Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Investor Day (February 2025)
110 slides from Grifols, S.a. Class A's investor day presentation, Feb 27, 2025
Slide 1: Capital Markets Day February 27, 2025
2025 Capital Markets Day - 1 - Capital Markets Day February 27, 2025
Slide 2: Disclaimer
2025 Capital Markets Day - 2 - Disclaimer This document has been prepared by GRIFOLS, S.A. (Grifols or the “Company”) exclusively for use during the 2025 Capital Markets Day on February 27, 2025. Therefore, it cannot be disclosed or made public by any person or entity with an aim other than the one
Slide 3: Agenda
2025 Capital Markets Day - 3 - Time (UK; pm) Topic Presenter 12:30 – 1:30 Registration & welcome lunch 1:30 – 5:00 Welcome Daniel Segarra, VP Investor Relations and Sustainability Investment proposition and vision Nacho Abia, Chief Executive Officer Unlocking significant value by prioritizing free c
Slide 4: Today's objectives
2025 Capital Markets Day - 4 - Today’s objectives 2025 Capital Markets Day - 4 - 01 Meet Grifols’ Management 02 Introduce our company and investment proposition 03 Present our Strategic Plan, targets and growth drivers 04 Discuss our financial framework 05 Answer your questions
Slide 5: Today's presenters
2025 Capital Markets Day - 5 - Today’s presenters Rahul Srinivasan Chief Financial Officer Roland Wandeler President Biopharma Nacho Abia Chief Executive Officer
Slide 6: Investment proposition and vision
2025 Capital Markets Day - 6 - Nacho Abia Chief Executive Officer Investment proposition and vision 01.
Slide 7: CEO Remarks
2025 Capital Markets Day - 7 - 2025 Capital Markets Day | CEO Remarks 1 3 Our strong foundation 5-yr Strategic Plan and 10-yr vision 2 Compelling investment proposition
Slide 8: Industry pioneers
2025 Capital Markets Day - 8 - Industry pioneers Internationalization Acquisition of Talecris Biotherapeutics Acquisition of Novartis transfusion diagnostic business unit Acquisition of Hologic’s NAT donor screening unit Acquisition of plasma centers in Germany Strategic alliance with SRAAS Laborato
Slide 9: Proven track-record delivering substantial growth
2025 Capital Markets Day - 9 - 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 10: Doubled revenue and EBITDA over the last decade
2025 Capital Markets Day - 10 - Our strong foundation Doubled revenue and EBITDA over the last decade Doubled revenue in the past decade… … with multiplier effect on profitability levels 2004 2014 2024 2004 2014 2024 0.5 3.4 7.2 0.1 0.9 1.8 x7 x2 x19 x2 Revenue (bn€) Adjusted EBITDA (bn€)
Slide 11: Built foundations for future growth
2025 Capital Markets Day - 11 - Our strong foundation Built foundations for future growth Invested for business growth • A market leading presence with strong growth fundamentals • Reinforced pipeline with Biotest new assets • Expanded plasma supply capabilities • Pioneered strategic partnerships (E
Slide 12: 2024 highlights
2025 Capital Markets Day - 12 - 2024 highlights Performance far exceeding or in-line with our 2024 guidance Revenue €7,212m +10.3% cc EBITDA Adj. €1,779m Margin 24.7% FCF pre-M&A1 €266m +€442m vs. 2023 Leverage ratio2 4.6x Note: All figures are presented on a consolidated basis (including Biotest),
Slide 13: Strengthened corporate governance
2025 Capital Markets Day - 13 - Governance Strengthened corporate governance A highly experienced and diverse Board of Directors Appointed in 2024 Independent directors 6 Members with an international nationality 46% <3 years tenure 54% Broad expertise and know-how healthcare 54% plasma 38% life, te
Slide 14: Seasoned management team to lead our Strategic Plan
2025 Capital Markets Day - 14 - Leadership Seasoned management team to lead our Strategic Plan • Forum with representation of core areas • Focused on making company-wide decisions Rahul Srinivasan Chief Financial Officer (since 2024) Nacho Abia Chief Executive Officer (since 2024) Roland Wandeler Pr
Slide 15: CEO Remarks
2025 Capital Markets Day - 15 - 2025 Capital Markets Day | CEO Remarks 1 3 Our strong foundation 5-yr Strategic Plan and 10-yr vision 2 Compelling investment proposition
Slide 16: Compelling investment proposition
2025 Capital Markets Day - 16 - Managing the whole supply chain from donor to patient Vertically integrated Benefit from leadership and scale backed by 110+ years legacy Scaled and top-tier player Compelling investment proposition A global company with strong fundamentals and unparalleled potential
Slide 17: Attractive and high-growth potential industry
