Pandora A/s · OMXCOP:PNDORA
Pandora A/s — Pandora A/S Ord — Q2 2026 Earnings Presentation
34 slides from Pandora A/s's earnings presentation, Aug 13, 2026
Slide 1: Second Quarter Results
SECOND QUARTER RESULTS 13 AUGUST 2026
Slide 2: Agenda
AGENDA Executive summary Business update Q2 2026 Q2 2026 financial results 2026 guidance Appendix DISCLAIMER This presentation contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarantees of future performance and involve cert
Slide 3: Second Quarter Results
3% SECOND QUARTER ORGANIC GROWTH 8% in Q2 2025 RESULTS Low single-digit organic growth 1% LFL 3% in Q2 2025 Strong profitability with robust underlying drivers Making progress on initiatives 80.5% GROSS MARGIN, +120bp to re-energize growth Y/Y 79.3% in Q2 2025 Platinum-plated rollout progressing as
Slide 4: 2026 Guidance Upgraded
2026 GUIDANCE UPGRADED 0% to +3% 22-23% ORGANIC GROWTH EBIT MARGIN ”We are making progress in re-energising Pandora’s growth engine. Q2 delivered 1% LFL growth, with encouraging early signs from the actions we are taking. There is more work ahead, but we are moving in the right direction and raising
Slide 5: Agenda
AGENDA Executive summary Business update Q2 2026 Q2 2026 financial results 2026 guidance Appendix
Slide 6: Core & Fuel with more LFL performance in Q2
CORE & FUEL WITH MORE LFL PERFORMANCE IN Q2 Core The Charms and Carriers core delivered -1% LFL growth in Q2 Continues to be supported by ME and strong brand heat from collaborations Fuel with more Q2 delivered 6% LFL growth Solid growth in PANDORA ESSENCE and Timeless for the quarter, supported by
Slide 7: Regional Performance Q2 2026
REGIONAL PERFORMANCE Q2 2026 NORTH AMERICA -1% LFL vs. Q2 2025 EUROPE, MIDDLE EAST -2% LFL vs. Q2 2025 10% LFL ASIA - 8% LFL & AFRICA PACIFIC Q2 2025 vs. Q2 2025 1% LFL Q2 2025 0% LFL Q2 2025 LATIN 18% LFL AMERICA vs. Q2 2025 -8% LFL Q2 2025 7 Pandora Q2 2026 | Investor presentation 13 August 2026
Slide 8: Garden of Dreams
GA RD E N O F D RE A MS Inspiring new ways to see and wear Pandora 8
Slide 9: Wonders: Putting Pandora into the cultural conversation
WONDERS Putting Pandora into the cultural conversation
Slide 10: Enhancing Appeal Through In-Store Experience
IN-STORE EXPERIENCE ENHANCING APPEAL THROUGH IN-STORE EXPERIENCE Brand platform We are elevating the store experience through upgraded store designs, enhanced layouts and flagship openings to strengthen brand desirability and drive conversion Storytelling New flagship stores in Barcelona and Milan s
Slide 11: Evolving Our Growth Engine for the Next Phase
RE-ENERGISING GROWTH EVOLVING OUR GROWTH ENGINE FOR THE NEXT PHASE STRENGTHENING GROWTH DRIVERS ACTIONS TAKEN SO FAR • More distinctive core designs • Gardens of Dreams collection • Scale new underrepresented highlights new curated DESIGN designs collections approach • Desirable creative direction •
Slide 12: Platinum-Plated Rollout on Track
STRONG EARLY PROGRESS PLATINUM-PLATED ROLLOUT ON TRACK Rollout progressing according to plan Encouraging early customer response during pilot in the Netherlands providing confidence in the platinum-plated proposition Strong execution during the pilot generating valuable insights ahead of further exp
