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1、-1-Q1 2025 ResultsQ1 2025 Results May 12,2025-2-Q1 2025 ResultsLegal DisclaimerImportant InformationThis presentation does not constitute an offer or invitation to purchase or subscribe shares,in accordance with the provisions of the Regulation(EU)2017/1129 of the European Parliament and of the Coun

2、cil of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market,and repealing Directive 2003/71/EC,the Spanish Securities Market and Investment Services Law(Law 6/2023,of 17 March,as amended and restated from time to time)a

3、nd its implementing regulations.In addition,this document does not constitute an offer of purchase,sale or exchange,nor a request for an offer of purchase,sale or exchange of securities,nor a request for any vote or approval in any other jurisdiction.This information has not been audited.Forward-Loo

4、king StatementsThis presentation contains forward-looking information and statements about Grifols based on current assumptions and forecast made by Grifols management,including pro forma figures,estimates and their underlying assumptions,statements regarding plans,objectives and expectations with r

5、espect to capital expenditures,synergies,products and services,and statements regarding future performance.Forward-looking statements are statements that are not historical facts and are generally identified by the words“expected”,“potential”,“estimates”and similar expressions.Although Grifols belie

6、ves that the expectations reflected in such forward-looking statements are reasonable,various known and unknown risks,uncertainties and other factors could lead to material differences between the actual future results,financial situation,development or performance of the Company and the estimates g

7、iven here.These factors include those discussed in our public reports filed with the Comisin Nacional del Mercado de Valores and the Securities and Exchange Commission,which are accessible to the public.The Company assumes no liability whatsoever to update these forward-looking statements or conform

8、 them to future events or developments.Forward-looking statements are not guarantees of future performance.They have not been reviewed by the auditors of Grifols.Alternative Performance Measures(APMs)This document and any related conference call or webcast(including a Q&A session)contain,in addition

9、 to the financial information prepared in accordance with IFRS,alternative performance measures(APMs)as defined in the guidelines issued by the European Securities and Markets Authority(ESMA)on October 5,2015.APMs are used by Grifols management to evaluate the groups financial performance,cash flows

10、 or financial position in making operational and strategic decisions for the group and therefore are useful information for investors and other stakeholders.Certain key APMs form part of executive directors,management and employees remuneration targets.APMs are prepared on a consistent basis for the

11、 periods presented in this document.They should be considered in addition to IFRS measurements,may differ to definitions given by regulatory bodies relevant to the group and to similarly titled measures presented by other companies.They have not been audited,reviewed or verified by the external audi

12、tor of Grifols.For further details on the definition,explanation on the use,and reconciliation of APMs,please see the appendix as well as the“Alternative performance measures”document from our website 2025 ResultsAgenda01020304Business PerformanceFinancialsFinal RemarksAnnexNacho AbiaChief Executive

13、 Officer(CEO)Rahul SrinivasanChief Financial Officer(CFO)-4-Q1 2025 ResultsNacho AbiaChief Executive Officer(CEO)Q125:Ahead of Plan Continued Strong Momentum Well-Positioned to Navigate Highly Dynamic Markets-5-Q1 2025 ResultsContinued Strong Momentum;Reaffirm FY25 GuidanceAll figures are presented

14、on a consolidated basis(including Biotest).1 Constant currency(cc),excluding exchange rate fluctuations over the period.See Annex for reconciliations.2 Like For Like(LFL)excludes the impact of IRA(EUR 28 million)and Fee-For-Service/GPO reclassification(EUR 15 million).See Annex for reconciliations3

15、FCF definition and reconciliation to the Cash Flow Statement in slide 30 in the Annex.4 Leverage ratio defined as per the Credit Agreement.See reconciliations in slide 27 in the Annex.Business PerformanceFinancialsFinal RemarksAnnexQ125(changes vs.Q124)Revenue EBITDA Adj.EBITDA Adj.MarginFree Cash F

16、low pre-M&A3Leverage ratio4 1,786 m+7.4%cc1+10.0%cc LFL24.5x(improved by 2.3x from Q124)400 m+14.2%cc+21.7%cc LFL22.4%+80bps+180bps LFL-44 m+209 m-6-Q1 2025 ResultsQ125 Revenue Delivers a 10.0%cc Growth LFL1 Driven by All Business UnitsNote:All figures are presented on a consolidated basis(including

17、 Biotest).Percentage rates are presented at constant currency(cc),excluding exchange rate fluctuations over the period.See Annex for reconciliations.1 Like For Like(LFL)excludes the impact of IRA(EUR 28 million)and Fee-For-Service/GPO reclassification(EUR 15 million).See Annex for reconciliations.2

18、Medical Diagnostics Solutions(MDS).Immunoassay Diagnostic Solutions(IDS).Blood typing Solutions(BTS).Revenues(in million EUR)1,6261,82912345678Q124BiopharmaDiagnosticBio Supply&OthersQ125 LFL Fee-for-Service/GPO reclassificationQ125ReportedInflation Reduction Act1,786+9.6%cc169+5.2%cc12221528+10.0%c

