Pandora (PNDORA) investor relations material

Executive summary

• Q3 revenue was DKK 6,694m, up 6% organically with 4% like-for-like growth; all regions were positive.

• Gross margin was 83.7% and EBIT margin 15.9%; a one-off U.S. tariff refund added 340bp and 370bp, respectively.

• FY26 organic growth guidance rose to 2–3% and EBIT margin guidance to 22.5–23%; the midterm EBIT margin target is above 23%.

Financial highlights

• Revenue was DKK 6,694m versus DKK 6,269m in Q3 2025; reported growth was 7% in DKK and 6% in local currency.

• Gross profit was DKK 5,605m versus DKK 4,970m; EBIT was DKK 1,064m versus DKK 880m, and net profit was DKK 517m versus DKK 489m.

• Diluted EPS was DKK 6.9 versus DKK 6.3; excluding the tariff-refund gain and related finance expense and tax, EPS was DKK 5.0, down 20% YoY.

• Gross margin rose 440bp YoY to 83.7%; excluding the 340bp tariff-refund gain, it was 80.3%, up 100bp.

• Network expansion added 4pp to organic growth, while sell-in and other reduced it by 2pp; FX added 1.2% to revenue.

Outlook and guidance

• FY26 organic growth guidance increased to 2–3%; like-for-like growth is expected at 0–1%, with ~3% from network expansion and an ~1% drag from sell-in and other.

• FY26 revenue guidance is DKK 33.3–33.6bn; FX is expected to be neutral.

• FY26 EBIT margin guidance rose to 22.5–23%; outlook includes a ~130bp tariff-refund benefit, 210bp of external headwinds and 50bp of platinum-transition costs.

• FY27 EBIT margin is projected at 14–15% reported and 15.5–16.5% excluding transition costs; the midterm target is above 23%.

• October like-for-like growth was 1%, affected by lower promotions; underlying trends were ~3%.