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Hello everyone and thank you for joining us today for Grifold's full quarter and full year 2025 earnings call. My name is Dani Segarra and I serve as a head of investor relations and sustainability. Today I'm joined by Grifold's chief executive officer, Nat Shabia, president of BioPharma, Roland Vandeler, and chief financial officer, Rahul Esrinivasan. As usual is our usual practice, today's call will last about an hour, including the Q&A session. Please note that this call is being recorded. You can find additional materials, including today's presentations, in the investor relations section of the Grifols website at grifols.com. A transcript and reply of the webcast will also be available on the investor relations website within 24 hours. Turning to slide two, I would like to remind everyone that forward-looking statements may be made during this call. This may include, among other things, comments regarding the company's future operating and financial performance, statements about our future expectations, clinical developments, regulatory timelines, and the potential success of our product candidates. These statements are based on current expectations and available information as of the date of this call and are subject to certain risks and uncertainties that may cause actual results to differ materially from those discussed today. Grieval financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions including alternative performance measures or APMs as defined by the European Securities and Markets Authority. Default management uses APMs to evaluate financial performance as the basis for operational and strategic decision making. These APMs are prepared for all the time periods presented in this document. Now, moving to today's agenda, I will turn the call to Nacho to kick it off. Nacho?

Thank you, Dani, and thank you all for joining us today. Fiscal 2025 marks an important year for Grifols. We executed against our plan, advanced our operational and innovation priorities, deliberated on our revenue and adjusted EBITDA guidance, and most importantly, exceeded our key cash flow target. And all of this amid a complex geopolitical macro and operating environment. In such a complex year, our performance reflects the structural strength of the company. Scale, deep vertical integration in a strategic market, and a globally diversified footprint continue to differentiate Grifols. This signals not only the company's strong fundamentals, but also the strength and resilience of our business model and our ability to continue shaping and leading in this industry in the many years to come. Turning to slide five, and as you all know well, One of our key priorities has been and will continue to be improving our cash generation profile. In fiscal year 2025, the company generated 468 million euros in free cash flow pre-M&A pre-dividends, an increase of more than 200 million euros year over year, which reflects the benefit of our company-wide focus on capital disciplines. On the top line, revenue reached 7,524 million euros, represented a solid 7% increase over the previous year and a 9.1% increase on a like-for-like basis, both at cost and currency. This growth was driven largely by the continued strong performance of our IG franchise. Adjusted EVDA reached 1,825 million euros, a 5.6% year-over-year increase, while on a like-for-like basis, without the impact of the IRA, adjusted EVDA increased by close to 12%, all at cost and currency. At guidance FX, adjusted EVDA reached 1,902 million euros, right in line with the guidance provided 12 months ago. Finally, The leveraging remains a key priority and the path forward becomes clear as our free cash flow generation is sustainable and continuing to increase. At year end, our leverage ratio improved to 4.2 times, a 4.0 times reduction over prior year. This strong and consistent performance across our key metrics supported our recent credit re-rating and continues to be a central priority for the board. Beyond the financial figures, 2025 was a year defined by execution on our operational and financial priorities. Led by Biopharma, our core IG franchise, both intravenous and subcutaneous, delivered strong performance, reflecting the strength of our clinical proposition. We leveraged the opportunity to use our solid inventory position to accelerate IG growth and build momentum in key markets. As mentioned on our Q325 call, album in demand in China declined amid ongoing pressures following government cost controls. We continue to work with our local partners, Shanghai Rust, to effectively navigate and manage these market dynamics. By leveraging this partnership, we have achieved relative outperformance in the Chinese market. The combination of a strong growth of our IG franchise and lower than expected album in sales weighed on our margins, reflecting the underlying economics of the plasma industry and emphasizing the need to continue working to improve our efficiencies. And we remain highly confident about achieving our margin expansion goals. Rahul will provide further insights later in the presentation. At the same time, we continue advancing differentiated margin accretive therapies to the market. In the fourth quarter, we successfully launched Profebri in Europe, our new fibrinogen concentrate for acute bleeding episodes with congenital and acquired fibrinogen deficiency. Following FDA approval, we plan to launch Facility in the first half of 2026, our new fibrinogen concentrate for U.S. patients with congenital fibrinogen deficiency. Despite the challenges presented by the macro environment and global trade shifts, our local-for-local business model once again demonstrated its resilience, effectively insulating us from tariff and preserving our defensible mode. This as-much-as-possible localized model also implies that while FX headwinds impacted both revenue and EBITDA levels, they did not extend to our free cash flow or leverage ratio, due to the significant levels of natural hedges embedded within our business. Finally, we improve our cash flow and expense profile as we strengthen our balance sheet. Our focus on EVDA and free cash flow expansion clears the path to deliverance. Turning to slide seven. We feel good with the company's performance in 2025. As we look forward, it is important to acknowledge the necessity of maintaining a balanced approach to growth across our portfolio of key proteins. Looking ahead, our direction for 2026 is clear. We will consciously focus our growth to prioritize profitability, cash flow generation, and to continue reducing our leverage ratio. Two key projects, Egypt and Canada, will play a central role in delivering on this strategy, and they have the potential to redefine the plasma industry in the many years ahead. In Egypt, our transformational partnership has achieved a major milestone, with EMA approval of Egyptian source plasmas. This is first of its kind achievement and is a game changer in the industry. In Canada, through our strategic partnership with UBS, we remain deeply committed to the prospects for the fourth largest IGG market globally. Roland will provide further details on both later in the presentation. In the U.S., we stand as the only scale plasma company with a fully integrated end-to-end value chain in the country, the world's most important IGG market. Over the last two decades, we have been shifting the structure of plasma sourcing and our entire operation to a local for local model as a key differentiator and value driver. And finally, our long-standing relations in China and the deep knowledge of the market has proven effective and will continue to play an important role to mitigate the changes in that important country. As we enter 2026, confident in our positioning, the fundamentals of our business remain sound. In a world increasingly shaped by geopolitical shifts, Griffo's integrated model and diversified footprint provide unique strategic optionality and allow us to navigate uncertainty with agility and resilience. This isn't just about sustaining a competitive advantage. It's about having the infrastructure, partnership, and the vision to lead the industry into its next chapter. And with that, I will hand over to Roland to cover our commercial performance in more detail. Thank you, Nacho.