19、c+7.4%ccBusiness PerformanceFinancialsFinal RemarksAnnexBiopharma I+9.6%cc LFL1 I+6.6%cc Strong underlying demand driven by IG franchise As per the Plan,offset by lower albumin sales to China due to planned license renewal and phasing of RabiesDiagnostic I+5.2%cc MDS2 segment grew 7%cc via new busin

20、ess ex-US BTS2 grew a 4%cc,driven by expansion across core markets IDS2 increased by 12%cc due to joint business volume growthIRA and Fee-for-Service/GPO IRA impact inline with forecast and guidance Fee-for-service/GPO impact consistent with prior year incorporating this years growth-7-Q1 2025 Resul

21、tsBiopharma Delivers Strong Performance Led by IG Franchise 17.5%Growth LFL1 in Q125Business PerformanceFinancialsFinal RemarksAnnexBiopharmaImmunoglobulinAlbuminAlpha-1 and Specialty Proteins IVIG+13.5%cc LFL1 SCIG+98.9%cc LFL1 Phasing due to planned imported drug license renewal in China Increase

22、in Alpha-1 Partially offset by the phasing of Rabies+17.5%-8.9%+2.3%+9.6%+13.2%-9.4%+1.0%+6.6%LFLReportedGrowths at constant currency(CC)Note:All figures are presented on a consolidated basis(including Biotest),and at constant currency(cc),excluding exchange rate fluctuations over the period.See Ann

23、ex for reconciliations.1 Like For Like(LFL)excludes the impact of IRA(EUR 28 million)and Fee-For-Service/GPO reclassification(EUR 15 million).See Annex for reconciliations.-8-Q1 2025 ResultsIG Growing Ahead of Market,supported by differentiated portfolioSource:Global Market Insights Immunoglobulin M

24、arket Size by Product.LTM:Last Twelve Months(LTM).1 Like For Like(LFL)excludes the impact of IRA(EUR 28 million)and Fee-For-Service/GPO reclassification(EUR 15 million).See Annex for reconciliations,2 Only 10-30%PID patients are diagnosed,prevalence of SID is 30 x PID.Source:Primary Immunodeficienci

25、es(PID)driving diagnosis for optimal care in Europe,European Reference Paper.3 Not yet approved in the US.4 US IG consumption per capita is 3x than EU countriesBusiness PerformanceFinancialsFinal RemarksAnnexIVIG Revenue Growth LFL1Base indexed to LTM Q124LTM Q124LTM Q224LTM Q324LTM Q424LTM Q125SCIG

26、 Revenue Growth LFLBase indexed to LTM Q124LTM Q124LTM Q224LTM Q324LTM Q424LTM Q125+16%LTM Q125+68%LTM Q125Low diagnosis and treatment rate in approved indications(especially PID2 and SID3)Low IG use per capita in many Ex-US regions4IgG potential beyond approved indications IVIG and SCIG Performance

27、 Market Growth FundamentalsBuild on Grifols Leading BrandsLead growth in immunodeficienciesIG Uniquely PositionedMaintain Leadership in CIDPContinue to drive profitableEx-US growth-9-Q1 2025 ResultsGrifolss Global Network Mitigates Uncertainty From Potential TariffsLos AngelesClayton,North Carolina(

28、NC)MontrealNew CairoParets(BCN)DublinSRAASDreieichDonor centersBiopharma manufacturingStrategic partnershipsEnd-to-end and fully integratedin the US300+donor centers,representing 70%of plasma collection capacity in the US 2 manufacturing plants,accounting for 65%of global fractionation and purificat

29、ion capacity in our core products to serve US demand01Strong presence in EuropeAlmost 100 donor centers in Europe,being Europes largest privately owned plasma center fleet3 production facilities:Spain,Germany&Ireland 02Local partnershipsChina:strong ongoing alliance with SRAAS,a leading player in Ch

30、inaEgypt&Canada:self-sufficiency models,with DCs and manufacturing plants built or in construction03Currently,our expectation is of no meaningful impactBusiness PerformanceFinancialsFinal RemarksAnnex-10-Q1 2025 ResultsInvested in Vertically Integrated Value Chain in the U.S.and Europe,Complemented

31、by Strategic Hubs and Partnerships ex-U.S.2002200320112016201720182019202020212022First 43 DCSFirst DCSLA plantClayton plantDCsDublin plantPlasmaVita JVDCs(Germany)SRAAS(China)JV EgyptCanadaDC(Hungary)Biotest acquisition123 Started plasma center infrastructure in 2002,with additional acquisition&org

32、anic openings Acquisition of manufacturing plants in LA and Clayton US infrastructure has benefited from multi-billion investments and will remain very well invested going forwardSet US Infrastructure Increased manufacturing capacity in Parets plant(Barcelona,Spain)Set up European plasma centers thr

