Grifols Welcomes S&P Global Ratings’ Upgrade to ‘BB-’ with Stable Outlook

Barcelona, December 17, 2025 – Grifols, S.A. (MCE: GRF, NASDAQ: GRFS), a global leader in plasma-derived medicines and innovative healthcare solutions, welcomes S&P Global Ratings’ decision to upgrade the company’s issuer credit rating to ‘BB-’ from ‘B+’, with a stable outlook. S&P also upgraded Grifols’ senior unsecured debt to ‘B’. Taken together, S&P considers that Grifols' operating performance will remain resilient over 2025-2027 and the company will maintain a prudent financial policy.

According to S&P Global Ratings, the upgrade reflects Grifols’ solid operating performance in the first nine months of 2025, supported by strong demand for immunoglobulin (IG) products, improved operating efficiency, and the normalization of extraordinary investments. S&P also points to continued progress in operation efficiency across the plasma collection and manufacturing network, contributing to sustained margin expansion.

S&P highlights that Grifols continues to outperform the hemoderivatives market, driven by its leadership in IG, expansion of subcutaneous immunoglobulin therapies, and disciplined commercial execution in key markets, especially the United States. The agency notes that Grifols is well positioned within an expanding industry, S&P also expects gradual deleveraging and increasing free operating cash flow.

Lastly, S&P highlights Grifols ongoing commitment to strengthen its balance sheet, while maintaining a stable capital expenditure and a disciplined financial policy, despite continued investments to support long-term growth.

Rahul Srinivasan, Chief Financial Officer of Grifols, said: “We welcome S&P Global Ratings’ upgrade, which recognizes the strength of our operating performance, the resilience of our business model, and the progress we continue to make in improving cash flow generation and reducing leverage.” 

Grifols remains firmly committed to operational excellence, strengthening its leadership in plasma-derived therapies, and maintaining financial discipline, reinforcing its long-term commitment to patients, sustainable growth, and value creation for all stakeholders.