Pandora delivers 6% organic growth in 2025

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%.

• The EBIT margin ended at 23.9% (guidance of around 24%), down 130bp Y/Y, reflecting the company’s ability to mitigate most of the 300bp external cost headwinds.

• Strong cash conversion of 65% sees leverage end at 1.3x NIBD/EBITDA. EPS ended at DKK 68, up 5% on a reported basis and up 15% in constant currency.

Q4 2025 highlights

• Q4 2025 organic growth came in at 4%, comprising of flat LFL and network expansion & other of 4%.

• Within segments, LFL growth in the Core was flat at 0% whilst Fuel with More declined at -3% LFL.

• LFL growth in North America slowed to 2%, reflecting the weak consumer sentiment. EMEA was broadly stable at -1% whilst Asia-Pacific and Latin America were at 2% and -7%, respectively.

• The Q4 EBIT margin landed at 33.5%, -120bp Y/Y, offsetting most of the 440bp external headwinds.

Strategic highlights

• Pandora’s vision remains to build the most desirable, accessible jewellery brand. Whilst the macro backdrop remains challenging, Pandora sees clear opportunities to sharpen execution.

• Pandora will step up its focus on design as a key driver of desirability and organic demand. To scale the impact of newness, there will be a clear emphasis on improving relevance and distinctiveness. This includes re-energising core collections through clearer creative direction and more consistent, differentiated design expressions, whilst selectively building in existing aesthetic spaces.

• Pandora will complement its high brand awareness with stronger local relevance and authenticity, particularly in mature markets. This will be supported by a strengthened earned media model, where design-led storytelling and social engagement increasingly drive traffic and customer acquisition.

• Pandora will continue to evolve in offering multi-material jewellery. This includes the introduction of jewellery with precious-metal plating in platinum built on our unique and proven metal-alloy PANDORA EVERSHINE™, developed to outperform silver for everyday wear. Based hereon, Pandora expects to maintain an EBIT margin above 21% in the mid-term with significant free cash flow generation.

2026 Guidance, current trading and cash returns

• The guidance for 2026 is for “-1% to +2% organic growth” and an EBIT margin of “21-22%”.

• Current trading in Q1 2026 shows around flat LFL growth.

• Proposed dividend of DKK 22 per share, up 10% from DKK 20 in 2024. Given the surging silver prices, Pandora will resume its historical, significant share buyback programmes once the plans to transition to platinum-plated jewellery is further progressed.

Berta de Pablos-Barbier, President and CEO of Pandora, says:
“We delivered 6% organic growth in 2025 and while the macroeconomic backdrop was challenging, growth was below our expectations. As new CEO, my priorities are clear and we have plans to strengthen brand desirability, reduce commodity exposure and evolve how we drive profitable growth.”

ABOUT PANDORA
Pandora is the world's largest jewellery brand, specialising in the design, crafting and marketing of accessible luxury jewellery made from high-quality materials. Each piece is created to inspire self-expression, allowing people to share their stories and passions through meaningful jewellery. Pandora jewellery is sold in more than 100 countries through 7,000 points of sale, including more than 2,800 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs around 39,000 people worldwide and crafts its jewellery with 100% recycled silver and gold. Pandora is committed to leadership in sustainability and has set out to halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated revenue of DKK 32.5 billion (EUR 4.4 billion) in 2025.

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