2025 Capital Markets Day - 17 - ~30bn€ Global plasma market Attractive and high-growth potential industry Compelling investment proposition High single-digit growth industry at the intersection of industrial and pharmaceutical sectors Plasma as established standard of care Rising demand for plasma p
Slide 18: Uniquely positioned as a leading and scaled global player
2025 Capital Markets Day - 18 - Uniquely positioned as a leading and scaled global player Compelling investment proposition Grifols is one of the top 3 leading global players with a clear competitive advantage Global presence with diversified revenue base Well-established safety and quality record I
Slide 19: Capturing value through vertical integration
2025 Capital Markets Day - 19 - Compelling investment proposition Capturing value through vertical integration Management of the entire value chain ✓ Supply reliability ✓ Safety and quality ✓ Cost control ✓ Faster response times to market changes Robust plasma-center network centers Strong manu-fact
Slide 20: Highly strategic and global network
2025 Capital Markets Day - 20 - Compelling investment proposition Highly strategic and global network allowing us agility in a dynamic environment Barcelona (Parets) Los Angeles North Carolina (Clayton, RTP) Dublin Montreal Dreieich New Cairo 298 DCs 10 DCs 12 DCs 98 DCs Manufacturing plants Future
Slide 21: CEO Remarks
2025 Capital Markets Day - 21 - 2025 Capital Markets Day | CEO Remarks 1 3 Our strong foundation 5-yr Strategic Plan and 10-yr vision 2 Compelling investment Proposition
Slide 22: 5-yr Strategic Plan and 10-yr vision
2025 Capital Markets Day - 22 - 5-yr Strategic Plan and 10-yr vision OUR VISION & MISSION OUR VALUES & BEHAVIORS Commitment to sustainability Financial and capital allocation discipline Plasma & Industrial network Talent & performance culture IT, Digital & Analytics Enablers Core principles OUR AMBI
Slide 23: Our vision and mission
2025 Capital Markets Day - 23 - We foresee a future where every patient in the world has access to our life-enhancing therapies and solutions Vision Mission Innovate to deliver differentiated biopharma therapeutics and unique diagnostic solutions globally and sustainably Our vision and mission Ensur
Slide 24: 10-year vision with a 5-year plan
2025 Capital Markets Day - 24 - 5-yr Strategic Plan and 10-yr vision 10-year vision with a 5-year plan • Detailed and greater visibility • Value Creation Plan in place to deliver on revenues growth, margin expansion & free cash flow growth • Industrial & plasma supply in place to deliver growth 2025
Slide 25: Setting the foundation to reach ~€14bn revenues in 2034
2025 Capital Markets Day - 25 - 5-yr Strategic Plan and 10-yr vision Setting the foundation to reach ~€14bn revenues in 2034 Revenue (bn€) Adjusted EBITDA (bn€, % for margin) FCF pre-M&A1 (bn€; % for FCF conversion 2 ) 7.2 ~10.0 ~14.0 2x 1.8 ~ 2.9 1.6x 24.7% 29-30% 2024 2029 2034 0.3 ~1.2 4x 15% ~40
Slide 26: ~€10bn revenues in 2029
2025 Capital Markets Day - 26 - 5-yr Strategic Plan and 10-yr vision We aim to achieve ~€10bn revenues in 2029 driving EBITDA margin to ~29-30% and FCF conversion to ~40% Revenue (bn€) Adjusted EBITDA (bn€, % for margin) FCF pre-M&A1 (bn€; % for FCF conversion 2 ) 7.2 ~10.0 1.4x 1.8 ~ 2.9 1.6x 2024
Slide 27: Clear path to revenue growth and margin expansion
2025 Capital Markets Day - 27 - 5-yr Strategic Plan and 10-yr vision Clear path to deliver on revenue growth and margin expansion Strong revenue growth … … and expansion of EBITDA margin • Mostly driven by Biopharma in the next 5 years (~7% CAGR) • IgG high-single digit growth • Fibrinogen launch as
Slide 28: Clear value creation levers
2025 Capital Markets Day - 28 - 5-yr Strategic Plan and 10-yr vision Clear value creation levers offer a unique potential for Grifols Commercial growth • Drive profitable IG growth as core • Sustain leadership position in Alpha-1 • Successfully launch Fibrinogen Liter economics by plasma utilization
Slide 29: Key Takeaways
2025 Capital Markets Day - 29 - Key Takeaways Success story led to doubling revenue and EBITDA over last decade and built foundations for growth 1 We aim to double revenues again in the next decade reaching ~14 bn€ by 2034 with ~10 bn€ revenues by 2029 with 29-30% EBITDA margin 2 4 Value Creation Pl
Slide 30: Unlocking significant value by prioritizing free cash flow growth
2025 Capital Markets Day - 30 - Rahul Srinivasan Chief Financial Officer Unlocking significant value by prioritizing free cash flow growth 02.
