Grifols boosts its profit by 28,7% to 227 million euros in the first half

Business Results H1 2026

The multinational pharmaceutical company Grifols reported revenues of €3.574 billion for the first half of 2026, a 2,6% increase, and a net profit of €227 million, representing a 28,7% growth. The Biopharma business, driven by immunoglobulins, has solidified its position as the company's main growth engine.

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The global healthcare company Grifols has closed the first half of 2026 with a net profit of 227 million euros, which represents a 28,7% growth year-on-year. Revenues amounted to 3.574 million, up 2,6% at constant exchange rates (CC), driven mainly by the strength of its division Biopharma, which grew by 5,4%.

This solid performance, presented from its headquarters in BarcelonaThis growth is supported by the continued momentum of the immunoglobulin franchise, which experienced a remarkable 12,8% increase, solidifying its position as a fundamental pillar for the Spanish multinational. The improved profitability is also reflected in adjusted EBITDA, which reached €854 million, with a margin of 23,9%.

Solid financial performance and reduced leverage

The financial management of Grifols has shown a significant improvement in its cash generation capacity. Free cash flow before mergers and acquisitions stood at a positive €91 million, an improvement of €103 million compared to the negative figures for the same period in 2025. This progress has allowed the company to position itself net leverage ratio of 4,2x, while the liquidity position has strengthened to 2.030 million euros.

The company recently completed the successful refinancing of all its debt maturing in 2027 and the early redemption of a €500 million bond, extending its maturity profile and providing financial flexibility. Thanks to these transactions, it does not face significant repayments until the fourth quarter of 2028. This strengthening has been recognized by agencies such as S&P, Fitch y Moody’s, which have improved the company's credit rating.

Key Financial Indicator	H1 figure 2026	Variation vs. H1 2025 (cc)
Total Revenue	3.574 millones de euros	+ 2,6 %
Net profit	227 millones de euros	+ 28,7 %
Adjusted EBITDA	854 millones de euros	+ 2,4 %
Free Cash Flow (formerly M&A)	91 millones de euros	+103 million euros
Net Leverage Ratio	4,2x	N/A

Management Statements

Nacho AbiaCEO GrifolsHe stated: “Our first-half results reflect the continued strength of our business and the disciplined execution of our strategy. We remain focused on driving sustainable growth, improving operational efficiency, and strengthening our financial position.” For its part, Rahul SrinivasanThe company's CFO added that the first half of the year "represents another important step in the execution of our strategy," highlighting the improvement in balance sheet resilience.

Biopharma, a growth engine despite adjustments in China

The division Biopharma It consolidates its position as the group's main driver with a 5,4% increase in revenue. Double-digit growth in immunoglobulins, both intravenous (+12,5%) and subcutaneous (+17,7%), has been key. However, albumin revenues declined by 14,2%, mainly reflecting lower prices in China after an adjustment in mid-2025 and differences in the sales schedule compared to the previous year.

New operating model to optimize global plasma supply

Grifols It is implementing a strategic reorganization towards a two-system operating model. The goal is for the plasma obtained in Estados Unidos primarily supplies that market, while plasma from the rest of the world covers the demand for Europa and other international markets. This approach seeks to optimize profitability by aligning procurement costs with regional prices and reducing geographical dependence.

In this context, the project in Egipto, developed in a joint venture Working with the local government is essential. With an additional investment of €180 million, it is expected that Egipto becomes the main source of plasma outside of Estados Unidos by 2029, strengthening regional self-sufficiency and the resilience of the global supply chain.

Advances in innovation and reorientation of the Diagnostic area

In the area of ​​innovation, the company is awaiting the results of the phase 3 study. SPARTA by the end of 2026 and is making progress on other programs to expand the therapeutic indications of its main proteins. Regarding the division of DiagnosisIts revenues fell by 9,7% due to the termination of the joint venture with QuidelOrtho. Grifols He describes this decision as a strategic move to reposition the business and access the clinical diagnostics segment with new platforms such as Evanzys IH, ISARD and MUNDAKA.

With these results and strategic advances, Grifols has confirmed his guidance for the entire 2026 fiscal year, facing the second half of the year with its main growth levers activated.