Pandora reported 3% organic growth and 1% like-for-like growth in Q2 of FY2026, raising both its profitability and growth guidance for 2026.
Pandora’s Q2 results show organic revenue growth of 3% with like-for-like growth of 1% to DKK7.219bn from DKK7.075bn in Q2 2025. While like-for-like in North America was down 1% – probably due to Trump’s tariffs – EMEA was down 2%, however, this was more than balanced by Asia-Pacific and Latin America, which saw continued strong growth at 10% and 18%, respectively. Profits were up to DKK1.463bn from DKK1.287bn in 2025.
The results from Q2 and early trading in Q3 2026, which shows like-for-like growth at “mid-single digit levels”, have made Pandora upgrade its guidance for 2026 to 0% to 3% organic growth, up from a previous guidance of -1% to 2%, and it has increased its EBIT margin guidance to 22% to 23% from 21% to 22%. The new EBIT margin guidance also reflects the expected one-off income from the US IEEPA ‘Trump tariff’ claim.
“We are making progress in re-energising Pandora’s growth engine,” said Pandora’s president and CEO Berta de Pablos-Barbier. “Q2 delivered 1% like-for-like growth, with encouraging early signs from the actions we are taking. There is more work ahead, but we are moving in the right direction and raising our 2026 guidance for both growth and profitability.”
Pandora is currently “course-correcting” its business execution in selected areas, including a greater focus on design, evolving its marketing model with stronger local and cultural relevance and spending on the markets that need it most. This has so far shown some success in its new spring theme “Gardens of Dreams”, which saw products curated across collections and brought design-led storytelling to life through nature-inspired motifs. The theme was supported by marketing campaigns and more focus on in-store merchandising.
In July, Pandora launched Pandora Wonders, the multi-year brand platform aimed at driving desirability and cultural relevance through distinctive design, craftsmanship and the reinterpretation of iconic jewellery materials. The first chapter, co-created with stylist Harry Lambert, was launched in Paris during Haute Couture week and has driven significant brand buzz.
Additionally, the pilot test of a limited range of platinum-plated jewellery was successfully initiated in the Netherlands in July. This followed more than a year of development and consumer testing. Pandora will expand the pilot to further markets during Q4 2026, before scaling the rollout in 2027.