Pandora

Earnings Release • Jan 7, 2024

Pandora A/S Havneholmen 17 – 19 | DK-1561 Copenhagen V | Denmark Tel. +45 3672 0044 www.pandoragroup.com CVR: 28 50 51 16

No. 835 Company Announcement 07 January 2024

Pandora exceeds guidance: Strong Q4 sales lift full year organic growth to 8%

Following a strong end to 2023 with double-digit organic growth in the fourth quarter and solid profitability, the preliminary and unaudited results for 2023 exceed the full-year guidance communicated on 8 November 2023.

Key Q4 2023 highlights (preliminary and unaudited):

• Q4 2023 organic growth accelerates to +12% boosted by LFL (Like-for-Like) growth of +9%.
• Continued brand momentum drove strong performance across the key trading events of Black Friday and Christmas.
• Broad-based LFL growth across markets: key markets in Europe remained solid at 5% growth, US accelerated to +10% growth and Rest of Pandora continued strong doubledigit growth at +16%.
• Strong LFL growth across collections with Moments and Pandora ME delivering +4% and +6% growth, respectively. Timeless accelerated further with +31% growth whilst Pandora Lab-Grown Diamonds built further momentum with +83% growth.
• The preliminary and unaudited Q4 2023 EBIT margin landed at 34%, +1.5pp Y/Y, helped by the solid growth, cost efficiencies and cost phasing as well as some tailwinds from FX/commodities.

The preliminary and unaudited results exceed the previously announced guidance

• As a result of the strong Q4 performance, full-year 2023 organic growth reached +8%, above the previously communicated guidance of "+5% to +6%".
• The EBIT margin for 2023 landed at 25%, in line with the company's guidance of "around 25%".

Alexander Lacik, President and CEO of Pandora, says:

"We are very pleased with our results across the peak trading season, and how we closed 2023. It's clear that our brand resonates well with consumers and continues to gain strength. The success in 2023 is also testament to the great work of Pandora teams around the world, who have helped take the Phoenix strategy to the next level."

DKK billion	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	10.8	9.9	28.1	26.5
EBIT	3.7	3.2	7.0	6.7
Organic growth, %	+12%	+4%	+8%	+7%
Like-for-Like, %	+9%	-1%	+6%	+4%
EBIT margin, %1	34%	32.5%	25%	25.5%

¹The results for 2023 are preliminary and unaudited. The EBIT margin for 2023 is therefore shown without a decimal.

07 January 2024 | Company Announcement No. 835 | page 1 | 3

QUARTERLY REVENUE DEVELOPMENT BY KEY MARKET

					Share of
DKK billion	Q4 2023	Q4 2022	Like-for-Like	Organic growth	revenue
US	3.2	2.8	10%	15%	29%
China	0.1	0.1	-12%	-13%	1%
UK	1.6	1.6	-2%	0%	15%
Italy	0.9	0.9	-1%	1%	9%
Australia	0.5	0.5	-6%	-9%	4%
France	0.5	0.5	6%	6%	5%
Germany	0.7	0.5	40%	34%	6%
Total key markets	7.5	7.0	6%	8%	69%
Rest of Pandora	3.3	2.9	16%	20%	31%
Total revenue	10.8	9.9	9%	12%	100%

The results for 2023 are preliminary and unaudited. The revenue is therefore shown in DKK billion rounded to the first decimal.

YEAR-TO-DATE REVENUE DEVELOPMENT BY KEY MARKET

DKK billion	FY 2023	FY 2022	Like-for-Like	Organic growth	Share of revenue
US	8.3	7.9	2%	5%	30%
China	0.6	0.7	-9%	-18%	2%
UK	3.8	3.8	-1%	2%	14%
Italy	2.5	2.6	-3%	-2%	9%
Australia	1.1	1.3	-6%	-6%	4%
France	1.2	1.2	1%	0%	4%
Germany	1.5	1.3	26%	17%	5%
Total key markets	19.1	18.8	1%	2%	68%
Rest of Pandora	9.1	7.7	16%	21%	32%
Total revenue	28.1	26.5	6%	8%	100%

The results for 2023 are preliminary and unaudited. The revenue is therefore shown in DKK billion rounded to the first decimal.

REVENUE BY SEGMENT

			Like-for	Share of			Like-for	Share of
DKK billion	Q4 2023	Q4 20221	Like	Revenue	FY 2023	FY 20221	Like	revenue
Core	8.2	7.8	4%	76%	22.0	21.2	2%	78%
- Moments	6.9	6.5	4%	64%	18.4	17.7	2%	65%
- Collabs	1.0	1.0	1%	9%	2.7	2.6	1%	10%
- ME	0.3	0.3	6%	3%	0.9	0.8	12%	3%
Fuel with more	2.6	2.1	23%	24%	6.2	5.3	14%	22%
- Timeless2	2.1	1.6	31%	20%	4.8	3.8	20%	17%
- Signature	0.4	0.4	-11%	4%	1.1	1.2	-11%	4%
- Pandora Lab-Grown Diamonds	0.1	0.1	83%	1%	0.3	0.2	116%	1%
Total revenue	10.8	9.9	9%	100%	28.1	26.5	6%	100%

The results for 2023 are preliminary and unaudited. The revenue is therefore shown in DKK billion rounded to the first decimal. ¹Pandora has updated its collection structure by moving products from Fuel with more to Core in Q1 2023 and comparative figures for Q4 2022 were restated accordingly by DKK 424 million. Total restatement on comparative figures for FY 2022 were DKK 1,150 million. ² From Q2 2023, Timeless includes revenue from the PANDORA ESSENCE collection of DKK 5.0 million full year and DKK 2.0 million in Q4 2023.

Pandora A/S Havneholmen 17 – 19 | DK-1561 Copenhagen V | Denmark Tel. +45 3672 0044 www.pandoragroup.com CVR: 28 50 51 16

Pandora will, as planned, announce the detailed and audited financial results in the Q4 2023 Interim Report to be released on 7 February 2024 along with the Annual Report 2023.

ABOUT PANDORA

Pandora is the world's largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through more than 6,500 points of sale, including more than 2,500 concept stores.

Headquartered in Copenhagen, Denmark, Pandora employs 32,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand using mainly recycled silver and gold. Pandora is committed to leadership in sustainability and has set science-based targets to reduce greenhouse gas emissions by 50% across its own operations and value chain by 2030. The company is listed on the Nasdaq Copenhagen stock exchange and generated revenue of DKK 26.5 billion (EUR 3.6 billion) in 2022.

Contact

For more information, please contact:

INVESTOR RELATIONS

Bilal Aziz VP, Investor Relations & Treasury +45 3137 9486 biazi@pandora.net

CORPORATE COMMUNICATIONS

Johan Melchior VP, Media Relations & Public Affairs +45 4060 1415 jome@pandora.net

Adam Fuglsang Director, Investor Relations +45 6167 7425 adfug@pandora.net