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Hello everyone and thank you for joining us today for Grifols second quarter 2026 earnings call. My name is Daniel Segarra 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 Srinivasan. As this is Transcription by CastingWords 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 expectation 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. Grateful 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. Grifols 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. As announced, the Board of Directors has decided to initiate a process to evaluate a potential IPO of the Grifols U.S. biopharma business. Any such transaction remains subject to legal and regulatory requirements. Thank you Danny and thank you all for joining us today.

The second quarter played out in line with our expectations, allowing us to deliver a solid first half of the year and keeping us firmly on track to deliver our full year 2026 guidance. The progress we've made over the first six months reinforces our confidence as we look to the second half of the year, not because all the work is done, but because the business continues to perform according to plan and the key levers we have put in place are delivering the results we expected. For Grifols, that confidence starts with the strength and resilience of our business model. Our integrated value chain has long been one of the defining characteristics of Grifols. It is a model built over decades with capabilities that are difficult to replicate and that continue to differentiate Grifols. Today, I would like to leave you with three key messages. First, how to think about our first half performance. Second, how to work we have done previously Thank you very much. Revenue for the first half reached 3,574 million euros, up 2.6% at cost and currency, with biopharma being the primary growth engine delivering 5.4% growth. Reflecting the disciplined commercial approach we have been taking across the portfolio. Thank you very much. Adjusted EBITDA reached €472 million in the second quarter, representing a margin of 25.2%, and for the first half, adjusted EBITDA reached €854 million, up 2.4% year-over-year at cost and currency, with a margin close to 24%. Pre-cash flow improved by approximately 100 million euros during the first half, reflecting our continued focus on operational discipline, working capital management and capital allocation. While the second half is seasonally stronger for our business, we are encouraged by the progress already achieved and by the foundations we continue to build. Beyond the financial results, we also continue to strengthen the company operationally. Thank you very much. This demonstrates how we continue to translate decades of innovation into new solutions for our customers. That commitment to building capabilities rather than pursuing short-term opportunities is also reflected in our plasma strategy. Our U.S. collection network remains the foundation of our plasma platform. At the same time, the continued development of our projects in Egypt and Canada is creating a more diversified and resilient sourcing network. Egypt is much more than a new plasma collection project. It is a strategic investment in the future of our business, strengthening our ex-US plasma platform, increasing operational flexibility, and supporting sustainable growth for many years to come. The same discipline approach has also shaped the way we manage our balance sheet, and the refinancing completed during the first half has further strengthened our financial flexibility. Rahul will discuss this in more detail later in the presentation. BioPharma, where the work we have been doing over the recent years is becoming increasingly visible. Grifols holds a leading position in a large and growing biopharma market, and we continue to build on that leadership by advancing our pipeline to address patients' evolving needs. Our IG franchise continues to deliver strong momentum, supported by strong underlying market fundamentals. As we continue to expand the approved indication of our IG portfolio, I would like to highlight our ongoing Phase III clinical trials in secondary immunodeficiencies and CADP. First, our Phase 3 SIGMA study evaluates the efficacy and safety of Gammon XC in combination with the standard of care treatment to prevent infections in patients with secondary antibody deficiency. Together with our Excel study for Shembify, focused on patients with blood cancer who are at increased risk of infections, it reflects our continued investment in expanding the indications of our immunoglobulin portfolio. Another important Phase III study in IG is EXPERT, designed to support the potential expansion of Sembify into the treatment of CIDP, offering the potential to expand treatment options for patients. Beyond IG, our broader protein portfolio is progressing well. Fibrinogen for congenital indication was launched in the U.S. as planned in the second quarter, and we are in the final stage discussions with the FDA to agree on the Phase III trial design for the acquired indications. It will complement our European launches across both congenital and acquired indications. And the pinning of this is our expanding self-sufficiency platform. With our unique presence in the U.S., both Egypt and Canada continue to strengthen our ex-U.S. plasma sourcing through strategic partnerships, allowing us to keep optimizing our collection footprint while maintaining consistently high quality and safety standards across the entire plasma network. Together, our leadership in IG, a broadening protein portfolio and an increasingly self-sufficient sourcing base provide a strong foundation for continued sustainable growth. Having said that, Grifos has always been more than biopharma alone. And another important source of differentiation, and one that continues to create value for the group, is diagnostic. I would like to comment on the progress within Diagnostics. It remains a leading, profitable and cash-generated