Pandora notes the recent decision by the U.S. to impose tariffs on goods from several countries. This impacts Pandora in relation to products imported to the U.S. and originating from first and foremost Thailand but also Vietnam, India, China and a number of other countries.
The total impact of the tariffs as announced on 2 April 2025, before any mitigating actions, is estimated to be a gross amount of around DKK 1.2 billion p.a., with the in-year impact in 2025 estimated to be around DKK 700 million.
Of the potential gross impact of DKK 1.2 billion, DKK 250 million is linked to goods eventually sold in Canada and Latin America but distributed via the U.S. Pandora expects to be able to fully mitigate the DKK 250 million related to Canada and Latin America within the next 12 months.
Pandora is actively exploring further mitigating actions to address the potential remaining DKK 950 million impact, including price increases and supply chain set-up.
Pandora also notes certain statements from the Royal Thai Government which acknowledges a readiness to engage in constructive dialogue with the U.S. administration.
Pandora will be monitoring the development closely, including discussions between the U.S. and countries impacted by the tariffs. Pandora will provide an update, including on mitigation measures, as well as a potential update on the 2025 EBIT-margin guidance, in due course as the situation becomes clearer.
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