Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	29603000000	dkk
ifrs-full:Assets	2024-12-31	27758000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	32549000000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	31680000000	dkk

XML

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   <mrv:DescriptionOfTheBusinessModelOfTheEntityCorporateSocialResponsibility contextRef="ctx-1" id="f0__s8__9__7" xml:lang="en">A FULLY INTEGRATED BUSINESSPandora is one of the world’s most valuable brands, owning the space of jewellery with a meaning. Our unique business model is rooted in the strength of the Pandora brand, our distribution model and our in-house capabilities. Together, these elements create a fully integrated ecosystem that combines crafting and distribution at an unmatched scale. With a strong commitment to sustainability, we deliver industry-leading growth and profitability while minimising our environmental impact and supporting the communities we engage with. Recognising both positive and negative impacts, as well as risks and opportunities, we are basing our work on the findings of a double materiality assessment, detailed on page 50.KEY RESOURCES APPLIEDAn average of 39,000 employees globally State-of-the-art crafting facilities, powered by 100% renewable electricity Recycled silver and gold and lab-grown diamonds Water, energy and other raw materials VALUE CREATEDSafe and engaged workplace with an employee Net Promoter Score (eNPS) that puts us in the top 5% in the consumer sector globally 915 million visitors to our stores and online channels, with more than 3 pieces of jewellery sold every second DKK 1.9 billion paid in corporate income taxes DKK 5.9 billion in dividends and share buybacks to shareholders OWN OPERATIONSINNOVATIVE DESIGNWorld-class creative design process, guided by consumer insights RESPONSIBLE SOURCINGMaterials sourced in a responsible, transparent and traceable wayHIGH-QUALITY JEWELLERY CRAFTINGArtistry and craftmanship unmatched in the industry GLOBAL BRAND AND MARKETINGTop brand equity in our key markets, guided by data and analytics PACKAGING AND DISTRIBUTIONServing customers and stores by delivering the jewellery safely and on time OMNICHANNEL RETAILPersonalised experiences for consumers and brand lovers PRODUCT REUSE AND REPAIRRemelt of returning surplus and faulty products and minor repair services </mrv:DescriptionOfTheBusinessModelOfTheEntityCorporateSocialResponsibility>
   <mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="f0__s8__9__9" xml:lang="en">PEOPLEOUR PEOPLE AT THE HEART OF PANDORAOur talented people are the heart of our brand, and we strive to foster a workplace culture that supports retention and builds on the diversity and richness of our global workforce.A CULTURE WITH HEARTAs the world’s largest jewellery brand, our global workforce comprised 42,281 employees at the end of 2025, representing 146 nationalities and covering career paths across crafting, distribution, retail and office functions.To continuously improve how we work together, we regularly invite employees to share feedback on their experience, their relationship with their direct manager and how inclusive they feel our culture is. In our latest Employee Listening Survey in 2025, we saw continued progress across key areas. The employee Net Promoter Score (eNPS) reached 68, building on the strong result of 66 in 2024 (on a -100 to +100 scale), which placed us in the top 5% of the global consumer sector. Our inclusiveness score rose to 8.9, up from 8.8 in 2024 (10-point scale) – a sign that our efforts to foster a more diverse, equitable and inclusive workplace are making a meaningful difference for our people. Leadership Effectiveness was rated at 8.7, compared to 8.6 in 2024 (10-point scale), reflecting the growing trust and confidence employees have in their leaders to support, empower and guide them. TRANSFORMING OUR RETAIL RECRUITMENT WITH AI With 2,811 concept stores globally, attracting and retaining retail talent remains a key priority for us. In 2025, we have made significant strides in modernising how we attract and retain talent across our retail stores. We have implemented an AI-powered recruitment tool that is optimising the hiring process and experience. This technology is already delivering strong results as we see better candidates, reduced early attrition and accelerated seasonal hiring. The new recruitment experience is proving to be a game changer for HR teams, candidates and store managers alike. By automating administrative tasks and simplifying workflows, we are making real impact: hiring high-performing talent faster, freeing up valuable time for store managers and ensuring a seamless, user-friendly experience for all stakeholders. The solution is now live in North America, the UK and Ireland, with further expansion planned. Beyond recruitment, we are also evolving our approach to retail retention. In today’s competitive landscape, keeping great talent is just as critical as finding it. We are focused on building meaningful career paths, fostering an inclusive culture in our stores and leveraging data to support long-term employee engagement and growth. PROMOTING INTERNAL TALENTWe support our employees in reaching their full potential by creating the right career opportunities. Promoting internal talent is not just a principle – it is a core part of how we build a strong, engaged workforce. Roles across the organisation are advertised internally, ensuring that our employees have visibility into new career opportunities. This fosters a culture of mobility and development, allowing our people to grow with us and take on new challenges. By investing in internal progression, we strengthen our teams with experienced individuals who already understand our brand and values – driving performance and continuity across the business. INCLUSION AND BELONGINGWe are committed to building a culture where everyone feels seen, heard and valued. Inclusion and belonging are not just values – they are essential to how we lead, collaborate and grow together. We are advancing towards our goal of achieving full gender parity in the Senior Leadership Team no later than 2030. Women in senior leadership roles increased from 35% in 2024 to 44% in 2025 – exceeding our short-term target of 33% by 2025.This year marked the launch of a Global Pride celebration, driven by a dedicated global employee resource group. We celebrate pride as part of our commitment to foster community and allyship across all identities. We believe that when people feel they belong, they bring their best selves to work. GIVING BACK TO THE COMMUNITYThrough our partnership with UNICEF, we support children and young people, especially girls, to build brighter futures through education. Half of our donations fund educational programmes that empower girls through learning, while the other half provides flexible funding, enabling UNICEF to respond where help is needed most, including life-saving interventions. Since 2019, our DKK 106 million contribution has helped reach more than 2.4 million youth and adolescents worldwide.In Thailand, our My School Project has been making a difference for nearly two decades. Through this programme, Pandora has funded the construction or refurbishment of school buildings in rural areas – each one nominated by our own employees. In 2025, we proudly handed over our 19thschool: The Baan Phon Pra School in the Nong Khai province. These efforts reflect our long-term commitment to education, empowerment and community-driven change.A SAFE AND HEALTHY WORKPLACECreating a safe and healthy work environment is essential at Pandora. In 2025, 99.8% of our employees were covered by health and safety management systems, reflecting our commitment to maintaining high standards across all areas of the business. We recorded 142 work-related accidents with absence, resulting in a lost-time injury frequency rate of 2.10, compared to 1.72 in 2024. For more information, see page 84.In 2025, we report an adequate wage coverage of 99.9%. This is an improvement from 97.6% compared to 2024. For more information, see the Adequate wage chapter. We will continue to support employees in maintaining a safe and productive workplace. Pandora also offers employees various social protections and promotes work-life balance. We provide safeguards against income loss due to major life events, including sickness, unemployment, workplace injuries and acquired disabilities, parental leave and retirement. Coverage for social protections varies across Panama, Singapore, South Africa and the US due to differences in local regulations and government programmes.</mrv:StatementOfCorporateSocialResponsibility>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f0__s8__9__12" xml:lang="en">PEOPLEOUR PEOPLE AT THE HEART OF PANDORAOur talented people are the heart of our brand, and we strive to foster a workplace culture that supports retention and builds on the diversity and richness of our global workforce.A CULTURE WITH HEARTAs the world’s largest jewellery brand, our global workforce comprised 42,281 employees at the end of 2025, representing 146 nationalities and covering career paths across crafting, distribution, retail and office functions.To continuously improve how we work together, we regularly invite employees to share feedback on their experience, their relationship with their direct manager and how inclusive they feel our culture is. In our latest Employee Listening Survey in 2025, we saw continued progress across key areas. The employee Net Promoter Score (eNPS) reached 68, building on the strong result of 66 in 2024 (on a -100 to +100 scale), which placed us in the top 5% of the global consumer sector. Our inclusiveness score rose to 8.9, up from 8.8 in 2024 (10-point scale) – a sign that our efforts to foster a more diverse, equitable and inclusive workplace are making a meaningful difference for our people. Leadership Effectiveness was rated at 8.7, compared to 8.6 in 2024 (10-point scale), reflecting the growing trust and confidence employees have in their leaders to support, empower and guide them. TRANSFORMING OUR RETAIL RECRUITMENT WITH AI With 2,811 concept stores globally, attracting and retaining retail talent remains a key priority for us. In 2025, we have made significant strides in modernising how we attract and retain talent across our retail stores. We have implemented an AI-powered recruitment tool that is optimising the hiring process and experience. This technology is already delivering strong results as we see better candidates, reduced early attrition and accelerated seasonal hiring. The new recruitment experience is proving to be a game changer for HR teams, candidates and store managers alike. By automating administrative tasks and simplifying workflows, we are making real impact: hiring high-performing talent faster, freeing up valuable time for store managers and ensuring a seamless, user-friendly experience for all stakeholders. The solution is now live in North America, the UK and Ireland, with further expansion planned. Beyond recruitment, we are also evolving our approach to retail retention. In today’s competitive landscape, keeping great talent is just as critical as finding it. We are focused on building meaningful career paths, fostering an inclusive culture in our stores and leveraging data to support long-term employee engagement and growth. PROMOTING INTERNAL TALENTWe support our employees in reaching their full potential by creating the right career opportunities. Promoting internal talent is not just a principle – it is a core part of how we build a strong, engaged workforce. Roles across the organisation are advertised internally, ensuring that our employees have visibility into new career opportunities. This fosters a culture of mobility and development, allowing our people to grow with us and take on new challenges. By investing in internal progression, we strengthen our teams with experienced individuals who already understand our brand and values – driving performance and continuity across the business. INCLUSION AND BELONGINGWe are committed to building a culture where everyone feels seen, heard and valued. Inclusion and belonging are not just values – they are essential to how we lead, collaborate and grow together. We are advancing towards our goal of achieving full gender parity in the Senior Leadership Team no later than 2030. Women in senior leadership roles increased from 35% in 2024 to 44% in 2025 – exceeding our short-term target of 33% by 2025.This year marked the launch of a Global Pride celebration, driven by a dedicated global employee resource group. We celebrate pride as part of our commitment to foster community and allyship across all identities. We believe that when people feel they belong, they bring their best selves to work. GIVING BACK TO THE COMMUNITYThrough our partnership with UNICEF, we support children and young people, especially girls, to build brighter futures through education. Half of our donations fund educational programmes that empower girls through learning, while the other half provides flexible funding, enabling UNICEF to respond where help is needed most, including life-saving interventions. Since 2019, our DKK 106 million contribution has helped reach more than 2.4 million youth and adolescents worldwide.In Thailand, our My School Project has been making a difference for nearly two decades. Through this programme, Pandora has funded the construction or refurbishment of school buildings in rural areas – each one nominated by our own employees. In 2025, we proudly handed over our 19thschool: The Baan Phon Pra School in the Nong Khai province. These efforts reflect our long-term commitment to education, empowerment and community-driven change.A SAFE AND HEALTHY WORKPLACECreating a safe and healthy work environment is essential at Pandora. In 2025, 99.8% of our employees were covered by health and safety management systems, reflecting our commitment to maintaining high standards across all areas of the business. We recorded 142 work-related accidents with absence, resulting in a lost-time injury frequency rate of 2.10, compared to 1.72 in 2024. For more information, see page 84.In 2025, we report an adequate wage coverage of 99.9%. This is an improvement from 97.6% compared to 2024. For more information, see the Adequate wage chapter. We will continue to support employees in maintaining a safe and productive workplace. Pandora also offers employees various social protections and promotes work-life balance. We provide safeguards against income loss due to major life events, including sickness, unemployment, workplace injuries and acquired disabilities, parental leave and retirement. Coverage for social protections varies across Panama, Singapore, South Africa and the US due to differences in local regulations and government programmes.</mrv:StatementOfTheDiversityPolicies>
   <mrv:CorporateGovernanceReport contextRef="ctx-1" id="f0__s8__9__8" xml:lang="en">STRONG GOVERNANCE ROOTED IN PURPOSE, BUILT FOR RESILIENCECORPORATE GOVERNANCEPandora has established a corporate governance framework that emphasises accountability and transparency. In an increasingly unpredictable world, this foundation enables timely decision-making,agile adaptation and sustained value creation. GOVERNANCE STRUCTURE The shareholders exercise their rights at General Meetings, which is the company’s supreme governing body. At least one Annual General Meeting is held, where, amongst other duties, members of the Board of Directors (the Board) are elected, the Annual Report is approved, the Remuneration Report is appreciated and any proposed amendments to the company’s Articles of Association are discussed and either adopted or rejected. Pandora operates with a two-tier management structure consisting of the Board and Executive Management. The Board defines the overall vision, strategy and objectives of Pandora’s business activities, supervises the performance of Executive Management and is responsible for overseeing the execution of Pandora’s business strategy, including sustainability priorities, performance and targets. Furthermore, the Board is responsible for overseeing cyber-security governance, adopting sustainability-related policies, reviewing sustainability reporting and overseeing performance related to Pandora’s strategic sustainability priorities and targets.Members of Executive Management are appointed by the Board and consisted, in 2025, of two men representing two nationalities. The composition of the Executive Management Team is designed to ensure relevant and complementary competencies and diversity. Executive Management is responsible for the day-to-day management of the company and for executing Pandora’s strategy. In addition, Pandora has an Executive Leadership Team (ELT), consisting of one woman and seven men in 2025, representing seven different nationalities. Each ELT member is responsible for the daily operations of their respective business area and serves as a part of Pandora’s overall leadership. Selected ELT members are also part of Pandora’s Sustainability Board.BOARD OF DIRECTORS Composition The Board consists of eight members, seven of whom were elected at the 2025 Annual General Meeting for a one-year term. Lars Sandahl Sørensen was elected at an Extraordinary General Meeting in August 2025. His current term expires at the 2026 Annual General Meeting. As of 31 December 2025, the Board comprises eight members, four women and four men, achieving equal gender representation in line with the Danish Gender Balance Act. In line with the Danish Recommendations on Corporate Governance, 88% of the Board members are regarded as independent. Due to his more than 12-year tenure on the Board, Christian Frigast no longer qualifies as independent. Christian Frigast has announced that he will not be seeking re-election at the 2026 Annual General Meeting. The composition of the Board is designed to ensure relevant and complementary competencies and diversity. This approach supports Pandora’s strategic goals and vision, while ensuring well-considered, diverse and judicious decision-making.Board evaluation Each year, the Board conducts a board review focusing on its effectiveness and skills. The ideal mix of skills and experience required of Board members includes:•	Board experience•	Executive management•	Sectoral experience•	Marketing and brand•	Retail•	Digitalisation•	Sustainability•	Finance•	Governance An external assessment of the Board’s skills and effectiveness is conducted every three years to ensure objectivity and benchmarking. In 2025, the Board effectiveness review was conducted internally and the results identified that the Board continues to be well-established and well-functioning, supported by a strong belief in the strategy and effectiveness in collaboration with the committees and Executive Management.Board committees To support the Board in its duties, Audit, Nomination and Remuneration Committees have been established. Each committee is responsible for carrying out various preparatory tasks within the Board’s key areas of responsibility. The Remuneration Committee is responsible for incentive schemes and remuneration, including those related to sustainability. More information can be found in our Remuneration Report 2025. The committees’ terms of reference are available at our website: pandoragroup.com/investor/corporate-governance/governance-documents. Board activities in 2025 The Board held 10 meetings in 2025. Its primary focus was to strengthen the company’s resilience to external factors and navigate Pandora through continued macroeconomic uncertainty, including the implications from increased commodity prices, fluctuating foreign exchange rates, imposed US tariffs and complex socio-political environments. Additionally, the Board ensured that Pandora remained aligned with the Next Growth Chapter of the Phoenix strategy, announced at Pandora’s Capital Markets Day in 2023. The Board also appointed Berta de Pablos-Barbier as new CEO. She succeeded Alexander Lacik on 1 January, 2026. Furthermore, the Board continued to oversee cybersecurity governance and the integration of sustainability into relevant processes across Pandora, ensuring alignment with our strategic priorities and sustainability targets.Sustainability governanceSustainability is deeply embedded in Pandora’s strategic direction and in how we conduct business. The Board governs sustainability at the highest level, approving the sustainability priorities, policies and targets, including the climate transition plan. Execution of the strategy is delegated to Pandora’s Sustainability Board, which is responsible for integrating sustainability into business decisions and processes within their respective functions. Reporting to the Executive Leadership Team (ELT), the Sustainability Board is chaired by Pandora’s Chief HR Officer and comprises nine senior leaders, including selected ELT members.Two subject-specific committees (the Responsible Sourcing Committee and the Responsible Marketing Committee) oversee key sustainability areas on responsible sourcing and responsible marketing. The Low Carbon Forum remains active, while the CSRD Task Force has concluded its work.In 2025, we reconfirmed the conditions of our 2024 Double Materiality Assessment (DMA) and Pandora’s material sustainability matters (material matters). The 2025 DMA was approved by Pandora’s Sustainability Board and the Audit Committee was engaged to ensure alignment with strategic priorities and targets. Additional information The Corporate Governance Statement for 2025, in accordance with section 107b of the Danish Financial Statements Act, is available on our website: pandoragroup.com/investor/corporate-governance/governance-statement. Pandora A/S’ statutory report, in accordance with section 99a of the Danish Financial Statements Act, is available in the Sustainability Statements. Section 107d is partly available in the Corporate Governance section, and the specific policy requirement is available in the Sustainability Statements on pages 73-74. Section 107f is available in the Corporate Governance section. Pandora’s Global Data Ethics Policy, in accordance with section 99d of the Danish Financial State-ments Act, is available on our website: pandora-group.com/sustainability/resources/policies. At Pandora, we prioritise the ethical stewardship of data and technology, recognising the signif-icance of the people behind and impacted by these advancements. Throughout 2025, we have strengthened our responsible data practices to ensure equality, equity and integrity. We laid the foundations for responsible technology adoption by launching a platform with training and ethical guidelines, initiating a governance framework and embedding risk considerations into vendor and in-house AI development processes. Looking ahead to 2026, we will continue to advance these initiatives, reinforcing our position as a leader in responsible AI implementation.INTERNAL CONTROL AND RISK MANAGEMENT The Board and Executive Management are responsible for Pandora’s internal control and risk management systems in relation to the financial and sustainability reporting process.Control environmentThe Group’s internal control framework identifies key processes, inherent risks and control procedures to reduce and mitigate financial and sustainability risks and ensure reliable financial and sustainability reporting. The Audit Committee assists the Board in supervising the financial and sustainability reporting process and monitoring the effectiveness of the internal control and risk management systems. Executive Management is responsible for safeguarding the overall control environment, identifying weaknesses and ensuring necessary steps are taken to mitigate financial and sustainability risks through standardisation and process optimisation. The Internal Audit and Compliance Controlling (IACC) function serves to help Pandora accomplish its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of internal control, compliance and governance processes. The head of the IACC function reports to Pandora’s Chief Financial Officer, with a dotted reporting line to the Audit Committee Chair. Risk assessmentThe Board and Executive Management assess risks on an ongoing basis, including risks related to the financial and sustainability reporting, and they assess measures to manage, mitigate, reduce or eliminate identified risks. The IACC function assists Executive Management and the Audit Committee in identifying and monitoring financial and sus-tainability risks in the reporting process. The Audit Committee frequently reviews selected high-risk areas, including significant accounting estimates and material changes to accounting policies. Pandora’s Global Risk Management functionfacilitates identification and monitoring of material enterprise risks and validates measurements taken to reduce the risks to an acceptable level.Control activitiesThe financial and sustainability information reported by Pandora and its subsidiaries follows a formalised and structured process and is controlled by local controllers with local market knowledge as well as the controlling function within Pandora Global Business Services and Corporate Finance. The Group-controlling functions are continuously trained in new accounting, sustainability and reporting requirements and monitors compliance with relevant legislation and regulations on an ongoing basis. The financial and sustainability reporting process is dependent on the Group’s IT systems. Any weaknesses in system controls and related risks to the financial and sustainability reporting are mitigated by manual controls. Each entity and Global Business Services assess their control environment through a self-assessment of the effectiveness of implemented controls, including those related to sustainability. The sustainability processes and control activities continue to evolve alongside the maturation of the guidance of the requirements in this area. The IACC function evaluates the effectiveness of the Group’s control environment on an ongoing basis and reports its findings to the Audit Committee.MonitoringPandora’s internal control procedures and risk management systems, including the whistleblowing function, are continuously monitored, tested and documented. The Audit Committee monitors internal controls and the risk management process to ensure that identified risks are mitigated. In addition to monitoring procedures and systems, financial and sustainability risks are reviewed through audits performed by the IACC function.Information and communication Group entities are assigned dedicated controllers within Corporate Finance to ensure a direct line of communication. The Corporate Finance function reports to the Chief Financial Officer. In addition, the IACC function is present at all Audit Committee meetings and provides regular status updates on the control environment. Furthermore, LEADERSHIP TEAM IN PANDORA A/S120242025Members of the Leadership Team Pandora A/S, number1412Underrepresented gender in Leadership Team Pandora A/S, %21%17%Target, %28%-Fulfilment year2026-1The Leadership Team in Pandora A/S consists of Executive Management (first level) and employees of Pandora A/S with managerial responsibility who report directly to Executive Management (second level). The composition is determined at year-end, and all members of the Leadership Team in Pandora A/S are included in the reported headcount. Read more in the Inclusion and Belonging chapter in the Sustainability Statements page 73.the head of the IACC has regular meetings with the Chief Financial Officer and meetings with the Audit Committee without the presence of Executive Management. This setup ensures transparency and that communication is shared with the Audit Committee on a timely basis. The Board has adopted an Investor Relations Policy that requires all communication to stakeholders, including financial and sustainability reporting, to be conducted adequately, timely and openly – both internally and externally – and to be conducted factually and truthfully and in compliance with laws and applicable regulations.GENDER REPRESENTATION IN MANAGEMENTIn line with the Danish Gender Balance Act, Pandora A/S is committed to promoting an equal gender representation at management level.In 2025, we strengthened succession planning to develop internal female talent and updated recruitment processes to require diverse shortlists and structured evaluations to minimise bias. These key measures delivered positive results.In 2025, representation of the underrepresented gender (women) in our Leadership Team in Pandora A/S1increased from 17% to 21%, and as of 31 December 2025, our Leadership Team in Pandora A/S comprised 14 members: 3 women (21%) and 11 men (79%). While we have not yet achieved equal gender representation, we will continue raising awareness across management levels and implementing measures until the current target of 28% and subsequent targets are met.</mrv:CorporateGovernanceReport>
