Full Year 2025 Grifols SA Earnings Call

February 26, 2026

Operator: developments, regulatory timelines, and the potential success of our product candidates. These statements are based on current expectations and available information as of the date of this call, are subject to certain risks and uncertainties that may cause actual results to differ materially from those discussed today. Grifols' financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions, including alternative performance measures, or APMs, as defined by the European Securities and Markets Authority. Grifols management uses APMs to evaluate financial performance as the basis for operational and strategic decision making. These APMs are prepared for all the time periods presented in this document. Now, moving to today's agenda, I will turn the call to Nacho to kick it off. Nacho?

Kevin Dede H.

These statements are based on current expectations on the available information as of the date of this call and are subject to certain risks and uncertainties that may cause actual results to differ materially from those discussed today.

The full financial statements.

Bert in accordance with EU I afraid another applicable reporting provisions, including alternative performance measures or abms as defined by the European Securities and markets are fairly soon.

Default management uses apm's to evaluate the financial performance as the basis for operational and strategic decision, making.

These apm's I prepare for all the time periods presented in this document.

Now moving to today's agenda, I will turn the call to nurture to kick it off I'm not sure.

[Company Representative] (Grifols): Thank you, Danny, and thank you all for joining us today. Fiscal 2025 marks an important year for Grifols. We executed against our plan, advanced our operational and innovation priorities, delivered on our revenue and adjusted EBITDA guidance, and most importantly, exceeded our key cash flow target. All of this amid a complex geopolitical, macro, and operating environment. In such a complex year, our performance reflects the structural strength of the company. Scale, deep vertical integration in a strategic market, and a globally diversified footprint continue to differentiate Grifols. This signals not only the company's strong fundamentals, but also the strength and resilience of our business model and our ability to continue shaping and leading in this industry in the many years to come.

Thank you Becky and thank you all for joining us today.

Fiscal 'twenty 'twenty five marks an important year for Greenfields.

We executed against our plan our bonds are operational innovation priorities deliveries on our revenue and adjusted EBITDA guidance and most importantly exceeded our key cash flow target.

And all of these are made of complex geopolitical macro and operating environment.

In such a complex year, our performance reflects the structural strength of the company scale deep vertical integration in a strategic market and a globally diversified footprint continued to differentiate greenfields.

This signals not only the companies with strong fundamentals, but also the strength and resilience of our business model and our ability to continue shaping and leading in this industry in the many years to come.

[Company Representative] (Grifols): Turning to slide 5. As you all know well, one of our key priorities has been, and will continue to be, improving our cash generation profile. In fiscal year 2025, the company generated EUR 468 million in free cash flow, pre-M&A, pre-dividends, an increase of more than EUR 200 million year-over-year, which reflects the benefit of our company-wide focus on capital discipline. On the top line, revenue reached EUR 7,524 million, represented a solid 7% increase over the previous year, and a 9.1% increase on a like-for-like basis, both at cost and currency. This growth was driven largely by the continued strong performance of our IG franchise.

Turning to slide five and as you all know well one of our key priorities has been and will continue to be improving our cash generation profile.

In fiscal year 2025, the company generated 468 million euros in free cash flow pre M&A pretty dividends.

An increase of more than 200 million euros year over year, which reflects the benefit of our company wide focus on capital discipline.

On the top line revenue reached 7000 524 million euros represented a solid 7% increase over the previous year and a nine 1% increase on a like for like basis, but of course that in currency.

This growth was driven largely by the continued strong performance of our <unk> franchise.

[Company Representative] (Grifols): Adjusted EBITDA reached EUR 1,825 million, a 5.6% year-over-year increase, while on a like-for-like basis, without the impact of the IRA, Adjusted EBITDA increased by close to 12%, all at cost and currency. At guidance FX, Adjusted EBITDA reached EUR 1,902 million, right in line with the guidance provided 12 months ago. Finally, deleveraging remains a key priority, and the path forward becomes clear as our free cash flow generation is sustainable and continuing to increase. At year-end, our leverage ratio improved to 4.2x, a four point times reduction over prior year. This is strong and consistent performance across our key metrics, supported our recent credit re-rating, and continues to be a central priority for the board.

Adjusted EBITDA reached 1000 825 million euros, a five 6% year over year increase while on a like for like basis without the impact of the IAA adjusted EBITDA increased by close to 12%.

All at constant currency.

I got a guidance FX adjusted EBITDA reached 1000 902 million right in line with the guidance provided 12 months ago.

Finally, deleveraging remains a key priority and the path forward it becomes clear as our free cash flow generation is sustainable and continuing to increase at year end, our leverage ratio improved to four two times a four point in times reduction over prior year there's.

There's a strong and consistent performance across our key metrics supported our recent credit rating and continues to be a central priority for the board.

[Company Representative] (Grifols): Beyond the financials figures, 2025 was a year defined by execution on our operational and financial priorities. Led by Biopharma, our core IG franchise, both intravenous and subcutaneous, delivered a strong performance, reflecting the strength of our clinical proposition. We leveraged the opportunity to use our solid inventory position to accelerate IG growth and build momentum in key markets. As mentioned on our Q3 2025 call, albumin demand in China declined amid ongoing pressures following government cost controls. We continue to work with our local partners, Shanghai RAAS, to effectively navigate and manage these market dynamics. By leveraging this partnership, we have achieved relative outperformance in the Chinese market.

Beyond the financials figures 2025 was a year defined by execution on our operational and financial priorities.

Led by Biopharma, our core <unk> franchise, both intravenous and subcutaneous delivered a strong performance, reflecting the strength of our clinical proposition.

We leverage the opportunity to use our solid inventory position to accelerate growth and build momentum in key markets.

As mentioned on our Q3 25 call album in the mining China declining ongoing pressures following government cost controls.

We continued the war with our local partners Shanghai Rush to effectively navigate the manage these market dynamics.

Leveraging this partnership we have achieved relative outperformance in the Chinese market.

[Company Representative] (Grifols): The combination of a strong growth of our IG franchise and lower than expected albumin sales weighed on our margins, reflecting the underlying economics of the plasma industry and emphasizing the need to continue working to improve our efficiencies. We remain highly confident about achieving our margin expansion goals. Rahul will provide further insights later in the presentation. At the same time, we continue advancing differentiated margin accretive therapies to the market. In Q4, we successfully launched Prufibry in Europe, our new fibrinogen concentrate for acute bleeding episodes with congenital and acquired fibrinogen deficiency. Following FDA approval, we plan to launch FESILTY in the first half of 2026, our new fibrinogen concentrate for US patients with congenital fibrinogen deficiency.

The combination of a stronger over of our idea franchise and lower than expected albumin sales weighed on our margins, reflecting the underlying economics of the plasma industry and emphasizing the need to continue working to improve our efficiencies and we remain highly confident about achieving our margin expansion goals Rahul will provide further.

Sites later in the presentation.

At the same time, we continue advancing differentiated margin accretive therapies to the market in the fourth quarter, we successfully lunch.

Brophy bra in Europe are near fibrinogen concentrates for acute bleeding episodes with congenital acquired fibrinogen deficiency.

Following FDA approval, we plan to launch facility in the first half of 2026 are Neil fibrinogen concentrates for U S patients with congenital fibrinogen deficiency.

[Company Representative] (Grifols): Despite the challenges presented by the macro environment and global trade shifts, our local-for-local business model once again demonstrated its resilience, effectively insulating us from tariff and preserving our defensible mode. This as much as possible localized model also implies that while FX headwinds impacted both revenue and EBITDA levels, they did not extend to our free cash flow or leverage ratio, due to the significant levels of natural hedges embedded within our business. Finally, we improve our cash flow and expend profile as we strengthen our balance sheet. Our focus on EBITDA and free cash flow expansion clears the path to deleverage. Turning to slide seven. We feel good with the company's performance in 2025. As we look forward, it is important to acknowledge the necessity of maintaining a balanced approach to growth across our portfolio of key proteins.... Looking ahead, our direction for 2026 is clear.

Despite the challenges presented by the microenvironment and global trade shifts our local for local business model once again demonstrated its resilience.

Actively insulating us from tariff and preserving our defensible moat.

This as much as possible localized model also implies that well ethics headwinds impacted both revenue and EBITDA levels.

What extent or free cash flow or leveraged trade deal due to the significant levels of natural hedges embedded within our business.

Finally, we improve our cash flow and expense profile as we have strengthened our balance sheet, our focus on EBITDA and free cash flow expansion clears the path to deleverage.

Turning to slide seven.

We feel good with our company's performance in 2025 as we look forward. It is important to acknowledge the necessity of maintaining a balanced approach to growth across our portfolio of key proteins.

Looking ahead, our direction for 2026 is clear we will consciously focused our growth to prioritize profitability cash flow generation and to continue reducing our leverage ratio to.

[Company Representative] (Grifols): We will consciously focus our growth to prioritize profitability, cash flow generation, and to continue reducing our leverage rating. Two key projects, Egypt and Canada, will play a central role in delivering on this strategy, and they have the potential to redefine the plasma industry in the many years ahead. In Egypt, our transformational partnership has achieved a major milestone, with EMA approval of Egyptian source plasma. This is first of its kind achievement, that is a game changer in the industry. In Canada, through our strategic partnership with CBS, we remain deeply committed to the prospects for the fourth largest IgG market globally. Roland will provide further details on both later in the presentation. In the US, we stand as the only scale plasma company with a fully integrated end-to-end value chain in the country, the world's most important IgG market.

Two key projects Edgier in Canada will play a central role in delivering on this strategy and they have the potential to really find the plasma industry in the many years ahead.

In Egypt, our transformational partnership has achieved a major milestone with EMA approval of Egyptian sourced plasma.

This first of its kind of achievement that is a game changer in the industry.

In Canada through our strategic partnership with UBS, we remain deeply committed to the prospects for the fourth largest IGT market globally.

<unk> will provide further details on both later in the presentation.

In the U S. We have stand as the only scaled plasma company with a fully integrated end to end value chain in the country. The mall the worlds most important agg mark.

[Company Representative] (Grifols): Over the last two decades, we have been shifting the structure of plasma sourcing and our entire operation to a local for local model as a key differentiator and value driver. Finally, our long-standing relations in China and the deep knowledge of the market has proven effective and will continue to play an important role to mitigate the changes in that important country. As we enter 2026, confident in our positioning, the fundamentals of our business remain sound. In a world increasingly shaped by geopolitical shifts, Grifols' integrated model and diversified footprint provide unique strategic optionality and allow us to navigate uncertainty with agility and resilience. This isn't just about sustaining a competitive advantage, it's about having the infrastructure, partnership, and the vision to lead the industry into its next chapter.

Over the last two the hiccups, we have been shifting the structure of plasma sourcing and our entire operation to our local for local model as a key differentiator and value right.

And finally, our longest standing relations in China and that deep knowledge of the market has proven effective and will continue to play an important role to mitigate the changes in that important country.

As we enter 2026 confident in our position in the fundamentals of our business remain sound.

In a world increasingly shaped by geopolitical shifts greenfields integrated model and diversified footprint provide unique strategic optionality and allow us to navigate uncertainty with agility and resilience.

Brazilians.

This isn't just about sustaining our competitive advantage, it's about having an infrastructure partnership and the vision to lead the industry into its next chapter.

[Company Representative] (Grifols): With that, I will hand over to Roland to cover our commercial performance in more detail.

And with that I will hand over to Roland to cover our commercial performance in more detail.