33、ough joint ventures and center acquisitions Consolidation through manufacturing plant in Ireland and acquisition of majority of shares of BiotestStrengthen infrastructure in Europe Strategic alliance with SRAAS/Haier Joint Venture with Egyptian government Canada manufacturing plant&CBS partnership P

34、ioneer in local partnershipsDonor centersBiopharma manufacturingStrategic partnershipsBusiness PerformanceFinancialsFinal RemarksAnnex-11-Q1 2025 ResultsClear Focus on ExecutionRahul SrinivasanChief Financial Officer(CFO)-12-Q1 2025 ResultsQ12025:Ahead of PlanBusiness PerformanceFinancialsFinal Rema

35、rksAnnexNote:All figures are presented on a consolidated basis(including Biotest).When specified,figures presented at currency(cc),excluding exchange rate fluctuations over the period.See Annex for reconciliations.1 Like For Like(LFL)excludes the impact of IRA and Fee-For-Service/GPO reclassificatio

36、n.2FCF definition and reconciliation to the Cash Flow Statement in slide 30 in the Annex.3 Leverage ratio defined as per the Credit Agreement in slide 27 in the Annex.4 For Q1 2025,cash and cash equivalents of 753m+unused credit facilities 1,318m-unused RCF facilities maturing in Nov 2025 c396m.Q Q1

37、 1 2025 2025 Like for LikeLike for Like1 1Q Q1 1 2025 2025-Reported Reported Q125Q125Q124(in million EUR except%)ReportedVar vs.PYLFL1Var vs.PYReportedNET REVENUE1,786m1,786m7.4%cc7.4%cc1,829m1,829m10.0%cc10.0%cc1,626m1,626mGROSS MARGIN695m10.1%738m16.9%631mMargin38.9%+10bps40.3%+150bps38.8%EBITDA A

38、DJ.400m400m14.2%cc14.2%cc428m428m21.7%cc21.7%cc350m350mMargin22.4%+80bps23.4%+180bps21.6%PROFIT BEFORE TAX115m115m145%145%47m47mGROUP PROFIT60m60m179%179%21m21mFREE CASH FLOW pre-M&A2-44m44m209m209m-253m253mLEVERAGE RATIO3 3Total net leverage ratio4.5x4.5x-2.3x2.3x6.8x6.8xNet secured leverage ratio2

39、.7x-1.2x3.9xLIQUIDITY4 41,675m1,675m962m962m713m713m-13-Q1 2025 ResultsContinuing the Consistent and Strong Track Record of GrowthBusiness PerformanceFinancialsFinal RemarksAnnexNote:All figures are presented on a consolidated basis(including Biotest).2 LTM:Last Twelve Months(LTM).1,462 1,514 1,606

40、1,697 1,779 1,829 Q423Q124Q224Q324Q424Q125EBITDA AdjustedLTM EBITDA Adj(in million EUR)Net Revenue6,5916,6556,8117,0077,2127,373Q423Q124Q224Q324Q424Q125LTM revenue(in million EUR)1,239 1,375 1,450 1,519 1,631 1,702 Q423Q124Q224Q324Q424Q125EBITDA Reported LTM EBITDA(in million EUR)Margin(%)Margin(%)1

41、8.8%20.7%21.3%21.7%22.6%23.1%22.2%22.7%23.6%24.2%24.7%24.8%-14-Q1 2025 ResultsStrong Momentum Helping to Significantly Outpace Anticipated IRA ImpactBusiness PerformanceFinancialsFinal RemarksAnnexEBITDA Adjusted(in million EUR except for EBITDA Adj margin and growth)Strong EBITDA momentum across th

42、e boardLed by Biopharma:Volume growthCPL reductionYield improvementOperational leverage and cost disciplineAnticipated IRA impactNote:All figures are presented on a consolidated basis(including Biotest).12345678350428400-28+22.2%+14.3%EBITDA Adj.Q1 2024BiopharmaEBITDA Adj.Q1 2025DiagnosticBio Supply

43、&OthersOpexEBITDA Adj.Q1 2025 LFLIRA21.6%23.4%22.4%EBITDA Adj MGGrowth-15-Q1 2025 ResultsQ125Var vs PYQ124EBITDA Adjusted35040050Inventories(130)(61)69Receivables(154)(93)61Payables(55)2681Net working capital(339)(128)211CAPEX(61)(128)(67)IT and R&D(22)(39)(17)Taxes(4)(3)1Interests(106)(55)51Others(

44、71)(86)-15Free Cash Flow pre-M&A1(253)(44)209Business PerformanceFinancialsFinal RemarksAnnexNote:All figures are presented on a consolidated basis(including Biotest)1 FCF definition and reconciliation to the Cash Flow Statement in slide 30 in the AnnexEBITDA Adjusted to Free Cash Flow reconciliatio

