PNDORA: Model update post 1Q26

Research evidence excerpt

PNDORA: Model update post 1Q26

RBC Europe Limited

Piral Dadhania (Analyst)

+44 20 7429 8644, piral.dadhania@rbccm.com

Nikolaos Lafioniatis (Analyst)

+44 20 7429 8437, nikolaos.lafioniatis@rbccm.com

Richard Chamberlain (Co-Head of Global Consumer & Retail UPDATE Research)

+44 20 7429 8092, richard.chamberlain@rbccm.com

May 11, 2026

PANDORA Sector Perform MODEL Model update post 1Q26 CSE: PNDORA; DKK 538.40

Our view: Pandora delivered healthy 1Q26 results beating expectations Price Target DKK 600.00 ↑ 575.00

and supporting a 14% share price gain on the day, whilst maintaining Scenario Analysis*

FY26E guidance. We view FY26E revenue guide to be conservative for

technical reasons, although note new product refresh not expected until DownsideScenario CurrentPrice TargetPrice ScenarioUpside

FY27E,which makes for a more balanced setup for now. Product transition

will negatively impact cash flow, inventories and net debt short term, but 400.0022% 538.40 600.0015% 1,000.0089%

necessary to rebalance COGS and return to low 20s EBIT margin. Raising

EPS by 4-5% and PT (DCF + target P/E 9x) to DKK 600 (from DKK 575). *Implied Total Returns Key Statistics

Key points: SharesDividend:O/S (MM): 19.0086.1 MarketYield: Cap (MM): 46,3463.5%

Avg. Daily Volume: 356,505RESEARCH Conference call takeaways - (1) Current trading - Flattish LFL in April and

consistent with 1Q26, tracking at the upper end of FY26E guide (-3% to 0%) RBC Estimates but noting weakness in the US and K-shaped economy impact, (2) FY26E FY Dec 2025A 2026E 2027E 2028E

EBIT margin phasing shift - EBIT margin decline more visible in 2Q26E and Revenue 32,549.0 32,854.8 33,842.4 34,837.9

3Q26E with lower impact in 4Q26E noting ~200bps cost phasing benefit in Prev. 32,123.0 33,053.5 34,087.4