Slides
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- 1 - FY 2025 Results FY 2025 Results February 26, 2026
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- 2 - FY 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 (as amended and restated from time to time), the Spanish Securities Market and Investment Services Law (Law 6/2023, of 17 March, as amended a nd restated from time to time) and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, s ale 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.
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- 3 - FY 2025 Results Agenda 01 2025: Performance Summary 02 Biopharma: Delivering Results 03 FY’25 Financial Performance 04 Final Remarks 05 Annex
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- 4 - FY 2025 Results Nacho Abia Chief Executive Officer (CEO) 2025: Performance Summary
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- 5 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary FY’25 FY’25 vs PY €7,524m +7.0%cc1 (+9.1% cc LFL2) Revenue €1,825m Margin 24.3% +5.6%cc (+11.9% cc LFL) Margin: (+30bps LFL) EBITDA Adj. 4.2x -0.4x vs. PYLeverage ratio4 €468m +€201mFree Cash Flow pre-M&A pre-dividends3 FY’25 @Guidance FX5 Delivering on 2025 Financial Guidance, With Free Cash Flow Exceeding Guidance 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 31 and 32 in the Annex. 4 Leverage ratio defined as per the Credit Agreement in slide 36 in the Annex. 5 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).
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- 6 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Grifols’ Unique Positioning: Provides Resiliency and Helped Deliver FY 2025 • Ig growth performance, more than offsets IRA impact in 2025 • Leveraging strategic partnership in China to mitigate albumin impact, driving relative outperformance • Fibrinogen launch in Europe for AFD1 and CFD2. Approval in US for CFD • Biotest progressing as planned, considerable upside opportunity Delivered, led by Biopharma: • Grifols’ Biopharma business is broadly insulated from tariffs • USD weakening broadly insulated in 2025 at FCF, Group Profit and Leverage level Unique position helped mitigate headwinds: 2025: Resilient Performance 1 AFD: Acquired fibrinogen deficiency. 2 CFD: Congenital fibrinogen deficiency.
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- 7 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Grifols’ Unique Positioning: Clear Opportunity to Redefine the Industry • Only scaled plasma company with a fully integrated and end -to-end value chain in U.S. (#1 plasma market globally) • Pioneering self-sufficiency: • Transformational Partnership in Egypt – EMA approval of Egypt source plasma offering a paradigm shift • Highly Strategic Partnership with CBS in Canada (#4 IgG market globally) • Critical and long-standing strategic relationship with SRAAS in China (#1 Albumin market globally) • Unique strategic optionality to navigate dynamic geopolitical landscape, drive competitive advantage and redefine the industry Looking Ahead: Opportunity to Redefine the Industry
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- 8 - FY 2025 Results Biopharma: Delivering Results Roland Wandeler President of Biopharma
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- 9 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Biopharma: Building a Strong Basis to Drive Focused Growth in 2026 2025 Drivers Holding the ground in a more competitive market • Effectively competing in China with strategic local partnership (SRAAS), but offset by ongoing market / pricing pressures • Positive momentum in US and ex-China markets Treating more patients across A1 & Specialty Proteins • Alpha 1: Continued leadership and patient growth post transition to new specialty pharmacy partner • Strong performance in Rabies and Contract manufacturing +8.4% +10.9% LFL +14.7% +17.7% LFL +12.1% +59.5% -5.1% -5.2% LFL +1.4% +3.8% LFL IG FY’25 vs PY Overall 2026 Outlook Albumin Alpha 1 & Specialty proteins Differentiate, focus growth on key markets • Build on underlying demand growth of IgG • Grow with market in US and select countries • Consolidate position elsewhere with focus on margin after strong growth ex-US in previous years Balance growth with IgG • Continue to leverage strategic local partnership in China as key market (SRAAS) • Seize potential to grow ex-China Prepare to seize Alpha-1 potential • Leverage SPARTA (top line H2’26) to accelerate growth with increasing awareness and outcomes data • Advance SC 15% (2028/2029) Growing ahead of market • Continued underlying demand growth • Focused execution and effective use of inventory position to win back share in US as strategic market • Strong momentum with Subcutaneous IG Intravenous IG Subcutaneous IG Note: All figures are presented at constant currency (cc), excluding exchange rate fluctuations over the period.