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   <mrv:SustainabilityReport contextRef="ctx-1" id="f0__s8__9__14-1" xml:lang="en">SECTION 1General informationThis section outlines the basis of preparation of our sustainability disclosures and the process behind our Double Materiality Assessment. It includes an overview of the material impacts, risks and opportunities across Pandora's value chain. BASIS OF PREPARATION GENERAL PRINCIPLESThis chapter outlines the general principles for the application of accounting policies, as well as significant accounting estimates and judgements for the sustainability disclosures.The Sustainability Statements are prepared in accordance with section 99a of the Danish Financial Statements Act, compliant with the European Sustainability Reporting Standards (ESRS), informed by our Double Materiality Assessment (DMA) and compliant with Article 8 of the EU Taxonomy Regulation. To enhance transparency, we also provide a separate set of disclosures aligned with the SustainabilityAccounting Standards Board (Apparel, Accessories&amp; Footwear). This is our second year of reporting under the mandatory disclosure requirements for sustainability. The disclosures remain unchanged from last year apart from implemented changes to our disclosure on the EU Taxonomy, based on updated requirements. Pending the expected approval of the updated ESRS in 2026, we will decide on an appropriate approach next year as to the implementation of the updated ESRS.iXBRL REPORTINGGeneral tagging of the Sustainability Statements is conducted in line with the Danish Financial Supervisory Authority requirements, following an approach consistent with the tagging of the Financial Statements. For 2025, iXBRL tagging of the Sustainability Statements under CSRD is not applied, as the European Single Electronic Format (ESEF) has not been formally adopted.PRINCIPLES OF CONSOLIDATIONThe data points in the Sustainability Statements follow the same consolidation principles as the Financial Statements, unless otherwise specified in the accounting policies. Data covering the value chain includes upstream, downstream and direct operations where applicable. No information has been omitted due to concerns about confidentiality, classification or sensitivity. ACCOUNTING POLICIES AND CHANGESThe accounting policies comply with the ESRS and have been consistently applied to all data presented. Significant accounting estimates and judgements are highlighted alongside the relevant data point. Our time horizons – short, medium and long-term – are aligned with the ESRS definitions and applied throughout. Changes to previously disclosed sustainability data are described where applicable. In 2025, we corrected historic emission and energy consumption data following methodol-ogy updates to improve data quality. Additionally, our 2024 disclosures for employees with disabilities and the total remuneration ratio were adjusted, re-spectively to correct a reporting error and to align with annual awarded compensation, rather than total fair value of all annual long-term incentives. For more information, see the Greenhouse gasemissionsand Inclusion and belongingchapters.ACCOUNTING ESTIMATES AND JUDGEMENTSCertain data points, including Scope 3 emissions and EU Taxonomy disclosures, rely on accounting estimates. The accounting estimates are reassessed annually to ensure they reflect our experience, developments in sustainability reporting and other relevant factors. Any changes to accounting estimates are recognised in the period in which the revision occurs. Where judgements have been applied in the accounting policies, this is specified alongside the reported data point. In 2025, sustainability issues do not materially impact Pandora’s financial position, financial performance and cash flows. Recurring costs are included in our current Financial Statements and budget for next year, and we foresee no significant risk of a material adjustment to the carrying amounts of assets and liabilities reported in our Financial Statements within the next annual reporting period. Accordingly, we have identified no material current financial impacts. In accordance with CSRD guidance, we continue to postpone the reporting on anticipated financial effects of environmental matters and the allocation of financial resources (CAPEX and OPEX) linked to environmental initiatives.READERS’ GUIDEThe structure of the Sustainability Statements follows the requirements of the CSRD and comprises three sections. The first section provides the required general information which includes information forming the basis for the Sustainability Statements. This is followed by the Environment section, which covers Pandora’s material environmental matters, and the Social section, addressing our material social matters. Tables in accordance with ESRS 2 General Disclosures can be found in the Appendix. The mandatory governance disclosures (GOV 1-5) are integrated into the Governancechapter, as well as our Managing riskschapter (GOV-5). For details on our Strategyand Business model(SBM-1), please refer to the respective chapters. Our Executive summarycovers insights into our product offering, markets and revenue (SBM-1). For detailed insights into Pandora’s sustainability performance, see the Environmentor the Socialsection. FORWARD-LOOKING STATEMENTSThe Sustainability Statements include forward-looking statements based on disclosed assump-tions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since antici-pated events often do not occur as expected.DOUBLE MATERIALITY ASSESSMENTSTRATEGIC INSIGHTS ON PANDORA’S IMPACTS, RISKS AND OPPORTUNITIESIn 2025, we reconfirmed the conditions for our Double Materiality Assessment. Our 10 material sustainability matters remain unchanged since 2024 reporting.Our Double Materiality Assessment (DMA) serves as a strategic tool, providing a comprehensive overview of our business’s impact and external factors that influence us. It is aligned with the EU Corporate Sustainability Reporting Directive (CSRD) guidelines and the European Sustainability Reporting Standards (ESRS).IDENTIFYING AND MEASURING IMPACTS, RISKS AND OPPORTUNITIES (IROs) AND STAKEHOLDER ENGAGEMENTOur DMA evaluates Pandora’s actual, potential and material and immaterial IROs from both an inside-out and outside-in perspective. This encompasses our own operations and value chain, as well as the financial implications of sustainability risks and opportunities for the company. The DMA is based on the IRO methodology, providing a detailed understanding of material sustainability matters (material matters) and their origins.In the DMA process, we engaged key stakeholders to validate previous findings, gathering insights into industry and geographical context. Their input enabled us to score impacts based on severity,scope, irremediability and likelihood using a 5-point scale. This approach provided input in the scoring of our material matters and supported our reporting and strategic focus. For more information, see figure on page 50.We also assessed financial risks and opportunities using parameters tailored to our business and aligned with our enterprise risk management thresholds. IROs scoring 3 or higher were flagged as material matters. While Pandora's DMA process is aligned with the CSRD and ESRS and provides a solid basis for reporting, uncertainties remain due to the complexity of materiality interpretations as well as the evolving regulatory guidance.In 2025, we reconfirmed the conditions of our 2024 DMA and Pandora’s sustainability material matters (material matters). The 2025 DMA was approved by Pandora’s Sustainability Board, and the Audit Committee was engaged to ensure alignment with strategic priorities and targets. The illustration on the next page shows how the identified IROs are reflected across our value chain. It links to our material matters and the associated actions and targets detailed in the following chapters.PANDORA'S DMA PROCESS The DMA identified Pandora’s positive and negative material sustainability impacts, along with sustainability-related risks and opportunities. These insights confirm our current strategic approach and business model and enhance our sustainability data to ensure all relevant data points are captured and disclosed.The material matters are grouped into the 10 topics in scope for our disclosures in this Annual Report. This is detailed in the 10 chapters of the Environmentand Socialsections. Resources have been allocated for all actions related to these material matters. We also detail the process used to identify and assess IROs, which at the time of assessment were categorised as immaterial. For example, as part of our DMA, we reviewed actual and potential IROs related to biodiversity across our value chain. This included consultations with relevant stakeholders such as affected communities, suppliers and our own employees, and focused on sites located in or near biodiversity-sensitive areas. Based on the findings and existing plans to minimise and mitigate such impacts, biodiversity is addressed indirectly by other material matters. We applied the same approach when assessing IROs related to business conduct. We focused on evaluating how key topics such as corporate culture, corruption and bribery, whistleblower protection, political engagement and the management of supplier relationships relate to our sector, operating locations and activities. The 2025 assessment reconfirmed that these sub-topics are immaterial from a sustainability perspective, based on current practice. We have integrated the governance disclosures requirements in the Corporate governancechapter and other sections of the Management Review. Disclosure requirements by reference can be found in the Appendix.MOST AFFECTED STAKEHOLDER GROUPSUPSTREAMSuppliers We actively engaged with both direct and indirect suppliers through interviews and ongoing dialogue to better understand their risks and impacts related to their engagement with Pandora. Our discussions focused on supplier management, business conduct, working conditions and fair wages, ensuring we can effectively support our suppliers in addressing these critical areas.OWN OPERATIONSEmployeesWe connected with employees through interviews and drew insights from Pandora’s previous third-party human rights impact assessment. Topics covered included diversity, fair wages and workplace culture, helping us understand potential impacts and risks associated with our working environment.Local communities and partners We conducted interviews with UNICEF and other international organisations, exploring topics such as migration, local communities and human rights. We also draw on the results from the 2022 Human Rights Impact Assessment of our crafting sites in Thailand, which included interviews with local communities on “liveable environment” on topics such as water quality, shortages and wastewater from the industrial zones our facilities are located in.DOWNSTREAMConsumersWe gathered valuable input from consumers through research by our Consumer Insights team, addressing key areas like packaging, diversity, greenwashing and the representation of minority groups.InvestorsWe engaged with investors through questionnaires to gather feedback on transparency, responsible business practices and marketing strategies, ensuring we align with their expectations and foster trust.VALUE CHAINMATERIAL IMPACTS, RISKS AND OPPORTUNITIES We address material impacts across our value chain to create value for stakeholders by reducing negative impacts, enhancing positive impacts, mitigating risks and leveraging opportunities. By managing key activities largely in-house, we advance responsible growth, reduce negative outcomes and strengthen business resilience.UPSTREAMInbound logistics and sourcingGreenhouse gas (GHG) emissions from energy-intensive processesUse of raw materials and chemicalsSupplier misconduct on human and labour rightsClimate-related transition risksResource dependencies and shortagesOWN OPERATIONS1Innovative design, Responsible sourcing, High-quality jewellery crafting, Global brand and marketing, Packaging and distribution, Omnichannel retail, Product reuse &amp; repairSecure employment and protection of personal dataGHG emissions and usage of non-renewable energyWater consumptionDiversity and inclusion inequilitiesMinimum pay standards and living wage discrepanciesClimate-related transition risksSecure and flexible employmentSourcing renewable electricity to enhance energyindependenceDOWNSTREAMOutbound logistics and serviceSocial inclusion and diversity through promotion channelsGHG emissions from outbound logistics &amp; servicePackaging wasteClimate-related transition risksEthical and diverse marketing practicesPositive impacts Negative impacts1With a fully integrated business model, our own operations cover large parts of the value chain. The business activities visualised as own operations are mainly performed in-house, however not 100%.Sustainability-related risks Sustainability-related opportunities SECTION 2ENVIRONMENTReducing the environmental impact of our activities is a key focus in our sustainability efforts. This section outlines five material environmental matters. It also includes how we report to Task Forces on Climate-related and Nature-related Financial Disclosures and how the EU Taxonomy applies to our business activities.17%Since 2019, we have reduced our GHG emissions by 17%.26%In 2025, 26% of water used across our crafting facilities was recycled.ADVANCING TOWARDS NET ZERO GREENHOUSE GAS EMISSIONS Since 2019, Pandora's revenue has grown 49% while total emissions across the value chain have decreased by 17%. Among our peers, Pandora is leading the way in decoupling growth and emissions.In 2025, we continued our commitment to crafting all jewellery with 100% recycled silver and gold and powering our own operations with 100% renewable electricity. We also advanced efforts to expand renewable electricity across our supply chain and improved operational efficiency. These efforts delivered continued emissions reduction compared to 2024, despite business growth and the peak impact of construction on our new crafting facility.IMPACTS, RISKS AND OPPORTUNITIESFailing to decarbonise and meet our climate targets could result in financial penalties, legal challenges, rising costs and reputational damage from upstream, own operations and downstream parts of our value chain.The following impacts, risks and/or opportunities are associated with this material matter:UpstreamGHG emissions from energy-intensive processes (negative impact).Climate-related transition risks (sustainability-related risk).Own operationsGHG emissions and usage of non-renewable energy (negative impact).Climate-related transition risks (sustainability-related risk).Sourcing renewable electricity to enhance energy independence (sustainability-related opportunity).DownstreamGHG emissions from outbound logistics and service (negative impact).Climate-related transition risks (sustainability-related risk).POLICIES Pandora’s Global Environmental Policy requires employees to adopt environmentally responsible practices. The policy outlines our commitment to environmental material and respected third-party standards as disclosed in this report. It applies to Pandora’s direct operations and value chain and is approved by the Board of Directors. Accompanying the policy is a GHG Standard, addressing senior-level managers accountable for implementation, as well as third-party standards or 1 Pandora’s purchase multiple types of Energy Attribute Certificates including Renewable Energy Guarantees of Origin (REGOs) for the UK, Guarantees of Origin (GOs) for European markets, Renewable Electricity Certificates (RECs) for North America and International Renewable Electricity Certificates (I-RECs) for other international operations, for example Thailand and China.initiatives, in addition to Pandora’s climate targets and initiatives to support long-term climate change mitigation. The GHG Standard covers climate change mitigation, adaptation, energy efficiency and deployment of renewable electricity across Pandora’s entire value chain. It aligns with international standards referenced in the Global Environmental Policy and provides a blueprint for aligning business practices with our low-carbon roadmap. The Global Environmental Policy and GHG Standard are available on our corporate website under Policies. ACTIONS Enhanced transition plan and governanceYearly performance milestones on emissions have been linked directly to remuneration (Long-Term Incentive Plan) and our sustainability-linked financing commitments since 2022. Performance tracking and overall decisions on key impacts, risks, dependencies and opportunities are taken at Executive Leadership Team (ELT) level. For further information, see Pandora’s RemunerationReport 2025. In 2025, focus was on building even stronger ties between the company's senior leadership and Pandora’s climate ambitions. Emissions reduction targets are now divided by business area, with each ELT member responsible for a decarbonisation roadmap towards 2030. This structure strengthens our ability to identify reduction opportunities, track performance, identify barriers and accelerate action.Continued decarbonisation in crafting facilitiesOur crafting facilities in Thailand have been powered by 100% renewable electricity since 2020, with on-site solar power production, Renewable Electricity Certificates (RECs1) and most recently by a biomass power purchase agreement (PPA) at our plant in Lamphun. On-site solar supply and direct supply from biomass accounted for 29% of total electricity consumption in 2025 of our crafting facilities.In 2025, we participated in a virtual power purchase agreement (vPPA) pilot in collaboration with other partners and The Royal Thai Government. The project included the installation of a new solar rooftop system and represented Thailand’s first financial mechanism connecting the vPPA and renewable certificate markets. Pandora played a facilitating role in the pilot to help advance renewable electricity deployment in Thailand. We did not source any certificates generated through the pilot in 2025. To continue supporting renewable electricity expansion, we are assessing two on-site solar PPA models for our local crafting facilities in Thailand.Construction of our new crafting facility in Vietnam progressed through 2025. While this work contributed to a temporary spike in capital goods emissions, we have embedded sustainability into every stage of the process – setting recycled content requirements for key building materials, targeting LEED Gold certification and ensuring 100% renewable electricity for our operations.100% renewable electricity In 2025, we continued sourcing 100% renewable electricity across our own operations, including own stores, offices and distribution centres in all markets. The majority of RECs purchased were EKOenergy or Green-e labelled.Activating suppliers and partners With 100% renewable electricity established across our operations, the next step is to transition our direct value chain partners to commit to the same targets. We have partnered up with our retail distributors and have brought the majority of the distributor network to 100% renewable electricity by the end of 2025.We have also begun work with our main direct suppliers. Over the year, we mapped supplier structures, defined renewable electricity ambition levels and engaged suppliers with high emissions impact. Eight high-impact crafting suppliers are now documenting their renewable electricity use through on-site installations and RECs.Going into 2026, the requirement for renewable electricity will be solidified into procurement processes and partner contracting. We will continue working closely with strategic suppliers, documenting renewable energy and supporting sourcing through on-site solutions, PPAs or high-quality RECs. Focus remains on building supplier capabilities in renewable sourcing and carbon accounting through training sessions and active communication, laying the foundation for sustained progress in our supply chain.TARGETS AND PROGRESSAs of 2025Target50% REDUCTION IN TOTAL EMISSIONSBy 2030, reduce total greenhouse gas emissions by 50% compared to 2019 baseline (Scopes 1, 2 and 3, market-based).2019-17%2025-50%203090% REDUCTION IN OWN OPERATIONSBy 2025, reduce emissions from own operations by at least 90% compared to 2019 baseline (Scopes 1 and 2, market-based). Target achieved in 2024. In 2025, we maintained performance against this target, by 98% emissions reduction compared to 2019 baseline.NET ZERO BY 2040By 2040, achieve net zero emissions across full value chain (Scopes 1, 2 and 3, market-based).BREAKDOWN OF OUR SCOPE 3 GREENHOUSE GAS EMISSIONS13% Business travel and employee commutingTravel by Pandora employees to and from Pandora facilities and external sites.13% Crafting materials Raw materials such as silver, gold, copper, cubic zirconia and other metal alloys and production materials like gypsum and enamel.12% Transportation Transportation and distribution of Pandora jewellery, including inbound and outbound logistics and third-party distribution.16% Media and marketing Media spend across all channels ranging from TV campaigns to digital ads and email marketing.2% Franchisees Pandora franchisees, wholesale and other points of sale not directly owned by Pandora. 