Roland: Thank you, Nacho. Moving on to slide 9. Biopharma delivered a strong year in 2025, growing 8.4% for the year on a reported and 10.9% on a like-for-like basis, both at constant currency. I am proud of the dedication, passion, and commitment our team shows every day to deliver for patients and drive forward towards the goals we set out. Our immunoglobulin franchise led the way in 2025 and delivered a strong 14.7% year-over-year increase at constant currency. This performance was driven by GAMUNEX and XEMBIFY, with IVIG and SCIg delivering 12% and 60% full year growth, respectively, both clearly ahead of the market.

Thank you John.

Moving onto slide nine Biopharma delivered a strong year in 2025 growing eight 4% for the year on a reported and 10, 9% on a like for like basis, both at constant currency.

I am proud of the dedication passion and commitment of our team shows every day to deliver for patients and drive forward towards the goals we set out.

Our immunoglobulin franchise led the way in 2025 and delivered a strong 14, 7% year over year increase at constant currency.

Performance was driven by Yamana makes exemplified with ITI Chi and that's the I T delivering 12% and 60% full year growth respectively. Both clearly ahead of the market.

Roland: As outlined in our last call, we saw an opportunity over the last two years to use our strong IG inventory position to accelerate IG growth, build momentum in key markets, and win back share in the US. We have since delivered on this plan. We have strengthened our US organization and commercial capabilities, expanded SCIg penetration through XEMBIFY, and leveraged the strong profile of GAMUNEX-C to win share in strategic accounts. Looking ahead, we expect underlying demand growth for IG to continue across our three main indications. In primary immunodeficiency, increased awareness and better diagnosis are expanding access to therapy. In secondary immunodeficiency, on label outside the US, demand continues to rise in an aging population and with an increase in immune-compromised patients.

As outlined in our last call we saw an opportunity over the last two years to use our strong inventory position to accelerate growth build momentum in key markets and win back share in the U S. We.

We have since delivered on this plan, we have strengthened our U S organization and commercial capabilities expand.

Penetration through exemplify and leverage the strong profile of <unk> to win share in strategic accounts.

Looking ahead, we expect underlying demand growth rightey to continue across our three main indications.

In primary immunodeficiency increased awareness and better diagnosis are expanding access to therapy.

In secondary immunodeficiency owned label outside the U S demand continues to rise and an aging population and with an increase in immune compromised patients.

Roland: In CIDP, we are seeing continued growth, albeit at a lower level, as IG therapy, with its polyvalent mechanism, remains the first line choice and standard of care for patients living with this multifactorial disease. As Nacho mentioned, where in 2025, our plan was to regain share in the US and select European markets and thus grow ahead of the market, we now aim to control growth going into 2026 from the stronger position with a differentiated approach. In the US and select European countries, where we have recently gained share, we plan to maintain our position and grow with the market. Outside these key markets, we have already started to pull back growth towards the end of 2025 and will further consolidate in 2026 with an increased focus on margin.

See IDP, we are seeing continued growth, albeit at a lower level as I T therapy with its polyvalent mechanism remains the first line choice and standard of care for patients living with this multifactorial disease.

That's not to mentioned were in 2025, our plan was to regain share in the U S and select European markets and thus grow ahead of the market. We now aim to control growth going into 2026 from the stronger position with a differentiated approach.

In the U S and select European countries, where we have recently gained share we plan to maintain our position and grow with the market.

Outside these key markets, we have already started to pull back growth towards the end of 2025 and will further consolidate and 26 with an increased focus on margin.

Roland: This targeted approach will allow us to enhance the return on our investments and ensure that our commercial efforts translate into meaningful margin improvements. Turning to albumin, we saw revenues decline 5.1% year-over-year, as positive momentum in the US and East China was offset by the market and pricing pressures from policy changes in China. While these changes in China also weighed on our albumin sales, our strategic partnership with Shanghai RAAS allowed us to effectively compete and perform ahead of the market. Entering 2026, we aim to further drive albumin uptake to balance growth with IG. In China, we will continue to build on our strategic partnership with Shanghai RAAS.

This targeted approach will allow us to enhance the return on our investments and ensure that our commercial efforts translate into meaningful margin improvements.

Turning to albumin, we saw revenues declined five 1% year over year as positive momentum in the U S. Next China was offset by the market and pricing pressures from policy changes in China.

While these changes in China also weighed on our albumin sales, our strategic partnership with Shanghai, Ross allowed us to effectively compete and perform ahead of the market.

Entering 2026, we aim to further drive albumin uptake to balance growth with I E.

In China, we will continue to build on our strategic partnership with Shanghai, Ross with disciplined pricing and expanded joined commercial footprint and the sharper marketing and contracting approach, we expect to expand hospital access, including greater penetration into lower tier hospitals, and broaden our reach and retail pharmacies.

Roland: With disciplined pricing and expanded joint commercial footprint and a sharper marketing and contracting approach, we expect to expand hospital sales access, including greater penetration into lower-tier hospitals, and broaden our reach in retail pharmacies. In addition, our medical teams will continue to drive education, awareness, and evidence generation, for example, around long-term albumin use in liver cirrhosis, an important and still unmet need in China. Outside China, we will build on our momentum to further expand our albumin presence, helping us move toward a more balanced geographic mix. Through this approach, and as conditions in China stabilize, we remain confident that our efforts place us in a position of strength to balance our albumin growth with IG.

In addition, our medical teams will continue to drive education awareness and evidence generation for example around long term album, and using liver cirrhosis and important and still unmet need in China.

Outside China, we will build on our momentum to further expand our album and presence, helping us move towards a more balanced geographic mix.

Through this approach and as conditions in China stabilize we remain confident that our efforts places in a position of strength to balance our album and growth with I E.

Yeah.

Roland: Looking at our Alpha-1 and Specialty Proteins portfolio, we saw a full year growth of 1.4% or 3.8% on a like-for-like basis before the impact of the IRA Part D redesign. In 2025, we reinforced our leadership in Alpha-1 and returned to patient growth following the transition to our new specialty pharmacy partner. We also saw steady contributions from our rabies franchise and our contract manufacturing business. Keep in mind that different phasing patterns across proteins in this segment create natural quarter-to-quarter variability. In this context, our Q4 results mainly reflect a tough comparison against a strong Q4 2024, not a change in underlying trends, which remain solid.

Looking at our Alpha one in specialty proteins portfolio, we saw a full year growth of one 4% or three 8% on a like for like basis before the impact of the IRA part D redesign.

In 2025 really reinforced our leadership in Alpha one and returned to patient growth following the transition to our new specialty pharmacy partner. We also saw steady contributions from our rabies franchise and our contract manufacturing business.

Keep in mind that different phasing patterns across proteins in this segment create natural quarter to quarter variability in this context, our fourth quarter results, mainly reflect a tough comparison against a strong Q4, 'twenty four not a change in underlying trends, which remain solid.

Roland: Looking ahead, we expect to drive continued patient growth in Alpha-1 while preparing for a major clinical milestone, with expected top-line results of our phase 3 SPARTA OUTCOMES trial, the first of its kind, in the second half of this year. These outcomes have the potential to unlock significant growth in this highly underdiagnosed and undertreated condition by dramatically increasing disease awareness and testing in light of clear clinical benefits. In parallel, we are advancing a 15% subcutaneous formulation and a next-generation Alpha-1 therapy aimed at enhancing convenience, expanding access, and strengthening our leadership in this growing market. We remain confident in Prolastin's long-term potential and continue to focus on expanding the total addressable market.

Looking ahead, we expect to drive continued patient growth in alpha one while preparing for a major clinical milestone with expect the top line results of our phase III Sparta outcomes trial. The first of its kind in the second half of this year.

These outcomes have the potential to unlock significant growth in this highly underdiagnosed and undertreated condition by dramatically increasing disease awareness and testing in light of clear clinical benefits.

In parallel we are advancing a 15% subcutaneous formulation and the next generation of Alpha one therapy aimed at enhancing convenience expanding access and strengthening our leadership in this growing market.

We remain confident in <unk> long term potential and continue to focus on expanding the total addressable market with.

Roland: With roughly 85% of patients still undiagnosed, and with outcomes, AI-enabled patient identification, and increasing awareness from potentially entrance-building momentum, we see meaningful opportunities to accelerate testing and thus help more people living with AATD to benefit from therapy. On Slide 10, as the newest addition to our Biopharma portfolio, I would like to provide an update on the progress of our fibrinogen franchise. With our approval in Germany at the end of last year, we have launched our fibrinogen concentrate, Prufibry, in Europe with a focus in Germany and Austria, where FCs are the preferred option for acquired fibrinogen deficiency. We realized first sales in Q4 2025 and see continued strong demand for Prufibry. Early feedback is promising and especially highlights our differentiation, including the ease and speed of reconstitution of our highly purified FC, as well as its application.

With roughly 85% of patients still undiagnosed and.

And with outcomes AI enabled patient identification and increasing awareness from potentially entrants building momentum.

We see meaningful opportunities to accelerate testing and thus help more people living with a T D to benefit from therapy.

On slide 10, as the newest addition, teller biopharma portfolio I would like to provide an update on the progress of our finishing franchise.

With our approval in Germany at the end of last year, we have launched our fibrinogen concentrate poofy Brea in Europe with a focus in Germany, and Austria, where F. Six are the preferred option for acquired for finishing deficiency.

We realized first sales in Q4 25, and see continued strong demand for February.

Early feedback is promising and especially highlight our differentiation, including the ease and speed of reconstitution of our highly purified IFC as well as its application.

Roland: We will continue to focus on Germany and Austria as key markets this year and expand into additional European markets over time. In the US, following our December FDA approval for congenital fibrinogen deficiency under the brand name FESILTY, we are preparing for launch in Q2 2026. We have a focused field team in place to help educate key decision-makers across leading institutions in the US and secure hospital formulary access, building on our long-term relationships in many of these systems. While we will focus our US launch on CFD in the short term, we are advancing our work to embark on an AFD trial in the US this year, which will allow us to expand our label over time. In parallel, we will continue to engage in appropriate disease state education for the critical role that fibrinogen deficiency plays in bleeding.

We'll continue to focus on Germany, and Austria as key markets this year and expand into additional European markets overtime.

In the United States following our December FDA approval for congenital fibrinogen deficiency onto the brand named specialty we are preparing for launch in Q2 'twenty six we have a focused field team in place to help educate key decision makers across leading institutions in the U S. Unsecured hospital formulary access building on our long term relationship.

<unk> and many of these systems.

While we will focus our U S launch on CFT in the short term, we are advancing a rework to embark on in AFD trial in the U S. This year, which will allow us to expand our label over time.

In parallel we will continue to engage in appropriate disease state education for the critical role that Furby mentioned efficiency plays in bleeding, we expect our entry into a F D to align with the evolution of clinical practice in the U S where awareness and application of ready to use F. Six were bleeding is still emerging with the potential to exceed 800 million U S.

Roland: We expect our entry into AFD to align with the evolution of clinical practice in the US, where awareness and application of ready-to-use FC for bleeding is still emerging, with the potential to exceed $800 million over time. As we focus on controlled growth with IG, balance with albumin, and continuing momentum in our portfolio of first leader proteins, Slide 11 outlines how the vision and strategic investments that Grifols embarked on many years ago are providing us today with a strong structural foundation for long-term value creation. This is particularly important in an environment where geopolitical pressures are rising and supply security is becoming increasingly strategic for our customers. In the US, the world's largest plasma market, we have, over the last decades, built a fully integrated end-to-end platform spanning domestic plasma collection, fractionation, purification, and commercialization.

Dollars overtime.

