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THIRD QUARTER RESULTS 2025 5 November 2025
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DISCLAIMER This presentation contains forward-looking statements, which include estimates of financial performance and targets. These statements are not guarantees of future performance and involve certain risks and uncertainties. Therefore, actual future results and trends may differ materially from what is forecast in this report due to a variety of factors. Please find full disclaimer on slide 40. AGENDA EXECUTIVE SUMMARY Phoenix strategy update Q3 2025 financials Financial guidance Appendix 5 November 2025Pandora Q3 2025 | Investor presentation2
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Continued solid growth amidst weak consumer sentiment Investing in brand and innovation to unlock further market potential Resilient business model with agility to manage significant headwinds 3 5 November 2025Pandora Q3 2025 | Investor presentation
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4 6% Organic growth 2% LFL SOLID GROWTH 79.3% Gross margin, -80bp Y/Y 14.0% EBIT margin, -210bp Y/Y RESILIENT PROFITABILITY 1% LFL for Core 2% LFL for Fuel with more GROWTH ACROSS SEGMENTS 43% ROIC DKK 6.3 EPS, -14% Y/Y (5% Y/Y at constant foreign exchange) HIGH RETURN ON CAPITAL AND EPS GROWTH Q3 RESULTS 5 November 2025Pandora Q3 2025 | Investor presentation
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5 TARGETING ANOTHER YEAR OF PROFITABLE GROWTH “We continue our growth journey and delivered sound performance in a quarter marked by the challenging macroeconomic environment. We are intensifying our efforts to drive brand heat, and the initial response to our new product launches demonstrates how we can continue to unlock market potential with our combination of innovation, affordability and emotional storytelling. We are well geared for the upcoming holiday period and set to reach our targets for the year.” Alexander Lacik President and CEO of Pandora 2025 GUIDANCE 7-8% ORGANIC GROWTH Around 24% EBIT MARGIN 5 November 2025Pandora Q3 2025 | Investor presentation
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AGENDA Executive summary PHOENIX STRATEGY UPDATE Q3 2025 financials Financial guidance Appendix 6 5 November 2025Pandora Q3 2025 | Investor presentation
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7 DIALLING UP BRAND HEAT THROUGH INNOVATION AND STORYTELLING • Art & Science – consumer-centric jewellery concepts • Drive growth in core – charms & carriers • Expand design aesthetics & accelerate finished jewellery • Continue focus on core markets • Drive growth in wide range of underpenetrated markets • Network expansion • Build future growth engines STRATEGIC GROWTH INITIATIVES • Restaging the brand – transforming the perception of Pandora • Retail transformation (New store concept) • Iconise heroes • Leverage magnitude of first party data • Connected digital experience with personalised journeys • World class in-store experience 5 November 2025Pandora Q3 2025 | Investor presentation
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8 PANDORA HAS AMPLE GROWTH OPPORTUNITIES AHEAD • The Phoenix strategy’s main objective is to position Pandora as a full jewellery brand, firmly rooted in the accessible luxury segment • Currently, most of Pandora’s revenue comes from wristwear, which accounts for just 18% of the overall jewellery market, leaving 82% largely underpenetrated and offering significant growth potential • Phoenix initiatives are being executed and sharpened to drive LFL growth. Including but not limited to 1) greater focus on creative innovation; 2) further strengthening the marketing content and 3) improving in-store execution • Repositioning Pandora as a full jewellery brand has the potential to drive sustained long-term growth 8% 18%10% 32% 17% 29%63% 18% 3% Pandora 3% Jewellery market FULL JEWELLERY BRAND Wristwear Rings Neckwear Earrings Other Significant growth opportunity REVENUE SPLIT BY PRODUCT CATEGORY 5 November 2025Pandora Q3 2025 | Investor presentation
