Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q1 2025 Earnings Presentation
33 slides from Grifols, S.a. Class A's earnings presentation, May 12, 2025
Slide 1: Q1 2025 Results
Q1 2025 Results May 12, 2025 Q1 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 Performance Nacho Abia Rahul Srinivasan Chief Executive Officer Chief Financial Officer (CEO) (CFO) 02 Financials 03 Final Remarks 04 Annex Q1 2025 Results -3-
Slide 4: Q1'25: Ahead of Plan
Q1'25: Ahead of Plan • Continued Strong Momentum • Well-Positioned to Navigate Highly Dynamic Markets Nacho Abia Chief Executive Officer (CEO) Q1 2025 Results -4-
Slide 5: Continued Strong Momentum; Reaffirm FY25 Guidance
Business Performance Financials Final Remarks Annex Continued Strong Momentum; Reaffirm FY25 Guidance Q1’25 (changes vs. Q1’24) €1,786 m Revenue +7.4% cc1 +10.0% cc LFL2 €400 m EBITDA Adj. +14.2% cc +21.7% cc LFL 22.4% EBITDA Adj. Margin +80bps +180bps LFL -€44 m Free Cash Flow pre-M&A3 +€209 m 4.5x
Slide 6: Q1'25 Revenue Delivers a 10.0% cc Growth LFL Driven by All Business Units
Business Performance Financials Final Remarks Annex Q1’25 Revenue Delivers a 10.0% cc Growth LFL1 Driven by All Business Units Revenues (in million EUR) Biopharma I +9.6% cc LFL1 I +6.6% cc +7.4% cc • Strong underlying demand driven by IG franchise • As per the Plan, offset by lower albumin sales to
Slide 7: Biopharma Delivers Strong Performance Led by IG Franchise
Business Performance Financials Final Remarks Annex Biopharma Delivers Strong Performance Led by IG Franchise 17.5% Growth LFL1 in Q1’25 LFL Reported Biopharma +9.6% +6.6% Growths at constant currency (CC) • IVIG +13.5% cc LFL1 Immunoglobulin +17.5% +13.2% • SCIG +98.9% cc LFL1 • Phasing due to plan
Slide 8: IG Growing Ahead of Market, supported by differentiated portfolio
Business Performance Financials Final Remarks Annex IG Growing Ahead of Market, supported by differentiated portfolio IVIG and SCIG Performance Market Growth Fundamentals IG Uniquely Positioned IVIG Revenue Growth LFL1 Base indexed to LTM Q1’24 Low diagnosis and treatment rate in Build on Grifols Le
Slide 9: Grifols's Global Network Mitigates Uncertainty From Potential Tariffs
Business Performance Financials Final Remarks Annex Grifols’s Global Network Mitigates End-to-end and fully integrated 01 Uncertainty From Potential Tariffs in the US 300+ donor centers, representing >70% of Currently, our expectation is of no meaningful impact plasma collection capacity in the US 2
Slide 10: Invested in Vertically Integrated Value Chain in the U.S. and Europe
Business Performance Financials Final Remarks Annex Invested in Vertically Integrated Value Chain in the U.S. and Europe, Complemented by Strategic Hubs and Partnerships ex-U.S. First 43 First LA • Clayton plant • JV Egypt DCSDCS plant • DCs Dublin plant PlasmaVita JV DCs (Germany) SRAAS (China) • C
Slide 11: Clear Focus on Execution
Clear Focus on Execution Rahul Srinivasan Chief Financial Officer (CFO) Q1 2025 Results - 11 -
Slide 12: Q1'2025: Ahead of Plan
Business Performance Financials Final Remarks Annex Q1’2025: Ahead of Plan Q1 2025 - Reported Q1 2025 – Like for Like1 Q1’25 Q1’25 Q1’24 (in million EUR except %) Reported Var vs. PY LFL1 Var vs. PY Reported NET REVENUE 1,786m 7.4% cc 1,829m 10.0% cc 1,626m GROSS MARGIN 695m 10.1% 738m 16.9% 631m Ma
Slide 13: Continuing the Consistent and Strong Track Record of Growth
Business Performance Financials Final Remarks Annex Continuing the Consistent and Strong Track Record of Growth Net Revenue LTM revenue (in million EUR ) EBITDA Adjusted LTM EBITDA Adj (in million EUR ) Margin (%) 22.2% 22.7% 23.6% 24.2% 24.7% 24.8% 7,373 1,829 7,212 1,779 7,007 1,697 6,811 1,606 6,
Slide 14: Strong Momentum Helping to Significantly Outpace Anticipated IRA Impact
Business Performance Financials Final Remarks Annex Strong Momentum Helping to Significantly Outpace Anticipated IRA Impact EBITDA Adjusted (in million EUR except for EBITDA Adj margin and growth) +14.3% Strong EBITDA momentum across the board +22.2% Led by Biopharma: 428 -28 400 Volume growth 350 C
Slide 15: Significant Improvement in Free Cash Flow Generation
Business Performance Financials Final Remarks Annex Significant Improvement in Free Cash Flow Generation EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Q1’24 Q1’25 Var vs PY EBITDA Adjusted 350 400 50 Normalizing of FCF generation profile: Inventories (130) (61) 69 Receivables • W
Slide 16: Continued Focus on Deleveraging, Normalizing FCF Generation and Strong Liquidity
Business Performance Financials Final Remarks Annex Continued Focus on Deleveraging, Normalizing FCF Generation and Strong Liquidity Continued Deleveraging Free Cash Flow pre-M&A1 Leverage Ratio LTM FCF (in million EUR ) 267 -55 6.8x 5.5x 5.1x -149 4.6x -189 6.4x 4.5x -298 Q4'23 Q1'24 Q2'24 Q3'24 Q4
