Pandora A/s · OMXCOP:PNDORA
Pandora A/s — Pandora A/S Ord — Q4 2025 Earnings Presentation
40 slides from Pandora A/s's earnings presentation, Feb 5, 2026
Slide 1: Fourth-Quarter Results 2025
5 FEBRUARY 2026 FOURTH-QUARTER RESULTS 2025
Slide 2: Agenda
AGENDA EXECUTIVE SUMMARY PERFORMANCE Q4 2025 Q4 2025 FINANCIALS RE-ENERGISING GROWTH 2026 GUIDANCE AND MID-TERM OUTLOOK APPENDIX DISCLAIMER This presentation contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarantees of futu
Slide 3: Mid-single digit organic growth in challenging markets, solid profitability
MID-SINGLE DIGIT ORGANIC GROWTH SOLID IN CHALLENGING MARKETS PROFITABILITY 6% 79.1% Organic growth in 2025 Gross margin in 2025, -70bp Y/Y 4% in Q4 2025 78.1% in Q4 2025 2% 23.9% LFL in 2025 EBIT margin in 2025, -130bp Y/Y 0% in Q4 2025 33.5% in Q4 2025 CORE HIGH RETURN ON CAPITAL REMAINS SOLID AND
Slide 4: Agenda
AGENDA EXECUTIVE SUMMARY PERFORMANCE Q4 2025 Q4 2025 FINANCIALS RE-ENERGISING GROWTH 2026 GUIDANCE AND MID-TERM OUTLOOK APPENDIX
Slide 5: Building on our strong core while driving growth across other collections
CORE & FUEL WITH MORE BUILDING ON OUR STRONG CORE WHILE DRIVING GROWTH ACROSS OTHER COLLECTIONS Core In 2025, the Charms and Carriers core delivered 1% LFL growth with Q4 showing flat LFL performance Encouraging initial performance from Talisman since August, showing appeal to new consumers Fuel wit
Slide 6: Investing continuously behind the brand in 2025
BRINGING THE PANDORA-STORYTELLING DNA TO MARKETING INVESTING CONTINOUSLY BEHIND THE BRAND IN 2025 EXPANDING CULTURAL RELEVANCE LEVERAGING GLOBAL TALENT: BUILDING STRONGER CAMPAIGN IMPACT: AT GLOBAL SCALE HIGH-IMPACT AMBASSADOR MOMENTS HOLIDAY PERFORMANCE AND 2026 MOMENTUM 6 Pandora Q4 2025 | Investo
Slide 7: Regional Performance
REGIONAL PERFORMANCE NORTH AMERICA 2% LFL vs. Q4 2024 EUROPE, MIDDLE EAST -1% LFL vs. Q4 2024 2% LFL ASIA 6% LFL & AFRICA PACIFIC FY 2025 vs. Q4 2024 0% LFL FY 2025 1% LFL FY 2025 LATIN -7% LFL AMERICA vs. Q4 2024 -4% LFL FY 2025 7 Pandora Q4 2025 | Investor presentation 5 February 2026
Slide 8: Driving desirability at scale through the store experience
NEW STORE CONCEPT DRIVING DESIRABILITY AT SCALE THROUGH THE STORE EXPERIENCE New format By Q4 2025, 783 out of the total 2,811 concept stores are in the new format Brand platform Store design and layouts are being upgraded to drive traffic, improve conversion, and reinforce Pandora as a desirable je
Slide 9: Agenda
AGENDA EXECUTIVE SUMMARY PERFORMANCE Q4 2025 Q4 2025 FINANCIALS RE-ENERGISING GROWTH 2026 GUIDANCE AND MID-TERM OUTLOOK APPENDIX
Slide 10: Financial metrics remain solid despite external pressures
KEY FINANCIAL HIGHLIGHTS FINANCIAL METRICS REMAIN SOLID DESPITE EXTERNAL PRESSURES HIGHLIGHTS • External headwinds from TOPLINE Q4 2025 Q4 2024 FY 2025 FY 2024 commodities, foreign exchange and tariffs impacted the EBIT Revenue, DKK million 11,859 11,973 32,549 31,680 margin by -300bp in FY 2025 Org
Slide 11: 4% organic growth in Q4
Q4 REVENUE PERFORMANCE 4% ORGANIC GROWTH IN Q4 REVENUE GROWTH, Q4 2025 <1% 4% Flat LFL growth impacted by softer holiday trading, <1% 4% reflecting weaker consumer sentiment in North America as well as a need to course-correct in certain areas 3% Store network expansion drove 3% revenue growth in Q4
Slide 12: EBIT margin in line with guidance
EBIT MARGIN EBIT MARGIN IN LINE WITH GUIDANCE EBIT MARGIN, Q4 2025 The reported EBIT margin in Q4 declined 120bp Y/Y, 2.4% in line with expectations and guidance 0.8% Commodities, FX and tariffs provided a significant 34.7% 0.1% 34.8% drag of 440bp 33.6% 33.5% 4.4% 0.1% Strong gross margin performan
Slide 13: Re-energising Growth
RE-ENERGISING GROWTH
