Pandora A/s · OMXCOP:PNDORA
Pandora A/s — Pandora A/S Ord — Q2 2025 Earnings Presentation
41 slides from Pandora A/s's earnings presentation, Aug 15, 2025
Slide 1: Second Quarter Results 2025
SECOND QUARTER RESULTS 2025 15 August 2025
Slide 2: Agenda
AGENDA EXECUTIVE SUMMARY Phoenix strategy update Q2 2025 financials Financial guidance Appendix DISCLAIMER This presentation contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarantees of future performance and involve certai
Slide 3: Q2 Results
Q2 RESULTS SOLID GROWTH RESILIENT PROFITABILITY Delivering on the Phoenix strategy 8% 79.3% Organic growth Gross margin, -90bp Y/Y Robust revenue 3% 18.2% growth LFL EBIT margin, -160bp Y/Y GROWTH ACROSS HIGH RETURN ON CAPITAL High margins SEGMENTS AND EPS GROWTH despite external 1% 44% headwinds LF
Slide 4: 2025 Guidance
2025 GUIDANCE TARGETING ANOTHER YEAR OF PROFITABLE GROWTH “In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability. The results show that our brand and unique storytelling proposition continue to attract more consumers and that
Slide 5: Agenda
AGENDA Executive summary PHOENIX STRATEGY UPDATE Q2 2025 financials Financial guidance Appendix 5 Pandora Q2 2025 | Investor presentation 15 August 2025
Slide 6: Strategic Growth Initiatives
STRATEGIC GROWTH INITIATIVES GOOD MOMENTUM ACROSS ALL PILLARS • Restaging the brand – transforming the • Art & Science – consumer-centric perception of Pandora jewellery concepts • Retail transformation (New store • Drive growth in core – charms & carriers concept) • Expand design aesthetics & accel
Slide 7: Pandora Has Ample Growth Opportunities Ahead
FULL JEWELLERY BRAND PANDORA HAS AMPLE GROWTH OPPORTUNITIES AHEAD REVENUE SPLIT BY PRODUCT CATEGORY • The core objective of the Phoenix strategy is to transform Pandora into a full jewellery brand, firmly rooted in the 18% accessible luxury segment 63% • Currently, most of Pandora’s revenue comes fr
Slide 8: Focusing on Driving Brand Heat
BRAND | SHAPING CULTURAL IMPACT FOCUSING ON DRIVING BRAND HEAT DRIVING STORYTELLING STRENGTHENING CULTURAL DRIVING LOCALLY RELEVANT AS THE DNA OF THE RELEVANCE CONNECTIONS BRAND Pandora returned to the Met Gala, reinforcing its Pandora is investing behind locally relevant talent Preparing for the ne
Slide 9: Gearing Up for a Strong Creative Pipeline in H2 2025
BRAND & DESIGN | EXCITING NEW DESIGNS TO BE LAUNCHED GEARING UP FOR A STRONG CREATIVE PIPELINE IN H2 2025 The launch of Pandora’s new designs is skewed towards H2 2025 – launch of the new Talisman and Minis designs in Q3 2025 New designs play into Pandora’s Charm & Carriers heritage and storytelling
Slide 10: Online Platform Now Live Across Markets
BRAND | ELEVATING THE BRAND AT ALL TOUCHPOINTS ONLINE PLATFORM NOW LIVE ACROSS MARKETS • Now launched across 30 markets, delivering a globally consistent and elevated branded experience for consumers • The new platform has strengthened brand engagement, with a 3% increase in average time spent on th
Slide 11: A Full Jewellery Brand: Leveraging Our Strong Core
DESIGN | GROWING THE CORE Revenue development A FULL JEWELLERY BRAND: Core segment LEVERAGING OUR STRONG CORE 23.5 22.0 • Resilient 1% LFL growth in Q2 2025 across the 21.2 Charms and Carriers core • Strong pipeline of products planned for H2 2025, with the launch of Minis and Talisman • Growth supp
Slide 12: A Full Jewellery Brand: Continued Growth Across Other Collections
DESIGN | FUELLING WITH MORE Revenue development Fuel with more segment A FULL JEWELLERY BRAND: CONTINUED GROWTH 8.1 ACROSS OTHER COLLECTIONS • 5% LFL within Fuel with more, with Timeless making up more than 70% of revenue 6.2 • Performance supported by Pandora ESSENCE and 5.3 Pandora Lab-grown Diamo
Slide 13: The US
MARKETS THE US • The US delivered strong LFL of 8%, driven by the continued growth in traffic supported with strong execution around Mother’s Day • Brand metrics continue to remain strong • Organic growth at 12%, supported by new store openings • Strong runway for growth ahead LIKE-FOR-LIKE 8% vs Q2
Slide 14: Europe
