Pandora Q3
• ROIC: 43% 🔥
• Silver: ~32 USD/oz 🪙🚀
• Gold: ~2,900–4,000 USD/oz 📈
• US LFL: +6% 🇺🇸
• Europe LFL: -1% 🇪🇺
• RoP LFL: +6% 🌏
• Australia LFL: +4% 🇦🇺
• Net store openings (12m): +65 CS, +85 SiS 🏬
• China stores: -33 QoQ, -60 YoY 🇨🇳
#PNDORA #PNDORA.CO #Pandora #2025Q3

Pandora Q3
• EBIT hit: ~380bp from silver, gold, FX, tariffs 🪙📉
• Gross margin drag: ~280bp 🧊
• Structural lifts: pricing +, mix +, network + 🧩
• EBIT margin: 14.0% (vs 16.1%) ⚙️
• 2025 EBIT guidance: ~24% 🎯
#PNDORA #PNDORA.CO #Pandora #2025Q3

Pandora Q3
• Organic growth: +6% 🚀
• LFL: +2% 📈
• Revenue: DKK 6.27B 💎
• Gross margin: 79.3% (-80bp) 📉
• EBIT margin: 14.0% (-210bp) ⚙️
• EPS: 6.3 DKK (-14%, +5% FX-adjusted) 🌐
• US LFL: +6% 🇺🇸
• Europe LFL: -1% 🇪🇺
• RoP LFL: +6% 🌍
#PNDORA #PNDORA.CO #Pandora #2025Q3

Pandora ($PNDORA.CO) reports Q3 earnings Wednesday.
Higher gold and silver prices may pressure margins, but network expansion and strong US demand support the long-term thesis.
Still one of the best-run Nordic consumer brands with solid ROIC and pricing power.

#Pandora #PNDORA #OMXN40 #NordicStocks