Slides
Page 1
- 1 - Q3 2025 Results Q3 2025 Results November 4, 2025
Page 2
- 2 - Q3 2025 Results Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisio ns of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, the Spanish Securities Market and Investment Services Law (Law 6/2023, of 17 March, as amended and restated from time to time) and its im plementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. This information has not been audited. Forward-Looking Statements This presentation contains forward-looking information and statements about Grifols based on current assumptions and forecast ma de by Grifols management, including pro forma figures, estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to capital expenditure s, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “ expected”, “potential”, “estimates” and similar expressions. Although Grifols believes that the expectations reflected in such forward -looking statements are reasonable, various known and u nknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the Company and the estimat es given here. These factors include those discussed in our public reports filed with the Comisión Nacional del Mercado de Valores and the Securities and Exchange Commission, which are accessible to t he public. The Company assumes no liability whatsoever to update these forward-looking statements or conform them to future events or developments. Forward -looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Grifols. Alternative Performance Measures (APMs) This document and any related conference call or webcast (including a Q&A session) contain, in addition to the financial info rmation prepared in accordance with IFRS, alternative performance measures (‘APMs’) as defined in the guidelines issued by the European Securities and Markets Authority (‘ESMA’) on October 5, 2015. APMs are used by Grifols’ management to evaluate the group’s financial performance, cash flows or financial position in making operational and strategic decisions for the group and there fore are useful information for investors and other stakeholders. Certain key APMs form part of executive directors, management and employees’ remuneration targets. APMs are prepared on a consistent basis for the periods presented in this document. They should be considered in addition to IFRS measurements, may differ to definitions given by regulatory bodies relevant to the group and to similarly titled measures presented by other companies. They have not been audited, reviewed or verified by the external auditor of Grifols. For further details on the definition, explanation on the use, and reconciliation of APMs, please see the appendix as well as the “Alternative performan ce measures” document from our website www.grifols.com/en/investors.
Page 3
- 3 - Q3 2025 Results Agenda 01 02 03 04 Value Creation Plan Update Business Review Financials Final Remarks 05 Annex
Page 4
- 4 - Q3 2025 Results Nacho Abia Chief Executive Officer (CEO) Q3’25 Results: Continued Progress on Value Creation Plan
Page 5
- 5 - Q3 2025 Results Q3’25 Delivery Builds on YTD Performance YTD Q3’25 YTD Q3’25 vs PY €5,542m Revenue €1,358m EBITDA Adj. €188m Free Cash Flow (pre-M&A)3 4.2x Leverage ratio4 +7.7%cc1 (+10.5%cc LFL2) +11.2%cc (+17.3%cc LFL) +€257m -0.9x vs. PY 1 Constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations; 2 Like For Like (LFL) excludes the impact of Inflation Reduction Act (IRA) and Fee-For-Service / GPO reclassification.; 3 FCF definition and reconciliation to the Cash Flow Statement in slides 26 and 27 in the Annex; 4 Leverage ratio defined as per the Credit Agreement in slide 31 in the Annex. Business Review Financials Final Remarks AnnexValue Creation Plan Update Robust underlying demand, and relatively unchanged pricing dynamics, whilst managing FX and IRA headwinds EBITDA growing ahead of revenue aided by plasma operations and cost discipline Strengthening balance sheet through continued deleveraging and FCF generation Structurally well-positioned to navigate market uncertainties
Page 6
- 6 - Q3 2025 Results Delivering on Value Creation Plan Commercial growth Plasma supply & industrial footprint Global footprint. Fully vertical integrated and well-invested in the US Complemented by strategic partnerships ex-US providing flexibility in current market dynamics Focus on increasing collections per center and continued implementation of the nomogram Innovation Seeking new indications for core proteins Margin expansion (even despite IRA impact) Pipeline execution Strengthening key franchises (IG, Alpha-1) Evolving product offering Levers Enablers Driving clinical trials traction across life cycle management (LCM) and new products on the back of a robust Q3 +10.9% cc (12.3% LFL) Strong Biopharma YTD growth +9.1% cc (12.4% LFL) Business Review Financials Final Remarks AnnexValue Creation Plan Update EBITDA adj margin YTD 24.5% (25.2% LFL) supported by Q3 25.8% (26.2% LFL) Cutting-edge Diagnostic platforms progressing as planned