5% OtherFuel and energy-related activities, water supply, waste generated in operations, security and licences.6% Administrative and professional services Recruitment services, training and courses, consultancy services, legal and insurance.7% ITOutsourcing services, hardware, telecom data and IT consultants.7% Packaging and point-of-sale materials Bags, boxes, printed materials, campaign items, displays and trays and other types of packaging.8% Capital goodsVarious machines, construction materials, crafting equipment and fixtures and furniture in stores.11% Facility management Store maintenance, cafeteria and catering.TARGETS AND PERFORMANCE In 2025, we reduced emissions from the previous year despite continued company growth and construction of our new crafting facility in Vietnam. Pandora’s total emissions decreased by 5%, from 276,281 tonnes of CO2e in 2024 to 263,450 tonnes of CO2e in 2025. This change was primarily driven by Scope 3 reductions.Scope 3 emissions decreased by 5% from 2024, due to expanded renewable electricity coverage, less business travel and optimisation efforts. Among others, this included air-to-ground transition and value engineering of store displays and trays. These reductions counterbalance emissions from construction of our new crafting facility in Vietnam.By 2025, our combined Scopes 1 and 2 emissions account for 0.4% of our total emissions. Emissions across these categories decreased overall by 22% since 2024, with key reduction levers in Scope 1 including new on-site electric vehicles at crafting facilities and improved cooler maintenance to reduce refrigerant leakage. Scope 2 emissions increased due to a full year of electricity coverage from biomass-based supply for the Lamphun site.With a waste recycling rate of 99.9% in 2025, our crafting sites - accounting for 36% of total waste – continued to support low-carbon operations.Historic emissions have been adjusted in 2025 to reflect improvements in retail electricity calculations. See GHG emissions data footnote for updated emissions on page 58.TOWARDS NET ZERO BY 2040Pandora achieved a 17% reduction in GHG emissions in 2025, compared to 2019 baseline. The graph below breaks down actual performance to date of Scopes 1, 2 and 3 – and our target trajectory towards 2040*.275,638 tCO2e262,474 tCO2eScope 32019Baseline42,985 tCO2e976 tCO2e2025Progress2030Target: 50% reduction across Scopes 1, 2 and 3, market-basedScopes 1 and 22040Net Zero(-90% vs 2019)Actual reductionTargeted reduction trajectory:Scopes 1 and 2Scope 3Residual emissions offset through permanent carbon removals* Numbers are subject to change, in case of future restatements.DECARBONISATION LEVERS TOWARDS 2040SCOPES 1 and 2100% renewable electricityMaintain 100% renewable electricity across own operations. Increase share of on-site renewable electricity and long-term energy agreements.Operational efficiencyEnergy efficiency. Reduce and recycle crafting materials, water and waste. Innovation in manufacturing and materials to reduce footprint in crafting.FuelsRenewable solutions for direct fuels. Shift to electric for owned vehicles.SCOPE 3Supplier requirements100% renewable electricity for high-impact suppliers .Emissions data and net zero-aligned targets.Store design and operations100% renewable electricity across majority of distributor and franchise network .Cut impact of store materials and construction.TransportationShift air freight to road and rail .Green fuels across value chain.Business travel and commutingCarbon awareness and policy upgrades to reduce non-essential business travel.Employee incentives for greener commuting.Packaging and brandInnovation in packaging material and production .Carbon impact integrated into marketing strategies.CircularityDriving decarbonisation through circularity within raw materials, packaging and retail services.Our climate transition plan aligns with the Paris Agreement, targeting a climate scenario that limits global warming to 1.5 degrees Celsius or below. Our emissions reduction targets use a 2019 baseline, as the most representative year for business-as-usual emissions across Scopes 1, 2 and 3. For more information on our climate-related scenario analysis, see the Riskand the Task Forces on Climate-relatedand Nature-related Financial Disclosureschapters.Sustainability-related investments and costs have been considered in the budget and forecast applied as basis for impairment testing of goodwill. Ongoing funding to support Pandora’s climate transition is requested centrally and funding processes are reviewed and approved at Board level.RetrospectiveMilestones and target yearsGREENHOUSE GAS EMISSIONSAnnual % target/base yearTonnes CO2equivalent202520241Dev.20191Dev.202520302040Scope 1504910-45%1,379% of Scope 1 from regulated emission trading schemes00-N/AScope 2Location-based32,21035,728-10%39,107Market-based47234138%41,606Scopes 1 + 2 (location-based)32,71436,638-11%40,486Scopes 1 + 2 (market-based)9761,251-22%42,985-98%-90%-15%Scope 3C1: Purchased goods and services167,209172,707-3%183,603C2: Capital goods22,53212,84275%10,853C3: Fuel and energy-related activities705,170-99%11,405C4: Upstream transportation30,42738,659-21%16,706C5: Waste generated in operations1,5301,30317%904C6: Business travel13,71414,502-5%17,352C7: Employee commuting20,22418,36710%17,247C8: Upstream leased assets1,6281,774-8%1,416C11: Use of sold products2,3832,3940%3,249C14: Franchises2,7577,312-62%12,903Total Scope 3262,474275,030-5%275,638Total emissions (location-based)295,188311,668-5%316,124Total emissions (market-based)263,450276,281-5%318,623-17%-50%Net zero-5%Emissions intensity, tonnes CO2equivalent/revenue in DKK million (location-based)29.079.84-8%14.46Emissions intensity, tonnes CO2equivalent/revenue in DKK million (marked-based)28.098.72-7%14.57Biogenic emissions (tonnes CO2)349435340%N/A1In 2025, we have improved Pandora’s calculation methodology and data for Scopes 2 and 3. This led to adjustments in total emissions (tonnes CO2e), with decreases of -25,899 in 2019 (-8%) and -9,917 in 2024 (-3%).2Revenue used in the calculation is as reported in note 2.1 Segment and revenue informationof the Financial Statements.3The biogenic emissions cover purchased electricity from biomass and relates to Scope 2.ACCOUNTING POLICIESAll emissions are accounted for in accordance with the methodology set out in the Greenhouse Gas (GHG) Protocol Corporate Standard, and our disclosures align with the requirements of European Sustainability Reporting Standards (ESRS) E1-6. CO2emissions from biomass are reported separately, and the remaining GHG emissions are included in Scope 2 market-based as per the GHG Protocol. All CO2e emission factors used for fossil fuels and electricity are in accordance with the 2006 Intergovernmental Panel on Climate Change Guidelines for National Greenhouse Gas Inventories. SCOPE 1emissions include fuels used to craft jewellery for heating, refrigerants for cooling and fuel used for transport of employees. Fossil fuel volumes and refrigerant leakage volumes are multiplied by emission factors from the UK Department for Environment, Foodand Rural Affairs (DEFRA). SCOPE 2emissions include the purchase of electricity and district heating for crafting, retail (own stores), offices and distribution centres. Electricity for crafting includes electricity from grid, solar panels and biomass. Electricity for retail, offices and distribution centres comes from the grid. Consumption data for crafting, offices and distribution centres is based on invoices and meter readings, while consumption data for retail is calculated based on an estimated energy key from selected markets with actual consumption data. The emissions are calculated using both market-based (which includes the purchase of Energy Attribute Certificates) and location-based approaches. Energy consumption is multiplied by IEA, AIB, district heating (Denmark) and US EPA factors for respective countries to calculate emissions. Emissions from satellite offices with less than 30 people are omitted. These correspond to emissions from 14% of employees in our offices. SCOPE 3emissions include the 10 subcategories listed below, which are all relevant to Pandora. Emissions categories excluded from reporting are also detailed, with justification for exclusion. Emissions within Scope 3 are calculated using a mix of supplier-specific, volume and spend data. Emission factors from DEFRA (including VAT) are used to calculate emissions based on spend (including VAT), unless otherwise specified. We have corrected the emissions factors to represent the monetary value and energy intensity of the current year, considering the general inflation and improvement of energy intensity between 2011 and 2025: • C1 includes materials and services. Where available, material volumes are multiplied by the Life Cycle Assessment (LCA) emission factors. If not available, spend amounts are used and multiplied by DEFRA supply chain emission factors for spending on products. C1 also includes categorised spend amounts on services (for example, media and marketing). For some spend categories, we have collected supplier-specific emission factors. • C2 includes categorised spend data for machinery, fixtures and furniture and other capital goods multiplied by relevant LCA and supply chain emission factors (DEFRA). • C3 includes upstream GHG emissions from fuels, heating and electricity based on invoices used in our crafting facilities, stores, offices and distribution centres. Emission factors for transmission and distribution losses are from IEA and fuels are from DEFRA, with market-based instruments (EACs) applied for electricity consumption across Crafting, Retail, Offices and DCs. • C4 includes inbound and outbound logistics and transportation and distribution services conductedby third-party logistics providers. A combination of supplier-specific and supply chain emission factors for spending on products from DEFRA is used to calculate the emissions. Emissions from other transport types are included in the emission factors used for purchased goods and services. • C5 includes both actual and estimated waste volumes. Waste data for retail is subject to some uncertainties. Waste amounts and treatment are partly based on estimates and assumptions, in particular for day-to-day waste in stores. Extrapolations have been made for categories such as jewellery transport packaging and closure of stores.• C6 includes supplier-specific flight, hotel and car rental emissions as well as spend amounts on flight, hotel, car rental and travel expenses.• C7 includes emissions from Pandora employees' commute from home to work. It is based on a mix of actual fuel consumption for commuting services in crafting and extrapolated data from a 2025 all-employee survey.• C8 includes spend amounts on upstream leased cars. • C11 includes electricity consumption for multibrand locations and is estimated based on the number of locations, average size of store types and an estimated energy key based on a selected number of stores (kWh/m2/day) which is developed using actual electricity consumption data from Pandora-owned stores. For Shop in Shops O&amp;O store size averages have been used for the calculations. The energy consumption is multiplied by IEA and AIB factors for their respective countries to calculate the emissions.• C14 includes electricity consumption for franchise and distributor locations and is estimated based on the number of locations, average size of store types and an estimated energy key based on a selected number of stores (kWh/m2/day) which is developed using actual electricity consumption data from Pandora-owned stores. The energy consumption is multiplied by IEA and AIB factors for their respective countries to calculate the emissions.The sub-categories C9-C10, C12-C13 and C15 are excluded as not relevant or below the significance threshold for Pandora. Where material and relevant, we have accounted separately for biogenic emissions. The biogenic emissions cover our purchased electricity from biomass used at our crafting facility in Lamphun, Thailand. The biogenic emissions are calculated based on kWh values multiplied by a CO2-only emission factors from the energy provider. Other GHG emissions associated with purchased biomass (CH4, N2O) are included within Scope 2, in line with GHG Protocol reporting guidelines. We have not identified any material biogenic emissions within our Scopes 1 and 3.In 2025, we have reassessedPandora's greenhouse gas accounting, in line with the GHG Protocol. Reassessment was triggered by methodology improvements to retail electricity and waste calculations and affects historic data to baseline in Scopes 2 and 3 (Categories 3, 5, 11 &amp; 14).SIGNIFICANT ACCOUNTING ESTIMATES The calculation of greenhouse gas emissions is to a large degree based on generic secondary emission factors and estimated data. Pandora continues to engage suppliers to obtain actual data and primary emission factors to increase the accuracy of the emissions reported. In 2025, the proportion of the total emissions calculated using spend-based emissions calculations is 49%. The proportion in 2024 was 48%.ENERGY CONSUMPTIONMWh202520241Fuel consumption from renewable sources15,19110,856Renewable energy, purchased95,31399,094Consumption of self-generated non-fuel renewable energy 1,2031,249Renewable energy consumption111,707111,199Fuel consumption from coal and coal products00Fuel consumption from crude oil and petroleum products1,5301,561Fuel consumption from natural gas 432583Fuel consumption from other fossil sources00Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources957884Total energy consumption from fossil sources2,9193,028Share of fossil sources in total energy consumption, %3%3%Total energy consumption from nuclear sources00Share of consumption from nuclear sources in total energy consumption, %--Total energy consumption 114,626114,227Share of renewable sources in total energy consumption, %97%97%Energy intensity, MWh/revenue in DKK million23.523.61Share of renewable sources in total electricity consumption, %100%100%1In 2025, we have improved Pandora’s calculation methodology and data for Scopes 2 and 3. As a result hereof, we have also updated our historic energy consumption. Total energy consumption for 2024 has decreased with 21,798 MWh (-16%). 2Revenue used in the calculation is as reported in note 2.1 Segment and revenue informationof the Financial Statements.ACCOUNTING POLICIESEnergy consumption is disclosed in accordance with ESRS E1-5 and reported on a market-based approach. Share of renewable sources is reported on two lines to reflect the distinction between total energy consumption and total electricity consumption.Total energy consumption covers the purchased and generated quantities of electricity and district heating for crafting, retail (Pandora's owned and operated stores), offices (with more than 30 employees) and distribution centres (Scope 2), as well as fuels used in on-site generation and company vehicles (Scope 1). Total electricity consumption covers only purchased and generated quantities of electricity (as scoped above) and excludes energy consumption from fossil sources.Our purchased renewable energy corresponds to the MWh covered by purchased RECs. Fuel consumption from renewable sources covers our purchased electricity from biomass in our crafting facility at Lamphun, Thailand. Self-generated, non-fuel renewable energy covers our own generated solar energy at our crafting facilities. Fuel consumption from crude oil and petroleum products reflects diesel and gasoline fuels for company-owned passenger vehicles as well as LPG used at crafting facilities. Fuel consumption from natural gas reflects on-site usage at one distribution centre. The energy intensity is calculated as the total energy consumption divided by the revenue inDKK million. RETHINKING MATERIALS: RECYCLED METALS AND MAN-MADE STONESENVIRONMENTAL IMPACTS OF MINING 2025 marks the first full year where all new Pandora jewellery is crafted exclusively with 100% recycled silver and gold – a major milestone in our circularity journey. Together with our commitment to use only man-made stones, this marks a decisive shift toward circular and innovative material sourcing, reducing reliance on newly mined metals and mined gemstones.IMPACTS, RISKS AND OPPORTUNITIES Pandora remains committed to crafting with 100% recycled silver and gold and to using only man-made stones. Newly mined materials, including copper and other base metals, are still used in some jewellery. As markets for recycled alternatives mature, we see clear opportunities to diversify sourcing and further advance our circularity and continue to reduce our environmental footprint.The following impacts, risks and/or opportunities are associated with this material matter:Upstream Use of raw materials (negative impact).Resource dependencies and shortages (sustainability-related risk).POLICIES 2025 saw continued progress in aligning our op-erations with Pandora’s Global Material Standard, which guides our transition to recycled metals. This Standard builds on our Global Environmental Policy, serving a comprehensive framework for all environmental standards, including those related to responsible sourcing. An updated version of the Global Material Standard was further developed during 2025 and is planned for release in 2026.Pandora’s Global Material Standard and Global Environmental Policy are available on our corporate website under Policies. ACTIONS Ensuring 100% recycled silver and gold2025 marks a circularity milestone. From January, all new jewellery have been crafted using 100% recycled silver and gold. This marks the final step in our transition away from newly-mined silver and gold. To put this commitment into context, without recycled silver and gold, emissions from these REACHING 100% RECYCLEDSILVER AND GOLD100Pandora employees involved.~77mDKK annual average investment in premium.+40supplier sites audited.Suppliers changed operations to segregate recycled metal from newly-mined metal.Additional processes and equipment for sorting, melting and manufacturing were introduced to enable segregation.All recycled silver and gold meet the strictest definition in the industry.metals would be more than 80% higher than they are today1.The shift requires continuous supplier verification, aligned with leading certification standards, and is managed through our Responsible Sourcing Programme, see page 85. In 2025, Pandora continued supporting new suppliers to enable sourcing and audit alignment with our 100% recycled silver and gold programme.Driving material innovationUsing only man-made stones remains a key priority for Pandora. Man-made stones allow for known origin and controlled production processes, and generally offer a way to reduce extraction impacts while fostering innovation.In 2025, we continued to transform the diamond market with our lab-grown diamonds. These are sparkling examples of how innovation can replicate nature with a lower impact. Grown, cut and polished using 100% renewable electricity, they carry a signif-icantly lower carbon footprint than mined diamonds.From urban mining and advanced recovery technologies to our commitment to use only man-made stones, we actively explore circular and innovative sourcing pathways as a means to reduce impact and reliance on mined commodities. Although the maturity of markets and techniques currently limit scale, we remain committed to leveraging Pandora’s position to unlock future potential in this area. 1Scenario based on 2025 procurement volumes.2Measured as biodiversity pressure [species·year], using SimaPro (Ecoinvent v3.11) and ReCiPe 2016 Endpoint.Integrated climate and nature strategiesIn 2025, we reinforced our environmental strategy by building on insights from our first Science Based Targets Network (SBTN)-aligned assessment. A robust baseline and scenario analysis confirmed the critical role of maintaining 100% recycled silver and gold – not only in reducing emissions, but also in minimising our biodiversity footprint2.While recycled metals eliminate mining-related impacts, refining still contributes to environmental impacts primarily due to high energy consumption. To address this, we actively engage key suppliers in the transition, and half of our silver grain and refinery suppliers now operate on 100% renewable electricity. Increasing traceability effortsPandora applies a due diligence process aligned with the OECD Due Diligence Guidance to ensure our metals are conflict-free. We annually map key metals – silver, gold and platinum group metals – to the refinery level and request certifications to manage supply chain risks. To further increase traceability, we are exploring intelligent systems to improve transparency across complex supply chains.TARGETS AND PERFORMANCEWe remain committed to our target to purchase 100% recycled silver and gold by 2025. The target was achieved in December 2023, and we continue crafting all our jewellery with 100% recycled silver and gold. In addition, we uphold our commitment to using only man-made stones. We continue to explore opportunities to expand circular sourcing to other materials. Progress will depend on market availability, cross-sector collaboration and improved traceability – areas where Pandora is actively leveraging its influence to drive transformation.CIRCULAR JEWELLERY%20252024Recycled silver and gold total100%100%Share of man-made stones100%100%Share of silver of purchased product materials65%67%ACCOUNTING POLICIES Circular jewellery is an entity-specific metric, which is why no reference to an ESRS is made. The percentage of recycled silver and gold is calculated as the share of total purchased silver and gold. Recycled silver and gold are precious metals that have been previously refined. Our products may contain fractions of silver and gold coming from non-recycled sources due to difficulties in separating sources in the refining process. Total purchased silver and gold consists of grains, components, plating solutions for Pandora in-house production and finished goods from external production. It excludes refinery from scrap and rework metals from Pandora in-house production, production material, tooling and machinery.Our guidelines are to only use suppliers who source/use certified silver and gold and have had their Chain of Custody (CoC) process audited by an external third party. These audits are an important enabler for Pandora to trace the sourced certified silver and gold from when it was initially sourced, either by Pandora’s suppliers or by Pandora itself, and until the certified silver and gold is used in the crafting of our jewellery. Using an externally audited CoC process to verify the sourced certified silver and gold enables Pandora to secure a higher level of credibility on our commitment to crafting from 100% recycled silver and gold.The percentage of man-made stones is calculated as the share of procured stones, cultured pearls excluded. The share of silver of purchased product materials is calculated as the share of total purchased product materials (volumes), for example silver, gold and other metals.MATERIAL SAFETY AT THE HEART OF CRAFTING EXCELLENCEENVIRONMENTAL IMPACTS OF MATERIALSCrafted with care, Pandora jewellery is free from hazardous substances. We apply comprehensive testing against our Restricted Substance List and rigorous standards to safeguard consumers and our craftspeople while minimising environmental impact. IMPACTS, RISKS AND OPPORTUNITIESChemistry is essential to crafting high-quality products because it enables controlled material performance, durable finishes and regulatory-compliant safety. To ensure regulatory compliance, we apply comprehensive requirements for restricting and monitoring hazardous substances.Our Chemicals Management Programme ensures that we adhere to global standards and comply with or exceed local regulatory requirements, from raw materials to finished goods, by monitoring hazardous substances. The chemical usage areas are based on our Restricted Substance List (RSL), which comprise of substances restricted in usage pertaining to our products, raw materials and production processes. The following impacts, risks and/or opportunities are associated with this material matter:UpstreamUse of chemicals (negative impact).POLICIES Our Global Environmental Policy continues to guide our work with all environmental topics, including chemicals, and serves as a foundation for developing future guidelines and frameworks. The Global Environmental Policy is available on our corporate website under Policies. CHEMICAL MANAGEMENT Our chemical management approach is organised around three focus areas: SAFER INPUT We require safety data sheets and passed test certificates and keep records of all substances. Non-compliant substances are discontinued after careful review.SAFER PROCESSESWe drive continuous progress across our four targets: zero accidents, zero health risks, zero waste and zero non-compliance, governed by our ISO 45001 and ISO 14001 certifications.SAFER OUTPUTWastewaterWe treat wastewater on site before distribution to industrial treatment. Wastewater quality is regularly monitored to ensure it meets or exceeds local legal requirements.Hazardous wasteWe treat hazardous waste according to local legal requirements, including zero landfill.ACTIONS Safe products above all Pandora’s Chemicals Management Programme ensures compliance with global standards and local regulations, from raw materials to finished goods. In alignment with the EU General Product Safety Regulation (GPSR), effective from December 2024, we have introduced enhanced chemical safety assessments and regulatory compliance checks for all products. Our products are continuously tested for safety, and our laboratory operates in accordance with ISO/IEC 170251.We maintain strict controls on hazardous substances through our RSL, which is aligned with regulations and overseen by senior management in our Crafting and Supply Quality team. The RSL sets clear protocols to protect chemical safety and workplace health. These standards are also embedded in supplier contracts and sourcing documents. Suppliers must provide safety data sheets and test certificates to demonstrate compliance. Our crafting facilities continue to be ISO 9001 certified.In 2024, the European Commission reclassified silver under the Classification, Labelling and Packaging Regulation, to take effect from 1 May 2026, updating its hazard classification and introducing stricter requirements for safe use in consumer products. The classification does not apply to finished silver articles, such as jewellery, and therefore