Grifols (GRF) investor relations material

Executive summary

• Revenue for H1 2026 reached €3,574 million, up 2.6% at constant currency, driven by Biopharma growth and strong immunoglobulin sales, despite macroeconomic and geopolitical uncertainty.

• Adjusted EBITDA was €854 million (23.9% margin), up 2.4% year-over-year at constant currency, reflecting operational leverage and efficiency.

• Net profit rose 28.7% year-over-year to €227 million, supported by improved profitability and lower financing costs after refinancing.

• Free cash flow pre-M&A improved by €103 million year-over-year, reaching €91 million in H1.

• Strategic initiatives included refinancing, closure of 29 US plasma centers, progress in Egypt and Canada self-sufficiency, and evaluation of a potential US Biopharma IPO.

Financial highlights

• Group net revenues in H1 totaled €3,574 million, with Biopharma revenue up 5.4% at constant currency and immunoglobulin sales up 12.9%.

• Adjusted EBITDA margin was 23.9%; reported gross margin was 37.1%, impacted by albumin price controls in China and US plasma center closures.

• Net profit margin was 6.3–6.4%, with net profit at €227 million.

• Free cash flow pre-M&A for H1 was €91 million, a €103 million improvement year-over-year.

• Net leverage ratio stood at 4.2x, with liquidity over €2 billion.

Outlook and guidance

• Full-year 2026 guidance confirmed, supported by Biopharma momentum, immunoglobulin strength, Egypt plasma ramp-up, and disciplined cost management.

• IG franchise projected to grow mid- to high single digits in core markets in H2; Albumin in China expected to stabilize.

• Free cash flow guidance for 2026 remains €500–575 million pre-M&A.

• No significant debt maturities until late 2028, with cash interest costs expected to be in line with or better than 2025.

• Strategic reorganization into US and Rest of World Biopharma units to optimize growth and supply resilience.