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Pandora (PNDORA) investor relations material
Pandora Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved 6% organic revenue growth and 2% like-for-like growth in Q3 2025, despite challenging macroeconomic conditions and weak consumer sentiment.
Maintained strong gross margins near 80% and high return on capital at 43%.
Continued execution of the Phoenix strategy, focusing on brand and design innovation, retail transformation, and expansion beyond wristwear.
CEO transition announced: Alexander Lacik to retire, Berta de Pablos-Barbier to take over as CEO.
New product launches (Talisman and Minis) received strong initial consumer response, supporting brand momentum.
Financial highlights
Q3 2025 revenue reached DKK 6,269 million, up 6% year-over-year; like-for-like growth was 2%.
Gross margin for Q3 was 79.3%, down 80 bps year-over-year due to external headwinds (commodities, FX, tariffs).
EBIT margin for Q3 2025 was 14.0%, down 210 bps year-over-year, mainly due to FX, commodities, and tariffs.
Adjusted EPS grew 5% year-over-year, but reported EPS declined 14% due to FX headwinds.
Store network expansion contributed 4% to organic growth, up from 3% previously.
Outlook and guidance
Organic growth guidance for 2025 unchanged at 7-8%, with like-for-like growth guidance revised to 3-4% (from 4-5%).
EBIT margin for 2025 expected at ~24%; 2026 margin target lowered to ~23% due to commodity and FX headwinds.
October like-for-like trading at 4%, above Q3 level, indicating a strong start to Q4.
CAPEX expected at around 6-8.6% of revenue for 2025.
Pricing increases expected to normalize to 1-2% per year, with flexibility to adjust based on market and tariff developments.
Detail margin protection from innovation and cost program
Explain China store closures and network growth impact
Assess brand evolution via new collections and local marketing
Creative innovation's margin impact beyond 2026
UK online platform issues: What's the drag?
Why change 2025 LFL guidance but not organic?
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Q4 20256 Feb, 2026
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Frequently asked questions
Pandora A/S designs, manufactures, and markets hand-finished and contemporary jewelry worldwide. It offers gold, sterling silver, diamonds, gemstones, and genuine pearls. The company provides bracelets, charms and clips, necklaces and pendants, rings, earrings, etc. Pandora A/S was formerly known as Pandora Jewellery Danmark ApS and changed its name to Pandora A/S in August 2009. The company was founded in 1982 and is based in Copenhagen, Denmark.
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