As we focus on controlled growth with I G violence with albumin and continued momentum in our portfolio Firstly the proteins.

<unk> 11 outlines how the vision and strategic investments that Griffes embarked on many years ago, a providing us today with a strong structure foundation for long term value creation. This is particularly important in an environment, where geopolitical pressures are rising and supply security is becoming increasingly strategic for our customers.

In the U S. The world's largest plasma market, we have over the last decade build a fully integrated end to end platform spanning domestic plasma collection fractionation purification and commercialization.

Roland: Over the last years, we have started to extend this vertically integrated business model into other strategic markets through long-term public-private self-sufficiency partnerships that align our capabilities with national healthcare priorities. In Canada, the fourth-largest global IG market, our long-term partnership with Canadian Blood Services supports the country's objective of reaching at least 50% IG self-sufficiency. By expanding the share of locally sourced plasma and adding the capabilities to convert it into domestically manufactured plasma-derived proteins, we strengthen supply resiliency while reinforcing our presence in an attractive market. In Egypt, we have partnered with the Egyptian government to establish a fully integrated plasma platform designed to achieve national self-sufficiency and position the country as a regional hub for Africa and the Middle East. Once domestic needs are fulfilled, this platform expands access to life-saving therapies across the region and creates export potential to European countries, especially for IG.

Over the last years, we have started to extend this vertically integrated business model into all the strategic markets through long term public private self sufficiency partnerships that align our capabilities with national health care priorities.

In Canada, the fourth largest global AG market, our long term partnership with Canadian Blood services supports the country's objective of reaching at least 50% self sufficiency.

Expanding the share of locally sourced plasma and adding capabilities to convert it into domestically manufactured plasma derived proteins, we strengthened supply resiliency, while reinforcing our presence in an attractive market.

In Egypt, we have partnered with the Egyptian government to establish a fully integrated plasma platform designed to achieve national self sufficiency in position to country as a regional hub for Africa. The middle East once domestic needs are fulfilled this platform expands access to life saving therapies across the region and creates export potential to euro.

P in countries, especially for I T.

Roland: Taken together, these initiatives reflect a scalable partnership model that combines industrial expertise with national healthcare priorities, positioning Grifols as a strategic partner in building sustainable plasma ecosystems across the globe. Let me add a bit of more color. Taking a closer look at the US on Slide 12, we have invested strategically over the last 20 years in building our infrastructure to support this key market at scale. With vision and foresight, Grifols has built a fully integrated, resilient, state-of-the-art footprint that spans the entire value chain from donor to patient. Today, we operate a network of more than 300 donor centers in the US, ensuring a stable supply of quality plasma. To put that in perspective, over 70% of Grifols' total global plasma collection capacity is anchored right in the US....

Taken together these initiatives reflect the scalable partnership model that combines industrial expertise with national health care priorities positioning referrals as a strategic partner in building sustainable plasma ecosystems across the globe.

Let me add a bit of more color.

Taking a closer look at the U S. On slide 12, we have invested strategically over the last 20 years in building our infrastructure to support this key market that scale with vision and foresight Griffith has built a fully integrated resilient state of the art footprint that spans the entire value chain from donor to.

Patient.

Today, we operate a network of more than 300 owner centers in the U S. Ensuring a stable supply of quality plasma to put that in perspective over 70% of referrals total global plasma collection capacity is anchored right in the U S.

Roland: Across our two primary US plants, including our flagship facility in Clayton, North Carolina, one of the largest of its kind, we also hold 65% of our manufacturing capacity in the US, and thus have achieved a unique and differentiated level of vertical integration. This positions us to supply the growing demand in the US fully from within this key market through self-sufficiency. This helps insulate us from global supply chain disruptions and ensures that our most critical market can be served by our efficient and strategically located donor centers and facilities. On slide 13, we turn to Canada, one of the top four global markets for IG. Canada recognized that its historical reliance on imports for roughly 85% of its IG needs created long-term supply risk.

Across our two primary U S plans, including our flagship proceeded in Clayton North Carolina, one of the largest of its kind. We also hold 65% of our manufacturing capacity in the U S and thus have achieved a unique and differentiated level of vertical integration.

This positions us to supply the growing demand in the U S fully from within this key market through self sufficiency.

This helps insulate us from global supply chain disruptions and ensures that our most critical market can be serve power efficient and strategically located donor centers and facilities.

On Slide 13, we turn to Canada, one of the top four global markets for AG.

Canada recognized that its historical reliance on imports were roughly 85% of its eye Chi needs created long term supply risk.

Roland: As a result, Canadian Blood Services made it a national priority early this decade to lift domestic self-sufficiency to over 50%. Grifols stepped up to support that vision, and in 2022 signed a 15-year renewable agreement with CBS to build a fully domestic plasma ecosystem from the ground up. Following this mandate, our operational footprint in Canada is expanding rapidly. In just the last 12 months, we have established a network of 17 donation centers, creating the backbone for a nationwide plasma collection network. Together with CBS, we were able to increase the share of IG self-sufficiency from 15% to around 30% in 2025, and we are progressing as planned with our domestic manufacturing plant in Montreal.

As a result Canadian blood services made it a national priority early this decade to lift domestic self sufficiency to over 50%.

Grateful stepped up to support that vision and in 2022 signed a 15 year renewable agreement with CBS to build a fully domestic plasma ecosystem from the ground up.

Following this mandate our operational footprint in Canada is expanding rapidly.

In just the last 12 months, we have established a network of 17 donation centers create.

The backbone for a national rate plasma collection network.

Together with CBS, we were able to increase the share of I T self sufficiency from 15% to around 30% in 2025.

And we are progressing as planned with our domestic manufacturing plant in Montreal, We started with local purification of albumin in 2025, and we are on track to add 1.5 million liters of fractionation capacity alongside dedicated purification and fill finish lines by 2028.

Roland: We started with local purification of albumin in 2025. We are on track to add 1.5 million liters of fractionation capacity alongside dedicated purification and fill finish lines by 2028. This makes Grifols the only large-scale domestic manufacturing player with an end-to-end value chain in Canada. This unique position allows us to offer a fully integrated platform of services in this key market. On slide 14, we highlight our strategic foothold in Egypt. This is more than a geographic expansion. It is a first-of-its-kind public-private partnership that is pioneering biopharmaceutical sovereignty for an entire region. Through our partnership with the Egyptian government, signed in 2020, we have created a fully integrated regional ecosystem spanning plasma collection, testing, and future fractionation and purification capabilities.

This makes griffes the only large scale domestic manufacturing player with an end to end value chain in Canada. This unique position allows us to offer a fully integrated platform of services in this key market.

On slide 14, we highlight our strategic foothold in Egypt.

This is more than a geographic expansion. It is a first of its kind public private partnership that is pioneering biopharmaceutical sovereignty for an entire region.

So our partnership with the Egyptian government signed in 2020, we have created a fully integrated regional ecosystem spanning plasma collection testing and future fractionation of purification capabilities.

Roland: Building on the project's strong progress, a key inflection point for Grifols was securing full EMA approval late last year for the entire Grifols Egypt value chain. This is a massive strategic unlock for the group, validating our end-to-end quality standards and enabling European commercialization of plasma-derived therapies sourced from Egyptian plasma. I will walk you through the details in the next slides. Slide 15 maps out the strong execution and progress of our strategic project in Egypt. After successfully opening 16 donor centers last year, our team in Egypt, building on our core capabilities in Grifols Engineering and quality, is on track to scale our network to 20 centers in 2026, all operating under our high-standard model. With this, we were able last year to already achieve full self-sufficiency in factor eight, albumin, and IG for Egypt, a notable milestone.

Building on our protect strong progress a key inflection point for Griffith foods, while securing full EMA approval late last year for the entire referrals Egypt by the chain. This is a massive strategic almost for the group validating our end to end quality standards and enabling European commercialization of plasma derived therapies sourced from attrition plasma.

I'll walk you through the details in the next slides.

Slide 15 maps out the strong execution and progress of our strategic project in Egypt.

After successfully opening 16 donor centers last year, our team in Egypt building on our core capabilities in critical engineering and quality is on track to scale our network to 20 centers in 2026, all operating under our high standard model.

With this we were able last year to already achieve full self sufficiency in factor eight albums and achieve for Egypt, a notable milestone.

Roland: As we move into 2026, we are leveraging any surplus in plasma to expand supply across the broader Middle East and Africa. As for manufacturing, our roadmap remains disciplined and phased. We are currently in phase 1 of plant construction, with the plasma logistics center and testing lab coming online this year. Between 2030 and 31, the fractionation and purification plants will become fully operational, and by 2031, the entire end-to-end value chain will be localized in Egypt. Equally important, our recent regulatory achievements have validated the strength of our end-to-end quality system. By positioning Egypt as a globally recognized plasma hub, we have earned what we call the Grifols Seals of Excellence. This has a direct financial impact as it enables the commercialization of Egyptian plasma derivatives in Europe and thus reduce reliance on costlier US and EU-sourced plasma.

As we move into 2026, we are leveraging any surplus in plasma to expand supply across the broader middle East and Africa.

As for manufacturing a roadmap remains disciplined and faced we are currently in phase one of plant construction with the plasma logistics center in testing lab coming online this year.

Between 2013, 31, the fractionation and purification plants will become fully operational and by 2031, the entire end to end value chain will be localized in Egypt.

Equally important our recent regulatory achievements have validated the strength of our end to end quality system.

By positioning Egypt is a globally recognized plasma hub, we have earned what we call the riffle seal of excellence.

This has a direct financial impact as it enables the commercialization of Egyptian plasma derivatives in Europe, and thus reduce reliance on cost the U S and EU sourced plasma.

Roland: Further, this also allows us to better balance albumin with our IG growth on a global scale, as the local demand for factor eight and albumin in Egypt, Middle East, and Africa is significantly higher than for IG. This provides excess IG that can help cover demand in Europe. Slide 16 shows how our partnership in Egypt is transformational for both Egypt and Grifols. Let me highlight a few key facts that illustrate the scale and impact of this project for Egypt, where healthcare benefits are already tangible. More than 1,000,000 vials produced from Egyptian plasma have been delivered to public hospitals and health centers, and over 100,000 free medical checkups have been provided to donors. From an economic and social perspective, the initiative is emerging as a meaningful contributor to the national economy.

Further.

This also allows us to better balance albumin with Archie growth on a global scale.

The local demand for factor eight in albumin in Egypt, Middle East and Africa is significantly higher than four this.

This provides exercise that can help cover demand in Europe.

Slide 16 shows how our partnership in Egypt is transformational for both Egypt and referrals let.

Let me highlight a few key facts that illustrate the scale and impact of this approach for Egypt, where health care benefits already tangible.

More than 1 million barrels produced from Egyptian plasma have been delivered to public hospitals and health centers and over 100000 free medical checkups have been provided to the owners.

From an economic and social perspective, the initiative is emerging as a meaningful contributor to the national economy. In 2025 alone. The project is expected to have contributed approximately 55 million euros to Egypt, GDP with cumulative contributions projected to exceed 700 million euros by 2029.

Roland: In 2025 alone, the project is expected to have contributed approximately EUR 55 million to Egypt's GDP, with cumulative contributions projected to exceed EUR 700 million by 2029. The project has also made a significant contribution to employment in Egypt. To date, it has generated approximately 1,200 highly skilled direct jobs. In addition to these direct employment opportunities, the initiative has created more than 14,000 indirect positions supporting the broader economy. Over the next 4 years, total employment impact is projected to exceed 180,000 jobs. While this project is first and foremost about supporting national self-sufficiency for the Egyptian people, it is also transformative for Grifols. By shifting part of our sourcing to a more cost-effective, EMA-approved hub in Egypt, we are structurally de-risking our plasma supply, expanding margins, and reinforcing the underlying fundamentals of our business model.

