Grifols, S.a. Class A · BME:GRF
Grifols, S.a. Class A — Q3 2026 Earnings Presentation
36 slides from Grifols, S.a. Class A's earnings presentation, Nov 2, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results November 2, 2026 Q3 2026 Results -1-
Slide 2: Legal Disclaimer
Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions 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
Slide 3: Agenda
Agenda 01 Business Update 02 Q3’26 Financial Performance 03 Final Remarks 04 Annex Q3 2026 Results -3-
Slide 4: Continued Delivery on Our Value Creation Priorities
Continued Delivery on Our Value Creation Priorities Nacho Abia Chief Executive Officer (CEO) Q3 2026 Results -4-
Slide 5: Strong Business Performance and Disciplined Execution Drive Strategic and Financial Progress
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Strong Business Performance and Disciplined Execution Drive Strategic and Financial Progress 9M’26 Q3’26 vs PY vs PY €5,614m €2,040m Strong Biopharma performance, led by IG and Alpha-1 & Revenues Specialty Proteins +4.6% cc1 +8.4%
Slide 6: IG Continues to Drive Growth, with Strong Contribution From Alpha-1 & Specialty Proteins
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex IG Continues to Drive Growth, with Strong Contribution From Alpha-1 & Specialty Proteins, Amid Albumin Headwind Biopharma (growth at cc) 9M’26 Q3’26 Drivers IG +12.3% +11.3% • Continued demand growth across PIDD1, SID2, CIDP3 in t
Slide 7: IG's Broad Therapeutic Benefits Underpin Growing Demand Across Multiple Key Conditions
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex IG’s Broad Therapeutic Benefits Underpin Growing Demand Across Multiple Key Conditions U.S. IG market by condition and Grifols pull-through growth Demand Drivers IG market by condition Grifols pull-through growth by condition Pati
Slide 8: Albumin Performance Remains Impacted by China Channel Dynamics
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Albumin Performance Remains Impacted by China Channel Dynamics Current market dynamics in China Strategy in China Strategy ex-China Market size Leverage local strategic partnership Increase sales efforts in geographies China remai
Slide 9: Significant Untapped Alpha-1 Opportunity Supported by Innovation and Increased Screening
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Significant Untapped Alpha-1 Opportunity Supported by Innovation and Increased Screening An underdiagnosed market Innovation Diagnosis Partnership focused on improving SPARTA diagnosis rates of AATD • Last patient, last visit Augu
Slide 10: Egypt Continues to Scale With Attractive Economics
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Egypt Continues to Scale With Attractive Economics Overview 2026 Key operational progress Strategic partnership European regulatory approval Plasma Collections Evolution Grifols Egypt supports the European approval enables (30-day
Slide 11: Q3'26 Financial Performance
Q3’26 Financial Performance Rahul Srinivasan Chief Financial Officer (CFO) Q3 2026 Results - 11 -
Slide 12: Financial Highlights
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Financial Highlights Q3’26 9M’26 9M’25 9M’26 Avg EURUSD @1.15 (in million EUR except %) Reported Var. Vs PY AvgVar vs. [email protected] EURUSD H1’26 @1.10 Avg EURUSD Var Var.vs. vsPY PY NET REVENUE 2,040m +8.4%cc 5,614m 5,542m +4.6% cc GRO
Slide 13: Biopharma Continues to Drive Group Revenue Growth
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Biopharma Continues to Drive Group Revenue Growth Revenues (in million EUR except for growth) Biopharma +4.6% cc • Strong IG YTD growth • IG supported by continued underlying demand, favorable 5,794 product mix and the U.S. launch
Slide 14: Volume Growth, Product Mix and Disciplined Execution Drive Adj EBITDA Growth
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Volume Growth, Product Mix and Disciplined Execution Drive Adj EBITDA Growth and Margin Improvement Adjusted EBITDA (in million EUR) Key drivers +30bps 24.8% • Volume growth +60bps 24.5% 1,392 • Favorable product mix 1,358 +5.0%cc
Slide 15: Adjusted EBITDA Margin Expansion Supported by Recovering Gross Margin and Opex Discipline
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Adjusted EBITDA Margin Expansion Supported by Recovering Gross Margin and Opex Discipline Gross Margin Evolution Operational Expenses Evolution (Gross Profit as a % of Revenues) (SG&A and R&D Expenses) 39,6% 21,8% 37,6% 19.8% 40,2
Slide 16: Operating Performance Supports Continued Improvement in FCF and Cash Conversion
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Operating Performance Supports Continued Improvement in FCF and Cash Conversion Adjusted EBITDA to FCF reconciliation (in million EUR) 9M’26 9M’25 Vs 9M’25 Adjusted EBITDA 1,392 1,358 +34 • Cash conversion improved Inventories (21
Slide 17: Further Balance Sheet Strengthening Supports Financial Flexibility
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Further Balance Sheet Strengthening Supports Financial Flexibility Net Leverage Evolution Liquidity Position Evolution (Net Debt calculated as per the Credit Agreement Definition divided by (Million €) LTM Adjusted EBITDA) -1.5x x
Slide 18: Final Remarks
Final Remarks Nacho Abia Chief Executive Officer (CEO) Q3 2026 Results - 18 -
