diff --git a/app/Domains/Ticket/Services/AdminAppTicketService.php b/app/Domains/Ticket/Services/AdminAppTicketService.php
index 275f614..1c626c9 100644
--- a/app/Domains/Ticket/Services/AdminAppTicketService.php
+++ b/app/Domains/Ticket/Services/AdminAppTicketService.php
@@ -226,13 +226,13 @@ class AdminAppTicketService
                 'amount' => number_format($refundAmount, 2, '.', ''),
             ]);
 
-            $this->restoreInventory($ticket);
+            $this->restoreInventory($ticket, $purchaseItem);
 
             return $ticket->refresh()->load(self::RELATIONS);
         });
     }
 
-    private function restoreInventory(Ticket $ticket): void
+    private function restoreInventory(Ticket $ticket, PurchaseItem $purchaseItem): void
     {
         $catalogItem = $ticket->sourceCatalogItem;
         if ($catalogItem === null) {
@@ -242,7 +242,7 @@ class AdminAppTicketService
         }
 
         // Bundle components need a per-ticket allocation before they can be restored.
-        if ($catalogItem->isBundle()) {
+        if ($catalogItem->isBundle() || $purchaseItem->sourceCatalogItem?->isBundle()) {
             return;
         }
 
diff --git a/database/migrations/2026_09_16_000000_add_refunded_units_to_inventories.php b/database/migrations/2026_09_16_000000_add_refunded_units_to_inventories.php
index 0727aab..a512d88 100644
--- a/database/migrations/2026_09_16_000000_add_refunded_units_to_inventories.php
+++ b/database/migrations/2026_09_16_000000_add_refunded_units_to_inventories.php
@@ -11,7 +11,6 @@ return new class extends Migration
         Schema::table('inventories', function (Blueprint $table): void {
             $table->unsignedBigInteger('refunded_units')->default(0);
         });
-
     }
 
     public function down(): void
diff --git a/database/migrations/2026_09_16_000100_backfill_refunded_units.php b/database/migrations/2026_09_16_000100_backfill_refunded_units.php
new file mode 100644
index 0000000..5996107
--- /dev/null
+++ b/database/migrations/2026_09_16_000100_backfill_refunded_units.php
@@ -0,0 +1,147 @@
+<?php
+
+use Illuminate\Database\Events\MigrationsEnded;
+use Illuminate\Database\Migrations\Migration;
+use Illuminate\Support\Facades\DB;
+use Illuminate\Support\Facades\Event;
+use Illuminate\Support\Facades\Log;
+use Symfony\Component\Console\Output\ConsoleOutput;
+
+return new class extends Migration
+{
+    public function up(): void
+    {
+        $summary = DB::transaction(function (): array {
+            if (DB::table('inventories')->where('refunded_units', '>', 0)->exists()) {
+                throw new RuntimeException('El backfill requiere que refunded_units sea cero en todos los inventarios.');
+            }
+
+            $counts = [];
+            $variants = [];
+            $refundsSeen = 0;
+            $bundlesSkipped = 0;
+
+            DB::table('ticket_refunds as refunds')
+                ->join('tickets', 'tickets.id', '=', 'refunds.ticket_id')
+                ->join('compra_items as purchase_items', 'purchase_items.id', '=', 'refunds.purchase_item_id')
+                ->leftJoin('catalog_items as purchase_catalog', 'purchase_catalog.id', '=', 'purchase_items.source_catalog_item_id')
+                ->leftJoin('catalog_items as ticket_catalog', 'ticket_catalog.id', '=', 'tickets.source_catalog_item_id')
+                ->select([
+                    'refunds.id',
+                    'refunds.ticket_id',
+                    'tickets.source_variant_id',
+                    'ticket_catalog.inventory_id',
+                    'ticket_catalog.inventory_policy',
+                    'ticket_catalog.type as ticket_catalog_type',
+                    'purchase_catalog.type as purchase_catalog_type',
+                ])
+                ->chunkById(500, function ($refunds) use (&$counts, &$variants, &$refundsSeen, &$bundlesSkipped): void {
+                    foreach ($refunds as $refund) {
+                        $refundsSeen++;
+                        // Bundle purchases need a component allocation that is outside this backfill.
+                        if ($refund->ticket_catalog_type === 'bundle' || $refund->purchase_catalog_type === 'bundle') {
+                            $bundlesSkipped++;
+
+                            continue;
+                        }
+
+                        if ($refund->inventory_policy === null) {
+                            throw new RuntimeException("El reembolso {$refund->id} no tiene un producto de catálogo asociado.");
+                        }
+
+                        $inventoryId = $refund->source_variant_id === null
+                            ? $refund->inventory_id
+                            : $this->currentVariantInventoryId((int) $refund->source_variant_id, $variants);
+
+                        if ($inventoryId === null) {
+                            throw new RuntimeException("El reembolso {$refund->id} no tiene un inventario asociado.");
+                        }
+
+                        $counts[$inventoryId]['refunded'] = ($counts[$inventoryId]['refunded'] ?? 0) + 1;
+                        if ($refund->inventory_policy === 'tracked') {
+                            $counts[$inventoryId]['stock'] = ($counts[$inventoryId]['stock'] ?? 0) + 1;
+                        }
+                    }
+                }, 'refunds.id', 'id');
+
+            foreach ($counts as $inventoryId => $count) {
+                $updates = ['refunded_units' => DB::raw('refunded_units + '.$count['refunded'])];
+                if (($count['stock'] ?? 0) > 0) {
+                    $updates['real_stock'] = DB::raw('real_stock + '.$count['stock']);
+                }
+
+                if (DB::table('inventories')->where('id', $inventoryId)->update($updates) !== 1) {
+                    throw new RuntimeException("No se encontró el inventario {$inventoryId} para reponerlo.");
+                }
+            }
+
+            $refundedUnitsAdded = array_sum(array_column($counts, 'refunded'));
+            $realStockAdded = array_sum(array_column($counts, 'stock'));
+
+            return [
+                'refunds_seen' => $refundsSeen,
+                'refunds_applied' => $refundedUnitsAdded,
+                'bundles_skipped' => $bundlesSkipped,
+                'inventories_updated' => count($counts),
+                'refunded_units_added' => $refundedUnitsAdded,
+                'real_stock_added' => $realStockAdded,
+            ];
+        });
+
+        Log::info('inventory.refunded_units_backfill.completed', $summary);
+
+        // The migrator prints DONE after up() returns. Emit the summary once the
+        // whole migration run ends so it appears below that line in the console.
+        if (app()->runningInConsole()) {
+            $printed = false;
+            Event::listen(MigrationsEnded::class, static function (MigrationsEnded $event) use ($summary, &$printed): void {
+                if ($printed || $event->method !== 'up') {
+                    return;
+                }
+                $printed = true;
+
+                (new ConsoleOutput)->writeln(sprintf(
+                    '  <info>Refund backfill:</info> %d applied, %d bundles skipped, %d inventories updated, +%d refunded_units, +%d real_stock',
+                    $summary['refunds_applied'],
+                    $summary['bundles_skipped'],
+                    $summary['inventories_updated'],
+                    $summary['refunded_units_added'],
+                    $summary['real_stock_added'],
+                ));
+            });
+        }
+    }
+
+    /** @param array<int, object|null> $variants */
+    private function currentVariantInventoryId(int $variantId, array &$variants): ?int
+    {
+        $visited = [];
+
+        while (true) {
+            if (isset($visited[$variantId])) {
+                throw new RuntimeException("La cadena de reemplazos de la variante {$variantId} es circular.");
+            }
+            $visited[$variantId] = true;
+
+            if (! array_key_exists($variantId, $variants)) {
+                $variants[$variantId] = DB::table('variantes')
+                    ->where('id', $variantId)
+                    ->first(['inventory_id', 'replaced_by_variant_id']);
+            }
+            $variant = $variants[$variantId];
+            if ($variant === null) {
+                throw new RuntimeException("No se encontró la variante {$variantId} de un ticket reembolsado.");
+            }
+            if ($variant->replaced_by_variant_id === null) {
+                return $variant->inventory_id === null ? null : (int) $variant->inventory_id;
+            }
+
+            $variantId = (int) $variant->replaced_by_variant_id;
+        }
+    }
+
+    public function down(): void
+    {
+        throw new RuntimeException('El backfill de reembolsos históricos no se puede revertir sin reconciliar el stock.');
+    }
+};
diff --git a/tests/Feature/Ticket/AdminAppTicketControllerTest.php b/tests/Feature/Ticket/AdminAppTicketControllerTest.php
index f975205..2933595 100644
--- a/tests/Feature/Ticket/AdminAppTicketControllerTest.php
+++ b/tests/Feature/Ticket/AdminAppTicketControllerTest.php
@@ -23,6 +23,7 @@ use Database\Seeders\AttributeSeeder;
 use Database\Seeders\AuthorizationSeeder;
 use Database\Seeders\FiestaFutbolInfantilProductSeeder;
 use Illuminate\Foundation\Testing\RefreshDatabase;
+use Illuminate\Support\Facades\Log;
 use Illuminate\Support\Str;
 use Laravel\Sanctum\Sanctum;
 use Tests\TestCase;
@@ -254,7 +255,7 @@ class AdminAppTicketControllerTest extends TestCase
         $this->assertSame(1, $inventory->fresh()->refunded_units);
     }
 
