Pandora AS
(CHIX:PNDORc)
kr
815.6
(0%)
Market Cap: 59.84 Bil
Enterprise Value: 75.93 Bil
PE Ratio: 12.39
PB Ratio: 15.20
GF Score: 78/100 
Q2 2026 Pandora A/S Earnings Call Transcript
Aug 13, 2026 / 09:00AM GMT
Release Date Price:
kr815.6
(+4.62%)
Key Points
Positve
- Pandora AS (PNDZF) upgraded its full-year organic growth guidance to 0-3% and EBIT margin guidance to 22-23%, reflecting strong first-half performance and confidence in the business.
- The company delivered 3% organic growth in Q2 2026, with strong performance in Latin America (18% LFL growth) and Asia (10% LFL growth), driven by successful price repositioning and market expansion.
- The new growth model, focusing on distinctive design and cultural relevance, is showing early success, as evidenced by the strong performance of the Timeless collection and the Garden of Dreams campaign, which drove growth across all markets.
- Pandora AS (PNDZF) is making strategic progress on its platinum-plated jewelry transition, with encouraging initial results from the Netherlands pilot, positioning the company as a pioneer in accessible platinum jewelry and enhancing long-term profitability.
- The company received a one-off partial refund of previously paid US tariffs, providing a 250 basis point EBIT margin benefit in Q2, and expects an additional 50 basis point benefit in H2 2026, supporting near-term profitability.
- Pandora AS (PNDZF) continues to demonstrate strong financial discipline, with gross margin above 78% despite external headwinds, and high returns on invested capital at close to 40%.
- The company is expanding its store network with new flagship stores in Barcelona and Milan, enhancing the retail experience and driving healthy top-line growth with no cannibalization.
Negative
- Pandora AS (PNDZF) experienced a deliberate reduction in promotional activity, particularly in core markets like Italy and the UK, which moderated near-term growth and negatively impacted like-for-like sales in those regions.
- The US market, a key region, saw flat like-for-like growth in Q2, impacted by softer consumer sentiment, lower store traffic, and a K-shaped economy affecting the accessible jewelry segment.
- The company faces ongoing macroeconomic and geopolitical uncertainty, which could impact consumer spending and poses risks to achieving the high end of its guidance.
- Pandora AS (PNDZF) is undergoing a transition year with a new growth model, and the benefits are not yet fully reflected in performance, with core collections still showing negative like-for-like growth in some mature markets.
- The company expects a promotional detox in H2 2026, which will act as a drag on like-for-like growth, and does not expect to repeat the high growth levels seen in Latin America and Asia Pacific in the first half.
- There is a drag from lower sales to certain partners (sell-in and other), which negatively impacted reported revenue growth by 2 percentage points in Q2, reflecting weaker performance in multi-brand partners.
- The company's online channel underperformed physical stores in Q2, partly due to reduced promotions, and the impact of heat waves in Europe temporarily weighed on store traffic.
Bilal Aziz;S;Vice President;Investor Relations and Treasury
Pandora A
/--
Good morning everyone and welcome to the conference call for Pandora's Q2 2026 results.
I'm Blaziz from the investor relations team, and I'm joined here by our CEO Berta de Pablos Barbier, CFO Anders Boyer and the rest of the IR team.
As usual, there will be a Q&A session at the end of the call.
If you could limit yourself to a few questions, that would be great.
Please pay notice to disclaimer on slide 2 and then turn to slide 3 and I will hand over to Bertha.
Berta de Pablos;Barbier;S;President
Pandora A;Chief Executive Officer
/- -
Thank you Bilal and welcome everyone.
I would like to start with a small remind context that 2026 is a year of deliberate change for Pandora.
We are rolling our new growth model with greater focus on distinctive design, cultural relevance, and a stronger local execution.
Now, in
Already have an account? Log in
Get the full story
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
7-Day Free Trial · Cancel Anytime
Subscription fee may be tax deductible.
Excellent 
4.6 out of 5 
Trustpilot
Trustpilot
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers