Q3 2025 Grifols SA Earnings Call

November 4, 2025

IRA a nice tariff at the head of Investor Relations Uncertainly really unabated Crazy then at Greenfields welcome to a review of the Companys business results for the third quarter of 2025.

Daniel Segarra: Everyone, my name is Danny Segarra. I serve as the Head of Investor Relations, Sustainability, and Vice President at Grifols. Welcome to our review of the company's business results for Q3 2025. Today, I'm joined by Grifols Chief Executive Officer, Nacho Abia, the President of Biopharma, Roland Wandeler, and Grifols Chief Financial Officer, Rahul Srinivasan. A few logistics before we get into the details. Today's call will last about an hour, including a Q&A session. As a reminder, this call is being recorded. You can find additional materials, including today's presentation, in the investor relations section of the Grifols website at grifols.com. The transcript and a replay of the webcast will also be available on the investor relations website within 24 hours.

Today, I'm joined by Griffith, Chief Executive Officer Notch Avia.

Let me know if a biopharma Rowland fondle, it and Griffith Chief Financial Officer, Rahul is arena of a sudden.

A few logistics before we get into the details today's call will last about an hour, including a Q&A session.

Daniel Segarra: A few logistics before we get into the details. Today's call will last about an hour, including a Q&A session. As a reminder, this call is being recorded. You can find additional materials, including today's presentation, in the investor relations section of the Grifols website at grifols.com. The transcript and a replay of the webcast will also be available on the investor relations website within 24 hours.

Speaker #2: Hello, everyone. My name is Daniel Segarra, and I serve as the Head of Investor Relations and Sustainability and Vice President at Grifols.

As a reminder, this call is being recorded you.

And finally channel materials, including today's presentation and the investor relation.

Speaker #2: Welcome to our review of the company's business results for the third quarter of 2025 . Today I'm joined by Grifols Chief Executive Officer , Nat , the president of Biopharma , Roland Vandalia , and Grifols chief Financial Officer Rahul Srinivasan .

Section of the Greenfield website at Greif Com.

A transcript and a replay of the webcast will also be available on the Investor Relations website within 24 hours.

Turning to slide two please note that this presentation includes forward looking statements regarding among other things the company's future operating and financial performance market position and business strategy.

Daniel Segarra: Turning to slide two, please note that this presentation includes forward-looking statements regarding, among other things, the company's future operating and financial performance, market position, and business strategy. These statements are based on current expectations and available information as of the date of the recording. They are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected. Grifols financial statements are prepared in accordance with EU, IFRS, and other applicable reporting provisions, including alternative performance measures, or APMs, prepared under the group financial reporting as defined by the European Securities and Markets Authority. Grifols management uses APMs to provide financial performance as the basis for operational and strategic decision-making. These APMs are prepared for all the time periods presented in this document. Now moving to today's agenda, I will turn the call to Nacho to kick it off. Nacho?

Speaker #2: A few logistics before we get into the details . Today's call will last about an hour , including a Q&A session . As a reminder , this call is being recorded .

Does the statements are based on current expectations and available information as of the date of the recording and they are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected.

Speaker #2: You can find additional materials , including today's presentation in the Investor Relations section of the Grifols website at Grifols . The transcript and a replay of the webcast will also be available on the Investor Relations website .

The full financial statements are prepared in accordance with EU I afraid another applicable reporting provisions, including alternative performance measures or Apm's Rupert under the group financial reporting as the finally, the European Securities and market Authority.

Speaker #2: Within 24 hours . Turning to slide two . Please note that this presentation includes forward looking statements regarding , among other things , the company's future operating and financial performance , market position and business strategy .

Daniel Segarra: Grifols financial statements are prepared in accordance with EU, IFRS, and other applicable reporting provisions, including alternative performance measures, or APMs, prepared under the group financial reporting as defined by the European Securities and Markets Authority. Grifols management uses APMs to provide financial performance as the basis for operational and strategic decision-making. These APMs are prepared for all the time periods presented in this document. Now moving to today's agenda, I will turn the call to Nacho to kick it off. Nacho?

The default management uses a P M stipulate financial performance as the basis for operational and strategic decision, making.

Speaker #2: These statements are based on current expectations and available information as of the date of the recording , and they are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected Grifols financial statements are prepared in accordance with EU , IFRS and other applicable reporting provisions , including alternative performance measures or Apms prepared under the Group .

These APM to prepared for all the time periods presented in this document.

Now moving to today's agenda, and I will turn the call to nacho to kick it off.

Thank you Ronnie.

Hello, everyone and thank you for joining us.

Nacho Abia: Thank you, Danny. Hello, everyone, and thank you for joining us. The results we are presenting today demonstrate a continued commitment to delivering on our value creation plan. The performance achieved in the first half of the year has carried through, resulting in solid operational and financial results for Q3. This quarter reflects a sustained underlying demand of our products, solid market dynamics, and disciplined execution, while we continue to navigate exchange rate headwinds and the anticipated impact of the Inflation Reduction Act. This progress also stems from the operational focus on financial stewardship we established in our roadmap at the beginning of the year, which remained the central pillar of our plan. Our core business continued to perform well through Q3, led by the immunoglobulins franchise.

The results we are presenting today.

Speaker #2: Financial reporting, as defined by the European Securities and Markets Authority, is essential. Grifols management uses APMs to evaluate financial performance as the basis for operational and strategic decision-making.

Demonstrates our continued commitment to delivering on our value creation plan.

The performance achieved in the first half of the year has carried through resulting in solid operational and financial results for the third quarter.

Speaker #2: These APMS are prepared for all the time periods presented in this document. Now, moving to today's agenda, I will turn the call over to Nacho to kick it off.

This quarter reflects the sustained underlying demand of our products solid market dynamics and discipline and execution.

Nacho Abia: This quarter reflects a sustained underlying demand of our products, solid market dynamics, and disciplined execution, while we continue to navigate exchange rate headwinds and the anticipated impact of the Inflation Reduction Act. This progress also stems from the operational focus on financial stewardship we established in our roadmap at the beginning of the year, which remained the central pillar of our plan. Our core business continued to perform well through Q3, led by the immunoglobulins franchise.

Well, we continue to navigate exchange rate headwinds and the anticipated impact of the inflation inflation Redaction Act.

Speaker #2: Nacho .

Speaker #3: Thank you, Danny, and hello everyone. Thank you for joining us. The results we are presenting today demonstrate our continued commitment to delivering on our value creation plan.

These programs are also stems from the operational focus on financial stewardship with establishing a roadmap at the beginning of the year, which remains the central pillar of our plan.

Speaker #3: The performance achieved in the first half of the year has carried through, resulting in solid operational and financial results for the third quarter.

Our core business continued to perform well through the third quarter led by the immunoglobulin franchise.

This top line performance has supported margin expansion, while tight cost management and focus on free cash flow generation has driven meaningful improvement in our free cash flow.

Nacho Abia: This top-line performance has supported margin expansion, while tight cost management and focus on free cash flow generation have driven meaningful improvement in our free cash flow. While we acknowledge the challenges of the complex global operating environment, Grifols has performed with consistency and confidence. Our structural advantage, including the scale, solid vertical local integration in key markets, and a globally diversified footprint, have enabled us so far to adapt effectively, mitigate external pressure, and sustain solid performance across key markets. Regarding exchange rate headwinds, the impact was reflected at both revenue and EBITDA levels, but it did not extend to our leverage ratio or free cash flow due to the significant levels of natural hedges within our business. In any case, we continue to implement mitigating actions and maintain vigilant oversight of evolving external conditions. As we track toward year-end, we remain attentive and measured in our approach.

Speaker #3: This quarter reflects the sustained underlying demand of our products . Solid market dynamics and disciplined execution . While we continue to navigate exchange rate headwinds and the anticipated impact of the inflation inflation Reduction Act .

While we acknowledge the challenges of the complex global operating environment, Great Falls has performed with consistency and confidence are.

Speaker #3: This progress also stems from the operational focus on financial stewardship. We established this in our roadmap at the beginning of the year, which remained the central pillar of our plan.

The instructor advantage, including the scale solid vertical local integration in key markets and a globally diversified footprint have enabled us so far to adapt effectively mitigate external pressure on sustained solid performance across key markets.

Speaker #3: Our core business continued to perform well through the third quarter , led by the Immunoglobulins franchise . The top line performance has supported margin expansion , while tight cost management and focus on free cash flow generation have driven meaningful improvement in our free cash flow .

Regarding exchange rate headwinds the impact was reflected at both revenue and EBITDA levels, but it did not extend to our leverage ratio of free cash flow due to the significant levels of natural hedges within our business.

Nacho Abia: Regarding exchange rate headwinds, the impact was reflected at both revenue and EBITDA levels, but it did not extend to our leverage ratio or free cash flow due to the significant levels of natural hedges within our business. In any case, we continue to implement mitigating actions and maintain vigilant oversight of evolving external conditions. As we track toward year-end, we remain attentive and measured in our approach.

Speaker #3: While we acknowledge the challenges of the complex global operating environment , Grifols has performed with consistency and confidence . Our structural advantage , including scale , solid , vertical , local integration in key markets and a globally diversified footprint have enabled us so far to adapt effectively , mitigate external pressure and sustain solid performance across key markets .

In any case, we continue to implement mitigating actions and maintain vigilant oversight of evolving external conditions.

As we track toward year end, we remain attentive and measured in our approach.

<unk> performance has been solid and in line with our expectations.

Nacho Abia: Year-to-date performance has been solid and in line with our expectations, reflecting disciplined execution and resilience. Looking ahead, we recognize that the external environment remains complex and dynamic, yet we continue to actively manage the factors within our control. By leveraging our structural strengths and maintaining discipline, we remain on track to meet our 2025 objectives. Before we move on, I want to pause and take a moment to thank the entire Grifols teams for their ongoing commitment, focus, and passion in executing our plan and advancing our mission. With that, let's move to slide 5. On a year-to-date basis, we achieved revenue of EUR 5.5 billion, representing a year-over-year increase of 7.7% and 10.5% like for like after IRA and gross-to-net adjustments, both of cost and currency.

And the disciplined execution on resilience.

Looking ahead, we recognize that the external environment remains complex and dynamic.

Speaker #3: Regarding exchange rate headwinds , the impact was reflected at both revenue and EBITDA levels , but it did not extend to our leverage ratio or free cash flow due to the significant levels of natural hedges within our business .

Continue to actively manage the factors within our control by.

By leveraging our restructure our strengths and maintaining discipline, we remain on track to meet our 2025 objectives.

Speaker #3: In any case , we continue to implement mitigating actions and maintain vigilant oversight of evolving external conditions as we track toward year end , we remain attentive and measuring our approach .

Before we move on I want to pause and take a moment to thank the entire gleeful teams for their ongoing commitment focus and passion in executing our plan and advancing our mission.

Nacho Abia: Before we move on, I want to pause and take a moment to thank the entire Grifols teams for their ongoing commitment, focus, and passion in executing our plan and advancing our mission. With that, let's move to slide 5. On a year-to-date basis, we achieved revenue of EUR 5.5 billion, representing a year-over-year increase of 7.7% and 10.5% like for like after IRA and gross-to-net adjustments, both of cost and currency.

Speaker #3: Year to date performance has been solid and in line with our expectations , reflecting disciplined execution and resilience . Looking ahead , we recognize that the external environment remains complex and dynamic .

And with that let's move to slide five.

When a year to date basis, we achieved revenue of $5 5 billion euros, representing a year over year increase or seven 7% and 10.5% like for like after I E in gross to net adjustments, but constant currency.

Speaker #3: Yet we continue to actively manage the factors within our control by leveraging our structural strengths and maintaining discipline . We remain on track to meet our 2025 objectives .

Third quarter adjusted EBITDA of 482 million built on our strong first half, bringing our year to date adjusted EBITDA to 1300 58 million euros.

Nacho Abia: Q3 adjusted EBITDA of EUR 482 million built on a strong first half, bringing our year-to-date adjusted EBITDA to EUR 1,358 million, up 11.2% and 17.3% like-for-like, both of cost and currency. Both figures are well ahead of revenue growth. Improved operational execution translating directly into a positive year-to-date free cash flow pre-M&A and pre-dividends of EUR 188 million, marking a significant EUR 257 million year-over-year improvement. This ramp-up in cash generation highlights our sustained financial discipline, keeping this as a top priority. Finally, deleveraging remains a critical financial priority, too. At the end of Q3, our leverage ratios per credit agreement landed at 4.2x, representing nearly one times improvement over the prior year.

Speaker #3: Before we move on, I want to pause and take a moment to thank the entire Grifols team for their ongoing commitment, focus, and passion in executing our plan and advancing our mission.

Up 11, 2% and 17, 3% like for like both of course, then currency. Both figures are well ahead of revenue growth.

Speaker #3: And with that , let's move to slide five . On a year to date basis , we achieved revenue of €5.5 billion , representing a year over year increase of 7.7% and 10.5% .

Improved operational execution translating directly into a positive year to date free cash flow pre MAA pre eminent M&A and pre dividends of 188 million euros, marking a significant 257 million euros year over year improvement.

Speaker #3: Like for like after IRA and gross to net adjustments , both at cost and currency . Third quarter adjusted EBITDA of 482 million built on a strong first half , bringing our year to date adjusted EBITDA to €1,358 million , up 11.2% and 17.3% .

This ramp up in cash generation highlights our sustained financial discipline, keeping this as a top priority.

Nacho Abia: This ramp-up in cash generation highlights our sustained financial discipline, keeping this as a top priority. Finally, deleveraging remains a critical financial priority, too. At the end of Q3, our leverage ratios per credit agreement landed at 4.2x, representing nearly one times improvement over the prior year.

Finally, the leverage and remains a critical financial priority two and at the end of Q3, our leverage ratio as per our credit agreement landed at 4.2 times, representing nearly one times improvement over the prior year.

Speaker #3: Like for like both at constant currency . Both figures are well ahead of revenue growth , improved operational execution , translating directly into a positive year to date free cash flow per and pre dividends of €188 million , marking a significant €257 million year over year improvement .

We continued to reinforce our structural foundation and this year to date results position us soundly to execute our capital allocation priorities and continuous strengthening our balance sheet.

Nacho Abia: We continue to reinforce our structural foundation, this year-to-date results position us soundly to execute our capital allocation priorities and continue strengthening our balance sheet. Ensuring we can create sustainable long-term value for all our stakeholders. As we have mentioned many times, the core tenets of our value creation plan are guided by three key levers: commercial growth, margin expansion, and pipeline execution. Starting with commercial growth, we continue to build on the existing market demand and our robust commercial capabilities to expand sales across our portfolio. This includes deepening our penetration in existing markets and expanding into new geographies. Margin expansion remains a core priority, supported by operational leverage, optimized plasma sourcing, and manufacturing efficiencies. Through pipeline execution, we continue to drive the innovations that define and sustains Grifols leadership in plasma-derived therapies.

Ensuring we can create sustainable long term value for all our stakeholders.

Speaker #3: This ramp up in cash generation highlights our sustained financial discipline . Keeping this as a top priority . Finally , deleveraging remains a critical financial priority to and at the end of Q3 , our leverage ratio as per credit agreement landed at 4.2 times , representing nearly one times improvement over the prior year .

As we have mentioned many times the core pillars of our value creation plan are guided by three key levers commercial growth margin expansion and pipeline execution.

Starting with commercial growth, we continued to build on the existing market demand and our robust commercial capabilities to expand sales across our portfolio.

Nacho Abia: Starting with commercial growth, we continue to build on the existing market demand and our robust commercial capabilities to expand sales across our portfolio. This includes deepening our penetration in existing markets and expanding into new geographies. Margin expansion remains a core priority, supported by operational leverage, optimized plasma sourcing, and manufacturing efficiencies. Through pipeline execution, we continue to drive the innovations that define and sustains Grifols leadership in plasma-derived therapies.

Speaker #3: We continue to reinforce our structural foundation , and this year to date results position as soundly to execute our capital allocation priorities and continue strengthening our balance sheet , ensuring we can create sustainable , long term value for all our stakeholders .

This includes deepening our penetration in existing markets and expanding into new geographies.

Biogen is margin expansion remains a core priority supported by operational leverage optimized plasma sourcing and manufacturing efficiencies.

Until the pipeline execution, we continue to drive the innovation that the final sustains griefers leadership in plasma derived therapies without a doubt our diagnostic division advances is through cutting edge platforms currently in advanced development.

Speaker #3: As we have mentioned many times, the core tenets of our value creation plan are guided by three key levels: commercial growth, margin expansion, and pipeline execution.

Nacho Abia: While our diagnostic division advances its three cutting-edge platforms currently in advanced development. These levers are supported by two critical enablers, our plasma supply and industrial footprint, and our innovation strategy, as highlighted on this slide. Our resilient, diversified plasma and manufacturing network represents a decisive competitive advantage in the current global environment. It ensures reliable plasma supply and production capacity, allowing us to effectively meet growing global demand. Turning to innovation, I'd like to provide an update on our pipeline. We remain on track to launch fibrinogen in Europe by the end of 2025, with a planned US launch in the first half of 2026. In the US, we are proceeding with the FDA Biologics License Application for congenital fibrinogen deficiency, for which we expect a decision in late December as planned.

Speaker #3: Starting with commercial growth , we continue to build on the existing market demand and our robust commercial capabilities to expand sales across our portfolio .

These levers are supported by two critical enables our plasma supply and industrial footprint and our innovation strategy is highlighted on this slide.

Speaker #3: This includes deepening our penetration in existing markets and expanding into new geographies . Margin . Margin expansion remains a core priority , supported by operational leverage , optimized plasma sourcing and manufacturing efficiencies .

A resilient diversified plasma manufacturing network represents a decisive competitive advantage in the current global environment.

It ensures reliable plasma supply and production capacity, allowing us to effectively met growing global demand.

