Pandora’s four strategy pillars led 8% organic growth in Q2

To position Pandora, pillars are: brand, design, markets & personalisation In Q2 2025, Pandora continued to deliver solid revenue growth and margins despite the increasingly turbulent macroeconomic backdrop as well as headwind from foreign exchange, tariffs and commodity prices. Q2 2025 organic growth ended at 8%. Like-for-like (LFL) was 3% and network expansion added 5% to growth. LFL growth in the US remained strong at 8%, and Rest of Pandora was robust at 6%. Despite some challenges in the four European markets disclosed separately, overall LFL in Europe was 1% fuelled by double-digit growth in several countries, including for example Spain, Portugal, the Netherlands and Poland. The gross margin remained strong at 79.3% despite 170bp headwind from foreign exchange, commodities and tariffs (80.2% in Q2 2024). Pricing and cost efficiencies continued to contribute positively. The Q2 2025 EBIT margin landed at 18.2%. The margin declined ...