Pandora does not only produce jewelry, but also profits for its shareholders. The 2024 financial statement shows revenues and Ebit (gross profits) increased by 13%, reaching 31.7 billion Danish marks (4.25 billion euros) and 8.0 billion DKK (1.07 billion euros) respectively. Organic growth stood at 13% (compared to the forecast of 11-12%) for 7% derived from sales at constant perimeter compared to 2023 and 5% from network expansion. Also according to what the company announced, the gross margin continued to strengthen, standing at 79.8% (+120 basis points on an annual basis). Other indicators such as liquidity are also positive.
Pandora continues to invest in the four key strategic pillars of the Phoenix strategy, which are showing encouraging results. Pandora’s brand relaunch objective sees growth at unchanged perimeter in the Core segment: it closed 2024 with +2%, while the Fuel with more segment recorded growth of 22%. Pandora’s new e-commerce platform will be launched globally in 2025, with the aim of further strengthening the brand’s attractiveness. For 2025, Pandora confirms the Ebit margin target of 26-27% by 2026, although it currently expects a value in the low end of the range. The initial forecast for 2025 foresees organic growth of 7-8% and an Ebit margin of around 24.5%.
We are satisfied with how we closed 2024, especially considering the difficult macroeconomic environment and strong competition in the Christmas period. The execution of the Phoenix strategy continued to strengthen the brand throughout the year. In 2025, we are aiming for another year of solid and profitable growth and we have all the levers necessary to continue our development path.
Alexander Lacik, President and CEO of Pandora