45、n(in million EUR)Significant Improvement in Free Cash Flow GenerationNormalizing of FCF generation profile:Working Capital ManagementOffsetting impact of Interest and Capex phasingoInterest payment timingoImmunotek paymentReduction in cash adjustments to Adjusted EBITDA-16-Q1 2025 ResultsBusiness Pe

46、rformanceFinancialsFinal RemarksAnnexSignificant secured capacityStrong 1.7bn2 liquidityFocused on continued credit re-rating progressContinued Focus on Deleveraging,Normalizing FCF Generation and Strong Liquidity-189-298-149-55267Q423Q124Q224Q324Q424Free Cash Flow pre-M&A1LTM FCF(in million EUR)Not

47、e:All figures are presented on a consolidated basis(including Biotest).2 LTM:Last Twelve Months(LTM).1 FCF definition and reconciliation to the Cash Flow Statement in slide 30 in the Annex.2 For Q1 2025,cash and cash equivalents of 753m+unused credit facilities 1,318m-unused RCF facilities maturing

48、in Nov 2025 c396m.No meaningful maturities till Q427Continued Deleveraging6.4x6.8x5.5x5.1x4.6x4.5xQ423Q124Q224Q324Q424Q125Leverage Ratio-17-Q1 2025 ResultsGrifols is Well Equipped to Navigate Dynamic MarketsBusiness PerformanceFinancialsFinal RemarksAnnexHighly strategic portfolio with unique option

49、ality and flexibility Biotest progressing as plannedReaffirmed 2025 Guidance1Impact of a depreciating USD:Broadly Neutral to Positive:Group Profit,Leverage,FCF,MarginsHeadwind:Revenue,EBITDA1 Please refer to 2025 Guidance(including the impact of IRA)on page 38 of the Capital Markets Day Presentation

50、(27 Feb 2025).-18-Q1 2025 ResultsFinal RemarksNacho AbiaChief Executive Officer(CEO)-19-Q1 2025 ResultsGrifols remains focused on the executionexecution of the strategic planstrategic planQ125:Q125:AheadAhead ofof PlanPlanFY25 GuidanceFY25 Guidance1 1:WellWell onon-tracktrackCommitted to improving F

51、CF improving FCF generation generation and continued continued deleveragingdeleveragingOperational excellence Operational excellence and R&D R&D pipeline executionpipeline execution to deliver further margin expansionCorporate simplification and simplification and portfolio optimization portfolio op

52、timization continues as plannedWell positioned Well positioned to navigate highly dynamic markets010102020303040405050606Grifols Continues to Deliver Strong Results Driven by Strategic Plan ExecutionBusiness PerformanceFinancialsFinal RemarksAnnex1 See slide 38 of the Capital Markets Day presentatio

53、n-20-Q1 2025 ResultsANNEX-21-Q1 2025 ResultsRevenue|Q1 2025Q1 2025Q1 2024In thousands of eurosReportedAt cc*Revenue by Business Unit Revenue by Business Unit 1,785,8091,785,809 1,625,7051,625,705 9.8%9.8%7.4%7.4%Biopharma1,521,160 1,394,703 9.1%6.6%Diagnostic170,043 158,283 7.4%5.2%Bio Supplies32,55

54、7 27,013 20.5%15.9%Others&intersegments62,050 45,707 35.8%34.0%Revenue by CountryRevenue by Country1,785,8091,785,809 1,625,7051,625,705 9.8%9.8%7.4%7.4%US+CANADA1,025,190 925,326 10.8%6.4%EU390,275 331,427 17.8%17.6%ROW370,344 368,952 0.4%0.8%*Constant currency(cc)excludes exchange rate fluctuation

55、s over the period.GrifolsGrifols%vs PYBusiness PerformanceFinancialsFinal RemarksAnnex-22-Q1 2025 ResultsP&L|Q1 2025Business PerformanceFinancialsFinal RemarksAnnexIn thousands of eurosReportedOne-offsReported excl.One-offsReportedOne-offsReported excl.One-offsReportedReported excl.One-offsNet Reven

56、ueNet Revenue1,785,8091,785,809 -1,785,8091,785,809 1,625,7051,625,705 -1,625,7051,625,705 9.8%9.8%9.8%9.8%Cost of Sales(1,091,142)9,969 (1,081,173)(994,860)17,562 (977,298)(9.7%)(10.6%)Gross MarginGross Margin694,667694,667 9,9699,969 704,636704,636 630,845630,845 17,56217,562 648,407648,407 10.1%1

57、0.1%8.7%8.7%Net revenue38.9%-39.5%38.8%-39.9%-R&D(96,046)-(96,046)(90,462)109 (90,353)(6.2%)(6.3%)SG&A(324,652)9,283 (315,369)(339,051)22,911 (316,140)4.2%0.2%Operating ExpensesOperating Expenses(420,698)(420,698)9,2839,283 (411,415)(411,415)(429,513)(429,513)23,02023,020 (406,493)(406,493)2.1%2.1%(

