In 9M2025, Inditex continued with a robust operating performance. The creativity of our teams, the fully
integrated business model and our diversification are key engines for this strong execution
/ Over the period, collections have been well received by our customers. Sales grew 2.7%, to reach
€28.2 billion, showing satisfactory development both in stores and online. Sales in constant currency
grew 6.2%. In 3Q2025, sales increased 4.9% to €9.8 billion, growth of 8.4% in constant currency
/ Gross profit increased 3.2% to €16.8 billion. The gross margin reached 59.7% (+27 bps). In 3Q2025,
gross profit increased 6.2% to €6.1 billion, with gross margin reaching 62.2% (+79 bps)
/ All expense lines have shown a favourable evolution. Operating expenses increased 2.4%, 29 bps
below sales growth
/ EBITDA increased 4.2% to €8.3 billion. EBIT increased 4.8% to €5.9 billion
/ Profit Before Taxes increased 3.6% to €6.0 billion. The PBT margin was 21.2%
/ Net income increased 3.9% to €4.6 billion
/ We continue to generate strong cash flow. The net cash position was €11.3 billion at the end
of the period
/ The FY2024 final dividend of €0.84 per share was paid on 3 November 2025
/ Autumn/Winter collections remain well received by our customers. Store and online sales in constant
currency between 1 November and 1 December 2025 increased 10.6% versus the same period in 2024
(+9% between 1 November and 24 November 2025)
2Interim Nine Months 2025 Results
1 February 2025 to 31 October 2025
Interim Nine Months 2025:
Very strong operating performance
9M2025
In 9M2025, Inditex continued with a robust operating
performance. The creativity of our teams, the fully integrated
business model and our diversification are key engines for
this strong execution.
The collections have been well received by our customers
over the period. Sales grew 2.7%, to reach €28.2 billion,
showing satisfactory development both in stores and online.
Sales in constant currency grew 6.2%.
Openings have been carried out in 39 markets. At the end of
the period Inditex operated 5,527 stores. A list of total stores
by concept is included in Annex I.
The execution of the business model has been strong.
Gross profit increased 3.2% to €16.8 billion. The gross
margin reached 59.7% (+27 bps).
All expense lines have shown a favourable evolution.
Operating expenses increased 2.4%, 29 bps below sales
growth. Including all lease charges, operating expenses
grew 33 bps below sales growth.
EBITDA increased 4.2% to €8.3 billion. EBIT increased 4.8%
to €5.9 billion. PBT increased 3.6% to €6.0 billion. The PBT
margin was 21.2%.
Annex II includes a breakdown of the Financial Results.
Millon euros 31/10/25 31/10/24
Cash & cash equivalents 5,951 8,268
Short term investments 5,318 3,569
Current financial debt (1) (13)
Non current financial debt – –
Net financial cash (debt) 11,268 11,824
In line with the strong operating performance over 9M2025,
inventory was 4.9% higher as of 31 October 2025 versus
he same date in 2024. Inventory is considered to be of
high quality.
Millon euros 31/10/25 31/10/24
Inventories 4,499 4,290
Receivables 1,180 1,159
Payables (11,826) (11,392)
Operating working capital (6,147) (5,943)
Start of 4Q2025
The Autumn/Winter collections have been well received by
our customers. Store and online sales in constant currency
between 1 November and 1 December 2025 increased 10.6%
versus the same period in 2024 (+9% between 1 November
and 24 November 2025).
The tax rate applied to the 9M2025 results is the best
estimate for the FY2025 based on available information.
Net income increased 3.9% to reach €4.6 billion.
3Q2025
In 3Q2025, sales increased 4.9% to €9.8 billion showing
further improvement, an increase of 8.4% in constant
currency.
Gross profit increased 6.2% to €6.1 billion, with gross margin
reaching 62.2% (+79 bps). Operating expenses increased
3.0%, 187 bps below sales growth.
EBITDA grew 8.9% to €3.2 billion. EBIT increased 11.2% to
€2.4 billion. Net income increased 9.0% to €1.8 billion.
We continue to generate strong cash flow. The net cash
position was €11.3 billion at the end of the period.
Outlook
Our priority remains the continued improvement of our
fashion proposition, the level of customer care, our focus
on sustainability and cultivating our world-class teams. The
broad diversification of the Group by channel, geography
and concept 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 stores, the 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.
3Interim Nine Months 2025 Results
1 February 2025 to 31 October 2025
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 executing investments that are
scaling our capabilities and generating efficiencies that
are being reinvested back into the business increasing 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.
