Pandora (PNDORA) Q4 2025 earnings summary

Executive summary

• Achieved 6% organic growth in 2025, with 2% like-for-like growth and 4% from network expansion, despite challenging markets and significant external headwinds.

• EBIT margin for 2025 was 23.9%, down 130 basis points year-over-year, mainly due to 300 basis points of external cost headwinds.

• EPS grew 5% year-over-year to DKK 68.1, or 15% at constant FX; leverage ended at 1.3x NIBD/EBITDA.

• Strategic focus is shifting toward desirability-led growth, creative innovation, and mitigating high silver costs, including the launch of platinum-plated jewelry in 2026.

• 2026 guidance: organic growth of -1% to +2% and EBIT margin of 21-22%, with transition benefits expected in 2027.

Financial highlights

• FY 2025 revenue: DKK 32,549m (up 6% organic); Q4 2025 revenue: DKK 11,859m.

• Gross margin for FY 2025: 79.1% (down 70bp YoY); Q4: 78.1% (down 170bp YoY).

• EBIT margin for FY 2025: 23.9%; Q4: 33.5%.

• Net profit for 2025: DKK 5,241m; basic EPS: DKK 68.1.

• Dividend per share proposed for 2026: DKK 22, up 10% year-over-year.

Outlook and guidance

• 2026 organic growth guidance: -1% to +2%; like-for-like growth: -3% to 0%; network expansion to contribute ~2%.

• EBIT margin guidance for 2026: 21-22%, expected to be broadly flat versus 2025 when excluding external headwinds.

• CAPEX expected at ~7% of revenue, with DKK 300-500m for platinum transition.

• Effective tax rate expected to rise to ~25% in 2026.

• 2026 is expected to be a transition year, with benefits from strategic changes anticipated in 2027.