6-K 1 tm267368d1_6k.htm FORM 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File No. 001-35193

Grifols, S.A.

(Translation of registrant’s name into English)

Avinguda de la Generalitat, 152-158

Parc de Negocis Can Sant Joan

Sant Cugat del Valles 08174

Barcelona, Spain

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x

Form 40-F ¨

Grifols, S.A.

TABLE OF CONTENTS

Item		Sequential Page Number

1.	Press release, dated February 26, 2026.	3
2.	Q4 2025 Earnings Presentation	9
3.	Consolidated Audited Financial Statements	53

FY2025 Results

Grifols reports revenues of EUR 7,524m, up 7%, and more than doubles Group profit to EUR 402m

Achieved 2025 financial guidance¹ and exceeded guidance for free cash flow

Revenues totalled EUR 7,524 million, increasing by 7.0% cc² (+9.1% cc like-for-like³), driven by the Biopharma business

Adjusted EBITDA reached EUR 1,825 million, rising by 5.6% cc (+11.9% cc like-for-like) with an adjusted EBITDA margin of 24.3% (25.0% like-for-like)

Free Cash Flow pre-M&A⁴ of EUR 468 million, an increase of EUR 201 million, primarily driven by growing EBITDA, working capital management, normalization of Capex levels, and lower interest costs

Continued deleveraging with leverage ratio⁵ declining from 4.6x in 2024 to 4.2x in 2025, and strong liquidity of EUR 1.7 billion

Strong re-rating progress from all credit rating agencies

European Medicament Agency (EMA) approval for Egypt sourced-plasma – a paradigm shift in the industry

Fibrinogen approval by EMA and FDA. Successfully launched in Europe and expected for Q2’26 in the U.S.

In 2026, Grifols will prioritize margin enhanced-led EBITDA growth, continued free cash flow expansion and deleveraging progress, building on Grifols’ unique position in the industry, including self-sufficiency platforms in Egypt and Canada

Barcelona, Spain, February 26, 2026 - Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading producer of plasma-derived medicines, reported a revenue of EUR 7,524 million in 2025, which represents a 7.0% cc growth, primarily driven by the continued strength of the Biopharma business, particularly the immunoglobulin franchise, as well as continuing to make progress on strategy and delivering the milestones of the Diagnostic business unit.

Adjusted EBITDA reached EUR 1,825 million, representing a 5.6% cc (+11.9% cc like-for-like) growth versus previous year, with a margin of 24.3% (25.0% like-for-like). Performance was driven by volume growth, continued cost per liter reduction and strict financial discipline.

Grifols more than doubled its net profit to EUR 402 million from EUR 157 million in 2024, a 156.1% increase, driven by higher operating margin and lower financial costs. Free cash flow pre-M&A amounted to EUR 468 million, representing a EUR 201 million improvement versus 2024. This performance was supported by EBITDA expansion, working capital management, lower interest costs and a normalizing level of capex after the 2024 high, together reflecting structural improvements in cash flow generation.

	¹	Financial guidance refers to the guidance at guidance FX rate (EUR USD @ 1.04) provided at the Capital Markets Day (CMD) presentation (slide 38).
	²	Operating or constant currency (cc) excludes exchange rate variations reported in the period.
	³	Like For Like (LFL) excludes the impact of Inflation Reduction Act (IRA) and Fee-For-Service / GPO reclassification.
	⁴	Calculated as Adjusted EBITDA +/-Changes in Working Capital - CAPEX (see reconciliation in slide 43 of the FY 2025 Results presentation) – R&D and IT +/- Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses.
	⁵	Leverage ratio defined as per the Credit Agreement in slide 36 FY 2025 Results of the presentation.

Grifols maintained its strong focus on balance sheet strengthening in 2025. The leverage ratio declined from 4.6x in 2024 to 4.2x in 2025, supported by improved EBITDA and robust free cash flow generation. The company currently expects to refinance its 2027 maturities in two steps – starting with RCF + TLB refinancing in the first half of 2026; followed by 2027 bond refinancing in Q4’26 or earlier.

Nacho Abia, CEO of Grifols, said: “2025 has been a year of successful execution in a complex environment. We have strengthened our key franchises, improved free cash flow generation and solidified our balance sheet with a deleverage focus, positioning the company to continue creating value for all our stakeholders."

