GRFS · Grifols, S.A.

Grifols delivered solid revenue growth in 2025, primarily attributable to the Biopharma business unit's strong performance. This was propelled by robust global underlying demand for key proteins, reduced cost per liter of plasma collected, strong sales results outside the United States and Canada, and a favorable volumes and product mix. Positive market dynamics, including the recovery of plasma collection volumes, further supported these outcomes, underscoring Biopharma's central role in topline expansion.

The Healthcare Solutions business line also contributed through its expansion, driven by heightened demand for hospital solutions in parenteral nutrition and compounding pharmacy services. This diversification helped bolster overall revenue resilience amid varying market conditions.

Operationally, the company strategically managed inventory levels of key materials and finished products to mitigate risks related to operational and quality issues, production capacity constraints, and single sourcing dependencies. This proactive approach ensured continuity and adaptability in supply chain execution.

On the capital front, Grifols maintained disciplined management of investments after years of intense spending, with a clear focus on optimizing resource allocation toward efficiency gains and consolidation of existing production capacity. This shift reflects a maturation of the capital expenditure strategy, aiming to maximize returns from current assets rather than aggressive expansion.

Liquidity management remained a priority, with ongoing implementation of working capital optimization programs centered on non-recourse receivables factoring arrangements. These initiatives facilitated efficient cash utilization, supporting operational needs and financial flexibility. References to financing instruments, such as the April 2024 Notes detailed in Item 5, highlight structured approaches to credit sources, contributing to balance sheet stability.

Looking ahead, while projections carry inherent uncertainty—particularly around profit-sharing obligations requiring reliable estimates—the execution of the strategic plan and its milestones is advancing as expected, with no significant deviations reported. This progress positions Grifols to navigate future challenges while capitalizing on core strengths in plasma-derived therapies and healthcare solutions. The emphasis on efficiency, risk mitigation, and disciplined resource allocation signals a commitment to sustainable growth and deleveraging in a competitive biopharma landscape.