Financials Grifols, S.A.

Equities

GRF

ES0171996087

Pharmaceuticals

Market Closed - BME Other stock markets 12:42:41 2025-03-21 pm EDT			5-day change	1st Jan Change
9.200 ^EUR	-2.13%		-2.02%	+0.57%

Mar. 21	European Equities Traded in the US as American Depositary Receipts Lower in Friday Trading, Flat for Week	MT
Mar. 11	European Equities Traded in the US as American Depositary Receipts Decline in Tuesday Trading	MT

Projected Income Statement: Grifols, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,340	4,933	6,064	6,592	7,212	7,741	8,272	8,847
Change	-	-7.62%	22.92%	8.71%	9.41%	7.33%	6.87%	6.94%
EBITDA ¹	1,479	961.5	1,221	1,455	1,779	1,952	2,228	2,437
Change	-	-34.99%	26.99%	19.13%	22.32%	9.72%	14.12%	9.4%
EBIT ¹	996.1	595.1	805.7	1,023	1,357	1,416	1,679	1,854
Change	-	-40.26%	35.39%	26.98%	32.6%	4.39%	18.56%	10.44%
Interest Paid ¹	-177.7	-277.8	-462.7	-534.5	-661.9	-560.6	-545.6	-532.6
Earnings before Tax (EBT) ¹	878.6	350.5	361.3	224	444	767.5	1,030	1,212
Change	-	-60.11%	3.08%	-37.99%	98.2%	72.86%	34.18%	17.71%
Net income ¹	618.5	182.8	208.3	59.32	156.9	468.7	686.7	824.5
Change	-	-70.45%	13.94%	-71.52%	164.55%	198.68%	46.52%	20.06%
Announcement Date	2/26/21	2/28/22	2/28/23	2/28/24	2/26/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,293	1,384	1,353	1,309	1,185	1,352	1,198	1,198	1,405	1,543	1,541	1,713	1,561	1,663	1,597	1,770	1,626	1,818	1,793	1,976	1,718	1,914	1,908	2,075
Change	-	7.01%	-2.21%	-3.25%	-9.52%	14.11%	-11.37%	0%	17.26%	9.81%	-0.12%	11.15%	-8.83%	6.53%	-3.97%	10.77%	-8.13%	11.82%	-1.37%	10.2%	-13.07%	11.44%	-0.29%	8.75%
EBITDA	351.1	387.8	313.2	434	296.8	337.7	-	-	248.2	-	308	294	298.8	360.7	373.6	426.3	350.4	440.8	462.1	525.9	-	-	-	-
Change	-	10.44%	-19.23%	38.57%	-31.61%	13.78%	-100%	-	-	-100%	-	-4.55%	1.62%	20.74%	3.56%	14.13%	-17.81%	25.79%	4.83%	13.82%	-100%	-	-	-
EBIT	273.6	148.1	322.8	251.6	213	250.6	-	-	-	-	173.4	176.9	175.7	253.6	264.4	329.3	203.8	299.3	317	419.2	-	-	-	-
Change	-	-45.86%	117.92%	-22.04%	-15.38%	17.68%	-100%	-	-	-	-	2.06%	-0.68%	44.33%	4.24%	24.54%	-38.11%	46.87%	5.92%	32.22%	-100%	-	-	-
Charge d'intérêts	-16.85	-61.73	-57.54	-44.2	-58.7	-60.74	-	-	-	-	-	-	-134.7	-139.4	-150.9	-	-156.6	-185.7	-158.3	-161.3	-	-	-	-
Earnings before Tax (EBT)	251.3	75.87	348.9	202.6	188.7	189.5	-	-	-	-	66.69	46.88	-84.17	103.2	99.59	105.4	47.06	66.98	119.4	210.5	-	-	-	-
Change	-	-69.81%	359.81%	-41.92%	-6.86%	0.41%	-100%	-	-	-	-	-29.71%	-	-	-3.52%	5.82%	-55.35%	42.33%	78.3%	76.31%	-100%	-	-	-
Net income	186.4	31.87	267.4	132.9	129.9	136.9	-	-	-	-	45	20.07	-108.3	52.04	59.54	55.99	21.42	14.84	51.69	68.97	-	-	-	-
Change	-	-82.9%	739.23%	-50.32%	-2.2%	5.34%	-100%	-	-	-	-	-55.4%	-	-	14.41%	-5.97%	-61.74%	-30.71%	248.3%	33.42%	-100%	-	-	-
Announcement Date	4/21/20	7/30/20	11/5/20	2/26/21	5/4/21	7/29/21	2/28/22	2/28/22	7/28/22	7/28/22	11/8/22	2/28/23	5/9/23	7/27/23	11/2/23	2/28/24	5/14/24	7/30/24	11/7/24	2/26/25	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2024 S1