Rahul Srinivasan, CFO of Grifols, added: “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.”

Grifols financial and operational performance has been rewarded by strong re-rating progress across all three credit rating agencies: S&P upgraded Grifols’ credit rating to ‘BB-’ with a ‘Stable’ outlook; Fitch revised the outlook to ‘Positive’ and affirmed the ‘B+’ rating; Moody’s upgraded Grifols’ rating to ‘B1’ from ‘B2’ with a ‘Stable’ outlook. All three credit rating agencies acknowledge Grifols’ strong investment grade-like business characteristics.

Revenue performance led by Biopharma

Biopharma delivered an 8.4% cc (10.9% cc like-for-like) increase in 2025, reinforcing its role as the Group’s primary growth engine. Performance was driven by robust underlying demand across key markets, especially in the immunoglobulin (IG) franchise.

IG revenues increased 14.7% cc (17.7% cc like-for-like), outperforming the market and executing Grifols’ plan to gain share in the U.S. IVIG have continued to deliver double-digit growth, supported by the intravenous formulation, increasing 12.1% cc, while the subcutaneous formulation, XEMBIFY^®, maintained strong momentum, rising 59.5% cc.

Albumin declined 5.1% cc (5.2% cc like-for-like), reflecting market and pricing dynamics in China. Pricing pressure in the country continues to be driven by government-imposed cost controls across the healthcare sector. The company continues to leverage its strategic local partnerships with Shanghai RAAS and Haier to actively manage market dynamics in China, the key market for albumin.

Alpha-1 and specialty proteins increased 1.4% cc (3.8% cc like-for-like), reflecting solid underlying demand. Leadership in alpha-1 remains intact, supported by disciplined execution and a differentiated development roadmap. SPARTA with results expected in H2’26, is positioned to further strengthen clinical differentiation, expand awareness and accelerate growth, while SC 15%, targeted for 2028/2029, represents a meaningful lifecycle innovation opportunity. Together, these initiatives underpin the strategy to expand the total addressable market, enhance outcomes data and reinforce long-term category leadership.

Innovation: Launch of fibrinogen

Grifols has initiated the European launch of PRUFIBRY^® in Germany, prioritizing markets where the transition toward fibrinogen concentrates is most advanced. From this, the company plans to expand into additional European markets over time, in line with local reimbursement pathways and clinical adoption.

In the United States, following FDA approval of FESILTY™ for congenital fibrinogen deficiency in December, Grifols is focused on establishing an early commercial presence, securing hospital formulary access, and building long-term relationships with key stakeholders.

Vertical integration in the U.S. and strategic self-sufficiency projects provide strong structural foundation for long-term value creation

The strategic investments of Grifols over many years provide the company with a strong structural foundation for its long-term value creation. This is particularly important in an environment where geopolitical pressures are rising, and supply security is becoming increasingly strategic for customers.

In the U.S. –the world’s largest IgG market– Grifols has over the last decades built a unique fully integrated, end-to-end platform spanning domestic plasma collection, fractionation, purification, and commercialization. Today, this platform provides meaningful structural advantages: supply security at scale, optimized plasma economics, operating leverage, and the flexibility to dynamically allocate supply in response to global demand and geopolitical shifts.

Over the last years, Grifols has started to extend this vertically integrated business model into other strategic markets through long-term public-private partnerships that align its capabilities with national healthcare priorities.

In Canada –the fourth-largest global IgG market– Grifols’ long-term partnership with Canadian Blood Services (CBS) supports the country’s objective of reaching at least 50% IgG self-sufficiency over time. By expanding the share of locally sourced plasma and adding the capabilities to convert it into domestically manufactured plasma-derived proteins, strengthening supply resilience while reinforcing its presence in an attractive market.

In Egypt, Grifols has partnered with the Egyptian government to establish a fully integrated plasma platform designed to achieve national self-sufficiency and position the country as a regional hub for Africa and the Middle East. Once domestic needs are fulfilled, this platform expands access to life-saving therapies across the region and creates export potential to European countries, especially for IgG.

