Business
Pandora A/S : Q1 2026 Investor presentation
Pandora A/S : Q1 2026 Investor
About this update from Pandora A/s
6 MAY 2026 FIRST-QUARTER RESULTS 2026 FIRST QUARTER RESULTS 2% ORGANIC GROWTH 7% in Q1 2025 Low-single digit organic growth in Q1 2026 Solid profitability despite 440bp external headwinds Acting on strategic initiatives to re-energise growth Plans for the introduction of Pandora's new platinum-plated offering progressing well 0% LFL 6% in Q1 2025 79.5% GROSS MARGIN , -90bp Y/Y 80.4% in Q1 2025 20.9% EBIT MARGIN , -140bp Y/Y 22.3% in Q1 2025 39% ROIC 45% in Q1 2025 Classification: Pandora Internal 3 Pandora Q1 2026 | Investor presentation 6 May 2026 2026 GUIDANCE UNCHANGED -1% to +2% ORGANIC GROWTH 21-22% EBIT MARGIN "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" BERTA DE PABLOS-BARBIER President & CEO of Pandora Classification: P andora Internal 4 Pandora Q1 2026 | Investor presentation 6 May 2026 n: Pandora Internal Classificatio AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix RECAP OF WHAT WE SAID IN FEBRUARY 2026 STRONG FOUNDATIONS: SIGNIFICANT GROWTH OPPORTUNITIES AHEAD Vision remains unchanged To be the most desirable, accessible jewellery brand, driven by more distinctive, design led collections and an evolved marketing model focused on relevance and cultural resonance Built on strong foundations Healthy brand fundamentals, solid collections, and a vertically integrated value chain Substantial runway for profitable growth Ample headroom for growth across categories, aesthetics & geographics. Course-correcting in selected areas to accelerate LFL growth Will evolve how to drive growth The current growth approach remains well adapted to low penetration markets, while more mature markets require a calibrated application Will reduce commodity exposure Introducing new, innovative materials that deliver superior consumer benefits, protecting brand DNA and long-term value Two key priorities: Re-energise growth. Protect profitability levels Classification: Pandora Internal 6 Pandora Q1 2026 | Investor presentation 6 May 2026 RE-ENERGISING GROWTH EVOLVING OUR GROWTH ENGINE FOR THE NEXT PHASE STRENGTHENING GROWTH DRIVERS ACTIONS TAKEN SO FAR DESIGN More distinctive core designs Scale new underrepresented designs Desirable creative direction New Chief Product Officer Orgsanisational culture shift with design at the core GROWTH PRIORITIES BRAND MARKETS Glocal execution Earned Media Lower reliance on paid reach to improve demand efficiency Growth engine calibrated by market demand maturity High-penetration markets - design and earned media prioritized Low-penetration markets - reach expansion investment Realigned marketing investment that drive earned media Soon launching Pandora Wonders for cultural relevance Local organisations strengthened Italy pilot test - refreshed strategy Classification: Pandora Internal 7 Pandora Q1 2026 | Investor presentation 6 May 2026 RE-ENERGISING GROWTH DESIGN FOCUS UNLOCKS GROWTH Pandora's design mix and newness have been concentrated in a narrow aesthetic space (Playful) Under-represented aesthetics can drive disproportionate growth with stronger creative focus More distinctive and relevant introductions in the dominant Playful aesthetic More focused launches in the sizeable and underrepresented existing spaces The number of new products will remain broadly unchanged Recent distinctive designs in the Bridgerton collection (Sparkling aesthetic) and Talisman (Bold aesthetic) are driving growth. More work to be done in the Playful aesthetic New Chief Product Officer now in place - product roadmap being redefined 8 Pandora Q1 2026 | Investor presentation 6 May 2026 *Market Aesthetic Spaces of products ≤$500. Source: Pandora Internal Data **Share of Business represents percentage of Pandora's total LFL revenue within each aesthetic space-collection, FY2025 ***Share of Newness assortment represents the Design