Slides
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- 1 -Q3 2026 Results Q3 2026 Results November 2, 2026
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- 2 -Q3 2026 Results Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions 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 and 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, 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 forecasts made by Grifols management, including pro forma figures, estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to capital expenditures, 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 unknown 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 estimates 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 the 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 information 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 therefore 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 from 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, use, and reconciliation of APMs, please see the appendix as well as the “Alternative performance measures” document from our website www.grifols.com/en/investors.
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- 3 -Q3 2026 Results Agenda 01 Business Update 02 Q3’26 Financial Performance 03 Final Remarks 04 Annex
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- 4 -Q3 2026 Results Nacho Abia Chief Executive Officer (CEO) Continued Delivery on Our Value Creation Priorities
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- 5 -Q3 2026 Results Strong Business Performance and Disciplined Execution Drive Strategic and Financial Progress 1 Constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations; 2 FCF definition and reconciliation to the Cash Flow Statement in slides 25 and 26 in the Annex; 3 Leverage ratio defined as per the Credit Agreement in slide 29 in the Annex. Strong Biopharma performance, led by IG and Alpha-1 & Specialty Proteins Continued margin progression, improving cash conversion and deleveraging Progress across key strategic initiatives On track to deliver FY’26 guidance Revenues Adjusted EBITDA and margin FCF pre-M&A2 Leverage ratio3 €5,614m +4.6% cc1 €1,392m +5.0% cc €298m +€110m 3.98x -0.2x 9M’26 vs PY Q3’26 vs PY 24.8% +30 bps €2,040m +8.4% cc €538m +9.8% cc €208m +€5m 26.4% +60 bps Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Continuing assessment of potential US Biopharma IPO Phased resumption of plasma collection in Canada Announced an interim dividend of €0.15 per share
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- 6 -Q3 2026 Results IG Continues to Drive Growth, with Strong Contribution From Alpha-1 & Specialty Proteins, Amid Albumin Headwind 9M’26 Q3’26 -13.9% +4.6% -13.2% +18.2% Note: All figures are presented at constant currency (cc), excluding exchange rate fluctuations over the period. Note: 1PIDD: Primary Immunodeficiency Disease; 2SID: Secondary Immunodeficiency; 3CIDP: Chronic Inflammatory Demyelinating Polyneuropathy +12.3% +11.3% +11.4% +25.6% +9.2% +40.3% Albumin Alpha-1 & Specialty Proteins Intravenous IG IG Subcutaneous IG • China regulatory and channel dynamics continue to weigh on albumin performance • Channel inventory remains elevated • Solid contribution from Alpha-1 and Specialty Proteins, including double-digit Rabies growth in Q3’26 • Continued demand growth across PIDD1, SID2, CIDP3 in the U.S. and globally • Solid SCIG growth driven by good commercial execution and share capture towards IVIG levels Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Drivers +7.1% +10.3%Total Biopharma Biopharma (growth at cc)