business, built on long-standing customer relations, high barriers to entry, and mission-critical solutions embedded in our customers' daily workflows. This business continues to be a complementary pillar to our biopharma franchise, providing meaningful contributions to our overall margin profile and cash conversions. We continue to make progress across our innovation roadmap. The clearest milestone this quarter was the successful launch of Avanzas IH, an important step in advancing our next-generation blood-typing portfolio. This platform delivers meaningfully improved performance in a smaller, modular design with a simplified workflow and reduced footprint for customers. And we expect it to be a key driver in sustaining our leadership in this market segment. Alongside this, Grifols is advancing the development of its automated solutions to help laboratories simplify workflows and enhance operational efficiency. And this includes our ISAR immunoassay platform and our Mondaka molecular platform, both of which continue to progress as planned. ISAR, in particular, positioned us to directly target the approximately $1 billion serology market end. And over time, to expand into a much larger clinical immunoassay space. Our next generation NAT platform, Mundaka, reinforces our leadership in blood screening while strengthening our molecular diagnostics offering. This innovation roadmap further diversifies our diagnostic revenue base, extends our reach into higher growth adjacent segments, and reinforces our strategy to build a presence across the clinical diagnostics market. Together with our ability to operate independently across these platforms, it enables us to capture more value across the diagnostic value chain. while further strengthening our leadership position. Moving to slide eight, let me highlight the key levers that support our confidence and continue to deliver improvement through the second half. First, continued growth in biopharma, driven by sustained IG momentum, continued product mix improvement, and respected stabilization of albumin in China. Second, the continued ramp up of plasma from Egypt, while enabling optimization of our U.S. collection. Third, continued progress at biotests, with improving manufacturing performance and a stronger operational execution. Fourth, further operating leverage, supported by our ongoing discipline cost management across the group. And finally, continued improvement in free cash flow generation, reflected by effective working capital management, capital allocation, and continued financial discipline. The priorities we set at the beginning of the year remain unchanged. The levers supporting our guidance are already in motion and progressing as expected. And we remain laser focused on delivering our commitments for 2026 while continuing to strengthen Grifols for the long term. Before I hand over to Roland, I would like to take a moment to recognize his contribution to Grifols. As you are aware, Roland has decided to return home to Basel in Switzerland to lead a biotechnology company. We appreciate his leadership, his strong contribution, and his partnership, and we wish him every success in his new role. We have a strong transition plan in place, supported by a highly experienced leadership team, ensuring continuity, discipline execution, and sustained progress against our strategic objectives. Thank you, Roland, and all the best.

Thank you, Nacho, for your kind words. It has been a privilege to contribute to Grifo's success over the last several years, and to work alongside so many talented colleagues. I am incredibly proud of the dedication, passion and commitment our teams show every day to serve patients that are counting on our medicines and advance the strategic priorities we have set for the business. Moving to slide 10, the biopharma business performed in line with our expectations in the first half, delivering 5.4% revenue growth at constant currency and reflecting the more balanced growth profile we anticipated entering the year. Growth was driven by our IG franchise, more than offsetting temporary headwinds in albumin. Importantly, Alpha-1 and specialty proteins returned to growth in the second quarter, resulting in a broader base performance across the portfolio and reinforcing our confidence in the full-year outlook. Let me now comment on each franchise in more detail, starting with IG. Immunoglobulins remained our clear growth engine, delivering 12.8% growth at constant currency in the first half. Thank you very much. Thank you very much. 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, demand continues to rise in an aging population and with an increase in immune compromised patients. And in CIDP, we also continue to see growth. Immunoglobulins, with their broad mechanism of action, remain the established first-line standard of care in this complex multifactorial disease. This is supported by extensive clinical experience, their broad immune-modulatory activity, and a compelling value proposition. Recent market developments continue to reinforce the importance of maintaining effective therapy options for CIDP patients and support our confidence in the growth outlook for CIDP. Following our strong first half, we expect IG in the second half to continue to grow mid to high single digit in the US and our European core countries, in line with the market, partly offset by deliberate lower growth in other markets. For Xambify, our SCIG, we see strong momentum and expect continued strong double digit growth. Turning to Albumin, the underlying market dynamics in China remain broadly unchanged from what we have been discussing in prior calls. As anticipated, first half 26 reflects the year-on-year pricing impact in China, following our mid-25 price adjustment, with Q2 facing a particularly challenging comparison due to the post-license renewal catch-up we saw in the Q2 the prior year. Our focus here remains on executing the actions we outlined, leveraging our strategic partnership with Shanghai Ross