Slides
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- 1 -Q2 2025 Results Q2 2025 Results July 29, 2025
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- 2 -Q2 2025 Results Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisio ns of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, the Spanish Securities Market and Investment Services Law (Law 6/2023, of 17 March, as amended and restated from time to time) and its im plementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. This information has not been audited. Forward-Looking Statements This presentation contains forward-looking information and statements about Grifols based on current assumptions and forecast ma de by Grifols management, including pro forma figures, estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to capital expenditure s, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “ expected”, “potential”, “estimates” and similar expressions. Although Grifols believes that the expectations reflected in such forward -looking statements are reasonable, various known and u nknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the Company and the estimat es given here. These factors include those discussed in our public reports filed with the Comisión Nacional del Mercado de Valores and the Securities and Exchange Commission, which are accessible to t he public. The Company assumes no liability whatsoever to update these forward-looking statements or conform them to future events or developments. Forward -looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Grifols. Alternative Performance Measures (APMs) This document and any related conference call or webcast (including a Q&A session) contain, in addition to the financial info rmation prepared in accordance with IFRS, alternative performance measures (‘APMs’) as defined in the guidelines issued by the European Securities and Markets Authority (‘ESMA’) on October 5, 2015. APMs are used by Grifols’ management to evaluate the group’s financial performance, cash flows or financial position in making operational and strategic decisions for the group and there fore are useful information for investors and other stakeholders. Certain key APMs form part of executive directors, management and employees’ remuneration targets. APMs are prepared on a consistent basis for the periods presented in this document. They should be considered in addition to IFRS measurements, may differ to definitions given by regulatory bodies relevant to the group and to similarly titled measures presented by other companies. They have not been audited, reviewed or verified by the external auditor of Grifols. For further details on the definition, explanation on the use, and reconciliation of APMs, please see the appendix as well as the “Alternative performan ce measures” document from our website www.grifols.com/en/investors.
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- 3 -Q2 2025 Results Agenda 01 02 03 04 Business Review Financials Final Remarks Annex Nacho Abia Chief Executive Officer (CEO) Rahul Srinivasan Chief Financial Officer (CFO) - 3 -Q2 2025 Results
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- 4 -Q2 2025 Results Nacho Abia Chief Executive Officer (CEO) Q2’25 Results Strong Performance Driven by A Clear Focus on Execution - 4 -Q2 2025 Results
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- 5 -Q2 2025 Results Continued Execution in Q2 Supporting Strong First-Half Performance All figures are presented on a consolidated basis 1 Constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations.; 2 Like For Like (LFL) excludes the impact of Inflation Reduction Act (IRA) and Fee-For-Service / GPO reclassification. ;3 FCF definition and reconciliation to the Cash Flow Statement in slide 34 in the Annex. 4 Leverage ratio defined as per the Credit Agreement in slide 31 in the Annex. €3,677m Revenue +7.0%cc1 (+10.1%cc LFL2) Executing on our Value Creation Plan driving strong performance across all key financial metrics Strong business momentum on the back of robust underlying demand, even after absorbing the IRA impact. Structurally well-positioned to navigate uncertainty from potential tariffs impact Continuous improvement initiatives supporting margin expansion Generating free cash flow and deleveraging Delivering on innovation milestones Executing on capital allocation framework including the reinstatement of dividends with €0.15 per share interim dividend €876m EBITDA Adj. +12.7%cc (+20.1%cc LFL) -€14m Free Cash Flow (pre-M&A)3 +€182m 4.2x Leverage ratio4 H1’25 H1’25 vs H1’24 -0.4x vs. FY24 Business Performance Financials Final Remarks Annex
