Outlook

In 2026, Pandora is targeting organic revenue growth of -1% to 2% and an EBIT margin in the 21-22% range. While the macroeconomic environment is not supportive of growth, Pandora sees a need for a clear step-change in execution in selected areas. Pandora will move more decisively, with clear strategic priorities that reset execution and re-ignite growth. Over time, this will unlock the next phase of Pandora’s growth journey and deliver stronger like-for-like growth.

The macroeconomic outlook for 2026 and the general consumer environment is associated with elevated uncertainty. The guidance assumes no material change in the macroeconomic environment.

Pandora expects LFL growth of -3% to 0% and network expansion is expected to contribute around 2% to the organic growth, supported by the continued rollout of new stores. In total, revenue growth in local currency, including forward integration, is expected to also be at the -1% to 2% level.

Pandora expects an EBIT margin of 21-22% in 2026, reflecting a year of significant external headwinds and continued investment behind strategic priorities. The EBIT margin decline vs. 2025 is driven by external headwinds of 250-350bp. Excluding these headwinds, the margin would have been roughly flat.

For further details, please refer to Pandoras Q4 report for 2025, page 21-23: find it here.