5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981
CVR NO. 2 8 5 0 5 1 1 6 HAVNEHOLMEN 17-19 1561 COPENHAGEN V WWW.PANDORAGROUP.COM
INTERIM FINANCIAL REPORT
Q3 2025
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • CONTENTS
PAGE 2 OF 44
CONTENTS
HIGHLIGHTS
3
EQUITY STORY
4
EXECUTIVE SUMMARY
5
FINANCIAL HIGHLIGHTS
BUSINESS UPDATE
6
BUSINESS UPDATE
11
REVENUE REVIEW
16
PROFITABILITY
19
CASH FLOW & BALANCE SHEET
21
24
FINANCIAL GUIDANCE
CAPITAL STRUCTURE POLICY
AND CASH DISTRIBUTION
25
SUSTAINABILITY
26
OTHER EVENTS
28
CONTACT
FINANCIAL STATEMENTS
29
FINANCIAL STATEMENTS
33
ACCOUNTING NOTES
44
DISCLAIMER
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • EQUITY STORY
PAGE 3 OF 44
EQUITY STORY
A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES
A STRONG BRAND IN AN ATTRACTIVE CATEGORY
• Pandora stands as the sole global brand in accessible luxury jewellery, owning the distinct position of
“jewellery with a meaning” with consumers worldwide.
• The jewellery market has historically outpaced GDP growth and remains highly fragmented, with
global brands expected to grow faster than the overall market.
• Pandora holds the highest brand awareness in the industry.
AN ASSET-LIGHT, FULLY INTEGRATED BUSINESS MODEL
• Our asset-light business model benefits from a unique fully vertically integrated ecosystem - from
design and crafting to a vast distribution network.
• This integration provides unrivalled scale and, together with our brand strength, drives our strong
margin profile and high returns.
UNIQUE GROWTH OPPORTUNITIES
• There are numerous untapped growth opportunities within our existing business model across various
geographies, jewellery categories and designs.
• The essence of our growth strategy is to shift the perception of Pandora to a full jewellery brand and
leverage our existing infrastructure.
A RESILIENT, SUSTAINABLE BUSINESS
• Sustainability is an integral part of our business and we are progressing toward some of the most
ambitious sustainability targets in the industry, spearheading the use of recycled silver and gold and
lab-grown diamonds.
DRIVING MID-TO-HIGH-TEENS EPS GROWTH
• We expect to outgrow the jewellery market, targeting annual high single-digit organic growth, while
maintaining best-in-class profitability.
• We have ambitions to generate significant free cash flows, which, in line with our historic approach,
will be fully returned to shareholders, and helps drive the ambition of annual EPS growth in the mid-
to-high teens.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • EXECUTIVE SUMMARY
PAGE 4 OF 44
EXECUTIVE SUMMARY
PANDORA DELIVERS 6% ORGANIC GROWTH IN Q3
FINANCIAL HIGHLIGHTS
• In Q3 2025, Pandora delivered organic revenue growth of 6% despite the turbulent macroeconomic
backdrop. The organic growth comprised of like-for-like (LFL) growth of 2% and network expansion
etc. of 4%.
• LFL growth in the US and Rest of Pandora remained robust at 6%. Overall LFL growth in Europe was
-1% with the four European markets disclosed separately weighing on growth and offsetting the solid
growth in several other countries, such as Spain, Portugal and Poland.
• The gross margin remained strong at 79.3% despite 280bp of headwinds from foreign exchange,
commodities and tariffs (80.1% in Q3 2024).
• The Q3 2025 EBIT margin landed at 14.0% as expected. The margin declined by 210bp Y/Y reflecting a
significant 380bp headwind from foreign exchange, commodities and tariffs.
• Reported EPS growth in Q3 2025 was -14% (+5% in constant currency), in line with expectations.
PHOENIX STRATEGY HIGHLIGHTS
• Pandora continues to invest behind the Phoenix strategy. To engage more consumers and drive LFL,
Pandora is increasing focus on creative innovation, further strengthening the marketing content and
boosting local cultural relevance. Pandora will also amplify the brand’s value proposition of affordability
and optimise in-store execution.
• In late Q3 2025, Pandora introduced two new sub-collections - Pandora Talisman and Pandora Minis.
The launches have received an encouraging response. Pandora’s new holiday campaign is live and will
deepen emotional connection through storytelling.
• Pandora is well advanced in exploring creative innovation that is anchored in the brand’s distinctive
DNA as an accessible precious metal jewellery brand. Over time, such innovation is expected to mitigate
a material part of the higher commodity prices and thereby protect Pandora’s high margins and strong
financial algorithm.
• Pandora updates its 2026 EBIT margin target of “at least 24%” to be “around 23%”, solely reflecting the
additional commodity and FX headwinds since the Q2 2025 announcement.
2025 GUIDANCE AND CURRENT TRADING
• Pandora maintains guidance for 2025 of “7-8% organic growth”. LFL growth is now expected to be 3-
4% (previously 4-5%) and network expansion 4% (previously 3%). The EBIT margin guidance for 2025
is also maintained at “around 24%”.
• In October, Pandora delivered 4% LFL growth.
Alexander Lacik, President and CEO of Pandora, says:
“We continue our growth journey and delivered sound performance in a quarter marked by the challenging
macroeconomic environment. We are intensifying our efforts to drive brand heat, and the initial response
to our new product launches demonstrates how we can continue to unlock market potential with our
combination of innovation, affordability and emotional storytelling. We are well-geared for the upcoming
holiday period and set to reach our targets for the year.”
DKK million
Q3 2025
Q3 2024
9M 2025
9M 2024
FY 2024
FY 2025
guidance
Revenue
6,269
6,103
20,691
19,707
31,680
Organic growth
6%
11%
7%
15%
13%
7-8%
Like-for-Like, %
2%
7%
3%
8%
7%
Operating profit (EBIT)
880
980
3,808
3,825
7,974
EBIT margin, %
14.0%
16.1%
18.4%
19.4%
25.2%
Around 24%
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL HIGHLIGHTS
PAGE 5 OF 44
FINANCIAL HIGHLIGHTS
DKK million
Q3 2025
Q3 2024
9M 2025
9M 2024
FY 2024
FINANCIAL HIGHLIGHTS
Revenue
6,269
6,103
20,691
19,707
31,680
Organic growth, %
6%
11%
7%
15%
13%
Like-for-like, %
2%
7%
3%
8%
7%
Earnings before interest, tax, depreciation and amortisation
(EBITDA)
1,524
1,571
5,699
5,555
10,327
Operating profit (EBIT)
880
980
3,808
3,825
7,974
EBIT margin, %
14.0%
16.1%
18.4%
19.4%
25.2%
Net financials
-232
-193
-694
-701
-1,048
Net profit for the period
489
595
2,393
2,358
5,227
FINANCIAL RATIOS
Revenue growth, DKK, %
3%
10%
5%
14%
13%
Revenue growth, local currency, %
7%
12%
8%
16%
14%
Gross margin, %
79.3%
80.1%
79.7%
79.9%
79.8%
EBITDA margin, %
24.3%
25.7%
27.5%
28.2%
32.6%
EBIT margin, %
14.0%
16.1%
18.4%
19.4%
25.2%
Effective tax rate, %
24.5%
24.5%
23.1%
24.5%
24.5%
Equity ratio, %
10%
14%
10%
14%
20%
NIBD to EBITDA, x
1.6
1.5
1.6
1.5
1.1
Return on invested capital (ROIC), %
1
43%
44%
43%
44%
46%
Cash conversion incl. lease payments, %
25%
58%
10%
43%
85%
Net working capital, % of last 12 months’ revenue
7.3%
5.9%
7.3%
5.9%
-1.7%
Capital expenditure, % of revenue
8.6%
7.9%
7.5%
6.9%
6.1%
STOCK RATIOS
Total payout ratio (incl. share buyback), %
320%
193%
210%
190%
105%
Dividend per share, proposed, DKK
-
-
-
-
20
Dividend per share, paid, DKK
-
-
20
18
18
Earnings per share, basic, DKK
6.3
7.3
30.9
29.1
64.8
Earnings per share, diluted, DKK
6.3
7.3
30.8
29.0
64.6
CONSOLIDATED BALANCE SHEET
Total assets
28,436
25,529
28,436
25,529
27,758
Invested capital
20,078
18,013
20,078
18,013
16,515
Net working capital
2,396
1,812
2,396
1,812
-549
Net interest-bearing debt (NIBD)
17,153
14,498
17,153
14,498
11,008
Equity
2,921
3,515
2,921
3,515
5,508
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities
960
1,181
2,059
2,996
8,721
Capital expenditure, total
538
481
1,547
1,365
1,919
Capital expenditure, property, plant and equipment
390
398
1,163
980
1,419
Free cash flows incl. lease payments
218
572
391
1,640
6,767
1
Last 12 months’ EBIT in % of last 12 months’ average invested capital.
For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the
consolidated financial statements in the Annual Report 2024.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • BUSINESS UPDATE
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BUSINESS UPDATE
CONTINUED GROWTH WITH STRONG PROFITABLITY
At the Capital Markets Day (CMD) in 2023, Pandora highlighted its vision to transform the perception of
the brand into a full jewellery brand in the accessible luxury market. Execution on this strategic vision is
moving at full speed, with ongoing optimisation. As evidenced by the performance over the past five years,
the Phoenix strategy has positioned Pandora for healthy long-term like-for-like growth with a significant
runway ahead to capture share in the accessible jewellery market. Pandora continues to monitor and adapt
to the cost environment, particularly with regards to commodity prices, while safeguarding its position as
a precious metal jewellery brand in the accessible luxury space.
To position Pandora as a full jewellery brand, Pandora continued to invest across all four strategy pillars of
brand, design, markets and personalisation during Q3 2025. A key target of Pandora’s Phoenix strategy is
to engage more consumers through the desirability and accessible appeal of its jewellery. During the last
few quarters, traffic trends in some markets has been softer, not helped by the broader macroeconomic
environment. To address this, Pandora is stepping up efforts across the value chain to drive further brand
heat and excitement. This entails an elevated focus on driving innovation, strengthening cultural relevance
locally, driving the value proposition of the brand harder and better in-store execution.
A number of key strategic initiatives have already been gradually activated through the course of Q3 2025.
This includes the new sub-collections, Talisman and Minis, which were launched towards the end of August.
Initial media activation for the Talisman collection has shown promising early results. Pandora has also just
launched its strong marketing content for the holiday season, that deepens emotional connection through
storytelling, anchored in Pandora’s brand DNA. Furthermore, in selected markets, Pandora has already
started to invest more behind locally relevant talent to strengthen cultural resonance – the initial response
has been encouraging here also.
