Please find the Annual Report for 2025 enclosed. Attachments Pandora Annual Report 2025 PAND-2025-12-31-en ...

FY 2025 highlights In 2025, Pandora delivered organic revenue growth of 6% (guidance of 7-8%). This comprised of like-for-like (LFL) growth of 2% and network expansion & other of 4%.The EBIT margin ended at 23.9% (guidance of around 24%), down 130bp Y/Y, reflecting the company’s ability to mitigate most of the 300bp external cost headwinds.Strong cash conversion of 65% sees leverage end at 1.3x NIBD/EBITDA. EPS ended at DKK 68, up 5% on a reported basis and up 15% in constant currency. Q4 2025 highlights Q4 ...

昨夜今晨，伴随着市场风格切换至周期和价值股，叠加新一轮"AI抢饭碗"的软件股抛售潮和美伊对峙升温影 响，三大指数全线走低。 截至收盘，标普500指数跌0.84%，报6917.81点；纳斯达克综合指数跌1.43%，报23255.19点；道琼斯工业平均 指数跌0.34%，报49240.99点。 （纳斯达克指数日线图，来源：TradingView） 反直觉的是，尽管指数跌幅不小，但周二标普500成分股多数收涨。联邦快递延续创纪录的上涨，沃尔玛历史 首次迈过市值1万亿美元的关口。 沃尔夫研究的首席投资策略师克里斯·塞涅克解读称："我们的感觉是，市场在表面平静之下正剧烈翻涌：一方 面，投资者担忧美国企业在人工智能上的资本开支；另一方面，又在与另一种'希望与憧憬'博弈——即美国经 济加速可能推动市场行情从少数板块向更广泛领域扩散。" 周二的关键市场异动，是美国AI明星公司Anthropic发布的一款AI法律插件，首先引发法律软件公司的暴跌， 随后抛售潮传导至一系列可能被AI取代的软件公司。 据悉，该插件能覆盖企业法务的工作流程，包括合同审查、保密协议分类、合规检查、简报及模板化回复 等。 截至发稿，高德纳跌20.87%、 ...

Core Viewpoint - Pandora's stock has experienced significant volatility, with a recent decline of 6.7% after two days of gains, and a year-to-date drop of 26% [1][2] Group 1: Stock Performance and Analyst Ratings - Analysts from Jefferies downgraded Pandora from Buy to Hold, citing struggles due to volatile silver prices and a pressured consumer environment [2] - The company's shares fell nearly 7% following the downgrade, reflecting ongoing concerns about its performance amid rising silver prices [2] - Citi analysts also downgraded Pandora to Neutral in January, highlighting slowing sales momentum and extreme inflation in silver prices [7] Group 2: Earnings Guidance and Consumer Sentiment - In January, Pandora cut its earnings guidance, attributing the decline to weakening consumer sentiment in the U.S. and the fluctuating price of silver [3] - Jefferies noted that even with a stabilization in silver prices, Pandora's valuation would remain significantly lower than a year ago, projecting 60% lower profits in 2027 [3] Group 3: Input Costs and Pricing Strategy - Rising input costs are squeezing Pandora's margins, compounded by a deteriorating macroeconomic backdrop affecting lower-income consumers [6] - To address rising costs, Pandora raised prices by approximately 14%, which has negatively impacted consumer engagement according to Jefferies [6] Group 4: Market Conditions and Silver Prices - Recent market conditions have seen silver prices experiencing significant volatility, with a notable sell-off following political announcements that eased fears about the Federal Reserve's independence [5] - Despite a recent decline, silver prices remain nearly three times higher than they were a year ago, contributing to the challenges faced by Pandora [3] Group 5: Manufacturing Challenges - Analysts expressed skepticism that a shift to silver-plating or stainless steel would resolve Pandora's issues, citing the added complexity of manufacturing and potential negative impacts on customer offerings [4]

VONNIE: GOOD MORNING, I'M VONNIE QUINN WITH YOUR BLOOMBERG BRIEF. METALS PLUNGE, GOLD AND SILVER CONTINUING TO GIVE UP SPECTACULAR GAINS. THE MARKET SIZES UP ALL WARSH LED FED.BROADER COMMODITY SELLOFF AS THE IRAN U.S. TENSIONS EASE AND WEATHER FORECAST IMPROVE. JENSEN HUANG SAYING THE $100 BILLION OPENAI INVESTMENT -- AN OBJECT LESSON IN PRODUCTIVITY. SILVER DOWN 40% IN THREE DAYS, NEVER SEEN THE LIKES OF IT.DEFTLY CAUSING SOME CONTAGION BUT WE HAVE TWO DAYS OF THE MARKET SELLOFF. LOOKS LIKE WE ARE SETTING ...

Core Insights - Pandora anticipates organic growth of 6% in 2025, slightly below previous guidance of 7%-8%, due to weaker consumer demand, particularly in North America [1][5] - The company reported subdued overall consumer sentiment throughout the year, with North America particularly impacted in Q4, affecting top-line performance [1] Financial Performance - The bottom-line performance was bolstered by strong gross margins and cost discipline, which helped mitigate external pressures from commodity prices, foreign exchange fluctuations, and tariffs [2] - North America experienced 2% like-for-like (LFL) growth in the quarter, but trading in November and December fell short of expectations due to reduced store traffic [2] - EMEA saw a 1% decline in LFL sales, with gains in Spain, Poland, and Portugal offset by ongoing weakness in Italy [2] - Asia-Pacific posted 2% growth, while Latin America faced a 7% decline [3] Future Outlook - Full-year EBIT for 2025 is projected to be around DKr7.8bn ($1.21bn), a decrease from DKr8bn in 2024, with the EBIT margin expected to remain at 24% [3] - The group reported organic growth of 4% in Q4, with quarterly revenue at DKr11.9bn, remaining largely unchanged year-on-year [4] - Gross margin for the period is anticipated to be around 78%, while the EBIT margin is forecasted at approximately 33.5%, down from 34.7% in Q4 2024 [4] Revenue Breakdown - EMEA accounted for 50% of total revenue, followed by North America at 36%, Asia-Pacific at 8%, and Latin America at 6% [5]

Core Viewpoint - Danish jewelry giant Pandora expects 6 percent sales growth for 2025, a decrease from the previous guidance of 7 percent to 8 percent [1] Financial Performance - Earnings before interest and taxes (EBIT) for 2025 are projected to be around 7.8 billion Danish kroner, equivalent to approximately $1.22 billion, with an EBIT margin expected to be around 24 percent [1] - The brand reported a 2 percent like-for-like growth in the fourth quarter of 2025, with trading in November and December falling below expectations due to lower store traffic [4] Market Reaction - Following the announcement, share prices fell by 11.44 percent to 599 Danish kroner, or $93.33 [2] Regional Performance - The North America region was particularly impacted by weak consumer sentiment in the fourth quarter of 2025, contributing to the overall performance decline [4] - Various regions, including Asia-Pacific, Latin America, Europe, the Middle East, and Africa, experienced negative growth in the fourth quarter, although Spain, Poland, and Portugal performed better than expected [5] Strategic Focus - The new CEO aims to navigate the current market environment, reduce commodity exposure, and identify growth opportunities as a full jewelry brand [3] - The company emphasizes strong gross margins and cost discipline, which partially offset external challenges such as commodity prices and foreign exchange rates [6]

