Pandora A/s · OMXCOP:PNDORA
Pandora A/s — Pandora A/S Ord — Q1 2026 Earnings Presentation
40 slides from Pandora A/s's earnings presentation, May 6, 2026
Slide 1: First-Quarter Results 2026
6 MAY 2026 FIRST-QUARTER RESULTS 2026
Slide 2: Agenda
AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix DISCLAIMER This presentation contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarant
Slide 3: First Quarter Results
2% FIRST QUARTER ORGANIC GROWTH 7% in Q1 2025 RESULTS 0% LFL Low-single digit 6% in Q1 2025 organic growth in Q1 2026 Solid profitability despite 440bp external headwinds 79.5% GROSS MARGIN, -90bp Y/Y 80.4% in Q1 2025 Acting on strategic initiatives to re-energise growth 20.9% EBIT MARGIN, -140bp Pl
Slide 4: 2026 Guidance Unchanged
2026 GUIDANCE UNCHANGED -1% to +2% 21-22% ORGANIC GROWTH EBIT MARGIN “We delivered 2% organic growth in the quarter, in line with our expectations, and are advancing our initiatives to re-energise Pandora’s growth engine. At the same time, we are expanding into new materials, positioning Pandora as
Slide 5: Agenda
AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix Classification: Pandora Internal
Slide 6: Strong Foundations: Significant Growth Opportunities Ahead
RECAP OF WHAT WE SAID IN FEBRUARY 2026 STRONG FOUNDATIONS: SIGNIFICANT GROWTH OPPORTUNITIES AHEAD Vision remains unchanged To be the most desirable, accessible jewellery brand, driven by more distinctive, design led collections and an evolved marketing model focused on relevance and cultural resonan
Slide 7: Evolving Our Growth Engine for the Next Phase
RE-ENERGISING GROWTH EVOLVING OUR GROWTH ENGINE FOR THE NEXT PHASE STRENGTHENING GROWTH DRIVERS ACTIONS TAKEN SO FAR • More distinctive core designs • New Chief Product Officer • Scale new underrepresented DESIGN designs • Orgsanisational culture shift with design at the core • Desirable creative di
Slide 8: Design Focus Unlocks Growth
RE-ENERGISING GROWTH WHERE WE OPERATE WHERE GROWTH COMES FROM DESIGN FOCUS UNLOCKS GROWTH FINE ORGANIC Pandora’s design mix and newness have been OTHER concentrated in a narrow aesthetic space (Playful) SPARKLING Under-represented aesthetics can drive disproportionate growth with stronger creative f
Slide 9: A New Level of Transparency
A NEW LEVEL OF TRANSPARENCY Pandora adds carbon footprint labelling for lab-grown diamonds, giving consumers essential insight into the climate impact of their diamond jewellery. CARAT CLARITY CUT COLOUR + CARBON FOOTPRINT The carbon footprint of a Pandora Lab-Grown Diamond is around 90% lower than
Slide 10: Building a More Resilient Brand Through a Multi-Material Product Platform
INTRODUCING PLATINUM-PLATED JEWELLERY BUILDING A MORE RESILIENT PANDORA’S MATERIAL MIX HAS ALREADY BEEN DIVERSIFYING BRAND THROUGH A MULTI- (REVENUE BY METAL TYPE, 2025) PLATINUM PLATING IS THE NATURAL NEXT EVOLUTION MATERIAL PRODUCT PLATFORM 10% Economics and know-how Strengthens long-term material
Slide 11: Agenda
AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix Classification: Pandora Internal
Slide 12: Flat LFL Performance in Q1
CORE & FUEL WITH MORE FLAT LFL PERFORMANCE IN Q1 Core The Charms and Carriers core delivered -1% LFL growth in Q1 Continues to be supported by the launch of Talisman and strong earned media driven by the Bridgerton collab. More work to be done in refreshing designs Fuel with more Q1 delivered 1% LFL
Slide 13: Building Cultural Relevance Through Earned Media
INVESTING BEHIND THE BRAND IN Q1 2026 BUILDING CULTURAL RELEVANCE THROUGH EARNED MEDIA LEVERAGING RED CARPET MOMENTS KATSEYE MINIS LAUNCH ALWAYS-ON BRAND BUILDING Positioning Pandora in the Strong earned media impact Danna, Pandora’s new Latin heart of culture and brand heat by tapping into America
Slide 14: Combining Distinctive Design with Cultural Activation to Drive Demand
RE-ENERGISING GROWTH COMBINING DISTINCTIVE DESIGN WITH CULTURAL ACTIVATION TO DRIVE DEMAND DISTINCTIVE DESIGN CULTURAL ACTIVATION EARNED MEDIA “Creating the spark” “Putting it on stage” “Amplifying the story” 15 Pandora Q1 2026 | Investor presentation 6 May 2026 Classification: Pandora Internal