Nacho Abia: It ensures reliable plasma supply and production capacity, allowing us to effectively meet growing global demand. Turning to innovation, I'd like to provide an update on our pipeline. We remain on track to launch fibrinogen in Europe by the end of 2025, with a planned US launch in the first half of 2026. In the US, we are proceeding with the FDA Biologics License Application for congenital fibrinogen deficiency, for which we expect a decision in late December as planned.

Speaker #3: And through pipeline execution , we continue to drive the innovations that define and sustains Grifols leadership in plasma derived therapies . While our diagnostic division advances its three cutting edge platforms currently in advanced development , these levers are supported by two critical enablers our plasma supply and industrial footprint , and our innovation strategy .

Turning to innovation I'd like to provide an update on our pipeline.

We remain on track to launch five better known in Europe by the end of 2025 with a planned U S launch in the first half of 2026 and.

In the U S. We are proceeding with F. D. A biological license application for congenital fibrinogen deficiency for which we expect a decision in late December as planned.

Speaker #3: As highlighted on this slide, our resilient, diversified plasma and network represent a decisive competitive advantage in the current global environment.

For acquired fibrinogen deficiency and based on conversations with FDA, we have decided to build additional clinical evidence before seeking regulatory approval.

Nacho Abia: For acquired fibrinogen deficiency, based on conversations with the FDA, we have decided to build additional clinical evidence before seeking regulatory approval. This will help us well to strengthen an even more solid case to sustain the market development efforts we envision in the US market for the years to come. Roland will share more details on fibrinogen shortly. I want to mention that this decision does not affect our current Capital Markets Day plan in any meaningful way, nor does this change our long-term strategy or the significant opportunity we see ahead. Other than fibrinogen, we are maintaining disciplined investment in R&D while advancing clinical programs across both lifecycle management and new product candidates. Key initiatives, including SPARTA and Alpha-1 with subcutaneous formulation, are progressing as planned. They're scoring our commitment to sustained innovation, patient impact, and long-term value creation.

Speaker #3: It ensures reliable plasma supply and production capacity , allowing us to effectively meet growing global demand . Turning to innovation , I'd like to provide an update on our pipeline .

This will help as well to strengthen even more solid case to sustain the work and the market development efforts, we ambition in the U S market for the years to come.

Speaker #3: We remain on track to launch Fibrinogen in Europe by the end of 2025 , with a planned US launch in the first half of 2026 .

Ron will share more details on fiber and IGN shortly but I wanted to mention that this decision does not affect our quarter in capital markets. They plant in any meaningful way nor does this change our long term strategy or the significant opportunity we see at <unk>.

Speaker #3: In the US , we are proceeding with the FDA biological license Application for congenital fibrinogen deficiency , for which we expect a decision in late December .

Other than five at an origin, we are maintaining disciplined investment in R&D, while advancing clinical programs across both lifecycle management and new product candidates.

Speaker #3: As planned for acquired fibrinogen deficiency and based on conversations with the FDA , we have decided to build additional clinical evidence before seeking regulatory approval .

Nacho Abia: Other than fibrinogen, we are maintaining disciplined investment in R&D while advancing clinical programs across both lifecycle management and new product candidates. Key initiatives, including SPARTA and Alpha-1 with subcutaneous formulation, are progressing as planned. They're scoring our commitment to sustained innovation, patient impact, and long-term value creation.With that, I will hand this over to Roland to expand on these and other market and business updates.

Initiatives, including our Sparta and Alpha one with subcutaneous formulation are progressing as planned and the risk, scoring our commitment to sustaining innovation patient impact on long term value creation.

Speaker #3: This will help us well to strengthen an even more solid case to sustain the market . The market development efforts we envision in the US market for the years to come .

Speaker #3: Rowland will share more details on fibrinogen shortly, but I want to mention that this decision does not affect our current Capital Markets Day plan in any meaningful way, nor does this change our long-term strategy or the significant opportunity we see ahead, other than fibrinogen.

And with that I will hand, this over to Roland to expand on these and other market and business updates.

Nacho Abia: With that, I will hand this over to Roland to expand on these and other market and business updates.

Banking Nacho I am pleased to share an update in our Biopharma business and highlight the key factors driving outperformance this year.

Roland Wandeler: Thank you, Nacho. I am pleased to share an update on our Biopharma business and highlight the key factors driving our performance this year. As we continue to deliver on our value creation plan, I am proud of the dedication, the passion, and commitment our team shows every day to deliver for patients and drive forward towards the goals we set out in terms of commercial growth, margin expansion, and innovation. With that, let's turn to slide 8 for our commercial performance. In Q3, our Biopharma portfolio grew by 10.9%, lifting our year-to-date growth to 9.1%, both at constant currency. Our immunoglobulins franchise led the way, outpacing the market with 18% growth in the quarter and 14% year-to-date, both at constant currency.

Speaker #3: We are maintaining disciplined investment in R&D while advancing clinical programs across both lifecycle management and new product candidates . Key initiatives , including Sparta and Alpha one , with subcutaneous formulation are progressing as planned , underscoring our commitment to sustain innovation , patient impact and long term value creation .

As we continue to deliver on our value creation plan I am proud of the dedication passion and commitment our team shows every day to deliver for patients and drive forward towards the goals, we set out in terms of commercial growth margin expansion and innovation.

With that let's turn to slide eight for our commercial performance.

Roland Wandeler: With that, let's turn to slide 8 for our commercial performance. In Q3, our Biopharma portfolio grew by 10.9%, lifting our year-to-date growth to 9.1%, both at constant currency. Our immunoglobulins franchise led the way, outpacing the market with 18% growth in the quarter and 14% year-to-date, both at constant currency.

Speaker #3: And with that, I will hand this over to Roland to expand on these and other market and business updates. Thank you.

In the third quarter, our Biopharma portfolio grew by 10, 9% lifting our year to date growth to 9.1% both at constant currency.

Speaker #3: Nacho , I am pleased to share .

Speaker #4: An update on our biopharma business and highlight the key factors driving our performance this year as we continue to deliver on our value creation plan .

Our immunoglobulin franchise led the way outpacing the market with 18% growth in the quarter and 14% year to date, both at constant currency.

Speaker #4: I am proud of the dedication, the passion, and the commitment our team shows every day to deliver for patients and drive forward toward the goals we set out in terms of commercial growth, margin expansion, and innovation.

This performance was driven by Dominic <unk> 75.

Roland Wandeler: This performance was driven by Gamunex and XEMBIFY. IVIG and SCIg delivering 12-month growth of 13% and 62% respectively. We remain confident in XEMBIFY strong trajectory, supported by continued strength in the US and expansion into new markets in Europe. I'll dive deeper into our IG franchise on the next slide. Turning to albumin. Q3 volumes remained solid, but were offset by ongoing pricing pressure in China as market demand slowed down in face of government-imposed cost controls. This resulted in a contraction of 4.5% for the quarter and 3.9% year-to-date, both at constant currency. While these dynamics were anticipated, we continue to work with our local partner, Shanghai RAAS, on how to best manage market dynamics and sustain a strong position in China as the principal market for albumin.

Speaker #4: With that , let's turn to slide eight for our commercial performance . In the third quarter , our biopharma portfolio grew by 10.9% , lifting our year to date growth to 9.1% , both at constant currency .

Speaker #4: Our immunoglobulins franchise led the way , outpacing the market with 18% growth in the quarter and 14% year to date , both at constant currency .

Speaker #4: This performance was driven by Gamunex and Xembify , with IVIg and Subcu delivering 12 month growth of 13% and 62% , respectively . We remain confident in Xembify strong trajectory , supported by continued strength in the US and expansion into new markets in Europe .

Sure.

Speaker #4: I'll dive deeper into our IgG franchise on the next slide. Turning to albumin, third quarter volumes remained solid, but were offset by ongoing pricing pressure in China as market demand slowed down in the face of government-imposed cost controls.

Yes.

Speaker #4: This resulted in a contraction of 4.5% for the quarter and 3.9% year to date , both at constant currency . While these dynamics were anticipated , we continue to work with our local partner , Shanghai Raas , on how to best manage market dynamics and sustain a strong position in China as the principal market for albumin .

Speaker #4: At the same time, we are working on strengthening our presence and unlocking additional growth opportunities in the U.S. and other markets. This will help us balance albumin with our IG growth over time.

Speaker #4: Looking at our alpha one and specialty proteins franchises , we continue to make solid progress in the third quarter , revenues grew by 3.3% , bringing growth to 4.3% year to date , both at constant currency .

Speaker #4: These results reflect our continued market leadership in Alpha one and Hyperrab . I'll share more detail on this franchise in a later slide .

Speaker #4: Now let's turn to immunoglobulins or IgG as the main growth driver of our business . On slide nine . Over the last two years , we saw an opportunity to use our strong IgG inventory position to accelerate IG growth , build momentum in key markets , and win back market share in the US .

Speaker #4: We have since delivered on this plan. We have strengthened our U.S. organization on commercial capabilities, expanded SubQ IgG penetration through Xembify, and leveraged a strong profile of Gamunex as a leading IVIG to win share in strategic accounts.

Speaker #4: These actions have delivered clear results. Our IgG business has posted double-digit growth over these last quarters, ahead of the market and driven by demand.

Speaker #4: As we regained share in the US and Europe and thus reset our position in the IgG market . Looking ahead from this higher base , we now expect to grow more in line with or slightly ahead of the market , consistent with the 6 to 8% kegger range we shared as part of our value creation plan , the fundamentals for continued growth of IG remain strong as key indications continue to be underdiagnosed and increasing global awareness of IgG as a treatment of choice in many conditions mean that more patients get to benefit from our medicines with the long track record of proven efficacy and safety .

Speaker #4: Looking at our three main indications , growth remains solid in primary immunodeficiency , where increased awareness and better diagnosis are expanding . Access to therapy in secondary immunodeficiency , the largest growth opportunity within IG demand continues to rise , driven by an aging population and an increase in immune compromised patients and in cidp , we are seeing continued growth , albeit at a lower level after the significant step up in diagnosis last year with the entrance of Fcrn , which has helped expand this market .

Speaker #4: Cidp is a complex neurological condition with multifactorial origins , meaning the disease can present very differently across patients . This is precisely where IgG therapy stands out with its broad and well-established range of immunomodulatory and immune supportive modes of action , IgG can address multiple disease mechanisms and improve functional outcomes across a wide range of patients .

Speaker #4: As we build on this strong foundation , innovation continues to be a cornerstone of our IT strategy . We are advancing next generation products , new formulations , and expanded indications that strengthen our competitive position and enhance patient experience .

Speaker #4: In terms of next-generation IGS Yimmugo, our novel IVIg from Biotest has launched in the US in the fourth quarter of 2025, adding another differentiated therapy to our portfolio.

Speaker #4: Xembify continues to gain strong traction, growing more than 60% over the last 12 months, and we're expanding into new markets through 2026.

Speaker #4: In terms of life management, we are advancing new delivery formats, including Xembify and pre-filled syringes, to improve convenience and adherence. In parallel, we are progressing with our studies to expand indications in the U.S. with Gamunex-C and Xembify, advancing in SID and Xembify in CIDP.

Speaker #4: Together with our ongoing improvements in end to end IG yield and operational efficiency , which will help us expand margins , this focus on innovation will ensure that our IgG franchise remains a cornerstone of sustainable and profitable growth for Grifols .

Speaker #4: Now turning to slide ten . Let's take a closer look at our alpha1 franchise and our strategy and progress in this area . Grifols has established itself as a leader in alpha1 with today , approximately 70% market share across both the US and ex-US .

Speaker #4: Our position is testament to Grifols' leadership in building this market, our best-in-class patient support programs, and our unique testing capabilities.

Speaker #4: Despite important progress throughout these last decades, we are today still only treating about 10% to 15% of the alpha-1 patient population across the world, leaving a large unmet need and untapped market opportunity.

Speaker #4: Testing is the key to unlocking this potential we have over the last years , complement the traditional screening with the rollout of our point of care and at home , direct to patient screening kits .

Speaker #4: Still , we only see a part of physicians systematically test our COPD patients for aatd . We believe that we have a possibility to change this and dramatically increase the number of diagnosed patients with the readout of our outcome study , Sparta continued advances in AI enabled screening of electronic medical records to highlight patients at risk , as well as increasing awareness in the market for new entrants , raising awareness and improving diagnosis remain critical levers to enhance patient outcomes and enable market growth .

Speaker #4: As a company that firsthand gets to see the continued unmet need and the difference our medicines can make for the grievous illnesses we get to treat.

Speaker #4: We always welcome innovation that raises awareness and might provide additional options for patients, especially in a condition where the vast majority remain undiagnosed and untreated.

Speaker #4: As a leader in this space, we want to meaningfully contribute to this innovation both through our outcome study that will address important questions for the field, as well as both a subcutaneous and the long-acting treatment option in our pipeline.

Speaker #4: Sparta is the largest efficacy study ever conducted in alpha-1 antitrypsin deficiency and is designed to show clinical outcomes in real-life lung tissue preservation.

Speaker #4: Different from other studies, which primarily focused on pharmacokinetic endpoints, the results of this study have the potential to significantly strengthen the clinical and payer value proposition for augmentation therapy.

Speaker #4: Increased testing awareness , and improved patient access in the US , as well as support broader reimbursement in Europe . The trial also includes a double dose regimen , which could represent an important advancement in treatment .

Speaker #4: We expect a readout of Sparta in the second half of 2026 . In parallel , we are advancing a 15% subcutaneous formulation and a next generation alpha one therapeutic to enhance patient convenience , expand access , and continue strengthening our position in this growing market .

Speaker #4: In summary, we remain confident in the continued success of Prolastin, supported by its value proposition and proven 30-plus year track record of safety and efficacy.

Speaker #4: Turning to slide 11 . Innovation is at the heart of our business . Our pipeline reflects a focused and disciplined approach to advancing high value programs that drive lifecycle management , expand indications for our existing medicines , and bring new products to market , both within plasma as well as beyond plasma .

Speaker #4: We have already covered innovation underway for our IgG and alpha1 franchises . Turning now to fibrinogen as Nacho mentioned , we have refined our go to market approach to maximize our long term opportunity in the near term .

Speaker #4: The largest opportunity for fibrinogen lies in Europe, where markets such as Germany and Austria have adopted fibrinogen concentrate as a standard of care for these markets.

Speaker #4: We are on track for our launch of this product later this year. We have received the end of procedure notice from Germany and are awaiting approval in this key market.

Speaker #4: Shortly to be followed by additional countries in Europe. We are confident that our differentiated product positions us well to effectively compete and gain share over time in these markets.

Speaker #4: Longer term , the largest opportunity remains in the US , where the use of fibrinogen today , though , is still low and the market has a long way to go to fully embrace this more targeted approach to bleeding management .

Speaker #4: As standard of care, we are on track with our BLA for Congenital Fibrinogen Deficiency (CFD), with a target date at the end of December.

Speaker #4: We expect to launch this indication in the first half of 2026, as Nacho mentioned. Following conversations with the FDA and observing the slow growth of fibrinogen in the U.S. over the last year, we have decided to focus our BLA on CFD for now and use the time to further strengthen our body of evidence with U.S. patients for an sBLA for acquired fibrinogen deficiency, or AfD.

With <unk> and <unk>, delivering 12 months growth of 13% and 62%, respectively. We remain confident and exemplifies strong trajectory supported by continued strength in the U S and expansion into new markets in Europe, I dive deeper into our Iot franchise on the next slide.

Speaker #4: At a later point in time . While this delays our indication for AfD in the US , this staged approach allows us to provide access to our medicines for US patients with CFD in the first half of next year , while giving more time for the market to evolve further , strengthen our position for a differentiated label in AfD and set us up for a leading position in the US over time .

Turning to albumin third quarter volumes remained solid but were offset by ongoing pricing pressure in China as market demand slowed down in face of government imposed cost controls.

Roland Wandeler: Turning to albumin. Q3 volumes remained solid, but were offset by ongoing pricing pressure in China as market demand slowed down in face of government-imposed cost controls. This resulted in a contraction of 4.5% for the quarter and 3.9% year-to-date, both at constant currency. While these dynamics were anticipated, we continue to work with our local partner, Shanghai RAAS, on how to best manage market dynamics and sustain a strong position in China as the principal market for albumin.

Speaker #4: As Nacho noted, these updates do not affect our guidance and the long-term goals outlined during our Capital Markets Day, nor do they change our broader development efforts and our conviction in a meaningful opportunity ahead.

This resulted in a contraction of four 5% for the quarter and three 9% year to date, both at constant currency.

While these dynamics were anticipated we continue to work with our local partner Shanghai Ross on how to best manage market dynamics and sustain our strong position in China as the principal market for albumin.

Speaker #4: As a standard of care continues to evolve toward concentrate-based therapies, we remain confident in the program's progress and long-term success as we continue to invest in its global rollout for the benefit of patients.

At the same time, we are working on strengthening our presence and unlocking additional growth opportunities in the U S and other markets in order to help us balance albumin with our ITG growth overtime.

Roland Wandeler: At the same time, we are working on strengthening our presence and unlocking additional growth opportunities in the US and other markets in order to help us balance albumin with our IG growth over time. Looking at our Alpha-1 and specialty proteins franchises, we continue to make solid progress. In Q3, revenues grew by 3.3%, bringing growth to 4.3% year-to-date, both at constant currency. These results reflect our continued market leadership in Alpha-1 and HyperRAB. I'll share more detail on this franchise in a later slide. Now let's turn to immunoglobulins or IG as the main growth driver of our business on slide 9. Over the last 2 years, we saw an opportunity to use our strong IG inventory position to accelerate IG growth, build momentum in key markets, and win back market share in the US.

Speaker #4: Taking a step back, while we certainly look forward to the launch of fibrinogen, our pipeline reflects our focus and disciplined approach to advance innovation and create value across all our therapeutic areas.

Looking at our auto for one in specialty proteins franchises, we continue to make solid progress in the third quarter revenues grew by three 3%, bringing growth to four 3% year to date, both at constant currency. This.

