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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.
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Q3 2025 earnings summary4 Nov, 2025

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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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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