Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Grifols Sa Barc Ord New — Q1 2024 Earnings Presentation
33 slides from Grifols, S.a. Class A's earnings presentation, May 14, 2024
Slide 1: Business Update Q1 2024 Results
Business Update Q1 2024 Results May 14, 2024 Q1 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 Business Update 02 Q1 2024 Financial Review 03 CEO First Impressions 04 FY 2024 Guidance Thomas Glanzmann Nacho Abia Executive Chairman Chief Executive Officer (CEO) 05 Key Priorities 06 Annex Q1 2024 Results -3-
Slide 4: Business Update and Q1 2024 Financial Review
Thomas Glanzmann Executive Chairman Business Update Q1 2024 Financial Review Q1 2024 Results -4-
Slide 5: Delivering on Commitments in a Challenging Q1 2024
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Delivering on Navigated successfully a challenging start of the year Commitments in a • Refuted all allegations from short-seller report Challenging Q1 2024 • Unqualified audit opinion • CNMV validated Gri
Slide 6: Delivering on Commitments in a Challenging Q1 2024
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Delivering on Progressed on the €1.6bn SRAAS deal Commitments in a • Due diligence completed Challenging Q1 2024 • All regulatory approvals granted • Closing in June 2024 • Proceeds used to reduce senior s
Slide 7: Q1 2024 Consolidated Financial Highlights
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Q1 2024 Consolidated Financial Highlights Sales growth EBITDA Adjusted2 EBITDA Adjusted margin2 Plasma supply6 +5.5% cc1 +21% +280bps Q1’24 vs. Q1’23 Q1’24 vs. Q1’23 Q1’24 vs. Q1’23 excluding SRAAS excludi
Slide 8: Biopharma Starts Strong with a 9.4% cc Increase
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Biopharma Starts Strong with a 9.4% cc Increase, Driving 6.8%1 cc Revenue Growth in Q1 2024 Revenue (in million EUR) Biopharma +9.4% cc +6.8% cc1 +5.5% cc Immunoglobulin +13%cc, SCIG +62%cc +5.4%1 Albumin
Slide 9: EBITDA Adjusted Margin Increased by 280 bps vs. Q1 2023
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities EBITDA Adjusted Margin Increased by 280 bps vs. Q1 2023 EBITDA Adjusted (in million EUR) Non-recurring expenses Reported EBITDA Gross margin expanded to 38.8% (+320bps vs. Q1’23) driven by the cost per lit
Slide 10: Free Cash Flow Mainly Impacted by Non-Recurring Items in Net Working Capital
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Free Cash Flow Mainly Impacted by Non-Recurring Items in Net Working Capital Higher inventory levels EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) to meet expected revenue growth throug
Slide 11: CEO First Impressions, FY 2024 Guidance, and Key Priorities
Nacho Abia Chief Executive Officer (CEO) CEO First Impressions FY 2024 Guidance, and Key Priorities Q1 2024 Results - 11 -
Slide 12: CEO First Impressions
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities CEO First Impressions 01 04 Strong organizational commitment Significant opportunities to benefit to our mission of serving patients, from past investments donors and stakeholders worldwide 02 05 Solid bus
Slide 13: On Track to FY 2024 Guidance | Revenues and EBITDA Adjusted
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities On Track to FY 2024 Guidance | Revenues and EBITDA Adjusted Outlook FY24 Drivers to achieve FY2024 Guidance Revenue growth Q1’24 H1’24 H2’24 FY24 Total growth 5.5% cc 5-7% cc 10-12% cc 7%+ cc IG growth fol
Slide 14: On Track to FY 2024 Guidance | Free Cash Flow
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities On Track to FY 2024 Guidance | Free Cash Flow Outlook FY24 Drivers to achieve FY2024 Guidance 2024 initial plan 2024 forecast €5m Free Cash Flow EBITDA expansion FY24 Driven by revenue growth, product mix,
Slide 15: Plan to Improve Cash Generation in 2024 and Beyond
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Plan to Improve Cash Generation in 2024 and Beyond 2024 2025-2027 01 Working capital normalization EBITDA Continuing to expand EBITDA as the 02 Operations continuous improvement main driver of cash flow ge
Slide 16: Streamlining the Deleveraging Path
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Streamlining the Deleveraging Path Leverage ratio (as per the Credit Agreement 1) 6.3x 6.8x 0.1x 0.4x -0.9x 4.5x -1.2x -0.2x FY23 SRAAS Net debt Q1'24 Q1'24 SRAAS EBITDA Cash FY24E contribution 2 increase
Slide 17: Key Priorities
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Key Priorities Four-pillar strategy anchored on financial discipline… … supported by key focus areas Dedicated to meeting the needs Commercial operations 1 Cash flow improvement of our patients and custome
