2% ORGANIC GROWTH IN Q1 2026 - GUIDANCE UNCHANGED

6 May 2026Company announcement

Q1 2026 highlights

Q1 2026 organic growth of 2%, comprising of LFL growth at 0% and network expansion & other at 2%. Profitability remained solid despite significant external headwinds.
LFL in North America ended at -2% impacted by lower consumer sentiment. EMEA also delivered -2% whilst Asia-Pacific and Latin America saw solid growth at 12% and 6%, respectively.
Within segments, LFL in the Core was -1%, partly mitigated by strength in the Talisman collection. Fuel with More delivered 1% LFL growth supported by Timeless with some improved performance.
The Q1 2026 gross margin ended at 79.5%, down 90bp Y/Y, with efficiencies & other offsetting a material part of the external headwinds related to tariffs, commodities and foreign exchange.
The Q1 EBIT margin landed at a solid 20.9% (Q1 2025 22.3%), despite 440bp of external headwinds.

Strategic highlights

As mentioned previously, Pandora is embarking on its next strategic evolution. This includes a greater focus on design as a key driver of desirability, evolving the marketing model with stronger local relevance and calibrating the growth engines by market. While performance in Latin America and Asia-Pacific continues to improve following strategic action, Pandora is taking decisive steps to re-energise demand in markets with a higher penetration in the Core.
Pandora is resetting how design drives product leadership across its collections. This entails a greater focus on more distinctive, culturally relevant collections to drive demand and target under-penetrated aesthetic spaces. The Bridgerton collaboration launched in Q1, though limited in scale, exemplifies this approach with clear product differentiation which generates brand buzz.
The marketing model is now complementing its reach-driven approach with a stronger focus on brand relevance and earned media impact, while further differentiating execution based on market maturity. Investments are being reallocated towards social media and earned media driven activations.
As part of its strategy to evolve the multi-material jewellery offering and reduce commodity exposure, plans for the introduction of Pandora’s new platinum-plated offering are progressing well.