Pandora expects 6 percent growth in 2025 despite ‘softer than expected’ Q4

Danish jewellery giant Pandora said it is anticipating organic growth of 6 percent for 2025, despite recording a “softer than expected” Q4. The preliminary and unaudited results came marginally below the previously reported guidance of 7 to 8 percent. Group EBIT margin for the year, however, is expected to fall in line with its guidance of 24 percent.

For the fourth quarter of 2025, Pandora reported organic revenue growth of 4 percent, with revenue reaching DKK 11.9 billion. Operating profit (EBIT) for the quarter declined slightly year-on-year (YoY) to DKK four billion, reflecting softer trading conditions, particularly in North America. The company’s gross margin for the quarter is expected to land at around 78 percent, while the EBIT margin is forecast at approximately 33.5 percent. As a result, full-year EBIT is expected to be around DKK 7.8 billion.

Regionally, Latin America was the weakest-performing market during the quarter, with like-for-like (LFL) revenue declining 7 percent to DKK eight million. EMEA posted a 1 percent LFL decline, with revenue of DKK 5.9 billion. Here, strong growth in Spain, Poland and Portugal was offset by continued weakness in Italy, while performance in Germany and the UK improved consecutively but remained negative on a LFL basis.

Revenue in both Asia-Pacific and North America increased on a LFL basis by 2 percent. In North America, however, trading through November and December came in below expectations due to lower store traffic amid weak consumer sentiment.

With the new year, Pandora welcomed its new president and CEO, Berta de Pablos-Barbier, who will outline the company’s priorities on February 5, alongside its full-year results. In her first statement addressing the latest financials, de Pablos-Barbier said: “While the year was marked by macro headwinds, it has also highlighted opportunities to sharpen execution and strengthen brand desirability. As new CEO, my focus will be to navigate the current market environment, reduce our commodity exposure and course-correct in select areas to accelerate profitable growth.”