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9 BRAND & DESIGN | BRINGING THE PANDORA STORYTELLING DNA TO MARKETING Pandora launched Talisman collection across all markets through local events, driving record PR impact, top-tier media coverage, and strong brand momentum through high-profile events and strategic partnerships PANDORA TALISMAN LAUNCH DELIVERS STRONGEST PR AND PRESS QUARTER Pandora continues to drive local brand heat through ambassadors who generate authentic connections, driving brand desire and strengthening brand perception in key markets Pandora had a strong presence at NYFW and continued its partnership with Copenhagen Fashion Week, while continuing ambassador-led events to boost cultural relevance and authentic connections STRENGTHENING BRAND HEAT THROUGH CULTURAL MOMENTS BRAND INVESTMENTS ARE UNLOCKING FURTHER MARKET POTENTIAL 5 November 2025Pandora Q3 2025 | Investor presentation LOCAL BRAND AMBASSADORS DRIVING BRAND DESIRE IN KEY MARKETS
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The launch of Pandora’s new sub-collection, Talisman is off to an encouraging start, reinforcing the power of strong storytelling and distinctive design The collection sparked meaningful engagement and delivered strong results across key markets Campaign efforts amplified brand visibility and strengthened emotional connection with consumers 10 5 November 2025Pandora Q3 2025 | Investor presentation BRAND & DESIGN | INNOVATING IN THE CORE TALISMAN DESIGNS OFF TO AN ENCOURAGING START
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11 BRAND & DESIGN | CREATIVE INNOVATION 5 November 2025Pandora Q3 2025 | Investor presentation CREATIVE INNOVATION & MARGINS • Pandora is well advanced in exploring creative innovation that is anchored in the brand’s distinctive DNA as an accessible precious metal jewellery brand • Over time, such innovation is expected to mitigate a material part of the higher commodity prices and thereby protect Pandora’s high margins and strong financial algorithm • Consumer research is encouraging and supports the creative innovation to be explored next year Providing beautiful jewellery that is accessible to the many INNOVATION ANCHORED IN BRAND DNA
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12 Revenue development Core segmentA FULL JEWELLERY BRAND: LEVERAGING OUR STRONG CORE • In Q3 2025, the Charms and Carriers core delivered 1% LFL growth • The launch of Talisman drove strong Pandora ME performance, delivering 34% LFL growth. Pandora will look to build on the innovation during 2026 • Growth within the core was also helped by strong performance in Collabs DESIGN | GROWING THE CORE 21.2 22.0 23.5 FY 2022 FY 2023 FY 2024 Revenue, DKK billion 80% share of revenue 78% share of revenue 74% share of revenue 5 November 2025Pandora Q3 2025 | Investor presentation
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Revenue development Fuel with more segment 13 A FULL JEWELLERY BRAND: CONTINUED GROWTH ACROSS OTHER COLLECTIONS • 2% LFL within Fuel with more, supported by Pandora ESSENCE and Pandora Lab-grown Diamonds • Exciting design pipeline planned for 2026 DESIGN | FUELLING WITH MORE 5.3 6.2 8.1 FY 2022 FY 2023 FY 2024 Revenue, DKK billion 20% share of revenue 22% share of revenue 26% share of revenue 5 November 2025Pandora Q3 2025 | Investor presentation
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14 THE US • The US delivered solid LFL of 6%, driven by the continued strong brand momentum • Talisman was successfully launched with PR activations across East and West coast, generating strong earned media coverage • Brand metrics remain strong • Organic growth at 9%, driven by new store openings 6% vs Q3 2024 LIKE-FOR-LIKE MARKETS 5 November 2025Pandora Q3 2025 | Investor presentation
