February 4, 2026 7:57 PM CET
Pandora delivers 6% organic growth in 2025
FY 2025 highlights
In 2025, Pandora delivered organic revenue growth of 6% (guidance of 7-8%). This comprised of like-for-like (LFL) growth of 2% and network expansion & other of 4%.
The EBIT margin ended at 23.9% (guidance of around 24%), down 130bp Y/Y, reflecting the company's ability to mitigate most of the 300bp external cost headwinds.
Strong cash conversion of 65% sees leverage end at 1.3x NIBD/EBITDA. EPS ended at DKK 68, up 5% on a reported basis and up 15% in constant currency.
Q4 2025 highlights
Q4 2025 organic growth came in at 4%, comprising of flat LFL and network expansion & other of 4%.
Within segments, LFL growth in the Core was flat at 0% whilst Fuel with More declined at -3% LFL.
LFL growth in North America slowed to 2%, reflecting the weak consumer sentiment. EMEA was broadly stable at -1% whilst Asia-Pacific and Latin America were at 2% and -7%, respectively.
The Q4 EBIT margin landed at 33.5%, -120bp Y/Y, offsetting most of the 440bp external headwinds.
Strategic highlights
Pandora's vision remains to build the most desirable, accessible jewellery brand. Whilst the macro backdrop remains challenging, Pandora sees clear opportunities to sharpen execution.
Pandora will step up its focus on design as a key driver of desirability and organic demand. To scale the impact of newness, there will be a clear emphasis on improving relevance and distinctiveness. This includes re-energising core collections through clearer creative direction and more consistent, differentiated design expressions, whilst selectively building in existing aesthetic spaces.
Pandora will complement its high brand awareness with stronger local relevance and authenticity, particularly in mature markets. This will be supported by a strengthened earned media model, where design-led storytelling and social engagement increasingly drive traffic and customer acquisition.
Pandora will continue to evolve in offering multi-material jewellery. This includes the introduction of jewellery with precious-metal plating in platinum built on our unique and proven metal-alloy PANDORA EVERSHINE™, developed to outperform silver for everyday wear. Based hereon, Pandora expects to maintain an EBIT margin above 21% in the mid-term with significant free cash flow generation.
2026 Guidance, current trading and cash returns
The guidance for 2026 is for "-1% to +2% organic growth" and an EBIT margin of "21-22%".
Current trading in Q1 2026 shows around flat LFL growth.
Proposed dividend of DKK 22 per share, up 10% from DKK 20 in 2024. Given the surging silver prices, Pandora will resume its historical, significant share buyback programmes once the plans to transition to platinum-plated jewellery is further progressed.
Berta de Pablos-Barbier, President and CEO of Pandora, says:
"We delivered 6% organic growth in 2025 and while the macroeconomic backdrop was challenging, growth was below our expectations. As new CEO, my priorities are clear and we have plans to strengthen brand desirability, reduce commodity exposure and evolve how we drive profitable growth."
DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 FY 2026 guidance
Revenue 11,859 11,973 32,549 31,680
Organic growth 4% 11% 6% 13% -1% to +2%
Like-for-Like, % 0% 6% 2% 7%
Operating profit (EBIT) 3,975 4,149 7,783 7,974
EBIT margin, % 33.5% 34.7% 23.9% 25.2% 21-22%
Annual report: https://ml-eu.globenewswire.com/Resource/Download/ea9d6adf-a3a0-42be-8f27-a59a5f658b57
Pandora delivers 6% organic growth in 2025
FY 2025 highlights
In 2025, Pandora delivered organic revenue growth of 6% (guidance of 7-8%). This comprised of like-for-like (LFL) growth of 2% and network expansion & other of 4%.
The EBIT margin ended at 23.9% (guidance of around 24%), down 130bp Y/Y, reflecting the company's ability to mitigate most of the 300bp external cost headwinds.
Strong cash conversion of 65% sees leverage end at 1.3x NIBD/EBITDA. EPS ended at DKK 68, up 5% on a reported basis and up 15% in constant currency.
Q4 2025 highlights
Q4 2025 organic growth came in at 4%, comprising of flat LFL and network expansion & other of 4%.
Within segments, LFL growth in the Core was flat at 0% whilst Fuel with More declined at -3% LFL.
LFL growth in North America slowed to 2%, reflecting the weak consumer sentiment. EMEA was broadly stable at -1% whilst Asia-Pacific and Latin America were at 2% and -7%, respectively.