Slide 31: CFO Remarks
2025 Capital Markets Day - 31 - 2025 Capital Markets Day | CFO Remarks 1 3 2024 Highlights 2025-2029 Strategic Plan 2 2025 Guidance 4 Capital allocation framework
Slide 32: 2024 Highlights | A record year
2025 Capital Markets Day - 32 - 2024 Highlights | A record year Delivering significant growth vs. prior record in 2023 Note: All figures are presented on a consolidated basis (including Biotest), and at constant currency (cc), excl. exchange rate fluctuations over the period 1 Adjusted EBITDA is def
Slide 33: 2024 Highlights | Free cash flow and deleveraging
2025 Capital Markets Day - 33 - 2024 Highlights | A record year Far exceeding FCF generation guidance, continued deleveraging progress Note: All figures are presented on a consolidated basis (including Biotest), and at constant currency (cc), excl. exchange rate fluctuations over the period; 1 FCF d
Slide 34: Balance sheet de-risking substantially progressed
2025 Capital Markets Day - 34 - 2024 Highlights | A record year Balance sheet de-risking substantially progressed; continued focus on boosting free cash flow generation and organic deleveraging Debt maturity schedule (in m€) No meaningful debt maturities until Q4’27 Strong credit re-rating potential
Slide 35: CFO Remarks
2025 Capital Markets Day - 35 - 2025 Capital Markets Day | CFO Remarks 1 3 2024 Highlights 2025-2029 Strategic Plan 2 2025 Guidance 4 Capital allocation framework
Slide 36: 2025 Guidance | Targeting another record year
2025 Capital Markets Day - 36 - 2025 Guidance | Targeting another record year Supported by strong momentum and positive IG market growth fundamentals, excl. IRA1 impact, expecting ~€7.7bn revenues and ~€2.025bn Adj. EBITDA 2024 2025 7.2 ~7.7 ~7% • Biopharma as key sales growth driver: • IG growth in
Slide 37: 2025 Guidance | IRA impact
2025 Capital Markets Day - 37 - 2025 Guidance | Targeting another record year IRA impact will depend on patient share treated under Part D Price negotiation: Plasma Derived Therapies exempt Negotiation targeted at drugs with greatest Medicare expenditure does not apply to plasma-derived products Inf
Slide 38: 2025 underlying performance and guidance
2025 Capital Markets Day - 38 - 2025 Guidance | Targeting another record year 2025 underlying performance and guidance Revenues in million € Implied FCF conversion rate Free Cash Flow pre-M&A2 Adjusted EBITDA Actual 2024 7,212 15% 266 1,779 2025 (excl. IRA) ~7,700 ~25% ~500 ~2,025 1 Inflation Reduct
Slide 39: Relative FCF drivers in 2025 vs 2024
2025 Capital Markets Day - 39 - 2025 Guidance | Targeting another record year Relative FCF drivers in 2025 vs 2024 15% ~25% Free Cash Flow pre-M&A1 in m€ (illustrative); FCF conversion rate 2 FCF 2024 EBITDA CAPEX Restructuring, transaction costs and others Interest Net working capital Taxes Others
Slide 40: CFO Remarks
2025 Capital Markets Day - 40 - 2025 Capital Markets Day | CFO Remarks 1 3 2024 Highlights 2025-2029 Strategic Plan 2 2025 Guidance 4 Capital allocation framework
Slide 41: Cumulative FCF generation pre-M&A of €3.5-3.75Bn
2025 Capital Markets Day - 41 - 2025-2029 Strategic Plan Cumulative FCF generation pre-M&A of €3.5-3.75Bn and free cash flow conversion increase to ~40% Free Cash Flow pre-M&A1 (2026-2028 illustrative) 15% ~20% FCF conversion2 ~40% 2024 2025 2026 2027 2028 2029 0.3 0.35-0.40 ~1.2 +35% CAGR 3.5-3.75B
Slide 42: Significant organic deleveraging capacity
2025 Capital Markets Day - 42 - 2025-2029 Strategic Plan Significant organic deleveraging capacity Theoretical illustrative deleveraging profile (pre-M&A and pre-dividends; 2026-2028 illustrative) 2024 2025 2026 2027 2028 2029 4.6x ~4.0x ~1.50-1.75x Theoretical illustrative deleveraging to ~1.50-1.7
Slide 43: Strong revenues growth led by Biopharma
2025 Capital Markets Day - 43 - 2025-2029 Strategic Plan Strong revenues growth expectation led by Biopharma, with Diagnostic growth expected in the latter years Revenues (in bn€) Strategic Plan is conservatively based on growing in line with the Biopharma market (notwithstanding our recent track-re
Slide 44: EBITDA margin to expand by ~500bps in 5 years