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- 10 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Adding Fibrinogen as Additional Protein to Bolster Plasma Economics • National approval in Germany as key market (AFD+CFD)1 • PRUFIBRY successfully launched and sales in Q4’25 in the German market and in Austria • FDA Approval in US for CFD • Established field team and start of disease state education • Initiated preparation activities for AFD trial in the U.S. • Establish and grow share in Germany as key market • Build momentum and sequentially add approvals to cascade across additional EU countries • FESILTY launch with CFD indication in Q2’26 • Continuing broader disease state education around FC2 • Embarking on AFD trial in US 2025 2026 and Beyond Compete Build Europe US 1 AFD: Acquired fibrinogen deficiency; CFD: Congenital fibrinogen deficiency. 2 FC: Fibrinogen Concentrate.
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- 11 - FY 2025 Results Grifols Strategic Investments in Self-Sufficiency Uniquely Positioned to Drive Shareholder Value in Face of Rising Geopolitical Pressures Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Grifols Public-Private Partnerships US: Unique and fully integrated end-to-end value chain at scale Canada: Building national self-sufficiency with long-term public partner Egypt: Transforming national self- sufficiency into a regional hub Grifols US Footprint Strategic early investment in fully integrated US business model from plasma collection to manufacturing and commercialization Public-private partnership with Canadian Blood Services to enable Canadian plasma ecosystem for national self sufficiency in IG Public–private partnership with the Egyptian Government to build an integrated plasma platform for Egypt and Africa and the Middle East Strengthened position in #1 global plasma market Visionary partnership in Top-4 global IgG market Exclusive foothold in key developing market
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- 12 - FY 2025 Results Grifols US Footprint: End-to-end and Fully Integrated in Key Market Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary United States #1 Global Plasma Market Donor centers Biopharma manufacturing Los Angeles Clayton, North Carolina (NC) Manufacturing infrastructure Fractionation and purification facilities in 2 large manufacturing plants, in Clayton and Los Angeles, representing ~65% of global fractionation and purification capacity 300+ donor centers in the U.S., representing >70% of Grifols plasma collection capacity in the U.S. Donor center network Fully vertically integrated model Local end-to-end value chain from plasma collection through manufacturing to commercialization
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- 13 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Canada: Partnering to Expand Self-Sufficiency in Top 4 Global IgG Market Top-4 Global IgG Market 1 CBS: Canadian Blood Services 15-year renewable agreement with long-term strategic partner CBS1 Canada Manufacturing infrastructure • Only large-scale domestic manufacturing facility • Albumin purification operational, adding fractionation and IgG purification by 2028 • 17 donation centers in the last 12 months Donor center network -supply Fully vertically integrated model • Enabling local end-to-end value chain from plasma collection through manufacturing to supply • Uniquely positioned for continued growth across full platform of service offerings Montreal
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- 14 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Grifols Egypt: Strategic Partnership to Pioneer Self-Sufficiency in Africa and the Middle East Key developing market Granted EMA approval • Drives profitable growth via protein optimization • Converting surplus plasma into high-quality medicines for EMEA region • Boosting the Group’s profitability and long-term growth • Ensures long-term self-sufficiency • Positions Egypt as a regional hub • Strengthens Egypt’s healthcare Fully integrated regional ecosystem New Cairo Egypt
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- 15 - FY 2025 Results Achieved Self- Sufficiency Built Donor Center Network Grifols Egypt: Strong Progress, Even Stronger Prospects Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary From Vision to Value: Leveraging Grifols Key Competencies, showcasing Grifols Engineering • 2025: • Plant construction phase I • Plasma Testing Lab operational • Plasma Academy established 2025: EMA certifies the whole value chain in 2025: • Validates the end-to-end quality system • Position Egypt as a globally recognized plasma hub (“Grifols Seal”) • Enables European commercialization of Egyptian plasma, reducing reliance on U.S. imports (~40% of Europe’s plasma supply) • 2026: Plasma Logistic Center • 2030: Fractionation plant operational • 2031: Purification plant operational Completion of the entire value chain by 2031 Progressing Manufacturing Infrastructure Securing Strategic Regulatory Approval • 2025: 100% self-sufficiency in key proteins (FVIII, IgG, albumin) • 2026: Expand FVIII and albumin across MEA • 2025: 16 donor centers • 2026: 20 donor centers • High-standard operating model
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- 16 - FY 2025 Results Transformational Platform Shaping Egypt’s Healthcare Future Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary A Transformational Engine for Egypt A Transformational Engine for Grifols • Successful Public–Private Partnership • Diversified Supply Chain (local & global) • ESG & Institutional Value • Scale and Efficiency • Innovation & IP Leadership • Strategic Growth & Market Leadership • Value Creation & Structural Profitability • Optimized Plasma Economics • National self-sufficiency in critical plasma derived medicines • Stronger healthcare access through reliable, locally produced plasma therapies • Development of local expertise and technology: 170,000 hours of instruction under international standards • Contribution to the Egypt economy: 180,000+ €700m+ 15,000+ €55m+ Jobs2 GDP1 2025 2026-2029 cumulative 1 GDP refers both to direct, indirect and induced effects. 2Jobs created refers to both direct, indirect and induced jobs.