In Q3 2025, Pandora delivered 6% organic growth and maintained strong profitability. Solid results despite
a tough consumer backdrop combined with significant headwinds from foreign exchange rates, commodity
prices and tariffs. The organic growth of 6% comprised of LFL growth of 2% and network expansion of 5%,
with a -1% drag from sell-in & other.
In Q3 2025, US LFL growth was robust at 6%, and Pandora continued to benefit from positive brand
momentum, outperforming the broader market. Overall LFL in Europe declined by -1% where double-digit
growth in several countries, including markets like Spain, Portugal and Poland was offset by the
performance in the four European markets disclosed separately. As mentioned above, Pandora will
strengthen execution in these markets, and is already executing on measures in Italy which has shown early
encouraging signs with a sequential pick-up in traffic. Rest of Pandora (which covers around 35% of revenue
and includes the European markets beyond the four disclosed separately) remained robust at 6% LFL
growth.
By channel, growth was driven by online which saw 9% LFL growth in Q3 2025. Pandora’s own physical
network delivered 1% LFL in Q3 2025.
Profitability remained solid in Q3 2025 supported by Pandora's gross margin which remained high at 79.3%,
declining only 80bp Y/Y despite 280bp of combined headwind from foreign exchange, commodities and
tariffs. Pricing and efficiencies continued to contribute positively to the gross margin.
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EVOLVING THE MARKETING MESSAGE TO DRIVE GREATER BRAND HEAT
Over the past two years, Pandora has been leveraging its “BE LOVE” campaign globally, partnering with
new global brand ambassadors to drive greater brand awareness and desirability. Pandora will continue to
strengthen its brand value proposition to advance consumer perception towards a full jewellery brand.
Linked to this, Pandora sees a clear need to complement its global marketing model with more relevant
and exciting local content in some markets to drive greater brand heat. High-impact and efficient TV
campaigns will continue to build emotional resonance with consumers, supported by a strengthened
earned media performance through more effective PR and press campaigns. Pandora’s Talisman campaign
in the quarter achieved record PR value and Pandora has also been active in attracting top creative and
cultural talent to deepen the brand’s cultural relevance, including partnerships with Katseye and Tyla in the
US. This is being complimented with activating locally relevant influencer partnerships to drive brand heat
and resonate with consumers in our key markets. This includes Italy where Pandora announced a strategic
partnership with local pop icon Annalisa which acted as a key driver of brand reappraisal and upper-funnel
visibility in Q3. The collaboration featured a full 360-degree campaign, encompassing TV, social media,
capsule collections and retail windows alongside the creative newness. Whilst early days, this has helped
drive better traffic in Italy already and Pandora will continue to build on the brand heat efforts.
Pandora will be using a similar strategy across many of its other markets, combining local relevance with
strong creative innovation — particularly in the entry price bracket — to reinforce Pandora’s accessibility
position and emotional storytelling. Pandora’s new “BE LOVE” holiday campaign is now live, where Pandora
has partnered with Roman Coppola, a world-class filmmaker and creative director known for his critically
acclaimed films and his ability to craft emotionally resonant, visually distinct work. His unique talent for
cinematic storytelling will give the campaign a deeper emotional connection and elevated execution,
ensuring it stands out over the important holiday season.
Finally, to attract and convert more customers to the stores and accelerate the shift of consumer
perception towards a full jewellery brand, Pandora will also sharpen store set-up and execution. This
includes enhancing visual merchandising, store zoning, elevated facades and a new digital window
framework with roll-out to +80% of the stores already during 2026.
PANDORA TALISMAN AND PANDORA MINIS - REINVENTING CHARMS WITH MODERN STORYTELLING
In Q3 2025, Pandora introduced two new sub-collections — Pandora Talisman and Pandora Minis — that
mark an evolution in the brand’s core charms and carriers offering. These launches reflect Pandora’s
commitment to innovation, affordability, and emotional storytelling through its beautiful jewellery,
designed to be worn on both necklaces and wristwear, reinforcing Pandora’s evolution into a full jewellery
brand. Both new sub-collections were available in store from the end of August onwards. Initial media
efforts have focused largely on the Talisman collection with media support for the Minis collection planned
for early 2026.
Pandora Talisman draws inspiration from ancient coins and symbolism, offering 12 intricately engraved
medallions crafted in recycled sterling silver, 14k gold plating, and man-made mother of pearl. Each
medallion features Latin inscriptions such as “amor vincit omnia” (“love conquers all”) and “per aspera ad
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • BUSINESS UPDATE
PAGE 8 OF 44
astra” (“through hardships to the stars”), paired with motifs like arrows of resilience and celestial icons. The
collection has resonated strongly with consumers, particularly in some of the mature markets such as Italy.
Pandora Minis, a set of 16 petite charms, brings an elegant reinterpretation of classic charms for versatile
styling. Featuring suns, moons, hearts and butterflies, the Minis collection offers symbolic expressions of
strength and inspiration at highly accessible price points.
The above-mentioned newness helped the “Core” remain relatively stable at 1% LFL growth with Pandora
ME, where both sub-collections are reported, showing particularly good momentum since September. The
launches are reactivating the Pandora consumer base with Talisman particularly resonating with millennial
consumers. The Fuel with More segment achieved 2% LFL where Timeless growth met tough comparatives.
REVENUE BY SEGMENT
DKK million
Q3 2025
Q3 2024
Like-
for-Like
Share of
Revenue
9M 2025
9M 2024
Like-
for-Like
Share of
Revenue
Core
4,789
4,634
1%
76%
15,401
14,758
2%
74%
- Moments
3,861
3,895
-2%
62%
12,650
12,472
-1%
61%
- Collabs
614
514
11%
10%
1,929
1,600
16%
9%
- ME
313
226
34%
5%
821
686
15%
4%
Fuel with more
1,480
1,468
2%
24%
5,290
4,950
6%
26%
- Timeless
1,114
1,065
4%
18%
4,048
3,813
5%
20%
- Signature
114
170
-31%
2%
433
607
-27%
2%
- PANDORA ESSENCE
1
178
169
13%
3%
558
342
97%
3%
- Pandora Lab-Grown Diamonds
75
64
19%
1%
250
188
32%
1%
Total revenue
6,269
6,103
2%
100%
20,691
19,707
3%
100%
1
PANDORA ESSENCE was launched in Q2 2024 following a pilot in the Netherlands in 2023.
NETWORK EXPANSION ON TRACK – PREDICTABLE AND VALUE-ACCRETIVE
During the quarter, Pandora added 11 concept stores and 8 Pandora operated shop-in-shops to its network.
Network expansion over the past 12 months continues to be a solid contribution to topline growth,
delivering an incremental organic revenue impact of 5% in Q3 2025. Pandora sees significant value creation
from its network expansion strategy with new stores typically being opened in white space areas with no
or minimal cannibalisation on the current store footprint. As such, all stores see solid topline contribution
and EBIT margins reaching 35-40% in a new store already in year 1, driving a rapid payback of investment.
Given the value accretion on margins and returns, Pandora continues its plans to expand the network with
400-500 targeted net openings through 2024-2026. Pandora revises its FY 2025 store opening guidance
to around net 25 concept stores (previously 25-50). This includes closure of up to 100 concept stores in
China, reflecting further efforts to optimise financial performance. The closures in China will have minimal
impact on organic growth. Pandora still expects to open around 25 Pandora operated shop-in-shops in
2025.
The revenue contribution from network expansion in 2025 is adjusted upwards to 4% (previously 3%)
reflecting a stronger ramp-up of revenue from the openings carried out over the past 12 months.
By the end of Q3 2025, Pandora had 695 concept stores operating under the new store format. In 2026,
Pandora will prioritise investments in a new digital window framework with roll-out to +80% of the stores
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • BUSINESS UPDATE
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already during 2026, elevated facades in relevant stores and curating collections in stores. The new store
concept continues to be implemented in new stores, relocated stores and selected stores in need of
refurbishment.
UPDATE ON CMD TARGET FOR THE EBIT MARGIN IN 2026 & EXPLORING CREATIVE INNOVATION
At the CMD in 2023, Pandora announced new financial targets including a 26-27% EBIT margin by 2026.
Since the announcement of the targets, there has been a significant increase in commodity prices, notable
adverse foreign exchange movements and the announcement of incremental tariffs from the US
government. Based on the current spot prices, these headwinds now account for a material 620bp since
the CMD in 2023, up from 500bp in the Q2 2025 announcement.
In the Q2 2025 report, Pandora confirmed that it expected to deliver an EBIT margin of “at least 24%” in
2026. With the additional 120bp external headwind, Pandora now targets “around 23%” EBIT margin in
2026.
In a response to the external headwinds, Pandora has already taken significant steps including additional
price increases over the past 12 months as well as initiating a thorough cost programme in early 2025. The
cost programme - under the banner of “Project Silverstone” – is progressing well and is expected to
contribute with a net 50-100bp margin uplift in 2026 equal to net savings of DKK 175-350 million. Cost
reductions are expected across several areas, including store operations, procurement, distribution and
logistics, simplification and removal of overlaps etc. Pandora is already executing on the programme, and
the benefits are expected to be seen from Q1 2026 onwards.
Pandora is well advanced in exploring creative innovation that is anchored in the brand’s distinctive DNA
as an accessible precious metal jewellery brand. Over time, such innovation is expected to mitigate a
material part of the higher commodity prices and thereby protect Pandora’s high margins and strong
financial algorithm. Extensive consumer research has already been carried out and the innovation is fully in
line with the brand’s core equity. A potential EBIT margin uplift related to the innovation is not expected
until 2027.
2026 EBIT MARGIN TARGET – BRIDGE VS 2023
Impact in pp (approximation)
Pandora has hedged 70-75% of the 2026 P&L exposure for silver and gold combined at a price of around
USD 31/oz. At the current silver price (24 October 2025) of around USD 48, the overall average silver price
in 2026 would be around USD 35.5 including the 25-30% unhedged exposure. Linked to this, the additional
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • BUSINESS UPDATE
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margin impact in 2027 - before any mitigating actions - from commodities and foreign exchange is
estimated at around -370bp vs 2026.
NEW GEOGRAPHICAL REVENUE DISCLOSURE FORMAT TO BE IMPLEMENTED IN Q4 2025
In 2019, as part of the transformation plans for the brand, Pandora changed the geographical revenue
disclosure format to report on seven individual markets and then “Rest of Pandora” separately. Given the
successful completion of the transformation and the increasing focus and prominence of many countries
in “Rest of Pandora”, Pandora will simplify its geographical revenue disclosure format into four regions:
EMEA (Europe, Middle East & Africa), North America, Latin America and Asia Pacific.
Pandora will implement and start reporting under the new geographical disclosure format from Q4 2025
onwards. Relevant historical KPIs for the new geographical disclosure format will be provided for the past
three years whilst Pandora will also provide the current KPIs for the existing disclosure format of the seven
key markets and “Rest of Pandora” until Q3 2026 in the Appendix.