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- 7 -Q3 2026 Results IG’s Broad Therapeutic Benefits Underpin Growing Demand Across Multiple Key Conditions U.S. IG market by condition and Grifols pull-through growth PIDD SID CIDP Others IG market by condition Grifols pull-through growth by condition CAGR 2024–H1’26 PIDD1 SID2 CIDP3 HSD4 DD5 MSD6/HSD Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Source: Industry-wide data combining PPTA, data on file and Grifols internal data. Patient population growth through increased diagnosis rates across core IG therapeutic areas Increased treatment of diagnosed patient populations where IG is the standard of care Improved grams per treated patient through provider education on dose optimization, frequency, and duration Lifecycle management to expand indications and introduce new formulations Demand Drivers Note: 1PIDD: Primary Immunodeficiency Disease; 2SID: Secondary Immunodeficiency; 3CIDP: Chronic Inflammatory Demyelinating Polyneuropathy 4HSD: High single-digit 5DD: Double-digit 6MSD: Mid single-digit
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- 8 -Q3 2026 Results Albumin Performance Remains Impacted by China Channel Dynamics Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Current market dynamics in China Inventories Channel inventory remains at elevated levels, weighing on sell-in volume recovery and pricing Regulatory environment China instituted restrictions on albumin prescribing, negatively rebasing market volumes Market size China remains the world's largest albumin market, with ~700m grams in 2025 Strategy in China Strategy ex-China Leverage local strategic partnership with Shanghai RAAS Expand commercial reach across tier II hospitals and retail pharmacies Increase sales efforts in geographies with attractive price structures Focus on launching differentiated product formats (Albutein FlexBag) Continue driving disease awareness and evidence generation through our Medical teams Disseminate PRECIOSA evidence to support long-term albumin use in cirrhosis Drive cross-selling with other portfolio products Increase marketing activities and local engagement
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- 9 -Q3 2026 Results Significant Untapped Alpha-1 Opportunity Supported by Innovation and Increased Screening Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update An underdiagnosed market Innovation Diagnosis SPARTA • Last patient, last visit August’26; top-line results on track by year- end 2026 • Trial designed to test efficacy through CT – measured lung density preservation over 3 years at standard and double dosing Alpha-1 SubQ 15% • Designed to demonstrate non- inferior pharmacokinetics, safety and tolerability Partnership focused on improving diagnosis rates of AATD More than 1.5m people tested by Grifols Cost-efficient way to develop the untapped Alpha-1 market ~10- 15% ~85- 90% ~230k patients Diagnosed patients Not diagnosed patients Potential to unlock growth through improved AATD awareness and diagnosis
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- 10 -Q3 2026 Results Egypt Continues to Scale With Attractive Economics Overview Attractive economics Structurally attractive plasma collection economics, supporting further margin improvement as volumes continue to scale Scale & global optimization Egypt plasma is expected to scale to ~3 million liters by 2029. plasma supply by 2029, enabling further optimization of the U.S. collection network European regulatory approval European approval enables Egyptian plasma to supply international markets and become part of Grifols’ global sourcing network Strategic partnership Grifols Egypt supports the country’s plasma self- sufficiency through a fully integrated plasma platform Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update 2026 Key operational progress Plasma Logistics Center operational Continued build-out of Egypt's integrated plasma ecosystem Continued build-out of Egypt's integrated plasma ecosystem~1 million liters of plasma Plasma Collections Evolution (30-day moving average) ~1m liters jul-25 aug-25 sep-25 oct-25 nov-25 dec-25 jan-26 feb-26 mar-26 apr-26 may-26 jun-26 jul-26 aug-26 sep-26 oct-26e nov-26e dec-26e 18 plasma centers, growing to 20 by early 2027 Base:100
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- 11 -Q3 2026 Results Rahul Srinivasan Chief Financial Officer (CFO) Q3’26 Financial Performance
