/ 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)
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.
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.
| Million Euros | 31/10/25 | 31/10/2024 |
|---|---|---|
| Cash and 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.
| Million 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).
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.
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 fields. Zara will donate all profits to the Women’s Earth Alliance, an organisation that promotes female leadership in environmental and community initiatives.
On 18 November, the opening of the new Zara Home for&from store in Porto was celebrated. With it, the group reaches a total of 17 stores of this format that since 2002, have generated job opportunities in Spain, Portugal, Italy and Mexico for almost a thousand people with different disabilities in collaboration with local NGO’s.
International Advisory Board
Inditex’s International Advisory Board, whose constitution was announced during the AGM held in July 2025, held its first meeting on 27 November. Its purpose is to advise Inditex’s Board of Directors on geopolitics, international economics and other global issues. It is chaired by Enrico Letta, and has Taeho Bark, Simon Fraser, Rafael Gil-Tienda, Anne Lange, Enrique Lores and Marcos Troyjo as its members.
Dividends
The FY2024 final dividend of €0.84 per share was paid on 3 November 2025.
The results for FY2025 (1 February – 31 January) will be published on 11 March 2026.