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LFL growth across total Europe* at -1% - supported by strong growth in many countries, including Spain, Poland and Portugal • Some European markets remain challenged, partly driven by tough market conditions. Pandora is looking to strengthen execution in these markets • UK performance remains impacted by soft traffic and a highly competitive environment. Pandora continues to drive brand and product initiatives to build a strong foundation for long-term growth • Italy improved LFL to -4%, reflecting the early impact of new initiatives supported by stronger local marketing content, enhanced brand presence, and the well-received launch of the Talisman collection • France continues to face challenging market conditions. Improved brand equity through reduced promotions and elevated and targeted local marketing is being implemented 15 EUROPE *Includes markets disclosed as part of Rest of Pandora (ref slide 16) -1% vs Q3 2024 LIKE-FOR-LIKE MARKETS 5 November 2025Pandora Q3 2025 | Investor presentation
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16 REST OF PANDORA & AUSTRALIA Rest of Pandora delivered LFL at 6% and organic growth of 13% with solid growth across many markets* • Rest of Pandora covers 37% of Pandora revenue • Amongst others, Spain, Canada, Poland and Portugal all delivered double-digit LFL. Mexico also showed good improvement • Japan is serving as a test of Pandora’s elevated Asia focus in the years to come. Marketing investments and network expansion has more than doubled revenue YTD 2025 vs YTD 2024 Australia reported strong LFL growth of 4%, supported by solid base week performance. Maddison Brown has been appointed as first local brand ambassador to boost brand visibility and awareness 6% Rest of Pandora LIKE-FOR-LIKE MARKETS *Rest of Pandora includes, among others, all European markets beyond the four markets disclosed separately. The LFL in these European markets are also included in the 1% LFL shown on slide 15 5 November 2025Pandora Q3 2025 | Investor presentation 4% Australia LIKE-FOR-LIKE
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• DKK ~4 billion of incremental revenue added from network expansion since 2022 • Targeting 3% organic growth CAGR 2024-2026 with 400-500 total store openings 17 DRIVING CONSISTENT AND PROFITABLE GROWTH MARKETS | NETWORK EXPANSION 0 2022 2023 2024 2025 3% organic growth 4% organic growth 5% organic growth 4% organic growth 218 stores* 223 stores* 236 stores* Targeting around 50 stores* Revenue, DKK ~7m (CS)*** ~2.5m (SiS)*** EBIT margin, % 35-40% CAPEX, DKK ~2m (CS) ~0.5m (SiS) Payback ~1 year** HIGHLY ATTRACTIVE STORE ECONOMICS (ILLUSTRATIVE AVERAGE METRICS FOR NEW STORE OPENINGS) *Net concept store and Pandora operated shop-in-shop openings. Including up to 100 net concept store closures in China in 2025 ** Including inventory, deposits, fees and one-off costs *** CS is Concept Store and SiS is Shop-in-Shop INCREMENTAL REVENUE FROM NETWORK EXPANSION DKK million 4,000 5 November 2025Pandora Q3 2025 | Investor presentation
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18 Pandora Q3 2025 | Investor presentation Pandora opening in Norte Shopping Center, Portugal CONSISTENTLY INVESTING IN THE STORES • 695 concept stores in the new format opened by Q3 2025, of which 71 are partner stores • Pandora plans to enhance store design and layout to attract more customers and shift brand perception to a full jewellery brand • New digital screens will be rolled out to more than 80% of stores during 2026 • Pandora is enhancing in-store storytelling by curating existing collections and elevating visual presentation in selected stores BRAND | NEW STORE CONCEPT 5 November 2025
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AGENDA Executive summary Phoenix strategy update Q3 2025 FINANCIALS Financial guidance Appendix 19 5 November 2025Pandora Q3 2025 | Investor presentation
