Pandora expects to deliver 6% organic growth and around 24% EBIT margin in 2025

Core Insights - Pandora is expected to achieve organic growth of 6% for 2025, slightly below the previous guidance of 7-8% [1] - The group EBIT margin for 2025 is anticipated to align with guidance at approximately 24% [1] - The audited full-year results for 2025 will be announced on February 5, 2026 [1] Financial Performance - Q4 2025 revenue was DKK 11.9 billion, a slight decrease from DKK 12.0 billion in Q4 2024 [5] - FY 2025 revenue is projected at DKK 32.5 billion, up from DKK 31.7 billion in 2024 [5] - Q4 2025 organic growth was 4%, compared to 11% in Q4 2024 [5] - Like-for-like growth was flat at 0% in Q4 2025, down from 6% in Q4 2024 [5] - Q4 2025 EBIT margin is expected to be around 33.5%, down from 34.7% in Q4 2024 [5] Market Conditions - The overall performance reflects weak consumer sentiment, particularly in North America during Q4 2025 [2] - North America reported 2% like-for-like growth in Q4 2025, with trading in November and December falling below expectations [8] - EMEA region experienced a -1% like-for-like growth, with strong performance in Spain, Poland, and Portugal offset by weakness in Italy [8] - Asia-Pacific and Latin America reported like-for-like growth of 2% and -7%, respectively [8] Leadership and Strategy - Berta de Pablos-Barbier was appointed as President & CEO of Pandora on January 1, 2026 [3] - The new CEO will outline strategic priorities for 2026, focusing on reducing commodity exposure and enhancing brand desirability [3][5] - The company aims to leverage untapped growth opportunities as a full jewellery brand [5] Gross Margin and Cost Control - Q4 2025 gross margin is expected to be around 78%, reflecting strong cost discipline [8] - The company anticipates FY 2025 EBIT to be approximately DKK 7.8 billion [8]