Interim report
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Interim Half Year 2026 Results 1 February 2026 to 31 July 2026 / In 1H2026, Inditex maintained a solid operating performance led by the creativity of our teams and the strong execution of the fully integrated business model / Óscar García Maceiras, CEO, “These excellent results highlight the extraordinary capabilities of our teams. In a highly complex global environment, they have succeeded in delivering every day to our customers all around the world the products and fashion experience that they demand. Ambition, flexibility and innovation are key differentiating factors that reinforce Inditex’s long-term growth potential” / The Spring/Summer collections have been very well received by our customers. Sales grew 7.6%, to reach €19.8 billion, showing satisfactory development both in stores and online. Sales in constant currency grew 9.2% / Gross profit increased 8.3% to €11.6 billion. The gross margin reached 58.7% (+40 bps versus 1H2025) / Operating expenses increased 8.3% / EBITDA increased 7.8% to €5.5 billion / EBIT increased 7.6% to €3.8 billion and PBT 6.8% to €3.8 billion / Net income increased 6.8% to €3.0 billion / Funds from operations came to €4.1 billion in 1H2026, 11% higher / The FY2025 final dividend of €0.875 per share will be paid on 2 November 2026 / Autumn/Winter collections have been very well received by our customers. Store and online sales in constant currency between 1 August and 7 September 2026 increased 9% versus the same period in 2025
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Interim Half Year 2026: Solid operating performance In 1H 2026, Inditex maintained a solid operating 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 customers. Sales grew 7.6% to reach €19.8 billion, showing satisfactory development both in stores and online. Sales in constant currency grew 9.2%. In 1H 2026, Retail Optimisation activities (refurbishments, relocations, new openings and absorptions) have been conducted in 51 markets over the period. At the end of the period Inditex operated 5,444 stores. A list of total stores by concept is included in Annex I. Net sales by concept in 1H2026 and 1H2025 are shown in the table below. Concept 1H2026 1H2025 Zara (Zara, Zara Home & Lefties) 13,783 13,150 Pull&Bear 1,261 1,158 Massimo Dutti 988 895 Bershka 1,678 1,438 Stradivarius 1,573 1,327 Oysho 472 389 Total 19,755 18,357 Inditex continues to roll out its global sales platform. Store and online sales by geographical area are shown in the table below. Area 1H2026 1H2025 Europe ex-Spain 51.5 % 50.7 % Americas 17.9 % 17.8 % Asia & RoW 15.0 % 16.0 % Spain 15.6 % 15.5 % Total 100 % 100 % In 1H2026, the execution of the business model was sound. Gross profit increased 8.3% to €11.6 billion. The gross margin reached 58.7% (+40 bps). Operating expenses increased 8.3%. Including all lease charges, operating expenses grew 50 bps above sales growth. EBITDA increased 7.8% to €5.5 billion. EBIT increased 7.6% to €3.8 billion and PBT 6.8% to €3.8 billion. The PBT margin reached 19.5%. Annex II includes a breakdown of the Financial results. The tax rate applied to the 1H2026 results is the best estimate for financial year 2026 based on available information. Net income increased 6.8% to reach €3.0 billion. Interim Half Year 2026 Results 2
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Funds from operations came to €4.1 billion in 1H2026, 11% higher. Million Euros 1H2026 1H2025 Funds from Operations (*) 4,075 3,687 Change in working capital (470) (1,253) Cash from Operations 3,605 2,434 Capital expenditure (1,307) (1,269) Free Cash Flow 2,299 1,165 *The cash lease payments fixed charge has been added back. The net cash position grew 4% to reach €10.4 billion at the end of 1H2026. Million Euros 31 July 2026 31 July 2025 Cash and cash equivalents 4,361 5,139 Current financial investments 6,038 4,874 Current financial debt (1) (1) Non current financial debt - - Net financial cash (debt) 10,398 10,012 Due to the robust operating performance, inventory was 9.3% higher as of 31 July 2026. Inventory is considered to be of high quality. Million Euros 31 July 2026 31 July 2025 Inventories 3,789 3,466 Trade and other receivables 1,158 1,241 Trade and other payables (11,912) (10,773) Operating working capital (6,965) (6,066) Interim Half Year 2026 Results 3
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2H2026 The Autumn/Winter collections have been very well received by our customers. Store and online sales in constant currency between 1 August and 7 September 2026 increased 9% versus the same period in 2025. Outlook Our priority continues to be the ongoing 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 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 215 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 2026 is expected to be around 5%, accompanied by positive net space contribution and strong online sales. At current exchange rates, Inditex expects around -1% currency impact on sales in 2026. For 2026, 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 €2.3 billion. In addition, close to €200 million of extraordinary capex will be invested in upgrading and enhancing our corporate facilities across the company, further strengthening Inditex’s position as an employer of choice. 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 Mexico Los Cabos. Additionally, we have made important enlargements, relocations and refurbishments in some of our most emblematic stores such as London Bond Street, Seoul Gangnam and Belgium Ostend. In August, Bershka opened its first store in the USA, in Miami, Aventura Mall. This is one of two planned openings for the concept in the Miami area in the immediate future. Also in August, Bershka launched its second store in Brazil, Rio Barra, after the opening in Morumbi, Sao Paulo in March. Interim Half Year 2026 Results 4