Page 7
- 7 - Q3 2025 Results Roland Wandeler President of Biopharma Delivering Continued Growth in Biopharma
Page 8
- 8 - Q3 2025 Results Delivering Continued Growth Driven by IG Franchise PerformanceBase indexed to LTM Q3’24 (Revenue growth at cc except LCM) Biopharma IG Albumin Alpha-1 and specialty proteins Milestones • Overall growth ahead of market • Continued expansion of Xembify® in SCIG • Commercial execution focused on high-end markets • Geographic mix, phasing • Pricing pressure in China • Leveraging strategic local partnership • Alpha-1 growth supported by new specialty pharma distributor • Solid performance in rabies and other specialties Note: All figures are presented on a consolidated basis, and at constant currency (cc), excluding exchange rate fluctuations over the period. LTM Q3’24 LTM Q4’24 LTM Q1’25 LTM Q2’25 LTM Q3’25 1 +9% SCIG +62% IVIG +13% -4% +6% +9.1% YTD Q3’25 +10.9% Q3’25 +14.4% YTD Q3’25 +18.0% Q3’25 -3.9% YTD Q3’25 -4.5% Q3’25 +4.3% YTD Q3’25 +3.3% Q3’25 Business Review Financials Final Remarks AnnexValue Creation Plan Update 0.92 1.42 1 1 1 2
Page 9
- 9 - Q3 2025 Results IG Performance Reflecting Focused Execution in a Growing Market Business Review Financials Final Remarks AnnexValue Creation Plan Update From here, expect to grow in-line with market, mid-to-high single-digit Growth ahead of market in last two years Continuing to drive innovation to strengthen product profile & margin Saw opportunity to accelerate IG growth • Use strong IG inventory position to build momentum and win back share, particularly in the US Since executed this Plan … • Strengthen US organization and capabilities to drive growth … resulting in double-digit growth, ahead of market • Increase SCIG penetration with Xembify • Build on strong profile of Gamunex as leading IVIG and win back share in strategic accounts Strong market fundamentals for IG • Continued growth in key indications, given high share of undiagnosed patients and increasing awareness • IG as treatment of choice in immune deficiencies and CIDP indications Continued IG market growth • Estimates in the range 6-8% CAGR Grifols well positioned to drive profitable growth, in-line with market • Drive continued IVIG growth with focus on high-value markets • Close the share gap in SCIG Strengthen offering • Yimmugo launch in the US (Q4’25) • Xembify pre-filled syringes1 • Gamunex-C in bags1 Expand indications2 • Gamunex in SID • Xembify in SID • Xembify in CIDP Improve margin • Roadmap in place to continue to increase end-to-end IgG yield 1 Xembify® prefilled syringes and Gamunex® in bags have not been approved by the U.S. Food and Drug Administration (“FDA”);. 2 Expand indications are not yet approved by the FDA
Page 10
- 10 - Q3 2025 Results Leadership Position in Alpha-1 with Potential for Market Growth Business Review Financials Final Remarks AnnexValue Creation Plan Update Significant potential to treat more patients and grow market Established market leadership over the last >35 years Plan in place to Alpha-1 revenue (m€) • Designed to demonstrate clinical efficacy in AATD: Placebo-controlled trial to test 60 & 120 mg/kg dose in emphysema progression reduction • Strengthen payer proposition in the U.S. • Secure broader reimbursement in EU • Enable Prolastin®-C Liquid launch in key markets • Expect phase III top-line results by H2’26 Demonstrate outcomes with SPARTA • Improved patient convenience • Readout expected by 2029-2030 Alpha-1 SubQ 15% (ph.2) 700-750m 1 Ex-US US ~30% ~70% ~70% market share LTM Q3’25 Alpha-1 remains undertreated Exacerbated by limited reimbursement in ex-US market Opportunity to unlock growth with increasing awareness and outcomes data Strengthen market position in US • Unique value proposition and best-in-class patient support (Prolastin-C DIRECT) ~10% Diagnosed patients ~90% Not diagnosed patients ~230k patients
Page 11
