Pandora delivers 8% organic growth in Q2
FINANCIAL HIGHLIGHTS
- 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 by 160bp Y/Y reflecting 230bp of headwinds from foreign exchange, commodities and tariffs. In constant currency, the EBIT margin was 19.4% in Q2 2025.
- Reported EPS growth in Q2 2025 was 6% (18% in constant currency).
PHOENIX STRATEGY HIGHLIGHTS
- To position Pandora as a full jewellery brand, Pandora continues to invest across all four strategy pillars: brand, design, markets and personalisation. A number of key strategic initiatives are lined up for H2 2025, including an exciting product pipeline with two new collections, Pandora Talisman and Minis, that refresh the core charms & carriers offering with new styles whilst also strengthening the affordability position.
- Pandora is preparing a new chapter of the “BE LOVE” marketing campaign with a holiday campaign that deepens emotional connection through storytelling, anchored in Pandora’s brand DNA. Additionally, in selected markets, Pandora will invest behind locally relevant talent, strengthening cultural resonance and boosting social engagement to inspire consumers.
- Pandora’s full jewellery brand message continues to resonate with consumers and is visible in the numbers with LFL growth in the “Core” segment in Q2 of 1% whilst the “Fuel with more” segment drove 5% LFL growth.
- Despite 30bp further headwind from commodity prices and foreign exchange since the Q1 2025 report, Pandora remains on track towards the target of an EBIT margin of “around 25%” in 2026 (excl. tariffs). The current tariff level adds 120bp headwind in 2026 and Pandora currently expects to deliver “at least 24%” EBIT margin incl. tariffs.
2025 GUIDANCE AND CURRENT TRADING
- Pandora maintains the guidance for 2025 of “7-8% organic growth” while noting the elevated macro uncertainty. The EBIT margin guidance for 2025 is also maintained at “around 24%” despite including the 60bp headwind based on current tariff levels.
- Current trading in July has seen LFL growth at around 2%. This has been negatively impacted by a) a weak End of Season Sale and b) the timing of product launches with PANDORA ESSENCE being launched in May 2024 while Talisman/Minis will be launched at the end of Q3 2025.
Alexander Lacik, President and CEO of Pandora, says:
“In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability. The results show that our brand and unique storytelling proposition continue to attract more consumers and that our global footprint enables us to balance ups and downs across the markets. Despite the macroeconomic challenges to top and bottom line, we are confident that we will deliver on our targets for the year driven by an exciting product pipeline, new marketing campaigns and operational agility.”
| DKK million | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | FY 2024 | FY 2025 guidance |
| Revenue | 7,075 | 6,771 | 14,421 | 13,605 | 31,680 | |
| Organic growth | 8% | 15% | 7% | 16% | 13% | 7-8% |
| Like-for-Like, % | 3% | 8% | 4% | 9% | 7% | |
| Operating profit (EBIT) | 1,287 | 1,338 | 2,928 | 2,845 | 7,974 | |
| EBIT margin, % | 18.2% | 19.8% | 20.3% | 20.9% | 25.2% | Around 24% |
