Grifols, S.A.

Group net revenues were €1.874 billion in Q2 and €3.574 billion in H1 2026, up 2.6% at constant currency. Adjusted EBITDA was €472 million in Q2 and €854 million in H1, up 2.4% year over year 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; excluding one-off costs, gross margin was 39.4% in Q2 and 38.6% in H1. Group profit in H1 was $227 million, up 28.7% year over year, and free cash flow before M&A was €91 million, up €103 million year over year. Net leverage was slightly below 4.2x, net secured leverage was 2.7x, and liquidity was over $2 billion. Guidance was reiterated: full-year free cash flow before M&A of €500 million to €575 million, with management also saying the company remains on track to deliver 2026 guidance for adjusted EBITDA growth/margin and full-year objectives.

Nacho Abia framed the quarter as solid and in line with expectations, saying the business is performing according to plan and that the key levers for the second half are already in motion. He emphasized Grifols’ integrated model, disciplined commercial approach, and the long-term value of Egypt and Canada in building a more resilient plasma sourcing network. His tone was confident but measured, repeatedly stressing execution, strategic discipline, and full-year commitment rather than near-term maximization of volume.

Rahul Srinivasan focused on the hard numbers and the mechanics behind them. He highlighted €1.874 billion of Q2 revenue, €472 million of quarterly adjusted EBITDA, 37.6% reported gross margin, 39.4% adjusted gross margin excluding one-offs, and H1 free cash flow before M&A of €91 million. He said the one-offs tied mainly to the closure of 29 U.S. donor centers, noted that $25 million of the $40 million impact was noncash, and said the company redeemed $500 million of its most expensive debt while expecting cash interest costs to remain in line with 2025. He also said liquidity is above $2 billion and leverage is stable despite FX noise.

Analysts focused on CIDP, albumin in China, free cash flow, Egypt execution, diagnostics after the QuidelOrtho breakup, and the SPARTA alpha-1 trial. Management said real-world FcRn experience supports IG remaining the preferred first-line therapy in CIDP, with demand continuing to grow and more patients moving to later lines rather than displacing IG. On Egypt, management rejected execution-risk concerns, saying donor centers are busy and the ramp is on plan; on free cash flow, they said H1 outperformance reflects phasing and reiterated the full-year €500 million to €575 million target. They also said the QuidelOrtho termination opens access to the immunoassay market once ISARD is ready, around 2030-2031, and that SPARTA is blinded with top-line data expected in late Q4.