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Our strong product offering, a unique customer experience, a keen focus on sustainability, and the talent and commitment of our people. These are the principal factors driving our ability to differentiate ourselves so consistently.

Our Spring/Summer collections have been well received by customers.

The sales in the period grew one-point five (1.5%) percent. Sales in constant currency increased by four-point two percent (4.2%); adjusted for the impact of the leap year, the sales growth was five point three (5.3%) percent.

The business model continues to perform effectively, driving stable gross margins, supported by disciplined cost management.

On the bottom line, net income increased by one percent (1%) to one point three (1.3) billion euros.

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Our positive performance has continued going into the second quarter. Store and online sales in constant currency between the first

(1st) of May and the ninth (9th) of June grew six (6%) percent.

Slide 6: Global Growth Opportunities

Our diversified presence in two hundred and fourteen (214) markets with low market penetration permits us to leverage significant global growth opportunities.

It has been fifty (50) years since Zara opened its first store in A

Coruña, calle Juan Flórez, a store that has remained open and was recently refurbished. Having reached this relevant milestone, we have complete confidence in our ability to grow our business, mainly because the unique model we operate continues to drive an ever increasing level of differentiation.

And now, over to Andrés to go over the headline numbers.

Slide 7: CFO

Slide 8: Financial Summary

Thank you Oscar. I am very pleased to be here today.

Slide 9: 1Q2025: Solid Operational Performance

As you can see from today's financial release, Inditex produced a sound performance in the interim three months of 2025.

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Sales over the period grew by 1.5%. We have managed the supply chain actively which is evidenced in the robust gross margin performance, illustrating well the flexibility of the business model.

Likewise, operating expenses have been rigorously managed over the period and this has resulted in operating expenses only growing by 2.3%.

EBITDA in turn grew 1% to 2.4 billion euros.

Moving down the P&L, we have also seen fair progress on the net income line, with an increase of 1% to 1.3 billion euros, maintaining a strong level of profitability.

Slide 10: Sales

We generated a reasonable level of sales growth at plus 1.5% to reach 8.3 billion euros. That’s 4.2% in constant currency. This growth was 5.3% adjusted for the calendar effect of the leap year.

Based on current exchange rates we expect a -3% currency impact on sales for the full year 2025.

Slide 11: Gross profit

In the first quarter of 2025, gross profit increased 1.5% to reach 5 billion euros and clearly illustrates a good execution of the business model over the period. The gross margin reached 60.6%, remarkably stable. Once again, demonstrating well the flexibility of the business model.

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Based on current information, we would like to reiterate our gross margin guidance for the year of +/-50 basis points.

Slide 12: Operating expenses

As you can clearly see, we continue to exercise rigorous control of operating expenses across all departments and business lines.

All expense lines have been tightly controlled and show a favourable evolution. Operating expenses increased 2.3%.

This cost efficiency contributed to the strong PBT margin of 20.2%.

Slide 13: Working capital

Over the first quarter of the year, we experienced a robust operating performance. Inditex’s inventory as of the 30th of April was 6% higher.

The end of period inventory is considered to be of high quality.

And now over to you Gorka.

Slide 14: Director of Investor Relations

Slide 15: Concepts

Thank you Andres, and again, welcome onboard.

Slide 16: Concepts

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Building upon Andres's comments, I would like to reiterate that we are happy with the performance over the first quarter 2025 and with the execution over the period.

The optimisation of our store footprint remains in place across all markets be it new store openings, refurbishments, enlargements or absorptions.

Inditex has continued with the expansion and has opened stores in

26 different markets around the world. All the concepts including

Zara continue with exciting new openings.

Slide 17-19 (VIDEO): Concepts: Oysho Madeleine Paris, Bershka

Solna Stockholm, Massimo Dutti Oxford Street London

In March for example, Oysho opened its third store in Paris, at

Madeleine.

In April, Bershka opened its first store in Sweden.

In May, Massimo Dutti reopened its flagship in London Oxford Street with additional floor space and showcasing its new store look.

Stradivarius continues its expansion in Germany, with plans to open

7 new stores in 2025.

Store and Online sales continue to be sound. The overall performance has been pretty good.

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One of our main priorities continues to be to focus on maximising our commercial differentiation. In the strategy section we will cover numerous initiatives we've carried out in the period.

So, now back to you Oscar.

Slide 20: CEO

Thank you Gorka.

Slide 21: Our fashion Proposition

We keep on strengthening the strategic pillars of our fully integrated business model.

Slide 22-28: Our fashion proposition: Creativity, innovation, design and quality (VIDEO 1)

As always, our first priority remains to continually increase the appeal of our fashion proposition. Creativity, innovation, design and quality are what drives the success of our collections.