-    public function test_existing_refunds_do_not_increment_the_new_refunded_units_counter(): void
+    public function test_backfill_restores_existing_refunds_before_new_refunds(): void
     {
         $tenant = $this->createTenant('ticket-historical-refund');
         $tenant->update([
@@ -280,6 +281,20 @@ class AdminAppTicketControllerTest extends TestCase
         $this->assertSame(0, $inventory->fresh()->refunded_units);
         $this->assertSame(0, $inventory->fresh()->real_stock);
 
+        Log::shouldReceive('info')->once()->with('inventory.refunded_units_backfill.completed', [
+            'refunds_seen' => 1,
+            'refunds_applied' => 1,
+            'bundles_skipped' => 0,
+            'inventories_updated' => 1,
+            'refunded_units_added' => 1,
+            'real_stock_added' => 1,
+        ]);
+        $backfill = require database_path('migrations/2026_09_16_000100_backfill_refunded_units.php');
+        $backfill->up();
+
+        $this->assertSame(1, $inventory->fresh()->refunded_units);
+        $this->assertSame(1, $inventory->fresh()->real_stock);
+
         $newTicket = $this->createTicket($tenant, $admin, [
             'source_purchase_item_id' => $purchaseItem->id,
             'source_catalog_item_id' => $historicalTicket->source_catalog_item_id,
@@ -289,8 +304,8 @@ class AdminAppTicketControllerTest extends TestCase
         ])->assertOk();
 
         $this->assertSame(2, $inventory->fresh()->sold_units);
-        $this->assertSame(1, $inventory->fresh()->refunded_units);
-        $this->assertSame(1, $inventory->fresh()->real_stock);
+        $this->assertSame(2, $inventory->fresh()->refunded_units);
+        $this->assertSame(2, $inventory->fresh()->real_stock);
     }
 
     public function test_it_records_different_refund_types_for_tickets_from_the_same_purchase_item(): void