Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — FY2024 Earnings Presentation
44 slides from Grifols, S.a. Class A's earnings presentation, Feb 26, 2025
Slide 1: FY2024 Results
FY2024 Results February 26, 2025 Q4 2024 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 Introductory Remarks 02 Business Performance 03 Financials 04 Final Remarks Nacho Abia Rahul Srinivasan Chief Executive Officer (CEO) Chief Financial Officer (CFO) 05 Annex Q4 2024 Results -3-
Slide 4: Delivered a Record 2024 with Strong Performance and Strategic Execution
Nacho Abia Chief Executive Officer (CEO) Delivered a Record 2024 with Strong Performance and Strategic Execution Q4 2024 Results -4-
Slide 5: Challenging Year Faced with Strategic Execution and Delivery
Introductory Remarks Business Performance Financials Final remarks Annex Opening Remarks Challenging Year Faced with Strategic Execution and Delivery Business performance Governance Balance sheet and leadership team • Robust performance exceeding • Organic sequential deleveraging • Strengthened gove
Slide 6: Delivering on Guidance for the Year
Introductory Remarks Business Performance Financials Final remarks Annex Opening Remarks Delivering on Guidance for the Year Q4’24 FY24 Revenue €1,976m €7,212m +13.6% cc +10.3% cc EBITDA Adj. €526m €1,779m Margin 26.6% Margin 24.7% Free Cash Flow €335m €266m pre-M&A1 +€326m vs. Q4’23 +€442m vs. FY23
Slide 7: Revenue Growth Accelerated in 2024, Reaching Record Levels
Introductory Remarks Business Performance Financials Final remarks Annex Opening Remarks Revenue Growth Accelerated in 2024, Reaching Record Levels Revenues (in million EUR) +10.3% • Global underlying demand across relevant Biopharma indications • IVIG momentum across geographies +9.4% +11.3% +15.1%
Slide 8: IG Leads Biopharma's €6.1+ Bn Double-Digit Growth Portfolio
Introductory Remarks Business Performance Financials Final remarks Annex Biopharma IG Leads Biopharma's €6.1+ Bn Double-Digit Growth Portfolio Stronggrowth Strong growth driven driven byproteins by key key proteins (Revenuegrowth (Revenue growthatatcc) cc) Q1’24 Q2’24 Q3’24 Q4’24 +12.1% +15.1% Bioph
Slide 9: Leveraging Our Global Diversified Plasma Footprint for Reliable and Efficient Supply
Introductory Remarks Business Performance Financials Final remarks Annex Biopharma Leveraging Our Global Diversified Plasma Footprint for Reliable and Efficient Supply Operational Efficiencies Individualized Nomogram Rollover • Globally diverse plasma sources to increase plasma supply • Implemented
Slide 10: Achieved All 2024 Milestones and Set for Continued Success
Introductory Remarks Business Performance Financials Final remarks Annex Biopharma | Innovation Achieved All 2024 Milestones and Set for Continued Success Alpha-1 AT 15% SC Phase 1/2 Cohort 2 Tx 1: First patient enrolled H1 Fibrinogen PRECIOSA Last Patient Out – LPLV H1 Key Portfolio Addition 1 Fibr
Slide 11: A Strong Finish to a Record Year
Rahul Srinivasan Chief Financial Officer (CFO) A Strong Finish to a Record Year Q4 2024 Results - 11 -
Slide 12: Record Revenue and EBITDA Delivered, Strong FCF pre-M&A Outperformance and Continued Deleveraging
Introductory Remarks Business Performance Financials Final remarks Annex 2024 Highlights | A Record Year Record Revenue and EBITDA Delivered, Strong FCF pre-M&A Outperformance and Continued Deleveraging Q4 2024 FY 2024 (in million EUR except %) Reported Var vs. PY Reported Var vs. PY REVENUE 1,976 +
Slide 13: Sequential Improvement Across the Board
Introductory Remarks Business Performance Financials Final remarks Annex 2024 Highlights | A Record Year Sequential Improvement Across the Board Revenues EBITDA Adjusted (in million EUR, % at cc) (in million EUR) 12.4% 13.6% 7,300 9.3% 15% 1,779 1,697 5.5% 7,200 30% 7,212 1,605 7,100 10% 28% 7,000 6
Slide 14: Significantly Outgrowing Prior Record Year in 2023 and Increasing Convergence Between Adjusted & Reported EBITDA
Introductory Remarks Business Performance Financials Final remarks Annex 2024 EBITDA | A Record Year Significantly Outgrowing Prior Record Year in 2023 and Increasing Convergence Between Adjusted & Reported EBITDA Quarter (in million EUR) Year-to-date (in million EUR) Reported EBITDA Reported EBITDA
Slide 15: Strong Progress Driving Opex Efficiencies, Significant Opportunity to Continue Improvement in Gross Margin
Introductory Remarks Business Performance Financials Final remarks Annex Operating Expenses and Gross Profit Strong Progress Driving Opex Efficiencies, Significant Opportunity to Continue Improvement in Gross Margin Operational Expenses1 (in million EUR) 2000 29% Gross Margin expansion drivers 28.0%
