4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997
CVR NO. 285051 16 HAVNEHOLMEN 17-19 1561 COPENHAGEN V WWW.PANDORAGROUP.COM
INTERIM FINANCIAL REPORT
Q4 2025
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • CONTENTS
PAGE 2 OF 44
CONTENTS
HIGHLIGHTS
3
EQUITY STORY
4
EXECUTIVE SUMMARY
5
FINANCIAL HIGHLIGHTS
BUSINESS UPDATE
6
BUSINESS UPDATE
12
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
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 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 for Pandora to become the most
desirable, accessible jewellery brand and leverage our existing
infrastructure.
A RESILIENT BUSINESS COMMITTED TO SUSTAINABILITY
• Sustainability is an integral part of our business, and we are progressing
towards some of the most ambitious sustainability targets in the
industry, spearheading the use of recycled silver and gold and lab-grown
diamonds.
FINANCIAL AMBITION*
• 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.
* Based on a silver price of approximately USD 24/oz at the Capital Markets Day in 2023. Silver prices have increased substantially
since then. Pandora is already well advanced in its creative innovation efforts to help offset a material part of the commodity headwind
and thereby support the financial algorithm.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • EXECUTIVE SUMMARY
PAGE 4 OF 44
EXECUTIVE SUMMARY
PANDORA DELIVERS 6% ORGANIC GROWTH IN 2025
FY 2025 highlights
• In 2025, Pandora delivered organic revenue growth of 6% (guidance of 7-8%). This comprised of like-
for-like (LFL) growth of 2% and network expansion & other of 4%.
• The EBIT margin ended at 23.9% (guidance of around 24%), down 130bp Y/Y, reflecting the company’s
ability to mitigate most of the 300bp external cost headwinds.
• Strong cash conversion of 65% sees leverage end at 1.3x NIBD/EBITDA. EPS ended at DKK 68, up 5%
on a reported basis and up 15% in constant currency.
Q4 2025 highlights
• Q4 2025 organic growth came in at 4%, comprising of flat LFL and network expansion & other of 4%.
• Within segments, LFL growth in the Core was flat at 0% whilst Fuel with More declined at -3% LFL.
• LFL growth in North America slowed to 2%, reflecting the weak consumer sentiment. EMEA was broadly
stable at -1% whilst Asia-Pacific and Latin America were at 2% and -7%, respectively.
• The Q4 EBIT margin landed at 33.5%, -120bp Y/Y, offsetting most of the 440bp external headwinds.
Strategic highlights
• Pandora’s vision remains to build the most desirable, accessible jewellery brand. Whilst the macro
backdrop remains challenging, Pandora sees clear opportunities to sharpen execution.
• Pandora will step up its focus on design as a key driver of desirability and organic demand. To scale the
impact of newness, there will be a clear emphasis on improving relevance and distinctiveness. This
includes re-energising core collections through clearer creative direction and more consistent,
differentiated design expressions, whilst selectively building in existing aesthetic spaces.
• Pandora will complement its high brand awareness with stronger local relevance and authenticity,
particularly in mature markets. This will be supported by a strengthened earned media model, where
design-led storytelling and social engagement increasingly drive traffic and customer acquisition.
• Pandora will continue to evolve in offering multi-material jewellery. This includes the introduction of
jewellery with precious-metal plating in platinum built on our unique and proven metal-alloy PANDORA
EVERSHINE™, developed to outperform silver for everyday wear. Based hereon, Pandora expects to
maintain an EBIT margin above 21% in the mid-term with significant free cash flow generation.
2026 Guidance, current trading and cash returns
• The guidance for 2026 is for “-1% to +2% organic growth” and an EBIT margin of “21-22%”.
• Current trading in Q1 2026 shows around flat LFL growth.
• Proposed dividend of DKK 22 per share, up 10% from DKK 20 in 2024. Given the surging silver prices,
Pandora will resume its historical, significant share buyback programmes once the plans to transition
to platinum-plated jewellery is further progressed.
Berta de Pablos-Barbier, President and CEO of Pandora, says:
“We delivered 6% organic growth in 2025 and while the macroeconomic backdrop was challenging, growth
was below our expectations. As new CEO, my priorities are clear and we have plans to strengthen brand
desirability, reduce commodity exposure and evolve how we drive profitable growth.”
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%
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL HIGHLIGHTS
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FINANCIAL HIGHLIGHTS
DKK million
Q4 2025
Q4 2024
FY 2025
FY 2024
FINANCIAL HIGHLIGHTS
Revenue
11,859
11,973
32,549
31,680
Organic growth, %
4%
11%
6%
13%
Like-for-like, %
0%
6%
2%
7%
Earnings before interest, tax, depreciation and amortisation (EBITDA)
4,617
4,772
10,316
10,327
Operating profit (EBIT)
3,975
4,149
7,783
7,974
EBIT margin, %
33.5%
34.7%
23.9%
25.2%
Net financials
-177
-347
-870
-1,048
Net profit for the period
2,848
2,869
5,241
5,227
FINANCIAL RATIOS
Revenue growth, DKK, %
-1%
11%
3%
13%
Revenue growth, local currency, %
4%
11%
6%
14%
Gross margin, %
78.1%
79.8%
79.1%
79.8%
EBITDA margin, %
38.9%
39.9%
31.7%
32.6%
EBIT margin, %
33.5%
34.7%
23.9%
25.2%
Effective tax rate, %
25.0%
24.5%
24.2%
24.5%
Equity ratio, %
18%
20%
18%
20%
NIBD to EBITDA, x
1.3
1.1
1.3
1.1
Return on invested capital (ROIC), %
1
41%
46%
41%
46%
Cash conversion incl. lease payments, %
117%
124%
65%
85%
Net working capital, % of last 12 months’ revenue
4.1%
-1.7%
4.1%
-1.7%
Net working capital excl. derivatives, % of last 12 months’ revenue
2
-1.1%
-1.6%
-1.1%
-1.6%
Capital expenditure, % of revenue
3.3%
4.6%
6.0%
6.1%
STOCK RATIOS
Total payout ratio (incl. share buyback), %
32%
35%
114%
105%
Dividend per share, proposed, DKK
22
20
22
20
Dividend per share, paid, DKK
-
-
20
18
Earnings per share, basic, DKK
37.0
35.6
68.1
64.8
Earnings per share, diluted, DKK
36.9
35.5
67.9
64.6
CONSOLIDATED BALANCE SHEET
Total assets
29,603
27,758
29,603
27,758
Invested capital
19,001
16,515
19,001
16,515
Net working capital
1,336
-549
1,336
-549
Net working capital excl. derivatives
2
-352
-510
-352
-510
Net interest-bearing debt (NIBD)
13,719
11,008
13,719
11,008
Equity
5,282
5,508
5,282
5,508
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities
5,301
5,725
7,361
8,721
Capital expenditure, total
396
553
1,943
1,919
Capital expenditure, property, plant and equipment
320
439
1,483
1,419
Free cash flows incl. lease payments
4,632
5,126
5,022
6,767
SUSTAINABILITY
Scope 1, 2 & 3 emissions, tonnes CO
2
, equivalent
3
-
-
263,450
276,281
Share of renewable electricity, %
-
-
100%
100%
Recycled silver and gold, total, %
-
-
100%
100%
Leadership Team gender ratio, female/male, %
-
-
44/56
35/65
Total employees (end of period), number
-
-
42,281
41,326
1
Last 12 months’ EBIT in % of last 12 months’ average invested capital.
2
Net working capital excluding unrealised derivatives measured at fair value. See note 4.5 Financial instruments in the Annual Report 2025.
3
In 2025, we have improved Pandora’s calculation methodology and data for Scopes 2 and 3. This led to adjustments in total emissions (tonnes CO2e),
with decreases of 9,917 in 2024 (-3%).
For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the
consolidated financial statements in the Annual Report 2025.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • BUSINESS UPDATE
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BUSINESS UPDATE
6% ORGANIC GROWTH IN FY 2025
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. Over the past two years, Pandora has
taken steps along this journey and stands as a company with strong foundations, a unique vertically
integrated value chain and a healthy brand. Having said that, Pandora sees clear opportunities to optimise
execution around this vision to drive stronger like-for-like growth and capture share in the accessible
jewellery market. Pandora will also adapt to the extraordinary cost environment, primarily relating to
commodity prices, and is working at speed to reinforce its position as a precious metal jewellery brand in
the accessible luxury space.
In 2025, Pandora witnessed a generally soft consumer backdrop, impacting in-store traffic in some markets,
and a highly challenging cost environment with the announcements of tariffs, foreign exchange movements
and surging commodity prices. Despite this, Pandora delivered 6% organic growth in FY 2025, a gross
margin of 79.1%, an EBIT margin of 23.9% and a resulting 5% EPS growth Y/Y (15% when adjusted for the
impact of foreign exchange rates). Whilst the performance remained resilient overall, Pandora’s top-line
performance was below its own expectations and Pandora sees clear opportunities to step up efforts across
the value chain to drive further brand heat and excitement to engage more consumers in the current
challenging environment.
