Pandora (PNDORA) Q4 2025 TU earnings summary

Executive summary

• Q4 like-for-like sales were flat, with organic growth at 4%, leading to full-year organic growth of 6%, below the 7%-8% guidance.

• EBIT margin for Q4 expected at 33.5%, with full-year margin around 24%, in line with guidance despite top-line softness.

• North America saw a slowdown in Q4, with like-for-like growth at 2% and organic growth at 8%, impacted by softer holiday traffic.

• Europe remained broadly stable, with like-for-like at -1% and organic growth at 2%; Asia-Pacific posted 2% LFL growth, while Latin America declined by 7%.

• Brand fundamentals remain strong, but Q4 and full-year results were below internal standards and commitments.

Financial highlights

• Q4 organic growth was 4%, with full-year organic growth at 6%.

• EBIT margin for Q4 is expected at 33.5%, supported by a strong gross margin of around 78% and effective cost control.

• Full-year 2025 EBIT is projected to be around DKK 7.8 billion.

• Revenue for FY 2025 reached DKK 32.5 billion, up from DKK 31.7 billion in 2024.

• Q4 revenue growth was driven by flat unit volumes and roughly 4% price increases.

Outlook and guidance

• Full-year organic growth came in below the 7%-8% guidance, with 2025 expected at 6%.

• EBIT margin for the full year is expected to be around 24%, in line with previous guidance.

• No updated guidance for 2026 EBIT margin; previous soft guidance of 23% was based on lower silver prices, and updated guidance will be provided in February.

• More details on material strategy and commodity exposure to be shared in February.