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Our online platforms continue implementing improvements to offer a unique experience to our customers. Personalisation and the development of communities are two of the priority focus areas. The new soft-tag technology has now been implemented in all of 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. Dividends The FY2025 final dividend of €0.875 per share will be paid on 2 November 2026. For additional information: Investor Relations ir@inditex.com Tel: +34 981 18 53 64 www.inditex.com Interim Half Year 2026 Results 5
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Consolidated Financial Statements Inditex Group 1H2026 Income Statement (€m) 1H2026 1H2025 Net sales 19,755 18,357 Cost of sales (8,159) (7,654) Gross profit 11,596 10,703 Gross margin 58.7 % 58.3 % Operating expenses (6,048) (5,584) Other losses and income, net (35) (5) EBITDA 5,513 5,114 EBITDA margin 27.9 % 27.9 % Amortisation and depreciation (1,670) (1,542) Net operating profit (EBIT) 3,843 3,572 EBIT margin 19.5 % 19.5 % Financial results (51) (12) Results of companies accounted for using the equity method 52 42 Profit before taxes (PBT) 3,845 3,601 PBT margin 19.5 % 19.6 % Income tax (865) (810) Net profit 2,980 2,791 Net profit attributable to the Parent 2,980 2,791 Net profit margin 15.1 % 15.2 % Earnings per share, Euros (*) 0.956 0.896 (*) Shares for EPS calculation 3,115,921,539 for 2026 and 3,115,811,641 for 2025 Interim Half Year 2026 Results 6
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Inditex Group Consolidated Balance Sheet as of 31 July 2026 (€m) 31 July 2026 31 July 2025 Assets Non Current Assets 20,913 18,827 Right of use 5,761 5,191 Intangible assets 1,967 1,738 Tangible assets 11,781 10,493 Financial investments 502 479 Other 902 926 Current Assets 15,701 15,220 Inventories 3,789 3,466 Trade and other receivables 1,158 1,241 Current financial investments 6,038 4,874 Cash and cash equivalents 4,361 5,139 Other 356 500 Total Assets 36,614 34,047 Equity and Liabilities Equity 17,855 16,954 Equity attributable to the Parent 17,855 16,954 Non Current Liabilities 5,166 4,704 Deferred tax liabilities 110 78 Financial debt - - Non current lease liability 4,549 4,040 Other 507 586 Current Liabilities 13,593 12,389 Financial debt 1 1 Current lease liability 1,648 1,550 Trade and other payables 11,912 10,773 Other 32 66 Total equity and liabilities 36,614 34,047 Interim Half Year 2026 Results 7
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Inditex Group 1H2026 Consolidated Statement of Cash Flows (€m) 1H2026 1H2025 Income before taxes 3,845 3,601 Adjustments to income Depreciation and amortization 1,670 1,542 Lease financial expenses 111 110 Other 44 42 Corporate income tax (645) (695) Funds from operations 5,024 4,600 Changes in assets and liabilities Change in inventories (549) (119) Change in accounts receivable 25 (323) Change in current liabilities 53 (811) Change in working capital (470) (1,253) Cash from operations 4,554 3,347 Intangible assets investments (315) (253) Tangible assets investments (992) (1,016) Acquisitions of businesses - (2) Change in other long-term financial investments 23 (6) Other assets investments - 5 Change in short-term financial investments (358) 267 Cash flow from investing activities (1,640) (1,006) Acquisition of treasury stock (161) - Change in current debt (1) (6) Fixed lease payments (949) (913) Dividends (2,727) (2,618) Cash used in financing activities (3,837) (3,536) Change in cash and cash equivalents (923) (1,195) Cash and cash equivalents at beginning of the period 5,276 6,382 Foreign exchange impact on cash & cash equivalents 8 (48) Cash and cash equivalents at end of the period 4,361 5,139 Interim Half Year 2026 Results 8
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Annex I Number of stores by concept: Concept 31 July 2026 31 July 2025 Zara 1,487 1,534 Zara Home 374 379 Lefties 223 210 Pull&Bear 789 801 Massimo Dutti 509 518 Bershka 849 856 Stradivarius 835 839 Oysho 378 391 Total 5,444 5,528 Annex II Breakdown of financial results: Million Euros 1H2026 1H2025 Net financial income (losses) 77 100 Lease financial expenses (111) (110) Foreign exchange gains (losses) (17) (3) Total (51) (12) Gross profit, EBITDA, EBIT, working capital, net financial position, average net financial debt, ROCE, ROE, quarterly results, sales growth at constant exchange rates and free cash flow are defined in Note 2 to the consolidated annual accounts for 2025. Interim Half Year 2026 Results 9
