Interim report
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INTERIM FINANCIAL REPORT Q3 2026 4 NOVEMBER 2026 • COMPANY ANNOUNCEMENT 1019 CVR NO. 28505116 • HAVNEHOLMEN 17-19 , 1561 COPENHAGEN V , DENMARK • WWW.PAN DORAGROUP.COM
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CONTENTS HIGHLIGHTS 3 EQUITY STORY 4 EXECUTIVE SUMMARY 5 FINANCIAL HIGHLIGHTS BUSINESS UPDATE 6 BUSINESS UPDATE 12 REVENUE REVIEW 16 PROFITABILITY 19 CASH FLOW & BALANCE SHEET 20 FINANCIAL GUIDANCE 23 CAPITAL STRUCTURE POLICY AND CASH DISTRIBUTION 24 SUSTAINABILITY 25 OTHER EVENTS 27 CONTACT FINANCIAL STATEMENTS 28 FINANCIAL STATEMENTS 32 ACCOUNTING NOTES 42 DISCLAIMER 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 CONTENT
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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, 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. * T h i s w a s b a s e d o n a s i l v e r p r i c e o f a p p r o x i m a t e l y U S D 2 4 / o z a t t h e C a p i t a l M a r k e t s D a y i n 2 0 2 3 . S i l v e r p r i c e s h a v e i n c r e a s e d 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 EQUITY STORY PAGE 3 OF 42
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EXECUTIVE SUMMARY PANDORA DELIVERS 6% ORGANIC GROWTH IN Q3 - GUIDANCE NARROWED TOWARDS UPPER END Q3 2026 highlights • In Q3, Pandora delivered LFL growt h of 4% and network expansion and other of 2%, resulting in 6% organic growth. • LFL growth in North America accelerated to 3% and EMEA improved to 1%. Asia-Pacific continued to grow strongly at 20% LFL whilst Latin America delivered 6%. • LFL growth in the Core improved slightly to 1% LFL whilst Fuel with More accelerated to 9%. • The Q3 gross margin ended at 83.7%. One-off income from a partial refund of Pandora’s US IEEPA tariff claim positively impacted the gross margin by 340bp. Excluding this, the gross margin remained above 80%, up 100bp Y/Y supported by, among others, efficiencies and promotional discipline. • The Q3 EBIT margin landed at 15.9%, +190bp Y/Y, benefitting 370bp from above mentioned one-off tariff impact. The underlying EBIT margin was broadly flat Y/Y. Strategic highlights • Pandora is sharpening its strategy for the next phase of growth . As previously communicated, t he new strategic direction includes a greater focus on design as a key driver of desirability, evolving the marketing model with stronger local relevance and a notable elevation of the consumer experience. • In 2027, Pandora will scale up the new design strategy with a more desirable and distinctive product portfolio, broadening the designs and aesthetics consumers associate with Pandora. During Q3, Pandora saw initial proof points; the expanded Talisman collection continued to resonate well with consumers. • With its new marketing model, Pandora is redefining how it sustainably creates desire, cultural relevance and local impact. Pandora has launched two new creative platforms; Pandora Wonders and Pandora Voices. The platforms have demonstrated how culturally relevant activations can attract new consumers, providing a framework for future activations. • Pandora will be taking steps in evolving its consumer experience with the stores becoming more expressive, warm, and engaging, using storytelling around our collections to spark discovery. • The pilot test of platinum-plated jewellery, initiated in the Netherlands in July, delivered encouraging results. The test has now been expanded to a broader range of markets, including the US, UK, and Australia, and Pandora is on track to initiate the transition in 2027. 2026 Guidance & current trading, 2027 EBIT margin target • The guidance for 2026 is narrowed towards the upper end of the previous ranges to 2-3% organic growth (previously 0-3%) and an EBIT margin of 22.5-23% (previously 22-23%). • LFL growth in October was 1%. This was negatively impacted by lower promotional activity. Underlying trends remain healthy at around 3% LFL growth. • The EBIT margin target for 2027 is updated to 14-15% including one-offs and 15.5-16.5% excluding one-offs (previously above 12% and above 14%, respectively). Berta de Pablos-Barbier, President and CEO of Pandora, says: “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". DKK million Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 FY 2026 guidance Revenue 6,694 6,269 21,022 20,691 32,549 Organic growth, % 6 % 6 % 3 % 7 % 6 % 2% to 3% Like-for-Like, % 4 % 2 % 1 % 3 % 2 % Operating profit (EBIT) 1,064 880 4,015 3,808 7,783 EBIT margin, % 15.9 % 14.0 % 19.1 % 18.4 % 23.9 % 22.5-23% 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 EXECUTIVE SUMMARY PAGE 4 OF 42
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FINANCIAL HIGHLIGHTS DKK million Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 FINANCIAL HIGHLIGHTS Revenue 6,694 6,269 21,022 20,691 32,549 Organic growth, % 6 % 6 % 3 % 7 % 6 % Like-for-Like, % 4 % 2 % 1 % 3 % 2 % Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,823 1,524 6,102 5,699 10,316 Operating profit (EBIT) 1,064 880 4,015 3,808 7,783 EBIT margin, % 15.9 % 14.0 % 19.1 % 18.4 % 23.9 % Net financials -374 -232 -889 -694 -870 Net profit for the period 517 489 2,333 2,393 5,241 FINANCIAL RATIOS Revenue growth, DKK, % 7 % 3 % 2 % 5 % 3 % Revenue growth, local currency, % 6 % 7 % 3 % 8 % 6 % Gross margin, % 83.7 % 79.3 % 81.2 % 79.7 % 79.1 % EBITDA margin, % 27.2 % 24.3 % 29.0 % 27.5 % 31.7 % EBIT margin, % 15.9 % 14.0 % 19.1 % 18.4 % 23.9 % Effective tax rate, % 25.2 % 24.5 % 25.4 % 23.1 % 24.2 % Equity ratio, % 16 % 10 % 16 % 10 % 18 % NIBD to EBITDA, x 1.6 1.6 1.6 1.6 1.3 Return on invested capital (ROIC), %¹ 39 % 43 % 39 % 43 % 41 % Cash conversion incl. lease payments, % -52 % 25 % 8 % 10 % 65 % Net working capital, % of last 12 months' revenue 6.5 % 7.3 % 6.5 % 7.3 % 4.1 % Net working capital excl. derivatives, % of last 12 months' revenue² 7.2 % 4.9 % 7.2 % 4.9 % -1.1 % Capital expenditure, % of revenue 8.0 % 8.6 % 6.8 % 7.5 % 6.0 % STOCK RATIOS Total payout ratio (incl. share buyback), % 0 % 320 % 71 % 210 % 114 % Dividend per share, proposed, DKK - - - - 22 Dividend per share, paid, DKK - - 22 20 20 Earnings per share, basic, DKK 6.9 6.3 31.2 30.9 68.1 Earnings per share, diluted, DKK 6.9 6.3 31.2 30.8 67.9 CONSOLIDATED BALANCE SHEET Total assets 31,158 28,436 31,158 28,436 29,603 Invested capital 21,744 20,078 21,744 20,078 19,001 Net working capital 2,134 2,396 2,134 2,396 1,336 Net working capital excl. derivatives² 2,355 1,596 2,355 1,596 -352 Net interest-bearing debt (NIBD) 16,806 17,153 16,806 17,153 13,719 Equity 4,938 2,921 4,938 2,921 5,282 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows from operating activities 57 960 1,929 2,059 7,361 Capital expenditure, total 534 538 1,433 1,547 1,943 Capital expenditure, property, plant and equipment 434 390 1,138 1,163 1,483 Free cash flows incl. lease payments -557 218 332 391 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL HIGHLIGHTS PAGE 5 OF 42
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BUSINESS UPDATE BUILDING THE FOUNDATION FOR THE NEXT PHASE OF GROWTH In connection with the Q4 2025 results, Pandora confirmed its vision to become the most desirable, accessible jewellery brand, supported by significant long-term growth opportunities across categories, aesthetics and geographies. To fully capture these opportunities and prepare for the next phase of growth, Pandora identified a set of clear, actionable insights which defined new strategic priorities. Together, these priorities will collectively look to drive Pandora's role which is to " Give millions of people more ways to express who they are and what matters to them through beautifully designed, expertly crafted and responsibly sourced jewellery." Q3 ORGANIC GROWTH AT 6%, CONTINUED STRONG PROFITABILITY In Q3 2026, Pandora delivered 6% organic growth with an EBIT margin of 15.9%. Organic growth of 6% was driven by LFL growth of 4% and network expansion & other of 2%. The EBIT margin of 15.9%, up 190bp Y/Y, was supported by a gross margin of 83.7%, up 440bp Y/Y. Similar to Q2, the gross and EBIT margins benefitted from a one-off impact of 340bp and 370bp respectively, reflecting additional one-off income related to Pandora’s US IEEPA tariff claim. During the quarter, and as also witnessed in H1 2026 , Pandora took the opportunity to strengthen its brand equity through a broad-based reduction in promotional activity. The decision to reduce promotional activity has been enabled by the activation of other demand generators such as more distinctive products , greater cultural relevance and stronger consumer experience in stores. All regions delivered positive LFL growth in Q3 2026. LFL in EMEA landed at 1% where growth in Spain, Poland and Portugal continued and was supported by sequential improvement in the UK, Italy and Germany. LFL in North America accelerated to 3% in Q3 2026 with an improvement in the US driven by brand-specific initiatives. Finally, LFL in Asia-Pacific and Latin America was 20% and 6%, respectively. In Asia-Pacific, growth continued to benefit from very strong momentum in Japan , where the country in isolation contributed nearly half of the total Group LFL growth. Elsewhere in Asia-Pacific, several other markets also delivered positive growth. In Latin America, performance continued to benefit from the strategic actions implemented earlier in the year, including the new go-to-market model, although Mexico was impacted by a planned promotional detox. As expected, and in-line with prior communication, Pandora's inventory position ended at 22.0% of revenue, up from 16.4% last year. The increase reflects 1) higher commodity prices; 2) temporary higher inventory during the platinum plating transition; and 3) higher units to support product availability. By channel, the Pandora-operated physical network saw 4% LFL growth, while online grew 1% LFL in Q3 2026. Online performance continues to be impacted by the promotional discipline. STRATEGIC UPDATE Pandora operates in a large, growing and highly fragmented accessible jewellery market. Within this, branded jewellery continues to take share from unbranded and consumer needs in jewellery increasingly moving towards using jewellery as a form of self-expression. Pandora is distinctively positioned to meet this need through jewellery rich in symbolism and personal meaning through symbols shaped by culture and made personal by the wearer. Consumers increasingly look for design, trust and emotional connection reinforcing the opportunity for brands that can make self-expression desirable, authentic, and accessible. Pandora has a distinctive proposition at the intersection of these needs: beautifully designed, expertly crafted jewellery that makes self-expression accessible to millions. 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. The company operates in the branded jewellery space and sees significant runway for growth ahead across both design aesthetics and geographies. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 BUSINESS UPDATE PAGE 6 OF 42