Net sales ¹	2,537	2,396	2,810	3,254	3,225	3,444
Change	-	-5.52%	17.26%	15.79%	-0.89%	6.78%
EBITDA ¹	634.5	327	618.3	602.7	659.5	791.2
Change	-	-48.46%	89.08%	-2.52%	9.42%	19.97%
EBIT ¹	463.6	131.5	427.3	378.3	-	503.1
Change	-	-71.63%	224.94%	-11.47%	-100%	-
Charge d'intérêts ¹	-119.4	-158.4	-197	-265.7	-274.1	-342.3
Earnings before Tax (EBT) ¹	378.2	-27.78	227.9	133.4	19.05	114
Change	-	-	-	-41.48%	-85.72%	498.73%
Net income ¹	266.8	-84.01	143.6	64.63	-56.22	36.26
Change	-	-	-	-55.01%	-	-
Announcement Date	7/29/21	2/28/22	7/28/22	2/28/23	7/27/23	7/30/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Grifols, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	6,436	6,695	9,158	9,337	9,187	9,128	8,381	8,082
Change	-	4.02%	36.79%	1.95%	-1.61%	-0.64%	-8.18%	-3.57%
Announcement Date	2/26/21	2/28/22	2/28/23	2/28/24	2/26/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Grifols, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	308.1	280.9	266.5	295.4	371.4	375.8	375.7	398
Change	-	-8.83%	-5.13%	10.86%	25.71%	1.21%	-0.03%	5.92%
Free Cash Flow (FCF) ¹	802.2	316.1	-277.4	-87.14	530.8	796.7	868.9	1,206
Change	-	-60.6%	-187.75%	-68.58%	-709.16%	50.09%	9.06%	38.84%
Announcement Date	2/26/21	2/28/22	2/28/23	2/28/24	2/26/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Grifols, S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	27.7%	19.49%	20.14%	22.07%	24.67%	25.22%	26.93%	27.55%
EBIT Margin (%)	18.65%	12.06%	13.29%	15.52%	18.81%	18.29%	20.3%	20.96%
EBT Margin (%)	16.45%	7.1%	5.96%	3.4%	6.16%	9.91%	12.45%	13.7%
Net margin (%)	11.58%	3.71%	3.43%	0.9%	2.18%	6.05%	8.3%	9.32%
FCF margin (%)	15.02%	6.41%	-4.57%	-1.32%	7.36%	10.29%	10.5%	13.64%
FCF / Net Income (%)	129.7%	172.91%	-133.17%	-146.91%	338.26%	169.99%	126.53%	146.33%
Profitability
ROA	4.01%	1.06%	1.02%	1.04%	0.74%	2.1%	3.55%	3.2%
ROE	12.46%	3.26%	3.57%	3.72%	2.79%	8.71%	10.64%	11.53%
Financial Health
Leverage (Debt/EBITDA)	4.35x	6.96x	7.5x	6.42x	5.16x	4.68x	3.76x	3.32x
Debt / Free cash flow	8.02x	21.18x	-33.02x	-107.16x	17.31x	11.46x	9.65x	6.7x
Capital Intensity
CAPEX / Current Assets (%)	5.77%	5.69%	4.39%	4.48%	5.15%	4.86%	4.54%	4.5%
CAPEX / EBITDA (%)	20.83%	29.21%	21.83%	20.31%	20.87%	19.25%	16.87%	16.33%
CAPEX / FCF (%)	38.4%	88.86%	-96.08%	-339.03%	69.96%	47.18%	43.24%	32.99%
Items per share
Cash flow per share ¹	1.616	0.8759	-0.016	0.3076	1.327	1.117	1.443	1.684
Change	-	-45.78%	-101.83%	-2,022.5%	331.37%	-15.78%	29.11%	16.7%
Dividend per Share ¹	0.17	0.36	-	-	-	0.0114	0.1968	0.3535
Change	-	111.76%	-	-	-	-	1,629.26%	79.64%
Book Value Per Share ¹	11.99	8.945	9.036	8.638	8.657	9.354	10.24	11.33
Change	-	-25.38%	1.01%	-4.41%	0.22%	8.05%	9.45%	10.66%
EPS ¹	0.9	0.27	0.31	0.09	0.23	0.6868	1.023	1.235
Change	-	-70%	14.81%	-70.97%	155.56%	198.62%	48.94%	20.73%
Nbr of stocks (in thousands)	684,540	682,484	678,911	678,665	679,629	680,409	680,409	680,409
Announcement Date	2/26/21	2/28/22	2/28/23	2/28/24	2/26/25	-	-	-