In Q4 2025, Pandora delivered 4% organic growth and maintained strong profitability with an EBIT margin
of 33.5%. The organic growth of 4% comprised of LFL growth of 0% and network expansion & other of 4%.
The 0% LFL growth was lower than expected, reflecting weaker holiday trading in November and
December, with North America being particularly impacted. The strong EBIT margin of 33.5%, down only
120bp Y/Y despite 440bp of headwinds from commodity prices, tariffs and foreign exchange, was
supported by a strong gross margin of 78.1% and good cost control on the OPEX lines. Pricing and
efficiencies continued to contribute positively to the gross margin.
In North America, Q4 2025 LFL growth ended at 2%. As mentioned above, trading did slow in November
and December due to lower traffic in the stores, reflecting the step-down in consumer sentiment. LFL in
EMEA landed at -1% LFL. Strong LFL growth in Spain, Poland and Portugal was offset by ongoing weakness
in Italy where initial actions are yet to filter through into a notable improvement in traffic. Performance in
Germany and UK improved sequentially albeit remained in negative LFL. Finally, LFL growth in Asia-Pacific
and Latin America was 2% and -7%, respectively.
By channel, growth was driven by online which saw 4% LFL in Q4 2025. Pandora’s own physical network
delivered -2% LFL in Q4 2025.
STRATEGIC EVOLUTION OF PANDORA – BERTA DE PABLOS-BARBIER AS NEW PRESIDENT & CEO
In September 2025, Pandora announced that Alexander Lacik would retire after seven years as President
and CEO, and that Berta de Pablos-Barbier — Chief Marketing Officer since November 2024 - would succeed
him as President and CEO. Berta de Pablos-Barbier formally assumed the role on 1 January 2026.
Pandora is supported by strong underlying foundations, including healthy brand fundamentals, solid
collections, and a fully integrated value chain spanning upstream and downstream activities, providing a
competitive advantage in speed, quality, and scale.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • BUSINESS UPDATE
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Pandora’s ambition to become the most desirable, accessible jewellery brand remains unchanged and is
supported by significant long-term headroom for growth across categories, aesthetics, and geographies.
These opportunities build on the strength of the brand and the scalability of Pandora’s operating model.
The strategy continues to centre on recruiting new consumers into the brand and positioning Pandora as
the brand of choice for consumers seeking beautiful, handcrafted, precious-metal jewellery that carries
personal meaning for the wearer, offered at accessible price points. Design-led newness and brand
desirability remain central to driving sustainable growth, alongside disciplined execution across channels
and markets.
To sharpen execution and accelerate performance, Pandora has completed a market-by-market
assessment of demand drivers. This work has delivered clear, actionable insights into how customer
acquisition, traffic generation, and design-led newness contribute to growth at different levels of market
penetration. These insights are now being translated into defined strategic priorities, with targeted actions
under way to adapt the approach in more mature markets and scale effective growth drivers in less
penetrated ones, supporting a more focused and disciplined path to sustainable growth.
To deliver stronger like-for-like growth and unlock Pandora’s vision to become the most desirable,
accessible jewellery brand, a clear step-change in execution is needed across several priority areas. The
following strategic priorities outline where Pandora will do things differently and more decisively going
forward. Pandora is acting on these priorities through 2026, which is set to be a transition year. Pandora
expects the commercial benefits to gradually come through in 2027 with higher LFL growth.
• RESETTING DESIGN-LEAD PRODUCT LEADERSHIP TO DRIVE SCALABLE GROWTH
Following a period where creative newness did not consistently translate into growth at scale,
particularly within Pandora’s largest collections, the company is resetting how design drives product
leadership across Core and Fuel with More.
While Pandora has strong creative capabilities, execution has not always ensured that distinctive
design and new aesthetics were deployed where they could have the greatest commercial and
brand impact. As a result, newness delivered growth in selected collections but did not sufficiently
offset underperformance in the company’s largest platforms.
Going forward, Pandora will place greater emphasis on design as a driver of organic demand and
earned media, with a sharper focus on relevance, distinctiveness, and scale impact. This is not about
increasing the volume of newness but improving the impact. This includes re-energising core
collections with clearer creative direction and higher-impact design expression, favouring curated
and more differentiated launches over incremental extensions.
For Fuel with More, Pandora will continue to expand into existing aesthetic spaces with discipline,
but with an increased focus on fewer, higher-impact launches supported by full 360-degree
activation. Stronger merchandising translation and clearer creative governance will ensure that
design ambition is converted into scalable product newness across markets.
Pandora’s vertically integrated value chain and in-house craft capabilities remain a key enabler,
allowing the company to turn creative direction into consistent, high-quality execution at scale. All
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • BUSINESS UPDATE
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design development will remain firmly anchored in Pandora’s brand DNA and informed by consumer
insights.
From 2026, Pandora will take initial steps to further broaden its creative and material capabilities.
Pandora has also announced today steps to strengthen its creative function with the appointment
of Philippa Newman as the company’s new Chief Product Officer, effective 9 March 2026. Philippa
Newman will report directly to CEO Berta de Pablos-Barbier and will join Pandora’s Executive
Leadership Team.
As Chief Product Officer, Philippa Newman will be responsible for elevating Pandora’s collections
with distinctive designs, driving expansion into new aesthetic territories, and accelerating
innovation through advanced materials and craftsmanship. By managing creative output,
assortment architecture and drop cadence, she will ensure that creativity is consistently translated
into scalable product newness. Philippa Newman will succeed Stephen Fairchild, who is taking on a
new role as Chief Strategic Creative & Cultural Officer after having served as Chief Product Officer
since 2011. In his new role, Stephen Fairchild will focus on driving cultural and brand relevance by
leading the work on Pandora's material innovation strategy as well as strategic and creative
leadership on developing new creative concepts including trend explorations, collaborations and
future partners. He will remain on Pandora’s Executive Leadership Team.
• EVOLVING THE MARKETING MODEL: COMPLEMENTING HIGH BRAND REACH WITH HIGH
IMPACT
Since the inception of the Phoenix strategy, Pandora has built strong brand foundations, achieving
industry-leading awareness and broad, cross-generational appeal across most major markets.
Building brand reach remains a core priority, particularly in lower-penetration markets such as North
America and parts of Asia, where traditional brand-building channels continue to play a critical role
in driving customer acquisition.
As markets mature and penetration increases, Pandora will complement this reach-driven model
with a greater focus on brand relevance and earned media impact. In highly penetrated Core
markets, incremental growth increasingly depends on organic traffic and engagement, supported
by design-led storytelling, social and engagement-driven channels, and more locally resonant
activations.
Accordingly, Pandora will rebalance parts of its marketing investment towards channels that more
effectively generate earned media and cultural relevance in these mature markets, while continuing
to deploy high-impact and efficient TV campaigns to build emotional resonance at scale. Global
brand platforms will be amplified through locally relevant PR, press, and influencer partnerships to
ensure relevance without fragmenting the brand.
From 2026, this evolved marketing approach will be reflected in a combination of global brand
moments and locally activated campaigns, with early examples including the Bridgerton
collaboration launched in January, and further initiatives planned across key markets during the
year.
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• CONTINUING TO EVOLVE INTO OFFERING MULTI-MATERIAL JEWELLERY
Pandora’s brand DNA has been deeply rooted in offering hand-crafted jewellery that offers meaning
to consumers globally at accessible prices.
Pandora has been at the forefront of innovating in the jewellery industry and has since 2015
expanded its plating capacity to 22 million units today with total gold and rose plated jewellery now
accounting for 25% of revenue.
In the current environment, with surging silver prices, Pandora sees opportunities to evolve further
towards a multi-material jewellery brand that protects the brand DNA. Pandora is therefore
introducing jewellery with precious metal plating in platinum built on PANDORA EVERSHINE™, our
unique and proven metal-alloy platform. PANDORA EVERSHINE™ is validated through prior
commercial use and now optimised for platinum — delivering hypoallergenic, durable, tarnish-
resistant, and water-resistant performance, developed to outperform silver in everyday wear.
Consumer testing has been concluded which showed high acceptance of platinum-based jewellery.
Pandora will conduct in-market pilot tests, which are set to start imminently, with a broader launch
planned for later this year introducing a significant range of existing carriers in platinum-plated
jewellery. Over time, Pandora expects a material part of the silver-based assortment to transition to
platinum plated jewellery.
In the near-term, Pandora will rely on additional plating capacity from OEMs. Over time Pandora
expects to be leveraging its vertically integrated supply chain with world-class capabilities in
Thailand, and soon Vietnam, where multi-material craftsmanship of jewellery has already been
mastered over 10 years.
The creative innovation will significantly reduce Pandora’s silver exposure. This means that
Pandora’s P&L and margin sensitivity to changes in commodity prices will reduce significantly,
starting already in 2027.
