Pandora stock rises as CEO says firm wants to pivot from silver
Pandora’s Rise Amid Silver Concerns
Pandora, the world’s largest jeweler by volume, saw its Copenhagen-listed shares rise as much as 7% on Thursday. This increase came after the company addressed investor worries about its reliance on silver. The company announced flat organic growth expectations for 2026 and plans to introduce platinum-plated jewelry in response to the soaring price of silver, which has more than doubled in the past year. CEO Berta de Pablos-Barbier emphasized the need to diversify away from silver and reduce dependence on a single metal. About 60% of Pandora’s current business is based on silver.
While spot silver prices dipped over 12% early Thursday, they are still significantly higher than a year ago. Analysts have cautioned that the volatile silver prices pose a challenge for Pandora, alongside a more cautious consumer base impacting sales. Jefferies analysts highlighted investor hesitancy due to recent silver price fluctuations, leading to a sharp decline in Pandora’s stock over the past year.
Cautious Consumer Sentiment
Pandora anticipates organic growth between -1% and 2% this year, with a profit margin projection of 21% to 22%. De Pablos-Barbier emphasized the shift to platinum-plated materials to maintain profit margins in the 20s. The company reported 4% organic growth in the fourth quarter, driven by soft demand in the U.S. market. Consumer sentiment in the U.S. has hit historic lows, affecting Pandora’s sales in the region.
Like-for-like growth remained flat in the fourth quarter and early 2026, with Pandora’s “Fuel with More” segment experiencing its first negative growth since late 2022. This segment focuses on expanding product categories beyond traditional charms. Citi analysts highlighted challenges posed by precious metals inflation and a volatile macroeconomic environment in the U.S. and Europe.
In 2025, Pandora reported 6% organic growth, missing its guidance range of 7% to 8%. The company’s strategic shift towards platinum and diversification from silver signifies a proactive approach to address market challenges and consumer trends.
