Pandora AS

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Pandora Earnings: Resilient Despite Headwinds; Shares Remain Attractive

Jelena Sokolova

May 6, 2026

Pandora reported organic growth of 2% in the first quarter with flat like-for-like sales and confirmed full-year guidance of minus 1% to 2% organic growth and 21%-22% margin. EBIT margin was down 140 basis points despite 440-basis-point cost headwinds, helped by pricing, cost cuts, and cost phasing.

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Pandora AS

Pandora Earnings: Resilient Despite Headwinds; Shares Remain Attractive

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