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Hello everyone and thank you for joining us today for our third quarter 2026 financial results. My name is Daniel Segarra and I head investor relations and sustainability. Today I'm joined by Nat Shabia, Chief Executive Officer, and Rahul Srinivasan, Chief Financial Officer. 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. Thank you very much. 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. Grifols financial statements are prepared in accordance with EU, IFRS and other applicable reporting provisions including alternative performance measures or APM 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 earlier this year, the Board of Directors has decided to initiate a process to evaluate a potential IPO of the Grifols US biopharma business. Any such transaction remains subject to legal and regulatory requirements, internal approvals, and market conditions, among other considerations. While we are currently limited by applicable laws and regulations in what we can say, we will provide updates as and when appropriate. Moving to today's agenda, now I will turn the call to Nacho.

Nacho? Thank you, Dani, and thank you all for joining us today. In the third quarter of 2026, we are happy to report that we deliver strong results across our key financial and operating metrics, well aligned with our annual plans and keeping us on track to deliver our full year 2026 guidance. Growth in our core franchises is translating into improved profitability, stronger cash conversion, and lower leverage, as we continue to execute on the priorities we set at the start of the year. These priorities remain unchanged, delivering sustainable growth, strengthening our financial position, and advancing the strategic initiatives that will drive sustainable value creation in the future. Let me take you through the quarter and the progress we are making on these priorities. Q3 was led by Biopharma, which grew 10.3%, supporting group revenue growth of 8.4%, both at cost and currency. That commercial performance, together with continued operating discipline, translated into a justice EBDA of €538 million, and a margin expansion to 26.4% in the quarter. The contribution from the quarter brings nine-month revenues to $5.6 billion, up 4.6% at cost and currency, and adjusted EBITDA to nearly $1.4 billion. With nine-month adjusted EBITDA margin at 24.8%, we remain on track to deliver our fully adjusted EBITDA margin guidance of 25%. We are also making progress on translating earnings into cash and reducing leverage. Free cash flow before M&A reached nearly 300 million for the first nine months, with total net leverage declined to just below four times. The good performance in the first nine months of the year, together with our confidence in continuing to deliver positive results in the upcoming quarters, has led the Board to announce a 2026 interim dividend of 15 cents of euro per share. Rahul will take you through the financial drivers and our balance sheet in more detail. Beyond the financial results, we have continued to move forward on several initiatives that I'd like to highlight. In Egypt, we continue to advance our strategic partnerships, supporting the country's goal of plasma self-sufficiency and improving access to plasma-derived medicines across Egypt and the broader region. Our plasma collection volumes continue to scale in the country and we continue to develop the support in fractionation, purification, testing, and logistics infrastructure to create an integrated platform that will support the evolution of our global sourcing model. I will return to Egypt later in the presentation. In diagnostics, the team continued to make progress on our repositioning strategy. Following the successful launch of Avances Immunohematology in Q2, we continue to advance the development of ISAR, the Immunasei platform, and Mundaka, the Molecular NAT platform, further strengthening our portfolio and expanding our opportunities in adjacent markets. The dissolution of our joint business with Quidel Ortho better positions us to capitalize on these innovation-led opportunities. Well, the headline growth of diagnostics will remain negative this year due to the ending of that joint business. Our underlying growth is positive, driven by solid growth in blood typing solutions and improved performance in that. We remain optimistic about the future of this business and our focus on strengthening our market position, driving sustainable growth and enhancing profitability and free cash flow generation. We also continue progressing in our assessment of a potential APO of our U.S. biopharma business and will provide updates as and when appropriate. Finally, we have successfully completed the upgrade of our ERP system to SAP Sys4HANA, an important milestone that strengthens the IT infrastructure supporting our business. Together with our financial results, these highlights demonstrate our continued progress in delivering initiatives we believe create value for the business and our shareholders. Before I move on from the slide, I also wanted to provide a brief update on Canada. In mid-August, we proactively and voluntarily post plasma collection at all our 17 donation centers there. Recently, in close coordination and alignment with Health Canada and working together with our partner Canadian Blood Services, we began a phased resumption of plasma collection. Throughout this period, our commercial operations in Canada have continued and interrupted as we have sourced plasma from the U.S. to meet demand in the market. We remain committed to our long-term partnership in Canada, to the importance of