Pandora A/S·Consumer Cyclical

Pandora A/S trades at a deep discount after a 50% share price decline, despite a strong business and a strategic transition underway. PNDZF is nearly fully hedged against silver price volatility for 2026 and is pivoting to platinum-plated jewelry, aiming to reduce silver exposure by ~80% by 2028. Despite margin pressures, Pandora maintains industry-leading profitability, and robust shareholder returns through dividends and buybacks.

As big brands like Pandora rethink their core collections, many jewelers believe the move could permanently change what fills jewelry cases.

Pandora A/S (PNDRY) Q4 2025 Earnings Call Transcript

Silver's volatility is rattling the world's largest jeweler, Pandora .

The jeweler aims to reduce dependence on silver as part of the strategy of its newly installed Chief Berta de Pablos-Barbier.

FY 2025 highlights In 2025, Pandora delivered organic revenue growth of 6% (guidance of 7-8%). This comprised of like-for-like (LFL) growth of 2% and network expansion & other of 4%.
Pandora A/S designs, manufactures, and markets hand-finished and contemporary jewelry worldwide. The company's jewelry material includes silver and gold; gold and rose gold plated; man-made stones, natural stones, synthetic stones, pearls, and diamonds; as well as enamel, glass, leather, and textile products. Its products primarily include charms, bracelets, rings, earrings, necklaces, and pendants. The company operates through a network of 2,619 concept stores, which include 1,423 company owned stores, 700 franchise owned stores, and 496 third party distribution; and 4,154 other points of sale, as well as eSTOREs. Pandora A/S was founded in 1982 and is headquartered in Copenhagen, Denmark.
Consumer Cyclical
Luxury Goods
37,000
2010-12-06
1.26