Pandora A/S

Q2 revenue growth was 1% like-for-like and 3% organic growth. Gross margin was up 120 basis points, and Anders said that excluding the one-off tariff refund, gross margin was still above 78% and down around 100 basis points year over year despite just under 300 basis points of external headwinds. EBIT margin was up 210 basis points year over year, with 250 basis points of that coming from the partial refund of U.S. tariffs; excluding that one-off, EBIT margin was broadly in line with last year. For the full year, Pandora now expects 0% to 3% organic growth and 22% to 23% EBIT margin, versus prior guidance of 21% to 22%. Management also said network expansion guidance was increased to 3% organic growth contribution, partly offset by sell-in and other at around minus 1%.

Berta de Pablos-Barbier framed 2026 as a deliberate transition year, with Pandora shifting toward more distinctive design, cultural relevance, local execution, and less promotion-heavy selling. She repeatedly emphasized that the company is seeing encouraging proof points, but that the changes are not yet fully reflected in reported performance. Her tone was constructive but cautious, especially on the U.S. and broader consumer environment, where she said management remains prudent and is not declaring victory.

Anders Boyer-Søgaard said margins remained solid despite external headwinds and highlighted disciplined cost control. He noted gross margin was up 120 bps in Q2, with the tariff refund contributing, while excluding that one-off gross margin was still above 78% and only about 100 bps below last year. He also said EBIT margin was up 210 bps year over year, with a 250 bps benefit from the tariff refund and about 200 bps of cost phasing benefit in Q2, including lower marketing spend; that phasing will reverse in Q3 and Q4 and be neutral for the full year. On cash and capital allocation, he said Pandora monetized the tariff claim by selling it, received $55 million in the first half of May, recognized $28 million in Q2, expects most of the rest in H2, and it is too early to talk about restarting share buybacks.

Analysts focused on the U.S. recovery, tariff implications, the 2027 margin bridge, the new platinum-plating pilot, and why guidance still looks cautious despite better current trading. Management said U.S. traffic remains soft, but conversion and average basket are improving, which they see as evidence that newness and marketing are working; they also said the year’s guidance still embeds caution because of weak consumer sentiment, promotional detox, and geopolitical uncertainty. On tariffs, Anders said the new rate implies roughly 70 to 80 bps of gross margin upside versus prior assumptions, and that Vietnam faces no tariff disadvantage versus Thailand. On platinum plating, Berta said the Netherlands pilot is early but confirming prior consumer testing, with the key learnings coming from store and online price tests ahead of broader rollout.