Pandora (PNDORA DC) prelim. Q4 (DKK): Sales 11.9bln (exp. 12.3bln), Organic Growth 4% (prev. 11%), LFL 0% (prev. 6%), EBIT Margin 33.5% (prev. 34.7%)

• "The top-line performance reflects a year marked by a generally weak consumer sentiment, with North America being particularly impacted in Q4 2025"

Pandora's preliminary Q4 results reveal a revenue miss against expectations, highlighting a substantial slowdown in organic growth and a drop in like-for-like sales. This weak performance, particularly in North America, suggests ongoing challenges in consumer sentiment, raising concerns about the company's outlook and potential impact on future earnings revisions. Expect sector peers to react as the market digests what this means for consumer discretionary spending in the region.