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- 6 -Q2 2025 Results Value Creation Plan Execution Delivering Results Commercial growth Leveraging strong momentum of key proteins +8.2% cc Biopharma growth (H1’25 vs H1’24) Margin expansion (even despite IRA impact) Driving efficiencies through plasma and mfg. yield improvements +80bps (+171bps LFL) EBITDA Adj margin (H1’25 vs H1’24) Pipeline execution Delivering on our innovation milestones Q4’25 Fibrinogen EU launch Plasma supply & industrial footprint Vertically integrated value chain in the US and Europe, complemented by strategic hubs and partnerships ex-US, providing valuable optionality and demonstrating resilience amidst a dynamic market backdrop Innovation Driving clinical trials traction across life cycle management (LCM) and new products and indications for core proteins Levers Enablers Business Performance Financials Final Remarks Annex
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- 7 -Q2 2025 Results Commercial Execution Fuels Biopharma Performance Offsetting IRA Commercial growth Margin expansion Innovation Biopharma IG Albumin Alpha-1 and specialty proteins IVIG +12% SCIG +60% Base indexed to LTM Q2’24 (Revenue growth at cc) LTM Q2’24 LTM Q3’24 LTM Q4’24 LTM Q1’25 LTM Q2’25 +1% +7% +10% Note: All figures are presented on a consolidated basis, and at constant currency (cc), excluding exchange rate fluctuations over the period. • Strong momentum with leading brands • Growing ahead of market • Accelerating SCIG • Solid performance across Alpha-1, rabies and other specialty proteins • Resumption of China shipments in Q2 after license renewal in Q1 • Leveraging strategic local partnership to navigate China market • First Canadian-made vials of albumin Strong growth driven by key proteins +8.2% H1’25 +12.5% H1’25 -3.7% H1’25 +4.8% H1’25 +9.6% Q2’25 +12.0% Q2’25 +1.3% Q2’25 +8.6% Q2’25 Performance Business Performance: Milestones
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- 8 -Q2 2025 Results Margin Expansion Driven by Continuous Improvement Initiatives Commercial growth Margin expansion Innovation Continuous optimization of plasma supply Achieved 60% individualized nomogram implementation in U.S. centers Higher IVIG manufacturing yield from operational excellence Ongoing efficiency improvements resulting in reduction in donation time Kicked-off 2nd nomogram wave to reach 100% adoption by 2026 On track to deliver double-digit growth in volume per center Business Performance:
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- 9 -Q2 2025 Results Gamunex in SID Phase 3 IND submission Giga 564 Oncology Phase 1B (dose expansion): 1st patient enrolled Delivering on our Pipeline Milestones with New Indications and Progress in Life Cycle Management IgG (Flebo) in Dry Eye Disease Phase 2 IND submission Xembify in CIDP Phase 3 IND submission Gamunex-C in Bags FDA submission Alpha-1 SubQ 15% Phase 1/2 topline results Fibrinogen Congenital & Acquired Deficiency EU approval Giga 2339 HBV Complete 25% patient enrollment On track On track On track Plasma In addition to plasma H1 2025 H2 2025 Commercial growth Margin expansion Innovation Completed Completed Completed Innovation milestone targets by… Completed Completed Business Performance:
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- 10 -Q2 2025 Results Milestones Advancing Diagnostic to Reinforce Market Position and Profitability • Strengthening presence in core markets • Focus on increasing profitability FDA approval to start GelCards and Red Blood Cells’ production in the USA San Diego site • Absorb continued growth and respond to needs • Strategically broaden and diversify footprint • Sustaining leadership position • Developing Next Generation MDS Strategic alliance with Inpeco • Focused on providing full automation solutions • Lead-in to develop the “lab of the future” All figures are presented on a consolidated basis 1 Constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations.; 2 Positively impacted by the timing of true up of royalties • Developing new immunoassay technology for blood and plasma screening • On track with the ISARD platform development to be launched by 2029-30 +7.1% cc +2.2% cc +8.1% cc2 +2.8% cc1 • High-margin complementary business • Significant EBITDA contribution • High cash flow generation Diagnostic Blood Typing Solutions Donor Screening (Molecular) Donor Screening (Immunoassay) Strong growth driven by key business segments Performance (H1’25) Business Performance Financials Final Remarks Annex
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- 11 -Q2 2025 Results Strong Q2 Supporting a Record H1 Performance Rahul Srinivasan Chief Financial Officer (CFO)
