Pandora A/S : Q1 2026 Interim Report Company Announcement No 1012

About this update from Pandora A/s

INTERIM FINANCIAL REPORT Q1 2026 6 MAY 2026 • COMPANY ANNOUNCEMENT 1012 CVR NO. 28505116 • HAVNEHOLMEN 17 -19, 1561 COPENHAGEN V, DENMARK • https://WWW.PANDORAGROUP.COM 6 MAY 2026 • COMPANY ANNOUNCEMENT 1012 • INTERIM REPORT Q1 2026 • CONTENTS CONTENTS HIGHLIGHTS 3 EQUITY STORY 4 EXECUTIVE SUMMARY 5 FINANCIAL HIGHLIGHTS BUSINESS UPDATE 6 BUSINESS UPDATE 11 REVENUE REVIEW 15 PROFITABILITY 18 CASH FLOW & BALANCE SHEET 20 FINANCIAL GUIDANCE 24 CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION 25 SUSTAINABILITY 26 OTHER EVENTS 27 CONTACT FINANCIAL STATEMENTS 28 FINANCIAL STATEMENTS 32 ACCOUNTING NOTES 41 DISCLAIMER PAGE 2 OF 41 EQUITY STORY A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES A STRONG BRAND IN AN ATTRACTIVE CATEGORY Pandora stands as the sole global brand in accessible jewellery, owning the distinct position of "jewellery with a meaning" with consumers worldwide. The jewellery market has historically outpaced GDP growth and remains highly fragmented, with global brands expected to grow faster than the overall market. Pandora holds the highest brand awareness in the industry. AN ASSET-LIGHT, FULLY INTEGRATED BUSINESS MODEL Our asset-light business model benefits from a unique fully vertically integrated ecosystem - from design and crafting to a vast distribution network. This integration provides unrivalled scale and, together with our brand strength, drives our strong margin profile and high returns. UNIQUE GROWTH OPPORTUNITIES There are numerous untapped growth opportunities within our existing business model across various geographies, jewellery categories and designs. The essence of our growth strategy is for Pandora to become the most desirable, accessible jewellery brand and leverage our existing infrastructure. A RESILIENT BUSINESS COMMITTED TO SUSTAINABILITY Sustainability is an integral part of our business, and we are progressing towards some of the most ambitious sustainability targets in the industry, spearheading the use of recycled silver and gold and lab-grown diamonds. FINANCIAL AMBITION* We expect to outgrow the jewellery market, targeting annual high single-digit organic growth, while maintaining best-in-class profitability. We have ambitions to generate significant free cash flows, which, in line with our historic approach, will be fully returned to shareholders. * Based on a silver price of approximately USD 24/oz at the Capital Markets Day in 2023. Silver prices have increased substantially since then. Pandora is already well advanced in its creative innovation efforts to help offset a material part of the commodity headwind and thereby support the financial algorithm. 6 MAY 2026 • COMPANY ANNOUNCEMENT 1012 • INTERIM REPORT Q1 2026 • EXECUTIVE SUMMARY EXECUTIVE SUMMARY 2% ORGANIC GROWTH IN Q1 2026 - GUIDANCE UNCHANGED Q1 2026 highlights Q1 2026 organic growth of 2%, comprising of LFL growth at 0% and network expansion & other at 2%. Profitability remained solid despite significant external headwinds. LFL in North America ended at -2% impacted by lower consumer sentiment. EMEA also delivered -2% whilst Asia-Pacific and Latin America saw solid growth at 12% and 6%, respectively. Within segments, LFL in the Core was -1%, partly mitigated by strength in the Talisman collection. Fuel with More delivered 1% LFL growth supported by Timeless with some improved performance. The Q1 2026 gross margin ended at 79.5%, down 90bp Y/Y, with efficiencies & other offsetting a material part of the external headwinds related to tariffs, commodities and foreign exchange. The Q1 EBIT margin landed at a solid 20.9% (Q1 2025 22.3%), despite 440bp of external headwinds. Strategic highlights As mentioned previously, Pandora is embarking on its next strategic evolution. This includes a greater focus on design as a key driver of desirability, evolving the marketing model with stronger local relevance and calibrating the growth engines by market. While performance in Latin America and Asia-Pacific continues to improve following strategic action, Pandora is taking decisive steps to re-energise demand in markets with a higher penetration in the Core. Pandora is resetting how design drives product leadership across its collections. This entails a greater focus on more distinctive, culturally relevant collections to drive demand and target under-penetrated aesthetic spaces. The Bridgerton collaboration launched in Q1, though limited in scale, exemplifies this approach with clear product differentiation which generates brand buzz. The marketing model is now complementing its reach-driven approach with a stronger focus on brand relevance and earned media impact, while further differentiating execution based on market maturity. Investments are being reallocated towards social media and earned media driven activations . As part of its strategy to evolve the multi - material jewellery offering and reduce commodity exposure, plans for the introduction of Pandora's new platinum-plated offering are progressing well. 2026 Guidance & current trading The guidance for 2026 remains "-1% to +2% organic growth" and an EBIT margin of "21-22%". Pandora remains mindful of the geopolitical environment and the elevated economic uncertainty. Current trading in Q2 2026 shows around flat LFL growth. Berta de Pablos-Barbier, President and CEO of Pandora, says: "We delivered 2% organic growth in the quarter, in line with our expectations, and are advancing our initiatives to re-energise Pandora's growth engine. At the same time, we are expanding into new materials, positioning Pandora as a multi-material jewellery brand over time. We remain focused on executing our strategic plans despite the uncertain economic and geopolitical backdrop". DKK million Q1 2026 Q1 2025 FY 2025 FY 2026 guidance Revenue 7,109 7,347 32,549 Organic growth 2% 7% 6% -1% to +2% Like-for-Like, % 0% 6% 2% Operating profit (EBIT) 1,487 1,641 7,783 EBIT margin, % 20.9% 22.3% 23.9% 21-22% FINANCIAL HIGHLIGHTS DKK million Q1 2026 Q1 2025 FY 2025 FINANCIAL HIGHLIGHTS Revenue Organic growth, % 7,109 2% 7,347 7% 32,549 6% Like-for-like, % 0% 6% 2% Earnings before interest, tax, depreciation and amortisation (EBITDA) 2,146 2,265 10,316 Operating profit (EBIT) 1,487 1,641 7,783 EBIT margin, % 20.9% 22.3% 23.9% Net financials -224 -238 -870 Net profit for the period 942 1,101 5,241 FINANCIAL RATIOS Revenue growth, DKK, % -3% 8% 3% Revenue growth, local currency, % 2% 7% 6% Gross margin, % 79.5% 80.4% 79.1% EBITDA margin, % 30.2% 30.8% 31.7% EBIT margin, % 20.9% 22.3% 23.9% Effective tax rate, % 25.4% 21.5% 24.2% Equity ratio, % 14% 14% 18% NIBD to EBITDA, x 1.6 1.4 1.3 Return on invested capital (ROIC), % 1 39% 45% 41% Cash conversion incl. lease payments, % -40% -48% 65% Net working capital, % of last 12 months' revenue 6.5% 4.2% 4.1% Net working capital excl. derivatives, % of last 12 months' revenue 2 3.5% 3.6% -1.1% Capital expenditure, % of revenue 4.7% 5.6% 6.0% STOCK RATIOS Total payout ratio (incl. share buyback), % 178% 234% 114% Dividend per share, proposed, DKK - - 22 Dividend per share, paid, DKK 22 20 20 Earnings per share, basic, DKK 12.6 14.0 68.1 Earnings per share, diluted, DKK 12.6 14.0 67.9 CONSOLIDATED BALANCE SHEET Total assets 28,954 26,448 29,603 Invested capital 20,110 18,306 19,001 Net working capital 2,095 1,338 1,336 Net working capital excl. derivatives 2 1,142 1,153 -352 Net interest-bearing debt (NIBD) 16,090 14,469 13,719 Equity 4,020 3,833 5,282 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows from operating activities 42 -289 7,361 Capital expenditure, total 335 409 1,943 Capital expenditure, property, plant and equipment 262 309 1,483 Free cash flows incl. lease payments -589 -782 5,022 1 Last 12 months' EBIT in % of last 12 months' average invested capital. 2 Net working capital excluding unrealised derivatives measured at fair value. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the consolidated financial statements in the Annual Report 2025. BUSINESS UPDATE EVOLVING THE GROWTH ENGINE FOR THE NEXT STRATEGIC PHASE At the Q4 2025 results, Pandora confirmed its vision to become the most desirable, accessible jewellery brand, supported by significant long-term headroom for growth across categories, aesthetics, and geographies. Pandora is supported by strong underlying foundations, including healthy brand fundamentals, solid collections, and a fully integrated value chain spanning upstream and downstream activities, providing a competitive advantage in speed, quality, and scale. To fully capture these opportunities and to evolve Pandora's growth engine for the next strategic phase, Pandora has identified clear, actionable insights which have been translated into defined strategic priorities, with targeted actions under way. The new strategic priorities include 1) re-setting design-led product leadership to drive scalable growth - this includes re-energising core collections with clearer creative direction and more distinctive design expressions; 2) evolving the marketing model - complementing the reach-driven model with greater focus on brand relevance and earned media impact; 3) adapting the business model in markets with a higher penetration in the Core segment whilst scaling proven growth drivers in less penetrated markets - further differentiating execution based on market maturity. Pandora remains mindful of recent geopolitical events and the elevated macroeconomic uncertainty which could further impact the consumer backdrop. Nonetheless, Pandora is executing at pace on the strategic priorities outlined above. Over time, Pandora expects these initiatives to broaden the consumer base and deepen engagement with the brand thereby driving stronger LFL growth. As outlined in the Q4 2025 interim financial report, 2026 is a year