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Pandora's goal is simple: to build a bigger Pandora, whilst remaining unmistakably Pandora. The strategic direction centres on making Pandora the brand of choice when consumers want to express who they are - building greater desirability and bringing Pandora to more lives. Whilst millions of consumers today are aware of Pandora, they continue to associate the brand with a relatively narrow part of the jewellery market. Listening deeply to consumers, Pandora sees a big opportunity to give consumers more reasons to choose Pandora. To translate this goal into growth, Pandora's new strategic priorities centre around a new demand model with three mutually reinforcing engines: design, marketing and experience. Pandora is strengthening design-led product leadership to drive scalable growth, including re-energising core collections through more distinctive designs and clearer creative direction. In marketing, Pandora is evolving its reach-driven model with greater focus on brand relevance and locally relevant activations. Pandora is also enhancing the consumer experience offline and online, creating more expressive, warm and engaging environments that bring its jewellery, design universe and storytelling to life. Collectively, these strategic priorities will increase desirability and deepen consumer engagement and thereby attract more consumers to the brand. At the same time, these priorities will support a more tailored go-to-market approach depending on market maturity. Execution on these strategic priorities has already started this year but will be scaled up further in 2027 and in the years to come. Whilst Pandora remains mindful of the elevated macroeconomic and geopolitical uncertainty, Pandora has noted that the more distinctive designs, culturally relevant activations and targeted market initiatives are providing early evidence that the strategic priorities outlined earlier in the year are moving the business in the right direction and helping to build the foundation for the next phase of growth. DESIGN-LED PRODUCT LEADERSHIP: BUILDING ENDURING AND RENEWABLE DESIGN PLATFORMS Pandora's new demand model places design at the heart of driving consumer demand. In doing so, Pandora is strengthening how design-led product leadership builds desirability. The ambition is to build a more desirable and distinctive jewellery portfolio, giving existing consumers more reasons to buy and new consumers more reasons to choose Pandora. Historically, Pandora's creative newness efforts have been concentrated in narrow aesthetic spaces, over-indexing on Playful jewellery where repetition has been favoured over genuine distinctive product excitement. Pandora's new design strategy is centred on introducing increasingly distinctive and contemporary designs within Pandora's strongest aesthetic spaces, while scaling up the impact of new designs in underrepresented aesthetics where consumer interest and growth opportunities remain significant. Following extensive research which explored jewellery preferences, aesthetics, categories and brands Pandora has identified four aesthetic spaces where it sees to the greatest opportunity: Playful, Sparkling, Bold and Delicate . The c onsumer research and insights continue to point towards opportunities to strengthen distinctiveness and broaden the designs across these aesthetics in the long-term. The ambition is to build enduring and renewable design platforms rather than a series of one-off launches. When an aesthetic resonates with consumers, Pandora will continue to refresh and evolve it through distinctive newness, creating ongoing reasons for consumers to engage with the brand. Incremental introductions in current aesthetics or expansions into new aesthetics will be fully supported by locally relevant marketing and in-store experience, and scaled up accordingly. The strategy has already started to be implemented during 2026, with more distinctive newness being introduced across multiple aesthetic spaces. Talisman is an early example of Pandora's ambition to build enduring and renewable design platforms, with the collection originally launched in Q3 2025 and then expanded in Q3 2026 through a broader range of zodiac-inspired designs across new jewellery categories, including rings. Alongside the summer themed curated collection , featuring Blue Ocean and Essence, the approach demonstrates how stronger curation and design renewal can create relevance across categories and inspire consumers to engage with Pandora in new ways. Overall, new designs in Q3 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 BUSINESS UPDATE PAGE 7 OF 42
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contributed to improved momentum in Fuel with more where LFL growth accelerated further to 9%. In the Core segment, LFL growth improved to 1% with performance supported by the above-mentioned launch of Talisman and collaborations. During 2027, Pandora will broaden and embed this approach more consistently across the portfolio. Playful, the largest and most recognisable aesthetic space, will be activated more consistently throughout the year, while Pandora will also enter the Delicate aesthetic for the first time during 2027. BUILDING DESIRE THROUGH REACH, RELEVANCE AND LOCAL IMPACT A new marketing strategy forms another core aspect of the new demand model. As outlined previously, Pandora is evolving its marketing model by complementing its reach-driven approach with greater focus on cultural relevance and earned media impact. Building reach remains a core priority, particularly in lower-penetration markets. As markets mature and penetration increases, incremental growth increasingly depends on design-led storytelling, locally relevant marketing and engagement-driven channels. The shift is moving from broad brand communication to collection-led storytelling; from reach alone to reach combined with cultural relevance and from one global expression to stronger local resonance. Accordingly, Pandora continues to rebalance marketing investments towards channels that more effectively amplify cultural relevance while continuing to deploy high-impact and efficient video campaigns to build emotional resonance at scale. During Q3, Pandora launched Pandora Wonders, the multi-year initiative celebrating iconic jewellery materials through craftsmanship, design and collaboration. Following its launch during Paris Haute Couture Week in July 2026, the platform generated additional brand buzz during the quarter and further expanded Pandora’s presence across influential cultural and social channels. The initial response has been encouraging and supports Pandora’s confidence that distinctive design, craftsmanship and culturally relevant storytelling can strengthen brand relevance and consumer engagement over time. Building on this momentum, Pandora launched Pandora Voices with Dame Pat McGrath in October 2026, bringing beauty and jewellery together through a collection celebrating colour, creativity and self- expression. The platform reflects Pandora’s ambition to partner with influential creative voices whose work resonates across culture. Activations around Vogue World further amplified the launch, generating additional brand visibility and consumer engagement. Together, Pandora Wonders and Pandora Voices demonstrate how culturally relevant collaborations can create new reasons for consumers to engage with the brand while expanding Pandora's presence across influential cultural platforms. Pandora will look to build on both platforms into the future to consistently drive brand buzz. During Q3 2026, the summer themed curated collection continued to demonstrate how product newness and marketing increasingly work together. Supported by locally relevant activations across multiple markets, the collection generated strong consumer engagement. Elsewhere, Pandora activated the Talisman platform through events in Los Angeles and London, creating locally relevant consumer moments around one of the brand's most distinctive design platforms. QUARTERLY REVENUE BY SEGMENT DKK million Q3 2026 Q3 2025 Like-for-Like Share of revenue Core 4,985 4,789 1 % 74 % Fuel with more 1,709 1,480 9 % 26 % Total revenue 6,694 6,269 4 % 100 % YEAR-TO-DATE REVENUE BY SEGMENT 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 BUSINESS UPDATE PAGE 8 OF 42
