[Non-English content] and good morning. Welcome to everyone taking part in our half-year 2026 results presentation today. My name is James O'Shaughnessy, Investor Relations. This presentation will be hosted by Inditex's Chief Executive, Óscar García Maceiras, our CFO, Andrés Sánchez, and the Director of Investor Relations, Gorka García-Tapia. As per usual, after the presentation, we will commence a Q and A session, starting with the questions received over the phone, followed by those questions received on the webcast platform. We will take the disclaimer as read. Óscar, please. Good morning, and welcome to our first half 2026 results presentation. Thank you for joining us today. I am pleased to announce that during this last semester, we have generated a solid financial and operating performance with strong sales, all the while maintaining a strong level of profitability. The strength and resilience of our unique business model was evident, and despite a period with geopolitical uncertainty, our teams came together to deliver broad-based performance across geographies, concepts, and channels. Our spring/summer collections have been very well received by customers. Sales grew 7.6%. Sales in constant currency increased by 9.2%. It is evident that the execution of the business model over the first half period has been very good, despite some of the headwinds we highlighted in the first quarter. This has flowed through to the bottom line, with net income increasing 6.8% to EUR 3 billion. This strong performance has spilled into the second half, as you can see from the trading update we have provided you. Store and online sales in constant currency between the 1st of August and the 7th of September grew 9%. Today, I would like to refer to the framework we use to think about what makes Inditex distinctive and the opportunities that our model continues to create. At the heart of our model is product, and behind the product are our people and their ability to offer our customers what they are looking for. We identify trends through our feedback loop, channeling crucial data to our commercial teams. Amongst these teams, today we boast more than 700 fashion designers whose aim is to generate products that adhere to the very latest fashion trends. To give you an idea of the scale of the business, we operate a global platform across eight concepts with stores in 98 different markets all around the world, 99 from tomorrow with our first opening in Curaçao, as well as 215 markets online. These channels are fully integrated and mutually reinforcing. For example, around 60% of online returns are made through our stores, and around 20% of online orders are collected in store, too. This integration is not only about convenience. It gives our teams a more complete view of demand and inventory and helps us provide a consistent customer experience across channels. Of course, none of this would be possible without a broad and flexible global supply chain. The ability to diversify production across more than 50 markets has never been more relevant in recent times. A further distinctive capability is what we call operational proximity. By this, we mean the way we work with our supplier network, focusing on agility, flexibility, and responsiveness, and integrating these long-term relationships into our operating model rather than simply where production is located. The partnership Inditex has with its suppliers extends more than eight years in over 70% of production, making Inditex's relationship with suppliers quite unique. This way of working is underpinned by our logistics and inventory network. It is supported by multimodal transport and our 16 primary logistics centers, which operate as part of a single inventory position. This allows us to allocate product efficiently across different markets, to support product availability, and to maximize full price sales, whether in stores or online. Of great relevance over the years has been the financial strength enjoyed by Inditex, particularly during volatile times. Indeed, the net cash position of over EUR 10 billion on the balance sheet underwrites the financial stability of the business and secures the future investment pipeline needed to generate strong future growth across the cycle. Over the last decade, we have reinvested on average anywhere around 5% or 6% of sales in the business while maintaining a strong financial discipline and attractive total shareholder returns. People often talk about the different elements that come together to produce the competitive advantage enjoyed by Inditex, but there is one aspect that tends to be overlooked by the wider market: our strong corporate culture. Our unique DNA fosters a drive to always do better in the face of a constantly changing environment and to always search for new ways to do things. Ambition and innovation are at the center of everything we do. The many factors that I mentioned just now, in combination, make Inditex the company that we see today. Taken as a whole, this is a very powerful combination, making the model distinctive, resilient, and difficult to replicate. All this enables multiple avenues for long-term growth. Despite the very respectable and consistent rates of growth we have achieved over the years, both in terms of sales and our presence in ever more markets, at a global level, we command a mere 2% market share, offering plenty of space for growth well off into the future. Let's not forget that this market share is across all eight concepts at Inditex. While Zara remains very much an engine for growth for the overall business, we have seen