Slide 16: Strong EBITDA Performance Backed by Granular Net Working Capital and Capex Management Delivering FCF
Introductory Remarks Business Performance Financials Final remarks Annex Free Cash Flow Strong EBITDA Performance Backed by Granular Net Working Capital and Capex Management Delivering FCF Out Performance EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Q1’24 Q2’24 Q3’24 Q4’24 FY’24
Slide 17: Inventory Management Benefiting FCF Generation Considerably; Elevated CAPEX and Capitalized IT and R&D Levels
Introductory Remarks Business Performance Financials Final remarks Annex Inventory and Capex Inventory Management Benefiting FCF Generation Considerably; Elevated CAPEX and Capitalized IT and R&D Levels as % of Revenues to Subside Inventory (in million EUR except DOI) CAPEX & Capitalized IT and R&D
Slide 18: Significant Turnaround in FCF Generation pre-M&A vs. 2023
Introductory Remarks Business Performance Financials Final remarks Annex Free Cash Flow Significant Turnaround in FCF Generation pre-M&A vs. 2023 EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) FY24 FY23 Variations EBITDA Adjusted 1,779 1,462 +317 1 Strong Results vs. 2023 Inventor
Slide 19: Balance Sheet De-Risking Substantially Progressed; Continued Focus on Organic Deleveraging
Introductory Remarks Business Performance Financials Final remarks Annex Balance Sheet Balance Sheet De-Risking Substantially Progressed; Continued Focus on Organic Deleveraging Sources (million EUR) Clear Runway on Deleverage Path Senior Secured Notes 7.125% due May 2030 1,300 • Proactive managemen
Slide 20: Building on our Momentum to Secure Continued Future Success
Nacho Abia Chief Executive Officer (CEO) Building on our Momentum to Secure Continued Future Success Q4 2024 Results - 20 -
Slide 21: Building on Our Momentum to Secure Continued Future Success
Introductory Remarks Business Performance Financials Final remarks Annex Key Takeaways Building on Our Momentum to Secure Continued Future Success 01 02 03 Grifols remained focused on its FY2024 marked all-time highs in Financial and operational strategic execution throughout the business performanc
Slide 22: ANNEX: Sustainability
ANNEX Sustainability Q4 2024 Results - 22 -
Slide 23: Our Sustainability Ambition is to Drive Sustainable growth by Embedding ESG Principles into our Core Strategy
Introductory Remarks Business Performance Financials Final remarks Annex Sustainability | Our Sustainability Plan Our Sustainability Ambition is to Drive Sustainable growth by Embedding ESG Principles into our Core Strategy Placing human rights at the core of our practices by integrating the highest
Slide 24: Patients, Donors and Communities Are at the Core of Our Strategy
Introductory Remarks Business Performance Financials Final remarks Annex Sustainability | Progress in 2024 Patients, Donors and Communities Are at the Core of Our Strategy Improving patients’ lives Our donors: a cross-section of society +800,000 +70 930,000+ 390+ patients treated1 patient organizati
Slide 25: Operating Responsibly by Minimizing our Environmental Impact and Prioritizing the Well-being of our Employees
Introductory Remarks Business Performance Financials Final remarks Annex Sustainability | Progress in 2024 Operating Responsibly by Minimizing our Environmental Impact and Prioritizing the Well-being of our Employees Advancing to minimize our footprint Our people GHG Emissions Gender equality -3% tC
Slide 26: Ethical Leadership is in Our DNA
Introductory Remarks Business Performance Financials Final remarks Annex Sustainability | Progress in 2024 Ethical Leadership is in Our DNA Incentive plans including Grifols ranked nº 1 biotech ESG criteria company in Dow Jones Sustainability Indices + Annual incentive plan for the entire ical Commi
Slide 27: ANNEX: Financials
ANNEX Financials Q4 2024 Results - 27 -
Slide 28: Revenue | Q4 2024
Introductory Remarks Business Performance Financials Final remarks Annex Revenue | Q4 2024 Q4 2024 Q4 2023 % vs PY Grifols Grifols In thousands of euros Reported At cc* Revenue by Business Unit 1,975,814 1,769,550 11.7% 13.6% Biopharma 1,687,487 1,492,423 13.1% 15.1% Diagnostic 166,063 172,498 (3.7%
Slide 29: Revenue | 2024
Introductory Remarks Business Performance Financials Final remarks Annex Revenue | 2024 FY 2024 FY 2023 % vs PY Grifols Grifols In thousands of euros Reported At cc* Revenue by Business Unit 7,212,382 6,591,977 9.4% 10.3% Biopharma 6,142,588 5,558,301 10.5% 11.3% Diagnostic 644,898 670,269 (3.8%) (2