- 11 - Q3 2025 Results Disciplined and Focused Pipeline Across Therapeutic Areas Plasma In addition to plasma External collaborationNote(s): 1. Start in 2025; 2. Based on RWE Business Review Financials Final Remarks AnnexValue Creation Plan Update Phase 1 Phase 2 Phase 3 Product Development Xembify SID in CLL, MM & NHL Gamunex-C in bags Xembify Pre-filled syringes Giga 2339 HBV Trimodulin new indication Alpha-1 SubQ 15% Alpha-1 SPARTA (post-marketing commitment) Fibrinogen EU IgG (Flebo) in Dry Eye Disease1 Giga 564 Onco Regulatory Trimodulin in sCAP Pre-clinical Recombinant IgG polyclonal antibodies for infectious diseases Next Gen Alpha-1 GigaGen platform (Botulism Toxin & others) Xembify in CIDP Chronos New recombinant treatments for autoimmune disease Immunology/ autoimmune Infectious diseases Pulmonology Critical care Others Next Gen process for Gamunex-C IgG Gamunex in SID Fibrinogen U.S. Selection of key projects Largest near-term opportunity in EU • Established market with high penetration, particularly in DE, AT • On track for approval in Q4’25: Decentralized procedure completed, awaiting first national approval in Germany Longer-term potential in U.S. • Small market today but with potential to reach >$800M with evolution of standard of care over time • On track with BLA for CFD with PDUFA date end of December • Will further strengthen clinical program for AFD to enable evolution of standard of care and impact at launch Fibrinogen – On track for approval
Page 12
- 12 - Q3 2025 Results Rahul Srinivasan Chief Financial Officer (CFO) Continued Resilience in Financial Performance
Page 13
- 13 - Q3 2025 Results Earnings and FCF Momentum Supported by a Robust and Improving Balance Sheet Note: All figures are presented on a consolidated basis (including Biotest). When specified, figures presented at currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 Like For Like (LFL) excludes the impact of IRA and Fee-For-Service / GPO reclassification. 2 FCF definition and reconciliation to the Cash Flow Statement in slides 26 and 27 in the Annex. 3 Leverage ratio defined as per the Credit Agreement in slide 31 in the Annex. 4 For YTD Q3’25, cash and cash equivalents of €621m + unused credit facilities €1,218m - unused RCF facilities maturing in Nov 2025 c€364m. Like for Like1 (in million EUR except %) Q1’25 Q2’25 Q3’25 YTD Q3’25 Var vs. PY Var vs. PY Reported NET REVENUE 1,786m 1,891m 1,865m 5,542m 7.7% cc 10.5% cc 5,237m GROSS MARGIN 695m 744m 734m 2,172m 9.2% cc 16.4% cc 2,028m Margin 38.9% 39.3% 39.3% 39.2% +50bps +200bps 38.7% EBITDA ADJ. 400m 475m 482m 1,358m 11.2% cc 17.3% cc 1,253m Margin 22.4% 25.1% 25.8% 24.5% +60bps +130bps 23.9% PROFIT BEFORE TAX 115m 191m 198m 504m 115.8% 233m GROUP PROFIT 60m 117m 127m 304m 245.4% 88m FREE CASH FLOW pre-M&A2 -44m 30m 203m 188m +257m (69)m LEVERAGE RATIO3 Total net LR 4.5x 4.2x 4.2x -0.9x 5.1x Net secured LR 2.7x 2.7x 2.6x -0.5x 3.1x LIQUIDITY 1,675m 1,414m4 1,475m4 +771m 704m YTD Q3 2024Reported Business Review Financials Final Remarks AnnexValue Creation Plan Update
Page 14
- 14 - Q3 2025 Results Revenue Growth Led by Biopharma Note: All figures are presented on a consolidated basis (including Biotest). Percentage rates are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 Like For Like (LFL) excludes the impact of IRA (EUR 75 million) and Fee-For-Service / GPO reclassification (EUR 67 million). See Annex for reconciliations. 2 Molecular Donor Screening (MDS); Blood Typing Solutions (BTS). 547 7 Biopharma YTD Q3’25Fee-for- Service / GPO reclassification Inflation Reduction Act YTD Q3’25 LFL YTD Q3’24 Others and FX Diagnostic Revenues (in million EUR except for growth) 5,237 -107 5,684 -75 -67 5,542 +7.7% cc (+5.8%) Biopharma • Robust underlying demand • Continued IG momentum • Alpha-1 and Specialty Proteins progress • Phasing benefits +9.1% cc +12.4% cc LFL1 Diagnostic • Driven by BTS2 in US and EU backed by MDS2 +1.4% cc FX and IRA headwinds +10.5% cc (+8.6%) Business Review Financials Final Remarks AnnexValue Creation Plan Update
Page 15
- 15 - Q3 2025 Results YTD Adj EBITDA Growth of 11.2% cc and Margin Expansion Note: All figures are presented on a consolidated basis (including Biotest). EBITDA growth led by Biopharma: • Volume growth • Geographic mix • Cost Per Liter improvement • Opex discipline • Operational leverage IRA impact in line with guidance Stiff FX headwinds Biopharma Diagnostic Opex Others and FX YTD Q3’25 LFL Inflation Reduction Act YTD Q3’25 YTD Q3’24 1,253 1,432 1,358 -75 23.9% 25.2% 24.5% +17.3% cc (+14.3%) +11.2% cc (+8.3%) EBITDA Adj. margin EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) Business Review Financials Final Remarks AnnexValue Creation Plan Update
Page 16
- 16 - Q3 2025 Results Clearly prioritizing a reduction in cash adjustments between EBITDA Adjusted and Reported Drivers of reduced cash adjustments: • Lower transaction costs • Lower restructuring costs Continued Reduction of Cash Adjustments Between Adjusted and Reported EBITDA 1 Cash adjustments include transaction costs, restructuring costs and other non-recurring items as reflected in the reconciliation of slide 30 in the Annex Note: All figures are presented on a consolidated basis (including Biotest) 1,149 104 YTD Q3’24 1,294 64 YTD Q3’25 1,253 1,358 23.9% 24.5% 22.1% 23.3% 1,149 EBITDA Reported Adjustments EBITDA margin +11.2% cc (+8.3%) +15.7% cc (+12.6%) 56%1 reduction in cash adj on LTM basis EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) Business Review Financials Final Remarks AnnexValue Creation Plan Update Non-cash adjustments: Assessing potential impact in Q4 of capital allocation discipline on carrying value of some R&D projects that do not affect the go- forward EBITDA and FCF story
