Álvaro Lenze

Álvaro Lenze asked about the specific levers Grifols uses to prioritize more profitable revenue and improve margins, questioning if the improvement primarily stems from cost-side initiatives like the Egypt venture and industrial gains. He also inquired about the status of the Haema BPC buyback.

Answer

President of Biopharma Roland Wandeler explained that Grifols balances IG and albumin growth by focusing IG supply on higher-value markets (U.S., key Europe) and driving albumin growth, alongside continuous cost efficiencies. CFO Rahul Srinivasan stated the Haema BPC buyback timing (2026 or 2027) is board-determined and will be financed by free cash flow.

Álvaro Lenze from Alantra questioned Grifols' strategy of prioritizing more profitable revenue, asking about the internal levers available to improve profitability beyond simply selling more, and whether margin improvement would primarily stem from cost-side initiatives like the Egypt venture and industrial gains. He also inquired about the expected timing for the Haema BPC buyback.

Answer

President of Biopharma Roland Wandeler explained that Grifols aims to balance IG and albumin growth by selectively focusing on higher-value markets for IG and driving albumin growth, alongside continuous efforts to improve manufacturing and plasma collection efficiencies. CFO Rahul Srinivasan stated that the Haema BPC buyback timing (2026 or 2027) would be board-determined and financed through free cash flow, with no change to the overall message.

Álvaro Lenze inquired about Ferrovial's strategy in data centers, specifically if a recent small acquisition signals a change in approach or increased opportunity in the sector.

Answer

CFO Ernesto López Mozo clarified that the recent small acquisition was primarily to add capabilities in installation, maintenance, and management for the Construction division, addressing scarce market demand. He reiterated that Ferrovial's approach to data centers remains opportunistic and piecemeal, indicating no change in the overall strategy.

Álvaro Lenze asked about Ferrovial's strategy in data centers, specifically if a recent small acquisition signals a change or increased opportunity in the space.

Answer

CFO Ernesto López Mozo clarified that the acquisition was small and aimed at adding capabilities for the Construction division in data center installation, maintenance, and management. He stated that the data center strategy remains opportunistic, with a piecemeal approach, and no change in overall strategy.

Álvaro Lenze of Alantra Equities requested a follow-up on the specific drivers that led to the downward revision of the Schedule 22 provision for the 407 ETR in Q2.

Answer

CEO Ignacio Madridejos clarified that the revision was a complex estimate based on new data. The primary driver was better-than-expected traffic performance during critical peak hours, largely because promotional offers effectively attracted more users to specific highway segments at specific times, reducing the expected payments.

Álvaro Lenze from Alantra Equities asked about margin sustainability in H2 given tougher comparisons and albumin pricing pressure, the go-forward dividend policy and rationale for the interim amount, and the initial sales expectations for the upcoming Fibrinogen launch.

Answer

CFO Rahul Srinivasan reiterated that the full-year margin outlook is relatively flat year-over-year due to absorbing the IRA impact and confirmed the dividend policy remains a ~40% payout ratio, with the current payment being an interim dividend. President of BioPharma Roland Wandeler stated that more details on Fibrinogen would come closer to launch, highlighting the significant US market potential of over $800 million.