PNDORANasdaq CopenhagenLuxury GoodsIFRS · DKK

Pandora A/S

Pandora A/S is a Denmark-based jewellery company known for designing, manufacturing, and marketing branded jewellery made primarily from precious metals and materials. Its business spans core jewellery collections, charms, bracelets, rings, necklaces, earrings, and related accessories sold through owned and franchised stores, wholesale partners, and online channels across multiple regions.

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Revenue32.5bn DKK
+2.7 %y/y
Operating profit (EBIT)7,783m DKK
−2.4 %y/y
EBIT margin23.9%
−1.3 ppy/y
Net income5,241m DKK
+0.3 %y/y
Free cash flow5,912m DKK
−19.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

010203040bn DKK2021: 23.4 bn DKK2021: EBIT 5.8 bn DKK20212022: 26.5 bn DKK2022: EBIT 6.7 bn DKK20222023: 28.1 bn DKK2023: EBIT 7.0 bn DKK20232024: 31.7 bn DKK2024: EBIT 8.0 bn DKK20242025: 32.5 bn DKK2025: EBIT 7.8 bn DKK2025TTM 2026: 32.9 bn DKKTTM 2026: EBIT 8.0 bn DKKTTM32.98.0
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Jewellery collections75 %

Core branded jewellery lines including charms, bracelets, rings, necklaces, and earrings.

Charms and bracelets20 %

Modular charm bracelets and charms that are central to the brand's identity.

Retail and e-commerce5 %

Direct-to-consumer sales through company-operated stores and online channels.

Customers

Pandora sells to individual consumers buying jewellery for self-purchase, gifting, and occasion-based purchases. Its customer base is broad, spanning fashion-conscious shoppers, gift buyers, and repeat customers drawn to collectable product formats such as charms and bracelets.

Everyday jewellery consumers

Buy rings, necklaces, earrings, and bracelets for personal wear and gifting.

Charm collectors

Buy charms and compatible bracelets to expand existing collections over time.

Gift buyers

Buy branded jewellery for birthdays, holidays, and special occasions.

Online shoppers

Buy through digital channels for convenience, assortment, and brand access.

Strategy

Pandora's strategy centers on strengthening its branded jewellery proposition, supporting demand through product innovation, and balancing its assortment across materials and price points. The company is also managing its exposure to commodity costs by shifting part of its jewellery mix from silver toward platinum-plated products over the next few years.

Mix shift toward platinum-plated jewelleryMedium term

Helps offset silver commodity inflation and supports product economics.

Strengthen core branded assortmentMedium term

Keeps the brand relevant and encourages repeat purchases and gifting.

Global retail and digital reachMedium term

Broad distribution improves brand access and customer frequency.

Geography

Pandora sells across Europe, North America, Latin America, and Asia-Pacific, with geography reported under these four regions. The regional mix matters because demand, store density, and consumer preferences vary by market, while the company also operates through leased retail locations in many countries.

Risks

Pandora is exposed to commodity-price volatility, especially silver, because material costs are important in jewellery manufacturing and can affect product economics. As a branded retailer, it also faces demand sensitivity to consumer spending, fashion trends, and competitive pressure, while its leased store base creates operating exposure to rent and location economics.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Silver commodity price inflation1Consumer demand cyclicality2Store lease and occupancy exposure3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Silver commodity price inflationImpact: HighLikelihood: High

    Jewellery production uses significant precious metal inputs, and higher silver prices can pressure economics.

    Exposure: Core materials cost

  2. Consumer demand cyclicalityImpact: HighLikelihood: Medium

    Jewellery purchases are discretionary and depend on confidence, gifting trends, and fashion cycles.

    Exposure: Retail sales volumes

  3. Store lease and occupancy exposureImpact: MediumLikelihood: High

    The company operates stores from leased premises, creating fixed cost commitments and location dependence.

    Exposure: Retail network

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Accounting

Judgemental items
Commodity hedging and cost recognition

Estimated net price in cost of sales depends on hedged metal prices and timing lags.

Impact: Affects reported gross margin and period-to-period comparability

Lease accounting (IFRS 16)

Stores are operated from leased premises, so lease obligations are material.

Impact: Affects balance sheet leverage and operating expense presentation

Product mix estimates

Shift between silver and platinum-plated jewellery changes input cost assumptions.

Impact: Affects inventory valuation and cost of sales

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Last updated: 24/10/2026