Grifols Q2‘26 First Take: Q2‘26 Sales in-line, Adj. EBITDA 1% ahead; guidance reiteration underpins Consensus

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Grifols Q2‘26 First Take: Q2‘26 Sales in-line, Adj. EBITDA 1% ahead; guidance reiteration underpins Consensus

J P M O R G A N Europe Equity Research

29 July 2026

Grifols Neutral

GRLS.MC, GRF SM

Q2'26 First Take: Q2’26 Sales in-line, Adj. EBITDA 1% Price (28 Jul 26):€10.02

ahead; guidance reiteration underpins Consensus

European Pharmaceuticals &

Our Take: Yesterday post-market, Grifols reported Q2’26 results and hosted a Biotechnology

results call. On Q2’26, Grifols reported Revenues of €1,874m in line with Sophia Graeff Buhl Nielsen AC

Company Consensus at €1,878m, and Adj. EBITDA of €472m (25.2% margin), (44-20) 7742-3918

1% ahead of Company Consensus at €467m (24.9% margin). Biopharma grew sophia.graeffbuhlnielsen@jpmorgan.com

J.P. Morgan Securities plc

+4.1% LC in the quarter, reflecting a deceleration from Q1 driven by a sequential

Richard Vosser

slowdown in IG (+10.6% LC) and a decline in Albumin sales of -20.8% LC,

(44-20) 7742-6652

partially offset by Alpha-1 and Specialty proteins inflecting to growth at +2% LC richard.vosser@jpmorgan.com

in the quarter, while the Diagnostic business declined -9.7% LC. Adj. EBITDA of J.P. Morgan Securities plc

€472m was 1% ahead of Consensus, with Adj. EBITDA margin approximately Zain Ebrahim

stable y-o-y at c.25%. For FY’26 Guidance, Grifols reiterated guidance for FCF (44-20) 3493-1163

pre-M&A and pre-dividends of €500m-€575m, Adjusted EBITDA growth of 5- zain.ebrahim@jpmorgan.com

9% at CER and an adjusted EBITDA margin of at least 25%. Company guidance J.P. Morgan Securities plc

underpins consensus estimates at €531m on FCF and €1,914m on adjusted Khushi Bihani

EBITDA (25.1% margin), hence we anticipate limited changes to Consensus (91-22) 6157-4103

khushi.bihani@jpmorgan.com

estimates as a result of yesterday’s update.