The project has also made a significant contribution to employment in Egypt to date. It has generated approximately 1200 highly skilled direct jobs. In addition to these direct employment opportunities.

Initiative has created more than 14000 indirect positions supporting the broader economy.

Over the next four years total employment impact is projected to exceed 180000 jobs.

While this project is first and foremost about supporting national self sufficiency for the chips from people. It is also transformative for peripherals.

By shifting part of our Resourcing to a more cost effective EMA approved helping Egypt, we are structurally derisking, our plasma supply expanding margins and reinforcing the underlying fundamentals of our business model.

Roland: Across our vertical integration in the US, our self-sufficiency partnership in Canada, and our strategic self-sufficiency expansion in Egypt, we believe that we are building a basis and a blueprint that will allow us to better meet demands in an evolving geopolitical context and deliver value for the long term. We are confident in this path. With that, I will now hand it over to Rahul, who will provide more details on our financial performance.

Across our vertical integration in the U S. Our self sufficiency partnership in Canada, and our strategic self sufficiency expansion in Egypt. We believe that we are building a basis and the blueprint that will allow us to better meet demands and unloading geopolitical context and deliver value for the long term we are.

Confident in this path.

With that I will now hand, it over to Ralph who will provide more details on our financial performance.

Rahul: Thank you, Roland. Slide 18. As both Nacho and Roland have alluded to, navigating highly dynamic forces, be it the geopolitics that threaten to disrupt the supply chains of most global companies or the seismic moves in euro dollar, the fact that Grifols was able to deliver on its deleveraging plans, beat free cash flow generation and revenue guidance, whilst achieving adjusted EBITDA guidance and more than double group profit, demonstrates the clear resilience of this business. The foundations of this resilience comes from, one, Grifols' unique position in the US with a fully integrated, truly end-to-end in-market for market business. Two, our highly differentiated self-sufficiency strategy that have been many years in the making, thanks to the vision and the enterprise of those before us, and that will be a source of clear competitive advantage going forward.

Thank you Roland.

Slide 18 is bold nacho and Roland have alluded to navigating highly dynamic forces be it the geopolitics subtracting to disrupt the supply chains of most global companies are the seismic moves in euro dollar. The fact that Griffiths who's able to deliver on its deleveraging plans.

Free cash flow generation and revenue guidance, whilst achieving adjusted EBITDA guidance and more than double group profit demonstrates the clear resilience of this business.

The foundations of this resilience comes from one Brookfield has a unique position in the U S. With a fully integrated truly end to end Mark end to end in market for market business to our highly differentiated self sufficiency strategy that have been many years in the making thanks to the vision and the enterprise of those before.

<unk>.

And that will be a source of competitive advantage going forward three the highly strategic and long standing partnerships that have been developed over time for our end to end capabilities, all the way from industrial to commercialization and everything in between five to 10.

Rahul: 3, the highly strategic and longstanding partnerships that have been developed over time. 4, our end-to-end capabilities all the way from industrial to commercialization and everything in between. 5, Constant currency terms was up almost 12% versus 2024. Reported gross margin was weaker versus 2024, broadly due to the impact of fully absorbing IRA in 2025, some accounting reclasses between OPEX and COGS that weighed on gross margin, but neutral at EBITDA, and the impact of the albumin market in China. On China albumin, we continue to feel well positioned to better navigate the market dynamics, given our strategic partnership with Shanghai RAAS and Haier.

Constant currency tons was up almost 12% versus 2024 reported gross margin was weaker versus 2024 broadly due to the impact of fully absorbing Irene in 2025 and accounting Green.

Classes between Opex and Cogs that weighed on gross margin, but neutral at EBITDA and the impact of the albumin market in China on China Albumin, we continue to feel well positioned to better navigate the market dynamics, given our strategic partnership with Shanghai rash and higher.

Rahul: On a like for like basis, that is, prior to the impact of IRA and the gross to net reclassifications, gross margin in 2025, in fact, improved by approximately 50 basis points versus 2024, better reflecting underlying performance. Adjusted EBITDA of EUR 1.825 billion equates to just over EUR 1.9 billion at guidance FX rates, and whilst EBITDA is impacted by the weakening dollar, the natural hedges we have in place make the impact more muted at the free cash flow, leverage, and group profit levels. Whilst like for like adjusted EBITDA margins at 25% exceeded 2024, adjusted EBITDA margin was a touch weaker at 24.3% after fully absorbing the impact of IRA. EBITDA margins remain an area of critical focus for us, and we will be highly proactive with our efforts to ensure of its continued progression.

On a like for like basis that is prior to the impact of via <unk> and the gross to net Reclassifications gross margin in 2025 in fact improved by approximately 50 basis points versus 2020 for better reflecting underlying performance adjusted EBITDA of 1.825 billion equates to.

Just over $1 9 billion at guidance FX rates and whilst EBITDA is impacted by the weakening dollar the natural hedges, we havent placed may the impact more muted at the free cash flow leveraging group profit levels, while it's like for like adjusted EBITDA margins at 25% exceeded 24, adjusted EBITDA margin was a touch weaker.

Got 24, 3% after fully absorbing the impact of IRA EBITDA margins remain an area of critical focus for us and we will be highly proactive with our assets to ensure of its continued progression.

Rahul: Group profit is up 156%, more than double 2024 group profit, a clear validation of the board's recommendation to approve the interim dividend in the summer. Grifols' first dividend payment since 2021. As is customary, the final dividend payment in respect of 2025 is subject to the board's recommendation and shareholder approval at the AGM later this year. Moving on to free cash flow, we are pleased to back up the significant free cash flow outperformance in 2024, with another free cash flow pre-M&A beat at EUR 468 million, up over EUR 200 million versus 2024. This business can absolutely generate meaningful amounts of free cash flow, and we remain confident about expanding the free cash flow generation considerably in the coming years.

Group profit is up 156% more than double of 'twenty 'twenty four.

A clear validation of the board's recommendation to approve the interim dividend in the summer.

Griffith I'll, just first dividend payments since 2021 and as customary the final dividend payment in respect of 2025 are subject to the board's recommendation and shareholder approval at the AGM later this year move.

Moving onto free cash flow, we are pleased to backup the significant free cash flow performance in 2020 before with another free cash flow pre MAA beat at $468 million up over 200 million versus 2020 for this business can absolutely generate meaningful amounts of free cash flow and we remain confident about expanding the free cash flow.

<unk> considerably in the coming years.

Rahul: Our deleveraging path continues, with leverage down from 4.6x at the end of 2024 to 4.2x at the end of 2025. The significant dollar weakening had a broadly neutral impact at leverage, given that some of our debt issuances are dollar-denominated. We will continue to optimize the currency mix as we consider our refinancing plans. I will also update you later on a later slide on our positive progress we are making towards 2027 milestones on deleveraging and cumulative free cash flow generation, where we continue to feel better equipped to deal with the developments in China, thanks to our strategic partnership.

Our deleveraging path continues with leverage down from four six times at the end of 2024 to four two times at the end of 2025, the significant dollar weakening had a broadly neutral impact of leverage given that some of our debt issuances are dollar denominated and we will continue to optimize the currency mix as we consider our refill.

Lansing plant.

I will also update you later.

On a later slide on our positive progress, we are making towards 2027 milestones on deleveraging and cumulative free cash flow generation.

Given where we continue to feel better equipped to deal with the development in China, Thanks to our strategic partnership die.

Rahul: Diagnostic continues to achieve all its milestones as part of our significant repositioning of that business. We're excited about the launch of our new immunohematology platform at the next International Society of Blood Transfusion Congress before the summer. While continuing to maintain our leadership in the molecular donor screening market and continuing to significantly grow in our blood typing business, particularly in the US. Like-for-like adjusted EBITDA margins of 25% were higher than 2024. Slightly soft after fully absorbing the impact of IRA. As I said, highly proactive with our efforts to ensure of its continued progression. With regards to cash adjustments, we show a 33% reduction versus 2024, driven by lower restructuring and transaction costs.

Diagnostics continues to achieve all of its milestones as part of our significant repositioning of that business and we're excited about the launch of our new immuno hematology platform at the next International Society for Blood Transfusion Congress before the summer, what's continuing to maintain our leadership in the molecular donor screening market and.

<unk> to significantly grow in our blood typing business, particularly in the U S. Like for like adjusted EBITDA margins of 25%, while higher than 2024, but slightly soft after fully absorbing the impact of irate as I said on.

Highly proactive with our efforts to ensure its continued progression with regards to cash adjustments, we show a 33% reduction versus 2024, driven by lower restructuring and transaction costs consist.

Rahul: Consistent with our update in Q3, non-cash adjustments relate to impairments of projects that do not at all impact the go-forward equity or credit story and are an extension of the capital allocation discipline that we have talked about. Leaving aside this non-cash adjustment, the convergence between adjusted and reported EBITDA, driven by lower cash adjustments, remains a focus. Slide 20. We are simply pleased to be able to demonstrate that this business can absolutely produce significant amount of free cash flow, and we are particularly happy about beating our free cash flow guidance again in 2025 after the significant beat in 2024. There is nothing structural about this industry, notwithstanding its capital intensity, that precludes our ability to ramp up our free cash flow generation from current levels.

Isn't with our update in Q3 noncash adjustments related to impairments of projects that do not at all impact. The go forward equity or credit story and are an extension of the capital allocation discipline that we've talked about.

Leaving aside this noncash adjustment the convergence between adjusted and reported EBITDA driven by lower cash adjustments remains a focus.

Slide 20, we are simply pleased to be able to demonstrate that this business can absolutely produce significant amount of free cash flow and we are particularly happy about beating our free cash flow guidance again and twenty-five after the significant beat in 2024, there is nothing structural about this industry notwithstanding its capital intensity.

Precludes our ability to ramp up our free cash flow generation from current levels. As you are aware the original free cash flow pre M&A guidance for 2025 with 350 to 400 million and raised throughout the year, culminating in the 400 to 425 million guidance in Q3 and 468 million.

Rahul: As you are aware, the original free cash flow pre-M&A guidance for 2025 was EUR 350 to 400 million and raised throughout the year, culminating in the EUR 400 to 425 million guidance in Q3, and the EUR 468 million outcome considerably beats the improved Q3 guidance. The free cash flow beat reflects the end-to-end focus across the entire organization on cash flow. We will continue to go forward with the same vigilance and intensity.

Outcome considerably beach, the improved Q3 guidance the free cash flow beat reflects the end to end focus across the entire organization on cash flow. We will continue to go forward with the same vigilance and intensity.

Rahul: The free cash flow beat in 2025 is as a result of improved EBITDA, end-to-end intensity in our working capital management, despite investing as a group in further inventory to support the strong demand for our proteins, CapEx levels normalizing for 2024 from 2024 highs, as we anticipated in our prior updates, lower cash interest as a result of the benefits of the deleveraging in 2024, and balance sheet and capital structure management, and finally, lower cash adjustments that is captured within others. Our free cash flow conversion improved from circa 15% in 2024 to circa 25% in 2025. Whilst free cash flow conversion can vary from year to year, we remain confident about being able to improve free cash flow conversion meaningfully over the coming years.

The free cash flow beat in 2025 is as a result of improved EBITDA end to end intensity in our working capital management, Despite investing as a group and further inventory to support the strong demand for our proteins capex levels normalizing for 2024 from 'twenty 'twenty four highs as we anticipated in our <unk>.

