Pandora AS

PNDORA: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|$X	LOCK\|crp&t	LOCK\|M<Zt>N

Pandora Earnings: Plans to Reduce Reliance on Silver as Inflation and Weakened Demand Weigh

Jelena Sokolova

Feb 5, 2026

Pandora reported full-year sales up 6% organically (2% on a like-for-like basis) and margin decline of 110 basis points, as raw material price inflation and tariffs were not fully offset by pricing and as demand weakened in the second half.

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Pandora AS

Pandora Earnings: Plans to Reduce Reliance on Silver as Inflation and Weakened Demand Weigh

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