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4 NOVEMBER 2026 THIRD QUARTER RESULTS
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AGENDA Executive summary Business update Q3 2026 Q3 2026 financial results 2026 guidance Strategic update Appendix DISCLAIMER This presentation contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarantees of future performance and involve certain risks and uncertainties. Therefore, actual future results and trends may differ materially from what is forecast in this report due to a variety of factors. Please find full disclaimer on slide 48.
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6% organic growth Strong profitability supported by healthy underlying drivers Progressing on initiatives to re-energize growth On track to introduce platinum plating in 2027 THIRD QUARTER RESULTS 6% ORGANIC GROWTH 6% in Q32025 15.9% EBIT MARGIN, +190bp Y/Y, 14.0% in Q32025 83.7% GROSS MARGIN, +440 bp Y/Y, 79.3% in Q32025 4% LFL 2% in Q32025 39% ROIC 43% in Q32025 3 Pandora Q3 2026 | Investor presentation 4 November 2026
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2026 GUIDANCE UPGRADED “Pandora’s growth engine is re-energising. Q3 delivered 4% LFL growth, with positive LFL across all regions, an encouraging step in a challenging consumer environment. More distinctive designs and culturally relevant marketing are driving brand heat. We've narrowed our 2026 guidance towards the upper end of the range and remain confident in our plans moving forward". BERTA DE PABLOS-BARBIER President & CEO of Pandora +2% to +3% Previously 0% to +3% ORGANIC GROWTH 22.5 -23% Previously 22-23% EBIT MARGIN 4 Pandora Q3 2026 | Investor presentation 4 November 2026
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AGENDA Executive summary Business update Q3 2026 Q3 2026 financial results 2026 guidance Strategic update Appendix
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Core Charms and Carriers delivered 1% LFL growth in Q3 Supported by the second drop of the TALISMAN collection and the BLUE OCEAN collection Fuel with more Q3 delivered 9% LFL growth Growth supported by TIMELESS and PANDORA ESSENCE SOLID LFL PERFORMANCE CORE & FUEL WITH MORE 6 Pandora Q3 2026 | Investor presentation 4 November 2026
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P A N D O R A T A L I S M A N B u i l d i n g R e l e v a n c e T h r o u g h I n f l u e n t i a l V o i c e s
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6% LFL Q3 2025 3% LFL Q3 2026 -1% LFL Q3 2025 1% LFL Q3 2026 1% LFL Q3 2025 6% LFL Q3 2026 5% LFL Q3 2025 20% LFL Q3 2026 REGIONAL PERFORMANCE Q3 2026 EUROPE, MIDDLE EAST & AFRICA ASIA - PACIFIC NORTH AMERICA LATIN AMERICA 8 Pandora Q3 2026 | Investor presentation 4 November 2026
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AGENDA Executive summary Business update Q3 2026 Q3 2026 financial results 2026 guidance Strategic update Appendix
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TOPLINE Q3 2026 Q3 2025 Revenue, DKK million 6,694 6,269 Organic growth, % 6% 6% Like-for-like, % 4% 2% 1Last 12 months’ EBIT in % of last 12months’ average invested capital. 2 Derivative financial instruments are measured at fair value. SOLID FINANCIAL PERFORMANCE KEY FINANCIAL HIGHLIGHTS 10 FINANCIAL RATIOS Q3 2026 Q3 2025 Gross margin, % 83.7% 79.3% EBIT margin, % 15.9 % 14.0% NIBD to EBITDA, x 1.6 1.6 Return on invested capital (ROIC), %¹ 39% 43% Cash conversion incl. lease payments, % -52% 25% Net working capital, % of last 12 months revenue 6.5% 7.3% Net working capital excl. derivatives, % of last 12 months revenue² 7.2% 4.9% Capital expenditure, % of revenue 8.0% 8.6% Earnings per share, basic, DKK 6.9 6.3 Pandora Q3 2026 | Investor presentation 4 November 2026 HIGHLIGHTS Solid margins in the quarter One-off income from the partial refund of Pandora’s US tariff claim positively impacted gross margin and EBIT margin by 340bp and 370bp, respectively Underlying margin drivers remain strong and helped offset the 90bp external headwinds on the EBIT margin The favourable cost phasing in H1 2026 is partially reversing in Q3 Net working capital excluding commodity hedging up Y/Y - driven by the planned inventory build, as previously communicated