of transition, with the full impact of design and brand initiatives expected during 2027. Q1 ORGANIC GROWTH AT 2%, SOLID PROFITABILITY DESPITE EXTERNAL HEADWINDS In Q1 2026, Pandora delivered 2% organic growth and maintained strong profitability with an EBIT margin of 20.9%. The organic growth of 2% was in line with internal expectations and comprised of LFL growth of 0% and network expansion & other of 2%. The EBIT margin of 20.9%, down only 140bp Y/Y despite 440bp of headwinds from commodity prices, tariffs and foreign exchange, was supported by a strong gross margin of 79.5%. The Q1 2026 EBIT margin also benefited from around 200bp of cost phasing impact (neutral for FY 2026). Regionally, LFL in EMEA landed at -2% where strong growth in Spain, Poland and Portugal continued to be offset by ongoing weakness in Italy and the UK. LFL slowed in North America in Q1 2026 to -2%. As seen during Q4 2025, trading was impacted by lower traffic in the stores, reflecting the lower consumer sentiment. Finally, LFL in Asia-Pacific and Latin America was 12% and 6%, respectively. In Latin America, performance was driven by the decisive Q1 roll-out across the region of a new go-to-market model, including a broad-based price repositioning, alongside the implementation of Pandora's evolved marketing approach. In Asia-Pacific, growth continued to benefit from strong growth in Japan where Pandora is in the early stages of building its brand presence through increased marketing spend and the roll-out of its reach and relevance marketing model. Following the establishment of a new regional headquarter in Singapore, Pandora will expand efforts to build brand presence to other low-penetrated Asian markets. By channel, the Pandora-operated physical network saw flat LFL, while online delivered -1% in Q1 2026. RESETTING DESIGN-LED PRODUCT LEADERSHIP Following a period where newness within existing platforms did not consistently translate into growth at scale, particularly within Pandora's largest collections, Pandora is resetting how design-led product leadership drives growth across the Core and Fuel with More segments. Pandora's current mix of creative newness has been concentrated in a narrow aesthetic space, over indexing on the Playful jewellery aesthetic. However, LFL growth has increasingly been driven by underrepresented aesthetics such as Sparkling, Bold and Organic expressions. Going forward, Pandora will place greater emphasis on design as a primary driver of demand and earned media, with a sharper focus on relevance, distinctiveness, and scaled commercial impact. The new mission is two-fold: 1) introducing increasingly distinctive and contemporary designs within Pandora's stronghold in the Playful aesthetic and; 2) scaling the impact of new designs expressions in sizeable, underrepresented aesthetics where Pandora already plays, maximizing existing platforms rather than entering new territories. Product leadership has been strengthened, with the appointment of Philippa Newman as Chief Product Officer (CPO), effective 9 March 2026. Reporting directly to CEO, Berta de Pablos-Barbier, and joining Pandora's Executive Leadership, Philippa will lead the execution of Pandora's design-led product strategy, anchored in the two strategic priorities, mentioned above. She will also drive innovation through new materials and craftsmanship while enhancing in-store merchandising through more curated collections and a clearer layout of Pandora's design universe. All design development will remain firmly anchored in Pandora's brand DNA and guided by consumer insights. In Q1 2026, Pandora's LFL growth in the Core came in at -1% whilst Fuel with More improved to 1%. During the quarter, early execution of the design-led strategy in underrepresented territories is evident in performance with Talisman, operating within the Bold aesthetic and reported in Pandora ME, continuing to deliver solid growth. Recent initiatives, including the Bridgerton collaboration and newness in Sparkling, supported positive momentum. In Playful, Pandora's largest aesthetic and where past design repetition has been more pronounced, initiatives are underway to enhance distinctiveness and unlock future growth. EVOLVING THE MARKETING MODEL, DRIVING CULTURAL RELEVANCE: INTRODUCING PANDORA WONDERS Since the inception of the Phoenix strategy, Pandora has built strong brand foundations, achieving industry-leading awareness and broad, cross-generational appeal across most major markets. Expanding brand reach remains a core priority, particularly in lower-penetration markets such as North America and parts of Asia, where traditional brand-building channels continue to play a critical role in driving customer acquisition. As markets mature and penetration increases, Pandora will complement this reach-driven model with a greater focus on driving brand relevance and earned media impact. In highly penetrated markets within Pandora's Core, incremental growth increasingly depends on design-led storytelling, locally relevant marketing and social and engagement-driven channels. Accordingly, Pandora will rebalance marketing investment towards channels that more effectively amplify earned media and cultural relevance while continuing to deploy high-impact and efficient video campaigns to build emotional resonance at scale. Global brand platforms will now be amplified through locally relevant PR, press and influencer partnerships, ensuring relevance while avoiding fragmentation. In line with this evolution, and supporting Pandora's ambition to elevate product distinctiveness and brand desirability, Pandora announces it will be launching Pandora Wonders: a multi-year programme aimed at reinforcing desirability, elevated craftsmanship and distinctive design expressions in partnership with leading artistic communities. The yearly program will debut in July 2026. Each act will explore new materials and craft, unlocking contemporary culture and highlighting creativity. During Q1 2026, Pandora's Bridgerton collaboration exemplified the new approach, delivering clear product differentiation and driving strong earned media impact and growth in categories beyond charms. Pandora also collaborated with Katseye on the Minis collection, further reinforcing this direction by resonating with new audiences and strengthening engagement. REVENUE BY SEGMENT DKK million Q1 2026 Q1 2025 Like-for-Like Share of Revenue Core 5,111 5,298 -1% 72% Fuel with more 1,998 2,049 1% 28% Total revenue 7,109 7,347 0% 100% GROWTH ENGINE CALIBRATED BY MARKET As outlined at the Q4 2025 results, Pandora has completed a comprehensive market-by-market assessment of demand drivers, delivering clear, actionable insights into how customer acquisition, traffic generation and design-led newness contribute to growth across different levels of market penetration. In highly penetrated markets within Pandora's core, Pandora is implementing targeted demand activation measures tailored to each market. Building on actions taken in H2 2025, Italy serves as a pilot market where Pandora is testing a refreshed strategy including reallocating marketing investments away from traditional video towards influencer, PR and culturally relevant activations. This will be supported with fresh new design aesthetics and an elevated in-store experience with new visual merchandising and featuring styling consultation services in collaboration with leading Italian design institutions. Pandora will also be opening a flagship store in Milan later on in the year. In less penetrated markets, including across Asia, Pandora's investments will initially focus predominantly on expanding reach to build brand presence and drive customer acquisition. Although early days, Pandora continues to see encouraging momentum in Japan where increased reach and relevance is accelerating market penetration and supporting strong LFL growth. CONTINUING TO EVOLVE INTO OFFERING MULTI-MATERIAL JEWELLERY Pandora's brand DNA is deeply rooted in offering hand-crafted jewellery that offers meaning to consumers globally at accessible prices. In the current environment, with surging silver prices, Pandora sees opportunities to evolve further towards a multi-material jewellery brand that protects the brand DNA. As announced in February 2026, Pandora will therefore be introducing jewellery with precious metal plating in platinum built on PANDORA EVERSHINE™, our unique and proven metal-alloy platform. Today, Pandora's plating business already accounts for around 25% of revenue. Pandora's plating quality is of the highest standard and noted for strong durability and resistant to daily wear. Pandora's new platinum-plated offering follows a similar rigorous testing process and quality control utilising Pandora's state-of-the-art in-house testing facilities in Thailand. Building on very positive consumer insights gained last year on platinum as a precious metal and one of the strongest-performing white metals, Pandora's plans to launch platinum-plated jewellery are progressing well with a launch of selected Design Variations (DVs) planned for later this year. By the end of 2028, Pandora expects that 80% of Pandora's current silver assortment (i.e. "the relevant silver assortment" measured by revenue) has been transitioned to platinum plated jewellery. By the end of the transition, Pandora will continue to offer hand-crated jewellery to consumers at scale across both white and yellow precious metal plating whilst also continuing to offer some solid silver and gold jewellery. During the transition, Pandora will rely on additional plating capacity from third party suppliers. Over time, Pandora expects to be leveraging its vertically integrated supply chain with world-class capabilities in Thailand, and soon Vietnam, where multi-material craftsmanship of jewellery has already been mastered for over 10 years. The