self-sufficiency for the Canadian market, and to maintaining the highest standard of quality, donor safety, regulatory compliance, and operational excellence. Turning to slide six, let's take a closer look at what is driving Biopharma's performance. IG remains our primary growth engine. Industry demand continues to be strong across core markets and therapeutic areas. And we are executing well within our markets, especially subcutaneous IG, which supports a favorable product mix. Our IG revenues grew 11.3% at cost and currency in the third quarter, bringing year-to-date growth to 12.3%. Subcutaneous IG revenues grew 40.3% in the quarter, with year-to-date growth reaching 25.6%. Importantly, IG growth is not dependent on a single product, therapeutic use, or treatment modality, but is supported by a diversified portfolio of IV and subcutaneous therapies, serving a broad and growing patient base. That diversification is central to the resilience of the IG franchise, as I will discuss on the next slide. Alpha-1 and specialty proteins also deliver a very strong quarter, up 18.2%, supported by a significant contribution from RAVIS. Year-to-date, growth reached 4.6%, consistent with the mid-single-digit growth we expect for the full year. On albuming, let me state the obvious. Performance remains challenging. Albuming declined 13.2% in the quarter and 13.9% year-to-date, both of cost and currency. The revenue decline primarily reflects market conditions in China, where the regulatory environment and elevated inventories continue to wait on selling market demand and pricing. I will discuss album in more detail on slide 8. But first, let me turn to slide 7 to discuss IG and the structural drivers supporting the continued growth of this franchise. I would like to step back for a moment from the quarter and talk about the breadth and durability of IG demand, supported by decades of clinical experience and continued innovation. IG is used across a wide range of therapeutic areas, and three of the most important conditions, primary immunodeficiency, secondary immunodeficiency, and CIDP continue to deliver significant growth. Our pull-through data from 2024 through half of 2026 shows sustained growth across these key therapeutic areas, including continued double-digit growth in secondary immunodeficiencies and mid-to-high single-digit growth in CADP, including through the first six months of 2026. Primary and secondary immunodeficiencies together account for about half of the IGUs in the United States. We see growth potential in both areas, particularly in secondary immunodeficiencies. Thank you very much. positioned as well to capture this growth opportunity across IV and subcutaneous therapies. Underneath all of this is a key differentiating factor for IgE that is difficult to replicate, the multimodal mechanism of action of plasma-derived therapies. By acting across multiple pathways in the immune systems, IgE plays an important therapeutic role in a range of immune-mediated conditions, including CADP. This differentiated therapeutic profile is relevant when considering the potential impact of emerging non-plasma technologies, many of which act through more targeted mechanisms. In CADP, growing disease awareness creates further opportunities to identify and treat patients. Newly diagnosed patients continue to predominantly initiate treatment with IgG, reinforcing its position as the first-line treatment. Through our expert study, we are working to expand Shembify into CIDP with the potential to offer patients greater treatment options. Taken together, diversify and grow in demand a differentiated therapeutic profile and targeted innovation provide a strong foundation for sustained growth in IG. Turning to albumin. China continues to be the world's largest market, accounting for approximately 700 million grams of annual demand. The market remains a strategically important one for griffols, and our commitment to serving the Chinese patient population is unchanged. Restrictions on albumin prescribing in China have led to downward adjustments in market volumes. At the same time, elevated inventories continue to wait on selling volumes and pricing. When we last updated you in July, we expected market conditions to stabilize during the second half of the year. What we are seeing now is that the adjustment is taking longer than anticipated, particularly as the market continues to work through elevated channel inventories. We are beginning to see some early signs of improvement in sell-out trends, but these have yet to translate into sustained recovery in reported sales, and it is clear that China albuming will take a bit more time to normalize. We are navigating this situation by focusing on good execution and the commercial levels within our control. Together with Shanghai Ras, we are adapting to the evolving market environment by broadening our reach across Tier 2 hospitals and retail pharmacies, increasing our marketing and engagement with local and regional bodies, and pushing our medical teams to expand albumin-related disease awareness. There is no silver bullet, but we are optimistic these efforts will deliver results over time. In parallel, we'll progressively be developing opportunities beyond China to diversify our geographic exposure. The U.S. market is an important part of that effort, where differentiated formats such as Albuter and FlexVac can support our medium-term commercial development. We're also expanding our commercial focus into additional markets with attractive price structures and exploring cross-selling with other portfolio products where it creates value. Our priorities are clear. Protect and strengthen our