In October of this year, the new building for Zara in Arteixo (A
Coruña) was inaugurated. This building is over 200,000m2
in size and houses the product department teams for Zara
Woman and Zara Kids, with sustainability and technology as
relevant features of this new space.
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 Las Vegas Forum Shops at Caesars Palace.
This week, we will open a new store in, Charlotte North
Carolina, as well as a Zara Man standalone store in Palazzo
Verospi, Rome. Additionally, we have made important
relocations and refurbishments in Osaka Shinsaibashi,
Austin The Domain, Maastricht Grote Straat and
Barcelona Diagonal.
The other concepts continue to launch in important
locations, for example Bershka´s first store in Denmark in
Copenhagen Vimmelskaftet and the stores of Stradivarius
in Glasgow Silverburn, Zara Home in Hamburg Hanseviertel
and Oysho in Amsterdam Kalverstraat.
We continue introducing the new soft-tag technology in
our stores with a significant improvement in customer
experience. The new system is now fully operational in Zara
and is being rolled out in Bershka and Pull&Bear.
On the occasion of its 50th anniversary, Zara has presented
the capsule collection “50 Creators”, a solidarity project that
brings together fifty professionals from different creative
CONSOLIDATED FINANCIAL STATEMENTS
INDITEX GROUP
9M2025 INCOME STATEMENT (€m) 9M2025(*) 9M2024(*)
NET SALES 28,171 27,422
Cost of sales (11,361) (11,132)
GROSS PROFIT 16,811 16,291
Gross margin 59.7% 59.4%
Operating expenses (8,479) (8.276)
Other net operating income (losses) (29) (48)
OPERATING CASH FLOW (EBITDA) 8,303 7,967
EBITDA margin 29.5% 29.1%
Amortisation and depreciation (2,359) (2,294)
OPERATING INCOME (EBIT) 5,943 5,673
EBIT margin 21.1% 20.7%
Financial results (49) 14
Results from companies consolidated by equity method 69 67
INCOME BEFORE TAXES 5,964 5,754
PBT margin 21.2% 21.0%
Taxes (1,341) (1,295)
NET INCOME 4,622 4,459
Minorities – 11
NET INCOME ATTRIBUTABLE TO THE CONTROLLING COMPANY 4,622 4,449
Net income margin 16.4% 16.2%
EARNINGS PER SHARE, EUROS (**) 1.483 1.428
(*) Unaudited data
(**) Shares for EPS calculation 3,115,998,716 for 2025 and 3,114,354,546 for 2024
6Interim Nine Months 2025 Results
1 February 2025 to 31 October 2025
INDITEX GROUP
CONSOLIDATED BALANCE SHEET AS OF 31 JULY 2025 (€M) 31 October 2025 (*) 31 October 2024 (*)
ASSETS
NON CURRENT ASSETS 19,347 17,991
Right of use 5,068 5,065
Intangible assets 1,812 1,597
Tangible assets 10,890 9,477
Financial investments 507 453
Other 1,070 1,400
CURRENT ASSETS 17,483 18,099
Inventories 4,499 4,290
Receivables 1,180 1,159
Short term investments 5,318 3,569
Cash & cash equivalents 5,951 8,268
Other 536 813
TOTAL ASSETS 36,830 36,091
LIABILITIES & SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY 18,795 18,140
Equity attributable to the Group 18,795 18,140
Minority interests – –
NON CURRENT LIABILITIES 4,624 5,000
Deferred taxes 85 391
Financial debt – –
Lease liability 3,931 4,010
Other 608 598
CURRENT LIABILITIES 13,411 12,952
Financial debt 1 13
Lease liability 1,525 1,499
Payables 11,826 11,392
Other 60 48
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 36,830 36,091
(*) Unaudited data
7Interim Nine Months 2025 Results
1 February 2025 to 31 October 2025
Annex I: Number of strores by concept
CONCEPT 31/10/25 31/10/24
Zara 1,528 1,588
Zara Home 380 407
Pull&Bear 800 812
Massimo Dutti 519 542
Bershka 859 855
Stradivarius 839 845
Oysho 389 407
Lefties 213 203
TOTAL 5,527 5,659
Annex II: Breakdown of financial results
Millon euros 9M2025 9M2024
Net financial income (losses) 144 256
Lease financial expenses (162) (165)
Foreign exchange gains (losses) (31) (78)
TOTAL (49) 14