Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q3 2025 Earnings Presentation
37 slides from Grifols, S.a. Class A's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Results
Q3 2025 Results November 4, 2025 Q3 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 Value Creation Plan Update 02 Business Review 03 Financials 04 Final Remarks 05 Annex Q3 2025 Results -3-
Slide 4: Q3'25 Results: Continued Progress on Value Creation Plan
Q3’25 Results: Continued Progress on Value Creation Plan Nacho Abia Chief Executive Officer (CEO) Q3 2025 Results -4-
Slide 5: Q3'25 Delivery Builds on YTD Performance
Value Creation Plan Update Business Review Financials Final Remarks Annex Q3’25 Delivery Builds on YTD Performance YTD Q3’25 YTD Q3’25 vs PY Robust underlying demand, and relatively unchanged pricing €5,542m +7.7%cc1 dynamics, whilst managing FX and IRA headwinds Revenue (+10.5%cc LFL2) EBITDA growi
Slide 6: Delivering on Value Creation Plan
Value Creation Plan Update Business Review Financials Final Remarks Annex Delivering on Value Creation Plan Commercial growth Margin expansion Pipeline execution (even despite IRA impact) Strong Biopharma YTD growth EBITDA adj margin YTD Strengthening key franchises Levers +9.1% cc (12.4% LFL) 24.5%
Slide 7: Delivering Continued Growth in Biopharma
Delivering Continued Growth in Biopharma Roland Wandeler President of Biopharma Q3 2025 Results -7-
Slide 8: Delivering Continued Growth Driven by IG Franchise
Value Creation Plan Update Business Review Financials Final Remarks Annex Delivering Continued Growth Driven by IG Franchise Base indexed to LTM Q3’24 (Revenue growth at cc except LCM) Milestones Performance LTM Q3’24 LTM Q4’24 LTM Q1’25 LTM Q2’25 LTM Q3’25 Biopharma +9% +9.1% +10.9% YTD Q3’25 Q3’25
Slide 9: IG Performance Reflecting Focused Execution in a Growing Market
Value Creation Plan Update Business Review Financials Final Remarks Annex IG Performance Reflecting Focused Execution in a Growing Market Growth ahead of market From here, expect to grow in-line with Continuing to drive innovation in last two years market, mid-to-high single-digit to strengthen prod
Slide 10: Leadership Position in Alpha-1 with Potential for Market Growth
Value Creation Plan Update Business Review Financials Final Remarks Annex Leadership Position in Alpha-1 with Potential for Market Growth Established market leadership Significant potential to treat more Plan in place to over the last >35 years patients and grow market Alpha-1 revenue (m€) Strengthe
Slide 11: Disciplined and Focused Pipeline Across Therapeutic Areas
Value Creation Plan Update Business Review Financials Final Remarks Annex Disciplined and Focused Pipeline Across Therapeutic Areas Selection of key projects Fibrinogen – Product On track for approval Pre-clinical Phase 1 Phase 2 Phase 3 Regulatory Development Next Gen process Xembify SID in CLL, Ga
Slide 12: Continued Resilience in Financial Performance
Continued Resilience in Financial Performance Rahul Srinivasan Chief Financial Officer (CFO) Q3 2025 Results - 12 -
Slide 13: Earnings and FCF Momentum Supported by a Robust and Improving Balance Sheet
Value Creation Plan Update Business Review Financials Final Remarks Annex Earnings and FCF Momentum Supported by a Robust and Improving Balance Sheet Reported Like for Like1 YTD Q3 2024 (in million EUR except %) Q1’25 Q2’25 Q3’25 YTD Q3’25 Var vs. PY Var vs. PY Reported NET REVENUE 1,786m 1,891m 1,8
Slide 14: Revenue Growth Led by Biopharma
