Long Term Incentive Plans for Executive Management and Other Key Employees in Pandora


Today, Pandora A/S (“Pandora”) announces the annual grant of performance shares for 2024 under its Long-term incentive plan (“LTIP”), in accordance with its Remuneration Policy.

The LTIP provides for a target grant of 16,613 shares (maximum: 33,226 shares) to Pandora’s Executive Management, conditional on performance (i.e., the grant is in the form of Performance shares units (“PSUs”)).  In total, considering all participants (Executive Management and key employees) a target grant of 120,000 shares (maximum: 240,000 shares) is provided under the LTIP in 2024.  The maximum grant of shares to all participants under the LTIP in 2024 will only be made if the performance conditions set by the Board are achieved at or above stretch targets.  Based on the reference share price of DKK 1091.4 (the average closing price of Pandora’s shares on Nasdaq Copenhagen A/S in the five trading days after the full year financial results ), the target grant to all participants is valued at DKK 131.0 million (maximum: DKK 261.9 million).  Pandora intends to use treasury shares to meet its obligations to deliver shares under the LTIP.

The PSUs will vest and be awarded as shares on the 1st of March 2027, subject to fulfilment of the performance conditions in the range 0 – 200% of the target achievement.

For Executive Management the performance conditions are set out in the table below:

LTIP 2024 for
Executive Management:
WeightVesting % for achievement of performance conditions
At or above stretch
Performance conditionsEPS175%0%50%100%200%
Shares awarded08,30716,61333,226
Value at the reference share price0DKK
DKK 18.1mDKK 36.3m
  1. Pandora’s Earnings per share (EPS) for Financial Year 2026 will be assessed against objectives based on Pandora’s internal financial projections.
  2. Pandora’s Sustainability will be addressed against 2026 objectives based on Pandora’s progress as a sustainability leader. You can read more about the objectives in our  Sustainability Report.


The PSUs vest and are awarded as Pandora shares after the end of the performance period – i.e., an initial vesting period of three years.  For Executive Management, after the PSUs vest, the shares awarded are subject to a further two-year holding period before the Executive Management can sell the shares (except for sales for payment of taxes triggered by grants vested under the LTIP).  There are no further performance criteria tied to the two year holding period.  All sales of shares by Executive Management are, in any event, subject to applicable laws and the Company’s internal rules for the trading in Pandora securities.  In addition, Executive Management meet and continue to be subject to a share ownership requirement of one years’ annual base salary.

In accordance with the relevant International Financial Reporting Standards (IFRSs) the accounting expense for the LTIP will be recognised in the income statement over the three-year vesting period.

Pandora is the world’s largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at accessible price points. Pandora jewellery is sold in more than 100 countries through 6,700 points of sale, including more than 2,600 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 33,000 people worldwide and crafts its jewellery at three facilities in Thailand. Pandora is committed to leadership in sustainability and is sourcing recycled silver and gold for all of its jewellery, just as the company has set out to halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated revenue of DKK 28.1 billion (EUR 3.8 billion) in 2023.


For more information, please contact:

INVESTOR RELATIONS                           

Bilal Aziz
VP, Investor Relations & Treasury
+45 3137 9486

Johan Melchior
VP, Media Relations & Public Affairs
+45 4060 1415

Adam Fuglsang
Director, Investor Relations
+45 6167 7425