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TOPLINE Q3 2025 Q3 2024 FY 2024 Revenue, DKK million 6,269 6,103 31,680 Organic growth, % 6% 11% 13% Like-for-like, % 2% 7% 7% FINANCIAL RATIOS Q3 2025 Q3 2024 FY 2024 Gross margin, % 79.3% 80.1% 79.8% EBIT margin, % 14.0% 16.1% 25.2% Cash conversion incl. lease payments, % 25% 58% 85% Net working capital, % of last 12 months’ revenue 7.3% 5.9% -1.7% CAPEX (% of revenue) 8.6% 7.9% 6.1% NIBD to EBITDA, x 1.6 1.5 1.1 Return on invested capital (ROIC), %1 43% 44% 46% Earnings per share, basic, DKK 6.3 7.3 64.8 20 1 Last 12 months’ EBIT in % of last 12 months’ average invested capital SOLID FINANCIAL METRICS DESPITE EXTERNAL HEADWINDS KEY FINANCIAL HIGHLIGHTS 5 November 2025Pandora Q3 2025 | Investor presentation • Significant external headwind from commodities, foreign exchange and tariffs impacts many KPIs in Q3 2025 – blurs the reading of the underlying solid performance • Gross margin impacted negatively by 280bp combined external headwind Y/Y • The EBIT margin is similarly impacted by 380bp of external headwind Y/Y • Net working capital includes a 180pp increase due to significant gains from commodity hedging • Reported EPS decreased by 14% in Q3 2025. Adjusting for foreign exchange effects, EPS grew by 5% Y/Y
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21 2% LFL GROWTH AND SOLID NETWORK EXPANSION • 2% LFL growth driven by strong performance in the US and Rest of Pandora, covering 67% of revenue • A total of net 65 concept stores and net 85 Pandora operated shop-in shops opened over the past 12 months, driving 5% revenue growth • In Q3 2025, Pandora retail constituted 85% of revenue, up by 4pp vs Q3 2024 • Foreign exchange rates represented a 4% headwind in the quarter equivalent to DKK 0.3 billion revenue. In particularly driven by a weaker USD Growth in pp (approximation) DKK million REVENUE PERFORMANCE REVENUE GROWTH, Q3 2025 5 November 2025Pandora Q3 2025 | Investor presentation 2% 5% 1% 4% Like- for-like Network expansion Sell-in & other Organic growth, Q3 2025 1% Forward integration Local currency growth, Q3 2025 Revenue Q3 2025 Foreign exchange 6,103 6% 7% 6,269 Revenue Q3 2024
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22 EBIT MARGIN IN LINE WITH EXPECTATIONS • The reported EBIT margin declined 210bp Y/Y, in line with expectations and guidance • Commodities, FX and tariffs provided a significant drag of 380bp. Excluding these headwinds, the EBIT margin would have been well above LY • The external headwind is partly offset by structural gross margin improvements from pricing and a margin-accretive channel mix driven by network expansion • The temporary drag related to forward integration was net 50bp vs LY; expected to be net neutral for the full year EBIT MARGIN 0.4% 0.8% 1.4% 1.0% 1.7% 1.1% 0.9% 14.9% 14.0% Com- modities Inflation & salary increases vs price increases & efficiencies Net operating lev. Network exp. Q3 2024 EBIT margin, adj. Temp. drag from fwd int. Temp, drag from fwd int. Q3 2025 EBIT margin, adj. Q3 2025, EBIT margin TariffsFXQ3 2024 EBIT margin 0.0%16.1% 16.5% Margin impact in pp (approximation) EBIT MARGIN, Q3 2025 380bp of external headwinds 5 November 2025Pandora Q3 2025 | Investor presentation
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AGENDA Executive summary Phoenix strategy update Q3 2025 financials FINANCIAL GUIDANCE Appendix 23 5 November 2025Pandora Q3 2025 | Investor presentation