variations items launched in 2025 and their corresponding aesthetic space, FY2025 Classification: Pandora Internal **** Share of Growth reflects the percentage contribution that each aesthetic space-collection brings to the LFL growth of Total Pandora in 2025 Growth Design efforts Share of Newness Pandora share of Assortment DV's*** LFL growth**** PLAYFUL BOLD SPARKLING FINE ORGANIC WHERE GROWTH COMES FROM Pandora Share of Business** PLAYFUL Jewellery Market Aesthetic Split* BOLD SPARKLING ORGANIC FINE OTHER WHERE WE OPERATE A NEW LEVEL OF TRANSPARENCY Pandora adds carbon footprint labelling for lab-grown diamonds, giving consumers essential insight into the climate impact of their diamond jewellery. CARAT CLARITY CUT COLOUR + CARBON FOOTPRINT The carbon footprint of a Pandora Lab-Grown Diamond is around 90% lower than a mined diamond. 10 Pandora Q1 2026 | Investor presentation 6 May 2026 INTRODUCING PLATINUM-PLATED JEWELLERY BUILDING A MORE RESILIENT BRAND THROUGH A MULTI-MATERIAL PRODUCT PLATFORM Economics and know-how Strengthens long-term material economics and margin resilience. Easily builds on Pandora's strong expertise in Gold & Rose plating with a white metal introduction, reducing commodity exposure Everyday performance Platinum-plated delivers superior everyday performance. Enhanced durability, hypoallergenic properties and tarnish and water resistant for daily wear Craftsmanship Preserves Pandora craftsmanship, design language and precious-metal aesthetics. Enables the same hand-finished techniques and creative standards used in silver today Consumers Proven consumer acceptance. Products have already been tested with consumers, showing strong acceptance and brand fit Brand DNA Fully aligned with Pandora's brand DNA. Reinforces the core value proposition of meaningful, high-quality jewellery at accessible price points * Other category includes solid gold, multi-metal, and two-tone ndora Internal Classification: Pa 11 Pandora Q1 2026 | Investor presentation 6 May 2026 PANDORA'S MATERIAL MIX HAS ALREADY BEEN DIVERSIFYING (REVENUE BY METAL TYPE, 2025) PLATINUM PLATING IS THE NATURAL NEXT EVOLUTION 10% 25% 65% 2025 Other* Rose & Yellow Gold Plated Silver n: Pandora Internal Classificatio AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix CORE & FUEL WITH MORE FLAT LFL PERFORMANCE IN Q1 Core The Charms and Carriers core delivered -1% LFL growth in Q1 Continues to be supported by the launch of Talisman and strong earned media driven by the Bridgerton collab. More work to be done in refreshing designs Fuel with more Classification: Pandora Internal Q1 delivered 1% LFL growth Solid growth in PANDORA ESSENCE and Timeless for the quarter INVESTING BEHIND THE BRAND IN Q1 2026 BUILDING CULTURAL RELEVANCE THROUGH EARNED MEDIA LEVERAGING RED CARPET MOMENTS Positioning Pandora in the heart of culture KATSEYE MINIS LAUNCH Strong earned media impact and brand heat by tapping into Gen Z fandom ALWAYS-ON BRAND BUILDING Danna, Pandora's new Latin America Brand Ambassador, on the cover of Vogue wearing Pandora RE-ENERGISING GROWTH COMBINING DISTINCTIVE DESIGN WITH CULTURAL ACTIVATION TO DRIVE DEMAND DISTINCTIVE DESIGN CULTURAL ACTIVATION EARNED MEDIA "Creating the spark" "Putting it on stage" "Amplifying the story" NEW STORE CONCEPT ENHANCING APPEAL THROUGH IN-STORE EXPERIENCE New format By Q1 2026, 830 out of the total 2,796 concept stores are in the new format Brand platform We are upgrading store design and layouts to improve conversion and reinforce Pandora as a desirable jewellery brand Storytelling Enhancing in-store storytelling and rolling out digital window screens to elevate storefront impact and support quicker, more consistent activation of collections globally Classification: Pandora Internal 16 Pandora Q1 2026 | Investor presentation 6 May 2026 REGIONAL PERFORMANCE Q1 2026 NORTH AMERICA -2% LFL vs. Q1 2025 EUROPE, MIDDLE EAST -2% LFL vs. Q1 2025 12% LFL ASIA - 11% LFL Q1 2025 & AFRICA 4% LFL Q1 2025 vs. Q1 2025 -3% LFL Q1 2025 PACIFIC LATIN AMERICA 6% LFL vs. Q1 2025 3% LFL Q1 2025 Classification: Pandora Internal 17 Pandora Q1 2026 | Investor presentation 6 May 2026 n: Pandora Internal Classificatio AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financial results 2026 guidance and mid-term outlook Appendix KEY FINANCIAL HIGHLIGHTS TOPLINE Q1 2026 Q1 2025 Revenue, DKK million 7,109 7,347 Organic growth, % 2% 7% Like-for-like, % 0% 6% FINANCIAL RATIOS Q1 2026 Q1 2025 Gross margin, % 79.5% 80.4% EBIT margin, % 20.9% 22.3% Cash conversion incl. lease payments, % -40% -48% Net working capital, % of last 12 months' revenue 6.5% 4.2% Net working capital excl. commodity hedging % 2 3.5% 3.6% CAPEX (% of revenue) 4.7% 5.6% NIBD to EBITDA, x 1.6 1.4 Return on invested capital (ROIC), % 1 39% 45% Earnings per share, basic, DKK 12.6 14.0 ROBUST FINANCIAL PERFORMANCE DESPITE EXTERNAL HEADWINDS 1 Last 12 months' EBIT in % of last 12 months' average invested capital. Classification: Pandora Internal 2 Derivative financial instruments are measured at fair value. HIGHLIGHTS External headwinds from commodities, foreign exchange and tariffs impacted the EBIT margin by -440bp in Q1 2026. The gross margin was impacted by -370bp A material part of the headwinds is offset by pricing, cost efficiencies etc. and the profitability remains solid The EBIT margin in the quarter is also supported by cost phasing of around 200bp Net working capital increased due to a sizeable uplift in unrealised commodity hedging gains. Excluding hedging, net working capital remained in line with last year Q1 REVENUE PERFORMANCE Flat LFL in Q1 should be seen in the context of a soft consumer backdrop Q1 performance reinforces the need for strategic changes to re-energise growth Network expansion drove 3% organic revenue growth in Q1, and continues to be a margin-accretive revenue stream Foreign exchange represented a 5.4% headwind, equivalent to approximately DKK -0.4 billion in revenue. Primarily driven by a weaker USD 2% ORGANIC GROWTH IN Q1 REVENUE GROWTH, Q1 2026 3% <1% 2% 2% -1% 7,347 0% Revenue Q1 2025 Like-for-like Network expansion Sell-in & other Organic growth, Q1 2026 Forward integration Local currency growth, Q1 2026 Foreign exchange 7,109 5.4% Revenue Q1 2026 ndora Internal Classification: Pa Growth in pp (approximation) DKK million EBIT MARGIN The reported EBIT margin declined 140bp Y/Y in Q1 Commodities, FX and tariffs provided a significant drag of 440bp Strong gross margin performance and efficiencies linked to Silverstone helped partially absorb the external headwinds Cost phasing supported the EBIT margin by around 200bp in Q1 - neutral on the EBIT margin for FY 2026 EBIT MARGIN SUPPORTING FY GUIDANCE EBIT MARGIN, Q1 2026 2.5% 22.3% 0.5% 4.4% 20.9% Q1 2025 EBIT margin Network expansion Net operating leverage & other Commodities, foreign exchange and tariffs Q1 2026, EBIT margin ndora Internal Classification: Pa Margin impact in pp (approximation) n: Pandora Internal Classificatio AGENDA Executive summary Strategic highlights Business update Q1 2026 Q1 2026 financials results 2026 guidance and mid-term outlook Appendix 2026 ORGANIC GROWTH GUIDANCE Organic growth guidance unchanged LFL growth of -3% to 0%, reflecting a soft consumer environment and current momentum The macroeconomic outlook remains highly uncertain. The guidance reflects the elevated uncertainty as well as 2026 being a transition year while course-correcting in selected areas to re-energise growth Network expansion is expected to contribute around 2% to growth and remains financially attractive Foreign exchange is a 1.2% revenue headwind, mainly due to USD depreciation versus DKK ORGANIC GROWTH GUIDANCE OF -1% TO 2% REVENUE GUIDANCE, 2026 -1% to 2% Organic Growth Guidance <0.5% -1% to 2% 32.5 Around 2% 1.2% 32-32.9 2026 guidance -3% to 0% 2025 actual revenue Like-for-like