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Grifols (GRF) investor relations material
Grifols Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 revenue reached €3,677 million, up 7% year-over-year at constant currency, driven by Biopharma growth and margin expansion.
Adjusted EBITDA rose 12.7% at constant currency to €876 million, with margin expansion to 23.8%.
Net profit increased to €177 million, nearly four times higher than H1 2024.
Deleveraging reduced the leverage ratio to 4.2x, the lowest in five years.
Dividend payments reinstated with €0.15 per share interim dividend, reflecting confidence in financial health.
Financial highlights
Gross margin improved to 39.1% in H1 2025, up 130bps year-over-year.
Adjusted EBITDA margin for H1 2025 was 23.8%, up 80bps year-over-year.
Free cash flow pre-M&A for H1 2025 was minus €14 million, a €182 million improvement year-over-year.
Liquidity position at €1.4 billion, with no major maturities until Q4 2027.
Inventory turnover improved to 272 days from 294 days at December 2024.
Outlook and guidance
Full-year 2025 guidance reaffirmed, with improved free cash flow pre-M&A guidance raised to €375–425 million.
Fibrinogen launch planned for Europe in Q4 2025 and U.S. in H1 2026, pending FDA approval.
Depreciating USD expected to be a headwind for revenue and EBITDA, but broadly neutral for group profit and leverage.
Margin outlook for the year remains flat versus last year due to IRA impact, with no change in dividend policy (40% payout ratio).
Continued strong momentum and cost levers expected to mitigate currency impact.
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