Alongside creative innovation and in the light of higher commodity prices, Pandora is also carefully
assessing pricing as a lever to mitigate the margin headwind – all while also considering the broader
macroeconomic and competitive environment. Pandora will also continue to use the Silverstone
cost program as a vehicle to drive efficiencies and margin protection.
In 2026, Pandora’s P&L is 90-100% hedged on silver at a price of around USD 32/oz, resulting in a
Y/Y headwind from commodities of 150-250bp, as reflected in the 2026 EBIT margin guidance. With
silver and gold spot prices at USD 82/oz and USD 4,730/oz respectively, the EBIT margin headwind
beyond 2026 would amount to around 1100bp – before any mitigating actions. Already in 2027,
Pandora expects to transition at least 50% of the relevant assortment from silver to platinum plated
and thereby mitigate a notable part of the commodity headwind. Based hereon, Pandora expects
to deliver an EBIT margin of at least 12% in 2027 and at least 14% when excluding one-off costs
related to the transition.
With the transition of the remaining targeted assortment alongside ongoing innovation and
optimization of crafting methods in platinum, Pandora expects to maintain an EBIT margin of above
21% in the mid-term with continued significant free cash flow generation. While the total transition
will take a few years, it means that Pandora expects to retain its profitability structure with high
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gross and EBIT margins – and the strong business model and strong financial algorithm is thereby
fundamentally unchanged.
The transition is expected to require extra one-off CAPEX amounting to DKK 600 million related to
the reconfiguration of the crafting facilities. DKK 300-500 million of this is expected in 2026.
TALISMAN RE-ENERGISES CORE
Towards the end of Q3 2025, Pandora launched the Pandora Talisman sub-collection, marking an evolution
in the brands core charms and carriers offering. The launch illustrates the type of design-led newness
required going forward: clearer differentiation, stronger storytelling, and concepts designed to generate
earned media, attract new consumers, and support long-term revenue growth. The collection expands the
versatility of Pandora’s jewellery, designed to be worn across necklaces and wristwear, reinforcing the
brands evolution towards a broader jewellery offering. Initial media efforts have focused on the Talisman
collection which continued to support growth in Pandora ME and the overall Core remained flat in LFL
terms in Q4. Fuel with More saw -3% LFL growth where growth in Pandora Essence was solid and Timeless
was flat. As mentioned above, Pandora will be working on plans to re-ignite growth in Fuel with More with
a greater focus on curated collections which will be anchored in distinct aesthetics and improve storytelling.
REVENUE BY SEGMENT
DKK million
Q4 2025
Q4 2024
Like-
for-Like
Share of
Revenue
FY 2025
FY 2024
Like-
for-Like
Share of
Revenue
Core
8,835
8,784
0%
74%
24,235
23,542
1%
74%
Fuel with more
3,024
3,189
-3%
26%
8,314
8,139
3%
26%
Total revenue
11,859
11,973
0%
100%
32,549
31,680
2%
100%
1
PANDORA ESSENCE was launched in Q2 2024 following a pilot in the Netherlands in 2023.
NETWORK EXPANSION ON TRACK
During 2025, Pandora has added net 23 (118 excluding China) concept stores and 33 Pandora operated
shop-in-shops. Network expansion over the past 12 months continues to be a solid contribution to topline
growth, delivering an incremental organic revenue impact of 4% in FY 2025. Pandora sees significant value
creation from its network expansion strategy with new stores typically being opened in white space areas
with no existing or limited store footprint boosting brand awareness and driving online sales higher as well.
As such, all stores see solid topline contribution and EBIT margins reaching 35-40% already in year 1, driving
a rapid payback of investment.
Given the value accretion on margins and returns, Pandora continues to expand the network. For FY 2026,
Pandora targets around 50–75 net concept store openings, including approximately 25 closures in China,
which are expected to have a minimal impact on organic growth. In addition, Pandora expects to close a
net 25–50 Pandora‑operated shop‑in‑shops, including around 50 closures in Brazil and China, also with
limited organic growth impact. The organic contribution from network growth for FY 2026 is expected to
be 2%. Whilst store margins will be temporarily impacted by higher silver prices, the stores remain very
profitable - even during the transition period. As Pandora evolves into a multi-material brand, the store
economics will revert to historical levels. While network expansion remains financially very attractive,
Pandora is redirecting more focus and resources towards re-accelerating LFL in 2026.
CHIEF MARKETING OFFICER APPOINTED
In connection with Berta de Pablos-Barbier being appointed as new President and CEO of Pandora, Jennie
Farmer was appointed as new Chief Marketing Officer and assumed responsibilities on 1 January 2026.
Jennie Farmer joined Pandora in January 2025, bringing over 25 years of experience with global luxury and
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • BUSINESS UPDATE
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consumer brands. She began her career in Procter & Gamble’s fragrance business, later holding senior roles
at De Beers and LVMH. Most recently, she served as Chief Commercial Officer at furniture retailer OKA and
Chief Marketing Officer at The Office Group, a UK-based workspace developer.
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REVENUE REVIEW
4% ORGANIC GROWTH IN Q4 2025
Pandora delivered organic growth of 4% in Q4 2025, comprising of flat LFL growth and network expansion
of 3%, and a small tailwind of less than 1% from sell-in and other.
The Core segment continues to remain resilient, delivering flat LFL, supported by the Talisman launch as
well as a strong performance within our Disney collabs. Fuel with More declined 3% LFL, with growth in
Pandora Essence offset by softness elsewhere.
Pandora continues to exploit the vast white space opportunities globally with the network expansion
ticking along and contributing 3% to revenue growth in the quarter. During the past 12 months, Pandora
has added net 23 concept stores (including net 95 closures in China) and net 33 Pandora operated shop-
in-shops to the existing store network.
Forward integration continues as well with Pandora acquiring 46 stores during the last 12 months, mainly
in the US. The revenue contribution from forward integration over the past 12 months was around 1%.
Foreign exchange rates represented a 5.4% headwind in the quarter equivalent to DKK 0.64 billion revenue.
The headwind is driven by the depreciation against DKK across most currencies, but more than half of the
headwind is driven by a weaker USD.
Q4 2025 GROWTH COMPOSITION VS. Q4 2024
Growth in pp (approximation), revenue in DKK million
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REVIEW OF REVENUE BY REGION
FLAT LFL IN A CHALLENGING CONSUMER ENVIRONMENT
Pandora delivered organic growth of 4% in Q4 2025, with network expansion & other contributing 4% and
LFL at 0%. This performance reflects the need for Pandora to course-correct in certain areas and sharpen
execution, but also a challenging consumer environment across most regions, with a deterioration in
sentiment in North America, where traffic softened in November and December. Street traffic in
comparable segments was negative in 9 out of the 10 biggest markets in the fourth quarter.
Despite the macro headwinds, Pandora’s business model remains robust, with the brand well-positioned to
capture the significant untapped growth opportunities as a desirable and accessible jewellery brand, and
network expansion continuing to deliver value-accretive growth.
NORTH AMERICA
Q4 2025 LFL was 2%, with a slowdown in November and December due to weaker consumer sentiment
and lower traffic. Pandora’s traffic still outperformed the market, but the overall environment was
challenging. The brand remains strong and visible, with brand ambassadors like Katseye, Chloe and Halle
Bailey and the launch of Talisman contributing to continued positive brand heat. The focus for 2026 will be
on sharpening execution and continuing driving brand heat to navigate macro challenges.
Organic growth was strong, ending at 8% in the quarter, fuelled by new store openings during the past 12
months. In 2025, Pandora has opened net 34 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 sale.
EMEA
EMEA performance was stable at -1% LFL in Q4 but below expectations. Strong LFL growth in many
markets including Spain, Portugal, and Poland was offset by ongoing weakness in Italy, France, Germany,
and the UK. The macro environment continues to be tough and whilst recent initiatives didn’t materialise
into greater traffic over the holiday period, the ongoing brand and product initiatives are designed to
strengthen the foundation for sustainable growth beyond the near-term. This includes the launch of
Talismans, which was a clear highlight across markets, proving Pandora’s ability to drive innovation and
excitement in its core and attract new customers.
Country highlights:
• Spain & Portugal: Continued double-digit LFL growth, driven by successful earned media and strong
brand engagement.
• Italy: Overall LFL remained challenged due to market fatigue and low purchasing power. The
Talisman collection performed well, signalling its potential as a key growth driver, but recovery will
take time.
• UK: LFL improved sequentially supported by recent initiatives, including the launch of Talisman,
reinforcing the need for product-driven brand heat.
• France: The French market remained challenging in Q4, with sector-wide declines reflected in
Pandora’s performance. In 2026, we will continue the work to strengthen the brand through a
revamped media strategy and localised initiatives. At the same time, there’s opportunities to
strengthen retail execution and conversion rates.
