Pandora A/S : Q2 2020 - Aide Memoire

Pandora Investor Relations

Full-year guidance:Withdrawn on 16 March 2020

Quotes on Q2 2020 performance

• •"The organic growth in April was materially impacted by temporary concept store closures during the month. The online store growth accelerated generating triple-digit growth in April"Q1 2020 Interim Report

• •"As expected, the second quarter of this year has started out with revenues being downsignificantly in April as the majority of the stores were temporarily closed" Q1 2020teleconference call

• •"[…]you should expect that revenue will be down significantly in the second quarter and much more than in the first[…Around -70% by end March and -55% by end April]"Q1 2020 teleconference call

Store reopening development

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Week Week Week Week Week Week Week Week Week Week14 15 16 17 18 19 20 21 22 23

Store reopening development for key markets

• •In the UK, Pandora has opened around 200 concept stores with start the 15 June

• •Italy, the stores started to reopen in week 21

• •In France, the reopening started in week 20

• •Germany reopened stores in late April (week 17) an around 70% of the network was reopened. Since week 20, the full network is open

• •In the US,the store reopenings are impacted by the state's approach.Around half of the network has reopened in week 21, however, states such as New York and California are still temporarily closed

• •The Australian store network has not been fully closed during Q1 nor Q2. In week 14, around 70% of stores were closed, however, from week 18 more than 80% of the network has been open

• •In China, the network has been more than 90% open during Q2, however, Beijing stores are currently impacted by the precautionary actions taken by the local authorities

Building blocks updated:5 May 2020 in connection with the release of the Q1 2020 interim reportBased on the assumption that the second quarter will be materially impacted by COVID-19 and that there will be a slow gradual improvement during the second half of 2020, Pandora can provide the following guidance:

• •Restructuring costs to be around DKK 1 billion (down from DKK 1.3 billion)

• •CAPEX updated to be around DKK 0.7 billion (down from DKK 1.0-1.2 billion)

• •Net concept store openings to be reduced by 25-50 due to fewer store openings than planned (down from flat development)

• •Effective tax rate remains between 22-23%

Full-year guidance:Withdrawn on 16 March 2020

• •"The 2020 EBIT-margin is naturally first and foremost dependent on the revenue development. While no meaningful financial guidance for 2020 can be provided at this stage, it should be noted that Pandora can absorb up to around 50% decline in revenue before reaching break-even on full-year EBIT excluding restructuring costs"Q1 2020

  Interim Report

Quote on profitability in Q2 2020

• •"[…]you should also expect to see that the bottom line for the second quarter will be negative."Q1 2020 teleconference call

• •Liquidity and funding ensured for a stress test scenario of -70% revenue decline for the rest of the year-Q1 2020 teleconference presentation slide 8

• •All Pandora jewellery to be made from recycled silver and gold by 2025(https://pandoragroup.com/investor/news-and-reports/newsdetail?id=23761)

• •Silent period will begin Friday 3 July end of business

• •Financial Calendar 2020

  • o18 August 2020 Interim Financial Report for Q2/H1 of 2020

  • o03 November 2020 Interim Financial Report for Q3/First 9 months of 2020