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24 CONFIRMING OVERALL TOPLINE GUIDANCE Guidance assumptions: • Pandora targets organic growth of 7-8% (unchanged) • LFL growth targeted at 3-4% (previously 4-5%), reflecting the softer consumer environment, trading trends in Q3 and an expected promotional trading environment during the holiday season • The low end of the guidance assumes a weakening macro trend and/or a more intense promotional environment during the holiday season in Q4 • Network expansion is now expected to contribute 4% (previously 3%) – forward integration adds another 1% to the topline (unchanged) • Foreign exchange rates represent a 3.8% headwind to revenue, driven by the depreciation of most major currencies relative to the DKK 2025 ORGANIC GROWTH GUIDANCE 4% 33.0-33.3 Like- for-like Network expansion 2025 organic growth guidance Forward integration Local currency growth Foreign exchange 2025 guided revenue 31.7 3-4% 2024 actual revenue 1% 8-9% 3.8% 7-8% REVENUE GUIDANCE, 2025 Growth in pp (approximation) DKK billion 5 November 2025Pandora Q3 2025 | Investor presentation
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25 TARGETING SOLID MARGINS • EBIT margin guidance unchanged at “around 24%” • Profitability remain strong despite 280bp of external headwinds • The contribution from network expansion is updated to 60bp on the margin, with a faster revenue ramp- up in new stores. The margin is further supported by pricing and cost efficiencies, which more than offset inflation and salary increases, aiding to mitigate some of the external pressures • The “Silverstone” cost programme is progressing well. The programme is self-funded in 2025 with cost savings offsetting one-off implementation cost 2025 EBIT MARGIN GUIDANCE 0.6% 1.0% 1.3% 0.9% 0.6% Tariffs 0.0% Net cost savings programme 25.2% 2024 actual EBIT margin Network expansion Operating leverage, net of investments Inflation & salary increases vs price increases & efficiencies Com- modities Foreign exchange 2025 guided EBIT margin Around 0% Growth in pp (approximation) Around 24% EBIT MARGIN GUIDANCE, 2025 280bp of external headwinds 5 November 2025Pandora Q3 2025 | Investor presentation
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26 5 November 2025Pandora Q3 2025 | Investor presentation 2026 MARGIN TARGET • The original CMD EBIT margin target of 26–27% was set based on commodity prices and FX rates as of September 2023 • Since then, silver prices have risen sharply to around USD 48/oz, alongside adverse moves in gold, FX, and tariffs. In total, about 620bp of EBIT margin headwinds • Pandora now expects to deliver “around 23%” (previously “at least 24%”) due to 120bp incremental external headwinds from Q2 to Q3 2025 Pandora is making good progress on all mitigating actions • Cost. Project Silverstone is on track to deliver a 50–100bp uplift in 2026 (DKK 175–300 million) through efficiencies in operations, procurement, logistics, and simplification • Pricing. Price adjustments implemented since late 2024 support margins by around 210bp • Tariffs. Several mitigating actions have already been implemented and are reflected in the remaining 120bp headwind, with further options under review UPDATE ON 2023 CMD EBIT MARGIN TARGET EBIT MARGIN TARGET, 2026 Growth in pp (approximation) The EBIT margin target for 2026 was originally based on September 2023 FX rates and a silver price of USD 23.6 / oz. The updated FX rates are as of 24 October 2025, and a silver spot price of around USD 48/oz. *Includes 50-100bp of margin uplift from the cost programme 1.0% 2.1% 4.7% 0.3% 1.2% 2023 EBIT margin Network expansion Net operating leverage & efficiencies* Price increases (already implemented) Commodities Foreign exchange Tariffs Potential further mitigation 2026 EBIT margin 25.0% Around 1.0% Around 23% 620bp of external headwinds
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27 CLOSING REMARKS Healthy and resilient business model with strong agility to manage external headwinds Our innovation is unlocking further market potential whilst underpinning the financial model 5 November 2025Pandora Q3 2025 | Investor presentation Well geared for holiday season and set to deliver on our targets for the year