Network expansion Forward integration Local currency growth Foreign exchange 2026 guided revenue ndora Internal Classification: Pa 23 Pandora Q1 2026 | Investor presentation 6 May 2026 Growth in pp (approximation) DKK billion 2026 EBIT MARGIN GUIDANCE EBIT margin guidance unchanged Profitability remains strong despite 200-250bp external headwinds The upside to the initial guidance from additional commodity hedging (silver is 95-100% hedged in 2026 at around USD 32/oz) and 150 days with lower US tariffs is offset by one-off costs related to the platinum-plated transition - no change to overall guidance Net operating leverage flat, reflecting investment behind future growth and annual inflation etc., offset by strong cost discipline, including Silverstone cost savings and pricing Network expansion contributes 30bp, supported by the continued roll-out of highly profitable stores Forward-integration drag eases, adding 30bp as the level of forward integration will be lower in 2026 21-22% EBIT MARGIN IN 2026 EBIT MARGIN GUIDANCE, 2026 23.9% 0.3% 0.3% 0% 0.5-1.0% 200-250bp of external headwinds 0.5% 1.5-2.0% 1.0% 21-22% 2025 actual Temporary Network Net One-off 2026 EBIT margin drag from forward integration, net expansion operating leverage & other transition costs guided EBIT margin 24 Pandora Q1 2026 | Investor presentation 6 May 2026 Growth in pp (approximation) ndora Internal Classification: Pa Tariffs* Foreign exchange Commodities *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) PROTECTING PROFITABILITY LEVELS TRANSITION TO PLATINUM PLATING PROGRESSING WELL Classification: Pa In line with previous communication, Pandora expects to transition around 80% of its total silver revenue to platinum plating by the end of 2028 Half of the relevant silver assortment (the abovementioned 80%) will be transitioned in 2027, the rest in 2028 From 2029 and beyond, Pandora will act on further optimisation of the crafting process for platinum plating and further material innovation By the end of the transition, Pandora expects platinum-plated jewellery to account for around 50% of revenue The transition requires CAPEX of around DKK 600 million, of which around DKK 400 million will be incurred in 2026 25 Pandora Q1 2026 | Investor presentation 6 May 2026 * Other category includes solid gold, multi-metal and two-tone ** Assumes all else equal to 2025 metal mix, illustratative only using the 2025 base ndora Internal Other* Rose & Gold Plated Platinum plated Solid silver TRANSITION TO PLATINUM PLATING (revenue split by metal type) 10% 25% 0% 65% 2025 2027 2028 and beyond** PROTECTING PROFITABILITY LEVELS MID-TERM EBIT MARGIN ABOVE 21% (UNCHANGED) SILVER & TRANSITION TO PLATINUM-PLATED: IMPACT ON THE EBIT MARGIN "At least 14%" EBIT Margin in 2027 (before one-offs) And "Above 21%" Mid-term EBIT Margin On 5 February, Pandora issued a mid-term EBIT margin target of Above 21%. This remain unchanged At commodity spot prices as per February 2026, the gross headwind to the EBIT margin in 2027 was around 11pp - before any mitigation In 2027, transitioning 50% of the relevant assortment to platinum-plated, leads to an EBIT margin of at least 14%, before one-offs. The sensitivity on the 2027 margin to changes in the silver price is around 12bp / 1 USD As the remaining relevant assortment is transitioned, production scale and efficiency ramps up and the one-off transition cost reverse, the EBIT margin will reach above 21% in the mid-term With the transition to platinum-plated jewellery, Pandora will remain a high-margin company - the financial algorithm is fundamentally unchanged The transition leads to a more diversified commodity split and a shift toward more stable, labour-based COGS 21-22% >21% >14% >12% 2026 EBIT margin guidance Gross headwind from silver and gold prices At least 50% transition of relevant assortment from silver to platinum-plated Pro forma EBIT margin 2027 before one-offs