Company: GIFLF
Filing Date: 2025-05-12
Form Type: 6-K
Source: 0001104659-25-047168
Chunk: 2

Company: Grifols SA
Filing Date: 2025-05-12
Form: 6-K
Chunk 2
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5Cash and cash equivalents of €753m + unused credit facilities €1,318m - unused RCF facilities maturing in Nov 2025 c€396m.

6Please refer to 2025 Guidance (including the impact of IRA) on page 38 of the Capital Markets Day Presentation (27 Feb 2025).

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Albumin revenue decreased by 9.4%
cc and 8.9% cc LFL due to a planned imported drug license renewal process in China, impacting phasing in Q1’25. This standard renewal
process has been successfully completed, allowing for the resumption of shipments as planned.

Revenues from alpha-1 and the specialty
proteins line performed well, with a 1% cc and 2.3% cc LFL growth over the previous year, as alpha-1 growth was partially offset by the
phasing of rabies.

Diagnostic revenue grew by 5.2% cc
to EUR 170 million. This performance was driven by Molecular Donor Screening (MDS) growth outside the U.S., joint business volume growth
of Immunoassay and Blood Typing Solutions (BTS) expansion across Grifols’s core markets.

Gross margin in Q1’25 stood
at 38.9% and 40.3% LFL. Reported gross profit reflects the impact of IRA and the Fee-for-Service reclassification, as well as by lower
sales of albumin and rabies. Despite the temporary phasing impact of albumin and Rabies, like-for-like, gross profit increased by 150bps
compared to Q1’24.

Adjusted EBITDA grew to EUR 400 million
(22.4% margin), an increase of 14.2% cc and 21.7% cc LFL. Reported EBITDA grew by 22.6% cc to EUR 381 million, a margin increase of 220
basis points to 21.3%, demonstrating the continuing convergence of reported to adjusted EBITDA.

Group profit grew to EUR 60 million,
an increase of 179%.

Free Cash Flow pre-M&A for the
first quarter delivered an increase of EUR 209 million versus Q1’24, driven primarily by improved working capital management across
the supply chain and EBITDA expansion.

At the end of Q1’25, the leverage
ratio and net financial debt, as defined in the Credit Facility, stood at