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- 12 -Q3 2026 Results Financial Highlights (in million EUR except %) Var vs. PY H1’26 Var vs. PY NET REVENUE 2,040m +8.4%cc 5,614m 5,542m +4.6% cc GROSS MARGIN 807m +8.6%cc 2,132m 2,172m +0.4% cc Margin 39.6% 38.0% 39.2% FY’25: 38.0% ADJUSTED EBITDA 538m +9.8%cc 1,392m 1,358m +5.0% cc Margin 26.4% +60 bps 24.8% 24.5% +30 bps GROUP PROFIT 162m +27.9% 390m 304m +28.4% FREE CASH FLOW pre-M&A1 208m +5m 298m 188m +110m LEVERAGE RATIO2 Total net LR 3.98x 4.2x Net secured LR 2.5x 2.6x LIQUIDITY 2,140m3 1,475m4 Q3’26 Avg EURUSD @1.15 9M’26 Avg EURUSD @1.16 9M’25 Avg EURUSD @1.10 9M’26 Var. vs PY Note: When specified, figures presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 FCF definition and reconciliation to the Cash Flow Statement in slides 25 and 26 in the Annex. 2 Leverage ratio defined as per the Credit Agreement in slide 29 in the Annex. 3 Reported liquidity for 9M’26: cash and cash equivalents of €486m + unused credit facilities €1,653m. 4 Reported liquidity for 9M’25: cash and cash equivalents of €621m + unused credit facilities €1,218m - unused RCF facilities maturing in Nov.’25 c€364m. Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Var. Vs PYReported - 12 -
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- 13 -Q3 2026 Results Biopharma Continues to Drive Group Revenue Growth Note: Percentage rates are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. Revenues (in million EUR except for growth) Diagnostic • Revenue impacted by the termination of the joint business with QuidelOrtho. Underlying LFL +2.3% YTD • Ongoing portfolio repositioning focused on higher-value opportunities and improved profitability Biopharma • Strong IG YTD growth • IG supported by continued underlying demand, favorable product mix and the U.S. launch of Biotest Yimmugo • Albumin remains impacted by China regulatory and channel dynamics • Alpha-1 & Specialty Proteins progress • Higher Q3 weighting within H2 phasing 9M’25 Biopharma Diagnostic Bio Supplies & Others 9M’26 at cc -180 FX 9M’26 5,542 5,794 5,614 +4.6% cc +7.1% cc -7.0% cc Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update -3.1%
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- 14 -Q3 2026 Results Volume Growth, Product Mix and Disciplined Execution Drive Adj EBITDA Growth and Margin Improvement Note: All figures are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annexes for reconciliations. Adjusted EBITDA (in million EUR) Key drivers • Volume growth • Favorable product mix • Optimization of plasma sourcing and plasma collection costs • Operational leverage and continued cost discipline • FX headwinds for 9M’26 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 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Q3'25 Q3'26 482 538 26.4% 25.8% +60bps +9.8%cc 9M'25 9M'26 1,358 1,392 24.8% 24.5% +30bps +5.0%cc - 14 -
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- 15 -Q3 2026 Results 37,6% 39,4% 40,2% Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Adjusted EBITDA Margin Expansion Supported by Recovering Gross Margin and Opex Discipline • Continued progression despite Albumin headwinds • Supported by volume growth, favorable product mix and plasma cost optimization • Egypt EMA approved plasma benefits to scale over time • Sustained cost discipline • Operating leverage supports value-creating business investment 19.8% YTD’26 21,8% 20,0% 20,3% Q1'26 Q2'26 Q3'26 Operational Expenses Evolution (SG&A and R&D Expenses) Gross Margin Evolution (Gross Profit as a % of Revenues) 36,5% 37,6% 39,6% Q1'26 Q2'26 Q3'26 FY’25 YTD’26 Reported GM 38.0% 38.0% FY’25 YTD’26 Reported Opex 21.4% 20.6%
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- 16 -Q3 2026 Results Operating Performance Supports Continued Improvement in FCF and Cash Conversion 1 FCF definition and reconciliation to the Cash Flow Statement in slide 26 in the Annex. Adjusted EBITDA to FCF reconciliation (in million EUR) • Cash conversion improved • Higher Adjusted EBITDA supporting FCF generation • Working capital reflects continued investments to support IG growth • Lower CAPEX, partly offset by higher IT and Diagnostic R&D investment • Cash interest expense remains broadly stable Adjusted EBITDA 1,392 1,358 +34 Inventories (213) (118) -95 Receivables (22) (131) +109 Payables 9 53 -44 Net working capital (226) (196) -30 CAPEX (222) (281) +59 IT and R&D (135) (109) -26 Taxes (94) (99) +5 Interests (332) (345) +13 Others (85) (140) +55 Free Cash Flow pre-M&A1 298 188 +110 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Vs 9M’259M’259M’26
