PARIS — For Pandora, 2026 is shaping up to be a year of change, spanning from materials to management.

“What took us here is not going to take us into the next phase,” said the Danish company’s president and chief executive officer Berta de Pablos-Barbier.

On Wednesday evening, the jeweler reported 2025 revenues of 32.55 billion Danish kroner, or $5.15 billion. As it forecast in January, growth stood at 6 percent, slightly lower than prior guidance of 7 percent to 8 percent, impacted by a “lower than expected” fourth quarter.

For 2026, its initial guidance stands at “minus 1 percent to 2 percent organic growth,” with an EBIT margin of “21 to 22 percent,” which reflected headwinds in commodities that included 90 percent to all of its silver hedged at $32 per troy ounce for the year. Current trading in the first quarter is “around flat” in like-for-like terms.

On a call with analysts on Thursday, Pablos-Barbier said “like-for-like is definitely not where we want it to be right now and not what I think this brand can deliver.”

“We know why we are in this situation and we know where to act with decisiveness and speed,” she added. “We’re taking decisive action already to get back on track. We will become a design-led company that uses design to drive desire, then we will use our strong marketing muscle across more channels to amplify [this].”

Separately from its 2025 figures, the Danish jeweler revealed the introduction of platinum-plated jewelry as well as the appointment of Philippa Newman as chief product officer, taking over from Stephen Fairchild, who has been promoted into the newly created role of chief strategic creative and cultural officer.

“It’s all about the changes that Pandora needs to make while [reigniting growth] so organization follows strategy, which is about being better at re-energizing our collection, better at bringing more distinctiveness and better at how we evolve our marketing model,” de Pablos-Barbier told WWD.

Commodity prices and the skyrocketing price of silver, which reached a record $92.25 an ounce on Jan. 15 before a historic slump in early February, were top of mind. Pandora shares climbed as much as 10 percent on Monday as the freefall continued.

“You can imagine it’s very frustrating when you are a very desirable jewelry brand to see your shares go up and down like you are a silver trader,” the CEO said. “So we do need to decouple from being so dependent on only one commodity — silver — and that’s why we are launching the platinum plating, built on a unique specially developed metal alloy [called] Evershine.”

A metal alloy developed by Pandora for gold-plated products since 2011 and “optimized” over the past 18 months to be used with platinum, it makes for jewels that “outperform silver in everyday wear” thanks to their durability and resistance to tarnish and water, according to the jeweler.

While it won’t be the last new material introduced at Pandora, it was chosen for its preciousness and the fact that it allowed the company to continue with stone-setting, enameling, casting — and doing so in-house, the executive said.

Analysts zeroed in on the pricing of these new pieces, which will begin appearing in Northern Europe in the first quarter with a global rollout in the second semester, and whether silver would be phased out.

“When we introduce the pieces in 2026 and even in 2027, the [initial] intention is that they are at the same price as silver [ones],” said de Pablos-Barbier. “Having said that, what will happen with our silver portfolio [is] something we have to monitor carefully, because silver prices are increasing, and therefore we cannot ignore that.”

Silver will “continue to be part of our basket of materials” but won’t be “as dominant” as it currently is, she added. By 2027, the current goalpost for the transition, silver jewelry will account for 25 percent of Pandora’s assortment. She curtailed any suggestions that the brand might roll back to silver should commodities pricing change.

Equally important in this new chapter are a sharper focus on design and installing the brand as a cultural cornerstone.

“Our core needs greater distinctiveness, greater uniqueness, to reunite desirability, while our smaller and underrepresented collections need more depth, more products so they can scale their growth,” said de Pablos-Barbier, who highlighted the Talisman sub-collection, launched in last September, and the recent collaboration with the “Bridgerton” franchise.

“On brand, we are evolving from a model that was awareness-led, with paid reach, to cultural relevance, with earned media,” a key traffic driver, she continued.

Pandora has been reaping the rewards of its presence at “highly relevant cultural moments” such as the Fashion Awards, the Met Gala, the BAFTAs and the Grammy Awards.

“We will be prioritizing desirability in high penetration markets, while we will continue to invest in reach where penetration still remains low,” the CEO said. “This is an evolution, this is not a reset. It builds on what has worked and strengthens Pandora’s growth engine for the next phase of value creation.”

Markets responded positively, with Pandora’s stock price closing at 541.2 Danish kroner, or $85.53, up 5.58 percent.