Pandora confirms ambitious growth journey ahead

At the company’s Capital Markets Day, Pandora today provides an update of its successful Phoenix strategy and announces new financial targets.


  • The Phoenix strategy, launched in 2021, is yielding clearly positive results. Investments in the brand, store network, organisation and people are paying off
  • Therefore, Pandora now initiates the next chapter of Phoenix: scaling up investments to accelerate revenue growth
  • Pandora will also deliver EBIT margin expansion and continue providing strong cash returns to shareholders
  • To build the position as a full jewellery brand in the affordable luxury space, Pandora will increase investments in brand desirability and the store network  
  • Pandora is advancing on its ambitious sustainability targets and will continue to dedicate significant resources to lead the industry on sustainability. The company is on track to shift to 100% recycled silver and gold by 2025, and is spearheading the use of lab-grown diamonds

New Financial Targets

  • Pandora targets organic growth of 7-9% CAGR from 2023-2026, comprising of 4-6% LFL growth and network expansion of around 3%
  • EBIT margin target of 26-27% by 2026, up from “around 25%” in 2023
  • Revenue is thereby expected to reach DKK 34-36 billion in 2026, up DKK 7-9 billion from the expectation of around DKK 27 billion for 2023. EBIT is expected to reach DKK 8.8-9.7 billion by 2026
  • Pandora’s asset-light business model is expected to lead to DKK 16-17 billion free cash flow generation from 2024-2026. Pandora aims to return DKK 14-17 billion in cash to shareholders during 2024-2026
  • The combination of solid growth, margin expansion and cash returns leads Pandora to target mid- to high-teens EPS CAGR from 2023-2026

Alexander Lacik, President and CEO of Pandora, says:
“Looking back at the past few years, we are proud of our achievements. We have fundamentally changed how we work, and the organisation is much stronger. It’s clear that Pandora is a very different company today. This solid foundation combined with a proven strategy that will build Pandora into a full jewellery brand, now allow us to lift our growth target to 7-9% organic revenue CAGR. It’s time to take Phoenix to the next level and our new financial targets reflect our confidence in the future.”  



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