a remarkable level of growth coming from the younger concepts in recent years. Despite currently having, at group level, a physical store presence in a total of 98 markets, the non-Zara concepts have limited commercial presence in 59 markets, in which at least one of non-Zara concept has less than EUR 50 million in annual sales. That should give you an idea of where we think it is going. The common thread through all these years of growth, as many of you will be familiar with, is our overall strategy of retail optimization. This strategy aims to continually enhance the customer experience at every level. Over the last three years, we have delivered 5% compound annual growth in gross space. Once again, as I mentioned earlier, the physical store experience and the online experience go very much hand in hand, which explains how, on average, our online sales since 2019 have grown by more than 80% per year. Our confidence in the future springs not only from what we see as our unique business model, but also comes from the ability of our teams to constantly innovate and challenge the status quo. This ability to see things differently is best illustrated in recent customer experience projects, both in store and online, such as Zara Man standalone stores, our footwear showrooms in Zara and Massimo Dutti, Bershka MMBRS, Oysho Community, or the launch of Zara Try On, amongst many others. All this drives the very significant long-term growth opportunities we see today. And now I will pass you over to Andrés, who will go over numbers. Thanks, Óscar. As you can see from the table in front of you, Inditex's results in the first half of 2026 have been solid. The strong execution is clear when we look at the P&L. The sales performance demonstrates that despite the disruptions we've seen in headlines since the end of February, our teams have been successfully reacting to the fashion trends. This has resulted in a very respectable gross margin performance, with EBITDA growing strongly whilst maintaining a broadly stable margin, flowing nicely down into PBT and the net income line. At the top line, we can see that sales grew 7.6% to reach EUR 19.8 billion. In constant currency, that translates to 9.2%. This strong performance was very much across concepts, store, and online channels. At current exchange rates, we continue to expect a -1% top-line currency impact for the full year 2026. We are now up to 250 markets in terms of our global online presence. Given the ongoing fragmented nature of the market as a whole and our low market share, we can confidently say that our strong long-term growth opportunities remain in place. One factor that I think is worth bringing out at this point is the level of global geographical diversification. This, of course, helps drive stability at the group level, particularly during times of regional uncertainty. In constant currency, all geographical areas have a positive sales evolution. In the first half of 2026, gross profit increased 8.3% to reach EUR 11.6 billion. The gross margin reached 58.7%. This gross margin serves as a demonstration of the good execution of the business model over the period. Our teams have done really well. Despite the headwind of elevated transport and input costs we highlighted back in the first quarter resulting from disruptions in the Middle East. Based on available data currently for the full year 2026, we continue to expect a stable gross margin of ±50 basis points. Operating expenses increased 8.3% in the first six months of 2026. The mild leverage we are seeing was also driven by the increased costs just mentioned in the gross margin slide as flat back in June. Despite this impact, both EBITDA and EBIT margins remained broadly stable over the first half. Going down the P&L, we naturally come to EBITDA, which in this case increased 7.8% to EUR 5.5 billion. Of course, very much consistent with the healthy performance of the top line. This flow down into profit before tax, which grew 6.8% to EUR 3.8 billion with a PBT margin of 19.5%. Net income grew 6.8% to EUR 3 billion. This all points to another season of strong commercial execution. Operating working capital remains negative as a result of the business model. The evolution of operating working capital is very much in alignment with the performance of the business over the period. Inditex's inventory as of the 31st of July was 9% higher, in line with the sales evolution. The conference is now in question and answer mode. It is important to note the high quality of stocks invented at. The conference is now in presentation mode. As you can see from this slide, we continue to generate very strong levels of cash flow. Funds from operations increased 11% to EUR 4.1 billion. Capital expenditure reached EUR 1.3 billion, reflecting investments in 2026 aimed at underpinning future growth. We continue to expect ordinary capital expenditure for 2026 to be around EUR 2.3 billion. In addition, close to EUR 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. I will pass it over to Gorka now. Thanks, Andrés, and good morning once again to everyone. The numbers we have released to the market this morning point to a continuation of the strong performance we all saw back in June. It is pleasing to see that our execution has remained consistent throughout, despite wider market geopolitical or otherwise. The performance of our teams here at Inditex has really been excellent. With a global rollout of the optimization program still very much in place, it is worth highlighting some of the younger concepts. We can confidently say that three of the younger