Grifols, SA

Latest Results (17.05.2026):

Grifols, S.A. — first quarter of 2026: revenues rose to €1.7 billion (+3.3% cc) with group profit up 21.9% to €73 million; adjusted EBITDA was €381 million (margin 22.4%) as the company said Q1 performance was aligned with plan and on track to deliver its full‑year 2026 objectives.

Revenue and growth drivers

Total revenue €1.7bn (+3.3% constant currency). Biopharma led growth (+6.8% cc), driven by the immunoglobulin (IG) franchise (+15.3% cc) — IVIG +16.2% cc — supported by Gamunex® momentum and the U.S. launch of Biotest’s Yimmugo®; albumin down 6.1% cc (China pricing pressure); Alpha‑1 & Specialty proteins down 7.4% due to tough comparatives.

Profitability and margins

Adjusted EBITDA €381m (€404m at cc), up 0.8% cc, with margin stable at 22.4%. OPEX fell 7.7% cc, partially offset by China pricing concessions and ~€23m FX headwind from a softer USD. Management expects further margin expansion from Egypt plasma ramp, footprint optimization and operating leverage.

Cash flow and balance sheet

Free cash flow pre‑M&A improved by €30m year‑on‑year to -€8m in Q1. Leverage ratio 4.3x and liquidity ~€1,573m. Grifols refinanced all 2027 maturities (upsized Term Loan B ~€3bn equivalent; RCF raised to >$2bn) and partially redeemed €500m of a 2030 bond, leaving no significant maturities until Oct 2028.

Strategic initiatives

Egypt self‑sufficiency project on schedule — target ~1 million liters of plasma in 2026, up to 3 million by 2029 — intended to rebalance global plasma sourcing and improve plasma economics. Other initiatives include Canada project, Biotest turnaround progress and continued plasma sourcing/footprint optimization.

Diagnostics and one‑offs

Diagnostic results affected by the early dissolution of the Quidel‑Ortho joint business (one‑off negative impact) but partially offset by a total USD 65m compensation to be received across 2026–2028; excluding this, diagnostics grew low single digits like‑for‑like.

Capital markets and ratings

Refinancing improves financial flexibility and targets 2026 cash interest in line with or better than 2025. Credit agencies have upgraded Grifols’ ratings recently (S&P to BB‑ with stable outlook; Moody’s and Fitch also improved ratings/outlooks), reflecting a stronger financial profile.

Outlook

Company confirms Q1 was aligned with expectations and reiterates full‑year 2026 guidance, citing momentum in IG, ongoing deleveraging and expected margin improvements from strategic initiatives.