Pandora's stock soared, jumping more than 8% in morning trading on quarterly results that beat analysts' expectations. In the first three months of the year, total revenue came in at 7.1 billion kroner (952 million euros) compared to 7.089 billion kroner, marking a 3% decline. Organic growth was 2%, exceeding forecasts of 1%.
Mixed performance across regions
This result was impacted by lower sales in North America, where the group recorded a 2% decline and stagnation in organic growth, as well as in the EMEA region, where the decline was also 2% (-1% organically) due to waning consumer confidence. The negative trend in these two regions was, however, offset by strong growth in Latin America, where revenue increased by 6% on a like-for-like basis and by 13% organically, as well as in Asia-Pacific, where growth reached 12% on both a like-for-like and organic basis. Operating profit amounted to 1.487 billion kronor, exceeding analysts’ average forecast of 1.28 billion kronor.
More specifically, in the EMEA region, like-for-like growth in several markets, including Spain, Portugal, and Poland, was offset by persistent weakness in Italy, France, Germany, and the United Kingdom. Regarding Asia-Pacific, the group’s press release notes that “following the establishment of a new regional headquarters in Singapore, Pandora will intensify its efforts to consolidate the brand’s presence in other Asian markets with low penetration rates.”
2026: A Year of Strategic Transition
“During this quarter,” said Berta de Pablos-Barbier, President and CEO of Pandora, “we recorded organic growth of 2%, in line with our expectations, and we are continuing our initiatives to reignite the brand’s growth engine. At the same time, we are turning to new materials, positioning Pandora as a multi-material jewelry brand for the long term. We remain focused on implementing our strategic plans despite an uncertain economic and geopolitical environment. ” Berta de Pablos-Barbier, formerly Pandora’s chief marketing officer, pledged to attract new customers to the brand’s famous charm bracelet line and expand its reach through new designs and more effective, targeted advertising campaigns. She stated that 2026 would be a year of transition, while the strategy is expected to lead to stronger comparable sales growth in 2027. For 2026, the group has kept its annual forecasts unchanged, projecting organic growth of between -1% and +2% and an EBIT margin of 21% to 22%.
The challenge of raw material prices
Although the jewelry sector is expected to grow this year, the Danish group finds itself in a delicate situation due to sharp fluctuations in the price of silver. In response to this trend, the group announced last February that it would reduce its exposure to silver by converting half of its jewelry production to platinum-plated finishes. This difficult environment has also weighed on Pandora’s stock, which has lost 45% of its value compared to last year.