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- 12 -Q2 2025 Results Record H1’25, Continued Strong Momentum Business Performance Financials Final Remarks Annex Note: All figures are presented on a consolidated basis (including Biotest). When specified, figures presented at currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 Like For Like (LFL) excludes the impact of IRA and Fee-For-Service / GPO reclassification. 2 FCF definition and reconciliation to the Cash Flow Statement in slide 34 in the Annex. 3 Leverage ratio defined as per the Credit Agreement in slide 31 in the Annex. 4 For H1 2025, cash and cash equivalents of €559m + unused credit facilities €1,221m - unused RCF facilities maturing in Nov 2025 c€366m. 5 Liquidity position excluding EUR 1.6bn SRAAS proceeds Like for Like1 (in million EUR except %) Q1’25 Q2’25 H1’25 Var vs. PY Var vs. PY Reported NET REVENUE 1,786m 1,891m 3,677m 7.0% cc 10.1% cc 3,444m GROSS MARGIN 695m 744m 1,438m 11.6% cc 19.8% cc 1,301m Margin 38.9% 39.3% 39.1% +30bps +300bps 37.8% EBITDA ADJ. 400m 475m 876m 12.7% cc 20.1% cc 791m Margin 22.4% 25.1% 23.8% +80bps +171bps 23.0% PROFIT BEFORE TAX 115m 191m 306m 168.1% 114m GROUP PROFIT 60m 117m 177m 387.6% 36m FREE CASH FLOW pre-M&A2 -44m 30m -14m 182m -196m LEVERAGE RATIO3 Total net LR 4.5x 4.2x -1.3x 5.5x Net secured LR 2.7x 2.7x -0.8x 3.4x LIQUIDITY 1,675m 1,414m4 499m 915m5 H1 2024Reported
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- 13 -Q2 2025 Results Biopharma Drives +7.0% cc Revenue Growth Note: All figures are presented on a consolidated basis (including Biotest). Percentage rates are presented at constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 Like For Like (LFL) excludes the impact of IRA (EUR 58 million) and Fee-For-Service / GPO reclassification (EUR 48 million). See Annex for reconciliations. 2 Molecular Donor Screening (MDS); Blood Typing Solutions (BTS). Biopharma I +8.2% cc | +11.8% cc LFL1 • Solid performance backed by strong underlying demand led by IG and Alpha-1’s further traction Diagnostic I +2.8% cc • Driven by MDS2 backed by strong EMEA and APAC sales and BTS2 in key countries 345 9 H1’24 Biopharma Diagnostic Others and FX H1’25 LFL Inflation Reduction Act 3,444 3,783 3,677 H1’25 -15 Fee-for- Service / GPO reclassification -58 -48 +10.1% cc (+9.9%) +7.0% cc (+6.8%) Revenues (in million EUR except for growth) Business Performance Financials Final Remarks Annex
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- 14 -Q2 2025 Results EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) Significant EBITDA Growth and Margin Expansion Despite IRA Impact Business Performance Financials Final Remarks Annex Strong EBITDA growth led by Biopharma: Volume growth Cost Per Liter optimization Yield improvements Operational leverage Cost discipline IRA impact consistent with expectations Note: All figures are presented on a consolidated basis (including Biotest). Biopharma Diagnostic Others Opex FX H1’25 LFL Inflation Reduction Act H1’25 791 934 876 -58 H1’24 +20.1% cc (+18.1%) +12.7% cc (+10.7%) 23.0% 24.7% 23.8% EBITDA Adj. margin Rather muted FX impact in H1
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- 15 -Q2 2025 Results Lower Cash Adjustments Accelerating EBITDA Convergence 1 Cash adjustments include transaction costs, restructuring costs and other non-recurring items as reflected in the reconciliation of slide 30 in the Annex Note: All figures are presented on a consolidated basis (including Biotest) EBITDA Adjusted (in million EUR except for EBITDA margin and growth) Business Performance Financials Final Remarks Annex EBITDA margin 724 67 H1’24 836 40 H1’25 791 876 -55%1 cash adj. vs PY +12.7% cc (+10.7%) EBITDA Reported Adjustments 23.0% 23.8% 21.0% 22.7%724 +17.8% cc (+15.6%) Continued focus on reducing cash adjustments between EBITDA Adjusted and Reported Drivers of reduced cash adjustments: ‐ Lower transaction costs ‐ Lower restructuring costs
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- 16 -Q2 2025 Results Var vs H1’24 Business Performance Financials Final Remarks Annex Note: All figures are presented on a consolidated basis (including Biotest) 1 FCF definition and reconciliation to the Cash Flow Statement in slide 34 in the Annex On Track for Further Improvement in Free Cash Flow Generation • Reduction in cash adjustments to EBITDA Adjusted • Working capital management • Deleveraging benefit and lower RCF utilization reducing cash interest vs. H1’24 • FCF outperformance is despite a more punitive phasing in H1’25 with respect to Capex, IT and R&D and Interest Q2’25Q1’25 H1’25 EBITDA Adjusted 400 475 876 84 Inventories (61) (30) (91) 41 Receivables (93) (25) (118) (28) Payables 26 25 51 4 Net working capital (128) (30) (158) 17 CAPEX (128) (83) (211) 11 IT and R&D (39) (34) (73) (10) Taxes (3) (45) (48) 15 Interests (55) (235) (290) 49 Others (91) (19) (110) 15 Free Cash Flow pre-M&A1 (44) 30 (14) 182 EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR)
