Q1 2026 Investor presentation

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

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

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

CORE & FUEL WITH MORE

FLAT LFL PERFORMANCE IN Q1

Core

The Charms and Carriers core delivered

-1% LFL growth in Q1

Fuel with more

Classification: Pandora Internal

Q1 delivered 1% LFL growth

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

KEY FINANCIAL HIGHLIGHTS

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

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

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

2026 ORGANIC GROWTH GUIDANCE

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

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

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

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 Interest1

Considered P12M2

Purchased P12M3

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)

1Considered 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

2Purchased 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

1Pandora does not own any of the premises (Land and buildings) where stores are operated. Pandora exclusively operates stores from leased premises.

REVENUE BY SEGMENTS

REGIONAL REVENUE AND GROWTH OVERVIEW

QUARTERLY REVENUE DEVELOPMENT BY REGION

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

CONSOLIDATED INCOME STATEMENT

STORE NETWORK DEVELOPMENT

Growth Q1 2026

Q4 2025 Q1 2025 /Q4 2025

Growth Q1 2026

/Q1 2025

WORKING CAPITAL

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 sales1

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

andk@pandora.net

Adam Fuglsang

Director, Investor Relations

+45 6167 7425

adfug@pandora.net

Bilal Aziz

SVP, Investor Relations & Treasury

+45 3137 9486

biazi@pandora.net

Victoria Andersen

Analyst, Investor Relations

+45 5362 9485

viand@pandora.net

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