Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q3 2024 Earnings Presentation
37 slides from Grifols, S.a. Class A's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Results
Q3 2024 Results November 7, 2024 Q3 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 Q3 2024 Results -3-
Slide 4: Continued Delivery of Sequentially Strong Quarterly Performance Led by Biopharma
Nacho Abia Chief Executive Officer (CEO) Continued Delivery of Sequentially Strong Quarterly Performance Led by Biopharma Q3 2024 Results -4-
Slide 5: Accelerating Performance and Executing on Strategy
Introductory Remarks Business Performance Financials Final remarks Annex Accelerating Performance and Executing on Strategy Variation vs. PY Q3 Figures (% at cc) Financials Plasma REVENUE • Solid growth across all Business Units and • Efficient management of supply core markets • Cost Per Liter cont
Slide 6: Delivering Sequential Improvement in Key Metrics
Introductory Remarks Business Performance Financials Final remarks Annex Delivering Sequential Improvement in Key Metrics Revenue growth (at cc) Free Cash Flow1 €127m 12.4% €57m 9.3% 5.5% €(253)m Q1'24 Q2'24 Q3'24 Q1'24 Q2'24 Q3'24 EBITDA Adjusted Leverage Ratio2 LTM Adj. EBITDA Quarterly Adj. EBITD
Slide 7: Continued Strong Revenue Growth
Introductory Remarks Business Performance Financials Final remarks Annex Continued Strong Revenue Growth Revenues (in million EUR) Biopharma +9.9% +12.1% YTD Q3’24 Q3’24 +9.1% • Growth across core geographies +8.6% • Positive product mix • Strong growth of albumin in China • Alpha-1 trend improving
Slide 8: Immunoglobulin Leads Biopharma's Double-Digit Growth
Introductory Remarks Business Performance Financials Final remarks Annex Biopharma Immunoglobulin Leads Biopharma’s Double-Digit Growth Protein growth driven by key proteins Strong (Revenue growth at cc) Q1’24 Q2’24 Q3’24 Biopharma 12.1% +9.9% YTD 8.9% 9.4% • IVIG (+13% YTD) strong demand driven by
Slide 9: Driving Operational and Efficiency Improvements
Introductory Remarks Business Performance Financials Final remarks Annex Biopharma Driving Operational and Efficiency Improvements Driving Commercial Performance Improving Operational Effectiveness • Xembify® accelerating with 8 EU launches in 2024 Well-invested to further capture growth Strengtheni
Slide 10: On Track to Accomplish 2024 Innovation Milestones
Introductory Remarks Business Performance Financials Final remarks Annex Biopharma On Track to Accomplish 2024 Innovation Milestones Milestone Completed On track Status Alpha-1 AT 15% SC Phase 1/2 Cohort 2 Tx 1: H1 First patient enrolled PRECIOSA Last Patient Out – LPLV H1 GigaGen platform further d
Slide 11: Strengthening Leadership in Transfusion Medicine
Introductory Remarks Business Performance Financials Final remarks Annex Diagnostic Strengthening Leadership in Transfusion Medicine 1 2 3 Leverage new testing Create further Secure leadership in the IVD Transfusion Medicine segment platforms to enter Clinical synergies Diagnostics segment with Biop
Slide 12: Clear Business Momentum and Strengthening Financial Profile
Rahul Srinivasan Chief Financial Officer (CFO) Clear Business Momentum and Strengthening Financial Profile Q3 2024 Results - 12 -
Slide 13: CFO First Impressions
Introductory Remarks Business Performance Financials Final remarks Annex CFO First Impressions Mission-Focused Strong Foundation, A Market Highly Attractive Business Organization committed to mission of Leading Position and Scale Fundamentals improving patients’ lives globally and Benefiting from th
Slide 14: Q3 & YTD'24: A Record EBITDA Adj. Quarter, Strong Growth Across the Board