Slide 18: Building Blocks for Shareholder Value Creation for 2024 and Beyond
Business Q1 2024 CEO First FY 2024 Key Update Financial Review Impressions Guidance Priorities Building Blocks for Shareholder Value Creation for 2024 and Beyond 01 02 03 04 05 Focus on key priorities, Well-invested to further Robust business and Accountable for led by FCF, leverage capture commerci
Slide 19: Upcoming Events
Agenda Q2 2024 Investor & Analysts Q3 2024 Financial Results Day 2024 Financial Results July 30, 2024 October 10, 2024 November 7, 2024 Q1 2024 Results - 19 -
Slide 20: Annex
ANNEX Q1 2024 Results - 20 -
Slide 21: Delivering on 2024 Innovation Milestones
Introduction Financial review CEO remarks FY24 Guidance Priorities and Action Plan Annex Delivering on 2024 Innovation Milestones On track Completed Milestone 2024 timing Status Details Alpha-1 AT 15% SC Phase 1/2 Cohort 2 Tx 1: First patient enrolled H1 First patient enrolled in March. Enrollment p
Slide 22: Revenue | Q1 2024
Revenue | Q1 2024 Q1 2024 Q1 2023 % vs PY Grifols Grifols Grifols In thousands of euros Reported At cc* Revenue by Business U nit 1.625.705 1.561.487 4,1% 5,5% Biopharma 1.394.727 1.290.691 8,1% 9,4% Diagnostic 158.283 176.475 (10,3%) (8,3%) Bio Supplies 31.468 42.265 (25,5%) (24,7%) Others & inters
Slide 23: P&L | Q1 2024
P&L | Q1 2024 Q1 2024 Q1 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 1.625.705 - 1.625.705 1.561.487 (18.830) 1.542.657 4,1% 5,4% Cost of Sales (994.860) 17
Slide 24: Cash Flow | Q1 2024
Cash Flow | Q1 2024 Q1 2024 Q1 2023 % vs PY Grifols Grifols Grifols Restructuring One Off's Transaction Reported excl. Reported excl. Reported excl. In thousands of euros Reported Total one-offs Reported Reported costs Adjusted costs One-offs One-offs One-offs Reported Group Profit 21.418 1.835 12.8
Slide 25: Balance Sheet | Q1 2024
Balance Sheet | Q1 2024 In thousands of euros In thousands of euros Assets Liabilities Mar-24 Dec-23 Mar-24 Dec-23 Non- Current Assets 15.193.919 14.989.149 Equity 8.121.794 7.972.485 Goodwill and Other Intangible Assets 10.741.139 10.579.564 Capital 119.604 119.604 Property Plant & Equipment 3.249.
Slide 26: EBIT to EBITDA and EBITDA Adjusted
EBIT to EBITDA and EBITDA Adjusted Q1 2024 In thousand of euros Q1 2024 Q4 2023 Q3 2023 Q2 2023 LTM Q1 2023 OPERAT ING RESULT (EBIT ) 203.802 254.785 250.588 243.396 952.571 50.629 Depreciation & Amortization (106.139) (112.689) (108.976) (107.581) (435.385) (122.511) Reported EBIT DA 309.941 367.47
Slide 27: Leverage Ratio as per Credit Agreement
Leverage Ratio as per Credit Agreement In millions of euros except ratio. Q1'24 Q4'23 Q3'23 Q2'23 Q1'23 Non-Current Financial Liabilities 9.650 10.034 10.299 10.203 9.999 Non-recurrent Lease Liabilities (IFRS16) (1.026) (1.004) (928) (890) (884) Current Financial Liabilities 1.745 1.023 757 733 761
Slide 28: 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. Q1'24 Q4'23 Q3'23 Q2'23 Q1'23 Non-Current Financial Liabilities 9.650 10.034 10.299 10.203 9.999 Current Financial Liabilities 1.745 1.023 757 733 761 Cash and Cash Equivalents (449) (530)
Slide 29: NCI Contributions
NCI Contributions LT M Q1 2024 In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 111.322 (71.484) 54.684 21.515 Income tax expense (38.758) 45.002 (4.655) (3.652) Financial result 64.034 (41.434) 11.358 5.832 Amortisation and depreciation (47.474) (50.352) (8.529
Slide 30: FCF Before Extraordinary Items
FCF Before Extraordinary Items FCF Before Extraordinary Items In millions of euros Q1'24 Q4'23 Q3'23 Q2'23 Q1'23 EBIT DA Adjusted 350 442 373 361 298 Changes in working capital (339) 3 (111) (133) (166) CAPEX (38) (79) (45) (43) (43) R&D and IT (22) (24) (21) (20) (21) Taxes (4) (91) (37) (21) (9) I
Slide 31: Net Revenue Reconciliation at cc | Q1 2024
Net Revenue Reconciliation at cc | Q1 2024 In thousands of euros Q1 2024 Q1 2023 % Var In thousands of euros Q1 2024 Q1 2023 % Var Reported Net Revenues 1.625.703 1.561.487 4,1% Reported U.S. + Canada Net Revenues 925.324 943.551 (1,9%) Variation due to Exchange Rate Effects 21.583 Variation due to
Slide 32: Grifols Use of Alternative Performance Measures (APMs)
Grifols Use of Alternative Performance Measures (APMs) Grifols' financial statements are prepared in accordance with EU-IFRS and other provisions of the applicable financial reporting framework and include APMs prepared in accordance with the group's financial reporting model, as defined in the guid
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 2024 Results - 33 -
Grifols Sa Barc Ord New — Q1 2024 Earnings Presentation on 6ix