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Grifols
Grifols (GRF) investor relations material
Grifols Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved and exceeded 2025 financial guidance, with revenue of €7,524 million (up 7% year-over-year), adjusted EBITDA of €1,825 million (up 5.6%), and free cash flow pre-M&A of €468 million, despite a challenging macro and geopolitical environment.
Group profit more than doubled to €402 million, a 156.1% increase year-over-year.
Biopharma segment led growth, with strong IG franchise performance and resilience against IRA and FX headwinds.
Strategic partnerships and self-sufficiency initiatives in Egypt, Canada, and China enhanced resilience and future positioning.
Improved leverage ratio to 4.2x, supporting credit rating upgrades and a strong liquidity position of €1.7 billion.
Financial highlights
Net revenue reached €7,524 million, up 7% year-over-year (9.1% like-for-like).
Adjusted EBITDA was €1,825 million (24.3% margin), up 5.6% year-over-year and 11.9% like-for-like.
Free cash flow pre-M&A was €468 million, up €201 million from 2024 and exceeding guidance.
Group profit rose to €402 million, up 156.1% year-over-year.
Leverage ratio improved to 4.2x, down from 4.6x in 2024.
Outlook and guidance
2026 guidance targets free cash flow pre-M&A of €500–575 million and adjusted EBITDA margin of at least 25%, with 5–9% growth at constant currency.
Continued deleveraging expected, with leverage ratio targeted at 3.5x or lower by year-end 2027.
Cumulative free cash flow pre-M&A for 2024–2027 projected at €1.75–2 billion.
No explicit revenue growth guidance for 2026; focus is on margin-accretive growth.
On track for 2027 milestones, including further deleveraging and cash flow generation.
Quantify Egypt platform's margin contribution
Albumin China outlook given pricing pressure?
Expected interest cost savings from 2027 refinancing?
How does Egypt plasma impact long-term margins?
What drives 2026 revenue growth moderation?
Refinancing strategy for 2030 bonds
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Next Grifols earnings date
Q1 202611 May, 2026
Grifols
Next Grifols earnings date
Q1 202611 May, 2026
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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.
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