Spotlight Egypt: Transforming national self-sufficiency into a regional hub powered by a new benchmark-quality plasma platform

In 2025, Egypt achieved 100% self-sufficiency in key proteins thanks to Grifols, becoming only the 6^th country to do so worldwide. Grifols Egypt for Plasma Derivatives (GEPD) has established a fully integrated local ecosystem covering plasma collection, fractionation and manufacturing, backed by a EUR 280 million investment and designed to create a new sovereign plasma industry for the EMEA region. Throughout 2025, GEPD reached key milestones across construction, technology, regulatory and operational areas, including regulatory certification by the European Medicines Agency (EMA) of the full value chain.

The latter milestone establishes Egypt as the first fully integrated, EMA-certified end-to-end plasma ecosystem in Africa and the Middle East, positioning the country as a strategic regional platform capable of stimulating a high-value biopharmaceutical industry with strong export potential. Additionally, at a time when approximately 40% of Europe’s plasma supply is sourced from the United States, the platform contributes to greater supply diversification and supports enhanced strategic autonomy for European healthcare systems under the EMA certification. The platform is therefore positioned to convert surplus plasma into high-quality medicines across the EMEA region, contributing to structural margin resilience and long-term profitability through global protein optimization and value-added exports.

In 2026, the company will focus on executing the next industrial phase of this platform, with the objective of scaling volumes and consolidating local operations. The company will add four new donation centres, to reach a network of 20 centres by 2026, and will inaugurate Phase I of the new manufacturing facility including an automated testing laboratory and a dedicated plasma logistics centre. This marks the transition from infrastructure build-out to industrial scale-up.

2026 Guidance

In 2026, Grifols will prioritize margin margin-led EBITDA growth, continue free cash flow expansion and deleveraging progress, building on Grifols’ unique position in the industry, including self-sufficiency platforms in Egypt and Canada.

For 2026, Grifols expects reaching Free Cash Flow pre-M&A pre-dividends of EUR 500m-575m, an Adjusted EBITDA margin of ≥25% with continued Adjusted EBITDA growth of 5-9% at constant currency, and a continued deleveraging path. 2027 milestones are unchanged: credit agreement leverage of 3.5x or lower by year-end 2027 and cumulative FCF pre-M&A pre-dividends (2024- 2027) of EUR 1.75-2.0bn.

Alternative Performance Measures (APMs)

This document contains the following Alternative Performance Measures (APMs): Consolidated EBITDA Reported, Consolidated EBITDA Adjusted, Leverage Ratio as per the Credit Facility, Net Debt as per the Credit Facility, Free Cash Flow, Working Capital, and non-recurring items. For further details on the definition, explanation on the use, and reconciliation of APMs, please see the Appendix of the Presentation as well as the “Alternative Performance Measures” document from Grifols website www.grifols.com/en/investors.

CONFERENCE CALL

Grifols will host a conference call today, 26 February 2026, at 6:30pm CET / 12:30pm EST to discuss its financial results for the financial year of 2025. To view and listen to the webcast and view the presentation, click on FY 2025 Results or visit the website www.grifols.com/en/investors. Participants are advised to register in advance of the conference call.

MEDIA:

Grifols Press Office

media@grifols.com

Phone no. +34 93 571 00 02

INVESTORS:

Investors Relations & Sustainability

inversores@grifols.com - investors@grifols.com

sostenibilidad@grifols.com - sustainability@grifols.com

Phone no. +34 93 571 02 21

About Grifols

Grifols is a global healthcare company founded in Barcelona in 1909 committed to improving the health and well-being of people around the world. A leader in essential plasma-derived medicines and transfusion medicine, the company develops, produces and provides innovative healthcare services and solutions in more than 110 countries.

Patient needs and Grifols’ ever-growing knowledge of many chronic, rare and prevalent conditions, at times life-threatening, drive the company’s innovation in both plasma and other biopharmaceuticals to enhance quality of life. Grifols is focused on treating conditions across four main therapeutic areas: immunology, infectious diseases, pulmonology and critical care.

A pioneer in the plasma industry, Grifols continues to grow its network of donation centers, the world’s largest with close to 400 across North America, Europe, Africa and the Middle East, and China.

As a recognized leader in transfusion medicine, Grifols offers a comprehensive portfolio of solutions designed to enhance safety from donation to transfusion, in addition to clinical diagnostic technologies. It provides high-quality biological supplies for life-science research, clinical trials and for manufacturing pharmaceutical and diagnostic products. The company also supplies tools, information and services that enable hospitals, pharmacies and healthcare professionals to efficiently deliver expert medical care.

