Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Q3 2026 Earnings Presentation
36 slides from Grifols, S.a. Class A's earnings presentation, Nov 2, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results - 1 - Q3 2026 Results November 2, 2026
Slide 2: Legal Disclaimer
Q3 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 3: Agenda
Q3 2026 Results - 3 - Agenda 01 Business Update 02 Q3’26 Financial Performance 03 Final Remarks 04 Annex
Slide 4: Continued Delivery on Our Value Creation Priorities
Q3 2026 Results - 4 - Nacho Abia Chief Executive Officer (CEO) Continued Delivery on Our Value Creation Priorities
Slide 5: Strong Business Performance and Disciplined Execution Drive Strategic and Financial Progress
Q3 2026 Results - 5 - Strong Business Performance and Disciplined Execution Drive Strategic and Financial Progress 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 slides 2
Slide 6: IG Continues to Drive Growth, with Strong Contribution From Alpha-1 & Specialty Proteins
Q3 2026 Results - 6 - IG Continues to Drive Growth, with Strong Contribution From Alpha-1 & Specialty Proteins, Amid Albumin Headwind 9M’26 Q3’26 -13.9% +4.6% -13.2% +18.2% Note: All figures are presented at constant currency (cc), excluding exchange rate fluctuations over the period. Note: 1PIDD: P
Slide 7: IG's Broad Therapeutic Benefits Underpin Growing Demand Across Multiple Key Conditions
Q3 2026 Results - 7 - IG’s Broad Therapeutic Benefits Underpin Growing Demand Across Multiple Key Conditions U.S. IG market by condition and Grifols pull-through growth PIDD SID CIDP Others IG market by condition Grifols pull-through growth by condition CAGR 2024–H1’26 PIDD1 SID2 CIDP3 HSD4 DD5 MSD6
Slide 8: Albumin Performance Remains Impacted by China Channel Dynamics
Q3 2026 Results - 8 - Albumin Performance Remains Impacted by China Channel Dynamics Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Current market dynamics in China Inventories Channel inventory remains at elevated levels, weighing on sell-in volume recovery and pricing Regula
Slide 9: Significant Untapped Alpha-1 Opportunity Supported by Innovation and Increased Screening
Q3 2026 Results - 9 - Significant Untapped Alpha-1 Opportunity Supported by Innovation and Increased Screening Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex An underdiagnosed market Innovation Diagnosis SPARTA • Last patient, last visit August’26; top-line results on track by
Slide 10: Egypt Continues to Scale With Attractive Economics
Q3 2026 Results - 10 - Egypt Continues to Scale With Attractive Economics Overview Attractive economics Structurally attractive plasma collection economics, supporting further margin improvement as volumes continue to scale Scale & global optimization Egypt plasma is expected to scale to ~3 million
Slide 11: Q3'26 Financial Performance
Q3 2026 Results - 11 - Rahul Srinivasan Chief Financial Officer (CFO) Q3’26 Financial Performance
Slide 12: Financial Highlights
Q3 2026 Results - 12 - Financial Highlights (in million EUR except %) Var vs. PY H1’26 Var vs. PY NET REVENUE 2,040m +8.4%cc 5,614m 5,542m +4.6% cc GROSS MARGIN 807m +8.6%cc 2,132m 2,172m +0.4% cc Margin 39.6% 38.0% 39.2% FY’25: 38.0% ADJUSTED EBITDA 538m +9.8%cc 1,392m 1,358m +5.0% cc Margin 26.4%
Slide 13: Biopharma Continues to Drive Group Revenue Growth
Q3 2026 Results - 13 - Biopharma Continues to Drive Group Revenue Growth Note: Percentage rates are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. Revenues (in million EUR except for growth) Diagnostic • Revenue impacted by t
Slide 14: Volume Growth, Product Mix and Disciplined Execution Drive Adj EBITDA Growth
Q3 2026 Results - 14 - Volume Growth, Product Mix and Disciplined Execution Drive Adj EBITDA Growth and Margin Improvement Note: All figures are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annexes for reconciliations. Adjusted EBITDA (in million EUR
Slide 15: Adjusted EBITDA Margin Expansion Supported by Recovering Gross Margin and Opex Discipline
Q3 2026 Results - 15 - 37,6% 39,4% 40,2% Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Adjusted EBITDA Margin Expansion Supported by Recovering Gross Margin and Opex Discipline • Continued progression despite Albumin headwinds • Supported by volume growth, favorable product m
Slide 16: Operating Performance Supports Continued Improvement in FCF and Cash Conversion
Q3 2026 Results - 16 - Operating Performance Supports Continued Improvement in FCF and Cash Conversion 1 FCF definition and reconciliation to the Cash Flow Statement in slide 26 in the Annex. Adjusted EBITDA to FCF reconciliation (in million EUR) • Cash conversion improved • Higher Adjusted EBITDA s
Slide 17: Further Balance Sheet Strengthening Supports Financial Flexibility
Q3 2026 Results - 17 - 5.5x 5.1x 4.6x 4.5x 4.2x 4.2x 4.2x 4.3x 4.2x 3.98x Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 704 1,860 1,675 1,414 1,475 1,678 1,573 2,030 2,140 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Further Balance Sheet Strengthening Supports Financial Flexi
Slide 18: Final Remarks
Q3 2026 Results - 18 - Nacho Abia Chief Executive Officer (CEO) Final Remarks
Slide 19: Delivering on Our Strategic and Financial Priorities
Q3 2026 Results - 19 - Delivering on Our Strategic and Financial Priorities Profitable Growth • Converting revenue growth into sustainable profitability • Cost management and operating leverage supporting margin expansion Strategic Opportunities • Advancing Alpha-1 innovation and patient diagnosis i
Slide 20: Annex
Q3 2026 Results - 20 - Annex
Slide 21: Revenue | Q3 2026
Q3 2026 Results - 21 - Revenue | Q3 2026 Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Q3 2026 Q3 2025 In millions of euros Reported At cc* Revenue by Business Unit 2,040 1,865 9.4% 8.4% Biopharma 1,803 1,620 11.3% 10.3% Diagnostic 147 147 (0.5%) (1.0%) Bio Supplies 46 39 18.