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DKK million 9M 2026 9M 2025 Like-for-Like Share of revenue Core 15,458 15,401 0 % 74 % Fuel with more 5,563 5,290 5 % 26 % Total revenue 21,022 20,691 1 % 100 % CONSUMER EXPERIENCE: EVOLVING THE STORES TO BE MORE EXPRESSIVE, WARM AND ENGAGING Complementing Pandora's strengthened focus on design and brand relevance, consumer experience represents the third engine of the new demand model, helping translate desirability and relevance into deeper consumer engagement. Whilst the previous store experience has been successful in executing transactions across Charms & Carriers, navigation through the stores has limited discovery of the full jewellery assortment. Pandora sees a need for a step change to showcase its design aesthetics more coherently. Improved navigation, curated product presentation and an experience-led environment will make the store easier to explore and encourage greater self-discovery. Initial elements of this approach are already being tested in selected markets. In Italy, Pandora's new go- to-market pilot combines curated product assortments and styling-led content with an elevated store experience. At the same time, the recently opened flagship stores in Milan and Barcelona are serving as early examples of Pandora's evolving approach to consumer experience, demonstrating how curated merchandising, elevated storytelling and local relevance can come together to create a more inspiring and engaging consumer experience. STRATEGY LEADS TO A GROWTH ENGINE CALIBRATED BY MARKET Pandora's new demand model spanning across design, marketing and consumer experience will be used to calibrate its growth en gines tailoring execution a ccording to market maturity and penetration levels. This means that Pandora will be scaling proven growth drivers in less penetrated markets while adopting a more locally relevant and differentiated approach in more mature markets. During 2026, Pandora has taken initial steps to implement this differentiated approach. The larger product, marketing and operating model initiatives will be rolled out gradually, and their contribution to growth is expected to build over the coming years. In Italy, Pandora continued the pilot testing of a refreshed go-to-market approach for markets with high maturity and penetration levels . The pilot includes reallocating marketing investment from traditional video towards social media, influencers and locally relevant activations, supported by curated product offerings, an elevated store experience and styling-led content in 41 pilot stores. While still at an early stage, Pandora has seen some encouraging initial signs in the pilot stores, supporting plans to expand elements of the pilot more broadly across Italy and other markets. Pandora continues to focus on expanding reach, building brand awareness and driving customer acquisition in less penetrated markets. Asia-Pacific remains one of Pandora's strongest-performing regions and a significant long-term growth opportunity. During Q3, Pandora officially opened its regional headquarters in Singapore, bringing the organisation closer to consumers and markets and strengthening branding, marketing, operational and market-development capabilities across the region. Japan continues to provide encouraging evidence of this approach. Through a combination of increased reach, local relevance and disciplined execution, Pandora has built brand penetration and consumer engagement, supporting strong growth in the market. Pandora expects to build on this market-by-market approach, calibrating execution according to market maturity, through 2027 and beyond. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 BUSINESS UPDATE PAGE 9 OF 42
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EXPANDING CRAFTING CAPACITY, DIVERSIFYING MATERIALS AND THE CRAFTING FOOTPRINT On 1 October, Pandora opened its new crafting facility in Ho Chi Minh City, Vietnam. The facility represents an important milestone in the expansion of Pandora’s manufacturing network and supports the company’s long-term growth ambitions. With capacity to produce up to 60 million jewellery pieces annually, the facility increases Pandora’s overall manufacturing capacity by approximately 50% and strengthens the scalability of its vertically integrated business model. The Vietnam facility is Pandora’s first production site outside Thailand and forms an important part of the company’s efforts to further strengthen the resilience and flexibility of its manufacturing footprint. Together with Pandora’s existing crafting operations in Thailand, the facility supports future growth across markets and categories while playing a key role in Pandora's transition towards a broader multi- material jewellery offering, including the planned scaling of platinum-plated jewellery. As previously communicated, Pandora is expanding its capabilities in new materials and craftsmanship to support product innovation, strengthen desirability and reduce long-term commodity exposure. Following the DKK 0.6 billion CAPEX invested over 2026-2027 to add platinum plating capacity in Thailand and Vietnam, Pandora will have total production capacity of 170 million pieces annually. This capacity will be highly flexible across platinum & gold plated, solid silver & gold and other materials. A MULTI-MATERIAL JEWELLERY BRAND: LAUNCHING PLATINUM-PLATED JEWELLERY IN 2027 Pandora is continuing its evolution into a multi-material jewellery brand, complementing its silver heritage with a new platinum-plated offering built on Pandora’s signature metal alloy. The transition of a part of the jewellery collections is designed to protect Pandora’s brand DNA of hand-crafted, accessible jewellery whilst structurally reducing exposure to elevated silver prices over time. The transition also builds on one of Pandora’s core strengths: its ability to innovate and industrialise new crafting processes at scale while maintaining quality, accessibility and operational efficiency. After nearly a year of working with platinum plating, Pandora is already unlocking its potential as a new material; the specific physical properties of platinum-plated jewellery are now allowing for a wider creation of products which would have been difficult to achieve with the usage of silver. This includes designs which are more delicate and functional such as Pandora's new sparkling mesh chain. During July 2026, Pandora successfully completed an initial pilot test of a limited range of platinum- plated jewellery across stores and online in the Netherlands. Early consumer reception has been encouraging and in line with expectations. Pandora is now progressing with further in-market testing of a limited range across a number of larger markets, including the US and UK, in Q4. With the encouraging consumer response, Pandora is now ready to initiate the conversion of a material part of the silver portfolio as per the timeline below: • 2027: Pandora initiates transition of a portion of the relevant silver assortment to platinum-plated • 2028: Pandora accelerates the transition of the relevant assortment to platinum-plated. Production carried out largely in-house • 2029 and beyond: Final transition and further optimisation of crafting processes and further material innovation to support margins Pandora will initiate the transition of the relevant silver assortment in 2027. The number of designs transitioned in 2027 is lower than initially planned. This is due to Pandora taking advantage of the recent decline in silver prices and hedging 90-100% of the 2027 silver exposure at more favourable prices than would have been the case in February 2026. This allows Pandora to optimise the transition pace, and thereby cost, by rebalancing how it uses its external supply network and capability. The more measured approach in 2027 allows Pandora to drive the transition closer in line with its own build up of platinum plating capacity over the next couple of years. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 BUSINESS UPDATE PAGE 10 OF 42
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Pandora has previously communicated 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. This was based on a silver spot price of USD 82/oz. Pandora’s 2027 P&L is now 90-100% hedged on silver at a price of around USD 62/oz . Based on the latest assumptions, Pandora expects the EBIT margin to be "14-15%" in 2027 and " 15.5-16.5%" when excluding one-off costs related to the transition. Please refer to the bridge below. The EBIT margin expectations for 2027 account for Pandora scaling up investments (OPEX) to elevate the consumer experience both in the stores and online. In the stores, investments include the flagship fleet, continued roll-out of digital windows, visual merchandising, displays etc. One-off costs related to the transition to platinum are expected to be slightly lower than previously communicated. Following the transition of the relevant silver assortment to platinum plating completed over the next couple of years alongside further optimization of crafting methods in the years thereafter, Pandora expects to achieve an "EBIT margin of >23%" in the mid-term (vs ">21%" previously communicated). This means that the business model and the strong financial algorithm remain intact. The expected total one-off CAPEX of DKK 0.6 billion related to the platinum-plating capacity build-up remains unchanged. Pandora now expect around DKK 0.3 billion to be incurred in 2026 (previously DKK 0.4 billion). 2027 & MID-TERM EBIT MARGIN COMPOSITION Margin impact in pp (approximation) 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 BUSINESS UPDATE PAGE 11 OF 42
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REVENUE REVIEW 6% ORGANIC GROWTH IN Q3 2026 In Q3 2026, Pandora delivered 6% organic growth, driven by 4% LFL growth and a 4% contribution from network expansion, partly offset by a 2% drag from sell-in and other (mainly reflecting lower replenishment from partners). Revenue amounted to DKK 6.7 billion. LFL growth in the Core segment was 1%, driven by the second successful renewal of the Talisman collection, which delivered growth on top of last year's launch, as well as strong traction in collaborations. Fuel with more accelerated further to 9% LFL growth. Timeless sustained the high growth level from Q2, while LFL growth in ESSENCE accelerated. Pandora continues to capture white space opportunities globally, with network expansion contributing 4% to revenue growth in the quarter. During the past 12 months, Pandora has added a net 23 concept stores (including net 68 closures in China) and closed a net 15 Pandora-operated shop-in-shops (including net 47 closures in Brazil and China). Pandora did not acquire any stores from partners in the past 12 months. Foreign exchange rates represented a 1.2% tailwind in the quarter equivalent to DKK 0.1 billion revenue. The tailwind was mainly driven by the appreciation of USD, AUD and MXN, partly offset by the depreciation of TRY. Q3 2026 GROWTH COMPOSITION VS. Q3 2025 Growth in pp (approximation), revenue in DKK million 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 REVENUE REVIEW PAGE 12 OF 42
