Grifols Q226 results - quick take

Research evidence excerpt

Grifols Q226 results - quick take

J P M O R G A N Europe Credit Research

28 July 2026

Overweight

Grifols GRFSM

Q226 results - quick take

Europe Corporate Credit -

• Grifols delivered a relatively uneventful set of Q226 results, in-line with Healthcare, Transportation and

management expectations, with +2% YoY CC group sales growth driven by the Sustainable Investing

IG business (+11% YoY CC), more than offsetting continued pressure on AC Danielle Ward, CFA

Diagnostics (-10% YoY CC) and albumin sales (-21% YoY CC, following a

(44-20) 7742-7344

price adjustment in mid-2025). EBITDA was broadly stable YoY in Q2 at danielle.x.ward@jpmorgan.com

€472m (+3.5% YoY excluding FX impacts). Into H2, Grifols expects to see Adeline Z Kwok, CFA

mid- to high-single digit growth in IG in core markets (with deliberately-lower (44 20) 7134 0302

growth in other markets) while H225 comps for Albumin will already include adeline.zinhe.kwok@jpmorgan.com

some pricing impact; Grifols also noted signs of stabilisation in China and the Erik Wolf

ongoing pursuit of other ex-China albumin markets (including the US). H226 (44 20) 3493-4385

Albumin performance is expected to be in-line with H225. erik.x.wolf@jpmorgan.com

J.P. Morgan Securities plc

• The company delivered improved FCF in the quarter after a muted Q1

(€98m as reported, vs. €26m in Q225 and vs. -€8m in Q126, with some phasing

benefit identified in the quarter). Net leverage (as per credit agreement

definition) improved by a further -0.1x QoQ to 4.2x, while liquidity stands at

a very healthy €2.0bn following the recent upsizing of the group’s RCF.

Management reiterated that the group remains committed to deleveraging

further.

• The group remains on track to meet FY26 guidance which includes+5-9%