Moving on to slide nine. Biopharma delivered a strong year in 2025, growing 8.4% for the year on a reported and 10.9% on a like-for-like basis, both at constant currency. I am proud of the dedication, passion, and commitment our team shows every day to deliver for patients and drive forward towards the goals we set out. Our Immunoglobulin franchise led the way in 2025 and delivered a strong 14.7% year-over-year increase at constant currency. This performance was driven by Gamonex and Xembify, with IVIG and SCIG delivering 12% and 60% full-year growth, respectively, both clearly ahead of the market. As outlined in our last call, we saw an opportunity over the last two years to use our strong IG inventory position to accelerate IG growth, build momentum in key markets, and win back share in the US. We have since delivered on this plan. We have strengthened our US organization and commercial capabilities, expanded SEIG penetration through Xembify, and leveraged a strong profile of Gamonex to win share in strategic accounts. Looking ahead, we expect underlying demand growth for IgE to continue across our three main indications. In primary immunodeficiency, increased awareness and better diagnosis are expanding access to therapy. In secondary immunodeficiency, on label outside the U.S., demand continues to rise in an aging population and with an increase in immunocompromised patients. And in CIDP, we are seeing continued growth, albeit at a lower level, as IG therapy with its polyvalent mechanism remains the first line choice and standard of care for patients living with this multifactorial disease. As Nacho mentioned, where in 2025 our plan was to regain share in the US and select European markets and thus grow ahead of the market, we now aim to control growth going into 2026 from this stronger position with a differentiated approach. In the US and select European countries where we have recently gained share, we plan to maintain our position and grow with the market. Outside these key markets, we have already started to pull back growth towards the end of 2025 and will further consolidate in 26 with an increased focus on margin. This targeted approach will allow us to enhance the return on our investments and ensure that our commercial efforts translate into meaningful margin improvements. Turning to albumin, we saw revenues decline 5.1% year over year as positive momentum in the US and next China was offset by the market and pricing pressures from policy changes in China. While these changes in China also weighed on our albumin sales, our strategic partnership with Shanghai Ross allowed us to effectively compete and perform ahead of the market. Entering 2026, we aim to further drive albumin uptake to balance growth with iQIYI. In China, we will continue to build on our strategic partnership with Shanghai Ras. With disciplined pricing, an expanded joint commercial footprint, and a sharper marketing and contracting approach, we expect to expand hospital access, including greater penetration into lower-tier hospitals, and broaden our reach in retail pharmacies. In addition, our medical teams will continue to drive education, awareness and evidence generation, for example around long-term albumin use in liver cirrhosis, an important and still unmet need in China. Outside China, we will build on our momentum to further expand our albumin presence, helping us move toward a more balanced geographic mix. Through this approach, and as conditions in China stabilize, we remain confident that our efforts place us in a position of strength to balance our albumin growth with IG. Looking at our Alpha-1 and specialty proteins portfolio, we saw a full year growth of 1.4% or 3.8% on a like-for-like basis before the impact of the IRA Part D redesign. In 2025, we reinforced our leadership in Alpha-1 and returned to patient growth following the transition to our new specialty pharmacy partner. We also saw steady contributions from our rabies franchise and our contract manufacturing business. Keep in mind that different phasing patterns across proteins in this segment create natural quarter-to-quarter variability. In this context, our fourth quarter results mainly reflect a tough comparison against a strong Q4-24, not a change in underlying trends, which remain solid. Looking ahead, we expect to drive continued patient growth in Alpha-1, while preparing for a major clinical milestone with expected top-line results of our Phase III SPARTA outcomes trial, the first of its kind in the second half of this year. These outcomes have the potential to unlock significant growth in this highly underdiagnosed and undertreated condition by dramatically increasing disease awareness and testing in light of clear clinical benefits. In parallel, we are advancing a 15% subcutaneous formulation and a next-generation Alpha-1 therapy aimed at enhancing convenience, expanding access, and strengthening our leadership in this growing market. We remain confident in Proelastin's long-term potential and continue to focus on expanding the total addressable market. With roughly 85% of patients still undiagnosed and with outcomes, AI-enabled patient identification and increasing awareness from potential reentrants building momentum, we see meaningful opportunities to accelerate testing and thus help more people living with AATD to benefit from therapy. On slide 10, as the newest addition to our Bauer Pharma portfolio, I would like to provide an update on the progress of our fibrinogen franchise. With our approval in Germany at the end of last year, we have launched our fibrinogen concentrate Profibri in Europe, with a focus in Germany and Austria, where FCs are the preferred option for acquired fibrinogen deficiency. We realized first sales in Q425 and see continued strong demand for Profibri. Early feedback is promising and especially highlights our differentiation, including the ease and speed of reconstitution of our highly purified FC, as well as its application. We will continue to focus on Germany and Austria as key markets this year and expand into additional European markets over time. In the United States, following our December FDA approval for congenital fibrinogen deficiency under the brand name Facility, we are preparing for launch in Q226. We have a focused field team in place to help educate key decision makers across leading institutions in the U.S. and secure hospital formulary access, building on our long-term relationships in many of these systems. While we will focus our U.S. launch on CFD in the short term, we are advancing our work to embark on an AFD trial in the U.S. this year, which will allow us to expand our label over time. In parallel, we will continue to engage in appropriate disease state education for the critical role that propinogen deficiency plays in bleeding. We expect our entry into AFD to align with the evolution of clinical practice in the U.S., where awareness and application of ready-to-use FCs for bleeding is still emerging, with the potential to exceed 800 million U.S. dollars over time. As we focus on controlled growth with IG, balance with albumin, and continuing momentum in our portfolio of first-eater proteins, slide 11 outlines how the vision and strategic investments that Grifols embarked on many years ago are providing us today with a strong structural foundation for long-term value creation. This is particularly important in an environment where geopolitical pressures are rising and supply security is becoming increasingly strategic for our customers. In the US, the world's largest plasma market, we have, over the last decades, built a fully integrated end-to-end platform spanning domestic plasma collection, fractionation, purification and commercialization. Over the last years, we have started to extend this vertically integrated business model into other strategic markets through long-term public-private self-sufficiency partnerships that align our capabilities