Guilherme

Guilherme inquired about the expected phasing of growth throughout 2026, specifically if Q1 would reflect an immediate optimization of growth across proteins or if a stabilization in albumin pressure would lead to more consistent growth. He also asked about post-2027 debt refinancing options, currency optimization, and if free cash flow guidance includes refinancing costs.

Answer

President of Biopharma Roland Wandeler noted natural seasonality across proteins and buying patterns, expecting similar phasing in key markets as in the past, with selective market strategies playing out throughout the year. CFO Rahul Srinivasan detailed proactive 2027 refinancing plans (RCF, TLB in H1 2026), currency optimization for natural hedges, and the intent to refinance EUR 3 billion well ahead of maturity.

Guilherme from CaixaBank asked about the expected phasing of biopharmaceutical growth throughout 2026, specifically whether growth optimization would begin in Q1 or if a more stable growth pattern was anticipated due to albumin pressures. He also inquired about Grifols' post-2027 debt refinancing strategy, including maturity timelines, currency optimization, and whether free cash flow guidance accounts for potential refinancing costs.

Answer

President of Biopharma Roland Wandeler noted natural seasonality across Grifols' protein portfolio and expected similar phasing in the U.S. and key European markets, with selective growth elsewhere. CFO Rahul Srinivasan detailed plans to proactively manage 2027 maturities, targeting RCF and TLB refinancing in H1 2026 and secured bonds in Q4 2026 or earlier. He suggested modeling existing currency splits for now but mentioned optimizing natural hedges.