Grifols (GRF) Q4 2025 earnings summary

Executive summary

• Achieved and exceeded 2025 financial guidance, with revenue of €7,524 million (up 7% year-over-year), adjusted EBITDA of €1,825 million (up 5.6%), and free cash flow pre-M&A of €468 million, despite a challenging macro and geopolitical environment.

• Group profit more than doubled to €402 million, a 156.1% increase year-over-year.

• Biopharma segment led growth, with strong IG franchise performance and resilience against IRA and FX headwinds.

• Strategic partnerships and self-sufficiency initiatives in Egypt, Canada, and China enhanced resilience and future positioning.

• Improved leverage ratio to 4.2x, supporting credit rating upgrades and a strong liquidity position of €1.7 billion.

Financial highlights

• Net revenue reached €7,524 million, up 7% year-over-year (9.1% like-for-like).

• Adjusted EBITDA was €1,825 million (24.3% margin), up 5.6% year-over-year and 11.9% like-for-like.

• Free cash flow pre-M&A was €468 million, up €201 million from 2024 and exceeding guidance.

• Group profit rose to €402 million, up 156.1% year-over-year.

• Leverage ratio improved to 4.2x, down from 4.6x in 2024.

Outlook and guidance

• 2026 guidance targets free cash flow pre-M&A of €500–575 million and adjusted EBITDA margin of at least 25%, with 5–9% growth at constant currency.

• Continued deleveraging expected, with leverage ratio targeted at 3.5x or lower by year-end 2027.

• Cumulative free cash flow pre-M&A for 2024–2027 projected at €1.75–2 billion.

• No explicit revenue growth guidance for 2026; focus is on margin-accretive growth.

• On track for 2027 milestones, including further deleveraging and cash flow generation.