with national healthcare priorities. In Canada, the fourth largest global IG market, our long-term partnership with Canadian Blood Services supports the country's objective of reaching at least 50% IG self-sufficiency. By expanding the share of locally sourced plasma and adding the capabilities to convert it into domestically manufactured plasma-derived proteins, we strengthen supply resiliency while reinforcing our presence in an attractive market. In Egypt, we have partnered with the Egyptian government to establish a fully integrated plasma platform designed to achieve national self-sufficiency and position the country as a regional hub for Africa and the Middle East. Once domestic needs are fulfilled, this platform expands access to life-saving therapies across the region and creates export potential to European countries, especially for IG. Taken together, these initiatives reflect a scalable partnership model that combines industrial expertise with national healthcare priorities, positioning Riffles as a strategic partner in building sustainable plasma ecosystems across the globe. Let me add a bit of more colour. Taking a closer look at the US on slide 12, we have invested strategically over the last 20 years in building our infrastructure to support this key market at scale. With vision and foresight, Griffles has built a fully integrated, resilient, state-of-the-art footprint that spans the entire value chain from donor to patient. Today, we operate a network of more than 300 donor centers in the U.S., ensuring a stable supply of quality plasma. To put that in perspective, over 70% of Griffles' total global plasma collection capacity is anchored right in the U.S., Across our two primary US plants, including our flagship facility in Clayton, North Carolina, one of the largest of its kind, we also hold 65% of our manufacturing capacity in the US and thus have achieved a unique and differentiated level of vertical integration. This positions us to supply the growing demand in the US fully from within this key market through self-sufficiency. This helps insulate us from global supply chain disruptions and ensures that our most critical market can be served by our efficient and strategically located donor centers and facilities. On slide 13, we turn to Canada, one of the top four global markets for IG. Canada recognized that its historical reliance on imports for roughly 85% of its IG needs created long-term supply risk. As a result, Canadian Blood Services made it a national priority early this decade to lift domestic self-sufficiency to over 50%. GRIFL stepped up to support that vision and in 2022 signed a 15-year renewable agreement with CBS to build a fully domestic plasma ecosystem from the ground up. Following this mandate, our operational footprint in Canada is expanding rapidly. In just the last 12 months, we have established a network of 17 donation centers, creating the backbone for a nationwide plasma collection network. Together with CBS, we were able to increase the share of IG self-sufficiency from 15% to around 30% in 2025. And we are progressing as planned with our domestic manufacturing plant in Montreal. We started with local purification of albumin in 2025, and we are on track to add 1.5 million litres of fractionation capacity alongside dedicated purification and fill finish lines by 2028. This makes Griffos the only large-scale domestic manufacturing player with an end-to-end value chain in Canada. This unique position allows us to offer a fully integrated platform of services in this key market. On slide 14, we highlight our strategic foothold in Egypt. This is more than a geographic expansion. It is a first-of-its-kind public-private partnership that is pioneering biopharmaceutical sovereignty for an entire region. Through our partnership with the Egyptian government, signed in 2020, we have created a fully integrated regional ecosystem spanning plasma collection, testing and future fractionation and purification capabilities. Building on the project's strong progress, a key inflection point for Grifols was securing full EMA approval late last year for the entire Grifols Egypt value chain. This is a massive strategic unlock for the group, validating our end-to-end quality standards and enabling European commercialization of plasma-derived therapies sourced from Egyptian plasma. I will walk you through the details in the next slides. Slide 15 maps out the strong execution and progress of our strategic project in Egypt. After successfully opening 16 donor centers last year, our team in Egypt, building on our core capabilities in Griffiths engineering and quality, is on track to scale our network to 20 centers in 2026, all operating under our high standard model. With this, we were able last year to already achieve full self-sufficiency in Factor VIII, albumin and IG for Egypt, a notable milestone. As we move into 2026, we are leveraging any surplus in plasma to expand supply across the broader Middle East and Africa. As for manufacturing, our roadmap remains disciplined and phased. We are currently in phase one of plant construction, with the Plasma Logistics Centre and testing lab coming online this year. Between 2030 and 31, the fractionation and purification plans will become fully operational, and by 2031, the entire end-to-end value chain will be localized in Egypt. Equally important, our recent regulatory achievements have validated the strength of our end-to-end quality system. By positioning Egypt as a globally recognized plasma hub, we have earned what we call the Griffle Seals of Excellence. This has a direct financial impact as it enables the commercialization of Egyptian plasma derivatives in Europe and thus reduce reliance on costier US and EU source plasma. Further, this also allows us to better balance albumin with our IG growth on a global scale as the local demand for factor VIII and albumin in Egypt, Middle East and Africa is significantly higher than for IG. This provides excess IG that can help cover demand in Europe. Slide 16 shows how our partnership in Egypt is transformational for both Egypt and Grifols. Let me highlight a few key facts that illustrate the scale and impact of this project for Egypt, where healthcare benefits are already tangible. More than 1 million vials produced from Egyptian plasma have been delivered to public hospitals and health centres, and over 100,000 free medical check-ups have been provided to donors. From an economic and social perspective, the initiative is emerging as a meaningful contributor to the national economy. In 2025 alone, the project is expected to have contributed approximately 55 million euros to Egypt's GDP, with cumulative contributions projected to exceed 700 million euros by 2029. The project has also made a significant contribution to employment in Egypt. To date, it has generated approximately 1,200 highly skilled direct jobs. In addition to these direct employment opportunities, the initiative has created more than 14,000 indirect positions supporting the broader economy. Over the next four years, total employment impact is projected to exceed 180,000 jobs. While this project is first and foremost about supporting national self-sufficiency for the Egyptian people, it is also transformative for Griffiths. By shifting part of our sourcing to a more cost-effective, AMA-approved hub in Egypt, we are structurally de-risking our plasma supply, expanding margins, and reinforcing the underlying fundamentals of our business model. Across our vertical integration in the U.S., our self-sufficiency partnership in Canada, and our strategic self-sufficiency expansion in Egypt, We believe that we are building a basis and a blueprint that will allow us to better meet demands in an evolving geopolitical context and deliver value for the long term. We are confident in this path. With that, I will now hand it over to Rahul, who will provide more details on our financial performance.

