Pandora's CEO Berta de Pablos-Barbier confirmed the company's commitment to transitioning to platinum-plated jewelry, even as silver prices have decreased from a peak of over $120 an ounce in January to just under $65 an ounce currently.
This decision is part of a broader strategy to mitigate the risks associated with fluctuating precious-metal prices and to enhance product flexibility for consumers. The company's stock has seen a significant rebound of 55% over the past three months, following a challenging 2025, which analysts at Citi linked to the decline in silver prices.
Following a better-than-expected second-quarter profit, driven in part by a one-off U.S. tariff refund, Pandora's shares rose 4% in morning trading in Copenhagen. The company has hedged a substantial portion of its silver purchases for 2027 at around $65 an ounce and has raised its full-year 2026 organic growth guidance to between 0% and 3%.
Operating profit for the quarter reached 1.46 billion Danish crowns ($226 million), with a margin of 20.3%. Analysts from Jefferies noted that the quarter's performance met high investor expectations, with organic growth at 3% and like-for-like growth at 1%. The company also revised its profit margin guidance for the full year upward to between 22% and 23%