FY2025 Results

/ In 2025, Inditex continued with a robust operating performance. The innovation, diversification and flexibility of our integrated model continues to support consistent sales growth and sustained profitability.

/ Óscar García Maceiras, CEO, "These results reflect the ability of our teams to honour the trust that millions of customers place in our eight commercial formats every day. Connecting with them, understanding their desires and delivering the best product and a differentiated experience underpin our long-term growth expectations".

/ The collections were well received by our customers. Sales grew 3.2% to reach €39.9 billion, showing very satisfactory development both in stores and online. Sales were positive in all concepts and, in constant currency, in all geographical areas. Sales in constant currency grew 7.0%.

/ The execution of the business model was very strong. Gross profit increased 3.9% to €23.2 billion. The gross margin reached 58.3%. The control of operating expenses has been rigorous. Operating expenses increased 2.8%, below sales growth.

/ EBITDA increased 5.0% to €11.3 billion and EBIT 5.9% to €8.0 billion. PBT increased 5.8% to €8.0 billion.

/ Net income increased 6.0% to €6.2 billion, building on the strong growth over recent years.

/ Given the very satisfactory execution of the business model, lease adjusted funds from operations grew 7%. The net cash position at the end of the period was €11.0 billion.

/ Inditex's dividend policy consists of a 60% ordinary payout and bonus dividends. For FY2025, the Board of Directors will propose at the AGM a dividend of €1.75 per share, composed of an ordinary dividend of €1.20 and a bonus dividend of €0.55 per share. The dividend will be made up of two equal payments: On 4 May 2026 a payment of €0.875 per share (ordinary). On 2 November 2026 a payment of €0.875 per share (€0.325 ordinary + €0.550 bonus).

/ Outlook: Strong commitment to profitable growth. The increase in annual gross space in 2026 is expected to be around 5% with a positive net space contribution, in conjunction with strong online growth.

/ In order to continue underpinning the long-term growth of Inditex, we estimate ordinary capital expenditure of around €2.3 billion in 2026. This investment will be mainly dedicated to the optimisation of our commercial space, its technological integration and the improvement of our online platforms.

/ Spring/Summer collections have been very well received by our customers. Store and online sales in constant currency increased 9% between 1 February and 8 March 2026 versus the same period in 2025.

FY2025: Very strong execution

In 2025, Inditex continued with a robust operating performance. The innovation, diversification and flexibility of our integrated model underpin consistent sales growth and sustained profitability. Sales, EBITDA and net income reached new highs.

The Group continues to focus on four key areas: A unique product proposition, enhancing the customer experience, sustainability, and the talent and commitment of our people.

Strong sales growth

In 2025, the collections were well received by our customers. Sales grew 3.2% to reach €39.9 billion, showing very satisfactory development both in stores and online. Sales were positive in all concepts and in constant currency, in all geographical areas. Sales in constant currency grew 7.0%.

As a function of our Retail Optimisation strategy, which has been in place for many years, the quality of our store base has been continuously increasing over many years. In view of this, sales have grown 22% on a reported basis over the last 3 years, while the number of stores has been reduced by 6% (net space +6%), further reinforcing the consistency of our long-term growth.

In 2025, gross space increased 5.3%.

Inditex opened stores in 41 markets in 2025. During the year, the Group remained very active in store optimisation activities (190 openings, 217 refurbishments which include 96 enlargements and 293 absorptions). At the end of FY2025 Inditex operated 5,460 stores. The number of stores by concept is included in Annex IV.

Online sales grew at 4.8% to reach €10.7 billion.

The integration of our store and online operations enables us to deliver a seamless global omnichannel experience.

Sales by concept

Net sales by concept in 2025 are shown in the table below:

Sales by geography

Store and Online sales by geographical area are shown in the table below:

Very strong execution in 2025

The execution of the business model has been very strong. Gross profit increased 3.9% to €23.2 billion. The gross margin reached 58.3% (+42 bps).

All expense lines have shown a favourable evolution. Operating expenses increased 2.8%, 39 bps below sales growth. Including all lease charges, operating expenses grew 51 bps below sales growth.

Including all lease charges, rental expenses grew 1.6%. EBITDA reached €11.3 billion (+5.0%), EBIT came to €8.0 billion (+5.9%). A breakdown of financial results can be found in Annex VI.

Results from companies consolidated by the equity method came to €102 million.
PBT increased 5.8% to €8.0 billion. The breakdown of PBT by concept is shown below:

The PBT margin reached 20.1%.

Net income increased 6.0% versus 2024 to €6.2 billion.

Given the strong execution of the business model, lease adjusted funds from operations grew 7%.

The net cash position at the end of the period was €11.0 billion.

Inventory was 2% lower as of 31 January 2026 versus the same date in 2025. Initial Spring/ Summer collections are considered to be of high quality.

Capital expenditure for FY2025 including the extraordinary investments came to €2.7 billion.

Dividends

Inditex's dividend policy consists of a 60% ordinary payout and bonus dividends. For FY2025, the Board of Directors will propose at the AGM a dividend of €1.75 per share, composed of an ordinary dividend of €1.20 and a bonus dividend of €0.55 per share. The dividend will be made up of two equal payments: On 4 May 2026 a payment of €0.875 per share (ordinary). On 2 November 2026 a payment of €0.875 per share (€0.325 ordinary +€0.550 bonus).