to expand our commercial reach in China, while continuing to grow the business in the US and other international markets. Looking forward, we remain cautiously optimistic that market conditions continue to stabilize, supported by an easier comparison in our second half of the year as we lap the pricing adjustment implemented in the middle of last year. Together with the increasing weight of Egyptian Plasma in our collection, which comes with high local albumin use and excess IG, we believe that Griffles is well positioned to balance albumin with IG growth over time. On Alpha-1 and specialty proteins, sales returned to growth in the second quarter, up 2% at constant currency. For Alpha-1, we saw higher treatment numbers in Q2 as patient access continued to improve following a challenging U.S. reauthorization period earlier in the year. We continued to appropriately support healthcare professionals throughout that process for their patients and were encouraged by the sequential improvement we saw during the quarter. Demand for hyperab also remained strong as we entered a seasonally important summer period in rabies. And in June, our U.S. team launched Veselti, our new fibrinogen concentrate for patients with congenital fibrinogen deficiency in the U.S., adding to our specialty proteins. Together, the momentum we see in Alpha-1 and specialty proteins reinforces our confidence that this franchise will deliver growth for the full year, as we outlined at the beginning of 26. Turning to slide 11, I would like to spend a moment on Alpha 1. In this indication, where 85% of patients remain undiagnosed and without treatment, clinical innovation remains central to our strategy, all with the objective to continue to expand the market while further strengthening our leadership in a franchise where we are the global leader. Our SPARTA study has the potential to significantly strengthen the evidence base for augmentation therapy, and thus support broader testing and diagnosis as well as improve patient access globally. SPARTA is the most comprehensive outcome study ever conducted in Alpha 1 and the first phase 3 trial designed to assess preservation of lung density by CT over a three-year period. Importantly, the study evaluates both the current standard dose and the higher dose regimen against placebo. Positive results not only have the potential to significantly strengthen the clinical evidence supporting augmentation therapy Thank you very much. Thank you very much. Thank you very much. As we continue to expand the long-term opportunity for our business through innovation, we are also evolving our operating model to capture that opportunity more effectively and translate it into sustainable growth and value creation. To accelerate the execution of our strategic roadmap, we are reorganizing Biopharma into two dedicated units, Biopharma US and Biopharma Rest of World, each built around its own self-sufficient operating model with dedicated leadership and clear accountability for its respective market. Biopharma US remains our scaled, fully vertically integrated, end-to-end platform with two manufacturing sites and around 280 donor centers. It is set up to serve the largest, most established plasma-derived therapies market in the world, where demand is expected to grow at a continued mid-to-high single-digit rate annually. Supported by our existing platform, we are well invested to support that growth and can continue to sharpen our focus on operational efficiency and portfolio expansion. BioPharma Rest of World is a distinct, increasingly self-sufficient growth platform with more than 130 donor centers and 5 manufacturing sites. Its priority is optimizing plasma allocation, increasingly supplying Europe and the rest of the markets from ex-US sources, reducing reliance on US plasma, and better aligning sourcing costs with pricing structures to optimize growth and profitability. Egypt and Canada are central to building that self-sufficiency, strengthening supply resilience and operational efficiency while increasing patient access to our therapies. Organizing on these two platforms gives each business the focus, accountability, and operating flexibility to execute within its respective market dynamics. At the same time, bringing decision-making closer to each business allows us to accelerate execution while continuing to build what we believe is the industry's most resilient and highest value plasma platform. Let me close by illustrating on slide 13 how Egypt enables the next phase of our global plasma sourcing strategy and the creation of a truly self-sufficient rest-of-world platform. As we explained during our Q1 call, the long-term vision behind our global plasma sourcing strategy is to increasingly supply Europe with plasma from Europe and Egypt, allowing more of our US collections to reign in the US. Beyond the economics, this diversification reduces our exposure to any single geography at a time when the geopolitical environment increasingly rewards local self-sufficiency. By 2029, we expect total ex-US plasma collections to increase by around two and a half times, providing sufficient supply to fully support our European and rest of world demand. That compares with today, where roughly 25% of US plasma collections are still needed to support sales outside the US. As that dependency unwinds, we progressively shift to a US plasma collections for US model, unlocking significant plasma supply and optimization opportunities for our US platform to support the expected strong and growing demand in the US. Egypt is the primary driver of this shift. This year, Egypt already represents around 25% of our ex-US plasma collections, and by 2029, we expect their contribution to grow to around 50%, making Egypt our single largest ex-US source of plasma and a globally recognized plasma hub under what we call the Griffith Seal of Quality and Excellence. The benefit goes well beyond supply security, as Egypt becomes an increasingly meaningful part of our plasma network, Thank you, Roland.