At a glance
- How much? Pandora posted revenue of 6,694 million Danish kroner in the third quarter of 2026, or 6% organic growth, according to its results of 4 November.
- The engine: Japan delivered nearly half of the group’s like-for-like growth.
- Asia-Pacific: +20% like-for-like, +22% organic, two measures of the same quarter.
- A margin to read closely: its 15.9% includes around 370 basis points from a US customs refund.
- 2026 guidance: organic growth of 2 to 3%, EBIT margin of 22.5 to 23%.
- And 2027: a target margin of 14 to 15%, with silver hedged at around 62 dollars an ounce.
All four Pandora regions grew on a like-for-like basis in the third quarter. The story of these results lies in sales, and above all in Japan, far more than in a margin inflated by a customs duty refund. The Danish brand, which describes itself as the world’s largest jewellery brand, now has its future tied to the price of silver.
6,694 million kroner in the quarter
The interim report of 4 November sets this figure against 6,269 million a year earlier: +7% in kroner, +6% in local currencies. Organic growth comprises 4% like-for-like and 2% from the network and other effects. The Fuel with more segment accelerated to +9% like-for-like, against +1% for Core, which accounts for 74% of sales. Timeless and ESSENCE gained 13%, while Moments slipped 1%.
Pandora highlights new designs, including Talisman, and is cutting back on promotions. Its network has 2,822 concept stores, 23 more than twelve months ago, despite 68 net closures in China. Lab-grown diamonds fell 14%, to 1% of sales.
Japan drives nearly half of the increase
On its own, Japan delivered nearly half of the group’s like-for-like growth, with triple-digit gains. The group warns that this pace should slow, as it now compares with an already very strong year.
+20% or +22% in Asia-Pacific?
Both figures are correct and come from the same table. +20% measures like-for-like growth, +22% organic growth, which adds the network and other effects. In kroner, sales rose from 507 to 636 million, around 25% higher, currency effects included.
| EMEA | 3,273 million kroner, +1%, +4% |
| North America | 2,283 million kroner, +3%, +4% |
| Asia-Pacific | 636 million kroner, +20%, +22% |
| Latin America | 503 million kroner, +6%, +3% |
A margin lifted 370 points by customs
EBIT reached 1,064 million kroner, up from 880 million, for a margin of 15.9%, against 14.0%. Around 370 basis points come from a one-off gain, the partial refund of US IEEPA tariffs, worth 246 million kroner. Without it, the margin would fall to around 12.2% by simple subtraction. Also stripping out 90 points of external headwinds and 40 points of platinum-related costs, Pandora comes out 50 points below 2025 and speaks of a broadly flat underlying margin. Excluding the refund, earnings per share fell 20%, to 5.0 kroner.
2026 guidance narrowed, October at +1%
Pandora now expects organic growth of 2 to 3%, against 0 to 3%, and a margin of 22.5 to 23%, against 22 to 23%, mainly thanks to the refund, now expected to add 130 basis points over the year, against 100. October slowed to +1% like-for-like, which the group attributes to reduced promotions, with an underlying trend of around 3%. Anders Boyer steps down as CFO on 30 November, with Paulo Garcia taking over on 1 December. For comparison, see the luxury market in the third quarter of 2026 and Richemont’s first quarter.
Why a margin of 14 to 15% in 2027?
The figure looks surprising next to 2026, but it is an upgrade. Pandora is targeting 14 to 15%, or 15.5 to 16.5% excluding one-off transition costs, against at least 12% and at least 14% until now. Silver is at the heart of the contrast: hedged at around 34 dollars an ounce in 2026, it is 90-100% hedged at around 62 dollars for 2027, against the 82 dollars assumed previously. Added to this are the end of 2026’s one-off gains and investment in stores and online. In the medium term, the group is targeting more than 23%, assuming silver at 50 dollars an ounce.
Platinum plating to reduce silver reliance
Tested in the Netherlands in July, platinum plating is being extended to other markets, including the US, the UK and Australia. Conversion of part of the silver assortment will begin in 2027, accelerate in 2028 and finish in 2029, with fewer designs than planned in the first year.
The Ho Chi Minh City facility, opened on 1 October, is central to this. Pandora’s first production site outside Thailand, it can make up to 60 million pieces a year and raises capacity by around 50%.
| Published | 4 November 2026, announcement no. 1019 |
| Q3 revenue | 6,694 million Danish kroner |
| Organic growth | 6%, of which 4% like-for-like |
| EBIT margin | 15.9%, including around 370 one-off points |
| 2026 guidance | 2 to 3% growth, margin of 22.5 to 23% |
| Next results | 11 February 2027 |
Information verified on 5 November 2026. Sources: Pandora Q3 2026 interim report, Pandora announcement of 4 November 2026, investor presentation, Pandora financial calendar.