CEO TRANSITION ANNOUNCED
On September 30, 2025 Pandora announced that President and CEO Alexander Lacik will retire on 11 March
2026, after nearly seven years of transformative leadership. He will be succeeded by Berta de Pablos-
Barbier, currently Chief Marketing Officer, who will assume the role of President and CEO.
Since joining Pandora in 2024, Berta de Pablos-Barbier has led the strategic repositioning of the brand as
a full jewellery brand, central to the Phoenix growth strategy. Her appointment follows a global search and
reflects the Board’s long-term succession planning. With over 30 years of executive experience across
luxury and consumer goods, including leadership roles at LVMH, Mars Wrigley, Lacoste and Boucheron,
Berta de Pablos-Barbier brings a unique blend of brand-building expertise and strategic vision.
Under Alexander Lacik’s tenure, Pandora delivered a 45% increase in revenue, expanded its global
workforce from 24,000 to 37,000, and became one of the world’s 100 most valuable brands. The leadership
transition ensures continuity in strategic focus and positions Pandora for sustained growth in the years
ahead.
Pandora is searching for a new Chief Marketing Officer and will announce accordingly in due course.
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REVENUE REVIEW
SOLID ORGANIC GROWTH IN Q3 2025
Pandora delivered organic growth of 6% in Q3 2025, driven by LFL growth of 2%, network expansion of
5%, and a small drag of -1% from phasing of sell-in and others.
The Core segment delivered a stable low single-digit LFL at 1%, while Fuel with more contributed with 2%
LFL growth.
Pandora continues to exploit the vast white space opportunities globally with the network expansion
ticking along and contributing 5% to revenue growth in the quarter. During the past 12 months, Pandora
has added net 65 concept stores and net 85 Pandora operated shop-in-shops to the existing store network.
Forward integration continues as well with Pandora acquiring 52 stores during the last 12 months, mainly
in the US. The revenue contribution from forward integration over the past 12 months was 1%.
Foreign exchange rates represented a 4% headwind in the quarter equivalent to DKK 0.3 billion revenue.
The headwind is driven by the depreciation against DKK across most currencies, but particularly driven by
a weaker USD.
Q3 2025 GROWTH COMPOSITION VS. Q3 2024
Growth in pp (approximation), revenue in DKK million
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REVIEW OF REVENUE BY KEY MARKET
CONTINUED LFL GROWTH IN A TOUGH CONSUMER ENVIRONMENT
With 2% LFL in Q3 2025, Pandora delivered a resilient performance in a challenging consumer environment.
Growth was largely driven by robust performance in the US and Rest of Pandora, covering around 70% of
revenue.
Pandora is increasing focus on creative innovation, strengthening marketing content and local cultural
relevance, driving the affordability value proposition of the brand harder, and improving in-store execution.
The launch of Talismans in Q3 is showing good promises, demonstrating Pandora’s ability to drive
innovation and excitement within its core while bringing new customers into the brand across geographies.
US
In the third quarter of 2025, the US delivered a solid 6% LFL growth, driven by the continued strong brand
momentum. Organic growth ended at 9%, fuelled by new store openings during the past 12 months. In
2025, Pandora has opened net 25 concept stores, including the well-received flagship store on the Las
Vegas Strip, as well as expanded the footprint through the addition of other points of sales. The launch of
Talisman and Minis collections was well received, supported by earned media with successful PR activations
held on both East and West Coasts. These events featured all brand ambassadors, including Katseye, Chloe
and Halle Bailey, contributing to strong brand visibility and continued positive brand heat for Pandora.
KEY MARKETS IN EUROPE
Combined LFL growth across all European markets was -1%, with several markets such as Spain, Portugal
and Poland delivering strong LFL growth (disclosed in Rest of Pandora as usual). While the four markets
disclosed separately remained challenged, the launch of Talismans late in the quarter was a clear highlight
across markets, proving Pandora’s ability to drive innovation and excitement in its core and attract new
customers. The launch was supported by local marketing activations which helped strengthen brand
relevance and engagement. Looking ahead, Pandora will continue to enhance execution in Europe during
Q4 2025, supported by the next phase of the “BE LOVE” campaign, which deepens emotional connection
and reinforces the brand’s distinct storytelling and strengthening its marketing messages on a local level.
Furthermore, strategic adjustments to the pricing architecture in some European markets are being
implemented to reinforce Pandora’s long-term competitiveness and affordability positioning.
Germany reported a LFL decline of 9% in Q3 2025, following an exceptionally strong 42% in Q3 2024 which
came on top of 31% growth in Q3 2023. Despite still facing tough comps, the brand continues to hold a
strong position in the market and resonate with consumers. The majority of the new consumers gained
during the viral trends in 2023 and 2024 remain engaged with the brand. While the broader environment
in Germany remains difficult, Pandora has essentially doubled the German business, organically, during the
last 3 years and remains confident in the mid-term LFL opportunity in the market.
UK performance was broadly in line with the previous quarter, delivering a LFL decline of 8% in Q3,
reflecting in part the continued soft macroeconomic environment, a competitive landscape, and the timing
of media spend ahead of Q4. Ongoing brand and product initiatives, including the successful launch of
Talisman and Minis, are designed to strengthen the foundation for sustainable growth beyond the near
term.
Following the performance diagnostic earlier in the year, the first phase of the Italy turnaround plan has
now been rolled out. And early signs are encouraging. Together with the introduction of Annalisa, a high-
profile Italian singer, Pandora executed a strong go-to-market plan that amplified the affordability message
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • REVENUE REVIEW
PAGE 13 OF 44
and strengthened local cultural relevance. While still in the early innings of the initiatives, LFL growth
improved sequentially, supported by better traffic trends. Newness performed well, especially Talisman,
which drove strong online engagement attracting new customers, and reactivated lapsed ones. The quarter
was delivered despite a significant promotional detox, showing that the underlying brand and commercial
fundamentals in Italy are beginning to strengthen.
France reported a LFL decline of 7% in Q3 2025 broadly in line with the previous quarter. Pandora continues
to focus on strengthening brand equity through a promotional detox and local targeted marketing
initiatives as well as other strategic initiatives. These strategies are expected to enhance brand perception
and support long-term growth. Despite challenging market conditions, the Talisman collection generated
strong interest among French consumers, creating brand excitement and helping to attract new consumers.
AUSTRALIA AND CHINA
Australia delivered strong LFL growth of 4% in Q3 2025, broadly in line with the previous quarter. To
strengthen local brand recognition, Pandora has appointed actress and entrepreneur, Maddison Brown, as
its first official brand ambassador for Australia and New Zealand.
China delivered -6% LFL in the quarter. As part of the planned strategic optimisation of the store network,
Pandora closed another 37 concept stores in the quarter and have closed 59 concept stores YTD. Pandora
expects up to 100 store closures in China in 2025.
REST OF PANDORA
Rest of Pandora (37% of total revenue) ended Q3 with a solid 6% LFL growth. Growth continues to be
driven by many markets including Spain, Canada, Poland, Portugal, and Japan reporting double-digit LFL
growth.
Japan is serving as a test of Pandora’s elevated Asia focus in the years to come. Marketing investments and
network expansion has more than doubled revenue YTD 2025 compared to last year.
In Spain and Portugal, the business continues to perform well, having reported consistent double digit LFL
over the past many years, driven by a highly successful earned media model. Despite already having a high
market share back then, Spain has almost doubled vs 2019. In Portugal, the business has essentially doubled
over the past 3 years going from a high single-digit market share to now in the high teens.
In Canada, much like the US, the brand has a strong momentum and the business is growing rapidly as
brand penetration steadily goes up in a market with plenty of headroom for the business to grow.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • REVENUE REVIEW
PAGE 14 OF 44
QUARTERLY REVENUE DEVELOPMENT BY KEY MARKET
DKK million
Q3 2025
Q3 2024
Like-for-like
Organic growth
Share of revenue
US
1,896
1,796
6%
9%
30%
China
68
84
-6%
-14%
1%
UK
685
740
-8%
-5%
11%
Italy
448
466
-4%
-4%
7%
Australia
212
195
4%
18%
3%
France
215
227
-7%
-5%
3%
Germany
402
431
-9%
-7%
6%
Total key markets
3,925
3,938
0%
2%
63%
Rest of Pandora
2,344
2,165
6%
13%
37%
Total revenue
6,269
6,103
2%
6%
100%
YEAR-TO-DATE REVENUE DEVELOPMENT BY KEY MARKET
DKK million
9M 2025
9M 2024
Like-for-like
Organic growth
Share of revenue
US
6,638
5,996
9%
11%
32%
China
259
313
-11%
-15%
1%
UK
2,208
2,288
-5%
-4%
11%
Italy
1,485
1,599
-7%
-8%
7%
Australia
675
609
4%
18%
3%
France
726
761
-7%
-5%
4%
Germany
1,372
1,367
-5%
0%
7%
Total key markets
13,362
12,933
2%
4%
65%
Rest of Pandora
7,328
6,774
7%
13%
35%
Total revenue
20,691
19,707
3%
7%
100%
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • REVENUE REVIEW
PAGE 15 OF 44
REVIEW OF NETWORK DEVELOPMENT
PANDORA ADVANCES WITH NETWORK ACCORDING TO PLAN
During the third quarter of 2025, Pandora opened net 11 concept stores and added net 8 Pandora operated
shop-in-shops to the network. This is in line with expectations and impacted by planned closures in China
and the phasing of new openings this year. In total, Pandora has added net 65 concept stores and 85
Pandora operated shop-in-shops during the past 12 months. The concept store openings are geographically
relatively broad-based. The shop-in-shop openings are concentrated around Latin America, Turkey and the
US.
Network expansion added 5% to organic growth in Q3, and on top of that, forward integration has added
1% to revenue growth.
Network expansion is low risk, while being accretive to margins and returns. As such, Pandora continues
its plans to expand the network with 400-500 targeted net openings through 2024-2026. For FY 2025,
Pandora has revised its target to around 25 net concept store openings, compared to 25-50 previously.
The net figure includes up to 100 closures in China. Pandora still expect to open around 25 Pandora
operated shop-in-shops in 2025. The organic contribution for network growth for FY 2025 has been revised
upwards to 4% (vs. previously 3%) reflecting a stronger revenue ramp-up in the openings over the past 12
months.
STORE NETWORK
Number of points of sale
1
Q3 2025
Q2 2025
Q3 2024
Growth
Q3 2025
/Q2 2025
Growth
Q3 2025
/Q3 2024
Concept stores
2,799
2,788
2,734
11
65
- of which Pandora operated
2
2,187
2,173
2,033
14
154
- of which franchise operated
272
281
371
-9
-99
- of which third-party distribution
340
334
330
6
10
Other points of sale
4,132
4,103
3,924
29
208
- of which Pandora operated
2
700
692
615
8
85
- of which franchise operated
3,172
3,162
3,009
10
163
- of which third-party distribution
260
249
300
11
-40
Total points of sale
6,931
6,891
6,658
40
273
1
Please refer to note 11 Store network, concept store development in the accounting notes section for more details.