position in China through disciplined execution and the development of a more geographically diversified album franchise. Alpha-1 is a different type of opportunity. Here, value creation prompts from developing a market where an estimated 80-90% of patients remain undiagnosed and as a result, untreated. Our strategy to unlock this potential is built around three priorities, clinical evidence, treatment convenience, and diagnosis. First, clinical evidence. SPARTA is designed to further strengthen the clinical evidence-supporting augmentation therapy, evaluating both the current standard dose and a higher dose versus placebo. We continue to expect top-line results in late Q4-26, with a market presentation in Q1-27, depending on timing. The outcome will be determined by the data, but positive results could help strengthen the evidence base and support broader awareness and access to treatment. Second, treatment convenience. Our Alpha 1 subcutaneous 15% program is now in Phase 3. Aim at providing patients with greater flexibility and convenience in how they receive treatments. And third, diagnosis. Clinical innovation alone will not unlock the full potential of this market. We also need to identify more patients. Alongside with our clinical programs, we're working to expand screening and improve diagnosis rate. One example is our partnership with Alpha Detect, aimed at accelerating patient identification and diagnosis. The earlier patients are diagnosed, the sooner they can access appropriate treatment. Together, these initiatives address three critical barriers to market development, strengthening clinical evidence, expanding treatment options, and improving patient identification. As a global leader in Alpha 1, we have the expertise, commercial capabilities, and clinical programs to help develop this market, and we are committed to capture the opportunities that will emerge. Now I'd like to come back to Egypt, a central component of our value creation plan and where we are working in conjunction with the Egyptian government to support the country's goal of plasma self-sufficiency and improve access to plasma-derived medicines. Last year, we achieved full self-sufficiency in Factor VIII, albumin, and IgE for Egypt, a notable milestone. EGIP is not simply about adding plasma collection capacity. It is about building an advantage integrated source of plasma that will enable us to progressively optimize and improve our global sourcing footprint and cost profile. Operationally, EGIP continues to scale, with monthly plasma collection volumes nearly doubling since the beginning of the year, putting us on track to collect approximately 1 million liters in 2026. We continue to build out the integrated plasma ecosystem with 18 collection centers today expanding to 20 by the first quarter of 2027. And we expect to develop an additional 20 centers in the coming years to support 3 million liters of annual plasma collection in Egypt. In parallel, we continue to develop the fractionation, purification, testing, and logistical infrastructure required to operate the platform end-to-end. A critical milestone for Egypt has been the European Medical Authority regulatory approval, which enabled us to progressively integrate Egypt into our global plasma sourcing network to supply international markets. Integrating Egypt into our global network gives us greater flexibility to optimize plasma allocation. As AGIT increasingly supplies international markets, we can make more efficient use of our U.S. collection infrastructure and retain U.S.-collected plasma in the U.S. market, where it creates the greatest value. Economics are equally important. AGIT has structurally attractive plasma collection costs and higher protein yields, supporting margin expansion as volume scales. This is the strategic opportunity Egypt represents. A more competitive and flexible global plasma sourcing model with the potential to structurally improve our cost base and support meaningful long-term value creation. And that brings me back to the broader message of today's update. We are executing on our priorities, growing our core franchises, improving profitability and cash conversion, strengthening our balance sheet, and advancing the strategic initiatives that will drive future value creation. And with that, let me hand it over to Rahul.

Thank you, Nacho. Turning to slide 12. Our financial highlights for Q3 and the first nine months of 2026. The key financial message from the first nine months is that the improvement in financial performance we anticipated in prior calls is materializing. Thank you very much. Group net revenues reached €2.04 billion in the quarter and €5.614 billion through nine months, with Biopharma again leading the growth. That operating momentum translated into adjusted EBITDA of €538 million and continued improvement in group profit and free cash flow. Revenue growth accelerated to 8.4% in Q3, bringing growth through nine months to 4.6%, consistent with the second-half improvement we anticipated. Reported gross margin reached 39.6% in Q3 and 38% through nine months, in line with the quarterly progression we anticipated. This improvement was achieved despite the year-to-date headwinds from the donor center network restructuring costs, biotest ramping up Imugo sales, China albumin, and the dissolution of the joint business in diagnostics. The main drivers of our gross margin expansion are volume growth and favorable product mix in biopharma. and further optimization of plasma sourcing and collection costs including some initial small contributions from Egypt that will scale as our Egypt collections ramp up over time. Adjusted EBITDA reached 