imposes no new labelling or marketing requirements for Pandora’s products.As silver is Pandora’s main raw material, we acted early to strengthen product safety assessments, enhance supplier controls and conduct preventive risk assessments in our crafting facilities. These actions ensure the safety of our employees and that our jewellery remains fully compliant with all applicable regulations. Robust chemical management process in manufacturingWe continuously assess our chemical use to what is essential, in order to minimise environmental risks and waste, and to strengthen safety across our crafting. This approach helps protect natural resources and supports cleaner processes.We remain committed to minimising environmental pollution from manufacturing through proactive chemical management, focusing on safer input, safer processes and safer output (see figure to the left). Our Together Towards Zero campaign – led by our Safety, Occupational Health and Environment teams in Thailand – drives progress across four areas: a zero accidents culture, zero health risks, zero waste and zero non-compliance. The four areas are guided by the RSL and by the ISO 450011and ISO 140011management systems. This ensures that we effectively mitigate risks to both employee health and the external environment associated with the use of chemicals in our crafting processes.This year, we strengthened our sourcing policy against RSL with additional checks as well as SHE team approval for all new chemicals and suppliers. We also upgraded our Chemical Management Systems (CMS) to monitor, with greater granularity, threshold limits set by international safety standards, where certain chemical concentrations can be potentially harmful.TARGETS AND PERFORMANCE As we continue advancing our Together Towards Zero goals, we are exploring ways to enhance our Chemical Management Programme. This includes assessing the development of a Manufacturing Restricted Substance List (MRSL) and investigating targets. No target was set for this material matter. In 2025, as in previous years, no critical incidents of non-compliance related to product health and safety were reported.ICONIC PACKAGING, WITH LOWER ENVIRONMENTAL IMPACT ENVIRONMENTAL IMPACTS OF INDIRECT PROCUREMENT The environmental impact of indirect procurement is a complex area due to the wide range of goods and services purchased from Pandora's 5,000+ suppliers. In 2025, we made good progress on addressing the environmental impact of our packaging, one of our highest impact areas.IMPACTS, RISKS AND OPPORTUNITIES Production and disposal of consumer packaging such as bags and boxes may have a negative environmental impact, which can lead to financial and reputational risks. We continue to work with suppliers and other external partners to gain a deeper understanding of these impacts and to identify opportunities for reducing the environmental impact of our packaging.The following impacts, risks and/or opportunities are associated with this material matter:Downstream Packaging waste (negative impact).POLICIESOur Global Environmental Policy guides our environmental work and serves as the foundation to further develop guidelines and frameworks. In 2025, no additional standard was developed for this material matter. As we continue refining our approach, we will develop additional standards.The Global Environmental Policy is available on our corporate website under Policies. ACTIONS In 2025, we introduced new visual brand identity elements and underwent a comprehensive process of elevating our consumer packaging offering. During this project, a cross-functional team spanning creative design, store operations, procurement and sustainability partnered up to ensure brand, sourcing and sustainability considerations were integrated into the project plan. Thanks to this cross-functional effort, we have made good progress in elevating the brand experience, while further reducing the environmental impact of Pandora packaging, especially from a carbon emissions standpoint. This was achieved through:Adjusting package sizing and creating efficiencies throughout the entire assortment.Optimising the assortment to reflect a unified customer journey across all customer-facing channels, thus removing the need for different types of packaging.Deprioritising creative elements with a higher impact in favour of lower impact materials.TARGETS AND PERFORMANCE We will continue to reduce the environmental footprint of our packaging by using more recycled materials and exploring new low-carbon raw materials. In 2025, no target was set for this material matter. In 2026, we will investigate suitable targets for the area.ADVANCING WATER RESILIENCE IN CRAFTING WATER MANAGEMENT IN OWN OPERATIONS Reducing freshwater use is vital to strengthening Pandora’s resilience to water risks, particularly in the face of climate change, and we achieved a 23% recycling rate in 2025. To safeguard nature and our long-term operations, we are working to set water targets grounded in local basin conditions.IMPACTS, RISKS AND OPPORTUNITIES Water is integral to crafting our jewellery, with 89% of our total water consumption coming from crafting processes. In 2025, 26% of the water used across crafting facilities was recycled. However, some of our sites are located in water-stressed areas, exposing us to risks related to water scarcity and quality. By aligning our strategy with local basin conditions, we see clear opportunities to strengthen Pandora’s resilience to water-related risks, such as scarcity, drought and regulatory re-strictions, while also reducing our impact on nature.The following impacts, risks and/or opportunities are associated with this material sustainability matter:Own operations Water consumption (negative impact).POLICIES Water plays a vital role in our crafting processes, from cleaning to casting, with 89% of our total water use occurring at our crafting sites. As a company operating in water-stressed regions, we remain committed to protecting this finite resource through a resilient and inclusive water management approach. Our focus remains on reducing pressures on local water availability and safeguarding water quality. Our dedicated Water Standard continued to steer our actions throughout 2025. The Water Standard, targeting senior-level managers accountable for implementation, focuses on water management, water treatment and a commitment to reduce water consumption in high-risk areas. It applies to Pandora’s value chain and follows international standards.The Global Environmental Policy and Water Standard are available on our corporate website under Policies. ACTIONS Science-aligned action In 2025, we updated our company-wide water risk assessment using the WWF Water Risk Filter, which showed no major changes from 2024. As a result, our water consumption in high-risk areas totalled 739,110 m3 in 2025, which constitutes 56% of our total water consumption. In 2025, we built on previous SBTN work and completed the freshwater quantity target setting guidance, including assessing local basin conditions using hydrological models and baseline water data. In 2026, we will further advance this to inform Pandora's water strategy.Optimising water risk monitoring We continue to monitor water shortage and flooding risks weekly, supported by an emergency response plan that helps maintain stable operations and avoid amplifying local water stress. Based on the climate scenario analyses conducted in 2024, we are also assessing financial exposures under different water scenarios, supporting future alignment with the Task Force on Nature-related Financial Disclosures, see page 68.Unlocking water efficiency To inform ambition level and target setting, external technical experts conducted on-site feasibility assessments at our sites in Bangkok and Lamphun in 2025, identifying significant potential to improve water efficiency. We are exploring initiatives and prioritising inputs to build a robust and cost-effective implementation plan.In parallel, we are exploring opportunities to engage in water replenishment activities at the catchment level. As part of this work, we recognise the vital role water plays in sustaining ecosystems, biodiversity and livelihoods, and we are exploring opportunities for collective action to deliver such broader co-benefits over the long term. TARGETS AND PERFORMANCE In 2025, our crafting facilities achieved a water recycling rate of 26%, a slight increase compared to the 2024 recycling rate of 25%. At our Lamphun site, initiatives such as rinse water optimisation and other efficiency measures resulted in water withdrawal reductions. However, in 2025, our overall water consumption increased by 7% compared to 2024.In 2025, our water consumption increased in the administrative buildings at our Bangkok facilities. This was partly due to a temporary pause on investments, pending the outcome of the onsite feasibility assessments to validate the most effective water management approach. Building on the recent feasibility assessments, we have identified clear opportunities to further improve water efficiency and on site recycling, thereby strengthening Pandora’s resilience to water-related risks. We are working to establish contextual water targets, tailored to local basin water challenges, with our water strategy to be launched in 2026. WATER CONSUMPTIONm320252024Total water consumption1,313,6731,226,949Water consumption in areas with high water risk739,110715,903Water consumption in areas with high water risk, %56%58%Total water recycled and reused299,675279,826Recycling percentage, %23%23%Water intensity, m3/revenue in DKK million140.3638.731Revenue used in the calculation is as reported in note 2.1 Segment and revenue information of the Financial Statements.ACCOUNTING POLICIES Water management data is disclosed in accordance with ESRS E3-4. Water consumption includes volumes of water consumed in our global operations. The water consumption for our crafting facilities and distribution centres are calculated as the purchased volumes of water. The water consumption in our offices is calculated as an estimate based on headcount, adjusted for remote working. Water consumption at retail locations is calculated as an estimate based on working hours. Water consumption in areas with high water risk and water stress includes volumes consumed at our crafting facilities in Bangkok and is estimated based on reported city water consumption, including recycled water, for each location (reported or estimated), assessed against WWF Water Risk Filter per location. The share of water in areas with high water risk is compared to the total water consumption.Water recycled and reused is the volume of water at our crafting facilities that has either been recycled for irrigation and sanitary purposes or reused in our crafting processes before being sent to wastewater treatment.We exclude activities and facilities that contribute less than 1% of the company-wide gross water consumption from reporting:Recycled water is excluded from reporting for all offices, distribution centres and retail locations, as there is no on-site treatment facility or capacity at these premises to recycle water. Water consumption in areas at water risk is excluded from reporting for offices, retail stores and distribution centres due to lack of materiality, given the threshold of 1% relative to the company-wide water consumption. TASK FORCES ON CLIMATE-RELATED AND NATURE-RELATED FINANCIAL DISCLOSURESAs we grow our business, we remain focused on addressing both potential and actual climate and nature-related risks. We rely on the frameworks provided by the Task Force on Climate-related Financial Disclosures (TCFD) and the Task Force on Nature-related Financial Disclosures (TNFD) to guide us in this effort. These frameworks support our response to growing demands from regulators and the financial sector for greater transparency on financially material climate change and nature-loss impacts affecting Pandora.GOVERNANCEPandora’s Board of Directors (the Board) maintains oversight of climate and nature-related risks and opportunities as part of its governance responsibilities. This includes evaluating the alignment of climate-related and nature-related initiatives with Pandora’s purpose and business strategy. The Board approves Pandora’s climate-transition and nature-protection plans, receives updates on the progress of sustainability priorities, performance and targets annually, including climate-related and nature-related risks and mitigation initiatives. In 2025, the Board received training with focus on sustainability impacts, opportunities and risks. For further details on Pandora’s governance, refer to the Corporategovernancechapter. STRATEGYWe aspire to be a low-carbon business, aiming to reduce our environmental impacts across the entire value chain. For further information on our low-carbon strategy, initiatives and targets, see our Greenhouse gas emissionschapter, and for further information on our environmental areas, see the chapters on Environmental impacts of mining, Environmental impacts of materials, Environmentalimpacts of indirect procurementand Watermanagement in own operations. RISK MANAGEMENT We operate an enterprise risk management system. The business functions are responsible for different parts of our value chain for the continuous identification, assessment, mitigation and reporting of current and emerging risks. All relevant business functions provide quarterly updates on their most material risks, which are presented to the Risk Management Board for review and potential inclusion in Pandora’s most material risks map.For more information, see the Riskand Watermanagement in own operationschapters. For details on Pandora’s climate risks and opportunities scenarios, refer to Pandora’s CDP climatequestionnaire. METRICS AND TARGETS We are committed to reducing our environmental impact through clear targets and impactful initiatives. Our long-term incentive plan (LTIP) for Senior Leadership Team incorporates sustainability performance as a key component, including our science-based target to reduce GHG emissions. For more information on our sustainability targets, refer to the respective chapters under the Environmentalsection of Pandora’s Annual Report 2025. For further details on the LTIP, see our RemunerationReport 2025.EU TAXONOMYIn 2025, we continued our assessment of the EU Taxonomy’s environmental objectives, focusing on CAPEX. While jewellery crafting remains out of scope, the construction of our new crafting facility in Vietnam demonstrates potential alignment as LEED certification is expected in 2026. PROPORTION OF TURNOVER, CAPEX, OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY ELIGIBLE ECONOMIC ACTIVITIES Financial year 2025Breakdown by environmental objectives of Taxonomy aligned activitiesKPITotalProportion of Taxonom eligible activitiesTaxonom aligned activitiesProportion of Taxonom aligned activitiesClimate change mitigationClimate change adaptationWaterCircular economyPollutionBiodiversityProportion of enabling activitiesProportion of transactional activitiesNot assessed activities considered nonmaterialTaxonomy aligned activities in previous financial period (N-1)Proportions of Taxonomy aligned activities in previous reported period (N-1)DKK m%DKK m%%%%%%%%%%DKK m%REVENUE32,549--------------CAPEX4,13887%-------------OPEX530--------------1The six environmental objectives under the EU Taxonomy are: climate change mitigation (CCM), climate change adaptation (CCA), sustainable use and protection of water and marine resources (WTR), transition to a circular economy (CE), pollution prevention and control (PPC), and protection and restoration of biodiversity and ecosystems (BIO).The EU Taxonomy (the Taxonomy) is a classification system for environmentally sustainable economic activities, as set out in Regulation (EU) 2020/852 and its delegated acts, including the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act and their amendments. Jewellery crafting is not in scope, but we annually assess the relevance of eligible activities to our core business, focusing on their contribution to the six environmental objectives1. Our newly constructed crafting facilities in Vietnam indicate potential CAPEX alignment, while leased properties show only limited alignment possibilities.For the 2025 reporting year, we implemented the EU Omnibus II Directive (Directive 2014/51/EU) amendments to the Taxonomy and its delegated acts, introducing a 10% materiality threshold and simplifying reporting requirements. This approach allows us to focus on activities that are material to our business and to ensure compliance with all applicable regulatory requirements.In accordance with Article 8 of the Taxonomy Regulation, and based on the technical screening criteria set out in the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act and their amendments, we annually identify, assess and report on eligible and aligned activities using the required KPIs (revenue, CAPEX and OPEX), while ensuring compliance with minimum social safeguards and the Do No Significant Harm criteria.TAXONOMY ELIGIBILITY Our core jewellery crafting activities are not covered by the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act or their respective amendments. Accordingly, these activities are classified as Taxonomy-non-eligible, and we therefore report no Taxonomy-eligible revenue for the reporting period. We continue to monitor regulatory developments to assess any future applicability of the Taxonomy to our business model.In accordance with the Omnibus II Delegated Act, we have applied the newly introduced materiality thresholds to determine the relevance for the remaining two required KPIs. Our eligibility assessment includes a review of Pandora’s economic activities in relation to CAPEX and OPEX. Based on this assessment, we have identified Taxonomy-eligible CAPEX and report it accordingly. Our Taxonomy-defined OPEX amounts to DKK 530 million, which is well below 10% of our total revenue of DKK 32,549 million. Therefore, we have determined that OPEX is immaterial, representing a small proportion of our overall business operations and not constituting a significant driver of our environmental performance or investment strategy. Accordingly, we have omitted the detailed assessment and reporting of Taxonomy eligible or Taxonomy aligned OPEX, disclosing only the total OPEX value.TAXONOMY ALIGNMENT With respect to Taxonomy alignment, we acknowledge that the regulatory framework continues to evolve. In 2025, we reassessed the Financial year2025Environmental objectives of Taxonomy aligned activitiesEconomic ActivitiesCodeTaxonomy eligible KPI (Proportion of Taxonomy eligible CAPEX)Taxonom aligned KPI (monetary value of CAPEX)Taxonom aligned KPI (Proportion of Taxonomy aligned CAPEXClimate change mitigationClimate change adaptationWaterCircular economyPollutionBiodiversityEnabling activityTransitional activityProportion of Taxonomy aligned in Taxonomy eligible%DKK m%%%%%%%(E where applicable)(T where applicable)%Construction of new buildingsCCM 7.1, CCA 7.1, CE 3.111%--------NoNo-Buying and owning buildingsCCM 7.7, CCA 7.765%--------NoNo-Computer programming, consultancy and related activitiesCCA 8.211%--------NoNo-Sum of alignment per objective------------Total KPI (CAPEX)87%--------NoNo-PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY ELIGIBLE ECONOMIC ACTIVITIESalignment potential of our eligible economic activities, particularly in relation to CAPEX. The construction of our new crafting facility in Vietnam was identified as potentially aligned under activity 7.1 “Construction of new buildings.” Despite preliminary indications, Pandora has decided not to present alignment at this stage, as the LEED certification process remains ongoing and we apply a conservative approach to reporting. Should all required documentation have been obtained and certification finalised by December 2025, this activity would represent approximately 7% of the total Taxonomy-aligned CAPEX or around 62% of Taxonomy-aligned CAPEX under activity 7.1 “Construction of new buildings.”Further, we also assessed certain leased stores for possible alignment under activity 7.7 ‘‘Acquisition and ownership of buildings’’, though their contribution is currently considered immaterial. No alignment has been reported under activity 8.2 ‘‘Computer programming, consultancy and related activities’’, as the technical screening criteria remain too complex to apply reliably. Additionally, we have omitted eligibility and alignment reporting for activity 6.5 ’’Transport by motorbikes, passenger cars and light commercial vehicles’’, as the associated CAPEX falls below the 10% materiality threshold.Investments in renewable electricity sources and biomass technologies are currently limited and therefore not reported, as their impact is immaterial for the purposes of the Taxonomy. Waste-handling initiatives, while aligned with our sustainability ambitions, also represent a minor share of our overall investments and are not separately reported for this year. Pandora remains committed to enhancing future alignment by progressing ongoing projects, obtaining relevant certifications and strengthening data collection and documentation processes.CONTRIBUTION TO MULTIPLE OBJECTIVES Regarding our identified economic activities, we note that none of these contribute to multiple objectives. DISAGGREGATION OF KPIs There has been no disaggregation of KPIs for any economic activity assessed. CONTEXTUAL INFORMATION ABOUT KPIs The numerator of the CAPEX KPI for activity 7.1 primarily reflects investments in the construction of our new crafting facility in Vietnam. The facility has been built to meet LEED Gold standards and is powered entirely by renewable electricity. While the crafting facility was completed in 2025, formal LEED certification is expected next year. For activity 7.7, CAPEX is driven by new leases and leasehold improvements in our leased stores, as Pandora exclusively operates its stores from leased premises and does not own any of the underlying land or buildings. In activity 8.2, investments in digital innovation and capabilities are reported under CAPEX or OPEX, depending on whether capitalisation criteria are met, and are similarly assessed for alignment with the technical screening criteria and compliance requirements. MINIMUM SAFEGUARDS In shaping our human rights due diligence (HRDD) processes, Pandora follows the guidance of the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD guidelines). More specifically, our business conduct is guided by the following policies: Human Rights Policy, Supplier Code of Conduct, Franchisee and Distributor Code of Conduct, Responsible Sourcing Policy, Materials Standard, Responsible Marketing Standard, Whistleblower Policy, Data Ethics Policy and Privacy Policy. These policies are available on our corporate website under Policies. We strive to implement HRDD in a way that enables us to identify, prevent, mitigate, track and remediate actual and potential adverse impacts in our own operations, supply chains and business relationships. Further details are available in the chapters on Corporate governance, People, Inclusion and belonging, Adequate wage, Humanrights in own operationsand Workers in the valuechain.In 2025, there were no incidents where Pandora was found to be in breach of human rights laws, guilty of breaching tax laws, convicted of corruption or bribery or found in breach of competition laws. Likewise, Pandora has not been subject to complaints of alleged breaches of the OECD guidelines or been non-compliant with the OECD guidelines and has therefore not collaborated with any OECD National Contact Points to resolve such issues in 2025. Finally, Pandora has not been approached by the Business and Human Rights Resource Centre and therefore has not been non-responsive to the Centre or found to be responding inadequately to affected stakeholders or their representatives’ concerns in 2025.ACCOUNTING POLICIES The share of Taxonomy-eligible economic activities is expressed as the proportion of revenue, total investments (CAPEX) and operational expenditures (OPEX) related to assets or processes listed in the Taxonomy. Revenue: Total revenue is aligned with the revenue reporting in note 2.1 Segment and revenue information. The revenue KPI is defined as Taxonomy-eligible revenue (numerator) divided by total revenue (denominator). CAPEX: Total CAPEX is aligned with additions reported in note 3.1 Intangible assets (IAS 38), note 3.2 Property, plant and equipment (IAS 16)and note 3.3 Leases (IFRS 16). Goodwill is not included in CAPEX as it is not defined as an intangible asset in accordance with the Taxonomy. The CAPEX KPI is defined as Taxonomy-eligible CAPEX (numerator) divided by total CAPEX (denominator). OPEX: According to the Taxonomy, OPEX is defined as direct non-capitalised costs that relate to research and development, building renovation, short-term lease, maintenance and repair and any other direct expenditure relating to the day-to-day servicing of property, plant and equipment. The OPEX KPI is defined as Taxonomy-eligible OPEX(numerator) divided by total OPEX (denominator). As Taxonomy OPEX has a different definition than OPEX, the OPEX used cannot be derived from the Financial Statements. Double counting:For the calculation of the denominator of the revenue, OPEX and OPEX KPIs, we have extracted the figures directly from our internal system, ensuring that the figures are only counted once in each KPI. For the allocation of the numerator for CAPEX, we first identified the relevant figures and then allocated the primary related economic activity in the Climate Delegated Act. In