We have a clear strong commitment to this, thanks to our seven hundred (700) designers and our prototype teams. Every day, they manage a meticulous design process that attends to any small detail of our garments and collections, while striving to provide quality fashion to more and more customers around the world.

Slide 29-31: New Store Designs. A Coruña Juan Florez, LA The

Grove, Athens Minion (VIDEO 2)

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The focus on an ever more enhanced customer experience comes as a result of the continuous process of upgrading stores with strong architectural features and with highly curated internal spaces.

As we mentioned before, our first Zara store opened here in A

Coruña fifty (50) years ago, and has remained open ever since.

Thanks to our unique integrated store and online model, our teams have been able to take advantage of the remarkable growth opportunities we see across all channels, concepts and markets.

We keep on executing new openings, enlargements and refurbishments of stores in the best locations, expanding our concepts to new cities and new territories and the launch of new services that enhance the customers shopping experience.

Slide 32: Nanjing Xinjiekou

The Zara Nanjing Xinjiekou store which opened in March is an example of our fully integrated store. It incorporates all the latest technologies from sorters, self checkouts, click and collect and the

Zacaffe concept.

The full implementation of the new "Soft Tag" technology at Zara is now complete. This is the basis for us to continue deepening the digitalisation of stores and their integration with online platforms in the coming years. Currently, the technology is being rolled out in

Bershka and Pull&Bear.

Zara.com has commenced offering "Travel Mode" to clients in the

UK, Italy and Japan. This will be available soon in Spain, France and

Turkey. Thanks to this functionality, travelling clients can receive their

10 online purchases wherever they are staying and access travel tips in cities like London, Rome and Tokyo.

Slide 33: Offering opportunities to everyone

At Inditex, we believe in the importance of continuing to offer opportunities to everyone. In April twenty twenty-five (2025), we launched a new program, in partnership with Asian University for

Women, to support the academic training of women textile factory workers in Bangladesh through the financing of fifty (50) five-year scholarships.

The for&from project for the integration of people with disabilities has continued its expansion. After the recent opening in twenty twenty- five (2025) of a new store in Mexico City, in the second half of this year we plan to open new for&from stores in Lisbon and Porto. With these openings, the program will be in four markets with seventeen

(17) stores.

Slide 34: Outlook 2025

We operate in two hundred and fourteen (214) markets with low share in what continues to be a highly fragmented sector and as I have previously mentioned, we see strong growth opportunities.

In the current year, we are planning investments that will scale our capabilities, obtain efficiencies and increase our competitive differentiation.

The growth of annual gross space in the period twenty twenty-five to twenty twenty-six (2025-2026) is expected to be around five percent

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(5%). Over this same time period, Inditex expects space contribution to sales to be positive, in conjunction with a strong evolution of online sales.

For twenty twenty-five (2025), we estimate ordinary capital expenditure of approximately one point eight billion euros (€1.8 billion). We continue to focus the ordinary capital expenditure on our global store base, the online platform, and the roll out of technology programs aimed at enhancing the level of integration.

The logistics expansion plan we have already set out, is on track.

Slide 35: 9% dividend increase

As already announced for the financial year twenty twenty-four

(FY2024), the Board of Directors will propose at the Annual General

Meeting a dividend increase of nine percent (9%) to one point six- eight euros (€1.68) per share.

The dividend will be made up of two equal payments: On the second

(2nd) of May twenty twenty-five (2025) Inditex made a payment of zero point eight four euros (€0.84) per share. The remainder, zero point eight four euros (€0.84) per share will be payable on the third

(3rd) of November twenty twenty-five (2025).

Mr Jose Arnau will leave the Board of Directors once his tenure expires on the fifteenth (15th) of July twenty twenty-five (2025).

Inditex would like to thank him for his important contribution during his many years at the Group.

The Board will propose the appointment of Mr Roberto Cibeira, CEO of Pontegadea, as proprietary director.

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Slide 36: Strong start to 2Q2025

I would like to finish with a comment on our current performance.

Spring/Summer collections continue to be very well received by our customers.

Store and online sales in constant currency increased six percent

(6%) between the first (1st) of May and the ninth (9th) of June twenty twenty-five (2025) versus the same period in twenty twenty-four

(2024).

Slide 37:

Thank you all very much for attending this results presentation. That concludes our presentation for today. We'll be happy to answer any questions you may have.

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Q&A: James O’Shaughnessy – Operator

The telephone Q&A session starts now. If you would like to ask a question, please press Star-5 on your telephone keypad. If you wish to withdraw your question, please press Star-5 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-5 again after the next person's question has been addressed. Please ensure your phone is not on mute.