Grifols, with more than 23,800 employees in more than 30 countries and regions, is committed to a sustainable business model that sets the standard for continuous innovation, quality, safety and ethical leadership.

The company’s class A shares are listed on the Spanish Stock Exchange, where they are part of the IBEX-35 (MCE:GRF). Grifols non- voting class B shares are listed on the Mercado Continuo (MCE:GRF.P) and on the U.S. NASDAQ through ADRs (NASDAQ:GRFS).

For more information about Grifols, please visit www.grifols.com

LEGAL DISCLAIMER

The facts and figures contained in this report that do not refer to historical data are ‘projections and future hypotheses’. Words and expressions such as ‘believe’, ‘expect’, ‘anticipate’, ‘predict’, ‘hope’, ‘intend’, ‘should’, ‘will try to achieve’, ‘is estimated’, ‘future’ and similar expressions, insofar as they refer to the Grifols group, are used to identify future projections and hypotheses. These expressions reflect the assumptions, hypotheses, expectations and predictions of the management team at the time of writing this report, and these are subject to a series of factors that mean that the real results may be materially different. The future results of the Grifols group could be affected by events related to its own activities, such as shortages of supplies of raw materials for the manufacture of its products, the appearance on the market of competing products, or changes in the regulatory framework of the markets in which it operates, among others. At the date of preparation of this report, the Grifols group has adopted the necessary measures to mitigate the potential impact of these events. Grifols, S.A. assumes no obligation to publicly report, revise or update the projections or future hypotheses to adapt them to facts or circumstances after the date of writing of this report, except when expressly required by applicable legislation. This document does not constitute an offer or invitation to purchase or subscribe shares in accordance with the provisions of Law 6/2023, of 17 March, on the Securities Markets and Investment Services, and any regulations implementing said legislation. Furthermore, this document does not constitute an offer to purchase, sell or exchange, or a solicitation of an offer to purchase, sell or exchange any securities, or a solicitation of any vote or approval in any other jurisdiction. The information contained in this document has not been verified or revised by the external auditors of the Grifols group.

FY 2025 Results - 1 - FY 2025 Results February 26, 2026

FY 2025 Results - 2 - Legal Disclaimer Important Information This presentation does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended and restated from time to time), the Spanish Securities Market and Investment Services Law (Law 6/2023, of 17 March, as amended and restated from time to time) and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. This information has not been audited. Forward-Looking Statements This presentation contains forward-looking information and statements about Grifols based on current assumptions and forecast made by Grifols management, including pro forma figures, estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expected”, “potential”, “estimates” and similar expressions. Although Grifols believes that the expectations reflected in such forward-looking statements are reasonable, various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the Company and the estimates given here. These factors include those discussed in our public reports filed with the Comisión Nacional del Mercado de Valores and the Securities and Exchange Commission, which are accessible to the public. The Company assumes no liability whatsoever to update these forward-looking statements or conform them to future events or developments. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Grifols. Alternative Performance Measures (APMs) This document and any related conference call or webcast (including a Q&A session) contain, in addition to the financial information prepared in accordance with IFRS, alternative performance measures (‘APMs’) as defined in the guidelines issued by the European Securities and Markets Authority (‘ESMA’) on October 5, 2015. APMs are used by Grifols’ management to evaluate the group’s financial performance, cash flows or financial position in making operational and strategic decisions for the group and therefore are useful information for investors and other stakeholders. Certain key APMs form part of executive directors, management and employees’ remuneration targets. APMs are prepared on a consistent basis for the periods presented in this document. They should be considered in addition to IFRS measurements, may differ to definitions given by regulatory bodies relevant to the group and to similarly titled measures presented by other companies. They have not been audited, reviewed or verified by the external auditor of Grifols. For further details on the definition, explanation on the use, and reconciliation of APMs, please see the appendix as well as the “Alternative performance measures” document from our website www.grifols.com/en/investors.