following transition timeline is expected: 2025-2026: Consumer research, testing and validation of Platinum Plating. Initial global roll out of selected DVs planned for later in 2026 2027: Pandora transitions at least 50% of its relevant silver assortment to platinum-plated 2028: Pandora transitions the remaining of its relevant assortment to platinum-plated. Production carried out largely in-house 2029 and beyond: Further optimisation of crafting processes and further material innovation to support margins Driven by the shift to Platinum Plating, already in 2027, Pandora expects to mitigate a notable part of the commodity related headwind for 2027 (1100bp with silver spot at 82 USD/oz) and confirms plans to deliver an EBIT margin of at least 12% in 2027 and at least 14% when excluding one-off costs related to the transition. With the transition of the remaining targeted assortment alongside ongoing innovation and optimisation of crafting methods in platinum, Pandora expects to maintain an EBIT margin of above 21% in the mid-term with continued significant free cash flow generation. In 2026, Pandora's P&L is 95-100% hedged on silver at a price of around USD 32/oz, resulting in a Y/Y headwind from commodities of 150-200bp, as reflected in the 2026 EBIT margin guidance. Alongside these measures and in the light of higher commodity prices, Pandora is also carefully assessing pricing as a lever to mitigate the margin headwind - all while also considering the broader macroeconomic and competitive environment. Pandora will also continue to use the Silverstone cost programme as a vehicle to drive efficiencies and margin protection. Once the transition is fully implemented, Pandora will have replaced approximately 80% of its current silver assortment with platinum-plated. In practice, this means that a) the total commodity exposure is reduced significantly compared to what it would otherwise be crafting in silver only and b) at the current spot prices, the absolute commodity exposure will be reduced back down to the level before commodity prices started increasing significantly a few years back. At the same time, the composition of the commodity exposure becomes more diversified across silver, gold and platinum. The lower commodity exposure will only be partly replaced by higher labour content and enable Pandora to deliver at least 21% EBIT margin in the mid term. The transition is expected to require extra one-off CAPEX amounting to DKK 600 million mainly related to the reconfiguration of the crafting facilities. Around DKK 400 million of this is expected in 2026. STRATEGIC UPDATE ALONGSIDE Q3 2026 RESULTS ON 4 NOVEMBER, 2026 After making progress under the Phoenix strategy since 2021, Pandora is actively preparing for its next strategic cycle to position the company for long-term profitable growth. Whilst many initiatives have already been defined and outlined, Pandora will expand on these topics at a broader, virtual strategic update in conjunction with the Q3 2026 results on 4 November 2026. REVENUE REVIEW 2% ORGANIC GROWTH IN Q1 2026 Organic growth ended at 2% in Q1 2026, comprising of flat LFL growth, network expansion of 3% and a drag of 1% from sell-in and other. LFL in the Core segment was -1% and continues to be supported by Talisman as well as a strong performance in our Disney and Bridgerton collabs. Within Moments, our largest platform and where the Playful design aesthetic is most prominent, design repetition has been more pronounced and work is underway to drive significantly stronger distinctiveness to unlock future growth. Fuel with more saw an improvement to 1% LFL, supported by Timeless and PANDORA ESSENCE. Pandora continues to exploit the white space opportunities globally with the network expansion ticking along and contributing 3% to revenue growth in the quarter. During the past 12 months, Pandora has added net 25 concept stores (including net 99 closures in China) and closed net 7 Pandora operated shop-in-shops (including net 48 closures in Brazil and China). During the first quarter of 2026, Pandora did not acquire any stores from partners and there have been no acquisitions made over the past 9 months. In Q2 2025, Pandora acquired 27 stores, mainly in the US, and the revenue contribution from these stores was less than 1% in the first quarter for 2026. Foreign exchange rates represented a 5.4% headwind in the quarter equivalent to DKK 0.4 billion revenue. The headwind is driven by the depreciation against DKK across most currencies, but more than half of the headwind is driven by a weaker USD. Q1 2026 GROWTH COMPOSITION VS. Q1 2025 Growth in pp (approximation), revenue in DKK million REVIEW OF REVENUE BY REGION STABLE LFL IN A CHALLENGING CONSUMER ENVIRONMENT Pandora delivered organic growth of 2% in Q1 2026, with network expansion & other contributing 2% and LFL at 0%. The performance was helped by strong performance within plated products, and in particular yellow gold plated. Furthermore, selected product wins, including the Bridgerton collab as well as the continued strong performance of Talisman, supported LFL performance. Overall, the performance remains subdued and reflects the need for Pandora to course-correct in certain areas and sharpen execution, but also a challenging consumer environment across some regions, with a low consumer sentiment in North America and Europe. General street traffic in comparable segments was positive in only 1 out of the 10 biggest markets in the first quarter. EMEA EMEA delivered -2% LFL in Q1 2026. Continued strong LFL growth in many markets including Spain, Portugal, and Poland was offset by ongoing weakness in Italy, France, Germany, and the UK. While local execution in markets such as France and Italy showed that demand can be activated, the results reinforced the need for structural shifts towards greater product distinctiveness, brand desirability and relevance. As communicated previously, 2026 will be a transition year, with the full impact of these initiatives expected to build over time. Country highlights: Spain & Portugal: Continues to exhibit strong performance, proving that compelling, locally relevant engagements successfully drives earned media and strong brand engagement. Italy: LFL remained challenged in the first quarter, partly due to a strategic choice to lower the level of promotional days. The market remains a clear priority, with a comprehensive set of strategic initiatives now being piloted to address underlying structural challenges. UK: Performance continues to be challenged in the UK, reinforcing the need for a shift towards greater product-driven brand heat and an evolved marketing model with greater emphasis on local activations and enhanced cultural relevance. France: Performance remained below expectations. However, as in other markets, Pandora has implemented some changes to its media model. NORTH AMERICA In Q1 2026, North America LFL ended at - 2% against a challenging external environment marked by low consumer sentiment, particularly among mid- to lower-income consumers. Against this backdrop, Pandora continued to focus on driving brand heat with high - impact activations around the GRAMMY Awards, Golden Globes and Oscars, dressing a mix of global icons and Gen - Z-relevant talent including Katseye, Tyla and Odessa A'zion. Notably, the GRAMMYs partnership with Katseye, supported by a broadcast TV placement, drove a meaningful uplift in brand searches and site visits, highlighting increased awareness and intent among younger consumers. Growing earned-media scale coupled with greater emphasis on design led product newness, such as Talisman or the Bridgerton collab, is increasingly a strong traffic driver and foundational in positioning Pandora for medium-term growth as external conditions improve. Organic growth ended at -1% in Q1 2026, impacted by phasing of sell-in. Network expansion continues to be accretive to growth and profitability in North America where net 46 concept stores have been opened over the past 12 months. LATIN AMERICA & ASIA-PACIFIC Latin America delivered a strong performance in Q1 (6% LFL). Growth was driven by deliberate strategic actions, including a price repositioning and successful earned media. The latter driven not least by the partnerships with Tini Stoessel, an Argentine pop star and actress, and Danna Paola, an internationally renowned Mexican actress and singer, which supported LFL across most markets. The overall momentum in Latin America demonstrates the effectiveness of the region's evolved growth model. Asia-Pacific continued to perform well in Q1 delivering 12% LFL, reflecting the impact of targeted strategic initiatives and continued consumer engagement. Growth was supported by many markets in the region, reinforcing the region's role as a key contributor to group performance today and highlighting the vast growth potential of this region. Following the establishment of a new regional headquarter in Singapore, Pandora will expand efforts to build brand presence to other low-penetrated Asian markets. QUARTERLY REVENUE DEVELOPMENT BY REGION DKK million Q1 2026 Q1 2025 Like-for-like Organic growth Share of revenue EMEA 3,564 3,645 -2% 0% 50% North America 2,427 2,671 -2% -1% 34% Latin America 508 464 6% 13% 7% Asia-Pacific 609 567 12% 12% 9% Total revenue 1 7,109 7,347 0% 2% 100% 1 As of Q4 2025, geographical revenue is presented under four regions comprising EMEA (Europe, Middle East & Africa), North America, Latin America, and Asia-Pacific. Information on key market level will be available through Q2 2026 in the appendix, which is published quarterly. REVIEW OF NETWORK DEVELOPMENT PANDORA ADVANCES WITH NETWORK ACCORDING TO PLAN During the first quarter of 2026, Pandora closed net 15 concept stores and closed net 33 Pandora operated shop-in-shops. This is in line with expectations and was impacted