2025 Capital Markets Day - 44 - 2025-2029 Strategic Plan EBITDA margin to expand by ~500bps in 5 years Note: growth at constant currency (cc) and 2025-2029 projections based on current FX 1 Includes impacts from Opex other than R&D (mainly IT), Amortizations and SRAAS 2024 Biopharma Diagnostic Other
Slide 45: Uniform growth in revenues and EBITDA
2025 Capital Markets Day - 45 - 2025-2029 Strategic Plan Growth expectations across both revenues and EBITDA are relatively uniform over the Plan period Revenues (in bn€; 2026-2028 illustrative) Adjusted EBITDA (in bn€; 2026-2028 illustrative) 2024 2025 2026 2027 2028 2029 7.2 7.55-7.60 +7% ~10.0 CA
Slide 46: A clear CAPEX plan
2025 Capital Markets Day - 46 - 2025-2029 Strategic Plan A clear CAPEX plan to support our strategic positioning and strong growth prospects Total planned CAPEX investments Cumulative 2025-2029, in EUR CAPEX spend: • Regular CAPEX €300-350m/year • IT and R&D capitalized €125-150m/year • Ranges from
Slide 47: Other drivers of Free Cash Flow pre-M&A
2025 Capital Markets Day - 47 - 2025-2029 Strategic Plan Other drivers of Free Cash Flow pre-M&A • Inventory ‐ Necessary investment in 2025-2029 to support strong growth fundamentals ‐ CPL, yield improvements and end-to-end supply-chain efficiencies driving inventory optimization • Relatively stable
Slide 48: Free Cash Flow pre-M&A generation improvements
2025 Capital Markets Day - 48 - 2025-2029 Strategic Plan Free Cash Flow pre-M&A generation improvements expected, ~40% EBITDA conversion rate by 2029 15% ~40% Strong Biopharma growth and improved Diagnostic‘s contribution to cash generation ~€2.5bn CAPEX investments in 5 years support strong growth
Slide 49: Step-change in FCF generation and deleveraging
2025 Capital Markets Day - 49 - Free Cash Flow pre-M&A1 (in bn€; % as CAGR; 2026-2028 illustrative) Theoretical illustrative deleveraging profile3 (pre-M&A and pre-dividends; 2026-2028 illustrative) 2025-2029 Strategic Plan Step-change in FCF generation pre-M&A and deleveraging capacity significantl
Slide 50: CFO Remarks
2025 Capital Markets Day - 50 - 2025 Capital Markets Day | CFO Remarks 1 3 2024 Highlights 2025-2029 Strategic Plan 2 2025 Guidance 4 Capital allocation framework
Slide 51: Financial framework
2025 Capital Markets Day - 51 - Financial framework Highly disciplined capital allocation, fully aligned with our Strategic Plan Deliver significant and sustained FCF1 growth Balance sheet strength Shareholder returns Organic business reinvestment Inorganic efforts • Net leverage target: 3.0-3.5x2 •
Slide 52: Corporate simplification and portfolio optimization
2025 Capital Markets Day - 52 - Capital allocation framework Corporate simplification and portfolio optimization plans Biotest • As originally planned, intend to integrate Biotest (at the right time/conditions) • High potential proteins under development • Complementary (markets and products) If exe
Slide 53: Using balance sheet capacity for strategic positioning and returns
2025 Capital Markets Day - 53 - Capital allocation framework Using significant balance sheet capacity available within Plan period to further bolster strategic positioning and shareholder returns Reinstatement of progressive and sustainable dividend policy from 2025 onwards ~1.50- 1.75x 3.0-3.5x 202
Slide 54: Sustainability embedded into our Strategic Plan
2025 Capital Markets Day - 54 - Sustainability Sustainability embedded into our Strategic Plan to support long-term value for stakeholders Grounded in 6 pillars Commitment to patients and society health Environmental responsibility Responsible to our Donors and our communities Our people Business Et
Slide 55: Key Takeaways
2025 Capital Markets Day - 55 - Key Takeaways Strong market fundamentals and a market leading position supporting solid FCF generation growth whilst continuing on our deleveraging path 1 2 Delivering on corporate simplification and portfolio optimization 4 Sustainability embedded in our Plan to supp
Slide 56: Break
2025 Capital Markets Day - 56 - Break
Slide 57: Value Creation Plan