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6% ORGANIC GROWTH Q3 REVENUE PERFORMANCE REVENUE GROWTH, Q3 2026 Growth in pp (approximation) DKK million Pandora Q3 2026 | Investor presentation 4 November 202611 LFL growth of 4% reflects broad-based growth across regions. Almost half of growth driven by Japan Network expansion contributed 4% to revenue growth in Q3. Remains a margin- accretive growth driver The -2% impact from Sell-in & other reflects lower replenishment from some partners, phasing etc. Foreign exchange represented a 1.2% tailwind, increasing revenue by around DKK 0.1 billion. Mainly due to USD, AUD and MXN appreciation 4% 4% 2% Like- for-like Network expansion Sell-in & other Organic growth, Q3 2026 Forward integration Local currency growth, Q3 2026 Foreign exchange Revenue Q3 2026 6,269 6% 0% 6% 1.2% 6,694 Revenue Q3 2025
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SOLID EBIT MARGIN EBIT MARGIN Margin impact in pp (approximation) EBIT MARGIN, Q3 2026 Pandora Q3 2026 | Investor presentation 4 November 202612 The reported EBIT margin increased 190bp Y/Y in Q3 The EBIT margin benefitted from a 370bp one-off gain from a partial tariff refund Commodities and tariffs continuing to be a drag, with an offset from FX reducing external headwind to 90bp The underlying EBIT margin in Q3 is broadly flat Y/Y The one-off transition cost relates to the platinum-plated transition 0.6% 1.1% 0.9% 3.7% 0.4% Q3 2025 EBIT margin Network expansion Net operating leverage & other Commodities, foreign exchange and tariffs IEEPA tariff refund (One-off) One-off transition costs Q3 2026 EBIT margin 14.0% 15.9%
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AGENDA Executive summary Business update Q3 2026 Q3 2026 financial results 2026 guidance Strategic update Appendix
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REVENUE GUIDANCE, 2026 Growth in pp (approximation) DKK billion ORGANIC GROWTH GUIDANCE UPGRADED TO 2%-3% 2026 ORGANIC GROWTH GUIDANCE Pandora Q3 2026 | Investor presentation 4 November 202614 LFL growth of 0% to 1% (previously -2% to 1%) This leads to the organic growth guidance being upgraded to 2% to 3% (previously 0% to 3%) Network expansion is expected to contribute around 3% (unchanged) to growth and remains financially attractive Foreign exchange is now expected to be net neutral for the year (previously a 0.6% headwind) Outlook remains supported by actions within our control, despite an uncertain consumer environment <0.5% 2% to 3% 0.0% 33.3-33.6 Like- for-like Network expansion Sell-in & other 2026 guidance Forward integration Local currency growth Foreign exchange 2026 guided revenue 32.5 2025 actual revenue Around -1% 2% to 3% Around 3% 0% to 1%
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Growth in pp (approximation) EBIT MARGIN GUIDANCE, 2026 2026 EBIT MARGIN UPGRADED TO 22.5-23% 2026 EBIT MARGIN GUIDANCE Pandora Q3 2026 | Investor presentation 4 November 202615 EBIT margin guidance upgraded to 22.5- 23% (previously 22-23%), partially driven by additional 30bp of tariff refund and lower transition one-offs Underlying profitability remains resilient, with EBIT margin broadly flat Y/Y Profitable network expansion adds 50bp Operating leverage around flat – strategic investments and inflation funded by growth, efficiencies and pricing Platinum-plated transition progressing as planned, with 50bp of one-off transition costs expected (previously 50-100bp) External headwinds increasing slightly to 210bp (previously 190bp), reflecting a drag from commodities and ongoing tariffs 0.3% 0.5% 0.4% 0.5% 1.3% 1.8% 0.7% 1.0% 2025 actual EBIT margin Temporary drag from forward integration, net Network expansion Sell-in & other Net operating leverage & other One-off transition costs IEEPA tariff refund (One-off) Commo- dities Foreign exchange Tariffs 2026 guided EBIT margin 23.9% 22.5-23% 210bp of external headwinds Around flat
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STRATEGIC UPDATE PART I: COMMERCIAL
