Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Q1 2026 Earnings Presentation
39 slides from Grifols, S.a. Class A's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results Grifols increases Q1 2026 revenues by 3.3% to €1.7billion, and net profit 21.9% to €73 million Barcelona, Spain, May 7, 2026 - Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading producer of plasma-derived medicines, reported a total revenue
Slide 2: Margin expansion, profit, cash flow and refinancing
Grifols expects further margin expansion driven by gross margin improvements, supported by the ramp-up of Egypt plasma and associated immunoglobulin sales, ongoing plasma sourcing and footprint optimization, as well as increasing CPL benefits, alongside continued progress in the Biotest turnaround a
Slide 3: Biopharma remains the growth engine
Biopharma remains the growth engine Biopharma revenues increased 6.8% cc. basis in the first quarter, reinforcing Biopharma’s role as a core growth driver for the Group. The IG franchise grew 15.3% cc. with intravenous IG up 16.2% cc., supported by sustained traction of Gamunex® in the U.S. and core
Slide 4: Plasma footprint and diagnostic performance
expand its plasma and industrial footprint, but to also reshape the economics of how the company sources and delivers plasma-derived therapies globally. Additionally, the recent recognition of plasma-derived therapies as strategic assets under Section 232 of the U.S. Trade Expansion Act further rein
Slide 5: Alternative Performance Measures and conference call
Alternative Performance Measures (APMs) This document contains the following Alternative Performance Measures (APMs): Consolidated EBITDA Reported, Consolidated EBITDA Adjusted, Leverage Ratio as per the Credit Facility, Net Debt as per the Credit Facility, Free Cash Flow, Working Capital, and non-r
Slide 6: Legal Disclaimer
LEGAL DISCLAIMER The facts and figures contained in this report that do not refer to historical data are ‘projections and future hypotheses’. Words and expressions such as ‘believe’, ‘expect’, ‘anticipate’, ‘predict’, ‘hope’, ‘intend’, ‘should’, ‘will try to achieve’, ‘is estimated’, ‘future’ and si
Slide 7: Q1 2026 Results May 7, 2026
Q1 2026 Results - 1 - Q1 2026 Results May 7, 2026
Slide 8: Legal Disclaimer
Q1 2026 Results - 2 - 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 prospectu
Slide 9: Agenda
Q1 2026 Results - 3 - Agenda 01 Q1’26: Performance Summary 02 Biopharma Performance 03 Q1’26 Financial Performance 04 Final Remarks 05 Annex
Slide 10: Q1'26: Performance On Track with 2026 Goals
Q1 2026 Results - 4 - Nacho Abia Chief Executive Officer (CEO) Q1’26: Performance On Track with 2026 Goals
Slide 11: Q1'26 financial results support FY'26 guidance
Q1 2026 Results - 5 - All figures are presented on a consolidated basis. 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 slide 24 in the Annex. 3 Leverage ratio defined as
Slide 12: Strong Execution Focused on Achieving 2026 Goals
Q1 2026 Results - 6 - Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Strong Execution Focused on Achieving 2026 Goals Biopharma product and segmental mix Optimization of global plasma sourcing Egypt ramp up Operation and financial turnaround of Biotes
Slide 13: Diagnostic Performs as Planned; Barcelona Platform Launch
Q1 2026 Results - 7 - Diagnostic Performs as Planned. BTS Marks a Milestone with Barcelona-Next Generation Platform Launch Remaining Diagnostic Division performance: Low-single digit LFL growth 2026 1 st Grifols Immunoassay platform: multiplexing, ultra highly sensitive, modular and trackable Strong
Slide 14: Continued Biopharma Growth Driven by IG Momentum
Q1 2026 Results - 8 - Roland Wandeler President of Biopharma Continued Biopharma Growth Driven by IG Momentum in Core Markets
Slide 15: Yimmugo Launch and Gamunex and Xembify Momentum
Q1 2026 Results - 9 - Launch of Yimmugo in the U.S. and Continued Momentum with Gamunex and Xembify Drive IG Franchise Double-Digit Growth Drivers • Effectively competing in China with strategic local partnership (SRAAS), but impacted by year-over-year lower price after price adjustment mid-’25 in c
Slide 16: Differentiated Approach to Drive Profitable Growth
Q1 2026 Results - 10 - Drive growth of first-liter proteins, prepare for SPARTA Optimize allocation in diversified geographic portfolio Drive profitable IG growth, leverage Egypt as IG source for Europe Grow Balance Lead Differentiated Approach to Drive Profitable Growth and Value U.S. Market Ex-U.S
Slide 17: Redefining the Plasma Industry
Q1 2026 Results - 11 - Redefining the Plasma Industry: Unique U.S. End-to-End Integration and Scalable ex-U.S. Self-Sufficiency Drive Value Creation Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex U.S. Market Ex-U.S. Markets Europe Egypt 2025 2029E x2.