MARKETS EUROPE LFL growth across total Europe* at 1% - supported by strong growth in many countries, including Spain, Netherlands, Portugal and Poland • Some European markets remain challenged, impacted by weaker End of Season Sale and tough market conditions • UK declined by -9%, driven by a highly
Slide 15: Rest of Pandora
MARKETS REST OF PANDORA Rest of Pandora grew LFL at 6% with good growth across many markets* • Amongst others, Spain, Canada, Poland, Portugal, the Nordics, Romania, Hungary and the Netherlands all delivered double-digit LFL • Mexico facing a tough macro-economic climate coupled with an extremely pr
Slide 16: China and Australia
MARKETS CHINA AND AUSTRALIA China delivered -15% LFL, performance continues to be challenging • As part of the strategic optimisation of the store network, 22 concept stores have been closed as of Q2 • Pandora expect to close up to 100 concept stores in China in 2025 Australia improved sequentially
Slide 17: Driving Consistent and Profitable Growth
MARKETS | NETWORK EXPANSION DRIVING CONSISTENT AND PROFITABLE GROWTH HIGHLY ATTRACTIVE STORE ECONOMICS (ILLUSTRATIVE AVERAGE METRICS FOR NEW STORE OPENINGS) Revenue, DKK EBIT margin, % CAPEX, DKK Payback ~7m (CS)*** 35-40% ~2m (CS) ~1 year** ~2.5m (SiS)*** ~0.5m (SiS) INCREMENTAL REVENUE FROM NETWOR
Slide 18: New Store Concept Roll-Out Continues
BRAND | NEW STORE CONCEPT NEW STORE CONCEPT ROLL-OUT CONTINUES • 576 concept stores in the new format opened by Q2 2025, of which 52 are partner stores • Pandora’s second flagship store opened on the Las Vegas Strip in June • Targeting 1,375 – 1,425 concept stores in the new format by 2026 NUMBER OF
Slide 19: Agenda
AGENDA Executive summary Phoenix strategy update Q2 2025 FINANCIALS Financial guidance Appendix 19 Pandora Q2 2025 | Investor presentation 15 August 2025
Slide 20: Solid Financial Metrics Despite External Headwinds
KEY FINANCIAL HIGHLIGHTS SOLID FINANCIAL METRICS DESPITE EXTERNAL HEADWINDS TOPLINE Q2 2025 Q2 2024 FY 2024 Revenue, DKK million 7,075 6,771 31,680 Organic growth, % 8% 15% 13% Like-for-like, % 3% 8% 7% FINANCIAL RATIOS Q2 2025 Q2 2024 FY 2024 Gross margin, % 79.3% 80.2% 79.8% EBIT margin, % 18.2% 1
Slide 21: 3% LFL Growth and Solid Network Expansion
REVENUE PERFORMANCE 3% LFL GROWTH AND SOLID NETWORK EXPANSION REVENUE GROWTH, • 3% LFL growth driven by strong performance in the US Q2 2025 and Rest of Pandora, covering 70% of revenue <1% 9% 5% 8% • A total of net 93 concept stores and net 87 Pandora operated shop-in shops opened over the past 12
Slide 22: EBIT Margin in Line With Expectations
EBIT MARGIN EBIT MARGIN IN LINE WITH EXPECTATIONS EBIT MARGIN, Q2 2025 • EBIT margin declined 160bp Y/Y to 18.2% (19.4% at constant exchange rates), in line with expectations and guidance 230bp of external headwinds 0.8% 0.8% • Commodities, FX and tariffs provided a significant 0.7% 20.5% drag of 23
Slide 23: Agenda
AGENDA Executive summary Phoenix strategy update Q2 2025 financials FINANCIAL GUIDANCE Appendix 23 Pandora Q2 2025 | Investor presentation 15 August 2025
Slide 24: Confirming Topline Guidance
2025 ORGANIC GROWTH GUIDANCE CONFIRMING TOPLINE GUIDANCE Guidance assumptions: REVENUE • Pandora targets organic growth of 7-8% GUIDANCE, 2025 • LFL growth targeted at 4-5% 1% 8-9% 3.0% 7-8% • The guidance assumes the macroeconomic 33.2-33.5 environment does not worsen materially through 4-5% 3.3% t
Slide 25: Targeting Solid Margins
2025 EBIT MARGIN GUIDANCE TARGETING SOLID MARGINS • Profitability remain strong despite 280bp of external headwinds EBIT MARGIN GUIDANCE, 2025 • EBIT margin guidance unchanged at “around 24%” 280bp of external headwinds 1.2% and now includes 60bp of tariff headwind Around 0% (previously 30bp) 0.4% 2
Slide 26: 2026 Margin Target
UPDATE ON 2023 CMD EBIT MARGIN TARGET 2026 MARGIN TARGET • The original target of 26-27% was set based on commodity prices and FX rates as of September 25, 2023 • Since then, the price of silver has increased significantly, alongside with adverse developments in gold and FX: this EBIT MARGIN drives
Slide 27: Closing Remarks