this way, we ensure that no CAPEX is considered more than once. Materiality threshold:In accordance with the Omnibus II amendments, a 10% threshold applies to revenue, CAPEX and OPEX. Where the cumulative share of certain economic activities is below 10% of the respective denominator, we may omit assessing their Taxonomy eligibility or alignment. In such cases, we disclose the sectors of these omitted activities and provide an explanation for their immateriality. If total OPEX is not material to our business model, we may omit OPEX assessment for all activities, provided we disclose the total OPEX value and explain its immateriality.SECTION 3SOCIALInclusion and belonging, adequate wage, as well as human rights, responsible sourcing and marketing, are key to our approach to ethical business. This section outlines five material social matters.The inclusiveness score of our employee listening survey averaged 8.9 in 2025 – a slight increase from 8.8 in 2024.In 2025, we increased the representation of women in Senior Leadership Team from 35% to 44%.44%8.9INCLUSION AND BELONGINGADVANCING AS AN INCLUSIVE WORKPLACEIn 2025, we continued our efforts to advance inclusion, diversity and belonging at our workplace. Progressing towards our gender parity target, the share of women in Senior Leadership Team reached 44%.IMPACTS, RISKS AND OPPORTUNITIES Inclusion and belonging have long been integral to our culture and operations, and we remain dedicated to embedding these principles across all parts of our organisation. Pandora’s DMA reconfirmed a gender imbalance in leadership, confirming the relevance of the targets set in 2021. We also found that providing secure, flexible jobs and training positively impacts our employees’ career progression.We continue to build on our efforts to create a workplace that reflects the diversity of our 42,281 employees worldwide by the end of 2025, with a focus on inclusion, gender parity in leadership and flexible employment. Our employees are distributed across genderidentities with 80% identifying themselves aswomen. The age profile is distributed with 49% below 30, 47% between 30 and 50 and 4% above 50years, highlighting a multigenerational workforcecommitted to inclusivity and diversity.The following impacts, risks and/or opportunities are associated with this material matter:Own operations Diversity and inclusion inequailities (negative impact).Secure and flexible employment (sustainability-related opportunity).POLICIES Our work is anchored in Pandora’s Inclusion and Belonging Policy, which outlines our commitments to fostering an inclusive workplace, achieving gender parity in leadership and ensuring that our communications reflect the diversity of the communities we serve. It details the collective responsibilities within the company to ensure all employees understand how they can contribute to creating a culture of inclusion.In 2025, we updated the policy to align with our long-term goals and meet the evolving needs of our global employees. The policy is applicable for Pandora’s entire workforce and was approved by the Board at the end of 2025.DATA ANALYTICS AND REPORTINGWe use insights to track progress and drive meaningful actions. TRAINING AND DEVELOPMENT We provide employees with the tools and knowledge to build an inclusive workplace. COMMUNICATION AND VALUE PROPOSITIONWe ensure a unified stance and consistent messaging across our global organisation.EXTERNAL PARTNERSHIPS AND INTERNAL EMPLOYEE RESOURCE GROUPS We foster collaboration with external communities while empowering diverse employee networks internally.PANDORA’S INCLUSION AND BELONGING STRATEGYIn addition, in 2025, we have updated Pandora’s Code of Conduct, providing clear guidance on how to do business with integrity, how we treat people with respect and how we safeguard Pandora’s assets and data.The Inclusion and Belonging Policy and Code of Conduct are available on our corporate website under Policies. ACTIONS Based on the strategic foundation of our Inclusion and Belonging Strategy from 2024, and outlined in our Inclusion and Belonging Policy, we have in 2025 brought our inclusion and belonging ambitions to life through partnerships, global campaigns and initiatives, strengthened leadership accountability, and increased employee engagement.Celebrating International Women’s DayAcross Pandora, International Women’s Day was marked by a series of inspiring activities. In our Global Office, we joined a new partnership with the NGO ProWoc (Professional Women of Colour), and welcomed the public to join us for an International Women’s Day event. Uniting for Global Pride In 2025, we also marked a milestone for our PRIDE Employee Resource Groups, as teams came together to deliver an awareness campaign for Pride Month. Through a series of online events and panels and the launch of a new eLearning module on inclusion and belonging, we reached employees worldwide.Expanding employee resource groups and focusing on neurodiversityWe continued to grow our Employee Resource Groups, with a special emphasis on neurodiversity. In 2025, we took important first steps to better understand and support neurodivergent employees. Partnering with UK-based specialists Neurohaus, we began evaluating how our retail environments can better accommodate neurodivergent customers. This included exploring inclusive store design principles and implementing practical adjustments to create more welcoming and accessible experiences. These actions mark the beginning of a broader journey to creating environments, both in our workplaces and stores, where every colleague and customer can thrive and feel included. TARGETS AND PROGRESSFULL GENDER PARITYAchieve full gender parity* in the Senior Leadership Team no later than 2030.INCLUSIVENESS SCORE OF 8.5Maintain at least 8.5 score on inclusivity in the employee listening survey. Target achieved in 2022.8.9As of 2025Target45%-55%* Gender parity in Senior Leadership Team refers to an equal number (50/50) of women and men in senior leadership positions from Vice President and up (including the Board) with a +/- 5 percentage points variation.TARGETS AND PERFORMANCE Navigating a global landscape Operating in more than 100 countries, with employees representing diverse nationalities, genders and age groups, presents both opportunities and challenges. From navigating cultural differences to adapting to local regulatory environments, these complexities can impact our ability to measure progress, particularly where data collection on diversity, equity and inclusion metrics is restricted. We remain committed to finding innovative ways to advance inclusivity and tailor our approach to the needs of our global employees. Keeping our focus on gender parityAchieving gender parity in our Senior Leadership Team remains a top priority. In 2025, we made progress, increasing the representation of women in Senior Leadership Team from 35% to 44%. This marks our strongest year-on-year improvement to date.While we are encouraged by this progress, we recognise that reaching true gender parity requires sustained focus and action. We remain committed to sustaining momentum, ensuring our Senior Leadership Team reflects the diversity of our global employees, and that we continue our progress toward gender parity in leadership by 2030.Empowering employees through listeningIn 2025, we conducted our biannual employee listening survey to assess inclusivity across our global organisation, inviting participation from all office, retail, distribution, and Crafting &amp; Supply employees. The survey revealed an inclusiveness score of 8.9 on a scale from 0 to 10, up from 8.8 201944%202550%2030in 2024. These insights guide our actions and keep us aligned with our target of maintaining a score above 8.5 in 2026.EMPLOYEE CHARACTERISTICSNumber20252024GenderWomen33,75933,243Men7,4217,687Other1,020272Not reported81124Total employees42,28141,326CountryThailand11,21011,864US9,9488,584Other countries below 10% of total number of employees21,12320,878Employee turnoverTotal employees who left Pandora, excl. seasonal and temporary employees10,84410,048Total employee turnover, excl. seasonal and temporary employees, %30.7%30.1%Total employees who left Pandora18,84615,889Total employee turnover, %48.3%44.4%ACCOUNTING POLICIESOur employee characteristics are accounted for in accordance with ESRS S1-6. The number of employees includes all recorded individuals employed by Pandora, except external contractors, at year-end and is accounted for in headcount. The gender distribution is based on the total number of employees at year-end. The country data is presented in accordance with the ESRS standard, including countries with employees representing at least 10% of our total number of employees.Total employee turnover is presented in two ways: excluding and including seasonal and temporary employees. This approach reflects the nature of our business, where we frequently hire employees for short-term assignments during peak seasons to meet increased operational demands. Since the turnover of these seasonal and temporary employees aligns with their employment terms, we exclude them from the first employee turnover calculation. This distinction ensures that our turnover metrics accurately represent trends in our workforce while taking the seasonal fluctuations of our business into account.Employee turnover is calculated as the number of employees who left Pandora during the year divided by the average number of employees for the same period. GENDER REPRESENTATION IN MANAGEMENTNumber 20252024Board of DirectorsWomen450%457%Men450%343%Other0-0-Not reported0-0-Executive ManagementWomen0-0-Men2100%2100%Other0-0-Not reported0-0-Executive Leadership TeamWomen112.5%112.5%Men787.5%787.5%Other0-0-Not reported0-0-Senior Leadership TeamWomen4144%3335%Men5356%6065%Other0-0-Not reported0-0-ACCOUNTING POLICIESThe gender representation in management is disclosed in accordance with ESRS S1-9. The data includes the total number of members in the Board of Directors (the Board), the total number of employees in both Executive Management and the Executive Leadership Team at year-end. The Senior Leadership Team comprises Vice Presidents, Senior Vice Presidents and members of the Executive Leadership Team, Executive Management and the Board at year-end. EMPLOYEES BY CONTRACT TYPENumber20252024Total number of permanent employees34,20135,084Women26,81627,567Men6,9657,310Other35786Not reported63121Total number of temporary employees8,0806,242Women6,9435,676Men456377Other663186Not reported183ACCOUNTING POLICIES The number of employees by contract type is disclosed in accordance with ESRS S1-6. The data includes all recorded individuals employed by Pandora at year-end and is accounted for in headcount. Permanent employees are regularly scheduled to work either part-time or full-time schedules without a specified end date, while temporary employees are regularly scheduled to work either part-time or full-time schedules with a specified end date at year-end. Pandora has no employees with a contract as non-guaranteed hours. AGE SPLIT%20252024Below 30 years49%48%30-50 years47%48%Above 50 years4%4%ACCOUNTING POLICIESThe age split is disclosed in accordance with ESRS S1-9. The data includes all recorded individuals employed by Pandora at year-end and is accounted for in headcount, attributed to an age range based on their recorded date of birth.DISABILITIES%202520242Employees with disabilities¹0.6%0.5%1 Countries where the data is reported: Brazil, Chile, China, France, Germany, Hong Kong, Italy, Panama, Poland, Romania, Spain, Thailand and Turkey.2 In 2025, Pandora reassessed the reported share of employees with disabilities and identified that employees in Thailand were not included in the 2024 disclosure. This resulted in an adjustment of the reported share of employees with disabilities for 2024 from 0.2% to 0.5%.ACCOUNTING POLICIESThe percentage of employees with disabilities is reported in accordance with ESRS S1-12. The share of employ-ees with disabilities is compared to total number of employees at year-end and is accounted for in headcount. The number of employees with disabilities employed by Pandora at year-end includes employees with disabili-ties in countries where this is being registered either for legal or other reasons. The legal definitions of individu-als with disabilities by the respective countries are taken into consideration when reporting the data. REMUNERATION METRICS%20252024Gender pay gap-1.1%¹1.9%Total remuneration ratio122.4237.421 On average, women working in Pandora earn 1.1% more than men working in Pandora.2 The total remuneration ratio (CEO pay ratio) for 2024 has been adjusted using the value at grant for the year, rather than the expensed total fair value of all annual long-term incentives using IFRS 2 principles. This results in a reduction of the ratio of 51.ACCOUNTING POLICIESGender pay gap and Total remuneration ratio (CEO pay ratio) are disclosed in accordance with ESRS S1-16. The gender pay gap is calculated by comparing the average gross hourly earnings of women and men across the workforce, expressed as a percentage of the average pay level of male employees. It is based on the average monthly headcount, attributed to the binary gender categories of women or men. Employees not registered with a binary gender have not been included. The average gross hourly earnings includes annual base salary and STIP payout. The total remuneration ratio is calculated by comparing the annual total compensation of our highest paid employee, the CEO, to the median annual compensation of all other employees at year-end. The calculation is based on the total gross compensation figures, which include salary, bonuses and other financial benefits comprising the total fair value of all annual long-term incentives including share-based payments, assessed as the value at grant for the year. The total remuneration ratio is excluding the CEO exit agreement. For context see the RemunerationReport 2025. TURNING INSIGHT INTO ACTIONADEQUATE WAGE At Pandora, we are committed to fair and responsible pay practices that reflect our values. In 2025, 99.9% of our employees are paid above or at the adequate wage that supports a decent standard of living, aligned with the actual cost of living in their respective countries.IMPACTS, RISKS AND OPPORTUNITIES Ensuring all employees are paid equitably and receive adequate wages is central to Pandora’s commitment to social responsibility. By committing to adequate wages for all employees, we strengthen our brand, attract and retain the right talent and limit risks from decreased employee trust and retention. The following impacts, risks and/or opportunities are associated with this material matter:Own operationsMinimum pay standards and living wage discrepancies (negative impact).POLICIES In 2025, we developed Pandora’s Adequate Wage Policy, which was approved by the Board in January 2026. We are also developing an Adequate Wage Standard, which we aim to finalise in the first half of 2026.The Adequate Wage Policy details our commitments regarding equitable and adequate wages. The Standard is an internal document which details our approach to adequate wage analysis and describes our proactive approach to avoiding wage gaps. The volatility of benchmarking data is a challenge, which is why we allow for some flexibility in our approach, enabling us to keep pace with changes and assess whether changes are sustained. This approach helps us avoid making premature or unnecessary large-scale adjustments.The Adequate Wage Policy is available on our corporate website under Policies. ACTIONS Pandora works with a global partner, WageIndicator.org, for reliable adequate and living wage data. In our 2025 analysis, as in our 2024 analysis, we only included guaranteed pay provided to all employees and pay components that truly contribute to a higher standard of living in our benchmarking. In countries where adequate wage data is unavailable, we apply the living wage. For countries where both figures are available, we use the higher figure to ensure maximum fairness. We adopt a proactive approach to adequate wage with the aim of avoiding gaps from occurring rather than closing gaps once identified. To that end, we reference the relevant adequate wage when creating our internal pay ranges for each country, ensuring that wages cover basic living needs and support a decent standard of living. Our internal pay ranges are reviewed annually to account for inflation and shifts in the cost of living as reflected in the WageIndicator data.In 2026, we will continue to embed adequate wage into our reward policies and work with relevant stakeholders to further increase awareness and understanding on this topic. TARGETS AND PERFORMANCEMost gaps identified in our 2024 benchmark study have been closed. When repeating the assessment for 2025, we can see that 99.9% of our employees are paid at or above the adequate wage. The remaining 0.1% represents gaps in Denmark and Luxembourg, impacting 47 employees. We will closely monitor these gaps during 2026 and take action to close them where appropriate.ADEQUATE WAGE%20252024Number and share of employees paid an adequate wage39,03399.9%34,50897.6%Number and share of employees notpaid an adequate wage by country 1Chile14880%Ireland14071%Luxembourg1579%1470%South Africa6063%Colombia10359%Peru3856%Singapore4245%Portugal4216%Netherlands3415%Denmark322.8%363.3%Mexico253.1%US1302.0%Brazil132.2%Belgium41.8%Czech Republic21.3%Romania10.7%Thailand30.03%1Data are presented only for countries where employees have been identified as not being paid an adequate wage. In all other countries, the adequate wage gap is zero.ACCOUNTING POLICIESAdequate wage data is disclosed in accordance with ESRS S1-10. The share of employees paid an adequate wage is the annual consolidation of the country-level assessments of base wage including qualifying allowances (housing, meal and transport allowances, free school for children, guaranteed bonus and paid private medical insurance) per employee, benchmarked against the adequate wage calculated for the country by WageIndicator.org as per the October 2024 update. Where a calculated adequate wage is not available in the external benchmark, the calculated living wage has been used. For countries, where both an adequate wage and a living wage are available, the highest calculated wage benchmark has been used. The wages of all employees which are accounted for in headcount excluding apprentices, student assistants and interns have been considered. The share of employees paid an adequate wage is calculated as the number of employees paid an adequate wage compared with the total number of employees in scope. Where employees by country are not paid an adequate wage, the number and share in those countries are detailed.FOSTERING FAIR AND INCLUSIVE OPERATIONSHUMAN RIGHTS IN OWN OPERATIONSIn 2025, we continued to strengthen workplace practices across our crafting facilities in Thailand – enhancing grievance mechanisms, engaging employees and fostering a culture of well-being and inclusion. Our efforts align with international standards, including the UN Guiding Principles on Business and Human Rights (UNGPs), and focus on turning policy into practice. IMPACTS, RISKS AND OPPORTUNITIES Fair treatment and equal access to career progression and development are essential to Pandora’s success. Secure employment includes being heard, having complaints handled equitably and having a workplace free from discrimination. Adhering to human rights standards involves managing risks, including those linked to data protection and employee privacy. Lapses in data handling and privacy could lead to financial penalties and erode employee trust. The following impacts, risks and/or opportunities are associated with this material matter:Own operations Secure employment and protection of personal data (positive impact).POLICIES We evaluate human rights risks across our operations and in different parts of our value chain, to work towards positive and meaningful impact. This work is guided by Pandora’s Global Human Rights Policy.The Global Human Rights Policy outlines our commitment to adhering to international standards, including the UNGPs, the International Labour Organization’s (ILO) Declaration on the Fundamental Principles and Rights at Work and other international instruments. It details our salient human rights issues, key stakeholder groups and engagement practices as well as implementation of human rights across the business and remediation mechanisms. Applicable to our direct operations and value chain, the policy has been approved by the Board.The actions illustrated above are guided by our human rights approach and by international standards for responsible business, such as the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD guidelines). We respect the human rights of everyone impacted by our business, ensuring fair treatment and an empowered voice for all. This approach highlights the importance of embedding human rights into our daily operations, addressing key human rights risks across our value chain and creating positive impact.OUR APPROACH TO RESPECTING HUMAN RIGHTSTo ensure our Human Rights Policy and approach remains relevant, outcomes from our activities and engagements are centralised at a global level. We engage with key functions across the business dedicated to work on human rights, responsible sourcing and other areas of sustainability to ensure issues are addressed on a day-to-day basis within the business and value chain.The Global Human Rights Policy is available on our corporate website under Policies. ACTIONS Strengthening workplace culture through grievance mechanisms Thailand is home to 27% of our employees and following insights from our 2021 corporate human rights impact assessment, we decided to first focus our human rights efforts at our crafting facilities. To advance our grievance mechanism, we focus on strengthening users’ trust by increasing transparency and communication to employees about how complaints are handled, and by ensuring consistent follow-ups.Building on past efforts, in 2025 we held trainings primarily for employees involved in the grievance mechanism processes and governance, such as directors, managers and human resources. 59 employees across two sites participated in the full-day workshop, which aimed to improve the knowledge of the human rights perspective on effective grievance mechanisms.In 2025, at our crafting facilities in Thailand, we improved the online grievance channel to enable two-way communication and introduced a clearer follow-up process, providing daily updates for seven consecutive days until cases are resolved or closed. Monthly reports are shared with management to highlight insights and potential risk areas. Some issues raised were general suggestions and others pertain to work schedule management and undesirable behaviour. All reported cases were investigated, including the ones, which fell into the insufficient information category. None of the issues raised where assessed as severe breaches of human rights.To strengthen trust and encourage employee engagement, we also began collecting monthly employee feedback in 2025. This feedback provides Human Resources management in Thailand with better visibility into everyday concerns, requests and questions, helping identify trends, guide decision-making and relevant actions to consider. Raising human rights awarenessWe provided mandatory human rights training globally and observed key dates such as Human Rights Day and International Women’s Day. In 2025, International Women’s Day was marked at our Thailand crafting facilities with activities under the theme ‘For ALL Women and Girls: Rights. Equality. Empowerment’. The programme included an inspiring keynote and wellness initiatives for all employees, reinforcing our commitment to fostering a culture that advances women in leadership.In October, we launched an activity called the Power of Words Pilot Project in our crafting facilities. It promoted cultivating a respectful workplace through positive verbal communication and reflection. In total, 96 employees from the Quality Control Team participated over the four weeks of the project. The pilot was well received with almost all of the 96 participants agreeing that the activity should be extended and organised to other departments. From the pilot baseline, we learned that both appreciation towards colleagues and the belief that positive words create a better work environment increased. Enabling worker representation in key locations44% of Pandora employees are covered by collective bargaining agreements (CBA). While we do not have a global union framework, all employees in Thailand are covered by a CBA, and we regularly engage with the union to discuss wages, benefits and working environment. Over the course of 2025, meetings were held with labour representatives to share business updates, gather union feedback, address employee concerns and strengthen positive labour relations. Our other significant employment market is the US, where employees are not covered by CBA, but all receive the same benefits. Concerns can be raised with our Employee Relations department or relevant government bodies as per federal regulations.For more information on other human rights impacts, such as privacy, adequate wages and health and safety, refer to the chapters Corporategovernance, Adequate wageand People. Further details on our approach to human rights in own operations are available in Pandora's Transparencyin Supply Chain Statements 2025. 