2
Pandora does not own any of the premises (land and buildings) where stores are operated. Pandora exclusively operates stores from leased premises.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • PROFITABILITY
PAGE 16 OF 44
PROFITABILITY
EBIT MARGIN DEVELOPMENT IN LINE WITH GUIDANCE
In Q3 2025, the EBIT margin declined 210bp Y/Y, landing at 14.0%, driven by a significant 380bp combined
headwind from foreign exchange rates, commodities and tariffs. Excluding external headwinds, the EBIT
margin would have been 17.8% compared to 16.1% in Q3 2024. The EBIT margin continues to be supported
by structural improvements to the gross margin via pricing and channel mix. The latter being driven by the
margin accretive network expansion.
Net operating leverage from LFL was flat in the quarter, mainly due to phasing of investments. Pandora
continues to invest across the value chain to drive growth. These investments include, among others, the
restaging of the brand, and accelerating other initiatives in digital and technology.
The temporary impact related to forward integration was a net 50bp drag on the margin. This temporary
factor is expected to be net neutral for the full year compared to 2024.
Foreign exchange rates represented a significant headwind of 170bp, on top of the 100bp headwind from
commodities. Additionally, tariffs imposed on imports to the US represented an incremental 110bp drag in
the quarter. The combined headwind from these factors is expected to be at a similar level going into Q4
to form a full year 2025 headwind of 280bp.
In absolute terms, EBIT declined by 10% compared to last year, equivalent to DKK 100 million. However,
measured at constant foreign exchange rates, EBIT grew by 5% in the quarter, corresponding to DKK 48
million, with an EBIT margin of 15.7% at constant exchange rates.
Q3 2025 EBIT MARGIN VS. Q3 2024
Margin impact in pp (approximation)
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • PROFITABILITY
PAGE 17 OF 44
GROSS MARGIN
The gross margin for Q3 2025 was 79.3%, down 80bp versus last year driven by a combined headwind of
280bp from commodities, foreign exchange and tariffs. The underlying gross margin excluding these
external headwinds was very strong and well above the 80.1% delivered in Q3 2024. The gross margin
resilience continues to be underpinned by price increases and cost efficiencies. Additionally, the channel
mix remains supportive, with a higher proportion of revenue generated from Pandora-operated stores. This
benefit was partially offset by strong online performance, which carries a lower gross margin due to last-
mile freight costs which are partially absorbed by Pandora. In Q3 2025, the gross margin for Fuel with more
was 82.6% (Q3 2024 84.2%), compared to 78.2% (Q3 2024 78.7%) for Core.
Foreign exchange rates had a negative impact of 100bp, mainly driven by USD and Thai Baht movements.
Separately, commodities contributed a 100bp headwind vs. Q3 2024, reflecting higher prices for both silver
and gold. Finally, the newly introduced tariff on jewellery imported into the US is starting to flow through,
resulting in an 80bp impact during the quarter.
The gross margin was temporarily affected by buying back inventory linked to forward integration,
representing a net headwind of 50bp compared to Q3 2024. Excluding the temporary impact from forward
integration, the gross margin was 80.2% in the quarter and thereby remains above 80% despite the
significant external headwinds. The full year impact of forward integration is expected to remain at the
same level as last year, implying no incremental drag relative to 2024.
Q3 2025 GROSS MARGIN VS. Q3 2024
Margin impact in pp (approximation)
GROSS MARGIN AND GROSS PROFIT
DKK million
Q3 2025
Q3 2024
Growth in
constant FX
9M 2025
9M 2024
Growth in
constant FX
Revenue
6,269
6,103
7%
20,691
19,707
8%
Cost of sales
-1,300
-1,217
6%
-4,204
-3,969
6%
Gross profit
4,970
4,886
8%
16,487
15,738
8%
Gross margin %
79.3%
80.1%
0.2%
79.7%
79.9%
0.4%
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • PROFITABILITY
PAGE 18 OF 44
OPERATING EXPENSES
In Q3 2025, operating expenses increased by 8% in constant exchange rates compared to Q3 2024, mainly
driven by the continued expansion of Pandora’s highly profitable store network.
Sales and distribution expenses increased by 8% in constant exchange rates, reflecting the growing store
network and forward integration. Compared to Q3 2024, Pandora added 239 stores to its own network,
which alone added DKK 200 million to sales and distribution expenses, essentially representing the entire
increase vs LY. The expansion remains EBIT margin accretive as the higher gross margin and leverage on
other OPEX lines offset the increase in Sales and Distribution expenses.
Marketing expenses increased by 9% in constant exchange rates versus Q3 2024, ending at 15.2% as a share
of revenue. Pandora remains committed to invest in marketing to strengthen brand desirability and
accelerate the journey to transform the perception of Pandora into a full jewellery brand.
Administrative expenses increased by 9% in constant exchange rates versus Q3 2024, partly reflecting
timing effects. YTD, administrative expenses as a % of revenue are in line with prior year.
The weakening of the USD and other currencies impacted the OPEX ratio by around 70bp in the quarter.
The OPEX ratio in constant currency was 64.6%, increasing 60bp compared to Q3 2024.
QUARTERLY OPERATING EXPENSES
DKK million
Q3 2025
Q3 2024
Growth in
constant FX
Share of
revenue
Q3 2025
Share of
revenue
Q3 2024
Sales and distribution expenses
-2,538
-2,449
8%
40.5%
40.1%
Marketing expenses
-956
-903
9%
15.2%
14.8%
Administrative expenses
-596
-553
9%
9.5%
9.1%
Total operating expenses
-4,090
-3,905
8%
65.2%
64.0%
YEAR-TO-DATE OPERATING EXPENSES
DKK million
9M 2025
9M 2024
Growth in
constant FX
Share of
revenue
9M 2025
Share of
revenue
9M 2024
Sales and distribution expenses
-7,780
-7,311
9%
37.6%
37.1%
Marketing expenses
-3,051
-2,869
8%
14.7%
14.6%
Administrative expenses
-1,848
-1,733
7%
8.9%
8.8%
Total operating expenses
-12,679
-11,913
9%
61.3%
60.5%
FINANCIAL EXPENSES AND TAX
Net financials amounted to a cost of DKK 232 million in Q3 2025, up from DKK 193 million last year,
reflecting slightly higher IFRS 16 interest and reduced currency tailwinds.
Based on the current foreign exchange rates, Pandora expects net financial expenses in 2025 to be DKK
850-900 million. The guidance consists of around DKK 950 million interest on debt, IFRS 16 related interest
and fees, and a net DKK 50-100 million gain on non-cash foreign exchange adjustments on intercompany
balances and foreign exchange hedging contracts.
The effective tax rate in Q3 2025 came in at 24.5%, in line with last year.
EPS ended at DKK 6.3 in Q3 2025, a 14% decrease from DKK 7.3 in Q3 2024. Adjusting for foreign exchange
effects, EPS grew by 5% Y/Y.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • CASH FLOW & BALANCE SHEET
PAGE 19 OF 44
CASH FLOW & BALANCE SHEET
STABLE WORKING CAPITAL AND ROIC
Net working capital was 7.3% of revenue in Q3 2025 compared to 5.9% in Q3 2024. The increase reflects a
significant gain from commodity hedging, with the Y/Y increase in unrealized hedging gains adding 180bp
to the net working capital ratio. Adjusting for hedging effects in both years, the underlying net working
capital was slightly down versus the prior year.
Inventories ended at 16.4% of revenue, up slightly from 16.0% last year, driven by continued raw material
cost inflation. Despite this, inventory growth remains broadly aligned with revenue trends. The sequential
increase from Q2 is due to the usual inventory build ahead of peak trading.
Trade receivables were stable at 2.1% of revenue, down 40bp versus Q3 2024, supported by disciplined
cash management and sustained focus on DSO across key markets. Wholesale DSO remained broadly
unchanged versus last year at 43 days. Trade payables were 10.9% of revenue, up 120bp year-on-year,
reflecting ongoing optimisation of supplier terms. This continues to support working capital efficiency.
Cash conversion stood at 25%, a decline of 34pp Y/Y, largely due to a favourable impact from an
improvement in receivables last year. The FY 2025 cash conversion is expected to be around 65%, in line
with the target set out at the Capital Markets Day in 2023.
CAPEX totalled DKK 0.5 billion, equivalent to 8.6% of revenue, in line with Q3 2024. The investments
primarily reflect store expansion and refurbishment, digital initiatives including ERP rollout, and continued
progress on the new crafting facility in Vietnam.
ROIC remains structurally strong at 43%, underpinned by the accretive returns from new store openings
and disciplined capital allocation.
NET WORKING CAPITAL
Share of preceding 12 months' revenue
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Inventories
16.4%
14.6%
14.3%
14.0%
16.0%
Trade receivables
2.1%
2.0%
2.2%
3.8%
2.5%
Trade payables
-10.9%
-10.1%
-10.1%
-12.3%
-9.7%
Other net working capital elements
-0.3%
-1.9%
-2.3%
-7.3%
-2.9%
Total
7.3%
4.7%
4.2%
-1.7%
5.9%
Total, excluding unrealised derivatives
1
4.9%
3.4%
3.6%
-1.6%
5.2%
1
Derivative financial instruments are measured at fair value and presented in "Other net working capital elements" until realized. See note 12 - Commodity
hedging and derivatives
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • CASH FLOW & BALANCE SHEET
PAGE 20 OF 44
BALANCE SHEET
Non-current assets increased by DKK 1.7 billion to DKK 19.6 billion at the end of Q3 2025, mainly driven by
network expansion increasing right-of-use assets and continued CAPEX related to the store network and
the new crafting facility in Vietnam. Current assets were DKK 8.9 billion, up DKK 1.2 billion compared with
last year, reflecting higher inventories in line with the growth of the company and the market value of
hedging contracts related to the purchase of silver and gold as well as foreign exchange.
At the end of Q3 2025, net interest-bearing debt amounted to DKK 17.2 billion, compared to DKK 14.5 billion
in Q3 2024. This corresponds to a leverage of 1.6x, in line with normal seasonality and broadly consistent
with last year.
