Pandora A/S : Q1 2024 - Aide Memoire

Q 1 2 02 4 - AIDE ME MOIRE

Pandora Investor Relations

Guidance

Revenue

Full-yearguidance: Pandora's guidance for 2024 is for organic growth of 6% to 9%.

This consists of

• Like-for-like(LFL) growth of 3% to 5%
• Network expansion of 3% to 4%

Forward integration is expected to add around 1% revenue growth with local currency growth ending at 7% to 10%.

The LFL range considers the external environment, Pandora's specific Phoenix initiatives and the trading in the first five weeks of 2024. The low end of the organic growth range accounts for a worsening of the macroeconomic conditions relative to the conditions witnessed up until the release of the Q4 2023 financials on 7 February 2024.

The organic growth guidance can be illustrated as follows:

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EBIT margin

Full-yearguidance:The EBIT margin guidance for 2024 is "Around 25%".

To fully capture the growth opportunities in 2024, Pandora will scale up investments across the organisation. This includes:

• The restaging of the brand, initiated with the multi-season campaign with the banner "BE LOVE"
• Roll-outof the EVOKE 2.0 store concept
• Online and offline personalisation

Separately, foreign exchange rates and commodity assumptions per 31 January 2024 are expected to lead to a net headwind of 0.1pp on the EBIT margin for 2024.

Other topics and guidance parameters in 2024

• Pandora expects to open net 75-125 concept stores and 25-50 owned and operated other points of sales in 2024
• Pandora expects CAPEX to be around 6-7% of revenue in 2024
• The effective tax rate is expected to be 24-25%
• At current interest rate levels, foreign exchange rates and targeted leverage levels, Pandora expects total net financial expenses to be around DKK 950-1,000 million

Please also see Pandora's Q4 2023 Interim Financial Reportpage 16-18 for further insights on the guidance.

Current trading

• Current trading comment from FY23 results: "We started Q1 well. In the first five weeks, our like for like is up high single digit percentage levels versus the same period last year. This is a good start, and we are still being helped by the strong brand momentum witnessed since mid of last year. However, I will repeat what I said in Q3 last year that over the past few quarters we have seen some benefit from, for example, even stronger execution on paid and earned media, elevated social media buzz, and better search engine execution. Whilst it's clearly part of our marketing strategy to drive that, you should not think of those aspects as being repeatable every single quarter. We will also not be afraid to dive into our business to continue the promotional detox, where we see an opportunity to further strengthen the brand for the long term. So, in that regard, I mentioned in Q3 that the underlying run rate of our like for like growth was probably closer to healthy mid-single digit levels. And this is also

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what we've included in our targets at the CMD in October of last year. When you take in the expected still weak macro environment, that's also what we have reflected in our full year guidance for 2024. And we should keep this in mind."

Cash distribution

• Pandora distributed DKK 18 in dividend per share 19 March, as approved at the Annual General Meeting on 14 March 2024
• Furthermore, Pandora initiated a new share buy-back programme of DKK 4.0 billion on 7 February 2024. The share buy-back programme will be completed no later than 31 January 2025

Notes

• Pandora will enter a silent period on 4 April 2024
• Pandoras Interim Financial Report for Q1 2024 will be released 2 May 2024
• Collection of Pandora's pre-Q1 2024 consensus will begin in the first half of April
• Pandora will host an Investor and Analyst event at Pandora's crafting facilities in Thailand on June 11-12 2024

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