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- 17 -Q3 2026 Results 5.5x 5.1x 4.6x 4.5x 4.2x 4.2x 4.2x 4.3x 4.2x 3.98x Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 704 1,860 1,675 1,414 1,475 1,678 1,573 2,030 2,140 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Further Balance Sheet Strengthening Supports Financial Flexibility Net Leverage Evolution (Net Debt calculated as per the Credit Agreement Definition divided by LTM Adjusted EBITDA) Liquidity Position Evolution (Million €) x3 • Leverage below 4.0x reflects continued progress on our deleveraging commitment alongside supporting our capital allocation priorities • No significant maturities until Q4’28 Continued Deleveraging • Liquidity comfortably covers near- and medium-term funding requirements • Strong liquidity runway supports financial resilience through different market conditions Fortress Liquidity Position Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update -1.5x
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- 18 -Q3 2026 Results Nacho Abia Chief Executive Officer (CEO) Final Remarks
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- 19 -Q3 2026 Results Delivering on Our Strategic and Financial Priorities Profitable Growth • Converting revenue growth into sustainable profitability • Cost management and operating leverage supporting margin expansion Strategic Opportunities • Advancing Alpha-1 innovation and patient diagnosis initiatives • Repositioning Diagnostic to unlock growth and value creation Guidance 2026 • On track to deliver full-year guidance • Continued execution against value creation priorities Biopharma Momentum • Robust IG demand and favorable product mix • Positive contribution from Alpha-1 & Specialty Proteins Egypt Progress • Continued progress in scaling Egypt’s plasma platform • Optimizing global sourcing and plasma cost profile Cash Generation & Deleveraging • Improving free cash flow and cash conversion • Supporting continued deleveraging and greater financial flexibility Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update
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- 20 -Q3 2026 Results Annex
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- 21 -Q3 2026 Results Revenue | Q3 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Q3 2026 Q3 2025 In millions of euros Reported At cc* Revenue by Business Unit 2,040 1,865 9.4% 8.4% Biopharma 1,803 1,620 11.3% 10.3% Diagnostic 147 147 (0.5%) (1.0%) Bio Supplies 46 39 18.5% 17.7% Others 44 60 (25.4%) (25.7%) Revenue by Country 2,040 1,865 9.4% 8.4% US + CANADA 1,264 1,069 18.2% 17.3% EU 408 395 3.3% 3.1% ROW 368 402 (8.3%) (9.9%) * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
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- 22 -Q3 2026 Results Revenue | YTD 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update 2026 YTD 2025 YTD In millions of euros Reported At cc* Revenue by Business Unit 5,614 5,542 1.3% 4.6% Biopharma 4,951 4,773 3.7% 7.1% Diagnostic 431 479 (10.0%) (7.0%) Bio Supplies 96 108 (10.6%) (7.5%) Others 136 182 (25.3%) (24.5%) Revenue by Country 5,614 5,542 1.3% 4.6% US + CANADA 3,322 3,162 5.1% 10.1% EU 1,207 1,186 1.7% 1.8% ROW 1,086 1,194 (9.1%) (7.3%) * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
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- 23 -Q3 2026 Results P&L | Q3 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In millions of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 2,040 - 2,040 1,865 - 1,865 9.4% 9.4% Cost of Sales (1,233) 12 (1,221) (1,132) 18 (1,114) 8.9% 9.6% Gross Margin 807 12 819 734 18 752 10.0% 8.9% % Net revenue 39.6% - 40.1% 39.3% - 40.3% - - R&D (87) - (87) (97) - (97) (10.3%) (10.3%) SG&A (326) 25 (301) (285) 11 (274) 14.4% 9.9% Operating Expenses (414) 25 (388) (382) 11 (371) (8.2%) (4.7%) Other Income - - - 0 - 0 (100%) (100%) (2) - (2) 2 - 2 (204.7%) (204.7%) OPERATING RESULT (EBIT) 