Transition cost Pro forma EBIT margin 2027 Transition cost Transition of the remaining relevant assortment Crafting optimization and in-housing, material innovation, etc. Mid-term margin Pandora Internal Classification: 26 Pandora Q1 2026 | Investor presentation 6 May 2026 Based on 30 January 2026 spot prices of silver of USD 82/oz and gold prices of USD 4,730 CLOSING REMARKS In a tough consumer backdrop, Q1 LFL growth was in line with expectations Strategic actions being taken to accelerate growth through design, marketing and market-specific go-to-market models Early positive signs in Latin America & Asia-Pacific Profitability across the group remains strong despite significant external headwinds Getting ready to roll out Pandora's new innovation -platinum-plated jewellery. This will help secure Pandora's business model - high profitability with significant ndora Internal Classification: Pa free cash flow generation 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 then 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. The 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. Classification: Pandora Internal *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. APPENDIX SUSTAINABILITY FY2025 ACCELERATING IMPACT THROUGH STRONG RESULTS ESG RANKINGS DECOUPLING GROWTH FROM EMISSIONS Since 2019, Pandora has grown revenue 49% while reducing total greenhouse gas emissions 17% Revenue growth Emissions reduction 2019 baseline 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. For the fourth consecutive year, Pandora received A score by CDP for the company's 2025 climate disclosure. Only 6 Danish companies are on the A List, meaning we truly stand out. BNP Paribas recognised Pandora as an 'ESG superstar' on a list of just 25 leading companies across sectors. 44% Women in senior leadership positions. 100% dora Internal Renewable electricity across our own operations. 106M DKK donated to UNICEF since 2019. 100% Classification: Pan Recycled silver and gold used in crafting of our jewellery. Pandora received AAA . Pandora received low risk . PANDORA CONSUMER GLOBAL PURCHASE FUNNEL DEVELOPMENT I PANDORA ACROSS AGE GROUPS Base: All women In % XX / XX Significantly higher / lower than Y-1 at a 95% confidence level PANDORA 18-24 YO 25-40 YO 41-64 YO Unaided Brand Awareness Aided Brand Awareness Brand Interest 1 Considered P12M 2 Purchased P12M 3 33 33 35 36 35 39 39 45 33 32 33 36 33 33 35 35 82 83 84 84 83 84 87 86 81 81 82 82 83 84 85 84 53 53 62 65 56 56 49 48 23 26 28 28 31 34 34 37 27 29 34 34 19 21 23 22 14 15 18 18 '22 '23 '24 '25 18 21 21 24 '22 '23 '24 '25 16 18 22 22 '22 '23 '24 '25 11 13 14 13 '22 '23 '24 '25 n= 29,110 n= 28,727 n= 28,769 n= 28,769 n= 3,878 n= 3,828 n= 3,835 n= 3,835 n= 9,960 n= 9,950 n= 9,857 n= 9,833 n= 15,271 n= 14,949 n= 15,077 n= 15,101 Source: Pandora Brand Tracker (Jan-Dec) Global: 8 markets (AU, CA, DE, FR, IT, ES, UK, US) 1 Considered P12M: Women with self-purchase or gifting as the last jewellery experience who considered or bought the brand in the P12M divided by all women 2 Purchased P12M: Women with self-purchase or gifting as the last jewellery experience who purchased the brand in the P12M divided by all women . 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. REVENUE BY SEGMENTS DKK million Q1 2026 Q1 2025 Like-for-like Share of Revenue Core 5,111 5,298 -1% 72% - Moments 4,127 4,376 -3% 58% - Collabs 694 672 7% 10% - ME 290 249 16% 4% Fuel with more 1,998 2,049 1% 28% - Timeless 1,657 1,636 4% 23% - Signature 104 172 -36% 1% - PANDORA ESSENSE 161 151 21% 2% - Pandora Lab-Grown Diamonds 75 90 -15% 1% Total revenue 7,109 7,347 0% 100% REGIONAL REVENUE AND GROWTH OVERVIEW 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 Q3 2026 in the appendix, which is published quarterly. YEAR-TO-DATE REVENUE DEVELOPMENT BY REGION DKK million FY 2026 FY 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 7,109 7,347 0% 2% 100% CONSOLIDATED