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28 A STRONG BRAND WITH VAST GROWTH OPPORTUNITIES EQUITY STORY Pandora stands as the sole global brand in the accessible luxury jewellery, owning the distinct position of “jewellery with a meaning” with consumers worldwide. The jewellery market has historically outpaced GDP growth and remains highly fragmented, with global brands expected to grow faster then the overall market. Pandora holds the highest brand awareness in the industry. A STRONG BRAND IN AN ATTRACTIVE CATEGORY AN ASSET-LIGHT, FULLY INTEGRATED BUSINESS MODEL UNIQUE GROWTH OPPORTUNITIES A RESILIENT, SUSTAINABLE BUSINESS DRIVING EPS GROWTH IN THE MID-TO-HIGH TEENS Our asset-light business model benefits from a unique fully vertically integrated ecosystem – from design and crafting to a vast distribution network. The integration provides unrivalled scale and, together with our brand strength, drives our strong margin profile and high returns. 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 to shift the perception of Pandora to a full jewellery brand and leverage our existing infrastructure. Sustainability is an integral part of our business and we are progressing toward some of the most ambitious sustainability targets in the industry, spearheading the use of recycled silver and gold and lab-grown diamonds. We expect to outgrow the jewellery market, targeting annual high single-digit organic growth while maintaining best-in-class profitability. We have ambitions to generate significant free cash flows, which, in line with our historic approach, will be fully returned to shareholders, and helps drive the ambition of annual EPS growth in the mid-to- high teens. 5 November 2025Pandora Q3 2025 | Investor presentation
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5 November 2025 APPENDIX
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17% Reduction in total greenhouse gas emissions compared to 2019 baseline 100% Recycled silver and gold used in crafting of our jewellery since August 2024 35% Women in top leadership DKK 90M donated to UNICEF since 2019 100% Renewable electricity across our own operations STRONG SUSTAINABILITY PERFORMANCE IN 2024 For the second year in a row, TIME Magazine named Pandora one of the world’s most sustainable companies, highest-ranking Danish company on the list and 8th in our industry – Retail, Wholesale & Consumer Goods. #8 ESG Superstar AAA Low risk Global bank BNP Paribas ranks Pandora 'ESG superstar' on a list of just 25 leading companies across sectors. ESG RANKINGS A For the 3rd consecutive year, Pandora received A score by CDP for the company’s 2024 climate disclosure. 30 5 November 2025 Pandora Q3 2025 | Investor presentation
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5 November 2025 Base: All women 39 87 34 21 36 85 23 14 PANDORA 18-24 YO 25-40 YO 41-64 YO 33 82 34 22 36 45 41 31 35 84 28 18 Unaided awareness Aided awareness Considered1 Purchased2 Ownership 33 62 40 61 41 64 27 61 N=28,769 N=3,835 N=9,857 N=15,077 CR4 CR3 (1) Considered: Share of women whose most recent jewellery experience within the past twelve months involved considering or purchasing Pandora, either as a self-purchase or as a gift (2) Purchased: Share of women whose most recent jewellery experience in the past twelve months involved purchasing Pandora, either as a self-purchase or as a gift (3) %conversion rate: Consideration Set divided by Aided awareness (4) %conversion rate: Purchase P12M divided by Consideration Set Source: Pandora Brand Tracker (Jan-Dec) Global: 8 markets (AU, CA, DE, FR, IT, ES, UK, US) GLOBAL PURCHASE FUNNEL – DEVELOPMENT I PANDORA – FEMALE AGE GROUPS PANDORA CONSUMER 31 Pandora Q3 2025 | Investor presentation
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DKK million Q3 2025 Q3 2024 Organic growth Share of revenue Pandora operated1 retail 5,353 4,995 9% 85% - of which concept stores 3,803 3,519 8% 61% - of which online stores 1,121 1,090 7% 18% - of which other points of sale 429 386 19% 7% Wholesale 731 914 -7% 12% - of which concept stores 232 388 -13% 4% - of which other points of sale 499 526 -2% 8% Third-party distribution 185 194 -2% 3% Total revenue 6,269 6,103 6% 100% REVENUE DEVELOPMENT BY CHANNEL 1Pandora does not own any of the premises (Land and buildings) where stores are operated. Pandora exclusively operates stores from leased premises. 32 Pandora Q3 2025 | Investor presentation 5 November 2025
