ANNUAL REPORT 25` | Letter from our CEO

View of the interior of a clothing store through a shop window, with a plant in the foreground and a mannequin with clothes.

Artistic image of a stem with bright white leaves on a gradient background of pink and yellow.

Óscar García Maceiras, CEO of Inditex, smiles while seated on an armchair with a tablet.

LETTER FROM OUR CEO

In a year marked by heightened uncertainty, the Inditex Group managed to post continued earnings growth and shore up its ability to deliver solid growth in the long term. The key to this performance remains anchored in our unique business model, in which it is our customers who determine our brands’ priorities. The agility with which we tailor the product offering and experience provided by our sales channels for their preferences, coupled with operations characterised by disciplined spending, explains these highly satisfactory results: sales growth across all our retail formats and margin expansion all down our income statement.

None of this would have been possible without a team that is fully committed to our goals and corporate values and whose professional excellence is the best guarantee of the quality growth Inditex seeks to provide to all of its stakeholders.

A shop assistant checks several garments on a clothing rack.

Photo of Inditex headquarters, a modern building of glass and white structures under a blue sky.

Two people walking along a tree-lined street in front of a Zara store.

The Group's revenue amounted to €39.9 billion in 2025, year-on-year growth of 3.2% (rising to 7% in constant currency terms), while our gross margin remained very healthy at 58.3% (up 42 basis points from 2024). Our operating costs increased by 2.8%, which is less than our topline growth, unlocking growth in EBITDA, EBIT and PBT of between 5% and 6%. Our net profit amounted to €6.2 billion euros, year-on-year growth of 6%, and our dividend per share reached €1.75.

In short, a very solid performance, underpinned by a fashion proposition that was very well received by our customers and bolstered by targeted investments to continually upgrade our stores (marked by over 400 interventions worldwide between openings, extensions and full refurbishments in 2025) and our e-commerce platforms. It also reflects the integration of the latest technology across the board in a bid to facilitate our professionals’ jobs, on the one hand, and to improve the shopping experience, on and offline, on the other. In parallel, we continue to invest in our logistics infrastructure and its technological prowess, which is key to keeping our operations efficient.

In 2025, we made significant progress on achieving our ambitious sustainability targets. We reduced our relative water consumption by 26%. And we cut the emissions from our own direct operations by 88% and those generated by the span of our value chain by 7%. Eighty-eight per cent of the fibres used to make our products already qualify as lower impact fibres, and 47% of the total originate from recycled materials.

As for our ongoing community investment effort, in 2025, we supported 1,182 social and environmental initiatives in which we invested €175 million, growth of 30% from 2024, directly benefitting four million people. Through strategic alliances and partnerships with over 450 organisations, our Group strives to have a positive impact on our communities, locally and globally.

In 2025, we celebrated our Group’s first fifty years in the fashion retail business. The values that have guided Inditex during these last five decades are every bit as valid today as they were on day one. We are firmly focused on keeping our brands fresh so that they remain the place to turn for fashion. We want to stay a young company, one with the ability to excite and bring joy to its customers.

The more we advance, the more ambitious the initiatives we complete and the challenges we surmount, the broader our horizon and the greater the possibilities we see ahead of us.