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- 17 - FY 2025 Results Rahul Srinivasan Chief Financial Officer (CFO) FY’25 Financial Performance
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- 18 - FY 2025 Results Resilient Financial Performance: Strong FCF and Group Profit Growth Performance and Continued Deleveraging (in million EUR except %) FY’25 Var vs. PY Var vs. PY NET REVENUE 7,524m 7.0% cc 9.1% cc GROSS MARGIN 2,860m 4.6% cc 10.1% cc Margin 38.0% -70bps +50pbs EBITDA ADJ. 1,825m 5.6% cc 11.9% cc Margin 24.3% -40bps +30bps PROFIT BEFORE TAX 615m 38.5% GROUP PROFIT 402m 156.1% Like for Like1 FREE CASH FLOW pre-M&A2 468m +201m LEVERAGE RATIO3 Total net LR 4.2x -0.4x Net secured LR 2.6x -0.2x LIQUIDITY 1,678m4 Reported Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary 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 31 and 32 in the Annex. 3 Leverage ratio defined as per the Credit Agreement in slide 36 in the Annex. 4 For 2025, cash and cash equivalents of €825m + unused credit facilities €853m.
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- 19 - FY 2025 Results Biopharma-Led EBITDA Growth, More Than Offsetting IRA and FX Impact, and Continued Focus on Reducing Cash Adjustments • Euro USD FX impact as anticipated in Q3’25 • EBITDA growth led by Biopharma • €108m IRA impact in line with guidance • Non-cash adjustments: as anticipated in Q3 earnings call, impairments of some R&D projects that do not affect the go-forward EBITDA and FCF story • Prioritizing a reduction in cash adjustments between EBITDA Adjusted and Reported • Lower transaction costs • Lower restructuring costs Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary EBITDA Adj. margin EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) 129 1,631 19 FY2024 Biopharma Diagnostic Opex Others and FX FY2025 LFL Inflation Reduction Act 1,779 1,933 24.7% 25.0% +11.9% cc +5.6% cc EBITDA reported Cash adjustments Non-cash adjustments 82 1,694 49 FY2025 1,825 24.3% 36%1 reduction in cash adj in 2025 1 Cash adjustments include transaction costs, restructuring costs and other non-recurring items as reflected in the reconciliation of slide 35 in the Annex. Bridge not at scale. 108
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- 20 - FY 2025 Results Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Free Cash Flow pre-M&A: Exceeds Guidance EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) EBITDA Adjusted 1,825 1,779 +46 Inventories (97) 26 -122 Receivables (8) (34) +27 Payables 38 (6) +44 Net working capital (67) (14) -52 CAPEX (373) (508) +136 IT and R&D (158) (139) -19 Taxes (169) (176) +6 Financial expenses (521) (561) +39 Others (69) (114) +45 Free Cash Flow pre-M&A1 468 267 +201 FY’25 FY’24 Vs PY Ongoing reduction of cash adjustments to EBITDA Adjusted Working capital management Capex levels normalizing from 2024 highs, as planned Lower cash interest costs aided by debt reduction in 2025 and significantly lower RCF utilization Adjusted EBITDA is after fully absorbing €108m IRA impact in 2025 FCF pre-M&A: +€43m vs top-end of improved Q3 guidance and +€68m vs top-end of original guidance 1 FCF definition and reconciliation to the Cash Flow Statement in slides 31 and 32 in the Annex.
