Pandora Reports 6% Organic Growth in Q3 2026

Pandora, the world's largest jewellery brand, reported a 6% organic growth in the third quarter of 2026, with a strong performance in the Asia-Pacific region, where the company saw a 20% local currency (LFL) growth. Latin America also contributed positively, growing at 6% LFL. North America and Europe, Middle East, and Africa (EMEA) regions also showed improvement, with North America accelerating to 3% LFL growth and EMEA improving to 1% LFL.

The company's gross margin for the quarter ended at 83.7%, with a one-off income from a partial refund of Pandora’s US IEEPA tariff claim positively impacting the gross margin by 340 basis points (bp). Excluding this one-off income, the gross margin remained above 80%, up 100 bp year-over-year (Y/Y), supported by efficiencies and promotional discipline.

Pandora’s earnings before interest and tax (EBIT) margin landed at 15.9%, a 190 bp increase Y/Y, benefiting from the 370 bp one-off tariff impact. The underlying EBIT margin was broadly flat Y/Y.

In a strategic move, Pandora is focusing on enhancing its product design, marketing, and consumer experience. The company is expanding its design strategy, with the new Talisman collection resonating well with consumers. Pandora is also launching two new creative platforms, Pandora Wonders and Pandora Voices, to create culturally relevant activations that can attract new consumers.

Pandora is also evolving its retail experience, making its stores more expressive, warm, and engaging. The company is using storytelling around its collections to spark discovery. Additionally, a pilot test of platinum-plated jewellery, initiated in the Netherlands in July, has delivered encouraging results and is now being expanded to the US, UK, and Australia. Pandora plans to initiate the transition to platinum-plated jewellery in 2027.

For 2026, Pandora has narrowed its guidance towards the upper end of the range, expecting 2-3% organic growth and an EBIT margin of 22.5-23%. The company expects LFL growth in October to be around 1%, negatively impacted by lower promotional activity. Underlying trends remain healthy at around 3% LFL growth.

Pandora’s 2027 EBIT margin target has been updated to 14-15% including one-offs and 15.5-16.5% excluding one-offs. The company is committed to halving greenhouse gas emissions across its value chain by 2030. In 2025, Pandora generated revenue of DKK 32.5 billion (EUR 4.4 billion).

Headquartered in Copenhagen, Denmark, Pandora employs around 39,000 people worldwide and crafts its jewellery with 100% recycled silver and gold. The company is listed on the Nasdaq Copenhagen stock exchange.