Pandora raised its full-year 2026 guidance after reporting second-quarter operating profit that exceeded analyst expectations, helped by a one-off US tariff refund.
The Danish jeweler now expects organic growth of 0% to 3% in 2026, up from a prior range of negative 1% to positive 2%.
It also raised its operating profit margin guidance to 22%–23%, from 21%–22%. Shares have rebounded 55% over the past three months, following a weak 2025.
Platinum push stays on despite silver's retreat
Silver prices have fallen sharply from a multi-year peak of over $120 an ounce in January to around $65 an ounce on Aug. 13. That is the same level at which Pandora has hedged 90%–100% of its 2027 silver needs.
Despite the price drop, CEO Berta de Pablos-Barbier says the move toward platinum-plated jewelry is not just a commodity play.
"We are diversifying our portfolio of materials, and this is about making a Pandora that is going to be more flexible."
Berta de Pablos-Barbier, Pandora
The company began a pilot test of platinum-plated jewelry in the Netherlands in July. Broader market tests are planned for the fourth quarter, with a larger rollout set for 2027.
Citi analyst Thomas Chauvet cautioned that volatile metal costs still make Pandora's profit trajectory hard to predict, even with silver hedged for 2026.
He pointed to uncertain consumer conditions in North America and Europe, which together account for roughly 85% of sales, and execution risk tied to the platinum rollout.
New designs carry the growth story
The Pandora Wonders line, featuring pearl and gold charms shaped as frogs, pufferfish, and mushrooms, launched in July during Paris Haute Couture week.
Its Fuel With More segment grew 6% on a like-for-like basis in Q2, while the core charm business contracted 1%. Like-for-like sales in Europe and North America both declined in the quarter.
Overall organic growth of 3% beat the 2% analysts expected, driven primarily by new store openings. Asia-Pacific and Latin America were the standout regions, growing 10% and 19%, respectively, in Q2. They represent 16% of total revenue.
European summer heatwaves also shifted shoppers online, de Pablos-Barbier noted, with e-commerce outperforming stores during the period.
Jefferies analysts said the quarter met an already-elevated buyside bar, with the guidance hike broadly in line with investor expectations.
A strategic update from management is slated for Nov. 4, which RBC analyst Piral Dadhania said could further build confidence in de Pablos-Barbier's direction since taking the top job in January.
The platinum bet is still unproven at scale, and core markets remain soft — but Pandora's hedging strategy and new-product push give it more levers than it had a year ago.