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REVIEW OF REVENUE BY REGION ENCOURAGING PROOF POINTS ACROSS REGIONS Organic growth of 6% in Q3 2026 was driven by LFL growth of 4% and network expansion of 4%, while sell-in and other was a drag of 2%. All four regions delivered positive LFL growth in the quarter. Performance was supported by continued strength in Fuel with more, while the Core returned to growth. New product designs resonated well with consumers across several collections, including Talisman, ESSENCE and selected Moments launches, supported by consumer activations and a more culturally relevant marketing approach. While the quarter included some benefit from the phasing of End of Season Sale activity into July, this was more than offset by planned promotional detox initiatives in selected markets. EMEA In Q3 2026, EMEA saw LFL growth of 1%, up from -2% in Q2. Spain and Poland remained key growth drivers, with Portugal also contributing, and growth was broad-based across many of Pandora's smaller markets. Among the larger markets, the UK, Italy and Germany improved sequentially. Pandora's evolving marketing model, built around cultural relevance and earned media, came to life across the region in Q3. In London, a local brand activation celebrated the second Talisman drop, while Pandora featured at two of the season's standout cultural moments. Owen Thiele and Pamela Anderson wore Pandora at the Venice Film Festival, and Ciara and Maisie Williams wore it at Vogue World in Milan. Together, these moments brought Pandora into the cultural conversation and generated buzz around the brand. In Italy, LFL improved despite lower promotional activity. The pilot initiatives continued to progress, with marketing investment shifted towards social media, influencers and local activations. Pandora also broadened product curation, including lab-grown diamonds and pearls, while continuing to enhance product presentation and inspiration, including at the Milan flagship. NORTH AMERICA North America returned to growth in Q3 2026 with LFL of 3%, driven by a sequential improvement in the US. The growth was driven by better in-store execution and continued strength online, while traffic remained subdued amid low consumer sentiment and heightened macroeconomic uncertainty. Amongst the initiatives in Q3, Pandora continued to build cultural relevance in the region, supported by product newness and targeted brand activations. The second Talisman renewal was supported by a local brand activation in Los Angeles, which helped create buzz around the launch and complemented the continued focus on product newness, brand visibility and execution in the region. LATIN AMERICA Latin America delivered LFL growth of 6% in Q3 2026. Performance continued to be supported by the revised go-to-market model, including the broad-based price repositioning, which is also allowing the region to rely less on promotions. In Colombia, one year on from the price repositioning, growth remained strong, providing further evidence that desirability and affordability together can drive sustained growth. Growth was partly offset by Mexico, where the planned promotional detox weighed on performance. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 REVENUE REVIEW PAGE 13 OF 42
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ASIA-PACIFIC Asia-Pacific delivered strong LFL growth of 20% in Q3 2026. Japan remained the key driver with triple- digit LFL growth, where Pandora's approach of adapting global brand assets to local culture continues to resonate with younger consumers and support brand desirability. Japan in isolation contributed nearly half of the total Group LFL in Q3 2026. As previously communicated, growth in Japan is expected to moderate as Pandora laps very strong growth from last year. Elsewhere in Asia, Pandora is applying elements of the model used in Japan, with encouraging early results in markets such as Singapore, which has returned to LFL growth this year. Finally, growth in Australia was slightly negative, weighed down by the weaker macroeconomic environment. QUARTERLY 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 revenue¹ 6,694 6,269 4 % 6 % 100 % YEAR-TO-DATE REVENUE DEVELOPMENT BY REGION 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 revenue¹ 21,022 20,691 1 % 3 % 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 REVENUE REVIEW PAGE 14 OF 42
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REVIEW OF NETWORK DEVELOPMENT NETWORK DEVELOPMENT REMAINS ON TRACK Pandora continued to expand and optimise its network during Q3 2026, adding a net 11 concept stores and a net 10 Pandora-operated shop-in-shops. Activity remained in line with plans and reflected the expected phasing of openings and closures during the year. Over the past 12 months, Pandora has added a net 23 concept stores globally, despite a net 68 closures in China, while closing a net 15 Pandora-operated shop-in-shops, including net 47 closures across Brazil and China. Concept store openings continued to be broad-based across North America and EMEA. Network expansion contributed 4% to organic growth in the quarter. Forward integration did not contribute to growth, as Pandora has not acquired any stores from partners during the past 12 months. Pandora continues to view network expansion as a low risk driver of profitable growth, accretive to both margins and returns. Pandora maintains the FY 2026 target of 50-75 net concept store openings, including approximately 25 closures in China, and expects to close net 25-50 Pandora operated shop-in- shops, including around 50 closures across Brazil and China. Overall, network expansion is expected to contribute around 3% to FY 2026 organic growth. STORE NETWORK Change Change Q3 2026 Q3 2026 N u m b e r o f p o i n t s o f s a l e ¹ Q3 2026 Q2 2026 Q3 2025 /Q2 2026 /Q3 2025 Concept stores 2,822 2,811 2,799 11 23 - of which Pandora operated² 2,243 2,213 2,187 30 56 - of which franchise operated 219 239 272 -20 -53 - of which third-party distribution 360 359 340 1 20 Other points of sale 4,236 4,231 4,132 5 104 - of which Pandora operated² 685 675 700 10 -15 - of which franchise operated 3,286 3,296 3,172 -10 114 - of which third-party distribution 265 260 260 5 5 Total points of sale 7,058 7,042 6,931 16 127 ¹ Please refer to note 10 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 REVENUE REVIEW PAGE 15 OF 42
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PROFITABILITY EBIT MARGIN In Q3 2026, the reported EBIT margin increased 190bp Y/Y to 15.9% (Q3 2025: 14.0%). The increase was driven by a one-off gain of 370bp from the partial refund of Pandora's claim on US IEEPA tariffs previously paid. Excluding one-offs and external headwinds, the EBIT margin was 50bp below last year, broadly flat Y/Y. This was mainly due to the expected reversal of the favourable cost phasing seen in H1 2026, which held back operating leverage in the quarter despite the acceleration to 4% LFL growth. The margin-accretive network expansion continued to support the margin. The one-off gain more than offset external headwinds of 90bp from commodities, foreign exchange and the tariffs which remain in place, as well as one-off transition costs (platinum) of 40bp. Specifically, commodities were a headwind of 150bp and continuing US import tariffs a further 50bp, partially offset by a 110bp foreign exchange tailwind, as the weakening of the USD last year flowed through production costs. The temporary impact from forward integration contributed an 80bp tailwind in the quarter (included in “Net operating leverage & other” in the bridge below). This represents a reversal of last year’s drag, and is in line with the guidance of a slight tailwind for the full year. Q3 2026 EBIT MARGIN VS. Q3 2025 Margin impact in pp (approximation) 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 PROFITABILITY PAGE 16 OF 42
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GROSS MARGIN The gross margin in Q3 2026 was 83.7%, 440bp above last year. The increase was mainly driven by a one-off gain of 340bp relating to a partial refund of IEEPA tariffs previously paid. Excluding this one-off gain, the gross margin would have been 80.3%, 100bp above last ye ar, as lower promotional activity, operational efficiencies and favourable channel mix more than offset external headwinds of 100bp from commodities, foreign exchange and continuing tariffs. The gross margin was also slightly supported by a duty drawback refund from prior years. The lower promotional activity reflects a deliberate decision to reduce the promotional level, while efficiencies were driven by improvements at our crafting facilities and through the Silverstone cost programme. Channel mix benefited from the continued expansion of the Pandora-operated network. Foreign exchange was a tailwind of 110bp in the quarter, mainly driven by the US dollar and, to a lesser extent, the Thai baht. This was more than offset by commodities, which added 150bp of pressure. Tariffs weighed a further 60bp on margins, with the impact moderating as we start to lap the tariffs that mostly came into effect in Q3 2025. In Q3 2026, Fuel with more delivered a gross margin of 87.1% (Q3 2025 82.6%) and 82.6% ( Q3 2025 78.2%) for the Core. GROSS MARGIN AND GROSS PROFIT Growth in Growth in DKK million Q3 2026 Q3 2025 constant FX 9M 2026 9M 2025 constant FX Revenue 6,694 6,269 6 % 21,022 20,691 3 % Cost of sales -1,089 -1,300 -12 % -3,957 -4,204 -2 % Gross profit 5,605 4,970 10 % 17,065 16,487 5 % Gross margin % 83.7 % 79.3 % 3.4 % 81.2 % 79.7 % 1.0 % OPERATING EXPENSES In Q3 2026, operating expenses increased