Speaker #4: We already covered our advancements in immunology and pulmonology in infectious diseases. Our Trimodal Phase 3 trial in severe community-acquired pneumonia is progressing steadily with its innovative polyclonal antibody profile.

These results reflect our continued market leadership in Alpha one and hyper rep I'll share more detail on this franchise in a later slide.

Roland Wandeler: These results reflect our continued market leadership in Alpha-1 and HyperRAB. I'll share more detail on this franchise in a later slide. Now let's turn to immunoglobulins or IG as the main growth driver of our business on slide 9. Over the last 2 years, we saw an opportunity to use our strong IG inventory position to accelerate IG growth, build momentum in key markets, and win back market share in the US.

Speaker #4: Remodulin has the potential to address a significant unmet need. In ophthalmology, our ocular surface ECG program for dry eye disease is in phase two and has the potential to expand the use of IgG into new therapeutic areas.

Now, let's turn to immunoglobulin or <unk> as the main growth driver of our business on slide nine.

Over the last two years, we saw an opportunity to use our strong inventory position to accelerate growth build momentum in key markets and win back market share in the U S.

Speaker #4: In the earlier stages of development , our pipeline spans both plasma based and non-plasma programs , including a next generation gamunex process with improved yield , recombinant therapies and novel treatments for infectious diseases .

We have since delivered on this plan, we have strengthened our U S organization and commercial capabilities expand itself she penetration through exemplify and leveraged a strong profile of <unk> as a leading IV to win share in strategic accounts.

Roland Wandeler: We have since delivered on this plan. We have strengthened our US organization and commercial capabilities, expanded subQIG penetration through XEMBIFY, and leveraged the strong profile of Gamunex as a leading IVIG to win share in strategic accounts. These actions have delivered clear results. Our IG business has posted double-digit growth over these last quarters, ahead of the market and driven by demand as we regain share in the US and Europe and thus reset our position in the IG market. Looking ahead, from this higher base, we now expect to grow more in line with or slightly ahead of the market, consistent with the 6% to 8% CAGR range we shared as part of our value creation plan. The fundamentals for continued growth of IG remain strong.

Speaker #4: Overall, our pipeline reflects a balanced mix of near-term launches and long-term innovation, aligned with our value creation plan and reinforcing Grifols' leadership in plasma-derived medicines, aimed at driving sustainable, profitable growth for years to come.

These actions have delivered clear results Archie business has posted double digit growth over these last quarters ahead of the market and driven by demand as we regain share in the U S and Europe, and thus reset our position in the market <unk>.

Roland Wandeler: Our IG business has posted double-digit growth over these last quarters, ahead of the market and driven by demand as we regain share in the US and Europe and thus reset our position in the IG market. Looking ahead, from this higher base, we now expect to grow more in line with or slightly ahead of the market, consistent with the 6% to 8% CAGR range we shared as part of our value creation plan. The fundamentals for continued growth of IG remain strong.

Speaker #4: With that, I'll now hand it over to Rahul to provide more details on our financial performance.

Speaker #5: Thanks , Roland . On slide 12 , the words continued resilience sum up not just the Grifols financial performance , but also very aptly describes both the Grifols business that has been built over many decades , as well as the Grifols spirit of our over 24,000 teammates and our shared commitment towards the Grifols mission .

Looking ahead from this higher base, we now expect to grow more in line with or slightly ahead of the market consistent with the 6% to 8% CAGR range, we shared as part of our value creation plan.

The fundamentals for continued growth of <unk> remains strong.

As key indications continue to be under diagnosed and increasing global awareness of IHG as a treatment of choice. Many conditions mean that more patients get the benefit from our medicines with a long track record of proven efficacy and safety.

Roland Wandeler: As key indications continue to be underdiagnosed, increasing global awareness of IG as a treatment of choice in many conditions mean that more patients get to benefit from our medicines with a long track record of proven efficacy and safety. Looking at our three main indications, growth remains solid in primary immunodeficiency, where increased awareness and better diagnosis are expanding access to therapy. In secondary immunodeficiency, the largest growth opportunity within IG, demand continues to rise, driven by an aging population and an increase in immune-compromised patients. In CIDP, we are seeing continued growth, albeit at a lower level after the significant step up in diagnosis last year with the entrance of FCRNs, which has helped expand this market. CIDP is a complex neurological condition with multifactorial origins, meaning the disease can present very differently across patients. This is precisely where IG therapy stands out.

Speaker #5: Slide 13 . From a financial performance standpoint , Q3 was a robust quarter across the board that presents an equally robust across the board year to date picture .

Looking at our three main indications growth remains solid in primary immune deficiency, where increased awareness and better diagnosis are expanding access to therapy.

Speaker #5: There have been some favorable phasing and mix benefits that have contributed to this robust year-to-date financial performance that I will elaborate on in the upcoming slides.

In secondary immunodeficiency, the largest growth opportunity within <unk>.

Demand continues to rise driven by aging population and an increase in immune compromised patients.

Speaker #5: As a reminder , our reported figures included the impact of IRA and the fee for service GPO reclassification , which could distort the underlying performance and hence to improve comparability to prior periods .

Roland Wandeler: In secondary immunodeficiency, the largest growth opportunity within IG, demand continues to rise, driven by an aging population and an increase in immune-compromised patients. In CIDP, we are seeing continued growth, albeit at a lower level after the significant step up in diagnosis last year with the entrance of FCRNs, which has helped expand this market. CIDP is a complex neurological condition with multifactorial origins, meaning the disease can present very differently across patients. This is precisely where IG therapy stands out.

And then C. IDP, we are seeing continued growth, albeit at a lower level. After a significant step up in diagnosis last year with the entrance of <unk>, which has helped expand this market.

Speaker #5: We will continue to disclose the like for like column for the remainder of the year , which we believe will be helpful to all our stakeholders , starting with Q3 financial highlights .

See ADP as a complex neurological condition with multi factorial origins, meaning the disease can present very differently across patients.

Speaker #5: Net revenues of just under €1.87 billion, up 9.1% versus Q3 2024 on a constant currency basis, were led by biopharma, with an adjusted EBITDA of €482 million, resulting in an adjusted EBITDA margin of 25.8% for the quarter. This had a slightly higher impact on group profit than was the case in Q2 this year.

This is precisely where I achieved therapy stands out with its broad and well established range of immuno motor authority and immune support if motive action can.

Roland Wandeler: With its broad and well-established range of immunomodulatory and immune supportive modes of action, IG can address multiple disease mechanisms and improve functional outcomes across a wide range of patients. As we build on this strong foundation, innovation continues to be a cornerstone of our IG strategy. We are advancing next generation products, new formulations, and expanded indications that strengthen our competitive position and enhance patient experience. In terms of next generation IGs, Yimmugo, our novel IVIG from Biotest, has launched in the US in Q4 2025, adding another differentiated therapy to our portfolio. XEMBIFY continues to gain strong traction, growing more than 60% over the last 12 months. We're expanding into new markets through 2026. In terms of life cycle management, we are advancing new delivery formats, including XEMBIFY in pre-filled syringes to improve convenience and adherence.

Can address multiple disease mechanisms and improved functional outcomes across a wide range of patients.

As we build on this strong foundation innovation continues to be a cornerstone of our strategy. We are advancing next generation products, new formulations and expanded indications that strengthen our competitive position and enhanced patient experience.

Speaker #5: And free cash flow premia dividends for the quarter of 203 million , up meaningfully versus Q3 24 . Moving on to year to date financial performance .

In terms of next generation <unk> <unk> our novel <unk> from your test has launched in the U S. In the fourth quarter of 2025, adding another differentiated therapy to our portfolio.

Speaker #5: Net revenues of over $5.5 billion, up 7.7% on a constant currency basis, were led by biopharma, which, as Roland mentioned earlier, is up 9.1% on a constant currency basis year to date.

Roland Wandeler: In terms of next generation IGs, Yimmugo, our novel IVIG from Biotest, has launched in the US in Q4 2025, adding another differentiated therapy to our portfolio. XEMBIFY continues to gain strong traction, growing more than 60% over the last 12 months. We're expanding into new markets through 2026. In terms of life cycle management, we are advancing new delivery formats, including XEMBIFY in pre-filled syringes to improve convenience and adherence.

Exemplify continues to gain strong traction growing more than 60% over the last 12 months and we're expanding into new markets through 2026.

Speaker #5: Adjusted EBITDA of over $1.35 billion is up 11.2% versus 2024 on a constant currency basis. Despite the impact of IRA, we are benefiting from some phasing and a favorable mix that I referenced earlier.

In terms of lifecycle management, we are advancing new delivery formats, including Sams refining prefilled syringes to improve convenience and adherence in parallel we are progressing with our studies to expand indications in the U S with common XC and quantify advancing in <unk> and <unk>.

Roland Wandeler: In parallel, we are progressing with our studies to expand indications in the US with Gamunex-C and XEMBIFY advancing in SID and XEMBIFY in CIDP. Together with our ongoing improvements in end-to-end IG yield and operational efficiency, which will help us expand margins, this focus on innovation will ensure that our IG franchise remains a cornerstone of sustainable and profitable growth for Grifols. Now turning to slide 10, let's take a closer look at our Alpha-1 franchise and our strategy and progress in this area. Grifols has established itself as a leader in Alpha-1 with today approximately 70% market share across both the US and ex-US. Our position is testament to Grifols' leadership in building this market, our best-in-class patient support programs, and our unique testing capabilities.

Speaker #5: Both gross margin and adjusted EBITDA margin are up versus 2024 . Notwithstanding the impact of IRA year to date group profit of 304 million is up over 245% versus year to date 2020 .

Together with our ongoing improvements in end to end it yields and operational efficiency, which will help us expand margins. This focus on innovation will ensure that our chief franchise remains a cornerstone of sustainable and profitable growth for Greenfields.

Speaker #5: For free cash flow, premium dividends are up $257 million year-to-date compared to 2024, and I will elaborate on the drivers of this free cash flow improvement.

Yes.

Now turning to slide 10, let's take a closer look at our Alpha one franchise and our strategy and progress in this area.

Roland Wandeler: Now turning to slide 10, let's take a closer look at our Alpha-1 franchise and our strategy and progress in this area. Grifols has established itself as a leader in Alpha-1 with today approximately 70% market share across both the US and ex-US. Our position is testament to Grifols' leadership in building this market, our best-in-class patient support programs, and our unique testing capabilities.

Speaker #5: A couple of slides later . Furthermore , the leverage and liquidity picture is significantly improved versus Q3 2024 . And with secured leverage at only 2.6 times , we have almost two EBITDA turns of secured leverage capacity , giving us material flexibility .

Griffin has established itself as a leader in alpha one with today, approximately 70% market share across both the U S and ex U S.

Our position is testament to Griffiths leadership in building this market our best in class patient support programs and our unique testing capabilities.

Despite important progress throughout these last decades, where today still only treating about 10% to 15% of the other for one patient population across the world, leaving a large unmet need and untapped market opportunity.

Speaker #5: Thus rounding out the robust and improving balance sheet that is referenced in the title of the slide. And finally, I have deliberately not dwelled on the like-for-like performance that you see on this slide.

Roland Wandeler: Despite important progress throughout these last decades, we are today still only treating about 10% to 15% of the Alpha-1 patient population across the world, leaving a large unmet need and untapped market opportunity. Testing is the key to unlocking this potential. We have, over the last years, complemented traditional screening with the rollout of our point of care and at-home direct-to-patient screening kits. Still, we only see a part of physicians systematically test their COPD patients for AATD. We believe that we have a possibility to change this and dramatically increase the number of diagnosed patients with the readout of our outcome study, SPARTA, continued advances in AI-enabled screening of electronic medical records to highlight patients at risk, as well as increasing awareness in the market for new entrants. Raising awareness and improving diagnosis remain critical levers to enhance patient outcomes and enable market growth.

<unk> is the key to unlocking this potential.

Speaker #5: As we consider the impact of IRA as part of our regular cost structure . Now . But the numbers in this column are eye popping and are helpful context to the underlying momentum of the business .

We have over the last years complement the traditional screening with the rollout of our point of care and at home direct to patient screening kits still we only see a part of position systematically test or COPD patients for <unk>.

Speaker #5: Slide 14 . Notwithstanding the impact of IRA year to date revenue growth was up 7.7% on a constant currency basis , whilst clearly by pharma led , we also had a positive contribution from our diagnostics business that continues to execute in keeping with our plan .

We believe that we have a possibility to change this and dramatically increased the number of diagnosed patients with the readout of our outcome studies Spartan continuing advances in AI enabled screening of electronic medical records to highlight patients at risk as well as increasing awareness in the market for new entrants.

Roland Wandeler: We believe that we have a possibility to change this and dramatically increase the number of diagnosed patients with the readout of our outcome study, SPARTA, continued advances in AI-enabled screening of electronic medical records to highlight patients at risk, as well as increasing awareness in the market for new entrants. Raising awareness and improving diagnosis remain critical levers to enhance patient outcomes and enable market growth.

Speaker #5: As Roland alluded to earlier, the biopharma revenue growth continues to benefit from a robust underlying biopharma demand on the back of continued ECG momentum, as well as progress from our Alpha-1 and specialty protein franchise, albumin.

Raising awareness and improving diagnosis remain critical levers to enhance patient outcomes and the naval market growth.

As a company that firsthand great to see the continued unmet need and the difference our medicines can make for the grievous illnesses, we get the trade. We always welcome innovation that raises awareness and may provide additional options for patients, especially in a condition, where the vast majority remain undiagnosed and untreated.

Roland Wandeler: As a company that firsthand gets to see the continued unmet need and the difference our medicines can make for the grievous illnesses we get to treat, we always welcome innovation that raises awareness and might provide additional options for patients, especially in a condition where the vast majority remain undiagnosed and untreated. As a leader in this space, we want to meaningfully contribute to this innovation, both through our outcome study that will address important questions for the field, as well as both a subcutaneous and a long-acting treatment option in our pipeline. SPARTA is the largest efficacy study ever conducted in Alpha-1 antitrypsin deficiency and is designed to show clinical outcomes in real-life lung tissue preservation, different from other studies primarily focused on pharmacokinetic endpoints.

Speaker #5: However , is an area that we continue to keep a close eye on . And finally , year to date performance has benefited from some phasing related gains that have also contributed to a 9.1% constant currency growth versus 2020 .

As a leader in this space, we want to meaningfully contribute to this innovation both through our outcome study that will address important questions for the field as well as both a subcutaneous and a long acting treatment option in our pipeline.

Speaker #5: For . Slide 15 . Year to date adjusted EBITDA in 2025 is at 1.358 billion , up from 1.253 billion in 2024 . After absorbing the year to date , IRA impact of 75 million with adjusted EBITDA up 11.2% on a constant currency basis and adjusted EBITDA margins improving versus 2024 by 60 basis points to 24.5% .

Roland Wandeler: As a leader in this space, we want to meaningfully contribute to this innovation, both through our outcome study that will address important questions for the field, as well as both a subcutaneous and a long-acting treatment option in our pipeline. SPARTA is the largest efficacy study ever conducted in Alpha-1 antitrypsin deficiency and is designed to show clinical outcomes in real-life lung tissue preservation, different from other studies primarily focused on pharmacokinetic endpoints.

Sparta is the largest efficacy study ever conducted in Alpha one antitrypsin deficiency and is designed to show clinical outcomes in real life lung tissue preservation different from other studies, primarily focused on pharmacokinetic endpoints.

The results of this study has the potential to significantly strengthen the clinical and payer value proposition for augmentation therapy increased testing awareness and improve patient access in the U S as well as support broader reimbursement in Europe.

Roland Wandeler: The results of this study have the potential to significantly strengthen the clinical and payer value proposition for augmentation therapy, increase testing awareness, and improve patient access in the US, as well as support broader reimbursement in Europe. The trial also includes a double dose regimen, which could represent an important advancement in treatment. We expect the readout of SPARTA in the second half of 2026. In parallel, we are advancing a 15% subcutaneous formulation and a next-generation Alpha-1 therapeutic to enhance patient convenience, expand access, and continue strengthening our position in this growing market. In summary, we remain confident in the continued success of Prolastin, supported by its value proposition and proven 30-plus year track record of safety and efficacy. Turning to slide 11. Innovation is at the heart of our business.

Speaker #5: The EBITDA growth was mainly led by biopharma, supported by each of the following: strong volume growth, aided by some phasing benefits; a favorable geographic mix, which added to the phasing benefit, with a proportion of EBITDA from the U.S. better than expectations and up meaningfully year to date.

The trial also includes a double dose regimen, which could represent an important advancement in treatment. We expect the readout of spark in the second half of 2026.

In parallel we are advancing a 15% subcutaneous formulation and the next generation of Alpha one therapeutic to enhance patient convenience expand access and continued strengthening our position in this growing market.

Speaker #5: Continuing improvements in CPM and finally continued focus on OpEx discipline and driving the benefits of operational leverage . As for the IRA impact , it is broadly in line with the guidance we provided in Q2 , and we expect full year impact to be between 100 to 125 million , whilst the impact on EBITDA a weakening US dollar is considerably more sheltered than revenues as a result of the various natural hedges in our cost structure , it has still been a stiff headwind .

Roland Wandeler: In parallel, we are advancing a 15% subcutaneous formulation and a next-generation Alpha-1 therapeutic to enhance patient convenience, expand access, and continue strengthening our position in this growing market. In summary, we remain confident in the continued success of Prolastin, supported by its value proposition and proven 30-plus year track record of safety and efficacy. Turning to slide 11. Innovation is at the heart of our business.

In summary, we remain confident in the continued success of our last and supported by its value proposition, improving 30, plus year track record of safety and efficacy.

Turning to slide 11 innovation is at the heart of our business. Our pipeline reflects a focused and disciplined approach to advancing high value programs that drive lifecycle management expand indications for our existing medicines and bring new products to market, both within plasma as well as beyond plasma.