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- 17 -Q2 2025 Results Business Performance Financials Final Remarks Annex Capital Allocation Discipline • Continued deleveraging with leverage ratio2 at 4.2x vs. 4.6x in Q4’24 • Significant secured capacity (LR at 2.7x) • No meaningful maturities until Q4'27 • Strong €1.4bn3 liquidity • Focused on continued credit re-rating progress Balance Sheet Strength Organic Business Inorganic Efforts (Corporate Simplification) Shareholder Returns Note: All figures are presented on a consolidated basis (including Biotest). When specified, figures presented at currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 FCF definition and reconciliation to the Cash Flow Statement in slide 34 in the Annex. 2 Leverage ratio defined as per the Credit Agreement in slide 31 in the Annex. 3 For H1 2025, cash and cash equivalents of €559m + unused credit facilities €1,221m - unused RCF facilities maturing in Nov 2025 c€366m. • Continued planned investments • Improvement in Free Cash Flow generation pre-M&A1 • Confident H2’25 FCF outlook • Successful delisting of Biotest from Frankfurt Stock Exchange • Biotest progressing as planned • Consistent with capital allocation framework • Continued underlying earnings and FCF generation momentum • Reinstatement of dividends: • 0.15 EUR/share interim dividend on August 13th, 2025 • First dividend since June 2021
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- 18 -Q2 2025 Results FY25 Outlook Business Performance Financials Final Remarks Annex Strong underlying momentum Impact of a depreciating USD Expectation of continued strong underlying momentum and cost levers to help mitigate impact of USD depreciation Reaffirmed 2025 guidance, with improved guidance for FCF pre-M&A of €375 - €425m A headwind for Revenue and EBITDA - EBITDA benefiting partially from natural hedge - For reference: on average, every 0.01 USD depreciation against EUR for the full year represents a full year EBITDA headwind of approx. EUR 7 million But broadly neutral impact on Group Profit, Leverage and FCF
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- 19 -Q2 2025 Results Final Remarks Nacho Abia Chief Executive Officer (CEO)
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- 20 -Q2 2025 Results A Clear Focus on Execution Executing effectively on our Value Creation Plan with proven results Building on targeted strong momentum to reach FY25 guidance Expanding margins on the back of efficiency initiatives progress Pipeline execution to unlock long-term strategic value Improving FCF generation and deleveraging Well equipped to manage global market dynamics Business Performance Financials Final Remarks Annex
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- 21 -Q2 2025 Results ANNEX
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- 22 -Q2 2025 Results Revenue | Q2 2025 Business Performance Financials Final Remarks Annex Q2 2025 Q2 2024 In thousands of euros Reported At cc* Revenue by Business Unit 1,891,132 1,817,908 4.0% 6.6% Biopharma 1,632,629 1,527,652 6.9% 9.6% Diagnostic 161,588 164,261 (1.6%) 0.4% Bio Supplies 36,403 73,719 (50.6%) (49.3%) Others 60,512 52,276 15.8% 17.2% Revenue by Country 1,891,132 1,817,908 4.0% 6.6% US + CANADA 1,067,726 1,037,872 2.9% 5.7% EU 401,252 418,882 (4.2%) (4.2%) ROW 422,154 361,154 16.9% 21.4% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
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- 23 -Q2 2025 Results Revenue | H1 2025 Business Performance Financials Final Remarks Annex H1 2025 H1 2024 In thousands of euros Reported At cc* Revenue by Business Unit 3,676,940 3,443,613 6.8% 7.0% Biopharma 3,153,789 2,922,355 7.9% 8.2% Diagnostic 331,632 322,544 2.8% 2.8% Bio Supplies 68,958 100,731 (31.5%) (31.8%) Others 122,561 97,983 25.1% 25.0% Revenue by Country 3,676,940 3,443,613 6.8% 7.0% US + CANADA 2,092,916 1,963,198 6.6% 6.1% EU 791,526 750,309 5.5% 5.4% ROW 792,498 730,106 8.5% 11.0% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY
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- 24 -Q2 2025 Results P&L | Q2 2025 Business Performance Financials Final Remarks Annex In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 1,891,131 - 1,891,131 1,817,908 - 1,817,908 4.0% 4.0% Cost of Sales (1,147,337) 18,883 (1,128,454) (1,147,464) 15,731 (1,131,733) 0.0% 0.3% Gross Margin 743,794 18,883 762,677 670,444 15,731 686,175 10.9% 11.1% % Net revenue 39.3% - 40.3% 36.9% - 37.7% - - R&D (96,193) - (96,193) (90,695) 1,492 (89,203) (6.1%) (7.8%) SG&A (298,061) 5,025 (293,036) (327,336) 24,751 (302,585) 8.9% 3.2% Operating Expenses (394,254) 5,025 (389,229) (418,031) 26,243 (391,788) 5.7% 0.7% Other Income - - - - - - - - (686) - (686) 46,909 (5,618) 41,291 (101.5%) (101.7%) OPERATING RESULT (EBIT) 348,854 23,908 372,762 299,322 36,356 335,678 16.5% 11.0% % Net revenue 18.4% - 19.7% 16.5% - 18.5% - - Financial Result (158,346) - (158,346) (232,489) 46,763 (185,726) 31.9% 14.7% - - - 145 - 145 (100.0%) (100.0%) PROFIT BEFORE TAX 190,508 23,908 214,416 66,978 83,119 150,097 184.4% 42.9% % Net revenue 10.1% - 11.3% 3.7% - 8.3% - - Income Tax Expense (52,128) (6,466) (58,594) (42,214) 9,915 (32,299) (23.5%) (81.4%) % of pre-tax income 27.4% - 27.3% 63.0% - 21.5% - - CONSOLIDATED PROFIT 138,380 17,442 155,822 24,764 93,034 117,798 458.8% 32.3% Results Attributable to Non-Controlling Interests (21,318) (1,830) (23,148) (9,923) (3,056) (12,979) (114.8%) (78.3%) GROUP PROFIT 117,062 15,612 132,674 14,841 89,978 104,819 688.8% 26.6% % Net revenue 6.2% - 7.0% 0.8% - 5.8% Q2 2025 % vs PY Share of Results of Equity Accounted Investees Share of Results of Equity Accounted Investees - Core Activities Q2 2024
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- 25 -Q2 2025 Results P&L | H1 2025 Business Performance Financials Final Remarks Annex In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 3,676,940 - 3,676,940 3,443,613 - 3,443,613 6.8% 6.8% Cost of Sales (2,238,479) 28,852 (2,209,627) (2,142,324) 33,293 (2,109,031) (4.5%) (4.8%) Gross Margin 1,438,461 28,852 1,467,313 1,301,289 33,293 1,334,581 10.5% 9.9% % Net revenue 39.1% - 39.9% 37.8% - 38.8% R&D (192,239) - (192,239) (181,157) 1,601 (179,556) (6.1%) (7.1%) SG&A (622,713) 14,308 (608,405) (666,387) 47,662 (618,725) 6.6% 1.7% Operating Expenses (814,952) 14,308 (800,644) (847,544) 49,263 (798,281) 3.8% (0.3%) Other Income - - - - - - - - (5,797) 3,850 (1,947) 49,379 (5,618) 43,761 (111.7%) (104.4%) OPERATING RESULT (EBIT) 617,712 47,010 664,722 503,123 76,938 580,061 22.8% 14.6% % Net revenue 16.8% - 18.1% 14.6% - 16.8% Financial Result (311,939) - (311,939) (389,089) 46,763 (342,326) 19.8% 8.9% - - - - - - - - PROFIT BEFORE TAX 305,773 47,010 352,783 114,034 123,701 237,736 168.1% 48.4% % Net revenue 8.3% - 9.6% 3.3% - 6.9% Income Tax Expense (74,970) (22,049) (97,019) (66,993) (902) (67,895) (11.9%) (42.9%) % of pre-tax income 24.5% - 27.5% 21.9% - 28.6% CONSOLIDATED PROFIT 230,803 24,961 255,764 47,041 122,799 169,841 390.6% 50.6% Results Attributable to Non-Controlling Interests (54,016) (2,076) (56,092) (10,782) (6,612) (17,394) (401.0%) (222.5%) GROUP PROFIT 176,787 22,885 199,672 36,259 116,187 152,447 387.6% 31.0% % Net revenue 4.8% - 5.4% 1.1% - 4.4% Share of Results of Equity Accounted Investees - Core Activities Share of Results of Equity Accounted Investees % vs PYH1 2025 H1 2024
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- 26 -Q2 2025 Results Cash Flow | Q2 2025 Business Performance Financials Final Remarks Annex In thousands of euros (on a reported basis) Q2 2025 Q2 2024 Reported Group Profit 117,062 14,841 689% Depreciation and Amortization 107,035 113,786 (6%) Net Provisions 17,320 40,220 (57%) Other Adjustments and Other Changes in Working Capital (55,979) (80,290) 30% Change in Operating Working Capital (30,170) 164,304 (118%) Changes in Inventories (30,602) (2,772) (1004%) Change in Trade Receivables (24,810) 64,011 (139%) Change in Trade Payables 25,242 103,065 (76%) Net Cash Flow From Operating Activities 155,267 252,861 (39%) Business Combinations and Investments in Group Companies (23,174) 1,445,351 (102%) CAPEX (60,249) (43,066) (40%) R&D/Other Intangible Assets (34,374) (41,247) 17% Other Cash Inflow / (Outflow) (7,853) (11,709) 33% Net Cash Flow From Investing Activities (125,651) 1,349,329 (109%) Free Cash Flow 29,617 1,602,190 (98%) Issue / (Repayment) of Debt (70,070) 49,861 (241%) Capital Grants (2,802) 2,004 (240%) Other Cash Flows From / (Used in) Financing Activities (90,534) 7,574 (1295%) Net Cash Flow From Financing Activities (163,407) 59,439 (375%) Total Cash Flow (133,791) 1,661,629 (108%) Cash and Cash Equivalents at the Beginning of the Period 752,818 448,545 68% Effect of Exchange Rate Changes in Cash and Cash Equivalents (60,336) 3,046 (2081%) Cash and Cash Equivalents at the End of the Period 558,691 2,113,220 (74%) % vs PY