by 10% in constant exchange rates compared to Q3 last year, corresponding to 67.8% of revenue (Q3 2025: 65.2%). As previously communicated, the favourable Y/Y cost phasing seen in the first half of 2026 is reversing in the second half. The cost phasing will be neutral for the full year 2026. Year to date, operating expenses increased 4% in constant exchange rates compared to last year. Sales and distribution expenses increased by 11%, reflecting the continued expansion of the Pandora operated store network, the reversal of cost phasing as well as higher annual bonus accruals. Compared to Q3 2025, Pandora added a net 41 stores to its own network, which alone added around DKK 100 million to sales and distribution expenses. The net impact from network expansion is skewed by a high number of closures, mainly in China and Brazil in the past 12 months, which generated materially lower revenue and were EBIT-dilutive . Overall network 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 increased by 3% in constant exchange rates, ending at 14.9% as a share of revenue (Q3 2025: 15.2%). For the full year, the share of revenue is expected to be slightly lower than 2025. Administrative expenses increased by 15% Y/Y, ending at 10.3% as a share of revenue (Q3 2025: 9.5%), mainly reflecting the reversal of cost phasing from H1, but also higher annual bonus accruals and one-off costs related to changes in the executive leadership team . On a year to date basis, administrative expenses are roughly flat as a percentage of revenue Y/Y. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 PROFITABILITY PAGE 17 OF 42
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QUARTERLY OPERATING EXPENSES Growth in Share of revenue Share of revenue DKK million Q3 2026 Q3 2025 constant FX Q3 2026 Q3 2025 Sales and distribution expenses -2,857 -2,538 11 % 42.7 % 40.5 % Marketing expenses -998 -956 3 % 14.9 % 15.2 % Administrative expenses -686 -596 15 % 10.3 % 9.5 % Total operating expenses -4,541 -4,090 10 % 67.8 % 65.2 % YEAR-TO-DATE OPERATING EXPENSES Growth in Share of revenue Share of revenue DKK million 9M 2026 9M 2025 constant FX 9M 2026 9M 2025 Sales and distribution expenses -8,287 -7,780 8 % 39.4 % 37.6 % Marketing expenses -2,904 -3,051 -4 % 13.8 % 14.7 % Administrative expenses -1,859 -1,848 1 % 8.8 % 8.9 % Total operating expenses -13,050 -12,679 4 % 62.1 % 61.3 % FINANCIAL EXPENSES AND TAX Net financials amounted to a cost of DKK 374 million in Q3 2026, compared to DKK 232 million last year. The increase was mainly driven by a DKK 57 million financial expense related to the sale of the IEEPA tariff refund claim (please refer to the "Other events" section), as well as adverse impacts from foreign exchange and commodity hedging. The effective tax rate in Q3 2026 came in at 25.2%, up 70bp compared to last year. This year, we are expecting the full-year tax rate to be around 25% (unchanged). EPS ended at DKK 6.9 in Q3 2026, a 10% increase from DKK 6.3 in Q3 2025. Excluding the one-off gain related to the partial IEEPA tariff refund, and the associated financial expense and tax, EPS would be DKK 5.0, down 20% compared to last year. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 PROFITABILITY PAGE 18 OF 42
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CASH FLOW & BALANCE SHEET DISCIPLINED CAPITAL MANAGEMENT Net working capital was 6.5% of revenue in Q3 2026, compared to 7.3% in Q3 2025. T he Y/Y reduction reflects the unwind of significant unrealised gains on commodity hedging derivatives recorded last year, while lower metal prices during Q3 2026 resulted in an unrealised loss on current hedging positions. Excluding derivative effects in both periods, net working capital increased to 7.2%, against 4.9% last year, mainly reflecting higher inventories, partly offset by higher trade payables. Inventories ended at 22.0% of revenue, up from 16.4% last year. The increase was in line with expectations and prior communication, which flagged that the higher inventory build up this year is related to: 1) higher commodity prices; 2) temporary higher inventory during the platinum plating transition; and 3) increased number of units to support product availability. As mentioned previously, for FY 2026, Pandora expects inventory levels to be notably higher Y/Y driven by the above-mentioned factors. 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 2.0% of revenue, in line with 2.1% last year. Trade payables increased to 13.5% of revenue from 10.9% last year, mainly reflecting higher spot commodity prices. Cash conversion was -52%, down from 25% in Q3 2025. The decline was primarily driven by the higher inventories as explained above. CAPEX amounted to DKK 0.5 billion in Q3, representing 8% of revenue. The investments primarily reflect store expansion and refurbishment as well as digital initiatives, including the ERP rollout. ROIC was 39%, compared to 43% last year, mainly reflecting higher invested capital, including higher inventories and foundational investments in store refits, crafting capacity and the ERP transformation. 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 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. BALANCE SHEET Non-current assets increased by DKK 1.7 billion Y/Y to DKK 21.3 billion at the end of Q3 2026. The increase was mainly driven by network expansion, which increased right-of-use assets, and by CAPEX related to the store network and digital initiatives. Current assets were DKK 9.9 billion, up DKK 1.0 billion compared with last year. This mainly reflects inventory that was DKK 1.9 billion higher on the back of higher commodity prices, partly offset by a DKK 0.9 billion decline in derivatives, as the fair value of commodity hedging contracts moved from an unrealised gain last year to an unrealised loss this year. At the end of Q3 2026, net interest-bearing debt amounted to DKK 16.8 billion, compared with DKK 17.2 billion in Q3 2025, with leverage at 1.6x. Equity amounted to DKK 4.9 billion at the end of Q3 2026, up DKK 2.0 billion from DKK 2.9 billion last year. This mainly reflects retained earnings, as no share buybacks have been carried out in 2026. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 CASH FLOW AND BALANCE SHEET PAGE 19 OF 42
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FINANCIAL GUIDANCE ORGANIC GROWTH AND EBIT MARGIN GUIDANCE NARROWED TOWARDS UPPER END Pandora now expects organic revenue growth of 2-3% in 2026 (previously 0-3%) and an EBIT margin in the 22.5-23% range (previously 22-23%). The macroeconomic outlook and broader consumer environment remain uncertain, and geopolitical developments continue to add volatility . Against this backdrop, Pandora is continuing the step-change in execution initiated earlier this year. Execution is progressing with more decisive actions, including a renewed direction in design, marketing and consumer experience. The refreshed strategic direction is intended to support stronger like-for-like performance over time. 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 2% and 3%. This reflects LFL growth of 0% to 1% (previously -2% to 1%), around 3% contribution from network expansion (unchanged), partially offset by a drag of around 1% from sell-in and other (unchanged). In total, revenue growth in local currency, including forward integration, is expected to be in the 2% to 3% range. Foreign exchange is now neutral for the year (previously a headwind of 0.6%). 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL GUIDANCE PAGE 20 OF 42
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PROFITABILITY GUIDANCE The EBIT margin guidance can be illustrated as follows: FY 2026 EBIT MARGIN VS. FY 2025 Growth in pp (approximation) Pandora now expects an EBIT margin of 22.5-23% in 2026 (previously 22-23%). The upgrade primarily reflects a slightly higher one-off gain from the refund of IEEPA tariffs previously paid, which is expected to contribute 130bp to the EBIT margin in 2026 (versus 100bp previously). The guidance continues to reflect a year of material external headwinds and continued investment behind strategic priorities. The EBIT margin decline vs. 2025 is driven by external headwinds of 210bp (previously 190bp). Excluding these headwinds and the one-off gain, the margin would have been roughly flat. As Pandora continues the expansion of its profitable store network, a 50bp (unchanged) positive impact on the EBIT margin is expected in 2026, reflecting the increased contribution from network expansion to organic growth of 3% (unchanged). 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. This is partially offset by a 40bp (unchanged) drag from sell-in and other, reflecting the expected 1% drag on organic growth. Net operating leverage & other is expected to be around flat (unchanged). 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. The transition to platinum-plated jewellery is progressing, and 50bp (previously 50-100bp) of one-off transition costs are expected to occur in 2026. The one-off gain related to the refund of US IEEPA tariffs previously paid is expected to contribute around 130bp to the EBIT margin in 2026, of which DKK 180 million was recognised in Q2 2026 and DKK 246 million in Q3 2026. The associated finance cost is reflected in the guidance for net financial expenses. For further information, see “Other events”. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL GUIDANCE PAGE 21 OF 42