Slide 17: Grifols is Well Equipped to Navigate Dynamic Markets
Business Performance Financials Final Remarks Annex Grifols is Well Equipped to Navigate Dynamic Markets Highly strategic portfolio with unique optionality and flexibility Impact of a depreciating USD: • Broadly Neutral to Positive: Group Profit, Leverage, FCF, Margins • Headwind: Revenue, EBITDA Bi
Slide 18: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) Q1 2025 Results - 18 -
Slide 19: Grifols Continues to Deliver Strong Results Driven by Strategic Plan Execution
Business Performance Financials Final Remarks Annex Grifols Continues to Deliver Strong Results Driven by Strategic Plan Execution 01 02 03 Grifols remains focused on the Q1’25: Ahead of Plan Committed to improving FCF execution of the strategic plan FY’25 Guidance1: Well on-track generation and con
Slide 20: ANNEX
ANNEX 5 Results -20- GRIFOLS
Slide 21: Revenue | Q1 2025
Business Performance Financials Final Remarks Annex Revenue | Q1 2025 Q1 2025 Q1 2024 % vs PY Grifols Grifols In thousands of euros Reported At cc* Revenue by Business Unit 1,785,809 1,625,705 9.8% 7.4% Biopharma 1,521,160 1,394,703 9.1% 6.6% Diagnostic 170,043 158,283 7.4% 5.2% Bio Supplies 32,557
Slide 22: P&L | Q1 2025
Business Performance Financials Final Remarks Annex P&L | Q1 2025 Q1 2025 Q1 2024 % 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 1,785,809 - 1,785,809 1,625,705 - 1
Slide 23: Cash Flow | Q1 2025
Business Performance Financials Final Remarks Annex Cash Flow | Q1 2025 Q1 2025 Q1 2024 % vs PY Grifols Grifols Grifols In thousands of euros Reported Reported Reported Report ed Group Profit 59,725 21,418 179% Depreciation and Amortization 111,750 105,616 6% Net Provisions 10,541 14,666 -28% Other
Slide 24: Balance Sheet | 2025
Business Performance Financials Final Remarks Annex Balance Sheet | 2025 In thousands of euros In thousands of euros Assets Liabilities Mar-25 Dec-24 Mar-25 Dec-24 Non-Current Assets 15,338,549 15,677,699 Equity 8,293,892 8,607,025 Goodwill and Other Intangible Assets 11,225,180 11,297,492 Capital 1
Slide 25: Like-for-Like (LFL) Reconciliation
Business Performance Financials Final Remarks Annex Like-for-Like (LFL) Reconciliation In millions of euros Q1'25 Q1'25 LTM Revenue Reported 1,786 7,373 Fee-for-Service / GPO Reclassification 15 69 Inflation Reduction Act (IRA) 28 28 Revenue Like- for- Like 1,829 7,469 In millions of euros Q1'25 Q1'
Slide 26: EBIT to EBITDA and EBITDA Adjusted
Business Performance Financials Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In thousand of euros Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2025 LTM Q1 2024 OPERATING RESULT (EBIT) 268,857 371,859 317,034 299,321 1,257,072 203,802 Depreciation & Amortization (111,750) (110,130) (108,364) (114,310
Slide 27: Leverage Ratio as per Credit Agreement
Business Performance Financials Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Non-Current Financial Liabilities 9,390 9,491 8,836 8,752 9,650 Non-recurrent Lease Liabilities (IFRS16) (1,026) (1,025) (969) (1,025) (1,026) C
Slide 28: 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. Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Non-Current Financial Liabilities 9,390 9,491 8,836 8,752 9,650 Current Financial Liabilities 657 676 1,017
Slide 29: NCI Contributions
Business Performance Financials Final Remarks Annex NCI Contributions LT M Q1 2025 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 135,902 (81,250) 42,044 7,877 Income tax expense (43,595) 12,772 (11,630) (14,477) Financial result 75,601 (30,249) (1,367) 7,407
Slide 30: 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 = Adjusted EBITDA - Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - Others - Interest - Taxes. In the Consolidated Annual Acco
Slide 31: Net Revenue Reconciliation at cc | Q1 2025
Business Performance Financials Final Remarks Annex Net Revenue Reconciliation at cc | Q1 2025 In thousands of euros Q1 2025 Q1 2024 % Var In thousands of euros Q1 2025 Q1 2024 % Var Reported Net Revenues 1,785,809 1,625,705 9.8% Reported U.S. + Canada Net Revenues 1,025,190 925,326 10.8% Variation
Slide 32: EBITDA Adjusted Reconciliation at cc | Q1 2025
Business Performance Financials Final Remarks Annex EBITDA Adjusted Reconciliation at cc | Q1 2025 EBIT DA Adjusted Q1'25: In thousands of euros Q1 2025 Q1 2024 % Var Reported EBITDA Adjusted 400 350 14.3% Variation due to Exchange Rate Effects (0) E BITDA Adjusted at Constant Currency 400 350 14.2%
Slide 33: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com Q1 2025 Results - 33 -
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