Key Highlights

  • Revenue grew 8.4% at constant currency in the quarter, led by Biopharma growth of 10.3% at constant currency.
  • Adjusted EBITDA was EUR 538 million, a Margin of 26.4%, and reported gross margin was 39.6%.
  • Nine-month free Cash Flow before acquisitions was EUR 298 million, up 59%, with Leverage just below four times.
  • An Interim Dividend of EUR 0.15 per share was announced, and nine-month group profit rose 28.4% to EUR 390 million.

Quarter in Numbers

Grifols, S.A. (NASDAQ:GRFS), a producer of plasma-derived medicines and diagnostics, reported third-quarter 2026 Revenue growth of 8.4% at constant currency, accelerating from 4.6% over the first nine months, which management said matches the second-half improvement it had anticipated. Biopharma grew 10.3% at constant currency and led the quarter. Adjusted EBITDA was EUR 538 million, a margin of 26.4%, so by our calculation quarterly revenue was about EUR 2.04 billion.

Reported gross margin reached 39.6% in the quarter and 38.0% over nine months, so the quarter ran about 160 basis points above the year-to-date level by our calculation. The company said this improvement came despite year-to-date headwinds from donor center network restructuring costs, the ramp-up of Yimmugo sales at Biotest, China albumin and the dissolution of a joint Business in Diagnostics.

Immunoglobulin revenue grew 11.3% at constant currency in the quarter, bringing year-to-date growth to 12.3%. Subcutaneous immunoglobulin revenue grew 40.3% in the quarter and 25.6% year to date, and management stressed that growth is not dependent on a single product, therapeutic use or treatment modality because intravenous and subcutaneous therapies serve a broad patient base. Alpha-1 and specialty proteins also delivered a very strong quarter, up 18.2%.

Nine Months, Cash and Capital

Nine-month revenue was EUR 5.6 billion, up 4.6% at constant currency, and adjusted EBITDA was nearly EUR 1.4 billion, a margin of 24.8%. Management said the company remains aligned with its full-year adjusted EBITDA margin guidance of 25%. Group profit for the first nine months increased 28.4% to EUR 390 million on stronger operating performance and lower below-the-line expenses.

Free cash flow before acquisitions reached EUR 298 million, up EUR 110 million, or 59%, from the prior-year period, which by our calculation puts the prior-year figure near EUR 188 million, and total net leverage declined to just below four times. Given the performance and confidence in the coming quarters, the board announced a 2026 interim dividend of EUR 0.15 per share.

Strategic Items

The chief executive, Nacho Abia, said the priorities remain delivering sustainable growth, strengthening the financial position and advancing strategic initiatives. The company noted it is evaluating a potential initial public offering of its U.S. Biopharma business, a transaction that remains subject to legal and regulatory requirements, internal approvals and market conditions, and said it would provide updates as appropriate. It also referred to continued progress on its plasma network in Egypt.

Margin, Cash and Listing Indicators

By our calculation, the quarterly adjusted EBITDA margin of 26.4% was 160 basis points above the nine-month margin of 24.8%, and nine-month revenue of EUR 5.6 billion at that margin accounts for the nearly EUR 1.4 billion of adjusted EBITDA. Biopharma growth of 10.3% exceeded group growth of 8.4%, which indicates that other activities, including Diagnostics after the dissolution of a joint business, grew more slowly. Items to track also include the 2026 interim dividend payment, immunoglobulin demand, subcutaneous growth, gross margin progression after restructuring costs, leverage reduction and developments in the potential U.S. Biopharma listing.