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DKK million Q3 2025 Q3 2024 LFL Local currency growth Share of Revenue Core 4,789 4,634 1% 8% 76% - Moments 3,861 3,895 -2% 3% 62% - Collabs 614 514 11% 25% 10% - ME 313 226 34% 44% 5% Fuel with more 1,480 1,468 2% 5% 24% - Timeless 1,114 1,065 4% 9% 18% - Signature 114 170 -31% -30% 2% - PANDORA ESSENSE 178 169 13% 9% 3% - Pandora Lab-Grown Diamonds 75 64 19% 25% 1% Total revenue 6,269 6,103 2% 7% 100% REVENUE BY SEGMENTS 33 Pandora Q3 2025 | Investor presentation 5 November 2025
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DKK million Q3 2025 Q3 2024 LFL Organic Growth Share of Revenue US 1,896 1,796 6% 9% 30% China 68 84 -6% -14% 1% UK 685 740 -8% -5% 11% Italy 448 466 -4% -4% 7% Australia 212 195 4% 18% 3% France 215 227 -7% -5% 3% Germany 402 431 -9% -7% 6% Total key markets 3,925 3,938 0% 2% 63% Rest of Pandora 2,344 2,165 6% 13% 37% Total revenue 6,269 6,103 2% 6% 100% KEY MARKETS REVENUE AND GROWTH OVERVIEW 34 Pandora Q3 2025 | Investor presentation 5 November 2025
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DKK million Q3 2025 Q3 2024 FY 2024 Revenue 6,269 6,103 31,680 Cost of sales -1,300 -1,217 -6,391 Gross profit 4,970 4,886 25,289 Sales, distribution and marketing expenses -3,494 -3,352 -14,844 Administrative expenses -596 -553 -2,471 Operating profit 880 980 7,974 Finance income 42 111 248 Finance costs -274 -304 -1,297 Profit before tax 647 788 6,926 Income tax expense -159 -193 -1,699 Net profit for the period 489 595 5,227 Earnings per share, basic, DKK 6.3 7.3 64.8 Earnings per share, diluted, DKK 6.3 7.3 64.6 35 Pandora Q3 2025 | Investor presentation 5 November 2025 CONSOLIDATED INCOME STATEMENT
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Total concept stores O&O concept stores NUMBER OF CONCEPT STORES Q3 2025 Q2 2025 Q3 2024 Growth Q3 2025 / Q2 2025 Growth Q3 2025 /Q3 2024 O&O Q3 2025 Growth O&O stores Q3 2025 / Q2 2025 Growth O&O stores Q3 2025 /Q3 2024 US 509 495 479 14 30 466 14 76 China 139 176 204 -37 -65 133 -33 -60 UK 225 221 219 4 6 225 4 7 Italy 191 190 184 1 7 171 1 13 Australia 133 132 128 1 5 85 2 14 France 126 126 123 - 3 123 3 13 Germany 140 139 137 1 3 139 1 3 Total key markets 1,463 1,479 1,474 -16 -11 1,342 -8 66 Rest of Pandora 1,336 1,309 1,260 27 76 845 22 88 All markets 2,799 2,788 2,734 11 65 2,187 14 154 Q3 2025 Q2 2025 Q3 2024 Growth Q3 2025 /Q2 2025 Growth Q3 2025 /Q3 2024 Other points of sale (retail) 700 692 615 8 85 Other points of sale (wholesale) 3,172 3,162 3,009 10 163 Other points of sale (third-party) 260 249 300 11 -40 Other points of sale, total 4,132 4,103 3,924 29 208 NUMBER OF OTHER POINTS OF SALE 36 Pandora Q3 2025 | Investor presentation 5 November 2025 STORE NETWORK DEVELOPMENT
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Share of preceding 12 months’ revenue Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Inventories 16.4% 14.6% 14.3% 14.0% 16.0% Trade receivables 2.1% 2.0% 2.2% 3.8% 2.5% Trade payables -10.9% -10.1% -10.1% -12.3% -9.7% Other net working capital elements -0.3% -1.9% -2.3% -7.3% -2.9% Total 7.3% 4.7% 4.2% -1.7% 5.9% Total, excluding unrealised derivatives1 4.9% 3.4% 3.6% -1.6% 5.2% 37 Pandora Q3 2025 | Investor presentation 5 November 2025 WORKING CAPITAL 1 Derivative financial instruments are measured at fair value and presented in "Other net working capital elements" until realized. See note 12 - Commodity hedging and derivatives
