Grifols (GRF) Q2 2026 earnings summary

Executive summary

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

• Adjusted EBITDA was €854 million (23.9% margin), up 2.4% year-over-year, with net profit rising 28.7% to €227 million.

• Free cash flow pre-M&A improved by €103 million year-over-year to €91 million, reflecting better working capital management and normalized CAPEX.

• Strategic initiatives included successful refinancing, closure of 29 US plasma centers, operational optimization, and progress in self-sufficiency projects in Egypt and Canada.

• The Board approved evaluating a potential IPO of a minority stake in the US Biopharma unit.

Financial highlights

• Net revenue: €3,574 million, up 2.6% at constant currency; Biopharma revenue grew 5.4% at constant currency, with IG up 12.8%.

• Adjusted EBITDA: €854 million, margin at 23.9%; group profit: €227 million, up 28.7% year-over-year.

• Gross margin: 37.1% reported (38.6% adjusted); net profit margin: 6.3%.

• Net leverage ratio: 4.2x; net secured leverage: 2.7x; liquidity: over €2 billion.

• Free cash flow pre-M&A: €91 million, a €103 million improvement from H1 2025.

Outlook and guidance

• Full-year 2026 guidance confirmed, supported by Biopharma momentum, margin expansion, and free cash flow improvement.

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

• Continued ramp-up of plasma from Egypt and optimization of US collection to support margin improvement.

• SPARTA Phase 3 trial for alpha-1 antitrypsin on track for top-line results in late Q4 2026.

• Strategic reorganization to create two independent operating platforms: US and Rest of World.