PANDORA : Charms & Challenges

Research evidence excerpt

PANDORA : Charms & Challenges

EQUITIES

LUXURY GOODS

PANDORA NEUTRALPRICE* DKK616.0  TARGET PRICE DKK650 (UPSIDE 6%) TARGET 12%PRICE EPS10%26e EPS13%27e

PANDORA ADR NEUTRALPRICE* USD11.8  TARGET PRICE USD12.4 (UPSIDE 5%) TARGET 9%PRICE EPS10%26e EPS13%27e

Charms & Challenges

We paused our bullish stance in early January on disappointing growth & lack of catalysts until the11 JUNE 2026

Securities Research Report summer (Getting harder to see the silver lining). While we remain Neutral on the uncertainty

Production time: 05:58* (London time)

surrounding the Bold-plated switch to platinum-plated, we identify a few catalysts to watch in H2.

Research Analysts & Publishing Entities

New TP at DKK650 (from DKK580), which implies P/E 10x 26’ (11x 27’) on our above cons. numbers.

Anthony Charchafji

BNP Paribas London Branch Switch to platinum-plated: a source of uncertainty from 2027

(+44) 20 3430 8536 In Feb-26, Pandora announced that 2/3 of its silver consumption will be switched to platinum platinganthony.charchafji@uk.bnpparibas.com

by end-28. Half of the silver assortment will be transitioned in 2027 (starting Dec-26). The savings

Antoine Belge are sizeable (>1,000bp MT). Our base case assumes that Pandora’s customer cares more about

BNP Paribas SA

(+33) 01 44 95 68 51 design than material, but only time will tell how customers react when they face the new material in

antoine.belge@bnpparibas.com stores from 2027 onward. Bear case includes negative vol (price/value swings, quality issues, bad

press, counterfeit) and operational hurdles (greater deleverage of own facilities, inventory build-up).Melania Grippo

BNP Paribas SA Potential short-term catalysts that could be supportive(+39) 02 89 63 1724