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Disclaimer Neither this document nor the information contained herein constitutes, in any way, an offer to sell, acquire or exchange securities, nor an invitation to make any such offer, nor should it be construed as a recommendation or advice in relation to securities issued by the Inditex Group. Certain information contained in this document may include forward-looking information or statements regarding intentions, expectations, estimates or forecasts of a future nature. Any statements that are not based on historical information should be considered forward-looking statements, including, without limitation, those relating to the Group’s financial position, business strategy, management plans and operating objectives. Such statements are based on the Company’s best expectations as of the date of issuance of this document and on the information available at that time, and do not constitute any guarantee as to the achievement of the results or future events to which they refer. Forward-looking statements are subject to risks, uncertainties and other relevant factors that could cause actual developments and results to differ, possibly materially, from those expressed or implied in such statements. Accordingly, readers are expressly cautioned not to place undue reliance on these forward-looking statements. Risk factors that may affect such forecasts include, but are not limited to: (i) financial risks, such as the evolution of macroeconomic conditions in the various geographies where the Group operates, fluctuations in market factors (including exchange rates, interest rates, and raw material prices, among others), the financial solvency of counterparties or the competitive environment; (ii) geopolitical risks arising from instability in supply and sales markets or frictions that may affect the logistics chain; (iii) social risks, including changes in the perception that different stakeholders may have of the Group or the industry, the emergence of infectious diseases or the existence of labour disputes; (iv) governance risks, such as legal or regulatory breaches, non-compliance with corporate governance recommendations or deviations from best-practice standards, or the impact of tactical or strategic decisions that prevent the achievement of business objectives; (v) technology risks, such as cyberattacks, operational failures or incidents affecting critical infrastructures, as well as rapid technological obsolescence; and (vi) environmental risks, including those associated with acute natural hazard events, climate change, the transition towards a low-carbon economy or human interaction with the environment. The Company provides more detailed information about these and other factors that may affect forward-looking statements, its activities and its financial results in the regulatory documentation filed with the Spanish National Securities Market Commission (CNMV), available on the Company’s corporate website (www.inditex.com). The risks and uncertainties that may affect the information provided are, in many cases, difficult to foresee and are generally beyond the Company’s control. Therefore, the Company accepts no liability arising from statements regarding forecasts and estimates, except where such liability cannot be limited under applicable law. The Company also undertakes no obligation to publicly update or review such statements or to communicate any revision that may arise from events or circumstances occurring after the date of their issuance. Furthermore, in addition to financial information prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (“IFRS”) and derived from audited financial statements, this document includes certain Alternative Performance Measures (“APMs”), as defined in Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 and in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415es), as well as certain non-IFRS financial indicators. These measures, which are derived from the financial information of the Inditex Group, are not defined within the applicable financial reporting framework and have not been audited or reviewed by our external auditors or by any other independent third party. Their purpose is to facilitate a better understanding of the Group’s financial performance; however, their definition and calculation methodology may differ from those used by other entities, which may limit their comparability. These measures are complementary in nature and are not intended to replace the metrics defined under IFRS. In addition to financial information, this document also contains sustainability information that may include metrics, statements, targets, commitments, future projections and opinions relating to environmental, social and governance issues. The aforementioned information is subject to measurement uncertainties and has been prepared in accordance with various external and internal materiality assessments, estimates, assumptions and data collection and verification practices or methodologies, which may differ from those used by other companies and which will continue to evolve in the future. Therefore, sustainability information - in particular, future projections which, by their very nature, involve a high degree of uncertainty and inherent risk - should be considered for purely informative purposes. Therefore, the Company does not accept any responsibility derived from this information, except in cases where it could not be limited in accordance with a mandatory rule.