Danish jeweler Pandora reported first-quarter revenue in line with expectations, while operating profit came in stronger than anticipated.
Revenue fell 3.2 percent to DKK 7,109 million (7,347), compared with a Visible Alpha analyst consensus of DKK 7,089 million. Organic sales growth stood at 2 percent (7).
EBITDA amounted to DKK 2,146 million (2,265), yielding an EBITDA margin of 30.2 percent (30.8).
Operating profit (EBIT) reached DKK 1,487 million (1,641), surpassing the forecast of 1,281. The operating margin was 20.9 percent (22.3).
Net profit totaled DKK 942 million (1,101), ahead of the analyst consensus of 777.
Pandora reiterated its 2026 guidance for organic growth of minus 1 to plus 2 percent and an EBIT margin of 21-22 percent. The company noted that it continues to monitor the geopolitical situation and high levels of economic uncertainty.
Current trading in the second quarter shows like-for-like sales growth of approximately zero percent.
Pandora A/S specializes in the design, manufacturing and marketing of jewelry and related items. Net sales break down by product family as follows:
- charms and carriers (74.5%);
- other (25.5%): rings, necklaces, pendants, earrings, chains and diamonds.
At the end of 2025, the group had 6,998 points of sale (of which 2,811 concept stores) worldwide.
Net sales are distributed geographically as follows: Europe/Middle East/Africa (49.7%), North America (36.1%), Asia/Pacific (7.7%) and Latin America (6.5%).
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