The Q4 EBIT margin landed at 33.5%, -120bp Y/Y, offsetting most of the 440bp external headwinds.
Strategic highlights
Pandora's vision remains to build the most desirable, accessible jewellery brand. Whilst the macro backdrop remains challenging, Pandora sees clear opportunities to sharpen execution.
Pandora will step up its focus on design as a key driver of desirability and organic demand. To scale the impact of newness, there will be a clear emphasis on improving relevance and distinctiveness. This includes re-energising core collections through clearer creative direction and more consistent, differentiated design expressions, whilst selectively building in existing aesthetic spaces.
Pandora will complement its high brand awareness with stronger local relevance and authenticity, particularly in mature markets. This will be supported by a strengthened earned media model, where design-led storytelling and social engagement increasingly drive traffic and customer acquisition.
Pandora will continue to evolve in offering multi-material jewellery. This includes the introduction of jewellery with precious-metal plating in platinum built on our unique and proven metal-alloy PANDORA EVERSHINE™, developed to outperform silver for everyday wear. Based hereon, Pandora expects to maintain an EBIT margin above 21% in the mid-term with significant free cash flow generation.
2026 Guidance, current trading and cash returns
The guidance for 2026 is for "-1% to +2% organic growth" and an EBIT margin of "21-22%".
Current trading in Q1 2026 shows around flat LFL growth.
Proposed dividend of DKK 22 per share, up 10% from DKK 20 in 2024. Given the surging silver prices, Pandora will resume its historical, significant share buyback programmes once the plans to transition to platinum-plated jewellery is further progressed.
Berta de Pablos-Barbier, President and CEO of Pandora, says:
"We delivered 6% organic growth in 2025 and while the macroeconomic backdrop was challenging, growth was below our expectations. As new CEO, my priorities are clear and we have plans to strengthen brand desirability, reduce commodity exposure and evolve how we drive profitable growth."
DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 FY 2026 guidance
Revenue 11,859 11,973 32,549 31,680
Organic growth 4% 11% 6% 13% -1% to +2%
Like-for-Like, % 0% 6% 2% 7%
Operating profit (EBIT) 3,975 4,149 7,783 7,974
EBIT margin, % 33.5% 34.7% 23.9% 25.2% 21-22%
Annual report: https://ml-eu.globenewswire.com/Resource/Download/ea9d6adf-a3a0-42be-8f27-a59a5f658b57
4/2 2026 21:13 ProInvestorNEWS 2
130965 February 4, 2026 8:00 PM CET
Pandora appoints Philippa Newman as new Chief Product Officer
Pandora today announced the appointment of Philippa Newman as the company's new Chief Product Officer, effective 9 March 2026. Philippa Newman will report directly to CEO Berta de Pablos-Barbier and will join Pandora's Executive Leadership Team.
As Chief Product Officer, Philippa Newman will lead Pandora's global product organisation, overseeing end-to-end product creation including design, collections management and development. She will be responsible for elevating Pandora's collections with distinctive designs, driving expansion into new aesthetic territories, and accelerating innovation through advanced materials and craftsmanship. By managing creative output, assortment architecture and drop cadence, she will ensure that creativity is consistently translated into scalable product newness.
Philippa Newman brings more than 25 years of experience from global luxury fashion and accessories brands. She joins from a position as Chief Brand & Product Officer at Michael Kors with responsibility for brand strategy and product spanning design, merchandising, manufacturing, and sourcing. Her earlier career includes roles at Tory Burch, Alexander McQueen, and Donna Karan.
"Philippa has a proven track record of delivering profitable growth for global fashion brands. She combines creative, merchandising, and manufacturing leadership with commercial acumen and an exceptional understanding of global consumers. I am delighted to welcome her to Pandora and look forward to partnering with her as we accelerate the next phase of our growth," said CEO Berta de Pablos-Barbier.
"Pandora is an iconic global brand with extraordinary potential. The opportunity to help shape its future as the most desirable accessible jewellery brand is truly inspiring. I am thrilled to join the team and build on Pandora's distinctive design and global reach to contribute to the brand's next chapter," said Philippa Newman.
Philippa Newman, an American national, currently lives in New York and will relocate to Copenhagen during 2026.