Page 17
- 17 - Q3 2025 Results Sustained Momentum in Free Cash Flow Generation 1 FCF definition and reconciliation to the Cash Flow Statement in slides 26 and 27 in the Annex EBITDA Adjusted 400 475 482 1,358 105 Inventories (61) (30) (26) (118) (44) Receivables (93) (25) (13) (131) (22) Payables 26 25 2 53 68 Net working capital (128) (30) (38) (196) 2 CAPEX (128) (83) (70) (282) 106 IT and R&D (39) (34) (37) (109) (13) Taxes (3) (45) (52) (99) (4) Interests (55) (235) (55) (345) 50 Others (91) (19) (29) (138) 12 Free Cash Flow pre-M&A1 (44) 30 203 188 +257 YTD Q3’25 Var vs YTD Q3’24Q2’25Q1’25 Q3’25 Reduction in cash adjustments to EBITDA Adjusted Disciplined Capex and Capitalised IT and R&D management Working capital management Lower cash interest costs aided by debt reduction in 2024 and significantly lower RCF utilisation EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Business Review Financials Final Remarks AnnexValue Creation Plan Update
Page 18
- 18 - Q3 2025 Results Capital Structure and FY’25 Outlook Impact of a depreciating USD Strong YTD performance • Geo-mix and phasing benefiting YTD performance • Lapping Q4'24, Grifols best Adj EBITDA quarter ever • A headwind for Revenue and EBITDA • Broadly neutral impact on Group Profit, Leverage and FCF 1 Guidance FX rate refers to FX rates as at 27 Feb 2025, consistent with page 38 of the Capital Markets Day (CMD) presentation (EUR USD @ 1.04) Guidance • Improved Revenue guidance at guidance FX rate and reaffirmed Adj EBITDA at guidance FX rate • Assuming current FX rates for the rest of the year, estimated full year FX headwind on Adj EBITDA is c EUR70m • Improved guidance for FCF pre-M&A pre-dividends Business Performance Financials Final Remarks Annex Guidance at CMD @Guidance FX rate1 7,550-7,600 Updated Guidance @Guidance FX rate1 7,600+ in million€ REVENUE FCF pre-M&A pre-dividends 350-400 400-425 2 3 4 1,875-1,925 1,875-1,925ADJ EBITDA Capital structure • Tightening of secondary trading yields supports rerating progress • Bank feedback supportive of targeting RCF upsize in conjunction with refinancing of 2027 maturities • Targeting H1 2026 refinancing of 2027 maturities, ongoing preparations • Harmonising 2030 bond documentation 1
Page 19
- 19 - Q3 2025 Results Final Remarks Nacho Abia Chief Executive Officer (CEO)
Page 20
- 20 - Q3 2025 Results Delivering on Our Value Creation Plan Focused execution of our Value Creation Plan 01 Strengthened balance sheet on the back of continued focus on deleveraging, FCF generation, and capital allocation discipline 04 Solid business performance YTD driven by strong IG underlying demand and key proteins, aided by geo-mix and phasing 02 At Guidance FX rates, improved revenue and FCF pre-M&A pre-dividends guidance and maintained Adjusted EBITDA guidance 05 • Robust commercial execution in key markets. • Plasma efficiency initiatives continue to roll-out 03 Business well-positioned to navigate market uncertainties 06 Business Review Financials Final Remarks AnnexValue Creation Plan Update
Page 21
- 21 - Q3 2025 Results ANNEX
Page 22
- 22 - Q3 2025 Results Revenue | Q3 2025 Business Review Financials Final Remarks AnnexValue Creation Plan Update Q3 2025 Q3 2024 In thousands of euros Reported At cc* Revenue by Business Unit 1,865,400 1,792,956 4.0% 9.1% Biopharma 1,619,532 1,532,744 5.7% 10.9% Diagnostic 147,411 156,292 (5.7%) (1.3%) Bio Supplies 38,876 49,415 (21.3%) (16.2%) Others 59,581 54,505 9.3% 12.1% Revenue by Country 1,865,400 1,792,956 4.0% 9.1% US + CANADA 1,068,874 1,044,035 2.4% 9.2% EU 394,914 359,360 9.9% 10.2% ROW 401,612 389,561 3.1% 7.8% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
Page 23
- 23 - Q3 2025 Results Revenue | 2025 YTD Business Review Financials Final Remarks AnnexValue Creation Plan Update 2025 YTD 2024 YTD In thousands of euros Reported At cc* Revenue by Business Unit 5,542,340 5,236,568 5.8% 7.7% Biopharma 4,773,321 4,455,099 7.1% 9.1% Diagnostic 479,043 478,835 0.0% 1.4% Bio Supplies 107,834 150,147 (28.2%) (26.7%) Others 182,142 152,487 19.4% 20.4% Revenue by Country 5,542,340 5,236,568 5.8% 7.7% US + CANADA 3,161,790 3,007,232 5.1% 7.2% EU 1,186,440 1,067,230 11.2% 11.2% ROW 1,194,110 1,162,106 2.8% 5.9% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
Page 24