Summary of Conference Call Company Overview - The conference call pertains to Pandora, a jewelry brand, discussing its Q4 trading performance and future outlook [1] Key Points and Arguments Performance Metrics - Q4 organic growth was reported at 4%, leading to a full-year organic growth of 6%, which was below the guidance of 7%-8% [2] - The EBIT margin for Q4 is expected to be around 33.5%, with a full-year EBIT margin landing at approximately 24%, consistent with previous guidance [3][6] - North America experienced a 2% like-for-like growth in Q4, while organic growth was at 8% [3] - Europe showed a stable performance with a like-for-like growth of -1% and organic growth of +2% [4] Market Challenges - The macro environment is described as challenging, impacting consumer behavior and traffic, particularly in North America [2][4] - Consumer confidence in the U.S. reached its lowest since 1960, contributing to a decline in traffic during the holiday period [15] - The accessible market segment faced significant challenges, with overall category performance declining [3][17] Strategic Focus - The company aims to strengthen brand desirability and address high silver prices through new products and materials [9] - There is a focus on re-energizing collections, particularly in mature markets like Italy, where initial efforts have shown promise [18] - The Silverstone cost program is progressing well, helping maintain profitability despite external headwinds [5] Pricing Strategy - Average pricing in the U.S. for Q4 saw a year-over-year increase of around 10%, with a high single-digit average increase throughout the quarter [25] - Future pricing strategies will likely return to a standard model of 1%-2% annual increases, but higher commodity prices may necessitate adjustments [43][44] Future Outlook - The company plans to provide more detailed insights into its commodity exposure and metal strategy in February [50] - There is an emphasis on maintaining marketing investments to support brand strength, with marketing as a percentage of revenue remaining consistent with the prior year [52] Additional Important Information - The EBIT margin in Q4 was lower than the previous year by approximately 100 basis points, attributed to external headwinds from foreign exchange, commodities, and tariffs [6] - The company is currently 75% hedged for 2026 regarding silver prices, which may mitigate some impacts of rising costs [47] - The performance of the Talisman collection has been strong, contributing positively to the brand's growth [78] This summary encapsulates the key points discussed during the conference call, highlighting Pandora's current performance, market challenges, strategic initiatives, and future outlook.

Group 1 - The company experienced a decline of more than 6% in shares traded in Copenhagen [1] - The decrease in share price is attributed to weak consumer sentiment in North America [1] - Lower store traffic in North America has been reported as a significant factor affecting the company's performance [1]

Core Insights - Pandora is expected to achieve organic growth of 6% for 2025, slightly below the previous guidance of 7-8% [1] - The group EBIT margin for 2025 is anticipated to align with guidance at approximately 24% [1] - The audited full-year results for 2025 will be announced on February 5, 2026 [1] Financial Performance - Q4 2025 revenue was DKK 11.9 billion, a slight decrease from DKK 12.0 billion in Q4 2024 [5] - FY 2025 revenue is projected at DKK 32.5 billion, up from DKK 31.7 billion in 2024 [5] - Q4 2025 organic growth was 4%, compared to 11% in Q4 2024 [5] - Like-for-like growth was flat at 0% in Q4 2025, down from 6% in Q4 2024 [5] - Q4 2025 EBIT margin is expected to be around 33.5%, down from 34.7% in Q4 2024 [5] Market Conditions - The overall performance reflects weak consumer sentiment, particularly in North America during Q4 2025 [2] - North America reported 2% like-for-like growth in Q4 2025, with trading in November and December falling below expectations [8] - EMEA region experienced a -1% like-for-like growth, with strong performance in Spain, Poland, and Portugal offset by weakness in Italy [8] - Asia-Pacific and Latin America reported like-for-like growth of 2% and -7%, respectively [8] Leadership and Strategy - Berta de Pablos-Barbier was appointed as President & CEO of Pandora on January 1, 2026 [3] - The new CEO will outline strategic priorities for 2026, focusing on reducing commodity exposure and enhancing brand desirability [3][5] - The company aims to leverage untapped growth opportunities as a full jewellery brand [5] Gross Margin and Cost Control - Q4 2025 gross margin is expected to be around 78%, reflecting strong cost discipline [8] - The company anticipates FY 2025 EBIT to be approximately DKK 7.8 billion [8]