She succeeds Stephen Fairchild, who is taking on a new role as Chief Strategic Creative & Cultural Officer after having served as Chief Product Officer since 2011. In his new role, Stephen Fairchild will focus on driving cultural and brand relevance by leading the work on Pandora's material innovation strategy as well as strategic and creative leadership on developing new creative concepts including trend explorations, collaborations and future partners. He will remain on Pandora's Executive Leadership Team.
"Stephen's leadership over the past 15 years has been instrumental in building our brand, product architecture and design capabilities. I am pleased that he will continue to bring his expertise to Pandora and challenge us at the highest level with external insights," said Berta de Pablos-Barbier.
Pandora appoints Philippa Newman as new Chief Product Officer
Pandora today announced the appointment of Philippa Newman as the company's new Chief Product Officer, effective 9 March 2026. Philippa Newman will report directly to CEO Berta de Pablos-Barbier and will join Pandora's Executive Leadership Team.
As Chief Product Officer, Philippa Newman will lead Pandora's global product organisation, overseeing end-to-end product creation including design, collections management and development. She will be responsible for elevating Pandora's collections with distinctive designs, driving expansion into new aesthetic territories, and accelerating innovation through advanced materials and craftsmanship. By managing creative output, assortment architecture and drop cadence, she will ensure that creativity is consistently translated into scalable product newness.
Philippa Newman brings more than 25 years of experience from global luxury fashion and accessories brands. She joins from a position as Chief Brand & Product Officer at Michael Kors with responsibility for brand strategy and product spanning design, merchandising, manufacturing, and sourcing. Her earlier career includes roles at Tory Burch, Alexander McQueen, and Donna Karan.
"Philippa has a proven track record of delivering profitable growth for global fashion brands. She combines creative, merchandising, and manufacturing leadership with commercial acumen and an exceptional understanding of global consumers. I am delighted to welcome her to Pandora and look forward to partnering with her as we accelerate the next phase of our growth," said CEO Berta de Pablos-Barbier.
"Pandora is an iconic global brand with extraordinary potential. The opportunity to help shape its future as the most desirable accessible jewellery brand is truly inspiring. I am thrilled to join the team and build on Pandora's distinctive design and global reach to contribute to the brand's next chapter," said Philippa Newman.
Philippa Newman, an American national, currently lives in New York and will relocate to Copenhagen during 2026.
She succeeds Stephen Fairchild, who is taking on a new role as Chief Strategic Creative & Cultural Officer after having served as Chief Product Officer since 2011. In his new role, Stephen Fairchild will focus on driving cultural and brand relevance by leading the work on Pandora's material innovation strategy as well as strategic and creative leadership on developing new creative concepts including trend explorations, collaborations and future partners. He will remain on Pandora's Executive Leadership Team.
"Stephen's leadership over the past 15 years has been instrumental in building our brand, product architecture and design capabilities. I am pleased that he will continue to bring his expertise to Pandora and challenge us at the highest level with external insights," said Berta de Pablos-Barbier.
4/2 2026 21:17 ProInvestorNEWS 1130966 Pandora lancerer eksklusive platinbelagte smykker
4. februar 2026 20:00
Pandora, verdens største smykkemærke, annoncerer i dag introduktionen af smykker belagt med ædelmetallet platin. Smykkerne er certificeret allergivenlige, vand- og anløbningsbestandige og vil diversificere og reducere virksomhedens råvareeksponering for at gøre dem mindre afhængige af sølv.
Pandora udvider udvalget af ædelmetaller, der anvendes i sin smykkeportefølje, og vil nu tilbyde platinbelagte smykker til kunder globalt. Den strategiske ekspansion er muliggjort takket være en ny platingteknik, der bygger på virksomhedens unikke PANDORA EVERSHINE™ metallegeringskerne og muliggør brugen af fine smykkefremstillingsmetoder med platinbelægning.
"Jeg er meget begejstret for at introducere denne vigtige udvidelse, der tilføjer et nyt ædelmetal til vores kollektioner. Vores platinbelagte smykker er fremstillet efter de højeste kvalitetsstandarder og styrker Pandoras førende position inden for tilgængelige smykker," sagde Berta de Pablos-Barbier, administrerende direktør for Pandora, og tilføjede:
"Med denne innovation kan vi navigere i de nye realiteter af råvareomkostninger, samtidig med at vi tilbyder forbrugerne ædelmetalsmykker, der er exceptionelt velegnede til hverdagsbrug. De platinbelagte smykker leverer raffineret æstetik og kombinerer moderne elegance med varig skønhed. Dette styrker vores virksomheds modstandsdygtighed, samtidig med at vi kan præsentere nye, fint håndforarbejdede smykker til Pandora-fællesskabet. Jeg ser meget frem til at præsentere de første platinbelagte smykker om blot et par måneder."
