Inditex rewards its top executives with 14.8 million euros in shares

Inditex has handed out 14.83 million euros in company stock to senior leaders as part of the first cycle of its 2023–2027 Long-Term Incentive Plan. The payout follows the publication of the group’s 2025 annual accounts on March 11 and reflects the distribution of 301,220 shares at a reference price of 49.24 euros per share.

How the long-term incentive works

Approved by shareholders at the July 11, 2023 Annual General Meeting, the plan combines cash and share-based rewards for executive directors, key managers, and other eligible employees. It is aligned with the remuneration policy for directors covering the 2024–2026 financial years.

The program spans two cycles: the first from February 1, 2023 to January 31, 2026, and the second from February 1, 2024 to January 31, 2027. Across the plan, up to 7.5 million shares may be delivered, with a maximum of 183,750 shares earmarked for the chief executive officer. Share awards for the first cycle are delivered in the month following the approval of the 2025 annual accounts; awards for the second cycle follow the presentation of 2026 results.

Fourteen top executives have been recognized in this first round. The list also includes Carlos Torretta, husband of Inditex’s non-executive chairwoman, Marta Ortega Pérez. While he is not registered as part of Inditex’s senior management, he is designated a “person closely associated” with the chairwoman.

Who received what in the first cycle

Share awards granted as of April 1, 2026, include:

• Óscar García Maceiras, CEO: 39,908 shares (valued at just over 1.96 million euros), the largest individual grant in this cycle.

A group of eight executives each received 26,515 shares (about 1.30 million euros per person):

• José Miguel Díaz Miranda, CFO and COO of Zara
• Ignacio Fernández Fernández, Corporate General Manager of Inditex
• Javier García Torralbo, Digital Director
• Begoña López-Cano Ibarreche, Chief People Officer
• María Beatriz Padín Santos, Director of Women’s at Zara
• Jorge Pérez Marcote, Director of Massimo Dutti
• Óscar Pérez Marcote, Director of Zara
• Javier Monteoliva Díaz, General Counsel and Secretary of the Board

Three additional senior leaders each received 14,734 shares (valued at more than 725,000 euros):

• Antonio Flórez de la Fuente, Director of Bershka
• José Andrés Sánchez Iglesias, Chief Financial Officer of Inditex
• Jordi Triquell Valls, Director of Stradivarius

Two individuals not recognized as holding executive roles also received shares in this first cycle: Francisco Galán González (1,021 shares, about 50,270 euros), husband of Zara’s women’s director, and Carlos Torretta (3,969 shares, about 195,430 euros). Torretta has previously been included in similar awards: between April 2022 and April 2026, he accumulated 12,695 Inditex shares at assigned prices ranging from 19.74 to 49.24 euros, totaling approximately 610,390 euros.

Buyback program to fund share delivery

To meet the obligations of the 2023–2027 plan—and following the approval of a new 2025–2029 long-term incentive plan at the latest AGM—Inditex launched a temporary share buyback on February 4. The program authorizes up to 180 million euros to repurchase a maximum of 3 million shares in two tranches.

The first tranche has been completed, reaching the maximum target of 1.6 million shares for a total outlay of 82.67 million euros. The purchases were executed in several blocks, including:

• 199,000 shares between February 5 and 6
• 516,249 shares between March 12 and 18
• 884,751 shares between March 19 and 25

Transaction prices ranged from 49.29 euros per share (on March 23) to 57.92 euros per share (on February 5).

The second tranche, scheduled from May 1 to June 30 of this year, provides capacity to acquire up to 1.4 million additional shares. After completing the first tranche, the remaining budget stands at just over 97.32 million euros.

With the first cycle awards delivered and the buyback program underway, Inditex has set out a clear roadmap for the second cycle of the 2023–2027 incentive plan, with share delivery tied to the publication of the group’s 2026 results.