Higher updates lower cash interest as a result of the benefits of the deleveraging in 2024 and balance sheet and capital structure management, and finally, lower cash adjustments that is captured within others.

Our free cash flow conversion improved from circa 15% in 2024 to circa 25% in 2025, whilst free cash flow conversion can vary from year to year, we main confident about being able to improve free cash flow conversion meaningfully over the coming years to summarize we are pleased with the 25 20.

Rahul: To summarize, we are pleased with the 2025 outcome. We look forward to generating further improvements in free cash flow in 2026 and beyond. Slide 21. Positive deleveraging progress and free cash flow improvement is now being validated and rewarded by a normalization of rating agency views towards Grifols as they confirm our rapid re-rating progress. In the last 18 months or so, S&P have moved the Grifols ratings from B-flat stable to BB- stable, up 2 notches. Similarly, Moody's have also improved the Grifols rating by 2 notches from B3 to B1 stable, and Fitch from B+ to B+ Positive. We are also glad to see credit investors and our relationship banks validate our significant deleveraging and free cash flow improvement progress. The considerable tightening of secondary trading yields of our 2030 bonds clearly demonstrates strong credit investor sentiment.

2025 outcome and we look forward to generating further improvements in free cash flow in 2026, and beyond slide 21 positive deleveraging progress and free cash flow improvement is now being validated and rewarded by a normalization of rating agency views towards growth slows as they confirm.

Our rapid re rating progress in the last 18 months or so S&P have moved the gryphons ratings from the flat stable to double B minus stable up two notches. Similarly, Moody's also improve the growth was waiting by two notches from <unk> to be one stable and Fitch from B plus to B plus positive.

We are also glad to see credit investors and our relationship banks validate our significant deleveraging and free cash flow improvement progress the considerable tightening of secondary trading yields of our 2013, the bonds clearly demonstrates strong credit investor sentiment.

Rahul: Further, the significant increases in the commitment levels that are being volunteered by our relationship banks will support our planned significant upsides to the revolving credit facilities with materially improved pricing and flexibility. In addition, preparations are in an advanced stage to support our refinancing plans in respect of our 2027 maturities. We plan to do this in two steps, starting with a revolver and the TLB. For the latter, we expect to commence an institutional TLB investor-focused education process shortly and target a subsequent launch subject to market conditions during the course of H1 2026. We expect to refinance the remaining 2027 bond maturity in Q4 2026 or earlier. Slide 22. This slide succinctly captures our four-year financial transformation and how that informs our 2026 priorities.

Other significant increases in the commitment levels that are being volunteered by our relationship banks will support our planned significant upsides to the revolving credit facilities with materially improve pricing and flexibility.

In addition preparations are in advanced stage to support our refinancing plans in respect of our 2027 maturities. We plan to do this in two steps starting with our revolver and the T. L. B for the latter we expect to commence an institutional T. L. B investor focused education process shortly and target a subsequent.

Launch subject to market conditions during the course of H, one and 2026 and we expect to refinance the remaining 2027 bond maturity in Q4, 2026th Orelia.

Slide 22, this slide succinctly captures our full year financial transformation and how that informs our 2026 priorities as the chart on the left shows our deleveraging story is very compelling reducing our leverage from nine times, an H, one and 2022 to the current four two times credit.

Rahul: As the chart on the left shows, our deleveraging story is very compelling, reducing our leverage from 9x in H1 2022 to the current 4.2x credit agreement leverage, driven by significant EBITDA growth and free cash flow improvement. A significant proportion of the EBITDA growth has been volume-led, with a very deliberate execution of our strategy, announced in 2023, to win back lost market share in the US and international growth. The progress of both EBITDA growth at 14% CAGR and margin improvement by over 400 basis points from 2022 to 2025 is clear for everyone to see....

Leverage driven by significant EBITDA growth and free cash flow improvement.

A significant proportion of the EBITDA growth has been volume led with a very deliberate execution of our strategy announced in 2023 to win back lost market share in the U S and international growth the progress of both EBITDA growth at 14% CAGR and margin improvement by over 400 base.

This points from 2022 to 2025 is clear for everyone to see having successfully taken our credit agreement leverage back to pre COVID-19 levels and having executed on our plan to win back lost market share in the U S. We are now well placed to optimize our path forward in particular to take action.

Rahul: having successfully taken our credit agreement leverage back to pre-COVID levels and having executed on the plan to win back lost market share in the US, we are now well-placed to optimize our path forward, in particular, to take action to advance our margin progression, including optimizing the balance of our last liter across IG and albumin. In this regard, the recent EMA approval for Egypt-sourced plasma is a game changer for Grifols and for the plasma industry. The combination of our unique position in the US and the progress with our self-sufficiency projects in Egypt and Canada differentiates the Grifols story from the rest of the industry. We are confident about following our own path, which is a nice segue into our priorities for 2026 on the right.

To advance our margin progression, including optimizing the balance of our lost litre across IGN albumin. In this regard the recent EMA approval for Egypt source plasma is a game changer for <unk> and for the plasma industry. The combination of our unique position in the U S and the progress with our self sufficiency.

Next in Egypt, and Canada differentiates the Griffith story from the rest of the industry and we are confident about following our own path, which is a nice segue into our priorities for 2026 on the right. We believe that we are uniquely positioned to redefine the industry by harvesting the value of our strategic investments from the Pos.

Rahul: We believe that we are uniquely positioned to redefine the industry by harvesting the value of our strategic investments from the past. Our priorities are clear. We will continue to grow in line with the US IG market, while maintaining a very targeted and disciplined ex-US strategy, yet fully leveraging the paradigm shift that EMA approval of Egypt-sourced plasma offers Grifols. Focus on value creation via prioritizing margin expansion, accelerating free cash flow generation, and continuing on our de-leveraging path, which we believe will help us continue our re-rating progress, not just on the credit side, where the evidence thus far speaks for itself, but also on the equity side. Slide 23. Before I touch on 2026 guidance, let me start with our 2027 milestones. We remain on track to achieve both milestones.

Our priorities are clear, we will continue to grow in line with the U S market, while maintaining a very targeted and disciplined ex U S strategy, yet fully leveraging the paradigm shift that EMA approval of Egypt source plasma offers Griffith.

And focus on value creation via prioritizing margin expansion accelerating free cash flow generation and continuing on our deleveraging path, which we believe will help US continue our re weighting progress not just on the credit side, whether you have evidence thus far speaks for itself, but also on the equity side slide.

23, before I touch on 26 guidance, let me start with our twenty-seven milestones we remain on track to achieve both milestones credit agreement leverage down to three and a half times and cumulative free cash flow pre M&A of 175 to 2 billion by end 2027.

Rahul: Credit agreement leverage down to 3.5x, and cumulative free cash flow pre-M&A of EUR 1.75 to 2 billion by end 2027. As for 2026, the clear focus is on continuing to improve our free cash flow story, and we are guiding to EUR 500 to 575 million free cash flow pre-M&A in 2026. In addition, we are targeting improving adjusted EBITDA margins to 25% or higher, and we expect adjusted EBITDA growth to be in the 5% to 9% region on a constant currency basis versus 2025, and you can assume euro dollar average FX in 2025 of circa 1.12. We remain committed to continuing on our de-leveraging path.

As for 2026, the clear focus is on continuing to improve our free cash flow story, and we are guiding to 500 to 575 million free cash flow pre M&A in 2026 in.

In addition, we are targeting improving adjusted EBITDA margins to 25% or higher and we expect adjusted EBITDA growth to be in the 5% to 9% region on a constant currency basis versus 2025, and you can assume euro dollar average FX in 'twenty.

25 of circa 1.1 too.

We.

Main committed to continuing.

On our deleveraging path and finally, even if you can imply the revenue growth yourselves from what is on the slide.

Rahul: Finally, even if you can imply the revenue growth yourselves from what is on the slide, whilst we expect to grow on a constant currency basis, we are deliberately not including revenue growth guidance for 2026. This is consistent with our 2026 priorities from the prior slide. We are consciously moderating revenue growth in 2026 from our higher 2025 base by prioritizing our focus on margin accretive growth, driven by our unique position and the highly compelling prospects from our self-sufficiency initiatives that we look forward to updating the market on in the coming quarters. We are following our own path with conviction. With that, let me hand it back to Nacho.

Whilst we expect to grow on a constant currency basis, we are deliberately not including revenue growth guidance for 2026. This is consistent with our 26 priorities from the prior slide we are consciously moderating revenue growth in 2026 from our higher 2025 base.

By prioritizing our focus on margin accretive growth driven by our unique position and the highly compelling prospects from ourselves efficiency initiatives that we look forward to updating the market on in the coming quarters. We are following our own path with conviction with that let me hand, it back to nature.

[Company Representative] (Grifols): Thank you, Rahul. I would like to conclude by reiterating a few points that we've already made, but that bear repeating. In 2025, we delivered on our commitments and strengthened our financial foundation. More importantly, the performance of the company reflects our ability to capture the fundamental resilience of the plasma industry, a high mode, essential sector, where Grifols continue to set the standard for global leadership. Through our long view lens, our strategic direction is clear. Grifols will harvest the value of our strategic footprint. Our vertical integration in Canada and our partnership in Egypt are critical catalysts for our next chapter. These hubs provide a diversified and resilient supply chain that positions us to capture further value. What remains unchanged is the strength of our underlying business and our commitment to our long-term vision.

Thank you Robert.

I would like to conclude by reiterating a few points that we've already made but that bear repeating in.

In 2025, we delivered on our commitment and strengthen our financial Foundation.

More importantly, the performance of the company reflects our ability to capture the fundamental resilience of the plasma industry high moat essential sector, where greenfields continue to set the standard for global leadership.

Through our long view lens, our strategic direction is clear.

Greenfields will harvest the value of our rest of the footprint our vertical integration in Canada and our partnership in Egypt are critical catalyst for our next chapter.

These hubs provide a diversified and resilient supply chain that positions us to capture part of their value.

What remains unchanged is the strength of our underlying business and our commitment to our long term vision. Our immunoglobulin franchise continues to benefit from a stronger structural demand while album and Alpha widen our speciality products portfolio as well as fibrinogen remain core assets within our portfolio.

[Company Representative] (Grifols): Our immunoglobulin franchise continues to benefit from a strong structural demand, while albumin, Alpha-1 and Specialty Proteins portfolio, as well as fibrinogen, remain core assets within our portfolio. At the same time, our Diagnostic business is progressing toward an evolving operating model that we are convinced that will allow significant additional value over time. Today, Grifols is a more focused and resilient organization, structured to deliver consistent performance, prioritizing returns, free cash flow, and deleveraging, with a clear objective of increasing value for our shareholders. I would like to thank the entire Grifols team for their dedication and effort throughout the year, and also I would like to thank all of you for your continued interest and support in Grifols. With that, Danny, back to you.

At the same time, our diagnostic businesses progress into wire and evolving operating model that we are convinced that it will allow significant additional value over time.

Today grateful that a more focused and resilient organization structure to deliver consistent performance by area Dyson Red Orange and free cash flow and deleveraging with a clear objective of increasing value for our shareholders.

I would like to thank them directly for steam for their dedication and air force throughout the year and I also would like to thank all of you for your continued interest central bore English.

With that Danny back to you.

Operator: Thank you so much, Nacho. Now, let's turn to the Q&A session. Please remember to press star five to ask a question. We need to place a limit of two questions per analyst, but if you have any follow-ups, please dial star five again to get back on the list. Let us start with Thibault from Morgan Stanley. Thibault, please.