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External headwinds amount to 210bp (previously 190bp), driven by a combination of higher commodity prices (primarily silver) and the continuation of US import tariffs. In 2026, Pandora’s P&L is hedged on silver at an average price of around USD 34/oz . Reflecting slightly higher volume forecasts, silver hedge contracts were consumed faster than expected and a small portion of raw materials therefore had to be purchased at market prices, resulting in a slight increase in the Y/Y headwind from silver and gold to 180bp (previously 150bp). Foreign exchange represents a 70bp (previously 60bp) 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 expected to represent a 100bp (unchanged) impact on the EBIT margin. In line with the announcement from the US Administration in July, the guidance now assumes a tariff rate of 12.5% on imports from Thailand going forward. The financial impact in 2026 is limited as the majority of goods to be sold in 2026 have already been imported, meaning that the lower tariff rates largely affect 2027 onwards. As anticipated, some of the favourable cost phasing from the first half of 2026 reversed in Q3. The remaining phasing benefit is expected to reverse in Q4, leaving cost phasing neutral for the full year. 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 drive around DKK 0.3 billion (previously DKK 0.4 billion) 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 1,200-1,250 million (previously DKK 1,100-1,150 million) with the increase driven by foreign exchange and hedging losses. The guidance consists of around DKK 950 million interest on debt, IFRS 16-related interest and fees, around DKK 110 million of finance costs related to the sale of the US IEEPA tariff refund claims, and a net DKK 150-200 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 42. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL GUIDANCE PAGE 22 OF 42
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FOREIGN EXCHANGE AND COMMODITY ASSUMPTIONS AND IMPLICATIONS – AS OF 28 OCTOBER 2026 Average 2025 Average 2026 2026 Y/Y Financial impact USD/DKK 6.62 6.51 THB/DKK 0.20 0.20 GBP/DKK 8.71 8.72 AUD/DKK 4.26 4.58 MXN/DKK 0.34 0.37 CAD/DKK 4.73 4.68 TRY/DKK 0.17 0.14 CNY/DKK 0.92 0.96 Silver/USD (per ounce) 27.7 34.0 Gold/USD (per ounce) 2,378 3,218 Revenue (DKK million) approx. 0 EBIT (DKK million) approx. -350 EBIT margin (foreign exchange) approx. 0.7 % EBIT margin (commodities) approx. -1.8 % 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 progressed. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL GUIDANCE PAGE 23 OF 42
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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 opened its new crafting facility in Vietnam, using 100% renewable electricity and 100% recycled silver and gold. The building has been designed to meet LEED Gold standards, supporting our ambition to combine future growth with high environmental performance. Pandora has been recognised by the Fortune Change the World list for creating positive social and environmental impact through its core business. Fortune list Pandora’s transition to 100% recycled silver and gold, as well as 5C introduction, which shows consumers the carbon footprint of Pandora’s lab-grown diamonds. In Q3 2026, we continued to execute against our three strategic sustainability priorities. • Low-carbon business: Pandora has increased revenue by 49% since 2019 while reducing total emissions by 17% across Scopes 1, 2 and 3 (2025 results). • Circular innovation: Pandora's jewellery is made with 100% recycled silver and gold. As we gradually introduce platinum-plated jewellery, we are working with our suppliers to ensure we will also source 100% recycled platinum. • Inclusive, diverse and fair culture: Women represented 44% of senior leadership positions (VP+) by FY 2025. 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 and Pandora’s corporate website. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 SUSTAINABILITY PAGE 24 OF 42
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OTHER EVENTS US IEEPA tariff refund claim In May 2026, Pandora entered into a financing arrangement with a third party under which the economic interest and risk exposure related to the US IEEPA tariff refund claims were transferred in exchange for a total consideration of USD 55 million (DKK 351 million), representing 77% of the nominal claim value of USD 72 million. Accordingly, a financial liability was recognised corresponding to the consideration received. The liability will be settled as refunds are received from the US Customs and Border Protection (CBP) and transferred to the third party. In accordance with IFRS, the difference between the consideration received and the nominal claim value is recognised as a finance cost over the period in which the related refunds are recognised. The above resulted in an initial one-off income related to IEEPA tariffs recognised during Q3 2026 amounting to USD 38 million (USD 66 million including Q2 2026). Changes to the Executive Leadership Team In October 2026, Stephen Fairchild, Chief Strategic Creative & Cultural Officer and member of the Executive Leadership Team, decided to leave Pandora to pursue new opportunities after almost 16 years with the company. Stephen joined Pandora in 2011 and played a key role in the company's transformation from a charm- focused jewellery manufacturer into the world's largest jewellery brand. His responsibilities have been distributed among the remaining members of the Executive Leadership Team, which now consists of eight members. FINANCIAL CALENDAR 2026-2027 The expected dates for Pandora A/S’ upcoming financial reporting and Annual General Meeting are as follows: 11 February 2027 Interim Report Q4 2026 and Annual Report 2026 11 February 2027 Remuneration Report 2026 17 March 2027 Annual General Meeting 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 OTHER EVENTS PAGE 25 OF 42
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2026 YTD DEVELOPMENT REVENUE Total revenue increased by 3% in local currency to DKK 21,022 million in the first nine months of 2026 compared to 2025. Organic growth was 3%. Revenue from Pandora’s Core segment grew by 2% in local currency to DKK 15,458 million in the first nine months of 2026 from DKK 15,401 million in 2025. The segment “Fuel with more” saw revenue growth of 7% in local currency, driven by strong performance across most collections. GROSS PROFIT AND COSTS Gross profit was DKK 17,065 million in the first nine months of 2026 (DKK 16,487 million in 2025), resulting in a gross margin of 81.2% in 2026 vs. 79.7% in 2025. The Core segment generated a gross margin of 79.8% (2025: 78.6%), while Fuel with more generated a gross margin of 84.9% (2025: 83.0%). The gross margin is inflated by the IEEPA tariff refund received in Q2 and Q3, and otherwise supported by favourable channel mix and operational efficiencies, which is being offset by the increase in commodity prices. Sales and distribution expenses increased to DKK 8,287 million in the first nine months of 2026 (DKK 7,780 million in 2025), corresponding to 39.4% of revenue in 2026 (37.6% in 2025). The increase is mainly the result of the profitable expansion of the Pandora owned physical store network. Marketing expenses were DKK 2,904 million in the first nine months of 2026 (DKK 3,051 million in 2025), resulting in a share of revenue of 13.8% in 2026, below the 14.7% last year due to a different phasing this year. Administrative expenses ended at DKK 1,859 million in the first nine months of 2026 compared with DKK 1,848 million in 2025, corresponding to 8.8% of revenue in 2026, a touch lower than the 8.9% last year. EBIT EBIT for the first nine months of 2026 was DKK 4,015 million, resulting in an EBIT margin of 19.1% vs. 18.4% in 2025. The increase is driven by gains from one-offs and phasing of costs. NET FINANCIALS Net financials amounted to a cost of DKK 889 million in the first nine months of 2026 vs. a cost of DKK 694 million in 2025. The increase reflects the financing arrangement entered into in relation to Pandora’s US IEEPA tariff refund claims, and losses on hedging, which was a gain last year. INCOME TAX EXPENSES Income tax expenses were DKK 793 million in the first nine months of 2026 compared with DKK 721 million in 2025, implying an effective tax rate for the Group of 25.4% in 2026, up from 23.1% in 2025 , driven by a one-off benefit in the first half of 2025 due to the retroactive effect for 2022-2024 of a bilateral advance pricing arrangement signed by the Danish Tax Authorities and the Australian taxation office. NET PROFIT Net profit in the first half of 2026 was DKK 2,333 million vs. DKK 2,393 million in 2025. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 OTHER EVENTS PAGE 26 OF 42
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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 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/interim-financial-report-q3-2026 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 Corporate Communications BILAL AZIZ MADS TWOMEY-MADSEN SVP, Investor Relations & Treasury SVP, Corporate Communications & Sustainability '+45 3137 9486 '+45 2510 0403 biazi@pandora.net madt@pandora.net ANDREAS ØSTERGAARD JOHAN MELCHIOR Senior Manager, Investor Relations VP, Media Relations & Public Affairs '+45 2544 2429 '+45 4060 1415 andk@pandora.net jome@pandora.net 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 CONTACT PAGE 27 OF 42
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FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT DKK million Notes Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 Revenue 3 6,694 6,269 21,022 20,691 32,549 Cost of sales -1,089 -1,300 -3,957 -4,204 -6,802 Gross profit 5,605 4,970 17,065 16,487 25,747 Sales, distribution and marketing expenses -3,855 -3,494 -11,191 -10,831 -15,469 Administrative expenses -686 -596 -1,859 -1,848 -2,495 Operating profit 1,064 880 4,015 3,808 7,783 Finance income 34 42 123 157 279 Finance costs -408 -274 -1,012 -851 -1,149 Profit before tax 691 647 3,126 3,114 6,913 Income tax expense -174 -159 -793 -721 -1,671 Net profit for the period 517 489 2,333 2,393 5,241 Earnings per share, basic, DKK 6.9 6.3 31.2 30.9 68.1 Earnings per share, diluted, DKK 6.9 6.3 31.2 30.8 67.9 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME DKK million Notes Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 Net profit for the period 517 489 2,333 2,393 5,241 Other comprehensive income: Items that may be reclassified to profit/loss for the period Exchange rate adjustments of investments in subsidiaries 33 -15 265 -747 -710 Fair value adjustments of hedging instruments 86 398 -1,712 861 1,424 Tax on other comprehensive income, hedging instruments, income/expense -20 -83 375 -180 -308 Items that may be reclassified to profit/loss for the period, net of tax 99 300 -1,072 -66 406 Items not to be reclassified to profit/loss for the period Actuarial gain/loss on defined benefit plans, net of tax - - 31 -21 -23 Items not to be reclassified to profit/loss for the period, net of tax - - 31 -21 -23 Other comprehensive income, net of tax 99 300 -1,041 -88 383 Total comprehensive income for the period 616 789 1,292 2,306 5,624 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL STATEMENTS PAGE 28 OF 42
