Pandora A/S

XMUN:3P7

Top line: Pandora said Q2 like-for-like growth was 1% and organic growth was 3%, with management stressing that the quarter was broadly in line with expectations.

Outlook raised: Full-year organic growth guidance was lifted to 0% to 3%, and EBIT margin guidance was raised to 22% to 23%, helped by the U.S. tariff refund and better first-half performance.

Promo detox: Management is deliberately cutting promotions and heavy discounting, especially in mature markets, to protect brand equity even if it dampens near-term sales.

U.S. proof points: The U.S. was flat in Q2, but Pandora said traffic is still soft while conversion and average basket are improving, which it sees as evidence that new product and marketing efforts are working.

Platinum plating: The company is piloting platinum-plated jewelry in the Netherlands and said early consumer response has been encouraging; broader rollout is planned for next year.

Margins resilient: Gross and EBIT margins stayed strong despite external headwinds, and management said cost control and pricing actions are offsetting pressure from silver and other inputs.

Leadership change: Pandora confirmed Anders Boyer’s retirement from operating roles and the planned arrival of Paolo Garcia in October, but said strategy and priorities are unchanged.