FY 2025 Results - 3 - Agenda 01 2025: Performance Summary 02 Biopharma: Delivering Results 03 FY’25 Financial Performance 04 Final Remarks 05 Annex

FY 2025 Results - 4 - Nacho Abia Chief Executive Officer (CEO) 2025: Performance Summary

FY 2025 Results - 5 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex FY’25 FY’25 vs PY €7,524m +7.0%cc1 (+9.1% cc LFL2 ) Revenue €1,825m Margin 24.3% +5.6%cc (+11.9% cc LFL) Margin: (+30bps LFL) EBITDA Adj. 4.2x -0.4x vs. PY Leverage ratio4 €468m +€201m Free Cash Flow pre-M&A pre-dividends3 FY’25 @Guidance FX5 Delivering on 2025 Financial Guidance, With Free Cash Flow Exceeding Guidance 1 Constant currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 2 Like For Like (LFL) excludes the impact of Inflation Reduction Act (IRA) and Fee-For-Service / GPO reclassification. 3 FCF definition and reconciliation to the Cash Flow Statement in slides 31 and 32 in the Annex. 4 Leverage ratio defined as per the Credit Agreement in slide 36 in the Annex. 5 Guidance FX rate refers to FX rates as at 27 Feb 2025, consistent with page 38 of the Capital Markets Day (CMD) presentation (EUR USD @ 1.04).

FY 2025 Results - 6 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols’ Unique Positioning: Provides Resiliency and Helped Deliver FY 2025 • Ig growth performance, more than offsets IRA impact in 2025 • Leveraging strategic partnership in China to mitigate albumin impact, driving relative outperformance • Fibrinogen launch in Europe for AFD1 and CFD2 . Approval in US for CFD • Biotest progressing as planned, considerable upside opportunity Delivered, led by Biopharma: • Grifols’ Biopharma business is broadly insulated from tariffs • USD weakening broadly insulated in 2025 at FCF, Group Profit and Leverage level Unique position helped mitigate headwinds: 2025: Resilient Performance 1 AFD: Acquired fibrinogen deficiency. 2 CFD: Congenital fibrinogen deficiency.

FY 2025 Results - 7 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols’ Unique Positioning: Clear Opportunity to Redefine the Industry • Only scaled plasma company with a fully integrated and end-to-end value chain in U.S. (#1 plasma market globally) • Pioneering self-sufficiency: • Transformational Partnership in Egypt – EMA approval of Egypt source plasma offering a paradigm shift • Highly Strategic Partnership with CBS in Canada (#4 IgG market globally) • Critical and long-standing strategic relationship with SRAAS in China (#1 Albumin market globally) • Unique strategic optionality to navigate dynamic geopolitical landscape, drive competitive advantage and redefine the industry Looking Ahead: Opportunity to Redefine the Industry

FY 2025 Results - 8 - Biopharma: Delivering Results Roland Wandeler President of Biopharma

FY 2025 Results - 9 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Biopharma: Building a Strong Basis to Drive Focused Growth in 2026 2025 Drivers Holding the ground in a more competitive market • Effectively competing in China with strategic local partnership (SRAAS), but offset by ongoing market / pricing pressures • Positive momentum in US and ex-China markets Treating more patients across A1 & Specialty Proteins • Alpha 1: Continued leadership and patient growth post transition to new specialty pharmacy partner • Strong performance in Rabies and Contract manufacturing +8.4% +10.9% LFL +14.7% +17.7% LFL +12.1% +59.5% -5.1% -5.2% LFL +1.4% +3.8% LFL IG FY’25 vs PY Overall 2026 Outlook Albumin Alpha 1 & Specialty proteins Differentiate, focus growth on key markets • Build on underlying demand growth of IgG • Grow with market in US and select countries • Consolidate position elsewhere with focus on margin after strong growth ex-US in previous years Balance growth with IgG • Continue to leverage strategic local partnership in China as key market (SRAAS) • Seize potential to grow ex-China Prepare to seize Alpha-1 potential • Leverage SPARTA (top line H2’26) to accelerate growth with increasing awareness and outcomes data • Advance SC 15% (2028/2029) Growing ahead of market • Continued underlying demand growth • Focused execution and effective use of inventory position to win back share in US as strategic market • Strong momentum with Subcutaneous IG Intravenous IG Subcutaneous IG Note: All figures are presented at constant currency (cc), excluding exchange rate fluctuations over the period.

