Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q1 2026 Earnings Presentation
33 slides from Grifols, S.a. Class A's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results May 7, 2026 Q1 2026 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 Q1’26: Performance Summary 02 Biopharma Performance 03 Q1’26 Financial Performance 04 Final Remarks 05 Annex Q1 2026 Results -3-
Slide 4: Q1'26: Performance On Track with 2026 Goals
Q1’26: Performance On Track with 2026 Goals Nacho Abia Chief Executive Officer (CEO) Q1 2026 Results -4-
Slide 5: Q1'26 Performance Supports FY'26 Guidance
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Q1’26 Performance Supports FY’26 Guidance Q1’26 (changes vs. Q1’25) Q1’26 financial results support FY’26 guidance €1,700 m Biopharma delivered 6.8% revenue growth (cc) driven Revenue +3.3% cc1 by continu
Slide 6: Strong Execution Focused on Achieving 2026 Goals
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Strong Execution Focused on Achieving 2026 Goals 2026 Drivers Biopharma product and segmental mix Egypt ramp up Optimization of global plasma sourcing Operation and financial turnaround of Biotest Financi
Slide 7: Diagnostic Performs as Planned. BTS Marks a Milestone with Barcelona Platform Launch
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Diagnostic Performs as Planned. BTS Marks a Milestone with Barcelona-Next Generation Platform Launch 2026 BARCELONA ISARD Immunoassay MUNDAKA Molecular • Q1’26 performance: one-off impact of Quidel Ortho
Slide 8: Continued Biopharma Growth Driven by IG Momentum in Core Markets
Continued Biopharma Growth Driven by IG Momentum in Core Markets Roland Wandeler President of Biopharma Q1 2026 Results -8-
Slide 9: Launch of Yimmugo in the U.S. and Continued Momentum with Gamunex and Xembify
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Launch of Yimmugo in the U.S. and Continued Momentum with Gamunex and Xembify Drive IG Franchise Double-Digit Growth Q1’26 vs PY +6.8% Drivers IG • Strong IG performance in the U.S., supported by launch o
Slide 10: Differentiated Approach to Drive Profitable Growth and Value
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Differentiated Approach to Drive Profitable Growth and Value U.S. Market Ex-U.S. Markets Drive profitable IG growth, leverage Egypt as IG source for Europe Grow Grow with the market in 2026, on higher bas
Slide 11: Redefining the Plasma Industry: U.S. Integration and Ex-U.S. Self-Sufficiency
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Redefining the Plasma Industry: Unique U.S. End-to-End Integration and Scalable ex-U.S. Self-Sufficiency Drive Value Creation Estimated Evolution of Plasma Supply by Geography U.S. Market Ex-U.S. Markets
Slide 12: U.S. Biopharma: A Unique, Resilient Vertically Integrated Platform
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex U.S. Biopharma: A Unique, Resilient Vertically Integrated Platform #1 Market for Leading player Expected to grow Plasma within a with the U.S. market $20+ bn market1 Fully • Unique local end-to-end value
Slide 13: Q1'26 Financial Performance
Q1’26 Financial Performance Rahul Srinivasan Chief Financial Officer (CFO) Q1 2026 Results - 13 -
Slide 14: Financial Highlights
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Financial Highlights Q1’26 Q1’25 in million EUR except % Var. vs. PY EUR/USD @1.18 EUR/USD @1.04 NET REVENUE 1,700m 1,786m 3.3% cc GROSS MARGIN 620m 695m Margin 36.5% 38.9% EBITDA ADJ. 381m 400m 0.8% cc M
Slide 15: Q1'26 Revenues: 3.3% cc Growth, Led by 6.8% cc Biopharma Revenue Growth
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Q1'26 Revenues: 3.3% cc Growth, Led by 6.8% cc Biopharma Revenue Growth Revenues (in million EUR) +3.3% cc Biopharma • Continuing IG-led growth +6.8% cc -9.6% cc 1,844 1,786 1,700 Diagnostic -144 • Quidel
Slide 16: Q1'26 Adjusted EBITDA: Resilient Biopharma Performance, Offset by Other Segments and FX
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Q1'26 Adjusted EBITDA: Resilient Biopharma Performance, Offset by Other Segments and FX Headwinds Drivers EBITDA Bridge (in €m; EBITDA Adj. margin as % of Net Revenues) • Continuing Biopharma EBITDA growt
Slide 17: Free Cash Flow pre-M&A: Progressing to Plan