Volatiliteten på de globale råvaremarkeder har udfordret smykkeindustriens omkostningsmodeller, da prisen på sølv og guld er steget voldsomt i løbet af det seneste år. Ved at introducere platinbelagte produkter vil Pandora reducere sin afhængighed af sterlingsølv, samtidig med at vi fortsat tilbyder forbrugerne smykker af høj kvalitet og til tilgængelige priser. I modsætning til sølv matterer platin ikke og forbliver skinnende, selv hvis det bæres på stranden, ved poolen eller til træning. Det er certificeret allergivenligt og sikkert for følsom hud.
Det eksklusive materiale platin er højt anset af forbrugerne som et premium, ædelmetal i hvidt. I juli 2025 gennemførte Pandora en storstilet forbrugerundersøgelse med 23.000 deltagere, og 78% genkendte platin som et ædelmetal, sammenlignet med 69% for sterlingsølv.
I 1. kvartal 2026 vil Pandora introducere et kurateret udvalg af bedst sælgende armbånd i en platinbelagt version på tværs af 30 butikker og e-commerce i Nordeuropa. Pilotprojektet vil informere en global lancering i andet halvår af 2026, hvor Pandora vil tilbyde flere platinbelagte armbånd samt et udvalg af charms.
Siden 2024 har Pandora fremstillet sine smykker med 100% genbrugssølv og guld. I de kommende år vil virksomheden gradvist omlægge flere metaller, herunder platin, til genbrugskilder for yderligere at reducere sit miljøaftryk.
PANDORA EVERSHINE™ blev introduceret i 2015 og er blevet valideret gennem mange års kommerciel brug i Pandoras forgyldte produkter. Nu er processen blevet optimeret til platinbelagte smykker, hvilket gør det muligt for virksomheden at bygge videre på de samme håndværksprincipper, der har defineret brandet siden 1982.
4. februar 2026 20:00
Pandora, verdens største smykkemærke, annoncerer i dag introduktionen af smykker belagt med ædelmetallet platin. Smykkerne er certificeret allergivenlige, vand- og anløbningsbestandige og vil diversificere og reducere virksomhedens råvareeksponering for at gøre dem mindre afhængige af sølv.
Pandora udvider udvalget af ædelmetaller, der anvendes i sin smykkeportefølje, og vil nu tilbyde platinbelagte smykker til kunder globalt. Den strategiske ekspansion er muliggjort takket være en ny platingteknik, der bygger på virksomhedens unikke PANDORA EVERSHINE™ metallegeringskerne og muliggør brugen af fine smykkefremstillingsmetoder med platinbelægning.
"Jeg er meget begejstret for at introducere denne vigtige udvidelse, der tilføjer et nyt ædelmetal til vores kollektioner. Vores platinbelagte smykker er fremstillet efter de højeste kvalitetsstandarder og styrker Pandoras førende position inden for tilgængelige smykker," sagde Berta de Pablos-Barbier, administrerende direktør for Pandora, og tilføjede:
"Med denne innovation kan vi navigere i de nye realiteter af råvareomkostninger, samtidig med at vi tilbyder forbrugerne ædelmetalsmykker, der er exceptionelt velegnede til hverdagsbrug. De platinbelagte smykker leverer raffineret æstetik og kombinerer moderne elegance med varig skønhed. Dette styrker vores virksomheds modstandsdygtighed, samtidig med at vi kan præsentere nye, fint håndforarbejdede smykker til Pandora-fællesskabet. Jeg ser meget frem til at præsentere de første platinbelagte smykker om blot et par måneder."
Volatiliteten på de globale råvaremarkeder har udfordret smykkeindustriens omkostningsmodeller, da prisen på sølv og guld er steget voldsomt i løbet af det seneste år. Ved at introducere platinbelagte produkter vil Pandora reducere sin afhængighed af sterlingsølv, samtidig med at vi fortsat tilbyder forbrugerne smykker af høj kvalitet og til tilgængelige priser. I modsætning til sølv matterer platin ikke og forbliver skinnende, selv hvis det bæres på stranden, ved poolen eller til træning. Det er certificeret allergivenligt og sikkert for følsom hud.
