Pandora Q2 2026

Q2 2026 highlights

• Pandora delivered organic growth of 3% with LFL growth of 1% and network expansion & other of 2%.
• LFL in North America was -1%, EMEA remained broadly stable at -2%, whilst Asia-Pacific and Latin America saw continued strong growth at 10% and 18%, respectively.
• LFL growth in the Core was -1%, whilst Fuel with More saw an improvement to 6% LFL growth.
• The gross margin ended at 80.5%. One-off income from a partial refund of Pandora’s US IEEPA tariff claim positively impacted the gross margin by 230bp. Excluding this, the gross margin remained solid at 78.2%, down 110bp Y/Y with efficiencies and promotional discipline offsetting a large proportion of the 270bp external headwinds related to the continuing tariffs, commodities and foreign exchange.   
• The Q2 EBIT margin landed at 20.3%, +210bp Y/Y, benefitting by 250bp from above-mentioned one-off tariff impact. Excluding this, the margin was broadly flat Y/Y despite 300bp of external headwinds.

Strategic highlights

• As previously communicated, Pandora is course-correcting execution in selected areas. This includes a greater focus on design as a key driver of desirability, evolving the marketing model with stronger local  and cultural relevance and calibrating the growth engine by market.
• Pandora’s new spring theme, “Garden of Dreams”, saw products curated across collections and brought design led storytelling to life through nature inspired motifs. The theme was supported by marketing campaigns and more focus on in-store merchandising. The activation contributed to growth in Timeless.
• In July, Pandora launched Pandora Wonders, the multi-year brand platform aimed at driving desirability and cultural relevance through distinctive design, craftmanship and the reinterpretation of iconic jewellery materials. The first chapter, co-created with stylist Harry Lambert, was launched in Paris during Haute Couture week and has driven significant brand buzz.
• The pilot test of a limited range of platinum-plated jewellery was successfully initiated in Netherlands in July. This followed more than a year of development and consumer testing. The next step is a broader test of selected designs across markets during Q4 2026, before scaling the rollout in 2027.

2026 guidance and current trading

• The guidance for 2026 is upgraded to “0-3% organic growth” (versus “-1% to 2%” previously) and an EBIT margin of “22-23%” (versus “21-22%” previously). The new EBIT margin guidance reflects the expected one-off income from the IEEPA tariff claim.
• Current trading in Q3 2026 shows LFL growth at mid-single digit levels. This was helped by phasing of commercial activities.

Berta de Pablos-Barbier, President and CEO of Pandora, says:
”We are making progress in re-energising Pandora’s growth engine. Q2 delivered 1% LFL growth, with encouraging early signs from the actions we are taking. There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability.”

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 7,000 points of sale, including more than 2,800 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs around 39,000 people worldwide and crafts its jewellery with 100% 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 32.5 billion (EUR 4.4 billion) in 2025.

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