concepts at the half year mark have generated sales well in excess of EUR 1 billion, so sizable companies in their own right. If we take a look at Bershka, for example, its CAGR in sales over four years, from 2022 to the first half of 2026, has been 12%. For the likes of Stradivarius, that rate is 15%. We are seeing very healthy and sustainable levels of sales growth across the board. On the theme of diversification at Inditex as well as growth, we have seen retail optimization activities in 51 different markets all around the world. Each one of the concepts is clearly pushing ahead with their own growth plans, as you can see from the numbers of new markets they have been opening in recent years. There is certainly more to come on that front. With that, I will pass you back to Óscar. Thank you, Gorka. Our fashion proposition shows our strong commitment to creativity, thanks to our talented teams that focus every day on innovation and the adaptation to what our customers are looking for. Zara today occupies a more relevant place than ever in the world of fashion, with a global cultural impact, having the opportunity to launch important collaborations with prominent artists in the space of fashion and music. Regarding our stores, Zara has launched in new locations, for example, in Mexico, Los Cabos. Additionally, we have made some important enlargements, refurbishments, and relocations in some of our most emblematic stores, such as London Bond Street, Seoul Gangnam, and Belgium Ostend. As our core engine, Zara's widespread presence serves as a powerful launchpad for our younger concepts to scale rapidly worldwide. To give you some examples, last month, August, Bershka opened its first store in the U.S. in Aventura, Miami. This is one of the 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, São Paulo in March. Stradivarius, another of the younger concepts which have been doing particularly well, has recently launched its first store in Munich, Riem Arcaden. Massimo Dutti has also opened its first street-level store in Korea in Seoul, Hannam, bringing together fashion, architecture, and local culture within a restored building. Finally, in August, we opened our first Lefties store in the U.K. in Liverpool One, continuing our expansion into new markets after successfully launching our first store in France, Valvert, back in May. The new soft tag technology is now being implemented in all of our stores. This program adds to the existing in-store technology ecosystem with click-and-collect silos, assisted checkouts, and drop-off points and sorters. As you can see in the video, one of the technologies we are rolling out across our stores is sorters. These automated sorting systems help to improve the experience for both our customers and our team members, connecting stock rooms, fitting areas, and commercial space. We are using all this technology as a springboard for the further integration of the online platforms with our increasingly digitalized stores for the years to come. Our online platforms continue implementing improvements in order to offer a unique experience to our customers. Personalization and the development of communities are two key focus areas. In the half year, Inditex has actively engaged in a number of initiatives on the sustainability front. That include new agreements that strengthen our partnerships with Conservation International and with the United Nations High Commissioner for Refugees, supporting projects for the protection and restoration of the Amazon forest and for improving the conditions of Rohingya refugees in the camps of Cox's Bazar. We have been supporting Red Cross in the recent earthquakes in Venezuela and Colombia. Now over to the outlook for this year. Inditex's potential for long-term growth is clearly still very much in place. We continue investing with the aim of enhancing our competitive differentiation while making sure we are in a position to take advantage of the extensive growth opportunities ahead. The growth of annual gross space in 2026 is expected to be around 5%. We also expect net space contribution to continue to be positive, along with ongoing strong online growth. For 2026, we estimate ordinary capital expenditure of approximately EUR 2.3 billion. We continue to focus the ordinary capital expenditure on our global store base, the online platform, and the rollout of technology programs that will enhance the level of integration. A brief reminder on the dividend. The final dividend payment for 2025 of EUR 0.875 per share will be made on the 2nd of November 2026. I am going to end now with a comment on our current performance. Autumn/winter collections are being very well received by our customers. Store and online sales in constant currency increased 10% between the 1st of August and the 7th of September 2026 versus the same period of 2025. Many thanks for attending this results presentation today. That concludes our presentation. We are happy to answer any questions you may have. The telephone Q and A session starts now. If you would like to ask a question, please press star five on your telephone keypad. If you wish to withdraw your question, please press star five again. We request that you limit yourself to only one question per turn so we can maximize the number of participants in the session. If you have further queries, you may press star five again after the next person's question has been addressed. Please ensure your phone is not on mute. The first question comes from Sreedhar Mahamkali from UBS. Go ahead, Sreedhar. Hi. Good morning, team. Thanks for taking the question. I guess