by planned closures in China and Brazil and the phasing of new openings this year. Over the past 12 months, Pandora has added net 25 (124 excluding China) concept stores and closed net 7 (37 openings excluding Brazil) Pandora operated shop-in-shops. The concept store openings are geographically relatively broad-based across North America, EMEA and Asia-Pacific (ex-China). The shop-in-shop openings are concentrated around the US and Turkey. Network expansion added 3% to organic growth in Q1, and on top of that, forward integration added less than 1% to revenue growth. Network expansion is low risk, while being accretive to margins and returns. As such, Pandora continues to expand its network, targeting 50-75 net concept store openings, including approximately 25 closures in China. Pandora also expects to close a net 25-50 Pandora - operated shop - in - shops, including around 50 closures across Brazil and China. Closures in China and Brazil are expected to have a limited impact on organic growth. Overall, the organic growth contribution from network expansion in FY 2026 is expected to be around 2%. STORE NETWORK Number of points of sale 1 Q1 2026 Q4 2025 Q1 2025 Growth Q1 2026 /Q4 2025 Growth Q1 2026 /Q1 2025 Concept stores 2,796 2,811 2,771 -15 25 - of which Pandora operated 2 2,178 2,180 2,113 -2 65 - of which franchise operated 259 275 322 -16 -63 - of which third-party distribution 359 356 336 3 23 Other points of sale 4,116 4,187 3,979 -71 137 - of which Pandora operated 2 677 710 684 -33 -7 - of which franchise operated 3,182 3,222 3,049 -40 133 - of which third-party distribution 257 255 246 2 11 Total points of sale 6,912 6,998 6,750 -86 162 1 Please refer to note 11 Store network, concept store development in the accounting notes section for more details. 2 Pandora does not own any of the premises (land and buildings) where stores are operated. Pandora exclusively operates stores from leased premises. PROFITABILITY SOLID EBIT MARGIN Pandora delivered a Q1 EBIT margin of 20.9%, declining 140bp Y/Y. The decline was entirely due to external headwinds from commodities, foreign exchange and tariffs, which in total impacted the margin by 440bp. This was partially offset by a continued strong gross margin, supported by efficiencies linked to the Silverstone programme and phasing of costs benefitting the EBIT margin by around 200bp. The temporary impact from forward integration contributed a 30bp tailwind in the quarter, representing a reversal of last year's drag, and was in line with the guidance of a slight tailwind for the full year. Commodities were a headwind of 150bp and foreign exchange a further 80bp, mainly driven by Y/Y weakening of the Turkish lira and British pound. US import tariffs added a further 210bp, bringing the total external headwind to 440bp in Q1 2026. Measured at constant foreign exchange rates, EBIT was DKK 1.63 billion, essentially flat compared to Q1 2025, with an EBIT margin of 21.7%. Q1 2026 EBIT MARGIN VS. Q1 2025 Margin impact in pp (approximation) GROSS MARGIN The gross margin in Q1 was 79.5%, 90bp below last year, reflecting material external headwinds of 370bp, partly offset by phasing of costs, providing an uplift of around 100bp. Excluding all external factors and phasing, the gross margin would be well above the 80.4% reported in Q1 2025. The underlying offsets to the headwinds came primarily from channel mix, reflecting the continued expansion of the Pandora - operated network, as well as efficiency improvements at our crafting facilities in Thailand. In Q1 2026, Fuel with more delivered a gross margin of 83.9% (Q1 2025 83.9%) and 77.8% (Q1 2025 79.1%) for the Core. Foreign exchange was a negligible drag in the quarter of 20bp. However, commodities added another 150bp of pressure, and US import tariffs, which were not yet implemented in Q1 last year, continued to weigh on margins, resulting in a 200bp impact during the period. GROSS MARGIN AND GROSS PROFIT DKK million Q1 2026 Q1 2025 Growth in constant FX Revenue 7,109 7,347 2% Cost of sales -1,458 -1,436 6% Gross profit 5,651 5,910 1% Gross margin % 79.5% 80.4% -0.8% OPERATING EXPENSES The weakening of the USD and other currencies increased the OPEX ratio by around 50bp in Q1. In constant currency, the OPEX ratio was 58.0%, essentially in line with prior year. In Q1, operating expenses increased by 2% in constant exchange rates compared to Q1 last year and thereby in line with revenue, driven by an increase in sales and distribution expenses, while marketing and administrative expenses offset this. Sales and distribution expenses increased by 9% in constant exchange rates, reflecting the continued expansion of the store network through new openings and forward integration. Compared to Q1 2025, Pandora added 58 stores to its own network, which alone added around DKK 150 million to sales and distribution expenses. The expansion remains EBIT margin accretive as the higher gross margin and leverage on other OPEX lines offset the increase in sales and distribution expenses. Marketing expenses were down by 8% Y/Y, mainly driven by a different phasing this year, ending at 12.5% share of revenue. For the full year, the share of revenue is expected to stay within the 13-15% range. Administrative expenses decreased by 9% in constant exchange rates versus Q1 2025, reflecting operating leverage, cost efficiencies from Silverstone and timing of costs. QUARTERLY OPERATING EXPENSES DKK million Q1 2026 Q1 2025 Growth in constant FX Share of revenue Q1 2026 Share of revenue Q1 2025 Sales and distribution expenses -2,734 -2,641 9% 38.5% 35.9% Marketing expenses -887 -1,016 -8% 12.5% 13.8% Administrative expenses -543 -613 -9% 7.6% 8.3% Total operating expenses -4,164 -4,270 2% 58.6% 58.1% FINANCIAL EXPENSES AND TAX Net financials amounted to a cost of DKK 224 million in Q1 2026, roughly in line with the DKK 238 million last year, with foreign exchange and hedging effects largely offsetting slightly higher interest costs. The effective tax rate in Q1 2026 came in at 25.4%, up 390bp compared to last year. In 2025, we had a positive one-off on tax from a bilateral advance pricing agreement covering 2022-2024 signed by the Danish Tax Authorities and the Australian taxation office in 2025. This year, we are expecting the full-year tax rate to be around 25%. EPS ended at DKK 12.6 in Q1 2026, a 10% decrease from DKK 14.0 in Q1 2025. Adjusting for foreign exchange effects, EPS was flat Y/Y. CASH FLOW & BALANCE SHEET DISCIPLINED CAPITAL MANAGEMENT Net working capital was 6.5% of revenue in Q1 2026, compared with 4.2% in Q1 2025. The increase was primarily driven by higher unrealised gains on commodity hedging derivatives, which added 240bp Y/Y. Excluding derivative effects in both periods, net working capital was broadly unchanged. Inventories ended at 16.4% of revenue in Q1 2026, up from 14.3% last year. The increase Y/Y is mainly driven by the higher commodity prices and the US import tariffs. Furthermore, inventories have deliberately been increased somewhat to support product availability. For FY 2026, Pandora expects inventory levels to be notably higher Y/Y in absolute terms, being increasingly impacted by the higher commodity prices as hedging expires but also the transition to platinum-plated where Pandora will temporarily need to hold more inventory. Over time, and as the transition to platinum-plated is completed, inventories will decline again, almost towards historical levels. Trade receivables remained at a healthy level at 2.5% of revenue, broadly in line with 2.2% last year. Trade payables increased to 13.2% of revenue from 10.1% last year, mainly reflecting timing impact but also continued optimisation of supplier terms. Overall, these dynamics supported working - capital efficiency. Cash conversion in Q1 2026 was -40% reflecting normal seasonality of the business, improving from -48% in Q1 2025. CAPEX amounted to DKK 0.3 billion in Q1, representing 5% of revenue. The investments primarily reflect store expansion and refurbishment, digital initiatives including the ERP rollout, and continued progress on the new crafting facility in Vietnam, where CAPEX requirements are lower than last year as the project advances towards completion. ROIC remains structurally strong at 39% and compares to 45% last year. This was impacted by the significant commodity, tariff and foreign exchange related headwinds on EBIT and unrealised positive gain from commodity derivatives on invested capital. Without these factors, the ROIC would have been in line with the level of last year. ROIC continues to be supported by our investments in expanding the store network, as new stores are ROIC accretive on a run-rate basis. NET WORKING CAPITAL Share of preceding 12 months' revenue Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Inventories 16.4% 15.0% 16.4% 14.6% 14.3% Trade receivables 2.5% 3.6% 2.1% 2.0% 2.2% Trade payables -13.2% -14.2% -10.9% -10.1% -10.1% Other net working capital elements 0.8% -0.3% -0.3% -1.9% -2.3% Total 6.5% 4.1% 7.3% 4.7% 4.2% Total, excluding derivatives 1 3.5% -1.1% 4.9% 3.4% 3.6% 1 Derivative financial instrument are measured at fair value. See note 12 - Commodity hedging and derivatives. BALANCE SHEET Non-current assets increased by DKK 1 billion Y/Y to DKK 19.8 billion at the end of Q1 2026, mainly driven by network expansion increasing right-of-use assets and CAPEX related to the store network, IT and the new crafting facility in Vietnam. Current assets were DKK 9.1 billion, up DKK 1.5 billion compared to last year. The increase reflects higher inventory due to increasing commodity prices, DKK 0.7 billion, as well as DKK 0.7 billion on derivatives due to a rise in the market value of hedging contracts related to silver and gold. At the end of Q1 2026, net interest-bearing debt amounted to DKK 16.1 billion, compared to DKK 14.5 billion