58、1.2%)(1.2%)Other Income-(5,111)3,850 (1,261)2,470 -2,470 (306.9%)(151.1%)OPERATING RESULT(EBIT)OPERATING RESULT(EBIT)268,858268,858 23,10223,102 291,960291,960 203,802203,802 40,58240,582 244,384244,384 31.9%31.9%19.5%19.5%Net revenue15.1%-16.3%12.5%-15.0%-Financial Result(153,593)-(153,593)(156,600

59、)-(156,600)1.9%1.9%-(145)-(145)100.0%100.0%PROFIT BEFORE TAXPROFIT BEFORE TAX115,265115,265 23,10223,102 138,367138,367 47,05747,057 40,58240,582 87,64087,640 144.9%144.9%57.9%57.9%Net revenue6.5%-7.7%2.9%-5.4%-Income Tax Expense(22,842)(15,583)(38,425)(24,779)(10,817)(35,596)7.8%(7.9%)%of pre-tax i

60、ncome19.8%-27.8%52.7%-40.6%-CONSOLIDATED PROFITCONSOLIDATED PROFIT92,42392,423 7,5197,519 99,94299,942 22,27822,278 29,76529,765 52,04352,043 314.9%314.9%92.0%92.0%Results Attributable to Non-Controlling Interests(32,698)(246)(32,944)(859)(3,556)(4,415)(3706.5%)(646.2%)GROUP PROFITGROUP PROFIT59,725

61、59,725 7,2737,273 66,99866,998 21,41921,419 26,20926,209 47,62847,628 178.8%178.8%40.7%40.7%Net revenue3.3%-3.8%1.3%-2.9%Q1 2025%vs PYShare of Results of Equity Accounted InvesteesShare of Results of Equity Accounted Investees-Core ActivitiesGrifolsGrifolsGrifolsQ1 2024-23-Q1 2025 ResultsCash Flow|Q

62、1 2025Business PerformanceFinancialsFinal RemarksAnnexIn thousands of eurosReportedReportedReportedReported Group ProfitReported Group Profit59,72559,725 21,41821,418 179%179%Depreciation and Amortization111,750 105,616 6%Net Provisions10,541 14,666 -28%Other Adjustments and Other Changes in Working

63、 Capital81,534 32,634 150%Change in Operating Working Capital(128,082)(339,256)62%Changes in Inventories(60,826)(130,110)53%Change in Trade Receivables(93,345)(153,680)39%Change in Trade Payables26,089 (55,466)147%Net Cash Flow From Operating ActivitiesNet Cash Flow From Operating Activities135,4681

64、35,468 (164,922)(164,922)182%182%Business Combinations and Investments in Group Companies(96,998)(20,220)-380%CAPEX(49,146)(38,050)-29%R&D/Other Intangible Assets(38,505)(22,004)-75%Other Cash Inflow/(Outflow)(12,696)(7,678)-65%Net Cash Flow From Investing ActivitiesNet Cash Flow From Investing Acti

65、vities(197,345)(197,345)(87,952)(87,952)-124%Free Cash FlowFree Cash Flow(61,877)(61,877)(252,874)(252,874)76%76%Issue/(Repayment)of Debt(153,674)153,725 -200%Capital Grants6,265 3,695 70%Other Cash Flows From/(Used in)Financing Activities13,755 8,036 71%Net Cash Flow From Financing ActivitiesNet Ca

66、sh Flow From Financing Activities(133,654)(133,654)165,456165,456 -181%-181%Total Cash FlowTotal Cash Flow(195,531)(195,531)(87,418)(87,418)-124%-124%Cash and Cash Equivalents at the Beginning of the Period979,780979,780 529,577 85%Effect of Exchange Rate Changes in Cash and Cash Equivalents(31,433)

67、(31,433)6,386 -592%Cash and Cash Equivalents at the End of the PeriodCash and Cash Equivalents at the End of the Period752,816752,816 448,545448,545 68%68%Q1 2025Q1 2024%vs PYGrifolsGrifolsGrifols-24-Q1 2025 ResultsBalance Sheet|2025Business PerformanceFinancialsFinal RemarksAnnexIn thousands of eur

68、osMar-25Dec-2415,338,54915,338,549 15,677,69915,677,699 11,225,180 11,297,492 3,241,111 3,341,846 62,052 68,996 453,138 490,492 357,068 478,873 5,640,0075,640,007 5,727,5435,727,543 -3,524,770 3,560,098 39,849 35,978 999,427 836,015 253,032 243,156 70,112 72,515 752,817 979,780 20,978,55620,978,556

69、21,405,24121,405,241 Cash and Cash Equivalents Goodwill and Other Intangible Assets Property Plant&EquipmentAssetsAssetsNon-Current AssetsNon-Current AssetsTotal AssetsTotal AssetsCurrent AssetsCurrent Assets Inventories Current Contract Assets Other Current Financial Assets Non-Current Contract Ass

