Industria de Diseño Textil, S.A.

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Buenos días a todos and good morning. Welcome to everyone taking part in our half-year 2026 results presentation today. My name is James O'Shaughnessy, Investor Relations. This presentation will be hosted by Inditex's Chief Executive, Oscar Garcia Maceiras, our CFO, Andrés Sánchez, and the Director of Investor Relations, Gorka García-Tapia. As per usual, after the presentation, we will commence a Q&A session starting with the questions received over the phone, followed by those questions received on the webcast platform. We'll take the disclaimer as read. Oscar, please.

Good morning and welcome to our first half 2026 results presentation. Thank you for joining us today. I am pleased to announce that during this last semester we have generated a solid financial and operating performance with strong sales, all the while maintaining a strong level of profitability. The strength and resilience of our unique business model was evident, and despite a period with geopolitical uncertainty, our teams came together to deliver broad-based performance across geographies, concepts, and channels. Our spring-summer collections have been very well received by customers. Sales rose 7.6%. Sales in constant currency increased by 9.2%. It's evident that the execution of the business model over the first half period has been very good, despite some of the headwinds we highlighted in the first quarter. This has flowed through to the bottom line, with net income increasing 6.8% to 3 billion euros. This strong performance has spilled into the second half, as you can see from the trading update we have provided you. Store and online sales in custom currency between the 1st of August and the 7th of September grew 9%. Today I would like to refer to the framework we use to think about what makes Inditex distinctive and the opportunities that our model continues to create. At the heart of our model is product, and behind the product are our people and their ability to offer our customers what they are looking for. We identify trends through our feedback loop, channeling crucial data to our commercial teams. Amongst these teams, today we boast more than 700 fashion designers whose aim is to generate products that adhere to the very latest fashion trends. To give you an idea of the scale of the business, we operate a global platform across eight concepts with stores in 98 different markets all around the world, 99 from tomorrow with our first opening in Curacao, as well as 215 markets online. These channels are fully integrated and mutually reinforcing. For example, around 60% of online returns are made through our stores and around 20% of online orders are collected in store too. This integration is not only about convenience. It gives our teams a more complete view of demand and inventory and helps us provide a consistent customer experience across channels. Of course, none of this would be possible without a broad and flexible global supply chain. The ability to diversify production across more than 50 markets has never been more relevant in recent times. A further distinctive capability is what we call operational proximity. By this, we mean the way we work with our supplier network, focusing on agility, flexibility, and responsiveness and integrating these long-term relationships into our operating model rather than simply where production is located. The partnership Inditex has with its suppliers extends more than eight years in over 70% of production, making Inditex's relationship with suppliers quite unique. This way of working is underpinned by our logistics and inventory network. It's supported by Multimodal Transport and our 16 primary logistics centers which operate as part of a single inventory position. This allows us to allocate product efficiently across different markets, to support product availability, and to maximize full-price sales whether in stores or online. Of great relevance over the years has been the financial strength enjoyed by Inditex. Thank you very much. or 6% of sales in the business while maintaining a strong financial discipline and attractive total shareholder returns. People often talk about the different elements that come together to produce the competitive advantage enjoyed by Inditex, but there is one aspect that tends to be overlooked by the wider market, our strong corporate culture. Our unique DNA fosters a right to always do better in the face of a constantly changing environment and to always search for new ways to do things. Ambition and innovation are at the center of everything we do. The many factors that I mentioned just now, in combination, making the text the company that we see today. Taken as a whole, this is a very powerful combination making the model distinctive and of course, all this enables multiple avenues for long-term growth. Despite the very respectable and consistent rates of growth we have achieved over the years, both in terms of sales and our presence in evermore markets, at a global level, we command a mere 2% market share, offering plenty of space for growth Let's not forget that this market share is across all eight concepts at Inditex. While Thara remains very much an engine for growth for the overall business, we have seen a remarkable level of growth coming from the younger concepts in recent years. Despite currently having at group level a physical store presence in a total of 98 markets, The non-SARA concepts have limited commercial presence in 59 markets, in which at least one of non-SARA concepts has less than 50 million euros in annual sales. That should give you an idea of where we think it's going. The common thread through all these years of growth, as many of you will be familiar with, is our overall strategy of retail optimization. This strategy is to continually enhance the customer experience at every level. Over the last three years, we have delivered 5% compound annual growth in gross space. Once again, as I mentioned earlier, the physical store experience and the online experience go very much hand-in-hand, which explains how on average our online sales since 2019 have grown by more than 80% per year. Our confidence in the future springs not only from what we see as a real unique business model, but also comes from the ability of our teams to constantly innovate and challenge the status quo. This ability to see things differently is best illustrated in recent customer experience projects, both in store and online, such as Zara men's stand-alone stores, our footwear showrooms in Zara and Massimo Dutti, Bershka members, Ovisio Community, or the launch of Sara Trayong, amongst many others. All this drives the very significant long-term growth opportunities we see today. And now, I will pass you over to Andrés, who will go over numbers.