Thank you, Roland. As both Nacho and Roland have alluded to, navigating highly dynamic forces, be it the geopolitics that threaten to disrupt the supply chains of most global companies or the seismic moves in Eurodollar, the fact that Griffles was able to deliver on its deleveraging plans, beat free cash flow generation and revenue guidance, whilst achieving adjusted EBITDA guidance and more than double group profit, demonstrates the clear resilience of this business. The foundations of this resilience comes from, one, Griffles' unique position in the U.S. with a fully integrated, truly end-to-end in-market for market business. Two, our highly differentiated self-sufficiency strategy that have been many years in the making, thanks to the vision and the enterprise of those before us. And that will be a source of clear competitive advantage going forward. Three, the highly strategic and long-standing partnerships that have been developed over time. Four, our end-to-end capabilities all the way from industrial to commercialization and everything in between. Five, the tireless efforts of all our teammates across the entire Griffles Group. And finally and most importantly, the trust from our patients, our donors, and our customers. Specifically on the financials, net revenues in 2025 are up 7% versus 2024 and 9% on a like-for-like basis, both in constant currency terms, reflecting the secular tailwinds for IG demand. Adjusted EBITDA and gross margin performance is after fully absorbing the IRA impact in 2025, and we need to consider that when making comparisons to 2024 financial performance. For that reason, we have also included the like-for-like column to facilitate better comparability between the two years. In 2025, adjusted EBITDA like-for-like growth rate in constant currency terms was up almost 12% versus 2024. Reported gross margin was weaker versus 2024, broadly due to the impact of fully absorbing IRA in 2025, some accounting reclasses between OPEX and COGS that weighed on gross margin but neutral at EBITDA, and the impact of the albumen market in China. On China albumen, we continue to feel well-positioned to better navigate the market dynamics given our strategic partnership with Shanghai RAS and higher. On a like-for-like basis, that is, prior to the impact of IRA and the gross to net reclassifications, gross margin in 2025, in fact, improved by approximately 50 basis points versus 2024, better reflecting underlying performance. Adjusted EBITDA of $1.825 billion equates to just over $1.9 billion at guidance FX rates and whilst EBITDA is impacted by the weakening dollar, the natural hedges we have in place make the impact more muted at the free cash flow, leverage and group profit levels. Whilst like-for-like adjusted EBITDA margins at 25% exceeded 24%, adjusted EBITDA margin was a touch weaker at 24.3% after fully absorbing the impact of IRA. EBITDA margins remain an area of critical focus for us, and we will be highly proactive with our efforts to ensure of its continued progression. Group profit is up 156%, more than double 2024 group profit. A clear validation of the board's recommendation to approve the interim dividend in the summer. Griffith's first dividend payment since 2021. As is customary, the final dividend payment in respect of 2025 is subject to the board's recommendation and shareholder approval at the AGM later this year. Moving on to free cash flow, we are pleased to back up the significant free cash flow outperformance in 2024 with another free cash flow pre-M&A beat at $468 million, up over $200 million versus 2024. This business can absolutely generate meaningful amounts of free cash flow, and we remain confident about expanding the free cash flow generation considerably in the coming years. Our deleveraging path continues, with leverage down from 4.6 times at the end of 2024 to 4.2 times at the end of 2025. The significant dollar weakening had a broadly neutral impact on leverage, given that some of our debt issuances are dollar-denominated, and we will continue to optimize the currency mix as we consider our refinancing plans. on a later slide on our positive progress we are making towards 2027 milestones on deleveraging and cumulative free cash flow generation. Also, the combination of the 1.7 billion euros of liquidity and the significant secured capacity I've referenced in prior update gives us strong confidence about the fortress balance sheet and our ability to execute our exciting plans or indeed withstand anything unforeseen. Slide 19. Full year 2025 like-for-like adjusted EBITDA growth was circa 12% and 5.6% after fully absorbing the 108 million IRA impact. Adjusted EBITDA growth was mainly biopharma led. The biopharma EBITDA growth drivers were primarily volume growth, geo and product mix benefits, continued steady improvement of CPL, and operational leverage benefits that together more than offset the impact of China albumin, where we continue to feel better equipped to deal with the developments in China thanks to our strategic partnership. Diagnostics continues to achieve all its milestones as part of our significant repositioning of that business, and we're excited about the launch of our new immunohematology platform at the next International Society for Blood Transfusion Congress before the summer, whilst continuing to maintain our leadership in the molecular donor screening market and continuing to significantly grow in our blood typing business, particularly in the U.S. Like-for-like adjusted EBITDA margins of 25% were higher than 2024, but slightly softer after fully absorbing the impact of IRA. As I said on the prior slide, margins remain an area of critical focus for us, and we intend to remain highly proactive with our efforts to ensure of its continued progression. With regards to cash adjustments, we show a 33% reduction versus 2024, driven by lower restructuring and transaction costs. Consistent with our update in Q3, non-cash adjustments relate to impairments of projects that do not at all impact the go-forward equity or credit story and are an extension of the capital allocation discipline that we have talked about. Leaving aside this non-cash adjustment, the convergence between adjusted and reported EBITDA driven by lower cash adjustments remains a focus. Slide 20. We are simply pleased to be able to demonstrate that this business can absolutely produce significant amount of free cash flow and we are particularly happy about beating our free cash flow guidance again in 25 after the significant beat in 2024. There is nothing structural about this industry notwithstanding its capital intensity that precludes our ability to ramp up our free cash flow generation from current levels. As you are aware, the original free cash flow pre-M&A guidance for 2025 was 350 to 400 million and raised throughout the year, culminating in the 400 to 425 million guidance in Q3. And the 468 million outcome considerably beats the improved Q3 guidance. The free cash flow beat reflects the end-to-end focus across the entire organization on cash flow and we will continue to go forward with the same vigilance and intensity. The free cash flow beat in 2025 is as a result of improved EBITDA, end-to-end intensity in our working capital management despite investing as a group in further inventory to support the strong demand for our proteins, CapEx levels normalizing for 2024 from 24 highs as we anticipated in our prior updates, lower cash interest as a result of the benefits of the deleveraging in 2024, and balance sheet and capital structure management, and finally lower cash adjustments that is captured within others. Our free cash flow conversion improved from circa 15% in 2024 to circa 25% in 2025. Whilst free cash flow conversion can vary from year to year, we remain confident about being able to improve free cash flow conversion meaningfully over the coming years. To summarize, we are pleased with the 2025 outcome and we look forward to generating further improvements in free cash flow in 2026 and beyond. Slide 21. Positive deleveraging progress and free cash flow improvement is now being validated and rewarded by a normalization of rating agency views towards Griffles as they confirm our rapid re-rating progress. In the last 18 months or so, S&P have moved the Griffles ratings from B-flat stable to BB-stable up two notches. Similarly, Moody's have also improved the Griffles rating by two notches from B3 to B1 stable. and Fitch from B-plus to B-plus positive. We are also glad to see credit investors and our relationship banks validate our significant deleveraging and free cash flow improvement progress. The considerable tightening of secondary trading yields of our 2030 bonds clearly demonstrates strong credit investor sentiment. Further, the significant increases in the commitment levels that are being volunteered by our relationship banks will support our planned significant upsize to the revolving credit facilities with materially improved pricing and flexibility. In addition, preparations are in an advanced stage to support our refinancing plans in respect of our 2027 maturities. We plan to do this in two steps, starting with the revolver and the TLB. For the latter, we expect to commence an institutional TLB investor-focused education process shortly and target a subsequent launch subject to market conditions during the course of H1 2026. and we expect to refinance the remaining 2027 bond maturity in Q4 2026 or earlier. Slide 22 This slide succinctly captures our four-year financial transformation and how that informs our 2026 priorities. As the chart on the left shows, our deleveraging story is very compelling, reducing our leverage from nine times in H1 2022 to the current 4.2 times credit agreement leverage, driven by significant EBITDA growth and free cash flow improvement. A significant proportion of the EBITDA growth has been volume-led, with a very deliberate execution of our strategy announced in 2023 to win back lost market share in the US and international growth. The progress of both EBITDA growth at 14% CAGR and margin improvement by over 400 basis points from 2022 to 2025 is clear for everyone to see. Having successfully taken our credit agreement leverage back to pre-COVID levels, and having executed on the plan to win back lost market share in the U.S., we are now well-placed to optimize our path forward, in particular to take action to advance our margin progression, including optimizing the balance of our last liter across IG and albumin. In this regard, the recent EMA approval for Egypt Source Plasma is a game-changer for Griffles and for the plasma industry. The combination of our unique position in the U.S. and the progress with our self-sufficiency projects in Egypt and Canada differentiates the Griffles story from the rest of the industry, and we are confident about following our own path. which is a nice segue into our priorities for 2026 on the right. We believe that we are uniquely positioned to redefine the industry by harvesting the value of our strategic investments from the past. Our priorities are clear. We will continue to grow in line with the USIG market while maintaining a very targeted and disciplined ex-US strategy, yet fully leveraging the paradigm shift that EMA approval of Egypt, Source Plasma offers Griffles. and focus on value creation via prioritizing margin expansion, accelerating free cash flow generation, and continuing on our deleveraging path, which we believe will help us continue our re-rating progress, not just on the credit side, where the evidence thus far speaks for itself, but also on the equity side. Slide 23. Before I touch on 26 guidance, let me start with our 27 milestones. We remain on track to achieve both milestones. Credit agreement leverage down to 3.5 times and cumulative free cash flow pre-M&A of $1.75 to $2 billion by end 2027. As for 2026, the clear focus is on continuing to improve our free cash flow story, and we are guiding to 500 to 575 million free cash flow pre-M&A in 2026. in addition we are targeting improving adjusted ebda margins to 25 or higher and we expect adjusted ebda growth to be in the five to nine percent region on a constant currency basis versus 2025 and you can assume euro dollar average fx in 2025 of circa 1.12 we remain committed to continuing on our deleveraging path. And finally, even if you can imply the revenue growth yourselves from what is on the slide, whilst we expect to grow on a constant currency basis, we are deliberately not including revenue growth guidance for 2026. This is consistent with our 26 priorities from the prior slide. We are consciously moderating revenue growth in 2026 from our higher 2025 base by prioritizing our focus on margin accretive growth driven by our unique position and the highly compelling prospects from our self-sufficiency initiatives that we look forward to updating the market on in the coming quarters. We are following our own path with conviction. With that, let me hand it back to Nacho.

