Dividend policy

Capital structure policy and cash distribution

At the end of 2024, Pandora’s leverage was 1.1x NIBD to EBITDA, in line with 2023 and remained around the midpoint of the capital structure policy range of 0.5x to 1.5x by year-end.

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

Pandora has paid out DKK 5.5 billion to shareholders in 2024, of which DKK 1.5 billion came from an ordinary dividend of DKK 18 per share and DKK 4.0 billion was distributed via share buybacks. For 2025, Pandora proposes a total cash distribution to shareholders of DKK 5.6 billion. Out of this, Pandora proposes to pay a dividend of DKK 20 per share and a new share buyback amounting to DKK 4.0 billion which will commence on 6 February 2025 and be completed no later than 30 January 2026.