Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Q1 2025 Earnings Presentation
34 slides from Grifols, S.a. Class A's earnings presentation, May 12, 2025
Slide 1: Alternative Performance Measures (APMs)
Alternative Performance Measures (APMs) This document contains the following Alternative Performance Measures (APMs): Consolidated EBITDA Reported, Consolidated EBITDA Adjusted, Like-for-Like, Leverage Ratio as per the Credit Facility, Net Debt as per the Credit Facility, Free Cash Flow, Working Cap
Slide 2: Q1 2025 Results
- 1 - Q1 2025 Results Q1 2025 Results May 12 , 2025
Slide 3: Legal Disclaimer
- 2 - Q1 2025 Results Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisio ns of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospect
Slide 4: Agenda
- 3 - Q1 2025 Results Agenda 01 02 03 04 Business Performance Financials Final Remarks Annex Nacho Abia Chief Executive Officer (CEO) Rahul Srinivasan Chief Financial Officer (CFO)
Slide 5: Q1'25: Ahead of Plan
- 4 - Q1 2025 Results Nacho Abia Chief Executive Officer (CEO) Q1'25: Ahead of Plan • Continued Strong Momentum • Well - Positioned to Navigate Highly Dynamic Markets
Slide 6: Continued Strong Momentum; Reaffirm FY25 Guidance
- 5 - Q1 2025 Results Continued Strong Momentum ; Reaffirm FY25 Guidance All figures are presented on a consolidated basis (including Biotest). 1 Constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 2 Like For Like (LFL) excludes the impact of
Slide 7: Q1'25 Revenue Delivers a 10.0% cc Growth LFL Driven by All Business Units
- 6 - Q1 2025 Results Q1’25 Revenue Delivers a 10.0% cc Growth LFL 1 Driven by All Business Units Note: All figures are presented on a consolidated basis (including Biotest). Percentage rates are presented at constant curre ncy (cc), excluding exchange rate fluctuations over the period. See Annex fo
Slide 8: Biopharma Delivers Strong Performance Led by IG Franchise
- 7 - Q1 2025 Results Biopharma Delivers Strong Performance Led by IG Franchise 17.5% Growth LFL 1 in Q1’25 Business Performance Financials Final Remarks Annex Biopharma Immunoglobulin Albumin Alpha - 1 and Specialty P roteins • IVIG +13.5% cc LFL 1 • SCIG +98.9% cc LFL 1 • Phasing due to planned im
Slide 9: IG Growing Ahead of Market, supported by differentiated portfolio
- 8 - Q1 2025 Results IG Growing Ahead of Market , supported by differentiated portfolio Source: Global Market Insights Immunoglobulin Market Size by Product. LTM: Last Twelve Months (LTM). 1 Like For Like (LFL) excludes the impact of IRA (EUR 28 million) and Fee - For - Service / GPO reclassificati
Slide 10: Grifols's Global Network Mitigates Uncertainty From Potential Tariffs
- 9 - Q1 2025 Results Grifols’s Global Network Mitigates Uncertainty From Potential Tariffs Los Angeles Clayton, North Carolina (NC) Montreal New Cairo Parets (BCN) Dublin SRAAS Dreieich Donor centers Biopharma manufacturing Strategic partnerships End - to - end and fully integrated in the US 300+ d
Slide 11: Invested in Vertically Integrated Value Chain in the U.S. and Europe
- 10 - Q1 2025 Results Invested in Vertically Integrated Value Chain in the U.S. and Europe, Complemented by Strategic Hubs and Partnerships ex - U.S. 2002 2003 2011 2016 2017 2018 2019 2020 2021 2022 First 43 DCS First DCS LA plant • Clayton plant • DCs Dublin plant PlasmaVita JV DCs (Germany) SRAA
Slide 12: Clear Focus on Execution
- 11 - Q1 2025 Results Clear Focus on Execution Rahul Srinivasan Chief Financial Officer (CFO)
Slide 13: Q1'2025: Ahead of Plan
- 12 - Q1 2025 Results Q1’2025: Ahead of Plan Business Performance Financials Final Remarks Annex Note: All figures are presented on a consolidated basis (including Biotest). When specified, figures presented at currency (c c), excluding exchange rate fluctuations over the period. See Annex for reco
Slide 14: Continuing the Consistent and Strong Track Record of Growth
- 13 - Q1 2025 Results Continuing the Consistent and Strong Track Record of Growth Business Performance Financials Final Remarks Annex Note: All figures are presented on a consolidated basis (including Biotest). 2 LTM: Last Twelve Months (LTM). 1,462 1,514 1,606 1,697 1,779 1,829 Q4'23 Q1'24 Q2'24 Q
Slide 15: Strong Momentum Helping to Significantly Outpace Anticipated IRA Impact
- 14 - Q1 2025 Results Strong Momentum Helping to Significantly Outpace Anticipated IRA Impact Business Performance Financials Final Remarks Annex EBITDA Adjusted (in million EUR except for EBITDA Adj margin and growth) Strong EBITDA momentum across the board L ed by Biopharma : Volume growth CPL re
Slide 16: Significant Improvement in Free Cash Flow Generation