538 million euros in the quarter and 1.392 billion euros for the first nine months representing 9.8% growth in the quarter and 5% growth year-to-date. Adjusted EBITDA margins for the quarter expanded 60 basis points to 26.4% and by 30 basis points to 24.8% for the nine-month period. For the full year, we continue to target an adjusted EBITDA margin of 25% consistent with our guidance for the year. Group profit through the first nine months increased 28.4% year-on-year to $390 million, reflecting stronger operating performance and improved below-the-line expenses. We achieved $298 million in free cash flow before M&A for the first nine months of 2026, up 59% or $110 million year-on-year. Thank you very much. On slide 13 we summarize the net revenue performance by business segment through nine months. BioPharma remains the engine of our growth, driven by industry volume expansion and our commercial execution. Immunoglobulins continue to grow at a double-digit rate, driven by the sustained traction of Gaminex in the U.S. and core European markets, as articulated in prior calls. Revenue performance was further supported by the U.S. launch of Biotest Yumugo, albeit margins temporarily dilutive to the group, Zembify, our subcutaneous IG, continues to see strong double-digit in-market demand, with sub-QIG delivering over 25% growth through the first nine months. Both IVIG and sub-QIG have benefited from some year-to-date phasing-related gains. As Nacho mentioned earlier, albumin performance remains weaker than we expected. Thank you for watching. Thank you very much. In Alpha One, and our specialty proteins portfolio, we had a very strong quarter. For Alpha-1, we are seeing higher treatment numbers as patient access conditions improve following a challenging reauthorization period early in the year. Demand for Hyperab remained strong, with particularly strong seasonal demand in the U.S. this year, helped by a warm summer. In June, our U.S. team launched Facility, our new fibrinogen concentrate for patients with congenital fibrinogen deficiency in the U.S., adding to our specialty proteins. I also want to flag that given the phasing-related gains that have benefited our Q3 Biopharma results, please expect more modest Biopharma growth in Q4 that is lapping a strong sales quarter from Q4 2025. We manage our business on a full year basis and full year biopharma performance remains in line with our full year expectations and views communicated in our prior calls. Turning to diagnostics, the 7% decline continues to reflect the dissolution of the Quidel Ortho joint business, an impact that will continue through the end of 2026. Excluding this effect, diagnostics grew 2.3% on an underlying basis through nine months. The diagnostics division remains focused on executing its multi-year repositioning plan. And finally, foreign exchange has been a year-to-date headwind of over 300 basis points to reported revenue growth. However, with recent strengthening of the U.S. dollar, FX was a mild tailwind to growth in Q3. Slide 14. We are pleased with the improvement in adjusted EBITDA in Q3 and 9 months here to date. Even as we experienced more weakness than anticipated in albumin, continued volume growth and positive mix in IG, strong performance in our Alpha 1 and Specialty portfolio, Optimization in our plasma cost per liter and good operating cost control drove 9.8% growth in adjusted EBITDA in Q3 and 5% growth through 9 months. Margins expanded by 60 basis points in Q3 and 30 basis points through 9 months. For the year, we continue to target 25% adjusted EBITDA margin for the group. Thank you very much. Thank you very much. None of these non-core projects impact the go-forward equity or credit story for Griffles. We expect to complete that assessment in Q4. Any resulting potential impairment would be non-cash and would not affect adjusted EBITDA, free cash flow, or credit agreement net leverage. Turning to slide 15. Thank you for joining us. Enrique de la Torre, Lluis Pons Gomez, Rahul Srinivasan and the early contributions from Egypt. All positive trends that we will work to continue in the coming years ahead. On the right hand side we show the operating expense evolution. The story here is one of good cost containment while continuing to resource the business where it creates value. We expect to continue to apply this discipline to the business over the long term. Thank you very much. Thank you very much. With capitalized IT and R&D spend as a percentage of sales continues to normalize from the 2024-2025 peak. Consistent with prior guidance, we expect cash interest costs to be in line with 2025 despite needing to refinance maturing attractively priced debt earlier this year and the Fed and ECB interest rate rises this year. And finally, please remember that the impact of Euro-Dollar FX movement is broadly neutral on free cash flow pre-M&A. In conclusion, our free cash flow trajectory is progressing as planned. Slide 17. This slide runs through our leverage position and liquidity profile. We've made solid progress on the balance sheet, deleveraging entirely organically from 5.5 times in June 2024. Thank you very much. Thank you very much. Thank you for watching. Thank you for watching. Thank you for watching. Looking forward, leverage should continue to progressively improve over time as adjusted EBITDA continues to grow and our improving free cash flow generation provides optionality to reduce debt over time. Given our year-to-date performance and our financial position, the Board has approved an interim dividend of €15 per share, payable in early December 2026. With that, let me hand it back to Nacho to conclude the presentation.