FY 2025 Results - 10 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Adding Fibrinogen as Additional Protein to Bolster Plasma Economics • National approval in Germany as key market (AFD+CFD)1 • PRUFIBRY successfully launched and sales in Q4’25 in the German market and in Austria • FDA Approval in US for CFD • Established field team and start of disease state education • Initiated preparation activities for AFD trial in the U.S. • Establish and grow share in Germany as key market • Build momentum and sequentially add approvals to cascade across additional EU countries • FESILTY launch with CFD indication in Q2’26 • Continuing broader disease state education around FC2 • Embarking on AFD trial in US 2025 2026 and Beyond Compete Build Europe US 1 AFD: Acquired fibrinogen deficiency; CFD: Congenital fibrinogen deficiency. 2 FC: Fibrinogen Concentrate.

FY 2025 Results - 11 - Grifols Strategic Investments in Self-Sufficiency Uniquely Positioned to Drive Shareholder Value in Face of Rising Geopolitical Pressures 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols Public-Private Partnerships US: Unique and fully integrated end-to-end value chain at scale Canada: Building national self-sufficiency with long-term public partner Egypt: Transforming national self-sufficiency into a regional hub Grifols US Footprint Strategic early investment in fully integrated US business model from plasma collection to manufacturing and commercialization Public-private partnership with Canadian Blood Services to enable Canadian plasma ecosystem for national self sufficiency in IG Public–private partnership with the Egyptian Government to build an integrated plasma platform for Egypt and Africa and the Middle East Strengthened position in #1 global plasma market Visionary partnership in Top-4 global IgG market Exclusive foothold in key developing market

FY 2025 Results - 12 - Grifols US Footprint: End-to-end and Fully Integrated in Key Market 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex United States #1 Global Plasma Market Donor centers Biopharma manufacturing Los Angeles Clayton, North Carolina (NC) Manufacturing infrastructure Fractionation and purification facilities in 2 large manufacturing plants, in Clayton and Los Angeles, representing ~65% of global fractionation and purification capacity 300+ donor centers in the U.S., representing >70% of Grifols plasma collection capacity in the U.S. Donor center network Fully vertically integrated model Local end-to-end value chain from plasma collection through manufacturing to commercialization

FY 2025 Results - 13 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Canada: Partnering to Expand Self-Sufficiency in Top 4 Global IgG Market Top-4 Global IgG Market 1 CBS: Canadian Blood Services 15-year renewable agreement with long-term strategic partner CBS1 Canada Manufacturing infrastructure • Only large-scale domestic manufacturing facility • Albumin purification operational, adding fractionation and IgG purification by 2028 • 17 donation centers in the last 12 months Donor center network -supply Fully vertically integrated model • Enabling local end-to-end value chain from plasma collection through manufacturing to supply • Uniquely positioned for continued growth across full platform of service offerings Montreal

FY 2025 Results - 14 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Grifols Egypt: Strategic Partnership to Pioneer Self-Sufficiency in Africa and the Middle East Key developing market Granted EMA approval • Drives profitable growth via protein optimization • Converting surplus plasma into high-quality medicines for EMEA region • Boosting the Group’s profitability and long-term growth • Ensures long-term self-sufficiency • Positions Egypt as a regional hub • Strengthens Egypt’s healthcare Fully integrated regional ecosystem New Cairo Egypt

FY 2025 Results - 15 - Achieved Self-Sufficiency Built Donor Center Network Grifols Egypt: Strong Progress, Even Stronger Prospects 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex From Vision to Value: Leveraging Grifols Key Competencies, showcasing Grifols Engineering • 2025: • Plant construction phase I • Plasma Testing Lab operational • Plasma Academy established 2025: EMA certifies the whole value chain in 2025: • Validates the end-to-end quality system • Position Egypt as a globally recognized plasma hub (“Grifols Seal”) • Enables European commercialization of Egyptian plasma, reducing reliance on U.S. imports (~40% of Europe’s plasma supply) • 2026: Plasma Logistic Center • 2030: Fractionation plant operational • 2031: Purification plant operational Completion of the entire value chain by 2031 Progressing Manufacturing Infrastructure Securing Strategic Regulatory Approval • 2025: 100% self-sufficiency in key proteins (FVIII, IgG, albumin) • 2026: Expand FVIII and albumin across MEA • 2025: 16 donor centers • 2026: 20 donor centers • High-standard operating model

FY 2025 Results - 16 - Transformational Platform Shaping Egypt’s Healthcare Future 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex A Transformational Engine for Egypt A Transformational Engine for Grifols • Successful Public–Private Partnership • Diversified Supply Chain (local & global) • ESG & Institutional Value • Scale and Efficiency • Innovation & IP Leadership • Strategic Growth & Market Leadership • Value Creation & Structural Profitability • Optimized Plasma Economics • National self-sufficiency in critical plasma derived medicines • Stronger healthcare access through reliable, locally produced plasma therapies • Development of local expertise and technology: 170,000 hours of instruction under international standards • Contribution to the Egypt economy: 180,000+ €700m+ 15,000+ €55m+ Jobs2 GDP1 2025 2026-2029 cumulative 1 GDP refers both to direct, indirect and induced effects. 2Jobs created refers to both direct, indirect and induced jobs.