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Classification: Pandora Internal EVOLVING OUR GROWTH ENGINE FOR THE NEXT PHASE RE-ENERGISING GROWTH DESIGN BRAND MARKETS GROWTH PRIORITIES STRENGTHENING GROWTH DRIVERS NEW DEMAND MODEL • 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 • More distinctive core designs • Scale new underrepresented designs • Desirable creative direction • Tailor growth model by market maturity • High penetration: focus on design and desirability • Lower penetration: focus on reach and customer acquisition 17 Pandora Q3 2026 | Investor presentation 4 November 2026 • Fewer and more distinctive launches • Broaden aesthetics, strengthen product storytelling • Scale the design platforms while reinvigorating the core • Brand and product working as one • Global scale, local relevance • Shift towards earned media • Strengthen relevance through collaborations
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Classification: Pandora Internal Pandora’s vision is to become the world’s most desirable, accessible jewellery brand Globally recognised brand World-class craftmanship at scale Our integrated value chain gives us direct access to millions of consumers Evolve the foundation of the next chapter CLEAR VISION BUILDING FROM STRENGTH RE-ENERGISING GROWTH 18 Pandora Q3 2026 | Investor presentation 4 November 2026
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A BIGGER PANDORA, UNMISTAKABLY 19 Pandora Q3 2026 | Investor presentation 4 November 2026
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Personal expression is something joyful and creative to them Strong appetite for personalised and layered jewellery Inspired by Gen Z, it is not about an age, it is about a state of mind They are always searching for new inspiration to keep exploring and expressing all parts of who they are UNDERSTANDING THE CONSUMER RE-ENERGI SING GROWTH “I don't want to be it all when I'm wearing jewellery. I want to be me” The way you stack it. The meaning you give it. The reason only you know" “Jewellery to me is creativity” “It's a way to express your unique identity” “A ring can remind you of a version of yourself” “I can express myself by wearing a simple jewel, another day by wearing a jewel from my past, and another day an extravagant, exaggerated piece of jewellery” “A charm can carry someone with you.”
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Classification: Pandora Internal Give millions of people more ways to express who they are and what matters to them through beautifully designed, expertly crafted and responsibly made jewellery PANDORA’S ROLE RE-ENERGISING GROWTH 21 Pandora Q3 2026 | Investor presentation 4 November 2026
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Created in culture, worn as identity WE CRAFT MEANINGFUL SYMBOLS OUR PRODUCT TRUTH 23 Pandora Q3 2026 | Investor presentation 4 November 2026
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DESIGN BRAND Create desire through fewer, bigger and more distinctive launches Build cultural relevance and local impact, moving beyond reach alone 24 Pandora Q3 2026 | Investor presentation 4 November 2026 Make discovery more expressive, engaging and inspiring EXPERIENCE OUR NEW DEMAND MODEL RE-ENERGISING GROWTH To Win Market By Market
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BUILDING ENDURING, RENEWABLE DESIGN PLATFORMS A E S T H E T I C P L A T F O RMS The ambition is to build enduring and renewable design platforms as opposed to one-off launches SPARKLING BOLDPLAYFUL DELICATE 25 Pandora Q3 2026 | Investor presentation 4 November 2026 D E S I G N Expanding aesthetic space - launching in 2027 C R E A T I V E P A R T N E R S & C O L L A B O R A T I O N S
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Classification: Pandora Internal EARLY EVIDENCE OF DESIGN DRIVING DEMAND DESIGN 26 Pandora Q3 2026 | Investor presentation 4 November 2026 PLAYFUL BOLDSPARKLING Q3 2026 TALISMAN 30% LFL* Q3 2026 BLUE OCEAN 20% LFL* Q2 2026 GARDEN OF DREAMS 35% LFL* **The LFL examples presented reflects collection-specific periods during 2026 and capture newness during each collection’s launch cycle.