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CONSOLIDATED BALANCE SHEET DKK million Notes 2026 30 September 2025 30 September 2025 31 December ASSETS Goodwill 6 5,140 5,014 5,020 Brand 1,057 1,057 1,057 Distribution 1,034 1,034 1,034 Other intangible assets 1,354 1,223 1,252 Total intangible assets 8,585 8,328 8,364 Property, plant and equipment 4,298 3,754 3,817 Right-of-use assets 7 6,070 5,368 5,335 Deferred tax assets 1,970 1,806 1,566 Other financial assets 334 301 296 Total non-current assets 21,257 19,557 19,377 Inventories 7,228 5,369 4,883 Trade receivables 5 670 695 1,163 Contract assets 62 65 72 Derivative financial instruments 4, 11 6 922 1,709 Income tax receivable 100 163 158 Other receivables 940 899 936 Cash 897 765 1,305 Total current assets 9,902 8,879 10,226 Total assets 31,158 28,436 29,603 Share capital 75 79 79 Treasury shares -193 -3,329 -4,236 Reserves 187 792 1,263 Proposed dividend - - 1,641 Retained earnings 4,869 5,379 6,535 Total equity 4,938 2,921 5,282 Provisions 521 545 558 Loans and borrowings 4, 7 14,063 11,948 11,922 Deferred tax liabilities 76 254 462 Other payables 128 156 128 Total non-current liabilities 14,787 12,903 13,069 Provisions 33 27 33 Refund liability 572 540 793 Contract liabilities 243 223 271 Loans and borrowings 4,7 3,640 5,971 3,102 Derivative financial instruments 4, 11 295 122 35 Trade payables 8 4,438 3,555 4,623 Income tax payable 953 1,049 685 Other payables 1,259 1,126 1,710 Total current liabilities 11,433 12,612 11,252 Total liabilities 26,220 25,515 24,321 Total equity and liabilities 31,158 28,436 29,603 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL STATEMENTS PAGE 29 OF 42
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY DKK million Share capital Treasury shares Translation reserve Hedging reserve Dividend proposed Retained earnings Total equity 2026 Equity at 1 January 79 -4,236 145 1,118 1,641 6,535 5,282 Net profit for the period - - - - - 2,333 2,333 Other comprehensive income, net of tax - - 260 -1,335 - 34 -1,041 Total comprehensive income for the period - - 260 -1,335 - 2,368 1,292 Share-based payments - 221 - - - -201 20 Purchase of treasury shares - -11 - - - - -11 Cancellation of treasury shares -4 3,832 - - - -3,828 - Dividend paid - - - - -1,646 - -1,646 Dividend proposed - - - - 5 -5 - Equity at 30 September 75 -193 404 -217 - 4,869 4,938 2025 Equity at 1 January 82 -3,228 851 8 1,576 6,219 5,508 Net profit for the period - - - - - 2,393 2,393 Other comprehensive income, net of tax - - -738 672 - -21 -88 Total comprehensive income for the period - - -738 672 - 2,372 2,306 Share-based payments - 180 - - - -56 124 Purchase of treasury shares - -3,450 - - - - -3,450 Cancellation of treasury shares -3 3,168 - - - -3,165 - Dividend paid - - - - -1,567 - -1,567 Dividend proposed - - - - -10 10 - Equity at 30 September 79 -3,329 112 679 - 5,379 2,921 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL STATEMENTS PAGE 30 OF 42
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CONSOLIDATED STATEMENT OF CASH FLOWS The above cannot be derived directly from the income statement and the balance sheet. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 FINANCIAL STATEMENTS PAGE 31 OF 42 DKK million Notes Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 Operating profit 1,064 880 4,015 3,808 7,783 Depreciation and amortisation, etc. 737 644 2,087 1,891 2,586 Share-based payments 15 51 24 114 103 Change in inventories -1,475 -631 -2,268 -1,078 -565 Change in receivables 68 -87 724 351 -424 Change in payables and other liabilities 8 69 250 -927 -1,449 559 Other non-cash adjustments -11 1 15 -28 33 Finance income received 7 4 28 32 174 Finance costs paid -244 -104 -884 -725 -1,009 Income tax paid -173 -48 -884 -856 -1,881 Cash flows from operating activities, net 57 960 1,929 2,059 7,361 Acquisition of subsidiaries and activities, net of cash acquired -4 -6 -10 -368 -373 Purchase of intangible assets -107 -120 -358 -367 -462 Purchase of property, plant and equipment -386 -394 -1,015 -1,033 -1,449 Change in other assets -10 -7 -27 -9 -10 Proceeds from sale of property, plant and equipment 1 3 6 8 7 Cash flows from investing activities, net -506 -525 -1,405 -1,770 -2,286 Dividend paid - - -1,646 -1,567 -1,567 Purchase of treasury shares - -1,565 -34 -3,463 -4,384 Proceeds from loans and borrowings 245 1,257 2,100 3,947 1,200 Repayment of loans and borrowings 654 - -403 -58 -108 Repayment of lease commitments -349 -324 -1,058 -960 -1,260 Cash flows from financing activities, net 549 -631 -1,040 -2,101 -6,119 Net increase/decrease in cash 100 -196 -516 -1,811 -1,044 Cash and cash equivalents, beginning of period 594 636 1,194 2,303 2,303 Exchange gains/losses on cash and cash equivalents -7 -8 9 -61 -65 Net increase/decrease in cash 100 -196 -516 -1,811 -1,044 Cash and cash equivalents, end of period 687 431 687 431 1,194 Cash balances 897 765 897 765 1,305 Overdrafts -209 -334 -209 -334 -111 Cash and cash equivalents, end of period 687 431 687 431 1,194 Cash flows from operating activities, net 57 960 1,929 2,059 7,361 - Finance income received -7 -4 -28 -32 -174 - Finance costs paid 244 104 884 725 1,009 Cash flows from investing activities, net -506 -525 -1,405 -1,770 -2,286 - Acquisition of subsidiaries and activities, net of cash acquired 4 6 10 368 373 Repayment of lease commitments -349 -324 -1,058 -960 -1,260 Free cash flow incl. lease payments -557 218 332 391 5,022 Unutilised committed credit facilities 4 6,728 7,092 6,728 7,092 7,095
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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 has 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 global economic uncertainty, which may affect market conditions and cost levels. Management continues to monitor the situation closely. 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, 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 32 OF 42
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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 DKK million Core Fuel with more Group Q3 2026 Revenue 4,985 1,709 6,694 Cost of sales -868 -220 -1,089 Gross profit 4,117 1,488 5,605 Gross margin, % 82.6 % 87.1 % 83.7 % Operating expenses -4,541 Consolidated operating profit (EBIT) 1,064 Profit margin (EBIT margin), % 15.9 % Q3 2025 Revenue 4,789 1,480 6,269 Cost of sales -1,042 -257 -1,300 Gross profit 3,747 1,223 4,970 Gross margin, % 78.2 % 82.6 % 79.3 % Operating expenses -4,090 Consolidated operating profit (EBIT) 880 Profit margin (EBIT margin), % 14.0 % 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 33 OF 42
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DKK million Core Fuel with more Group 9M 2026 Revenue 15,458 5,563 21,022 Cost of sales -3,117 -840 -3,957 Gross profit 12,342 4,723 17,065 Gross margin, % 79.8 % 84.9 % 81.2 % Operating expenses -13,050 Consolidated operating profit (EBIT) 4,015 Profit margin (EBIT margin), % 19.1 % 9M 2025 Revenue 15,401 5,290 20,691 Cost of sales -3,302 -901 -4,204 Gross profit 12,098 4,389 16,487 Gross margin, % 78.6 % 83.0 % 79.7 % Operating expenses -12,679 Consolidated operating profit (EBIT) 3,808 Profit margin (EBIT margin), % 18.4 % REVENUE BY COLLECTIONS DKK million Q3 2026 Q3 2025 Like- for-like Local currency growth Share of revenue Core 4,985 4,789 1 % 3 % 74 % - Moments 3,924 3,861 -1 % 1 % 59 % - Collabs 696 614 12 % 12 % 10 % - ME 365 313 5 % 15 % 5 % Fuel with more 1,709 1,480 9 % 14 % 26 % - Timeless 1,313 1,114 13 % 16 % 20 % - Signature 120 114 -17 % 4 % 2 % - PANDORA ESSENCE 209 178 13 % 16 % 3 % - Pandora Lab-Grown Diamonds 67 75 -14 % -13 % 1 % Total revenue 6,694 6,269 4 % 6 % 100 % Goods transferred at a point in time 6,683 6,259 Services transferred over time 11 10 Total revenue 6,694 6,269 DKK million 9M 2026 9M 2025 Like- for-like Local currency growth Share of revenue Core 15,458 15,401 0 % 2 % 74 % - Moments 12,470 12,650 -2 % 0 % 59 % - Collabs 2,060 1,929 8 % 9 % 10 % - ME 928 821 9 % 14 % 4 % Fuel with more 5,563 5,290 5 % 7 % 26 % - Timeless 4,450 4,048 10 % 12 % 21 % - Signature 318 433 -32 % -26 % 2 % - PANDORA ESSENCE 583 558 11 % 5 % 3 % - Pandora Lab-Grown Diamonds 213 250 -17 % -12 % 1 % Total revenue 21,022 20,691 1 % 3 % 100 % Goods transferred at a point in time 20,991 20,658 Services transferred over time 31 33 Total revenue 21,022 20,691 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 34 OF 42
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REVENUE DEVELOPMENT BY REGION DKK million Q3 2026 Q3 2025 Like- for-like Local currency growth EMEA¹ 3,273 3,150 1 % 4 % North America 2,283 2,158 3 % 4 % Latin America 503 453 6 % 3 % Asia-Pacific 636 507 20 % 22 % Total revenue 6,694 6,269 4 % 6 % 1 Europe, Middle East & Africa. DKK million 9M 2026 9M 2025 Like- for-like Local currency growth EMEA¹ 10,226 10,236 -1 % 1 % North America 7,407 7,503 0 % 3 % Latin America 1,524 1,322 10 % 12 % Asia-Pacific 1,865 1,630 14 % 14 % Total revenue 21,022 20,691 1 % 3 % ¹ Europe, Middle East & Africa. REVENUE DEVELOPMENT BY CHANNEL 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 % DKK million 9M 2026 9M 2025 Organic growth Share of revenue Pandora operated¹ retail 18,248 17,575 5 % 87 % - of which concept stores 12,604 12,056 5 % 60 % - of which online stores 4,055 4,158 0 % 19 % - of which other points of sale 1,589 1,361 19 % 8 % Wholesale 2,202 2,571 -9 % 10 % - of which concept stores 533 852 -24 % 3 % - of which other points of sale 1,670 1,719 -1 % 8 % Third-party distribution 571 544 4 % 3 % Total revenue 21,022 20,691 3 % 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 35 OF 42
