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Grifols (GRF) investor relations material
Grifols Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Year-to-date (YTD) Q3 2025 revenue reached €5.542 billion, up 7.7% year-over-year at constant currency, with like-for-like growth of 10.5%, driven by Biopharma and strong immunoglobulin (IG) demand.
Adjusted EBITDA for Q3 was €482 million (25.8% margin), bringing YTD adjusted EBITDA to €1,358 million (24.5% margin), up 11.2% year-over-year.
Free cash flow pre-M&A and pre-dividends improved by €257 million year-over-year, reaching €188 million YTD.
Leverage ratio improved to 4.2x from 5.1x in the prior year, reflecting ongoing deleveraging.
Strong demand in core franchises, especially IG and Alpha-1, supported by commercial execution and innovation.
Financial highlights
Q3 2025 net revenue was €1.865 billion, up 9.1% year-over-year at constant currency.
Adjusted EBITDA margin for Q3 was 25.8%; YTD margin was 24.5%, up 60bps year-over-year.
YTD group profit reached €304 million, up over 245% versus 2024.
Free cash flow pre-M&A pre-dividends for Q3 was €203 million.
Gross margin for Q3 was 39.3%, up 50bps year-over-year.
Outlook and guidance
FY 2025 revenue guidance raised to above €7.6 billion at guidance FX rates.
Adjusted EBITDA guidance reaffirmed at €1,875–1,925 million.
Free cash flow pre-M&A pre-dividends guidance improved to €400–425 million.
Full-year FX headwind on adjusted EBITDA estimated at €70 million.
Expect robust Q4, though comparison to Q4 2024 will be less favorable due to prior phasing benefits.
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