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CREATE RELEVANCE FOR MORE PEOPLE TO SEE PANDORA 27 Brand broadcast Reach only One global expression Pandora Q3 2026 | Investor presentation 4 November 2026 B R A N D BRING COLLECTIONS TO LIFE CREATE EXCITEMENT GLOBAL REACH, LOCAL IMPACT FROM TO
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FROM CONNECTION TO IMMERSIVE INSPIRATION We will elevate how Pandora shows up in consumers’ lives The stores will be more expressive, warm and engaging We will move from product presentation to inspiring discovery, styling and self expression E X P E R I E N C E
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STRATEGIC UPDATE PART II: DIVERSIFYING OUR METAL MIX
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CONSUMER RESPONSE CONFIRMS THE VALUE PROPOSITION D I V E R S I F Y I N G O U R M E T A L M I X 30 Pandora Q3 2026 | Investor presentation 4 November 2026 “That they keep that long-lasting brilliance, so whatever I do with it still stays shiny and just like new” “It feels more premium for a similar price, making it a valuable addition to the range” “The employee's clear and knowledgeable explanation helped me understand the benefits of platinum-plated jewellery”
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EXPANDING OUR CRAFTING CAPABILITIES Introducing platinum plating as a new crafting capability New materials can expand our design possibilities D I V E R S I F Y I N G O U R M E T A L M I X 31 Pandora Q3 2026 | Investor presentation 4 November 2026
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T O D A T E 2027 2028 2029 and beyond MATERIAL RESEARCH In-depth consumer research Testing product and production possibilities Netherlands consumer pilot completed SCALING PLATINUM -PLATED JEWELLERY Global launch of platinum plated Offering consumers greater choice ADVANCING CRAFTING TECHNIQUES Leveraging our innovation lab and crafting expertise Oct 2026 Broad-based launch of extended pilot PLATINUM -PLATED TRANSITION ROADMAP Pandora Q3 2026 | Investor presentation 4 November 202632 D I V E R S I F Y I N G O U R M E T A L M I X
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2026 EBIT margin guidance 2026 one-offs External headwinds Transition of assortment Strategic investments Transition cost 2027 EBIT margin Transition cost, reversed 22.5-23% 15.5-16.5% 14-15% >23.0% Transition of remaining assortment & crafting optimisation Mid-term EBIT margin 2027 EBIT margin, excluding one-offs Strategic investment leverage and other Commodities (Silver USD 50/oz, Gold 4,000/oz, Platinum 1,500/oz) RE - E S T A B L I S H I N G O U R F I N A N C I A L A L G O R I T H M 2027 & MID -TERM EBIT MARGIN A HIGHER STARTING POINT IN 2027 The 2027 P&L is now 90-100% hedged at around USD 62/oz (silver), compared with USD 82/oz previously assumed. Together with the initial transition to platinum and a step-up in investments in consumer experience to re- energize growth, this gives a 2027 EBIT margin of 15.5-16.5% excl. one-offs, up from “at least 14%” previously communicated. A SMOOTHER PLATINUM TRANSITION In 2027, we initiate the transition of the relevant silver assortment. Lower silver prices allows a more measured use of external capacity and thereby a smoother ramp-up while in-house plating capacity is built. This lowers one-off costs and gives a 14-15% reported EBIT margin in 2027, up from “at least 12%” previously communicated. BACK ABOVE 23% IN THE MID-TERM The transition of the relevant silver assortment accelerates in 2028 and will be completed in 2029, largely produced in-house. Crafting optimisation and material innovation then follows in subsequent years. Together with leverage etc., this takes the EBIT margin to at least 23% (previously “at least 21%”), with a structurally lower exposure to metal prices. Pandora Q3 2026 | Investor presentation 4 November 202633
