P ANDORA A/S · HAVNEHOLMEN 17-19 · 1561 COPENHAGEN V · DENMARK · CVR NO. 28505116

Approved at the Annual General Meeting 11 March 2026

Chair Pernille Høstrup Dalhoff

WE CRAFT OUR JEWELLERY WITH 100% RECYCLED SILVER AND GOLD

INTRO

Access the full report at pandoragroup.com/investor/news-and-reports/annual-reports and at the company register cvr.dk following approval at the Annual General Meeting.

This report constitutes Pandora A/S’ statutory annual disclosure and includes the Financial Statements for the Group and the Parent Company prepared in accordance with IFRS Accounting Standards and additional requirements from the Danish Financial Statements Act.

The Sustainability Statements are prepared in accordance with section 99a of the Danish Financial Statements Act, compliant with the European Sustainability Reporting Standards (ESRS), informed by our Double Materiality Assessment (DMA) and compliant with Article 8 of the European Taxonomy Regulation.

OUR PURPOSE

Photo credit: Getty Images

CONTENTS

THE BIG PICTURE

MICA ARGAÑARAZ

Highly influential Argentine fashion model and artist

25 years after launching our iconic charms bracelet – and 15 years since our public listing – Pandora is today the world’s largest jewellery brand. We sell more jewellery than any other brand, yet we still have plenty of room for growth. We see significant untapped opportunities to expand across product categories, design aesthetics and geographies.

To realise this potential, we embarked on a journey in 2023 to become known as a full jewellery brand, and in 2025, we invested boldly to further progress on this ambition. The launch of Pandora Talisman and Pandora Minis – two new collections designed for

both necklaces and wristwear – and our continued focus on the gold-plated PANDORA ESSENCE range, reinforces this aspiration.

In 2025, we generated 6% organic growth compared to our guidance of 7-8%. The result was influenced by weak consumer sentiment impacting holiday sales in North America, and by the need to stimulate demand for a broader range of new products. We will address this by making a few strategic shifts, including how we energise our collections and drive continued cultural relevance for the brand.

We delivered an EBIT margin of 23.9%, reflecting our ability to navigate the significant external headwinds that we faced during the year. The price of silver, our main raw material, more than doubled in 2025. By year-end, it had increased to USD 72 per ounce, compared to USD 29 at the start of the year and USD 24 when we set our long-term financial targets in 2023. Additional headwinds from US import tariffs and foreign exchange rates added complexity, but we responded with targeted mitigation measures. In 2026, we will introduce new products and

materials to protect margins and improve value creation. This shift will take time to complete, but we know the way forward. Pandora will maintain its strong financial model and its position as a precious metal brand offering accessible, high- quality craftsmanship.

Sustainability remains a key priority for Pandora, and we continue to make progress. In 2025, we reduced greenhouse gas emissions across our value chain by 5% compared to 2024. Since 2019, we have reduced emissions by 17% while growing revenue by 49%. Pandora shows that economic growth can be decoupled from environmental impact, and our results are being recognised. At the World Economic Forum summit in Davos in January 2026, Corporate Knights ranked Pandora as the second most sustainable company in the world. We also earned an “A score” from the Carbon Disclosure Project (CDP) for the fourth year running, placing us among the top 4% of global companies for climate disclosure.

We remain committed to the UN Global Compact and continue embedding sustainability across our business, because we believe responsible growth is key to long-term success.

As we close the year, we thank former CEO Alexander Lacik for his strong contribution to the company’s solid development over the recent years. Since joining the company in 2019, he has led a successful turnaround and executed the growth strategy, delivering 184% total shareholder return. As we begin a new chapter under Berta de Pablos-Barbier’s leadership, we look ahead with confidence and excitement. The future for Pandora is bright – and full of opportunity.

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915 M

The largest jewellery brand in the world

2025 AT A GLANCE

* The figure primarily comprises jewellery pieces, but also includes other units sold, such as gift boxes and clasp openers.

39,000

EMPLOYEES ON AVERAGE

32.5 BN

DKK

REVENUE

44%

WOMEN IN SENIOR LEADERSHIP TEAM

6%

ORGANIC

GROWTH

100%

RECYCLED

SILVER AND GOLD

23.9%

EBIT

MARGIN

112 M

PIECES *

SOLD

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9%

Pandora witnessed a generally soft consumer backdrop, impacting in- store traffic in some markets, and a highly volatile cost environment with the announcements of tariffs, foreign exchange movements and surging commodity prices. Despite these headwinds, Pandora continued to deliver resilient performance.