Thank you, Rahul. I would like to conclude by reiterating a few points that we've already made, but that we are repeating. In 2025, we deliver on our commitments and strengthen our financial foundation. More importantly, the performance of the company reflects our ability to capture the fundamental resilience of the plasma industry, a high-mode, essential sector where Grifols continues to set the standard for global leadership. Through our long-view lens, our strategic direction is clear. Grifols will harvest the value of our strategic footprint. Our vertical integration in Canada and our partnership in Egypt are critical catalysts for our next chapter. These hubs provide a diversified and resilient supply chain that positions us to capture further value. What remains unchanged is the strength of our underlying business and our commitment to our long-term vision. Our immunoglobulin franchise continues to benefit from a strong structural demand, while albumin alpha-1 and specialty proteins portfolio, as well as fibrinogen, remain core assets within our portfolio. At the same time, our diagnostic business is progressing toward an evolving operating model that we are convinced that will unlock significant additional value over time. Today, Grifols is a more focused and resilient organization, structured to deliver consistent performance, prioritizing returns, free cash flow, and deleveraging, with the clear objective of increasing value for our shareholders. I would like to thank the entire Grifols team for their dedication and effort throughout the year. And also, I would like to thank all of you for your continued interest and support in Grifols. With that, Dani, back to you.

Thank you so much, Nacho. Now let's turn to the Q&A session. Please remember to press star five to ask a question. We need to place a limit of two questions per analyst, but if you have any follow-ups, please dial star five again to get back on the list. Let's start with Thibault from Morgan Stanley. Thibault, please.

