Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — FY 2025 Earnings Presentation
27 slides from Grifols, S.a. Class A's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Results
FY 2025 Results February 26, 2026 FY 2025 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
01 2025: Performance Summary Agenda 02 Biopharma: Delivering Results 03 FY’25 Financial Performance 04 Final Remarks 05 Annex FY 2025 Results -3-
Slide 4: 2025: Performance Summary
2025: Performance Summary Nacho Abia Chief Executive Officer (CEO) FY 2025 Results -4-
Slide 5: Delivering on 2025 Financial Guidance, With Free Cash Flow Exceeding Guidance
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Delivering on 2025 Financial Guidance, With Free Cash Flow Exceeding Guidance FY’25 FY’25 FY’25 vs PY @Guidance FX5 Revenue €7,524m +7.0%cc1 (+9.1% cc LFL2) EBITDA Adj. €1,825m +5.6%cc (+11.9% cc L
Slide 6: Grifols' Unique Positioning: Provides Resiliency and Helped Deliver FY 2025
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols’ Unique Positioning: Provides Resiliency and Helped Deliver FY 2025 Delivered, led by Biopharma: • Ig growth performance, more than offsets IRA impact in 2025 • Leveraging strategic partner
Slide 7: Grifols' Unique Positioning: Clear Opportunity to Redefine the Industry
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols’ Unique Positioning: Clear Opportunity to Redefine the Industry • Only scaled plasma company with a fully integrated and end-to-end value chain in U.S. (#1 plasma market globally) Looking A
Slide 8: Biopharma: Delivering Results
Biopharma: Delivering Results Roland Wandeler President of Biopharma FY 2025 Results -8-
Slide 9: Biopharma: Building a Strong Basis to Drive Focused Growth in 2026
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Biopharma: Building a Strong Basis to Drive Focused Growth in 2026 FY’25 vs PY +8.4% 2025 Drivers 2026 Outlook Overall +10.9% LFL IG +14.7% Growing ahead of market Differentiate, focus growth on ke
Slide 10: Adding Fibrinogen as Additional Protein to Bolster Plasma Economics
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Adding Fibrinogen as Additional Protein to Bolster Plasma Economics 2025 2026 and Beyond • National approval in Germany as key • Establish and grow share in Germany as market (AFD+CFD)1 key market
Slide 11: Grifols Strategic Investments in Self-Sufficiency Uniquely Positioned to Drive Shareholder Value
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols Strategic Investments in Self-Sufficiency Uniquely Positioned to Drive Shareholder Value in Face of Rising Geopolitical Pressures Grifols US Footprint Grifols Public-Private Partnerships US
Slide 12: Grifols US Footprint: End-to-end and Fully Integrated in Key Market
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols US Footprint: End-to-end and Fully Integrated in Key Market United States 300+ donor centers in the U.S., Donor center representing >70% of Grifols plasma network collection capacity in the
Slide 13: Canada: Partnering to Expand Self-Sufficiency in Top 4 Global IgG Market
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Canada: Partnering to Expand Self-Sufficiency in Top 4 Global IgG Market 15-year renewable agreement with long-term strategic partner CBS1 Canada Donor center • 17 donation centers in the last 12 m
Slide 14: Grifols Egypt: Strategic Partnership to Pioneer Self-Sufficiency in Africa and the Middle East
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols Egypt: Strategic Partnership to Pioneer Self-Sufficiency in Africa and the Middle East Egypt • Ensures long-term Fully self-sufficiency integrated • Positions Egypt as a regional regional h
Slide 15: Grifols Egypt: Strong Progress, Even Stronger Prospects
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols Egypt: Strong Progress, Even Stronger Prospects From Vision to Value: Leveraging Grifols Key Competencies, showcasing Grifols Engineering Built Donor Center • 2025: 16 donor centers • 2026:
Slide 16: Transformational Platform Shaping Egypt's Healthcare Future
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Transformational Platform Shaping Egypt’s Healthcare Future A Transformational Engine for Egypt A Transformational Engine for Grifols • National self-sufficiency in critical plasma derived • Succes
Slide 17: FY'25 Financial Performance
FY’25 Financial Performance Rahul Srinivasan Chief Financial Officer (CFO) FY 2025 Results - 17 -
Slide 18: Resilient Financial Performance: Strong FCF and Group Profit Growth and Continued Deleveraging
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Resilient Financial Performance: Strong FCF and Group Profit Growth Performance and Continued Deleveraging Reported Like for Like1 (in million EUR except %) FY’25 Var vs. PY Var vs. PY NET REVENUE
Slide 19: Biopharma-Led EBITDA Growth, More Than Offsetting IRA and FX Impact
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Biopharma-Led EBITDA Growth, More Than Offsetting IRA and FX Impact, and Continued Focus on Reducing Cash Adjustments EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) • EBI
Slide 20: Free Cash Flow pre-M&A: Exceeds Guidance
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Free Cash Flow pre-M&A: Exceeds Guidance EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) FY’25 FY’24 Vs PY FCF pre-M&A: +€43m vs top-end of improved Q3 EBITDA Adjusted 1,825 1,779
Slide 21: Capital Structure Update
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Capital Structure Update Significant and Rapid Re-rating progress… …validated by tightening secondary yields Jun-24 Current • Significant yield compression of 2030 bonds Corporate ratings reflectiv
Slide 22: Prioritizing Higher Margins-Led Earnings Growth, Stronger Free Cash Flow, and Sustained Deleveraging
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Prioritizing Higher Margins-Led Earnings Growth, Stronger Free Cash Flow, and Sustained Deleveraging • 2022-2025 Volume-led EBITDA growth • 2026+ Prioritizing margin expansion-led EBITDA growth 202
Slide 23: 2026 Guidance and 2027 Milestones
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex 2026 Guidance and 2027 Milestones FCF pre-M&A pre-dividends €500m-€575m 2026 Guidance ≥25% and continued Adjusted EBITDA growth Adjusted EBITDA margin (5-9% at constant currency) Leverage Continued
Slide 24: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) FY 2025 Results - 24 -
Slide 25: Prioritizing Margins Improvement Led Earnings Growth, Free Cash Flow Enhancement and Continued Deleveraging
2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Prioritizing Margins Improvement Led Earnings Growth, Free Cash Flow Enhancement and Continued Deleveraging Achieved financial guidance for Grifols’ unique positioning is a Self-Sufficiency progres
Slide 26: Q&A Session
Q&A Session Nacho Abia Rahul Srinivasan Roland Wandeler Daniel Segarra Chief Executive Officer Chief Financial Officer President Biopharma VP Investor Relations (CEO) (CFO) and Sustainability FY 2025 Results - 26 -
Slide 27: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com FY 2025 Results - 27 -
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