Roland Wandeler: Our pipeline reflects a focused and disciplined approach to advancing high-value programs that drive lifecycle management, expand indications for our existing medicines, and bring new products to market, both within plasma as well as beyond plasma. We have already covered the innovation on the way for our IG and Alpha-1 franchises. Turning now to fibrinogen. As Nacho mentioned, we have refined our go-to-market approach to maximize our long-term opportunity. In the near term, the largest opportunity for fibrinogen lies in Europe, where markets such as Germany and Austria have adopted fibrinogen concentrate as standard of care. For these markets, we are on track for our launch of this product later this year. We have received the end of procedure notice from Germany and are awaiting approval in this key market shortly to be followed by additional countries in Europe.

Speaker #5: Whilst the weakening US dollar has been the main issue from an FX standpoint, other currencies have also contributed to the total FX impact versus the FX rates embedded in our guidance for the year, as set out in our Capital Markets Day presentation.

We have already covered the innovation on the way for our IHG and offer one franchises turning now to fibrinogen as Nacho mentioned, we have refined our go to market approach to maximize our long term opportunity.

Speaker #5: Slide 16. Over the last number of quarters, we have talked about our expectation for continued convergence between adjusted and reported EBITDA on a cash basis, or said another way, focusing on reducing the amount of cash adjustments between adjusted and reported EBITDA.

In the near term the largest opportunity for fibrinogen lies in Europe, where markets, such as Germany, and Austria have adopted fibrinogen concentrate the standard of care.

Roland Wandeler: In the near term, the largest opportunity for fibrinogen lies in Europe, where markets such as Germany and Austria have adopted fibrinogen concentrate as standard of care. For these markets, we are on track for our launch of this product later this year. We have received the end of procedure notice from Germany and are awaiting approval in this key market shortly to be followed by additional countries in Europe.

For these markets we are on track for a launch of this product later this year. We have received at the end of procedure notice from Germany and are awaiting approval in this key market shortly to be followed by additional countries. In Europe. We are confident that our differentiated product positions us well to effectively compete and gain share over time in these markets.

Speaker #5: And we are pleased to see that convergence trend on a cash basis continue over the last couple of years . And there are specific and there are three specific outcomes that I would like to call out .

Roland Wandeler: We are confident that our differentiated product positions us well to effectively compete and gain share over time in these markets. Longer term, the largest opportunity remains in the US, where the use of fibrinogen today, though, is still low and the market has a long way to go to fully embrace this more targeted approach to bleeding management as standard of care. Here we are on track with our BLA for congenital fibrinogen deficiency, or CFD, with a PDUFA date end of December. We expect to launch this indication in the first half of 2026.

Speaker #5: Number one , continued reduction in cash adjustments between adjusted and reported EBITDA . And as you will see on this page and the detail on page 13 in the appendix , there has been a 56% reduction in cash adjustments on an LTM basis , primarily due to lower cash adjustments pertaining to restructuring costs and transaction costs .

Longer term the largest opportunity remains in the U S where the use of a branch in today, though is still low and the market has a long way to go to fully embraced its more targeted approach to bleeding management as standard of care.

Here, we are on track with our BLA for congenital fibrinogen deficiency or CFT with a <unk> date end of December we expect to launch this indication in the first half of 2026.

Speaker #5: Number two , reported EBITDA is growing at 15.7% on a constant currency basis . Faster than adjusted EBITDA . Despite its robust 11.2% growth on a constant currency basis and finally , three , the gap between reported and adjusted EBITDA margins is reducing , and as at Q3 25 , this gap has narrowed to 120 basis points , having been 210 basis points at the end of 2024 and 340 basis points as at the end of 2023 , mainly on the back of lower cash adjustments and the convergence tends to happen rapidly , often within around 6 to 7 months .

As Nacho mentioned following conversations with the FDA and observing the slow growth of our pension in the U S. Over the last year, we have decided to focus our BLA on CFT for now and use the time to further strengthen our body of evidence with U S patients for an SPL a for acquired for Peanuts, and the deficiency or <unk> at a later point in time.

Roland Wandeler: As Nacho mentioned, following conversations with the FDA and observing the slow growth of fibrinogen in the US over the last year, we have decided to focus our BLA on CFD for now and use the time to further strengthen our body of evidence with US patients for an sBLA for acquired fibrinogen deficiency, or AFD, at a later point in time. While this delays our indication for AFD in the US, this staged approach allows us to provide access to our medicines for US patients with CFD in the first half of next year, while giving more time for the market to evolve, further strengthen our position for a possibly differentiated label in AFD, and set us up for a leading position in the US over time.

These delays are indication for <unk> in the U S. This staged approach allows us to provide access to our medicines for U S patients with Cfd in the first half of next year, while giving more time for the market to evolve further strengthen our position for a possibly a differentiated label in AFD and set us up for a leading position in the U S over time.

Roland Wandeler: While this delays our indication for AFD in the US, this staged approach allows us to provide access to our medicines for US patients with CFD in the first half of next year, while giving more time for the market to evolve, further strengthen our position for a possibly differentiated label in AFD, and set us up for a leading position in the US over time.

Speaker #5: Validating the credibility of these cash adjustments . We also want to proactively flag the potential of non-cash adjustments in Q4 that , importantly , do not at all have any impact on the go forward EBITDA growth story or free cash flow growth story .

As <unk> noted these updates do not affect our guidance and the long term goals outlined during our capital markets day, nor do they change our broader development efforts and our conviction and a meaningful opportunity ahead as the standard of care continues to evolve towards concentrate based therapies.

Roland Wandeler: As Nacho noted, these updates do not affect our guidance and the long-term goals outlined during our Capital Markets Day, nor do they change our broader development efforts and our conviction in a meaningful opportunity ahead, as the standard of care continues to evolve toward concentrate-based therapies. We remain confident in the program's progress and long-term success as we continue to invest in its global rollout for the benefit of patients. Taking a step back, while we certainly look forward to the launch of fibrinogen, our pipeline reflects our focused and disciplined approach to advance innovation and create value across all our therapeutic areas. We already covered our advancements in immunology and pulmonology. In infectious diseases, our trimodulin phase 3 trial in severe community-acquired pneumonia is progressing steadily. With its innovative polyclonal antibody profile, trimodulin has the potential to address a significant unmet need.

Speaker #5: These potential non-cash adjustments are simply the other side of the capital allocation discipline coin , where prioritizing our valuable capital mainly on the projects that we talked about at our Capital Markets Day in February this year , means that some other projects remain dormant or on hold , and potentially there could be an impact on their carrying value .

We remain confident in the programs progress and long term success as we continue to invest in its global rollout for the benefit of patients.

Taking a step back while we certainly look forward to the launch of apprehension. Our pipeline reflects our focused and disciplined approach to advance innovation and create value across all our therapeutic areas.

Roland Wandeler: Taking a step back, while we certainly look forward to the launch of fibrinogen, our pipeline reflects our focused and disciplined approach to advance innovation and create value across all our therapeutic areas. We already covered our advancements in immunology and pulmonology. In infectious diseases, our trimodulin phase 3 trial in severe community-acquired pneumonia is progressing steadily. With its innovative polyclonal antibody profile, trimodulin has the potential to address a significant unmet need.

We already covered our advancements in immunology and Pulmonology in infectious diseases, our Tri model in phase III trial in severe community acquired pneumonia is progressing steadily with its innovative polyclonal antibody profile try modeling has the potential to address a significant unmet need.

Speaker #5: But to be clear and to repeat , we are confident that these potential non-cash adjustments will not impact our go forward . Adjusted EBITDA growth or free cash flow growth story slide 17 .

Speaker #5: A quick update on our progress towards our free cash flow pre M&A , pre dividends goal for the year , as you will recall , we improved our free cash flow pre M&A pre dividend guidance at H1 from 350 to 400 million .

And in ophthalmology, our ocular surface program for dry eye disease in phase III has the potential to expand use of <unk> into new therapeutic areas.

Roland Wandeler: In ophthalmology, our ocular surface IG program for dry eye disease in phase II has the potential to expand use of IG into new therapeutic areas. In the earlier stages of development, our pipeline spans both plasma-based and non-plasma programs, including a next generation Gamunex process with improved yield, recombinant therapies, and novel treatment for infectious diseases. Overall, our pipeline reflects a balanced mix of near-term launches and long-term innovation aligned with our value creation plan and reinforcing Grifols leadership in plasma-derived medicines aimed at driving sustainable, profitable growth for years to come. With that, I now hand it over to Rahul to provide more details on his financial performance.

Speaker #5: Up to 375 to 425 million . Considerably up from the 265 266 million free cash flow outperformance in 2024 . And we expressed our confidence that the business could do meaningfully better over time and finally , recall that unlike EBITDA , free cash flow , pre M&A , pre dividends is more insulated from Eurodollar volatility .

In the earliest stages of development, our pipeline spans both plasma based and non plasma programs, including our next generation <unk> process with improved yield recombinant therapies and novel treatments for infectious diseases.

Overall, our pipeline reflects a balanced mix of near term launches and long term innovation aligned with our value creation plan and reinforcing Griffiths leadership in plasma derived medicines aimed at driving sustainable profitable growth for years to come.

Roland Wandeler: Overall, our pipeline reflects a balanced mix of near-term launches and long-term innovation aligned with our value creation plan and reinforcing Grifols leadership in plasma-derived medicines aimed at driving sustainable, profitable growth for years to come. With that, I now hand it over to Rahul to provide more details on his financial performance.

Speaker #5: The punchline on our year to date free cash flow performance is that we are tracking well versus our improved free cash flow guidance provided in our H1 call .

With that I'll now hand, it over to Robert to provide more details on our financial performance.

Speaker #5: As at the end of Q3 , we are €257 million better than we were in 2024 . At the same point , the principal driver of the improving performance is greater vigilance on cash flow across the entire organization .

Thanks rollout on slide 12, the words continued resilience some up not just the Griffes financial performance.

Rahul Srinivasan: Thanks, Roland. On slide 12, the words "continued resilience" sum up not just the Grifols financial performance, but also very aptly describes both the Grifols business that has been built over many decades, as well as the Grifols spirit of our over 24,000 teammates and our shared commitment towards the Grifols mission. Slide 13. From a financial performance standpoint, Q3 was a robust quarter across the board that presents an equally robust across the board year-to-date picture. There have been some favorable phasing and mixed benefits that have contributed to this robust year-to-date financial performance that I will elaborate on in the upcoming slides.

Also very aptly described both the peripheral is a business that has been built over many decades as well as the <unk> spirit of our over 24000 teammates and our shared commitment towards the <unk> mission.

Speaker #5: In addition to that , improved EBITDA contribution , lower cash adjustments , tight working capital management , disciplined CapEx and capitalized it and R&D spend and an improvement in cash interest expense .

Slide 13 from a financial performance standpoint, Q3 was a robust quarter across the board that presents an equally robust across the board year to date picture.

Speaker #5: As a result of debt paydown in 2024 and significantly lower utilization of the RCF, we have supported our year-to-date progress on free cash flow and our guidance for free cash flow for 2025.

Rahul Srinivasan: From a financial performance standpoint, Q3 was a robust quarter across the board that presents an equally robust across the board year-to-date picture. There have been some favorable phasing and mixed benefits that have contributed to this robust year-to-date financial performance that I will elaborate on in the upcoming slides.

There have been some favorable phasing and mixed benefits that have contributed to this robust year to date financial performance that I will elaborate on in the upcoming slides as a reminder, our reported figures included the impact of IRR and the fee for service GPO reclassification, which could distort the underlying performance.

Speaker #5: On the next slide . Finally , on slide 18 , updates on both capital structure and our outlook for the year . First , on capital structure , the clear tightening of our longest dated bonds in our capital structure by over 200 basis points in just the last 3 to 4 quarters , is evidence of the clear progress in the rerating of the Grifols story .

Rahul Srinivasan: As a reminder, our reported figures included the impact of IRA and the fee for service GPO reclassification, which could distort the underlying performance and hence to improve comparability to prior periods, we will continue to disclose a like-for-like column for the remainder of the year, which we believe will be helpful to all our stakeholders. Starting with Q3 financial highlights. Net revenues of just under EUR 1.87 billion, up 9.1% versus Q3 2024 on a constant currency basis led by Biopharma. An adjusted EBITDA of EUR 482 million, resulting in an adjusted EBITDA margin of 25.8% for the quarter. A slightly higher impact on group profit than was the case in Q2 this year. Free cash flow pre-M&A pre-dividends for the quarter of EUR 203 million, up meaningfully versus Q3 2024.

And hence to improve comparability to prior periods, we will continue to disclose our like for like column for the remainder of the year, which we believe will be helpful to all our stakeholders.

Starting with Q3 financial highlights net revenues of just under $1 87 billion euros up nine 1% versus Q3 dollars 24 on a constant currency basis led by Biopharma and.

Speaker #5: And by that we mean not just from a credit perspective , but also our clear focus on progressing on the immense equity rerating opportunity .

Speaker #5: We believe there is progress. It is also pleasing to see a number of our banking partners further corroborate the rerating progress implied by our tightening bond yields by proactively offering meaningful upsized support for a potential upsized RCF as part of the refinancing that we are targeting in H1 2026. All very helpful steps forward on the capital structure front, and preparations are ongoing.

And adjusted EBITDA of $482 million, resulting in an adjusted EBITDA margin of 25, 8% for the quarter.

Rahul Srinivasan: An adjusted EBITDA of EUR 482 million, resulting in an adjusted EBITDA margin of 25.8% for the quarter. A slightly higher impact on group profit than was the case in Q2 this year. Free cash flow pre-M&A pre-dividends for the quarter of EUR 203 million, up meaningfully versus Q3 2024.

And a slightly higher impact on group profit than was the case in Q2 this year.

And free cash flow pre M&A prete, evidenced for the quarter of $203 million up meaningfully versus Q3 'twenty four.

Speaker #5: We have also , just a short while ago launched a harmonizing exercise to align the documentation of the two bonds . We currently have maturing in 2030 .

Moving on to year to date financial performance net revenues of over five 5 billion up seven 7% on a constant currency basis led by Biopharma that as Roland mentioned earlier is up nine 1% on a constant currency basis.

Rahul Srinivasan: Moving on to year-to-date financial performance. Net revenues of over EUR 5.5 billion, up 7.7% on a constant currency basis led by Biopharma that, as Roland mentioned earlier, is up 9.1% on a constant currency basis. Year-to-date adjusted EBITDA of over EUR 1.35 billion is up 11.2% versus 2024 on a constant currency basis, despite the impact of IRA, albeit benefiting from some phasing and favorable mix that I referenced earlier. Both gross margin and adjusted EBITDA margin are up versus 2024, notwithstanding the impact of IRA. Year-to-date group profit of EUR 304 million is up over 245% versus year-to-date 2024.

Speaker #5: As I alluded to before , both bonds continue to trade very positively . Hence the launch of this . Nice to have action before speaking about outlook , it might be helpful for us to contextualize our year to date performance notwithstanding .

Year to date adjusted EBITDA of over 135 billion is up 11, 2% versus 2024 on a constant currency basis. Despite the impact of IRA, albeit benefiting from some phasing and favorable mix that I referenced earlier.

Rahul Srinivasan: Year-to-date adjusted EBITDA of over EUR 1.35 billion is up 11.2% versus 2024 on a constant currency basis, despite the impact of IRA, albeit benefiting from some phasing and favorable mix that I referenced earlier. Both gross margin and adjusted EBITDA margin are up versus 2024, notwithstanding the impact of IRA. Year-to-date group profit of EUR 304 million is up over 245% versus year-to-date 2024.

Speaker #5: Very stiff FX headwinds and the IRA impact our performance has been robust for the reasons we have already discussed . We have also benefited from some positive phasing and mixed gains , and thereby accelerating aspects of our EBITDA performance for the year , which we expect will partly reverse in Q4 , when considering year over year comparison to Q4 .

Both gross margin and adjusted EBITDA margin are up versus 2024, notwithstanding the impact of IRA yeah.

Year to date group profit of $304 million is up over 245% versus year to date 2020 for free cash flow pre M&A pre dividends is up 257 million versus year to date 2024, and I will elaborate on the drivers of this free cash flow improvement a couple of slides later.

Speaker #5: Please remember that we are lapping our best quarter in history from an EBITDA perspective , a quarter that itself back then benefited considerably from phasing and taking that together with IRA and the FX headwinds , we expect a robust Q4 25 .

Rahul Srinivasan: Free cash flow pre-M&A pre-dividends is up EUR 257 million versus year-to-date 2024. I will elaborate on the drivers of this free cash flow improvement a couple of slides later. Furthermore, the leverage and liquidity picture is significantly improved versus Q3 2024. With secured leverage at only 2.6x, we have almost 2 EBITDA terms of secured leverage capacity, giving us material flexibility, thus rounding out the robust and improving balance sheet that is referenced in the title of this slide. Finally, I have deliberately not dwelled on the like-for-like performance that you see on this slide as we consider the impact of IRA as part of our regular cost structure now. The numbers in this column are eye-popping and are helpful context to the underlying momentum of the business. Slide 14.

Furthermore, the leverage and liquidity picture significantly improved versus Q3, 2024, and with secured leverage at only two six times, we have almost two EBITDA turns of secured leverage capacity, giving us material flexibility, thus rounding out the robust and improved.

Speaker #5: However , it will compare less favourably to Q4 24 . In absolute terms , the team remains very focused on ensuring that we execute with the same discipline and intensity as we have all year .

<unk> balance sheet that is referenced in the title of the slide and.

Speaker #5: It is also worth reminding the market of our updates in prior quarters regarding the impact of a weakening US dollar and how that headwind reduces as we move down our P&L.

And finally I have deliberately not dwell on the like for like performance that you see on the slide as we consider the impact of IRA as part of our regular cost structure now, but the numbers in this column are eye popping and are helpful context to the underlying momentum of the business.

Rahul Srinivasan: Finally, I have deliberately not dwelled on the like-for-like performance that you see on this slide as we consider the impact of IRA as part of our regular cost structure now. The numbers in this column are eye-popping and are helpful context to the underlying momentum of the business. Slide 14.

