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Pandora
Pandora (PNDORA) investor relations material
Pandora Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved 6% organic growth in 2025, with 2% like-for-like growth and 4% from network expansion, despite challenging markets and significant external headwinds.
EBIT margin for 2025 was 23.9%, down 130 basis points year-over-year, mainly due to 300 basis points of external cost headwinds.
EPS grew 5% year-over-year to DKK 68.1, or 15% at constant FX; leverage ended at 1.3x NIBD/EBITDA.
Strategic focus is shifting toward desirability-led growth, creative innovation, and mitigating high silver costs, including the launch of platinum-plated jewelry in 2026.
2026 guidance: organic growth of -1% to +2% and EBIT margin of 21-22%, with transition benefits expected in 2027.
Financial highlights
FY 2025 revenue: DKK 32,549m (up 6% organic); Q4 2025 revenue: DKK 11,859m.
Gross margin for FY 2025: 79.1% (down 70bp YoY); Q4: 78.1% (down 170bp YoY).
EBIT margin for FY 2025: 23.9%; Q4: 33.5%.
Net profit for 2025: DKK 5,241m; basic EPS: DKK 68.1.
Dividend per share proposed for 2026: DKK 22, up 10% year-over-year.
Outlook and guidance
2026 organic growth guidance: -1% to +2%; like-for-like growth: -3% to 0%; network expansion to contribute ~2%.
EBIT margin guidance for 2026: 21-22%, expected to be broadly flat versus 2025 when excluding external headwinds.
CAPEX expected at ~7% of revenue, with DKK 300-500m for platinum transition.
Effective tax rate expected to rise to ~25% in 2026.
2026 is expected to be a transition year, with benefits from strategic changes anticipated in 2027.
Platinum transition's EBIT margin impact beyond 2026
Timeline for LFL growth re-acceleration from new strategy
Impact of LFL focus shift on network expansion plans
EVERSHINE: consumer adoption and market response
2026 LFL: regional drivers and initiatives
Share buyback: conditions for program restart
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Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist.
Next Pandora earnings date
Q1 20266 May, 2026
Pandora
Next Pandora earnings date
Q1 20266 May, 2026
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Frequently asked questions
Pandora A/S designs, manufactures, and markets hand-finished and contemporary jewelry worldwide. It offers gold, sterling silver, diamonds, gemstones, and genuine pearls. The company provides bracelets, charms and clips, necklaces and pendants, rings, earrings, etc. Pandora A/S was formerly known as Pandora Jewellery Danmark ApS and changed its name to Pandora A/S in August 2009. The company was founded in 1982 and is based in Copenhagen, Denmark.
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