Equity amounted to DKK 2.9 billion at the end of Q3 2025. During Q3, Pandora purchased shares for DKK
1.5 billion, bringing total buybacks to DKK 3.4 billion YTD, alongside the ordinary dividend of DKK 1.6 billion
distributed in Q1 2025. The level and timing of the share buyback within the tranche is at the discretion of
the bank executing the programme, which led to a higher-than-usual repurchase volume in Q3.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL GUIDANCE
PAGE 21 OF 44
FINANCIAL GUIDANCE
ORGANIC GROWTH AND EBIT MARGIN GUIDANCE UNCHANGED
While Pandora has delivered solid results in the first nine months of 2025, the macroeconomic environment
and consumer sentiment remains weak. The potential impact from US tariffs on consumer demand also
adds uncertainty.
Pandora remains confident in delivering another year of solid organic growth, albeit acknowledges the
tough macroeconomic backdrop which has not helped consumer sentiment and trading in Q3 2025.
Pandora is also looking to sharpen its execution on the Phoenix strategy through various initiatives
including, but not limited to, increasing focus on creative innovation, strengthening the overall marketing
content and improving in-store execution. As such, Pandora now expects LFL growth to be 3-4% (vs.
previously 4-5%). The low end of the guidance accounts for a potential worsening of the macroeconomic
backdrop as well as a potential highly promotional trading environment during the holiday season.
Pandora’s network growth guidance has been upgraded to be 4% (previously 3%) reflecting the stronger
ramp-up in revenue from the store openings carried out in the past 12 months. The overall organic growth
guidance remains unchanged at 7-8% with the EBIT margin guidance also unchanged at around 24%.
REVENUE GUIDANCE
The organic growth guidance can be illustrated as follows:
FY 2025 GROWTH COMPOSITION VS. FY 2024
Growth in pp (approximation), revenue in DKK billion
Pandora expects LFL growth of 3–4% (previously 4–5%). Network expansion is now anticipated to
contribute around 4% (up from 3%), supported by the continued rollout of new stores, which is progressing
well and delivering predictable, value-accretive growth. Forward integration is expected to add a further
1% to revenue. In total, revenue growth in local currency is expected to remain at 8–9%.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL GUIDANCE
PAGE 22 OF 44
PROFITABILITY GUIDANCE
The EBIT margin guidance can be illustrated as follows:
FY 2025 EBIT MARGIN VS. FY 2024
Growth in pp (approximation)
*
Assumes current level of tariffs remain in place for the rest of 2025 (this includes the 19% on imports from Thailand, 54% on China
and 50% on India).
The EBIT margin guidance for 2025 reflects Pandora’s strong commitment to its strategy and consistent
execution, targeting another year of compounding growth fuelled by investments across the Phoenix
growth pillars. Despite significant headwinds from external factors, Pandora targets strong profitability in
2025 and guides for an EBIT margin of around 24% (unchanged). The building blocks of the guidance are
broadly unchanged from the Q2 2025 announcement and the guidance continues to reflect 280bp of
headwind from foreign exchange rates, commodity prices and tariffs vs 2024.
The additional tariffs currently imposed on goods imported to the US represent a 60bp impact to the EBIT
margin. The guidance is based on the assumption that the current tariff levels on goods imported to the
US remain (this includes the 19% on imports from Thailand, 54% on China and 50% on India).
As Pandora continues the expansion of its profitable store network, a 60bp (previously 40bp) positive
impact on the EBIT margin is expected in 2025. The operating leverage from LFL growth is set to be re-
invested into initiatives supporting both future and current growth. These investments encompass various
initiatives across the Phoenix growth pillars, such as the restaging of the brand, the continued upgrade of
the store concept, personalised experiences, both online and offline, as well as efforts to establish Pandora
as the go-to destination for lab-grown diamonds.
The combined impact of silver and gold prices as well as foreign exchange fluctuations is projected to be
a drag of 220bp (unchanged), with the total headwind being a combination of a weaker USD and strong
THB relative to DKK, but also a depreciation of AUD, GBP, TRY and MXN. Support from price adjustments
and operational efficiencies which is expected to more than offset inflationary pressures, including salary
increases, helps mitigate the impact from higher silver prices and adverse foreign exchange movements.
This is now projected to contribute with 100bp (previously 120bp) to the EBIT margin.
The guided decline in the EBIT margin from full year 2024 to 2025 was most visible during Q3 2025 and is
expected to moderate in Q4 to a lower decline Y/Y. This is due to several factors including timing of forward
integration as well as actions taken to mitigate the external headwind.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL GUIDANCE
PAGE 23 OF 44
Lastly, the Group wide cost programme, “Silverstone”, is expected to be self-funded in 2025, thereby
representing no net impact to the 2025 EBIT margin but expected to represent structural upside from 2026
onwards.
2025 GUIDANCE – OTHER PARAMETERS
Pandora expects to open around 25 concept stores net (previously 25-50), including up to 100 net store
closures in China, and open around net 25 Pandora operated shop-in-shops.
CAPEX is expected to end at around 6% share of revenue (previously around 7%). Pandora continues to
invest in the store network, including network expansion, digital initiatives and not least Pandora’s new
crafting facility in Vietnam.
The effective tax rate is expected to be around 24%, slightly below the run-rate of 24-25% in recent years
due to the retroactive effect for 2022-2024 of a bilateral advance pricing arrangement signed by the Danish
Tax Authorities and the Australian taxation office earlier this year.
Pandora expects net financial expenses in 2025 to be DKK 850-900 million (unchanged). The guidance
consists of around DKK 950 million interest on debt, IFRS 16 related interest and fees, and a net DKK 50-
100 million gain on non-cash foreign exchange adjustments on intercompany balances and foreign
exchange hedging contracts. The latter depends entirely on the development in foreign exchange rates
through the year and will be updated on a regular basis.
The guidance contains forward-looking statements, which include estimates of financial performance and
targets. These statements are not guarantees of future performance and involve certain risks and
uncertainties. Therefore, actual future results and trends may differ materially from what is forecasted in
this report due to a variety of factors, refer to the disclaimer on page 44.
FOREIGN EXCHANGE AND COMMODITY ASSUMPTIONS
AND IMPLICATIONS – AS OF 24 OCTOBER 2025
Average 2024
Average 2025
2025 Y/Y Financial
Impact
USD/DKK
6.89
6.62
THB/DKK
0.20
0.20
GBP/DKK
8.81
8.72
AUD/DKK
4.55
4.26
MXN/DKK
0.38
0.34
CAD/DKK
5.03
4.73
TRY/DKK
0.21
0.17
CNY/DKK
0.96
0.92
Silver/USD (per ounce)
23.77
27.58
Gold/USD (per ounce)
1,982
2,404
Revenue (DKK million)
Approx. -1,200
EBIT (DKK million)
Approx. -1,050
EBIT margin (foreign exchange)
Approx. -0.9%
EBIT margin (commodities)
Approx. -1.3%
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION
PAGE 24 OF 44
CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION
At the end of Q3 2025, Pandora’s leverage was 1.6x NIBD to EBITDA, broadly in line with Q3 2024 and
reflecting normal seasonality. Pandora aims for a leverage ratio of approximately 1.3x NIBD to EBITDA by
the end of 2025. In line with the usual seasonality of the business, leverage will increase through the year,
peaking this quarter, and then fall back by year-end.
In the third quarter, Pandora bought back shares amounting to a total of DKK 1.5 billion bringing the YTD
total buy back of own shares to DKK 3.1 billion. This comes in addition to the distribution to shareholders
of an ordinary dividend of DKK 1.6 billion in Q1 2025. For 2025, Pandora expects a total cash distribution to
shareholders of DKK 5.6 billion. The share buyback amounts to DKK 4.0 billion and commenced on 6
February 2025 and will be completed no later than 30 January 2026.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • SUSTAINABILITY
PAGE 25 OF 44
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • OTHER E VENTS
PAGE 26 OF 44
OTHER EVENTS
Pandora to open new distribution centre in Maryland to power US expansion
Pandora is relocating its Americas Distribution Centre from Columbia, Maryland to a new, advanced facility
in Anne Arundel, Maryland, marking a major step in its global expansion and reaffirming its commitment to
the US market. The new centre increases distribution space by nearly 80% to 107,000 square feet and is
designed to support both retail and e-commerce operations with enhanced fulfilment capabilities. It will
feature modern warehouse and transport systems, including “pick-and-pass” methods, along with
upgraded safety and security measures.
Pandora welcomes first colleagues to new Vietnam crafting facility
Pandora’s crafting facility construction in Vietnam is completed, marking a significant milestone in its global
production expansion. The first group of colleagues has officially moved into the brand-new facility located
in the north part of Ho Chi Minh City, and preparation has started for being ready with the first jewellery
piece by Q4 2026. The facility can eventually produce up to 60 million pieces of jewellery annually
increasing Pandora’s overall crafting capacity by approximately 50% and employing up to 7,000
craftspeople.
FINANCIAL CALENDAR 2025-2026
The expected dates for upcoming 2025 and 2026 financial announcements for Pandora A/S are as
follows:
05 February 2026 Annual Report 2025
05 February 2026 Remuneration Report 2025
11 March 2026 Annual General Meeting
06 May 2026 Interim Report Q1 2026
13 August 2026 Interim Report Q2 2026
04 November 2026 Interim Report Q3 2026
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • OTHER E VENTS
PAGE 27 OF 44
2025 YTD DEVELOPMENT
REVENUE
Total revenue increased by 8% in local currency to DKK 20,691 million in the first nine months of 2025
compared to 2024. Organic growth was 7% reflecting the momentum and strength of the brand.
Revenue from Pandora’s Core segment grew by 7% in local currency to DKK 15,401 million in the first nine
months of 2025 from DKK 14,758 million in 2024. The segment “Fuel with more” saw revenue growth of 9%
in local currency, driven by solid performance across most collections.
GROSS PROFIT AND COSTS
Gross profit was DKK 16,487 million in the first nine months of 2025 (DKK 15,738 million in 2024), resulting
in a gross margin of 79.7% in 2025 vs. 79.9% in 2024. The Core segment generated a gross margin of 78.6%
(2024: 78.5%), while Fuel with more generated a gross margin of 83.0% (2024: 83.9%). The gross margin
is supported by favourable channel mix and pricing, which is being offset by the increase in commodity
prices as well as adverse movements in foreign exchange rates.
Sales and distribution expenses increased to DKK 7,780 million in the first nine months of 2025 (DKK 7,311
million in 2024), corresponding to 37.6% of revenue in 2025 (37.1% in 2024). The increase is mainly the
result of the profitable expansion of the Pandora operated physical store network.
Marketing expenses were DKK 3,051 million in the first nine months of 2025 (DKK 2,869 million in 2024),
resulting in a share of revenue of 14.7% in 2025, broadly in line with last year. Pandora remains committed
to the strategy, which aims to transform the perception of Pandora into a full jewellery brand.
Administrative expenses ended at DKK 1,848 million in the first nine months of 2025 compared with DKK
1,733 million in 2024, corresponding to 8.9% of revenue in 2025, broadly in line with last year.