Yeah, thank you very much. Maybe my first question, obviously, I mean, you mentioned we can reverse and generalize growth. I just want to know if 2026 is a specific year where growth is differing from the capital market day target that you had, and we should assume growth to come back after. And in relation to this, Is it about what you're seeing for demand? Is it about plasma capacity? Or is it really about the plasma economics and last-liter focus? That explains the growth being 0.26. Thank you.

Thanks, Debo. As you think about revenue growth, one of the reasons why we've excluded it, even though you can work out, do the math yourself on that page, is that it isn't a priority. Why isn't it a priority? We have taken our leverage back to pre-COVID levels. We have executed successfully on our plan to win back lost market share in the U.S. And our focus from here on is about optimizing the quality of our EBITDA growth. That's the key focus on our standpoint. And on that, I can ask Roland as well to add as we think about balancing the last leader economics. Roland?

question and absolutely plasma economics are at the heart of our business given that we produce our medicines from very precious donations and that entails you know three main aspects one is we have to maximize our first leader proteins second over the longer term balance IG and albumin growth and thirdly bring costs down of production of course but you know double clicking on the IG and albumin balance for a moment Over the last two years, we have constantly used a strong IG position to regain share in the US and drive growth. Now, this has last year combined at the same time with a temporary softness in China as market works through policy changes, but notably with continued strong unmet need and patient demand on the land. This puts us in a position this year where we can optimize our approach for 2026. On the IG side, after two years on strong growth, on this higher base, and with the position that we were aiming for achieved in the US and key European markets, we focus our growth there. And we are pulling back in other markets elsewhere. And on the album inside, we build on our momentum to make sure that we can catch up. We believe that we are in a strong position to balance album and IHE over growth, not only from a commercial perspective, but also in China through our strategic partnership with Shanghai Ross, and as Rahul and Nacho have alluded to, through our absolutely transformative strategic partnership in Egypt. which provides us with excess IG for the European market and our continued focus on work on the yield. And all of that, of course, by continuing to drive our first data proteins and our cost overall.

Thank you very much, Rahul. Thank you very much, Roland. I think it's very clear. Now let's move to the next one. It's going to be Jaime Scribano from Santander.

Hi, good afternoon. So my question is, so I'm trying, Rafa, to lower the guardation to try to get the potential EBDA guidance on a reported basis for 2026. I'm getting something in between, obviously, assuming the 25% margin, because if I put a higher margin, it can be more. But let's call it a minimum reported EVDA adjusted guidance of 1.9 to 1.97 billion. This will be my first question. Does this make sense? Would you feel comfortable with that?

9% on 1825 is around 1950 to about 1980, give or take. So ballpark, your numbers are correct. As I mentioned as well, as you think about average euro dollar for 25, that's at 112. So hopefully that gives you the information you need, Jaime.

Okay. Thank you so much. Jaime, you have a second question?

Yes. Yes, if I may. yeah so it's um so again i i understand that you are not providing the the top line guidance but you give up 25 margin or more so um can you try to um to give us a little bit more color on whether you think you are going to be more closer to 25 or more 25.5 because depending on that obviously the top line growth will be more or less.

Let me address that. Two points. One, on a constant currency basis, as I said in my prepared remarks, you can absolutely assume moderate growth, moderate net revenue growth. And as you think about modeling out margins, I think your 25% to 25.5% range is absolutely fine.

Okay, thank you so much, Rahul. Now we will go to Alvaro Lentz from Alantra.

Hi, thanks for taking my questions. Going back to revenue, just wanted to understand what you mean by pursuing higher or more profitable revenue or prioritizing margins. It really sounds to me or I would have thought that you would sell always as much as possible. So I don't know what are your internal levers in terms of revenue to improve profitability. I would suspect you would try to sell as much of the non-IGN, non-albumin as you can, and you are already price takers, I would assume. So I don't know what the levers are. So I wanted to know, first, what the levers are on revenue, and second, whether more of the margin improvement comes from the cost side with the all Egypt venture and maybe some industrial gains control. Just trying to understand that. And my second question would be on HEMA BPC buyback, which you did not mention. Is that still expected for this year? Thank you.

