Pandora A/s · OMXCOP:PNDORA
Pandora A/s — Pandora A/S Ord — Q3 2025 Earnings Presentation
41 slides from Pandora A/s's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter Results 2025
THIRD QUARTER RESULTS 2025 5 November 2025
Slide 2: Agenda
AGENDA EXECUTIVE SUMMARY Phoenix strategy update Q3 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: Continued solid growth amidst weak consumer sentiment
Continued solid growth amidst weak consumer sentiment Investing in brand and innovation to unlock further market potential Resilient business model with agility to manage significant headwinds 3 Pandora Q3 2025 | Investor presentation 5 November 2025
Slide 4: Q3 Results
Q3 RESULTS SOLID GROWTH RESILIENT PROFITABILITY 6% 79.3% Organic growth Gross margin, -80bp Y/Y 2% 14.0% LFL EBIT margin, -210bp Y/Y GROWTH ACROSS HIGH RETURN ON CAPITAL SEGMENTS AND EPS GROWTH 1% 43% LFL for Core ROIC 2% DKK 6.3 LFL for Fuel with more EPS, -14% Y/Y (5% Y/Y at constant foreign excha
Slide 5: 2025 Guidance
2025 GUIDANCE TARGETING ANOTHER YEAR OF PROFITABLE GROWTH “We continue our growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment. We are intensifying our efforts to drive brand heat, and the initial response to our new product launches demons
Slide 6: Agenda
AGENDA Executive summary PHOENIX STRATEGY UPDATE Q3 2025 financials Financial guidance Appendix 6 Pandora Q3 2025 | Investor presentation 5 November 2025
Slide 7: Dialling up brand heat through innovation and storytelling
STRATEGIC GROWTH INITIATIVES DIALLING UP BRAND HEAT THROUGH INNOVATION AND STORYTELLING • 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
Slide 8: Pandora has ample growth opportunities ahead
FULL JEWELLERY BRAND PANDORA HAS AMPLE GROWTH OPPORTUNITIES AHEAD REVENUE SPLIT BY • The Phoenix strategy’s main objective is to position PRODUCT CATEGORY Pandora as a full jewellery brand, firmly rooted in the accessible luxury segment 18% • Currently, most of Pandora’s revenue comes from wristwear
Slide 9: Brand investments are unlocking further market potential
BRAND & DESIGN | BRINGING THE PANDORA STORYTELLING DNA TO MARKETING BRAND INVESTMENTS ARE UNLOCKING FURTHER MARKET POTENTIAL PANDORA TALISMAN LAUNCH DELIVERS LOCAL BRAND AMBASSADORS DRIVING STRENGTHENING BRAND HEAT STRONGEST PR AND PRESS QUARTER BRAND DESIRE IN KEY MARKETS THROUGH CULTURAL MOMENTS P
Slide 10: Talisman designs off to an encouraging start
BRAND & DESIGN | INNOVATING IN THE CORE TALISMAN DESIGNS OFF TO AN ENCOURAGING START The launch of Pandora’s new sub-collection, Talisman is off to an encouraging start, reinforcing the power of strong storytelling and distinctive design The collection sparked meaningful engagement and delivered str
Slide 11: Creative innovation & margins
BRAND & DESIGN | CREATIVE INNOVATION CREATIVE INNOVATION & MARGINS • Pandora is well advanced in exploring creative innovation that is anchored in the brand’s distinctive DNA as an accessible precious metal jewellery brand • Over time, such innovation is expected to mitigate a material part of the h
Slide 12: 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 • In Q3 2025, the Charms and Carriers core delivered 21.2 1% LFL growth • The launch of Talisman drove strong Pandora ME performance, delivering 34% LFL growth. Pandora will look t
Slide 13: 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 • 2% LFL within Fuel with more, supported by Pandora ESSENCE and Pandora Lab-grown Diamonds 6.2 • Exciting design pipeline planned for 2026 5.3 20% share 22% s
Slide 14: The US
MARKETS THE US • The US delivered solid LFL of 6%, driven by the continued strong brand momentum • Talisman was successfully launched with PR activations across East and West coast, generating strong earned media coverage • Brand metrics remain strong • Organic growth at 9%, driven by new store open
Slide 15: Europe
MARKETS EUROPE LFL growth across total Europe* at -1% - supported by strong growth in many countries, including Spain, Poland and Portugal • Some European markets remain challenged, partly driven by tough market conditions. Pandora is looking to strengthen execution in these markets • UK performance
Slide 16: Rest of Pandora & Australia
MARKETS REST OF PANDORA & AUSTRALIA Rest of Pandora delivered LFL at 6% and organic growth of 13% with solid growth across many markets* • Rest of Pandora covers 37% of Pandora revenue • Amongst others, Spain, Canada, Poland and Portugal all delivered double-digit LFL. Mexico also showed good improv
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: Consistently investing in the stores
BRAND | NEW STORE CONCEPT CONSISTENTLY INVESTING IN THE STORES • 695 concept stores in the new format opened by Q3 2025, of which 71 are partner stores • Pandora plans to enhance store design and layout to attract more customers and shift brand perception to a full jewellery brand • New digital scre
Slide 19: Agenda
AGENDA Executive summary Phoenix strategy update Q3 2025 FINANCIALS Financial guidance Appendix 19 Pandora Q3 2025 | Investor presentation 5 November 2025
Slide 20: Solid financial metrics despite external headwinds
