INDITEX : First Half Transcript

INTERIM FIRST HALF 2022

CONFERENCE CALL SCRIPT

14 September 2022

Important notice: Although we try to accurately reflect the speech delivered, the actual speech that was delivered may deviate from this transcript.

INTERIM HALF YEAR 2022

INDITEX PARTICIPANTS

Óscar García Maceiras - CEO Ignacio Fernández - CFO

Marcos López - Capital Markets Director

C o n f e r e n c e C a l l P a r t i c i p a n t s

Anne Crithclow Societe Generale - Analyst

Richard Chamberlain RBC - Analyst

Warwick Okines Exane BNP Paribas - Analyst

James Grzinic Jefferies - Analyst

Nick Coulter Citi - Analyst

Adam Cochrane Deutsche Bank - Analyst

Rebeca Mcclellan Santander - Analyst

Georgina Johanan JP Morgan - Analyst

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INTERIM HALF YEAR 2022

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INTERIM HALF YEAR 2022

Introduction: MarcosLópez - Capital Markets Director

Buenos días a todos, good morning to everybody. A warm welcome to all of those attending the presentation of Inditex's Results for the Half Year 2022. I am Marcos López, Capital Markets Director.

The presentation will be chaired by Inditex's CEO Oscar García Maceiras. Also with us is our CFO Ignacio Fernández.

The presentation will be followed by a Q&A session starting with the questions received on the telephone and then those received through the webcast platform. Before we start, we will take the disclaimer as read.

Please Oscar.

Slide 4: Oscar García Maceiras - CEO

Slide 5: Very strong performance

Slide 6: 1H2022: Very strong performance

Good morning and welcome to our results presentation. It is my pleasure to join you today.

In the first half of 2022 we have continued to develop our unique fashion proposition.

During my presentation, I will share with you four factors that in my opinion, explain our current position. Our product offering, an increasingly optimised customer experience, our focus on sustainability, and the talent and commitment of our people.

As for our fashion proposition, we are constantly listening to our customers, so through creativity, quality and design, we can offer the best products in our collections.

The second factor that explains our current position, is the unique nature of our optimised customer experience. This is something we have been working very hard on as you know.

As a third point, today, all our decisions are framed through our sustainability strategy. We continue to develop important sustainability projects in areas such as raw materials, manufacturing, distribution, and circularity. We maintain our roadmap with very ambitious goals.

The fourth factor which provides colour on our current situation, and our very singular nature, is our people. We are a group of 165,000 professionals, 170 nationalities, fully engaged, committed and passionate.

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INTERIM HALF YEAR 2022

These are the reasons why sales, EBITDA and net income in the first half of 2022 have reached historic highs.

We have had a very strong sales performance in the first half of 2022, and this performance has continued beyond this period, with Autumn/Winter collections very well received by our customers.

The execution of the business model was very strong. Our operating performance places us in a robust financial position. We have generated significant free cash flow, taking our net cash position to 9.2 billion euros.

Based on the expansion of our fully integrated platform we continue to see lower capital intensity going into the future.

All this in conjunction with a well stablished dividend policy.

Slide 7: 1H2022: Very strong performance

Let me highlight some key figures for the year thus far, marked by a strong execution of the model.

Sales reached 14.8 billion euros, 24.5% higher versus the first half of 2021. Sales were positive in all key geographical areas.

To put the strength of the operating performance into context, we have generated the strongest first half gross margin in 7 years.

The control of operating expenses was rigorous, as they grew well below sales growth.

On the bottom line, net income increased 41% to 1.8 billion euros. The net income excluding the provision for the pause of operations in the Russian Federation and Ukraine would have been 2 billion euros, 55% higher.

And our operations continue to generate strong cashflow.

Our diversified presence in 215 markets with low market penetration allows us to enjoy significant global growth opportunities. We have complete confidence in the ability to grow our unique business model.

I will hand you over to Ignacio now to go into the detail behind the headline numbers.

Slide 8: Ignacio Fernández - CFO

Slide 9: Financial Summary

Thank you, Oscar.

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