Pandora has cut its 2025 organic growth forecast after weaker-than-expected consumer demand, particularly in North America during the final quarter of the year.
In a preliminary and unaudited update, the jewellery group said it now expects organic growth of 6% for 2025, down from previous guidance of 7–8%. However, group EBIT margin is expected to be around 24%, in line with guidance.
Pandora said trading conditions in 2025 were shaped by subdued consumer sentiment, with the impact most pronounced in North America in the run-up to Christmas.
Despite the softer top-line performance, the company said strong gross margins and cost control had helped offset headwinds from commodity prices, foreign exchange movements and tariffs.
For the fourth quarter, Pandora reported organic growth of 4%, driven entirely by network expansion, with like-for-like sales flat. North America delivered like-for-like growth of 2%, although trading in November and December fell short of expectations due to lower store traffic.
In EMEA, like-for-like sales declined 1%. Strong growth in Spain, Poland and Portugal was offset by continued weakness in Italy, while Germany and the UK showed sequential improvement but remained negative. Like-for-like growth in Asia-Pacific was 2%, while Latin America fell 7%.
Across product categories, like-for-like growth in Pandora’s core range was flat, supported by Pandora Talisman. The Fuel with More segment declined 3%, despite 15% growth in Pandora Essence, while Pandora Timeless was flat.
Pandora said its fourth-quarter gross margin is expected to be around 78%, with an EBIT margin of about 33.5%. As a result, full-year EBIT for 2025 is expected to land at around DKK 7.8bn (£910m), compared with DKK 8.0bn (£930m) in 2024.
The group stated that Berta de Pablos-Barbier, who took over as president and chief executive on 1 January 2026, will outline the group’s strategic priorities for 2026.
She will also outline the audited full-year results on 5 February, including plans to reduce commodity exposure to help protect margins through product innovation.
De Pablos-Barbier said: “We delivered 6% organic growth in 2025 despite softer-than-expected Q4 holiday trading, particularly in North America. While the year was marked by macro headwinds, it has also highlighted opportunities to sharpen execution and strengthen brand desirability.”
