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    Alvaro Lenze Julia • Alantra Equities

    Alvaro Lenze Julia's questions to Grifols SA (GRFS) leadership

    Alvaro Lenze Julia's questions to Grifols SA (GRFS) leadership • Q1 2025

    Question

    Alvaro Lenze Julia sought clarification on the expected neutral-to-positive impact from a weaker U.S. dollar, asked if the full-year IRA impact guidance could be narrowed, questioned why Grifols is outpacing the IG market, and asked why 2025 guidance was not raised after a strong quarter.

    Answer

    CFO Rahul Srinivasan explained that natural hedges in COGS, OpEx, and debt mitigate the impact of a weaker dollar. He stated that while the first IRA invoice was in line with expectations, the company is prudently maintaining its full-year estimate of €125 million for now. President of Biopharma Roland Wandeler attributed IG outperformance to strong brand equity, commercial focus, and supply capabilities. Rahul Srinivasan noted that despite the strong start, it is prudent to maintain guidance given current global macroeconomic volatility.

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    Alvaro Lenze Julia's questions to Grifols SA (GRFS) leadership • Q2 2024

    Question

    Alvaro Lenze Julia of Alantra asked for a reconciliation of the net debt evolution during Q2, inquired about hypothetical scenarios for Class B shares in a potential takeover, and sought clarification on the company's short-term liabilities and liquidity position.

    Answer

    CEO Nacho Abia declined to comment on any speculation regarding Class B shares. VP of IR Daniel Segarra explained that the net debt decline was driven by the Shanghai RAAS proceeds, with minor differences from FCF due to non-cash items like exchange rate impacts. He also clarified that short-term liabilities increased due to the reclassification of debt that was subsequently repaid in July.

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    Alvaro Lenze Julia's questions to Grifols SA (GRFS) leadership • Q1 2024

    Question

    Alvaro Lenze Julia from Alantra Equities requested an update on the company's plasma collection and industrial fractionation capacity. He also asked whether the previous cumulative free cash flow guidance of EUR 2-2.5 billion for 2025-2027 still holds.

    Answer

    CEO Nacho Abia stated that based on his initial review, the company is well-positioned with sufficient capacity for the next 3-4 years without needing significant new investments. He asked for patience on guidance beyond 2024. Executive Chairman Thomas Glanzmann added that fractionation capacity is at about 70% utilization and no new centers are needed until 2027, supplemented by projects in Egypt and Canada.

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