KEY FINANCIAL HIGHLIGHTS SOLID FINANCIAL METRICS DESPITE EXTERNAL HEADWINDS TOPLINE Q3 2025 Q3 2024 FY 2024 • Significant external headwind from Revenue, DKK million 6,269 6,103 31,680 commodities, foreign exchange and tariffs Organic growth, % 6% 11% 13% impacts many KPIs in Q3 2025 – blurs the rea
Slide 21: 2% LFL growth and solid network expansion
REVENUE PERFORMANCE 2% LFL GROWTH AND SOLID NETWORK EXPANSION REVENUE GROWTH, • 2% LFL growth driven by strong performance in the US Q3 2025 and Rest of Pandora, covering 67% of revenue 5% 1% 7% • A total of net 65 concept stores and net 85 Pandora 6% operated shop-in shops opened over the past 12 m
Slide 22: EBIT margin in line with expectations
EBIT MARGIN EBIT MARGIN IN LINE WITH EXPECTATIONS EBIT MARGIN, Q3 2025 • The reported EBIT margin declined 210bp Y/Y, in line with expectations and guidance 380bp of external headwinds • Commodities, FX and tariffs provided a significant 1.4% drag of 380bp. Excluding these headwinds, the 0.8% EBIT m
Slide 23: Agenda
AGENDA Executive summary Phoenix strategy update Q3 2025 financials FINANCIAL GUIDANCE Appendix 23 Pandora Q3 2025 | Investor presentation 5 November 2025
Slide 24: Confirming overall topline guidance
2025 ORGANIC GROWTH GUIDANCE CONFIRMING OVERALL TOPLINE GUIDANCE Guidance assumptions: REVENUE • Pandora targets organic growth of 7-8% (unchanged) GUIDANCE, 2025 • LFL growth targeted at 3-4% (previously 4-5%), 1% 8-9% reflecting the softer consumer environment, trading 4% 7-8% trends in Q3 and an
Slide 25: Targeting solid margins
2025 EBIT MARGIN GUIDANCE TARGETING SOLID MARGINS EBIT MARGIN • EBIT margin guidance unchanged at “around 24%” GUIDANCE, 2025 280bp of external headwinds • Profitability remain strong despite 280bp of external 1.0% headwinds Around 0% 0.6% 25.2% 1.3% • The contribution from network expansion is upda
Slide 26: 2026 margin target
UPDATE ON 2023 CMD EBIT MARGIN TARGET 2026 MARGIN TARGET • The original CMD EBIT margin target of 26–27% was set based on commodity prices and FX rates as of September 2023 • Since then, silver prices have risen sharply to around USD EBIT MARGIN 48/oz, alongside adverse moves in gold, FX, and tariff
Slide 27: Closing remarks
CLOSING REMARKS Healthy and resilient business model with strong agility to manage external headwinds Our innovation is unlocking further market potential whilst underpinning the financial model Well geared for holiday season and set to deliver on our targets for the year 27 Pandora Q3 2025 | Invest
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 5 November 2025 PANDORA
Slide 30: Strong sustainability performance in 2024
STRONG SUSTAINABILITY ESG RANKINGS PERFORMANCE IN 2024 A For the 3rd consecutive year, Pandora received A score by 17% CDP for the company’s 2024 climate disclosure. Reduction in total greenhouse gas emissions compared to #8 2019 baseline 100% Renewable electricity across For the second year in a ro
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 Q3 2025 Q3 2024 growth revenue Pandora operated1 retail 5,353 4,995 9% 85% - of which concept stores 3,803 3,519 8% 61% - of which online stores 1,121 1,090 7% 18% - of which other points of sale 429 386 19% 7% Wholesale 731 914 -7% 12% - o
Slide 33: Revenue by segments
REVENUE BY SEGMENTS Local currency Share of DKK million Q3 2025 Q3 2024 LFL growth Revenue Core 4,789 4,634 1% 8% 76% - Moments 3,861 3,895 -2% 3% 62% - Collabs 614 514 11% 25% 10% - ME 313 226 34% 44% 5% Fuel with more 1,480 1,468 2% 5% 24% - Timeless 1,114 1,065 4% 9% 18% - Signature 114 170 -31%
Slide 34: Key markets revenue and growth overview
KEY MARKETS REVENUE AND GROWTH OVERVIEW Organic Share of DKK million Q3 2025 Q3 2024 LFL Growth Revenue US 1,896 1,796 6% 9% 30% China 68 84 -6% -14% 1% UK 685 740 -8% -5% 11% Italy 448 466 -4% -4% 7% Australia 212 195 4% 18% 3% France 215 227 -7% -5% 3% Germany 402 431 -9% -7% 6% Total key markets
Slide 35: Consolidated income statement
CONSOLIDATED INCOME STATEMENT DKK million Q3 2025 Q3 2024 FY 2024 Revenue 6,269 6,103 31,680 Cost of sales -1,300 -1,217 -6,391 Gross profit 4,970 4,886 25,289 Sales, distribution and marketing expenses -3,494 -3,352 -14,844 Administrative expenses -596 -553 -2,471 Operating profit 880 980 7,974 Fin
Slide 36: 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 Q3 2025 Q3 2025 O&O Q3 2025 Q3 2025 STORES Q3 2025 Q2 2025 Q3 2024 / Q2 2025 /Q3 2024 Q3 2025 / Q2 2025 /Q3 2024 US 509 495 479 14 30 466 14 76 China 139 176 204 -37
Slide 37: Working capital
WORKING CAPITAL Share of preceding 12 months’ revenue Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Inventories 16.4% 14.6% 14.3% 14.0% 16.0% Trade receivables 2.1% 2.0% 2.2% 3.8% 2.5% Trade payables -10.9% -10.1% -10.1% -12.3% -9.7% Other net working capital elements -0.3% -1.9% -2.3% -7.3% -2.9% Total 7
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 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Silver price 32.3 32.0 30.3 29.8 - • The table illustrating the timing of th
Slide 39: 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 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 Third quarter results 2025 – 5 November 2025