This year delivered record-high revenue of DKK 32.5 billion, corresponding to organic growth of 6%. This comprised like-for-like growth of 2% and network expansion of 4%. Alongside this,

ORGANIC GROWTH

CAGR 2023-2025

23.9%

EBIT MARGIN

2025

and despite significant external cost headwinds – primarily from foreign exchange, increased US import tariffs and higher commodity prices – we delivered a very solid EBIT margin of 23.9% compared to 25.2% in 2024. These external headwinds had an estimated 300bps drag on the EBIT margin. The 6% organic growth delivered in 2025 was slightly lower than the 7-8% growth targeted at the start of the year, due to lower- than-expected like-for-like growth of 2%, not helped by the macroeconomic environment. The EBIT margin of 23.9% was also slightly lower than initial guidance of 24.5%, explained entirely by the impact of US tariffs which were initially announced in April 2025.

Pandora continues to invest behind its Phoenix growth pillars. These include continued elevation of the brand, store network expansion and refurbishment, digital and technology enhancements and initiatives within the people space. These efforts are contributing to increased customer engagement, both from new and returning audiences, across our store network and online.

We faced significant margin headwinds from soaring silver prices, which reached USD 72 per ounce at year-end, a year-on-year increase of almost 150%, and from newly imposed US import tariffs. In response, we implemented strategic price increases and launched Silverstone, a cost programme aimed at safeguarding profitability and sustaining long-term margin targets.

Pandora’s brand DNA is rooted in hand-crafted jewellery with a meaning at accessible prices, and

in the current environment we see an opportunity to evolve further into a multi-material jewellery brand while protecting that DNA. From 2026, Pandora will introduce platinum-plated jewellery supported by consumer testing and an in-market pilot ahead of a broader launch. Near term, we will use third-party plating capacity, then increasingly leverage our vertically integrated capabilities in Thailand and Vietnam, with the aim of reducing silver exposure and commodity sensitivity over time.

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PANDORA MOMENTS

COLLABS

PANDORA ME

PANDORA TIMELESS

PANDORA SIGNATURE

PANDORA ESSENCE

PANDORA LAB-GROWN DIAMONDS

Charms and carriers

Modern classics and Pandora Lab-Grown Diamonds

ELEVATING THE BRAND EXPERIENCE

Over the past few years, Pandora has taken steps in changing the perception of the brand into a full jewellery brand. This has resulted in solid growth through the initial part of the Phoenix period, while the general consumer environment is currently not supportive and Pandora sees a need to course- correct in certain areas in order to deliver on its strategic objective. Pandora continues to invest in marketing to strengthen brand desirability, developing creative expressions that build on our storytelling heritage while supporting our long- term brand elevation. Locally, we are working to build stronger cultural relevance through collaborations with influencers, an area where we see further opportunity to deepen impact. The launch of new Core designs, including the Pandora Minis and Pandora Talisman collections, reinforces our heritage in charms and carriers while we expand our appeal across new jewellery designs. We also continue to invest in our stores and have opened another flagship store – this time in Las Vegas – further elevating the branded experience and strengthening our presence in key markets.

Furthermore, in 2025, Pandora implemented a significant transformation of its e-commerce platform through the launch of a new website. The website is now live across more than 30 markets, enhancing many aspects of the customer journey and how the brand is portrayed. As such, the new website is driving stronger engagement and delivering robust commercial performance.

MUTED PERFORMANCE ACROSS SEGMENTS

The Core segment covers three of our collections; Pandora Moments, Pandora ME and Collabs. All of these collections are centred around charms and carriers and include our new Pandora Talisman and

Pandora Minis ranges. In total, the Core segment represented 74% of revenue in 2025, with a resilient like-for-like growth of 1%.

The Fuel with more segment is made up of the collections Pandora Timeless, PANDORA ESSENCE, Pandora Lab-Grown Diamonds and Pandora Signature. Fuel with more made up 26% of revenue in 2025 and contributed with like-for-like growth of 3%.

Together, the two segments cater to a broad spec- trum of design and material preferences, wearing occasions and jewellery categories, with specific collection focus shaped by creative innovation, targeted marketing and evolving consumer trends. The overarching goal remains clear: to engage both existing and new consumers and to drive sustain- able growth across the two segments.

