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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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Grifols
Grifols (GRF) investor relations material
Grifols Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Q3 revenue rose 8.4% at constant currency to €2,040m; adjusted EBITDA increased 9.8% to €538m, with 26.4% margin, up 60 bps.
9M revenue grew 4.6% to €5,614m and adjusted EBITDA rose 5.0% to €1,392m; cash generation and deleveraging improved, keeping FY2026 guidance on track.
Strategic priorities include sustainable growth, balance-sheet strengthening, scaling Egypt plasma sourcing, and repositioning Diagnostics.
Financial highlights
Q3 adjusted EBITDA was €538m, up 9.8% at constant currency; 9M adjusted EBITDA was €1,392m, up 5.0%, with 24.8% margin, up 30 bps.
Q3 group profit was €162m, up 27.9%; 9M group profit rose 28.4% to €390m.
Reported gross margin was 39.6% in Q3 and 38.0% for 9M; Q3 recovery reached 30 bps above prior-year levels.
9M free cash flow pre-M&A was €298m, up €110m YoY; Q3 was €208m, up €5m YoY.
Outlook and guidance
FY2026 adjusted EBITDA margin target remains 25%; the 38% reported gross margin benchmark requires Q4 to replicate the 9M level.
FY2026 free cash flow pre-M&A guidance remains on track; some 9M phasing benefits are expected to unwind in Q4, while the 2027 target remains affirmed.
Q4 Biopharma growth is expected to moderate against a strong Q4 2025 comparison; FY2026 Biopharma remains in line with expectations.
Egypt plasma collections target ~1m liters in 2026 and up to ~3m liters annually by 2029; Alpha-1 and specialty proteins guidance remains mid-single-digit growth.
SPARTA top-line results are expected by year-end 2026, with presentation planned for Q1 2027; no U.S. Biopharma IPO update is expected before 2027.
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Latest events from Grifols
- Revenue up 2.6% to €3.57bn, net profit €227m, margin 23.9%, Biopharma drives growth.GRF
Q2 2026 - Q1 2026 saw Biopharma-led growth, margin stability, and improved financial flexibility.GRFQ1 2026
- Net profit more than doubled and revenues rose 7%, driven by Biopharma and IG growth.GRFQ4 2025
- Q3 profit surged over 245% with strong Biopharma growth and improved leverage.GRFQ3 2025
- Q3 revenue up 12.4%, margins and cash flow improved, leverage down after SRAAS sale.GRFQ3 2024
- Q2 revenue up 9.3% cc, H1 EBITDA up 24.1%, net profit €36.3M, leverage at 5.5x.GRFQ2 2024
- Aims to double revenue to €14 billion by 2034 through Biopharma growth and innovation.GRFCMD 2025
- Record Q1 2025 results with strong growth, margin gains, and improved leverage.GRFQ1 2025
- Record 2024 revenue, profit, and cash flow, with improved leverage and Biopharma growth.GRFQ4 2024
Next Grifols earnings date
Q4 202626 Feb, 2027
Grifols
Next Grifols earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Grifols, S.A. engages in the procurement, manufacture, preparation, and sale of therapeutic products, primarily hemoderivatives. The company operates through the following business segments: Spain and Latin America; the United States and Europe; Asia-Pacific; and Corporate. It offers a range of products, including plasma derivatives in fields such as clinical immunology, infectious diseases, neonatology, hemophilia, and thalassemia; chemotherapeutics for cancer treatment; albumin for surgical oncological indications; and antithrombotic agents for chronic anticoagulation therapy. In addition it offers anti-infective agents used in therapeutic areas such as hematology/oncology, nephrology/diabetes/inflammation/urology-renal transplantation (NRU), and transplantation; bone regeneration products; liquid blood derivatives; diagnostics services; animal blood derivatives; process technology for blood derived products (plasma fractionating); pharmaceutical manufacturing services; artificial blood technologies under development. Further it provides transfusion medicine management services.