2025 Capital Markets Day - 57 - Roland Wandeler President Biopharma Value Creation Plan 03. Nacho Abia Chief Executive Officer
Slide 58: Value creation levers and enablers
2025 Capital Markets Day - 58 - Value creation Value creation levers Value creation enablers A Commercial growth B Margin expansion C Pipeline execution Plasma supply & industrial Innovation
Slide 59: Three levers to drive Plasma Economics
2025 Capital Markets Day - 59 - Value creation – Three levers to drive Plasma Economics Liter economics by plasma utilization (illustrative) CPL (Cost per Liter) 0% Others Revenue per Liter Alpha-1 AT IgG Albumin % of plasma utilization 100% Fibrinogen Trimodulin A Commercial growth (Increase revenu
Slide 60: Value creation levers and enablers
2025 Capital Markets Day - 60 - Value creation Value creation levers Value creation enablers A Commercial growth B Margin expansion C Pipeline execution Plasma supply & industrial Innovation
Slide 61: Strong portfolio of leading brands
2025 Capital Markets Day - 61 - Commercial growth Strong portfolio of leading brands 60% 14% 26% IG Albumin Alpha-1 & specialty proteins1 Total 6.1bn • GAMUNEX-C: Leading IVIG, first FDA therapy for CIDP, >20 years of experience, proven efficacy and leadership in the US • XEMBIFY: Only 20% SCIG with
Slide 62: High single-digit revenue growth
2025 Capital Markets Day - 62 - Commercial growth Positioned to continue to drive high single-digit revenue growth Biopharma revenue evolution (billion EUR) 2024 2029 6.1 High single-digit CAGR High market potential across indications Strong demand led by IG (PID / SID diagnosis rate, IG in CIDP SoC
Slide 63: Growth levers per protein
2025 Capital Markets Day - 63 - Commercial growth Clear growth levers and opportunities per protein IG Albumin Alpha-1 & specialty proteins Fibrinogen Proteins in portfolio Proteins in pipeline • Robust market growth and promising future potential • Strong 2024 Biopharma performance and momentum • W
Slide 64: Grifols IG strong 2024 performance
2025 Capital Markets Day - 64 - Immunoglobulin Grifols IG with strong 2024 performance and momentum Grifols IG 2024 revenue growth (% cc) 2023 2024 +15% 14% 55% IVIG SCIG FY growth (cc) By geography By administration Accelerating growth in the US (high single-digit growth) Strong Xembify momentum an
Slide 65: Immunoglobulin market outlook
2025 Capital Markets Day - 65 - 1 Source: MRB 2 Only ~10-30% PID patients are diagnosed, prevalence of SID is 30x > PID. Source: Primary Immunodeficiencies (PID) – driving diagnosis for optimal care in Europe, European Reference Paper 3 Not yet approved in the US 4 US IG consumption per capita is 3x
Slide 66: CIDP is a multifactorial disease
2025 Capital Markets Day - 66 - Blockade of FcRn receptors3 Inhibition of complement activation1 Regulation of T-cell and B-cell activation4 Macrophage inhibition via Fc-gamma receptors3,4 Neutralization of pathologic autoantibodies4 Downregulation of inflammatory cytokines1,5b Several mechanisms pl
Slide 67: Immunoglobulin outlook: high single-digit growth
2025 Capital Markets Day - 67 - Build on Grifols’ leading brands (Gamunex-C, Xembify, Yimmugo) Lead growth in immunodeficiencies (accelerating diagnosis and treatment) Maintain leadership in CIDP, strengthening IG as SoC1 and developing CIDP indication for Xembify Continue to drive profitable ex-US
Slide 68: Investing in LCM to differentiate and foster market growth
2025 Capital Markets Day - 68 - Launch Expand Differentiate Immunoglobulin Investing in LCM to differentiate and foster market growth Xembify: • 2024: Launch in 9 EU markets and Australia • 2025-2026: 10-13 additional markets Yimmugo: • 2025: Launch in US Xembify Pre-filled Syringes1 , improving pat
Slide 69: Clear leader in Alpha-1
2025 Capital Markets Day - 69 - Alpha-1 Grifols clear leader in Alpha-1 with large market opportunity Alpha-1 market opportunity Grifols Global market leadership Leading Alpha-1 market for >35 years with ~70% market share Prolastin-C's direct model and dedicated specialty pharmacy are key differenti
Slide 70: Investing to maintain Alpha-1 leadership
