Pandora (PNDORA) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the chair, conducted in English with Danish interpretation available.

• Formalities confirmed: meeting properly convened, notice and materials distributed as per Articles of Association.

• 53 million shares represented out of 82 million; agenda and voting procedures outlined.

Financial performance review

• Achieved record revenue just under DKK 32 billion in 2024, with 13% organic growth and strong performance across segments.

• Gross margin near 80%, EBIT margin at 25.2%, and cash conversion at 85% for 2024.

• 130 million jewelry pieces sold, 865 million store visits, and operations in over 100 countries.

• Guidance for 2025: organic growth of 7%-8%, like-for-like growth of 4%-5%, and EBIT margin around 24.5%.

• Capital expenditure expected at 7% of revenue in 2025, reflecting investment in a new Vietnam facility.

Board and executive committee updates

• Board conducted an external self-evaluation in 2024, confirming strong performance and effective collaboration.

• All seven board members and auditor EY re-elected for 2025.