Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q2 2024 Earnings Presentation
33 slides from Grifols, S.a. Class A's earnings presentation, Jul 30, 2024
Slide 1: Q2 2024 Results
Q2 2024 Results July 30, 2024 Q2 2024 Results -1-
Slide 2: Legal Disclaimer
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
Slide 3: Agenda
Agenda 01 Introductory Remarks Business and 02 Financial Review 03 Annex Thomas Glanzmann Nacho Abia Executive Chairman Chief Executive Officer (CEO) Q2 2024 Results -3-
Slide 4: Consistently Delivering on Our Commitments
Thomas Glanzmann Executive Chairman Introductory Remarks Consistently Delivering on Our Commitments Q2 2024 Results -4-
Slide 5: Consistently Delivering on Our Commitments
Introductory Remarks Business and Financial Review Final Remarks Annex Consistently CORPORATE Implemented actions to further enhance corporate governance Delivering on Our GOVERNANCE Executive Chairman transitioning Continued focus Commitments to a non-executive role Streamlined leadership team with
Slide 6: Consistently Delivering on Our Commitments
Introductory Remarks Business and Financial Review Final Remarks Annex €1.6bn proceeds from SRAAS to reduce Consistently DEBT TLBs and 2025 SSNs (on a pro-rata basis) Delivering on Our MANAGEMENT Redeemed the 2025 SUNs with the €1.0bn Private Placement Notes (PPNs) due 2030 Cleared path forward Comm
Slide 7: Accelerating Performance in Q2'24 and Reaffirming FY24 Guidance
Nacho Abia Chief Executive Officer (CEO) Business and Financial Review Accelerating Performance in Q2’24 and Reaffirming FY24 Guidance Q2 2024 Results -7-
Slide 8: Streamlined Leadership Team
Introductory Remarks Business and Financial Review Final Remarks Annex Streamlined Leadership Team Executive Committee Nacho Abia CEO Chief Corp. Chief Industrial Chief Human Rahul President President President Affairs Services Resources and Srinivasan Biopharma Plasma Diagnostic Incoming Chief & Le
Slide 9: Acceleration in Q2'24 Drives Strong First Half Performance
Introductory Remarks Business and Financial Review Final Remarks Annex Acceleration in Q2’24 Drives Strong First Half Performance Sales growth EBITDA Adjusted2 EBITDA Adjusted margin2 €1,818m €441m 24.2% +9.3% cc1 +27.9% cc1 +320bps Q2’24 vs. Q2’23 €3,444m Q2’24 vs. Q2’23 €791m Q2’24 vs. Q2’23 23.0%
Slide 10: Solid Business Fundamentals Fuel Further Revenue Growth Across all Business Units
Introductory Remarks Business and Financial Review Final Remarks Annex Solid Business Fundamentals Fuel Further Revenue Growth Across all Business Units Revenue (in million EUR) Biopharma H1’24 Q2’24 +8.9%cc +8.4%cc +7.5% cc Immunoglobulin: +13% cc, SCIG: +59% cc +6.8% Albumin: +10% cc 3,465 14 3,44
Slide 11: Biopharma Led Growth with Robust Performance of Key Proteins
Introductory Remarks Business and Financial Review Final Remarks Annex Biopharma Led Growth with Robust Performance of Key Proteins Growth Protein vs. H1’23 (cc) CONTINUING TO REINFORCE OUR PLASMA OPERATIONS • IVIG (+11.5% cc) strong demand in key regions driven by U.S. and international markets Imm
Slide 12: Product Mix and Operational Leverage Drive EBITDA to €441m
Introductory Remarks Business and Financial Review Final Remarks Annex Product Mix and Operational Leverage Drive EBITDA to €441m and Margin to 24.2% in Q2’24 EBITDA Adjusted1 (in million EUR) Gross margin expanded in H1’24 One-offs vs. PY driven by CPL decline and Reported EBITDA product mix +280pb
Slide 13: Significant Free Cash Flow Generation in Q2'24
Introductory Remarks Business and Financial Review Final Remarks Annex Significant Free Cash Flow Generation in Q2’24 on the Back of Improvements in Working Capital Net Working Capital improvement EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) - Improved inventory management, rece
Slide 14: On Track to Reach 4.5x Leverage Ratio
Introductory Remarks Business and Financial Review Final Remarks Annex On Track to Reach 4.5x Leverage Ratio Leverage ratio (as per the Credit Agreement1) 6,3x 5,5x 0.7x 4,5x 0.1x 0.9x 0.1x 1 2 2 3 FY23 Debt reduction EBITDA H1'24 EBITDA Cash flow FY24 expansion expansion generation Business perform
Slide 15: H1'24 Performance Strongly Supports FY24 Guidance
Introductory Remarks Business and Financial Review Final Remarks Annex H1’24 Performance Strongly Supports FY24 Guidance Main drivers REVENUE GROWTH Solid global underlying demand Total 7%+ cc Strengthening IG flagship franchise in U.S. and Europe Strong albumin performance in China Biopharma 8-10%
Slide 16: Key Takeaways
Introductory Remarks Business and Financial Review Final Remarks Annex Key Takeaways Executing on Top Priorities Built on Solid Foundation 01 02 03 04 Solid business and High-growth industry Delivered on our On track with FY24 product fundamentals with compelling market commitments guidance backed b
Slide 17: ANNEX
ANNEX Q2 2024 Results - 17 -
Slide 18: Delivering on 2024 Innovation Milestones
Introductory Remarks Business and Financial Review Final Remarks Annex Delivering on 2024 Innovation Milestones On track Completed Milestone 2024 timing Status Details Alpha-1 AT 15% SC Phase 1/2 Cohort 2 Tx 1: First patient First patient enrolled in March. H1 enrolled Enrollment progressing on trac
Slide 19: Revenue | Q2 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Revenue | Q2 2024 Q2 2024 Q2 2023 % vs PY Grifols Grifols Grifols In thousands of euros Reported At cc* Revenue by Business Unit 1,817,908 1,663,458 9.3% 9.3% Biopharma 1,527,627 1,407,524 8.5% 8.4% Diagnostic 164,261 165,013 (0.
