Grifols SA published the transcript of its Q4 earnings call held on 26 February 2026, covering full-year 2025 results. The call was attended by CEO Nacho Abia, CFO Rahul Srinivasan, President of Biopharma Roland Wandeler, and VP of Investor Relations and Sustainability Daniel Segarra, with questions from analysts at Morgan Stanley, Banco Santander, Alantra, CaixaBank BPI, Bernstein, and Barclays. Management said Grifols delivered on 2025 revenue and adjusted EBITDA guidance and exceeded its cash flow target, while continuing to deleverage. The company reported 2025 revenue of EUR7.524 billion, adjusted EBITDA of EUR1.825 billion, and free cash flow pre-M&A of EUR468 million, with leverage improving to 4.2x. “In fiscal year 2025, the company generated EUR468 million in free cash flow… an increase of more than EUR200 million year-over-year,” Abia said, adding that “the path forward becomes clear as our free cash flow generation is sustainable and continuing to increase.” A central theme was a shift in 2026 priorities from maximizing revenue growth to improving profitability, margins, free cash flow and leverage, including optimizing “last liter” plasma economics and balancing immunoglobulin (IG) growth with albumin. Srinivasan said the company is “optimizing the quality of our EBITDA growth,” and guided to 2026 free cash flow pre-M&A of EUR500 million to EUR575 million, adjusted EBITDA growth of 5% to 9% at constant currency, and adjusted EBITDA margins of 25% or higher, while deliberately not providing a revenue growth target. The call also highlighted operational and strategic updates: strong 2025 IG performance (with IVIG and SCIG growth led by Gamunex and Xembify), albumin weakness in China amid policy-driven pricing pressure, and new product launches in fibrinogen concentrates. Wandeler noted the company is now aiming “to control growth going into 2026” by focusing IG growth on the U.S. and select European markets while consolidating elsewhere to improve margins. Grifols also emphasized progress in self-sufficiency partnerships in Egypt and Canada, including EMA approval of Egyptian-sourced plasma, which management described as a major strategic unlock. “The recent EMA approval for Egypt-sourced plasma is a game-changer for Grifols and for the plasma industry,” Srinivasan said. The full transcript can be accessed through the link below.

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