Dividend policy

Capital structure policy and cash distribution

At the end of 2025, Pandora’s leverage was 1.3x NIBD to EBITDA. Pandora aims for an unchanged leverage ratio of approximately 1.3x NIBD to EBITDA by the end of 2026. In line with the usual seasonality of the business, leverage will increase through the year, peaking in Q3, and then fall back by year-end.

Pandora has paid out DKK 5.9 billion to shareholders in 2025, of which DKK 1.6 billion came from an ordinary dividend of DKK 20 per share and DKK 4.4 billion was distributed via share buybacks. For 2026, Pandora proposes to pay a dividend of DKK 22 per share, up 10% per share Y/Y, amounting to DKK 1.6 billion. Given the surging silver prices and the temporary impact on earnings, Pandora will resume its historical, significant share buyback programmes once the plans to transition to platinum-plated jewellery is further progress.

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