Solid growth, improved profitability and lower leverage
Grifols reported revenue of EUR 2,040 million in the third quarter of 2026, up 8.4% year over year on a constant-currency basis, primarily driven by growth in the Biopharma business.
9M 2026 Key figures and metrics
Q3 2026 delivery builds on YTD strong performance.
1Constant Currency.
2 Leverage ratio defined as per the Credit Agreement.
“We are making progress on strategic initiatives that will strengthen our global plasma sourcing model and improve our cost structure over time. Our focus remains on delivering our commitments and building a more competitive Grifols for the long term.”
Results Q&A
The results reflect solid growth, improved profitability and strong cash generation. Revenue increased 8.4% at constant currency in the quarter, net profit grew 27.9%, and the adjusted EBITDA margin reached 26.4%.
Biopharma remains Grifols’ primary growth driver, with revenue increasing 10.3% at constant currency in the third quarter. The immunoglobulin franchise continued to perform strongly, with revenue up 11.3% at constant currency.
Profitability continues to improve, supported by volume growth, a higher contribution from a favorable product mix and continued cost discipline. Adjusted EBITDA reached EUR 538 million in the third quarter, with a margin of 26.4%.
Free cash flow pre-M&A reached EUR 208 million in the third quarter and EUR 298 million in the first nine months of the year. Net leverage declined further to 3.98x, compared with 4.2x in the same period of 2025.
Yes. Grifols remains on track to deliver its full-year 2026 guidance, supported by its performance in the first nine months of the year.
Grifols continues to diversify its global plasma network, with significant progress in Egypt. Grifols Egypt is on track to collect approximately one million liters of plasma in 2026 and is progressing toward its goal of collecting up to three million liters annually by 2029.
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