Thank you so much and Archer now lets turn to a Q&A session. Please remember to press star five to ask a question went into place a limit of two questions per analyst. Maybe you have any follow ups. Please dialister five again to get back on the list.

Let us start with Tivo from Morgan Stanley Tivo. Please.

Rahul: Yeah, thank you very much. Maybe my first question, obviously, I mean, you mentioned we can reverse engineer the sales growth. I just want to know if 2026 is a specific year where growth is differing from the capital market, the target that you had, and we should assume growth to come back after? In relation to this, is it about what you think for demand? Is it about plasma capacity, or is it really about the plasma economics and last liter focus that explained the growth being slow in 2026? Thank you. Thanks, Thibault. As you think about revenue growth, one of the reasons why we've excluded it, even though you can work out, do the math yourself on that page, is that it isn't a priority.

Thibault Boutherin: Yeah, thank you very much. Maybe my first question, obviously, I mean, you mentioned we can reverse engineer the sales growth. I just want to know if 2026 is a specific year where growth is differing from the capital market, the target that you had, and we should assume growth to come back after? In relation to this, is it about what you think for demand? Is it about plasma capacity, or is it really about the plasma economics and last liter focus that explained the growth being slow in 2026? Thank you.

Yeah. Thank you very much.

Maybe my first question would you say I mean, you mentioned and as I said he knows his growth.

Hum.

Functionally and 26 is a specific yeah.

We're going to see differing from.

The capital market day target that you had.

They're shown grows to comeback aster.

And these are indeed, the boats what youre seeing for demand is about our capacity.

It's really about the customer economics, and unless you do.

Focus and that explained the gross being Sterling 26. Thank you.

Rahul: Thanks, Thibault. As you think about revenue growth, one of the reasons why we've excluded it, even though you can work out, do the math yourself on that page, is that it isn't a priority.

Thanks, Steve Rowe.

As you think about revenue growth one of the reasons why we've excluded it even though you can work out do the math yourself on that page is that it isn't a priority why isn't it a priority we have taken our leverage back to pre COVID-19 levels.

Rahul: Why isn't it a priority? We have taken our leverage back to pre-COVID levels. We have executed successfully on our plan to win back lost market share in the US. Our focus from here on is about optimizing the quality of our EBITDA growth. That's the key focus on our standpoint. On that, I can ask Roland as well to add as we think about balancing the last liter economics. Roland?

We have executed successfully on our plan to win back lost market share in the U S and our focus from hereon is about optimizing the quality of our EBITDA growth. That's the key focus on our standpoint and on that I can ask Roland as well too to add as we think.

By balancing the last eight or economics relative.

Roland: Thank you, Thibault, for the question. Absolutely, plasma economics are at the heart of our business, given that we produce our medicines from very precious donations. That entails, you know, three main aspects. One is we have to maximize our first leader proteins. Second, over the longer term, balance IG and albumin growth. Thirdly, bring costs down of production, of course. You know, double-clicking on the IG and albumin balance for a moment, over the last 2 years, we have constantly used a strong IG position to regain share in the US and drive growth. Now, this has last year combined at the same time with a temporary softness in China as market works through policy changes, but notably with continued strong unmet need and patient demand on the loan.

Thank you.

A question and absolutely plasma economics are at the heart of our business given our produce our medicines from very precious donations and that entails three main aspects. One is we have to maximize our firstly the proteins.

Second over the longer term balance IGN albumin growth and thirdly bring costs down of production of course, but you know double clicking on the IGN Abu imbalanced for a moment over the last two years, we have constantly used a strong <unk> position to regain share in the U S and drive growth.

Now this has last year combined at the same time with a temporary softness in China as market breakthrough policy changes, but notably with continued strong ahmet need and patient demand on the loan.

Roland: This puts us in a position this year where we can optimize our approach for 2026. On the IG side, after two years on strong growth on this higher base, and with the position that we were aiming for achieved in the US and key European markets, we focus our growth there, and we are pulling back in other markets elsewhere. On the albumin side, we build on our momentum to make sure that we can catch up. We believe that we are in a strong position to balance albumin IG over growth, not only from a commercial perspective, but also in China, through our strategic partnership with Shanghai RAAS, and as Rahul and Nacho have alluded to, through our absolutely transformative strategic partnership in Egypt, which provides us with excess IG for the European market and our continued focus on work on the yield.

This puts us in a position this year, where we can optimize our per approach for 2026 on the AG side. After two years on strong growth on this higher base and with the position that we were aiming for a chief in the U S and key European markets, we focus our growth there and we are pulling back in other <unk>.

<unk> elsewhere.

And on the albumin side, we build on our momentum to make sure that we can catch up we believe that we are in a strong position to balance album and Diageo of growth not only from a commercial perspective, but also in China through our strategic partnership with Shanghai, Ross and as Rahul Nacho alluded to.

Through our absolutely transformative strategic partnership in Egypt, which provides us with access I E for the European market and our continued focus on work on yield and all of that of course, while continuing to drive our first these are proteins and our cost overall.

Roland: All of that, of course, while continuing to drive our first leader proteins and our cost overall.

Operator: Thank you very much, Rahul. Thank you very much, Roland. I think it's very clear. Now let's move to the next one. It's gonna be Jaime Escribano from Santander.

Thank you very much Rahul. Thank you very much roeland I think it's very clear now let's move to the next one is going to be high risk <unk> from Santander.

Jaime Escribano: Hi, good afternoon. My question is, I'm trying, Rahul, to do a backwardation to try to get the potential EBITDA guidance on our reported basis for 2026. I'm getting something in between, obviously, assuming that 25% margin, because if I put a higher margin, it can be more. Let's call it a minimum reported EBITDA adjusted guidance of EUR 1.9 to 1.97 billion. This will be my first question. Does this make sense? Would you feel comfortable with that?

Hi, good afternoon. So.

My question is Sunshine, and Val d'or, novack motivation to try to get there.

Potential EBITDA guidance on a reported basis or 22 six.

I'm getting something in between obviously, assuming that 25% margin.

Because if I pulled out higher mining and can be more.

Sorry about that let's call. It a minimum a reported EBITDA adjusted guidance of one nine to 197 billion I'm, losing my first question is that does this make sense.

Well with that.

Rahul: To 9% on 1825 is around 1950 to about 1980, give or take. Ballpark, your numbers are correct. As I mentioned as well, as you think about average euro dollar for 2025, that's at 1.12. Hopefully that gives you the information you need, Jaime.

To 9% on 18 25 is around 1950 to about 1980 give or takes a ballpark. Your numbers are correct as I mentioned as well.

As you think about average euro dollar for twenty-five that's at 112.

So hopefully that gives you the information you need timing.

Operator: Okay. Thank you so much, Jaime. You have a second question?

Okay. Thank.

Thank you so much I mean, you have a second question.

Jaime Escribano: Yes, if I, if I may. Yeah. It's again, I understand that you are not providing the top-line guidance, but you give a 25% margin or more. Can you try to give us a little bit more color on whether you think you are gonna be more closer to 25% or more, 25.5%? Depending on that, obviously the top-line growth will be more or less.

Yes, yes, he had if I may yeah, sorry, Sam So and again I understand you are not providing them the topline guidance.

<unk> got plenty of sand mining Omar.

So and.

Can you try to.

It needs to be more color on whether you think you are going to be more closer to 25% or more of 25, 5% because depending on that.

A blind egg RASM will be more or less.

Rahul: Let me address that. Two points. One, on a constant currency basis, as I said in my prepared remarks, you can absolutely assume moderate growth, moderate net revenue growth. As you think about modeling out margins, I think Your 25 to 25.5% range is absolutely fine.

Let me address that 222 points one.

On a constant currency basis as I said in my prepared remarks, you can absolutely assume moderate growth moderate net revenue growth.

And as you think about modeling out margins I think 'twenty, you're 25 to 25 in our house and range is is is absolutely fine.

Operator: Okay. Thank you so much, Rahul. Now, we will go to Álvaro Lenze from Alantra.

Okay. Thank you so much Rahul.

Now we will go to Alberto landfill from Atlanta.

Roland: Hi, thanks for taking my questions. Going back to revenue, just wanted to understand what do you mean by pursuing higher or more profitable revenue or prioritizing margins? It really sounds to me, or I would have thought that you would sell always as much as possible. I don't know, what are your internal levers in terms of revenue to improve profitability? I would suspect you would try to sell as much of the non-IG and non-albumin as you can, and you are already price takers, I would assume. I don't know what the levers are. I wanted to know, first, what the levers are on revenue, and second, whether more of the margin improvement comes the cost side with all Egypt venture and maybe some industrial gains control. Just trying to understand that.

Álvaro Lenze: Hi, thanks for taking my questions. Going back to revenue, just wanted to understand what do you mean by pursuing higher or more profitable revenue or prioritizing margins? It really sounds to me, or I would have thought that you would sell always as much as possible. I don't know, what are your internal levers in terms of revenue to improve profitability? I would suspect you would try to sell as much of the non-IG and non-albumin as you can, and you are already price takers, I would assume. I don't know what the levers are. I wanted to know, first, what the levers are on revenue, and second, whether more of the margin improvement comes the cost side with all Egypt venture and maybe some industrial gains control. Just trying to understand that.

Hi, Thanks for taking my questions going back to the revenue just wanted to understand what do you mean by pursuing.

Higher RMR profitable.

Revenue or does it mean.

Yes.

Okay.

It sounds to me are you would've thought that you would sell.

Always as much as possible so shall I, even know what are your internal levers in terms of revenue to improve profitability day I would suspect you would try to sell as much of a known IGN on albumin.

You can and you are already priced acre site with us. So I don't know what the levers are and so I wanted to know first what the levers are on revenue trends in chicken, whether more of the margin improvement the cost side with her on Egypt.

Venture and maybe some industrial gains onshore just trying to understand that and my second question would be.

Roland: My second question would be-

Álvaro Lenze: My second question would be-

Justin Smith: on Haema BPC buyback, which you did not mention, is that still expected for this year? Thank you.

Álvaro Lenze: on Haema BPC buyback, which you did not mention, is that still expected for this year? Thank you.

On he might be beauty.

Buyback, which you didn't mention is just still is that still.

Expected for this year. Thank you.

Roland: Álvaro, as we look into 2026, and we want to balance our growth in IG with albumin, we are in a position with our momentum to choose the markets in which we want to focus growth. Obviously, these are the markets where we see a higher value realized and a higher margin, and therefore, our focus to continue our momentum in the US and key European markets. We are in a position with our momentum where we can choose where we want to position the supply that we have on IG side, while of course, driving on the albumin side to continue to grow.

So as we look into 2026, and we want to balance our growth in I G. With albumin, we are in a position with our momentum to choose the markets in which we want to focus growth and obviously these are the markets, where we see a higher value realized in our higher margin.

And therefore, our focus to continue our momentum in the U S and in key European markets. So we are in a position with our momentum where we can choose where we want to position to supply that we have on <unk> side, while of course driving on the albumin side too to continue to grow. This is as you look at at pricing.

Roland: This is as you look at pricing and value that we create. Obviously we are looking at the cost side as well. As we continue to drive efficiencies and effectiveness in our manufacturing and plasma collection network, absolutely.

And value that we create and then obviously we are looking at the cost side as well and as we continue to drive efficiencies and effectiveness in our manufacturing our plasma collection network absolutely.

