Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Q3 2025 Earnings Presentation
38 slides from Grifols, S.a. Class A's earnings presentation, Nov 4, 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, Leverage Ratio as per the Credit Facility, Net Debt as per the Credit Facility, Free Cash Flow, Working Capital, and non-r
Slide 2: Q3 2025 Results November 4, 2025
Q3 2025 Results - 1 - Q3 2025 Results November 4, 2025
Slide 3: Legal Disclaimer
Q3 2025 Results - 2 - 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 prospectu
Slide 4: Agenda
Q3 2025 Results - 3 - Agenda 01 02 03 04 Value Creation Plan Update Business Review Financials Final Remarks 05 Annex
Slide 5: Q3'25 Results: Continued Progress on Value Creation Plan
Q3 2025 Results - 4 - Nacho Abia Chief Executive Officer (CEO) Q3’25 Results: Continued Progress on Value Creation Plan
Slide 6: Q3'25 Delivery Builds on YTD Performance
Q3 2025 Results - 5 - Q3’25 Delivery Builds on YTD Performance YTD Q3’25 YTD Q3’25 vs PY €5,542m Revenue €1,358m EBITDA Adj. €188m Free Cash Flow (pre-M&A)3 4.2x Leverage ratio4 +7.7%cc1 (+10.5%cc LFL2 ) +11.2%cc (+17.3%cc LFL) +€257m -0.9x vs. PY 1 Constant currency (cc), excluding exchange rate fl
Slide 7: Delivering on Value Creation Plan
Q3 2025 Results - 6 - Delivering on Value Creation Plan Commercial growth Plasma supply & industrial footprint Global footprint. Fully vertical integrated and well-invested in the US Complemented by strategic partnerships ex-US providing flexibility in current market dynamics Focus on increasing col
Slide 8: Delivering Continued Growth in Biopharma
Q3 2025 Results - 7 - Roland Wandeler President of Biopharma Delivering Continued Growth in Biopharma
Slide 9: Delivering Continued Growth Driven by IG Franchise
Q3 2025 Results - 8 - Delivering Continued Growth Driven by IG Franchise Base indexed to LTM Q3’24 (Revenue growth at cc except LCM) Performance Biopharma IG Albumin Alpha-1 and specialty proteins Milestones • Overall growth ahead of market • Continued expansion of Xembify® in SCIG • Commercial exec
Slide 10: IG Performance Reflecting Focused Execution in a Growing Market
Q3 2025 Results - 9 - IG Performance Reflecting Focused Execution in a Growing Market Value Creation Plan Update Business Review Financials Final Remarks Annex From here, expect to grow in-line with market, mid-to-high single-digit Growth ahead of market in last two years Continuing to drive innovat
Slide 11: Leadership Position in Alpha-1 with Potential for Market Growth
Q3 2025 Results - 10 - Leadership Position in Alpha-1 with Potential for Market Growth Value Creation Plan Update Business Review Financials Final Remarks Annex Significant potential to treat more patients and grow market Established market leadership over the last >35 years Plan in place to Alpha-1
Slide 12: Disciplined and Focused Pipeline Across Therapeutic Areas
Q3 2025 Results - 11 - Disciplined and Focused Pipeline Across Therapeutic Areas Plasma In addition to plasma External collaboration Note(s): 1. Start in 2025; 2. Based on RWE Value Creation Plan Update Business Review Financials Final Remarks Annex Phase 1 Phase 2 Phase 3 Product Development Xembif
Slide 13: Continued Resilience in Financial Performance
Q3 2025 Results - 12 - Rahul Srinivasan Chief Financial Officer (CFO) Continued Resilience in Financial Performance
Slide 14: Earnings and FCF Momentum Supported by Improving Balance Sheet
Q3 2025 Results - 13 - Earnings and FCF Momentum Supported by a Robust and Improving Balance Sheet Note: All figures are presented on a consolidated basis (including Biotest). When specified, figures presented at currency (cc), excluding exchange rate fluctuations over the period. See Annex for reco
Slide 15: Revenue Growth Led by Biopharma
Q3 2025 Results - 14 - Revenue Growth Led by Biopharma Note: All figures are presented on a consolidated basis (including Biotest). Percentage rates are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 Like For Like (LFL) exc
Slide 16: YTD Adj EBITDA Growth of 11.2% cc and Margin Expansion
Q3 2025 Results - 15 - YTD Adj EBITDA Growth of 11.2% cc and Margin Expansion Note: All figures are presented on a consolidated basis (including Biotest). EBITDA growth led by Biopharma: • Volume growth • Geographic mix • Cost Per Liter improvement • Opex discipline • Operational leverage IRA impact
Slide 17: Reduction in Cash Adjustments Between EBITDA Adjusted and Reported
Q3 2025 Results - 16 - Clearly prioritizing a reduction in cash adjustments between EBITDA Adjusted and Reported Drivers of reduced cash adjustments: • Lower transaction costs • Lower restructuring costs Continued Reduction of Cash Adjustments Between Adjusted and Reported EBITDA 1 Cash adjustments
Slide 18: Sustained Momentum in Free Cash Flow Generation
Q3 2025 Results - 17 - Sustained Momentum in Free Cash Flow Generation 1 FCF definition and reconciliation to the Cash Flow Statement in slides 26 and 27 in the Annex EBITDA Adjusted 400 475 482 1,358 105 Inventories (61) (30) (26) (118) (44) Receivables (93) (25) (13) (131) (22) Payables 26 25 2 53
Slide 19: Capital Structure and FY'25 Outlook