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- 27 -Q2 2025 Results Cash Flow | H1 2025 Business Performance Financials Final Remarks Annex In thousands of euros (on a reported basis) 2025 YTD 2024 YTD Reported Group Profit 176,787 36,259 388% Depreciation and Amortization 218,785 219,402 0% Net Provisions 27,861 54,886 (49%) Other Adjustments and Other Changes in Working Capital 25,555 (47,656) 154% Change in Operating Working Capital (158,252) (174,952) 10% Changes in Inventories (91,428) (132,882) 31% Change in Trade Receivables (118,155) (89,669) (32%) Change in Trade Payables 51,331 47,599 8% Net Cash Flow From Operating Activities 290,735 87,939 231% Business Combinations and Investments in Group Companies (102,172) 1,425,131 (107%) CAPEX (109,395) (81,116) (35%) R&D/Other Intangible Assets (72,879) (63,251) (15%) Other Cash Inflow / (Outflow) (20,549) (19,387) (6%) Net Cash Flow From Investing Activities (304,995) 1,261,377 (124%) Free Cash Flow (14,260) 1,349,316 (101%) Issue / (Repayment) of Debt (223,744) 203,586 (210%) Capital Grants 3,463 5,699 (39%) Other Cash Flows From / (Used in) Financing Activities (94,779) 15,610 (707%) Net Cash Flow From Financing Activities (315,060) 224,895 (240%) Total Cash Flow (329,320) 1,574,211 (121%) Cash and Cash Equivalents at the Beginning of the Period 979,780 529,577 85% Effect of Exchange Rate Changes in Cash and Cash Equivalents (91,769) 9,432 (1073%) Cash and Cash Equivalents at the End of the Period 558,691 2,113,220 (74%) % vs PY
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- 28 -Q2 2025 Results Balance Sheet | 2025 Business Performance Financials Final Remarks Annex In thousands of euros jun-25 dic-24 14,520,953 15,677,699 10,538,461 11,297,492 3,096,578 3,341,846 77,507 68,996 423,495 490,492 384,911 478,873 5,246,208 5,727,543 - - 3,346,864 3,560,098 88,012 35,978 933,125 836,015 263,377 243,156 56,139 72,515 558,691 979,780 19,767,159 21,405,241 Assets Non-Current Assets Total Assets Current Assets Inventories Current Contract Assets Other Current Financial Assets Non-Current Contract Assets Held for Sale Trade and Other Receivables Investments in Equity Accounted Investees Non-Current Financial Assets Other Non-Current Assets Other Current Assets Cash and Cash Equivalents Goodwill and Other Intangible Assets Property Plant & Equipment jun-25 dic-24 7,598,153 8,607,025 119,604 119,604 910,728 910,728 4,185,197 4,054,505 Treasury Stock (132,168) (134,448) 176,786 156,920 (91,067) 776,418 2,429,073 2,723,298 10,178,855 10,642,070 9,117,632 9,490,644 1,061,223 1,151,426 1,990,152 2,156,146 522,103 676,087 1,468,049 1,480,059 19,767,159 21,405,241 Equity Liabilities Other Current Liabilities Total Equity and Liabilities Other Comprehensive Income Non-Controllling Interests No-Current Liabilities Non-Current Financial Liabilities Other Non-Current Liabilities Share Premium Reserves Current Year Earnings Current Liabilities Current Financial Liabilities Capital
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- 29 -Q2 2025 Results Like-for-Like (LFL) Reconciliation Business Performance Financials Final Remarks Annex In millions of euros Q2'25 Q1'25 H1'25 Revenue Reported 1,891 1,786 3,677 Fee-for-Service / GPO Reclassification 33 15 48 Inflation Reduction Act (IRA) 30 28 58 Revenue Like-for-Like 1,954 1,829 3,783 In millions of euros Q2'25 Q1'25 H1'25 Operating Results (EBIT) 349 269 618 Depreciation & Amortization 107 112 219 Reported EBITDA 456 381 836 Total adjustments 19 20 40 EBITDA Adjusted 475 400 876 Inflation Reduction Act (IRA) 30 28 58 EBITDA Adjusted Like-for-Like 505 428 934
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- 30 -Q2 2025 Results EBIT to EBITDA and EBITDA Adjusted Business Performance Financials Final Remarks Annex In thousand of euros 348,854 268,857 371,859 317,034 1,306,605 299,321 (107,035) (111,750) (110,130) (108,364) (437,280) (114,310) Reported EBITDA 455,889 380,607 481,990 425,398 1,743,884 413,631 % Net revenue 24.1% 21.3% 24.4% 23.7% 23.4% 22.8% Restructuring costs - - 1,889 21,673 23,562 10,095 Transaction costs 3,842 7,466 9,306 7,882 28,495 16,145 Impairments - 3,850 24,265 787 28,902 - Biotest Next Level Project 5,481 6,738 7,340 5,113 24,672 4,922 SRAAS One-off - - - - - (5,618) Other non-recurring items 9,873 1,817 1,155 1,245 14,089 1,613 Total adjustments 19,195 19,872 43,954 36,700 119,720 27,157 Adjusted EBITDA 475,084 400,479 525,944 462,098 1,863,605 440,788 % Net revenue 25.1% 22.4% 26.6% 25.8% 25.0% 24.2% Depreciation & Amortization OPERATING RESULT (EBIT) Q2 2024Q2 2025 Q2 2025 LTMQ3 2024Q4 2024Q1 2025
