REG-Pandora delivers 6% organic growth in 2025

Pandora A/SAnnouncement

Yesterday 19:00

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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.”

 DKK million              Q4 2025  Q4 2024  FY 2025  FY 2024  FY 2026 guidance  
 Revenue                  11,859   11,973   32,549   31,680                     
 Organic growth           4%       11%      6%       13%      -1% to +2%        
 Like-for-Like, %         0%       6%       2%       7%                         
 Operating profit (EBIT)  3,975    4,149    7,783    7,974                      
 EBIT margin, %           33.5%    34.7%    23.9%    25.2%    21-22%            



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.

CONTACT
For more information, please contact:

 Investor Relations  BILAL AZIZ SVP, Investor Relations & Treasury +45 3137 9486 biazi@pandora.net  Corporate Communications  MADS TWOMEY-MADSEN SVP, Corporate Communications & Sustainability +45 2510 0403 madt@pandora.net  
 ADAM FUGLSANG Director, Investor Relations +45 6167 7425 adfug@pandora.net                         JOHAN MELCHIOR VP, Media Relations & Public Affairs +45 4060 1415 jome@pandora.net                                          



Attachments
*     Pandora Q4 2025 Interim Report Company announcement_No_997
(https://ml-eu.globenewswire.com/Resource/Download/b561273f-3118-4151-9639-82907fd2c42e)
  
*     Pandora Appendix Company Announcement Q4 2025
(https://ml-eu.globenewswire.com/Resource/Download/503ac8e3-49bd-49d0-978d-1d4fd7ed13e5)