- 24 - Q3 2025 Results P&L | Q3 2025 Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 1,865,400 - 1,865,400 1,792,956 - 1,792,956 4.0% 4.0% Cost of Sales (1,131,702) 17,819 (1,113,883) (1,066,201) 9,750 (1,056,451) (6.1%) (5.4%) Gross Margin 733,698 17,819 751,517 726,755 9,750 736,505 1.0% 2.0% % Net revenue 39.3% - 40.3% 40.5% - 41.1% - - R&D (97,023) 11 (97,012) (87,878) 941 (86,937) (10.4%) (11.6%) SG&A (284,991) 11,236 (273,755) (319,425) 29,579 (289,846) 10.8% 5.6% Operating Expenses (382,014) 11,247 (370,767) (407,303) 30,520 (376,783) 6.2% 1.6% Other Income 430 - 430 - - - - - 2,089 - 2,089 (2,420) - (2,420) 186.3% 186.3% OPERATING RESULT (EBIT) 354,203 29,066 383,269 317,032 40,270 357,302 11.7% 7.3% % Net revenue 19.0% - 20.5% 17.7% - 19.9% - - Financial Result (156,070) - (156,070) (197,613) 39,336 (158,277) 21.0% 1.4% - - - - - - - - PROFIT BEFORE TAX 198,133 29,066 227,199 119,419 79,606 199,025 65.9% 14.2% % Net revenue 10.6% - 12.2% 6.7% - 11.1% - - Income Tax Expense (54,706) (7,601) (62,307) (37,441) (17,760) (55,201) (46.1%) (12.9%) % of pre-tax income 27.6% - 27.4% 31.4% - 27.7% - - CONSOLIDATED PROFIT 143,427 21,465 164,892 81,978 61,846 143,824 75.0% 14.6% Results Attributable to Non-Controlling Interests (16,462) (2,289) (18,751) (30,287) (1,903) (32,190) 45.6% 41.7% GROUP PROFIT 126,965 19,176 146,141 51,691 59,943 111,634 145.6% 30.9% % Net revenue 6.8% - 7.8% 2.9% - 6.2% Q3 2025 % vs PY Share of Results of Equity Accounted Investees Share of Results of Equity Accounted Investees - Core Activities Q3 2024
Page 25
- 25 - Q3 2025 Results P&L | 2025 YTD Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 5,542,340 - 5,542,340 5,236,569 - 5,236,569 5.8% 5.8% Cost of Sales (3,370,181) 46,671 (3,323,510) (3,208,525) 43,043 (3,165,482) (5.0%) (5.0%) Gross Margin 2,172,159 46,671 2,218,830 2,028,044 43,043 2,071,086 7.1% 7.1% % Net revenue 39.2% - 40.0% 38.7% - 39.6% R&D (289,262) 11 (289,251) (269,035) 2,542 (266,493) (7.5%) (8.5%) SG&A (907,704) 25,544 (882,160) (985,812) 77,241 (908,571) 7.9% 2.9% Operating Expenses (1,196,966) 25,555 (1,171,411) (1,254,847) 79,783 (1,175,064) 4.6% 0.3% Other Income 430 - 430 - - - - - (3,708) 3,850 142 46,959 (5,618) 41,341 (107.9%) (99.7%) OPERATING RESULT (EBIT) 971,913 76,076 1,047,991 820,155 117,208 937,363 18.5% 11.8% % Net revenue 17.5% - 18.9% 15.7% - 17.9% Financial Result (468,009) - (468,009) (586,702) 86,099 (500,603) 20.2% 6.5% - - - - - - - - PROFIT BEFORE TAX 503,904 76,076 579,982 233,453 203,307 436,761 115.8% 32.8% % Net revenue 9.1% - 10.5% 4.5% - 8.3% Income Tax Expense (129,676) (29,650) (159,326) (104,434) (18,662) (123,096) (24.2%) (29.4%) % of pre-tax income 25.7% - 27.5% 44.7% - 28.2% CONSOLIDATED PROFIT 374,228 46,426 420,656 129,019 184,645 313,665 190.1% 34.1% Results Attributable to Non-Controlling Interests (70,478) (4,365) (74,843) (41,069) (8,515) (49,584) (71.6%) (50.9%) GROUP PROFIT 303,750 42,061 345,813 87,950 176,130 264,081 245.4% 30.9% % Net revenue 5.5% - 6.2% 1.7% - 5.0% Share of Results of Equity Accounted Investees - Core Activities Share of Results of Equity Accounted Investees % vs PY2025 YTD 2024 YTD
Page 26
- 26 - Q3 2025 Results Cash Flow | Q3 2025 Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousands of euros (on a reported basis) Q3 2025 Q3 2024 Reported Group Profit 126,964 51,691 146% Depreciation and Amortization 102,848 108,364 (5%) Net Provisions (11,920) 4,453 (368%) Other Adjustments and Other Changes in Working Capital 145,011 158,008 -8% Change in Operating Working Capital (37,502) (22,906) (64%) Changes in Inventories (26,257) 58,900 (145%) Change in Trade Receivables (13,335) (19,466) 31% Change in Trade Payables 2,091 (62,340) 103% Net Cash Flow From Operating Activities 325,401 299,610 9% Business Combinations and Investments in Group Companies 5 (114,352) 100% CAPEX (70,051) (51,299) (37%) R&D/Other Intangible Assets (36,526) (32,949) -11% Other Cash Inflow / (Outflow) (16,111) 2,199 -833% Net Cash Flow From Investing Activities (122,684) (196,401) 38% Free Cash Flow 202,718 103,209 96% Issue / (Repayment) of Debt (41,853) (1,563,615) 97% Capital Grants (0) 5,817 (100%) Dividends (Paid) / Received (102,382) - - Other Cash Flows From / (Used in) Financing Activities 5,470 1,350 305% Net Cash Flow From Financing Activities (138,764) (1,556,448) 91% Total Cash Flow 63,953 (1,453,239) 104% Cash and Cash Equivalents at the Beginning of the Period 558,691 2,113,220 -74% Effect of Exchange Rate Changes in Cash and Cash Equivalents (1,684) (15,039) 89% Cash and Cash Equivalents at the End of the Period 620,960 644,942 (4%) % vs PY In million Euros Q3'25 Q3'24 Net Cash Flow From Operating Activities 1 325 300 Net Cash Flow From Investing Activities 1 (123) (196) Free Cash Flow 203 103 SRAAS transaction2 - (23) Free Cash Flow pre- M&A 203 127 1 Statement of Cash Flow According IFRS-EU 2 As per Note (12) of the 2024 Consolidated Annual Accounts In million Euros Q3'25 Q3'24 EBITDA Adjusted 482 462 Changes in working capital (38) (23) CAPEX (70) (166) R&D and IT (37) (33) Taxes (52) (32) Interests (55) (55) Others (29) (26) Free Cash Flow pre-M&A 203 127 Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses. Excludes lease payments, consistent with prior disclosed guidance. Note: CAPEX for includes the previously referred as "Extraordinary growth CAPEX“ and Others include the previously referred as “Restructuring and transaction costs”