INCOME STATEMENT DKK million 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 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 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 All markets 2,796 2,811 2,771 -15 25 2,178 -2 65 NUMBER OF OTHER POINTS OF SALE Q1 2026 Other points of sale (retail) 677 710 684 -33 -7 Other points of sale (wholesale) 3,182 3,222 3,049 -40 133 Other points of sale (third-party) 257 255 246 2 11 Other points of sale, total 4,116 4,187 3,979 -71 137 Growth Q1 2026 Q4 2025 Q1 2025 /Q4 2025 Growth Q1 2026 /Q1 2025 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. COMMODITY HEDGING AND COST OF GOODS SOLD BREAK DOWN The table to right illustrates when the hedges are estimated to impact our cost of sales over the next 12 months, as well as the average hedged price per quarter 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 Hedged prices for purchases and expected phasing into cost sales 1 Realised in Hedged Hedged Hedged Hedged USD/OZ Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Silver Estimated net price, cost of sales 2 31.5 ~32 ~31 ~30 ~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 recognized 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 midpoint. Cost of goods sold break down next 12 months exposures. Due to the 5 to 10 months lag between realising hedged purchases to impact on cost of 4% 16% 5% 8% 6% 5% 5% 10% 6% 5% 6% 8% 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. Pandora's metal exposure is mainly towards silver, which constituted approximately 30% of the cost of goods sold in 2025 30% 23% 9% 12% 2022 Other Other raw materials 30% 25% 11% 14% 2023 Gold Silver 30% 23% 10% 16% 2024 Production labour & overheads OEM/ODM 29% 23% 11% 17% 2025 Customs & Freight Classificatio n: Pandora Internal 38 Pandora Q1 2026 | Investor presentation 6 May 2026 INVESTOR RELATIONS CONTACT DETAILS INVESTOR RELATIONS TEAM SHARE INFORMATION PNDORA DK0060252690 25203010 75,000,000 Apparel, Accessories & Luxury Goods 75,000,000 1 100% Andreas Østergaard Kristensen Senior Manager, Investor Relations +45 2544 2429 [email protected] Trading symbol Identification number/ISIN GICS Number of shares Sector Share capital Nominal value, DKK Free float (incl. treasury shares) Adam Fuglsang Director, Investor Relations +45 6167 7425 [email protected] Bilal Aziz SVP, Investor Relations & Treasury +45 3137 9486 [email protected] Victoria Andersen Analyst, Investor Relations +45 5362 9485 [email protected] 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 include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "expect", "estimate", "intend", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words or other words with similar meanings. Forward-looking statements are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the results discussed in such forward-looking statements. Prospective information is based on management's then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Company assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Company's actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and geopolitical uncertainty (including interest rates and exchange rates), financial and regulatory developments, general changes in market trends and end-consumer preferences, demand for the Company's products, competition, the availability and pricing of materials used by the Company, production- and distribution-related issues, IT failures, litigation, pandemics and other unforeseen factors. The nature of the Company's business means that risk factors and uncertainties may arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Company's business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward-looking statements should not be relied on as a prediction of actual results. THANK YOU Attention : This is an excerpt of the original content. To continue reading it, access the original document here .