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- 21 - FY 2025 Results Capital Structure Update …validated by tightening secondary yieldsSignificant and Rapid Re-rating progress… • Significant yield compression of 2030 bonds reflective of supportive investor sentiment Jun-24 Current Standard & Poor’s B Stable BB- Stable Fitch B+ Stable B+ Positive Moody’s B3 Stable B1 Stable Corporate ratings Refinancing update • Strong feedback from relationship banks supporting a significant upsize of RCF with considerably greater strategic and operational flexibility and significant improvement in pricing, to be effective upon refinancing of existing TLB • Institutional TLB investor education process to follow • 2027 maturities currently expected to be refinanced in two steps: • RCF + $/€ TLB in H1 2026 • Secured bonds ($/€) in Q4 2026 or earlier Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary
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- 22 - FY 2025 Results Prioritizing Higher Margins-Led Earnings Growth, Stronger Free Cash Flow, and Sustained Deleveraging Note: Graph not at scale. 2026 Priorities • 2022-2025 Volume-led EBITDA growth • 2026+ Prioritizing margin expansion-led EBITDA growth Adjusted EBITDARevenues FCFpre M&A pre-dividends -441 -103 267 468 2022 2023 2024 2025 Leverage ratio defined as per the Credit Agreement in slide 36 in the Annex FCF expansion Continued deleveraging Harvesting full value of strategic investments from the past Maximize growth from EMA approved plasma sourced in Egypt Adjusted EBITDA Margin Prioritize margin expansion-led EBITDA growth Fully leverage Grifols’ Unique Position and the clear opportunity to redefine the industry Continued re-rating progress7.1x 6.4x 4.6x 4.2xLeverage Ratio Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary 6,064 6,592 7,212 7,524 20.2% 22.2% 24.7% 24.3% 1,227 1,462 1,779 25.0% 1,825 Adjusted EBITDA Margin LFL 1,933 LFL (In million EUR except for EBITDA Adj. margin)
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- 23 - FY 2025 Results 2026 Guidance and 2027 Milestones Adjusted EBITDA margin ≥25% and continued Adjusted EBITDA growth (5-9% at constant currency) €500m-€575mFCF pre-M&A pre-dividends Leverage Continued deleveraging path • Credit agreement leverage1 of 3.5x or lower by year-end 2027 • Cumulative FCF pre-M&A pre-dividends (2024-2027): €1.75-€2bn 2026 Guidance 2027 Milestones Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary 1 Leverage defined as per the Credit Agreement in slide 36 in the Annex.
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- 24 - FY 2025 Results Final Remarks Nacho Abia Chief Executive Officer (CEO)
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- 25 - FY 2025 Results Prioritizing Margins Improvement Led Earnings Growth, Free Cash Flow Enhancement and Continued Deleveraging Achieved financial guidance for 2025, critically exceeding FCF guidance, despite a complex geopolitical and macro backdrop Prioritizing margin led EBITDA growth, FCF enhancement and continued deleveraging Grifols’ unique positioning is a competitive advantage and provides a clear opportunity to redefine the industry Self-Sufficiency progress in Egypt and Canada a key differentiator and value driver Driving sales growth in the US and other key strategic markets, and thereby prioritizing margin improvement led EBITDA growth 2027 Milestones: leverage and cumulative FCF targets Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary
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- 26 - FY 2025 Results ANNEX