CLOSING REMARKS Pandora is on track to transform its Pandora is prepared and well positioned perception as a full jewellery brand. Q2 against a period of uncertainty 2025 was another step forward. There remains ample opportunities ahead Despite significant commodity, FX and Strong line up for H2 202
Slide 28: 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, DRIVING EPS IN AN ATTRACTIVE FULLY INTEGRATED OPPORTUNITIES SUSTAINABLE GROWTH IN THE CATEGORY BUSINESS MODEL BUSINESS MID-TO-HIGH TEENS Pandora stands as the sole Our asset-light bus
Slide 29: Appendix
APPENDIX 15 August 2025 PANDORA
Slide 30: Strong Sustainability Performance in 2024
STRONG SUSTAINABILITY Q2 2025 PERFORMANCE IN 2024 HIGHLIGHTS A 17% For the 3rd consecutive year, Pandora received A score by CDP for the company’s 2024 climate disclosure Reduction in total greenhouse gas emissions compared to 2019 baseline 100% #8 Renewable electricity across 35% our own operations
Slide 31: Pandora Consumer
PANDORA CONSUMER GLOBAL PURCHASE FUNNEL – DEVELOPMENT I PANDORA – FEMALE AGE GROUPS Base: All women PANDORA 18-24 YO 25-40 YO 41-64 YO Unaided awareness 35 39 33 36 Aided awareness 84 87 82 85 CR3 33 40 41 27 Considered1 28 34 34 23 CR4 62 61 64 61 Purchased2 18 21 22 14 Ownership 36 45 41 31 N=28,7
Slide 32: Revenue Development by Channel
REVENUE DEVELOPMENT BY CHANNEL Organic Share of DKK million Q2 2025 Q2 2024 growth revenue Pandora operated1 retail 6,047 5,567 10% 85% - of which concept stores 4,213 3,788 11% 60% - of which online stores 1,379 1,345 6% 19% - of which other points of sale 455 434 14% 6% Wholesale 851 995 -3% 12% -
Slide 33: Revenue by Segments
REVENUE BY SEGMENTS Local currency Share of DKK million Q2 2025 Q2 2024 LFL growth Revenue Core 5,314 5,108 1% 8% 75% - Moments 4,413 4,346 -1% 5% 62% - Collabs 643 526 19% 27% 9% - ME 258 236 6% 13% 4% Fuel with more 1,761 1,663 5% 10% 25% - Timeless 1,299 1,225 2% 10% 18% - Signature 147 205 -27%
Slide 34: Key Markets Revenue and Growth Overview
KEY MARKETS REVENUE AND GROWTH OVERVIEW Organic Share of DKK million Q2 2025 Q2 2024 LFL Growth Revenue US 2,374 2,173 8% 12% 34% China 95 118 -15% -15% 1% UK 659 694 -9% -5% 9% Italy 529 568 -8% -7% 7% Australia 229 211 7% 18% 3% France 256 261 -7% -2% 4% Germany 472 464 -6% 2% 7% Total key markets
Slide 35: Store Network Development
STORE NETWORK DEVELOPMENT Total concept stores O&O concept stores Growth O&O Growth O&O Growth Growth stores stores NUMBER OF CONCEPT Q2 2025 Q2 2025 O&O Q2 2025 Q2 2025 STORES Q2 2025 Q1 2025 Q2 2024 / Q1 2025 /Q2 2024 Q2 2025 / Q1 2025 /Q2 2024 US 495 480 465 15 30 452 37 78 China 176 188 208 -12
Slide 36: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT DKK million Q2 2025 Q2 2024 FY 2024 Revenue 7,075 6,771 31,680 Cost of sales -1,468 -1,342 -6,391 Gross profit 5,607 5,429 25,289 Sales, distribution and marketing expenses -3,680 -3,503 -14,844 Administrative expenses -640 -588 -2,471 Operating profit 1,287 1,338 7,974
Slide 37: Working Capital
WORKING CAPITAL Share of preceding 12 months’ revenue Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Inventories 14.6% 14.3% 14.0% 16.0% 14.9% Trade receivables 2.0% 2.2% 3.8% 2.5% 2.8% Trade payables -10.1% -10.1% -12.3% -9.7% -9.2% Other net working capital elements -1.9% -2.3% -7.3% -2.9% -2.4% Total 4.
Slide 38: Commodity Hedging and Cost of Goods Sold Break Down
COMMODITY HEDGING Hedged and realised purchase prices AND COST OF GOODS (at use of the silver and gold for production) SOLD BREAK DOWN Realised in Hedged Hedged Hedged Hedged USD / OZ Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Silver price 30.6 32.2 32.0 30.3 29.8 • The table illustrating the timing of
Slide 39: Investor Relations Contact Details
INVESTOR RELATIONS CONTACT DETAILS Investor Relations team Share information Trading symbol PNDORA Bilal Aziz Identification number/ISIN DK0060252690 SVP, Investor Relations & Treasury GICS 25203010 +45 3137 9486 biazi@pandora.net Number of shares 79,000,000 Apparel, Accessories & Luxury Sector Good
Slide 40: 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 41: Thank You
THANK YOU Second quarter results 2025 – 15 August 2025