Slide 13: Agenda
AGENDA Executive summary Business update Q2 2026 Q2 2026 financial results 2026 guidance Appendix
Slide 14: Solid Financial Performance Despite External Headwinds
KEY FINANCIAL HIGHLIGHTS SOLID FINANCIAL PERFORMANCE DESPITE EXTERNAL HEADWINDS TOPLINE Q2 2026 Q2 2025 HIGHLIGHTS Revenue, DKK million 7,219 7,075 Solid margins in the quarter Organic growth, % 3% 8% Like-for-like, % One-off income from the partial 1% 3% refund of Pandora’s US tariff claim positive
Slide 15: 3% Organic Growth
Q2 REVENUE PERFORMANCE 3% ORGANIC GROWTH REVENUE GROWTH, Q2 2026 LFL growth of 1% reflects resilience in a challenging market environment 4% Network expansion contributed 4% to revenue growth in Q2 and remains a margin- accretive growth driver 3% <0.5% 3% The -2% impact from Sell-in & other reflects
Slide 16: Solid EBIT Margin
EBIT MARGIN SOLID EBIT MARGIN The reported EBIT margin increased 210bp Y/Y in Q2 EBIT MARGIN, Q2 2026 The EBIT margin benefitted from a 250bp 2.2% one-off gain from a partial tariff refund 2.5% 20.3% 0.2% Commodities, FX and continuing tariffs provided a significant drag of 300bp 0.6% 18.2% Excludin
Slide 17: Agenda
AGENDA Executive summary Business update Q2 2026 Q2 2026 financial results 2026 guidance Appendix
Slide 18: Organic Growth Guidance Upgraded to 0% to 3%
2026 ORGANIC GROWTH GUIDANCE ORGANIC GROWTH GUIDANCE UPGRADED TO 0% TO 3% LFL growth of -2% to +1% (previously -3% to 0%) REVENUE GUIDANCE, 2026 Network expansion is now expected to Organic contribute around 3% (previously 2%) to Growth Around 3% Guidance growth and remains financially attractive <0
Slide 19: 2026 EBIT Margin Guidance
2026 EBIT MARGIN GUIDANCE 2026 EBIT MARGIN EBIT margin guidance upgraded to 22-23% UPGRADED TO 22-23% (previously 21-22%), driven by the 100bp one- off tariff refund gain Underlying profitability remains resilient, with EBIT margin broadly flat excluding external EBIT MARGIN GUIDANCE, 2026 headwinds
Slide 20: Closing Remarks
CLOSING REMARKS Re-energising the growth engine through design, relevance and market-specific execution Early positive signs drives 1% LFL growth in Q2 - despite continued consumer pressure Progress on strategy execution and resilient underlying profitability supports upgraded 2026 guidance – on bot
Slide 21: A Strong Brand with Vast Growth Opportunities
EQUITY STORY A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES A STRONG BRAND AN ASSET-LIGHT, UNIQUE GROWTH A RESILIENT BUSINESS FINANCIAL IN AN ATTRACTIVE FULLY INTEGRATED OPPORTUNITIES COMMITTED TO AMBITION* CATEGORY BUSINESS MODEL SUSTAINABILITY Pandora stands as the sole Our asset-light business mod
Slide 22: Appendix
APPENDIX
Slide 23: Accelerating Impact Through Strong Results
SUSTAINABILITY PERFORMANCE FY2025 ACCELERATING IMPACT RANKINGS AND RATINGS THROUGH STRONG RESULTS • For the third year in a row, TIME Magazine has ranked Pandora on its annual list of the World’s Most Sustainable Companies. DECOUPLING GROWTH • Our rank as #14 across sectors is unique FROM EMISSIONS
Slide 24: Pandora Consumer
PANDORA CONSUMER GLOBAL PURCHASE FUNNEL DEVELOPMENT I PANDORA ACROSS AGE GROUPS In % Base: All women: n= ~4,300 yearly XX/XX Significantly higher / lower than Y-1 at a 95% confidence level 18-24 YO: n= ~4,300 yearly, 25-40 YO: n= ~11,000, 41-64 YO: n= ~16,900 yearly PANDORA 18-24 YO 25-40 YO 41-64 Y