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- 27 - FY 2025 Results Revenue | Q4 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary Q4 2025 Q4 2024 In thousands of euros Reported At cc* Revenue by Business Unit 1,981,864 1,975,814 0.3% 5.2% Biopharma 1,714,004 1,687,487 1.6% 6.6% Diagnostic 160,533 166,063 (3.3%) 1.3% Bio Supplies 46,276 52,404 (11.7%) 2.2% Others 61,051 69,860 (12.6%) (15.7%) Revenue by Country 1,981,864 1,975,814 0.3% 5.2% US + CANADA 1,091,447 1,079,798 1.1% 8.1% EU 427,109 431,668 (1.1%) (1.0%) ROW 463,308 464,348 (0.2%) 4.0% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
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- 28 - FY 2025 Results Revenue | FY 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary FY 2025 FY 2024 In thousands of euros Reported At cc* Revenue by Business Unit 7,524,204 7,212,382 4.3% 7.0% Biopharma 6,487,325 6,142,588 5.6% 8.4% Diagnostic 639,576 644,898 (0.8%) 1.4% Bio Supplies 154,110 215,664 (28.5%) (19.7%) Others 243,193 209,232 16.2% 8.6% Revenue by Country 7,524,204 7,212,382 4.3% 7.0% US + CANADA 4,253,238 4,087,030 4.1% 7.4% EU 1,613,549 1,498,898 7.6% 7.7% ROW 1,657,417 1,626,455 1.9% 5.3% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
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- 29 - FY 2025 Results P&L | Q4 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary 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 1,981,864 - 1,981,864 1,975,813 - 1,975,813 0.3% 0.3% Cost of Sales (1,294,508) 13,652 (1,280,856) (1,209,319) 10,118 (1,199,201) (7.0%) (6.8%) Gross Margin 687,357 13,652 701,008 766,494 10,118 776,612 (10.3%) (9.7%) % Net revenue 34.7% - 35.4% 38.8% - 39.3% - - R&D (136,755) 45,912 (90,843) (115,001) 18,572 (96,429) (18.9%) 5.8% SG&A (275,294) 12,441 (262,853) (269,479) 12,792 (256,687) (2.2%) (2.4%) Operating Expenses (412,049) 58,353 (353,696) (384,480) 31,364 (353,116) (7.2%) (0.2%) Other Income 432 - 432 - - - - - (4,336) 1 (4,335) (10,155) 5,826 (4,329) 57.3% (0.1%) OPERATING RESULT (EBIT) 271,405 72,006 343,409 371,859 47,308 419,167 (27.0%) (18.1%) % Net revenue 14% - 17.3% 18.8% - 21.2% - - Financial Result (160,229) - (160,229) (161,317) - (161,317) 0.7% 0.7% - - - - - - - - PROFIT BEFORE TAX 111,176 72,006 183,180 210,542 47,308 257,850 (47.2%) (29.0%) % Net revenue 5.6% - 9.2% 10.7% - 13.1% - - Income Tax Expense 15,061 (16,908) (1,847) (126,756) 68,925 (57,831) 111.9% 96.8% % of pre-tax income (13.5%) - 1.0% 60.2% - 22.4% - - CONSOLIDATED PROFIT 126,237 55,098 181,333 83,786 116,233 200,019 50.7% (9.3%) Results Attributable to Non-Controlling Interests (28,097) (1,529) (29,626) (14,818) (6,391) (21,209) (89.6%) (39.7%) GROUP PROFIT 98,141 53,569 151,707 68,968 109,842 178,810 42.3% (15.2%) % Net revenue 5.0% - 7.7% 3.5% - 9.0% Q4 2025 % vs PY Share of Results of Equity Accounted Investees Share of Results of Equity Accounted Investees - Core Activities Q4 2024
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- 30 - FY 2025 Results P&L | FY 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary
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- 31 - FY 2025 Results Cash Flow | Q4 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In million Euros Q4'25 Q4'24 Net Cash Flow From Operating Activities 1 429 514 Net Cash Flow From Investing Activities 1 (152) (179) Free Cash Flow 277 335 SRAAS transaction2 - Free Cash Flow pre- M&A 277 335 1 Statement of Cash Flow According IFRS-EU 2 As per Note (12) of the 2024 Consolidated Annual Accounts In million Euros Q4'25 Q4'24 EBITDA Adjusted 467 526 Changes in working capital 130 184 CAPEX (91) (120) R&D and IT (49) (43) Taxes (70) (81) Interests (176) (166) Others 66 35 Free Cash Flow pre- M&A 277 335 Free Cash Flow pre-M&A (FCF) = EBITDA Adjusted +/- Changes in Working Capital - CAPEX (as defined in the APM) - R&D & IT +/- 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.
