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Pandora is launching a new share buy-back programme to acquire own shares for a maximum consideration of DKK 2.6 billion in the period from 21^st June 2023 to 2^nd February 2024 at the latest, both days inclusive. 
                                                                    
The programme follows the successful conclusion of Pandora’s DKK 2.4 billion share buy-back programme, which was set to end no later than 30^th of June (see Company Announcement No. 769). As the programme effectively ended on 19^th June Pandora has decided to advance the commencement of the new programme with effect from 21^st June.

Combined, the two programmes deliver on Pandora’s intention to buy back up to DKK 5.0 billion worth of own shares over twelve months, as announced on 8 February 2023. The new programme will be completed in two separate tranches. The first tranche of up to DKK 1.6 billion will commence 21^st June 2023 and complete no later than 13^th October 2023. The second tranche to reach the total amount of up to DKK 5.0 billion will commence upon conclusion of the first tranche and complete no later than 2^nd February 2024. Pandora has appointed BNP Paribas Exane as the sole lead manager on the first tranche.

The share buy-back programme is implemented in accordance with the safe harbour rules in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation).

For the first time Pandora’s share buy-back features a sustainability commitment whereby DKK 2 million, a portion of the expected execution performance¹, will be used to accelerate Pandora’s low-carbon strategy via the purchase of Renewable Energy Certificates and investments in energy efficiency projects at Pandora’s crafting facilities in Thailand. This is part of Pandora’s ambitious low-carbon strategy to reduce emissions by 50% by 2030 and achieve net zero emissions by 2040.

The programme will be implemented under the following framework:

• The maximum total consideration for Pandora shares bought back in the period of the programme is DKK 2.6 billion

• Under the current authorisation to acquire treasury shares, and thus applicable to the programme, Pandora can acquire up to 10% of the existing nominal share capital;

• The shares will be purchased on Nasdaq Copenhagen (XCSE) and Multilateral Trading Facilities, including Cboe DXE (CEUX), Turquoise Europe (TQEX) and Aquis (AQEU).

• The maximum number of shares to be bought per daily market session will be the equivalent to 25% of the average daily volume of shares in the Company traded on the respective purchase venue during the preceding 20 business days;

• The purchase price paid in connection with acquisition of shares must not diverge from the price quoted on Nasdaq Copenhagen at the time of acquisition by more than 10%.