Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — H1 2026 Earnings Presentation
38 slides from Grifols, S.a. Class A's earnings presentation, Jul 28, 2026
Slide 1: H1 2026 Results
H1 2026 Results July 28, 2026 H1 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 H1’26: Performance Summary 02 Biopharma Performance 03 H1’26 Financial Performance 04 Final Remarks 05 Annex H1 2026 Results -3-
Slide 4: On Track to Achieve 2026 Guidance
On Track to Achieve 2026 Guidance Nacho Abia Chief Executive Officer (CEO) H1 2026 Results -4-
Slide 5: H1'26 Results on Track to Deliver FY'26 Guidance
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex H1’26 Results on Track to Deliver FY’26 Guidance H1’26 H1’26 vs H1’25 Biopharma continued to deliver solid growth, with revenue up 5.4% cc €3,574m +2.6% cc1 Revenue Continued progress in Egypt, with plasm
Slide 6: Biopharma Advances Its Pipeline, and Evolving Its Business Model
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Biopharma Advances Its Pipeline, and Evolving Its Business Model • The SIGMA Phase 3 study expanding IVIG into secondary antibody deficiency (within SID) Advancing • The EXCELL Phase 3 study evaluating SC
Slide 7: Next-Generation Platforms to Lead in Transfusion Medicine and Unlock Clinical Diagnostics Access
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Next-Generation Platforms to Lead in Transfusion Medicine and Unlock Clinical Diagnostics Access Critical Innovation Milestones for 2026 Achieved BARCELONA ISARD Immunoassay MUNDAKA Molecular Platform (20
Slide 8: Key Levers in Place to Deliver FY'26 Guidance
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Key Levers in Place to Deliver FY’26 Guidance Continued Biopharma growth, driven by sustained IG momentum Egypt plasma ramp-up, enabling both strategic and cost per liter optimization Progressing Biotest
Slide 9: Continued Biopharma Growth Building on IG Momentum
Continued Biopharma Growth Building on IG Momentum Roland Wandeler President of Biopharma H1 2026 Results -9-
Slide 10: IG Continues to Drive Biopharma Growth; Alpha-1 Progresses
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex IG Continues to Drive Biopharma Growth; Alpha-1 Progresses H1’26 Q2’26 H1’26 H2’26 +5.4% +4.1% • Mid-to high single-digit growth in • Sustained momentum of Gamunex in the U.S. and core markets, deliberate
Slide 11: Advancing the Alpha-1 Franchise Through Clinical Innovation
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Advancing the Alpha-1 Franchise Through Clinical Innovation SPARTA Clinical Trial Alpha-1 SubQ 15% Study and • Randomized placebo-controlled, double-blind trial to • Evaluates a weekly subcutaneous Alpha
Slide 12: Progressing Reorganization of Operating Model to Accelerate Execution of Strategic Roadmap
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Progressing Reorganization of Operating Model to Accelerate Execution of Strategic Roadmap Biopharma U.S. Biopharma RoW Vertically Integrated Optimizing Plasma Allocation Fully vertically integrated, end-
Slide 13: Redefining the Plasma Industry: Unique U.S. End-to-End Integration and Scalable ex-U.S. Self-Sufficiency
H1’26 Performance Summary Biopharma Performance H1’26 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 14: H1'26 Financial Performance
H1’26 Financial Performance Rahul Srinivasan Chief Financial Officer (CFO) H1 2026 Results - 14 -
Slide 15: Financial Highlights
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Financial Highlights Q2’26 H1’26 H1’25 H1’26 Var. vs. PY (in million EUR except %) Avg EURUSD Q2’26 @1.16 Var vs. PY Avg EURUSD @1.17 H1’26@1.08 Avg EURUSD Var vs. PY NET REVENUE 1,874m 3,574m 3,677m +2.6
Slide 16: H1'26 Revenues: 2.6% cc Growth, Led by 5.4% cc Biopharma Growth
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex H1'26 Revenues: 2.6% cc Growth, Led by 5.4% cc Biopharma Growth Revenues (in million EUR except for growth) +2.6% cc Biopharma 3,772 • Continuing IG-led growth, with SCIG double 3,677 -9.7% cc 3,574 digit
Slide 17: Biopharma EBITDA Growth Meaningfully Outpaces Group EBITDA Growth (at cc)
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Biopharma EBITDA Growth Meaningfully Outpaces Group EBITDA Growth (at cc) EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) Continued Biopharma EBITDA growth at cc: +2.4% cc • Supp
Slide 18: Free Cash Flow Generation On Track
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Free Cash Flow Generation On Track EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) H1’25 H1’26 Var vs H1’25 EBITDA Adjusted 876 854 -22 Inventories (91) (184) -93 Adj EBITDA impacted by
Slide 19: Strong Balance Sheet: Comfortable Maturity Profile, Cash Interest Focus, Strong Liquidity
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Strong Balance Sheet: Comfortable Maturity Profile, Cash Interest Focus, Strong Liquidity Capital Structure Summary Liquidity All 2027 maturities refinanced through €3.1bn equivalent TLB and $2.1bn RCF co