1World Bank, Poverty and Inequality Platform, Mexico Country Profile.Assessing the workplace environment in retailIn 2025, we took the first steps in conducting onsite workplace assessments and visits in our owned and operated retail stores. Mexico was selected as one of the most relevant markets to begin this assessment, as approximately 36% of the country’s population lives in poverty1. Additionally, Pandora’s recent expansion of owned and operated stores in the country grew from under 100 in 2019 to more than 250 in 2025.Through the visits and anonymous employee interviews, we gained insight into retail employees’ contexts, covering recruitment, pay and benefits, grievance processes and the physical and psychological work environment. In 2026, we will continue to engage with retail at a global level, using insights from Mexico to guide future actions such as global policy reviews. TARGETS AND PERFORMANCE In 2025, we prioritised delivering on existing commitments that significantly advance our human rights agenda – such as employee wages and inclusion – rather than setting new external targets. We focused on gathering insights and building a strong foundation across operations at varying maturity levels. Our Human Rights Programme is tracked through internal KPIs, including health and safety, grievance resolution, attrition, inclusiveness and adequate wages for employees. We will continue to investigate setting additional human rights-related targets.For more information on adequate wage and inclusiveness score, see the chapters on Adequatewageand the Inclusion and belongingchapters. EMPLOYEES COVERED BY COLLECTIVE BARGAINING AGREEMENTS% 20252024Total employees covered44%44%Coverage rate by country10-19%USUS20-39%--40-59%--60-79%--80-100%ThailandThailand1We do not have significant countries (+10% of employees) in coverage rates between 20-79%.ACCOUNTING POLICIESEmployees covered by collective bargaining agreements (CBA) is accounted for in accordance with ESRS S1-8 and includes the total number of employees covered by at least one collective bargaining agreement. The coverage rate for employees in non-EEA countries, where more than 10% of Pandora employees are located at year-end, is calculated as the percentage of employees in the respective country that is covered by at least one CBA.INCIDENTS, COMPLAINTS AND SEVERE BREACHES OF HUMAN RIGHTSNumber20252024Complaints filed through channels to raise concerns345233Incidents of discrimination (incl. harassment)3861Incidents of severe breaches of human rights00Material fines, penalties and compensation as a result of above incidents, DKK00ACCOUNTING POLICIESComplaints, incidents of discrimination and incidents of severe breaches of human rights are disclosed in accordance with ESRS S1-17. The number of complaints includes all complaints filed through our whistleblower hotline at year-end related to Pandora's employees. Incidents of discrimination refer to those complaints related to discrimination or harassment. Incidents of severe breaches of human rights refer to those complaints related to severe breach of human rights. Material fines, penalties and compensation resulting from incidents of discrimination incl. harassment and severe breaches of human rights are expenses measured in DKK in the fiscal year in which they become probable and can be reliably estimated. HEALTH AND SAFETYNumber20252024Employees covered by H&amp;S management systems, %99.8%99.6%InjuriesTotal work-related accidents with absence142114Total rate of recordable work-related accidents with absence2.101.72Total work-related accidents247210Total rate of recordable work-related accidents3.653.18Total fatalities00Total fatalities, other workers working on Pandora sites00Ill healthWork-related ill health258Days lost to work-related accidents, ill health and fatalities2,3831,567ACCOUNTING POLICIESHealth and safety data is disclosed in accordance with ESRS S1-14. The data covers all employees at year-end and is accounted for in headcount. Number of fatalities is reported separately for other workers working on Pandora's sites.The number of employees in Pandora covered by a health and safety management system is disclosed as the number of employees at year-end. The rate of recordable accidents is presented both for all recorded accidents and recorded accidents with at least one day of absence. This approach ensures that our reporting aligns with the nature of our business while remaining compliant with the ESRS standard. While our definition of material accidents includes those with at least one day of absence, we also record all accidents to enhance completeness and transparency in our reporting. The rate is calculated as the reported number of work-related accidents and fatalities with absence per million nominal working hours. Contractors, visitors, employees on unpaid leave and interns are not included. Work-related ill health cases are health cases caused or aggravated by work conditions or practices. The number of days lost due to work-related accidents, fatalities and ill health cases counts the first full day and last day of absence with calendar days considered. WORK-LIFE BALANCE%20252024Total employees entitled to take family-related leave81%83%Total entitled employees that took family-related leave4.3%3.8%Women4.4%3.8%Men4.1%3.9%Other0.3%1.4%Not reported3.0%-ACCOUNTING POLICIESThe number of employees entitled to take family-related leave is disclosed in accordance with ESRS S1-15. The data includes the number of employees eligible for family-related leave, such as parental, maternity, paternity, or caregiving leave at year-end and is accounted for in headcount. The number of employees that took family-related leave is calculated as the share of the employees who took family-related leave compared to the number of employees who were entitled to take family-related leave at year-end. To read more about Pandora's offer of social protection (ESRS S1-11), see our Peoplechapter. EMBEDDING RESPONSIBLE PRACTICES ACROSS OUR SUPPLY CHAINWORKERS IN THE VALUE CHAINRespect for human rights remains central to our business. In 2025, we continued to embed responsible practices across our supply chain – shaping expectations, deepening supplier engagement and advancing worker well-being, with a clear focus on continuous improvement and long-term impact.IMPACTS RISKS AND OPPORTUNITIES Pandora supports many livelihoods through em-ployment provided by our suppliers and partners. However, workers in these settings may face risks such as forced labour, excessive working hours and other human rights concerns. In addition, certain worker groups, such as migrants – who make up about 10% of the workers of our jewellery supply chain – face a higher risk of labour rights abuses. Insufficient oversight of labour standards could result in adverse impacts, financial and reputational damage.The following impacts, risks and/or opportunities are associated with this material matter:Upstream Supplier misconduct on human and labour rights (negative impact).POLICIES Supplier Code of ConductPandora’s Supplier Code of Conduct outlines our basic expectations of suppliers regarding environmental and social performance as well as legal compliance criteria. It addresses forced labour, compulsory labour and child labour and how supplier should ensure that all employees are working in voluntary situations. The Code aligns with international standards, including the Ethical Trading Initiative Base Code and International Labour Organization conventions. Furthermore, our Supplier Code of Conduct requires suppliers to provide workers with access to grievance mechanisms without fear of retaliation. In addition, our whistleblower hotline is freely available to all relevant stakeholders.Responsible Sourcing Policy Pandora’s Responsible Sourcing Policy outlines how we implement our Supplier Code of Conduct through risk assessment, management systems, traceability, audits, reporting and disclosure. It outlines the three core objectives for our Responsible Sourcing Programme: responsible, transparent and traceable. The policy is applicable to Pandora’s suppliers and is approved by Pandora’s Board.The Supplier Code of Conduct and Responsible Sourcing Policy are available on our corporate website under Policies. ACTIONS Responsible sourcing through supplier engagementTo foster sustainable practices, we engage suppliers on human rights and environmental topics through initiatives like capability building. In 2025, we continued the e-learning programme for our suppliers that was launched last year, adding modules to raise awareness on evolving EU regulations, such as the EU Corporate Sustainability Reporting Directive and the EU Deforestation Regulation. At this year’s in-person jewellery supplier summit, we emphasised performance beyond compliance, focusing on topics such as carbon and other metrics. Sustainability has been continuously integrated into procurement through updated supplier contracts that include requirements for worker representation and grievance mechanisms. Colleagues are supported with guidance, coaching and practical tools to address human rights during supplier visits, with a particular attention to high-risk sectors such as third-party logistics.Most of our product suppliers undergo audits to the SMETA (Sedex Members Ethical Trade Audit) standard or an equivalent accepted standard, as outlined in our Responsible Sourcing Policy, at least every two years. Conducted by independent third-party experts, these audits assess working conditions and compliance through site tours, document reviews and worker interviews. Recognising that audits provide valuable insight, but represent only a snapshot in time, our responsible sourcing and procurement teams collaborate with suppliers to prepare, follow up, address root causes and engage with their workers on corrective action plans and remediation. Further information on identified non-conformances and our approach to workers in the value chain is available in Pandora’s Transparencyin Supply Chains Statement 2025. Improving labour conditions for vulnerable workers through capacity buildingTo continuously improve the recruitment of migrant workers, in 2025 we centred our efforts on capacity-building initiatives. We trained 13 of our own employees from the responsible sourcing, internal audit, supplier quality and human resources teams in our crafting facilities on best practices for hiring migrant workers and the repayment of recruitment fees. In 2025, we offered training to 25 participants from 14 suppliersin Thailand and will incorporate this into our monitoring process.While constructing our crafting facility in Vietnam, we engaged the construction supplier to mitigate risks in a sector often characterised by informal and multi-layered recruitment practices. The collaboration with third-party experts has continued throughout the project which started in 2024 to identify the key stakeholders affected by Pandora’s construction and to understand the human rights risk impact on these stakeholders.A second on-site assessment was conducted in 2025 during a peak period by the third-party expert The Centre for Child Rights and Business. The Pandora responsible sourcing team conducted an on-site visit to follow up on progress and monitor key control measures. There have been significant improvements between the first assessment in 2024 and the second in 2025, particularly in the areas of maternity protection, legal and fair compensation, health and safety prevention and protection. Industry-related risks will continue to be monitored. While issues are raised, no high-risk grievances have been registered through the Pandora whistleblower hotline or the supplier’s worker helpline via The Ethical Supply Chain Program (ESCP).The ESCP has been instrumental in supporting the establishment of a worker helpline that enables all construction workers to raise grievances directly. Onboarding efforts are ongoing to ensure all new workers are equally aware and supported. This includes deploying operators to receive workers’ grievances and providing training to workers on how to access and use the helpline effectively. In 2025, 320 newly onboarded contractors were trained on the worker helpline grievance mechanism available to them. TARGETS AND PERFORMANCEWe want to drive meaningful and positive impact for workers across our supply chain through our Responsible Sourcing Programme. In 2024, we planned to set targets for our Responsible Sourcing Programme. Instead, in 2025, we prioritised strengthening the programme's foundations – building supplier capabilities, upskilling internal teams and reviewing buying practices – to ensure the future direction is meaningful and achievable. This groundwork supports the launch of our updated Supplier Code of Conduct in 2026, which will reflect our evolving ambitions, better recognise sustainability performance and deepen supplier engagement. We will continue to investigate setting targets for our Responsible Sourcing Programme.We will also continue to strengthen our responsible buying practices by looking into our procurement contractual clauses and introducing a phased responsible exit approach.MARKETING WITH INTEGRITYRESPONSIBLE MARKETINGWe are committed to ensuring responsible marketing remains a core practice and are determined to uphold our responsible marketing practices through meaningful actions where it matters. In 2025, we welcomed more than 915 million visitors to our stores and digital platforms – a testament to our global reach and the strong connection we have built with our customers.IMPACTS, RISKS AND OPPORTUNITIESPandora has a responsibility to uphold responsible marketing practices and to ensure a diverse and inclusive representation in front of and behind the camera. Failure to do so could lead to reputational damage, loss of consumer trust and increased scrutiny from stakeholders and industry regulators.Inclusion and belonging are key aspects of bringing responsible marketing to life, giving us an opportunity to both reflect the diverse society in which we operate and project inclusive behaviour.The following impacts, risks and/or opportunities are associated with this material matter:Downstream Social inclusion and diversity through promotion channels (positive impact).Ethical and diverse marketing practices (sustainability-related opportunity).POLICIESPandora has a Responsible Marketing Standard (RMS), which sets out principles and standards for the company and our partners when marketing our jewellery. The RMS outlines ethical guidelines that emphasise the importance of empowering, inclusive, diverse and transparent marketing practices. The scope covers all marketing activities and partnerships, ensuring that our practices align with our core values and resonate responsibly with our global audience. The RMS is available on our corporate website under Policies. ACTIONSThe Responsible Marketing Committee includes key stakeholders from across Pandora and is chaired by the CMO office. In 2026, we will review the Committee’s governance and update the 2023 RMS it oversees in line with CSRD guidance. This update was originally scheduled for 2025 postponed due to organisational changes. To strengthen our accountability, in 2025, we continued our comprehensive end-to-end process to assess the effectiveness of our efforts. This was achieved through continuous review processes throughout the product and creative decision gates for each collection. In 2025, our campaign development process has undergone a 360-degree review and adjustment to ensure effectiveness and compliance.TARGETS AND PERFORMANCEWe believe diversity and inclusion are essential to who we are as a brand and we recognise the importance of producing content responsibly. In 2025, a decision was made to discontinue our two external targets to track progress on representation of underrepresented groups among brand ambassadors and marketing suppliers. It has proven challenging to obtain the data from our partners. However, this does not change our ambition to ensure diverse representation in our assets and among the creatives we work with and continue refining and updating our approach. Therefore, training and capacity building will continuously be essential to further foster our ambitions and investigate relevant targets to support our work. When circumstances allow and we can viably and consistently retrieve the required data, we will introduce appropriate targets to monitor and report on the adoption of responsible marketing.To advance this effort, we launched a mandatory RMS training module in 2024 for our Global Marketing team. By 2025, 96% of the team had completed the training, and we continue to target a 95% completion rate while preparing to roll it out to local cluster teams. The module not only builds awareness of the core principles in our RMS, but also guides employees on using Pandora’s Whistleblower Hotline to report any negative impacts from marketing activities. APPENDIX The Appendix includes the Disclosure requirements by reference tables, the List of Incorporations by reference, the Statement of due diligence and the List of Non-material information.DISCLOSURE REQUIREMENTS BY REFERENCEThe tables shown on the following pages provide an overview of our alignment with disclosure requirements as outlined in European Sustainability Reporting Standards (ESRS) 2 and our material matters that have guided the preparation of our Sustainability Statements. Disclosure requirements in topical standards below our materiality threshold have been excluded. However, as we report on four entity-specific matters, we have sought guidance from the ESRS, where it is relevant to use comparable disclosure requirements, even though these were below our materiality thresholds.The overview serves as a guide to the disclosure requirements, indicating whether they are included in the Sustainability Statements, other chapters of the Annual Report or in the separately published Remuneration Report 2025. If a disclosure requirement is not considered material or is not applicable this year, it is not referenced, marked as '-'.CROSS-CUTTING STANDARDSGENERAL DISCLOSURESDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROMOTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 BP-1General basis for preparation of Sustainability StatementsSSBasis of preparation49ESRS 2: General disclosuresESRS 2 BP-2Disclosures in relation to specific circumstancesSSBasis of preparation49ESRS 2: General disclosuresESRS 2 GOV-1The role of the administrative, management and supervisory bodiesMRCorporate governance30-31xESRS 2: General disclosuresESRS 2 GOV-2Information provided to the above-mentioned bodiesMRCorporate governance33 ESRS 2: General disclosuresESRS 2 GOV-3Sustainability-related performance in incentive schemesMR, RMCorporate governance, Incentive metrics31,29ESRS 2: General disclosuresESRS 2 GOV-4Statement on due diligenceSSStatement on sustainability due diligence97xESRS 2: General disclosuresESRS 2 GOV-5Risk management and internal controlsMRRisk, Corporate governance26,32ESRS 2: General disclosuresESRS 2 SBM-1Strategy, business model and value chain (business model)MRBusiness model 19ESRS 2: General disclosuresESRS 2 SBM-1Strategy, business model and value chain (products, markets, revenue)MRExecutive summary8-10ESRS 2: General disclosuresESRS 2 SBM-1Strategy, business model and value chain (sustainability strategy)MRStrategy20-22ESRS 2: General disclosuresESRS 2 SBM-1Strategy, business model and value chain (headcount by country)SSInclusion and belonging76ESRS 2: General disclosuresESRS 2 SBM-1Strategy, business model and value chain (breakdown of revenue)MRExecutive summary9xESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material impacts, risks and opportunities (IROs) and business model interactionSS Double materiality assessment, Value chain50-54ESRS 2: General disclosuresESRS 2 IRO-1Processes to identify IROsSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 IRO-2Disclosure requirements covered by Sustainability StatementsSSDisclosure requirements by reference89-95MR SS FS RM= Management Review= Sustainability Statements = Financial Statements= Remuneration ReportENVIRONMENTGREENHOUSE GAS EMISSIONSDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 GOV-3Sustainability-related performance in incentive schemesMR, RMCorporate governance, Incentive metrics31,29ESRS E1: Climate changeESRS E1-1Transition plan for climate change mitigationSSGreenhouse gas emissions57xESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Greenhouse gas emissions52,54ESRS 2: General disclosuresESRS 2 IRO-1Processes to identify IROsSSDouble materiality assessment50-51ESRS E1: Climate changeESRS E1-2Policies related to climate change mitigation and adaptionSSGreenhouse gas emissions54ESRS E1: Climate changeESRS E1-3Actions and resources in relation to climate change policiesSSGreenhouse gas emissions55ESRS E1: Climate changeESRS E1-4Targets related to climate change mitigation and adaptationSS Greenhouse gas emissions56xESRS E1: Climate changeESRS E1-5Energy consumption and mixSSGreenhouse gas emissions60xESRS E1: Climate changeESRS E1-6Gross Scopes 1, 2 and 3 and total GHG emissionsSSGreenhouse gas emissions58xESRS E1: Climate changeESRS E1-7GHG removals and carbon credit-financed mitigation projects---xESRS E1: Climate changeESRS E1-8Internal carbon pricing---ESRS E1: Climate changeESRS E1-9Anticipated financial effects---xENVIRONMENTAL IMPACTS OF MININGDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Environmental impacts of mining52,61Entity specificMDR-PPolicies related to environmental impacts of miningSSEnvironmental impacts of mining61Entity specificMDR-AActions related to environmental impacts of miningSSEnvironmental impacts of mining61-62Entity specificMDR-TTargets related to environmental impacts of miningSSEnvironmental impacts of mining62Entity specificNot availableKPI for entity specific material matter: recycled silver and goldSSEnvironmental impacts of mining62Entity specificNot availableAnticipated financial effects related to environmental impacts of mining---Entity specificNot availableContextual information related to environmental impacts of miningSSEnvironmental impacts of mining61-62MR SS FS RM= Management Review= Sustainability Statements = Financial Statements= Remuneration ReportENVIRONMENTENVIRONMENTAL IMPACTS OF MATERIALSDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Environmental impacts of materials52,63xEntity specificMDR-PPolicies related to environmental impacts of materialsSSEnvironmental impacts of materials63Entity specificMDR-AActions related to environmental impacts of materialsSSEnvironmental impacts of materials63-64Entity specificMDR-TTargets related to environmental impacts of materialsSSEnvironmental impacts of materials64xEntity specificNot availableAnticipated financial effects related to environmental impactsof materials---Entity specificNot availableContextual information related to environmental impacts of materialsSSEnvironmental impacts of materials63-64ENVIRONMENTAL IMPACTS OF INDIRECT PROCUREMENTDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Environmental impacts of indirect procurement 52,65Entity specificMDR-PPolicies related to environmental impacts of indirect procurementSSEnvironmental impacts of indirect procurement65Entity specificMDR-AActions related to environmental impacts of indirect procurementSSEnvironmental impacts of indirect procurement65Entity specificMDR-TTargets related to environmental impacts of indirect procurementSSEnvironmental impacts of indirect procurement65Entity specificNot availableAnticipated financial effects related to environmental impacts of indirect procurement---Entity specificNot availableContextual information related to environmental impacts of indirect procurementSSEnvironmental impacts of indirect procurement65MR SS FS RM= Management Review= Sustainability Statements = Financial Statements= Remuneration ReportENVIRONMENTWATER MANAGEMENT IN OWN OPERATIONSDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General DisclosuresESRS 2 IRO-1Processes to identify IROsSSDouble materiality assessment51ESRS E3: Water and marine resourcesESRS E3-1Policies related to water and marine resourcesSSWater management in own operations66xESRS E3: Water and marine resourcesESRS E3-2Actions and resources related to water and marine sourcesSSWater management in own operations67ESRS E3: Water and marine resourcesESRS E3-3Targets related to water and marine sourcesSSWater management in own operations67ESRS E3: Water and marine resourcesESRS E3-4Water consumptionSSWater management in own operations67xESRS E3: Water and marine resourcesESRS E3-5Anticipated financial effects from water and marine sources---SOCIALINCLUSION AND BELONGINGDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Inclusion and belonging52,73xESRS S1: Own workforceESRS S1-1Policies related to own workforceSSInclusion and belonging73xESRS S1: Own workforceESRS S1-2Processes for engaging with own workforce SSInclusion and belonging75ESRS S1: Own workforceESRS S1-3Remediation processes and channels to raise concernsMR, SSBusiness ethics, Inclusion and belonging34,75xESRS S1: Own workforceESRS S1-4ActionsSSInclusion and belonging74ESRS S1: Own workforceESRS S1-5TargetsSSInclusion and belonging75ESRS S1: Own workforceESRS S1-6Employee characteristicsSSInclusion and belonging76ESRS S1: Own workforceESRS S1-9Inclusion and belonging metricsSSInclusion and belonging76,77ESRS S1: Own workforceESRS S1-12Persons with disabilitiesSSInclusion and belonging77ESRS S1: Own workforceESRS S1-16Remuneration metrics (pay gap and total remuneration)SSInclusion and belonging77xESRS S1: Own workforceESRS S1-17 Incidents, complaints and severe human rights impactsSSHuman rights in own operations83xMR SS FS RM= Management Review= Sustainability Statements = Financial Statements= Remuneration ReportSOCIALADEQUATE WAGEDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS S1: Own workforceContextual information to S1-10IROs related to adequate wageSSValue chain, Adequate wage52,78ESRS S1: Own workforceContextual information to S1-10Policies related to adequate wageSSAdequate wage78ESRS S1: Own workforceContextual information to S1-10Actions related to adequate wageSSAdequate wage79ESRS S1: Own workforceContextual information to S1-10Targets related to adequate wageSSAdequate wage79ESRS S1: Own workforceESRS S1-10Adequate wageSSAdequate wage79HUMAN RIGHTS IN OWN OPERATIONSDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Human rights in own operations52,80xESRS S1: Own workforceESRS S1-1Policies related to own workforceSSHuman rights in own operations80xESRS S1: Own workforceESRS S1-2Processes for engaging with own workforceSSHuman rights in own operations81ESRS S1: Own workforceESRS S1-3Remediation processes and channels to raise concernsMR, SSBusiness ethics, Human rights in own operations34,81xESRS S1: Own workforceESRS S1-4ActionsSSHuman rights in own operations81-82ESRS S1: Own workforceESRS S1-5TargetsSSHuman rights in own operations82ESRS S1: Own workforceESRS S1-8Collective bargaining coverage and social dialogueSSHuman rights in own operations83ESRS S1: Own workforceESRS S1-11Social protectionMRPeople25ESRS S1: Own workforceESRS S1-14Health and safety metricsSSHuman rights in own operations84xESRS S1: Own workforceESRS S1-15Work-life balance metricsSSHuman rights in own operations84ESRS S1: Own workforceESRS S1-17 Incidents, complaints and severe human rights impactsSSHuman rights in own operations83xMR SS FS RM= Management Review= Sustainability Statements = Financial Statements= Remuneration ReportSOCIALWORKERS IN THE VALUE CHAINDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General DisclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General DisclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Workers in the value chain52,85xESRS S2: Workers in the value chainESRS S2-1Policies related to value chain workersSSWorkers in the value chain85xESRS S2: Workers in the value chainESRS S2-2Processes for engaging with value chain workersSSWorkers in the value chain86ESRS S2: Workers in the value chainESRS S2-3Remediation processes and channels to raise concernsSSWorkers in the value chain86ESRS S2: Workers in the value chainESRS S2-4ActionsSSWorkers in the value chain86xESRS S2: Workers in the value chainESRS S2-5TargetsSSWorkers in the value chain86RESPONSIBLE MARKETINGDISCLOSURE REQUIREMENTSSECTIONCHAPTERPAGEDERIVED FROM OTHER EU LEGISLATIONESRS 2: General disclosuresESRS 2 SBM-2Interests and views of stakeholdersSSDouble materiality assessment51ESRS 2: General disclosuresESRS 2 SBM-3Material IROs and business model interactionSSValue chain, Responsible marketing52,87Entity specificMDR-PPolicies related to responsible marketingSSResponsible marketing87Entity specificMDR-AActions related to responsible marketingSSResponsible marketing87Entity specificMDR-TTargets related to responsible marketingSSResponsible marketing87Entity specificNot availableContextual information related to responsible marketingSSResponsible marketing87MR SS FS RM= Management Review= Sustainability Statements = Financial Statements= Remuneration ReportLIST OF INCORPORATIONS BY REFERENCEOverview of disclosure requirements in the ESRS partially or fully incorporated outside the Sustainability Statements. ESRS DISCLOSURE REQUIREMENTINCORPORATION BY REFERENCEPAGEESRS 2 SBM-1 (40.a.i-ii)See “Management Review, Executive Summary, Brand evolution sparks solid growth”. Here, required information about significant products and markets is covered. 