• Germany: Tough comps from prior years’ viral trends led to a decline. The brand remains stronger
than ever and well-positioned for mid-term growth.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • REVENUE REVIEW
PAGE 14 OF 44
LATIN AMERICA & ASIA-PACIFIC
The Latin American region delivered -7% LFL in Q4, faced with headwinds from a tough macroeconomic
environment and aggressive discounts from competitors. During 2025, Pandora has tested a new go-to-
market model in Colombia with significant changes to the pricing architecture. This has proved successful
and in January 2026, the new model was rolled out across Latin America.
Asia-Pacific delivered 2% LFL in Q4. The performance was mixed, with the ongoing optimisation of the
store network in China (95 net concept store closures in 2025) and growth in other key markets. In Japan,
revenue has more than doubled in 2025, serving as a test for Pandora’s elevated Asia focus. The
performance in Japan is driven by LFL which has accelerated throughout the year reaching triple-digit
levels in Q4. The revenue level is still small in Japan, but the market opportunity is big. Australia delivered
-3% LFL in Q4 marked by early competitor promotions in a still soft consumer sentiment environment.
Despite this, the performance was in line with the broader market, and Pandora enters 2026 with
encouraging green shoots in brand heat, with exciting brand activations in the pipeline for Australia.
QUARTERLY REVENUE DEVELOPMENT BY REGION
DKK million
Q4 2025
Q4 2024
Like-for-like
Organic growth
Share of revenue
EMEA
5,913
5,941
-1%
2%
50%
North America
4,259
4,232
2%
8%
36%
Latin America
807
886
-7%
-5%
7%
Asia - Pacific
879
915
2%
4%
7%
Total revenue
1
11,859
11,973
0%
4%
100%
YEAR-TO-DATE REVENUE DEVELOPMENT BY REGION
DKK million
FY 2025
FY 2024
Like-for-like
Organic growth
Share of revenue
EMEA
16,149
15,839
0%
3%
50%
North America
11,762
11,003
6%
10%
36%
Latin America
2,129
2,357
-4%
-2%
7%
Asia - Pacific
2,509
2,481
1%
7%
8%
Total revenue
1
32,549
31,680
2%
6%
100%
1
As of Q4 2025, geographical revenue is presented under four regions comprising EMEA (Europe, Middle East & Africa), North America, Latin America,
and Asia Pacific. Information on key market level will be available through Q3 2026 in the appendix, which is published quarterly.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • REVENUE REVIEW
PAGE 15 OF 44
REVIEW OF NETWORK DEVELOPMENT
PANDORA ADVANCES WITH NETWORK ACCORDING TO PLAN
During the fourth quarter of 2025, Pandora opened net 12 concept stores and added net 10 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 23 (118 excluding China)
concept stores and 33 Pandora operated shop-in-shops during the past 12 months, in line with guidance.
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 3% to organic growth in Q4, and on top of that, forward integration has added
less than 1% to revenue growth.
Network expansion is low risk, while being accretive to margins and returns. As such, Pandora continues to
expand its network, targeting 50–75 net concept store openings, including approximately 25 closures in
China. Pandora also expects to close a net 25–50 Pandora‑operated shop‑in‑shops, including around 50
closures across Brazil and China. Closures in China and Brazil are expected to have a limited impact on
organic growth. Overall, the organic growth contribution from network expansion in FY 2026 is expected
to be around 2%.
STORE NETWORK
Number of points of sale
1
Q4 2025
Q3 2025
Q4 2024
Growth
Q4 2025
/Q3 2025
Growth
Q4 2025
/Q4 2024
Concept stores
2,811
2,799
2,788
12
23
- of which Pandora operated
2
2,180
2,187
2,088
-7
92
- of which franchise operated
275
272
361
3
-86
- of which third-party distribution
356
340
339
16
17
Other points of sale
4,187
4,132
3,997
55
190
- of which Pandora operated
2
710
700
677
10
33
- of which franchise operated
3,222
3,172
3,072
50
150
- of which third-party distribution
255
260
248
-5
7
Total points of sale
6,998
6,931
6,785
67
213
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.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • PROFITABILITY
PAGE 16 OF 44
PROFITABILITY
EBIT MARGIN IN LINE WITH GUIDANCE
Pandora delivered a full-year EBIT margin of 23.9%, in line with the guidance of around 24%. The margin
decline of 130bp Y/Y was entirely driven by external headwinds - commodities, foreign exchange and tariffs
- which together amounted to 300bp, partly offset by price increases and efficiencies.
In Q4 2025, despite a softer topline, the EBIT margin was in line with expectations at 33.5%, down 120bp
Y/Y and supported by a continued strong gross margin and firm cost discipline which offset external
headwinds of 440bp. The gross margin benefitted from structural improvements in pricing - albeit to a
lesser extent than in previous quarters as we annualise the Q4 2024 price increase - and from favourable
channel mix driven by the margin‑accretive network expansion.
The temporary impact related to forward integration was neutral in the quarter as well as for the full year.
Foreign exchange rates were a significant headwind of 190bp in the quarter, alongside a 150bp impact from
commodities. US import tariffs added a further 100bp, bringing the total external headwind to 440bp in
Q4 2025.
Measured at constant foreign exchange rates, EBIT grew by 7%, corresponding to DKK 0.3 billion, with an
EBIT margin of 35.5%.
Q4 2025 EBIT MARGIN VS. Q4 2024
Margin impact in pp (approximation)
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • PROFITABILITY
PAGE 17 OF 44
GROSS MARGIN
The gross margin for the full year came in at 79.1%, with continued support from pricing, efficiency gains
and channel mix. The 70bp retraction from last year was due to external factors – commodities, foreign
exchange and tariffs – amounting to 220bp for the full year.
For Q4 2025, the gross margin was 78.1%, 170bp below last year, driven by a combined headwind of 310bp
from commodities, foreign exchange and tariffs. The underlying gross margin excluding these external
headwinds was very strong and well above the 79.8% delivered in Q4 2024.
Gross margin performance was
maintained in the quarter, driven by price increases as well as firm cost control. A higher contribution from
Pandora‑operated stores continued to support the channel mix, though this was partially offset by robust
online sales, which have lower margins owing to last‑mile freight which are partially absorbed by Pandora.
In Q4 2025, Fuel with more delivered a gross margin of 82.4% (Q4 2024 83.8%), versus 76.6% (Q4 2024
78.3%) for Core, reflecting similar dynamics Y/Y as for the group gross margin explained above.
Foreign exchange remained a significant drag in the quarter, reducing the gross margin by 80bp, mainly
due to movements in the USD and Thai Baht. Commodities added another 150bp of pressure, and US import
tariffs also continued to weigh on margin, resulting in a 80bp impact during the period.
The temporary drag from buying back inventory linked to forward integration was neutral in the quarter as
well as for the full year. Excluding the temporary impact in Q4 2025, the gross margin was 78.2%.
GROSS MARGIN AND GROSS PROFIT
DKK million
Q4 2025
Q4 2024
Growth in
constant FX
FY 2025
FY 2024
Growth in
constant FX
Revenue
11,859
11,973
4%
32,549
31,680
6%
Cost of sales
-2,598
-2,422
9%
-6,802
-6,391
7%
Gross profit
9,260
9,551
3%
25,747
25,289
6%
Gross margin %
78.1%
79.8%
-0.8%
79.1%
79.8%
-0.1%
OPERATING EXPENSES
The weakening of the USD and other currencies increased the OPEX ratio by around 70bp for the full year
and 110bp in Q4. The OPEX ratio in constant currency was therefore 54.5% for the full year, a decrease of
20bp Y/Y, and 43.5% in Q4, a decrease of 160bp Y/Y reflecting elevated cost discipline as LFL slowed
during 2025 and early results of the Silverstone cost program.
In Q4 2025, operating expenses increased by 1% in constant exchange rates compared to Q4 2024, mainly
driven by a modest increase in sales and distribution expenses which was mostly offset through lower
administrative expenses.
In Q4 2025, sales and distribution expenses increased by 4% in constant exchange rates, reflecting the
growing store network and forward integration. Compared to Q4 2024, Pandora added 125 stores to its
own network, which alone added DKK 180 million to sales and distribution expenses, thereby 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 were flat in constant exchange rates versus Q4 2024, ending at 12.5% as a share of
revenue, and largely in line with last year. Pandora remains committed to invest in marketing to strengthen
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • PROFITABILITY
PAGE 18 OF 44
brand desirability and accelerate the journey to transform the perception of Pandora into a full jewellery
brand. For the full year, the share of revenue was in line with last year at 13.9%, the midpoint of the 13-15%
range that we target annually.
Administrative expenses decreased by 11% in constant exchange rates versus Q4 2024, reflecting operating
leverage, cost efficiencies and lower bonus accruals. For the full year, administrative expenses as a share
of revenue is slightly below last year.
