The Danish jewelry giant Pandora expects organic growth of six percent for 2025 – despite a “weaker than expected” fourth quarter. The preliminary and unaudited results were slightly below the previously communicated forecast of seven to eight percent. However, the group’s earnings before interest and taxes (EBIT) margin for the full year is likely to be within the forecast of around 24 percent.
For the fourth quarter of 2025, Pandora reported organic sales growth of four percent. Sales amounted to 11.9 billion Danish kroner (1.59 billion euros). Earnings before interest and taxes (EBIT) fell slightly compared to the previous year to four billion Danish crowns (536 million euros). This reflects weaker trading conditions, particularly in North America. The company’s gross margin for the quarter is expected to be around 78 percent, while the EBIT margin is forecast at around 33.5 percent. As a result, full-year EBIT is estimated at around 7.8 billion Danish kroner (1.05 billion euros).
Regionally, Latin America was the weakest market in the quarter. Like-for-like sales (LFL) fell by seven percent to eight million Danish crowns (1.07 million euros). In the EMEA region, like-for-like sales fell by one percent, with total sales of 5.9 billion Danish kroner (791 million euros). Strong growth in Spain, Poland and Portugal was offset by continued weakness in Italy. Although performance in Germany and the United Kingdom improved over time, it remained negative on a like-for-like basis.
Like-for-like sales rose by two percent in both the Asia-Pacific region and North America. However, business in North America fell short of expectations in November and December. The reason for this was lower customer frequency in stores as a result of weak consumer sentiment.
As the new year begins, Pandora welcomed its new President and Chief Executive Officer (CEO), Berta de Pablos-Barbier. She will present the company’s priorities along with full-year results on February 5. In her initial statement on the latest financial results, de Pablos-Barbier stated: “Although the year was marked by macroeconomic headwinds, it also highlighted opportunities to sharpen execution and strengthen brand appeal. As the new CEO, I will focus on managing the current market environment, reducing our commodity risk and making course corrections in selected areas to accelerate profitable growth.”
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