/ 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.
Interim Half Year 2026: Solid operating performance
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.
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 1H2026, 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.
| 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 (million euros) | 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.
| Europe ex-Spain | 51.5% | 50.7% |
|---|---|---|
| America | 17.9% | 17.8% |
| Asia y 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.
Funds from operations came to €4.1 billion in 1H2026, 11% higher.
| 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.
| 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.
| 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) |
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 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 format 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.
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.