The first question goes to Richard Chamberlain, from RBC. Go ahead, Richard.

Richard Chamberlain – RBC – Analyst

Thank you, James. Good morning, everybody. Question for me, please on the gross margin. It was very stable in the first quarter, but

I wonder how you're feeling about it for the first-half. Often, we see the impacts on gross margin from a slightly softer period of trading in sort of quarter after, rather than the current period. So, are you expecting some impact on gross margin in the second quarter? And are you expecting any earlier summer-sale activity this year in key markets? Thank you.

Gorka García-Tapia - Inditex

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Thank you, Richard. Well, with regards to gross margin, I think you can appreciate that over the last few years, and despite, you know, significant impacts in the supply chain or even in the currency markets, our gross margin has remained remarkably stable. This is related to the consistency, of course, of how we're executing our unique business model. And I think, in the presentation, we've talked about what we see the gross margin for the full year as being stable, which for us means plus/minus 50 basis points. I think that would be a reasonable expectation, at least, with all of the current available information that we have. So, I hope that helps, Richard. Thank you.

James O’Shaughnessy – Operator

Thank you. The next question comes from Geoff Lowery, from

Redburn. Go ahead, Geoff.

Geoff Lowery –Redburn – Analyst

Yeah, good morning, team. Just one question, really. I’m thinking about the multi-year investment in logistics and in your platform, generally. Do you think we're most likely to see those benefits in the sales line or in cost efficiency once they are fully landed? Thank you.

Óscar García Maceiras - Inditex

Thank you, Geoff. Well, in 2024, we launched our two-year logistics’ expansion plan that, as I have mentioned during the presentation, remains on track. One of the main projects, our distribution center for Zara, Zaragoza II, is starting its operations this

15 summer, and there are other projects, including new distribution centres for Bershka and Tempe, or relevant upgrades in our existing distribution centre.

As we explained, when launching the plan, the rationale behind this plan is to be in a position to continue providing our customers with high-quality fashion, regardless of channel, formats, and geography, and taking advantage of all the growth opportunities that we continue to see everywhere. Thank you.

James O’Shaughnessy – Operator

Thank you. The next question comes from Warwick Okines, from BNP Exane. Go ahead, Warwick.

Warwick Okines –BNP Exane – Analyst

Thanks, good morning, everyone. I'm wondering if you could talk about the shoe category, particularly at Zara. How many accessory corners do you have in stores? And sort of fitting in with

Geoff's question, how does the shoe category fit in with the Tempe logistics’ expansion program that you just mentioned?

Gorka García-Tapia - Inditex

Hi. I think we've talked about in the past that we have in some of the new store looks, for example, some corners dedicated to the shoe category, and I think that that's been performing quite well.

And with regards to the logistics plan, I think Oscar was just mentioning before that within that logistics’ plan that we have some of the new distribution centers -- he mentioned one specifically for

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Tempe. However, I'd also just add the fact that -even in our existing logistics centers-, for example, over the last few years, they've done a lot of upgrades, and that's helped to increase the automation. They all, for example, have silo systems for hanging and folding garments, for example.

James O’Shaughnessy – Operator

Thank you, Gorka. The next question comes from James

Grzinic, from Jefferies. Go ahead, James.

James Grzinic –Jefferies - Analyst

Yes, good morning. Thank you. Just a quick question, really, can you give us a sense of the productivity savings you're seeing in the more recent Zara openings or refreshed stores, now that that soft tag RFID is fully enabled, please?

Gorka García-Tapia - Inditex

Yeah, I think it's a great question. With regards to soft tags, as you know, for example, in Zara, it's completely rolled out, and this year we're progressing through with Bershka and Pull&Bear. I think the focus of the soft tags is very much in line with what we're thinking with regards to improving the customer experience, and of course, this is related to self-checkouts, to Click&Collect and also sorters, and I think we're also seeing that coming through, with regards to, for example, the take-up of self-checkouts at some more relevant stores.

To give you -maybe- some color, at group level, the percentage of sales processed at self-checkouts almost doubled during last year

17 and reached more than 90% of total transactions in some of our more relevant stores, and I hope that helps you get a sense of how we're progressing with that.

James O’Shaughnessy – Operator

Thank you. The next question comes from Georgina Johanan, from

JPMorgan. Go ahead, Georgina.

Georgina Johanan – JP Morgan- Analyst

Hi, thank you for taking my question. Regarding the US and the situation there with tariffs and, you know, we very much appreciate that it’s a single-digit percentage -- or we estimate a single-digit percentage of group sales, not necessarily material at group level, but looking at the profitability of your US business. And presumably, you are incurring tariffs there already. So, can you just talk about some of the potential mitigation that you're considering and sort of just a bit more color on your strategy there would be really helpful in light of the environment, please. Thank you.

