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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.