Pandora reports 6% Q3 organic growth and narrows 2026 guidance
Third-quarter revenue was DKK 6,694 million against 6,269 million a year earlier, with like-for-like growth of 4%. Guidance is now 2-3% organic growth, previously 0-3%, and an EBIT margin of 22.5-23%, previously 22-23%.
By Carat Capital
What changed
Growth held at 6%. Pandora's third-quarter organic growth was 6%, matching a year earlier, with like-for-like sales up 4%. It narrowed 2026 guidance toward the top of its range.
What it means
- If you hold Pandora: 370bp of the 15.9% EBIT margin was a one-off tariff refund; Pandora calls the underlying margin broadly flat.
- If you compete with charm brands: Pandora is taking platinum-plated tests to the US, UK and Australia, for 2027.
- What this is not: An acceleration. Q3 2025 organic growth was 6% too, and October like-for-like slowed to 1%.
Key figures
| Organic growthQ3 2026, same as Q3 2025 | 6% |
|---|---|
| Like-for-like growthQ3 2026, against 2% in Q3 2025 | 4% |
| EBIT marginQ3; includes a 370bp one-off; 14.0% a year earlier | 15.9% |
| October like-for-likelower promotions, Pandora says | 1% |
Source: Pandora A/S, Q3 2026 company announcement, 4 November 2026; quarter to 30 September 2026.
Every region grew like-for-like.
North America picks up. North America accelerated to 3% like-for-like and EMEA improved to 1%.
Asia-Pacific leads. Asia-Pacific grew 20% like-for-like and Latin America 6%.
Newer ranges lead. The range Pandora calls Fuel with More accelerated to 9% like-for-like; the Core improved to 1%.
| Line | Q3 2025 | Q3 2026 | 9M 2026 |
|---|---|---|---|
| Revenue, DKKm | 6,269 | 6,694 | 21,022 |
| Organic growth | 6% | 6% | 3% |
| Like-for-like | 2% | 4% | 1% |
| EBIT, DKKm | 880 | 1,064 | 4,015 |
| EBIT margin | 14.0% | 15.9% | 19.1% |
Figures as printed by Pandora. The Q3 2026 margin includes 370bp of one-off income from a partial refund of Pandora's claim against US IEEPA tariffs.
A one-off lifted Q3's margin.
Refund in the margin. A partial refund of Pandora's claim against US emergency-powers (IEEPA) tariffs added 340bp to the 83.7% gross margin. Without it, the margin rose 100bp, Pandora says.
Underlying margin flat. The EBIT margin was 15.9%, up 190bp, with 370bp from the one-off. Pandora calls the underlying margin broadly flat and prints no figure for it.
Guidance narrows toward the top.
A higher floor. Pandora now guides 2026 organic growth at 2-3%, previously 0-3%.
Margin range tightens. The 2026 EBIT margin guide is 22.5-23%, previously 22-23%.
October slowed. Like-for-like growth was 1% in October, which Pandora puts down to lower promotional activity. It says underlying trends remain around 3%.
Platinum plating spreads. A platinum-plated jewellery test begun in the Netherlands in July now covers markets including the US, UK and Australia. Pandora plans to start the transition in 2027.
What to watch
- Full-year 2026 report, date not announcedThe year's organic growth. The test: whether it lands at 2-3% after a 1% October.
- November and December 2026Holiday trading. The test: whether like-for-like returns to the roughly 3% underlying trend Pandora cites.
The story so far
Go deeper
What would change this call
A full-year report below 2% organic growth would mean October's 1% was the trend rather than the promotions, and the narrowed range was early.
How organic growth is built
Pandora's organic growth is like-for-like growth plus network expansion and other. In Q3 that was 4% plus 2%, giving 6%.
Method
Pandora A/S, 'Pandora delivers 6% organic growth in Q3 - Guidance narrowed towards upper end', dated '4 November 2026 Company announcement' in the body, read at pandoragroup.com at 06:04 EST 5 November 2026. Text: 'In Q3, Pandora delivered LFL growth of 4% and network expansion and other of 2%, resulting in 6% organic growth', 'LFL growth in North America accelerated to 3% and EMEA improved to 1%', 'Asia-Pacific continued to grow strongly at 20% LFL whilst Latin America delivered 6%', 'LFL growth in the Core improved slightly to 1% LFL whilst Fuel with More accelerated to 9%', 'One-off income from a partial refund of Pandora's US IEEPA tariff claim positively impacted the gross margin by 340bp', 'The Q3 EBIT margin landed at 15.9%, +190bp Y/Y, benefitting 370bp from above mentioned one-off tariff impact. The underlying EBIT margin was broadly flat Y/Y', 'narrowed towards the upper end of the previous ranges to 2-3% organic growth (previously 0-3%) and an EBIT margin of 22.5-23% (previously 22-23%)', 'LFL growth in October was 1%. This was negatively impacted by lower promotional activity. Underlying trends remain healthy at around 3% LFL growth', and the platinum-plated pilot 'initiated in the Netherlands in July'. Summary table: revenue 6,694 against 6,269; organic growth 6% and 6%; LFL 4% and 2%; EBIT 1,064 against 880; margin 15.9% against 14.0%. Arithmetic, ours: 1,064 / 6,694 = 15.9% and 880 / 6,269 = 14.0%, a gap of about 186bp against the printed 190bp. The release sizes the one-off and calls the underlying margin broadly flat without printing an underlying figure; this page prints none. The release also updates a 2027 EBIT margin target to 14-15% including one-offs and 15.5-16.5% excluding them; it does not set those against the 22.5-23% range for 2026, and they are not used here. The chief executive's statement is not quoted.
Sources
- Pandora A/S, Q3 2026 company announcement 4 November 2026