Outlook

Since Pandora issued its guidance in February 2025, macroeconomic uncertainty has significantly increased. The prevailing uncertainty has the potential to both negatively impact consumer behaviour and demand as well as adding operating cost for Pandora.

Pandora has started 2025 well and, for now, has seen no impact on its top-line performance from a potentially more challenging environment for consumers. Pandora will continue to execute on the Phoenix strategy and the related growth initiatives, many of which have already demonstrated Pandora’s strong resilience over the past five years. However, the macroeconomic outlook remains highly uncertain, and it is too early to assess how consumers may eventually be impacted. Pandora will continue to monitor the situation carefully.

Therefore, Pandora currently retains its initial organic growth guidance for 2025 of 7-8%. The EBIT margin guidance is updated to around 24% (previously around 24.5%) reflecting the recent adverse foreign exchange movements and a -30bp impact from current tariffs in place over a 90 day period.

For further details, please refer to Pandoras Q1 report for 2025, page 20-21: find it here.