INTERIM REPORT FOR Q3 2015 - PANDORA INCREASES REVENUE WITH 37.5% DRIVEN BY ALL GEOGRAPHIC REGIONS

• Group revenue in Q3 2015 was DKK 3,911 million, an increase of 37.5% or 28.0% in local currency, compared with Q3 2014:
  • Americas increased by 22.7% (8.3% increase in local currency)
  • Europe increased by 40.7% (36.1% increase in local currency)
  • Asia Pacific increased by 74.8% (62.9% increase in local currency)
  • Revenue from concept stores increased by 49.3% and corresponded to 60.6% of the total revenue
• The gross margin increased to 74.0% in Q3 2015, compared with 70.3% in Q3 2014
• EBITDA increased by 42.5% to DKK 1,454 million in Q3 2015, corresponding to an EBITDA margin of 37.2%, compared with 35.9% in Q3 2014
• Net profit for the quarter was DKK 1,006 million, compared to a net profit of DKK 725 million in Q3 2014
• Free cash flow was DKK 263 million in Q3 2015 compared with DKK 567 million in Q3 2014
• During Q3 2015, PANDORA bought back 1,834,910 own shares at a total value of DKK 1,405 million as part of the ongoing DKK 3.9 billion share buyback programme, corresponding to 1.5% of the total share capital.

FINANCIAL GUIDANCE FOR 2015
The financial guidance for the full year 2015 for revenue and EBITDA margin is maintained and PANDORA continues to expect revenue of above DKK 16 billion and an EBITDA margin around 37%. Assuming current exchange rates, PANDORA expects a full year tailwind effect from currencies on revenue of around 10% compared to 2014. This compares to a tailwind of around 12% anticipated in August 2015 in connection with the announcement of the Q2 2015 report.

CAPEX guidance is increased to approximately DKK 1,000 million from previously guided approximately DKK 900 million, mainly due to faster than expected progression in investments in the production facilities in Thailand as well as IT related projects.

PANDORA plans to continue to expand the store network and expects to add more than 375 new concept stores in 2015.

In connection with the Q3 2015 results Anders Colding Friis, CEO of PANDORA, stated:
"The strong top-line development has continued in the third quarter of the year, and again all regions contributed to the growth. Europe and Asia Pacific in particular did well, with both established as well as less developed markets continuing the positive momentum. Growth in the US was slightly softer than previous quarters primarily due to a change in promotion strategy in the region to further enhance our brand."

CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 10.00 CET and can be joined online at www.pandoragroup.com. The presentation for the call will be available on the website one hour before the call.

The following numbers can be used by investors and analysts:

DK: +45 32 71 16 60
UK (International): +44(0) 20 3427 1905
US: +1646 254 3360

To help ensure that the conference begins in a timely manner, please dial in 5 minutes prior to the scheduled starting time. Participants will have to quote confirmation code "Pandora" when dialling into the conference.

ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 90 countries on six continents through approximately9,500points of sale, including more than1,600concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than15,000people worldwide of whom approximately10,400are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2014, PANDORA's total revenue was DKK 11.9 billion (approximately EUR 1.6 billion).

CONTACT
For more information, please contact: