Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q2 2025 Earnings Presentation
39 slides from Grifols, S.a. Class A's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Results
Q2 2025 Results July 29, 2025 Q2 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
Agenda 01 Business Review Nacho Abia Rahul Srinivasan Chief Executive Officer Chief Financial Officer (CEO) (CFO) 02 Financials 03 Final Remarks 04 Annex Q2 2025 Results -3-
Slide 4: Q2'25 Results: Strong Performance Driven by A Clear Focus on Execution
Q2’25 Results Strong Performance Driven by A Clear Focus on Execution Nacho Abia Chief Executive Officer (CEO) Q2 2025 Results -4-
Slide 5: Continued Execution in Q2 Supporting Strong First-Half Performance
Business Performance Financials Final Remarks Annex Continued Execution in Q2 Supporting Strong First-Half Performance H1’25 H1’25 vs H1’24 Executing on our Value Creation Plan driving strong performance across all key financial metrics €3,677m +7.0%cc1 Revenue (+10.1%cc LFL2) Strong business moment
Slide 6: Value Creation Plan Execution Delivering Results
Business Performance Financials Final Remarks Annex Value Creation Plan Execution Delivering Results Commercial growth Margin expansion Pipeline execution (even despite IRA impact) Leveraging strong momentum Driving efficiencies through plasma Delivering on our innovation Levers of key proteins and
Slide 7: Commercial Execution Fuels Biopharma Performance Offsetting IRA
Business Performance: Commercial growth Margin expansion Innovation Commercial Execution Fuels Biopharma Performance Offsetting IRA Strong growth driven by key proteins Milestones Performance Base indexed to LTM Q2’24 (Revenue growth at cc) LTM Q2’24 LTM Q3’24 LTM Q4’24 LTM Q1’25 LTM Q2’25 +10% +8.2
Slide 8: Margin Expansion Driven by Continuous Improvement Initiatives
Business Performance: Commercial growth Margin expansion Innovation Margin Expansion Driven by Continuous Improvement Initiatives Achieved 60% individualized nomogram implementation in U.S. centers Kicked-off 2nd nomogram wave to reach 100% adoption by 2026 On track to deliver double-digit growth in
Slide 9: Delivering on our Pipeline Milestones with New Indications and Progress in Life Cycle Management
Business Performance: Commercial growth Margin expansion Innovation Delivering on our Pipeline Milestones with New Indications and Progress in Life Cycle Management Innovation milestone targets by… H1 2025 H2 2025 Giga 564 Oncology Completed Alpha-1 SubQ 15% On track Phase 1B (dose expansion): 1st p
Slide 10: Advancing Diagnostic to Reinforce Market Position and Profitability
Business Performance Financials Final Remarks Annex Advancing Diagnostic to Reinforce Market Position and Profitability Strong growth driven by key business segments Milestones Performance (H1’25) • High-margin complementary business Diagnostic • Significant EBITDA contribution • High cash flow gene
Slide 11: Strong Q2 Supporting a Record H1 Performance
Strong Q2 Supporting a Record H1 Performance Rahul Srinivasan Chief Financial Officer (CFO) Q2 2025 Results - 11 -
Slide 12: Record H1'25, Continued Strong Momentum
Business Performance Financials Final Remarks Annex Record H1’25, Continued Strong Momentum Reported Like for Like1 H1 2024 (in million EUR except %) Q1’25 Q2’25 H1’25 Var vs. PY Var vs. PY Reported NET REVENUE 1,786m 1,891m 3,677m 7.0% cc 10.1% cc 3,444m GROSS MARGIN 695m 744m 1,438m 11.6% cc 19.8%
Slide 13: Biopharma Drives +7.0% cc Revenue Growth
Business Performance Financials Final Remarks Annex Biopharma Drives +7.0% cc Revenue Growth Revenues (in million EUR except for growth) Biopharma I +8.2% cc | +11.8% cc LFL1 +7.0% cc • Solid performance backed by strong (+6.8%) underlying demand led by IG and +10.1% cc (+9.9%) Alpha-1’s further tra
Slide 14: Significant EBITDA Growth and Margin Expansion Despite IRA Impact
Business Performance Financials Final Remarks Annex Significant EBITDA Growth and Margin Expansion Despite IRA Impact EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) Strong EBITDA growth led by Biopharma: +12.7% cc (+10.7%) Volume growth Cost Per Liter optimization +20.1% c
Slide 15: Lower Cash Adjustments Accelerating EBITDA Convergence
Business Performance Financials Final Remarks Annex Lower Cash Adjustments Accelerating EBITDA Convergence EBITDA Adjusted (in million EUR except for EBITDA margin and growth) +12.7% cc (+10.7%) Continued focus on reducing 876 cash adjustments between 23.8% EBITDA Adjusted and Reported 40 -55%1 cash
Slide 16: On Track for Further Improvement in Free Cash Flow Generation
Business Performance Financials Final Remarks Annex On Track for Further Improvement in Free Cash Flow Generation EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Q1’25 Q2’25 H1’25 Var vs H1’24 EBITDA Adjusted 400 475 876 84 • Reduction in cash adjustments Inventories (61) (30) (91)
Slide 17: Capital Allocation Discipline
Business Performance Financials Final Remarks Annex Capital Allocation Discipline Inorganic Efforts Shareholder Balance Sheet Strength Organic Business (Corporate Simplification) Returns • Continued deleveraging with • Continued planned investments • Successful delisting of Biotest • Consistent with
Slide 18: FY25 Outlook
Business Performance Financials Final Remarks Annex FY25 Outlook Strong underlying momentum Impact of a depreciating USD A headwind for Revenue and EBITDA - EBITDA benefiting partially from natural hedge - For reference: on average, every 0.01 USD depreciation against EUR for the full year represent
Slide 19: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) Q2 2025 Results - 19 -
Slide 20: A Clear Focus on Execution
Business Performance Financials Final Remarks Annex A Clear Focus on Execution Executing effectively on our Value Creation Plan with proven results Building on targeted strong momentum to reach FY25 guidance Expanding margins on the back of efficiency initiatives progress Pipeline execution to unloc
Slide 21: ANNEX
ANNEX Q2 2025 Results - 21 -
Slide 22: Revenue | Q2 2025
Business Performance Financials Final Remarks Annex Revenue | Q2 2025 Q2 2025 Q2 2024 % vs PY In thousands of euros Reported At cc* Revenue by Business Unit 1,891,132 1,817,908 4.0% 6.6% Biopharma 1,632,629 1,527,652 6.9% 9.6% Diagnostic 161,588 164,261 (1.6%) 0.4% Bio Supplies 36,403 73,719 (50.6%)
Slide 23: Revenue | H1 2025
Business Performance Financials Final Remarks Annex Revenue | H1 2025 H1 2025 H1 2024 % vs PY In thousands of euros Reported At cc* Revenue by Business Unit 3,676,940 3,443,613 6.8% 7.0% Biopharma 3,153,789 2,922,355 7.9% 8.2% Diagnostic 331,632 322,544 2.8% 2.8% Bio Supplies 68,958 100,731 (31.5%)
Slide 24: P&L | Q2 2025
Business Performance Financials Final Remarks Annex P&L | Q2 2025 Q2 2025 Q2 2024 % vs PY Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In thousands of euros One-offs One-offs One-offs Net Revenue 1,891,131 - 1,891,131 1,817,908 - 1,817,908 4.0% 4.0% Cost
Slide 25: P&L | H1 2025
Business Performance Financials Final Remarks Annex P&L | H1 2025 H1 2025 H1 2024 % vs PY Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In thousands of euros One-offs One-offs One-offs Net Revenue 3,676,940 - 3,676,940 3,443,613 - 3,443,613 6.8% 6.8% Cost
Slide 26: Cash Flow | Q2 2025
Business Performance Financials Final Remarks Annex Cash Flow | Q2 2025 In thousands of euros (on a reported basis) Q2 2025 Q2 2024 % vs PY Report ed Group Profit 117,062 14,841 689% Depreciation and Amortization 107,035 113,786 (6%) Net Provisions 17,320 40,220 (57%) Other Adjustments and Other Cha
Slide 27: Cash Flow | H1 2025
Business Performance Financials Final Remarks Annex Cash Flow | H1 2025 In thousands of euros (on a reported basis) 2025 YTD 2024 YTD % vs PY Report ed Group Profit 176,787 36,259 388% Depreciation and Amortization 218,785 219,402 0% Net Provisions 27,861 54,886 (49%) Other Adjustments and Other Cha
