Cristina Álvarez, new Chairwoman of El Corte Inglés

Today, at the proposal of Marta Álvarez, the Board of Directors of El Corte Inglés unanimously approved the appointment of Cristina Álvarez as non-executive Chair of the Group.

The handover, which will take place on 15 ^th January 2026, occurs in an orderly, stable and continuous framework.

During the Board meeting, Cristina Álvarez thanked her sister for the "magnificent work" she has done over the last six years, and assured that she will undertake her duties "with humility, always defending the interests of the shareholders, employees and customers of this great company".

For her part, Marta Álvarez, in a letter to the company's shareholders, considers that, after more than six years as president, and following the recent appointment of a first line executive, the time has come to open a new stage in the company's leadership.

"With everyone's efforts, we have achieved great results, which have allowed the company to face the future with guarantees, always with customers at the centre, and relying on the daily work of all the people who are part of our company."

"Now," continues Marta Álvarez in her letter, "with a new management team ready to achieve the goals set out in the 2025-2030 Strategic Plan, I consider, and I have proposed it to the Board, that the time has come to open a new stage in leadership with my sister Cristina at the helm as of 15 ^th January 2026".

Marta Álvarez will continue as a member of the Board and its Monitoring Committee, and in the strategic management of Own Brands, Fashion and Home.

"Cristina has my full support from the Board and the Monitoring Committee to continue working for this company, to which I have devoted practically my entire professional life", adds Marta Álvarez in her letter.

All the members of the Board of Directors thanked Marta Álvarez for her dedication as Chairwoman during the last six years.

Results for the first half of the year
 

• El Corte Inglés records double-digit growth in results: Net profit amounted to €224m (+10.3%) and recurring net profit was €192m (+13.8%), with a global revenue of €8.212 billion.
• Ebitda reached €539 million (+3.8%), with global revenues of €8.212 billion.
• Retail achieved global revenues of €5.908 billion, with an increase of 1.2% in like-for-like sales.
• Viajes El Corte Inglés consolidates its leading position in the holiday segment, with a 5.3% increase in turnover.
• Financiera (FECI) grew by 21.9% in net profit and Seguros El Corte Inglés by 22.9%.
• The Net Financial Debt has been reduced by €195 million compared to the same period of the previous year, reaching €1.738 billion, which represents 1.4 times Ebitda.
• The commercial proposal and the careful product selection carried out make us foresee a good Black Friday and Christmas campaign.

El Corte Inglés closed the first half of fiscal year 2025-2026 with a solid performance, a significant improvement in profitability and a strengthening of the balance sheet. Between 1^st March and 31^st  August, the Group achieved total revenues of €8.212 billion. Revenues, on a like-for-like basis, increased by 1.6% to €7.032 million.

Ebitda reached €539 million, 3.8% higher than in the same period of the previous year, thanks to an improvement in the margin, in line with the trend of recent years. Net profit grew by double digits (up 10.3%) to €224 million, while recurring net profit increased by 13.8% to €192 million.

This positive development is in line with the company's objective of further improving management, optimising resources and, therefore, achieving greater efficiency and profitability.

The retail business of El Corte Inglés, with global revenues of €5.908 billion and a turnover of €5.655 billion, increased by 1.2% in comparable terms (LfL). Consistent with the Group's priority of profitable growth, fashion and beauty performed well, particularly in own brands. Sales from both domestic and international external brands also performed positively.

As for Viajes El Corte Inglés, the overall volume of revenues reached €2.049 billion, with a turnover of €1.262 billion, which represents a growth of 3.3% over the previous year. This evolution is mainly due to the holiday business, where the company strengthened its position as a benchmark in the industry, growing by 5.3%.

The financial businesses are consolidated in their respective industries of activity, with products adapted to the needs of each type of customer. Seguros El Corte Inglés grew in revenues by 11.1% to €153 million with a net profit of €43 million, i.e. 22.9% more than the previous year. Financiera El Corte Inglés recorded an increase in revenues of 5.7% to €95 million with a net profit of €30 million, 21.9% more than the previous year.

The strength of El Corte Inglés is also reflected in the decrease in net financial debt, which stands at €1.738 million, 1.4 times EBITDA. In absolute terms, debt has been reduced by €195 million since August 2024.

The strength of the balance sheet and the generation of cash flows allow the Group to make progress in reducing debt while significantly increasing its investments in the different growth areas of the company. 

The commercial campaigns launched this autumn and the careful product selection undertaken this autumn make us anticipate a good Black Friday and Christmas campaign.