Slide 30: P&L | Q4 2024
Introductory Remarks Business Performance Financials Final remarks Annex P&L | Q4 2024 Q4 2024 Q4 2023 % vs PY Grifols Grifols Grifols 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 1,975,813 - 1,
Slide 31: P&L | 2024
Introductory Remarks Business Performance Financials Final remarks Annex P&L | 2024 FY 2024 FY 2023 % vs PY Grifols Grifols Grifols 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 7,212,382 - 7,212
Slide 32: Cash Flow | Q4 2024
Introductory Remarks Business Performance Financials Final remarks Annex Cash Flow | Q4 2024 Q4 2024 Q4 2023 % vs PY Grifols Grifols Grifols In thousands of euros Reported Reported Reported Reported Group Prof it 68,968 56,541 22% Depreciation and Amortization 110,130 109,710 0% Net Provisions 13,92
Slide 33: Cash Flow | 2024
Introductory Remarks Business Performance Financials Final remarks Annex Cash Flow | 2024 FY 2024 FY 2023 % vs PY Grifols Grifols Grifols In thousands of euros Reported Reported Reported Report ed Group Profit 156,920 42,318 271% Depreciation and Amortization 437,897 446,422 -2% Net Provisions 73,25
Slide 34: Balance Sheet | 2024
Introductory Remarks Business Performance Financials Final remarks Annex Balance Sheet | 2024 In thousands of euros In thousands of euros Assets Liabilities Dec-24 Dec-23 Dec-24 Dec-23 Non- Current Assets 15,677,698 14,861,087 Equity 8,607,025 7,513,695 Goodwill and Other Intangible Assets 11,297,49
Slide 35: EBIT to Reported EBITDA and Adjusted EBITDA
Introductory Remarks Business Performance Financials Final remarks Annex EBIT to Reported EBITDA and Adjusted EBITDA In thousand of euros Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024 FY 2023 Q4 2023 OPE RATING RE SUL T (E BIT) 371,859 317,034 299,321 203,802 1,192,016 782,317 255,252 Depreciation & Amort
Slide 36: Leverage Ratio as per Credit Agreement
Introductory Remarks Business Performance Financials Final remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Non-Current Financial Liabilities 9,491 8,836 8,752 9,650 10,034 Non-recurrent Lease Liabilities (IFRS16) (1,025) (969) (1,
Slide 37: Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet
Introductory Remarks 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. Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Non-Current Financial Liabilities 9,491 8,836 8,752 9,650 10,034 Current Financial Lia
Slide 38: NCI Contributions
Introductory Remarks Business Performance Financials Final remarks Annex NCI Contributions LT M Q4 2024 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 124,205 (96,194) 27,720 6,191 Income tax expense (40,798) (9,624) (6,692) (13,882) Financial result 71,486 (3
Slide 39: Free Cash Flow pre-M&A reconciliation
Introductory Remarks Business Performance Financials Final remarks Annex Free Cash Flow pre-M&A reconciliation Free Cash Flow pre-M&A = Adjusted EBITDA - Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - Others - Interest - Taxes. In the Consolidated An
Slide 40: Net Revenue Reconciliation at cc | Q4 2024
Introductory Remarks Business Performance Financials Final remarks Annex Net Revenue Reconciliation at cc | Q4 2024 In thousands of euros Q4 2024 Q4 2023 % Var In thousands of euros Q4 2024 Q4 2023 % Var Reported Net Revenues 1,975,814 1,769,550 11.7% Reported U.S. + Canada Net Revenues 1,079,798 1,
Slide 41: Net Revenue Reconciliation at cc | 2024
Introductory Remarks Business Performance Financials Final remarks Annex Net Revenue Reconciliation at cc | 2024 In thousands of euros 2024 2023 % Var In thousands of euros 2024 2023 % Var Reported Net Revenues 7,212,382 6,591,977 9.4% Reported U.S. + Canada Net Revenues 4,087,030 3,898,961 4.8% Var
Slide 42: Definition of Non-GAAP Measures and Constant Currency
Introductory Remarks Business Performance Financials Final remarks Annex Definition of Non-GAAP Measures and Constant Currency • Adjusted EBITDA is defined as EBITDA, excluding one-offs and items related to unique events and are not expected to be repeated periodically and not, including restructuri
Slide 43: Definition of Non-GAAP Measures and Constant Currency
Introductory Remarks Business Performance Financials Final remarks Annex Definition of Non-GAAP Measures and Constant Currency • Constant currency (cc) excludes exchange rate fluctuations over the period. • EBIT measures profitability and reflects earnings before accounting for interest expenses and
Slide 44: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com Q4 2024 Results - 44 -
Grifols Sa Barc Ord New — FY2024 Earnings Presentation on 6ix