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BANGKOK AAA Capacity: 45M pieces LAMPHUN Capacity: 45M pieces BANGKOK BB Capacity: 20M pieces VIETNAM Capacity: 60M pieces SCALING CAPACITY FOR MULTI-MATERIAL JEWELLERY World’s largest fine jewellery crafting facility opened in Vietnam on 1 October Supports future growth and the expansion of the multi-material jewellery portfolio 170 M Annual jewellery crafting capacity D I V E R S I F Y I N G O U R M E T A L M I X
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35 Pandora Q3 2026 | Investor presentation 4 November 2026 CLOSING REMARKS Despite a challenging consumer environment, Q3 delivered solid growth with contributions across all regions The new strategic direction to re-energize growth will be scaled up after positive signs on initial efforts Pandora will become the first jewellery brand to introduce platinum-plated jewellery at scale, starting in 2027 Return to strong financial algorithm: organic growth, high EBIT margins and strong free cash flow generation
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*This was 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 has previously announced that a material part of the jewellery will be converted from crafting in silver to platinum-plated during the next few years. This will offset a material part of the commodity headwind and thereby support the financial algorithm. A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES EQUITY STORY 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. A STRONG BRAND IN AN ATTRACTIVE CATEGORY AN ASSET -LIGHT, FULLY INTEGRATED BUSINESS MODEL UNIQUE GROWTH OPPORTUNITIES A RESILIENT BUSINESS COMMITTED TO SUSTAINABILITY FINANCIAL AMBITION* 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. growth opportunities within our existing business model across various geographies, jewellery categories and designs. There are numerous untapped Sustainability is an integral part The essence of our growth strategy is for Pandora to become the most desirable, accessible jewellery brand and leverage our existing infrastructure. of our business, and we are progressing towards some of the most ambitious sustainability targets in the industry, spearheading the use of recycled silver, gold and lab-grown diamonds. 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. Pandora Q3 2026 | Investor presentation 4 November 202636
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QUESTION AND ANSWERS
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APPENDIX
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100% Renewable electricity across our own operations. 100% Recycled silver and gold used in crafting of our jewellery. 44% Women in senior leadership positions. 106M DKK donated to UNICEF since 2019. ACCELERATING IMPACT THROUGH STRONG RESULTS • 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. • BNP Paribas recognised Pandora as an 'ESG superstar' on a list of just 25 leading companies across sectors. RANKINGS AND RATINGS • For the fourth consecutive year, Pandora received A score by CDP for the company’s 2025 climate disclosure. • Pandora also achieved an A score in CDP’s annual Supplier Engagement Assessment for the fourth consecutive year. SUSTAINABILITY PERFORMANCE FY2025 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 received AAA. • For the third year in a row, TIME Magazine has ranked Pandora on its annual list of the World’s Most Sustainable Companies. • Our rank as #14 across sectors is unique for a consumer brand. Among Danish companies, we are #1. Pandora Q3 2026 | Investor presentation 4 November 202639