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- 32 - FY 2025 Results Cash Flow | FY 2025 Free Cash Flow pre-M&A (FCF) = EBITDA Adjusted +/- Changes in Working Capital - CAPEX (as defined in slide 43 and in the APM) - R&D & IT +/- 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. Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In million Euros FY 2025 FY 2024 Net Cash Flow From Operating Activities 1 1,046 902 Net Cash Flow From Investing Activities 1 (578) 887 Free Cash Flow 468 1,789 SRAAS transaction2 - 1,523 Free Cash Flow pre- M&A 468 267 1 Statement of Cash Flow According IFRS-EU 2 As per Note (12) of the 2024 Consolidated Annual Accounts In million Euros FY 2025 FY 2024 EBITDA Adjusted 1,825 1,779 Changes in working capital (67) (14) CAPEX (373) (508) R&D and IT (158) (139) Taxes (169) (176) Interests (521) (561) Others (69) (114) Free Cash Flow pre- M&A 468 267
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- 33 - FY 2025 Results Balance Sheet | 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In thousands of euros dic-25 dic-24 14,638,576 15,677,699 10,493,419 11,297,491 3,119,872 3,341,846 96,937 68,996 512,727 490,492 415,621 478,873 5,072,783 5,727,543 - - 3,295,856 3,560,098 82,256 35,979 769,285 836,015 35,436 243,156 64,464 72,515 825,486 979,780 19,711,359 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 In thousands of euros dic-25 dic-24 7,603,863 8,607,025 119,604 119,604 910,728 910,728 4,186,269 4,054,505 Treasury Stock (130,658) (134,448) 401,890 156,920 Interim dividend (102,076) - (113,988) 776,418 2,332,094 2,723,298 10,088,843 10,642,070 9,090,666 9,490,644 998,178 1,151,426 2,018,653 2,156,146 552,453 676,087 1,466,200 1,480,059 19,711,359 21,405,241 Equity Equity and Liabilities 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
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- 34 - FY 2025 Results Like-for-Like (LFL) Reconciliation Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In millions of euros Q4'25 Q3'25 Q2'25 Q1'25 FY 25 Revenue Reported 1,982 1,865 1,891 1,786 7,524 Fee-for-Service / GPO Reclassification 29 19 33 15 96 Inflation Reduction Act (IRA) 33 16 30 28 108 Revenue Like- for- Like 2,045 1,901 1,954 1,829 7,729 In millions of euros Q4'25 Q3'25 Q2'25 Q1'25 FY 25 Operating Results (EBIT) 271 354 349 269 1,243 Depreciation & Amortization 129 103 107 112 450 Reported EBITDA 400 457 456 381 1,694 Total adjustments 67 25 19 20 131 EBITDA Adjusted 467 482 475 400 1,825 Inflation Reduction Act (IRA) 33 16 30 28 108 EBITDA Adjusted Like- for- Like 501 498 505 428 1,933 In millions of euros FY 25 FY 24 % Var Revenue Like-for-Like 7,729 7,266 6.4% Variation due to exchange rates (201) Revenue Like- for- Like at cc 7,930 7,266 9.1% In millions of euros FY 25 FY 24 % Var Gross Margin Like for Like 3,064 2,848 7.6% Variation due to exchange rates (71) Gross Margin Like for Like at cc 3,135 2,848 10.1% In millions of euros FY 25 FY 24 % Var EBITDA Adjusted Like-for-Like 1,933 1,779 8.7% Variation due to exchange rates (58) EBITDA Adjusted Like- for- Like at cc 1,991 1,779 11.9%
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- 35 - FY 2025 Results EBIT to EBITDA and EBITDA Adjusted Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary
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- 36 - FY 2025 Results Leverage Ratio as per Credit Agreement Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In millions of euros. Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Non-Current Financial Liabilities 9,091 9,093 9,118 9,390 9,491 Non-recurrent Lease Liabilities (IFRS16) (969) (966) (978) (1,026) (1,025) Current Financial Liabilities 552 595 522 657 676 Recurrent Lease Liabilities (IFRS16) (113) (111) (112) (119) (117) Cash and Cash Equivalents (802) (621) (559) (753) (980) Net Financial Debt as per Credit Agreement 7,759 7,990 7,991 8,149 8,045 In millions of euros except ratio FY 25 LTM Q3'25 LTM Q2'25 LTM Q1'25 FY 24 OPERATING RESULT (EBIT) 1,243 1,344 1,307 1,257 1,192 Depreciation & Amortization (450) (432) (437) (445) (439) Reported EBITDA 1,693 1,776 1,744 1,702 1,631 IFRS 16 (120) (117) (118) (117) (113) Restructuring costs, impairments and others 78 50 67 68 65 Transaction costs 29 28 28 41 49 Cost savings, operating improvements and synergies estimated on a "run rate" for the next 12 months 168 174 173 165 159 Share of profits assoc core activity 4 4 9 (39) (38) Total adjustments 159 139 159 118 122 Adjusted EBITDA as per Credit Agreement 1,852 1,915 1,903 1,820 1,753 Leverage Ratio as per Credit Agreeement 4.2x 4.2x 4.2x 4.5x 4.6x
