First Quarter 2026 Results

/ In 1Q2026, 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 very well received by our customers. Sales grew 5.8% to reach €8.7 billion. Sales in constant currency grew 8.8%.

/ Gross profit increased 6.9% to €5.4 billion. The gross margin reached 61.2% (+67 bps versus 1Q2025).

/ All expense lines have been tightly controlled and show a favourable evolution. Operating expenses increased 6.4%.

/ EBITDA increased 7.3% to €2.6 billion.

/ EBIT increased 7.0% to €1.8 billion and PBT increased 5.5% to €1.8 billion with a PBT margin of 20.1%.

/ Net income increased 5.4% to €1.4 billion.

/ Inditex’s Board of Directors will propose at the Annual General Meeting a dividend for FY2025 of €1.75 per share, composed of an ordinary dividend of €1.20 and a bonus dividend of €0.55 per share. The dividend is composed of two equal payments of €0.875 per share: the first interim payment was made on 4 May 2026 and the final dividend payment will be made on 2 November 2026 (€0.325 ordinary + €0.550 bonus).

/ Spring/Summer collections continue to be very well received by our customers. Store and online sales in constant currency between 1 May and 1 June 2026 increased 11.5% versus the same period in 2025, positively impacted by calendar effects.

First quarter 2026: Solid operational performance

In 1Q2026, Inditex maintained a solid operational performance led by the creativity of our teams and the strong execution of the fully integrated business model.

Spring/Summer collections have been very well received by our customers. Sales grew 5.8% to reach €8.7 billion. Sales in constant currency grew 8.8%.

In 1Q2026, Retail Optimisation activities (refurbishments, relocations, new openings and absorptions) have been conducted in 44 markets over the period.

At the end of the period Inditex operated 5,456 stores. A list of total stores by concept is included in Annex I.

In 1Q2026, the execution of the business model was sound. Gross profit increased 6.9% to €5.4 billion. The gross margin reached 61.2%, (+67 bps versus 1Q2025).

All expense lines have been tightly controlled and show a favourable evolution. Operating expenses increased 6.4%.

EBITDA increased 7.3% to €2.6 billion.

EBIT increased 7.0% to €1.8 billion and PBT increased 5.5% to €1.8 billion with a PBT margin of 20.1%.

Annex II includes a breakdown of the Financial Results.

The tax rate applied to the quarterly results is the best estimate for the financial year 2026 based on available information.

Net income increased 5.4% to reach €1.4 billion.

The net cash position was €10.8 billion at the end of 1Q2026.

In line with the performance of the business, inventory as of 30 April 2026 was 1% higher versus the same date in 2025. The inventory is considered to be of high quality.

Second quarter 2026

Spring/Summer collections continue to be very well received by our customers. Store and online sales in constant currency between 1 May and 1 June 2026 increased 11.5% versus the same period in 2025, positively impacted by calendar effects.

Outlook

The flexibility and responsiveness of our business in conjunction with in-season proximity sourcing allows a rapid reaction to fashion trends and reinforces our unique market position. The growth of the Group is underpinned by the continual investment in our store network, the advances made to the online sales channel and the improvements to the logistics platforms, with a clear focus on innovation and technology. Artificial intelligence is increasingly embedded across the Group’s operations, supporting our teams and enhancing the customer experience. Sustainability is central to our strategy.

Inditex operates in 215 markets with low share in a highly fragmented sector and we see strong growth opportunities. 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%, accompanied by positive net space contribution and strong online sales.

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

In order to continue underpinning the long-term growth of Inditex, we are executing investments that are increasing 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.

Dividends

As approved in March 2026, Inditex’s Board of Directors will propose at the Annual General Meeting a dividend for FY2025 of €1.75 per share, composed of an ordinary dividend of €1.20 and a bonus dividend of €0.55 per share. The dividend is composed of two equal payments of €0.875 per share: the first interim payment was made on 4 May 2026 and the final dividend payment will be made on 2 November 2026 (€0.325 ordinary + €0.550 bonus).

Agreements of the Board of Directors

Inditex´s Annual General Meeting will take place at the Company’s registered office on 7 July 2026.

Mr Rodrigo Echenique Gordillo will leave the Board of Directors once his tenure expires on the 12 July 2026. Inditex would like to thank him for his important contribution to the Board.

The Board will propose the appointment of Mr José Ignacio Goirigolzarri Tellaeche as an independent director.