Q2/H1 26 results preview and updating forecasts for silver moves

Research evidence excerpt

Q2/H1 26 results preview and updating forecasts for silver moves

J P M O R G A N Europe Equity Research

01 July 2026

PANDORA Neutral

PNDORA.CO, PNDORA DC

Q2/H1 26 results preview and updating forecasts for Price (30 Jun 26):Dkr750.60

silver moves ▲Price Target (Dec-27):Dkr650.00 Prior (Dec-27):Dkr575.00

Ahead of the Q2 26 results scheduled for 13th August, we update our estimates on

the back of recent industry data, the latest FX/commodities moves, and discussions European Luxury & Sporting Goods

with the company. We leave our top-line forecast broadly unchanged at the Group Chiara Battistini AC

level, but increase our EBIT estimates by 2% for FY26 and by 10-13% for the outer (39-02) 8895-2700

years, primarily driven by higher gross margin assumptions on the back of easing chiara.x.battistini@jpmorgan.com

J.P. Morgan Securities plc/ J.P. Morgan Securities

silver prices ($60/oz today vs $82/oz the company factored in when guiding during (Asia Pacific) Limited

the Q1 results). Given these changes to our estimates, our Dec-27 price target Wendy Liu

moves to DKK650 (from DKK575). (44-20) 3493-9733

wendy.liu@jpmorgan.com

For Q2 specifically, we model Group sales ‘flat’ LFL (Q1 was also ‘flat’), in line J.P. Morgan Securities plc

with the current trading comments made earlier in May during the Q1 results. Apurva Vishwaraj

Within the regional mix, we expect continued drag from Europe and North apurva.vishwaraj@jpmchase.com

America in Q2 and model both down 2% LFL, in line with their respective Q1 J.P. Morgan Securities plc

performances, as the broader macro environment in the income cohort Pandora Victoria Saden

operates in remains soft and, in Europe, brand momentum remains muted in some (44-20) 3493-0435

victoria.saden@jpmorgan.com

key markets (Italy, France, Germany).