Slide 15: Enhancing Appeal Through In-Store Experience
NEW STORE CONCEPT ENHANCING APPEAL THROUGH IN-STORE EXPERIENCE New format By Q1 2026, 830 out of the total 2,796 concept stores are in the new format Brand platform We are upgrading store design and layouts to improve conversion and reinforce Pandora as a desirable jewellery brand Storytelling Enhan
Slide 16: Regional Performance Q1 2026
REGIONAL PERFORMANCE Q1 2026 NORTH AMERICA -2% LFL vs. Q1 2025 EUROPE, MIDDLE EAST -2% LFL vs. Q1 2025 12% LFL ASIA - 11% LFL & AFRICA PACIFIC Q1 2025 vs. Q1 2025 4% LFL Q1 2025 -3% LFL Q1 2025 LATIN 6% LFL AMERICA vs. Q1 2025 3% LFL Q1 2025 17 Pandora Q1 2026 | Investor presentation 6 May 2026 Clas
Slide 17: Agenda
AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix Classification: Pandora Internal
Slide 18: Robust Financial Performance Despite External Headwinds
KEY FINANCIAL HIGHLIGHTS ROBUST FINANCIAL PERFORMANCE DESPITE EXTERNAL HEADWINDS HIGHLIGHTS • External headwinds from TOPLINE Q1 2026 Q1 2025 commodities, foreign exchange and tariffs impacted the EBIT Revenue, DKK million 7,109 7,347 margin by -440bp in Q1 2026. Organic growth, % 2% 7% The gross ma
Slide 19: 2% Organic Growth in Q1
Q1 REVENUE PERFORMANCE 2% ORGANIC GROWTH IN Q1 REVENUE GROWTH, Q1 2026 Flat LFL in Q1 should be seen in the context of a soft consumer backdrop 3% <1% 2% Q1 performance reinforces the need for strategic changes to re-energise growth 2% -1% Network expansion drove 3% organic revenue growth in Q1, and
Slide 20: EBIT Margin Supporting FY Guidance
EBIT MARGIN EBIT MARGIN SUPPORTING FY GUIDANCE The reported EBIT margin declined 140bp EBIT MARGIN, Q1 2026 Y/Y in Q1 2.5% Commodities, FX and tariffs provided a significant drag of 440bp 0.5% 22.3% Strong gross margin performance and efficiencies linked to Silverstone helped 20.9% partially absorb
Slide 21: Agenda
AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financials results 2026 guidance and mid-term outlook Appendix Classification: Pandora Internal
Slide 22: Organic Growth Guidance of -1% to 2%
2026 ORGANIC GROWTH GUIDANCE ORGANIC GROWTH GUIDANCE OF -1% TO 2% Organic growth guidance unchanged LFL growth of -3% to 0%, reflecting a soft consumer environment and current REVENUE GUIDANCE, 2026 momentum Organic Growth The macroeconomic outlook remains highly Guidance <0.5% -1% to 2% uncertain.
Slide 23: 21-22% EBIT Margin in 2026
2026 EBIT MARGIN GUIDANCE EBIT margin guidance unchanged 21-22% EBIT MARGIN Profitability remains strong despite 200-250bp IN 2026 external headwinds The upside to the initial guidance from additional commodity hedging (silver is 95- EBIT MARGIN GUIDANCE, 2026 100% hedged in 2026 at around USD 32/oz
Slide 24: Transition to Platinum Plating Progressing Well
PROTECTING PROFITABILITY LEVELS TRANSITION TO PLATINUM TRANSITION TO PLATINUM PLATING (revenue split by metal type) PLATING PROGRESSING WELL 10% In line with previous communication, Pandora expects to transition around 80% of its total silver revenue to platinum plating by the end of 2028 25% Half o
Slide 25: Mid-Term EBIT Margin Above 21% (Unchanged)
PROTECTING PROFITABILITY LEVELS SILVER & TRANSITION TO PLATINUM-PLATED: IMPACT ON THE EBIT MID-TERM EBIT MARGIN MARGIN ABOVE 21% (UNCHANGED) “At least 14%” EBIT Margin in 2027 (before one-offs) On 5 February, Pandora issued a mid-term EBIT margin target of Above 21%. This remain unchanged And At com
Slide 26: Closing Remarks
CLOSING REMARKS In a tough consumer backdrop, Q1 LFL growth was in line with expectations Strategic actions being taken to accelerate growth through design, marketing and market-specific go-to-market models Early positive signs in Latin America & Asia-Pacific Profitability across the group remains s
Slide 27: Equity Story