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- 37 - FY 2025 Results Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In millions of euros except the ratio Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Non-Current Financial Liabilities 9,091 9,093 9,118 9,390 9,491 Current Financial Liabilities 552 595 522 657 676 Cash and Cash Equivalents (825) (621) (559) (753) (980) Net Financial Debt 8,818 9,067 9,081 9,294 9,187 FY 25 LTM Q3'25 LTM Q2'25 LTM Q1'25 FY 24 OPERATING RESULT (EBIT) 1,243 1,344 1,307 1,257 1,192 Depreciation & Amortization (450) (432) (437) (445) (439) Reported EBITDA 1,693 1,776 1,744 1,702 1,631 Leverage Ratio Reported 5.2x 5.1x 5.2x 5.5x 5.6x
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- 38 - FY 2025 Results Net Secured Financial Debt Ratio as per Credit Agreement Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In millions of euros except ratio. FY 25 FY 24 Amount of revolver drawn - - EIB debt principal outstanding 53 85 Senior Debt Tranche B 2,198 2,373 Senior Secured Notes principal outstanding 3,340 3,340 Total Secured Debt 5,591 5,798 Cash and Cash Equivalents (802) (980) Net Secured Debt 4,789 4,818 Adjusted EBITDA as per Credit Agreement 1,852 1,753 Net secured leverage ratio as per Credit Agreement 2.6x 2.7x
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- 39 - FY 2025 Results NCI Contribution Note: Last Twelve Months figures (LTM). Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 138,669 (72,282) 40,344 11,191 Income tax expense (30,282) 88,200 (11,322) (7,022) Financial result 76,328 (41,956) (2,605) 4,775 Amortisation and depreciation (46,891) (54,049) (7,127) (8,420) EBITDA 139,514 (64,477) 61,397 21,859 Impact IFRS16- Finance Leases (2,491) (9,774) (5,701) (4,800) Restructuring costs 2,013 2,500 148 138 Impairments - 3,850 - - EBITDA under Credit Agreement 139,037 (67,900) 55,845 17,197 % of non-controlling interest 45.0% 19.6% 100.0% 100.0% EBITDA reported attibutable to Non Controlling Interests (NCI) 62,781 (12,637) 61,397 21,859 EBITDA as per Credit Agreement Attributable to NCI 62,566 (13,308) 55,845 17,197 Cash and cash equivalents (631) (98,784) (17,750) (15,761) Financial (assets) or liabilities with Grifols (1,062,176) 706,853 - - Leasing liabilities 11,008 61,383 50,186 21,541 Loans and other financial liabilities 1,615 65,895 16 - Total Balance Sheet Net Financial Debt (1,050,184) 735,346 32,452 5,780 % of non-controlling interest 45.0% 19.6% 100.0% 100.0% Impact IFRS16- Finance Leases (11,008) (61,383) (50,186) (21,541) Total Net Financial Debt as per Credit Agreement (1,061,192) 673,963 (17,733) (15,761) Total Net Financial Debt according to Credit Agreement attributable to non controlling interests (NCI) (477,536) 132,094 (17,733) (15,761) FY 2025
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- 40 - FY 2025 Results Net Revenue Reconciliation at cc | Q4 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In thousands of euros Q4 2025 Q4 2024 % Var Reported Net Revenues 1.981.864 1.975.814 0,3% Variation due to Exchange Rate Effects 96.219 Net Revenues at Constant Currency 2.078.083 1.975.814 5,2% In thousands of euros Q4 2025 Q4 2024 % Var Reported Biopharma Net Revenues 1.714.004 1.687.487 1,6% Variation due to Exchange Rate Effects 84.062 Reported Biopharma Net Revenues at Constant Currency 1.798.066 1.687.487 6,6% In thousands of euros Q4 2025 Q4 2024 % Var Reported Diagnostic Net Revenues 160.533 166.063 (3,3%) Variation due to Exchange Rate Effects 7.724 Reported Diagnostic Net Revenues at Constant Currency 168.257 166.063 1,3% In thousands of euros Q4 2025 Q4 2024 % Var Reported Bio Supplies Net Revenues 46.276 52.404 (11,7%) Variation due to Exchange Rate Effects 3.148 Reported Bio Supplies Net Revenues at Constant Currency 49.424 52.404 (5,7%) In thousands of euros Q4 2025 Q4 2024 % Var Reported Others & Intersegments Net Revenues 61.051 69.860 (12,6%) Variation due to Exchange Rate Effects 1.285 Reported Other & Intersegments Net Revenues at Constant Currency 62.336 69.860 (10,8%) In thousands of euros Q4 2025 Q4 2024 % Var Reported U.S. + Canada Net Revenues 1.091.447 1.079.798 1,1% Variation due to Exchange Rate Effects 76.017 Reported U.S. + Canada Net Revenues at Constant Currency 1.167.464 1.079.798 8,1% In thousands of euros Q4 2025 Q4 2024 % Var Reported EU Net Revenues 427.109 431.668 (1,1%) Variation due to Exchange Rate Effects 380 Reported EU Net Revenues at Constant Currency 427.489 431.668 (1,0%) In thousands of euros Q4 2025 Q4 2024 % Var Reported ROW Net Revenues 463.308 464.348 (0,2%) Variation due to Exchange Rate Effects 19.822 Reported ROW Net Revenues at Constant Currency 483.130 464.348 4,0%