Page 27
- 27 - Q3 2025 Results Cash Flow | 2025 YTD Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousands of euros (on a reported basis) 2025 YTD 2024 YTD Reported Group Profit 303,750 87,951 245% Depreciation and Amortization 321,633 327,766 -2% Net Provisions 15,941 59,339 (73%) Other Adjustments and Other Changes in Working Capital 170,566 110,352 55% Change in Operating Working Capital (195,754) (197,858) 1% Changes in Inventories (117,685) (73,982) -59% Change in Trade Receivables (131,490) (109,135) (20%) Change in Trade Payables 53,421 (14,741) 462% Net Cash Flow From Operating Activities 616,136 387,550 59% Business Combinations and Investments in Group Companies (102,167) 1,310,779 (108%) CAPEX (179,446) (132,415) (36%) R&D/Other Intangible Assets (109,405) (96,200) (14%) Other Cash Inflow / (Outflow) (36,661) (17,188) (113%) Net Cash Flow From Investing Activities (427,679) 1,064,976 (140%) Free Cash Flow 188,457 1,452,526 (87%) Issue / (Repayment) of Debt (265,597) (1,360,029) 80% Capital Grants 3,463 11,516 (70%) Dividends (Paid) / Received (102,382) - - Other Cash Flows From / (Used in) Financing Activities (89,308) 16,960 (627%) Net Cash Flow From Financing Activities (453,824) (1,331,553) 66% Total Cash Flow (265,367) 120,973 (319%) Cash and Cash Equivalents at the Beginning of the Period 979,780 529,577 85% Effect of Exchange Rate Changes in Cash and Cash Equivalents (93,453) (5,608) (1566%) Cash and Cash Equivalents at the End of the Period 620,960 644,942 (4%) % vs PY In million Euros 2025 YTD 2024 YTD Net Cash Flow From Operating Activities 1 616 388 Net Cash Flow From Investing Activities 1 (428) 1,065 Free Cash Flow 188 1,453 SRAAS transaction2 - 1,523 Free Cash Flow pre- M&A 188 (69) 1 Statement of Cash Flow According IFRS-EU 2 As per Note (12) of the 2024 Consolidated Annual Accounts In million Euros 2025 YTD 2024 YTD EBITDA Adjusted 1,358 1,253 Changes in working capital (196) (198) CAPEX (282) (388) R&D and IT (109) (96) Taxes (99) (95) Interests (345) (395) Others (138) (150) Free Cash Flow pre-M&A 188 (69) Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses. Excludes lease payments, consistent with prior disclosed guidance. Note: CAPEX for includes the previously referred as "Extraordinary growth CAPEX“ and Others include the previously referred as “Restructuring and transaction costs”
Page 28
- 28 - Q3 2025 Results Balance Sheet | 2025 Business Review Financials Final Remarks AnnexValue Creation Plan Update sep-25 dic-24 7,547,961 8,607,025 119,604 119,604 910,728 910,728 4,185,691 4,054,505 Treasury Stock (130,674) (134,448) 303,750 156,920 Interim dividend (102,076) - (108,077) 776,418 2,369,015 2,723,298 10,150,956 10,642,070 9,092,808 9,490,644 1,058,148 1,151,426 2,154,850 2,156,146 595,115 676,087 1,559,735 1,480,059 19,853,767 21,405,241 Other Current Liabilities Total Equity and Liabilities Other Comprehensive Income Non-Controllling Interests No- Current Liabilities Non-Current Financial Liabilities Other Non-Current Liabilities Share Premium Reserves Current Year Earnings Current Liabilities Current Financial Liabilities Capital Equity Liabilities Sep-25 Dec-24 14,504,993 15,677,699 10,513,476 11,297,492 3,109,466 3,341,846 82,239 68,996 414,460 490,492 385,352 478,873 5,348,774 5,727,543 - - 3,348,375 3,560,098 95,743 35,978 1,000,782 836,015 204,522 243,156 78,392 72,515 620,960 979,780 19,853,767 21,405,241 Assets Non- Current Assets Total Assets Current Assets Inventories Current Contract Assets Other Current Financial Assets Non-Current Contract Assets Held for Sale Trade and Other Receivables Investments in Equity Accounted Investees Non-Current Financial Assets Other Non-Current Assets Other Current Assets Cash and Cash Equivalents Goodwill and Other Intangible Assets Property Plant & Equipment
Page 29
- 29 - Q3 2025 Results Like-for-Like (LFL) Reconciliation Business Review Financials Final Remarks AnnexValue Creation Plan Update In millions of euros Q3'25 Q2'25 Q1'25 YTD 25 Revenue Reported 1,865 1,891 1,786 5,542 Fee-for-Service / GPO Reclassification 19 33 15 67 Inflation Reduction Act (IRA) 16 30 28 75 Revenue Like- for- Like 1,901 1,954 1,829 5,685 In millions of euros Q3'25 Q2'25 Q1'25 YTD 25 Operating Results (EBIT) 354 349 269 972 Depreciation & Amortization 103 107 112 322 Reported EBITDA 457 456 381 1,294 Total adjustments 25 19 20 64 - EBITDA Adjusted 482 475 400 1,358 Inflation Reduction Act (IRA) 16 30 28 75 EBITDA Adjusted Like- for- Like 498 505 428 1,432
