Pandora A/S

Latest Results (06.09.2025):

Pandora A/S reported solid financial performance for the second quarter of 2025, achieving an 8% organic growth despite challenging macroeconomic conditions. The company maintained strong margins and demonstrated resilience in key markets, positioning itself well for continued growth in the accessible luxury jewellery sector.

Revenue Growth

In Q2 2025, Pandora achieved a revenue of DKK 7,075 million, representing an 8% organic growth compared to the same period last year. Like-for-like growth stood at 3%, with network expansion contributing an additional 5% to the overall growth.

Strong Margins

The gross margin for Q2 2025 remained robust at 79.3%, despite facing a 170 basis points headwind from foreign exchange, commodities, and tariffs. The EBIT margin was reported at 18.2%, a slight decline from 19.8% in Q2 2024 due to similar headwinds.

Earnings Per Share

Pandora reported a 6% growth in earnings per share (EPS) for Q2 2025, reaching DKK 10.3, up from DKK 9.7 in the same quarter last year. In constant currency terms, EPS growth was a notable 18%.

Geographical Performance

Like-for-like growth in the US remained strong at 8%, while the Rest of Pandora segment saw a robust 6% growth. Europe experienced a modest 1% LFL growth, driven by double-digit performances in key markets such as Spain, Portugal, the Netherlands, and Poland.

Future Guidance

Pandora maintains its 2025 guidance, targeting 7-8% organic growth and an EBIT margin of around 24%. The company anticipates continued growth driven by an exciting product pipeline, new marketing campaigns, and operational agility despite current macroeconomic uncertainties.