Slide 14: Strong foundations: significant growth opportunities ahead
RE-ENERGISING GROWTH STRONG FOUNDATIONS: SIGNIFICANT GROWTH OPPORTUNITIES AHEAD Vision remains unchanged To be the most desirable, accessible jewellery brand, driven by more distinctive, design led collections and great craft Built on strong foundations Healthy brand fundamentals, solid collections,
Slide 15: Evolving our growth engine for the next phase
RE-ENERGISING GROWTH EVOLVING OUR GROWTH ENGINE FOR THE NEXT PHASE PROGRESS UNDER PHOENIX STRENGTHENING GROWTH DRIVERS • Existing, scalable aesthetic spaces with • Healthy core collections clearer, more contemporary relevance • Disciplined approach to expansion Fewer, more focused, and distinctive D
Slide 16: Design focus unlocks growth
RE-ENERGISING GROWTH WHERE WE OPERATE WHERE GROWTH COMES FROM DESIGN FOCUS UNLOCKS GROWTH FINE ORGANIC OTHER SPARKLING Pandora’s current mix and newness are concentrated in a narrow aesthetic space BOLD FINE Under-represented aesthetics deliver disproportionate growth when creatively focused ORGANIC
Slide 17: Earned media is a leading growth driver
RE-ENERGISING GROWTH EARNED MEDIA IS A LEADING SPAIN AND ITALY GROWTH DRIVER TOTAL MEDIA SPEND & EARNED MEDIA VALUE 19% LFL FY2025 -9% LFL FY2025 Two mature markets – very different media models x2 Spain and Italy operate at comparable scale, with Italy allocating more spend to paid media Sustained
Slide 18: Introducing platinum-plated jewellery
INTRODUCING PLATINUM-PLATED JEWELLERY Built on PANDORA EVERSHINE , our proven unique signature metal-alloy platform delivering certified hypoallergenic, tarnish-resistant, and water-resistant performance developed to outperform silver in everyday wear. 18 Pandora Q4 2025 | Investor presentation 5 Fe
Slide 19: Building a more resilient brand through a multi-material product platform
RE-ENERGISING GROWTH BUILDING A MORE RESILIENT BRAND THROUGH A MULTI-MATERIAL PRODUCT PLATFORM Economics Strengthens long-term material economics and margin resilience. Reduces exposure to silver price volatility while supporting scalable, more predictable cost structures Everyday performance Platin
Slide 20: 2026 Guidance and Mid-Term Outlook
2026 GUIDANCE AND MID-TERM OUTLOOK
Slide 21: 2026 Guidance
2026 GUIDANCE -1% to +2% 21-22% ORGANIC GROWTH EBIT MARGIN “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 exposur
Slide 22: Organic growth guidance of -1% to 2%
2026 ORGANIC GROWTH GUIDANCE ORGANIC GROWTH GUIDANCE OF -1% TO 2% REVENUE GUIDANCE, 2026 Pandora targets organic growth of -1 to 2% Organic Growth Guidance <0.5% -1% to 2% LFL growth of –3% to 0% reflects a soft consumer 2% -1% to 2% environment and current momentum. Pandora is moving ahead, decisiv
Slide 23: 21-22% EBIT margin in 2026
2026 EBIT MARGIN GUIDANCE 21-22% EBIT MARGIN IN 2026 EBIT MARGIN GUIDANCE, 2026 Profitability remain strong despite 250-350bp external headwinds 250-350bp of external headwinds Silver is 90-100% hedged in 2026 at around USD 32/oz 0.5% 24.4% 0.3% 23.9% ~0% 0.5% Net operating leverage flat, reflecting
Slide 24: Mid-term EBIT margin above 21%
SILVER & TRANSITION TO PLATINUM-PLATED: IMPACT ON THE EBIT MARGIN MID-TERM EBIT MARGIN ABOVE 21% “At least 14%” EBIT Margin in 2027 (before one-offs) Current silver/gold prices represent around 11pp gross headwind And to the EBIT margin after 2026 - before any mitigation “Above 21%” Mid-term EBIT Ma
Slide 25: Proposed dividend of DKK 22 per share
CASH DISTRIBUTION 2026 PROPOSED DIVIDEND OF DKK 22 PER SHARE PROPOSED DIVIDEND FOR 2026 Since the IPO, Pandora has consistently returned significant cash to shareholders – 41% of shares bought back since 2012 Significant cash distribution will remain an important part of the financial algorithm goin