Page 30
- 30 - Q3 2025 Results EBIT to EBITDA and EBITDA Adjusted Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousand of euros 354,202 348,854 268,857 371,859 317,034 (102,848) (107,035) (111,750) (110,130) (108,364) Reported EBITDA 457,050 455,889 380,607 481,990 425,398 % Net revenue 24.5% 24.1% 21.3% 24.4% 23.7% Cash Restructuring costs and Others 8,056 9,873 1,817 3,044 22,918 22,789 57,268 Transaction costs 6,888 3,842 7,466 9,306 7,882 27,502 58,934 Biotest Next Level Project 10,051 5,481 6,738 7,340 5,113 29,610 59,934 Total Cash Adjustments 24,995 19,195 16,021 19,689 35,913 79,901 176,136 Non-cash Impairments - - 3,850 24,265 787 28,115 2,581 Total Non-Cash Adjustments - - 3,850 24,265 787 28,115 2,581 Total adjustments 24,995 19,195 19,872 43,954 36,700 Adjusted EBITDA 482,045 475,084 400,479 525,944 462,098 % Net revenue 25.8% 25.1% 22.4% 26.6% 25.8% Q3 2024 LTMQ3 2025 Q4 2024Q1 2025Q2 2025 Q3 2025 LTMQ3 2024 Depreciation & Amortization OPERATING RESULT (EBIT)
Page 31
- 31 - Q3 2025 Results Leverage Ratio as per Credit Agreement Business Review Financials Final Remarks AnnexValue Creation Plan Update In millions of euros except ratio. Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Non-Current Financial Liabilities 9,093 9,118 9,390 9,491 8,836 Non-recurrent Lease Liabilities (IFRS16) (966) (978) (1,026) (1,025) (969) Current Financial Liabilities 595 522 657 676 1,017 Recurrent Lease Liabilities (IFRS16) (111) (112) (119) (117) (111) Cash and Cash Equivalents (621) (559) (753) (980) (645) Net Financial Debt as per Credit Agreement 7,990 7,992 8,149 8,046 8,128 In millions of euros except ratio. LTM Q3'25 LTM Q2'25 LTM Q1'25 LTM Q4'24 LTM Q3'24 OPERATING RESULT (EBIT) 1,344 1,307 1,257 1,192 1,075 Depreciation & Amortization (432) (437) (445) (439) (443) Reported EBITDA 1,776 1,744 1,702 1,631 1,518 IFRS 16 (117) (118) (117) (113) (113) Restructuring costs, impairments and others 51 67 68 65 76 Transaction costs 28 28 41 49 59 Cost savings, operating improvements and synergies on a "run rate" 174 173 165 159 146 Share of profits assoc core activit 2024 4 9 (39) (38) (81) Total adjustments 139 159 119 122 87 Adjusted EBITDA LTM as per Credit Agreement 1,915 1,903 1,820 1,753 1,605 Leverage Ratio as per Credit Agreeement 4.2x 4.2x 4.5x 4.6x 5.1x
Page 32
- 32 - Q3 2025 Results Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet Business Review Financials Final Remarks AnnexValue Creation Plan Update In millions of euros except ratio. Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Non-Current Financial Liabilities 9,093 9,118 9,390 9,491 8,836 Current Financial Liabilities 595 522 657 676 1,017 Cash and Cash Equivalents (621) (559) (753) (980) (645) Net Financial Debt 9,067 9,081 9,294 9,187 9,208 In millions of euros except ratio. LTM Q3'25 LTM Q2'25 LTM Q1'25 LTM Q4'24 LTM Q3'24 OPERATING RESULT (EBIT) 1,344 1,307 1,257 1,192 1,075 Depreciation & Amortization (432) (437) (445) (439) (443) Reported EBITDA 1,776 1,744 1,702 1,631 1,518 Leverage Ratio Reported 5.1x 5.2x 5.5x 5.6x 6.1x
Page 33
- 33 - Q3 2025 Results NCI Contributions Note: Last Twelve Months figures (LTM). Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 130,929 (116,831) 44,895 6,332 Income tax expense (34,544) 28,844 (12,598) (9,033) Financial result 78,728 (34,433) (2,242) 6,919 Amortisation and depreciation (45,761) (50,871) (7,433) (8,556) Consolidated EBITDA 132,507 (60,370) 67,168 17,003 Impact IFRS16- Finance Leases (leases of plasma donation centre properties) (2,503) (8,395) (5,759) (4,762) Restructuring costs 629 2,650 148 230 Impairments - 19,154 - - Share of profits assoc core activit - 4,388 - - Consolidated EBITDA under Credit Agreement 130,633 (42,574) 61,557 12,471 % of non-controlling interest 45% 20% 100% 100% Consolidated EBITDA according to Credit Agreement non- controlling interest 58,785 (8,344) 61,557 12,471 Cash and cash equivalents (1,818) (65,748) (6,974) (30,474) Financial assets/liabilities with Grifols (1,083,916) 664,291 - - Leasing liabilities (leases of real estate of plasma donation centres) 11,031 57,874 50,962 20,829 Loans and other financial liabilities 1,597 72,624 - - Total Balance Sheet Net Debt (1,073,107) 729,040 43,988 (9,644) Impact IFRS16- Finance Leases (leases of plasma donation centre properties) (11,031) (57,874) (50,962) (20,829) Total Net Financial Debt according to Credit Agreement (1,084,137) 671,166 (6,974) (30,474) Total Net Financial Debt according to Credit Agreement non- controlling interest (487,862) 131,546 (6,974) (30,474) LTM Q3 2025
Page 34
