Pandora A/S (PNDORA DC): Hold: turning the page on silver

Research evidence excerpt

Pandora A/S (PNDORA DC): Hold: turning the page on silver

earnings release) and likely a CMD ROE (%) 97.2 74.6 38.3 39.6

next year. It is possible that FY2026 sales guidance could be slightly raised, on a better

sales performance especially in LatAm and to a lesser extent APAC. As for the shift to 52-WEEK PRICE (DKK)

platinum-plated, it may not be noticed by the end consumer. At this stage, it is unknown. 1200.00

A test is currently ongoing in the Netherlands; initial feedback will likely be shared in

775.00

August, but management needs to execute and deliver successfully on this shift.

350.00

1H26e earnings (13 August), organic sales expected broadly in line with Q1, incl. 07/25 Target price:01/26880.00

better LFL. We expect organic sales to be broadly in line with Q1 at +2%, including High: 1085.50 Low: 434.60 Current: 781.20

slightly better like-for-like, up by 0.5%e (vs flat in Q1) in the US (still impacted by the Source: LSEG IBES, HSBC estimates

macro environment, but some datapoints showing a bit of an improvement), but more

importantly in LatAm – where the promo detox strategy is bearing fruit – and to a Anne-Laure Bismuth*

Head of Consumer Luxury & Sporting Goods

certain extent in APAC. Profitability wise, gross margin will still be mainly impacted by HSBC Bank plc

silver price headwind, we expect gross margin down 240bps to 76.9% and EBIT annelaure.bismuth@hsbcib.com

+44 20 7991 6587

down c280bps to 15.4% due to some cost phasing.

Akshay Gupta*, CFA

Maintain Hold, increase TP to DKK880 (from DKK530). We increase our TP on the Global Luxury & Consumer Analyst

The Hongkong and Shanghai Banking Corporation Limited

account of: 1) 7% increase in our FY2026-28 EBIT estimates, 2) higher long-term akshay.gupta@hsbc.com.hk

earnings growth assumptions.