QUARTERLY OPERATING EXPENSES
DKK million
Q4 2025
Q4 2024
Growth in
constant FX
Share of
revenue
Q4 2025
Share of
revenue
Q4 2024
Sales and distribution expenses
-3,161
-3,139
4%
26.7%
26.2%
Marketing expenses
-1,478
-1,525
0%
12.5%
12.7%
Administrative expenses
-646
-738
-11%
5.4%
6.2%
Total operating expenses
-5,285
-5,402
1%
44.6%
45.1%
YEAR-TO-DATE OPERATING EXPENSES
DKK million
FY 2025
FY 2024
Growth in
constant FX
Share of
revenue
FY 2025
Share of
revenue
FY 2024
Sales and distribution expenses
-10,941
-10,450
7%
33.6%
33.0%
Marketing expenses
-4,529
-4,394
5%
13.9%
13.9%
Administrative expenses
-2,495
-2,471
2%
7.7%
7.8%
Total operating expenses
-17,964
-17,315
6%
55.2%
54.7%
FINANCIAL EXPENSES AND TAX
Net financials amounted to a cost of DKK 177 million in Q4 2025, down from DKK 347 million last year,
reflecting gains on foreign exchange hedging contracts as well as exchange rate adjustments.
The full year net financials came in at DKK 870 million, in line with guidance. DKK 947 million was related
to interest and fees, while DKK 77 million was related to gains on non-cash foreign exchange adjustments
on intercompany balances and foreign exchange hedging contracts.
The effective tax rate in Q4 2025 came in at 25.0%, up 50bp compared to last year. This means that the
full year effective tax rate was 24.2%, 30bp lower than last year. This is due to the retroactive effect for
2022-2024 of a bilateral advance pricing agreement signed by the Danish Tax Authorities and the
Australian taxation office in 2025.
EPS ended at DKK 37.0 in Q4 2025, a 4% increase from DKK 35.6 in Q4 2024. Adjusting for foreign
exchange effects, EPS grew by 14% Y/Y. The full year EPS was DKK 68.1, up by 5% from DKK 64.8 last year.
Adjusting for foreign exchange effects, the full year EPS grew by 15% Y/Y.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • CASH FLOW & BALANCE SHEET
PAGE 19 OF 44
CASH FLOW & BALANCE SHEET
ROBUST WORKING CAPITAL AND ROIC
Net working capital was 4.1% of revenue in Q4 2025, compared with –1.7% in Q4 2024. The increase
primarily reflects a sizeable uplift in unrealised commodity hedging gains, with the Y/Y increase in these
gains adding 530bp to the net working capital ratio. Excluding hedging effects in both periods, net working
capital remain healthy and in negative and was up 50bp versus last year.
Inventories ended at 15.0% of revenue, up from 14.0% last year, reflecting raw material cost inflation and
lower-than-expected revenue. The overall inventory composition remains healthy.
Trade receivables followed the usual seasonal pattern, sequentially rising in the fourth quarter to 3.6% of
revenue, 20bp lower than last year, supported by disciplined cash management and sustained focus on
DSO. Wholesale DSO was 33 days, slightly below the prior year. Trade payables improved by 190bp Y/Y to
14.2% of revenue, driven by continued optimisation of supplier terms. These dynamics supported overall
working capital efficiency.
Cash conversion in Q4 2025 came in at 117%, roughly in line with last year at 124%. The full year cash
conversion was solid at 65%, reflecting continued disciplined working‑capital management and in line with
the 65-70% range guided at the CMD in 2023.
CAPEX amounted to DKK 0.4 billion in Q4, representing 3.3% of revenue. For the full year, CAPEX reached
DKK 1.9 billion, equal to 6% of revenue and in line with guidance. 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 41% and compares to 46% last year. This was impacted by the
significant foreign exchange and commodity related headwinds on EBIT and unrealised positive gain from
commodity derivatives on invested capital. Without these factors, the ROIC would have been broadly in
line with the level of last year. ROIC continues to be supported by our investments in expanding the store
network, as new stores are ROIC accretive on a run-rate basis.
NET WORKING CAPITAL
Share of preceding 12 months' revenue
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Inventories
15.0%
16.4%
14.6%
14.3%
14.0%
Trade receivables
3.6%
2.1%
2.0%
2.2%
3.8%
Trade payables
-14.2%
-10.9%
-10.1%
-10.1%
-12.3%
Other net working capital elements
-0.3%
-0.3%
-1.9%
-2.3%
-7.3%
Total
4.1%
7.3%
4.7%
4.2%
-1.7%
Total, excluding derivatives
1
-1.1%
4.9%
3.4%
3.6%
-1.6%
1
Derivative financial instrument are measured at fair value. See note 12 - Commodity hedging and derivatives.
BALANCE SHEET
Non-current assets increased by DKK 0.8 billion to DKK 19.4 billion at the end of Q4 2025, mainly driven
by network expansion increasing right-of-use assets and CAPEX related to the store network and the new
crafting facility in Vietnam. Current assets were DKK 10.2 billion, up DKK 1.0 billion compared to last year.
The increase reflects a DKK 1.5 billion rise in the market value of hedging contracts related to silver, gold
and foreign exchange, as well as higher inventories. These effects were partly offset by optimisation of cash
management, reducing cash on the balance sheet by DKK 1.1 billion.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • CASH FLOW & BALANCE SHEET
PAGE 20 OF 44
At the end of Q4 2025, net interest-bearing debt amounted to DKK 13.7 billion, compared to DKK 11.0 billion
in Q4 2024, taking leverage to 1.3x. This was as expected, and is within the range of the capital structure
policy of 0.5x to 1.5x.
Equity amounted to DKK 5.3 billion at the end of Q4 2025. During Q4, Pandora purchased treasury shares
for DKK 0.9 billion, bringing total buybacks to DKK 4.4 billion in 2025, alongside the ordinary dividend of
DKK 1.6 billion distributed in Q1 2025.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL GUIDANCE
PAGE 21 OF 44
FINANCIAL GUIDANCE
ORGANIC GROWTH AND EBIT MARGIN GUIDANCE
In 2026, Pandora is targeting organic revenue growth of -1% to 2% and an EBIT margin in the 21-22% range.
While the macroeconomic environment is not supportive of growth, Pandora sees a need for a clear step-
change in execution in selected areas. Pandora will move more decisively, with clear strategic priorities that
reset execution and re-ignite growth. Over time, this will unlock the next phase of Pandora’s growth journey
and deliver stronger like-for-like growth.
The macroeconomic outlook for 2026 and the general consumer environment is associated with elevated
uncertainty. The guidance assumes no material change in the macroeconomic environment.
REVENUE GUIDANCE
The organic growth guidance can be illustrated as follows:
FY 2026 GROWTH COMPOSITION VS. FY 2025
Growth in pp (approximation), revenue in DKK billion
Pandora expects LFL growth of -3% to 0% and network expansion is expected to contribute around 2% to
the organic growth, supported by the continued rollout of new stores. In total, revenue growth in local
currency, including forward integration, is expected to also be at the -1% to 2% level.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL GUIDANCE
PAGE 22 OF 44
PROFITABILITY GUIDANCE
The EBIT margin guidance can be illustrated as follows:
FY 2026 EBIT MARGIN VS. FY 2025
Growth in pp (approximation)
*
Assumes a silver spot price of USD 82/oz, and current level of tariffs remains in place for the rest of 2026 (this includes the 19% on
imports from Thailand, 20% for China and 18% for India).
Pandora expects an EBIT margin of 21-22% in 2026, reflecting a year of significant external headwinds and
continued investment behind strategic priorities. The EBIT margin decline vs. 2025 is driven by external
headwinds of 250-350bp. Excluding these headwinds, the margin would have been roughly flat.
As Pandora continues the expansion of its profitable store network, a 30bp positive impact on the EBIT
margin is expected in 2026. In addition, we expect a positive net 30bp contribution in 2026 as the
temporary margin drag from forward‑integration activities has started to phase out (limited forward
integration in 2026).
Net operating leverage & other is expected to be net neutral to the margin. In 2026, Pandora will continue
to invest behind the strategy to re-accelerate growth. Annual salary increases and cost inflation is a
headwind to margins also. This will be offset by ongoing efficiencies, including impact from the Silverstone
cost programme and other factors such as pricing.
External headwinds amount to 250-350bp, driven by a combination of higher commodity prices (primarily
silver), and the continuation of global tariff structures. These headwinds were anticipated and are being
actively managed through hedging, selective pricing, but most importantly product innovation and the
planned material transition.
In 2026, Pandora’s P&L is 90-100% hedged on silver at a price of around USD 32/oz, resulting in a Y/Y
headwind from silver and gold of 150-250bp. Foreign exchange rates represent a small 50bp tailwind to
the margin due to a slightly stronger US dollar Y/Y.
