Grifols, S.A. reported its fourth‑quarter 2025 financial results, posting revenue of €7,524 million, a 7.0 % year‑over‑year increase, and adjusted EBITDA of €1,825 million, up 5.6 % and yielding a margin of 24.3 %. Net profit more than doubled to €402 million from €157 million in 2024, while free cash flow before M&A rose to €468 million, an increase of €201 million. The company’s leverage ratio fell to 4.2× from 4.6× in 2024, underscoring the progress of its balance‑sheet repair strategy.
Revenue growth was driven largely by the Biopharma segment, with the immunoglobulin franchise expanding 14.7 % at constant currency. The company also benefited from a 7 % overall revenue increase, offsetting headwinds in the albumin business in China and the impact of the U.S. Inflation Reduction Act, which added a one‑time accounting reclassification that weighed on gross margins. Despite these challenges, the company maintained a strong mix of high‑margin products.
Adjusted EBITDA margin improvement reflects a combination of cost‑control initiatives and a favorable product mix. The company’s working‑capital management has also contributed to a €201 million lift in free cash flow, while the reduction in leverage signals a stronger balance sheet that will support future dividend payments and growth investments.
CEO Nacho Abia said, “2025 has been a year of successful execution in a complex environment.” He added, “We strengthened our franchises, improved free cash flow and reinforced our balance sheet with a deleverage focus, positioning the company to continue creating value for all our stakeholders.” CFO Rahul Srinivasan noted, “We are confident about Grifols’ highly differentiated strategy and positioning, which has been many years in the making and will support our continued margin improvement‑led EBITDA growth, enhanced free cash flow generation and deleveraging path.”
Looking ahead, Grifols is guiding for 2026 free cash flow of €500‑€575 million pre‑M&A, an adjusted EBITDA margin of at least 25 %, and adjusted EBITDA growth of 5‑9 % at constant currency. The company also received credit rating upgrades, with S&P Global Ratings raising Grifols to BB‑ from B+ and Moody’s upgrading it to B1, both with stable outlooks, reflecting the market’s confidence in the company’s financial trajectory.
The results come amid ongoing scrutiny from short‑seller Gotham City Research, which has alleged earnings overstating and debt understatement, allegations the company has denied and pursued legal action against. In addition, regulatory milestones such as the European Medicines Agency’s approval of Egypt‑sourced plasma and FDA approvals for new fibrinogen products reinforce Grifols’ product portfolio and market position.
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