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PANDORA CONSUMER GLOBAL PURCHASE FUNNEL DEVELOPMENT I PANDORA ACROSS AGE GROUPS Base: All women: n= ~32,000 yearly 18-24 YO: n= ~4,300 yearly, 25-40 YO: n= ~11,000, 41-64 YO: n= ~16,900 yearly In % 35 39 39 45 48 83 84 87 87 88 62 65 66 31 34 34 37 36 18 21 21 24 22 33 32 33 36 39 81 81 82 82 85 56 56 57 27 29 34 34 32 16 18 22 22 21 32 33 35 35 35 83 84 85 84 86 49 48 49 19 21 23 22 23 11 13 14 13 14 PANDORA 18-24 YO 25-40 YO 41-64 YO XX/XX Significantly higher / lower than Y-1 at a 95% confidence level Source: Pandora Brand Tracker (Jan-Dec) Global: 8 markets (AU, CA, DE, FR, IT, ES, UK, US) Unaided Brand Awareness Aided Brand Awareness Brand Interest1 Active Consideration2 Purchased P12M3 1Brand Interest: Respondents aware of Pandora who indicate they are interested in and would consider the brand. 2Active Consideration: Women with self-purchase or gifting as the last jewellery experience who considered or bought the brand in the P12M divided by all women 3Purchased P12M: Women with self-purchase or gifting as the last jewellery experience who purchased the brand in the P12M divided by all women . ‘22 ‘23 ‘24 ‘25 ’26 YTD ‘22 ‘23 ‘24 ‘25 ’26 YTD ‘22 ‘23 ‘24 ‘25 ’26 YTD 33 33 35 36 39 82 83 84 84 86 53 53 54 23 26 28 28 28 14 16 18 18 17 ‘22 ‘23 ‘24 ‘25 ’26 YTD Pandora Q3 2026 | Investor presentation 4 November 202640
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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. DKK million Q3 2026 Q3 2025 Organic growth Share of revenue Pandora operated¹ retail 5,808 5,353 7% 87% - of which concept stores 4,140 3,803 8% 62% - of which online stores 1,150 1,121 1% 17% - of which other points of sale 518 429 20% 8% Wholesale 698 731 -6% 10% - of which concept stores 159 232 -33% 2% - of which other points of sale 538 499 7% 8% Third-party distribution 189 185 2% 3% Total revenue 6,694 6,269 6% 100% Pandora Q3 2026 | Investor presentation 4 November 202641
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REGIONAL REVENUE AND GROWTH OVERVIEW QUARTERLY REVENUE DEVELOPMENT BY REGION YEAR -TO-DATE REVENUE DEVELOPMENT BY REGION DKK million Q3 2026 Q3 2025 Like-for- like Organic growth Share of revenue EMEA 3,273 3,150 1% 4% 49% North America 2,283 2,158 3% 4% 34% Latin America 503 453 6% 3% 8% Asia-Pacific 636 507 20% 22% 9% Total revenue 6,694 6,269 4% 6% 100% DKK million 9M 2026 9M 2025 Like-for- like Organic growth Share of revenue EMEA 10,226 10,236 -1% 1% 49% North America 7,407 7,503 0% 2% 35% Latin America 1,524 1,322 10% 12% 7% Asia-Pacific 1,865 1,630 14% 14% 9% Total revenue 21,022 20,691 1% 3% 100% Pandora Q3 2026 | Investor presentation 4 November 202642
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DKK million Q3 2026 Q3 2025 FY 2025 Revenue 6,694 6,269 32,549 Cost of sales -1,089 -1,300 -6,802 Gross profit 5,605 4,970 25,747 Sales, distribution and marketing expenses -3,855 -3,494 -15,469 Administrative expenses -686 -596 -2,495 Operating profit 1,064 880 7,783 Finance income 34 42 279 Finance costs -408 -274 -1,149 Profit before tax 691 647 6,913 Income tax expense -174 -159 -1,671 Net profit for the period 517 489 5,241 Earnings per share, basic, DKK 6.9 6.3 68.1 Earnings per share, diluted, DKK 6.9 6.3 67.9 CONSOLIDATED INCOME STATEMENT Pandora Q3 2026 | Investor presentation 4 November 202643
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Total concept stores O&O concept stores Number of concept stores Q3 2026 Number of concept stores Q2 2026 Number of concept stores Q3 2025 Change Q3 2026/Q2 2026 Change Q3 2026/Q3 2025 Number of concept stores O&O Q3 2026 Change O&O stores Q3 2026/Q2 2026 Change O&O stores Q3 2026/Q3 2025 EMEA 1,436 1,418 1,377 18 59 1,180 19 56 North America 671 657 634 14 37 600 14 41 Latin America 280 291 289 -11 -9 203 - 5 Asia-Pacific 435 445 499 -10 -64 260 -3 -46 All markets 2,822 2,811 2,799 11 23 2,243 30 56 ¹All markets with 10 or more concept stores can be found in the Excel appendix uploaded on www.pandoragroup.com. NUMBER OF OTHER POINTS OF SALE Q3 2026 Q2 2026 Q3 2025 Change Q3 2026/Q2 2026 Change Q3 2026/Q3 2025 Other points of sale (retail) 685 675 700 10 -15 Other points of sale (wholesale) 3,286 3,296 3,172 -10 114 Other points of sale (third-party) 265 260 260 5 5 Other points of sale, total 4,236 4,231 4,132 5 104 STORE NETWORK DEVELOPMENT Pandora Q3 2026 | Investor presentation 4 November 202644
