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Hello everyone and thank you for joining us today for Grifols' 4th Quarter 2026 Earnings Call. My name is Dani Segara and I serve as a Head of Investor Relations and Sustainability. Today I'm joined by Grifols' Chief Executive Officer, Nat Shabia, President of BioPharma, Roland Vandeler, and Chief Financial Officer, Rahul Isrubinabhasan. As 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 presentation, 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 expectation, 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. Grifols financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions, including alternative performance measures, or APMs, as defined by European Securities and Markets Authority. Grifols management uses APMs to evaluate financial performance as the basis for operational and strategic decision making. These IPMs are prepared for all the time periods presented in this document. As announced on May 24, the Board of Directors decided to initiate a process to evaluate a potential IPO in the United States of a portion of the shares of its subsidiary and part of its U.S. by a former business. Any such transaction remains subject to, among other things, regulatory and legal requirements, internal approvals, and market conditions. In keeping with the legal and regulatory advice received, we will not be able to address any questions regarding this transaction at this stage. We will provide updates as and when necessary, remaining in full compliance with applicable laws and regulations. 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. In the first quarter of 2026, we delivered a solid start to the year, maintaining our focus on our core priorities as outlined in the annual guidance provided in our previous call. The results of the first quarter were in line with our expectations and forecast. We are on track to achieve our guidance for the full year 2026 as we continue to build momentum over the course of the year. Today, we will focus on three key areas. First, we will talk about our commercial strategies across regions. with a clear focus on capturing growth opportunities in core markets. Second, we will further clarify the strategic importance of EGIP following EMA approval, a milestone that strengthens our global plasma diversification strategy, expands our sourcing capabilities, improves access to treatment in EGIP, the region and Europe, and structurally and meaningfully reduces cost per liter, thereby supporting our margin expansion. And third, we will address the continued strengthening of our balance sheet through disciplined refinancing and sustained free cash flow generation. Finally, we will review some key progress within diagnostics as we near an important milestone, the launch of a new platform that expands market opportunities in blood typing, as we committed at our last Capital Markets Day. These advancements reflect our ongoing commitment to innovation and to supporting long-term growth in this division as well. Turning to slide five. Revenue for the quarter reached 1.7 billion euros, representing an increase of 3.3% at cost and currency. Adjusted EBITDA increased to 404 million euros at cost and currency, 381 million euros on a reported basis, with margin broadly stable year-on-year. Request flow improved by 30 million euros, with leverage stood at 4.3 times, which is broadly stable versus year-end and consistent with the seasonality we typically see in the first quarter. Biopharma led this performance, with growth of nearly 7% at cost and currency, once again underscoring the strength of our IG franchise, which delivered double-digit growth, particularly in core markets. Our focus remains on executing our key priorities for 2026, driving adjusted VDI margins to at least 25%, while delivering 5-9% adjusted VDI growth at cost and currency. Improving free cash flow towards our 500 to 575 million euros target and maintaining strict financial discipline. We are actively pulling strategic levers across the organization to deliver on those objectives, which I will detail in the following slide. We also note the recent exception of plasma-derived therapies from U.S. tariffs under Section 232, which underscores the strategic importance of plasma in today's global environment. Finally, as announced in March, we are evaluating a potential IPO of our U.S. biopharma business. While it is still early in the process and we will not be able to provide additional information in today's call, it reflects our continued focus on maximizing shareholder value. We will update you with necessary details in due course and stay compliant with applicable laws and regulations. Now let me turn to our focus in 2026 in order to achieve our annual goals. Moving to slide 6. I want to detail the strategic drivers that support our confidence in achieving our 2026 guidance. Our focus is centered on five key pillars of execution. First, we are optimizing our biopharma product mix. While our IG franchise continues its momentum, we are balancing this with a continued focus to drive growth across our broader portfolio of proteins. Second, the ramp-up of our IG platform is a transformative milestone. As I mentioned, this is a structural shift in our sourcing capabilities. We are in a clear trajectory to collect 1 million liters of plasma in Egypt this year, scaling rapidly to 3 million by 2029. Third, this Egyptian expansion allows us to accelerate the optimization of our global plasma sourcing. By integrating this lower cost per liter supply, we can more aggressively optimize our U.S. plasma network, improving overall margin efficiency without compromising our supply needs. This also ensures flexibility and optionality to expand our plasma needs. Fourth, we are focused on the operational and financial turnaround of biotest. A key catalyst here is the