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- 31 -Q2 2025 Results Leverage Ratio as per Credit Agreement Business Performance Financials Final Remarks Annex In millions of euros except ratio. Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Non-Current Financial Liabilities 9,118 9,390 9,491 8,836 8,752 Non-recurrent Lease Liabilities (IFRS16) (978) (1,026) (1,025) (969) (1,025) Current Financial Liabilities 522 657 676 1,017 2,757 Recurrent Lease Liabilities (IFRS16) (112) (119) (117) (111) (109) Cash and Cash Equivalents (559) (753) (980) (645) (2,113) Net Financial Debt as per Credit Agreement 7,992 8,149 8,046 8,128 8,262 In millions of euros except ratio. LTM Q2'25 LTM Q1'25 LTM Q4'24 LTM Q3'24 LTM Q2'24 OPERATING RESULT (EBIT) 1,307 1,257 1,192 1,075 1,005 Depreciation & Amortization (437) (445) (439) (443) (444) Reported EBITDA 1,744 1,702 1,631 1,518 1,450 IFRS 16 (118) (117) (113) (113) (110) Restructuring costs 52 63 55 57 34 Transaction costs 28 41 49 59 65 Cost savings, operating improvements and synergies on a "run rate" 173 165 159 146 136 Other one-offs 23 (34) (28) (62) (75) Total adjustments 159 119 122 87 50 Adjusted EBITDA LTM as per Credit Agreement 1,902 1,819 1,753 1,605 1,500 Leverage Ratio as per Credit Agreeement 4.2x 4.5x 4.6x 5.1x 5.5x
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- 32 -Q2 2025 Results Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet Business Performance Financials Final Remarks Annex In millions of euros except ratio. Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Non-Current Financial Liabilities 9,118 9,390 9,491 8,836 8,752 Current Financial Liabilities 522 657 676 1,017 2,757 Cash and Cash Equivalents (559) (753) (980) (645) (2,113) Net Financial Debt 9,081 9,294 9,187 9,208 9,396 In millions of euros except ratio. LTM Q2'25 LTM Q1'25 LTM Q4'24 LTM Q3'24 LTM Q2'24 OPERATING RESULT (EBIT) 1,307 1,257 1,192 1,075 1,005 Depreciation & Amortization (437) (445) (439) (443) (444) Reported EBITDA 1,744 1,702 1,631 1,518 1,450 Leverage Ratio Reported 5.2x 5.5x 5.6x 6.1x 6.5x
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- 33 -Q2 2025 Results NCI Contributions Business Performance Financials Final Remarks Annex Note: Last Twelve Months figures (LTM). In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 139,858 (108,513) 46,846 15,634 Income tax expense (38,234) 30,048 (13,336) (10,710) Financial result 78,678 (31,383) (2,073) 8,093 Amortisation and depreciation (47,060) (51,138) (7,739) (8,639) Consolidated EBITDA 146,473 (56,040) 69,995 26,890 Impact IFRS16- Finance Leases (leases of plasma donation centre properties) (2,512) (8,309) (5,759) (4,738) Restructuring costs 861 1,050 - 230 Share of profits assoc core activit - 19,154 - - Impairment - 4,388 - - Consolidated EBITDA under Credit Agreement 144,823 (39,758) 64,236 22,382 % of non-controlling interest 45% 20% 100% 100% Consolidated EBITDA according to Credit Agreement non-controlling interest 65,170 (7,824) 64,236 22,382 Cash and cash equivalents (993) (57,683) (5,491) (21,569) Financial assets/liabilities with Grifols (1,050,599) 607,353 - - Leasing liabilities (leases of real estate of plasma donation centres) 11,463 58,270 51,777 20,958 Loans and other financial liabilities 1,446 66,260 121 - Total Balance Sheet Net Debt (1,038,682) 674,200 46,407 (611) Impact IFRS16- Finance Leases (leases of plasma donation centre properties) (11,463) (58,270) (51,777) (20,958) Total Net Financial Debt according to Credit Agreement (1,050,146) 615,930 (5,370) (21,569) Total Net Financial Debt according to Credit Agreement non-controlling interest (472,566) 121,215 (5,370) (21,569) LTM Q2 2025
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- 34 -Q2 2025 Results FCF pre-M&A Reconciliation to Cash Flow Statement Free Cash Flow pre-M&A = EBITDA Adjusted- Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses. Excludes lease payments, consistent with prior disclosed guidance. Business Performance Financials Final Remarks Annex In million Euros Q2'25 Q2'24 H1'25 H1'24 In million Euros Q2'25 H1'25 EBITDA Adjusted 475 441 876 791 Net Cash Flow From Operating Activities 1 155 291 Changes in working capital (30) 164 (158) (175) Net Cash Flow From Investing Activities 1 (126) (305) CAPEX (60) (43) (109) (81) Free Cash Flow 30 (14) R&D and IT (34) (41) (73) (63) Taxes (45) (59) (48) (63) Interests (235) (233) (290) (340) Others (12) -32 (98) -98 FCF Before Extraordinary Items 59 196 99 (29) Extraordinary Growth CAPEX (23) (119) (102) (141) Restructuring and transaction costs (6) (20) (11) (25) Free Cash Flow 30 57 (14) (196) 1 Statement of Cash Flow According IFRS-EU