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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 16.8 billion at the end of Q3 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 2026 2025 2025 DKK million 30 September 30 September 31 December Loans and borrowings, non-current¹ 9,190 7,778 7,729 Lease liabilities, non-current 4,873 4,170 4,193 Loans and borrowings, current 2,005 4,512 1,627 Lease liabilities, current 1,635 1,459 1,475 Cash -897 -765 -1,305 Net interest-bearing debt 16,806 17,153 13,719 Unutilised committed credit facilities 6,728 7,092 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 third quarter of 2026, Pandora utilised around DKK 9.4 billion in committed financing as well as an additional DKK 1.8 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 30 September, DKK 6.7 billion remains available under undrawn committed loan facilities. NOTE 5 - TRADE RECEIVABLES DKK million 2026 30 September 2025 30 September 2025 31 December Receivables related to third-party distribution and wholesale 399 439 544 Receivables related to retail sales 270 256 620 Total trade receivables 670 695 1,163 NOTE 6 - GOODWILL DKK million 2026 30 September 2025 30 September 2025 31 December Cost at 1 January 5,020 5,126 5,126 Acquisitions of subsidiaries and activities in the period - 164 164 Exchange rate adjustments 119 -276 -270 Cost at the end of the period 5,140 5,014 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 36 OF 42
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NOTE 7 - LEASES Lease liabilities are recognised in loans and borrowings. RIGHT-OF-USE ASSETS DKK million 2026 30 September 2025 30 September 2025 31 December Carrying amount at 1 January 5,335 4,997 4,997 Acquisition of subsidiaries and activities - 69 69 Additions 1,901 1,720 2,102 Disposals -82 -55 -97 Depreciation for the period -1,183 -1,090 -1,466 Impairment - -5 -11 Exchange rate adjustments 100 -267 -259 Carrying amount at the end of the period 6,070 5,368 5,335 LEASE LIABILITIES DKK million 2026 30 September 2025 30 September 2025 31 December Non-current 4,873 4,170 4,193 Current 1,635 1,459 1,475 Total lease liabilities 6,508 5,629 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 30 September 2025 30 September Interest expenses 333 315 Total interest for the period 333 315 TOTAL CASH FLOWS RELATING TO LEASES DKK million 2026 30 September 2025 30 September Fixed lease payments 1,058 960 Interest payments 333 315 Variable leases linked to revenue 394 357 Short-term and low-value leases 64 72 Total cash flows relating to leases 1,849 1,704 NOTE 8 - 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 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 37 OF 42
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well as in the statement of cash flows (working capital within cash flows from operations) and amounted to DKK 1.2 billion on 30 September 2026 (31 December 2025: DKK 770 million). Suppliers have received payment from the bank for all the liabilities under the supplier finance arrangement. NOTE 9 - CONTINGENT ASSETS AND LIABILITIES Following a US Supreme Court ruling regarding US IEEPA tariffs imposed under the International Emergency Economic Powers Act (IEEPA), Pandora established a legal basis to recover previously paid tariffs through the US Customs and Border Protection (CBP) refund process. During Q3 2026, Pandora submitted Phase 2 IEEPA claims of USD 38 million , which had been accepted by CBP. Management concluded that recovery of the submitted and accepted claims was virtually certain. Accordingly, the recognition criteria were considered met. These were substantially settled in Q3 2026 by CBP. Consequently, a USD 38 million positive impact was recognised in cost of sales in Q3 2026 (USD 66 million including Q2 2026) as a reduction of previously recognised tariff costs. The remaining potential refunds of USD 6 million continue to be disclosed as contingent assets at the end of Q3 2026 and will be recognised when the related claims become virtually certain. Please also refer to Note 12 – Subsequent events. 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 10 - STORE NETWORK, CONCEPT STORE DEVELOPMENT1 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. NOTE 11 - COMMODITY HEDGING AND DERIVATIVES It is Pandora’s general policy to hedge at least 70% of the Group’s expected silver, gold and platinum 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. The table below illustrates when the hedges are estimated to impact our cost of sales up to Q3 2027, as well as the average hedged purchase price per quarter. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 38 OF 42
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HEDGED PRICES FOR PURCHASES AND EXPECTED PHASING INTO COST OF SALES1 Realised in Hedged Hedged Hedged Hedged USD/OZ Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Silver Estimated net price, cost of sales 32 ∼ 3 7 ∼ 5 0 ∼ 6 4 ∼ 6 7 Hedged price, purchases 66 66 68 67 63 Gold Estimated net price, cost of sales 3,254 ∼ 3 , 7 1 9 ∼ 4 , 0 8 4 ∼ 4 , 3 5 6 ∼ 4 , 4 7 1 Hedged price, purchases 4,390 4,504 4,619 4,458 4,488 Platinum Estimated net price, cost of sales - - ∼ 1 , 8 2 0 ∼ 1 , 8 2 7 ∼ 1 , 8 2 6 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. 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. DERIVATIVE FINANCIAL INSTRUMENTS DKK million Assets Liabilities Carrying amount Hedge reserve, net of tax Q3 2026 Commodities - -221 -221 -163 Foreign exchange 6 -67 -61 -48 Interest rate - -7 -7 -6 Total derivative financial instruments 6 -295 -289 -217 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 The impact of the ineffective portion related to the commodity hedging transactions in net financials was a loss of DKK 38 million (9M 2025: gain of DKK 2 million). 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 12 - SUBSEQUENT EVENTS During Q4 2026, Pandora submitted Phase 3 IEEPA claims of USD 6 million to the US Customs and Border Protection (CBP), which subsequently accepted the claims. Please refer to Note 9 - Contingent assets and liabilities for further details on the related accounting treatment. Other than as described in "Other events" in the Management review, Pandora is not aware of events after 30 September 2026, which are expected to materially impact the Group's financial position. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 39 OF 42
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QUARTERLY OVERVIEW DKK million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 FINANCIAL HIGHLIGHTS Revenue 6,694 7,219 7,109 11,859 6,269 Organic growth, % 6 % 3 % 2 % 4 % 6 % Like-for-Like, % 4 % 1 % 0 % 0 % 2 % Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,823 2,133 2,146 4,617 1,524 Operating profit (EBIT) 1,064 1,463 1,487 3,975 880 EBIT margin, % 15.9 % 20.3 % 20.9 % 33.5 % 14.0 % Net financials -374 -291 -224 -177 -232 Net profit for the period 517 875 942 2,848 489 FINANCIAL RATIOS Revenue growth, DKK, % 7 % 2 % -3 % -1 % 3 % Revenue growth, local currency, % 6 % 3 % 2 % 4 % 7 % Gross margin, % 83.7 % 80.5 % 79.5 % 78.1 % 79.3 % EBITDA margin, % 27.2 % 29.5 % 30.2 % 38.9 % 24.3 % EBIT margin, % 15.9 % 20.3 % 20.9 % 33.5 % 14.0 % Effective tax rate, % 25.2 % 25.4 % 25.4 % 25.0 % 24.5 % Equity ratio, % 16 % 15 % 14 % 18 % 10 % NIBD to EBITDA, x 1.6 1.5 1.6 1.3 1.6 Return on invested capital (ROIC), %¹ 39 % 39 % 39 % 41 % 43 % Cash conversion incl. lease payments, % -52 % 101 % -40 % 117 % 25 % Net working capital, % of last 12 months revenue 6.5 % 2.2 % 6.5 % 4.1 % 7.3 % Net working capital excl. derivatives, % of last 12 months revenue² 7.2 % 3.1 % 3.5 % -1.1 % 4.9 % Capital expenditure, % of revenue 8.0 % 7.8 % 4.7 % 3.3 % 8.6 % STOCK RATIOS Total payout ratio (incl. share buyback), % - % - % 178 % 32 % 320 % CONSOLIDATED BALANCE SHEET Total assets 31,158 29,232 28,954 29,603 28,436 Invested capital 21,744 19,948 20,110 19,001 20,078 Net working capital 2,134 718 2,095 1,336 2,396 Net working capital excl. derivatives 2,355 996 1,142 -352 1,596 Net interest-bearing debt (NIBD) 16,806 15,643 16,090 13,719 17,153 Equity 4,938 4,305 4,020 5,282 2,921 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows from operating activities 57 1,831 42 5,301 960 Capital expenditure - total 534 563 335 396 538 Capital expenditure, property, plant and equipment 434 441 262 320 390 Free cash flows incl. lease payments -557 1,479 -589 4,632 218 ¹Last 12 months’ EBIT in % of last 12 months' average invested capital. ²Derivative 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 40 OF 42
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MANAGEMENT STATEMENT 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 30 September 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 30 September 2026. and of the results of the Pandora Group's operations and cash flows for the period 1 January to 30 September 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, 4 November 2026 EXECUTIVE MANAGEMENT Berta De Pablos-Barbier Anders Boyer Chief Executive Officer Chief Financial Officer BOARD OF DIRECTORS Peter A. Ruzicka Marianne Kirkegaard Chair Deputy Chair Lillian Fossum Biner Birgitta Stymne Göransson Catherine Spindler Jan Zijderveld Lars Sandahl Sørensen 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 ACCOUNTING NOTES PAGE 41 OF 42
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DISCLAIMER DISCLAIMER This Company announcement contains forward-looking statements, including, but not limited to, guidance, expectations, strategies, objectives and statements regarding future events or prospects with respect to the Company's future financial and operating results. Forward-looking statements 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. 4 NOVEMBER 2026 COMPANY ANNOUNCEMENT 1019 INTERIM REPORT Q3 2026 DISCLAIMER PAGE 42 OF 42