Industria de Diseño Textil, S.A.

Good morning and buenos dias a todos. We're happy to welcome you here today for Inditex's nine-month 2025 results presentation. I'm James O'Shaughnessy, Investor Relations. The presentation today will be chaired by our CEO, Oscar Garcia-Maceiras. As well as Oscar, we also have Andres Sanchez, our CFO, and Gorka Garcia-Tapia, Director of Investor Relations. Following this presentation, we will open the floor to a question and answer session, starting with the questions received on the phone, and we'll then proceed to the webcast platform. Let's take the disclaimer as read. Oscar.

Good morning and welcome to our sales presentation. Thank you for joining us today. In the nine months of 2025, we have generated a strong performance with sales growth in a complex market environment while maintaining very satisfactory levels of profitability. This is all down to the consistent and strong execution of the group. Our high levels of diversification have underlined the resilience of our business model. This performance, as always, comes from the four key sources of strength that we have. our unique fashion proposition, our increasingly optimized customer experience, our focus on sustainability, and the quality and commitment of our people. Our differentiation in the market is as a result of these factors. As you have already seen, our autumn-winter collections have been well received by customers. Andrés will provide some color on the third quarter results shortly. In the nine months of 2025, sales in custom currency increased by 6.2%. This satisfactory growth rate extended to both stores and online. Sales were positive across each of the concepts and in custom currency across all geographies. In the nine months of 2025, sales grew by 2.7% to reach 28.2 billion euros. It's clear to see from the figures we have released this morning that good execution of the model has permitted us to generate both an excellent gross margin and also to exhibit disciplined cost control. Profit before tax increased by 3.6% to 6 billion euros. At the bottom line, net income increased by 3.9% to 4.6 billion euros. This strong performance has continued into the fourth quarter. Store and online sales in custom currency between the 1st of November and the 1st of December grew by 10.6%. Between the 1st of November and the 24th of November, the sales growth in custom currency was 9%. Our presence across 214 markets in conjunction with low market penetration in almost all of these countries supports our diversification. We continue to enjoy significant global growth opportunities. This confidence comes from the fact that we have a unique model that permits us to build upon the increasing levels of differentiation. And now, let's pass over to Andrés, who will cover the numbers.

Thanks, Oscar. Before turning to our nine-month figures, I would like to briefly comment on the performance over the third quarter. As you can see, sales grew at 4.9%, impacted by about 350 basis points of currency headwinds. Gross margin expanded 79 basis points, primarily driven by a strong execution of the business model. Playing a lesser role, but worth mentioning anyway, we also had the negative currency impact on sales, as I mentioned previously, as well as a favorable US dollar tailwind from our sourcing. OPEX in the period has been tightly controlled, growing 3%. Net profit rose 9%. Moving on to the nine-month figures now, you can see from the results released earlier this morning, and I hope you will agree with me, that our performance as a company has been exemplary. In the face of substantial currency headwinds, our sales performance was robust at plus 2.7%. As a consequence of the disciplined management of operating expenses over the period, we can see a meaningful amount of operating leverage. There is no structural change taking place here. This is purely a result of good execution and a good example of the flexibility of the business model. EBITDA advanced 4.2% to reach 8.3 billion euros, while PVT increased 3.6 to 6 billion euros, resulting in a PVT margin of 21.2%. Net income increased nicely at 3.9% to 4.6 billion euros. The sales line has progressed well at plus 2.7% and has reached 28.2 billion euros. In constant currency, that is sales growth of 6.2%. You will note that the third quarter saw the strongest sales growth for the year so far, offset by a negative currency impact as I mentioned previously. Sales growth has been strong both in stores and online. Furthermore, sales growth was positive across all concepts and in constant currency in all geographies. At current exchange rates, the company reiterates its expectation of around minus 4% top-line currency impact in the full year 2025. Over the first nine months of 2025, the gross profit increased 3.2% to 16.8 billion euros. The best explanation for this, as Oscar alluded to a few moments ago, is the successful execution of the business model over the period. The gross margin reached 59.7%. We reiterate our stable gross margin guidance for the full year 2025, perhaps with a slight bias to the positive side of the usual range we provide. Over the nine-month trading period, we've been able to closely monitor and control operating expenses across all departments and business areas. The accounts show 29 basis points of operating leverage for the nine months. Taking into account all these charges, operating expenses grew 33 basis points below sales growth. In fact, on a standalone basis, Q3 also saw operating leverage of 187 basis points. Our structural negative operating working capital comes as a result of our model. As per usual, the evolution of operating working capital is aligned with the performance of the business over the period. we consider the quality of the closing inventory to be high. The net cash position was $11.3 billion at the end of the period. And now, Gorka, over to you.