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Free Cash Flow pre-M&A: Progressing to Plan EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Q1’26 Q1’25 Vs PY EBITDA Adjusted 381 400 -19 Inventories (134) (61) -73 Adj EBITDA impacted b
Slide 18: Capital Structure: Significant Progress
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Capital Structure: Significant Progress Refinancing Summary Capital Structure Optimization • €500m redemption of 7.5% 2030 bonds Size Tenor Drawn Margin New RCF $2bn+ 6.5Y 200bps Benefit from New TLB (USD
Slide 19: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) Q1 2026 Results - 19 -
Slide 20: Biopharma-led Growth, Prioritizing Margin Improvement, and Stronger Balance Sheet
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Biopharma-led Growth, Prioritizing Margin Improvement, and Stronger Balance Sheet Biopharma Plasma as Strategic Asset Egypt: Game-changer Biopharma delivers strong growth driven Section 232 of the U.S. Tr
Slide 21: Annex
Annex Q1 2026 Results - 21 -
Slide 22: Revenue | Q1 2026
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Revenue | Q1 2026 Q1 2026 Q1 2025 % vs PY In millions of euros Reported At cc* Revenue by Business U nit 1,700 1,786 (4.8%) 3.3% Biopharma 1,495 1,521 (1.7%) 6.8% Diagnostic 142 170 (16.2%) (9.6%) Bio Sup
Slide 23: P&L | Q1 2026
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex P&L | Q1 2026 Q1 2026 Q1 2025 % vs PY Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In millions of euros One-offs One-offs One-offs Net Revenue 1,700 - 1,700 1,
Slide 24: Cash Flow | Q1 2026
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Cash Flow | Q1 2026 In millions of euros (on a reported basis) Q1 2026 Q1 2025 % vs PY In million of Euros Reported Group Prof it 73 60 22% Q1'26 Q1'25 Depreciation and Amortization 104 112 (7%) Net Cash
Slide 25: Balance Sheet | Q1 2026
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Balance Sheet | Q1 2026 Assets Equity and Liabilities In millions of euros Mar-26 Dec-25 In millions of euros Mar-26 Dec-25 Non- Current Assets 14,824 14,638 Equity 7.847 7.603 Capital 120 120 Goodwill an
Slide 26: EBIT to EBITDA and EBITDA Adjusted
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In millions of euros. Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2026 LTM FY 2025 Q1 2025 OPE RATING RE SUL T (E BIT) 251 271 354 349 1,225 1,243 269 Depreciation & Amortization
Slide 27: Leverage Ratio as per Credit Agreement
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros. Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Non-Current Financial Liabilities 9,080 9,091 9,093 9,118 9,390 Non-recurrent Lease Liabilities (IFRS16) (928) (9
Slide 28: Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet In millions of euros except the ratio Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Non-Current Financial Liabilities 9,080 9,091 9,093 9,118 9,390
Slide 29: Net Secured Financial Debt Ratio as per Credit Agreement
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Net Secured Financial Debt Ratio as per Credit Agreement In millions of euros except ratio. Q1'26 Q1'25 Amount of revolver drawn - - EIB debt principal outstanding - 85 Senior Debt Tranche B 2,227 2,314 S
Slide 30: NCI Contributions
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex NCI Contributions LT M Q1 2026 GDS Biotest BPC Haema In millions of euros Profit after tax from continuing operations 123 (74) 32 11 Income tax expense (22) 91 (8) (7) Financial result 78 (46) (1) 3 Amort
Slide 31: Net Revenues and Adjusted EBITDA Reconciliation at cc | Q1 2026
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Net Revenues and Adjusted EBITDA Reconciliation at cc | Q1 2026 Variations due to the exchange rates mainly driven by EUR/USD: Q1’25 @1.04 vs Q1’26 @1.18 Net Revenues Reconciliation at cc | Q1 2026 Q1 202
Slide 32: CAPEX Reconciliation Q1 2026
Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex CAPEX Reconciliation Q1 2026 Q1 2026 Q1 2025 In million of euros Property, Plant & Equipement additions ("CAPEX reported in Consolidated Statements of Cash Flows") 52 49 Interest Capitalized 5 7 Total PP&
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 Q1 2026 Results - 33 -
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