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- 35 -Q2 2025 Results Net Revenue Reconciliation at cc | Q2 2025 Business Performance Financials Final Remarks Annex In thousands of euros Q2 2025 Q2 2024 % Var Reported Net Revenues 1,891,132 1,817,908 4.0% Variation due to Exchange Rate Effects 46,001 Net Revenues at Constant Currency 1,937,133 1,817,908 6.6% In thousands of euros Q2 2025 Q2 2024 % Var Reported Biopharma Net Revenues 1,632,629 1,527,652 6.9% Variation due to Exchange Rate Effects 40,932 Reported Biopharma Net Revenues at Constant Currency 1,673,561 1,527,652 9.6% In thousands of euros Q2 2025 Q2 2024 % Var Reported Diagnostic Net Revenues 161,588 164,261 (1.6%) Variation due to Exchange Rate Effects 3,398 Reported Diagnostic Net Revenues at Constant Currency 164,986 164,261 0.4% In thousands of euros Q2 2025 Q2 2024 % Var Reported Bio Supplies Net Revenues 36,403 73,719 (50.6%) Variation due to Exchange Rate Effects 936 Reported Bio Supplies Net Revenues at Constant Currency 37,339 73,719 (49.3%) In thousands of euros Q2 2025 Q2 2024 % Var Reported Others & Intersegments Net Revenues 60,512 52,276 15.8% Variation due to Exchange Rate Effects 735 Reported Other & Intersegments Net Revenues at Constant Currency 61,247 52,276 17.2% In thousands of euros Q2 2025 Q2 2024 % Var Reported U.S. + Canada Net Revenues 1,067,726 1,037,872 2.9% Variation due to Exchange Rate Effects 29,538 Reported U.S. + Canada Net Revenues at Constant Currency 1,097,264 1,037,872 5.7% In thousands of euros Q2 2025 Q2 2024 % Var Reported EU Net Revenues 401,252 418,882 (4.2%) Variation due to Exchange Rate Effects 130 Reported EU Net Revenues at Constant Currency 401,382 418,882 (4.2%) In thousands of euros Q2 2025 Q2 2024 % Var Reported ROW Net Revenues 422,154 361,154 16.9% Variation due to Exchange Rate Effects 16,334 Reported ROW Net Revenues at Constant Currency 438,488 361,154 21.4%
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- 36 -Q2 2025 Results Net Revenue Reconciliation at cc | H1 2025 Business Performance Financials Final Remarks Annex In thousands of euros H1 2025 H1 2024 % Var Reported Net Revenues 3,676,940 3,443,613 6.8% Variation due to Exchange Rate Effects 6,565 Net Revenues at Constant Currency 3,683,505 3,443,613 7.0% In thousands of euros H1 2025 H1 2024 % Var Reported Biopharma Net Revenues 3,153,789 2,922,355 7.9% Variation due to Exchange Rate Effects 7,009 Reported Biopharma Net Revenues at Constant Currency 3,160,798 2,922,355 8.2% In thousands of euros H1 2025 H1 2024 % Var Reported Diagnostic Net Revenues 331,632 322,544 2.8% Variation due to Exchange Rate Effects (53) Reported Diagnostic Net Revenues at Constant Currency 331,579 322,544 2.8% In thousands of euros H1 2025 H1 2024 % Var Reported Bio Supplies Net Revenues 68,958 100,731 (31.5%) Variation due to Exchange Rate Effects (306) Reported Bio Supplies Net Revenues at Constant Currency 68,652 100,731 (31.8%) In thousands of euros H1 2025 H1 2024 % Var Reported Others & Intersegments Net Revenues 122,561 97,983 25.1% Variation due to Exchange Rate Effects (85) Reported Other & Intersegments Net Revenues at Constant Currency 122,476 97,983 25.0% In thousands of euros H1 2025 H1 2024 % Var Reported U.S. + Canada Net Revenues 2,092,916 1,963,198 6.6% Variation due to Exchange Rate Effects (10,778) Reported U.S. + Canada Net Revenues at Constant Currency 2,082,138 1,963,198 6.1% In thousands of euros H1 2025 H1 2024 % Var Reported EU Net Revenues 791,526 750,309 5.5% Variation due to Exchange Rate Effects (547) Reported EU Net Revenues at Constant Currency 790,979 750,309 5.4% In thousands of euros H1 2025 H1 2024 % Var Reported ROW Net Revenues 792,498 730,106 8.5% Variation due to Exchange Rate Effects 17,889 Reported ROW Net Revenues at Constant Currency 810,387 730,106 11.0%
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- 37 -Q2 2025 Results EBITDA Adjusted Reconciliation at cc | Q2 2025 Business Performance Financials Final Remarks Annex EBITDA Adjusted Q2'25: In thousands of euros Q2 2025 Q2 2024 % Var EBITDA Adjusted 475,086 440,788 7.8% Variation due to Exchange Rate Effects 16,443 EBITDA Adjusted at Constant Currency 491,529 440,788 11.5% EBITDA Adjusted Like-for-Like Q2'25: In thousands of euros Q2 2025 Q2 2024 % Var EBITDA Adjusted Like for Like 505,870 440,788 14.8% Variation due to Exchange Rate Effects 17,430 EBITDA Adjusted Like for Like at Constant Currency 523,300 440,788 18.7%
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- 38 -Q2 2025 Results EBITDA Adjusted Reconciliation at cc | H1 2025 Business Performance Financials Final Remarks Annex EBITDA Adjusted H1'25: In thousands of euros H1 2025 H1 2024 % Var EBITDA Adjusted 875,565 791,190 10.7% Variation due to Exchange Rate Effects 15,952 EBITDA Adjusted at Constant Currency 891,517 791,190 12.7% EBITDA Adjusted Like-for-Like H1'25: In thousands of euros H1 2025 H1 2024 % Var EBITDA Adjusted Like for Like 934,040 791,190 18.1% Variation due to Exchange Rate Effects 15,832 EBITDA Adjusted Like for Like at Constant Currency 949,872 791,190 20.1%
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- 39 -Q2 2025 Results Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com