in Q1 2025, taking leverage to 1.6x. As previously communicated, leverage is expected to remain above 2025 levels during the year. This is driven by among others the phasing of earnings and inventory effects mentioned above. These effects will also be visible in the quarterly EPS, with Q2 and Q3 2026 being most impacted. By year-end 2026, leverage is expected to remain slightly above 2025, but within the capital structure policy. Equity amounted to DKK 4.0 billion at the end of Q1 2026, in line with last year at DKK 3.8 billion. FINANCIAL GUIDANCE ORGANIC GROWTH AND EBIT MARGIN GUIDANCE UNCHANGED Pandora reiterates its 2026 guidance of organic revenue growth of -1% to 2% and an EBIT margin in the 21-22% range. In a macroeconomic environment that remains unsupportive of growth, Pandora has initiated a step - change in execution in selected areas. Execution is progressing with more decisive actions, including a renewed direction in design, marketing and market-specific strategies. This reset, underpinned by clearer strategic priorities, is intended to support stronger like - for - like performance over time. The macroeconomic outlook for 2026 and the broader consumer environment remain highly uncertain. Recent geopolitical events elevate this uncertainty further. Given this uncertainty, Pandora's guidance on top-line remains unchanged. REVENUE GUIDANCE The organic growth guidance can be illustrated as follows: FY 2026 GROWTH COMPOSITION VS. FY 2025 Growth in pp (approximation), revenue in DKK billion Pandora expects organic growth of between - 1% and 2%. This reflects LFL growth of - 3% to 0% and around 2% contribution from network expansion. In total, revenue growth in local currency, including forward integration, is expected to be in the -1% to 2% range. PROFITABILITY GUIDANCE The EBIT margin guidance can be illustrated as follows: FY 2026 EBIT MARGIN VS. FY 2025 Growth in pp (approximation) * Assumes a silver spot price of USD 75/oz, and 150 days of 10% tariffs before returning to previous level of tariffs for the rest of 2026 (this includes the 19% on imports from Thailand). Pandora expects an EBIT margin of 21-22% in 2026 (unchanged). The guidance reflects a year of significant external headwinds and continued investment behind strategic priorities. The EBIT margin decline vs. 2025 is driven by external headwinds of 200-250bp (previously 250-350bp). Excluding these headwinds, the margin would have been roughly flat. As Pandora continues the expansion of its profitable store network, a 30bp (unchanged) positive impact on the EBIT margin is expected in 2026. In addition, we expect a positive net 30bp (unchanged) contribution in 2026, from a lower temporary drag related to forward - integration activities, as forward integration will be limited in 2026. Net operating leverage & other is expected to be net neutral to the margin. In 2026, Pandora will continue to invest behind the strategy to re-accelerate growth. Annual salary increases and cost inflation remain a headwind to the margin, offset by ongoing efficiencies, including the positive impact from the Silverstone cost programme, as well as selective pricing. Since the original guidance was issued, the plans on the transition to platinum-plated jewellery has advanced, and 50-100bp of extra transition cost is now expected to occur in 2026. External headwinds amount to 200-250bp, driven by a combination of higher commodity prices (primarily silver), and the continuation of global tariff structures. These headwinds were anticipated and are being actively managed through hedging, selective pricing, but most importantly product innovation and the planned material transition. In 2026, Pandora's P&L is 95-100% (previously 90-100%) hedged on silver at a price of around USD 32/oz, resulting in a Y/Y headwind from silver and gold of 150-200bp (previously 150-250bp). Foreign exchange represents a 50bp (unchanged) tailwind to the margin, reflecting more favourable USD rates flowing through production costs. The additional tariffs currently imposed on goods imported to the US are now expected to represent a 100bp (previously 150bp) impact on the EBIT margin. The reduction relative to previous guidance reflects the temporary pause, permitting tariff surcharges of up to 10% for 150 days, and assumes the tariff levels will go back to the previous level after the 150 days (including 19% on imports from Thailand) and that the tariffs are calculated on import costs applying a spot silver price of USD 75. The guided decline in the EBIT margin from full year 2025 to 2026 is now expected to be most visible in Q2 and Q3 before being less material in Q4. 2026 GUIDANCE - OTHER PARAMETERS Pandora expects to open 50-75 concept stores net, including around 25 net store closures in China. In addition, Pandora expects to close net 25-50 Pandora - operated shop - in - shops, due to around net 50 closures in Brazil and China. CAPEX is expected to end at around 7% of revenue. Digital initiatives and the store network remain the primary drivers of CAPEX. Pandora continues to invest in the store network, including new openings, refits and new window frameworks. Pandora will also continue investment into its production facilities, including capabilities to support the expansion of its multi-material offering which will add around DKK 400 million in CAPEX in 2026. The effective tax rate is expected to be around 25% in 2026. The increase compared to 24.2% in 2025 reflects the expiry of certain tax incentives in Thailand and the absence of the one - off benefit from the retroactive bilateral Advance Pricing Agreement between the Danish and Australian tax authorities signed in 2025. Pandora expects net financial expenses in 2026 to be DKK 1,000-1,050 million. The guidance consists of around DKK 950 million interest on debt, IFRS 16-related interest and fees (in line with 2025), and a net DKK 50-100 million loss on non-cash foreign exchange adjustments on intercompany balances and foreign exchange hedging contracts. The latter depends entirely on the development in foreign exchange rates through the year and will be updated on a regular basis. The guidance contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarantees of future performance and involve certain risks and uncertainties. Therefore, actual future results and trends may differ materially from what is forecasted in this report due to a variety of factors, refer to the disclaimer on page 41. FOREIGN EXCHANGE AND COMMODITY ASSUMPTIONS AND IMPLICATIONS - AS OF 30 APRIL 2026 Average 2025 Average 2026 2026 Y/Y Financial Impact USD/DKK THB/DKK GBP/DKK AUD/DKK MXN/DKK CAD/DKK TRY/DKK CNY/DKK Silver/USD (per ounce) Gold/USD (per ounce) 6.62 0.20 8.71 4.26 0.34 4.73 0.17 0.92 27.5 2,378 6.38 0.20 8.62 4.53 0.36 4.67 0.14 0.93 32.3 3,319 Revenue (DKK million) EBIT (DKK million) EBIT margin (foreign exchange) EBIT margin (commodities) Approx. -375 Approx. 90 Approx. 0.5% Approx. -1.5 to -2.0% CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION Pandora aims for a leverage ratio of approximately 1.5x NIBD to EBITDA by the end of 2026. Compared with the end of 2025, the slight increase in leverage is primarily driven by higher net debt, while EBITDA is expected to remain broadly stable. 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 paid an ordinary dividend of DKK 22 per share in 2026, corresponding 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. SUSTAINABILITY Sustainability is integral to Pandora's operations and our strategy. Our approach includes some of the industry's most ambitious sustainability targets to lower environmental impact while driving positive outcomes for the people and communities we engage with. Highlights: Pandora was named the world's second most sustainable company by research firm Corporate Knights. The annual 'Global 100' ranking evaluates publicly traded companies with more than USD 1 billion in revenue on a wide range of metrics, including climate action, resource efficiency, and social responsibility. More than 8,000 corporations were assessed. For the fourth consecutive year, Pandora received an A score by CDP for our 2025 climate disclosure. CDP scored more than 22,000 companies globally, and only 4% made the A list. In Q1 2026, we continued to execute against our three strategic sustainability priorities: low-carbon business, circular innovation, and inclusive, diverse and fair culture. Low-carbon business: Pandora has increased revenue by 49% since 2019 while cutting value - chain emissions by 17%. In 2025, ongoing efficiency and renewable electricity investments delivered a further 5% reduction, despite business growth and the construction of the company's new crafting facility in Vietnam. Circular innovation: 2025 was the first full year, where all new Pandora jewellery was crafted with 100% recycled silver and gold. Over the coming years, the company will gradually shift more metals, including platinum, to recycled sources. Combined with the use of man - made stones, this supports a circular sourcing model and underpins further reductions in the environmental footprint. Inclusive, diverse and fair culture: In 2025, we continued our efforts to advance inclusion, diversity and belonging at our workplace. We are progressing towards our gender parity target, as the share of women in senior leadership positions (VP+) is now 44%, up from 35% in 2024. More information on Pandora's sustainability strategy and 2025 disclosure on material sustainability topics and performance against targets can be found in the Annual Report 2025. OTHER EVENTS Reduction on Pandora A/S' share capital At Pandora A/S' Annual General Meeting on 11 March 2026, it was resolved to reduce the Company's share capital with a nominal amount of DKK 4,000,000 by cancellation of 4,000,000 treasury shares of DKK 1. The share capital reduction