392 37 429 354 29 383 10.6% 11.9% % Net revenue 19.2% - 21.0% 19.0% - 20.5% - - Financial Result (153) - (153) (156) - (156) (1.9%) (1.9%) PROFIT BEFORE TAX 238 37 276 198 29 227 20.2% 21.6% % Net revenue 11.7% - 13.5% 10.6% - 12.2% - - Income Tax Expense (57) (9) (67) (55) (8) (62) 3.6% 8.1% % of pre-tax income 24.1% - 24.2% 27.6% - 27.4% - - CONSOLIDATED PROFIT 181 28 209 143 21 165 26.6% 26.7% Results Attributable to Non-Controlling Interests (19) (2) (20) (16) (2) (19) 18.8% 5.3% GROUP PROFIT 162 26 189 127 19 146 27.9% 29.5% % Net revenue 8.0% - 9.3% 6.8% - 7.8% - - Q3 2026 % vs PY Share of Results of Equity Accounted Investees - Core Activities Q3 2025
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- 24 -Q3 2026 Results Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update P&L | 2026 YTD In millions of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 5,614 - 5,614 5,542 - 5,542 1.3% 1.3% Cost of Sales (3,483) 66 (3,417) (3,370) 47 (3,324) 3.4% 2.8% Gross Margin 2,132 66 2,197 2,172 47 2,219 (1.8%) (1.0%) % Net revenue 38.0% - 39.1% 39.2% - 40.0% - - R&D (263) - (263) (289) - (289) (9.0%) (9.0%) SG&A (896) 46 (850) (908) 26 (882) (1.3%) (3.6%) Operating Expenses (1,159) 46 (1,113) (1,197) 26 (1,171) (3.2%) (5.0%) (4) - (4) (4) 4 0 - - OPERATING RESULT (EBIT) 969 112 1,080 971 77 1,048 (0.2%) 3.1% % Net revenue 17.3% - 19.2% 17.5% - 18.9% - - Financial Result (371) (65) (436) (468) - (468) (20.7%) (6.8%) PROFIT BEFORE TAX 598 47 644 503 77 580 18.9% 11.0% % Net revenue 10.7% - 11.5% 9.1% - 10.5% - - Income Tax Expense (145) (16) (161) (130) (31) (160) 11.5% 0.6% % of pre-tax income 24.2% - 25.1% 25.8% - 27.6% - - CONSOLIDATED PROFIT 453 31 484 373 46 420 21.4% 15.2% Results Attributable to Non-Controlling Interests (62) (5) (67) (70) (4) (75) (11.4%) (10.7%) GROUP PROFIT 391 26 416 304 42 346 28.6% 20.2% % Net revenue 7.0% - 7.4% 5.5% - 6.2% - - 2026 YTD 2025 YTD % vs PY Share of Results of Equity Accounted Investees - Core Activities
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- 25 -Q3 2026 Results Cash Flow | Q3 2026 Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (as defined in the APM) - 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. Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In million of Euros Q3'26 Q3'25 Net Cash Flow From Operating Activities 349 325 Net Cash Flow From Investing Activities (141) (121) Free Cash Flow pre-M&A 208 203 1 Statement of Cash Flow According IFRS-EU In million of Euros Q3'26 Q3'25 EBITDA Adjusted 538 482 Changes in working capital (148) (38) CAPEX (85) (70) R&D and IT (44) (37) Taxes (31) (52) Interests (65) (55) Others 43 (29) Free Cash Flow pre-M&A 208 203 In millions of euros (on a reported basis) Q3 2026 Q3 2025 % vs PY Reported Group Profit 162 127 28% Depreciation and Amortization 114 103 11% Net Provisions 57 (12) (575%) Other Adjustments and Other Changes in Working Capital 164 145 13% Change in Operating Working Capital (148) (38) 289% Changes in Inventories (29) (26) 12% Change in Trade Receivables 27 (13) (308%) Change in Trade Payables (145) 2 (7350%) Net Cash Flow From Operating Activities 349 325 7% Business Combinations and Investments in Group Companies (19) 4 (575%) CAPEX (66) (71) (7%) R&D/Other Intangible Assets (44) (38) 16% Other Cash Inflow / (Outflow) (12) (17) (29%) Net Cash Flow From Investing Activities (141) (122) 16% Free Cash Flow 208 203 2% Issue / (Repayment) of Debt (179) (42) 326% Capital Grants - (0) 100% Dividends (Paid) / Received (60) (102) (41%) Other Cash Flows From / (Used in) Financing Activities 2 5 (60%) Net Cash Flow From Financing Activities (237) (139) 71% Total Cash Flow (29) 64 (145%) Cash and Cash Equivalents at the Beginning of the Period 513 559 (8%) Effect of Exchange Rate Changes in Cash and Cash Equivalents 2 (2) (200%) Cash and Cash Equivalents at the End of the Period 486 621 (22%)