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38 5 November 2025Pandora Q3 2025 | Investor presentation COMMODITY HEDGING AND COST OF GOODS SOLD BREAK DOWN • The table illustrating the timing of the hedges in 2025 and 2026 related to the purchase of silver and gold for production, excludes the time-lag from inventory to cost of sales. • Pandora has hedged all the 2025 P&L and 70-75% of the 2026 P&L exposure for silver and gold combined. The silver price in the 2025 P&L is locked in at around 28 USD/oz and the hedged part of the 2026 P&L is hedged at around 31 USD/oz. • Pandoras metal exposure is mainly towards silver, which constitute 30% of the cost of goods sold Hedged and realised purchase prices (at use of the silver and gold for production) 12% 14% 16% 9% 11% 10% 23% 25% 23% 30% 30% 30% 16% 8% 10% 5%4% 2022 6% 5% 2023 6% 5% 2024 Other Other raw materials Gold Silver Production labour & overheads OEM/ODM Customs & Freight Cost of goods sold break down USD / OZ Realised in Q3 2025 Hedged Q4 2025 Hedged Q1 2026 Hedged Q2 2026 Hedged Q3 2026 Silver price 32.3 32.0 30.3 29.8 - Gold price 2,932 2,988 3,238 3,604 3,935 Commodity hedge ratio (target), % Realised 70-100% 70-90% 50-70% 30-50%
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Adam Fuglsang Director, Investor Relations +45 6167 7425 adfug@pandora.net Trading symbol PNDORA Identification number/ISIN DK0060252690 GICS 25203010 Number of shares 79,000,000 Sector Apparel, Accessories & Luxury Goods Share capital 79,000,000 Nominal value, DKK 1 Free float (incl. treasury shares) 100% Investor Relations team Share information Andreas Østergaard Kristensen Senior Manager, Investor Relations +45 2544 2429 andk@pandora.net Bilal Aziz SVP, Investor Relations & Treasury +45 3137 9486 biazi@pandora.net 39 Pandora Q3 2025 | Investor presentation 5 November 2025 INVESTOR RELATIONS CONTACT DETAILS Victoria Andersen Analyst, Investor Relations +45 5362 9485 viand@pandora.net
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This Company announcement contains forward-looking statements, including, but not limited to, guidance, expectations, strategies, objectives and statements regarding future events or prospects with respect to the Company’s future financial and operating results. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "expect", "estimate", "intend", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words or other words with similar meanings. Forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from the results discussed in such forward-looking statements. Prospective information is based on management’s then current expectations or forecasts. Such information is subject to the risk that such expectations or forecasts, or the assumptions underlying such expectations or forecasts, may change. The Company assumes no obligation to update any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Some important risk factors that could cause the Company’s actual results to differ materially from those expressed in its forward-looking statements include, but are not limited to: economic and geopolitical uncertainty (including interest rates and exchange rates), financial and regulatory developments, general changes in market trends and end-consumer preferences, demand for the Company’s products, competition, the availability and pricing of materials used by the Company, production- and distribution-related issues, IT failures, litigation, pandemics and other unforeseen factors. The nature of the Company’s business means that risk factors and uncertainties may arise, and it may not be possible for management to predict all such risk factors, nor to assess the impact of all such risk factors on the Company’s business or the extent to which any individual risk factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Accordingly, forward- looking statements should not be relied on as a prediction of actual results. 40 Pandora Q3 2025 | Investor presentation 5 November 2025 DISCLAIMER
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Third quarter results 2025 – 5 November 2025 THANK YOU