Rahul: On Haema BPC, the timing of the exercise, Álvaro, will be determined by the board, as I've said before. We've also previously indicated a potential exercise in 2026 or 2027, I've also indicated that we intend to finance it through free cash flow generation, whilst continuing on our deleveraging path. No change in overall message. Final timing is 2026, 2027, the precise timing will be a matter that's determined by the board.

On an hamer BPC.

The timing of the exercise.

Alvaro will be determined by the board as Ive said before and we've also previously indicated a potential exercise in 26 or 27 and have also indicated that we intend to finance it through free cash flow generation, whilst continuing on our deleveraging path. So no change in overall message fine.

The timing is 'twenty six 'twenty seven but.

The the the precise timing will be a matter that determined by the board.

Operator: Okay, thank you so much, Rahul. We will move to Guilherme from Banco BPI. Please, your turn.

Okay. Thank you so much.

Now, we will move to Guillermo <unk> from Kashagan.

Please your turn.

Guilherme Sampaio: Yes. Hello, thank you for taking my question. Two, the first one is regarding phasing. We're from a Q4 run rate in terms of biopharmaceutical growth, we all have several effects, some moving into 2026, others don't. Just wanted to understand, how should we think about the phasing as the growth throughout the year? If you're assuming a desire to optimize the growth across proteins right in Q1, or we should expect some slowdown in the pressure that you're seeing in albumin, into a more stable growth throughout the year. The second question is: how are you thinking about your post-2027 debt refinancing options in terms of maturity?

Yes, Hello, Thank you for taking my question so two.

First one regarding phasing.

So we are from a Q4 run rate in terms of in terms of Biopharma World, we'll have several effects movies and moving to into into 2026, others don't just wanted to understand how should we think about the phasing of the growth throughout the year, if we if you're assuming.

A desire to optimize the growth of a cross retains right after that in Q1 or we should expect Simpsons some slowdown in the.

And the pressure that you're seeing in our in albumin.

So a more stable growth throughout the year.

And the second question is how are you thinking about your post 2027 debt refinancing option nimble in terms of maturity you mentioned that you could optimize guarantees and in terms of timeline for the part of the potential refinancing and related to that whether the free cash will gather include potential refinancing costs.

Guilherme Sampaio: You mentioned that you could optimize currencies, and in terms of timelines for the potential refinancing. Related to that, whether the free cash flow guidance includes potential refinancing costs that you might pay, especially addressing maturity. Thank you.

At your myopia, especially addressing thank you said materially thank you.

Rahul: Guilherme, let me take the refinancing plans first, and Roland will take your second question, and Roland will take your first question after. On refinancing plans, you know, as we mentioned in my prepared remarks and in the presentation, the intention is to proactively manage our 2027 maturities, and we're at an advanced stage of preparation with respect to the RCF and the TLB refinancing. We expect to commence an investor education process relatively quickly. Subject to market conditions, the expectation would be to get the TLB refinancing done in H1 2026, all entirely consistent with our prior updates.

Gary Let me take the the refinancing plans.

First and Roland will take sorry, your second question enroll them I'll take your first question after on refinancing plans.

As I as we mentioned in my prepared remarks, and in the end and in the presentation. The intention is to proactively manage our twenty-seven maturities and we're at an advanced stage of preparation with respect to the Rcs and the T. L. B, a refinancing and we expect to come.

Mansion Investor education process relatively quickly.

And then subject to market conditions the expectation.

Would be to to get the T. L. B refinancing done an H one twenty-six all entirely consistent with our prior updates as you think about currency, which I believe was another part of your question Gary May I.

Rahul: As you think about currency, which I believe was another part of your question, Guilherme, I think for the moment you can model it on the basis of existing currency splits. Our TLB is split into dollars and euros. You can assume the existing currency splits that are disclosed. I did reference that we will seek to use our refinancing plans to optimize the natural hedges in place a bit better. Ultimately, maybe the final denominations of our currencies do vary a little bit, but I think it's a good working assumption to use the existing ones. Finally, as you think about the TLB today is about EUR 2.2 billion, give or take.

I think for the moment you can model it on the basis of existing currency splits are T. L. B.

<unk> is split into dollars and euros. So you can assume that counts.

Existing currency splits that are disclosed.

I did reference that we will seek to use our refinancing plans to optimize the AR the natural hedges in place a bit better. So ultimately may be the the final denomination of currencies do vary a little bit, but but I think it's a good working assumption to use the existing.

<unk> ones and then finally as you think about the G. L. B T. L. B today is about $2 2 billion give or take and I talked about the secured bonds of 750 million or so following in Q4 orelia subject to market conditions. So the intention would be to refinance all 3 billion well ahead of the year again entirely consist.

Rahul: I talked about the secured bonds, of EUR 750 million or so, following in Q4 or earlier, subject to market conditions. The intention would be to refinance all EUR 3 billion well ahead of the year. Again, entirely consistent with our prior updates. Hopefully, that addresses your question. On the first one, Roland?

<unk> without prior updates hopefully that addresses your question and on the first one roeland gain in terms of phasing, perhaps just two parts to highlight one is we have natural seasonality throughout the different proteins in our portfolio just to give you. One example, rabies with a very high use over the summer months of course and for some of the other.

Roland: Yeah, in terms of phasing, perhaps just two parts to highlight. One is we have natural seasonality throughout the different proteins in our portfolio. Just to give you one example, rabies, with a very high use over the summer months, of course. For some of the other proteins, we just have seasonal buying patterns from wholesalers. Perhaps a second aspect to highlight, as we say, we continue to grow with the market in the US and key European markets, so there we expect a similar phasing to what we've seen in the past. As we continue to be selective in markets elsewhere, this will play out throughout the year.

<unk>, which is stuff of seasonal buying patterns from from wholesalers and perhaps a second aspect to highlight as we say we continue to grow with the market in the U S. In key European markets. So there we expect a similar phasing to what we've seen in the past.

And as we continue to be selective in markets elsewhere. This will play out throughout the year.

Operator: Thank you so much, Roland. A very comprehensive question. Now let's move to Justin. Justin Smith from Bernstein Societe. Justin, please.

Thank you so much run a very comprehensive question.

Now, let's move to Justin Justin as myths from besting associate there Justin please.

Justin Smith: Yeah. Hi, thanks very much. I'm sorry if I'm being a bit slow here. Can I just revisit the 2029 guidance that was issued a year ago? Am I right in thinking that that guidance, on an absolute basis, is still valid if we just adjust dollar euro 1.04 to the 1.12? If not, can you just help me understand what I'm missing? I'm trying to understand if growth is more hockey stick or if something's actually kind of structurally changed in the last 12 months?

Yeah, Hi, thanks, very much I'm, sorry, if I'm being a bit slow here could I just revisit the 2029 guidance that was issued a year ago.

Am I right in thinking that that guidance on an absolute basis is still valid if we just adjust dollar euro why four to the 112, if not can you just under the help me understand what I'm missing I'm trying to understand it.

Growth is more hockey stick or if something is actually going to structurally change in the last 12 months.

Rahul: Hey, Justin, let me take that. I think as you look at the 2025 to 2029, that was a roadmap that we set out with a very clear objective to increase EBITDA and EBITDA growth, improve our EBITDA margins, expand free cash flow generation, and considerably delever. All of those aspects absolutely hold true, no change whatsoever. Since then, we've obviously provided and met guidance for 2025. We're providing guidance for 2026 and confirming that we are on track to achieve our 2027 milestones. I think we've given probably more information than would ordinarily be the case.

Hey, Justin Let me, let me take that.

I think as you look at the.

25 to 29 I was that was a roadmap that we set out with a very clear objective to increase EBITDA and EBITDA growth improve our EBITDA margins expand free cash flow generation and considerably de lever all of those aspects absolutely hold true no change whatsoever.

Since then we've obviously provided a met guidance for 2025, we're providing guidance for 'twenty shakes and confirming that we are on track to achieve our 27 milestones I think we've given probably more information.

Then Dan would ordinarily be the case, but.

Rahul: you know, as you think about revenue growth as well, we have grown enormously in the last couple of years, we are talking about moderate growth on a constant currency basis from this higher base. you know, if I could leave it at that, Justin, that'd be great.

And you know as you think about revenue growth as well we have grown enormously in the last couple of years and we are talking about moderate growth on a constant currency basis from this higher base from this higher base. So.

If I could leave it at that juncture that'd be great.

Operator: Thank you so much. Rahul, we have a follow-up from Thibault, from Morgan Stanley. Thibault, please go ahead.

Thank you so much for whom we have a follow up from table from Morgan Stanley Tivo. Please go ahead.

Thibault Boutherin: Yeah, thank you very much. Just want to touch on the dynamic of Q4. It looks like the gross margin was probably lower than expected, and at the same time, SG&A and R&D compensated for that. Just in terms of how we should read into that dynamic, when we think about the cost sides in 2026. Thank you.

Yes. Thank you very much just wanted to touch on the dynamic of Q4.

It looks like the gross margin was probably lower than we expected and at the same time SG&A and R&D.

A couple of hundred how that addressed in terms of how we should read into that dynamic when you think about the classifieds in 10 26. Thank you.

Rahul: Thanks, Thibault. As you think about gross margin, it's better to look at gross margin on a full year basis rather than quarterly. We talked about some phasing and FX and so on. Move away from the Q4 and look, the following page covers in the appendix, covers the full year picture. Let's look at that picture. Point one, if I can start with this, gross margin like for like 2025 versus 2024, was in fact 50 basis points better. Pre-IRA, pre-gross to net reclass, as that was recommended by our auditors, which better captures underlying performance. IRA alone was a 90 basis points impact, negative impact. Accounting reclass, that is, EBITDA neutral, but weighs on gross margin, was another headwind.

Thanks, Steve Rowe as you'd think about gross margin and it's better to look at gross margin on a full year basis, rather than quarterly we talked about some phasing and FX and so on so move away from the Q4 I look at the following page covers.

The following page coverage in the appendix covers the full year picture. So let's look at a picture.

0.1, if I can start with us gross margin like for like 25 versus 24 was in fact 50 basis points better.

Pre I or a priest pre gross to net re class.

And that was recommended by our auditors, which better captures underlying performance I ARIA alone was a 90 basis points impact negative impact accounting re class that is EBITDA neutral, but weighs on gross margin was another was another headwind China albumin had ones, we've talked about as well, but we feel pretty we feel.

Rahul: China albumin headwinds we've talked about as well, but we feel very good about our strategic partnership with Shanghai RAAS. I would use the full year gross margin picture rather than the quarterly, the Q4 gross margin picture, as being what is reflective of 2026, and building on that, not the Q4 picture. Hopefully, that addresses your question, Thibault.

Very good about our strategic partnership with Shanghai Rush, So I would use.

The full year gross margin picture, rather than the quarterly the fault with a for the fourth quarter gross margin picture as being what is reflective of 2026 and building on that not the Q4 picture hopefully that addresses your question Thibault.

Operator: Thank you so much. Rahul, we have a second follow-up today. This is coming from Álvaro. Álvaro Lenze, please.

Thank you so much a whole we have a second follow up today.

It is coming from Alberto Alberto landfill. Please.

Álvaro Lenze: Hi, just very quick. I know you're focused on the current refinancing, but I was just wondering when would be a potential window to refinance the 2030 maturities, which are the most expensive for senior secured? Very quickly, if you could just give us highlights on your current capacity and how much spare capacity do you have for continued growth while maintaining low CapEx? Thank you.

Hi.

Very quick.

I know you're focused on the current refinancing, which I guess I was just wondering when would be a potential window be to refinance the 23rd theme either this return.

