In Q3 2025, Pandora delivered organic revenue growth of 6% despite the turbulent macroeconomic backdrop. The organic growth comprised of like-for-like (LFL) growth of 2% and network expansion etc. of 4%. LFL growth in the US and Rest of Pandora remained robust at 6%. Overall LFL growth in Europe was -1% with the four European markets disclosed separately weighing on growth and offsetting the solid growth in several other countries, such as Spain, Portugal and Poland.
The gross margin remained strong at 79.3% despite 280bp of headwinds from foreign exchange, commodities and tariffs (80.1% in Q3 2024). The Q3 2025 EBIT margin landed at 14.0% as expected. The margin declined by 210bp Y/Y reflecting a significant 380bp headwind from foreign exchange, commodities and tariffs. Reported EPS growth in Q3 2025 was -14% (+5% in constant currency), in line with expectations.
Pandora continues to invest behind the Phoenix strategy. To engage more consumers and drive LFL, Pandora is increasing focus on creative innovation, further strengthening the marketing content and boosting local cultural relevance. Pandora will also amplify the brand’s value proposition of affordability and optimise in-store execution.
In late Q3 2025, Pandora introduced two new sub-collections – Pandora Talisman and Pandora Minis. The launches have received an encouraging response. Pandora’s new holiday campaign is live and will deepen emotional connection through storytelling.
Pandora is well advanced in exploring creative innovation that is anchored in the brand’s distinctive DNA as an accessible precious metal jewellery brand. Over time, such innovation is expected to mitigate a material part of the higher commodity prices and thereby protect Pandora’s high margins and strong financial algorithm.
Pandora updates its 2026 EBIT margin target of “at least 24%” to be “around 23%”, solely reflecting the additional commodity and FX headwinds since the Q2 2025 announcement.
Pandora maintains guidance for 2025 of “7-8% organic growth”. LFL growth is now expected to be 3-4% (previously 4-5%) and network expansion 4% (previously 3%). The EBIT margin guidance for 2025 is also maintained at “around 24%”.
In October, Pandora delivered 4% LFL growth. Alexander Lacik, President and CEO of Pandora, says, “We continue our growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment.
We are intensifying our efforts to drive brand heat, and the initial response to our new product launches demonstrates how we can continue to unlock market potential with our combination of innovation, affordability and emotional storytelling. We are well-geared for the upcoming holiday period and set to reach our targets for the year.”
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