The Core segment – anchored in charms and carriers – remains at the centre of our brand. Pandora Moments, our enduring icon for over two decades, continues to play a pivotal role. In 2025, it delivered negative -2% like-for-like growth. In late August, we introduced two new design aesthetics, Pandora Talisman and Pandora Minis, to reinvigorate the Core segment and spark excitement. Pandora Talisman is inspired by ancient coins, where each talisman holds value, identity and belief. Both designs have been well received. Customers continue to embrace the collection as a way to capture and celebrate life’s precious moments through our iconic charms.

Pandora ME has been established as a platform for individuality and self-expression. Representing 4% of total revenue, the collection sustained its momentum with 21% like-for-like growth. Its targeted appeal among younger

Read more about our segments and revenue in note 2.1 Segment and revenue information .

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audiences and trend-forward consumers underscores its role in expanding our brand reach. The high growth was supported by Pandora Talisman, which is a part of the Pandora ME collection.

Our Collabs strategy remains rooted in cultural storytelling, with partnerships like Disney, including Marvel, and Netflix playing a key role in bringing this vision to life. These launches are thoughtfully aligned with major entertainment releases, enhancing relevance and consumer engagement. Collabs contributed 10% to revenue, with like-for- like growth of 18%.

Pandora Timeless continues to be the cornerstone of our Fuel with more segment, accounting for 78% of revenue in the segment. The collection offers elegant aesthetics and craftsmanship and delivered like-for-like growth of 3% in 2025. Momentum softened over the course of the year, reflecting both a more cautious consumer environment and the need to re-energise the assortment.

The PANDORA ESSENCE collection, launched globally in Q2 2024, gained further traction in 2025 and now represents 3% of revenue. Its organic and fluid design aesthetics taps into a consumer preference for nature-inspired jewellery, a segment that comprises 17% of the global market. The collection’s minimalist elegance continues to attract new audiences.

Pandora Lab-Grown Diamonds maintained its growth trajectory, with like-for-like growth of 15% in 2025. The collection’s halo effect on brand perception remains evident, driving broader consideration across our collections.

With the expansion of our microfine lab-grown diamonds range, we are advancing our ambition to democratise diamonds and become the most desirable brand in the category.

Pandora Signature, which contributed 2% to revenue, remains a valued offering for customers seeking refined everyday jewellery. The collection saw a like-for-like growth contraction in 2025, reflecting a deliberate prioritisation of resources and innovation towards other collections during the year.

OUR REGIONS

In 2025, Pandora delivered resilient performance in a persistently challenging global environment. With geopolitical tensions, macroeconomic uncertainty and pressure in several key markets, the results fell slightly short of the organic growth guidance, achieving 6% organic growth versus guidance of 7-8% organic growth. This was driven by lower- than-expected like-for-like growth of 2% for the full year with Q4 2025 particularly being impacted by the macroeconomic environment in the US. This, combined with subdued consumer sentiment in Europe, resulted in overall flat like-for-like growth in Q4 2025.

The EMEA region delivered 0% like-for-like growth and 3% organic growth. Consumer sentiment has generally remained low in Europe throughout 2025, which has been clear in the UK and Germany. However, we also acknowledge a need to step up efforts to drive further brand heat and excitement in the region. In Italy, we launched activations within marketing and merchandising as a first step to get the market back on a growth trajectory. In France, performance remained challenging, and further work is needed to restore momentum.

North America is our second-largest region by revenue, with a share of revenue of 36% in 2025. Our approach in North America has remained consistent, and our continued focus on elevating the brand has successfully generated traffic both in the stores and online. As such, the like-for-like growth was 6%, with organic growth at 10%. The network expansion came from adding a net of 34 concept stores and nine Pandora-operated shop-in-shops. As mentioned above, performance softened in North America towards the end of the year, reflecting the weak consumer sentiment.

Latin America delivered -4% like-for-like growth, with a notable drag from Mexico as the largest market in the region. The organic growth was -2%, supported by adding a net of four concept stores and 11 Pandora-operated shop-in-shops.

Asia Pacific contributed with 1% like-for-like growth, supported by stable performance in Australia and strong growth in Japan. Organic growth was 7%, and the total store network across Asia Pacific changed with a net of 76 concept store closures, mainly due to optimising the network in China and closing 95 stores.