EQUITY STORY A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES A STRONG BRAND AN ASSET-LIGHT, UNIQUE GROWTH A RESILIENT BUSINESS FINANCIAL IN AN ATTRACTIVE FULLY INTEGRATED OPPORTUNITIES COMMITTED TO AMBITION* CATEGORY BUSINESS MODEL SUSTAINABILITY Pandora stands as the sole Our asset-light business mod
Slide 28: Appendix
APPENDIX
Slide 29: Accelerating Impact Through Strong Results
SUSTAINABILITY FY2025 ACCELERATING IMPACT ESG RANKINGS THROUGH STRONG RESULTS • Pandora was named the world’s second most sustainable company by research firm Corporate Knights. • The annual ‘Global 100’ ranking evaluates DECOUPLING GROWTH publicly traded companies with more FROM EMISSIONS than USD
Slide 30: Pandora Consumer
PANDORA CONSUMER GLOBAL PURCHASE FUNNEL DEVELOPMENT I PANDORA ACROSS AGE GROUPS In % Base: All women XX/XX Significantly higher / lower than Y-1 at a 95% confidence level PANDORA 18-24 YO 25-40 YO 41-64 YO Unaided Brand 33 33 35 36 35 39 39 45 33 32 33 36 33 33 35 35 Awareness 82 83 84 84 83 84 87 8
Slide 31: Revenue Development by Channel
. REVENUE DEVELOPMENT BY CHANNEL Organic Share of DKK million Q1 2026 Q1 2025 growth Revenue Pandora operated1 retail 6,147 6,176 3% 86% - of which concept stores 4,094 4,040 4% 58% - of which online stores 1,533 1,659 -2% 22% - of which other points of sale 520 477 16% 7% Wholesale 770 989 -10% 11%
Slide 32: Revenue by Segments
. REVENUE BY SEGMENTS Like- Share of DKK million Q1 2026 Q1 2025 for-like Revenue Core 5,111 5,298 -1% 72% - Moments 4,127 4,376 -3% 58% - Collabs 694 672 7% 10% - ME 290 249 16% 4% Fuel with more 1,998 2,049 1% 28% - Timeless 1,657 1,636 4% 23% - Signature 104 172 -36% 1% - PANDORA ESSENSE 161 151
Slide 33: Regional Revenue and Growth Overview
. REGIONAL REVENUE AND GROWTH OVERVIEW QUARTERLY REVENUE DEVELOPMENT BY REGION DKK million Q1 2026 Q1 2025 Like-for-like Organic growth Share of revenue EMEA 3,564 3,645 -2% 0% 50% North America 2,427 2,671 -2% -1% 34% Latin America 508 464 6% 13% 7% Asia - Pacific 609 567 12% 12% 9% Total revenue1
Slide 34: Consolidated Income Statement
. CONSOLIDATED INCOME STATEMENT DKK million Q1 2026 Q1 2025 FY 2025 Revenue 7,109 7,347 32,549 Cost of sales -1,458 -1,436 -6,802 Gross profit 5,651 5,910 25,747 Sales, distribution and marketing expenses -3,621 -3,657 -15,469 Administrative expenses -543 -613 -2,495 Operating profit 1,487 1,641 7,7
Slide 35: Store Network Development
. STORE NETWORK DEVELOPMENT Total concept stores O&O concept stores Number Growth Growth Number Number Number of concept O&O O&O of concept of concept of concept Growth Growth stores stores stores stores stores stores Q1 2026 Q1 2026 O&O Q1 2026 Q1 2026 Q1 2026 Q4 2025 Q1 2025 / Q4 2025 /Q1 2025 Q1
Slide 36: Working Capital
. WORKING CAPITAL Share of preceding 12 months’ revenue Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Inventories 16.4% 15.0% 16.4% 14.6% 14.3% Trade receivables 2.5% 3.6% 2.1% 2.0% 2.2% Trade payables -13.2% -14.2% -10.9% -10.1% -10.1% Other net working capital elements 0.8% -0.3% -0.3% -1.9% -2.3% Total
Slide 37: Commodity Hedging and Cost of Goods Sold Break Down
COMMODITY HEDGING AND Hedged prices for purchases and expected phasing into cost sales1 COST OF GOODS SOLD BREAK DOWN USD/OZ Realised in Q1 2026 Hedged Q2 2026 Hedged Q3 2026 Hedged Q4 2026 Hedged Q1 2027 Silver Estimated net price, cost of sales2 31.5 ~32 ~31 ~30 ~46 Hedged price, purchases 30.3 33
Slide 38: Investor Relations Contact Details
INVESTOR RELATIONS CONTACT DETAILS INVESTOR RELATIONS TEAM SHARE INFORMATION Trading symbol PNDORA Bilal Aziz Adam Fuglsang Identification number/ISIN DK0060252690 SVP, Investor Relations & Treasury Director, Investor Relations +45 3137 9486 +45 6167 7425 GICS 25203010 biazi@pandora.net adfug@pandor
Slide 39: Disclaimer
DISCLAIMER This Company announcement contains forward-looking statements, including, but not limited to, guidance, expectations, strategies, objectives and statements regarding future events or prospects with respect to the Company’s future financial and operating results. Forward-looking statements
Slide 40: Thank You
THANK YOU