Slide 25: Revenue Development by Channel
. REVENUE DEVELOPMENT BY CHANNEL Organic Share of DKK million Q2 2026 Q2 2025 growth Revenue Pandora operated1 retail 6,294 6,047 5% 87% - of which concept stores 4,370 4,213 4% 61% - of which online stores 1,372 1,379 0% 19% - of which other points of sale 552 455 23% 8% Wholesale 735 851 -11% 10%
Slide 26: Revenue by Segments
. REVENUE BY SEGMENTS Like- Share of DKK million Q1 2026 Q1 2025 for-like Revenue Core 5,362 5,314 -1% 74% - Moments 4,418 4,413 -2% 61% - Collabs 671 643 4% 9% - ME 273 258 7% 4% Fuel with more 1,857 1,761 6% 26% - Timeless 1,480 1,299 13% 20% - Signature 93 147 -39% 1% - PANDORA ESSENSE 212 230 2%
Slide 27: Regional Revenue and Growth Overview
. REGIONAL REVENUE AND GROWTH OVERVIEW QUARTERLY REVENUE DEVELOPMENT BY REGION DKK million Q2 2026 Q2 2025 Like-for-like Organic growth Share of revenue EMEA 3,388 3,441 -2% -1% 47% North America 2,697 2,673 -1% 3% 37% Latin America 513 405 18% 21% 7% Asia - Pacific 621 556 10% 10% 9% Total revenue1
Slide 28: Consolidated Income Statement
. CONSOLIDATED INCOME STATEMENT DKK million Q2 2026 Q2 2025 FY 2025 Revenue 7,219 7,075 32,549 Cost of sales -1,411 -1,468 -6,802 Gross profit 5,808 5,607 25,747 Sales, distribution and marketing expenses -3,715 -3,680 -15,469 Administrative expenses -630 -640 -2,495 Operating profit 1,463 1,287 7,7
Slide 29: Store Network Development
. STORE NETWORK DEVELOPMENT Total concept stores O&O concept stores Number Growth Growth Number Number Number of concept O&O O&O of concept of concept of concept Growth Growth stores stores stores stores stores stores Q2 2026 Q2 2026 O&O Q2 2026 Q2 2026 Q2 2026 Q1 2025 Q2 2025 / Q1 2026 /Q2 2025 Q2
Slide 30: Working Capital
. WORKING CAPITAL Share of preceding 12 months’ revenue Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Inventories 17.8% 16.4% 15.0% 16.4% 14.6% Trade receivables 2.2% 2.5% 3.6% 2.1% 2.0% Trade payables -14.0% -13.2% -14.2% -10.9% -10.1% Other net working capital elements -3.8% 0.8% -0.3% -0.3% -1.9% Total
Slide 31: Commodity Hedging and Cost of Goods Sold Break Down
COMMODITY HEDGING AND Hedged prices for purchases and expected phasing into cost sales1 COST OF GOODS SOLD BREAK DOWN USD/OZ Realised in Q2 2026 Hedged Q3 2026 Hedged Q4 2026 Hedged Q1 2027 Hedged Q2 2027 Silver Estimated net price, cost of sales 32 ~32 ~33 ~44 ~69 Hedged price, purchases 34 70 69 6
Slide 32: Investor Relations Contact Details
INVESTOR RELATIONS CONTACT DETAILS INVESTOR RELATIONS TEAM SHARE INFORMATION Trading symbol PNDORA Bilal Aziz Adam Fuglsang Identification number/ISIN DK0060252690 SVP, Investor Relations & Treasury Director, Investor Relations +45 3137 9486 +45 6167 7425 GICS 25203010 biazi@pandora.net adfug@pandor
Slide 33: Disclaimer
DISCLAIMER This Company announcement contains forward-looking statements, including, but not limited to, guidance, expectations, strategies, objectives and statements regarding future events or prospects with respect to the Company’s future financial and operating results. Forward-looking statements
Slide 34: Thank You
THANK YOU