The additional tariffs currently imposed on goods imported to the US represent a 150bp 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, 20% on China and 18% on India) and that the
tariffs are calculated on import costs applying a spot silver price of currently USD 82.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL GUIDANCE
PAGE 23 OF 44
The guided decline in the EBIT margin from full year 2025 to 2026 is expected to be most visible during Q1
2026 with a gradual sequential recovery through the year. This is among others due to a) the phasing of
foreign exchange impacts through the year and b) tariffs constituting a relatively larger headwind during
Q1-Q3 2026 before annualising in Q4.
2026 GUIDANCE – OTHER PARAMETERS
Pandora expects to open around 50–75 concept stores net, including around 25 net store closures in China.
In addition, Pandora expects to close around net 25–50 Pandora‑operated shop‑in‑shops, due to around
net 50 closures in Brazil and China.
CAPEX is expected to end at around 7% of revenue. Digital initiatives and the store network remain the
primary drivers of CAPEX. Pandora continues to invest in the store network, including new openings, refits
and new window frameworks. Pandora will also continue investment into its production facilities, including
capabilities to support the expansion of its multi-material offering which will add DKK 300-500 million in
CAPEX.
The effective tax rate is expected to be around 25% in 2026. The increase compared to 24.2% in 2025
reflects the expiry of certain tax incentives in Thailand and the absence of the one‑off benefit from the
retroactive bilateral Advance Pricing Agreement between the Danish and Australian tax authorities signed
in 2025.
Pandora expects net financial expenses in 2026 to be DKK 1,000-1,050 million. The guidance consists of
around DKK 950 million interest on debt, IFRS 16-related interest and fees (in line with 2025), and a net
DKK 50-100 million loss 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 30 JANUARY 2026
Average 2025
Average 2026
2026 Y/
Y Financial
Impact
USD/DKK
6.62
6.30
THB/DKK
0.20
0.20
GBP/DKK
8.71
8.63
AUD/DKK
4.26
4.38
MXN/DKK
0.36
0.34
CAD/DKK
4.73
4.62
TRY/DKK
0.17
0.14
CNY/DKK
0.92
0.91
Silver/USD (per ounce)
27.1
34
Gold/USD (per ounce)
2,330
3,350
Revenue (DKK million)
Approx. -600
EBIT (DKK million)
Approx. -50
EBIT margin (foreign exchange)
Approx. 0.5%
EBIT margin (commodities)
Approx. -1.5 to -2.5%
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION
PAGE 24 OF 44
CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION
At the end of 2025, Pandora’s leverage was 1.3x NIBD to EBITDA. Pandora aims for an unchanged leverage
ratio of approximately 1.3x NIBD to EBITDA by the end of 2026. In line with the usual seasonality of the
business, leverage will increase through the year, peaking in Q3, and then fall back by year-end.
Pandora has paid out DKK 5.9 billion to shareholders in 2025, of which DKK 1.6 billion came from an ordinary
dividend of DKK 20 per share and DKK 4.4 billion was distributed via share buybacks. For 2026, Pandora
proposes to pay a dividend of DKK 22 per share, up 10% per share Y/Y, amounting to DKK 1.6 billion. Given
the surging silver prices and the temporary impact on earnings, Pandora will resume its historical, significant
share buyback programmes once the plans to transition to platinum-plated jewellery is further progress.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • SUSTAINABILITY
PAGE 25 OF 44
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • OTHER EVENTS
PAGE 26 OF 44
OTHER EVENTS
Pandora ranked world’s most sustainable consumer brand
In connection with the Davos Summit in Switzerland in January 2026, research company Corporate Knights
named Pandora the world’s most sustainable consumer brand in its 2026 Global 100 ranking. Pandora
places second overall among more than 8,000 assessed companies, underlining its position as a global
sustainability leader.
Changes to cluster management
Luciano Rodembusch, SVP General Manager, North America, and Thomas Hansen, General Manager,
Northern Europe will both be leaving the company to pursue new opportunities outside the organisation.
David Boynton, formerly Interim General Manager of the Eastern Europe cluster, will step into the role of
General Manager, Northern Europe, ensuring continuity and leadership stability in the region. The search
for a new General Manager for North America is underway.
Refinancing of revolving credit facilities
In January 2026, Pandora successfully refinanced its revolving credit facility, securing two revolving credit
facilities of EUR 750 million and EUR 350 million, committed until 2029 and 2031, respectively. Both
facilities allow for two extension periods of one year each. Neither facility is subject to financial covenants.
FINANCIAL CALENDAR 2026
The expected dates for upcoming 2026 financial announcements for Pandora A/S are as follows:
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
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • OTHER EVENTS
PAGE 27 OF 44
2025 YTD DEVELOPMENT
REVENUE
Total revenue increased by 6% in local currency to DKK 32,549 million in 2025. Organic growth was 6%
reflecting the continued brand momentum and strength of the brand.
Revenue from Pandora’s Core segment grew by 7% in local currency to DKK 24,235 million in 2025 from
DKK 23,542 million in 2024, driven by solid performance across most collections. The segment “Fuel with
more” saw revenue growth of 6% in local currency.
GROSS PROFIT AND COSTS
Gross profit was DKK 25,747 million in 2025 (DKK 25,289 million in 2024), resulting in a gross margin of
79.1% in 2025 vs. 79.8% in 2024. The Core segment generated a gross margin of 77.9% (2024: 78.4%), while
Fuel with more generated a gross margin of 82.2% (2024: 83.8%). The performance in the segments
remained strong, supported by effective pricing strategies, improved cost efficiency and a favourable
channel mix, which together helped partially absorb external pressures from fluctuating commodity prices,
currency movements and tariffs. These external headwinds resulted in a total impact of 220bps on the
gross margin.
Sales and distribution expenses increased to DKK 10,941 million in 2025 (DKK 10,450 million in 2024),
corresponding to 33.6% of revenue in 2025 (33.0% in 2024). The increase is mainly the result of the
profitable expansion of the Pandora operated physical store network.
Marketing expenses were DKK 4,529 million in 2025 (DKK 4,394 million in 2024), resulting in a share of
revenue of 13.9% in 2025, in line with last year. Pandora remains committed to the strategy, which remains
to be to build the most desirable, accessible jewellery brand.
Administrative expenses ended at DKK 2,495 million in 2025 compared with DKK 2,471 million in 2024,
corresponding to 7.7% of revenue in 2025, broadly in line with last year.
EBIT
EBIT ended at DKK 7,783 million in 2025 (DKK 7,974 million in 2024), resulting in an EBIT margin of 23.9%,
in line with the guidance of around 24%. The decline Y/Y is driven by the drag from commodity prices,
foreign exchange rates and tariffs.
NET FINANCIALS
Net financials amounted to a cost of DKK 870 million in 2025 vs. a cost of DKK 1,048 million in 2024.
INCOME TAX EXPENSES
Income tax expenses were DKK 1,671 million in 2025 compared with DKK 1,699 million in 2024, implying an
effective tax rate for the Group of 24.2% in 2025, down from 24.5% in 2024. This is due to the retroactive
effect for 2022-2024 of a bilateral advance pricing agreement signed by the Danish Tax Authorities and
the Australian taxation office in 2025.
NET PROFIT
Net profit in 2025 was DKK 5,241 million vs. DKK 5,227 million in 2024, reflecting steady operational
excellence amidst a challenging external environment.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 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
To ask a question, press 5*
Link to webcast: https://pandora.nexahub.io/events/conference-call-february-5
ABOUT PANDORA
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
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
S
VP, 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
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL STATEMENTS
PAGE 29 OF 44
FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
DKK million
Notes
Q4 2025
Q4 2024
FY 2025
FY 2024
Revenue
3
Cost of sales
-2,598
-2,422
-6,802
-6,391
Gross profit
Sales, distribution and marketing expenses
-4,639
-4,664
-15,469
-14,844
Administrative expenses
-646
-738
-2,495
-2,471
Operating profit
Finance income
Finance costs
-298
-390
-1,149
-1,297
Profit before tax
Income tax expense
-951
-933
-1,671
-1,699
Net profit for the period
Earnings per share, basic, DKK
Earnings per share, diluted, DKK
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
DKK million
Q4 2025
Q4 2024
FY 2025
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
-710
Fair value adjustment of hedging
instruments
-246
Tax on other comprehensive income,
hedging instruments, income/expense
-128
-308
Items that may be reclassified to profit/loss
for the period, net of tax
Items not to be reclassified to profit/loss
for the period
Actuarial gain/loss on defined benefit plans,
net of tax
-1
-6
-23
-12
Items not to be reclassified to profit/loss
for the period, net of tax
-1
-6
-23
-12
Other comprehensive income, net of tax
Total comprehensive income for the period
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL STATEMENTS
PAGE 30 OF 44
CONSOLIDATED BALANCE SHEET
DKK million
Notes
2025
31 December
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
-4,236
-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
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 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
-706
-22
Total comprehensive income for the period
-706
Share-based payments
-107
Purchase of treasury shares
-4,356
-4,356
Cancellation of treasury shares
-3
-3,165
Dividend paid
-1,576
-1,567
Dividend proposed
-1,641
Equity at 31 December
-4,236
2024
Equity at 1 January
-4,353
-33
Net profit for the period
Other comprehensive income, net of tax
-22
Total comprehensive income for the period
Share-based payments
-4
Purchase of treasury shares
-4,036
-4,036
Cancellation of treasury shares
-7
-4,945
Dividend paid
-1,471
-1,471
Dividend proposed
-1,568
Equity at 31 December
-3,228
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • FINANCIAL STATEMENTS
PAGE 32 OF 44
CONSOLIDATED STATEMENT OF CASH FLOWS
1
"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
Q4 2025
Q4 2024
FY 2025
FY 2024
Operating profit
Depreciation and amortisation, etc.