was announced in the Danish Business Authority on 11 March 2026 and the four-week notification period has expired with no objections. The Board of Directors has therefore resolved to effect the share capital reduction on 10 April 2026. Following this, the Company's share capital is nominally DKK 75,000,000, divided into shares of DKK 1. Pandora reduces treasury shares to less than 5% of share capital In accordance with Section 31 of the Capital Market Act, it is hereby announced that Pandora A/S as of today owns a total of 199,368 treasury shares of nominally DKK 1, hence less than 5% of the total share capital and the total voting rights in the Company. The decrease in number of treasury shares is a consequence of the share capital reduction resolved by the Company's Annual General Meeting on 11 March 2026, which was effected on 10 April 2026 cf. Company announcement no. 1010. FINANCIAL CALENDAR 2026 The expected dates for upcoming 2026 financial announcements for Pandora are as follows: 13 August 2026 Interim Report Q2 2026 04 November 2026 Interim Report Q3 2026 6 MAY 2026 • COMPANY ANNOUNCEMENT 1012 • INTERIM REPORT Q1 2026 • CONTACT CONTACT CONFERENCE CALL A conference call for investors and financial analysts will be held today at 11.00 CET and can be joined online at https://www.pandoragroup.com . The presentation for the call will be available on the website before the call. The following numbers can be used by investors and analysts: DK: +45 78 76 84 90 SE: +46 406 820 620 UK: +44 203 769 6819 US: +1 646 787 0157 PIN: 837462 To ask a question, press 5* Link to webcast: https://pandora.nexahub.io/events/first-quarter-results-2026 ABOUT PANDORA Pandora is the world's largest jewellery brand, specialising in the design, crafting and marketing of accessible luxury jewellery made from high-quality materials. Each piece is created to inspire self-expression, allowing people to share their stories and passions through meaningful jewellery. Pandora jewellery is sold in more than 100 countries through 7,000 points of sale, including more than 2,800 concept stores. Headquartered in Copenhagen, Denmark, Pandora employs around 39,000 people worldwide and crafts its jewellery with 100% recycled silver and gold. Pandora is committed to leadership in sustainability and 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 32.5 billion (EUR 4.4 billion) in 2025. CONTACT For more information, please contact: Investor Relations BILAL AZIZ SVP, Investor Relations & Treasury +45 3137 9486 [email protected] Corporate Communications MADS TWOMEY-MADSEN SVP, Corporate Communications & Sustainability +45 2510 0403 [email protected] ADAM FUGLSANG Director, Investor Relations +45 6167 7425 [email protected] JOHAN MELCHIOR VP, Media Relations & Public Affairs +45 4060 1415 [email protected] FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT DKK million Notes Q1 2026 Q1 2025 FY 2025 Revenue 7,109 7,347 32,549 Cost of sales -1,458 -1,436 -6,802 Gross profit 5,651 5,910 25,747 Sales, distribution and marketing expenses -3,621 -3,657 -15,469 Administrative expenses -543 -613 -2,495 Operating profit 1,487 1,641 7,783 Finance income 55 38 279 Finance costs -279 -276 -1,149 Profit before tax 1,263 1,403 6,913 Income tax expense -321 -302 -1,671 Net profit for the period 942 1,101 5,241 Earnings per share, basic, DKK 12.6 14.0 68.1 Earnings per share, diluted, DKK 12.6 14.0 67.9 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME DKK million Q1 2026 Q1 2025 FY 2025 Net profit for the period 942 1,101 5,241 Other comprehensive income: Items that may be reclassified to profit/loss for the period Exchange rate adjustments of investments in subsidiaries 148 -317 -710 Fair value adjustment of hedging instruments -869 205 1,424 Tax on other comprehensive income, hedging instruments, income/expense 191 -44 -308 Items that may be reclassified to profit/loss for the period, net of tax -530 -155 406 Items not to be reclassified to profit/loss for the period Actuarial gain/loss on defined benefit plans, net of tax - - -23 Items not to be reclassified to profit/loss for the period, net of tax - - -23 Other comprehensive income, net of tax -530 -155 383 Total comprehensive income for the period 412 946 5,624 CONSOLIDATED BALANCE SHEET DKK million Notes 2026 31 March 2025 31 March 2025 31 December ASSETS Goodwill 7 5,088 5,124 5,020 Brand 1,057 1,057 1,057 Distribution 1,034 1,034 1,034 Other intangible assets 1,266 1,046 1,252 Total intangible assets 8,446 8,262 8,364 Property, plant and equipment 3,883 3,506 3,817 Right-of-use assets 8 5,583 5,009 5,335 Deferred tax assets 1,638 1,787 1,566 Other financial assets 300 286 296 Total non-current assets 19,850 18,851 19,377 Inventories 5,283 4,604 4,883 Trade receivables 5 813 719 1,163 Contract assets 60 70 72 Derivative financial instruments 4,12 976 325 1,709 Income tax receivable 98 150 158 Other receivables 1,048 984 936 Cash 826 744 1,305 Total current assets 9,104 7,597 10,226 Total assets 28,954 26,448 29,603 EQUITY AND LIABILITIES Share capital 79 82 79 Treasury shares -4,026 -4,123 -4,236 Reserves 731 703 1,263 Proposed dividend - - 1,641 Retained earnings 7,236 7,171 6,535 Total equity 4,020 3,833 5,282 Provisions 559 492 558 Loans and borrowings 4,8 14,393 12,360 11,922 Deferred tax liabilities 270 163 462 Other payables 128 156 128 Total non-current liabilities 15,350 13,171 13,069 Provisions 33 50 33 Refund liabilities 554 589 793 Contract liabilities 227 220 271 Loans and borrowings 4,8 2,523 2,853 3,102 Derivative financial instruments 4,12 78 109 35 Trade payables 9 4,259 3,255 4,623 Income tax payable 526 761 685 Other payables 1,384 1,608 1,710 Total current liabilities 9,584 9,444 11,252 Total liabilities 24,934 22,615 24,321 Total equity and liabilities 28,954 26,448 29,603 2026 Equity at 1 January Net profit for the period 79 - -4,236 - 145 - 1,118 - 1,641 - 6,535 942 5,282 942 Other comprehensive income, net of tax Total comprehensive income for the period - - - - 146 146 -678 -678 - - 2 943 -530 412 Share-based payments - 221 - - - -238 -18 Purchase of treasury shares - -11 - - - - -11 Dividend paid - - - - -1,646 - -1,646 Dividend proposed - - - - 5 -5 - Equity at 31 March 79 -4,026 290 441 - 7,236 4,020 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Treasury Translation Hedging Dividend Retained Total DKK million capital shares reserve reserve proposed earnings equity 2025 Equity at 1 January 82 -3,228 851 8 1,576 6,219 5,508 Net profit for the period - - - - - 1,101 1,101 Other comprehensive income, net of tax - - -315 160 - - -155 Total comprehensive income for the period - - -315 160 - 1,101 946 Share-based payments - 180 - - - -159 21 Purchase of treasury shares - -1,075 - - - - -1,075 Dividend paid - - - - -1,567 - -1,567 Dividend proposed - - - - -10 10 - Equity at 31 March 82 -4,123 535 168 - 7,171 3,833 CONSOLIDATED STATEMENT OF CASH FLOWS DKK million Notes Q1 2026 Q1 2025 FY 2025 Operating profit 1,487 1,641 7,783 Depreciation and amortisation, etc. 659 624 2,586 Share-based payments -11 17 103 Change in inventories -352 -248 -565 Change in receivables 185 323 -424 Change in payables and other liabilities -1,275 -1,804 559 Other non-cash adjustments 7 -4 33 Finance income received 8 9 174 Finance costs paid -167 -196 -1,009 Income taxes paid -501 -651 -1,881 Cash flows from operating activities, net 42 -289 7,361 Acquisitions of subsidiaries and activities, net of cash acquired 6 -6 -180 -373 Purchase of intangible assets -121 -129 -462 Purchase of property, plant and equipment -306 -240 -1,449 Change in other assets -2 4 -10 Proceeds from sale of property, plant and equipment 3 - 7 Cash flows from investing activities, net -432 -545 -2,286 Dividend paid -1,646 -1,567 -1,567 Dividend paid - withholding tax 395 383 - Purchase of treasury shares -34 -1,011 -4,384 Proceeds from loans and borrowings 2,242 1,495 1,200 Repayment of loans and borrowings -1,000 - -108 Repayment of lease commitments -364 -314 -1,260 Cash flows from financing activities, net -406 -1,014 -6,119 Net increase/decrease in cash -797 -1,848 -1,044 Cash and cash equivalents, beginning of period 1,194 2,303 2,303 Exchange gains/losses on cash and cash equivalents 16 -16 -65 Net increase/decrease in cash -797 -1,848 -1,044 Cash and cash equivalents, end of period 414 439 1,194 Cash balances 826 744 1,305 Overdrafts -412 -305 -111 Cash and cash equivalents, end of period 414 439 1,194 Cash flows from operating activities, net 42 -289 7,361 - Finance income received -8 -9 -174 - Finance costs paid 167 196 1,009 Cash flows from investing activities, net -432 -545 -2,286 - Acquisition of subsidiaries and activities, net of cash acquired 6 180 373 Repayment of lease commitments -364 -314 -1,260 Free cash flows incl. lease payments -589 -782 5,022 Unutilised committed credit facilities 4 6,348 6,341 7,095 The above cannot be derived directly from the income statement and the balance sheet. ACCOUNTING NOTES NOTE 1 - ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The accounting policies applied are consistent with the accounting policies set out in the Annual Report 2025. Due to rounding, numbers presented throughout this report may not add up precisely to the totals, and percentages may not precisely reflect the absolute figures. The interim financial report is presented in Danish kroner (DKK), and all amounts are in millions unless otherwise stated. Pandora presents financial measures in the interim financial report that are not defined according to IFRS Accounting Standards. Pandora believes these non-GAAP measures provide valuable information to investors and Pandora's management when evaluating performance. Since other companies may calculate these differently from Pandora, they may not be comparable to the measures used by other companies. These financial measures should therefore not be considered to be a replacement for measures defined under IFRS Accounting Standards. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the consolidated financial statements in the Annual Report 2025. New standards, interpretations and amendments adopted by Pandora Pandora has adopted all new or amended IFRS Accounting Standards and interpretations (IFRS IC) as adopted by the EU and which are effective for the financial year beginning on 1 January 2026. The implementation of these new or amended standards and interpretations have no material impact on the consolidated financial statements for the year. The new standards that are not yet effective are not expected to have any material impact on Pandora, except for IFRS 18 Presentation and Disclosure in Financial Statements , which was issued in April 2024 and will be effective from 2027. IFRS 18 is expected to impact the presentation and disclosure of the financial statements, but not recognition or measurement. Refer to note 1.2 New accounting policies and disclosures in the Annual Report 2025. NOTE 2 - MANAGEMENT JUDGEMENTS AND ESTIMATES UNDER IFRS ACCOUNTING STANDARDS In preparing the condensed consolidated interim financial statements, management makes various judgements, accounting estimates and assumptions that form the basis of the presentation, recognition and measurement of Pandora's assets and liabilities. Ongoing geopolitical developments continue to contribute to elevated global economic uncertainty, which may affect market conditions and cost levels. Management monitors the situation closely and considers Pandora to be well - positioned to operate in a volatile environment. Pandora has evaluated the value of its non-current assets. Based on current market information and forecasts, no indicators of impairment were identified, and the most recent impairment test conducted in 2025 is still considered to include sufficient headroom. Given the uncertain macroeconomic environment, Pandora will continue assessing the value of the assets. Pandora has also considered the recoverability of accounts receivable and the inventory value and has not identified any impairment write down. For information on liquidity risk please refer to note 4.4 Financial risks in the 2025 Annual Report. NOTE 3 - SEGMENT AND REVENUE INFORMATION Pandora's activities are segmented into two reportable segments, each responsible for the end-to-end performance of collections. One includes our Core collections, while the other, Fuel with more, covers newer collections and innovations. Core includes the charms and charm carriers which focus on collectability. Fuel with more includes the Modern Classics (Pandora Timeless, Pandora Signature and PANDORA ESSENCE) and Pandora Lab-Grown Diamonds and targets both existing and new customers who may have a different aesthetic preference than the Core jewellery design. The two operating segments include all channels relating to the distribution and sale of Pandora products. Executive Management monitors the profitability of the operating segments separately for the purpose of making decisions about resource allocation and performance management. Segment results are measured at gross profit as presented in the table below. Non-unit-driven revenue, comprising other services such as engraving and franchise fees, is allocated proportionately to the different revenue categories. SEGMENT INFORMATION Fuel with DKK million Core more Group Q1 2026 Revenue 5,111 1,998 7,109 Cost of sales -1,135 -322 -1,458 Gross profit 3,975 1,675 5,651 Gross margin, % 77.8% 83.9% 79.5% Operating expenses -4,164 Consolidated operating profit (EBIT) 1,487 Profit margin (EBIT margin), % 20.9% Q1 2025 Revenue 5,298 2,049 7,347 Cost of sales -1,106 -330 -1,436 Gross profit 4,192 1,719 5,910 Gross margin, % 79.1% 83.9% 80.4% Operating expenses -4,270 Consolidated operating profit (EBIT) 1,641 Profit margin (EBIT margin), % 22.3% REVENUE BY COLLECTIONS DKK million Q1 2026 Q1 2025 Like-for-like Local currency growth Share of Revenue Core 5,111 5,298 -1% 2% 72% - Moments 4,127 4,376 -3% -1% 58% - Collabs 694 672 7% 9% 10% - ME 290 249 16% 22% 4% Fuel with more 1,998 2,049 1% 3% 28% - Timeless 1,657 1,636 4% 7% 23% - Signature 104 172 -36% -37% 1% - PANDORA ESSENCE 161 151 21% 12% 2% - Pandora Lab-Grown Diamonds 75 90 -15% -11% 1% Total revenue 7,109 7,347 0% 2% 100% Goods transferred at a point in time 7,099 7,335 Services transferred over time 10 12 Total revenue 7,109 7,347 REVENUE DEVELOPMENT BY REGION DKK million Q1 2026 Q1 2025 Like-for-like Local currency growth EMEA 1 3,564 3,645 -2% 0% North America 2,427 2,671 -2% 1% Latin America 508 464 6% 13% Asia-Pacific 609 567 12% 12% Total revenue 7,109 7,347 0% 2% 1 Europe, Middle East & Africa. REVENUE DEVELOPMENT BY CHANNEL DKK million Q1 2026 Q1 2025 Organic growth Share of Revenue Pandora operated 1 retail 6,147 6,176 3% 86% - of which concept stores 4,094 4,040 4% 58% - of which online stores 1,533 1,659 -2% 22% - of which other points of sale 520 477 16% 7% Wholesale 770 989 -10% 11% - of which concept stores 203 365 -18% 3% - of which other points of sale 568 624 -5% 8% Third-party distribution 191 182 6% 3% Total revenue 7,109 7,347 2% 100% 1 Pandora does not own any of the premises (Land and buildings) where stores are operated. Pandora exclusively operates stores from leased premises. The use of sales channels for the distribution of Pandora jewellery depends on the underlying market maturity and varies within markets but is consistent when viewed between segments. Due to the seasonal nature of the jewellery business, higher revenue and profits are historically realised in the fourth quarter. NOTE 4 - FINANCIAL RISKS Pandora's overall risk exposure and financial risks, including risks related to commodity prices, foreign currency, credit, liquidity and interest rates, are described in the disclosures in note 4.4 Financial risks to the consolidated financial statements in the Annual Report 2025. Net interest-bearing debt (NIBD), incl. capitalised leases, amounted to DKK 16.1 billion at the end of Q1 2026 (Q4 2025: DKK 13.7 billion) corresponding to a financial leverage of 1.6x (Q4 2025: 1.3x). Liquidity risk Pandora maintains an adequate level of cash and unutilised credit facilities to meet financial obligations when due. NET INTEREST-BEARING DEBT DKK million 2026 31 March 2025 31 December Loans and borrowings, non-current 1 9,988 7,729 Lease liabilities, non-current 4,406 4,193 Loans and borrowings, current 996 1,627 Lease liabilities, current 1,527 1,475 Cash -826 -1,305 Net interest-bearing debt 16,090 13,719 Unutilised committed credit facilities 6,348 7,095 1 Includes the EUR 500 million bond issued in May 2024 and the EUR 500 million bond issued in March 2023. In the first quarter of 2026, Pandora utilised around DKK 10.2 billion in committed financing as well as an additional DKK 0.8 billion in uncommitted short-term financing. Pandora uses short term financing, when possible, to optimise interest expenses and enhance the Group's overall cash position. As of March 2026, DKK 6.3 billion remains available under undrawn committed loan facilities. NOTE 5 - TRADE RECEIVABLES DKK million 2026 31 March 2025 31 December Receivables related to third-party distribution and wholesale 486 544 Receivables related to retail sales 327 620 Total trade receivables 813 1,163 NOTE 6 - BUSINESS COMBINATIONS During the first quarter of 2026, Pandora did not complete any business combinations and accordingly no goodwill was recognised. ACQUISITIONS DKK million Q1 2026 FY 2025 Property, plant and equipment and right-of-use assets - 97 Inventories - 196 Other current assets - 4 Assets acquired - 297 Non-current liabilities - 40 Payables - 8 Other current liabilities - 36 Liabilities assumed - 84 Total identifiable net assets acquired - 212 Goodwill arising on the acquisitions - 164 Purchase consideration - 377 Cash movements on acquisitions: Consideration transferred regarding previous years 1 6 8 Deferred payment - -12 Net cash flows on acquisitions 6 373 1 The consideration of DKK 6 million transferred during 2026 relates to the acquisitions in the US and Italy in 2025. The consideration of DKK 8 million transferred during 2025 relates to the acquisitions in the US, Italy and Canada in 2024. Business combinations after the reporting period No business combinations of significance to Pandora took place after the reporting period. NOTE 7 - GOODWILL DKK million 2026 31 March 2025 31 December Cost at 1 January 5,020 5,126 Acquisition of subsidiaries and activities in the period - 164 Exchange rate adjustments 68 -270 Cost at the end of the period 5,088 5,020 No impairment indication was identified based on the information regarding the market and the forecast. The latest impairment test was carried out 31 December 2025 and the test confirmed substantial headroom between the carrying amount and the value in use. All the assumptions used are as described in the Annual Report 2025. NOTE 8 - LEASES Lease liabilities are recognised in loans and borrowings. RIGHT-OF-USE ASSETS DKK million 2026 31 March 2025 31 December Cost at 1 January 5,335 4,997 Acquisition of subsidiaries and activities - 69 Additions 584 2,102 Disposals -18 -97 Depreciation for the year -375 -1,466 Impairment - -11 Exchange rate adjustments 57 -259 Carrying amount 5,583 5,335 LEASE LIABILITIES DKK million 2026 31 March 2025 31 December Non-current 4,406 4,193 Current 1,527 1,475 Total lease liabilities 5,932 5,668 Depreciation mainly relates to leased stores and is presented in the sales, distribution and marketing expenses. OTHER ITEMS RELATING TO LEASES DKK million 2026 31 March 2025 31 March Interest expenses 105 103 Total interest for the period 105 103 TOTAL CASH FLOWS RELATING TO LEASES DKK million 2026 31 March 2025 31 March Fixed lease payments 364 314 Interest payments 105 103 