SETTING THE SUSTAINABILITY STANDARD

FOR THE JEWELLERY INDUSTRY

In 2025, we continued to transform our business to what we see as the future of luxury. We made progress across our three strategic sustainability priorities: low-carbon business, circular innovation and inclusive, diverse and fair culture.

Since our baseline year 2019, we have reduced greenhouse gas emissions across our value chain by 17% while growing revenue by 49%, maintaining focus on halving emissions by 2030

and demonstrating a clear decoupling of business growth from emissions.

This year’s results reflect our continued focus on cornerstone commitments – 100% recycled silver and gold and 100% renewable electricity for own operations – alongside efforts to broaden renewable electricity with suppliers and partners and improve operational efficiency. Thanks to this, we decreased emissions by 5% compared to 2024, driven by reductions in Scope 3.

Pandora was ranked among the world’s 100 most sustainable companies by TIME Magazine and Corporate Knights and was recognised with an “A score” for transparency and performance from the Carbon Disclosure Project (CDP) for the fourth consecutive year.

Since August 2024, we have crafted all our jewellery using 100% recycled silver and gold. Together with our commitment to lab-grown diamonds and other man-made stones, this constitutes a transformational shift in our supply of core materials, which enables us to reduce carbon emissions and minimise environmental impact.

Promoting an inclusive, diverse and fair workplace remains key to our sustainability efforts. By the end of 2025, women held 44% of our VP-level and higher positions, and we continue to work towards achieving full gender parity in our Senior Leadership Team no later than 2030.

Our Pandora for UNICEF partnership empowers children and young people worldwide. Since 2019, we have raised DKK 106 million (USD 16 million) in support of UNICEF, reaching and benefiting more than 2.4 million children.

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7% of total revenue

Europe, Middle East & Africa

7% of total revenue

50% of total revenue

8% of total revenue

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WINONA RYDER

STARS IN NEW GLOBAL CAMPAIGN

In 2025, Pandora launched the next chapter of our BE LOVE brand campaign, starring acclaimed actress Winona Ryder. Known for her authenticity and emotional depth, Winona brought a powerful presence to the campaign, which celebrates love

in all its forms.

The campaign featured our most iconic pieces from the Moments collection, PANDORA ESSENCE and Pandora Lab-Grown Diamonds and highlighted the emotional connection people have with their jewellery and the stories they tell.

The BE LOVE campaign marks another step towards becoming the most desirable, accessible jewellery brand. This year, Pandora continues to hold one of the highest levels of brand consideration in the industry.

The handover of our new crafting facility in the northern part of Ho Chi Minh City, Vietnam, marked a defining milestone in Pandora’s growth journey. Built to the highest standards of safety, wellbeing and sustainability, the facility will run on 100% renewable electricity.

Once fully operational, it can employ up to 7,000 craftspeople and produce up to 60 million pieces of jewellery annually, boosting our global crafting capacity by around 50% and bringing innovation to the heart

of our jewellery crafting.

PROUD MILESTONE

IN VIETNAM

PANDORA RECOGNISED AMONG EUROPE’S BEST WORKPLACES

Pandora was named one of Europe’s Best Workplaces by the Financial Times, ranking first among Danish companies. Selected from over 1,000 companies across Europe, Pandora stood out for its strong performance in employee satisfaction, career development, leadership and sustainability. We are proud of this recognition as we remain committed to building a global workplace culture rooted in inclusion, purpose and opportunity.

By the end of 2025, Pandora employed 42,281 people worldwide, an increase of 63% compared to five years ago. In 2025, our own employees scored the company 8.9 of 10 on inclusion, placing Pandora in the top 10% of the global consumer sector.

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FLAGSHIP STORE OPENS IN LAS VEGAS

The grand opening of our second global flagship store took place on the iconic Las Vegas Strip. Las Vegas attracts over 40 million visitors yearly. The new store spans over 280 square metres and offers an immersive brand experience, including a charm bar inspired by casino card tables, a diamond salon and a craftsmanship studio, where visitors can watch live jewellery-making and engraving.

Building on the success of our first-ever flagship store in Copenhagen, the Las Vegas flagship store embodies our ambition to create memorable retail experiences in iconic locations around the world.