Slide 19: Delivering on Our Strategic and Financial Priorities
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Biopharma Momentum Profitable Growth • Robust IG demand and favorable product • Converting revenue growth into sustainable mix profitability • Positive contribution from Alpha-1 & • Cost management and operating leverage Specialty
Slide 20: Annex
Annex Q3 2026 Results - 20 -
Slide 21: Revenue | Q3 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Revenue | Q3 2026 Q3 2026 Q3 2025 % vs PY In millions of euros Reported At cc* Revenue by Business Unit 2,040 1,865 9.4% 8.4% Biopharma 1,803 1,620 11.3% 10.3% Diagnostic 147 147 (0.5%) (1.0%) Bio Supplies 46 39 18.5% 17.7% Others
Slide 22: Revenue | YTD 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Revenue | YTD 2026 2026 YTD 2025 YTD % vs PY In millions of euros Reported At cc* Revenue by Business Unit 5,614 5,542 1.3% 4.6% Biopharma 4,951 4,773 3.7% 7.1% Diagnostic 431 479 (10.0%) (7.0%) Bio Supplies 96 108 (10.6%) (7.5%)
Slide 23: P&L | Q3 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex P&L | Q3 2026 Q3 2026 Q3 2025 % vs PY Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In millions of euros One-offs One-offs One-offs Net Revenue 2,040 - 2,040 1,865 - 1,865 9.4% 9.4% Cost
Slide 24: P&L | 2026 YTD
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex P&L | 2026 YTD 2026 YTD 2025 YTD % vs PY Reported excl. Reported excl. Reported excl. Reported One-offs Reported One-offs Reported In millions of euros One-offs One-offs One-offs Net Revenue 5,614 - 5,614 5,542 - 5,542 1.3% 1.3% C
Slide 25: Cash Flow | Q3 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Cash Flow | Q3 2026 In millions of euros (on a reported basis) Q3 2026 Q3 2025 % vs PY In million of Euros Report ed Group Profit 162 127 28% Q3'26 Q3'25 Depreciation and Amortization 114 103 11% Net Cash Flow From Operat ing Act
Slide 26: Cash Flow | YTD 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Cash Flow | YTD 2026 In millions of euros (on a reported basis) 2026 YTD 2025 YTD % vs PY In million of Euros 2026 YTD 2025 YTD Report ed Group Profit 390 304 28% Net Cash Flow From Operat ing Act ivit ies 686 617 Depreciation and
Slide 27: Balance Sheet | Q3 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Balance Sheet | Q3 2026 Assets Equity and Liabilities In millions of euros Sept-26 Dec-25 In millions of euros Sept-26 Dec-25 Equity 8,243 7,603 Non- Current Assets 14,934 14,638 Capital 120 120 Goodwill and Other Intangible Asset
Slide 28: EBIT to EBITDA and EBITDA Adjusted
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex EBIT to EBITDA and EBITDA Adjusted In millions of euros YTD Q3'2026 YTD Q3'2025 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q3 2026 LTM FY 2025 OPE RATING RE SUL T (E BIT) 969 972 392 326 251 271 354 1,240 1,243 Depreciation & Amortiz
Slide 29: Leverage Ratio as per Credit Agreement
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Leverage Ratio as per Credit Agreement In millions of euros except ratio Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Non-Current Financial Liabilities 8,693 8,808 9,080 9,091 9,093 Non-recurrent Lease Liabilities (IFRS16) (930) (928) (928) (969
Slide 30: Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet In millions of euros except the ratio Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Non-Current Financial Liabilities 8,693 8,808 9,080 9,091 9,093 Current Financial Liabilit
Slide 31: Net Secured Financial Debt Ratio as per Credit Agreement
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Net Secured Financial Debt Ratio as per Credit Agreement In millions of euros except ratio. Q3'26 Q3'25 Amount of revolver drawn 220 - EIB debt principal outstanding - 74 Senior Debt Tranche B 3,002 2,199 Senior Secured Notes prin
Slide 32: NCI Contributions
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex NCI Contributions LT M Q3 2026 GDS Biotest BPC Haema In millions of euros Profit after tax from continuing operations 131 (92) 28 16 Income tax expense (27) 83 (6) (11) Financial result 78 (53) - - Amortization and depreciation (4
Slide 33: Net Revenues and Adjusted EBITDA Reconciliation at cc | Q3 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Net Revenues and Adjusted EBITDA Reconciliation at cc | Q3 2026 Variations due to the exchange rates mainly driven by EUR/USD: Q3’25: @1.16 vs Q3’26: @1.15 Net Revenues Reconciliation at cc | Q3 2026 Q3 2026 Q3 2025 % Var Q3 2026
Slide 34: Net Revenues and Adjusted EBITDA Reconciliation at cc | YTD 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex Net Revenues and Adjusted EBITDA Reconciliation at cc | YTD 2026 Variations due to the exchange rates mainly driven by EUR/USD: YTD’25: @1.10 vs YTD’26: @1.16 Net Revenues Reconciliation at cc | YTD 2026 9M 2026 9M 2025 % Var 9M 2
Slide 35: CAPEX Reconciliation YTD 2026
Q3’26 Business Update Q3’26 Financial Performance Final Remarks Annex CAPEX Reconciliation YTD 2026 In million euros 9M 2026 9M 2025 Property, Plant & Equipment additions ("CAPEX reported in Consolidated Statements of Cash Flows") 184 179 Interest Capitalized 14 14 Total PP&E additions 198 193 Inter
Slide 36: Investor Relations & Sustainability
Investor Relations & Sustainability +34 93 571 02 21 [email protected] [email protected] [email protected] [email protected] Q3 2026 Results - 36 -