Slide 22: Revenue | YTD 2026
Q3 2026 Results - 22 - Revenue | YTD 2026 Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex 2026 YTD 2025 YTD In millions of euros Reported At cc* Revenue by Business Unit 5,614 5,542 1.3% 4.6% Biopharma 4,951 4,773 3.7% 7.1% Diagnostic 431 479 (10.0%) (7.0%) Bio Supplies 96 108
Slide 23: P&L | Q3 2026
Q3 2026 Results - 23 - P&L | Q3 2026 Q3’26 Business Update Q3’26 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 2,040 - 2,040 1,865 - 1,865 9.4% 9.4% Cost
Slide 24: P&L | 2026 YTD
Q3 2026 Results - 24 - Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex P&L | 2026 YTD 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 5,614 - 5,614 5,542 - 5,542 1.3% 1.3% Cost
Slide 25: Cash Flow | Q3 2026
Q3 2026 Results - 25 - Cash Flow | Q3 2026 Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (as defined in the APM) - Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact fr
Slide 26: Cash Flow | 2026 YTD
Q3 2026 Results - 26 - Free Cash Flow (FCF) = EBITDA Adjusted- Net Working Capital - CAPEX (as defined in the APM) - Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associate
Slide 27: Balance Sheet | Q3 2026
Q3 2026 Results - 27 - Balance Sheet | Q3 2026 Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex In millions of euros Sept-26 Dec-25 8,243 7,603 120 120 911 911 4,433 4,185 Treasury Stock (129) (131) 390 402 Interim dividend - (102) 63 (114) 2,455 2,332 9,743 10,090 8,693 9,091 1
Slide 28: EBIT to EBITDA and EBITDA Adjusted
Q3 2026 Results - 28 - EBIT to EBITDA and EBITDA Adjusted Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex In millions of euros YTD Q3'2025 Q2 2026 Q3 2025 Q3 2026 LTM FY 2025 969 972 392 326 251 271 354 1,240 1,243 324 321 114 107 104 129 103 453 450 Reported EBITDA 1,292 1,294
Slide 29: Leverage Ratio as per Credit Agreement
Q3 2026 Results - 29 - Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Non-Current Financial Liabilities 8,693 8,808 9,080 9,091 9,093 Non-recurrent Lease Liabilities (IFRS16)
Slide 30: Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet
Q3 2026 Results - 30 - Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex In millions of euros except the ratio Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Non-Current Financial Liabilities 8,693 8,808 9,080 9,091 9,093 Cur
Slide 31: Net Secured Financial Debt Ratio as per Credit Agreement
Q3 2026 Results - 31 - Net Secured Financial Debt Ratio as per Credit Agreement Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex In millions of euros except ratio. Q3'26 Q3'25 Amount of revolver drawn 220 - EIB debt principal outstanding - 74 Senior Debt Tranche B 3,002 2,199 Se
Slide 32: NCI Contributions
Q3 2026 Results - 32 - NCI Contributions Note: Last Twelve Months figures (LTM). Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex In millions of euros GDS Biotest BPC Haema Profit after tax from continuing operations 131 (92) 28 16 Income tax expense (27) 83 (6) (11) Financial r
Slide 33: Net Revenues and Adjusted EBITDA Reconciliation at cc | Q3 2026
Q3 2026 Results - 33 - Net Revenues and Adjusted EBITDA Reconciliation at cc | Q3 2026 Variations due to the exchange rates mainly driven by EUR/USD: Q3’25: @1.16 vs Q3’26: @1.15 Adjusted EBITDA Reconciliation at cc | Q3 2026 Net Revenues Reconciliation at cc | Q3 2026 Q3’26 Business Update Q3’26 Fi
Slide 34: Net Revenues and Adjusted EBITDA Reconciliation at cc | YTD 2026
Q3 2026 Results - 34 - Net Revenues and Adjusted EBITDA Reconciliation at cc | YTD 2026 Variations due to the exchange rates mainly driven by EUR/USD: YTD’25: @1.10 vs YTD’26: @1.16 Adjusted EBITDA Reconciliation at cc | YTD 2026 Net Revenues Reconciliation at cc | YTD 2026 Q3’26 Business Update Q3’
Slide 35: CAPEX Reconciliation YTD 2026
Q3 2026 Results - 35 - CAPEX Reconciliation YTD 2026 Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex In million euros 9M 2026 9M 2025 Property, Plant & Equipment additions ("CAPEX reported in Consolidated Statements of Cash Flows") 184 179 Interest Capitalized 14 14 Total PP&E
Slide 36: Investor Relations & Sustainability
Q3 2026 Results - 36 - 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