Q1 2026 organic growth of 2%, comprising of LFL growth at 0% and network expansion & other at 2%. Profitability remained solid despite significant external headwinds.
LFL in North America ended at -2% impacted by lower consumer sentiment. EMEA also delivered -2% whilst Asia-Pacific and Latin America saw solid growth at 12% and 6%, respectively.
Within segments, LFL in the Core was -1%, partly mitigated by strength in the Talisman collection. Fuel with More delivered 1% LFL growth supported by Timeless with some improved performance.
The Q1 2026 gross margin ended at 79.5%, down 90bp Y/Y, with efficiencies & other offsetting a material part of the external headwinds related to tariffs, commodities and foreign exchange.
The Q1 EBIT margin landed at a solid 20.9% (Q1 2025 22.3%), despite 440bp of external headwinds.
Strategic highlights
As mentioned previously, Pandora is embarking on its next strategic evolution. This includes a greater focus on design as a key driver of desirability, evolving the marketing model with stronger local relevance and calibrating the growth engines by market. While performance in Latin America and Asia-Pacific continues to improve following strategic action, Pandora is taking decisive steps to re-energise demand in markets with a higher penetration in the Core.
Pandora is resetting how design drives product leadership across its collections. This entails a greater focus on more distinctive, culturally relevant collections to drive demand and target under-penetrated aesthetic spaces. The Bridgerton collaboration launched in Q1, though limited in scale, exemplifies this approach with clear product differentiation which generates brand buzz.
The marketing model is now complementing its reach-driven approach with a stronger focus on brand relevance and earned media impact, while further differentiating execution based on market maturity. Investments are being reallocated towards social media and earned media driven activations.
As part of its strategy to evolve the multi-material jewellery offering and reduce commodity exposure, plans for the introduction of Pandora’s new platinum-plated offering are progressing well.
2026 Guidance & current trading
The guidance for 2026 remains “-1% to +2% organic growth” and an EBIT margin of “21-22%”. Pandora remains mindful of the geopolitical environment and the elevated economic uncertainty.
Current trading in Q2 2026 shows around flat LFL growth.
Berta de Pablos-Barbier, President and CEO of Pandora, says: ”We delivered 2% organic growth in the quarter, in line with our expectations, and are advancing our initiatives to re-energise Pandora’s growth engine. At the same time, we are expanding into new materials, positioning Pandora as a multi-material jewellery brand over time. We remain focused on executing our strategic plans despite the uncertain economic and geopolitical backdrop”.
DKK million
Q1 2026
Q1 2025
FY 2025
FY 2026 guidance
Revenue
7,109
7,347
32,549
Organic growth
2%
7%
6%
-1% to +2%
Like-for-Like, %
0%
6%
2%
Operating profit (EBIT)
1,487
1,641
7,783
EBIT margin, %
20.9%
22.3%
23.9%
21-22%
ABOUT PANDORA Pandora is the world's largest jewellery brand, specialising in the design, crafting and marketing of accessible luxury jewellery made from high-quality materials. Each piece is created to inspire self-expression, allowing people to share their stories and passions through meaningful jewellery. Pandora jewellery is sold in more than 100 countries through 7,000 points of sale, including more than 2,800 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs around 39,000 people worldwide and crafts its jewellery with 100% recycled silver and gold. Pandora is committed to leadership in sustainability and has set out to halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated revenue of DKK 32.5 billion (EUR 4.4 billion) in 2025.