FY 2025 Results - 17 - Rahul Srinivasan Chief Financial Officer (CFO) FY’25 Financial Performance

FY 2025 Results - 18 - Resilient Financial Performance: Strong FCF and Group Profit Growth Performance and Continued Deleveraging (in million EUR except %) FY’25 Var vs. PY Var vs. PY NET REVENUE 7,524m 7.0% cc 9.1% cc GROSS MARGIN 2,860m 4.6% cc 10.1% cc Margin 38.0% -70bps +50pbs EBITDA ADJ. 1,825m 5.6% cc 11.9% cc Margin 24.3% -40bps +30bps PROFIT BEFORE TAX 615m 38.5% GROUP PROFIT 402m 156.1% Like for Like1 FREE CASH FLOW pre-M&A2 468m +201m LEVERAGE RATIO3 Total net LR 4.2x -0.4x Net secured LR 2.6x -0.2x LIQUIDITY 1,678m4 Reported 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Note: All figures are presented on a consolidated basis (including Biotest). When specified, figures presented at currency (cc), excluding exchange rate fluctuations over the period. See Annex for reconciliations. 1 Like For Like (LFL) excludes the impact of IRA and Fee-For-Service / GPO reclassification. 2 FCF definition and reconciliation to the Cash Flow Statement in slides 31 and 32 in the Annex. 3 Leverage ratio defined as per the Credit Agreement in slide 36 in the Annex. 4 For 2025, cash and cash equivalents of €825m + unused credit facilities €853m.

FY 2025 Results - 19 - Biopharma-Led EBITDA Growth, More Than Offsetting IRA and FX Impact, and Continued Focus on Reducing Cash Adjustments • Euro USD FX impact as anticipated in Q3’25 • EBITDA growth led by Biopharma • €108m IRA impact in line with guidance • Non-cash adjustments: as anticipated in Q3 earnings call, impairments of some R&D projects that do not affect the go-forward EBITDA and FCF story • Prioritizing a reduction in cash adjustments between EBITDA Adjusted and Reported • Lower transaction costs • Lower restructuring costs 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex EBITDA Adj. margin EBITDA Adjusted (in million EUR except for EBITDA Adj. margin and growth) 129 1,631 19 FY2024 Biopharma Diagnostic Opex Others and FX FY2025 LFL Inflation Reduction Act 1,779 1,933 24.7% 25.0% +11.9% cc +5.6% cc EBITDA reported Cash adjustments Non-cash adjustments 82 1,694 49 FY2025 1,825 24.3% 36%1 reduction in cash adj in 2025 1 Cash adjustments include transaction costs, restructuring costs and other non-recurring items as reflected in the reconciliation of slide 35 in the Annex. Bridge not at scale. 108

FY 2025 Results - 20 - 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Free Cash Flow pre-M&A: Exceeds Guidance EBITDA Adjusted to Free Cash Flow reconciliation (in million EUR) EBITDA Adjusted 1,825 1,779 +46 Inventories (97) 26 -122 Receivables (8) (34) +27 Payables 38 (6) +44 Net working capital (67) (14) -52 CAPEX (373) (508) +136 IT and R&D (158) (139) -19 Taxes (169) (176) +6 Financial expenses (521) (561) +39 Others (69) (114) +45 Free Cash Flow pre-M&A1 468 267 +201 FY’25 FY’24 Vs PY Ongoing reduction of cash adjustments to EBITDA Adjusted Working capital management Capex levels normalizing from 2024 highs, as planned Lower cash interest costs aided by debt reduction in 2025 and significantly lower RCF utilization Adjusted EBITDA is after fully absorbing €108m IRA impact in 2025 FCF pre-M&A: +€43m vs top-end of improved Q3 guidance and +€68m vs top-end of original guidance 1 FCF definition and reconciliation to the Cash Flow Statement in slides 31 and 32 in the Annex.