- 34 - Q3 2025 Results Net Revenue Reconciliation at cc | Q3 2025 Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousands of euros Q3 2025 Q3 2024 % Var Reported Net Revenues 1,865,400 1,792,956 4.0% Variation due to Exchange Rate Effects 90,735 Net Revenues at Constant Currency 1,956,135 1,792,956 9.1% In thousands of euros Q3 2025 Q3 2024 % Var Reported Biopharma Net Revenues 1,619,532 1,532,744 5.7% Variation due to Exchange Rate Effects 79,903 Reported Biopharma Net Revenues at Constant Currency 1,699,435 1,532,744 10.9% In thousands of euros Q3 2025 Q3 2024 % Var Reported Diagnostic Net Revenues 147,411 156,292 (5.7%) Variation due to Exchange Rate Effects 6,779 Reported Diagnostic Net Revenues at Constant Currency 154,190 156,292 (1.3%) In thousands of euros Q3 2025 Q3 2024 % Var Reported Bio Supplies Net Revenues 38,876 49,415 (21.3%) Variation due to Exchange Rate Effects 2,538 Reported Bio Supplies Net Revenues at Constant Currency 41,414 49,415 (16.2%) In thousands of euros Q3 2025 Q3 2024 % Var Reported Others & Intersegments Net Revenues 59,581 54,505 9.3% Variation due to Exchange Rate Effects 1,516 Reported Other & Intersegments Net Revenues at Constant Currency 61,097 54,505 12.1% In thousands of euros Q3 2025 Q3 2024 % Var Reported U.S. + Canada Net Revenues 1,068,874 1,044,035 2.4% Variation due to Exchange Rate Effects 71,519 Reported U.S. + Canada Net Revenues at Constant Currency 1,140,393 1,044,035 9.2% In thousands of euros Q3 2025 Q3 2024 % Var Reported EU Net Revenues 394,914 359,360 9.9% Variation due to Exchange Rate Effects 982 Reported EU Net Revenues at Constant Currency 395,896 359,360 10.2% In thousands of euros Q3 2025 Q3 2024 % Var Reported ROW Net Revenues 401,612 389,561 3.1% Variation due to Exchange Rate Effects 18,234 Reported ROW Net Revenues at Constant Currency 419,846 389,561 7.8%
Page 35
- 35 - Q3 2025 Results Net Revenue Reconciliation at cc | 2025 YTD Business Review Financials Final Remarks AnnexValue Creation Plan Update In thousands of euros 2025 YTD 2024 YTD % Var Reported Net Revenues 5,542,340 5,236,568 5.8% Variation due to Exchange Rate Effects 97,299 Net Revenues at Constant Currency 5,639,639 5,236,568 7.7% In thousands of euros 2025 YTD 2024 YTD % Var Reported Biopharma Net Revenues 4,773,321 4,455,099 7.1% Variation due to Exchange Rate Effects 86,912 Reported Biopharma Net Revenues at Constant Currency 4,860,233 4,455,099 9.1% In thousands of euros 2025 YTD 2024 YTD % Var Reported Diagnostic Net Revenues 479,043 478,835 0.0% Variation due to Exchange Rate Effects 6,726 Reported Diagnostic Net Revenues at Constant Currency 485,769 478,835 1.4% In thousands of euros 2025 YTD 2024 YTD % Var Reported Bio Supplies Net Revenues 107,834 150,147 (28.2%) Variation due to Exchange Rate Effects 2,231 Reported Bio Supplies Net Revenues at Constant Currency 110,065 150,147 (26.7%) In thousands of euros 2025 YTD 2024 YTD % Var Reported Others & Intersegments Net Revenues 182,142 152,487 19.4% Variation due to Exchange Rate Effects 1,430 Reported Other & Intersegments Net Revenues at Constant Currency 183,572 152,487 20.4% In thousands of euros 2025 YTD 2024 YTD % Var Reported U.S. + Canada Net Revenues 3,161,790 3,007,232 5.1% Variation due to Exchange Rate Effects 60,741 Reported U.S. + Canada Net Revenues at Constant Currency 3,222,531 3,007,232 7.2% In thousands of euros 2025 YTD 2024 YTD % Var Reported EU Net Revenues 1,186,440 1,067,230 11.2% Variation due to Exchange Rate Effects 435 Reported EU Net Revenues at Constant Currency 1,186,875 1,067,230 11.2% In thousands of euros 2025 YTD 2024 YTD % Var Reported ROW Net Revenues 1,194,110 1,162,106 2.8% Variation due to Exchange Rate Effects 36,123 Reported ROW Net Revenues at Constant Currency 1,230,233 1,162,106 5.9%
Page 36
- 36 - Q3 2025 Results EBITDA Adjusted Reconciliation at cc | YTD and Q3 2025 Business Review Financials Final Remarks AnnexValue Creation Plan Update EBITDA Adjusted YTD 25: In thousands of euros YTD 2025 YTD 2024 % Var EBITDA Adjusted 1,357,610 1,253,287 8.3% Variation due to Exchange Rate Effects 36,604 EBITDA Adjusted at Constant Currency 1,394,214 1,253,287 11.2% EBITDA Adjusted Like- for- Like YTD 25: In thousands of euros YTD 2025 YTD 2024 % Var EBITDA Adjusted Like for Like 1,432,356 1,253,287 14.3% Variation due to Exchange Rate Effects 37,734 EBITDA Adjusted Like for Like at Constant Currency 1,470,090 1,253,287 17.3% EBITDA Adjusted Q3'25: In thousands of euros Q3 2025 Q3 2024 % Var EBITDA Adjusted 482,045 462,097 4.3% Variation due to Exchange Rate Effects 20,652 EBITDA Adjusted at Constant Currency 502,697 462,097 8.8% EBITDA Adjusted Like- for- Like Q3'25: In thousands of euros Q3 2025 Q3 2024 % Var EBITDA Adjusted Like for Like 498,316 462,097 7.8% Variation due to Exchange Rate Effects 21,902 EBITDA Adjusted Like for Like at Constant Currency 520,218 462,097 12.6%
Page 37
- 37 - Q3 2025 Results Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com