Share-based payments
-11
Change in inventories
-565
-126
Change in receivables
-775
-450
-424
Change in payables and other liabilities
Other non-cash adjustments
1
-5
-44
Finance income received
Finance costs paid
-284
-226
-1,009
-922
Income taxes paid
-1,025
-992
-1,881
-1,738
Cash flows from operating activities, net
Acquisitions of subsidiaries and activities,
net of cash acquired
6
-4
-23
-373
-194
Purchase of intangible assets
-95
-97
-462
-343
Purchase of property, plant and equipment
-416
-396
-1,449
-1,336
Change in other assets
-1
-17
-10
-29
Proceeds from sale of property, plant and equipment
-1
Cash flows from investing activities, net
-516
-531
-2,286
-1,889
Dividend paid
-1,567
-1,471
Purchase of treasury shares
-921
-997
-4,384
-4,013
Proceeds from loans and borrowings
-2,747
-2,098
Repayment of loans and borrowings
-50
-54
-108
-2,729
Repayment of lease commitments
-300
-312
-1,260
-1,162
Cash flows from financing activities, net
-4,018
-3,460
-6,119
-5,701
Net increase/decrease in cash
-1,044
Cash and cash equivalents, beginning of period
Exchange gains/losses on cash and cash equivalents
-4
-65
-11
Net increase/decrease in cash
-1,044
Cash and cash equivalents, end of period
Cash balances
Overdrafts
-111
-90
-111
-90
Cash and cash equivalents, end of period
Cash flows from operating activities, net
- Finance income received
-142
-5
-174
-19
- Finance costs paid
Cash flows from investing activities, net
-516
-531
-2,286
-1,889
- Acquisition of subsidiaries and activities, net of cash
acquired
Repayment of lease commitments
-300
-312
-1,260
-1,162
Free cash flows incl. lease payments
Unutilised committed credit facilities
4
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 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
2025.
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 2025.
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. Refer to note
1.2 New accounting policies and disclosures in the Annual Report 2025.
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.
All significant accounting estimates and judgements are consistent with the description in the Annual
Report 2025 to which we refer.
.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 34 OF 44
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, Pandora Signature and 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.
Executive 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
Q4 2025
Revenue
8,835
3,024
11,859
Cost of sales
-2,066
-533
-2,598
Gross profit
6,769
2,491
9,260
Gross margin, %
76.6%
82.4%
78.1%
Operating expenses
-5,285
Consolidated operating profit (EBIT)
3,975
Profit margin (EBIT margin), %
33.5%
Q4 2024
Revenue
8,784
3,189
11,973
Cost of sales
-1,907
-515
-2,422
Gross profit
6,877
2,674
9,551
Gross margin, %
78.3%
83.8%
79.8%
Operating expenses
-5,402
Consolidated operating profit (EBIT)
4,149
Profit margin (EBIT margin), %
34.7%
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 35 OF 44
DKK million
Core
Fuel with
more
Group
FY 2025
Revenue
24,235
8,314
32,549
Cost of sales
-5,368
-1,434
-6,802
Gross profit
18,867
6,880
25,747
Gross margin, %
77.9%
82.8%
79.1%
Operating expenses
-17,964
Consolidated operating profit (EBIT)
7,783
Profit margin (EBIT margin), %
23.9%
FY 2024
Revenue
23,542
8,139
31,680
Cost of sales
-5,077
-1,315
-6,391
Gross profit
18,465
6,824
25,289
Gross margin, %
78.4%
83.8%
79.8%
Operating expenses
.
-17,315
Consolidated operating profit (EBIT)
7,974
Profit margin (EBIT margin), %
25.2%
REVENUE BY COLLECTIONS
DKK million
Q4 2025
Q4 2024
Like-
for-like
Local
currency
growth
Share of
Revenue
FY 2025
FY 2024
Like-for-
like
Local
currency
growth
Share of
Revenue
Core
8,835
8,784
0%
6%
74%
24,235
23,542
1%
7%
74%
- Moments
7,162
7,462
-4%
1%
60%
19,812
19,934
-2%
3%
61%
- Collabs
1,185
964
20%
30%
10%
3,114
2,564
18%
26%
10%
- ME
488
358
33%
43%
4%
1,309
1,044
21%
30%
4%
Fuel with more
3,024
3,189
-3%
0%
26%
8,314
8,139
3%
6%
26%
- Timeless
2,468
2,527
0%
3%
21%
6,516
6,339
3%
6%
20%
- Signature
189
304
-38%
-35%
2%
623
910
-31%
-29%
2%
- PANDORA ESSENCE
1
260
232
15%
18%
2%
819
574
57%
47%
3%
- Pandora Lab-Grown Diamonds
106
127
-11%
-9%
1%
357
315
15%
18%
1%
Total revenue
11,859
11,973
0%
4%
100%
32,549
31,680
2%
6%
100%
Goods transferred at a point in
time
11,842
11,953
32,500
31,622
Services transferred over time
17
20
50
58
Total revenue
11,859
11,973
32,549
31,680
1
PANDORA ESSENCE was launched in 2024 following a pilot in the Netherlands in 2023.
REVENUE DEVELOPMENT BY REGION
DKK million
Q4 2025
Q4 2024
Like-
for-like
Local
currency
growth
FY 2025
FY 2024
Like-
for-like
Local
currency
growth
EMEA
1
5,913
5,941
-1%
2%
16,149
15,839
0%
3%
North America
4,259
4,232
2%
11%
11,762
11,003
6%
13%
Latin America
807
886
-7%
-5%
2,129
2,357
-4%
-2%
Asia Pacific
879
915
2%
4%
2,509
2,481
1%
7%
Total revenue
11,859
11,973
0%
4%
32,549
31,680
2%
6%
1
Europe, Middle East & Africa
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 36 OF 44
REVENUE DEVELOPMENT BY CHANNEL
DKK million
Q4 2025
Q4 2024
Organic
growth
Share of
Revenue
FY 2025
FY 2024
Organic
growth
Share of
Revenue
Pandora operated
1
retail
10,358
10,079
6%
87%
27,934
26,135
9%
86%
- of which concept stores
6,333
6,076
6%
53%
18,389
17,045
8%
56%
- of which online stores
3,282
3,288
6%
28%
7,440
7,120
8%
23%
- of which other points of sale
743
714
10%
6%
2,104
1,970
14%
6%
Wholesale
1,291
1,648
-9%
11%
3,862
4,684
-8%
12%
- of which concept stores
397
668
-14%
3%
1,249
1,933
-14%
4%
- of which other points of sale
894
981
-6%
8%
2,613
2,751
-3%
8%
Third-party distribution
209
246
-12%
2%
753
861
-11%
2%
Total revenue
11,859
11,973
4%
100%
32,549
31,680
6%
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 2025.
Net interest-bearing debt (NIBD), incl. capitalised leases, amounted to DKK 13.7 billion at the end of Q4
2025 (Q3 2025: DKK 17.2 billion) corresponding to a financial leverage of 1.3x (Q3 2025: 1.6x).
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 last quarter of 2025, Pandora utilised around DKK 7.9 billion in committed financing as well as
an additional DKK 1.4 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
December 2025, DKK 7.1 billion remains available under undrawn committed loan facilities.
DKK million
2025
31 December
2024
31 December
Loans and borrowings, non-current
1
7,729
7,831
Lease liabilities, non-current
4,193
3,794
Loans and borrowings, current
1,627
397
Lease liabilities, current
1,475
1,379
Cash
-1,305
-2,394
Net interest-bearing debt
13,719
11,008
Unutilised committed credit facilities
7,095
7,087
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 37 OF 44
NOTE 5 – TRADE RECEIVABLES
NOTE 6 – BUSINESS COMBINATIONS
In 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 – 31 December 2025 was DKK 213 million
and DKK 73 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 – 31 December
2025 would have been approximately DKK 284 million and DKK 85 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 – 31 December 2025 calculated according to IFRS 3 was DKK 529 million and
DKK 235 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 – 31 December 2025, excluding the temporary drag on the margin from
inventory buybacks, would have been approximately DKK 599 million and DKK 246 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 12 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
31 December
2024
31 December
Receivables related to third-party distribution and wholesale
544
711
Receivables related to retail sales
620
506
Total trade receivables
1,163
1,217
DKK million
FY 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
-12
-8
Net cash flows on acquisitions
373
194
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 38 OF 44
Business combinations after the reporting period
No business combinations of significance to Pandora took place after the reporting period.
