Grifols Welcomes Fitch Ratings’ Outlook Revision to Positive and Affirmation of 'B+' Rating

Barcelona, November 7, 2025 – Grifols, S.A. (MCE: GRF, NASDAQ: GRFS), a global leader in plasma-derived medicines and innovative healthcare solutions, welcomes Fitch Ratings’ decision to revise its Outlook to Positive from Stable, while affirming the company’s Long-Term Issuer Default Rating at ‘B+’. Fitch also upgraded Grifols’ senior secured debt rating to ‘BB’ from ‘BB-’, reflecting the strengthening fundamentals of the business and solid execution of its strategic plan.

According to Fitch, the Positive Outlook reflects the strengthening underlying performance of Grifols’ business, driven by recovered demand across key products, alongside improving plasma collection yields. Fitch notes that Grifols maintains a strong operating profile, with EBITDA margin expansion projected to reach 22% in 2025. This, combined with a consistent financial policy, steady improvements to EBITDA and free cash flow (FCF) margins, in line with Fitch's current projections, could support an upgrade within the next 12 to 18 months. Grifols' ratings reflect Fitch’s assessment of a solid business risk profile alongside improving corporate governance and reducing leverage profile from currents levels.

Rahul Srinivasan, Chief Financial Officer of Grifols, said: “We welcome Fitch’s validation of Grifols ongoing execution, deleveraging and free cashflow improvement progress, that remain key priorities for us going forward.”

Grifols remains firmly committed to operational excellence, innovation in plasma-derived therapies, and financial discipline—foundations that underpin its long-term commitment to patient health, sustainable growth, and responsible value creation.