9-10ESRS 2 SBM-1 (42.a-c)See “Management Review, Business Model, A fully integrated business”. Here, required descriptive information about Pandora’s business model and value chain is covered. 19ESRS 2 SBM-1 (40.e)See “Management Review, Strategy, Phoenix, Sustainability – A cornerstone of our strategy”. Here, required information about the elements of Pandora’s strategy that relate to or impact sustainability matters, its business model and its value chain is covered. 22ESRS S1-11 (74.a-e;75)See “Management Review, People, People at the heart of our brand, Providing a safe and healthy workplace”. Here, required information about social protection is covered. 25ESRS 2 GOV-5 (36.a-b)See “Management Review, Risk, Managing Risks, Sustainability risk assessment”. Here, required information about the main features of Pandora’s risk management system is covered. 26ESRS 2 GOV-1 (20.a-23.b)See “Management Review, Corporate Governance, Responsi-ble business practices for sustained long-term value creation, Governance structure, Board of Directors, and Board of Directors CVs”. Here, required information about the role of the administrative and supervisory bodies of Pandora is covered.30-31and 36ESRS 2 GOV-3 (29.a-e)See “Management Review, Corporate Governance, Responsi-ble business practices for sustained long-term value creation, Board committees” and “Remuneration Report” . Here, required information about the integration of sustainability-related incentive schemes is covered. 31 (MR)12-15 (RM)ESRS 2 GOV-2 See “Management Review, Corporate Governance, Responsible business practices for sustained long-term value creation, Sustainability integration and governance”. Here, required information about how the administrative, management and supervisory bodies of Pandora are informed about sustainability matters is covered. 32ESRS DISCLOSURE REQUIREMENTINCORPORATION BY REFERENCEPAGEESRS 2 GOV-5 (c-e)See “Management Review, Corporate Governance, Responsi-ble business practices for sustained long-term value creation, Control environment”. Here, required information about the main features of Pandora’s internal control system is covered. 33ESRS S1-3 (32.a-e)See “Management Review, Business ethics, Strengthening our business integrity”. Here, required information about processes to remediate negative impacts and channels for employees to raise concerns is covered. 34-35STATEMENT ON SUSTAINABILITY DUE DILLIGENCEThe table below outlines where in our Management Report we detail our sustainability due diligence process, including an explanation of how we implement its key aspects and steps.CORE ELEMENTS OF DUE DILLIGENCECHAPTERPAGEa) Embedding due diligence in governance, strategy and business model• Corporate governance• Double materiality assessment• Human rights in own operations3250-5194-95b) Engaged with affected stakeholders in all key steps of the due diligence• Double materiality assessment• Human rights in own operations• Workers in the value chain50-5194-9598-99c) Identifying and assessing adverse impacts• Double materiality assessment• Human rights in own operations• Workers in the value chain• EU Taxonomy50-5194-9598-9981d) Taking actions to address those adverse impacts• Human rights in own operations• Workers in the value chain• EU Taxonomy94-9598-9981e) Tracking the effectiveness of these efforts andcommunicating• Human rights in own operations• Workers in the value chain• EU Taxonomy94-9598-9981LIST OF NON-MATERIAL INFORMATIONOverview of information included in the Sustainability Statements for strategic purposes.INFORMATIONREASONINGPAGEClimate-related and Nature-related Financial DisclosuresWhile climate-related information is material to Pandora, applying the frameworks provided by TCFD and TNFD is not. We choose to continue to rely on these for reporting climate- and nature-related risks because we wish to ensure standardisation and comparability – also with companies not in scope for CSRD. 68UNICEF partnership and Thai School ProjectPandora has partnered with UNICEF since 2019, supporting initiatives that reach millions of children worldwide. While our contribution is not material in monetary terms, the partnership represents an important aspect of our general strategic sustainability approach. In 2025, Pandora completed the 19thMy School Project in Thailand.73,82Pandora Lab-Grown Diamonds maintained its growth trajectory, with like-for-like growth of 15% in 2025. The collection’s halo effect on brand perception remains evident, driving broader consideration across our collections. With the expansion of our microfine lab-grown diamonds range, we are advancing our ambition to democratise diamonds and become the most desirable brand in the category. Pandora is one of the world’s most valuable brands, owning the space of jewellery with a meaning. Our unique business model is rooted in the strength of the Pandora brand, our distribution model and our in-house capabilities. Together, these elements create a fully integrated ecosystem that combines crafting and distribution at an unmatched scale. With a strong commitment to sustainability, we deliver industry-leading growth and profitability while minimising our environmental impact and supporting the communities we engage with. Recognising both positive and negative impacts, as well as risks and opportunities, we are basing our work on the findings of a double materiality assessment, detailed on page 50The Sustainability Statements outline how our sustainability efforts and initiatives support the Phoenix strategy and advance our progress towards decoupling growth from envi-ronmental and social impacts. We provide details on impacts, risks, and opportunities (IROs) and address material sustainability matters (material matters) identified through our Double Materiality Assess-ment, in accordance with the European Sustainability Reporting Standards (ESRS) and the Danish Financial Statements Act. We will continue to support employees in maintaining a safe and productive workplace. Pandora also offers employees various social protections and promotes work-life balance. We provide safeguards against income loss due to major life events, including sickness, unemployment, workplace injuries and acquired disabilities, parental leave and retirement. Coverage for social protections varies across Panama, Singapore, South Africa and the US due to differences in local regulations and government programmes.SUSTAINABILITY RISKS ASSESSMENT At the end of 2024, Pandora conducted a climate scenario survey on our crafting facilities to assess the risks of flooding and the impacts on business, including financial exposures under different scenarios. In 2025, a list of initiatives based on the survey were implemented to improve the flooding risk profile of our crafting operations. This enabled us to proactively implement tangible recommendations to mitigate potential future supply chain disruptions caused by climate change.Members of Executive Management are appointed by the Board and consisted, in 2025, of two men representing two nationalities. The composition of the Executive Management Team is designed to ensure relevant and complementary competencies and diversity. Executive Management is responsible for the day-to-day management of the company and for executing Pandora’s strategy. In addition, Pandora has an Executive Leadership Team (ELT), consisting of one woman and seven men in 2025, representing seven different nationalities. Each ELT member is responsible for the daily operations of their respective business area and serves as a part of Pandora’s overall leadership. Selected ELT members are also part of Pandora’s Sustainability Board.In line with the Danish Recommendations on Corporate Governance, 88% of the Board members are regarded as independent. Due to his more than 12-year tenure on the Board, Christian Frigast no longer qualifies as independent. Christian Frigast has announced that he will not be seeking re-election at the 2026 Annual General Meeting. The composition of the Board is designed to ensure relevant and complementary competencies and diversity. This approach supports Pandora’s strategic goals and vision, while ensuring well-considered, diverse and judicious decision-making.Board evaluation Each year, the Board conducts a board review focusing on its effectiveness and skills. The ideal mix of skills and experience required of Board members includes:•	Board experience•	Executive management•	Sectoral experience•	Marketing and brand•	Retail•	Digitalisation•	Sustainability•	Finance•	Governance An external assessment of the Board’s skills and effectiveness is conducted every three years to ensure objectivity and benchmarking. In 2025, the Board effectiveness review was conducted internally and the results identified that the Board continues to be well-established and well-functioning, supported by a strong belief in the strategy and effectiveness in collaboration with the committees and Executive Management.Board committees To support the Board in its duties, Audit, Nomination and Remuneration Committees have been established. Each committee is responsible for carrying out various preparatory tasks within the Board’s key areas of responsibility. The Remuneration Committee is responsible for incentive schemes and remuneration, including those related to sustainability. More information can be found in our Remuneration Report 2025. The committees’ terms of reference are available at our website: pandoragroup.com/investor/corporate-governance/governance-documents. Two subject-specific committees (the Responsible Sourcing Committee and the Responsible Marketing Committee) oversee key sustainability areas on responsible sourcing and responsible marketing. The Low Carbon Forum remains active, while the CSRD Task Force has concluded its work.In 2025, we reconfirmed the conditions of our 2024 Double Materiality Assessment (DMA) and Pandora’s material sustainability matters (material matters). The 2025 DMA was approved by Pandora’s Sustainability Board and the Audit Committee was engaged to ensure alignment with strategic priorities and targets. Control environmentThe Group’s internal control framework identifies key processes, inherent risks and control procedures to reduce and mitigate financial and sustainability risks and ensure reliable financial and sustainability reporting. The Audit Committee assists the Board in supervising the financial and sustainability reporting process and monitoring the effectiveness of the internal control and risk management systems. Executive Management is responsible for safeguarding the overall control environment, identifying weaknesses and ensuring necessary steps are taken to mitigate financial and sustainability risks through standardisation and process optimisation. The Internal Audit and Compliance Controlling (IACC) function serves to help Pandora accomplish its objectives by bringing a systematic and disciplined approach to evaluating and improving the effectiveness of internal control, compliance and governance processes. The head of the IACC function reports to Pandora’s Chief Financial Officer, with a dotted reporting line to the Audit Committee Chair. WHISTLEBLOWER We are committed to a transparent and supportive environment through our Whistleblower programme. Our Whistleblower Policy, aligned with the Danish Whistleblower Act and the EU Whistleblower Directive, ensures that our employees can confidentially and safely raise concerns through the whistleblower channels, including a dedicated hotline or a designated inbox. The Internal Audit &amp; Compliance Controlling function reviews each case and directs it to the appropriate team. In certain cases, external consultants are engaged due to time constraints or data-sharing regulations. </mrv:SustainabilityReport>
   <mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory contextRef="ctx-1" id="f0__s8__9__16" xml:lang="en">PANDORA'S DMA PROCESS The DMA identified Pandora’s positive and negative material sustainability impacts, along with sustainability-related risks and opportunities. These insights confirm our current strategic approach and business model and enhance our sustainability data to ensure all relevant data points are captured and disclosed.The material matters are grouped into the 10 topics in scope for our disclosures in this Annual Report. This is detailed in the 10 chapters of the Environmentand Socialsections. Resources have been allocated for all actions related to these material matters. We also detail the process used to identify and assess IROs, which at the time of assessment were categorised as immaterial. For example, as part of our DMA, we reviewed actual and potential IROs related to biodiversity across our value chain. This included consultations with relevant stakeholders such as affected communities, suppliers and our own employees, and focused on sites located in or near biodiversity-sensitive areas. Based on the findings and existing plans to minimise and mitigate such impacts, biodiversity is addressed indirectly by other material matters. We applied the same approach when assessing IROs related to business conduct. We focused on evaluating how key topics such as corporate culture, corruption and bribery, whistleblower protection, political engagement and the management of supplier relationships relate to our sector, operating locations and activities. The 2025 assessment reconfirmed that these sub-topics are immaterial from a sustainability perspective, based on current practice. We have integrated the governance disclosures requirements in the Corporate governancechapter and other sections of the Management Review. Disclosure requirements by reference can be found in the Appendix.</mrv:DisclosureOfMaterialImpactsRisksAndOpportunitiesAndHowTheyInteractWithStrategyAndBusinessModelExplanatory>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f0__s8__9__15" xml:lang="en">EU TAXONOMYIn 2025, we continued our assessment of the EU Taxonomy’s environmental objectives, focusing on CAPEX. While jewellery crafting remains out of scope, the construction of our new crafting facility in Vietnam demonstrates potential alignment as LEED certification is expected in 2026. PROPORTION OF TURNOVER, CAPEX, OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY ELIGIBLE ECONOMIC ACTIVITIES Financial year 2025Breakdown by environmental objectives of Taxonomy aligned activitiesKPITotalProportion of Taxonom eligible activitiesTaxonom aligned activitiesProportion of Taxonom aligned activitiesClimate change mitigationClimate change adaptationWaterCircular economyPollutionBiodiversityProportion of enabling activitiesProportion of transactional activitiesNot assessed activities considered nonmaterialTaxonomy aligned activities in previous financial period (N-1)Proportions of Taxonomy aligned activities in previous reported period (N-1)DKK m%DKK m%%%%%%%%%%DKK m%REVENUE32,549--------------CAPEX4,13887%-------------OPEX530--------------1The six environmental objectives under the EU Taxonomy are: climate change mitigation (CCM), climate change adaptation (CCA), sustainable use and protection of water and marine resources (WTR), transition to a circular economy (CE), pollution prevention and control (PPC), and protection and restoration of biodiversity and ecosystems (BIO).The EU Taxonomy (the Taxonomy) is a classification system for environmentally sustainable economic activities, as set out in Regulation (EU) 2020/852 and its delegated acts, including the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act and their amendments. Jewellery crafting is not in scope, but we annually assess the relevance of eligible activities to our core business, focusing on their contribution to the six environmental objectives1. Our newly constructed crafting facilities in Vietnam indicate potential CAPEX alignment, while leased properties show only limited alignment possibilities.For the 2025 reporting year, we implemented the EU Omnibus II Directive (Directive 2014/51/EU) amendments to the Taxonomy and its delegated acts, introducing a 10% materiality threshold and simplifying reporting requirements. This approach allows us to focus on activities that are material to our business and to ensure compliance with all applicable regulatory requirements.In accordance with Article 8 of the Taxonomy Regulation, and based on the technical screening criteria set out in the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act and their amendments, we annually identify, assess and report on eligible and aligned activities using the required KPIs (revenue, CAPEX and OPEX), while ensuring compliance with minimum social safeguards and the Do No Significant Harm criteria.TAXONOMY ELIGIBILITY Our core jewellery crafting activities are not covered by the Climate Delegated Act, the Complementary Climate Delegated Act, the Environmental Delegated Act or their respective amendments. Accordingly, these activities are classified as Taxonomy-non-eligible, and we therefore report no Taxonomy-eligible revenue for the reporting period. We continue to monitor regulatory developments to assess any future applicability of the Taxonomy to our business model.In accordance with the Omnibus II Delegated Act, we have applied the newly introduced materiality thresholds to determine the relevance for the remaining two required KPIs. Our eligibility assessment includes a review of Pandora’s economic activities in relation to CAPEX and OPEX. Based on this assessment, we have identified Taxonomy-eligible CAPEX and report it accordingly. Our Taxonomy-defined OPEX amounts to DKK 530 million, which is well below 10% of our total revenue of DKK 32,549 million. Therefore, we have determined that OPEX is immaterial, representing a small proportion of our overall business operations and not constituting a significant driver of our environmental performance or investment strategy. Accordingly, we have omitted the detailed assessment and reporting of Taxonomy eligible or Taxonomy aligned OPEX, disclosing only the total OPEX value.TAXONOMY ALIGNMENT With respect to Taxonomy alignment, we acknowledge that the regulatory framework continues to evolve. In 2025, we reassessed the Financial year2025Environmental objectives of Taxonomy aligned activitiesEconomic ActivitiesCodeTaxonomy eligible KPI (Proportion of Taxonomy eligible CAPEX)Taxonom aligned KPI (monetary value of CAPEX)Taxonom aligned KPI (Proportion of Taxonomy aligned CAPEXClimate change mitigationClimate change adaptationWaterCircular economyPollutionBiodiversityEnabling activityTransitional activityProportion of Taxonomy aligned in Taxonomy eligible%DKK m%%%%%%%(E where applicable)(T where applicable)%Construction of new buildingsCCM 7.1, CCA 7.1, CE 3.111%--------NoNo-Buying and owning buildingsCCM 7.7, CCA 7.765%--------NoNo-Computer programming, consultancy and related activitiesCCA 8.211%--------NoNo-Sum of alignment per objective------------Total KPI (CAPEX)87%--------NoNo-PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY ELIGIBLE ECONOMIC ACTIVITIESalignment potential of our eligible economic activities, particularly in relation to CAPEX. The construction of our new crafting facility in Vietnam was identified as potentially aligned under activity 7.1 “Construction of new buildings.” Despite preliminary indications, Pandora has decided not to present alignment at this stage, as the LEED certification process remains ongoing and we apply a conservative approach to reporting. Should all required documentation have been obtained and certification finalised by December 2025, this activity would represent approximately 7% of the total Taxonomy-aligned CAPEX or around 62% of Taxonomy-aligned CAPEX under activity 7.1 “Construction of new buildings.”Further, we also assessed certain leased stores for possible alignment under activity 7.7 ‘‘Acquisition and ownership of buildings’’, though their contribution is currently considered immaterial. No alignment has been reported under activity 8.2 ‘‘Computer programming, consultancy and related activities’’, as the technical screening criteria remain too complex to apply reliably. Additionally, we have omitted eligibility and alignment reporting for activity 6.5 ’’Transport by motorbikes, passenger cars and light commercial vehicles’’, as the associated CAPEX falls below the 10% materiality threshold.Investments in renewable electricity sources and biomass technologies are currently limited and therefore not reported, as their impact is immaterial for the purposes of the Taxonomy. Waste-handling initiatives, while aligned with our sustainability ambitions, also represent a minor share of our overall investments and are not separately reported for this year. Pandora remains committed to enhancing future alignment by progressing ongoing projects, obtaining relevant certifications and strengthening data collection and documentation processes.CONTRIBUTION TO MULTIPLE OBJECTIVES Regarding our identified economic activities, we note that none of these contribute to multiple objectives. DISAGGREGATION OF KPIs There has been no disaggregation of KPIs for any economic activity assessed. CONTEXTUAL INFORMATION ABOUT KPIs The numerator of the CAPEX KPI for activity 7.1 primarily reflects investments in the construction of our new crafting facility in Vietnam. The facility has been built to meet LEED Gold standards and is powered entirely by renewable electricity. While the crafting facility was completed in 2025, formal LEED certification is expected next year. For activity 7.7, CAPEX is driven by new leases and leasehold improvements in our leased stores, as Pandora exclusively operates its stores from leased premises and does not own any of the underlying land or buildings. In activity 8.2, investments in digital innovation and capabilities are reported under CAPEX or OPEX, depending on whether capitalisation criteria are met, and are similarly assessed for alignment with the technical screening criteria