70、ets Held for Sale Trade and Other Receivables Investments in Equity Accounted Investees Non-Current Financial Assets Other Non-Current Assets Other Current AssetsIn thousands of eurosMar-25Dec-248,293,8928,293,892 8,607,0258,607,025 119,604 119,604 910,728 910,728 4,207,962 4,054,505 Treasury Stock(

71、132,168)(134,448)59,724 156,920 473,606 776,418 2,654,436 2,723,298 10,514,44510,514,445 10,642,07010,642,070 9,389,874 9,490,644 1,124,572 1,151,426 2,170,2192,170,219 2,156,1462,156,146 657,299 676,087 1,512,920 1,480,059 20,978,55720,978,557 21,405,24121,405,241 Other Current LiabilitiesTotal Equ

72、ity and LiabilitiesTotal Equity and Liabilities Other Comprehensive Income Non-Controllling InterestsNo-Current LiabilitiesNo-Current Liabilities Non-Current Financial Liabilities Other Non-Current Liabilities Share Premium Reserves Current Year EarningsCurrent LiabilitiesCurrent Liabilities Current

73、 Financial Liabilities CapitalEquityEquityLiabilitiesLiabilities-25-Q1 2025 ResultsLike-for-Like(LFL)Reconciliation Business PerformanceFinancialsFinal RemarksAnnexIn millions of euros Q125Q125 LTMRevenue ReportedRevenue Reported1,7861,786 7,3737,373 Fee-for-Service/GPO Reclassification15 69 Inflati

74、on Reduction Act(IRA)28 28 Revenue Like-for-LikeRevenue Like-for-Like1,8291,829 7,4697,469 In millions of euros Q125Q125 LTMOperating Results(EBIT)Operating Results(EBIT)269269 1,2571,257 Depreciation&Amortization112 445 Reported EBITDAReported EBITDA381381 1,7021,702 Total adjustments20 128 EBITDA

75、AdjustedEBITDA Adjusted400400 1,8291,829 Inflation Reduction Act(IRA)28 28 EBITDA Adjusted Like-for-LikeEBITDA Adjusted Like-for-Like428428 1,8571,857 -26-Q1 2025 ResultsEBIT to EBITDA and EBITDA AdjustedBusiness PerformanceFinancialsFinal RemarksAnnexIn thousand of euros268,857268,857 371,859371,85

76、9317,034317,034299,321299,3211,257,0721,257,072203,802203,802 (111,750)(110,130)(108,364)(114,310)(444,555)(106,139)Reported EBITDA Reported EBITDA 380,607380,607 481,990481,990425,398425,398413,631413,6311,701,6271,701,627309,941309,941%Net revenue21.3%24.4%23.7%22.8%23.1%19.1%Restructuring costs-1

77、,889 21,673 10,095 33,656 2,326 Transaction costs7,466 9,306 7,882 16,145 40,798 15,318 Impairments3,850 24,265 787 -28,902 -Biotest Next Level Project6,738 7,340 5,113 4,922 24,114 16,798 SRAAS One-off-(5,618)(5,618)-Other non-recurring items1,817 1,155 1,245 1,613 5,830 6,020 Total adjustmentsTota

78、l adjustments19,87219,872 43,95443,954 36,70036,700 27,15727,157 127,682127,682 40,46140,461 Adjusted EBITDAAdjusted EBITDA400,479400,479 525,944525,944 462,098462,098 440,788440,788 1,829,3081,829,308 350,402350,402%Net revenue22.4%26.6%25.8%24.2%24.8%21.6%Q1 2024Q1 2025Q2 2024Q1 2025 LTMQ3 2024Q4

79、2024Depreciation&AmortizationOPERATING RESULT(EBIT)OPERATING RESULT(EBIT)-27-Q1 2025 ResultsLeverage Ratio as per Credit AgreementBusiness PerformanceFinancialsFinal RemarksAnnexIn millions of euros except ratio.Q125Q424Q324Q224Q124Non-Current Financial Liabilities9,390 9,491 8,836 8,752 9,650 Non-r

80、ecurrent Lease Liabilities(IFRS16)(1,026)(1,025)(969)(1,025)(1,026)Current Financial Liabilities657 676 1,017 2,757 1,745 Recurrent Lease Liabilities(IFRS16)(119)(117)(111)(109)(111)Cash and Cash Equivalents(753)(980)(645)(2,113)(449)Net Financial Debt as per Credit AgreementNet Financial Debt as pe

81、r Credit Agreement8,1498,149 8,0468,046 8,1288,128 8,2628,262 9,8119,811 In millions of euros except ratio.LTM Q125LTM Q424LTM Q324LTM Q224LTM Q124OPERATING RESULT(EBIT)OPERATING RESULT(EBIT)1,2571,257 1,1921,192 1,0751,075 1,0051,005 934934 Depreciation&Amortization(445)(439)(443)(444)(441)Reported