a key one that we are all battling a little bit with, OpEx growth faster than sales, as you mentioned in the release. It would be great to hear your thoughts. Talk a little bit more about what is changing in the model, and is this a trend we should expect for the second half of the year as well? Thank you. Thank you, Sreedhar. Thank you for your question. As we mentioned during the call, the main driver of our performance continues to be the ability of spot trends, offering our customers what, when, and where they are looking for, maximizing our full price sales. As we mentioned, in Q1, disruptions in the Middle East resulted in higher transport costs and input costs during the first half of the year. As you saw, it is the transport component that affected both gross margin and OpEx line. In OpEx, just to be more precise, we have costs related to online fulfillment and distribution to franchisees, while in COGS, we have the larger component of transport costs. I would like to take the opportunity also to highlight a few key points when thinking about the gross margin for this year. Considering the current situation, and that there is a timing lag between the transportation and their impact on COGS, we expect this to impact gross margin in H2 as well. The second FX sourcing benefits from the weaker U.S. dollar was a slight tailwind in H1, as we commented. This impact, with current available data, is neutral in H2. In any case, the current environment is included within our gross margin guidance of ±50 basis points for the full year. A final remark regarding OpEx. I would like to comment that we are very pleased with the execution of the business model. In this sense, let me point out that the underlying business expenses were tightly controlled. As always, we continue to be focused on the long-term profitable growth of the group with a focus on broadly steady operating margins. Thank you, Sreedhar. The next question comes from Richard Chamberlain from RBC. Go ahead, Richard. Thanks, James. Morning, everybody. I just got a question on space impact on sales, please. Impact on sales from new space. How has that been trending through the first half, and what are your expectations on space contribution to sales for the second half and into next year, please? Thanks. Great. Thanks, Richard. I think with regards to space, a couple points I can highlight. The first is, you know, we've provided three-year guidance of gross space growth, which ends in 2026. With regards to the second part of your question, going forward, you'll have to wait until March for us to mention something with regards to that. With regards to space contribution, you have to consider that we're still very much on target for the 5% gross space. We'll have to see how that converts, but I don't think you should expect anything different to what you've been seeing in recent years. Thank you. The next question comes from Georgina Johanan from JPMorgan. Go ahead, Georgina. Hi. Thanks for taking my question. I just wonder if you could give an update on sales performance in the Middle East, please, and just some color on what you're seeing there given the backdrop. Thank you. Absolutely, Georgina. Thank you. I think the first point I'd mention is we have around 480 stores in the Middle East, and they're operating under a franchise model, as all of you know. Today, all of these stores are currently open. The geopolitical conditions are having an impact in sales in the Middle East region, although we have seen an improvement since the first quarter in that regard. I think it's important to mention that this is a very diverse region with different countries having different impacts. As you've seen in the presentation, in any case, we've presented positive growth in constant currency in all regions. Thank you. The next question comes from Matthew Clements from Barclays. Go ahead, Matthew. Hi. Good morning. Thanks for taking my question. Significant investment into the new campus. How can you provide confidence to investors that it's an efficient use of capital? Can you provide confidence as well that the investment costs for that program won't run into 2027? Thank you. Thanks for the question, Matthew. For fiscal year 2026, as we mentioned during the call, we expect ordinary CapEx to be around EUR 2.3 billion. As previously mentioned, this investment will be mainly focused on our commercial presence, technological integration, and efficiency of work processes. Capital allocation remains, for sure, focused on generating attractive returns over the long term through projects that enhance the business model and customer experience. To your point, as Andrés mentioned, close to EUR 200 million of extraordinary CapEx will be invested in upgrading and enhancing our corporate fees across the company, further strengthening Inditex's position as employer of choice. An important part of this new extraordinary CapEx mentioned is related to our new campus in Barcelona for Bershka, Oysho, Massimo Dutti, and Lefties. We are very excited for our teams. As always, we will keep on investing in the future. Thank you. The next question comes from Anne Critchlow from Berenberg. Go ahead, Anne. Thank you. Good morning. Thanks for taking my question. I just wondered if you could talk about any future market launches you have for Lefties, please. Also, does Lefties operate on a lower gross or EBIT margin than, say, Zara? Thank you. Great. Thank you for the question. I think I am aware that many of you have gone to the new store opening in Liverpool for Lefties, and I am sure that you have all seen the Lefties