Value Creation Plan Update Business Review Financials Final Remarks Annex Revenue Growth Led by Biopharma Revenues (in million EUR except for growth) Biopharma +9.1% cc • Robust underlying demand +12.4% cc LFL1 +7.7% cc (+5.8%) • Continued IG momentum +10.5% cc • Alpha-1 and Specialty (+8.6%) Protei
Slide 15: YTD Adj EBITDA Growth of 11.2% cc and Margin Expansion
Value Creation Plan Update Business Review Financials Final Remarks Annex YTD Adj EBITDA Growth of 11.2% cc and Margin Expansion EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) EBITDA growth led by Biopharma: • Volume growth +11.2% cc • Geographic mix (+8.3%) • Cost Per Lit
Slide 16: Continued Reduction of Cash Adjustments Between Adjusted and Reported EBITDA
Value Creation Plan Update Business Review Financials Final Remarks Annex Continued Reduction of Cash Adjustments Between Adjusted and Reported EBITDA EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) Clearly prioritizing a reduction in cash adjustments between EBITDA Adjuste
Slide 17: Sustained Momentum in Free Cash Flow Generation
Value Creation Plan Update Business Review Financials Final Remarks Annex Sustained Momentum in Free Cash Flow Generation EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) Reduction in cash adjustments to EBITDA Adjusted Var vs Q1’25 Q2’25 Q3’25 YTD Q3’25 YTD Q3’24 EBITDA Adjusted 40
Slide 18: Capital Structure and FY'25 Outlook
Business Performance Financials Final Remarks Annex Capital Structure and FY’25 Outlook 1 Capital structure • Tightening of secondary trading yields supports rerating progress • Bank feedback supportive of targeting RCF upsize in conjunction with refinancing of 2027 maturities • Targeting H1 2026 re
Slide 19: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) Q3 2025 Results - 19 -
Slide 20: Delivering on Our Value Creation Plan
Value Creation Plan Update Business Review Financials Final Remarks Annex Delivering on Our Value Creation Plan 01 02 03 Focused execution of our Value Solid business performance YTD driven by • Robust commercial execution in Creation Plan strong IG underlying demand and key key markets. proteins, a
Slide 21: ANNEX
ANNEX 5 Results P21 GRIFOLS ——
Slide 22: Revenue | Q3 2025
Value Creation Plan Update Business Review Financials Final Remarks Annex Revenue | Q3 2025 Q3 2025 Q3 2024 % vs PY In thousands of euros Reported At cc* Revenue by Business U nit 1,865,400 1,792,956 4.0% 9.1% Biopharma 1,619,532 1,532,744 5.7% 10.9% Diagnostic 147,411 156,292 (5.7%) (1.3%) Bio Supp
Slide 23: Revenue | 2025 YTD
Value Creation Plan Update Business Review Financials Final Remarks Annex Revenue | 2025 YTD 2025 YTD 2024 YTD % vs PY In thousands of euros Reported At cc* Revenue by Business Unit 5,542,340 5,236,568 5.8% 7.7% Biopharma 4,773,321 4,455,099 7.1% 9.1% Diagnostic 479,043 478,835 0.0% 1.4% Bio Supplie
Slide 24: P&L | Q3 2025
Value Creation Plan Update Business Review Financials Final Remarks Annex P&L | Q3 2025 Q3 2025 Q3 2024 % vs PY 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 1,865,400 - 1,865,400 1,792,956 - 1,7
Slide 25: P&L | 2025 YTD
Value Creation Plan Update Business Review Financials Final Remarks Annex P&L | 2025 YTD 2025 YTD 2024 YTD % vs PY 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 5,542,340 - 5,542,340 5,236,569 -
Slide 26: Cash Flow | Q3 2025
Value Creation Plan Update Business Review Financials Final Remarks Annex Cash Flow | Q3 2025 In thousands of euros (on a reported basis) Q3 2025 Q3 2024 % vs PY In million Euros Q3'25 Q3'24 Report ed Group Prof it 126,964 51,691 146% Net Cash Flow From Operating Activities 1 325 300 Depreciation an