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- 26 -Q3 2026 Results Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (as defined in the APM) - 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. Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In million of Euros 2026 YTD 2025 YTD Net Cash Flow From Operating Activities 686 617 Net Cash Flow From Investing Activities (388) (429) Free Cash Flow pre-M&A 298 188 1 Statement of Cash Flow According IFRS-EU In million of Euros 2026 YTD 2025 YTD EBITDA Adjusted 1,392 1,358 Changes in working capital (226) (196) CAPEX (222) (281) R&D and IT (135) (109) Taxes (94) (99) Interests (332) (345) Others (85) (140) Free Cash Flow pre-M&A 298 188 In millions of euros (on a reported basis) 2026 YTD 2025 YTD % vs PY Reported Group Profit 390 304 28% Depreciation and Amortization 324 322 1% Net Provisions 140 16 775% Other Adjustments and Other Changes in Working Capital 58 171 (66%) Change in Operating Working Capital (226) (196) 15% Changes in Inventories (213) (118) 81% Change in Trade Receivables (22) (131) (83%) Change in Trade Payables 9 53 (83%) Net Cash Flow From Operating Activities 686 617 11% Business Combinations and Investments in Group Companies (38) (102) (63%) CAPEX (184) (179) 3% R&D/Other Intangible Assets (135) (109) 24% Other Cash Inflow / (Outflow) (31) (37) (16%) Net Cash Flow From Investing Activities (388) (429) (10%) Free Cash Flow 298 188 59% Issue / (Repayment) of Debt (597) (266) 124% Capital Grants - 3 (100%) Dividends (Paid) / Received (60) (102) (41%) Other Cash Flows From / (Used in) Financing Activities (5) (89) (94%) Net Cash Flow From Financing Activities (662) (454) 46% Total Cash Flow (363) (266) 36% Cash and Cash Equivalents at the Beginning of the Period 825 980 (16%) Effect of Exchange Rate Changes in Cash and Cash Equivalents 23 (93) (125%) Cash and Cash Equivalents at the End of the Period 486 621 (22%) Cash Flow | YTD 2026
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- 27 -Q3 2026 Results Balance Sheet | Q3 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In millions of euros Sept-26 Dec-25 8,243 7,603 120 120 911 911 4,433 4,185 Treasury Stock (129) (131) 390 402 Interim dividend - (102) 63 (114) 2,455 2,332 9,743 10,090 8,693 9,091 1,050 999 2,295 2,019 547 552 1,748 1,467 20,281 19,712 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 Equity and Liabilities In millions of euros Sept-26 Dec-25 14,934 14,638 10,795 10,493 3,187 3,120 109 97 370 512 473 416 5,345 5,074 2 - 3,469 3,296 78 83 1,001 769 209 36 100 65 486 825 20,281 19,712 Cash and Cash Equivalents Goodwill and Other Intangible Assets Property Plant & Equipment 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
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- 28 -Q3 2026 Results EBIT to EBITDA and EBITDA Adjusted Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In millions of euros YTD Q3'2025 Q2 2026 Q3 2025 Q3 2026 LTM FY 2025 969 972 392 326 251 271 354 1,240 1,243 324 321 114 107 104 129 103 453 450 Reported EBITDA 1,292 1,294 505 433 355 400 457 1,692 1,694 % Net revenue 23.0% 23.3% 24.8% 23.1% 20.9% 20.2% 24.5% 22.3% 22.5% Cash Restructuring costs 33 6 10 19 4 7 6 40 14 Transaction costs 27 19 15 3 9 11 7 38 29 Biotest Next Level Project 12 22 2 4 6 2 10 14 25 Others 4 13 8 (11) 8 2 2 8 15 Total Cash Adjustments 76 61 34 15 27 22 25 100 83 Non- cash Impairments 24 4 - 24 - 45 - 69 49 Total Non- Cash Adjustments 24 4 - 24 - 45 - 69 49 Total adjustments 99 64 34 39 27 67 25 169 132 Adjusted EBITDA 1,392 1,358 538 472 382 467 482 1,859 1,825 % Net revenue 24.8% 24.5% 26.4% 25.2% 22.4% 23.6% 25.8% 24.3% 24.3% YTD Q3'2026 Depreciation & Amortization OPERATING RESULT (EBIT) Q3 2026 Q4 2025Q1 2026
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- 29 -Q3 2026 Results Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update Leverage Ratio as per Credit Agreement In millions of euros except ratio Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Non-Current Financial Liabilities 8,693 8,808 9,080 9,091 9,093 Non-recurrent Lease Liabilities (IFRS16) (930) (928) (928) (969) (966) Current Financial Liabilities 547 548 589 552 595 Recurrent Lease Liabilities (IFRS16) (118) (117) (115) (113) (111) Cash and Cash Equivalents (486) (513) (702) (802) (621) Net Financial Debt as per Credit Agreement 7,706 7,798 7,924 7,759 7,990 In millions of euros except ratio LTM