Inditex Reports Robust Nine-Month Performance In 2025, Strong Start To Q4

Inditex delivered a strong operating performance in the first nine months of 2025, driven by well-received collections, its fully integrated business model, and diversified global presence. Sales rose 2.7% to €28.2 billion, with growth of 6.2% in constant currency, reflecting healthy demand across both stores and online. Gross profit increased 3.2% to €16.8 billion, lifting gross margin by 27 basis points to 59.7%, while operating expenses grew 2.4%, remaining below the pace of sales. EBITDA reached €8.3 billion, up 4.2%, while EBIT rose 4.8% to €5.9 billion. Profit before taxes increased 3.6% to €6.0 billion, with net income up 3.9% to €4.6 billion. The group ended the period with a net cash position of €11.3 billion and operated 5,527 stores, following openings in 39 markets.

In the third quarter, Inditex continued its momentum, with sales up 4.9% to €9.8 billion, or 8.4% in constant currency. Gross profit grew 6.2% to €6.1 billion, and gross margin expanded to 62.2%. Operating expenses increased 3.0%, well below sales growth, resulting in EBITDA of €3.2 billion (+8.9%), EBIT of €2.4 billion (+11.2%), and net income of €1.8 billion (+9%). Inventory rose 4.9% versus last year, maintaining high quality, while strong cash flow and liquidity underpinned financial stability.

Inditex reported a strong start to the fourth quarter. Between 1 November and 1 December 2025, store and online sales in constant currency grew 10.6% year-on-year, reflecting continued customer interest in Autumn/Winter collections. The company highlighted ongoing investments in stores, online channels, and logistics infrastructure, including the new Zaragoza II distribution centre and a 200,000 m² Zara building in Arteixo, featuring sustainability and technology innovations.

Global expansion continued, with new openings and refurbishments across flagship stores for Zara, Bershka, Stradivarius, Zara Home, and Oysho in cities such as Las Vegas, Rome, Charlotte, Osaka, Austin, Maastricht, Barcelona, Copenhagen, Hamburg, and Amsterdam. Zara also celebrated its 50th anniversary with the “50 Creators” capsule collection, donating all profits to the Women’s Earth Alliance, and opened a new Zara Home for & from store in Porto, supporting social inclusion initiatives.

Inditex’s newly formed International Advisory Board, chaired by Enrico Letta, held its first meeting on 27 November, providing strategic guidance on global geopolitical and economic trends. The FY2024 final dividend of €0.84 per share was paid on 3 November 2025. Full-year FY2025 results will be published on 11 March 2026. The company reaffirmed its guidance for stable gross margins in 2025 and continued focus on sustainability, store optimisation, and long-term growth.