and compliance requirements. MINIMUM SAFEGUARDS In shaping our human rights due diligence (HRDD) processes, Pandora follows the guidance of the UN Guiding Principles on Business and Human Rights (UNGPs) and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD guidelines). More specifically, our business conduct is guided by the following policies: Human Rights Policy, Supplier Code of Conduct, Franchisee and Distributor Code of Conduct, Responsible Sourcing Policy, Materials Standard, Responsible Marketing Standard, Whistleblower Policy, Data Ethics Policy and Privacy Policy. These policies are available on our corporate website under Policies. We strive to implement HRDD in a way that enables us to identify, prevent, mitigate, track and remediate actual and potential adverse impacts in our own operations, supply chains and business relationships. Further details are available in the chapters on Corporate governance, People, Inclusion and belonging, Adequate wage, Humanrights in own operationsand Workers in the valuechain.In 2025, there were no incidents where Pandora was found to be in breach of human rights laws, guilty of breaching tax laws, convicted of corruption or bribery or found in breach of competition laws. Likewise, Pandora has not been subject to complaints of alleged breaches of the OECD guidelines or been non-compliant with the OECD guidelines and has therefore not collaborated with any OECD National Contact Points to resolve such issues in 2025. Finally, Pandora has not been approached by the Business and Human Rights Resource Centre and therefore has not been non-responsive to the Centre or found to be responding inadequately to affected stakeholders or their representatives’ concerns in 2025.ACCOUNTING POLICIES The share of Taxonomy-eligible economic activities is expressed as the proportion of revenue, total investments (CAPEX) and operational expenditures (OPEX) related to assets or processes listed in the Taxonomy. Revenue: Total revenue is aligned with the revenue reporting in note 2.1 Segment and revenue information. The revenue KPI is defined as Taxonomy-eligible revenue (numerator) divided by total revenue (denominator). CAPEX: Total CAPEX is aligned with additions reported in note 3.1 Intangible assets (IAS 38), note 3.2 Property, plant and equipment (IAS 16)and note 3.3 Leases (IFRS 16). Goodwill is not included in CAPEX as it is not defined as an intangible asset in accordance with the Taxonomy. The CAPEX KPI is defined as Taxonomy-eligible CAPEX (numerator) divided by total CAPEX (denominator). OPEX: According to the Taxonomy, OPEX is defined as direct non-capitalised costs that relate to research and development, building renovation, short-term lease, maintenance and repair and any other direct expenditure relating to the day-to-day servicing of property, plant and equipment. The OPEX KPI is defined as Taxonomy-eligible OPEX(numerator) divided by total OPEX (denominator). As Taxonomy OPEX has a different definition than OPEX, the OPEX used cannot be derived from the Financial Statements. Double counting:For the calculation of the denominator of the revenue, OPEX and OPEX KPIs, we have extracted the figures directly from our internal system, ensuring that the figures are only counted once in each KPI. For the allocation of the numerator for CAPEX, we first identified the relevant figures and then allocated the primary related economic activity in the Climate Delegated Act. In this way, we ensure that no CAPEX is considered more than once. Materiality threshold:In accordance with the Omnibus II amendments, a 10% threshold applies to revenue, CAPEX and OPEX. Where the cumulative share of certain economic activities is below 10% of the respective denominator, we may omit assessing their Taxonomy eligibility or alignment. In such cases, we disclose the sectors of these omitted activities and provide an explanation for their immateriality. If total OPEX is not material to our business model, we may omit OPEX assessment for all activities, provided we disclose the total OPEX value and explain its immateriality.</mrv:DescriptionofTheTaxonomyRegulation>
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   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f0__s8__9__37" xml:lang="en">STATEMENT BY EXECUTIVE MANAGEMENT AND THE BOARD OF DIRECTORSThe Board of Directors and Executive Management have today discussed and approved the Annual Report of Pandora A/S for 2025.The Annual Report has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.It is our opinion that the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January to 31 December 2025. The Sustainability Statements are prepared in accordance with section 99a of the Danish Financial Statements Act, compliant with the European Sustainability Reporting Standards (ESRS), informed by our Double Materiality Assessment (DMA), and compliant with Article 8 of the EU Taxonomy Regulation. In our opinion, the Management Review is also prepared in accordance with relevant laws and regulations and gives a fair review of the development in the Group's and the Parent Company's business and financial matters, results of operations, cash flows and financial position as well as a description of the principal risks and uncertainties that the Group and the Parent Company face.Furthermore, in our opinion, the Annual Report of Pandora A/S for the financial year 1 January to 31 December 2025 with the file name PAND-2025-12-31-en.zip has been prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be approved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f0__s8__9__38" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f0__s8__9__39">2026-02-04</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="f0__s8__9__40" xml:lang="en">Berta de Pablos-Barbier</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="f0__s8__9__41" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f0__s8__9__44" xml:lang="en">Peter A. Ruzicka</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="f0__s8__9__45" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="f0__s8__9__48" xml:lang="en">Lilian Fossum Biner </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f0__s8__9__50" xml:lang="en">Marianne Kirkegaard </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="f0__s8__9__52" xml:lang="en">Lars Sandahl Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="f0__s8__9__42" xml:lang="en">Anders Boyer</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="f0__s8__9__43" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f0__s8__9__46" xml:lang="en">Christian Frigast </cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="f0__s8__9__47" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="f0__s8__9__49" xml:lang="en">Birgitta Stymne Göransson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f0__s8__9__51" xml:lang="en">Catherine Spindler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="f0__s8__9__53" xml:lang="en">Jan Zijderveld</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f0__s8__9__55" xml:lang="en">INDEPENDENT AUDITOR’S LIMITED ASSURANCE REPORT ON THESUSTAINABILITY STATEMENTSTO THE SHAREHOLDERS OF PANDORA A/S LIMITED ASSURANCE CONCLUSION We have conducted a limited assurance engagement over the Sustainability Statements of Pandora A/S (the Group) included in the Annual Report 2025, pages 46-97 (the Sustainability Statements), for the financial year 1 January - 31 December 2025, including disclosures incorporated by reference listed in the table ‘List of incorporations by reference’ on page 96. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statements are not prepared, in all material respects, in accordance with section 99a of the Danish Financial Statements Act, including: Compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by management to identify the information reported in the Sustainability Statements (the process) is in accordance with the description set out in the chapters Double materiality assessment and Value chain within the General information section, pages 50-52; and Compliance of the disclosures in the chapter EU Taxonomy within the Environment section, pages 69-71of the Sustainability Statements with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation). BASIS FOR CONCLUSION We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information(“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagementsection of our report. Our independence and quality management We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. EY Godkendt Revisionspartnerselskab applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. INHERENT LIMITATIONS IN PREPARING THE SUSTAINABILITY STATEMENTS In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. MANAGEMENT’S RESPONSIBILITIES FOR THE SUSTAINABILITY STATEMENTS Management is responsible for designing and implementing a process to identify the information reported in the Sustainability Statements in accordance with the ESRS and for disclosing this process in the chapters Double materiality assessment and Value chain within the General information section, pages 50-52of the Sustainability Statements. This responsibility includes: Understanding the context in which the Group’s activities and business relationships take place and developing an understanding of its affected stakeholders; The identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term; andThe assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and making assumptions that are reasonable in the circumstances. Management is further responsible for the preparation of the Sustainability Statements, in accordance with section 99a of the Danish Financial Statements Act, including: Compliance with the ESRS; Preparing the disclosures in the chapter EU Taxonomy within the Environment section, pages 69-71of the Sustainability Statements, in compliance with Article 8 of the Taxonomy Regulation; Designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statements that are free from material misstatement, whether due to fraud or error; and The selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances. AUDITOR’S RESPONSIBILITIES FOR THE ASSURANCE ENGAGEMENT Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statements are free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statements as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the process include: Obtaining an understanding of the process, but not for the purpose of providing a conclusion on the effectiveness of the process, including the outcome of the process; Considering whether the information identified addresses the applicable disclosure requirements of the ESRS, and Designing and performing procedures to evaluate whether the process is consistent with the Group’s description of its process, as disclosed in the chapters Double materiality assessment and Value chain within the General information section, pages 50-52. Our other responsibilities in respect of the Sustainability Statements include: Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and Designing and performing procedures responsive to disclosures in the Sustainability Statements where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. SUMMARY OF THE WORK PERFORMED A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statements. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statements. In conducting our limited assurance engagement, with respect to the process, we: Obtained an understanding of the process by performing inquiries to understand the sources of the information used by management; and reviewing the Group's internal documentation of its process; and Evaluated whether the evidence obtained from our procedures about the process implemented by the Group was consistent with the description of the process set out in the chapters Double materiality assessment and Value chain within the General information section, pages 50-52. In conducting our limited assurance engagement, with respect to the Sustainability Statements, we: Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability Statements including the consolidation processes by obtaining an understanding of the Group’s control environment, processes and information systems relevant to the preparation of the Sustainability Statements, but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; Evaluated whether material information identified by the process is included in the Sustainability Statements; Evaluated whether the structure and the presentation of the Sustainability Statements is in accordance with the ESRS; Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statements; Performed substantive assurance procedures on selected information in the Sustainability Statements; Evaluated methods, assumptions and data for developing material estimates and forward-looking information and how these methods were applied; Obtained an understanding of the process to identify the EU Taxonomy economic activities for turnover, CAPEX and OPEX and the corresponding disclosures in the Sustainability Statements; Evaluated the presentation and use of EU Taxonomy templates in accordance with relevant requirements; andReconciled and ensured consistency between the reported EU Taxonomy economic activities and the items reported in the primary Financial Statements including the disclosures provided in related notes. Copenhagen, 4 February 2026 EY Godkendt RevisionspartnerselskabCVR no. 30700228Henrik Kronborg IversenState Authorised Public Accountantmne24687Jens Thordahl NøhrState Authorised Public Accountantmne32212</arr:AuditorsReportOnSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f0__s8__9__56" xml:lang="en">TO THE SHAREHOLDERS OF PANDORA A/S </arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f0__s8__9__57" xml:lang="en">We have conducted a limited assurance engagement over the Sustainability Statements of Pandora A/S (the Group) included in the Annual Report 2025, pages 46-97 (the Sustainability Statements), for the financial year 1 January - 31 December 2025, including disclosures incorporated by reference listed in the table ‘List of incorporations by reference’ on page 96. </arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f0__s8__9__58" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statements are not prepared, in all material respects, in accordance with section 99a of the Danish Financial Statements Act, including: Compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by management to identify the information reported in the Sustainability Statements (the process) is in accordance with the description set out in the chapters Double materiality assessment and Value chain within the General information section, pages 50-52; and Compliance of the disclosures in the chapter EU Taxonomy within the Environment section, pages 69-71of the Sustainability Statements with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation). </arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:EmphasisOfMatterSubstainabilityReport contextRef="ctx-1" id="f0__s8__9__59" xml:lang="en">INHERENT LIMITATIONS IN PREPARING THE SUSTAINABILITY STATEMENTS In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. </arr:EmphasisOfMatterSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f0__s8__9__60" xml:lang="en">AUDITOR’S RESPONSIBILITIES FOR THE ASSURANCE ENGAGEMENT Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statements are free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statements as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the process include: Obtaining an understanding of the process, but not for the purpose of providing a conclusion on the effectiveness of the process, including the outcome of the process; Considering whether the information identified addresses the applicable disclosure requirements of the ESRS, and Designing and performing procedures to evaluate whether the process is consistent with the Group’s description of its process, as disclosed in the chapters Double materiality assessment and Value chain within the General information section, pages 50-52. Our other responsibilities in respect of the Sustainability Statements include: Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and Designing and performing procedures responsive to disclosures in the Sustainability Statements where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. </arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f0__s8__9__61" xml:lang="en">Copenhagen</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f0__s8__9__62">2026-02-04</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-48" id="f0__s8__9__63" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-49" id="f0__s8__9__65" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-48" id="f0__s8__9__64">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-49" id="f0__s8__9__66">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-48" id="f0__s8__9__67" xml:lang="en">Henrik Kronborg Iversen</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-48" id="f0__s8__9__68" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-48" id="f0__s8__9__69">mne24687</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-49" id="f0__s8__9__70" xml:lang="en">Jens Thordahl Nøhr</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-49" id="f0__s8__9__71" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-49" id="f0__s8__9__72">mne32212</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__9__75" xml:lang="en">TO THE SHAREHOLDERS OF PANDORA A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__9__76" xml:lang="en">OPINIONWe have audited the consolidated financial statements and the Parent Company financial statements of Pandora A/S for the financial year 1 January – 31 December 2025, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information, for the Group and the Parent Company. The consolidated financial statements and the Parent Company financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__9__77" xml:lang="en">BASIS FOR OPINIONWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the Parent Company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of Financial Statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of Financial Statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.Appointment of auditor Subsequent to Pandora A/S being listed on Nasdaq Copenhagen, EY was appointed as auditor of Pandora A/S on 8 April 2011. We have been reappointed annually at the General Meeting for a total consecutive period of 15 years up to and including the financial year 2025. Subsequent to a tender process, we were reappointed on 11 March 2021.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f0__s8__9__78" xml:lang="en">KEY AUDIT MATTERSKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2025. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial Statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.Description of the matterConsideration of the matter in the auditREVENUE RECOGNITION AND MEASUREMENT OF EXPECTED SALES RETURNSRevenue is recognised when control of the goods has been transferred to the buyer and it is measured at fair value of the expected consideration to be received, less rebates, discounts, sales taxes, duties and expected sales returns. Revenue recognition and measurement of the related expected sales returns was a matter of most significance in our audit due to the inherent risk in the estimates and judgements which Management makes in the normal course of business as to timing of revenue and measurement of expected sales returns, including risk of any manual adjustments. Details on revenue recognition and expected sales returns are provided in notes 2.1and 3.8 of the consolidated financial statementsand in notes 2.1and 3.5 of the Parent Company financial statements, to which we refer.Our procedures in relation to revenue recognition and measurement of expected sales returns included considering the Group’s accounting policies for revenue recognition, including those related to measurement of expected sales returns, and assessing compliance of policies with applicable accounting standards. We identified and assessed internal controls related to revenue recognition including expected sales returns and further tested the effectiveness hereof. We utilised data analytical procedures to test the relationship between revenue, trade receivables and cash receipts and to identify and test manual adjustments to revenue. We assessed revenue cut-off at year-end based on prior year and our expectations to assess whether revenue transactions were recognised in the correct period. We assessed the key assumptions applied by Management regarding expected sales returns based on our knowledge of the business and by reviewing the supporting documentation prepared by Management. Furthermore, we evaluated the disclosures provided by Management in the consolidated financial statements and the Parent Company financial statements to applicable accounting standards.INVENTORY VALUATIONThe Group carries inventory in the balance sheet at the lower of cost and net realisable value. Significant management judgements are required with regards to valuation of inventories due to the uncertainty associated with the estimate of slow-moving items and expected value of the reusable raw materials, as well as calculations of elimination of internal gain. Given the level of management judgements and estimates, inventory valuation was a matter of most significance in our audit. Additional details on the valuation of inventories are provided in note 3.5 of the consolidated financial statementsand in note 3.4 of the Parent Company financial statements, to which we refer.Our procedures in relation to inventory valuation included assessing the Group’s processes related to inventory valuation including on a sample basis testing of direct costs related to raw materials including the effect of realised commodity hedges, labour costs and attributable overhead costs incurred in the crafting process, recording of write-downs and understanding of the process for internal gain elimination. We assessed the basis for write-downs and inputs used by management for calculation of write-downs. We assessed the key assumptions applied by management regarding items’ life-cycle status and expected value of the reusable raw materials based on our knowledge of the business, and on a sample basis tested the supporting documentation. On a sample basis we tested the calculation of elimination of internal gain at Group level. Furthermore, we evaluated the disclosures provided by management in the consolidated financial statements and the Parent Company financial statements to applicable accounting standards.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f0__s8__9__79" xml:lang="en">STATEMENT ON THE MANAGEMENT'S REVIEW Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not as part of our audit express any assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. This does not include the requirements in section 99a related to the Sustainability Statements covered by the separate auditor’s limited assurance report hereon.Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f0__s8__9__80" xml:lang="en">MANAGEMENT'S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTSManagement is responsible for the preparation of consolidated financial statements and Parent Company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f0__s8__9__81" xml:lang="en">AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTSOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Group's financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the Parent Company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f0__s8__9__82" xml:lang="en">REPORT ON COMPLIANCE WITH THE ESEF REGULATION As part of our audit of the consolidated financial statements and Parent Company financial statements of Pandora A/S, we performed procedures to express an opinion on whether the annual report of Pandora A/S for the financial year 1 January – 31 December 2025 with the file name PAND-2025-12-31-en-zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: The preparing of the annual report in XHTML format; The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: Testing whether the annual report is prepared in XHTML format; Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and Reconciling the iXBRL tagged data with the audited consolidated financial statements. In our opinion, the annual report of Pandora A/S for the financial year 1 January – 31 December 2025 with the file name PAND-2025-12-31-en-zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f0__s8__9__83" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f0__s8__9__84">2026-02-04</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-50" id="f0__s8__9__85" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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   <cmn:NameAndSurnameOfAuditor contextRef="ctx-50" id="f0__s8__9__89" xml:lang="en">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
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   <cmn:IdentificationNumberOfAuditor contextRef="ctx-50" id="f0__s8__9__91">mne24687</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-51" id="f0__s8__9__92" xml:lang="en">Jens Thordahl Nøhr</cmn:NameAndSurnameOfAuditor>
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   <cmn:IdentificationNumberOfAuditor contextRef="ctx-51" id="f0__s8__9__94">mne32212</cmn:IdentificationNumberOfAuditor>
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   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f0__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
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