Pandora operates 2,811 concept stores worldwide, including 509 stores in the US.

MOST SUSTAINABLE CONSUMER BRAND

In its Global 100 ranking, research company Corporate Knights named Pandora the world’s most sustainable consumer brand. Pandora places second overall among more than 8,000 assessed companies.

The recognition reflects our transformation towards recycled materials and renewable electricity. In the analysis, Corporate Knights highlights Pandora’s use of 100% recycled silver and gold in all new jewellery, our shift to lab-grown diamonds, and our ability to grow profitably while reducing greenhouse gas emissions.

The Pandora Story exhibition officially opened at our crafting facility in Bangkok.

The exhibition takes visitors on a journey from Pandora's beginnings as a small jewellery shop in Copenhagen in 1982 to becoming the world’s largest jewellery brand, defined by craftsmanship, innovation and sustainability.

At the opening, members of our Executive Leadership Team, including former CEO Alexander Lacik and new CEO Berta de Pablos-Barbier, were honoured to welcome Pandora's Founder, Per Enevoldsen, alongside distinguished guests, media and partners.

For the third consecutive year, we proudly partnered with the British Fashion Council as the Principal Partner of the Fashion Awards – a celebration of creativity, culture and emerging talent at the intersection of fashion and art.

The evening brought together some of the industry’s most influential names, including legendary model and actress Iman, with standout looks adorned in Pandora jewellery.

HERITAGE EXHIBITION

PRINCIPAL PARTNER OF THE FASHION AWARDS

Photo credit: Sofi Adams

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1 Derivative financial instruments are measured at fair value. See note 4.5 Derivative financial instruments.

2 In 2025, we have improved Pandora’s calculation methodology and data for Scopes 2 and 3. This led to adjustments in total emissions (tonnes CO 2 e), with decreases of 22,985 in 2021 (-8%), 16,597 in 2022 (-5%), 13,645 in 2023 (-5%) and of 9,917 in 2024 (-3%).

3 Women and men in senior leadership positions from Vice President and up (including the Board of Directors).

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- 1-2%

In 2026, we are 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, we see a need for a clear step-change in execution in selected areas. Over time, this will unlock the next phase of our growth journey and deliver stronger like-for-like growth. As a result, we will move more decisively, with clear strategic priorities that reset execution and re-ignite 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.

ORGANIC GROWTH

21-22%

EBIT MARGIN

We expect like-for-like 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.

We expect 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 compared to 2025 is driven by external headwinds of 250- 350bps. Excluding these headwinds, the margin would have been roughly flat.

As we continue the expansion of our profitable store network, a 30bps positive impact on the EBIT margin is expected in 2026. In addition, we expect a positive net 30bps contribution in 2026 as the temporary margin drag from forward-integration activities has started to phase out (limited forward integration in 2026).

* Assumes a silver spot price of USD 82/oz, and that the 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).

THE BIG PICTURE • Management review

Net operating leverage and other is expected to be net neutral to the margin. In 2026, we 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 supportive factors, such as pricing.

External headwinds amount to 250-350bps, 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 and selective pricing, but most importantly product innovation and the planned material transition.

In 2026, the P&L is 90-100% hedged on silver at a price of around USD 32/oz, resulting in a Y/Y head- wind from silver and gold of 150-250bps. Foreign exchange rates represent a small 50bps 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 150bps 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% for China and 18% for India) and that the tariffs are calculated on import costs applying a spot silver price of currently USD 82.

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

We expect to open around net 50-75 concept stores, including around net 25 store closures in China. In addition, we expect 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. We continue to invest in the store network, including new openings, refits and new window frameworks. We will also continue investment into production facilities, including capabilities to support the expansion of our 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.

We expect 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, see page 143 .

CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION

At the end of 2025, our leverage was 1.3x NIBD to EBITDA. We aim 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.

We 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, we will resume our historical, significant share buyback programmes, once the transition to platinum- plated jewellery is further progressed.

BECOMING A RESILIENT AND FUTURE-FIT BUSINESS

Pandora continues to spearhead sustainability and transform into a resilient and future-fit business. As we look ahead, we will continue to evolve our Sustainability programme and integrate sustainability deeper into our operations to drive resilience and preparedness for the future.

THE BIG PICTURE • Management review

OUR BUSINESS

IMAN

Legendary supermodel, entrepreneur and philanthropist

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.