Grifols earns 402 million euros in 2025, a 156% increase

BarcelonaThe Catalan blood products company Grifols closed 2025 with a net profit of €402 million, 156% higher than the previous year, thanks mainly to lower financial costs, the company reported on Thursday. The company recorded revenues of €7.524 billion last year, representing a 9.1% increase, which falls to 7% at constant exchange rates. This increase was primarily driven by the strong performance of the Biopharma business, especially the immunoglobulin franchise, as well as by progress in strategy execution and the achievement of targets by the Diagnostic business unit. Free cash flow before mergers and acquisitions amounted to €468 million, €201 million higher than in 2024. This improvement was driven by the expansion of EBITDA (earnings before interest, taxes, depreciation, and amortization), working capital management, a better reflection of financial costs, and normal operating activities. In fact, in 2025 Grifols focused its efforts on strengthening its balance sheet. The leverage ratio was reduced due to improved EBITDA and solid free cash flow generation. The company plans to refinance its 2027 maturities in two phases this year.

Nacho Abia, CEO of Grifols, explained in a statement: "2025 has been a year of solid execution in a complex environment. We have strengthened our key franchises, improved our core franchise, and maintained a clear focus on deleveraging, positioning the company to continue creating value for all our stakeholders."

The company It overcame the attacks from the speculative fund Gotham City Research in 2025And during the fiscal year, Grifols has been recognized by the three major credit rating agencies with a notable rating improvement: Standard & Poor's (S&P) raised Grifols' credit rating to BB- with a stable outlook; Fitch Ratings revised the outlook to positive and affirmed the B+ rating; and Moody's Ratings improved Grifols' rating from B2 to B1 with a stable outlook. All three agencies recognize the strong fundamentals of Grifols' business, comparable to investment grade.

USA and Egypt

The company has indicated that strategic investments made over decades provide a solid structural foundation for long-term value creation in an environment of increasing geopolitical tensions, where security of supply is becoming ever more strategic for customers. In the United States, Grifols has developed over the past few decades a unique, fully vertically integrated platform encompassing domestic plasma collection, fractionation, purification, and marketing. In Canada, Grifols' long-term alliance with Canadian Blood Services (CBS) supports the country's goal of achieving at least 50% self-sufficiency. This involves increasing the proportion of locally sourced plasma and incorporating capabilities to transform it into plasma proteins manufactured within the country, strengthening supply resilience and Grifols' presence in a key market. In Egypt, Grifols has established an alliance with the government to develop a fully integrated plasma platform, designed to achieve national self-sufficiency and position the country as a hub Regional for Africa and the Middle East.

In 2026, the company will focus on executing the next industrial phase of this platform, aiming to scale volumes and consolidate local operations. Four new donation centers will be added, bringing the total to twenty centers in 2026, inaugurating Phase I of the new manufacturing plant, which will include an automated analysis laboratory and a state-of-the-art dedicated plasma logistics center. This milestone marks the transition from the infrastructure development stage to industrial-scale operations.

Furthermore, for this fiscal year, Grifols will prioritize EBITDA growth driven by improved margins, continue to expand free cash flow generation, and advance its deleveraging process, leveraging its unique position in the industry, including auto platforms.