Pandora remains on the target of margin 25% in 2026

 

Pandora maintains the guidance for 2025 of 7-8% organic growth  

Pandora maintains the guidance for 2025 of 7-8% organic growth, while noting the elevated macro uncertainty. The EBIT margin guidance for 2025 is also maintained at, around 24% despite including the 60bp headwind based on current tariff levels.  

Current trading in July has seen growth at around 2%. This has been negatively impacted by; a) a weak end of Season Sale and; b) the timing of product launches with Pandora Essence being launched in May 2024 while Talisman/Minis will be launched at the end of Q3 2025.

Alexander Lacik, President and CEO of Pandora, says, “In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability. The results show that our brand and unique storytelling proposition continue to attract more consumers and that our global footprint enables us to balance ups and downs across the markets.  

Despite the macroeconomic challenges to top and bottom line, we are confident that we will deliver on our targets for the year driven by an exciting product pipeline, new marketing campaigns and operational agility.”  

Pandora is preparing a new chapter of the Be Love- marketing campaign with a holiday campaign that deepens emotional connection through storytelling, anchored in Pandora’s brand DNA. Additionally, in selected markets, Pandora will invest behind locally relevant talent, strengthening cultural resonance and boosting social engagement to inspire consumers.  

Pandora’s full jewellery brand message continues to resonate with consumers and is visible in the numbers with growth in the Core segment in Q2 of 1% whilst the Fuel with more- segment drove 5% growth. Despite 30bp further headwind from commodity prices and foreign exchange since the Q1 2025 report, Pandora remains on track towards the target of an EBIT margin of around 25%; in 2026 (exclusive tariffs). The current tariff level adds 120bp headwind in 2026 and Pandora currently expects to deliver at least 24% EBIT margin incl. tariffs.





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