Slide 20: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) H1 2026 Results - 20 -
Slide 21: On Track to Deliver FY'26 Guidance and Our Strategic Priorities
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex On Track to Deliver FY’26 Guidance and Our Strategic Priorities Biopharma momentum Egypt game-changer and Innovation • Biopharma continues to drive progressing self-sufficiency projects • Innovation pipel
Slide 22: Annex
Annex H1 2026 Results - 22 -
Slide 23: Revenue | Q2 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Revenue | Q2 2026 Q2 2026 Q2 2025 % vs PY In millions of euros Reported At cc* Revenue by Business U nit 1,874 1,891 (0.9%) 1.9% Biopharma 1,653 1,633 1.2% 4.1% Diagnostic 142 162 (12.2%) (9.7%) Bio Suppl
Slide 24: Revenue | H1 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Revenue | H1 2026 H1 2026 H1 2025 % vs PY In millions of euros Reported At cc* Revenue by Business U nit 3.574 3.677 (2,8%) 2,6% Biopharma 3.148 3.154 (0,2%) 5,4% Diagnostic 284 332 (14,3%) (9,7%) Bio Sup
Slide 25: P&L | Q2 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex P&L | Q2 2026 Q2 2026 Q2 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 1,874 - 1,874 1,
Slide 26: P&L | H1 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex P&L | H1 2026 H1 2026 H1 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 3,574 - 3,574 3,
Slide 27: Cash Flow | Q2 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Cash Flow | Q2 2026 In millions of euros (on a reported basis) Q2 2026 Q2 2025 % vs PY Reported Group Prof it 155 117 32% In million of Euros Q2'26 Q2'25 Depreciation and Amortization 107 107 0% Net Cash
Slide 28: Cash Flow | H1 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Cash Flow | H1 2026 In millions of euros (on a reported basis) 2026 YTD 2025 YTD % vs PY In million of Euros 2026 YTD 2025 YTD Reported Group Prof it 227 177 28% Net Cash Flow From Operat ing Act ivit ies
Slide 29: Balance Sheet | Q2 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Balance Sheet | Q2 2026 Assets Equity and Liabilities In millions of euros jun-26 Dec-25 In millions of euros jun-26 Dec-25 Non- Current Assets 14,785 14,638 Equity 7,980 7,603 Goodwill and Other Intangib
Slide 30: EBIT to EBITDA and EBITDA Adjusted
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In millions of euros. H1 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2026 LTM H1 2025 FY 2025 Q2 2025 OPE RATING RE SUL T (E BIT) 577 326 251 271 354 1,202 618 1,243 349 Dep
Slide 31: Leverage Ratio as per Credit Agreement
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Non-Current Financial Liabilities 8,808 9,080 9,091 9,093 9,118 Non-recurrent Lease Liabilities (IFRS
Slide 32: Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet
H1’26 Performance Summary Biopharma Performance H1’26 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 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Non-Current Financial Liabilities 8,808 9,080 9,091 9,093 9,118
Slide 33: Net Secured Financial Debt Ratio as per Credit Agreement
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Net Secured Financial Debt Ratio as per Credit Agreement In millions of euros except ratio. Q2'26 Q2'25 Amount of revolver drawn 351 - EIB debt principal outstanding - 85 Senior Debt Tranche B 3,001 2,201
Slide 34: NCI Contributions
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex NCI Contributions LTM Q2 2026 GDS Biotest BPC Haema In millions of euros Profit after tax from continuing operations 130 (69) 29 12 Income tax expense (22) 83 (7) (10) Financial result 77 (48) - 1 Amortis
Slide 35: Net Revenues and Adjusted EBITDA Reconciliation at cc | Q2 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Net Revenues and Adjusted EBITDA Reconciliation at cc | Q2 2026 Variations due to the exchange rates mainly driven by EURUSD: Q2’25: @1.11 vs Q2’26: @1.16 Net Revenues Reconciliation at cc | Q2 2026 Q2 20
Slide 36: Net Revenues and Adjusted EBITDA Reconciliation at cc | H1 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex Net Revenues and Adjusted EBITDA Reconciliation at cc | H1 2026 Variations due to the exchange rates mainly driven by EURUSD: H1’25: @1.08 vs H1’26: @1.17 Net Revenues Reconciliation at cc | H1 2026 H1 20
Slide 37: CAPEX Reconciliation Q2 / H1 2026
H1’26 Performance Summary Biopharma Performance H1’26 Financial Performance Final Remarks Annex CAPEX Reconciliation Q2 / H1 2026 Q2 2026 Q2 2025 In million euros Property, Plant & Equipement additions ("CAPEX reported in Consolidated Statements of Cash Flows") 65 60 Interest Capitalized 6 7 Total P
Slide 38: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com H1 2026 Results - 38 -
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