EBIT
EBIT for the first nine months of 2025 was DKK 3,808 million, resulting in an EBIT margin of 18.4% vs. 19.4%
in 2024. The decline is driven by the drag from commodity prices, foreign exchange rates and tariffs.
NET FINANCIALS
Net financials amounted to a cost of DKK 694 million in the first nine months of 2025 vs. a cost of DKK 701
million in 2024, and is as such broadly in line.
INCOME TAX EXPENSES
Income tax expenses were DKK 721 million in the first nine months of 2025 compared with DKK 765 million
in 2024, implying an effective tax rate for the Group of 23.1% in 2025, down from 24.5% in 2024, driven by
a one-off benefit in the first quarter of 2025 due to the retroactive effect for 2022-2024 of a bilateral
advance pricing arrangement signed by the Danish Tax Authorities and the Australian taxation office.
NET PROFIT
Net profit in the first nine months of 2025 was DKK 2,393 million vs. DKK 2,358 million in 2024.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • CONTACT
PAGE 28 OF 44
CONTACT
CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 11.00 CET and can be joined
online at www.pandoragroup.com. The presentation for the call will be available on the website before
the call.
The following numbers can be used by investors and analysts:
DK: +45 78 76 84 90
SE: +46 406 820 620
UK: +44 203 769 6819
US: +1 646 787 0157
PIN: 837462
Link to webcast: https://pandora-events.eventcdn.net/events/interim-financial-report-for-the-third-
quarter-202
ABOUT PANDORA
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 6,900 points of sale, including more than 2,700 concept
stores.
Headquartered in Copenhagen , Denmark
jewellery using only 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 31.7 billion (EUR 4.2 billion) in 2024.
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
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL STATEMENTS
PAGE 29 OF 44
FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
DKK million
Notes
Q3 2025
Q3 2024
9M 2025
9M 2024
FY 2024
Revenue
3
Cost of sales
-1,300
-1,217
-4,204
-3,969
-6,391
Gross profit
Sales, distribution and marketing
expenses
-3,494
-3,352
-10,831
-10,180
-14,844
Administrative expenses
-596
-553
-1,848
-1,733
-2,471
Operating profit
Finance income
Finance costs
-274
-304
-851
-907
-1,297
Profit before tax
Income tax expense
-159
-193
-721
-765
-1,699
Net profit for the period
Earnings per share, basic, DKK
Earnings per share, diluted, DKK
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
DKK million
Q3 2025
Q3 2024
9M 2025
9M 2024
FY 2024
Net profit for the period
Other comprehensive income:
Items that may be reclassified to
profit/loss for the period
Exchange rate adjustments of
investments in subsidiaries
-15
-184
-747
-133
Fair value adjustment of hedging
instruments
Tax on other comprehensive income,
hedging instruments, income/expense
-83
-9
-180
-33
Items that may be reclassified to
profit/loss for the period, net of tax
-68
-66
Items not to be reclassified to
profit/loss for the period
Actuarial gain/loss on defined benefit
plans, net of tax
-6
-21
-6
-12
Items not to be reclassified to
profit/loss for the period, net of tax
-6
-21
-6
-12
Other comprehensive income, net of
tax
-74
-88
Total comprehensive income for the
period
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL STATEMENTS
PAGE 30 OF 44
CONSOLIDATED BALANCE SHEET
DKK million
Notes
2025
30 September
2024
30 September
2024
31 December
ASSETS
Goodwill
7
Brand
Distribution
Other intangible assets
Total intangible assets
Property, plant and equipment
Right-of-use assets
8
Deferred tax assets
Other financial assets
Total non-current assets
Inventories
Trade receivables
5
Contract assets
Derivative financial instruments
4,12
Income tax receivable
Other receivables
Cash
Total current assets
Total assets
EQUITY AND LIABILITIES
Share capital
Treasury shares
-3,329
-2,189
-3,228
Reserves
Proposed dividend
Retained earnings
Total equity
Provisions
Loans and borrowings
4,8
Deferred tax liabilities
Other payables
Total non-current liabilities
Provisions
Refund liabilities
Contract liabilities
Loans and borrowings
4,8
Derivative financial instruments
4,12
Trade payables
9
Income tax payable
Other payables
Total current liabilities
Total liabilities
Total equity and liabilities
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL STATEMENTS
PAGE 31 OF 44
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
DKK million
Share
capital
Treasury
shares
Translation
reserve
Hedging
reserve
Dividend
proposed
Retained
earnings
Total
equity
2025
Equity at 1 January
-3,228
Net profit for the period
Other comprehensive income, net of tax
-738
-21
-88
Total comprehensive income for the period
-738
Share-based payments
-56
Purchase of treasury shares
-3,450
-3,450
Cancellation of treasury shares
-3
-3,165
Dividend proposed
-10
Dividend paid
-1,567
-1,567
Equity at 30 September
-3,329
2024
Equity at 1 January
-4,353
-33
Net profit for the period
Other comprehensive income, net of tax
-88
-15
Total comprehensive income for the period
-88
Share-based payments
-65
Purchase of treasury shares
-2,996
-2,996
Cancellation of treasury shares
-7
-4,945
Dividend proposed
-9
Dividend paid
-1,471
-1,471
Equity at 30 September
-2,189
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • FINANCIAL STATEMENTS
PAGE 32 OF 44
CONSOLIDATED STATEMENT OF CASH FLOWS
1
In Q3 2024, Pandora performed a reclassification between "Change in payables and other liabilities" and "Other non-cash
adjustments" for presentation purposes. All comparative figures were restated accordingly. "Other non-cash adjustments" mainly
comprise obligation to restore leased property.
The above cannot be derived directly from the income statement and the balance sheet.
DKK million
Notes
Q3 2025
Q3 2024
9M 2025
9M 2024
FY 2024
Operating profit
Depreciation and amortisation
Share-based payments
Change in inventories
-631
-515
-1,078
-751
-126
Change in receivables
-87
Change in payables and other liabilities
1
-1,449
-1,015
Other non-cash adjustments
1
-10
-28
-40
-44
Finance income received
Finance costs paid
-104
-155
-725
-695
-922
Income taxes paid
-48
-109
-856
-747
-1,738
Cash flows from operating activities, net
Acquisitions of subsidiaries and activities,
net of cash acquired
6
-6
-7
-368
-172
-194
Purchase of intangible assets
-120
-101
-367
-246
-343
Purchase of property, plant and equipment
-394
-368
-1,033
-941
-1,336
Change in other assets
-7
-8
-9
-12
-29
Proceeds from sale of property, plant and equipment
Cash flows from investing activities, net
-525
-479
-1,770
-1,358
-1,889
Dividend paid
-1,567
-1,471
-1,471
Purchase of treasury shares
-1,565
-1,150
-3,463
-3,016
-4,013
Proceeds from loans and borrowings
Repayment of loans and borrowings
-746
-58
-2,675
-2,729
Repayment of lease commitments
-324
-286
-960
-850
-1,162
Cash flows from financing activities, net
-631
-935
-2,101
-2,241
-5,701
Net increase/decrease in cash
-196
-233
-1,811
-603
Cash and cash equivalents, beginning of period
Exchange gains/losses on cash and cash equivalents
-8
-13
-61
-21
-11
Net increase/decrease in cash
-196
-233
-1,811
-603
Cash and cash equivalents, end of period
Cash balances
Overdrafts
-334
-117
-334
-117
-90
Cash and cash equivalents, end of period
Cash flows from operating activities, net
- Finance income received
-4
-7
-32
-15
-19
- Finance costs paid
Cash flows from investing activities, net
-525
-479
-1,770
-1,358
-1,889
- Acquisition of subsidiaries and activities, net of cash
acquired
Repayment of lease commitments
-324
-286
-960
-850
-1,162
Free cash flows incl. lease payments
Unutilised committed credit facilities
4
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 33 OF 44
ACCOUNTING NOTES
NOTE 1 – ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial statements have been prepared in accordance
with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB)
and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of
listed companies.
The accounting policies applied are consistent with the accounting policies set out in the Annual Report
2024.
Due to rounding, numbers presented throughout this report may not add up precisely to the totals, and
percentages may not precisely reflect the absolute figures. The interim financial report is presented in
Danish kroner (DKK), and all amounts are in millions unless otherwise stated.
Pandora presents financial measures in the interim financial report that are not defined according to IFRS
Accounting Standards. Pandora believes these non-GAAP measures provide valuable information to
investors and Pandora’s management when evaluating performance. Since other companies may calculate
these differently from Pandora, they may not be comparable to the measures used by other companies.
These financial measures should therefore not be considered to be a replacement for measures defined
under IFRS Accounting Standards. For definitions of the performance measures used by Pandora, see note
5.6 Financial definitions to the consolidated financial statements in the Annual Report 2024.
New standards, interpretations and amendments adopted by Pandora
Pandora has adopted all new or amended IFRS Accounting Standards and interpretations (IFRS IC) as
adopted by the EU and which are effective for the financial year beginning on 1 January 2025. The
implementation of these new or amended standards and interpretations had no material impact on the
consolidated financial statements for the year.
The new standards that are not yet effective are not expected to have any material impact on Pandora,
except for IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and
will be effective from 2027, impacting presentation and disclosure of the financial statements. Pandora is
currently evaluating the impact of this standard.
NOTE 2 – MANAGEMENT JUDGEMENTS AND ESTIMATES UNDER IFRS ACCOUNTING STANDARDS
In preparing the condensed consolidated interim financial statements, management makes various
judgements, accounting estimates and assumptions that form the basis of the presentation, recognition
and measurement of Pandora’s assets and liabilities.
The current tariff discussions drive both elevated macroeconomic uncertainty – and thereby elevated
recession risk – as well as elevated cost and margin uncertainty. Pandora has been working on mitigation
measures for a while and has also accelerated certain cost measures.
Pandora has evaluated the value of its non-current assets. Based on current market information and
forecasts, no indicators of impairment were identified, and the most recent impairment test conducted in
2024 is still considered to include sufficient headroom. Given the uncertain macroeconomic environment,
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 34 OF 44
Pandora will continue assessing the value of the assets. Pandora has also considered the recoverability of
accounts receivable and the inventory value and has not identified any impairment write down.
For information on liquidity risk please refer to note 4.4 Financial risks in the 2024 Annual Report.
NOTE 3 – SEGMENT AND REVENUE INFORMATION
Pandora’s activities are segmented into two reportable segments, each responsible for the end-to-end
performance of collections. One includes our Core collections, while the other, Fuel with more, covers
newer collections and innovations.
Core includes the charms and charm carriers which focus on collectability. Fuel with more includes the
Modern Classics (Pandora Timeless and Pandora Signature accompanied by Pandora’s newest collection,
PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers
who may have a different aesthetic preference than the Core jewellery design.
The two operating segments include all channels relating to the distribution and sale of Pandora products.