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Share of preceding 12 months' revenue Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Inventories 22.0% 17.8% 16.4% 15.0% 16.4% Trade receivables 2.0% 2.2% 2.5% 3.6% 2.1% Trade payables -13.5% -14.0% -13.2% -14.2% -10.9% Other net working capital elements -4.0% -3.8% 0.8% -0.3% -0.3% Total 6.5% 2.2% 6.5% 4.1% 7.3% Total, excluding unrealised derivatives¹ 7.2% 3.1% 3.5% -1.1% 4.9% ¹ Derivative financial instruments are measured at fair value. See note 11 - Commodity hedging and derivatives. WORKING CAPITAL Pandora Q3 2026 | Investor presentation 4 November 202645
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Classification: Pandora Internal 46 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 Q3 2026, Pandora had hedged approximately 70% of expected silver exposures, 70% of gold exposures, and 75% of platinum exposures for the next 12 months of purchases. Due to the 5 to 10 months lag between realising hedged purchases to impact on cost of sales, the hedge ratio is effectively 100% of the 2026 exposure in cost of sales from silver, gold, and platinum price movements. Furthermore, the hedge ratio for 2027 is expected to be 90-100% of cost of sales at 62 USD/oz for silver, at 4,356 USD/oz for gold, and at 1,838 USD/oz for platinum. Pandora’s metal exposure has historically mainly been towards silver, which constituted approximately 30% of the cost of goods sold in 2025 Hedged prices for purchases and expected phasing into cost of sales1 12% 14% 16% 17% 9% 11% 10% 11% 23% 25% 23% 23% 30% 30% 30% 29% 8% 16% 8% 10% 5%4% 2022 6% 5% 2023 6% 5% 2024 5% 6% 2025 Other Other raw materials Gold Silver Production labour & overheads OEM/ODM Customs & Freight Cost of goods sold break down USD/OZ Realised in Q3 2026 Hedged Q4 2026 Hedged Q1 2027 Hedged Q2 2027 Hedged Q3 2027 Silver Estimated net price, cost of sales 32 ~37 ~50 ~64 ~67 Hedged price, purchases 66 66 68 67 63 Gold Estimated net price, cost of sales 3,254 ~3,719 ~4,084 ~4,356 ~4,471 Hedged price, purchases 4,390 4,504 4,619 4,458 4,488 Platinum Estimated net price, cost of sales - - ~1,820 ~1,827 ~1,826 Hedged price, purchases - 1,856 1,856 1,814 1,780 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. 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. Platinum was hedged for the first time in Q3 2026. Pandora Q3 2026 | Investor presentation 4 November 2026
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Victoria Andersen Analyst, Investor Relations +45 5362 9485 viand@pandora.net Bilal Aziz SVP, Investor Relations & Treasury +45 31379486 biazi@pandora.net Trading symbol PNDORA Identification number/ISIN DK0060252690 GICS 25203010 Number of shares 75,000,000 Sector Apparel, Accessories & Luxury Goods Share capital 75,000,000 Nominal value, DKK 1 Free float (incl. treasury shares) 100% INVESTOR RELATIONS TEAM SHARE INFORMATION Andreas Østergaard Senior Manager, Investor Relations +45 2544 2429 andk@pandora.net INVESTOR RELATIONS CONTACT DETAILS Pandora Q3 2026 | Investor presentation 4 November 202647
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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. DISCLAIMER Pandora Q3 2026 | Investor presentation 4 November 202648
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THANK YOU