82、 EBITDAReported EBITDA1,7021,702 1,6311,631 1,5181,518 1,4501,450 1,3751,375 IFRS 16(117)(113)(113)(110)(104)Restructuring costs 63 55 57 34 24 Transaction costs41 49 59 65 59 Cost savings,operating improvements and synergies on a run rate165 159 146 136 131 Other one-offs(34)(28)(62)(75)(43)Total a

83、djustmentsTotal adjustments119119 122122 8787 5050 6666 Adjusted EBITDA LTM as per Credit AgreementAdjusted EBITDA LTM as per Credit Agreement1,8191,819 1,7531,753 1,6051,605 1,5001,500 1,4421,442 Leverage Ratio as per Credit AgreeementLeverage Ratio as per Credit Agreeement4.5x4.5x4.6x4.6x5.1x5.1x5

84、.5x5.5x6.8x6.8x-28-Q1 2025 ResultsLeverage Ratio as per Consolidated EBITDA and Net Debt as per Balance SheetBusiness PerformanceFinancialsFinal RemarksAnnexIn millions of euros except ratio.Q125Q424Q324Q224Q124Non-Current Financial Liabilities9,390 9,491 8,836 8,752 9,650 Current Financial Liabilit

85、ies657 676 1,017 2,757 1,745 Cash and Cash Equivalents(753)(980)(645)(2,113)(449)Net Financial Debt Net Financial Debt 9,2949,294 9,1879,187 9,2089,208 9,3969,396 10,94710,947 In millions of euros except ratio.LTM Q125LTM Q424LTM Q324LTM Q224LTM Q124OPERATING RESULT(EBIT)OPERATING RESULT(EBIT)1,2571

86、,257 1,1921,192 1,0751,075 1,0051,005 934934 Depreciation&Amortization(445)(439)(443)(444)(441)Reported EBITDAReported EBITDA1,7021,702 1,6311,631 1,5181,518 1,4501,450 1,3751,375 Leverage Ratio ReportedLeverage Ratio Reported5.5x5.5x5.6x5.6x6.1x6.1x6.5x6.5x8.0 x8.0 x-29-Q1 2025 ResultsNCI Contribut

87、ionsBusiness PerformanceFinancialsFinal RemarksAnnexIn thousand of eurosGDSGDSBiotestBiotestBPCBPCHaemaHaemaProfit after tax from continuing operations135,902 (81,250)42,044 7,877 Income tax expense(43,595)12,772 (11,630)(14,477)Financial result 75,601 (30,249)(1,367)7,407 Amortisation and depreciat

88、ion(47,490)(54,788)(7,976)(8,696)Consolidated EBITDA Consolidated EBITDA 151,386151,386 (8,984)(8,984)63,01763,017 23,64323,643 Impact IFRS16-Finance Leases(leases of plasma donation centre properties)(2,452)(8,224)(5,689)(4,695)Restructuring costs3,036 1,050 -230 Share of profits assoc core activit

89、 2024-(4,388)-Impairment-19,154 -Consolidated EBITDA under Credit AgreementConsolidated EBITDA under Credit Agreement151,970151,970 (1,392)(1,392)57,32857,328 19,17819,178%of non-controlling interest45%29%100%100%Consolidated EBITDA according to Credit Agreement non-controlling interestConsolidated

90、EBITDA according to Credit Agreement non-controlling interest68,38768,387 (403)(403)57,32857,328 19,17819,178 Cash and cash equivalents(1,981)(41,776)(2,233)(17,219)Financial assets/liabilities with Grifols(1,093,321)543,038 -Leasing liabilities(leases of real estate of plasma donation centres)12,53

91、2 59,406 56,606 20,954 Loans and other financial liabilities4,419 66,347 64 -Total Balance Sheet Net DebtTotal Balance Sheet Net Debt(1,078,351)(1,078,351)627,015627,015 54,43754,437 3,7343,734 Impact IFRS16-Finance Leases(leases of plasma donation centre properties)(12,532)(59,406)(56,606)(20,954)T

92、otal Net Financial Debt according to Credit AgreementTotal Net Financial Debt according to Credit Agreement(1,090,883)(1,090,883)567,609567,609 (2,169)(2,169)(17,219)(17,219)Total Net Financial Debt according to Credit Agreement non-controlling interestTotal Net Financial Debt according to Credit Ag

93、reement non-controlling interest(490,897)(490,897)164,442164,442 (2,169)(2,169)(17,219)(17,219)LTM Q1 2025LTM Q1 2025Note:Last Twelve Months figures(LTM).-30-Q1 2025 ResultsFCF pre-M&A Reconciliation to Cash Flow StatementFree Cash Flow pre-M&A=Adjusted EBITDA-Net Working Capital-CAPEX(including cap

94、italized IT and R&D,and extraordinary growth CAPEX)-Others-Interest-Taxes.In the Consolidated Annual Accounts,this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses.Excludes lease payments,consistent with prior disc