2025 Capital Markets Day - 70 - Alpha-1 15% SubQ Double-dose Next generation Alpha-1 therapeutic SPARTA: Largest ever efficacy study in AATD designed to show outcomes Alpha-1 Investing to maintain Alpha-1 leadership and treat more patients Three levers for growth … Sustain leadership position levera
Slide 71: Fibrinogen launch on track
2025 Capital Markets Day - 71 - Congenital Fibrinogen Deficiency (CFD) • Very rare(4), inherited bleeding disorder affecting either the quantity or quality of circulating fibrinogen • Fibrinogen concentrate used in prophylaxis and treatment of bleeding episodes in these patients Acquired Fibrinogen
Slide 72: Opportunity to evolve the Standard of Care in the US
2025 Capital Markets Day - 72 - Fibrinogen Important opportunity to evolve the Standard of Care in the US Current SoC Cryo Combination of FC and Cryo Fibrinogen Concentrate Per capita consumption of fibrinogen concentrate, 2023 (g/1k population) 0.2 0.4 1.1 1.4 2.1 2.1 3.2 5.5 Markets to be develope
Slide 73: Launch Fibrinogen post approval end of 2025
2025 Capital Markets Day - 73 - Fibrinogen On track to launch Fibrinogen post approval end of 2025 Regulatory dossiers submitted, on track for launches 2024 2025 2026 Fibrinogen AdFirst1 clinical study completed EU DCP submitted US BLA submitted Expect approval & launch end of 2025 • First in the EU
Slide 74: Value creation levers and enablers
2025 Capital Markets Day - 74 - Value creation Value creation levers Value creation enablers A Commercial growth C Pipeline execution Plasma supply & industrial Innovation B Margin expansion
Slide 75: Three levers to drive margin expansion
2025 Capital Markets Day - 75 - Margin expansion Three levers to drive margin expansion Plasma sourcing mix Plasma collection excellence Yield & manufacturing efficiencies 2024 2029 2 3 1 Yield 1 2 3 Mfg.
Slide 76: Plasma sourcing mix
2025 Capital Markets Day - 76 - Note: Data at end of 2024 Margin expansion | 1 – Plasma sourcing mix Optimize plasma sourcing in a global & diversified network US 298 DCs (8 IK centers integrated by Jan 1st ‘25) Europe 58 DCs 40 DCs from Biotest Egypt 10 DCs Strategic partnership Canada 12 DCs (incl
Slide 77: Plasma collection excellence: cost per liter reduction
2025 Capital Markets Day - 77 - 2019 2021 2024 Plasma Cost Per Liter Margin expansion | 2 – Plasma collection excellence Considerable progress with Cost per Liter reduction Network rationalization Streamlined organization and donor center operations Optimized donor compensation Individualized nomogr
Slide 78: Four drivers to further reduce Cost per Liter
2025 Capital Markets Day - 78 - 2019 2021 2024 2029 Plasma Cost Per Liter Margin expansion | 2 – Plasma collection excellence Four clear drivers to further reduce Cost per Liter Further reduction of cost per liter Increase collections per center Increase donor center utilization by improving center
Slide 79: Individualized nomogram
2025 Capital Markets Day - 79 - Weight-based nomogram Individualized nomogram Enhanced donor collection target based on weight, height and hematocrit Margin expansion | 2 – Plasma collection excellence Driving progress: On track for 100% US implementation of individualized nomogram by 2026 Improves
Slide 80: Yield improvement roadmap
2025 Capital Markets Day - 80 - • Improvements within current IgG manufacturing process Progress so far Evolve (3-7 years) Transform (+7 years) >5% IgG Yield improvement >20% IgG Yield Improvement >30% IgG Yield Improvement Note(s): Figures based on Gamunex yield improvement and compared to 2023 dat
Slide 81: Continuous improvement to further improve margin
2025 Capital Markets Day - 81 - Margin expansion | 3 – Continuous improvement Continuous improvement to further improve margin Operational improvement Plan Since 2022, we have significantly increased our margins across our value chain Building on process and capabilities to drive continued improveme
Slide 82: Value creation levers and enablers
2025 Capital Markets Day - 82 - Value creation Value creation levers Value creation enablers A Commercial growth B Margin expansion C Pipeline execution Plasma supply & industrial Innovation