Management monitors the profitability of the operating segments separately for the purpose of making
decisions about resource allocation and performance management. Segment results are measured at gross
profit as presented in the table below.
Non-unit-driven revenue, comprising other services such as engraving and franchise fees, is allocated
proportionately to the different revenue categories.
SEGMENT INFORMATION
DKK million
Core
Fuel with
more
Group
Q3 2025
Revenue
4,789
1,480
6,269
Cost of sales
-1,042
-257
-1,300
Gross profit
3,747
1,223
4,970
Gross margin, %
78.2%
82.6%
79.3%
Operating expenses
-4,090
Consolidated operating profit (EBIT)
880
Profit margin (EBIT margin), %
14.0%
Q3 2024
Revenue
4,634
1,468
6,103
Cost of sales
-985
-232
-1,217
Gross profit
3,649
1,236
4,886
Gross margin, %
78.7%
84.2%
80.1%
Operating expenses
-3,905
Consolidated operating profit (EBIT)
980
Profit margin (EBIT margin), %
16.1%
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 35 OF 44
DKK million
Core
Fuel with
more
Group
9M 2025
Revenue
15,401
5,290
20,691
Cost of sales
-3,302
-901
-4,204
Gross profit
12,098
4,389
16,487
Gross margin, %
78.6%
83.0%
79.7%
Operating expenses
-12,679
Consolidated operating profit (EBIT)
3,808
Profit margin (EBIT margin), %
18.4%
9M 2024
Revenue
14,758
4,950
19,707
Cost of sales
-3,170
-799
-3,969
Gross profit
11,588
4,150
15,738
Gross margin, %
78.5%
83.9%
79.9%
Operating expenses
-11,913
Consolidated operating profit (EBIT)
3,825
Profit margin (EBIT margin), %
19.4%
REVENUE BY SEGMENTS
DKK million
Q3 2025
Q3 2024
Like-
for-like
Local
currency
growth
Share of
Revenue
9M 2025
9M 2024
Like-for-
like
Local
currency
growth
Share of
Revenue
Core
4,789
4,634
1%
8%
76%
15,401
14,758
2%
7%
74%
- Moments
3,861
3,895
-2%
3%
62%
12,650
12,472
-1%
4%
61%
- Collabs
614
514
11%
25%
10%
1,929
1,600
16%
24%
9%
- ME
313
226
34%
44%
5%
821
686
15%
23%
4%
Fuel with more
1,480
1,468
2%
5%
24%
5,290
4,950
6%
9%
26%
- Timeless
1,114
1,065
4%
9%
18%
4,048
3,813
5%
8%
20%
- Signature
114
170
-31%
-30%
2%
433
607
-27%
-26%
2%
- PANDORA ESSENCE
1
178
169
13%
9%
3%
558
342
97%
67%
3%
- Pandora Lab-Grown Diamonds
75
64
19%
25%
1%
250
188
32%
37%
1%
Total revenue
6,269
6,103
2%
7%
100%
20,691
19,707
3%
8%
100%
Goods transferred at a point in
time
6,259
6,093
20,658
19,669
Services transferred over time
10
10
33
39
Total revenue
6,269
6,103
20,691
19,707
1
PANDORA ESSENCE was launched in Q2 2024 following a pilot in the Netherlands in 2023.
REVENUE DEVELOPMENT IN KEY MARKETS
DKK million
Q3 2025
Q3 2024
Like-
for-like
Local
currency
growth
9M 2025
9M 2024
Like-
for-like
Local
currency
growth
US
1,896
1,796
6%
12%
6,638
5,996
9%
13%
China
68
84
-6%
-14%
259
313
-11%
-15%
UK
685
740
-8%
-5%
2,208
2,288
-5%
-4%
Italy
448
466
-4%
-4%
1,485
1,599
-7%
-7%
Australia
212
195
4%
18%
675
609
4%
18%
France
215
227
-7%
-5%
726
761
-7%
-5%
Germany
402
431
-9%
-7%
1,372
1,367
-5%
0%
Total key markets
3,925
3,938
0%
4%
13,362
12,933
2%
5%
Rest of Pandora
2,344
2,165
6%
14%
7,328
6,774
7%
13%
Total revenue
6,269
6,103
2%
7%
20,691
19,707
3%
8%
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 36 OF 44
REVENUE DEVELOPMENT BY CHANNEL
DKK million
Q3 2025
Q3 2024
Organic
growth
Share of
Revenue
9M 2025
9M 2024
Organic
growth
Share of
Revenue
Pandora operated
1
retail
5,353
4,995
9%
85%
17,575
16,057
10%
85%
- of which concept stores
3,803
3,519
8%
61%
12,056
10,968
9%
58%
- of which online stores
1,121
1,090
7%
18%
4,158
3,832
11%
20%
- of which other points of sale
429
386
19%
7%
1,361
1,256
16%
7%
Wholesale
731
914
-7%
12%
2,571
3,036
-7%
12%
- of which concept stores
232
388
-13%
4%
852
1,266
-14%
4%
- of which other points of sale
499
526
-2%
8%
1,719
1,770
-2%
8%
Third-party distribution
185
194
-2%
3%
544
614
-10%
3%
Total revenue
6,269
6,103
6%
100%
20,691
19,707
7%
100%
1
Pandora does not own any of the premises (Land and buildings) where stores are operated. Pandora exclusively operates stores
from leased premises.
The use of sales channels for the distribution of Pandora jewellery depends on the underlying market
maturity and varies within markets but is consistent when viewed between segments.
Due to the seasonal nature of the jewellery business, higher revenue and profits are historically realised in
the fourth quarter.
NOTE 4 – FINANCIAL RISKS
Pandora’s overall risk exposure and financial risks, including risks related to commodity prices, foreign
currency, credit, liquidity and interest rates, are described in the disclosures in note 4.4 Financial risks to
the consolidated financial statements in the Annual Report 2024.
Net interest-bearing debt (NIBD), incl. capitalised leases, amounted to DKK 17.2 billion at the end of Q3
2025 (Q2 2025: DKK 15.3 billion) corresponding to a financial leverage of 1.6x (Q2 2025: 1.5x).
Liquidity risk
Pandora maintains an adequate level of cash and unutilised credit facilities to meet financial obligations
when due.
NET INTEREST-BEARING DEBT
1
Includes the EUR 500 million bond issued in May 2024 and the EUR 500 million bond issued in March 2023.
In the third quarter of 2025, Pandora utilised DKK 10.0 billion in committed financing and an additional DKK
2.3 billion in uncommitted short-term financing. Pandora uses short term financing, when possible, to
optimise interest expenses and enhance the Group’s overall cash position. As of the end of Q3 2025, DKK
7.1 billion remains available under undrawn committed loan facilities.
DKK million
2025
30 September
2024
31 December
Loans and borrowings, non-current
1
7,778
7,831
Lease liabilities, non-current
4,170
3,794
Loans and borrowings, current
4,512
397
Lease liabilities, current
1,459
1,379
Cash
-765
-2,394
Net interest-bearing debt
17,153
11,008
Unutilised committed credit facilities
7,092
7,087
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 37 OF 44
NOTE 5 – TRADE RECEIVABLES
NOTE 6 – BUSINESS COMBINATIONS
In the first 9 months of 2025, Pandora took over 46 concept stores (37 concept stores in the US, 4 concept
stores in Italy, 4 concept stores in Canada and 1 concept store in Puerto Rico) in 12 business combinations.
Net assets acquired mainly consisted of store properties, inventories and related liabilities. The total
purchase price for the acquisitions was DKK 377 million. Based on the purchase price allocations, goodwill
was DKK 164 million, fully deductible for income tax purposes. Goodwill from the acquisitions was mainly
related to the synergies from converting the stores from wholesale and distribution to Pandora-operated
retail. Cost relating to the acquisitions was immaterial and has been recognised as operating expenses in
the income statement.
Excluding the temporary drag on gross margin from inventory buybacks, incremental contribution to Group
revenue and net profit from acquisitions for the period 1 January – 30 September 2025 was DKK 119 million
and DKK 32 million, respectively. On a pro forma basis, if the acquisitions had been effective from 1 January
2025, the incremental contribution to Group revenue and net profit for the period 1 January – 30 September
2025 would have been approximately DKK 189 million and DKK 43 million, respectively
1
.
ACQUISITIONS
1
The incremental contribution to Group revenue and net profit is determined as the net of acquired retail revenue less the reduction
in wholesale revenue. Excluding the temporary drag on the margin from inventory buybacks, the contribution to the Group revenue
and net profit from acquisitions for the period 1 January - 30 September 2025 calculated according to IFRS 3 was DKK 295 million
and DKK 122 million, respectively. On a proforma basis, if the acquisitions had been effective from 1 January 2025, the IFRS 3
contribution to Group revenue and net profit for the period 1 January – 30 September 2025, excluding the temporary drag on the
margin from inventory buybacks, would have been approximately DKK 365 million and DKK 133 million, respectively.
2
The consideration of DKK 8 million transferred during 2025 relates to the acquisitions in the US, Italy and Canada in prior years. The
consideration of DKK 19 million transferred during 2024 relates mainly to the acquisition in Colombia in 2023.
3
The deferred payment of DKK 16 million in 2025 relates to acquisitions in the US, Italy, Canada and Puerto Rico. The consideration
of DKK 8 million in 2024 relates mainly to the acquisitions in the US and Italy.
DKK million
2025
30 September
2024
31 December
Receivables related to third-party distribution and wholesale
439
711
Receivables related to retail revenue
256
506
Total trade receivables
695
1,217
DKK million
9M 2025
FY 2024
Property, plant and equipment and right-of-use assets
97
85
Other non-current assets
-
1
Inventories
196
85
Other current assets
4
1
Assets acquired
297
172
Non-current liabilities
40
41
Payables
8
4
Other current liabilities
36
43
Liabilities assumed
84
88
Total identifiable net assets acquired
212
84
Goodwill arising on the acquisitions
164
98
Purchase consideration
377
183
Cash movements on acquisitions:
Consideration transferred regarding previous years
2
8
19
Deferred payment
3
-16
-8
Net cash flows on acquisitions
368
194
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 38 OF 44
Business combinations after the reporting period
No business combinations to an extent of significance to Pandora took place after the reporting period.
NOTE 7 – GOODWILL
DKK million
2025
30 September
2024
31 December
Cost at 1 January
5,126
4,914
Acquisition of subsidiaries and activities in the period
164
98
Exchange rate adjustments
-276
114
Cost at the end of the period
5,014
5,126
No impairment indication was identified based on the information regarding the market and the forecast.
The latest impairment test was carried out 31 December 2024 and the test confirmed substantial headroom
between the carrying amount and the value in use. All the assumptions used are as described in the Annual
Report 2024.
