Pandora Raises 2026 Guidance as New Offerings Fuel Second-quarter Revenue Growth

Pandora Raises 2026 Guidance as New Offerings Fuel Second-quarter Revenue Growth

Lily Templeton

Wed, August 12, 2026 at 8:35 PM GMT+3 3 min read

PARIS — Pandora is charting a path back to growth, reporting organic growth of 3 percent to 7.22 billion Danish kroner, or $1.11 billion, in the second quarter in an early announcement on Wednesday evening following market close.

In the three months ending June 30, like-for-like growth was 1 percent, while network expansion was 2 percent, beating consensus averages.

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These improved results, attributed to shifting gears through the period, led the Danish jewelry giant to raise its 2026 revenue guidance. It is now expecting organic growth to fall between 0 and 3 percent, compared to the previously stated bracket of minus 1 percent to plus 2 percent.

The EBIT margin guidance was also updated to a 22 to 23 percent bracket, up from 21 to 22 percent, reflecting "the expected one-off income" from U.S. tariff refunds. Current trading in the third quarter was "at midsingle-digit levels" in like-for-like terms, helped by "phasing of commercial activities," according to the company.

Pandora's president and chief executive officer Berta de Pablos-Barbier said the company was "making progress in reenergizing Pandora's growth engine," with "encouraging early signs" from its efforts and the period's 1 percent like-for-like growth.

"There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability," she continued.

The Copenhagen-based jeweler saw its Fuel With More category grow 6 percent in like-for-like terms, while its Core, which includes its charm business, contracted by 1 percent on the period.

While there was ongoing softness in the company's dominant markets of North America, which saw a 1 percent tickdown, and the EMEA region, described as "broadly stable" with a 2 percent decrease, the company highlighted strong growth in the Asia-Pacific and Latin America regions, which account for 16 percent of the firm's revenue. They grew 10 percent and 19 percent, respectively, in the second quarter.

For the first half of 2026, revenue grew 2 percent in organic terms to 14.33 billion Danish kronor, or $2.21 billion.

Gross margin reached 80.5 percent, thanks to the tarriff-driven additional income, and "remained solid" at 78.2 percent excluding this one-off boost, supported by "efficiencies and promotional discipline offsetting a large proportion" of headwinds including continuing tariffs, commodity prices and foreign exchange effects. EBIT margin stood at 20.3 percent.

The company highlighted its ongoing efforts on design, with the introduction of new collections geared at upscaling the brand's style credentials, such as the Pandora Wonders brand platform with a first chapter with stylist Harry Lambert; the successful test pilot of its platinum-plated jewelry in the Netherlands, which will now ramp up across markets before a large-scale rollout in 2027, and the implementation of a differentiated approach based on market maturity.

RBC's Piral Dadhania deemed the pre-announcement, which came a day before Pandora was initially due to report its second-quarter results, "positive" and expected they "will be well received and help to justify Pandora's strong recent share price gains."

He added that "confidence in Pandora's management changes and initial actions under de Pablos-Barbier are likely to further build ahead of the early November strategic update," slated for Nov. 4.

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