Grifols, S.A. Half-Year Report 2026

Grifols reported a total revenue of €3,574 million in the first half of 2026, a 2.6% increase on a constant currency basis. The Biopharma business was the primary driver of this growth, with a 5.4% increase in revenue, largely due to a 12.8% rise in immunoglobulin sales. Adjusted EBITDA reached €854 million, up 2.4% on a constant currency basis, with an improved margin of 23.9%. The company also saw a significant improvement in free cash flow, which increased by €103 million year-on-year to a positive €91 million. Grifols successfully refinanced its 2027 debt maturities and redeemed a portion of its 2030 bond, strengthening its financial flexibility with no major maturities until late 2028. The company is on track to meet its 2026 financial guidance. A new organizational structure is being implemented to enhance regional plasma self-sufficiency and create dedicated Biopharma organizations for the U.S. and the rest of the world.