GENERAL SHAREHOLDERS' MEETING 2026

The El Corte Inglés Shareholders' Meeting held today in Madrid unanimously approved all the proposals of the board of directors, including the management report, annual accounts, non-financial and sustainability report and the application of the result. It also ratified the appointment of Javier Catena as CEO.

STRATEGIC PLAN AND KEY ASPECTS

During the Annual General Meeting, Cristina Álvarez outlined the key pillars of the updated Strategic Plan, which will be presented to the Board next September. The plan includes a more ambitious investment program focused on business growth, logistics improvements and leveraging new technological capabilities.

The Chair highlighted customer service, the physical store as a key differentiator and product excellence as the company's strategic priorities.

In this context, Álvarez emphasized the importance of the customer, describing them as “our reason for being”, and said, “Our responsibility is to make every customer feel unique, heard and exceptionally well cared for”. She also reaffirmed the importance of the physical store as “a key differentiator” and “an essential asset for connecting with our customers”. She added: “Today more than ever, the physical store is a place where experiences are created and human interaction takes place. It gives us the opportunity to build our brand beyond a simple commercial transaction”.

The Chair also highlighted the growing importance of the online channel, noting that it “continues to gain momentum day by day”. She further noted: “Our website and app have become the first point of contact for many customers. We must continue to invest in them by enhancing the digital experience and delivering greater personalisation, as they are among our key drivers of growth and new customer acquisition”.

She also reiterated that “El Corte Inglés is the home of brands”, adding that the company’s expertise and capabilities enable it “to offer our customers exclusive, carefully curated and innovative products, tailored to the needs of each of our stores and sales channels”.

During her address, the Chair referred to Viajes El Corte Inglés, describing it as “a service that bears our hallmark, inspires confidence and strengthens our relationship with customers”. She added, “It is our responsibility to continue investing strongly in this business”.

Álvarez also referred to the company's logistics initiatives and investments, aimed at “supporting growth and delivering even better service to our stores and customers”. On artificial intelligence, she said that while it should never replace “the essence of our company”, it should “help personalise the shopping experience, optimise product availability, streamline customer service and, above all, better understand our customers’ needs”.

Álvarez also said that the company has “the best team, a solid strategy and a brand that holds a unique place in the hearts of millions of people. The future is not improvised. It is built every day with work, humility, the capacity to listen and a permanent desire to improve”.

RESULTS

During the Annual General Meeting, Cristina Álvarez noted that 2025 was a very positive year for the Group, with growth in both sales and earnings. “Retail is entering a new phase shaped by structural change, uncertainty, rapid technological advancement and evolving consumer expectations. In this environment, the company has demonstrated remarkable resilience and adaptability”. She also added, “These results are the financial expression of the trust our customers have placed in us”.

For the fiscal year ended 28 February 2026, El Corte Inglés reported total revenue of €17.247 billion, with comparable-store sales increasing by 2%. The company saw stronger business performance during its busiest trading periods, particularly in the second half of the fiscal year, when comparable-store sales rose by 2.2%.

Meanwhile, Viajes continued to deliver solid growth, with revenue increasing by 3.1%, driven primarily by the leisure travel segment.

Financiera El Corte Inglés also posted strong results, reporting net profit of €56 million for the fiscal year, an increase of 10.7%.

Meanwhile, Seguros El Corte Inglés reported net income of €75 million, up 6.3% from the previous year.

Improvements in operational management were also reflected in EBITDA, which rose to €1.266 billion, an increase of 4.7% year over year.

Net profit reached €628 million, up 22.8% from the previous fiscal year, while recurring net profit totalled €522 million, an increase of 11%.

Net financial debt was reduced by €148 million. As a result, the company's leverage ratio declined to 1.3x EBITDA, its lowest level in nearly two decades.