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Grifols, S.A. files its Form 20-F annual report for the year ended December 31, 2025, presenting IFRS-IASB financials in millions of euros. Net revenue was €7,524 million versus €7,212 million in 2024, or €7,718 million on a constant-currency basis, reflecting 7.0% growth excluding exchange effects.
Immunoglobulin products remain central, contributing 54.3% of 2025 net revenue. The company highlights high leverage: as of December 31, 2025, current and non-current financial liabilities totaled €9.6 billion, including €9.1 billion of long-term debt, with part of its borrowings at variable interest rates.
The report explains previously disclosed accounting corrections for the Biotek America LLC joint operation and the Shanghai RAAS investment, which adjusted 2022–2023 figures but are now fully incorporated with no additional errors identified in 2025. Extensive risk disclosures cover indebtedness, plasma supply, manufacturing complexity, regulatory compliance, geopolitical tensions, tax changes and the early use of artificial intelligence.
Grifols, S.A. has completed a major refinancing of its 2027 debt, replacing existing borrowings with a new Term Loan B package and revolving credit facility. The new structure includes a USD 2.0 billion dollar term loan, a EUR 1.25 billion euro term loan, and a USD 2.065 billion revolving credit facility.
The term loans mature in seven years and the revolver in six and a half years, extending the company’s debt schedule. Pricing is set at SOFR + 250 basis points for the dollar tranche and Euribor + 300 basis points for the euro tranche, with small original issue discounts and leverage-based margin step-downs. Grifols will use the proceeds to repay its 2019 TLB facilities, redeem remaining 2019 notes, and, together with a separate EUR 500 million notes redemption, lower funded gross debt, reduce cash interest costs, and strengthen its balance sheet while maintaining liquidity.
Grifols, S.A. reports that its Board of Directors has decided to start a process to evaluate a potential Initial Public Offering in the United States of a portion of the shares of its subsidiary that is the parent of its U.S. Biopharma business. The company stresses that any IPO would depend on regulatory and legal requirements, internal approvals and market conditions, and there is no assurance that it will be undertaken or completed. Grifols also notes that, regardless of whether any IPO occurs, its shares will continue trading in Spain on the mercado continuo, and this communication does not constitute an offer or solicitation to buy or sell securities.
Permian Investment Partners and affiliated funds reported beneficial ownership of 18,607,262 Grifols Class B shares, equal to 7.1% of the class. The holdings are spread across several Permian funds and managed accounts, including ADRs and ordinary shares.
The ownership percentages are based on 261,425,110 Class B shares outstanding as of December 31, 2024, as disclosed in Grifols’ Form 20-F. The filers certify the securities were not acquired to change or influence control of Grifols.
Brandes Investment Partners, L.P. has filed an amended Schedule 13G reporting a significant passive ownership position in Grifols SA common shares. The investment adviser reports beneficial ownership of 20.67% of the class, indicating it controls a large block of the company’s equity.
Brandes reports no sole voting or dispositive power over these shares and instead lists only shared dispositive power, meaning decisions to sell or otherwise dispose are made in a shared capacity. The filing also certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Grifols.
Grifols, S.A. reports a change in its Board support roles. The Board of Directors unanimously approved, with effect from 1 January 2026, the appointment of Ms. Laura de la Cruz Galán as the new Secretary non-member of the Board of Directors, replacing Mrs. Núria Martín Barnés. At the same time, Mrs. Núria Martín Barnés has been appointed as the new Vice-secretary non-member of the Board of Directors, replacing Ms. Laura de la Cruz Galán. The decision followed a favourable report from the Appointments and Remuneration Committee.
Brandes Investment Partners, L.P. filed an amended Schedule 13G reporting beneficial ownership in Grifols SA. As of 09/30/2025, Brandes reports beneficial ownership of 29,126,291.55 ADRs, representing 19.6% of the class.
The filer reports no sole or shared voting power and shared dispositive power over 29,126,291.55 ADRs. Item 4 also notes holdings of 22,107,370 ordinary shares and 29,126,291.55 ADRs for which dispositive power is shared. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
Grifols (GRFS) reported Q3 2025 results with revenue of EUR 1,865 million and quarterly group profit of EUR 127 million, reflecting strong momentum in its Value Creation Plan. Year-to-date revenues reached EUR 5,542 million, up 7.7% at constant currency, while adjusted EBITDA was EUR 1,358 million with a 24.5% margin. Q3 adjusted EBITDA was EUR 482 million, up 8.8% at constant currency, with a 25.8% margin.
Year-to-date net profit was EUR 304 million, up 245%. Free cash flow pre-M&A and pre-dividend was EUR 203 million in Q3, bringing the nine-month total to EUR 188 million, a EUR 257 million improvement versus last year. Leverage improved to 4.2x from 5.1x a year ago, and liquidity rose to EUR 1,475 million.
Growth was led by Biopharma, with a 9.1% constant-currency increase year-to-date and 10.9% in Q3. Immunoglobulin revenues rose 14.4% year-to-date, while subcutaneous IG grew more than 60%. Albumin declined 3.9% year-to-date due to pricing adjustments in China. The Diagnostic business generated EUR 479 million year-to-date, up 1.4%, with FDA approval to begin manufacturing Gel Cards and reagent Red Blood Cells in San Diego. Grifols noted potential full-year FX headwinds of approximately EUR 70 million to adjusted EBITDA if current rates persist.