So, Alvaro, as we look into 2026 and we want to balance our growth in IG with albuming, We are in a position with our momentum to choose the markets in which we want to focus growth and obviously these are the markets where we see a higher value realized and a higher margin and therefore our focus to continue our momentum in the US and key European markets. So we are in a position with our momentum where we can choose where we want to position the supply that we have on the IG side, while of course driving on the albumin side to continue to grow. This is as you look at pricing and value that we create, and then obviously we are looking at the cost side as well, and as we continue to drive efficiencies and effectiveness in our manufacturing and plasma collection network, absolutely.

On HEMA BPC, the timing of the exercise overall will be determined by the board, as I've said before. And we've also previously indicated a potential exercise in 26 or 27. And I've also indicated that we intend to finance it through free cash flow generation whilst continuing on our deleveraging part. So no change in overall message. Final timing is 26-27, but the precise timing will be a matter that's determined by the Board.

Okay. Thank you so much, Rahul. Now we will move to Guilherme from CaixaBank. Guilherme, please, your turn.

Yes. Hello. Thank you for taking my question. The first one regarding phasing. So we're from a Q4 run rate in terms of biopharmacal growth. We all have several effects moving, some moving into 2026, others don't. Just wanted to understand how should we think about the phasing as the growth throughout the year. If you're assuming a desire to optimize the growth across proteins right in Q1, or we should expect some slowdown in the pressure that you're seeing in albumin, and so a more stable growth throughout the year. And the second question is, how are you thinking about your post-2027 debt refinancing options? In terms of maturity, you mentioned that you could optimize currencies, and in terms of timeline for the potential refinancing, and related to that, whether the free cash flow guidance include potential refinancing costs that you might pay, especially addressing 20-30 maturities? Thank you.

Guillermo, let me take the refinancing plans first and Roland will take – sorry, your second question and Roland will take your first question after. On refinancing plans, as we mentioned in my prepared remarks and in the presentation, the intention is to proactively manage our 27 maturities and we're at an advanced stage of preparation with respect to the RCF and the TLB refinancing and we expect to commence an investor education process relatively quickly. and then subject to market conditions, the expectation would be to get the TLB refinancing done in H126, all entirely consistent with our prior updates. As you think about currency, which I believe was another part of your question, Garemeh, I think for the moment you can model it on the basis of existing currency splits. TLB is split into dollars and euros, so you can assume the existing currency splits that are disclosed. I did reference that we will seek to use our refinancing plans to optimize the natural hedges in place a bit better. So ultimately, maybe the final denominations of our currencies do vary a little bit, but I think it's a good working assumption to use the existing ones. And then finally, as you think about the TLB, TLB today is about 2.2 billion, give or take. And I talked about the secured bonds of $750 million or so following in Q4 or earlier subject to market conditions. So the intention would be to refinance all $3 billion well ahead of the year, again, entirely consistent with our prior updates. Hopefully that addresses your question. And on the first one, Roland?

Yeah, in terms of phasing, perhaps just two parts to highlight. One is we have natural seasonality throughout the different proteins in our portfolio. Just to give you one example, rabies with a very high use over the summer months, of course. And for some of the other proteins, we just have seasonal buying patterns from wholesalers. And perhaps a second aspect to highlight, as we say, we continue to grow with the market in the US and key European markets, so there we expect a similar phasing to what we've seen in the past. And as we continue to be selective in markets elsewhere, this will play out throughout the year.

Thank you so much, Roland. A very comprehensive question. Now let's move to Justin. Justin Smith from Berstein Societe. Justin, please.

Yeah. Hi, thanks very much. I'm sorry if I'm being a bit slow here. Can I just revisit the 2029 guidance that was issued a year ago? Am I right in thinking that that guidance on an absolute basis is still valid if we just adjust dollar euro 104 to the 112? If not, can you just help me understand what I'm missing? I'm trying to understand if growth is more hockey stick or if something's actually kind of structurally changed in the last 12 months.

Hey, Justin, let me take that. I think as you look at the 25 to 29, that was a roadmap that we set out with a very clear objective to increase EBITDA and EBITDA growth, improve our EBITDA margins, expand free cash flow generation, and considerably de-lever. All of those aspects absolutely hold true, no change whatsoever. Since then, we've obviously provided a MET guidance for 2025. We're providing guidance for 26 and confirming that we are on track to achieve our 27 milestones. I think we've given probably more information than would ordinarily be the case, but as you think about revenue growth as well, we have grown enormously in the last couple of years, and we are talking about moderate growth on a constant currency basis from this higher base, from this higher base. So, you know, if I could leave it at that, Justin, that'd be great.

Thank you so much. Bahul, we have a follow-up from Thibault, from Morgan Stanley. Thibault, please, go ahead.

Yeah, thank you very much. Just want to touch on the dynamic of Q4. It looks like the gross margin was probably lower than expected. and at the same time, SG&A and R&D are compensated for that. So just in terms of how we should read into that dynamic when we think about the cost slides in 2026. Thank you.

Thanks, Thibault. As you think about gross margin, and it's better to look at gross margin on a full year basis rather than quarterly. We talked about some phasing and FX and so on. So move away from the Q4 and look at the following page covers in the appendix covers the full year picture. So let's look at that picture. Point one, if I can start with, is gross margin like for like 25 versus 24 was in fact 50 basis points better pre-IRA, pre-gross-to-net reclass that was recommended by our auditors, which better captures underlying performance. IRA alone was a 90 basis points impact, negative impact. Accounting reclass that is EBITDA neutral, but weighs on gross margin was another headwind. China albumin headwinds we've talked about as well, but we feel very good about our strategic partnership with Shanghai RAS. So I would use the full year gross margin picture rather than the quarterly, the fourth quarter gross margin picture as being what is reflective of 2026 and building on that, not the Q4 picture. Hopefully that addresses your question, Thibault.