Slide 20: Revenue | H1 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Revenue | H1 2024 H1 2024 H1 2023 % vs PY Grifols Grifols Grifols Combined In thousands of euros Combined Combined Reported At cc* Revenue by Business Unit 3,443,613 3,224,946 6.8% 7.5% Biopharma 2,922,355 2,698,215 8.3% 8.9% Dia
Slide 21: P&L | Q2 2024
Introductory Remarks Business and Financial Review Final Remarks Annex P&L | Q2 2024 Q2 2024 Q2 2023 % vs PY Grifols Grifols Grifols Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In thousands of euros One-offs One-offs One-offs Net Revenue 1,817,908 - 1,81
Slide 22: P&L | H1 2024
Introductory Remarks Business and Financial Review Final Remarks Annex P&L | H1 2024 H1 2024 H1 2023 % vs PY Grifols Combined Grifols Combined Grifols Combined Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In thousands of euros One-offs One-offs One-offs N
Slide 23: Cash Flow | Q2 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Cash Flow | Q2 2024 Q2 2024 Q2 2023 % vs PY Grifols Grifols Grifols Reported excl. One- Reported excl. One- Reported excl. One- In thousands of euros Reported Restructuring costs One Off's Adjusted Transaction costs Total one-off
Slide 24: Cash Flow | H1 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Cash Flow | H1 2024 H1 2024 H1 2023 % vs PY Grifols Combined Grifols Combined Grifols Combined Reported excl. One- Reported excl. One- Reported excl. One- In thousands of euros Reported Restructuring costs One Off's Adjusted Tran
Slide 25: Balance Sheet | H1 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Balance Sheet | H1 2024 In thousands of euros In thousands of euros Assets Liabilities Jun-24 Dec-23 Jun-24 Dec-23 Non- Current Assets 15,376,559 14,861,087 Equity 8,295,274 7,513,695 Goodwill and Other Intangible Assets 10,943,8
Slide 26: EBIT to EBITDA and EBITDA Adjusted
Introductory Remarks Business and Financial Review Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In thousand of euros Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2024 LTM Q2 2023 OPE RATING RE SUL T (E BIT) 299,321 203,802 251,582 250,587 1,005,292 229,519 Depreciation & Amortization (114,310) (106,
Slide 27: Leverage Ratio as per Credit Agreement
Introductory Remarks Business and Financial Review Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q2'24 Q1'24 Q4'23 Q3'23 Q2'23 Non-Current Financial Liabilities 8,752 9,650 10,034 10,299 10,314 Non-recurrent Lease Liabilities (IFRS16) (1,025) (1,026) (
Slide 28: Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet
Introductory Remarks Business and Financial Review Final Remarks Annex Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet In millions of euros except ratio. Q2'24 Q1'24 Q4'23 Q3'23 Q2'23 Non-Current Financial Liabilities 8,752 9,650 10,034 10,299 10,314 Current Financial Lia
Slide 29: NCI Contributions
Introductory Remarks Business and Financial Review Final Remarks Annex NCI Contributions LT M Q2 2024 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 109,238 (71,857) 42,138 13,904 Income tax expense (44,289) 35,079 (733) (9,231) Financial result 65,711 (40,433
Slide 30: FCF Before Extraordinary Items
Introductory Remarks Business and Financial Review Final Remarks Annex FCF Before Extraordinary Items Q2 2024 Results - 30 -
Slide 31: Net Revenue Reconciliation at cc | Q2 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Net Revenue Reconciliation at cc | Q2 2024 In thousands of euros Q2 2024 Q2 2023 % Var In thousands of euros Q2 2024 Q2 2023 % Var Reported Net Revenues 1,817,908 1,663,458 9.3% Reported U.S. + Canada Net Revenues 1,037,872 979,3
Slide 32: Net Revenue Reconciliation at cc | H1 2024
Introductory Remarks Business and Financial Review Final Remarks Annex Net Revenue Reconciliation at cc | H1 2024 In thousands of euros H1 2024 H1 2023 % Var In thousands of euros H1 2024 H1 2023 % Var Reported Net Revenues 3,443,613 3,224,946 6.8% Reported U.S. + Canada Net Revenues 1,963,198 1,922
Slide 33: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com Q2 2024 Results - 33 -
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