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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.
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Q2 2025 earnings summary29 Jul, 2025

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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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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