Slide 28: Balance Sheet | 2025
Business Performance Financials Final Remarks Annex Balance Sheet | 2025 In thousands of euros Assets Liabilities jun-25 dic-24 jun-25 dic-24 Non-Current Assets 14,520,953 15,677,699 Equity 7,598,153 8,607,025 Goodwill and Other Intangible Assets 10,538,461 11,297,492 Capital 119,604 119,604 Propert
Slide 29: Like-for-Like (LFL) Reconciliation
Business Performance Financials Final Remarks Annex Like-for-Like (LFL) Reconciliation In millions of euros Q2'25 Q1'25 H1'25 Revenue Reported 1,891 1,786 3,677 Fee-for-Service / GPO Reclassification 33 15 48 Inflation Reduction Act (IRA) 30 28 58 Revenue Like-for-Like 1,954 1,829 3,783 In millions
Slide 30: EBIT to EBITDA and EBITDA Adjusted
Business Performance Financials Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In thousand of euros Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2025 LTM Q2 2024 OPERATING RESULT (EBIT) 348,854 268,857 371,859 317,034 1,306,605 299,321 Depreciation & Amortization (107,035) (111,750) (110,130) (108,364
Slide 31: Leverage Ratio as per Credit Agreement
Business Performance Financials Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Non-Current Financial Liabilities 9,118 9,390 9,491 8,836 8,752 Non-recurrent Lease Liabilities (IFRS16) (978) (1,026) (1,025) (969) (1,025) Cur
Slide 32: Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet
Business Performance Financials Final Remarks Annex Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet In millions of euros except ratio. Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Non-Current Financial Liabilities 9,118 9,390 9,491 8,836 8,752 Current Financial Liabilities 522 657 676 1
Slide 33: NCI Contributions
Business Performance Financials Final Remarks Annex NCI Contributions LTM Q2 2025 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 139,858 (108,513) 46,846 15,634 Income tax expense (38,234) 30,048 (13,336) (10,710) Financial result 78,678 (31,383) (2,073) 8,093
Slide 34: FCF pre-M&A Reconciliation to Cash Flow Statement
Business Performance Financials Final Remarks Annex FCF pre-M&A Reconciliation to Cash Flow Statement Free Cash Flow pre-M&A = EBITDA Adjusted- Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - Others - Interest - Taxes. In the Consolidated Annual Accou
Slide 35: Net Revenue Reconciliation at cc | Q2 2025
Business Performance Financials Final Remarks Annex Net Revenue Reconciliation at cc | Q2 2025 In thousands of euros Q2 2025 Q2 2024 % Var In thousands of euros Q2 2025 Q2 2024 % Var Reported Net Revenues 1,891,132 1,817,908 4.0% Reported U.S. + Canada Net Revenues 1,067,726 1,037,872 2.9% Variation
Slide 36: Net Revenue Reconciliation at cc | H1 2025
Business Performance Financials Final Remarks Annex Net Revenue Reconciliation at cc | H1 2025 In thousands of euros H1 2025 H1 2024 % Var In thousands of euros H1 2025 H1 2024 % Var Reported Net Revenues 3,676,940 3,443,613 6.8% Reported U.S. + Canada Net Revenues 2,092,916 1,963,198 6.6% Variation
Slide 37: EBITDA Adjusted Reconciliation at cc | Q2 2025
Business Performance Financials Final Remarks Annex EBITDA Adjusted Reconciliation at cc | Q2 2025 EBITDA Adjusted Q2'25: In thousands of euros Q2 2025 Q2 2024 % Var EBITDA Adjusted 475,086 440,788 7.8% Variation due to Exchange Rate Effects 16,443 EBITDA Adjust ed at Const ant Currency 491,529 440,
Slide 38: EBITDA Adjusted Reconciliation at cc | H1 2025
Business Performance Financials Final Remarks Annex EBITDA Adjusted Reconciliation at cc | H1 2025 EBITDA Adjusted H1'25: In thousands of euros H1 2025 H1 2024 % Var EBITDA Adjusted 875,565 791,190 10.7% Variation due to Exchange Rate Effects 15,952 EBITDA Adjust ed at Const ant Currency 891,517 791
Slide 39: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com Q2 2025 Results - 39 -
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