Outlook

While Pandora has delivered solid results in the first nine months of 2025, the macroeconomic environment and consumer sentiment remains weak. The potential impact from US tariffs on consumer demand also adds uncertainty.

Pandora remains confident in delivering another year of solid organic growth, albeit acknowledges the tough macroeconomic backdrop which has not helped consumer sentiment and trading in Q3 2025. Pandora is also looking to sharpen its execution on the Phoenix strategy through various initiatives including, but not limited to, increasing focus on creative innovation, strengthening the overall marketing content and improving in-store execution. As such, Pandora now expects LFL growth to be 3-4% (vs. previously 4-5%). The low end of the guidance accounts for a potential worsening of the macroeconomic backdrop as well as a potential highly promotional trading environment during the holiday season. Pandora’s network growth guidance has been upgraded to be 4% (previously 3%) reflecting the stronger ramp-up in revenue from the store openings carried out in the past 12 months. The overall organic growth guidance remains unchanged at 7-8% with the EBIT margin guidance also unchanged at around 24%.  

For further details, please refer to Pandoras Q3 report for 2025, page 21-22: find it here.