NOTE 7 – GOODWILL
DKK million
2025
31 December
2024
31 December
Cost at 1 January
5,126
4,914
Acquisition of subsidiaries and activities in the period
164
98
Exchange rate adjustments
-270
114
Cost at the end of the period
5,020
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 2025 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 2025.
NOTE 8 - LEASES
Lease liabilities are recognised in loans and borrowings.
RIGHT-OF-USE ASSETS
DKK million
2025
31 December
2024
31 December
Cost at 1 January
4,997
3,779
Acquisition of subsidiaries and activities
69
60
Additions
2,102
2,541
Disposals
-97
-132
Depreciation for the year
-1,466
-1,343
Impairment
-11
-
Exchange rate adjustments
-259
93
Carrying amount
5,335
4,997
LEASE LIABILITIES
DKK million
2025
31 December
2024
31 December
Non-current
4,193
3,794
Current
1,475
1,379
Total lease liabilities
5,668
5,173
Depreciation mainly relates to leased stores and is presented in the sales, distribution and marketing
expenses.
OTHER ITEMS RELATING TO LEASES
DKK million
2025
31 December
2024
31 December
Interest expenses
422
381
Total interest for the period
422
381
TOTAL CASH FLOWS RELATING TO LEASES
DKK million
2025
31 December
2024
31 December
Fixed lease payments
1,260
1,162
Interest payments
422
381
Variable leases linked to revenue
542
588
Short-term and low-value leases
92
88
Total cash flows relating to leases
2,316
2,219
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 39 OF 44
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 90–120 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 770
million at 31 December 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 2025.
NOTE 11 – STORE NETWORK, CONCEPT STORE DEVELOPMENT
1
Total concept stores
O&O concept stores
Number
of concept
stores
Q4 2025
Number
of concept
stores
Q3 2025
Number
of concept
stores
Q4 2024
Growth
Q4 2025
/ Q3 2025
Growth
Q4 2025
/Q4 2024
Number
of concept
stores
O&O
Q4 2025
Growth
O&O
stores
Q4 2025
/ Q3 2025
Growth
O&O
stores
Q4 2025
/Q4 2024
EMEA
1,404
1,377
1,343
27
61
1,143
19
75
North America
638
634
604
4
34
563
4
82
Latin America
293
289
289
4
4
200
2
11
Asia Pacific
476
499
552
-23
-76
274
-32
-76
All markets
2,811
2,799
2,788
12
23
2,180
-7
92
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
It is Pandora’s general policy to hedge at least 70% of the Group’s expected silver and gold purchases
based on a rolling 12-month production plan. Realised hedges are initially recognized in Group inventories
and will subsequently impact cost of sales when the products are sold. The time lag from purchase to
impact on cost of sales is usually 5 to 10 months
1
.
1
Historically, we have communicated a 2–7 months lag assumption. Over the past years, the realised timing has trended towards the
upper end of that range. Accordingly, we have updated the assumption to now 5–10 months to better reflect current operating
flows. This is a technical timing clarification only, with no impact from demand trends.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 40 OF 44
HEDGED PRICES FOR PURCHASES AND EXPECTED PHASING INTO COST OF SALES
2
USD / OZ
Realised in
Q4 2025
Hedged
Q1 2026
Hedged
Q2 2026
Hedged
Q3 2026
Hedged
Q4 2026
Silver
Estimated net price, cost of sales
3
29.8
~32
~32
~31
~38
Hedged price, purchases
33.9
30.1
29.8
-
-
Gold
Estimated net price, cost of sales
2,526
~2,700
~2,950
~3,350
~3,800
Hedged price, purchases
3,165
3,663
4,123
4,424
4,588
2
The estimated net price in cost of sales reflects the commodity prices that will be recognized in the income statement at the point
of sale, i.e. including the impact of the time lag, whereas the hedge price at the time of purchase reflects the actual hedged price
paid. The estimate is based on our current operating flow, time lag estimates and projected product mix for 2026.
3
The hedge ratio for the year is expected to cover 90-100% of cost of sales, the simulated rates in the table assumes 95%. The
unhedged portion assumes a silver spot price of USD 82/oz.
Following a significant decrease in silver prices in early April 2025, a strategic decision was made to
increase the hedged volume by adding a significant portion of the 2026 purchases at around USD 30/oz.
As a result of the high silver volumes hedged in April 2025, combined with expected lower silver
consumption driven by creative innovation, Pandora did not enter into additional hedges in the second half
of 2025. As of December 2025, Pandora had hedged approximately 70% of expected commodity
exposures for the next 12 months of purchases, in line with policy. Due to the 5 to 10 months lag between
realising hedged purchases to impact on cost of sales, this hedge ratio effectively covers approximately
90-100% of the 2026 income statement exposure in cost of sales from silver and gold price movements.
The table above illustrates when the hedges are estimated to impact our cost of sales in 2026, as well as
the average hedged purchase price per quarter.
DERIVATIVE FINANCIAL INSTRUMENTS
DKK million
Assets
Liabilities
Carrying
amount
Hedge reserve,
net of tax
FY 2025
Commodities
1,689
-1
1,688
1,129
Foreign exchange
10
-33
-23
-18
Interest rate
9
-
9
7
Total derivative financial instruments
1,709
-35
1,674
1,118
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 (2024: gain of DKK 26 million).
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 2025.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 41 OF 44
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 31 December 2025, which are expected to materially
impact the Group’s financial position.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 42 OF 44
QUARTERLY OVERVIEW
DKK million
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Financial highlights
Revenue
11,859
6,269
7,075
7,347
11,973
Organic growth, %
4%
6%
8%
7%
11%
Like-for-like, %
0%
2%
3%
6%
6%
Earnings before interest, tax, depreciation and
amortisation (EBITDA)
4,617
1,524
1,911
2,265
4,772
Operating profit (EBIT)
3,975
880
1,287
1,641
4,149
EBIT margin, %
33.5%
14.0%
18.2%
22.3%
34.7%
Net financials
-177
-232
-224
-238
-347
Net profit for the period
2,848
489
803
1,101
2,869
FINANCIAL RATIOS
Revenue growth, DKK, %
-1%
3%
4%
8%
11%
Revenue growth, local currency, %
4%
7%
9%
7%
11%
Gross margin, %
78.1%
79.3%
79.3%
80.4%
79.8%
EBITDA margin, %
38.9%
24.3%
27.0%
30.8%
39.9%
EBIT margin, %
33.5%
14.0%
18.2%
22.3%
34.7%
Effective tax rate, %
25.0%
24.5%
24.5%
21.5%
24.5%
Equity ratio, %
18%
10%
13%
14%
20%
NIBD to EBITDA, x
1.3
1.6
1.5
1.4
1.1
Return on invested capital (ROIC), %
1
41%
43%
44%
45%
46%
Cash conversion incl. lease payments, %
117%
25%
74%
-48%
124%
Net working capital, % of last 12 months’ revenue
4.1%
7.3%
4.7%
4.2%
-1.7%
Net working capital excl. derivatives, % of last 12 months’ revenue
2
-1.1%
4.9%
3.4%
3.6%
-1.6%
Capital expenditure, % of revenue
3.3%
8.6%
8.5%
5.6%
4.6%
STOCK RATIOS
Total payout ratio (incl. share buyback), %
32%
320%
110%
234%
35%
CONSOLIDATED BALANCE SHEET
Total assets
29,603
28,436
27,008
26,448
27,758
Invested capital
19,001
20,078
18,850
18,306
16,515
Net working capital
1,336
2,396
1,513
1,338
-549
Net working capital excl. derivatives
2
-352
1,596
1,112
1,153
-510
Net interest-bearing debt (NIBD)
13,719
17,153
15,297
14,474
11,008
Equity
5,282
2,921
3,550
3,833
5,508
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flows from operating activities
5,301
960
1,388
-289
5,725
Capital expenditure, total
396
538
600
409
553
Capital expenditure, property, plant and equipment
320
390
464
309
439
Free cash flows incl. lease payments
4,632
218
955
-782
5,126
1
Last 12 months’ EBIT in % of last 12 months’ average invested capital.
2
Derivative financial instruments are measured at fair value.
For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the
consolidated financial statements in the Annual Report 2025.
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 2025 • ACCOUNTING NOTES
PAGE 43 OF 44
MANAGEMENT STATEMENT
EXECUTIVE MANAGEMENT
BOARD OF DIRECTORS
4 FEBRUARY 2026 • COMPANY ANNOUNCEMENT 997 • INTERIM REPORT Q4 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.