product proposition and especially the store technology that we have out there. Lefties Liverpool store has, for example, all the technology that is being rolled out in Zara, including the sorters that you had a chance to see a video during today's presentation, assisted checkout, et cetera. I think Lefties is just one of our younger concepts, of whom, as we have described today, all have very strong growth opportunities. I think we have mentioned in previous calls, in 2025, Lefties launched in Italy. In 2026, Lefties entered France, and we are planning two new openings in the U.K., in Lakeside in London and in Newcastle. I would also just point out that Lefties runs the same fully integrated business model that the rest of the concepts at the group follow. Thank you. Thank you. The next question comes from Warwick Okines from BNP. Go ahead, Warwick. Thanks, James. Morning, everyone. Just a question on the P&L in Q2, if you don't mind. Did you receive any tariff refunds in the quarter? Were franchise sales growth trends still lagging other sales growth like they were in Q1? Thank you. Thank you, Warwick. I will try to answer the first question regarding tariffs, and then I will pass the floor to Gorka to complete the question. As we mentioned back in 2025, at the height of the tariff discussion, we commented that we had a limited impact at the group level from the higher tariffs in the U.S., thanks to our high level of geographical diversification in terms of sourcing, which, as you know, allows us to buy in almost 50 different origins, making us flexible and adaptable, and of course, taking also into account our long experience dealing with different tariff regimes. In that sense, any potential impact from tariff refunds will be limited for the group. Then, Gorka, if you can complete, please. Sure. I think with regards to your question about the Middle East sales, I think I briefly touched on it previously. I think the sales in the region are still impacted, albeit it's somewhat of an improvement compared to what we were seeing in the first quarter. As you can understand, the situation is quite sensitive in terms of what's going on in the market, and so we'll just have to see how that evolves going forward. That completes the Q and A session. Let's move on to the webcast session. There are a number of questions here, the first of which is, Óscar, can you comment on how the group has managed the business operationally despite the impacts from the Middle East conflict, please? Well, I guess that we mentioned our view during the presentation. The excellent first half sales and margin performance were mainly driven by the effective execution of our fully integrated business model and the strong ability of our teams to respond quickly to customer demand. The priority of the group throughout has been to ensure uninterrupted product flow to our customers globally to maximize full price sales. Thanks to our ability to rapidly adapt transportation methods and sourcing flows and our operational proximity, we have successfully navigated the current environment driven by the conflict in the Middle East. The diversification of the sourcing model and the flexibility of our supply chain continue to be very important strengths for the group. As you know, our business model relies on a central inventory position which uses different transport modes. Thank you, Óscar. The next question is, can you give us some color, please, on the strong August trading update? Okay. We are very pleased with the strong evolution of sales at the start of the third quarter, which continues to reflect the good reception of our autumn/winter collections and the strong execution of the model across all channels and markets. The growth of +9% continues the trend of the first half where current constant currency growth was +9.2%. As we always say, we believe it's important to put shorter trading periods into context. This is only five weeks at the beginning. We should bear in mind that despite good results in online and physical store, we still have a low market share in most of our markets, and we keep on believing that growth is in our hands, not dependent on the performance of the broader market. Thank you. Given that Bershka and Massimo Dutti have now entered the U.S., what are your growth plans in the U.S., please? Well, we keep on developing our strategy of selective growth in the U.S. like in the rest of the markets project by project. Zara has been very active across new openings, enlargements, and refurbishments in the past few years in the United States. Earlier, for instance, this year, we enlarged our stores in Miami, Brickell, and Tysons Corner, Virginia. Later this year, our flagship store in the Fifth Avenue will reopen after a total refurbishment. We continue to plan new openings for the next years in new cities, leveraging the knowledge that we are gaining from our online performance. As you mentioned, 2026 has also been an important year for the younger concepts. Bershka's first store in Miami, Aventura, opened in August, and Massimo Dutti will open its second store in Soho, New York, next October. We are evaluating new additional opportunities not only for the brands that have currently presence in the States, but also for the other concepts of the group. Thank you. That concludes the webcast questions for today. Thank you. Thank you to everyone for taking part in the presentation this morning. For those with additional questions, please get in touch with our investor relations department, and we will welcome you back in December for the nine months 2026 results.