Slide 83: Strengthening our portfolio and innovation engine
2025 Capital Markets Day - 83 - Streamline and focus our pipeline Strengthen capabilities across R&D value chain • Systematic portfolio and pipeline review, closing projects from non-core therapeutic areas • >120M€ reallocated • Enhanced prioritization & mindful growth pipeline over time • New leade
Slide 84: Driving traction across LCM, new products and yield optimization
2025 Capital Markets Day - 84 - Bring new proteins & products to market to address unmet medical needs and improve patient outcomes Develop new manufacturing processes to make the most of each donation Maximize value of current products by serving more patients across indications and enhancing their
Slide 85: Value creation levers and enablers
2025 Capital Markets Day - 85 - Value creation Value creation levers Value creation enablers A Commercial growth B Margin expansion C Pipeline execution Plasma supply & industrial Innovation
Slide 86: Donor centers network in place to enable future growth
2025 Capital Markets Day - 86 - Plasma supply footprint Donor centers network in place to enable future growth Note(s): Donor centers data at end of 2024 US 298 DCs (8 IK centers integrated by Jan 1st ‘25) Europe 58 DCs 40 DCs from Biotest Egypt 10 DCs Strategic partnership Canada 12 DCs (including
Slide 87: Manufacturing network in place to enable future growth
2025 Capital Markets Day - 87 - Barcelona (Parets) Los Angeles North Carolina (Clayton, RTP) Dublin Montreal Dreieich New Cairo Industrial footprint Manufacturing network in place to enable future growth … Note(s): Bubble size is relative to manufacturing capacity … with targeted and efficient CAPEX
Slide 88: Value creation levers and enablers
2025 Capital Markets Day - 88 - Value creation Value creation levers Value creation enablers A Commercial growth B Margin expansion C Pipeline execution Plasma supply & industrial Innovation
Slide 89: Our strategic framework
2025 Capital Markets Day - 89 - Plasma In addition to plasma Pulmonology Critical care Infectious diseases 2 Immunology / Autoimmune 1 Opportunistic 3 4 5 Plasma is our core: raw material that we already collect, where we have extensive knowledge, with significant future potential, and a priority fo
Slide 90: Biopharma R&D pipeline
2025 Capital Markets Day - 90 - Innovation Biopharma R&D pipeline Phase 1 Phase 2 Phase 3 Product Development Plasma In addition to plasma Xembify SID in CLL, MM & NHL Gamunex-C in bags Xembify Pre-filled syringes Giga 2339 HBV Trimodulin new indication Alpha-1 SubQ 15% Alpha-1 SPARTA (post-marketin
Slide 91: Innovation launch dates
2025 Capital Markets Day - 91 - 2024 2025-2029 Innovation Launch dates Fibrinogen congenital & acquired deficiency Gamunex-C in bags Xembify Pre-Filled Syringes Alpha-1 SPARTA (efficacy) • Xembify biweekly dosing Label expansion • Prolastin 4-5g Launched in 5 European markets (+3-5 in 2025) • Fibrin
Slide 92: 2025 key milestones
2025 Capital Markets Day - 92 - Innovation 2025 key milestones • IgG: ✓ Xembify CIDP: IND Submission ✓ Gamunex-C in bags: FDA submission • Alpha-1 SubQ 15%: Phase 1/2 topline results • Fibrinogen Congenital & Acquired Deficiency: EU approval • Giga HBV: Complete 25% patient enrollment • Giga Oncolog
Slide 93: Trimodulin: ESsCAPE trial
2025 Capital Markets Day - 93 - New products Trimodulin: ESsCAPE trial (sCAP indication) • Unique IgG preparation: combination of polyclonal antibodies (IgG, IgM and IgA) • Triple MoA: clearing pathogens, neutralizing toxins and modulating uncontrolled hyper-inflammatory patient response Promising c
Slide 94: Trimodulin: pipeline in a product opportunity
2025 Capital Markets Day - 94 - New products | Trimodulin Trimodulin: pipeline in a product opportunity Current pipeline: severe community-acquired pneumonia (sCAP) Future potential: broad sepsis indication being explored, affecting multiple severe infections, mainly LRTIs, IAIs and UTIs Leading ind
Slide 95: GigaGen platform disruptive technology