Thank you so much, Bahul. We have a second follow-up today. This is coming from Alvaro. Alvaro Lenfe, please.

Hi, just very quick. I know you're focused on the current refinancing, but I was just wondering when would a potential window be to refinance the 2030 materials, which are the most expensive for senior security. And very quickly, if you could just give us highlights on your current capacity and how much spare capacity do you have for continued growth while maintaining low capex. Thank you.

Sure, let me start with the 2030 refi and Roland will take your second question on capacity. On 2030 refi, look, we're just going to continue to be just opportunistic and be very, very focused on trying to drive interest costs as low as possible. As you know, Alvaro, and I know you know our debt complex well, those bonds are callable on the 1st of May 2026 at 104 and they drop down to 102 on 1st of May 2027. And we're just going to be very, very disciplined in terms of what drives better value. Is it better to refinance during the course of 2026 or wait until 2027? We will drive that based on just the value proposition. But look, I agree with you that that debt is expensive. It also goes to show how significant the tightening of yields have been in the last 12 months, which is again significant validation of the strong creditor investor sentiment towards the Griffill story. But on your second question, Roland?

We don't give the details in terms of the exact leaders, but we have the capacity that we need to execute over the next year. And we are building on that in one hand in terms of optimization that we continuously deploy across our sites, our five sites. We have our Canadian plant coming online, we have the Egyptian plant that we talked about today coming online, and we recently announced our expansion in VISA in Barcelona, so we have a very clear plan for CAPEX and CASD expansion that sets us up to deliver on what we plan and grow in the future.

Thank you so much, Roland. We have a question from Charles from Berkeley. I'm going to go through the question. There are some technical issues. Two questions. Can you comment on market share evolution for IG and SubQ? Second one, albuming. Market share in China for albuming. Yeah, I'm happy to take the two. Roland will take your question, Charles.

Yeah, as for market share for IG, that was obviously one of the main focus areas that we had, especially in the U.S. in our plan over the last two years to regain share, and we're happy with the progress that we made. There's different data sources that I'm sure, Charles, that you're tapping into, but we're pleased with the market share gains that we had, not only with the number that we've seen, but also with the quality in the centres where we achieved this. SubQ, needless to say, with the growth and momentum that we were able to deliver last year, we're very pleased with the momentum as well. We don't go into specifics of the split between the two, but in the US, which is the key market for us, very pleased with the uptake that we see on the SubQ side. And in terms of albumin in China, both as we look at batch releases, X-Factory, as well as if we look at pull-through, we're pleased with what we see versus competition. As said before, our strategic partnership with Shanghai Ross, we believe, puts us in a very good place in order to effectively compete in this market and make sure, as the China environment stabilizes, that we're able to continue to drive growth there.

Thank you so much, Roland. I'm sure that this is going to be helpful. We have another follow-up. This is coming from Jaime Scribano from Santander. Jaime, please.

Hi. Yeah, a couple of questions from my side more is from a strategic perspective. viewpoint uh canada um i don't know if you can quantify or at least tell us um how much could be the economic opportunity of the new plant or when do you think this can start producing meaningful revenues and in the case of egypt um the impact of the gross margin in the long run Again, maybe a little bit qualitatively, or when could we start seeing some benefits from the gross margin problem as a result of using the Egyptian plasma? And a last very quick one, if I may. Regarding CAPEX 2026, the free cash flow guidance of 500 to 570 million, would it be implied CAPEX tangible plus intangible that you are estimating for these guidance, these free cash flow guidance? Thank you.

Raul will take it on the CAPEX. Certainly on Egypt and Canada, I mean, we are not providing details of the specific benefit that these collaborations will provide. I think that there is enough information out there in order to guess or guesstimate what that impact would be. I think that in the case of Egypt is certainly already seeing clear benefit in 2026 and beyond as we will progress growing our footprint in that market. And in Canada, I think we've been collaborating with CBS for a number of years. We have already a solid commercial operation there. Now, especially with the new policy from the Canadian government where they are going to push even harder on self-sufficiency, clearly there is an opportunity for us to strengthen that relation because we have been really the only brand that has invested in that market with a manufacturing plant and our plasma donor centers there that will certainly help to drive that growth.

Perhaps to just clarify, both of these strategic projects are creating value today. So in Canada, fourth largest market, highest per capita, strong growth, aiming for 50% self-sufficiency, This is already happening today, since the plasma that we collect in Canada is fractionated in our U.S. plant, and we're already supplying to Canadian patients in terms of self-sufficiency. But this is not something that has to wait for the plant to be finished. This is something which, as of today already, is a win-win. And similarly in Egypt, as Nacho just explained, a clear win-win for us. And as you think about it, You know, this has several components. One is, of course, there's the value to Egypt and the region through to the mission that GRIFLS has. But as you think about the value to GRIFLS, you know, we have highest quality, highest standard facilities in terms of our plasma collection in Egypt, but the cost structure is very different. So there's a clear benefit in CPL. There's a clear benefit in terms of balancing IG and albumin. As explained, albumin use is much higher in this region than IG. And lastly, what we see is that the plasma that we collect there comes with a very promising yield that of course translates into more medicines that can be produced from this plasma. So both of these win-wins with value accreting already today.

And then on CapEx, Jaime, which I think was your question, so the way I look at CapEx, I look at both CapEx and capitalized IT and R&D on CapEx. We expect the CapEx levels for 26 to be slightly lower than they are in 25. But as we think about our R&D and capitalizing, IT and R&D capitalization efforts, we expect that to be slightly higher. So I think, NetNet, if you add the two up, you might just end up at around the same number as we did in 25, maybe a little lower in 26. Hopefully that addresses that question.

Thank you so much, Rahul, very clear. That was the very last question for today. Just say thank you so much for joining us and for all your questions. If there is any follow-up, please contact the IR team. Happy to help. Thank you so much.