Strategic initiatives

Our priority remains the continued improvement of our fashion proposition, the level of customer care, our focus on sustainability and cultivating our world-class teams. The broad diversification of the Group by channel, geography and concept will underpin the long-term growth potential.

The business model we enjoy, characterised by flexibility, responsiveness and within-season proximity sourcing, permits us to react to fashion trends reinforcing our unique market position. By continually investing in stores, the global online channel and our centralised logistics platforms, with an accompanying focus on sustainability, we will continue to generate long-term growth.

In order to extend our differentiation further we are developing a number of initiatives in key areas for the coming years.

Product Proposition

We will continue focusing on the creativity, quality and design of all our products and reinforcing the commercial initiatives of all our concepts.
The collections show our strong commitment to creativity, thanks to our talented teams that are focused everyday on innovation and adaptation to what our customers are looking for.

In line with previous years, we continue rolling out special projects in collaboration with some of the most powerful talents of fashion, art and culture.

/ Customer experience

We will continue to offer the best shopping experience to our clients.

Regarding our stores, Zara has recently made important relocations and refurbishments including Copenhagen Vimmelskaftet, Boston Newbury Street and Shanghai East Nanjing Road.

The rest of the concepts also continue to execute relevant projects. Two examples of this are the Oysho's high street store Hackescher Markt Berlin, Germany and Massimo Dutti's relocation to Zara's previous store in Pireas (Athens), Greece.

In terms of new markets in 2026, the Group will launch its first store in Curaçao. The rest of the concepts will be very active in 2026. Bershka will open its first stores in Brazil and the United States. Massimo Dutti will continue its expansion in the US with new openings in Miami Brickell and New York Soho and will launch its first stores in Denmark and Norway. Pull&Bear will launch in Denmark. Zara Home will open its first stores in Ireland and Norway. Lefties will continue its expansion with its first stores in the UK and France.

The rollout of our soft tag alarm technology across stores continues to progress. This initiative complements the Assisted Checkout programme and further strengthens our in-store technology ecosystem. It is delivering a meaningful enhancement to the customer experience by facilitating product interaction and streamlining the purchasing process. The hardware is now in 100% of our physical stores and the new technology will be implemented in 90% of products across all our formats in the Spring/Summer collections 2026.

The improved experience also extends to our online customers. Since mid-December, Zara Try-on permits a more seamless experience for our customers by generating images through artificial intelligence. It is an AI-based virtual fitting system that allows customers to create a synthetic avatar from their own photos and generate images of that avatar wearing real products. Currently deployed in 43 markets with over 7 million sessions, it operates exclusively on Zara.com and is being rolled out to the other concepts.

Sustainability

/ Water

In 2025, we reached our target by achieving a 26% reduction in water consumption across our supply chain compared to 2020 levels.

/ Fibres

88% of the textile fibres used during 2025 in our garments were classified as lower impact fibres. 47% of the total fibres used were sourced from recycled materials. We remain on track toward our goal of reaching 100% lower-impact textile fibre usage by 2030.

/ Emissions

Through the execution of our Supply Chain Environmental Transformation Plan, we reduced total Scope 1, 2 and 3 emissions covered by our Science-Based Targets (SBT) by 11% compared to our 2018 baseline. This includes an 88% reduction in Scope 1 and 2 emissions and a 7% reduction in Scope 3 emissions.

People

We continue to focus on attracting top talent thanks to dedicated teams who embrace our culture and values. A key factor in this is our commitment to training (3.4 million hours in 2025), which has allowed us to fill 80% of vacancies through the internal promotion of 9,100 of our professionals.

Outlook: Strong commitment to profitable growth

Inditex operates in 214 markets. We enjoy a low market share in a sector which remains highly fragmented. This is where the long-term growth opportunity lies. We aim to build upon the significant growth of the business seen in recent years with the launch of various initiatives.

The extraordinary two-year investment programme focused on the expansion of the business allocated €900 million per year to increase logistics capacities in each of the 2024 and 2025 financial years, with the objective of strengthening our capabilities to address strong global growth opportunities in the medium and long term.

Optimisation of stores is ongoing, and we expect this to drive further gains in store productivity. The growth of annual gross space in 2026 is expected to be around 5%. Inditex expects space contribution to sales to be positive in this period, accompanied by strong online sales.

In order to continue underpinning the long-term growth of Inditex, we are planning investments that will increase the competitive differentiation of the Group. We estimate ordinary capital expenditure of around €2.3 billion in 2026. This investment will be mainly dedicated to the optimisation of our commercial space, its technological integration and the improvement of our online platforms.

At current exchange rates, Inditex expects a -1% currency impact on sales in 2026. For 2026, Inditex expects a stable gross margin (+/-50 bps).

Start of 2026

Spring/Summer 2026 collections have been very well received by our customers. Store and online sales in constant currency increased 9% between 1 February and 8 March 2026 versus the same period in 2025.

2026 corporate calendar

Inditex expects to release interim results for FY2026 on the following dates:

Interim three months: 3 June 2026

Interim half year: 9 September 2026

Interim nine months: 2 December 2026

FY2026: March 2027(tbc)