Q3'26 LTM Q2'26 LTM Q1'26 LTM Q4'25 LTM Q3'25 Profit attributable to the Parent 488 453 415 402 373 Profit attributable to non-controlling interest 90 88 81 98 85 Income tax expense 130 128 116 115 257 Finance result 532 533 613 628 629 OPERATING RESULT (EBIT) 1,240 1,202 1,225 1,243 1,344 Depreciation & Amortization 452 443 443 450 432 Reported EBITDA 1,692 1,645 1,668 1,693 1,776 IFRS 16 (120) (120) (119) (120) (117) Restructuring costs 40 36 17 14 8 Impairments and Others* 100 99 67 64 43 Transaction costs 38 30 30 29 28 Cost savings, operating improvements and synergies estimated on a "run rate" for the next 12 months 176 169 166 168 174 Share of profits assoc core activity 9 4 2 4 4 Total adjustments 243 218 163 159 140 Adjusted EBITDA as per Credit Agreement 1,935 1,863 1,831 1,852 1,916 Leverage Ratio as per Credit Agreement 3.98x 4.2x 4.3x 4.2x 4.2x
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- 30 -Q3 2026 Results Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In millions of euros except the ratio Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Non-Current Financial Liabilities 8,693 8,808 9,080 9,091 9,093 Current Financial Liabilities 547 548 589 552 595 Cash and Cash Equivalents (486) (513) (702) (825) (621) Net Financial Debt 8,753 8,843 8,967 8,818 9,067 LTM Q3'26 LTM Q2'26 LTM Q1'26 LTM Q4'25 LTM Q3'25 OPERATING RESULT (EBIT) 1,240 1,202 1,225 1,243 1,344 Depreciation & Amortization (452) (443) (443) (450) (432) Reported EBITDA 1,692 1,645 1,668 1,693 1,776 Leverage Ratio Reported 5.2x 5.4x 5.4x 5.2x 5.1x
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- 31 -Q3 2026 Results Net Secured Financial Debt Ratio as per Credit Agreement Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In millions of euros except ratio. Q3'26 Q3'25 Amount of revolver drawn 220 - EIB debt principal outstanding - 74 Senior Debt Tranche B 3,002 2,199 Senior Secured Notes principal outstanding 2,100 3,340 Total Secured Debt 5,322 5,613 Cash and Cash Equivalents (486) (621) Net Secured Debt 4,836 4,992 Adjusted EBITDA as per Credit Agreement 1,935 1,916 Net secured leverage ratio as per Credit Agreement 2.5x 2.6x
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- 32 -Q3 2026 Results NCI Contributions Note: Last Twelve Months figures (LTM). Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In millions of euros GDS Biotest BPC Haema Profit after tax from continuing operations 131 (92) 28 16 Income tax expense (27) 83 (6) (11) Financial result 78 (53) - - Amortization and depreciation (44) (69) (6) (8) EBITDA 124 (53) 40 35 Impact IFRS16- Finance Leases (3) (12) (6) (5) Adjustments resulting of the credit agreement 3 15 - - EBITDA under the Credit Agreement 124 (48) 35 30 % of non-controlling interests 45.0% 19.2% 100.0% 100.0% EBITDA as per Credit Agreement definition Attributable to NCI 56 (9) 35 30 Cash and cash equivalents (1) (74) (5) (34) Financial (assets) or liabilities with Grifols (1,168) 751 - - Leasing liabilities 24 75 52 20 Loans and other financial liabilities 7 69 1 - Total Balance Sheet Net Financial Debt (1,138) 821 48 (14) Impact IFRS16- Finance Leases (24) (75) (52) (20) Total Net Financial Debt as per the Credit Agreement definition (1,162) 746 (4) (34) % of non-controlling interests 45.0% 19.2% 100.0% 100.0% Total Net Financial Debt as per Credit the Agreemnent definition attributable to non- controlling interests (NCI) (523) 143 (4) (34) LTM Q3 2026
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- 33 -Q3 2026 Results Net Revenues and Adjusted EBITDA Reconciliation at cc | Q3 2026 Variations due to the exchange rates mainly driven by EUR/USD: Q3’25: @1.16 vs Q3’26: @1.15 Adjusted EBITDA Reconciliation at cc | Q3 2026 Net Revenues Reconciliation at cc | Q3 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In million euros Q3 2026 Q3 2025 % Var Reported Net Revenues 2,040 1,865 9.4% Variation due to Exchange Rate Effects (17) Net Revenues at Constant Currency 2,023 1,865 8.4% In million euros Q3 2026 Q3 2025 % Var Reported Biopharma Net Revenues 1,803 1,620 11.3% Variation due to Exchange Rate Effects (16) Reported Biopharma Net Revenues