NOTE 8 - ASSETS AND LIABILITIES RELATED TO LEASES
Pandora leases stores, offices, office equipment and cars.
Amounts recognised in the balance sheet:
RIGHT-OF-USE ASSETS
DKK million
2025
30 September
2024
31 December
Property
5,343
4,974
Other
25
23
Total right-of-use assets
5,368
4,997
The right-of-use-assets increased by DKK 0.4 billion in the period 1 January to 30 September 2025. A DKK
1.8 billion increase related to renewals of lease contracts and new leases, which were driven by network
expansion and forward integration. This is largely offset by a decrease of DKK 1.4 billion as a result of
depreciation and currency exchange movement.
LEASE LIABILITIES
DKK million
2025
30 September
2024
31 December
Non-current
4,170
3,794
Current
1,459
1,379
Total lease liabilities
5,629
5,173
Lease liabilities are recognised in loans and borrowings.
Amounts recognised in the income statement:
RECOGNISED DEPRECIATION ON RIGHT-OF-USE ASSETS CHARGED TO THE INCOME STATEMENT FOR THE
PERIOD
DKK million
1 January –
30 September
2025
1 January –
30 September
2024
Property
1,085
970
Other
11
10
Total depreciation on right-of-use assets for the period
1,096
980
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 39 OF 44
Depreciation mainly relates to leased stores and is presented in the sales, distribution and marketing
expenses.
OTHER ITEMS RELATING TO LEASES
DKK million
1 January –
30 September
2025
1 January –
30 September
2024
Interest expense
315
274
Total interest for the period
315
274
Costs recognised in the period for short-term and low-value leases were DKK 72 million (9M 2024: DKK 66
million) and recognised on a straight-line basis.
TOTAL CASH FLOWS RELATING TO LEASES
DKK million
1 January –
30 September
2025
1 January –
30 September
2024
Fixed lease payments
960
850
Interest payments
315
274
Variable leases
357
385
Short-term and low-value leases
72
66
Total cash flows relating to leases
1,704
1,575
Payments related to variable leases and short-term and low-value leases are not included in the lease
liabilities.
NOTE 9 – TRADE PAYABLES
The Group generally accepts that vendors sell off their receivables arising from the sale of goods and
services to the Group to a third party. Pandora has established a supply chain financing programme where
vendors can sell off their receivables from Pandora on attractive terms, based on invoices approved by
Pandora, but at the bank's sole discretion. The programme does not extend payment terms beyond the
original terms agreed. The payment terms for trade payables within the supply chain financing programme
range from 95–115 days, while the payment terms for trade payables outside the programme average
around 55 days. This is expected, as the programme is generally more attractive to suppliers with longer
payment terms.
Pandora is not directly or indirectly a party to these agreements. The amounts payable to suppliers included
in the supply chain financing programme are classified as trade payables in the balance sheet as well as in
the statement of cash flows (working capital within cash flows from operations) and amounted to DKK 510
million at 30 September 2025 (31 December 2024: DKK 362 million). Suppliers have received payment from
the bank for all the liabilities under the supplier finance arrangement.
NOTE 10 – CONTINGENT ASSETS AND LIABILITIES
Reference is made to note 5.1 Contingent assets and liabilities to the consolidated financial statements in
the Annual Report 2024.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 40 OF 44
NOTE 11 – STORE NETWORK, CONCEPT STORE DEVELOPMENT
1
Total concept stores
O&O concept stores
Number
of concept
stores
Q3 2025
Number
of concept
stores
Q2 2025
Number
of concept
stores
Q3 2024
Growth
Q3 2025
/ Q2 2025
Growth
Q3 2025
/Q3 2024
Number
of concept
stores
O&O
Q3 2025
Growth
O&O
stores
Q3 2025
/ Q2 2025
Growth
O&O
stores
Q3 2025
/Q3 2024
US
509
495
479
14
30
466
14
76
China
139
176
204
-37
-65
133
-33
-60
UK
225
221
219
4
6
225
4
7
Italy
191
190
184
1
7
171
1
13
Australia
133
132
128
1
5
85
2
14
France
126
126
123
0
3
123
3
13
Germany
140
139
137
1
3
139
1
3
Total key markets
1,463
1,479
1,474
-16
-11
1,342
-8
66
Rest of Pandora
1,336
1,309
1,260
27
76
845
22
88
All markets
2,799
2,788
2,734
11
65
2,187
14
154
1
All markets with 10 or more concept stores can be found in the Excel appendix uploaded on www.pandoragroup.com.
NOTE 12 – COMMODITY HEDGING AND DERIVATIVES
The table below illustrates the timing of the hedges in 2025 and 2026 related to the purchase of silver and
gold for production, excluding the time-lag from inventory to cost of sales.
HEDGED AND REALISED PURCHASE PRICES
(AT USE OF THE SILVER AND GOLD FOR PRODUCTION)
USD / OZ
Realised in
Q3 2025
Hedged
Q4 2025
Hedged
Q1 2026
Hedged
Q2 2026
Hedged
Q3 2026
Silver price
32.3
32.0
30.3
29.8
-
Gold price
2,932
2,988
3,238
3,604
3,935
Commodity hedge ratio (target), %
Realised
70-100%
70-90%
50-70%
30-50%
Pandora has hedged all the 2025 P&L and 70-75% of the 2026 P&L exposure for silver and gold combined.
The silver price in the 2025 P&L is locked in at around 28 USD/oz and the hedged part of the 2026 P&L is
hedged at around 31 USD/oz.
DERIVATIVE FINANCIAL INSTRUMENTS
DKK million
Assets
Liabilities
Carrying
amount
Hedge reserve,
net of tax
Q3 2025
Commodities
854
-54
800
627
Foreign exchange
68
-68
-
53
Total derivative financial instruments
922
-122
800
679
FY 2024
Commodities
49
-88
-39
-30
Foreign exchange
106
-64
42
33
Interest rate
7
-
7
5
Total derivative financial instruments
162
-152
10
8
The impact of the ineffective portion related to the commodity hedging transactions in net financials was
a gain of DKK 2 million (9M 2024: gain of DKK 26 million).
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 41 OF 44
Derivative financial instruments are measured at fair value and in accordance with level 2 in the fair value
hierarchy (IFRS 13). See note 4.4 Financial risks and note 4.5 Derivative financial instruments to the
consolidated financial statements in the Annual Report 2024.
NOTE 13 – SUBSEQUENT EVENTS
Other than as described in “Other events” in the Management review, as well as in note 6 Business
Combinations, Pandora is not aware of events after 30 September 2025, which are expected to materially
impact the Group’s financial position.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 42 OF 44
QUARTERLY OVERVIEW
DKK million
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Financial highlights
Revenue
6,269
7,075
7,347
11,973
6,103
Organic growth, %
6%
8%
7%
11%
11%
Like-for-like, %
2%
3%
6%
6%
7%
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
1,524
1,911
2,265
4,772
1,571
Operating profit (EBIT)
880
1,287
1,641
4,149
980
EBIT margin, %
14.0%
18.2%
22.3%
34.7%
16.1%
Net financials
-232
-224
-238
-347
-193
Net profit for the period
489
803
1,101
2,869
595
FINANCIAL RATIOS
Revenue growth, DKK, %
3%
4%
8%
11%
10%
Revenue growth, local currency, %
7%
9%
7%
11%
12%
Gross margin, %
79.3%
79.3%
80.4%
79.8%
80.1%
EBITDA margin, %
24.3%
27.0%
30.8%
39.9%
25.7%
EBIT margin, %
14.0%
18.2%
22.3%
34.7%
16.1%
Effective tax rate, %
24.5%
24.5%
21.5%
24.5%
24.5%
Equity ratio, %
10%
13%
14%
20%
14%
NIBD to EBITDA, x
1.6
1.5
1.4
1.1
1.5
Return on invested capital (ROIC), %
1
43%
44%
45%
46%
44%
Cash conversion incl. lease payments, %
25%
74%
-48%
124%
58%
Net working capital, % of last 12 months’ revenue
7.3%
4.7%
4.2%
-1.7%
5.9%
Capital expenditure, % of revenue
8.6%
8.5%
5.6%
4.6%
7.9%
STOCK RATIOS
Total payout ratio (incl. share buyback), %
320%
110%
234%
35%
193%
CONSOLIDATED BALANCE SHEET
Total assets
28,436
27,008
26,448
27,758
25,529
Invested capital
20,078
18,850
18,306
16,515
18,013
Net working capital
2,396
1,513
1,338
-549
1,812
Net interest-bearing debt (NIBD)
17,153
15,297
14,474
11,008
14,498
Equity
2,921
3,550
3,833
5,508
3,515
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities
960
1,388
-289
5,725
1,181
Capital expenditure, total
538
600
409
553
481
Capital expenditure, property, plant and equipment
390
464
309
439
398
Free cash flows incl. lease payments
218
955
-782
5,126
572
1
Last 12 months’ EBIT in % of last 12 months’ average invested capital.
For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the
consolidated financial statements in the Annual Report 2024.
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • ACCOUNTING NOTES
PAGE 43 OF 44
MANAGEMENT STATEMENT
EXECUTIVE MANAGEMENT
BOARD OF DIRECTORS
5 NOVEMBER 2025 • COMPANY ANNOUNCEMENT 981 • INTERIM REPORT Q3 2025 • DISCLAIMER
PAGE 44 OF 44
DISCLAIMER
This Company announcement contains forward-looking statements, including, but not limited to, guidance,
expectations, strategies, objectives and statements regarding future events or prospects with respect to
the Company’s future financial and operating results. Forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate or imply future results, performance or
achievements, and may contain words such as "expect", "estimate", "intend", "will be", "will continue", "will
result", "could", "may", "might" or any variations of such words or other words with similar meanings.
Forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual
results to differ materially from the results discussed in such forward-looking statements. Prospective
information is based on management’s then current expectations or forecasts. Such information is subject
to the risk that such expectations or forecasts, or the assumptions underlying such expectations or
forecasts, may change. The Company assumes no obligation to update any such forward-looking
statements to reflect actual results, changes in assumptions or changes in other factors affecting such
forward-looking statements. Some important risk factors that could cause the Company’s actual results to
differ materially from those expressed in its forward-looking statements include, but are not limited to:
economic and geopolitical uncertainty (including interest rates and exchange rates), financial and
regulatory developments, general changes in market trends and end-consumer preferences, demand for
the Company’s products, competition, the availability and pricing of materials used by the Company,
production and distribution-related issues, IT failures, litigation, pandemics and other unforeseen factors.
The nature of the Company’s business means that risk factors and uncertainties may arise, and it may not
be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors
on the Company’s business or the extent to which any individual risk factor, or combination of factors, may
cause results to differ materially from those contained in any forward-looking statement. Accordingly,
forward-looking statements should not be relied on as a prediction of actual results.