Q4 2025 Pandora A/S Earnings Call Transcript

Feb 5, 2026 / 10:00 AM GMT

Release Date Price: MXN3088.38

Transcript

Key Points

Positve

Pandora AS (PNDZF) maintained a solid profitability with an EBIT margin of around 24% despite external headwinds.
The introduction of platinum-plated jewelry is expected to reduce exposure to silver price volatility and enhance long-term business resilience.
The company plans to leverage its strong brand desirability and vertically integrated value chain for sustainable growth.
Pandora AS (PNDZF) is focusing on creative innovation and design-led growth to reignite consumer interest and demand.
The company has a strategic plan to enhance brand desirability through earned media and cultural relevance, which is expected to drive long-term growth.

Negative

Pandora AS (PNDZF) reported a flat like-for-like growth in Q4, which was below expectations.
The company faces significant external headwinds, including tariffs, foreign exchange, and commodity prices, impacting margins.
There is a cautious outlook for 2026 with an organic growth target of only 1 to 2%, reflecting uncertain macroeconomic conditions.
The transition to platinum-plated jewelry involves temporary costs and operational adjustments, including potential inefficiencies and OEM reliance.
Pandora AS (PNDZF) has paused its share buyback program due to the transition and current leverage levels, impacting shareholder returns.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PNDORA.CO - Pandora A/S
Q4 2025 Pandora A/S Earnings Call
Feb 05, 2026 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone and welcome to the conference call for Pandora's full year 2025 results. I'm Blasi from the investor relations team. I'm joined here by our CEO Berto 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 kindly limit yourself to two questions at a time, that would be great.

Please pay notice to disclaimer on slide 2 and turn to slide 3, and on that note, I will hand over to Bertha.

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Unidentified_2 [2]
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Thank you, Bilal and welcome everyone. Well, we

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