at Constant Currency 1,787 1,620 10.3% In million euros Q3 2026 Q3 2025 % Var Reported Diagnostic Net Revenues 147 147 (0.5%) Variation due to Exchange Rate Effects (1) Reported Diagnostic Net Revenues at Constant Currency 146 147 (1.0%) In million euros Q3 2026 Q3 2025 % Var Reported Bio Supplies Net Revenues 46 39 18.5% Variation due to Exchange Rate Effects (0) Reported Bio Supplies Net Revenues at Constant Currency 46 39 17.7% In million euros Q3 2026 Q3 2025 % Var Reported Others & Intersegments Net Revenues 44 60 (25.4%) Variation due to Exchange Rate Effects (0) Reported Other & Intersegments Net Revenues at Constant Currency 44 60 (25.7%) In million euros Q3 2026 Q3 2025 % Var Reported U.S. + Canada Net Revenues 1,264 1,069 18.2% Variation due to Exchange Rate Effects (10) Reported U.S. + Canada Net Revenues at Constant Currency 1,254 1,069 17.3% In million euros Q3 2026 Q3 2025 % Var Reported EU Net Revenues 408 395 3.3% Variation due to Exchange Rate Effects (1) Reported EU Net Revenues at Constant Currency 407 395 3.1% In million euros Q3 2026 Q3 2025 % Var Reported ROW Net Revenues 368 402 (8.3%) Variation due to Exchange Rate Effects (6) Reported ROW Net Revenues at Constant Currency 362 402 (9.9%) In millions of euros Q3 2026 Q3 2025 % Var EBITDA Adjusted 538 482 11.6% Variation due to Exchange Rate Effects (9) EBITDA Adjusted at Constant Currency 528 482 9,8%
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- 34 -Q3 2026 Results Net Revenues and Adjusted EBITDA Reconciliation at cc | YTD 2026 Variations due to the exchange rates mainly driven by EUR/USD: YTD’25: @1.10 vs YTD’26: @1.16 Adjusted EBITDA Reconciliation at cc | YTD 2026 Net Revenues Reconciliation at cc | YTD 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In million euros 9M 2026 9M 2025 % Var Reported Net Revenues 5,614 5,542 1.3% Variation due to Exchange Rate Effects 180 Net Revenues at Constant Currency 5,795 5,542 4.6% In million euros 9M 2026 9M 2025 % Var Reported Biopharma Net Revenues 4,951 4,773 3.7% Variation due to Exchange Rate Effects 161 Reported Biopharma Net Revenues at Constant Currency 5,112 4,773 7.1% In million euros 9M 2026 9M 2025 % Var Reported Diagnostic Net Revenues 431 479 (10.0%) Variation due to Exchange Rate Effects 15 Reported Diagnostic Net Revenues at Constant Currency 446 479 (7.0%) In million euros 9M 2026 9M 2025 % Var Reported Bio Supplies Net Revenues 96 108 (10.6%) Variation due to Exchange Rate Effects 3 Reported Bio Supplies Net Revenues at Constant Currency 99 108 (7.5%) In million euros 9M 2026 9M 2025 % Var Reported Others & Intersegments Net Revenues 136 182 (25.3%) Variation due to Exchange Rate Effects 1 Reported Other & Intersegments Net Revenues at Constant Currency 137 182 (24.5%) In million euros 9M 2026 9M 2025 % Var Reported U.S. + Canada Net Revenues 3,322 3,162 5.1% Variation due to Exchange Rate Effects 159 Reported U.S. + Canada Net Revenues at Constant Currency 3,481 3,162 10.1% In million euros 9M 2026 9M 2025 % Var Reported EU Net Revenues 1,207 1,186 1.7% Variation due to Exchange Rate Effects 1 Reported EU Net Revenues at Constant Currency 1,208 1,186 1.8% In million euros 9M 2026 9M 2025 % Var Reported ROW Net Revenues 1,086 1,194 (9.1%) Variation due to Exchange Rate Effects 20 Reported ROW Net Revenues at Constant Currency 1,106 1,194 (7.3%) In millions of euros YTD 2026 YTD 2025 % Var EBITDA Adjusted 1,392 1,358 2.5% Variation due to Exchange Rate Effects 34 EBITDA Adjusted at Constant Currency 1,426 1,358 5.0%
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- 35 -Q3 2026 Results CAPEX Reconciliation YTD 2026 Q3’26 Financial Performance Final Remarks AnnexQ3’26 Business Update In million euros 9M 2026 9M 2025 Property, Plant & Equipment additions ("CAPEX reported in Consolidated Statements of Cash Flows") 184 179 Interest Capitalized 14 14 Total PP&E additions 198 193 Interest Capitalized (14) (14) Group Companies associates and business units 38 102 CAPEX reported in the Earnings Report 222 281
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- 36 -Q3 2026 Results Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com