commercial progress of both biotest new generation of immunoglobulins, Jimmugo, as well as fibrinogen products, Profibrai and Thestilty, which are starting to contribute to the top line as we integrate these assets more deeply into our global commercial portfolio. Finally, our commitment to financial discipline remains absolute. We are maintaining rigorous cost control and maximizing operational leverage across the entire group. These five drivers are not mere targets. They represent active strategic levers. Their successful execution is what will allow us to grow strategically, expand VDA margins, and deliver the improved pre-cash flow we have committed for the full year 2026 and beyond. Before moving to a more detailed biopharma update that Roland will provide, I would like to briefly comment on the performance of our diagnostic business on slide 7. It is important to note that the reported revenue decline does not reflect the underlying fundamentals of the business, but rather the temporary impact from the dissolution of the Quidel-Orzo joint business. On a like-for-like basis, our diagnostic revenue grew in the low single digits year over year. As part of the joint business dissolution, we agreed to a $65 million U.S. compensation payment to Grifols, which will be distributed over the next three years. While the termination of the joint business created a short-term headwind, the decision was ultimately a strategic one. Ending it unlocks full autonomy to offer a broader range of donor screening and clinical diagnostic solutions and better positions us to capture the full value of our new ISART platform rollout. These new immune assay platforms enable us to directly target the serology market, which is valued at approximately 1 billion euros. Additionally, it provides an opportunity to eventually expand into a much larger total addressable market of the clinical immune assay sector. This is a segment where our ability to operate independently enables us to fully participate, control the value change, and maximize returns. As such, ISART platform represents a key pillar in diversifying our diagnostic revenue base and expanding into adjacent high-value segments. Other than this significant step in our serological business, within blood-typing solutions, the Barcelona Next Generation Platform is our most significant upcoming catalyst. This platform delivers significantly improved performance in a smaller, modular design, with a simplified workflow and reduced footprint for customers. We remain on track for its launch in Q2-26 at the leading flagship industry trade fair. and we expect this platform to be a key driver in sustaining our leadership in this market beginning in 2027. In NIT, our Mundaka platform remain in track for launch in 2030, reinforcing our leadership position within that through higher throughput and sensitivity and advanced design. As we look beyond 2026 and specifically 2027, we expect our diagnostic business to continue to grow in the low single digits as we continue to grow our blood type in business, while MDS, we consolidate our strong donor screening market position and grow in the plasma screening segment. Respect the good performance of the BTS and MDA businesses to be partially upset by our IDS business as the supply agreement with Abbott ends and we gear the manufacturing towards ISAT. I want to reiterate here that our diagnostic business remains a vital complementary pillar to our biopharma franchise, providing significant contributions to our overall margin profile and cash conversion. Before moving to Roland, I would like to emphasize that the progress of the company in the first quarter reflects disciplined execution across our strategy, operations, and finance. We are building on strong fundamentals, advancing our margin initiatives, strengthening our global plasma platform, and reinforcing our balance sheet. This execution supports our confidence in delivering consistent progress throughout the year as we work towards our full year guidance and are looking at the full value of our competitive advantage. With that, I will now turn it over to Roland. Thank you.

Thank you, Nacho. Moving to slide nine. The biopharma business overall delivered a solid start to the year with 6.8% growth at constant currency in the first quarter. 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. Q1 growth was driven by continued strong momentum in IG, partially offset by albumin in China, as well as lower sales in other proteins. Let me briefly walk through each segment. Immunoglobulins were the clear growth engine. Our IG portfolio delivered 15.3% year-over-year growth at constant currency, driven by sustained traction of Cumminex in the U.S. and core European markets, fully aligned with our strategic focus. Performance was further supported by the successful U.S. launch of Dialtest Imugo, which is building on the strong underlying momentum of our existing brands. Xempify, our subcontainer's IG, continues to see strong double-digit in-market demand growth in the U.S. Reported ex-factory sales this quarter, though, were partially impacted by year-on-year inventory phasing, with Q125 benefiting from a wholesaler inventory build and Q126 reflecting some inventory normalization. Importantly, the underlying demand trend remains very strong, and for the full year, we continue to expect strong double-digit growth for Xendify. Turning to Albumin, Q1 sales declined 6.1% year-over-year at constant currency, reflecting the expected continuation of market and pricing dynamics in China that we discussed at year-end. Following several years of strong growth, demand flattened in 2025 and we adjusted pricing mid-year. Over the past quarters, pricing in hospital has stabilized, which is encouraging. However, the first half of 2026 continues to compare against a higher pricing base in 2025 and we therefore