95、losed guidance.Business PerformanceFinancialsFinal RemarksAnnexIn million EurosQ125Q124In million EurosQ125Q124EBITDA AdjustedEBITDA Adjusted400400 350350 Net Cash Flow From Operating ActivitiesNet Cash Flow From Operating Activities1 1135135 (165)(165)Changes in working capital(128)(339)Net Cash Fl

96、ow From Investing ActivitiesNet Cash Flow From Investing Activities1 1(197)(197)(88)(88)CAPEX(49)(38)Free Cash FlowFree Cash Flow(62)(62)(253)(253)R&D and IT(39)(22)Biotest Shares Acquisition(18)-Taxes(3)(4)Free Cash Flow pre-M&AFree Cash Flow pre-M&A(44)(44)(253)(253)Interests(55)(106)Others(86)-66

97、FCF Before Extraordinary ItemsFCF Before Extraordinary Items4141 (225)(225)Extraordinary Growth CAPEX(79)(23)Restructuring and transaction costs(6)(5)Free Cash FlowFree Cash Flow(44)(44)(253)(253)1 Statement of Cash Flow According IFRS-EU-31-Q1 2025 ResultsNet Revenue Reconciliation at cc|Q1 2025In

98、thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarReported U.S.+Canada Net Revenues1,025,190925,32610.8%Variation due to Exchange Rate Effects(40,316)Reported U.S.+Canada Net Revenues at Constant CurrencyReported U.S.+Canada Net Revenues at Constant Currency984,874984,874925,326925,3266.4%6.4%In

99、 thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarReported EU Net Revenues390,275331,42717.8%Variation due to Exchange Rate Effects(676)Reported EU Net Revenues at Constant CurrencyReported EU Net Revenues at Constant Currency389,599389,599331,427331,42717.6%17.6%In thousands of eurosQ1 2025Q1

100、2025Q1 2024Q1 2024%Var%VarReported ROW Net Revenues370,344368,9520.4%Variation due to Exchange Rate Effects1,555Reported ROW Net Revenues at Constant CurrencyReported ROW Net Revenues at Constant Currency371,899371,899368,952368,9520.8%0.8%In thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarRep

101、orted Net Revenues1,785,8091,625,7059.8%Variation due to Exchange Rate Effects(39,437)Net Revenues at Constant CurrencyNet Revenues at Constant Currency1,746,3721,746,3721,625,7051,625,7057.4%7.4%In thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarReported Biopharma Net Revenues1,521,1601,394,7

102、039.1%Variation due to Exchange Rate Effects(33,923)Reported Biopharma Net Revenues at Constant CurrencyReported Biopharma Net Revenues at Constant Currency1,487,2371,487,2371,394,7031,394,7036.6%6.6%In thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarReported Diagnostic Net Revenues170,043158,

103、2837.4%Variation due to Exchange Rate Effects(3,451)Reported Diagnostic Net Revenues at Constant CurrencyReported Diagnostic Net Revenues at Constant Currency166,592166,592158,283158,2835.2%5.2%In thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarReported Bio Supplies Net Revenues32,55727,01320.

104、5%Variation due to Exchange Rate Effects(1,243)Reported Bio Supplies Net Revenues at Constant CurrencyReported Bio Supplies Net Revenues at Constant Currency31,31431,31427,01327,01315.9%15.9%In thousands of eurosQ1 2025Q1 2025Q1 2024Q1 2024%Var%VarReported Others&Intersegments Net Revenues62,05045,7

105、0735.8%Variation due to Exchange Rate Effects(820)Reported Other&Intersegments Net Revenues at Constant CurrencyReported Other&Intersegments Net Revenues at Constant Currency61,23061,23045,70745,70734.0%34.0%Business PerformanceFinancialsFinal RemarksAnnex-32-Q1 2025 ResultsEBITDA Adjusted Reconcili

106、ation at cc|Q1 2025Business PerformanceFinancialsFinal RemarksAnnexEBITDA Adjusted Q125:EBITDA Adjusted Q125:In thousands of eurosQ1 2025Q1 2025 Q1 2024Q1 2024%Var%VarReported EBITDA Adjusted40035014.3%Variation due to Exchange Rate Effects(0)EBITDA Adjusted at Constant CurrencyEBITDA Adjusted at Co

107、nstant Currency40040035035014.2%14.2%EBITDA Adjusted Like-for-Like Q125:EBITDA Adjusted Like-for-Like Q125:In thousands of eurosQ1 2025Q1 2025 Q1 2024Q1 2024%Var%VarReported EBITDA Adjusted Like for Like42835022.2%Variation due to Exchange Rate Effects2EBITDA Adjusted Like for Like at Constant CurrencyEBITDA Adjusted Like for Like at Constant Currency42642635035021.7%21.7%-33-Q1 2025 ResultsInvestor Relations&Sustainability+34 93 571 02 21