The most expensive for senior secured and very quickly if you could just give us some highlights on your current capacity and how much spare capacity do you have for continued growth while maintaining low capex. Thank you.

Rahul: Sure. Let me start with the 2030 refi, and Roland will take your second question on capacity. On 2030 refi, look, we're just gonna continue to be opportunistic and be very, very focused on trying to drive interest costs as low as possible. As you know, Álvaro, and I know you know our debt complex well. We have those bonds are callable on 1 May 2026, at 104, and they drop down to 102 on 1 May 2027. We're just gonna be very, very disciplined in terms of what drives better value. Is it better to refinance during the course of 2026 or wait until 2027?

Sure Let me, let me start with the with.

With the 2030 refi and Roland will take your second question on capacity.

2030, refi look we were just going to continue to be a.

Just upped opportunistic and be very very focused on trying to drive interest cost as low as possible.

As you know of or and I know you know our debt complex well are we have a those bonds are callable on the first of May 2026 at 104, and they dropped down to one or two on first of May 2027, and we're just going to be very very disciplined in terms of what drives.

Better value is it better to refinance during the course of 2026 I'll wait until 2027, we will drive that based on just just the value proposition.

Rahul: We will drive that based on just the value proposition. Look, I think it's. I agree with you that that debt is expensive. It also goes to show how significant the tightening of yields have been in the last 12 months, which is again, significant validation of the strong creditor investor sentiment towards the Grifols story. On your second question, Roland?

But look I think it's I agree with you that the bad debt is expensive I. It also goes to show how significant the tightening of yields have been in the last 12 months, which is again significant validation of the strong credit or invest in investor sentiment towards the Gulf old story.

But on the on your second question Roland.

Roland: Yeah. Capacities, we don't give the details in terms of the exact leaders, but we have the capacity that we need to execute over the next year, and we are building on that, in one hand, in terms of optimization that we continuously deploy across our sites, our five sites. We have our Canadian plant coming online. We have the Egyptian plant we talked about today coming online, and we recently announced our expansion in Lliçà de Vall, in Barcelona. We have a very clear plan for CapEx and capacity expansion that sets us up to deliver on what we plan and grow in the future.

What capacities, we don't give the details in terms of the exact leaders, but we have the capacity that we need to execute over the next year.

And we are building on that.

One hand in terms of optimization that we continuously deploy across our sites over five sites. We have are our Canadian plant coming online we have the chips plant, we talked about today coming online and we recently announced our expansion in Lisa in Barcelona. So we have a very clear plan for Capex and <unk>.

The cost of the expansion that sets us up to deliver on what we plan and grow in the future.

Operator: Thank you so much, Roland. We have a question from Charles, from Barclays. I'm gonna go through the question. There are some technical issues. Two questions: Can you comment on market share evolution for IG and SubQ? Second one, albumin, market share in China for albumin?

Thank you so my general and we have a question from child from Barclay I'm going to go through the question. There are some technical issues two questions.

Can you comment on market share evolution for AG and soup Q.

Second one odd win market share in China for albumin.

Yeah.

Roland: Yeah, I'm happy to take the two.

Yeah, I'm happy to relate the two Roland will take the your question Charles as.

Operator: Roland will take your question, Charles.

Roland: Yeah. As for market share, for IG, that was obviously one of the main focus areas that we had, especially in the US, in our plan over the last two years to regain share, and we're happy with the progress that we made. There's different data sources that I'm sure, Charles, that you're tapping into. We're pleased with the market share gains that we have, not only with the number that we've seen, but also with the quality in the centers where we achieved this. Sub-Q, needless to say, with the growth and momentum that we were able to deliver last year, we're very pleased with the momentum as well. We don't go into specifics of the split between the two, you know, in the US, which is the key market for us, very pleased with the uptake that we see on the Sub-Q side.

As for market share for.

For I G doubled obviously one of the main focus areas that we have especially in the U S. In our plan over the last two years to regain share and and we're happy with the brokers have been made there's different data sources that I'm sure Charles that you're tapping into but we're pleased with the market share gains that we had not only with the number that we've seen but also with the quality and the centers where we.

To achieve this sop Q needless to say with the growth and momentum that we were able to deliver last year. We're very pleased with the momentum as well we didn't go into specifics of the split between the two but in our in the U S, which is a key market for us very pleased with the uptake that we see in the softer side in terms of albumin in China.

Roland: In terms of albumin in China, both as we look at batch releases, ex-factory, as well as, if we look at pull-through, we're, you know, pleased with what we see versus competition. As said before, our strategic partnership with Shanghai RAAS, we believe, puts us in a very good place in order to effectively compete in this market and make sure as the China environment stabilizes, that we're able to continue to drive growth there.

Both as we look at batch releases ex factory as well as a if we look at pull through we are.

Pleased with what we see versus competition as said before our strategic partnership with Shanghai Ross, We believe puts us in a very good place in order to effectively compete in this market and make sure as the China environment stabilizes that we were able to continue to drive growth there.

[Company Representative] (Grifols): Thank you so much, Rahul, and Charles, I'm sure that this is gonna be helpful. We have another follow-up. This is coming from Jaime Escribano from Santander. Jaime, please.

Thank you for mitral I'm, sorry that I'm sure that this is going to be helpful. We have another follow up this is coming from jaime's Cabana from Santander.

Please.

Jaime Escribano: Hi, yeah, I have a couple of questions from my side, more from an strategic viewpoint. Canada, I don't know if you can quantify or at least tell us, how much could be the economic opportunity of the new plant, or when do you think this can start producing meaningful revenues? In the case of Egypt, the impact of the gross margin in the long run, again, maybe a little bit qualitatively, or when could we start seeing some benefits from the gross margin program as a result of using the Egyptian plasma?

Hi, Yes, a couple of questions from my side more instead from many strategic viewpoint.

To your point and Canada.

I don't know if you can quantify or at least.

And tell us and how much would be the economic opportunity of the new plant or when do you think this can start producing meaningful revenues.

And in the case of Egypt, and the impact of the gross margin in the long run.

Again, and maybe it near the end elite actively or when could we start seeing some benefits from the gross margin program as a result of using the edition.

Jaime Escribano: A last, very quick one, if I may, regarding CapEx 2026, the free cash flow guidance of EUR 500 to EUR 570 million, what is the implied CapEx tangible plus intangible that you are estimating for this guidance, this free cash flow guidance? Thank you.

That's my analyst and very quick one if I may regarding capex when you do any fix.

Our free cash flow guidance of 500 to 570 million what is named nine Capex Annuloplasty anyone that you are estimating for for these dialogues is precursor to lay out. Thank you.

[Company Representative] (Grifols): Rahul will take it on the CapEx. Certainly on Egypt and Canada, I mean, we are not providing details of the specifics benefit that these collaborations will provide. I think that there is enough information out there in order to guess or guesstimate what that impact would be. I think that in the case of Egypt, is certainly already seeing clear benefit in 2026 and beyond as we will progress growing our footprint in that market. In Canada, I think we've been collaborating with CVS for a number of years. We have already a solid commercial operation there. Now, especially with the new policy from the Canadian government, where they are going to push even harder on self-sufficiency.

Rahul will take it on the on the Capex.

Certainly in Asia Bang in Canada, I mean, we're not providing details of the specifics benefit that these collaborations will provide affirm that there is enough information out there in order to to two guests or guesstimate, what what that impact would be I think that in the case of of AG.

Is a is certainly.

<unk> already seen clear benefit in 'twenty, and 'twenty six and beyond as we will progress growing our footprint in that market and in Canada. I think we've been collaborating with Cvs for a number of years, we have already a solid commercial operation there now with the especially with the new policy from the Canadian government, where they are going to.

To push even harder on self sufficiency clearly there is an opportunity for us to strengthen that relation because we have been really the only brand that has invested in that market with a with a manufacturing plant and theyre in our on our plasma donor centers, there that will certainly help to drive that growth.

[Company Representative] (Grifols): Clearly, there is an opportunity for us to strengthen that relation because we have been really the only brand that has invested in that market with a manufacturing plant and our plasma donor centers there, that will certainly help to drive that growth.

Roland: No, I think, Ignacio, just perhaps to just clarify, both of these strategic projects are creating value today. In Canada, fourth largest market, highest per capita, strong growth, aiming for 50% self-sufficiency. This is already happening today since the plasma that we collect in Canada is fractionated in our US plant, and we are already supplying to Canadian patients in terms of self-sufficiency. This is not something that has to wait for the plant to be finished, this is something which, as of today, already is a win-win. Similarly, in Egypt, as Ignacio just explained, a clear win-win for us. As you think about it, you know, this has several components. One is, of course, there's the value to Egypt and the region through to the mission that Grifols has.

And I think Mark just perhaps just to clarify both of these strategic projects are creating value today, so in Canada fourth largest market.

Hi, as per capita strong growth aiming for 50% self sufficiency. This is already happening today seems to plasma that we collect in Canada is fractionated in our U S plant and we are already supplying to Canadian patients in terms of self sufficient. So that this is not something that has to wait for the plant to be finished.

Sam.

As of today already is a win win and similarly in Egypt as Nacho just explained a clear win win for US and as you think about it you know this has several components. One is of course, there's a value to Egypt and the region true to the mission that Griffes house, but as you think about the value to Griffes Ah.

Roland: As you think about the value to Grifols, you know, we have highest quality, highest standard facilities in terms of our plasma collection in Egypt, but the cost structure is very different. There's a clear benefit in CPL. There's a clear benefit in terms of balancing IG and albumin. As explained, albumin use is much higher in this region than IG. Lastly, what we see is that the plasma that we collect there comes with a very promising yield. That, of course, translates into more medicines that can be produced from this plasma. Both of these win-wins with value are creating already today.

You know, we have highest quality highest standard facilities in terms of our plasma collection in Egypt, but the cost structure is very different so there's a clear benefit in GPL theres, a clean <unk> clear and I'd like to turn mounting IGN albumin as explained albumin uses much higher in this region and <unk> and lastly, what we see.

Is that the plasma we collect there comes with a with a very promising yield that of course translates into more medicines that can be produced from this plasma cells.

Both of these win wins with value, creating already today.

Rahul: On CapEx, Jaime, which I think was your question. The way I look at CapEx, I look at both CapEx and capitalized IT and R&D. On CapEx, we expect the CapEx levels for 26 to be slightly lower than they are in 25. As we think about our R&D and capitalizing IT and R&D capitalization efforts, we expect that to be slightly higher. I think, net-net, if you add the two up, you might just end up at around the same number as we did in 25, maybe a little lower in 26. Hopefully, that addresses that question.

And then on Capex Jaime.

<unk>, which I think was your question.

So the way I look at Capex, when I look at both Capex and capitalized R&D on Capex, we expect to do.

<unk> continued to.

We expect the capex levels for 'twenty six to be slightly lower than they are in 25, but as we think about our R&D and digitalization.

I T and R&D capitalization assets, we expect that to be slightly higher I think naphtha have if you add the two up.

You might just end up at around the same numbers, we did in 25, maybe a little lower than 26.

Hopefully that addresses that question.

Yes.

[Company Representative] (Grifols): Thank you so much, Rahul. Very clear. That was the very last question for today. Just say thank you so much for joining us and for all your questions. If there is any follow-up, please contact the IR team. Happy to help. Thank you so much.

Thank you so much very clear.

That was the very last question for today, just say thank you so much for joining us and for your question and see if there is any follow up please contact the IR team happy to help thank you so much.

Okay.

[music].

Okay.

Yeah.

Yes.

Yeah.

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