Grifols (GRFS) Company Report

Grifols reported Q3 2025 revenues of EUR 1,865 million, an increase of 9.1% at constant currency (cc) year-over-year, and Adjusted EBITDA of EUR 482 million, an 8.8% cc increase with a 25.8% margin.
Year-to-date Q3 2025 revenues reached EUR 5,542 million (up 7.7% cc) and Adjusted EBITDA was EUR 1,358 million (up 11.2% cc) with a 24.5% margin.
Group profit for Q3 2025 was EUR 127 million (up 146%), contributing to a year-to-date profit of EUR 304 million (up 245%).
The company generated EUR 203 million in free cash flow pre-M&A pre-dividend in Q3 2025, with the year-to-date total at EUR 188 million, an improvement of EUR 257 million year-over-year.
The leverage ratio improved to 4.2x from 5.1x in the prior year, with liquidity at EUR 1,475 million. Grifols also improved its full-year revenue and free cash flow pre-M&A pre-dividends guidance while maintaining its Adjusted EBITDA guidance.

Nov 4, 2025, 6:03 PM

6-K

Grifols Reports Strong Q3 2025 Results and Updates Guidance

GRFS

Earnings

Guidance Update

Product Launch

Grifols reported Q3 2025 net revenues of €1.87 billion, up 9.1% year-over-year on a constant currency basis, and year-to-date adjusted EBITDA of €1,358 million, an 11.2% increase. Free cash flow pre-M&A and pre-dividends significantly improved by €257 million year-over-year to €188 million year-to-date.
The company reaffirmed its full-year 2025 revenue and Adjusted EBITDA guidance and updated its free cash flow guidance to more than €400 million. The leverage ratio as per credit agreement improved to 4.2 times at the end of Q3.
The Immunoglobulins franchise led growth with 18% in Q3 and 14% year-to-date at constant currency. The US launch of Fibrinogen for Congenital Fibrinogen Deficiency is anticipated in H1 2026, with an FDA decision expected in late December.

Nov 4, 2025, 5:30 PM

Transcript

Grifols announces strong H1 2025 results

GRFS

Earnings

Guidance Update

Dividends

Grifols reported H1 2025 revenues of EUR 3,677 million, a 7.0% increase at constant currency, and a net profit of EUR 177 million, nearly four times the figure reported in H1 2024.
The company's adjusted EBITDA rose 12.7% at constant currency to EUR 876 million, achieving a 23.8% margin.
Free cash flow pre-M&A improved by EUR 182 million year-on-year, resulting in minus EUR 14 million for H1 2025, and the leverage ratio decreased to 4.2x from 5.5x in H1 2024.
Grifols reinstated a dividend payment of EUR 0.15 per share and reaffirmed its 2025 guidance, improving the Free Cash Flow pre-M&A guidance to EUR 375-425 million.

Jul 30, 2025, 12:00 AM

6-K

Grifols completes delisting offer for Biotest shares

GRFS

M&A

Delisting/Listing Issues

Grifols Biotest Holdings launched a public delisting offer for Biotest at €43.00 per ordinary share and €30.00 per preferred share, with the acceptance period ending on June 6, 2025.
The offer was accepted for 416,922 ordinary shares (≈2.11% of voting shares; ≈1.05% of share capital) and 3,002,804 preferred shares (≈15.18% of preferred shares; ≈7.59% of share capital), totaling €108,011,766 in payouts.
Post-offer, Grifols holds 99.25% of voting ordinary shares and 61.40% of non-voting preferred shares of Biotest, directly and via its subsidiary.
Biotest shares were delisted from the Frankfurt Stock Exchange effective June 6, 2025, with settlement expected by June 16, 2025.

Jun 12, 2025, 12:00 AM

6-K

Grifols SA Approves Board Restructuring Proposals

GRFS

Board Change

The Ordinary General Shareholders' Meeting on June 5, 2025, approved key proposals, including board restructuring and approval of resolutions.
The Board of Directors appointed Mrs. Anne-Catherine Berner as the new Chairperson and reorganized several committees, indicating significant governance changes.

Jun 5, 2025, 12:00 AM

6-K

Grifols SA Publishes 6-K on Biotest Delisting Offer

GRFS

M&A

Delisting/Listing Issues

Grifols SA released a Form 6-K on May 6, 2025, providing inside information regarding its subsidiary's offer document approval.
The report announces that BaFin approved the offer for a public delisting purchase of Biotest AG’s shares.
The offer proposes EUR 43.00 per ordinary share and EUR 30.00 per preference share, with an acceptance period from May 6 until June 6, 2025.

May 6, 2025, 12:00 AM

6-K

Grifols SA Reports Potential New Share Offer Discussion

GRFS

M&A

The document is a Form 6-K from Grifols SA, published in April 2025, outlining that the board has no knowledge of media reports regarding a potential new offer for its shares by Brookfield Capital Partners (UK) Limited.
The report was officially signed by Authorized Signatory David I. Bell, confirming the company's position on the matter.

Apr 2, 2025, 12:00 AM

6-K

Grifols Initiates Public Delisting Offer for Biotest

GRFS

Delisting/Listing Issues

Takeover Bid

Grifols announces that its subsidiary, Grifols Biotest Holdings GmbH, will submit a public delisting purchase offer for all no-par bearer common shares and non-voting bearer preferred shares of Biotest AG at EUR 43 and EUR 30 respectively.
The offer is part of an effort to cancel Biotest's trading on the Frankfurt Securities Exchange, with the final steps dependent on the approval of the offer document by BaFin.
The Board of Directors unanimously approved this move, with the inside information disclosed on March 31, 2025.

Mar 31, 2025, 12:00 AM

6-K

Grifols SA Addresses CNMV Allegations

GRFS

Legal Proceedings

Accounting Changes

Grifols SA clarifies the media report alleging a “continuous fraud” by its top executives, emphasizing that the claims do not reflect the company’s actual financial reporting.
The filing details that the CNMV’s administrative proceedings, initiated on 25 September 2024, confirmed no material inaccuracies in the regulated accounting figures, with discrepancies limited to the accounting treatment of two specific transactions already restated in the first half of 2024.
It is stressed that the alleged irregularities are viewed as negligent rather than fraudulent, with no financial benefit derived from them.

Mar 10, 2025, 12:00 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for Grifols.

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