Grifols, S.A.

Group net revenues were €1.874 billion in Q2 and €3.574 billion in H1, up 2.6% at constant currency. Adjusted EBITDA was €472 million in Q2 and €854 million in H1, up 2.4% at constant currency, with margins of 25.2% in Q2 and 23.9% in H1; reported gross margin was 37.6% in Q2 and 37.1% in H1, while gross margin excluding one-off costs was 39.4% and 38.6%, respectively. Group profit in H1 increased to $227 million, up 28.7% year over year, and free cash flow before M&A was €91 million, up €103 million year over year. Management reiterated full-year 2026 guidance, including free cash flow before M&A of €500 million to €575 million, and said they remain on track for adjusted EBITDA growth and margin improvement as well as full-year free cash flow targets.

Nacho Abia framed the quarter as solid and said the company is firmly on track to deliver full-year 2026 guidance. He emphasized Grifols’ integrated model, the disciplined focus on profitable growth rather than volume at any price, and the importance of self-sufficiency, especially through Egypt and Canada. His tone was confident and execution-oriented, with repeated references to progress already in place and stronger foundations for the second half.

Rahul Srinivasan highlighted the hard numbers behind the quarter: €1.874 billion of Q2 revenue, €472 million of adjusted EBITDA, 37.6% reported gross margin, and €91 million of free cash flow before M&A in H1. He said reported gross margin was affected by $40 million of one-off costs tied mainly to closing 29 U.S. donation centers, and that adjusted gross margin excluding those costs was 38.6% in H1. He also pointed to net leverage slightly below 4.2x, net secured leverage of 2.7x, and liquidity of $2 billion, while stressing that the refinancing supports financial flexibility and that cash interest costs should stay in line with 2025.

Analysts pressed on CIDP competitiveness, albumin in China, free cash flow guidance, Egypt execution risk, diagnostics after the QuidelOrtho breakup, and the SPARTA alpha-1 trial. Management said CIDP remains a setting where IG’s broad mechanism and physician preference still support growth, while FcRn therapies are seen as more appropriate in other diseases such as myasthenia gravis. On Egypt, they dismissed execution-risk concerns and said the ramp is proceeding well, with the biggest benefits building over time; on SPARTA, they said the trial is blinded, well designed, and not powered to compare doses, but its outcome focus could be important for clinical practice and payer discussions.