Variable leases linked to revenue 133 131 Short-term and low-value leases 28 23 Total cash flows relating to leases 629 572 NOTE 9 - TRADE PAYABLES The Group generally accepts that vendors sell off their receivables arising from the sale of goods and services to the Group to a third party. Pandora has established a supply chain financing programme where vendors can sell off their receivables from Pandora on attractive terms, based on invoices approved by Pandora, but at the bank's sole discretion. The programme does not extend payment terms beyond the original terms agreed. The payment terms for trade payables within the supply chain financing programme average around 90 days, while the payment terms for trade payables outside the programme average around 55 days. This is expected, as the programme is generally more attractive to suppliers with longer payment terms. Pandora is not directly or indirectly a party to these agreements. The amounts payable to suppliers included in the supply chain financing programme are classified as trade payables in the balance sheet as well as in the statement of cash flows (working capital within cash flows from operations) and amounted to DKK 1,062 million at 31 March 2026 (31 December 2025: DKK 770 million). Suppliers have received payment from the bank for all the liabilities under the supplier finance arrangement. NOTE 10 - CONTINGENT ASSETS AND LIABILITIES As of Q1 2026, Pandora has filed a claim for reimbursement related to tariffs paid under the International Emergency Economic Powers Act (IEEPA) in the US. While the U.S. Supreme Court has ruled on the legality of the relevant tariffs, the possibility of receiving reimbursement still remains subject to ongoing administrative and judicial processes in the United States. As the receipt of any reimbursement is not considered virtually certain at the moment, no asset has been recognised. Except for the items mentioned above, there have been no material changes to the contingent assets and liabilities disclosed in Note 5.1 Contingent assets and liabilities of the Annual Report 2025. NOTE 11 - STORE NETWORK, CONCEPT STORE DEVELOPMENT 1 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 Q1 2026 Q1 2026 O&O Q1 2026 Q1 2026 Q1 2026 Q4 2025 Q1 2025 / Q4 2025 /Q1 2025 Q1 2026 / Q4 2025 /Q1 2025 EMEA 1,403 1,404 1,348 -1 55 1,144 1 60 North America 646 638 600 8 46 571 8 73 Latin America 293 293 287 0 6 200 0 11 Asia-Pacific 454 476 536 -22 -82 263 -11 -79 All markets 2,796 2,811 2,771 -15 25 2,178 -2 65 1 All markets with 10 or more concept stores can be found in the Excel appendix uploaded on https://www.pandoragroup.com . NOTE 12 - COMMODITY HEDGING AND DERIVATIVES It is Pandora's general policy to hedge at least 70% of the Group's expected silver and gold purchases based on a rolling 12-month production plan. Realised hedges are initially recognised in Group inventories and will subsequently impact cost of sales when the products are sold. The time lag from purchase to impact on cost of sales is usually 5 to 10 months. HEDGED PRICES FOR PURCHASES AND EXPECTED PHASING INTO COST OF SALES 1 USD / OZ Realised in Q1 2026 Hedged Q2 2026 Hedged Q3 2026 Hedged Q4 2026 Hedged Q1 2027 Silver Estimated net price, cost of sales 2 31.5 ~32 ~31 ~33 ~46 Hedged price, purchases 30.3 33.8 70.6 - - Gold Estimated net price, cost of sales 2,663 ~3,050 ~3,450 ~4,000 ~4,100 Hedged price, purchases 3,663 4,231 4,513 4,698 4,880 1 The estimated net price in cost of sales reflects the commodity prices that will be recognised in the income statement at the point of sale, i.e. including the impact of the time lag, whereas the hedge price at the time of purchase reflects the actual hedged price paid. The estimate is based on our current operating flow, time lag estimates and projected product mix up to Q1 2027 including hedging executed in April 2026. Excluding silver contracts executed in April, the Estimated net price, cost of sales would be USD ~31 in Q1 2027 and the Hedged price, purchases would be USD 29.8 for Q2 2026 and USD 68.5 in Q3 2026. 2 The hedge ratio for 2026 is expected to cover 95-100% of cost of sales, the simulated rates in the table assumes the mid-point. Pandora will be introducing platinum-plated jewellery and, therefore, reduce consumption of silver materially over the next two years. This will, of course, structurally impact silver production plans and the hedging requirement. During this transition, Pandora may therefore from time to time await updated production plans before hedging decisions are made. As of the end of Q1 2026, Pandora had hedged approximately 58% of expected silver exposures and 70% of gold exposures for the next 12 months of purchases. During April 2026, based on updated production plans, Pandora hedged additional silver and has now hedged 70% of the next 12 months exposures. Due to the 5 to 10 months lag between realising hedged purchases to impact on cost of sales, the hedge ratio effectively covers approximately 95-100% of the 2026 income statement exposure in cost of sales from silver and gold price movements. The table above illustrates when the hedges are estimated to impact our cost of sales up to Q1 2027, as well as the average hedged purchase price per quarter. DERIVATIVE FINANCIAL INSTRUMENTS DKK million Assets Liabilities Carrying Hedge reserve, amount net of tax Q1 2026 Commodities 960 -7 953 484 Foreign exchange 9 -71 -62 -48 Interest rate 6 - 6 5 Total derivative financial instruments 976 -78 898 441 FY 2025 Commodities 1,689 -1 1,688 1,129 Foreign exchange 10 -33 -23 -18 Interest rate 9 - 9 7 Total derivative financial instruments 1,709 -35 1,674 1,118 Derivative financial instruments are measured at fair value and in accordance with level 2 in the fair value hierarchy (IFRS 13). See note 4.4 Financial risks and note 4.5 Derivative financial instruments to the consolidated financial statements in the Annual Report 2025. NOTE 13 - SUBSEQUENT EVENTS Other than as described in "Other events" in the Management review, as well as in note 6 Business Combinations, Pandora is not aware of events after 31 March 2026, which are expected to materially impact the Group's financial position. QUARTERLY OVERVIEW DKK million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Financial highlights Revenue Organic growth, % 7,109 2% 11,859 4% 6,269 6% 7,075 8% 7,347 7% Like-for-like, % 0% 0% 2% 3% 6% Earnings before interest, tax, depreciation and amortisation (EBITDA) 2,146 4,617 1,524 1,911 2,265 Operating profit (EBIT) 1,487 3,975 880 1,287 1,641 EBIT margin, % 20.9% 33.5% 14.0% 18.2% 22.3% Net financials -224 -177 -232 -224 -238 Net profit for the period 942 2,848 489 803 1,101 FINANCIAL RATIOS Revenue growth, DKK, % -3% -1% 3% 4% 8% Revenue growth, local currency, % 2% 4% 7% 9% 7% Gross margin, % 79.5% 78.1% 79.3% 79.3% 80.4% EBITDA margin, % 30.2% 38.9% 24.3% 27.0% 30.8% EBIT margin, % 20.9% 33.5% 14.0% 18.2% 22.3% Effective tax rate, % 25.4% 25.0% 24.5% 24.5% 21.5% Equity ratio, % 14% 18% 10% 13% 14% NIBD to EBITDA, x 1.6 1.3 1.6 1.5 1.4 Return on invested capital (ROIC), % 1 39% 41% 43% 44% 45% Cash conversion incl. lease payments, % -40% 117% 25% 74% -48% Net working capital, % of last 12 months' revenue 6.5% 4.1% 7.3% 4.7% 4.2% Net working capital excl. derivatives, % of last 12 months' revenue 2 3.5% -1.1% 4.9% 3.4% 3.6% Capital expenditure, % of revenue 4.7% 3.3% 8.6% 8.5% 5.6% STOCK RATIOS Total payout ratio (incl. share buyback), % 178% 32% 320% 110% 234% CONSOLIDATED BALANCE SHEET Total assets 28,954 29,603 28,436 27,008 26,448 Invested capital 20,110 19,001 20,078 18,850 18,306 Net working capital 2,095 1,336 2,396 1,513 1,338 Net working capital excl. derivatives 2 1,142 -352 1,596 1,112 1,153 Net interest-bearing debt (NIBD) 16,090 13,719 17,153 15,297 14,469 Equity 4,020 5,282 2,921 3,550 3,833 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows from operating activities 42 5,301 960 1,388 -289 Capital expenditure, total 335 396 538 600 409 Capital expenditure, property, plant and equipment 262 320 390 464 309 Free cash flows incl. lease payments -589 4,632 218 955 -782 1 Last 12 months' EBIT in % of last 12 months' average invested capital. 2 Derivative financial instruments are measured at fair value. For definitions of the performance measures used by Pandora, see note 5.6 Financial definitions to the consolidated financial statements in the Annual Report 2025. MANAGEMENT STATEMENT The Board of Directors and the Executive Management have discussed and approved the interim financial report of Pandora A/S for the period 1 January to 31 March 2026. The condensed consolidated interim financial statement, which has not been audited or reviewed by the Company's auditor, has been prepared in accordance with IAS 34 Interim Financial Reporting , as adopted by the EU, and additional requirements in the Danish Financial Statements Act. It is our opinion that the condensed consolidated interim financial statements give a true and fair view of the financial position for the Pandora Group at 31 March 2026 and of the results of the Pandora Group's operations and cash flows for the period 1 January to 31 March 2026. Further, in our opinion, the Management's review gives a fair view of the development in the Group's activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks and uncertainties that the Group faces. Aside from the disclosure in the Interim Financial Report, the Group's material risks and uncertainties are disclosed in the Annual Report of 2025. Copenhagen, 6 May 2026 EXECUTIVE MANAGEMENT Berta de Pablos-Barbier Anders Boyer Chief Executive Officer Chief Financial Officer BOARD OF DIRECTORS Peter A. Ruzicka Chair Marianne Kirkegaard Deputy Chair Lilian Fossum Biner Birgitta Stymne Göransson Catherine Spindler Jan Zijderveld Lars Sandahl Sørensen

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