Speaker #5: As a result of the natural hedges embedded in our business from a weaker US dollar , having a significant impact on the revenue level to being broadly neutral at the net income or group profit level .

Slide 14.

Speaker #5: And indeed broadly neutral on free cash flow to and absent any abrupt movements in FX , Eurodollar in particular , as we move to the end of the year , we expect it to be broadly neutral on leverage to which then leads me to the final section on guidance on the right hand side , we compare our updated guidance to the original guidance .

Notwithstanding the impact of IRI year to date revenue growth was up seven 7% on a constant currency basis, whilst clearly biopharma led we also had a positive contribution from our diagnostics business that continues to execute in keeping with our plan.

Rahul Srinivasan: Notwithstanding the impact of IRA, year-to-date revenue growth was up 7.7% on a constant currency basis, whilst clearly Biopharma-led. We also had a positive contribution from our diagnostics business that continues to execute in keeping with our plan. As Roland alluded to earlier, the Biopharma revenue growth continues to benefit from a robust underlying Biopharma demand on the back of continued IG momentum, as well as progress from our Alpha-1 and Specialty Protein franchise. Albumin, however, is an area that we continue to keep a close eye on. Finally, year-to-date performance has benefited from some phasing related gains that have also contributed to a 9.1% constant currency growth versus 2024. Slide 15. Year-to-date adjusted EBITDA in 2025 is at EUR 1.358 billion, up from EUR 1.253 billion in 2024.

As roeland alluded to earlier the Biopharma revenue growth continues to benefit from a robust underlying biopharma demand on the back of continued momentum.

Speaker #5: We provided at our Capital Markets Day on 27th February 2025 at guidance FX rates , and on the left hand side , we estimate the full year FX impact to be roughly around €70 million , on adjusted EBITDA .

Momentum as well as progress from our Alpha one and specialty protein franchise albumin. However is an area that we continue to keep a close eye on.

Speaker #5: If FX rates stay as they are currently for the rest of the year versus the guidance FX rates, it will assist all our stakeholders with their analysis.

Rahul Srinivasan: Albumin, however, is an area that we continue to keep a close eye on. Finally, year-to-date performance has benefited from some phasing related gains that have also contributed to a 9.1% constant currency growth versus 2024. Slide 15. Year-to-date adjusted EBITDA in 2025 is at EUR 1.358 billion, up from EUR 1.253 billion in 2024.

And finally year to date performance has benefited from some phasing related gains that have also contributed to a nine 1% constant currency growth versus 2024.

Speaker #5: As you will see on the right hand side , our updated guidance at guidance FX rates compares favorably to the original guidance we provided at our Capital Markets Day .

Slide 15 year to date adjusted EBITDA in 2025 is at 135 8 billion up from one to $5 3 billion in 2024 after absorbing the year to date IRA impact of $75 million with adjusted EBITDA up 11, 2% on a constant currency base.

Speaker #5: Improving updated guidance at guidance FX rates for both revenues and free cash flow . Premium pre dividends and on the latter , we are once again improving our guidance further to 400 to 425 million and adjusted EBITDA guidance .

Rahul Srinivasan: After absorbing the year-to-date IRA impact of $75 million with adjusted EBITDA up 11.2% on a constant currency basis and adjusted EBITDA margins improving versus 2024 by 60 basis points to 24.5%. The EBITDA growth was mainly led by Biopharma, supported by each of the following. Strong volume growth aided by some phasing benefit. A favorable geographic mix adding to the phasing benefit with a proportion of EBITDA from the US better than expectations and up meaningfully year to date. Continuing improvements in CPL. Finally, continued focus on OPEX discipline and driving the benefits of operational leverage.

Speaker #5: FX rates is reaffirmed to be consistent with the original guidance provided and that we are currently tracking very comfortably within the guidance range , provided , which , as I mentioned at the start of the financial Performance section , speaks to the resilience of the Grifols business .

And adjusted EBITDA margins, improving versus 2024 by 60 basis points to 24, 5%.

The EBITDA growth was mainly led by Biopharma supported by each of the following strong volume growth aided by some phasing benefit a favorable geographic mix, adding to the phasing benefit where the proportion of EBITDA from the U S better than expectations and up meaningfully year to date continuing <unk>.

Speaker #5: Notwithstanding the highly dynamic markets that we have navigated well thus far this year. With that, let me hand it back to Nacho for his concluding remarks.

Rahul Srinivasan: A favorable geographic mix adding to the phasing benefit with a proportion of EBITDA from the US better than expectations and up meaningfully year to date. Continuing improvements in CPL. Finally, continued focus on OPEX discipline and driving the benefits of operational leverage.

Speaker #3: Thank you, Rahul. I would like to conclude today's presentation with just a few final remarks. Our Q3 results confirmed that the strategic roadmap we set in motion this year is delivering results.

<unk> and CPL and finally continued focus on opex discipline and driving the benefits of operational leverage.

As for the IRA impact it is broadly in line with the guidance. We provided in Q2, and we expect full year impact to be between $100 million to $125 million.

Speaker #3: The value creation plan is driving measurable progress from continued market share gains and sustained top line growth to a significant improvement in free cash flow generation .

Rahul Srinivasan: As for the IRA impact, it is broadly in line with the guidance we provided in Q2. We expect full year impact to be between $100 to $125 million. Whilst the impact on EBITDA for weakening US dollar is considerably more sheltered than revenues as a result of the various natural hedges in our cost structure, it has still been a stiff headwind. Whilst the weakening US dollar has been the main issue from a FX standpoint, other currencies have also contributed to the total FX impact versus the FX rates embedded in our guidance for the year as set out in our Capital Markets Day presentation. Slide 16.

Whilst the impact on EBITDA for weakening U S. Dollar is considerably more sheltered than revenues as a result of the various natural hedges in our cost structure. It has still been a stiff headwind.

Speaker #3: This performance and the scores are focused on strengthening financial fundamentals and executing with the discipline required to turn a strategic vision into financial performance .

Speaker #3: We have also further strengthened our balance sheet through deleveraging , enhanced free cash flow generation and a disciplined financial and capital allocation . This combination provides the flexibility to invest in growth while maintaining a prudent approach to leverage and liquidity .

While the weakening U S dollar.

Has been the main issue from an FX standpoint. Other currencies have also contributed to the total FX impact versus the FX rates embedded in our guidance for the year as set out in our capital markets day presentation slide.

Speaker #3: As we approach the year end , we remain vigilant as market conditions continue to be dynamic with foreign exchange pressure and other external factors .

Slide 16.

Over the last number of quarters, we have talked about our expectation for continued convergence between adjusted and reported EBITDA on a cash basis or said another way focusing on reducing the amount of cash adjustments between adjusted and reported EBITDA and we are pleased to see that convergence trend on.

Speaker #3: Still present. These potential headwinds are being closely monitored, and as in previous periods, we are confident in our ability to respond with resilience and execution.

Rahul Srinivasan: Over the last number of quarters, we have talked about our expectation for continued convergence between adjusted and reported EBITDA on a cash basis, or said another way, focusing on reducing the amount of cash adjustments between adjusted and reported EBITDA. We are pleased to see that convergence trend on a cash basis continue over the last couple of years, and there are three specific outcomes that I would like to call out. Number one, continued reduction in cash adjustments between adjusted and reported EBITDA. As you will see on this page and the detail on page 30 in the appendix, there has been a 56% reduction in cash adjustments on an LTM basis, primarily due to lower cash adjustments pertaining to restructuring costs and transaction costs.

Speaker #3: Therefore , we reaffirm full year 2025 revenue and adjusted EBITDA guidance and exchange rate presented at our capital Markets Day . An updated free cash flow guidance to more than €400 million .

Cash basis continue over the last couple of years and there are specific and there are three specific outcomes that I would like to call out.

Speaker #3: Finally , I want to recognize once again the dedication of the entire Grifols team , whose commitment to our value creation plan continues to drive this company forward .

Number one continued reduction in cash adjustments between adjusted and reported EBITDA and as you will see on this page and the detail on page 30 in the appendix there has been a 56% reduction in cash adjustments on an LTM basis, primarily due to lower cash adjustments, but attained.

Rahul Srinivasan: Number one, continued reduction in cash adjustments between adjusted and reported EBITDA. As you will see on this page and the detail on page 30 in the appendix, there has been a 56% reduction in cash adjustments on an LTM basis, primarily due to lower cash adjustments pertaining to restructuring costs and transaction costs.

Speaker #3: We are executing with focus , accountability and discipline and remain fully committed to creating long lasting value for all our patients , donors and stakeholders .

Speaker #3: Thank you , as always , for your continued support . And with that , Dani , back to you .

To restructuring costs and transaction costs number two reported EBITDA is growing at 15, 7% on a constant currency basis faster than adjusted EBITDA. Despite its robust 11, 2% growth on a constant currency basis, and finally three the gap between report.

Speaker #2: Thank you . Nacho . Now let's turn to the Q&A session . Please remember to press star five to ask your question . We need to place a limit of two questions per analyst .

Rahul Srinivasan: Number two, reported EBITDA is growing at 15.7% on a constant currency basis, faster than adjusted EBITDA despite its robust 11.2% growth on a constant currency basis. Finally, 3, the gap between reported and adjusted EBITDA margins is reducing. As at Q3 2025, this gap has narrowed to 120 basis points, having been 210 basis points at the end of 2024 and 340 basis points as at the end of 2023, mainly on the back of lower cash adjustments. The convergence tends to happen rapidly, often within around six to seven months, validating the credibility of these cash adjustments.

Speaker #2: If you have follow ups , please dial star five . Again , to get back on the list after your question . After you ask your question , we will put you on mute to reduce any background noise .

And adjusted EBITDA margins is reducing and as at Q3 25. This gap has narrowed to 120 basis points, having been 210 basis points at the end of 2024 and 340 basis points as at the end of 2023, mainly on the back of lower Cassia.

Speaker #2: Let us start with Charles from Barclays .

Speaker #6: Hi guys , here from Barclays . Thank you very much for taking my questions . Just first one on fibrinogen . Just I want to clarify what the driver of there is behind the fibrinogen and AfD being delayed for the US .

Adjustments and the convergence tends to happen rapidly often within the around six to seven months validating the credibility of these cash adjustments.

Speaker #6: Is this FDA push back on ? Is that reflective of their internal resourcing or is it on ? Is it reflective of the quality quantity of your supporting data for the indication just because , you know , thinking about this as previously a key differentiating factor for Grifols was to be the first US approved asset with both forms of the disease as part of the label .

We also want to proactively flag the potential of noncash adjustments in Q4 that importantly, do not at all have any impact on the go forward EBITDA growth story, all free cash flow growth story.

Rahul Srinivasan: We also want to proactively flag the potential of non-cash adjustments in Q4 that importantly do not at all have any impact on the go-forward EBITDA growth story or free cash flow growth story. These potential non-cash adjustments are simply the other side of the capital allocation discipline coin, where prioritizing our valuable capital, mainly on the projects that we talked about at our Capital Markets Day in February this year, means that some other projects remain dormant or on hold and potentially there could be an impact on their carrying value. To be clear and to repeat, we are confident that these potential non-cash adjustments will not impact our go-forward adjusted EBITDA growth or free cash flow growth story. Slide 17, a quick update on our progress towards our free cash flow pre-M&A, pre-dividends goal for the year.

These potential noncash adjustments are simply the other side of the capital allocation disciplined coin, we're prioritizing our valuable capital mainly on the projects that we talked about at our capital markets day in February this year means that some other projects remain dormant or on hold and potentially there could be an impact on that.

Speaker #6: So just to your point about not impacting the midterm guidance , how do you expect to be able to continue to differentiate the against the competition ?

Speaker #6: Or is this just set to be a very short delay? And then my other question is just for Rahul on the refinancing.

Speaker #6: Just coming back to the terminology there , you highlighting the harmonization process of the 2030 bonds . Can you confirm whether this means that you're also considering refinancing of these 2030 maturities as part of the 126 targeted refinancing for the 27 maturing bonds and just wondering , as part of that refinancing as well , is there any potential to renegotiate the terms of the tick deal ?

Carrying value, but to be clear and to repeat we are confident that these potential noncash adjustments will not impact. Our go forward adjusted EBITDA growth all free cash flow growth story.

Rahul Srinivasan: To be clear and to repeat, we are confident that these potential non-cash adjustments will not impact our go-forward adjusted EBITDA growth or free cash flow growth story. Slide 17, a quick update on our progress towards our free cash flow pre-M&A, pre-dividends goal for the year.

Slide 17.

Update on our progress towards our free cash flow pre M&A pre dividends goal for the year as you will recall, we improved our free cash flow pre M&A pre dividend guidance at each one from $350 million to $400 million up to 375 to $4 $25 million considerably up from the 265.

Speaker #6: Thank you very much .

Speaker #3: Thank you . Charles , on fibrinogen , I think that we always have have stated and have been aware the fact that in the United States , we would need to change the standard of care , which currently is based on Cryoprecipitate , in order to boost the sales of fibrinogen to the level that we expected .

Rahul Srinivasan: As you will recall, we improved our free cash flow pre-M&A, pre-dividend guidance at H1 from EUR 350 to 400 million, up to EUR 375 to 425 million, considerably up from the EUR 265 to 266 million free cash flow outperformance in 2024. We expressed our confidence that the business could do meaningfully better over time. Finally, recall that unlike EBITDA, free cash flow pre-M&A, pre-dividends is more insulated from euro-dollar volatility. The punchline on our year-to-date free cash flow performance is that we are tracking well versus our improved free cash flow guidance provided in our H1 call. As at the end of Q3, we are EUR 257 million better than we were in 2024 at the same point.

266 million free cash flow outperformance in 2024, and we expressed our confidence that the business could do meaningfully better over time, and finally recall that unlike EBITDA free cash flow pre M&A pre dividends is more insulated from euro dollar volatility.

Speaker #3: This is a mission that we are very committed to. We believe, based on what we see in other markets, that this will certainly bring benefits for patients.

Speaker #3: But as I mentioned, based on the conversations with the FDA, we feel that it's important to bring even more solid clinical information and clinical data with U.S. patients in order to help with that standard of care.

Rahul Srinivasan: Finally, recall that unlike EBITDA, free cash flow pre-M&A, pre-dividends is more insulated from euro-dollar volatility. The punchline on our year-to-date free cash flow performance is that we are tracking well versus our improved free cash flow guidance provided in our H1 call. As at the end of Q3, we are EUR 257 million better than we were in 2024 at the same point.

Punch line on a year to date free cash flow performance is that we are tracking well versus our improved free cash flow guidance provided in our H one call as at the end of Q3, we are 257 million euros better than we were in 2024 at the same point the principal driver of the improving performance.

Speaker #3: At the same time, I think obviously our focus in the short term is going to be to develop markets outside of the U.S. and in the U.S.

Speaker #3: Obviously , with the congenital fibrinogen , the deficiency , certainly we will start working with physicians for them to to know and be more aware about the benefits of fibrinogen versus other alternatives .

Is greater vigilance on cash flow across the entire organization. In addition to that improved EBITDA contribution lower cash adjustments tight working capital management disciplined capex and capitalized <unk>.

Rahul Srinivasan: The principal driver of the improving performance is greater vigilance on cash flow across the entire organization. In addition to that, improved EBITDA contribution, lower cash adjustments, tight working capital management, disciplined CapEx and capitalized IT and R&D spend, and an improvement in cash interest expense as a result of debt paydown in 2024, and significantly lower utilization of RCF has supported our year-to-date progress on the free cash flow front. More on free cash flow guidance for 2025 on the next slide. Finally, on slide 18, updates on both capital structure and our outlook for the year. First, on capital structure. The clear tightening of our longest dated bonds in our capital structure by over 200 basis points in just the last three to four quarters is evidence of the clear progress in the re-rating of the Grifols story.

Speaker #3: I don't know, Roland, if you want to add anything else.

Speaker #4: Perhaps just commenting on how this compares to the plan that we laid out at the Capital Markets Day. As mentioned today, the largest opportunities in Europe are north of $200 million.

R&D spend and an improvement in cash interest expense as a result of debt Paydown in 2024 and significantly lower utilization of our CF has supported our year to date progress on the free cash flow front and more free cash flow guidance for 2025, the next slide.

Speaker #4: And there we remain on track for our launch in Germany this year . And , you know , we believe that we can differentiate and gain share in this market and actually have some opportunities in ex-US market , Europe market as well to gain share in our considerations .

Speaker #4: The US was always a slower build and therefore a delay of of AfD at this point does not materially change our outlook in the near term .

Rahul Srinivasan: More on free cash flow guidance for 2025 on the next slide. Finally, on slide 18, updates on both capital structure and our outlook for the year. First, on capital structure. The clear tightening of our longest dated bonds in our capital structure by over 200 basis points in just the last three to four quarters is evidence of the clear progress in the re-rating of the Grifols story.

Finally on slide 18.

Updates on both the capital structure and our outlook for the year firsthand a capital structure that clear tightening of our longest dated bonds and our capital structure by over 200 basis points in just the last three to four quarters is evidence of the clear progress in the re rating of the peripheral story and by that.

Speaker #4: And at the same time , we believe that with possibly differentiated label at the time of launch of AfD in the US , we have an opportunity to still lead that market and capture the long term potential of north of 800 million that we laid out at the Capital Markets Day .

Speaker #4: So that's where the comments come about that we don't see a change in our outlook.

We may not just from a credit perspective, but also a clear focus on progressing on the immense equity re rating opportunity. We believe there is and it is also pleasing to see a number of our banking partners further corroborate the re rating progress implied by a tightening bond yields by proactively offering meaningful.

Rahul Srinivasan: By that, we mean not just from a credit perspective, but also our clear focus on progressing on the immense equity re-rating opportunity we believe there is. It is also pleasing to see a number of our banking partners further corroborate the re-rating progress implied by our tightening bond yields by proactively offering meaningful upsize support for a potential upsize RCF as part of the refinancing that we are targeting in H1 2026. All very helpful steps forward on the capital structure front and preparations that are ongoing. We have also just a short while ago, launched a harmonizing exercise to align the documentation of the two bonds we currently have maturing in 2030. As I alluded to before, both bonds continue to trade very positively, hence the launch of this nice-to-have action.

