet to filter through into a notable improvement in traffic.
Performance in Germany and UK improved sequentially albeit remained in
negative LFL. As mentioned previously, in some European markets, Pandora is
stepping up efforts to drive further brand heat and excitement.
* LFL growth in Asia-Pacific and Latin America was 2% and -7%, respectively.
* Within collections, LFL growth in the Core was flat at 0%, supported by
Pandora Talisman, whilst Fuel with More declined at -3% LFL with growth in
PANDORA ESSENCE at 15% and Pandora Timeless flat.
* The Q4 2025 gross margin is expected to land around 78%. The Q4 2025 EBIT
margin is expected to land at around 33.5%, reflecting the strong gross margin
and good cost control.
* As a result, Pandora expects FY 2025 EBIT to land around DKK 7.8 billion.
Berta de Pablos-Barbier, President and CEO of Pandora, says: 
“We delivered 6% organic growth in 2025 despite softer than expected Q4
holiday trading, particularly in North America. While the year was marked by
macro headwinds, it has also highlighted opportunities to sharpen execution
and strengthen brand desirability. As new CEO, my focus will be to navigate
the current market environment, reduce our commodity exposure and
course-correct in select areas to accelerate profitable growth. Pandora
continues to pursue significant untapped growth opportunities as a full
jewellery brand. Our fundamentals are strong. We are building a bigger
Pandora.”  

 DKK billion              Q4 2025  Q4 2024  FY 2025  FY 2024  
 Revenue                  11.9     12.0     32.5     31.7     
 Organic growth           4%       11%      6%       13%      
 Like-for-Like, %         0%       6%       2%       7%       
 Operating profit (EBIT)  4.0      4.1      7.8      8.0      
 EBIT margin, %           ~33.5%   34.7%    ~24%     25.2%    

 

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 6,800 points of sale,
including more than 2,700 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 37,000 people worldwide
and crafts its jewellery using only 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 31.7 billion (EUR 4.2
billion) in 2024.

CONTACT

For more information, please contact:

 Investor Relations  BILAL AZIZ SVP, Investor Relations & Treasury +45 3137 9486 biazi@pandora.net  ADAM FUGLSANG Director, Investor Relations +45 6167 7425 adfug@pandora.net  Corporate Communications MADS TWOMEY-MADSEN SVP, Corporate Communications & Sustainability +45 2510 0403 madt@pandora.net  JOHAN MELCHIOR VP, Media Relations & Public Affairs +45 4060 1415 jome@pandora.net  
                                                                                                                                                                                                                                                                                                                                                                                               



Attachment
*     Pandora_Company_Announcement_No_995
(https://ml-eu.globenewswire.com/Resource/Download/4c754b0a-43dd-41ee-beee-24af7fde8333)