Grifols, S.A.

Group net revenue was €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, with margins of 25.2% and 23.9%, respectively. Reported gross margin was 37.6% in Q2 and 37.1% in H1; gross margin excluding one-off costs 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. Total net leverage was slightly below 4.2x, net secured leverage was 2.7x, and liquidity was $2 billion. Management reiterated full-year 2026 guidance, including free cash flow before M&A of €500 million to €575 million, and said it remains on track to deliver its full-year adjusted EBITDA and margin guidance.

Nacho Abia said the quarter came in as expected and reinforced confidence in delivering full-year 2026 objectives. He framed Grifols as an integrated, resilient business with biopharma, diagnostics, and self-sufficiency initiatives all contributing to longer-term value creation. He emphasized disciplined growth rather than volume at any price, and pointed to Egypt, Canada, Biotest, and the diagnostics roadmap as important strategic levers for the second half and beyond.

Rahul Srinivasan focused on the quality of the financial improvement: €1.874 billion of Q2 revenue, €472 million of Q2 adjusted EBITDA, and H1 free cash flow before M&A of €91 million, which was €103 million better than last year. He said reported gross margin was affected by $40 million of one-off costs tied to closing 29 U.S. donation centers, of which $25 million were noncash, but noted adjusted gross margin was 38.6% in H1 and should continue improving. He also said leverage was stable at slightly below 4.2x total net leverage, liquidity was over $2 billion, and the refinancing plus redemption of $500 million of 7.5% 2030 bonds should keep 2025 cash interest costs in line with prior expectations.

Analysts pressed on CIDP competition, albumin in China, IG demand versus peers’ commentary, Egypt execution risk, gross margin drivers, Biotest, diagnostics post-QuidelOrtho, and the SPARTA alpha-1 trial. Management said CIDP still favors IG because physicians view it as a broad-mechanism option in a multifactorial disease, while newer therapies appear to be used more in later lines. They said the IG strategy is deliberate—supporting growth in core U.S. and European markets while dialing back in lower-margin markets—and rejected concerns about Egypt execution, saying donor centers are packed and the ramp remains on plan.