Slide 18: U.S. Biopharma: A Unique, Resilient Vertically Integrated Platform
Q1 2026 Results - 12 - Los Angeles, California (CA) Clayton, North Carolina (NC) U.S. Biopharma: A Unique, Resilient Vertically Integrated Platform 2 Manufacturing ~300 donor centers Facilities Fully vertically integrated model Efficiency of operations #1 Market for Plasma • Unique local end-to-end
Slide 19: Q1'26 Financial Performance
Q1 2026 Results - 13 - Rahul Srinivasan Chief Financial Officer (CFO) Q1’26 Financial Performance
Slide 20: Financial Highlights
Q1 2026 Results - 14 - Financial Highlights in million EUR except % Q1’26 EUR/USD @1.18 Q1’25 EUR/USD @1.04 Var. vs. PY 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 Margin 22.4% 22.4% Unchanged PROFIT BEFORE TAX 112m 115m GROUP PROFIT 73m
Slide 21: Q1'26 Revenues
Q1 2026 Results - 15 - 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 Diagnostic • Quidel Ortho dissolution and associated compensation to Grifols • Diagnostic revenue like-for-like: Low-single-digit gro
Slide 22: Q1'26 Adjusted EBITDA
Q1 2026 Results - 16 - Note: All figures are presented on a consolidated basis. When specified, figures presented at currency (cc), excluding exchange rate fluctuations over the period. Graphic not at scale. Q1'26 Adjusted EBITDA: Resilient Biopharma Performance, Offset by Other Segments and FX Head
Slide 23: Free Cash Flow pre-M&A
Q1 2026 Results - 17 - Free Cash Flow pre-M&A: Progressing to Plan EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) EBITDA Adjusted 381 400 -19 Inventories (134) (61) -73 Receivables (21) (93) +72 Payables 48 26 +21 Net working capital (107) (128) +21 CAPEX (71) (128) +58 IT and R&D
Slide 24: Capital Structure: Significant Progress
Q1 2026 Results - 18 - Capital Structure: Significant Progress Maturities • All 2027 maturities refinanced • Next set of maturities not due until Q4 2028 Refinancing Summary • Strong investor and bank support for significantly upsize of RCF and TLB Liquidity • Highly robust liquidity levels • Factor
Slide 25: Final Remarks
Q1 2026 Results - 19 - Nacho Abia Chief Executive Officer (CEO) Final Remarks
Slide 26: Biopharma-led Growth, Margin Improvement, Stronger Balance Sheet
Q1 2026 Results - 20 - Biopharma-led Growth, Prioritizing Margin Improvement, and Stronger Balance Sheet Biopharma delivers strong growth driven by continuous momentum in the IG franchise Biopharma Section 232 of the U.S. Trade Expansion Act underscores the strategic value of plasma-derived therapie
Slide 27: Annex
Q1 2026 Results - 21 - Annex
Slide 28: Revenue | Q1 2026
Q1 2026 Results - 22 - Revenue | Q1 2026 Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Q1 2026 Q1 2025 In millions of euros Reported At cc* Revenue by Business Unit 1,700 1,786 (4.8%) 3.3% Biopharma 1,495 1,521 (1.7%) 6.8% Diagnostic 142 170 (16.2%)
Slide 29: P&L | Q1 2026
Q1 2026 Results - 23 - P&L | Q1 2026 Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex 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 1,700 - 1,700 1,7
Slide 30: Cash Flow | Q1 2026
Q1 2026 Results - 24 - Cash Flow | Q1 2026 Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (as defined in the APM) - Others - Interest - Taxes. In the Consolidated Annual Accounts, thi
Slide 31: Balance Sheet | Q1 2026
Q1 2026 Results - 25 - Balance Sheet | Q1 2026 Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex In millions of euros Mar-26 Dec-25 14,824 14,638 10,624 10,493 3,163 3,120 109 97 500 512 428 416 5,254 5,074 2 - 3,458 3,296 95 83 863 769 56 36 78 65 702 8
Slide 32: EBIT to EBITDA and EBITDA Adjusted
Q1 2026 Results - 26 - EBIT to EBITDA and EBITDA Adjusted Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex In millions of euros. Q4 2025 Q1 2026 LTM FY 2025 Q1 2025 251 271 354 349 1,225 1,243 269 (104) (129) (103) (107) (443) (451) (112) Reported EBITD
Slide 33: Leverage Ratio as per Credit Agreement
Q1 2026 Results - 27 - Leverage Ratio as per Credit Agreement Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex 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 Liabil
Slide 34: Leverage Ratio as per Reported EBITDA and Net Debt
Q1 2026 Results - 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 In millions of euros except the ratio Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Non-Current Financial Liabilities 9,080 9
Slide 35: Net Secured Financial Debt Ratio as per Credit Agreement
Q1 2026 Results - 29 - Net Secured Financial Debt Ratio as per Credit Agreement Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex In millions of euros except ratio. Q1'26 Q1'25 Amount of revolver drawn - - EIB debt principal outstanding - 85 Senior Debt
Slide 36: NCI Contributions
Q1 2026 Results - 30 - NCI Contributions Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex In millions of euros GDS Biotest BPC Haema Profit after tax from continuing operations 123 (74) 32 11 Income tax expense (22) 91 (8) (7) Financial result 78 (46) (
Slide 37: Net Revenues and Adjusted EBITDA Reconciliation at cc
Q1 2026 Results - 31 - Net Revenues and Adjusted EBITDA Reconciliation at cc | Q1 2026 Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex Variations due to the exchange rates mainly driven by EUR/USD: Q1’25 @1.04 vs Q1’26 @1.18 Adjusted EBITDA Reconciliat
Slide 38: CAPEX Reconciliation Q1 2026
Q1 2026 Results - 32 - CAPEX Reconciliation Q1 2026 Q1’26 Performance Summary Biopharma Performance Q1’26 Financial Performance Final Remarks Annex In million of euros Q1 2026 Q1 2025 Property, Plant & Equipement additions ("CAPEX reported in Consolidated Statements of Cash Flows") 52 49 Interest Ca
Slide 39: Investor Relations & Sustainability
Q1 2026 Results - 33 - Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to