Introductory Remarks Business Performance Financials Final remarks Annex Q3 & YTD’24: A Record EBITDA Adj. Quarter, Strong Growth Across the Board Q3 2024 YTD 2024 (in million EUR except %) Reported Var vs. PY Reported Var vs. PY REVENUE 1,793 +12.4% cc 5,237 +9.1% cc GROSS PROFIT 727 +16.6% cc 2,02
Slide 15: Significant Growth in EBITDA and Margin Vs. a Record 2023
Introductory Remarks Business Performance Financials Final remarks Annex Significant Growth in EBITDA and Margin Vs. a Record 2023 EBITDA Adjusted (in million EUR) Quarter Year-to-date One-offs EBITDA Reported Business momentum, operational excellence Reported +260bps +270bps and operational leverag
Slide 16: Robust Rebound in EBITDA Adjusted Margin and Notable Operational Leverage Momentum
Introductory Remarks Business Performance Financials Final remarks Annex Robust Rebound in EBITDA Adjusted Margin and Notable Operational Leverage Momentum EBITDA Adjusted1 (in million EUR except %) Operational Expenses2 (in million EUR) 28.6% 27.4% 29% 2,000 24.2% 2000 22.2% 20.6% 28.0% 20.2% 25% 2
Slide 17: Continued Focus on Free Cash Flow is Yielding Results
Introductory Remarks Business Performance Financials Final remarks Annex Continued Focus on Free Cash Flow is Yielding Results EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Q1'24 Q2'24 Q3’24 YTD Q3’24 d Operating Cash Flow improvement fully EBITDA Adjusted 350 441 462 1,253 offse
Slide 18: Diminishing Extraordinary Growth Capex Impact and Improving Inventory Management
Introductory Remarks Business Performance Financials Final remarks Annex Diminishing Extraordinary Growth Capex Impact and Improving Inventory Management CAPEX Investments (in million EUR except %) Inventory 500 4,000 35000% 7% 8% (incl. extraordinary) 310 307 309 295 7% 7% 278 30000% 400 6% 6% 6% 3
Slide 19: Strengthening our Financial Profile
Introductory Remarks Business Performance Financials Final remarks Annex Strengthening our Financial Profile Used SRAAS sale proceeds1 to reduce bonds and term loans (as of Q3 2024, in million EUR) Sources (million EUR) Uses (million EUR) SRAAS Proceeds 1,560 EUR Term Loans Pro Rata reduction 392 To
Slide 20: Final Remarks Setting the Course for Long-Term Success
Nacho Abia Chief Executive Officer (CEO) Final Remarks Setting the Course for Long-Term Success Q3 2024 Results - 20 -
Slide 21: Setting the Course for Long-Term Success
Setting the Course for Long-Term Success 01 02 03 Strengthened Executive Strong Q3’24 results and no Reiterate strong commitment to Leadership with new CFO Rahul changes to FY24 guidance, cash flow generation and Srinivasan as key addition reiterating solid fundamentals deleveraging priorities 04 05
Slide 22: ANNEX
ANNEX Q3 2024 Results - 22 -
Slide 23: Revenue | Q3 2024
Revenue | Q3 2024 Q3 2024 Q3 2023 % vs PY Grifols Grifols Grifols In thousands of euros Reported At cc* Revenue by Business U nit 1,792,956 1,597,481 12.2% 12.4% Biopharma 1,532,745 1,367,663 12.1% 12.1% Diagnostic 156,292 156,283 0.0% 1.3% Bio Supplies 53,698 36,056 48.9% 48.7% Others & intersegmen
Slide 24: Revenue | 2024 YTD
Revenue | 2024 YTD 2024 YTD 2023 YTD % vs PY Grifols Combined Grifols Grifols In thousands of euros Reported At cc* Revenue by Business U nit 5,236,568 4,822,427 8.6% 9.1% Biopharma 4,455,100 4,065,878 9.6% 9.9% Diagnostic 478,835 497,772 (3.8%) (2.1%) Bio Supplies 163,261 118,670 37.6% 37.5% Others
Slide 25: P&L | Q3 2024
P&L | Q3 2024 Q3 2024 Q3 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 1,792,956 - 1,792,956 1,597,481 1,597,481 12.2% 12.2% Cost of Sales (1,066,201) 9,750 (
Slide 26: P&L | 2024 YTD
P&L | 2024 YTD 2024 YTD 2023 YTD % vs PY Grifols Combined Grifols Combined Grifols Combined 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 5,236,569 - 5,236,569 4,822,427 (18,830) 4,803,597 8.6% 9
Slide 27: Cash Flow | Q3 2024
Cash Flow | Q3 2024 Q3 2024 Q3 2023 % vs PY Grifols Grifols Grifols In thousands of euros Reported Reported Reported Report ed Group Profit 51,691 55,875 -7% Depreciation and Amortization 108,364 108,076 0% Net Provisions 4,453 19,269 -77% Other Adjustments and Other Changes in Working Capital 158,0
Slide 28: Cash Flow | 2024 YTD
Cash Flow | 2024 YTD 2024 YTD 2023 YTD % vs PY Grifols Combined Grifols Combined Grifols Combined In thousands of euros Reported Reported Reported Report ed Group Profit 87,951 (14,224) 718% Depreciation and Amortization 327,766 336,712 -3% Net Provisions 59,339 95,110 -38% Other Adjustments and Oth
Slide 29: Balance Sheet | 2024 YTD
Balance Sheet | 2024 YTD In thousands of euros In thousands of euros Assets Liabilities sep-24 dic-23 sep-24 dic-23 Non- Current Assets 14,960,381 14,861,087 Equity 7,995,060 7,513,695 Goodwill and Other Intangible Assets 10,654,352 10,579,562 Capital 119,604 119,604 Property Plant & Equipment 3,162
Slide 30: EBIT to EBITDA and EBITDA Adjusted
EBIT to EBITDA and EBITDA Adjusted In thousand of euros Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2024 LTM Q3 2023 OPE RATING RE SUL T (E BIT) 317,034 299,321 203,802 255,252 1,075,409 246,917 Depreciation & Amortization (108,364) (114,310) (106,139) (113,869) (442,683) (110,093) Reported E BITDA 425,398 4
Slide 31: Leverage Ratio as per Credit Agreement
Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q3'24 Q2'24 Q1'24 Q4'23 Q3'23 Non-Current Financial Liabilities 8,836 8,752 9,650 10,034 10,413 Non-recurrent Lease Liabilities (IFRS16) (969) (1,025) (1,026) (1,004) (1,042) Current Financial Liabilities 1,017 2,757 1,745 1,0
Slide 32: Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet
Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet In millions of euros except ratio. Q3'24 Q2'24 Q1'24 Q4'23 Q3'23 Non-Current Financial Liabilities 8,836 8,752 9,650 10,034 10,413 Current Financial Liabilities 1,017 2,757 1,745 1,023 764 Cash and Cash Equivalents (645) (2,
Slide 33: NCI Contributions
NCI Contributions LT M Q3 2024 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 113,203 (87,629) 49,564 3,846 Income tax expense (47,111) 15,714 3,840 (8,440) Financial result 67,933 (37,329) 6,981 7,805 Amortisation and depreciation (47,370) (54,396) (8,151) (8
Slide 34: FCF Before Extraordinary Items
FCF Before Extraordinary Items In millions of euros Q3'24 Q2'24 Q1'24 Q4'23 Q3'23 EBIT DA Adjusted 462 441 350 444 371 Changes in working capital (23) 164 (339) (23) (113) CAPEX (51) (43) (38) (80) (57) R&D and IT (33) (41) (22) (24) (21) Taxes (32) (59) (4) (91) (37) Interests (55) (233) (106) (129
Slide 35: Net Revenue Reconciliation at cc | Q3 2024
Net Revenue Reconciliation at cc | Q3 2024 In thousands of euros Q3 2024 Q3 2023 % Var In thousands of euros Q3 2024 Q3 2023 % Var Reported Net Revenues 1,792,956 1,597,481 12.2% Reported U.S. + Canada Net Revenues 1,044,035 970,208 7.6% Variation due to Exchange Rate Effects 2,040 Variation due to
Slide 36: Net Revenue Reconciliation at cc | 2024 YTD
Net Revenue Reconciliation at cc | 2024 YTD In thousands of euros 2024 YTD 2023 YTD % Var In thousands of euros 2024 YTD 2023 YTD % Var Reported Net Revenues 5,236,568 4,822,427 8.6% Reported U.S. + Canada Net Revenues 3,007,232 2,893,072 3.9% Variation due to Exchange Rate Effects 23,726 Variation
Slide 37: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com Q3 2024 Results - 37 -
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