Slide 27: Cash Flow | 2025 YTD
Value Creation Plan Update Business Review Financials Final Remarks Annex Cash Flow | 2025 YTD In thousands of euros (on a reported basis) 2025 YTD 2024 YTD % vs PY In million Euros 2025 YTD 2024 YTD Report ed Group Prof it 303,750 87,951 245% Net Cash Flow From Operating Activities 1 616 388 Deprec
Slide 28: Balance Sheet | 2025
Value Creation Plan Update Business Review Financials Final Remarks Annex Balance Sheet | 2025 Assets Liabilities Sep-25 Dec-24 sep-25 dic-24 Non- Current Assets 14,504,993 15,677,699 Equity 7,547,961 8,607,025 Goodwill and Other Intangible Assets 10,513,476 11,297,492 Capital 119,604 119,604 Proper
Slide 29: Like-for-Like (LFL) Reconciliation
Value Creation Plan Update Business Review Financials Final Remarks Annex Like-for-Like (LFL) Reconciliation In millions of euros Q3'25 Q2'25 Q1'25 YTD 25 Revenue Reported 1,865 1,891 1,786 5,542 Fee-for-Service / GPO Reclassification 19 33 15 67 Inflation Reduction Act (IRA) 16 30 28 75 Revenue Lik
Slide 30: EBIT to EBITDA and EBITDA Adjusted
Value Creation Plan Update Business Review Financials Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In thousand of euros Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q3 2025 LTM Q3 2024 LTM OPERATING RESULT (EBIT) 354,202 348,854 268,857 371,859 317,034 Depreciation & Amortization (102,848) (107
Slide 31: Leverage Ratio as per Credit Agreement
Value Creation Plan Update Business Review Financials Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Non-Current Financial Liabilities 9,093 9,118 9,390 9,491 8,836 Non-recurrent Lease Liabilities (IFRS16) (966) (978) (1,02
Slide 32: Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet
Value Creation Plan Update Business Review Financials Final Remarks Annex Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet In millions of euros except ratio. Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Non-Current Financial Liabilities 9,093 9,118 9,390 9,491 8,836 Current Financial Liabili
Slide 33: NCI Contributions
Value Creation Plan Update Business Review Financials Final Remarks Annex NCI Contributions LT M Q3 2025 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 130,929 (116,831) 44,895 6,332 Income tax expense (34,544) 28,844 (12,598) (9,033) Financial result 78,728 (
Slide 34: Net Revenue Reconciliation at cc | Q3 2025
Value Creation Plan Update Business Review Financials Final Remarks Annex Net Revenue Reconciliation at cc | Q3 2025 In thousands of euros Q3 2025 Q3 2024 % Var In thousands of euros Q3 2025 Q3 2024 % Var Reported Net Revenues 1,865,400 1,792,956 4.0% Reported U.S. + Canada Net Revenues 1,068,874 1,
Slide 35: Net Revenue Reconciliation at cc | 2025 YTD
Value Creation Plan Update Business Review Financials Final Remarks Annex Net Revenue Reconciliation at cc | 2025 YTD In thousands of euros 2025 YTD 2024 YTD % Var In thousands of euros 2025 YTD 2024 YTD % Var Reported Net Revenues 5,542,340 5,236,568 5.8% Reported U.S. + Canada Net Revenues 3,161,7
Slide 36: EBITDA Adjusted Reconciliation at cc | YTD and Q3 2025
Value Creation Plan Update Business Review Financials Final Remarks Annex EBITDA Adjusted Reconciliation at cc | YTD and Q3 2025 EBIT DA Adjusted YT D 25: EBIT DA Adjusted Q3'25: In thousands of euros YTD 2025 YTD 2024 % Var In thousands of euros Q3 2025 Q3 2024 % Var EBITDA Adjusted 1,357,610 1,253
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 2025 Results - 37 -
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