expect albumin sales to be lower year-over-year in H1 before stabilizing into the second half. Despite these near-term dynamics, our longer-term outlook for albumin remains constructive, supported by our strategic partnership with Shanghai Ras. With elevated in-country inventories in the market, our focus is firmly on driving demand with disciplined pricing and aided by an expanded joint commercial footprint and a more targeted marketing and contracting approach. These actions are aimed at increasing hospital access, including deeper penetration into lower-tier hospitals, while also expanding our presence in retail pharmacies. In parallel, our medical teams continue to invest in education and evidence generation around long-term albumin use in liver cirrhosis and an important and still unmet need in China. As conditions stabilize, we remain confident that these actions position us well to get back to growth in this key market. At the same time, we are actively pursuing opportunities outside China with a clear emphasis on expanding our albumin presence in the U.S. and other markets. This, together with increasing yields and the use of excess IG from email-proofed Egyptian plasma, will enable us to balance our IG and albumin growth over time. On Alpha-1 and specialty proteins, sales came in 7.4% lower year-over-year, reflecting a prior year comparison that benefited from inventory buy-in for both Alpha-1 and Vibrant Zealand at the time. Within Alpha-1, which represents roughly half of the category, We were encouraged by growth in new patient referrals during the quarter, highlighting the continued unmet need and the significant number of undiagnosed patients. While underlying dynamics are strong for Alpha 1, HCPs and patients continue to navigate access hurdles, especially in the first part of the year. We heard from physicians and patient associations that the reauthorization period in the U.S. was a difficult one, and that a number of patients had to go through multiple appeals to finally receive approval for their therapy this year. We will continue to do our part to appropriately support healthcare professionals in their work of securing access for their patients. And this is where we are looking forward to sharing our SPARTA outcomes trial results with top-line results expected later this year. Successful trial outcomes will help to further drive awareness to reach patients yet to be diagnosed, but also provide additional evidence that may bolster access for both new and existing Alpha-1 patients in the U.S. and abroad. In the remainder of the category, sales of fibrin sealant, factor VIII, and contact manufacturing were lower year over year. Following strong inventory build by Ethicum in 2025 to support global launches of fibrin sealant, Q1 reflected some inventory drawdown. This was partially offset by continued solid demand for hyper-RAP, While seasonally lower in absolute terms, we are encouraged by momentum as we move towards the summer peak season for this important product. Overall, we remain confident in the underlying fundamentals of Alpha-1 and expect the Alpha-1 and other proteins franchise to return to growth over the full year 2026. Moving to slide 10, what I'd like to highlight is how intentionally differentiated our approaches across both geographies and proteins. starting with Immunoglobulins, our growth engine. In the US, our priority is clear. Grow with the market on a higher base following our market share recovery in 2024 and 2025. We expect continued mid- to high-single-digit growth for GammaNex as our leading IVIG and strong double-digit growth for Xenify in SCIG. Outside the US, we are taking a more selective, value-driven approach. In Europe, we are focusing growth on higher-margin strategic markets, while actively optimizing our footprint in low-return markets. At the same time, we are advancing self-sufficiency in Canada and leveraging platforms such as Egypt as a plasma source to support IT supply into Europe. Turning to albumin, where the focus is balance and value optimization. In the US, we are benefiting from increasing demand for albumin in bags, as one of only two players with this differentiated offering, and where we are working to expand supply going into 2027. At the same time, we are effectively competing with our portfolio of albumin in vials with a disciplined approach to contracting. Outside the U.S., we have a two-pronged approach. In China, our focus is on driving demand and access, leveraging our strategic partnership with Shanghai Ross, expanding the tier 2 hospitals, and increasing our reach in retail pharmacies. In other markets, we see good progress and room to further grow our albumin sales. Overall, the objective is to stabilize performance in China and selectively expand beyond China, including the U.S. with the differentiated offering of alternate impacts. Finally, Alpha-1 and specialty proteins, where our ambition is to lead and expand the category globally. In the U.S., the priority is to expand Alpha-1 diagnosis and treatment of appropriate patients in a market where 85% of patients are not yet diagnosed. We believe that our outcome study, SPARTA, which for the first time may show better maintained lung function versus placebo, will play a key role to raise awareness, broaden the share of physicians that consistently test their COPD patients, and facilitate access to therapy. Our team is preparing for top-line results expected by year-end and is planning a deliberate, coordinated approach to communicate SPARTA outcomes to support growth. In addition, we are encouraged by our momentum with HyperRab and excited about our upcoming vibration launch later this quarter. Outside the U.S., we continue to drive Alpha-1 growth in reimbursed markets and prepare to leverage Sparta to unlock broader reimbursement, increase awareness, and expand access in those