Speaker #5: And Charles , on the 2030 bond that's just a harmonization exercise between the the the conditions or the documentation , if you like , between the two bonds .

<unk> upsized support for a potential upside of Rcs as part of the refinancing that we are targeting an H one and 2026, all very helpful steps forward on the capital structure front and preparations are ongoing.

Speaker #5: Your comment around 2030 refinancing . Of course we have the optionality . If we so choose to refinance those those bonds are callable on the 1st of May 2026 .

Speaker #5: If I recall correctly . But it just gives us we have that optionality harmonization , and clearly as , as , as you can see with where those bonds are trading today , there is value .

Rahul Srinivasan: All very helpful steps forward on the capital structure front and preparations that are ongoing. We have also just a short while ago, launched a harmonizing exercise to align the documentation of the two bonds we currently have maturing in 2030. As I alluded to before, both bonds continue to trade very positively, hence the launch of this nice-to-have action.

We are also just a short while ago launched a harmonizing exercise to align the documentation of the two bonds. We currently have maturing in 2013 as I alluded to before both bonds continue to trade very positively hence the launch of this nice to have action.

Speaker #5: There is value as we think about refinancing those in due course . But it is a part of refinancing options that are available to us .

Speaker #5: It doesn't have to be in 2026 . We can decide on the on the right time for that . And then finally on GI .

Before speaking about outlook it might be helpful for us to contextualize, our year to date performance, notwithstanding very stiff FX headwinds and the IRI impact our performance has been robust for the reasons. We have already discussed we have also benefited from some positive phasing and mix gains and thereby accelerate.

Rahul Srinivasan: Before speaking about outlook, it might be helpful for us to contextualize our year-to-date performance. Notwithstanding very stiff FX headwinds and the IRA impact, our performance has been robust for the reasons we have already discussed. We have also benefited from some positive phasing and mix gains and thereby accelerating aspects of our EBITDA performance for the year, which we expect will partly reverse in Q4. When considering year-over-year comparison to Q4, please remember that we are lapping our best quarter in history from an EBITDA perspective. A quarter that itself back then benefited considerably from phasing. Taking that together with IRA and the FX headwinds, we expect a robust Q4 2025. However, it will compare less favorably to Q4 2024 in absolute terms. The team remains very focused on ensuring that we execute with the same discipline and intensity as we have all year.

Aspects of our EBITDA performance for the year, which we expect will partly reverse in Q4, when considering year over year comparison to Q4. Please remember that we are lapping our best quarter in history from an EBITDA perspective, a quarter that itself back then benefited <unk>.

Rahul Srinivasan: When considering year-over-year comparison to Q4, please remember that we are lapping our best quarter in history from an EBITDA perspective. A quarter that itself back then benefited considerably from phasing. Taking that together with IRA and the FX headwinds, we expect a robust Q4 2025. However, it will compare less favorably to Q4 2024 in absolute terms. The team remains very focused on ensuring that we execute with the same discipline and intensity as we have all year.

Separately from phasing.

And taking that together with IRI and the FX headwinds, we expect a robust Q4 'twenty five however, it will compare less favorably to Q4 2004 in absolute terms. The team remains very focused on ensuring that we execute with the same discipline and intensity as we have.

Yeah.

It is also worth reminding the market of our updates in prior quarters of the impact of a weakening U S dollar and how that headwind reduces as we move down our P&L as a result of the natural hedges embedded in our business from a weaker U S dollar, having a significant impact of the revenue level to being brought.

Rahul Srinivasan: It is also worth reminding the market of our updates in prior quarters of the impact of a weakening US dollar and how that headwind reduces as we move down our P&L as a result of the natural hedges embedded in our business. From a weaker US dollar having a significant impact at the revenue level to being broadly neutral at the net income or group profit level. Indeed, broadly neutral on free cash flow too. Absent any abrupt movements in FX, Euro dollar in particular, as we move to the end of the year, we expect it to be broadly neutral on leverage too. Which leads me to the final section on guidance. On the right-hand side, we compare our updated guidance to the original guidance we provided at our Capital Markets Day on 27 February 2025 at guidance FX rates.

The neutral at the net income of group profit level, and indeed broadly neutral on free cash flow too.

And absent any abrupt movements in FX Euro dollar in particular as we move to the end of the year, we expect it to be broadly neutral on leverage too.

Rahul Srinivasan: Absent any abrupt movements in FX, Euro dollar in particular, as we move to the end of the year, we expect it to be broadly neutral on leverage too. Which leads me to the final section on guidance. On the right-hand side, we compare our updated guidance to the original guidance we provided at our Capital Markets Day on 27 February 2025 at guidance FX rates.

Which then leads me to the final section on guidance on the right hand side, we compare our updated guidance to the original guidance. We provided at our capital markets day in 2007 and February 2025 at guidance FX rates and on the left hand side, we estimate the full year FX impact to be roughly around 17 million euros.

Rahul Srinivasan: On the left-hand side, we estimate the full year FX impact to be roughly around EUR 70 million on adjusted EBITDA if FX rates stay as they are currently for the rest of the year versus the guidance FX rates in order to assist all our stakeholders with their analysis. As you will see on the right-hand side, our updated guidance at guidance FX rates compares favorably to the original guidance we provided at our Capital Markets Day. Improving updated guidance at guidance FX rates for both revenues and free cash flow pre-M&A, pre-dividends. On the latter, we are once again improving our guidance further to EUR 400 to 425 million. Adjusted EBITDA at guidance FX rates is reaffirmed to be consistent with the original guidance provided, and that we are currently tracking very comfortably within the guidance range provided.

Adjusted EBITDA, if FX rates stay as they are currently for the rest of the year versus the guidance FX rates in order to assist all of our stakeholders with air analysis as you will see on the right hand side, our updated guidance at guidance FX rates compares favorably to the original guidance, we provided at hospital market stable.

Improving updated guidance at guidance FX rates for both revenues and free cash flow pre M&A pre dividends.

Rahul Srinivasan: Improving updated guidance at guidance FX rates for both revenues and free cash flow pre-M&A, pre-dividends. On the latter, we are once again improving our guidance further to EUR 400 to 425 million. Adjusted EBITDA at guidance FX rates is reaffirmed to be consistent with the original guidance provided, and that we are currently tracking very comfortably within the guidance range provided.

And on the latter we are once again, improving our guidance further to $400 million to $425 million.

And adjusted EBITDA guidance FX rates has reaffirmed to be consistent with the original guidance provided and that we are currently tracking very comfortably within the guidance range provided.

Which as I mentioned at the start of the financial performance section speaks to the resilience of the <unk> business notwithstanding the highly dynamic markets that we have navigated well thus far this year with that let me hand, it back to Nacho for his concluding remarks.

Rahul Srinivasan: Which, as I mentioned at the start of the financial performance section, speaks to the resilience of the Grifols business, notwithstanding the highly dynamic markets that we have navigated well thus far this year. With that, let me hand it back to Nacho for his concluding remarks.

Thank you Rod Hall.

I would like to conclude today's presentation with a few final remarks, our third quarter results confirm that the strategic roadmap. We set in motion. This year is delivering results the.

Nacho Abia: Thank you, Rahul. I would like to conclude today's presentation with just a few final remarks. Our Q3 results confirm that the strategic roadmap we set in motion this year is delivering results. The value creation plan is driving measurable progress from continued market share gains and sustained top-line growth to a significant improvement in free cash flow generation. This performance and this course are focused on strengthening financial fundamentals and executing with the discipline required to turn a strategic vision into financial performance. We have also further strengthened our balance sheet through deleveraging, enhanced free cash flow generation, and a disciplined financial and capital allocation. This combination provides the flexibility to invest in growth while maintaining a prudent approach to leverage and liquidity. As we approach year-end, we remain vigilant as market conditions continue to be dynamic, with foreign exchange pressure and other external factors still present.

The value creation plan is driving measurable progress from continued market share gains and sustained top line growth to a significant improvement in free cash flow generation.

This performance underscores our focus on our strengthening financial fundamentals and executing with discipline required to garner strategic vision into financial performance. We have also further strengthened our balance sheet through deleveraging and hands free cash flow generation, and a disciplined financial and capital allocation.

Nacho Abia: We have also further strengthened our balance sheet through deleveraging, enhanced free cash flow generation, and a disciplined financial and capital allocation. This combination provides the flexibility to invest in growth while maintaining a prudent approach to leverage and liquidity. As we approach year-end, we remain vigilant as market conditions continue to be dynamic, with foreign exchange pressure and other external factors still present.

This combination provides the flexibility to invest in growth, while maintaining a prudent approach to leverage and liquidity.

As we approach year end, we remain vigilant as market conditions continue to be dynamic with foreign exchange pressure and other external factors to present.

These potential headwinds are being closely monitored and as in previous periods. We are confident in our ability to respond with resilience and execution.

Nacho Abia: These potential headwinds are being closely monitored. As in previous periods, we are confident in our ability to respond with resilience and execution. Therefore, we reaffirm full year 2025 revenue and adjusted EBITDA guidance and the exchange rate presented at our Capital Markets Day, and updated free cash flow guidance to more than EUR 400 million. Finally, I want to recognize once again the dedication of the entire Grifols team, whose commitment to our value creation plan continues to drive this company forward. We are executing with focus, accountability, and discipline, and remain fully committed to creating long-lasting value for all our patients, donors, and stakeholders. Thank you as always, for your continued support. With that, Danny, back to you.

Therefore, we have reaffirmed full year 'twenty to 'twenty, five revenue and adjusted EBITDA guidance and the exchange rate presented at our capital markets day.

That is free cash flow guidance to more than 400 million euros.

Finally, I want to recognize once again, the vacation of the entire Wyffels team, whose commitment to our value creation plan continues to drive. This company forward, we're executing with focus accountability and discipline and remain fully committed to creating long lasting value for all our patient donors and its stakeholders.

Nacho Abia: Finally, I want to recognize once again the dedication of the entire Grifols team, whose commitment to our value creation plan continues to drive this company forward. We are executing with focus, accountability, and discipline, and remain fully committed to creating long-lasting value for all our patients, donors, and stakeholders. Thank you as always, for your continued support. With that, Danny, back to you.

Thank you as always for your continued support and with that Danny back to you.

Thank you are not true now, let's turn to the Q&A session.

Please remember to press star five to ask your question.

Daniel Segarra: Thank you, Nacho. Let's turn to the Q&A session. Please remember to press star five to ask your question. We need to place a limit of two questions per analyst. If you have follow-ups, please dial star five again to get back on the list. After you ask your question, we will put you on mute to reduce any background noise. Let us start with Charles from Barclays.

We need to place a limit of two questions per analyst. If you have follow ups. Please dial five again to get back on the lease.

After your question. After you ask your question, we will put on mute to reduce any background noise.

Let's just start with Charles from Barclay.

Hi, guys.

Thank you very much for taking my questions.

First one on fibrinogen.

Charles Pitman-King: Hi, guys. Charles Pitman-King from Barclays. Thank you very much for taking my questions. Just first one on Fibrinogen. Just I want to clarify what the driver there is behind the Fibrinogen and AFD being delayed for the US. Is this kind of FDA pushback on, is that reflective of their internal resourcing, or is it on, is it reflective of the quality, quantity of your supporting data for the indication? Just because, you know, thinking about this asset previously, a key differentiating factor for Grifols was to be the first US-approved asset with both forms of the disease as part of the label. Just to your point about not impacting the midterm guidance, kinda how do you expect to be able to continue to differentiate with against competition? Or is this just set to be a very short delay?

Just I wanted to clarify.

<unk>.

Behind this opinion.

<unk> being delayed to the U S is this kind of SBA pushback on is that reflective of that internal resources.

Is it reflective of the quality considerable supporting data for the indication.

Previously a key differentiating factor the peripherals, both could be the first U S approval with both.

Charles Pitman-King: Just because, you know, thinking about this asset previously, a key differentiating factor for Grifols was to be the first US-approved asset with both forms of the disease as part of the label. Just to your point about not impacting the midterm guidance, kinda how do you expect to be able to continue to differentiate with against competition? Or is this just set to be a very short delay?

Forms of the disease part of the label.

To your point about not impacting the midterm guidance kind of how do you expect to be able to continue to differentiate.

Again competition or is this just set to be a very short tonight.

And then my other question is just for overhaul on the refinancing.

Thats the terminology that you're highlighting the harmonization process of the 'twenty bonds can you confirm whether this means that you're also considering the financing of these 2013 maturities as part of the lines between six targeted refinancing for the 2007 maturing bonds.

Rahul Srinivasan: Then my other question is just for Rahul on the refinancing. Just coming back to terminology there, you're highlighting the harmonization process of the 2030 bonds. Can you confirm whether this means that you're also considering re-refinancing of these 2030 maturities as part of the 2026 targeted refinancing for the 2027 maturing bonds? Just wondering, as part of that refinancing as well, is there any potential to renegotiate the terms of the GIC deal? Thank you very much.

Charles Pitman-King: Then my other question is just for Rahul on the refinancing. Just coming back to terminology there, you're highlighting the harmonization process of the 2030 bonds. Can you confirm whether this means that you're also considering re-refinancing of these 2030 maturities as part of the 2026 targeted refinancing for the 2027 maturing bonds? Just wondering, as part of that refinancing as well, is there any potential to renegotiate the terms of the GIC deal? Thank you very much.

Im just wondering as part of that refinancing as well is there any potential to renegotiate the terms of the GIC deal.

Thank you very much.

Thank you Charles.

Arjun I think that we always have stated and have been aware of the fact that in the United States, We would need to change the standard of care, which currently is based on Cryoprecipitate in order to boost the sales of fiber to margin to the level of and we expect that this is a mission that we are very committed to do we believe.

Nacho Abia: Thank you, Charles. On fibrinogen, I think that we always have stated and have been aware the fact that in the United States, we would need to change the standard of care, which currently is based on cryoprecipitate, in order to boost the sales of fibrinogen to the level that we expected. This is a mission that we are very committed to do. We believe based on what we see in other markets, that certainly will bring benefit for patients. As I mentioned, based on the conversations with FDA, we feel that it's important to bring even more solid clinical information and clinical data with US patients in order to help with that standard of care.

Based on what we see in other markets that that certainly will bring benefits for patients, but as I mentioned based on the conversations with FDA. We feel that is important to bring even more solid clinical information and clinical that that with U S patients in order to help with that the standard of care at the same time, I think obviously, our photos and the.

Nacho Abia: We believe based on what we see in other markets, that certainly will bring benefit for patients. As I mentioned, based on the conversations with FDA, we feel that it's important to bring even more solid clinical information and clinical data with US patients in order to help with that standard of care.

Short term is going to be to develop markets outside of the U S and in the U S. Obviously with the congenital.

Nacho Abia: At the same time, I think obviously our focus in the short term is gonna be to develop markets outside of the US and in the US, obviously with the congenital fibrinogen deficiency. Certainly, we will start working with physicians for them to know and be more aware about the benefits of fibrinogen versus other alternatives. I don't know, Roland, if you wanna add anything else.

Every million distributed deficiencies certainly we will start working with physicians for them to know and be more aware about the benefits of fiber in northern versus other alternatives rather than overall anybody want to add anything else, perhaps just commenting on how this compares to the plan that we laid out at the capital markets day as <unk>.

Roland Wandeler: Perhaps just, you know, commenting on how this compares to the plan that we laid out at the Capital Markets Day. As mentioned today, the largest opportunity is in Europe, north of EUR 200 million. There we remain on track for our launch in Germany this year. You know, we believe that we can differentiate and gain share in this market and actually have some opportunities in ex-US ex-Europe market as well as gain share. In our considerations, the US was always a slower build and therefore, you know, a delay of AFD at this point does not materially change our outlook in the near term.

<unk> today, the largest opportunities in Europe, north of 200 billion and stair we remain on track for our launch in Germany. This year and we believe that we can differentiate and gain share in this market and actually have some opportunities in ex U S market Europe market as well as the gain share in our considerations.

U S was always a slower build and therefore, a delay of a S. D. At this point does not materially change our outlook in the near term and at the same time, we believe that with possibly a differentiated label at the time of launch of <unk> in the U S. We have an opportunity to still leave that market and capture the long term potential.

Roland Wandeler: At the same time, we believe that with a possibly differentiated label at the time of launch of AFD in the US, we have an opportunity to still lead that market and capture the long-term potential of north of $800 million that we laid out at the Capital Markets Day. That's where the comments come about that we don't see a change in our outlook.

North of 800 million that we laid out at the capital markets day, So that's where the comments come about that we don't see a change in our outlook.

And Charles on the.

The 2030 bond how the harmonization, that's just a harmonization of exercise between the the conditions or the documentation if you like between the two bonds.

Rahul Srinivasan: Charles, on the 2030 bond harmonization, that's just a harmonization exercise between the conditions or the documentation, if you like, between the two bonds. Your comment around 2030 refinancing, of course, we have the optionality if we so choose to refinance those. Those bonds are callable on 1 May 2026, if I recall correctly. It just gives us. We have that optionality and clearly as you can see with where those bonds are trading today, there is value, there is value as we think about refinancing those in due course. It is a part of refinancing options that are available to us. It doesn't have to be in 2026. We can decide on the right time for that.

Your comment around 2030 refinancing of course, we have the optionality. If we so choose to refinance those bonds are callable in the first of May 2026, if I recall correctly, but it just gives us we have that optionality and clearly is as as you can see with where those bonds are trading today there.

Rahul Srinivasan: We have that optionality and clearly as you can see with where those bonds are trading today, there is value, there is value as we think about refinancing those in due course. It is a part of refinancing options that are available to us. It doesn't have to be in 2026. We can decide on the right time for that.

Is value.