Slide 26: Closing Remarks
CLOSING REMARKS LFL growth is below trend – Pandora is taking decision action Pandora is executing at speed to course correct in a few areas to drive stronger LFL growth – this includes re- energising designs and using marketing as a real distribution engine Pandora's new innovation, platinum-plated
Slide 27: A strong brand with vast growth opportunities
EQUITY STORY A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES A STRONG BRAND AN ASSET-LIGHT, UNIQUE GROWTH A RESILIENT BUSINESS FINANCIAL IN AN ATTRACTIVE FULLY INTEGRATED OPPORTUNITIES COMMITTED TO AMBITION* CATEGORY BUSINESS MODEL SUSTAINABILITY Pandora stands as the sole Our asset-light business mod
Slide 28: Appendix
APPENDIX
Slide 29: Accelerating impact through strong results
SUSTAINABILITY FY2025 ACCELERATING IMPACT ESG RANKINGS THROUGH STRONG RESULTS • Pandora was named the world’s second most sustainable company by research firm Corporate Knights. • The annual ‘Global 100’ ranking evaluates DECOUPLING GROWTH publicly traded companies with more FROM EMISSIONS than USD
Slide 30: Pandora Consumer
PANDORA CONSUMER GLOBAL PURCHASE FUNNEL DEVELOPMENT I PANDORA ACROSS AGE GROUPS In % Base: All women XX/XX Significantly higher / lower than Y-1 at a 95% confidence level PANDORA 18-24 YO 25-40 YO 41-64 YO Unaided Brand 33 33 35 36 35 39 39 45 33 32 33 36 33 33 35 35 Awareness 82 83 84 84 83 84 87 8
Slide 31: Revenue development by channel
. REVENUE DEVELOPMENT BY CHANNEL Organic Share of Organic Share of DKK million Q4 2025 Q4 2024 growth Revenue FY 2025 FY 2024 growth Revenue Pandora operated1 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
Slide 32: Revenue by segments
. REVENUE BY SEGMENTS Like- Share of Like- Share of DKK million Q4 2025 Q4 2024 for-Like Revenue FY 2025 FY 2024 for-Like Revenue Core 8,835 8,784 0% 74% 24,235 23,542 1% 74% - Moments 7,162 7,462 -4% 60% 19,812 19,934 -2% 61% - Collabs 1,185 964 20% 10% 3,114 2,564 18% 10% - ME 488 358 33% 4% 1,309
Slide 33: Regions revenue and growth overview
. REGIONS REVENUE AND GROWTH OVERVIEW 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 11,85
Slide 34: Consolidated income statement
. CONSOLIDATED INCOME STATEMENT DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue 11,859 11,973 32,549 31,680 Cost of sales -2,598 -2,422 -6,802 -6,391 Gross profit 9,260 9,551 25,747 25,289 Sales, distribution and marketing expenses -4,639 -4,664 -15,469 -14,844 Administrative expenses -646 -738
Slide 35: Store network development
. STORE NETWORK DEVELOPMENT Total concept stores O&O concept stores Number Growth Growth Number Number Number of concept O&O O&O of concept of concept of concept Growth Growth stores stores stores stores stores stores Q4 2025 Q4 2025 O&O Q4 2025 Q4 2025 Q4 2025 Q3 2025 Q4 2024 / Q3 2025 /Q4 2024 Q4
Slide 36: Working capital
. 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% Tota
Slide 37: Commodity hedging and cost of goods sold break down
COMMODITY HEDGING AND Hedged prices for purchases and expected phasing into cost sales1 COST OF GOODS SOLD BREAK DOWN USD/OZ Realised in Q4 2025 Hedged Q1 2026 Hedged Q2 2026 Hedged Q3 2026 Hedged Q4 2026 Silver Estimated net price, cost of sales2 29.8 ~32 ~32 ~31 ~38 Hedged price, purchases 33.9 30
Slide 38: Investor relations contact details
INVESTOR RELATIONS CONTACT DETAILS INVESTOR RELATIONS TEAM SHARE INFORMATION Trading symbol PNDORA Bilal Aziz Adam Fuglsang Identification number/ISIN DK0060252690 SVP, Investor Relations & Treasury Director, Investor Relations +45 3137 9486 +45 6167 7425 GICS 25203010 biazi@pandora.net adfug@pandor
Slide 39: Disclaimer
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
Slide 40: Thank you
THANK YOU