Q3 2026 highlights
In Q3, Pandora delivered LFL growth of 4% and network expansion and other of 2%, resulting in 6% organic growth.
LFL growth in North America accelerated to 3% and EMEA improved to 1%. Asia-Pacific continued to grow strongly at 20% LFL whilst Latin America delivered 6%.
LFL growth in the Core improved slightly to 1% LFL whilst Fuel with More accelerated to 9%.
The Q3 gross margin ended at 83.7%. One-off income from a partial refund of Pandora's US IEEPA tariff claim positively impacted the gross margin by 340bp. Excluding this, the gross margin remained above 80%, up 100bp Y/Y supported by, among others, efficiencies and promotional discipline.
The Q3 EBIT margin landed at 15.9%, +190bp Y/Y, benefitting 370bp from above mentioned one-off tariff impact. The underlying EBIT margin was broadly flat Y/Y.
Strategic highlights
Pandora is sharpening its strategy for the next phase of growth. As previously communicated, the new strategic direction includes a greater focus on design as a key driver of desirability, evolving the marketing model with stronger local relevance and a notable elevation of the consumer experience.
In 2027, Pandora will scale up the new design strategy with a more desirable and distinctive product portfolio, broadening the designs and aesthetics consumers associate with Pandora. During Q3, Pandora saw initial proof points; the expanded Talisman collection continued to resonate well with consumers.
With its new marketing model, Pandora is redefining how it sustainably creates desire, cultural relevance and local impact. Pandora has launched two new creative platforms; Pandora Wonders and Pandora Voices. The platforms have demonstrated how culturally relevant activations can attract new consumers, providing a framework for future activations.
Pandora will be taking steps in evolving its consumer experience with the stores becoming more expressive, warm, and engaging, using storytelling around our collections to spark discovery.
The pilot test of platinum-plated jewellery, initiated in the Netherlands in July, delivered encouraging results. The test has now been expanded to a broader range of markets, including the US, UK, and Australia, and Pandora is on track to initiate the transition in 2027.
2026 Guidance & current trading, 2027 EBIT margin target
The guidance for 2026 is narrowed towards the upper end of the previous ranges to 2-3% organic growth (previously 0-3%) and an EBIT margin of 22.5-23% (previously 22-23%).
LFL growth in October was 1%. This was negatively impacted by lower promotional activity. Underlying trends remain healthy at around 3% LFL growth.
The EBIT margin target for 2027 is updated to 14-15% including one-offs and 15.5-16.5% excluding one-offs (previously above 12% and above 14%, respectively).
Berta de Pablos-Barbier, President and CEO of Pandora, says:
"Pandora's growth engine is re-energising. Q3 delivered 4% LFL growth, with positive LFL across all regions, an encouraging step in a challenging consumer environment. More distinctive designs and culturally relevant marketing are driving brand heat. We've narrowed our 2026 guidance towards the upper end of the range and remain confident in our plans moving forward".
| DKK million | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 | FY 2025 | FY 2026 guidance |
| Revenue | 6,694 | 6,269 | 21,022 | 20,691 | 32,549 | |
| Organic growth | 6% | 6% | 3% | 7% | 6% | 2% to 3% |
| Like-for-Like, % | 4% | 2% | 1% | 3% | 2% | |
| Operating profit (EBIT) | 1,064 | 880 | 4,015 | 3,808 | 7,783 | |
| EBIT margin, % | 15.9% | 14.0% | 19.1% | 18.4% | 23.9% | 22.5-23% |
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.
CONTACT
For more information, please contact:
| Investor Relations BILAL AZIZ SVP, Investor Relations & Treasury +45 3137 9486 biazi@pandora.net | Corporate Communications MADS TWOMEY-MADSEN SVP, Corporate Communications & Sustainability +45 2510 0403 madt@pandora.net |