There is value as we think about refinancing those in due course, but.

It is a part of refinancing options that are available to us it doesn't have to be in 2026th we can decide on the right time for that and then finally on GIC.

You're absolutely right there is.

Those are 8% dollar dollar bonds and the way we look at that is that sort of unsecured risk. There is value. There again, we in terms of the right time to.

Rahul Srinivasan: Finally on GIC, you're absolutely right, there is, you know, those are, you know, 8% dollar bonds and the way we look at that is at sort of unsecured risk. There is value there. Again, we, in terms of the right time to, you know, optimize, you know, a possible redemption of that, we'll decide that in close partnership with GIC. GIC has been a partner of ours for some time. We'll work through that at the right time, but clearly there is also possible value there. In due course, we can seek to capture that from a redemption and refinancing standpoint.

Optimize.

A possible redemption of that we'll decide that in close partnership with GIC GIC has been a partner of us for some time, we'll work through that at the right time, but clearly there is also possible value. There in due course, we can we can seek to capture that from a from a redemption in refinancing standpoint.

Thank you Rahul thanks, so much thank you Charles.

Now, let's move to the next one hi man from Santander.

Nacho Abia: Thank you, Rahul.

Rahul Srinivasan: Okay. Thanks so much.

Nacho Abia: Thank you, Charles. Let's move to the next one, Jaime from Santander.

Daniel Segarra: Thank you, Charles. Let's move to the next one, Jaime from Santander.

Hi, good evening, so on couple of questions from my side the first.

First one could you elaborate.

[Analyst] (Santander): Hi, good evening. A couple of questions from my side. The first one, could you elaborate a little bit more on the dynamics of the albumin in China? Basically if this pricing pressure comes from the offer side, so more competition, or is it the demand or the reimbursement or the Social Security there that is putting lower prices? The second one regarding also fibrinogen, just for my understanding. It seems that there are two segments, AFD and CFD. Out of the $800 million addressable market, how much is AFD and how much is CFD? Basically, my question tries to understand the short-term opportunity when you launch for CFD versus the other indication, AFD. Thank you.

Any more on the dynamics of the albumin in China.

Sickly lease pricing pressure comes from the ultra shine, so more competition or.

And the demand or their reimbursement or are they just actually typically there.

That is lower.

Lower prices and the second one regarding also.

Then just.

My understanding so it seems that there are two segments, so a b and C. D. So out of the 800.

[Analyst] (Santander): The second one regarding also fibrinogen, just for my understanding. It seems that there are two segments, AFD and CFD. Out of the $800 million addressable market, how much is AFD and how much is CFD? Basically, my question tries to understand the short-term opportunity when you launch for CFD versus the other indication, AFD. Thank you.

Million dollar addressable market how much is.

Yes.

And how much is basically my question.

Just to understand and a short term opportunity when you launch for us.

D versus the.

Are there any indicators on A&P.

Thank you.

Man, let me start with the second one and then.

<unk> will address the one hour about China.

Nacho Abia: Thanks, Jaime. Let me start with the second one and then, Roland will address the one about China. On the fibrinogen, I mean, it's not possible to say or to assess really what is the market opportunity right now because the market development effort needs to be done. I think that we know that at this point, the use of fibrinogen in the US is limited. It's very limited. It's small. We know as well that what is the potential that fibrinogen can have if we manage to get the standard of care at the levels that we see in other markets like Germany or Austria.

On the 500 million I mean, it's.

It is not possible to say or to SaaS really what is the market opportunity right now because the market development effort needs to be done I think that we know that at least at this point the use of fiber in the U S is limited there's very limited. These are small and now we know as well that what is the potential there.

Nitin can have if we manage to get the standard of care at the levels that we see in other markets like Germany or Austria. So at this point both both.

D. In Cfd are small and and our work is going to be it really prove and bring clinical evidence that those markets will develop to the level that we expect it will be of this 800 million Europe that the dollars.

Nacho Abia: At this point, both AFD and CFD are small and our work is going to be to really prove and bring clinical evidence that those markets will develop to the level that we expect they will be of this 800 million Europe that, the dollars that, over time, we are confident it will happen. On China, Roland will comment now.

Overtime, we are confident it will happen and on China Roland will come in now.

In China, the key underlying driver or the government imposed cost controls that we talked about across the whole health care sector.

Rahul Srinivasan: Yeah, on China, the key underlying driver are the government imposed cost controls that we talked about across the whole healthcare sector that had an impact on prices and also had an impact in terms of the demand in the market, slowing down. It is important to note that while we see this impact at this moment, China remains to be the key market and the prices actually still compare favorably with other parts of the world. As we think about China for the future, you know, it's a key market for us, it's important.

Roland Wandeler: Yeah, on China, the key underlying driver are the government imposed cost controls that we talked about across the whole healthcare sector that had an impact on prices and also had an impact in terms of the demand in the market, slowing down. It is important to note that while we see this impact at this moment, China remains to be the key market and the prices actually still compare favorably with other parts of the world. As we think about China for the future, you know, it's a key market for us, it's important.

But an impact on prices and also had an impact in terms of the demand in the market slowing down but it is important to note that while we see this impact at this moment, China remains to be the key market and the prices actually still compare favorably with all the parts of the world.

Also as we think about China for the future.

A key market for US is important we believe that our partnership our strategic partnership with high even Shanghai Ross puts us in a strong position to navigate this market and we are working to seize opportunities to realize growth in all the parts of the world, particularly U S and ex U S to see how we can you know eight to continue.

Rahul Srinivasan: We believe that our partnership, our strategic partnership with Haier and Shanghai RAAS puts us in a strong position to navigate this market. We are working to seize opportunities to realize growth in other parts of the world, particularly US and ex-US, to see how we can, you know, aid to continue to balance our albumin with the IG growth that we foresee. In terms of the driver, it's really coming down on this market. It's a dynamic situation, but we believe that we are in a good position to navigate this with our strategic partnership.

Roland Wandeler: We believe that our partnership, our strategic partnership with Haier and Shanghai RAAS puts us in a strong position to navigate this market. We are working to seize opportunities to realize growth in other parts of the world, particularly US and ex-US, to see how we can, you know, aid to continue to balance our albumin with the IG growth that we foresee. In terms of the driver, it's really coming down on this market. It's a dynamic situation, but we believe that we are in a good position to navigate this with our strategic partnership.

To balance our argument with the growth that we foresee so in terms of the driver it's really coming down on this market is a dynamic situation, but we believe that we were in a good position to navigate this with our strategic partnership.

Thank you Rong. Thank you hi, Matt. Thank you very much finger highway now we will go to Oliver I'll answer from an answer please.

Operator: Thank you, Roland. Thank you, Jaime.

[Analyst] (Santander): Thank you, Roland.

Roland Wandeler: Thank you, Jaime.

Daniel Segarra: Thank you very much.

[Analyst] (Santander): Thank you very much.

Operator: Thank you, Jaime. Now we will go to Álvaro Lenze from Alantra, please.

Daniel Segarra: Thank you, Jaime. Now we will go to Álvaro Lenze from Alantra, please.

Yeah.

Hi, Thanks for taking my question. The first one is on the.

EBITDA guidance for the year.

Álvaro Lenze: Hi, thanks for taking my question. The first one is on the EBITDA guidance for the year. If I take the range you provided, and I subtract the EUR 70 million expected effects impact implied Q4 in the lower range would be about EUR 450 million adjusted EBITDA, and on the upper range would be around EUR 500 million. That is on the low end, a 15% decline, and that would put Q4 less than either Q3 and Q2. I don't know if there is any phasing there. I know Rahul explained the comparison base for Q4 last year is quite tough, but still in absolute terms, the low range of the guidance would look a bit underwhelming. I was just wondering what your thinking process for that guidance was.

I think the range you provided and I subtract the 70 million expected FX impact the implied Q4.

Lower range would be about $450 million adjusted EBITDA and on the upper range would be around 500.

500.

Yes.

That is.

No and a 15% decline in Q4, but less than Q3 and Q2. So I don't know if there is any phasing there I know the whole explained.

Álvaro Lenze: That is on the low end, a 15% decline, and that would put Q4 less than either Q3 and Q2. I don't know if there is any phasing there. I know Rahul explained the comparison base for Q4 last year is quite tough, but still in absolute terms, the low range of the guidance would look a bit underwhelming. I was just wondering what your thinking process for that guidance was.

The comparison base for Q4.

Last year is quite tough, but still in absolute terms.

The lower range of the guidance, we look at it on their winning so I was just wondering what is your thinking process.

That guidance was.

And then a second.

The you mentioned some impairments for Q4 I just wanted to know what sort of assets are you thinking where when a deep those assets joined our balance sheet.

Álvaro Lenze: A second question would be, you mentioned some impairments for Q4. I just wanted to know what sort of assets are you thinking of impairing, when did those assets join the balance sheet? Just to understand whether you are looking at past or very old investments that you no longer think are as valuable as represented in the balance sheet, or if it's more recent investments that you're cutting. Thank you.

<unk>.

Whether you are looking at.

Or a very old investments that you don't know everything in our asset value in us represented in the balance sheet or if it's more recent investments that you are.

Thank you.

Sure, let me start with the second one on impairments.

It's certainly as you as I mentioned in my prepared remarks.

Rahul Srinivasan: Sure. Let me start with the second one on impairments. It's certainly as I mentioned in my prepared remarks, we laid out at our Capital Markets Day R&D and innovation plan, and none of those from our standpoint are impacted at all. This really is some of the efforts in our portfolio that perhaps have not had the prioritization from a capital standpoint, and all we're doing is proactively flagging that. Importantly, Álvaro, this does not impact our go forward adjusted EBITDA growth story or indeed our go forward free cash flow growth story. Just to give you an idea that of just in terms of lower prioritization in terms of from a project standpoint. That's on the second question.

We laid out at our capital markets day.

R&D and innovation plan and none of those from our standpoint are impacted at all this really is some of the.

Efforts in our portfolio that perhaps have not had the prioritization from a capital standpoint, and all we're doing is proactively flagging that but importantly, although this does not impact our go forward adjusted EBITDA growth story or indeed, our go forward free cash flow growth story.

Rahul Srinivasan: Importantly, Álvaro, this does not impact our go forward adjusted EBITDA growth story or indeed our go forward free cash flow growth story. Just to give you an idea that of just in terms of lower prioritization in terms of from a project standpoint. That's on the second question.

To give you an idea.

Just in terms of.

So a prioritization in terms of.

From a project standpoint, so that's on the second question on the first question around guidance and ranges I said two things on a as I described the guidance. One I said, we are very comfortably within our guidance range for adjusted EBITDA.

Rahul Srinivasan: On the first question around guidance and ranges, I said 2 things as I described the guidance. One, I said we are very comfortably within our guidance range for adjusted EBITDA. The other thing I said is we expect a robust Q4 in 2025. The only thing I caveat to there was that the absolute comparison versus Q4 2024, that also benefited meaningfully from phasing last year, is something that we just wanted to make sure that we prudently guided on. From our standpoint, you know, as you look at those ranges, I think, you know, the bottom end of the range that you were talking about that implied by the guidance, notwithstanding the FX impact, is something that we feel very comfortable about, you know, managing and beating.

And then the other thing I said is we expect a robust Q4 2025, the only thing I caveat there was that the absolute comparison versus Q4 'twenty for that.

That also benefited meaningfully from phasing last year is something that we just wanted to make sure that we prudently.

I did on but from our standpoint.

As you look at those ranges I think.

Rahul Srinivasan: From our standpoint, you know, as you look at those ranges, I think, you know, the bottom end of the range that you were talking about that implied by the guidance, notwithstanding the FX impact, is something that we feel very comfortable about, you know, managing and beating.

The bottom end of the range that you were talking about that implied by the guidance notwithstanding the FX impact is something that we feel very comfortable about.

Managing and be tank, and and and and as as we've always done focus is head down on execution with discipline and intensity. So, we'll see where we get to but.

Rahul Srinivasan: As I as we've always done, focus is head down on execution with discipline and intensity. We'll see where we get to, but, you know, we're tracking, you know, on that basis. What we wanna do is make sure we flag the phasing aspects as we've done.

We're tracking.

On that basis, and what we wanted to do is make sure we flag the phasing aspects.

As we've done.

That's helpful.

Helpful. Thank you.

Okay.

Thank you so much now we will like.

Álvaro Lenze: That's clear and helpful. Thank you.

To get Charlie Haywood from Bank of America.

Operator: Okay. Thank you so much. Now we will like to get Charlie Haywood from Bank of America.

Daniel Segarra: Okay. Thank you so much. Now we will like to get Charlie Haywood from Bank of America.

Thank you Charlie here with Bank of America two questions. Please first one unless I Miss understood could you clarify what the FX headwind to your reported revenue guidance would be for the full year and then just on the sort of FX and about what specifically what FX has changed in the second quarter win.

Charlie Haywood: Thank you. Charlie Haywood, Bank of America. Two questions, please. First one, unless I've misunderstood, could you clarify what the FX headwind to your reported revenue guide would be for the full year? Just on the sort of FX impact, what specifically on FX has changed since Q2 when, I guess, guide was reiterated and there wasn't an implied FX impact there? Second question, just wanted to get your thoughts on obviously the competitor readouts we've had in Alpha-1, your confidence in rebuttal of that, especially on the margin level, which I understand is slightly higher than your standard products. Given also fibrinogen delay today might lead to more of a margin impact. Just high level thoughts on how you can rebut that impact. Thank you.

Guide was reiterated and there wasn't an implied FX impact.

And then second question just wanted to get your thoughts on obviously the capacity Readouts, we've had it now for one.

Charlie Haywood: Second question, just wanted to get your thoughts on obviously the competitor readouts we've had in Alpha-1, your confidence in rebuttal of that, especially on the margin level, which I understand is slightly higher than your standard products. Given also fibrinogen delay today might lead to more of a margin impact. Just high level thoughts on how you can rebut that impact. Thank you.

Your confidence and robust, especially on the margin level, which I understand just slightly higher than your standard products, given those structure British and delayed today might lead to more of a margin impact so just.

Couple of thoughts on how you can robots that pay back. Thank you.

Thanks, Charlie I'll take the first one.

So if you go back to our Q1 go back to our Q2 and indeed repeating now in Q3, we've been consistent around the headwind of.

Rahul Srinivasan: Thanks, Charlie. I'll take the first one. If you go back to our Q1, go back to our Q2, and indeed repeating now in Q3, we've been consistent around the headwind of US dollar weakening on EBITDA. Remember, it remains broadly neutral from a leverage standpoint, and indeed broadly neutral from both a group profit, a bottom-line net income, and from a free cash flow standpoint. Number two, you will also, if you go back to each of those presentations, you will also see that we have been reiterating, I think, Q1 and Q2, we've always taken you back to the basis on which guidance was provided, and there's no change in that respect now in Q3 either.

Of U S dollar weakening on EBITDA, but remember it remains broadly neutral from a leverage standpoint, and indeed broadly neutral from both the group profit a bottom line net income and from a free cash flow standpoint now.

Number two you will also if you go back to each of those presentations. We will also see that we have been reiterating I think Q1 and Q2. We are always taking you back to the basis on which guidance was provided and Theres no change in that respect now in Q3, either so that's why we're always saying is that as you would compare.

Rahul Srinivasan: Number two, you will also, if you go back to each of those presentations, you will also see that we have been reiterating, I think, Q1 and Q2, we've always taken you back to the basis on which guidance was provided, and there's no change in that respect now in Q3 either.

There are or guidance or implied guidance now relative to on a guidance FX rates basis, we continue to track well from a revenue and free cash flow at some point in fact improved and maintain the.

Rahul Srinivasan: That's why we're always saying is that as you compare our guidance or implied guidance now relative to on a guidance FX rates basis, we continue to track well from a revenue and free cash flow standpoint, in fact improved, and maintain the reaffirmed guidance from an EBITDA standpoint. Equally, we want to make sure that we are being completely upfront. We provided a sensitivity analysis in Q2, and what we're trying to do now is just give you a number if the rates as at the end of as at the end of Q3 persist through to the end of the year, you know, what that implies from an adjusted EBITDA headwind.

Our reaffirmed guidance from an EBITDA standpoint, equally we want to make sure that we are being completely upfront. We provided a sensitivity analysis in Q2 and what we're trying to do now is just give you a number if they know if the rates as at the end of.

As at the end of Q3 persist through the end of the year.

What what that what that what that implies from a from an adjusted EBITDA headwind.

The question around revenue impact.

We've not provided that but I mean, but if you just assume that roughly about.

Rahul Srinivasan: The question around revenue impact, we've not provided that, but I mean, but if you just assume that roughly about 2/3 or 65% of our revenues is US dollar denominated, and you know, if you do the rough math around that, depending on what your exchange rate assumptions are for the rest of the year, that could have an impact of anywhere between $300 to 400 million, give or take. But as on the basis of the guidance FX rates, we are guiding to an improved revenue guidance, you know, for the year. Let me leave it at that. On the second question, I'll hand it over to Roland.

Two thirds or 65% of our revenues is U S dollar denominated.

And and if you do the rough math around around that depending on what your exchange rate assumptions are for the rest of the year that could that could have an impact of anywhere between $300 million to $400 million give or take.

But but as on the basis of the guidance FX rates, we are guiding to an improved revenue guidance.

For the year, So let me leave it at that and on the second question I'll hand, it over to Roland for one we always as part of our plan assumed positive topline data off the pharmacokinetic endpoint. So this was this was surplus as we expected what we hear from thought leaders are basically two questions. At this 0.1 is waste.

Roland Wandeler: Yeah. On Alpha-1, you know, we always, as part of our plan, assumed positive top-line data of the pharmacokinetic endpoint. This was as we expected. What we hear from thought leaders are basically two questions at this point. One is waiting to see the detailed data and understanding safety of this recombinant approach. The second question is around the pathway to approval. We're obviously also, you know, eagerly waiting to see what this means. As we think about Alpha-1, we just wanna bring it back to the immense opportunity that still remains. We only are treating 10% to 15% of patients today, which means 85% of patients are undiagnosed, and we just saw with CIDP how a new entrant can actually dramatically improve and accelerate diagnosis.

