Transactions in connection with share buyback programme

On 5 February 2025, Pandora announced a new share buyback programme, cf. Company announcement no. 923. The share buyback programme is executed in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation).
                                                                                                                                                      
The purpose of the programme is to reduce Pandora’s share capital and to meet obligations arising from company incentive programmes.

Under the programme Pandora will repurchase shares for an aggregate maximum amount of DKK 4.0 billion from 6 February 2025 until 30 January 2026 at the latest, both days inclusive.
The first tranche of up to DKK 1.3 billion commenced on 6 February 2025 and finished on 6 June 2025. The second tranche of up to DKK 1.35 billion commenced on 10 June 2025 and finished on 22 August 2025.

Pandora has appointed Danske Bank as the sole lead manager of the third tranche of DKK 1.35 billion of the buyback programme, which will run from 25 August 2025 and finish no later than 30 January 2026.

The following transactions have been made under the programme:

	Number of shares	Average purchase price, DKK	Transaction value, DKK
Accumulated under the programme	3,031,203		3,137,318,155
6 October 2025	24,000	821.88	19,725,104
7 October 2025	24,000	824.58	19,789,862
8 October 2025	24,000	830.65	19,935,605
9 October 2025	23,000	836.54	19,240,418
10 October 2025	20,000	823.81	16,476,195
Accumulated under the programme	3,146,203		3,232,485,339

With the transactions stated above, Pandora owns a total of 3,428,553 treasury shares, corresponding to 4.3% of the Company’s share capital.