Q3 2025 Results - 18 - Capital Structure and FY’25 Outlook Impact of a depreciating USD Strong YTD performance • Geo-mix and phasing benefiting YTD performance • Lapping Q4'24, Grifols best Adj EBITDA quarter ever • A headwind for Revenue and EBITDA • Broadly neutral impact on Group Profit, Leverage
Slide 20: Final Remarks
Q3 2025 Results - 19 - Final Remarks Nacho Abia Chief Executive Officer (CEO)
Slide 21: Delivering on Our Value Creation Plan
Q3 2025 Results - 20 - Delivering on Our Value Creation Plan Focused execution of our Value Creation Plan 01 Strengthened balance sheet on the back of continued focus on deleveraging, FCF generation, and capital allocation discipline 04 Solid business performance YTD driven by strong IG underlying d
Slide 22: Annex
ANNEX (03 2025 Results “2 GRIFOLS
Slide 23: Revenue Q3 2025
Q3 2025 Results - 22 - Revenue | Q3 2025 Value Creation Plan Update Business Review Financials Final Remarks Annex Q3 2025 Q3 2024 In thousands of euros Reported At cc* Revenue by Business Unit 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%) (
Slide 24: Revenue 2025 YTD
Q3 2025 Results - 23 - Revenue | 2025 YTD Value Creation Plan Update Business Review Financials Final Remarks Annex 2025 YTD 2024 YTD 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
Slide 25: P&L Q3 2025
Q3 2025 Results - 24 - P&L | Q3 2025 Value Creation Plan Update Business Review 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 1,865,400 - 1,865,400 1,792,956 - 1,79
Slide 26: P&L 2025 YTD
Q3 2025 Results - 25 - P&L | 2025 YTD Value Creation Plan Update Business Review 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 5,542,340 - 5,542,340 5,236,569 - 5,2
Slide 27: Cash Flow Q3 2025
Q3 2025 Results - 26 - Cash Flow | Q3 2025 Value Creation Plan Update Business Review Financials Final Remarks Annex In thousands of euros (on a reported basis) Q3 2025 Q3 2024 Reported Group Profit 126,964 51,691 146% Depreciation and Amortization 102,848 108,364 (5%) Net Provisions (11,920) 4,453
Slide 28: Cash Flow 2025 YTD
Q3 2025 Results - 27 - Cash Flow | 2025 YTD Value Creation Plan Update Business Review Financials Final Remarks Annex In thousands of euros (on a reported basis) 2025 YTD 2024 YTD Reported Group Profit 303,750 87,951 245% Depreciation and Amortization 321,633 327,766 -2% Net Provisions 15,941 59,339
Slide 29: Balance Sheet
Q3 2025 Results - 28 - Balance Sheet | 2025 Value Creation Plan Update Business Review Financials Final Remarks Annex sep-25 dic-24 7,547,961 8,607,025 119,604 119,604 910,728 910,728 4,185,691 4,054,505 Treasury Stock (130,674) (134,448) 303,750 156,920 Interim dividend (102,076) - (108,077) 776,41
Slide 30: Like-for-Like (LFL) Reconciliation
Q3 2025 Results - 29 - Like-for-Like (LFL) Reconciliation Value Creation Plan Update Business Review Financials Final Remarks Annex 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)
Slide 31: EBIT to EBITDA and EBITDA Adjusted
Q3 2025 Results - 30 - EBIT to EBITDA and EBITDA Adjusted Value Creation Plan Update Business Review Financials Final Remarks Annex In thousand of euros 354,202 348,854 268,857 371,859 317,034 (102,848) (107,035) (111,750) (110,130) (108,364) Reported EBITDA 457,050 455,889 380,607 481,990 425,398 %
Slide 32: Leverage Ratio as per Credit Agreement
Q3 2025 Results - 31 - Leverage Ratio as per Credit Agreement Value Creation Plan Update Business Review Financials Final Remarks Annex 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 (IF
Slide 33: Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet
Q3 2025 Results - 32 - Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet Value Creation Plan Update Business Review Financials Final Remarks Annex 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 Cu
Slide 34: NCI Contributions
Q3 2025 Results - 33 - NCI Contributions Note: Last Twelve Months figures (LTM). Value Creation Plan Update Business Review Financials Final Remarks Annex 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)
Slide 35: Net Revenue Reconciliation at cc Q3 2025
Q3 2025 Results - 34 - Net Revenue Reconciliation at cc | Q3 2025 Value Creation Plan Update Business Review Financials Final Remarks Annex In thousands of euros Q3 2025 Q3 2024 % Var Reported Net Revenues 1,865,400 1,792,956 4.0% Variation due to Exchange Rate Effects 90,735 Net Revenues at Constan
Slide 36: Net Revenue Reconciliation at cc 2025 YTD
Q3 2025 Results - 35 - Net Revenue Reconciliation at cc | 2025 YTD Value Creation Plan Update Business Review Financials Final Remarks Annex In thousands of euros 2025 YTD 2024 YTD % Var Reported Net Revenues 5,542,340 5,236,568 5.8% Variation due to Exchange Rate Effects 97,299 Net Revenues at Cons
Slide 37: EBITDA Adjusted Reconciliation at cc
Q3 2025 Results - 36 - EBITDA Adjusted Reconciliation at cc | YTD and Q3 2025 Value Creation Plan Update Business Review Financials Final Remarks Annex EBITDA Adjusted YTD 25: In thousands of euros YTD 2025 YTD 2024 % Var EBITDA Adjusted 1,357,610 1,253,287 8.3% Variation due to Exchange Rate Effect
Slide 38: Investor Relations & Sustainability
Q3 2025 Results - 37 - 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 to