Interim Half Year 2025 Results

/ In 1H2025, Inditex maintained a solid operational performance led by the creativity of our teams and the strong execution of the fully integrated business model

/ Óscar García Maceiras, CEO, “We have again achieved a solid performance in this first half of 2025, with satisfactory sales in a complex market environment and keeping strong levels of profitability. The efficient execution accomplished by our teams demonstrates the strength of Inditex’s business model."

/ The Spring/Summer collections have been well received by our customers. Sales grew 1.6%, to reach €18.4 billion, showing satisfactory development both in stores and online. Sales in constant currency grew 5.1%

/ Gross profit increased 1.5% to €10.7 billion. The gross margin reached 58.3% (-5 bps versus 1H2024)

/ All expense lines have shown a favourable evolution. Operating expenses increased 2.2%

/ EBITDA increased 1.5% to €5.1 billion

/ EBIT increased 0.9% to €3.6 billion and PBT 0.1% to €3.6 billion

/ Net income increased 0.8% to €2.8 billion

/ Funds from operations came to €3.7 billion in 1H2025, 5% higher

/ The FY2024 final dividend of €0.84 per share will be paid on 3 November 2025

/ Autumn/Winter collections have been very well received by our customers. Store and online salesin constant currency between 1 August and 8 September 2025 increased 9% versus the same period in 2024

Interim Half Year 2025: Solid operating performance

In 1H2025, Inditex maintained a solid operational performance led by the creativity of our teams and the strong execution of the fully integrated business model.

The Spring/Summer collections have been well received by customers. Sales grew 1.6% to reach €18.4 billion, showing satisfactory development both in stores and online. Sales in constant currency grew 5.1%.

In 1H2025, openings have been carried out in 35 markets. At the end of the period Inditex operated 5,528 stores. A list of total stores by concept is included in Annex I.

Net sales by concept in 1H2025 and 1H2024 are shown in the table below.

Inditex continues to roll out its global sales platform. Store and online sales by geographical area are shown in the table below.

In 1H2025, the execution of the business model was sound. Gross profit increased 1.5% to €10.7 billion. The gross margin reached 58.3% (-5 bps).

All expense lines have shown a favourable evolution.

Operating expenses increased 2.2%. Including all lease charges, operating expenses grew 63 bps above sales growth.

EBITDA increased 1.5% to €5.1 billion.

EBIT increased 0.9% to €3.6 billion and PBT 0.1% to €3.6 billion. Annex II includes a breakdown of the Financial results.

The tax rate applied to the 1H2025 results is the best estimate for financial year 2025 based on available information.

Net income increased 0.8% to reach €2.8 billion.

Funds from operations came to €3.7 billion in 1H2025, 5% higher.

(*) The cash lease payments fixed charge has been added back.

The net cash position was €10.0 billion at the end of 1H2025.

Due to the robust operating performance, inventory was 3.1% higher as of 31 July 2025. Inventory is considered to be of high quality.

2H2025

The Autumn/Winter collections have been very well received by our customers. Store and online sales in constant currency between 1 August and 8 September 2025 increased 9% versus the same period in 2024.

Outlook

Our priority continues to be the improvement of our fashion proposition, the level of customer care, our focus on sustainability and cultivating our world-class teams. By focusing on these areas we will underpin the long-term growth potential of the Group.

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 our stores, our global online channel and our centralised logistics platforms, with an accompanying focus on sustainability, we will continue to generate long-term growth.

Inditex operates in 214 markets with low market share in what is a fragmented sector. Optimisation of stores is ongoing, and we expect this to drive further gains in store productivity. The growth of annual gross space in the period 2025-2026 is expected to be around 5%, with positive net space accompanied by strong online sales.

At current exchange rates, Inditex expects around -4% currency impact on sales in 2025. For 2025, Inditex expects a stable gross margin (+/-50 bps).

In the current year, we are planning investments that will scale our capabilities, generate efficiencies and increase our competitive differentiation further. We estimate ordinary capital expenditure of around €1.8 billion.

Our logistics expansion plan in 2024 and 2025 is on track. This extraordinary two-year investment programme focused on the expansion of the business allocates €900 million per year to increase logistics capacities in each of the 2024 and 2025 financial years. The objective of this logistics plan is to strengthen Inditex's capabilities to capture global growth opportunities in the medium and long term. The Zaragoza II distribution centre is now operational. As with our other centres, these investments have the highest standards of sustainability and cuttingedge technology, with a focus on productivity and team well- being. In July, Inditex invested in Theker Robotics, a startup developing AI-driven logistics automation.

We continue focusing on the creativity, innovation, design and quality of all our collections and integrated sales channels, while reinforcing the commercial initiatives of all our concepts.

We offer the best shopping experience to our customers both in our stores and on our online platforms.

Regarding our stores, Zara has launched in new locations for example in Leipzig Grimmasche Strasse, Freiburg Kaiser Josef Strasse and LA Brea Mall. Additionally, we have made important enlargements and refurbishments in some of our most emblematic stores such as Madrid Serrano and relocations like Manchester Trafford Centre.

The rest of the concepts continue to launch in important locations, for example Stradivarius in Vienna Donauzentrum, Oysho in Amsterdam Kalverstraat and Bershka in Manchester Trafford Centre.

We continue introducing the new soft-tag technology in our stores. This programme adds to the existing in-store technology ecosystem with Click & Collect silos, sorters, assisted checkouts and drop-off points. It provides a significant improvement in customer experience, facilitating interaction with our products, enhancing the purchasing process and will be the basis for us to continue deepening the digitalisation of stores and their integration with online platforms in the coming years. The new system is now fully operational in Zara and is being rolled out in Bershka and Pull&Bear.

Within the #bringyourbag initiative and thanks to the reuse of shopping bags by our customers, we have reduced their consumption in our stores by 49%. We are investing the equivalent full amount raised from charging for recycled paper bags and envelopes in environmental projects in over 30 countries, in partnership with nonprofit organisations such as Conservation International and WWF. Recently, we have formalised a new program, in collaboration with the international environmental organisation Ocean Conservancy, aimed at the protection of marine ecosystems and biodiversity. This agreement, endowed by Inditex, includes the removal of more than 450 tonnes of plastics from beaches and areas of high environmental value, the collection of nets and fishing gear abandoned in the oceans and the promotion of "zero waste" projects for the collection and recovery of waste.

Dividends

The FY2024 final dividend of €0.84 per share will be paid on 3 November 2025.