2025 Capital Markets Day - 95 - Early-stage innovation GigaGen platform disruptive technology Adler A et al. MAbs 2017;9(8):1282-1296 Capture Re-create Recombinant polyclonal antibodies Immune repertoire GigaGen technology is a disruptive drug discovery platform of recombinant polyclonal and monoclo
Slide 96: GigaGen: Ready to scale up
2025 Capital Markets Day - 96 - Partnership with BARDA (up to 135M$) starting with Botulinum Neurotoxin program; platform for emerging threats countermeasure Scale the pipeline with multiple targets in infectious diseases and immunodeficiencies (discovery programs) 1 st in human monoclonal antibody
Slide 97: Chronos PD: a bridge between plasma knowledge and analytics
2025 Capital Markets Day - 97 - Early-stage innovation Chronos PD: a bridge between plasma knowledge & analytics >100M plasma donor samples collected over 15 years Pilot study for Parkinson’s Disease Establish an early-warning system for the emergence of the disease • Financed by Michael J. Fox Foun
Slide 98: Diagnostic: significant cash contributor
2025 Capital Markets Day - 98 - Diagnostic Significant cash contributor with a clear plan to increase value Diagnostic is not distractive from Biopharma core, but complementary (e.g., supporting strategic initiatives like A1AT testing program, AT-III and fibrinogen) Significant EBITDA margin and cas
Slide 99: Diagnostic Strategy
2025 Capital Markets Day - 99 - Diagnostic | Strategy Path to solidify leadership in Transfusion Medicine and expand ~1 ~1 ~1 In Vitro Dx market (2024) ~121 Bn€ Transfusion medicine Adjacent clinical Dx Secure leadership in the IVD Transfusion Medicine segment Become an innovative and specialized pl
Slide 100: Diagnostic Innovation
2025 Capital Markets Day - 100 - Diagnostic | Innovation Strong progress in our pipeline execution Mundaka Molecular Platform (2030) ISARD Immunoassay Platform (2029) Barcelona Platform (2026) Most innovative Blood Typing solutions (BTS) platform: gel Card tech, modular and trackable 1 st Grifols Im
Slide 101: Key Takeaways
2025 Capital Markets Day - 101 - Key Takeaways Strong plasma demand across indications with a clear plan to drive IgG growth, maximize opportunities of additional proteins and launch Fibrinogen 1 2025 Capital Markets Day - 101 - Plasma sourcing mix, collection excellence and yield & manufacturing ef
Slide 102: Concluding Remarks
2025 Capital Markets Day - 102 - Nacho Abia Chief Executive Officer 04. Concluding Remarks
Slide 103: Key Takeaways
2025 Capital Markets Day - 103 - Key Takeaways Grifols is well-positioned to unlock its full potential to deliver remarkable value creation We are confident about achieving our financial metrics (in €) 2025 Capital Markets Day - 103 - Revenues 7,550-7,600m 2025 ~10.0bn 2029 EBITDA 1,875-1,925bn 2025
Slide 104: Q&A
2025 Capital Markets Day - 104 - Q&A
Slide 105: Annex
2025 Capital Markets Day - 105 - 05. Annex
Slide 106: EBIT to EBITDA and EBITDA Adjusted
2025 Capital Markets Day - 106 - EBIT to EBITDA and EBITDA Adjusted In thousand of euros 371,859 317,034 299,321 203,802 1,192,016 782,317 255,252 (110,130) (108,364) (114,310) (106,139) (438,944) (456,263) (113,869) Reported EBITDA 481,990 425,398 413,631 309,941 1,630,960 1,238,580 369,122 % Net r
Slide 107: Leverage Ratio as per Credit Agreement
2025 Capital Markets Day - 107 - 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) (1,025) (1,026) (1,004) Current Financial L
Slide 108: Leverage Ratio as per Consolidated EBITDA and Net Debt
2025 Capital Markets Day - 108 - 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 8,752 8,752 9,650 10,034 Current Financial Liabilities 676 2,757 2,757 1,745 1,023 Cas
Slide 109: Free Cash Flow pre-M&A reconciliation
2025 Capital Markets Day - 109 - In million Euros 2024 2023 In million Euros 2024 2023 EBITDA Adjusted 1,779 1,474 Net Cash Flow From Operating Activities 1 902 219 Changes in working capital (14) (406) Net Cash Flow From Investing Activities 1 887 (395) CAPEX (233) (224) Free Cash Flow 1,789 (176)
Slide 110: Investor Relations & Sustainability
2025 Capital Markets Day - 110 - 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