Det eksklusive materiale platin er højt anset af forbrugerne som et premium, ædelmetal i hvidt. I juli 2025 gennemførte Pandora en storstilet forbrugerundersøgelse med 23.000 deltagere, og 78% genkendte platin som et ædelmetal, sammenlignet med 69% for sterlingsølv.
I 1. kvartal 2026 vil Pandora introducere et kurateret udvalg af bedst sælgende armbånd i en platinbelagt version på tværs af 30 butikker og e-commerce i Nordeuropa. Pilotprojektet vil informere en global lancering i andet halvår af 2026, hvor Pandora vil tilbyde flere platinbelagte armbånd samt et udvalg af charms.
Siden 2024 har Pandora fremstillet sine smykker med 100% genbrugssølv og guld. I de kommende år vil virksomheden gradvist omlægge flere metaller, herunder platin, til genbrugskilder for yderligere at reducere sit miljøaftryk.
PANDORA EVERSHINE™ blev introduceret i 2015 og er blevet valideret gennem mange års kommerciel brug i Pandoras forgyldte produkter. Nu er processen blevet optimeret til platinbelagte smykker, hvilket gør det muligt for virksomheden at bygge videre på de samme håndværksprincipper, der har defineret brandet siden 1982.
Ærgeligt de hæver udbyttet og sætter tilbagekøb på pause. Det måtte gerne have været omvendt for min skyld.
Om transition fra sølv-støbning til platin-belægning er en god ide på lang sigt ved jeg ikke. I det mindste skinner platin mere end sølv.
Genialt, at de brander deres billige metal-legering som Pandora Evershine. Det lyder eksklusivt. Jeg tror ikke, at en skrothandler ville betale mere for det.
Forventet -1% til +2% organisk vækst i 2026 er ikke så slemt, som jeg havde frygtet. Mon kursen bliver straffet yderligere i morgen, fordi den dårlige stemning har indfundet sig?
Om transition fra sølv-støbning til platin-belægning er en god ide på lang sigt ved jeg ikke. I det mindste skinner platin mere end sølv.
Genialt, at de brander deres billige metal-legering som Pandora Evershine. Det lyder eksklusivt. Jeg tror ikke, at en skrothandler ville betale mere for det.
Forventet -1% til +2% organisk vækst i 2026 er ikke så slemt, som jeg havde frygtet. Mon kursen bliver straffet yderligere i morgen, fordi den dårlige stemning har indfundet sig?
5/2 2026 10:05 ProInvestorNEWS 0130997 Pandora plejer ikke være fedtede overfor aktionærerne - men 2026 bliver lidt af en undtagelse. Smykkeselskabet har nemlig sat køb af egne aktier på pause.
Det oplyser selskabet i regnskabet for 2025.
Givet de stigende sølvpriser kommer Pandora til at genoptage de historiske betydelige aktietilbagekøb, når planerne om ændringen til platinbelagte smykker er længere fremme, skriver Pandora i regnskabet.
Samlet købte Pandora egne aktier for4,4 mia. kr. og i første kvartal 2026 ryger der 1,6 mia. kr. ud til investorerne i udbytte, der foreslås til 22 kr. per aktie, hvilket er 10 pct. mere end året før.
.\˙ MarketWire
Det oplyser selskabet i regnskabet for 2025.
Givet de stigende sølvpriser kommer Pandora til at genoptage de historiske betydelige aktietilbagekøb, når planerne om ændringen til platinbelagte smykker er længere fremme, skriver Pandora i regnskabet.
Samlet købte Pandora egne aktier for4,4 mia. kr. og i første kvartal 2026 ryger der 1,6 mia. kr. ud til investorerne i udbytte, der foreslås til 22 kr. per aktie, hvilket er 10 pct. mere end året før.
.\˙ MarketWire
5/2 2026 07:56 ProInvestorNEWS 1130978 Pandora rammer "ret tæt" på konsensus. Demonterer de sølvudfordringen med platin?
https://proinvestor.com/boards/130977
https://proinvestor.com/boards/130977
5/2 2026 09:28 ProInvestorNEWS 1130993 Pandora-direktør: Vi ser ikke forbedring i trafik, forbrugerstemning og kreditkortforbrug i USA. https://proinvestor.com/investornyt/1411097/pandora-direktor-vi-ser-ikke-forbedring-i-trafik-forbrugerstemning-og-kreditkortforbrug-i-usa