- 15 - Q1 2025 Results Q1’25 Var vs PY Q1’24 50 400 350 EBITDA Adjusted 69 (61) (130) Inventories 61 (93) (154) Receivables 81 26 (55) Payables 211 (128) (339) Net working capital (67) (128) (61) CAPEX (17) (39) (22) IT and R&D 1 (3) (4) Taxes 51 (55) (106) Interests - 15 (86) (71) Others 209 (44) (
Slide 17: Continued Focus on Deleveraging, Normalizing FCF Generation and Strong Liquidity
- 16 - Q1 2025 Results Business Performance Financials Final Remarks Annex Significant secured capacity Strong €1.7bn 2 liquidity Focused on continued credit re - rating progress Continued Focus on Deleveraging, Normalizing FCF Generation and Strong Liquidity - 189 - 298 - 149 - 55 267 Q4'23 Q1'24 Q
Slide 18: Grifols is Well Equipped to Navigate Dynamic Markets
- 17 - Q1 2025 Results Grifols is Well Equipped to Navigate Dynamic Markets Business Performance Financials Final Remarks Annex Highly strategic portfolio with unique optionality and flexibility Biotest progressing as planned Reaffirmed 2025 Guidance 1 Impact of a depreciating USD: • Broadly Neutral
Slide 19: Final Remarks
- 18 - Q1 2025 Results Final Remarks Nacho Abia Chief Executive Officer (CEO)
Slide 20: Grifols Continues to Deliver Strong Results Driven by Strategic Plan Execution
- 19 - Q1 2025 Results Grifols remains focused on the execution of the strategic plan Q1’25: Ahead of Plan FY’25 Guidance 1 : Well on - track Committed to improving FCF generation and continued deleveraging Operational excellence and R&D pipeline execution to deliver further margin expansion Corpora
Slide 21: Annex
- 20 - Q1 2025 Results ANNEX
Slide 22: Revenue | Q1 2025
- 21 - Q1 2025 Results Revenue | Q1 2025 Q1 2025 Q1 2024 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 27,013 20.5% 15.9% Others & intersegments 62,050 45,7
Slide 23: P&L | Q1 2025
- 22 - Q1 2025 Results P&L | Q1 2025 Business Performance Financials Final Remarks Annex In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 1,785,809 - 1,785,809 1,625,705 - 1,625,705 9.8% 9.8% Cost o
Slide 24: Cash Flow | Q1 2025
- 23 - Q1 2025 Results Cash Flow | Q1 2025 Business Performance Financials Final Remarks Annex In thousands of euros Reported Reported Reported Reported Group Profit 59,725 21,418 179% Depreciation and Amortization 111,750 105,616 6% Net Provisions 10,541 14,666 -28% Other Adjustments and Other Chan
Slide 25: Balance Sheet | 2025
- 24 - Q1 2025 Results Balance Sheet | 2025 Business Performance Financials Final Remarks Annex In thousands of euros Mar-25 Dec-24 15,338,549 15,677,699 11,225,180 11,297,492 3,241,111 3,341,846 62,052 68,996 453,138 490,492 357,068 478,873 5,640,007 5,727,543 - - 3,524,770 3,560,098 39,849 35,978
Slide 26: Like-for-Like (LFL) Reconciliation
- 25 - Q1 2025 Results Like - for - Like (LFL) Reconciliation Business Performance Financials Final Remarks Annex 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 mi
Slide 27: EBIT to EBITDA and EBITDA Adjusted
- 26 - Q1 2025 Results EBIT to EBITDA and EBITDA Adjusted Business Performance Financials Final Remarks Annex In thousand of euros 268,857 371,859 317,034 299,321 1,257,072 203,802 (111,750) (110,130) (108,364) (114,310) (444,555) (106,139) Reported EBITDA 380,607 481,990 425,398 413,631 1,701,627 3
Slide 28: Leverage Ratio as per Credit Agreement
- 27 - Q1 2025 Results Leverage Ratio as per Credit Agreement Business Performance Financials Final Remarks Annex 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)
Slide 29: Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet
- 28 - Q1 2025 Results Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet Business Performance Financials Final Remarks Annex 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 Li
Slide 30: NCI Contributions
- 29 - Q1 2025 Results NCI Contributions Business Performance Financials Final Remarks Annex 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) (1,3
Slide 31: FCF pre-M&A Reconciliation to Cash Flow Statement
- 30 - Q1 2025 Results 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 Accounts, this reconciles to
Slide 32: Net Revenue Reconciliation at cc | Q1 2025
- 31 - Q1 2025 Results Net Revenue Reconciliation at cc | Q1 2025 In thousands of euros Q1 2025 Q1 2024 % Var Reported U.S. + Canada Net Revenues 1,025,190 925,326 10.8% Variation due to Exchange Rate Effects (40,316) Reported U.S. + Canada Net Revenues at Constant Currency 984,874 925,326 6.4% In t
Slide 33: EBITDA Adjusted Reconciliation at cc | Q1 2025
- 32 - Q1 2025 Results EBITDA Adjusted Reconciliation at cc | Q1 2025 Business Performance Financials Final Remarks Annex EBITDA 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) EBITDA Adjusted at Constant C
Slide 34: Investor Relations & Sustainability
- 33 - Q1 2025 Results 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 t