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- 41 - FY 2025 Results Net Revenue Reconciliation at cc | FY 2025 Business Review Financials Final Remarks Annex2025 Year-End Review In thousands of euros 2025 2024 % Var Reported Net Revenues 7,524,204 7,212,382 4.3% Variation due to Exchange Rate Effects 193,518 Net Revenues at Constant Currency 7,717,722 7,212,382 7.0% In thousands of euros 2025 2024 % Var Reported Biopharma Net Revenues 6,487,325 6,142,588 5.6% Variation due to Exchange Rate Effects 170,974 Reported Biopharma Net Revenues at Constant Currency 6,658,299 6,142,588 8.4% In thousands of euros 2025 2024 % Var Reported Diagnostic Net Revenues 639,576 644,898 (0.8%) Variation due to Exchange Rate Effects 14,450 Reported Diagnostic Net Revenues at Constant Currency 654,026 644,898 1.4% In thousands of euros 2025 2024 % Var Reported Bio Supplies Net Revenues 154,110 215,664 (28.5%) Variation due to Exchange Rate Effects 5,379 Reported Bio Supplies Net Revenues at Constant Currency 159,489 215,664 (26.0%) In thousands of euros 2025 2024 % Var Reported Others & Intersegments Net Revenues 243,193 209,232 16.2% Variation due to Exchange Rate Effects 2,715 Reported Other & Intersegments Net Revenues at Constant Currency 245,908 209,232 17.5% In thousands of euros 2025 2024 % Var Reported U.S. + Canada Net Revenues 4,253,238 4,087,030 4.1% Variation due to Exchange Rate Effects 136,757 Reported U.S. + Canada Net Revenues at Constant Currency 4,389,995 4,087,030 7.4% In thousands of euros 2025 2024 % Var Reported EU Net Revenues 1,613,549 1,498,898 7.6% Variation due to Exchange Rate Effects 816 Reported EU Net Revenues at Constant Currency 1,614,365 1,498,898 7.7% In thousands of euros 2025 2024 % Var Reported ROW Net Revenues 1,657,417 1,626,455 1.9% Variation due to Exchange Rate Effects 55,945 Reported ROW Net Revenues at Constant Currency 1,713,362 1,626,455 5.3%
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- 42 - FY 2025 Results EBITDA Adjusted Reconciliation at cc | FY and Q4 2025 EBITDA Adjusted FY25: In thousands of euros FY2025 FY2024 % Var EBITDA Adjusted 1,825,102 1,779,232 2.6% Variation due to Exchange Rate Effects 54,360 EBITDA Adjusted at Constant Currency 1,879,462 1,779,232 5.6% EBITDA Adjusted Like- for- Like FY25: In thousands of euros FY2025 FY2024 % Var EBITDA Adjusted Like for Like 1,933,221 1,779,232 8.7% Variation due to Exchange Rate Effects 57,956 EBITDA Adjusted Like for Like at Constant Currency 1,991,177 1,779,232 11.9% Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary EBITDA Adjusted Q4'25: In thousands of euros Q4 2025 Q4 2024 % Var EBITDA Adjusted 467,491 525,944 (11.1%) Variation due to Exchange Rate Effects 17,756 EBITDA Adjusted at Constant Currency 485,247 525,944 (7.7%) EBITDA Adjusted Like- for- Like Q4'25: In thousands of euros Q4 2025 Q4 2024 % Var EBITDA Adjusted Like for Like 500,865 525,944 (4.8%) Variation due to Exchange Rate Effects 20,222 EBITDA Adjusted Like for Like at Constant Currency 521,087 525,944 (0.9%)
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- 43 - FY 2025 Results CAPEX Reconciliation 2024 and 2025 Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex2025 Performance Summary In million euros FY2025 FY2024 % Var Property, Plant & Equipment additions ("CAPEX reported in Consolidated Statements of Cash Flows") 265 233 13,7% Interest capitalized 21 26 Total PP&E additions 286 259 10,4% Interest capitalized (21) (26) Group companies associates and business units 108 275 CAPEX reported in the Earnings Report 373 508 (26,6%)
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- 44 - FY 2025 Results Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com