markets that so far have limited treatment for Alpha-1 patients. In addition, we will continue to drive our launch uptake with fibrinogen in Germany and Austria as the two leading markets for the targeted treatment of acquired fibrinogen deficiency. So, stepping back, what you see is a disciplined and differentiated portfolio strategy to drive value. Drawing IG, where we have leadership and value, balancing and optimizing albumin across markets, and positioning alpha-1 and specialty proteins for continued growth. But value creation is not just about where we compete, it is also about how we source and produce our therapies, which is where plasma becomes a critical enabler of our model. Turning to slide 11. What we are doing in plasma sourcing is not incremental. It is a structural shift, both for Griffles and for the industry, and a core pillar of our margin expansion. Historically, the industry has operated with a structural imbalance. The US has been the primary source of plasma for the world, and a significant portion of that volume has been used to supply markets outside the US. Given that the US is a high-cost source of plasma, exporting that cost base into markets with more constrained pricing creates a mismatch between cost and revenues. At the same time, the high reliance on US plasma adds structural risk, particularly in a geopolitical environment that is increasingly favoring local self-sufficiency. What we are doing now is fundamentally changing that equation. Over the last years, we already increased ex-US collections with growth in our European centers and our self-sufficiency partnership in Canada. But following the EMA approval of Egypt Source Plasma in December 2025, as part of our self-sufficiency partnership in Egypt, we are now adding a third, scalable ex-US plasma sourcing platform. We are on track to collect around 1 million liters in Egypt this year, scaling to about 3 million liters by 2029. Together, this allows us to meaningfully rebalance our sourcing footprint. Where today, roughly 25% of U.S. plasma is needed to support demand outside the U.S., by 2029, we expect plasma volume sourced ex-U.S. to increase roughly two and a half fold, sufficient to supply our European and rest of world demand. This allows us to significantly reduce the need to use high-cost U.S. plasma for lower-priced markets over time. Instead, we move towards a two-system model. US Plasma will be primarily serving the US market where demand and value are highest and where focus will unlock further opportunities to optimize our CPL and operations. And XUS Plasma will be sufficient to supply XUS markets aligned with local economics and benefiting from XSIG in context of our self-sufficiency partnership with Egypt. This unique, geographically differentiated and vertically integrated approach unlocks two major benefits. First, cost and margin optimization. By aligning our sourcing with market pricing, we structurally improve profitability. And second, resilience and supply security, reducing dependence on a single geography with the potential to mitigate policy, tariffs, and regulatory risks. So to be very clear, this is not just about expanding plasma collection. We are fundamentally redesigning how plasma is sourced and allocated globally, creating a more efficient, more resilient, and structurally more profitable model. Let me close on slide 12 with how to think about our U.S. biopharma business, where Griffiths has, over the last decades, with foresight, built a unique, fully vertically integrated local-for-local value chain. Starting with the market, the U.S. is the largest and most attractive IT market globally, exceeding $20 billion, with continued strong demand for our therapies and a system that values plasma-derived medicines. This provides a strong foundation for continued growth, supported by increasing diagnosis and still high unmet need across our therapeutic areas. Looking at our model, as we have discussed in our previous call, our unique approach in the U.S. offers resilience and focus. Griffith is the only scale company with an established, fully integrated end-to-end presence in this key market, spanning everything from plasma collection to manufacturing and commercialization in the U.S. for the U.S. In the current political environment, this closed-loop system is increasingly recognized as a strategic asset, providing supply security and operational resilience. At the same time, it gives us greater control and visibility across the value chain, allowing us to better align plasma collection, capacity utilization, and commercial execution as our global sourcing model evolves. Lastly, looking at productivity, our local-for-local approach increases focus and allows us to drive efficiencies across our operations in the US. On the collection side, we are increasing plasma collections per donor site, which allows us to optimize our footprint. The recent closure of 29 underperforming donor centers with partial consolidation into higher performing locations reflects a disciplined approach to optimizing our cost space and network quality, all while still enabling an increase in our annual plasma collections in the US. On the industrial side, our facilities in California and North Carolina represent the largest fractionation and purification capacity in the US and are well positioned to support local demand growth. Importantly, Following prior investments, we are now able to capture this growth largely within our existing capacity without significant incremental capital. And lastly, looking at our supply chain, our local-for-local approach allows us to further optimize our working capital cycle across markets. Bringing these elements together, market, vertical integration, and productivity allows us to drive value for biopharma. With that, I will hand it over to Rahul to walk us through the financials.