To see the detailed data and understanding safety of this recombinant approach and the second question is around the pathway to approval.

We would obviously also eagerly awaiting to see what this means but as we think about all for one we just wanted to bring it back to the it means opportunity that still remains we only are treating 10% to 15% of patients today, which means 85% of patients are on diagnosed and we just saw we see IDP, our new entrant can add.

Roland Wandeler: The second question is around the pathway to approval. We're obviously also, you know, eagerly waiting to see what this means. As we think about Alpha-1, we just wanna bring it back to the immense opportunity that still remains. We only are treating 10% to 15% of patients today, which means 85% of patients are undiagnosed, and we just saw with CIDP how a new entrant can actually dramatically improve and accelerate diagnosis.

Actually dramatically improve and accelerate diagnosis beyond that we know that with our outcome studies Spartan we have it in our hands to raise awareness of this disease in the U S and ensure that we can have a broader reimbursement in Europe, which cases of growth levers and then lastly, as we mentioned we're excited about our Sop.

Roland Wandeler: Beyond that, we know that with our outcome study, SPARTA, we have it in our hands to raise awareness of this disease in the US and ensure that we can have a broader reimbursement in Europe, which gives us the growth leverage. Lastly, as I mentioned, we're excited about our subcue treatment, 15%, which we're advancing into Phase 3 and are planning to submit an IND there in the coming months, and our long-acting option. As we look at this market, a new entrant, but in, you know, most importantly, the growth opportunity that this market has, we remain committed and confident about Alpha-1. As you think about the patient concentrate, as we outlined, you know, the path to growth is not materially affected by what, which is shared.

Q3, and 15%, which grew at a bouncing into phase III.

Planning to submit the 90 there.

In the coming months and our long acting options. So as we look in the office market, a new entrant, but.

Most importantly, the growth opportunity that this market has we remain committed and confident about the alpha one.

Roland Wandeler: As we look at this market, a new entrant, but in, you know, most importantly, the growth opportunity that this market has, we remain committed and confident about Alpha-1. As you think about the patient concentrate, as we outlined, you know, the path to growth is not materially affected by what, which is shared.

And as you think about potential concentrate as we outlined the path to growth is not materially affected but we spoke which is shared we are still in a position to compete and possibly accelerate our uptake ex U S and we have an opportunity to strengthen our positioning in the U S and see that we can believe in this market in the long term.

Roland Wandeler: You know, we are still in a position to compete and possibly accelerate our uptake ex-US. We have an opportunity to strengthen our positioning in the US and see that we can lead in this market in the long term.

Thank you so much.

I appreciate the question Charlie next up is <unk> from Morgan Stanley. Please go ahead.

Rahul Srinivasan: Thank you so much, Roland. I appreciate the question, Charlie. Next up is Thibault from Morgan Stanley. Thibault, please go ahead.

Daniel Segarra: Thank you so much, Roland. I appreciate the question, Charlie. Next up is Thibault from Morgan Stanley. Thibault, please go ahead.

Yes. Thank you very much just on the free cash flow guidance obviously.

Versus beginning of the year EBITDAX change is constant.

Thibault Boutherin: Yes, thank you very much. Just on the free cash flow guidance, obviously, versus beginning of the year, EBITDA and change at constant currency, I mean, using February FX as a base, free cash flow guidance has been upgraded a couple of times since. If you could just remind us the moving parts, you know, in between for the free cash flow improvements and any risk of seeing some of these elements reversing in the future. For example, working capital, you know, if you could comment on your expectation for working capital position at the end of the year and what it means for potential reversal in Q1 next year. Thank you.

<unk> are using.

Yeah, FX as a base.

So I guess your guidance has been upgraded a couple of times since they forget us.

Moving path.

No in between.

Improvements and any risk of seeing some of the elements of a thing in the future so probably not their working capital.

Thibault Boutherin: If you could just remind us the moving parts, you know, in between for the free cash flow improvements and any risk of seeing some of these elements reversing in the future. For example, working capital, you know, if you could comment on your expectation for working capital position at the end of the year and what it means for potential reversal in Q1 next year. Thank you.

If you could if you could comment on your expectation for working capital position again, those are yeah, and what does it mean to solve our potential England.

Thank you our next year. Thank you.

Yes, so just questions on just the various constituent parts of our free cash flow improvement, you're absolutely right and that we have.

Rahul Srinivasan: Yeah. Just your question is on just the various constituent parts of our free cash flow improvement, you're absolutely right in that we have improved our guidance on free cash flow a couple of times this year. The drivers of that free cash flow improvement come from the improved EBITDA on a year-to-date basis. Our adjusted EBITDA is up meaningfully, and even if you eliminate some of those cash adjustments, they continue to track very well compared to 2024. On a net working capital basis, we talk about tight working capital management, notwithstanding the impact of a depreciating dollar on just sort of inventory levels and so on.

We are improved off our guidance on free cash cash flow a couple of times. This year the drivers of that free cash flow improvement come from.

The improved EBITDA on a year to date basis, our adjusted EBITDA is up meaningfully and even a few.

Ah eliminate some of those cash adjustments they continue to track very well compared to 2024 on our networking capital basis, we talk about tight working capital management.

Rahul Srinivasan: Our adjusted EBITDA is up meaningfully, and even if you eliminate some of those cash adjustments, they continue to track very well compared to 2024. On a net working capital basis, we talk about tight working capital management, notwithstanding the impact of a depreciating dollar on just sort of inventory levels and so on.

Notwithstanding the impact of <unk>.

Of a depreciating dollar on just sort of inventory levels and so on are our inventory levels continue to be managed.

You know on a type basis as is the case of both from a receivables and payables standpoint, so that is tracking well and tight.

Rahul Srinivasan: Our inventory levels continue to be managed in a, you know, on a tight basis, as is the case on both from a receivables and payables standpoint. That is, you know, tracking well and tight. As you look at CapEx and capitalized IT and R&D, clearly, we are, as we anticipated at our Capital Markets Day, we saw 2024 as being a sort of a peak from our total CapEx. Here when we talk about CapEx, I also include what we used to refer to as extraordinary growth CapEx previously. The total CapEx number to sales was at a peak in 2024. All that's happening here is it's playing out as we expected, prudent and disciplined CapEx spend.

As you look at Capex and capitalized <unk> and R&D.

Clearly we are as we anticipated at our capital markets day, we saw 2024 as being a sort of a peak from a total capex when here when we talk about Capex. I also include what we used to refer to as extraordinary growth Capex previously so the total capex number to sales was at a peak.

Rahul Srinivasan: Here when we talk about CapEx, I also include what we used to refer to as extraordinary growth CapEx previously. The total CapEx number to sales was at a peak in 2024. All that's happening here is it's playing out as we expected, prudent and disciplined CapEx spend.

In 2024, and all of that's happening here is it's playing out as we expected our prudent and disciplined capex spend and then finally as you look at as.

As you look at.

As you look at interest cost.

Rahul Srinivasan: Finally, as you look at, as you look at, as you look at interest cost, we had the significant deleveraging benefit in 2024 from the partial disposition of our Shanghai RAAS stake that has helped leverage, helped debt redemption. In addition to that, what has also helped significantly is our meaningfully lower utilization of RCF from a financing standpoint. All of that translates to free cash flow improvement of EUR 257 million versus last year. As I look at the picture for the rest of the year, we remain confident about executing on our improved guidance of EUR 400 to 425 million for free cash or pre-M&A pre-dividends for 2025.

We had the significant deleveraging benefit.

In 2024 from the.

From the the the partial disposition of our Shanghai <unk> take.

That has helped leverage helped.

That redemption.

And in addition to that what has also helped significantly as I say are meaningfully lower utilization of Rcs.

Rahul Srinivasan: In addition to that, what has also helped significantly is our meaningfully lower utilization of RCF from a financing standpoint. All of that translates to free cash flow improvement of EUR 257 million versus last year. As I look at the picture for the rest of the year, we remain confident about executing on our improved guidance of EUR 400 to 425 million for free cash or pre-M&A pre-dividends for 2025.

From a financing standpoint, so all of that.

It translates to free cash flow improvement of $257 million versus last year as I look at the picture for the rest of the year, we remain confident about.

Executing on our improved guidance of 400 to 425 million.

For our free cash flow pre M&A pre dividends for 2025.

And and then and with respect to the.

The impact in 2026, we will cover that off when.

Rahul Srinivasan: You know, with respect to the impact in 2026, you know, we will cover that off when we provide guidance at the end of February next year. You know, certainly, you know, we're not anticipating significantly different variations. If you recall, in Q1 this year, we had a meaningful improvement from a free cash flow standpoint versus Q1 2024. One of the things that we will seek to do is maintain that to the extent possible. That's something that we'll pick up in a bit more detail when we provide our guidance for 2026 at the end of February next year.

When we provide guidance in.

At the end of February next year, but.

Certainly.

We're not anticipating significantly different variations if you recall in Q1. This year, we had a meaningful improvement from a free cash flow standpoint versus Q1, 2024, and one of the things that we will seek to do is maintain that to the extent possible, but that's something that we will pick up in a bit more detail when we <unk>.

Provide our guidance for the for 2026 at the end of February next year.

So much of a hail.

Very clear.

I mean, I assume that you were waiting.

Daniel Segarra: Thank you so much, Rahul. Very clear. Guilherme, I think that you were waiting.

Yes.

Thank you for taking my question. So two currently.

The first one.

Guilherme Sampaio: Yeah. Thank you for taking my question. 2, if I may. The first one, I think that this IG growth acceleration was positively impacted by some trading benefits that you alluded to, but also some volume gains in the UK. You're guiding for a slowdown in terms of prices growth going forward. Just to understand it, because there's going to be the phase in between Q4 and Q1, taking Q1 as potential, the potential reference for going forward. This 68% is something that we should consider only for Q1 and Q4 could be a bit below these references, or if is the run rate, the 68% is the run rate that we can assume, going forward. Second question regarding 2026.

These growth acceleration was positively impacted by some phasing benefits that you alluded to but also some volume gains in the U K.

You're guiding for a slowdown in terms of places move going forward.

To understand the VITAS essentially to phase in between between Q4 and Q1, taking Q1 as potential the potential difference for going forward.

Guilherme Sampaio: Just to understand it, because there's going to be the phase in between Q4 and Q1, taking Q1 as potential, the potential reference for going forward. This 68% is something that we should consider only for Q1 and Q4 could be a bit below these references, or if is the run rate, the 68% is the run rate that we can assume, going forward. Second question regarding 2026.

68%.

And that we should consider only four for Q1 and Q4 could be a bit below these references or if they are going with.

It takes 3% run rate.

We can assume going forward.

Question regarding 2026.

From your comments I assume that we should expect a lower underlying growth at least in biopharma.

Guilherme Sampaio: From your comments, I assume that we should expect a lower underlying growth, at least in Biopharma, but the effects typically had a positive impact in terms of, in terms of margins. You can restore. At the Capital Markets Day, you guided for a newly formed margin progression across the plan. This less favorable effects on the absolute EBITDA standpoint could impact positively margins. We might have in 2026 a faster margin expansion than what you were planning in the Capital Markets Day. Thank you.

But the effects people it has a positive impact.

In terms of margin so the weaker U K.

So at capital markets day.

You guided for a newly formed margin progression across the plan.

These less favorable effects.

Absolutely.

Standpoint.

Could impact positively margins, so we might have in 2028 or 26.

Faster margin expansion than what you were planning in the capital markets day. Thank you.

Happy to add a bit more color on the on the <unk> side as you may recall in our capital markets day, We said that we aim to grow inline.

Rahul Srinivasan: Yeah. Guilherme, happy to add a bit more color on the IG side. As you may recall, in our Capital Markets Day, we said that we aim to grow IG in line or slightly ahead of the market and gave that 6% to 8% CAGR rate, which just reflects the potential that IG has and we expect to be in there. The other part that I want to, you know, just, you know, bring up again is you may recall that in the 2023 call, leadership at the time announced a plan to win back share in the US. You know, during the pandemic, we have lost share in the US, and we have announced that we want to win it back.

Roland Wandeler: Yeah. Guilherme, happy to add a bit more color on the IG side. As you may recall, in our Capital Markets Day, we said that we aim to grow IG in line or slightly ahead of the market and gave that 6% to 8% CAGR rate, which just reflects the potential that IG has and we expect to be in there. The other part that I want to, you know, just, you know, bring up again is you may recall that in the 2023 call, leadership at the time announced a plan to win back share in the US. You know, during the pandemic, we have lost share in the US, and we have announced that we want to win it back.

In line or slightly ahead of the market and gate at 6% to 8% CAGR rate, which just reflects the potential that it has and we expect to be in there. The other part that I want to just.

Bring up again is you may recall that in the 2023 call leadership at the time announced a plan to win back share in the U S.

During the pandemic, we have lost share in the U S and we have announced that we want to win it back we'd have since executed on this plan using a strong inventory position to be had at the time and that translated into this double digit growth well well ahead of the market. During this time, we have seen has regained the market share and that is how do your market share.

Rahul Srinivasan: We have since executed on this plan using a strong inventory position that we had at the time, that translated into this double-digit growth, well ahead of the market during this time. We have since regained the market share, and at this higher market share, we now expect to grow in line with the market or ahead of the market. From that perspective, you know, I would look at these last two years as our ability to go actually reposition us in the market and from here to grow with or ahead of the market moving forward. Finally on the question around margins. No, no real change in terms of the building blocks driving our margin improvement story over the coming years.

Roland Wandeler: We have since executed on this plan using a strong inventory position that we had at the time, that translated into this double-digit growth, well ahead of the market during this time. We have since regained the market share, and at this higher market share, we now expect to grow in line with the market or ahead of the market. From that perspective, you know, I would look at these last two years as our ability to go actually reposition us in the market and from here to grow with or ahead of the market moving forward.

We now expect to grow inline with the market or ahead of the market so from that perspective.

Look at these last two years as our ability to actually reposition us in the market and from here to grow with or ahead of the market moving forward.

And then finally on the question around margins.

Rahul Srinivasan: Finally on the question around margins. No, no real change in terms of the building blocks driving our margin improvement story over the coming years. With respect to, you know, what we had guided, from a margin standpoint for 2025 was adjusted EBITDA margins to be in line with 2024, having fully absorbed the impact of IRA.

No real change in terms of the the the building blocks driving our margin improvement story.

Over the coming over the coming years, and then with respect to.

What we had guided from a margin standpoint for 2025 was adjusted EBITDA margins to be in line with 2024, having fully absorbed the <unk>.

Rahul Srinivasan: With respect to, you know, what we had guided, from a margin standpoint for 2025 was adjusted EBITDA margins to be in line with 2024, having fully absorbed the impact of IRA. Year to date, we're doing exactly that. You can see on a like for like basis and even on a year to date basis, our margin improvement is up. That remains the story for 2025. With respect to 2026 and beyond, no change, we will update the market with respect to 2026 guidance, specifically when we come to it at the end of February.

The impact of IRI and year to date, we're doing exactly that you can see on a like for like basis and even on a year to date basis. Our margin improvement is up so that remains the story for 2025 and with respect to 2026 and beyond no change we will update.

Rahul Srinivasan: Year to date, we're doing exactly that. You can see on a like for like basis and even on a year to date basis, our margin improvement is up. That remains the story for 2025. With respect to 2026 and beyond, no change, we will update the market with respect to 2026 guidance, specifically when we come to it at the end of February.

The market with respect to 2026 guidance, specifically when we come to it at the end of February.

Thank you Roland. Thank you recall, we have time for the better. The last question is gonna be Justin.

Daniel Segarra: Thank you, Roland. Thank you, Rahul. We have time for the very last question. It's gonna be Justin from Bernstein. Justin, please.

Best thing Justin please.

Yes, thanks, very much Justin from Bernstein, just a quick one on fibrinogen and apologies if I missed some remarks here, but when you talk about the new evidence that you need to bring are we talking about new clinical data. If so could you just share some thoughts on execution risk. There I mean is it a case, where the quad patients it's quite difficult.

[Analyst] (Bernstein): Yeah, thanks very much. Justin from Bernstein. It's just a quick one on FESILTY, and apologies if I've missed some remarks here, but when you talk about the new evidence that you need to bring, are we talking about new clinical data? If so, could you just share some thoughts on execution risk there? I mean, is it a case with acquired patients? It's quite difficult to locate those patients and run the trial. Any thoughts there would be very helpful.

To locate those patients and run the trial, so any thoughts that would be very helpful.

The one thing to highlight is that we are obviously looking at the study in the U S and we have different proposals on the table and we will be looking at the best way we.

Rahul Srinivasan: Yeah. The one thing to highlight is that we are obviously looking at the study in the US and, you know, we have different proposals on the table, and we'll be looking at the best way with an eye on making sure that this obviously helps us with speed to the market at the same differentiation, possibly narrowly. We do not see an execution risk there. We see a need an interest to conduct a trial like that.

Roland Wandeler: Yeah. The one thing to highlight is that we are obviously looking at the study in the US and, you know, we have different proposals on the table, and we'll be looking at the best way with an eye on making sure that this obviously helps us with speed to the market at the same differentiation, possibly narrowly. We do not see an execution risk there. We see a need an interest to conduct a trial like that.

With an eye on making sure that these offers get helps us with speed to the market at the same differentiation, possibly not readable.

And we do not Lucia and execution risk there, we see enormous need an interest to conduct a trial like that.

Okay. Thank you so much.

Alan.

That was all for now thank you so much for all your questions and for joining US today. If there is any follow up please.

Daniel Segarra: Okay. Thank you so much, Roland. I say that was all for now. Thank you so much for all your questions and for joining us today. If there is any follow-up, please let us know. There is an IR team, you know, dedicated for that. Thank you so much.

Let us note there is an IL two.

Got it thank you so much.

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