Gorka García-Tapia - Inditex

Great, sure. So, I think with regards to tariffs, let me just first set out by saying that, the current environment, as you can probably imagine, is difficult to predict, and we're continuously monitoring the situation. I mean, I'd highlight, for example, the fact that we feel we have three tools at our disposal that help us weather changes in tariff regimes. I think the first would be the fact that we have such a global presence, and therefore, we have a lot of experience over the last

18 few decades with regards to managing changes in tariff regimes. But also, I think you correctly pointed out, we're highly diversified, not only in sales, but also from the sourcing side of our business, and I think that sets us up in a very good position.

And then, finally, I think you know our business model quite well. It is quite flexible, and we have sort that focus on proximity sourcing. I think all of that with regards to the US really helps us out.

In any case, I'd say that, we see growth opportunities globally, not just in one market. We look around, in all of the geographies, to try to understand where it is that we should be growing, and we're doing everything on a project-by-project basis. So, for example, in the US, I think in the presentation, we talked about the relocation of our flagship in L.A. to the Grove, and you saw an image there, and we also have, for example, a new store in Boston Cambridgeside. So, I think we're continuing with our business as normal, thanks to the unique business model that we have.

James O’Shaughnessy – Operator

The next question comes from Sreedhar Mahamkali, from UBS.

Please, go ahead.

Sreedhar Mahamkali – UBS- Analyst

Good morning, thank you for taking my question. Just really noting that Zara Zaragoza II goes live this summer, does that change anything in terms of the depreciation cost as you go live or any other fixed cost to keep in mind as we model the cost base for the rest of the year and into next year? Thank you.

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Gorka García-Tapia - Inditex

Great. With regards to the D&A line, let me mention that you have to consider we have the right-of-use assets that are there, and those are, of course, impacted by the length of the contracts of the rental agreements we have that take into account things such as break clauses and interest-rate components, so that's a variable component there.

I think for 2025, for your models, I think it's difficult to give some guidance for depreciation for the full year.

With regards to, for example, the new Capex program, a couple of things I can perhaps help to guide you a little bit. The first is, consider that we have a lot of work in progress still, and you have to consider that that balance has not yet begun to be depreciated, and we'll see that coming through. But in any case, the Capex program is focused on logistics’ centres, and of course, those have a longer useful life than stores, for example, so you have to factor that into your calculations.

But then, additionally, the reason we always say that it's difficult to give you guidance on this is because we have the D&A related to stores, which is impacted, of course, by the ongoing store optimisation program, and that's difficult to give you some guidance on. Thank you.

James O’Shaughnessy – Operator

The next question comes from Matthew Clements, from Barclays. Go ahead, Matthew.

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Matthew Clements – Barclays – Analyst

Good morning, thanks for taking my question. Can you comment on your recent European expansion of your Lefties banner, please?

Óscar García Maceiras - Inditex

Well, thanks, first, for the question. Lefties was founded more than 25 years ago within Zara and covers three main segments -- women, men, and kidswear. It operates the same fully-integrated business model with physical stores and online, as the rest of the

Inditex concepts with very similar focus on providing customers with the most up-to-date fashion at prices that are affordable, relying on the same standards of quality and design, and with the same Group commitments to sustainability.

Lefties currently operates in 18 countries, but primarily focused on our heritage markets of Spain and Portugal, and to a lesser extent in

Mexico. But it's true that more recently and given the very positive feedback that we are getting from clients, we are testing Lefties in new markets.

James O’Shaughnessy – Operator

Thank you, Oscar. We're going to move over to the webcast questions now. We've had a question today on the growth opportunities of the younger concepts, like Stradivarius or Bershka.

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Óscar García Maceiras - Inditex

Thanks for the question. In fact, all of our concepts keep on identifying very good opportunities, thanks to our fully integrated model that fosters our capacity of spotting the willingness of customers to have our physical stores in their markets, in their cities.

As mentioned, Bershka has recently opened its first stores in India and Sweden. Stradivarius, for instance, continues with a very strong growth profile in Germany with plans to open this year seven stores in the country, after only entering the market with physical stores in

2023.

Or another example is Oysho. Its Athleisure proposition is available in stores in Germany and will be in the Netherlands for the first time this year. Of course, in all of these markets, Zara has been operating for many years already and continues to be extremely active with new projects.

James O’Shaughnessy – Operator

Thank you, Oscar. That concludes the webcast questions for today.

Óscar García Maceiras - Inditex

Thank you to all of those participating in the presentation today.

For any additional questions you may have, feel free to get in touch with the Investor Relations Department. We look forward to welcoming you back in September for the first-half 2025 results.

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