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Pandora A/S (PNDRY) Q1 2026 Earnings Call Transcript
Pandora A/S trades at a deep discount after a 50% share price decline, despite a strong business and a strategic transition underway. PNDZF is nearly fully hedged against silver price volatility for 2026 and is pivoting to platinum-plated jewelry, aiming to reduce silver exposure by ~80% by 2028. Despite margin pressures, Pandora maintains industry-leading profitability, and robust shareholder returns through dividends and buybacks.
As big brands like Pandora rethink their core collections, many jewelers believe the move could permanently change what fills jewelry cases.
Pandora A/S (PNDRY) Q4 2025 Earnings Call Transcript
Silver's volatility is rattling the world's largest jeweler, Pandora .
The jeweler aims to reduce dependence on silver as part of the strategy of its newly installed Chief Berta de Pablos-Barbier.
FY 2025 highlights In 2025, Pandora delivered organic revenue growth of 6% (guidance of 7-8%). This comprised of like-for-like (LFL) growth of 2% and network expansion & other of 4%.
Pandora A/S (PNDRY) Q4 2025 Guidance Call Transcript
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Transcripts source: company-published earnings calls. Speaker attribution and formatting are processed in-app.