Grifols reports quarterly revenues of EUR 1,865 million and group profit of EUR 127 million

Barcelona, November 4, 2025 - Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading producer of plasma-derived medicines, today reported its third quarter 2025 results, continued delivery of the Value Creation Plan.

Revenues for the first nine months of the year rose by 7.7% cc to EUR 5,542 million supported by a 9.1% cc growth in the third quarter, to EUR 1,865 million, mainly driven by the Biopharma business. Adjusted EBITDA year-to-date stood at EUR 1,358 million with a 24.5% margin, supported by a third quarter of EUR 482 million, 8.8% cc higher than in the same period last year, representing a margin of 25.8%.

Grifols registered a net profit of EUR 304 million year-to-date, up 245% compared to the same period of 2024, supported by a total of EUR 127 million in the third quarter, an increase of 146%, in line with the previous quarter. Free cash flow pre-M&A pre-dividend reached EUR 203 million in the third quarter, resulting in EUR 188 million for the first nine months of the year. This represents a EUR 257 million year-over-year improvement, mostly driven by EBITDA expansion, lower CAPEX and cash interest costs.

Grifols continues to strengthen its free cash flow generation and continued deleveraging focus. The leverage ratio stands at 4.2x, down from 5.1x in the same period of 2024, and liquidity position increased to EUR 1,475 million.

Nacho Abia, CEO of Grifols, said: "Grifols maintains momentum as we deliver on our Value Creation Plan. We are delivering clear progress across our key priorities, underpinned by underlying demand and stable market dynamics. The company remains well-positioned to navigate market conditions and deliver sustainable long-term value for all stakeholders."

Rahul Srinivasan, CFO of Grifols, added: "We are making tangible progress on free cash flow generation, which has required a coordinated and disciplined effort by the Grifols team across the entire organization. Taking that same organizational focus and intensity forward remains a key priority.”

Revenue Performance Led by Biopharma

Biopharma delivered a 9.1% cc increase in revenue in the first nine months of the year, supported by 10.9% cc growth in the third quarter. The immunoglobulin (IG) franchise remained the key growth driver, with revenues up 14.4% cc year-to-date, reinforcing its position as the standard of care in primary and secondary immunodeficiencies as well as CIDP (Chronic inflammatory demyelinating polyneuropathy). The subcutaneous formulation continued its trajectory, rising more than 60% cc year-to-date.

Albumin performance was offset by pricing adjustments in China, resulting in a 3.9% cc year-to-date decline. The company continues to leverage its strategic local partnership to actively manage pricing dynamics and maintain a strong local market presence.

Alpha-1 and Specialty proteins franchises demonstrated solid progress, reaffirming Grifols’ market leadership in Alpha-1 and HyperRAB.

Diagnostic business maintains stable performance

The Diagnostic business unit generated EUR 479 million in revenue during the first nine months of the year, an increase of 1.4% cc, primarily driven by Blood Typing Solutions in the U.S. and Europe, and supported by Molecular Donor Screening in key countries. Noteworthy is the FDA approval to begin manufacturing Gel Cards and reagent Red Blood Cells at Grifols’ San Diego facility.

Grifols 2025 guidance

Assuming current FX rates remain unchanged for the remainder of the year, full year FX headwinds versus Guidance FX rates are estimated to be EUR c.70 million for Adjusted EBITDA and broadly neutral for group profit, free cash flow and leverage.

¹Operating or constant currency (cc) excludes changes rate variations reported in the period.

² Calculated as 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.

³ Guidance FX rate refers to FX rates as at 27 Feb 2025, consistent with page 38 of the Capital Markets Day (CMD) presentation (EUR USD @ 1.04).