FY 2025 Results - 21 - Capital Structure Update Significant and Rapid Re-rating progress… …validated by tightening secondary yields • Significant yield compression of 2030 bonds reflective of supportive investor sentiment Jun-24 Current Standard & Poor’s B Stable BB- Stable Fitch B+ Stable B+ Positive Moody’s B3 Stable B1 Stable Corporate ratings Refinancing update • Strong feedback from relationship banks supporting a significant upsize of RCF with considerably greater strategic and operational flexibility and significant improvement in pricing, to be effective upon refinancing of existing TLB • Institutional TLB investor education process to follow • 2027 maturities currently expected to be refinanced in two steps: • RCF + $/€ TLB in H1 2026 • Secured bonds ($/€) in Q4 2026 or earlier 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex

FY 2025 Results - 22 - Prioritizing Higher Margins-Led Earnings Growth, Stronger Free Cash Flow, and Sustained Deleveraging Note: Graph not at scale. 2026 Priorities • 2022-2025 Volume-led EBITDA growth • 2026+ Prioritizing margin expansion-led EBITDA growth Revenues Adjusted EBITDA FCFpre M&A pre-dividends -441 -103 267 468 2022 2023 2024 2025 Leverage ratio defined as per the Credit Agreement in slide 36 in the Annex FCF expansion Continued deleveraging Harvesting full value of strategic investments from the past Maximize growth from EMA approved plasma sourced in Egypt Adjusted EBITDA Margin Prioritize margin expansion-led EBITDA growth Fully leverage Grifols’ Unique Position and the clear opportunity to redefine the industry Continued re-rating progress 7.1x 6.4x 4.6x 4.2x Leverage Ratio 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex 6,064 6,592 7,212 7,524 20.2% 22.2% 24.7% 24.3% 1,227 1,462 1,779 25.0% 1,825 Adjusted EBITDA Margin LFL 1,933 LFL (In million EUR except for EBITDA Adj. margin)

FY 2025 Results - 23 - 2026 Guidance and 2027 Milestones Adjusted EBITDA margin ≥25% and continued Adjusted EBITDA growth (5-9% at constant currency) FCF pre-M&A pre-dividends €500m-€575m Leverage Continued deleveraging path • Credit agreement leverage1 of 3.5x or lower by year-end 2027 • Cumulative FCF pre-M&A pre-dividends (2024-2027): €1.75-€2bn 2026 Guidance 2027 Milestones 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex 1 Leverage defined as per the Credit Agreement in slide 36 in the Annex.

FY 2025 Results - 24 - Final Remarks Nacho Abia Chief Executive Officer (CEO)

FY 2025 Results - 25 - Prioritizing Margins Improvement Led Earnings Growth, Free Cash Flow Enhancement and Continued Deleveraging Achieved financial guidance for 2025, critically exceeding FCF guidance, despite a complex geopolitical and macro backdrop Prioritizing margin led EBITDA growth, FCF enhancement and continued deleveraging Grifols’ unique positioning is a competitive advantage and provides a clear opportunity to redefine the industry Self-Sufficiency progress in Egypt and Canada a key differentiator and value driver Driving sales growth in the US and other key strategic markets, and thereby prioritizing margin improvement led EBITDA growth 2027 Milestones: leverage and cumulative FCF targets 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex

FY 2025 Results - 26 - ANNEX

FY 2025 Results - 27 - Revenue | Q4 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex Q4 2025 Q4 2024 In thousands of euros Reported At cc* Revenue by Business Unit 1,981,864 1,975,814 0.3% 5.2% Biopharma 1,714,004 1,687,487 1.6% 6.6% Diagnostic 160,533 166,063 (3.3%) 1.3% Bio Supplies 46,276 52,404 (11.7%) 2.2% Others 61,051 69,860 (12.6%) (15.7%) Revenue by Country 1,981,864 1,975,814 0.3% 5.2% US + CANADA 1,091,447 1,079,798 1.1% 8.1% E U 427,109 431,668 (1.1%) (1.0%) ROW 463,308 464,348 (0.2%) 4.0% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY

FY 2025 Results - 28 - Revenue | FY 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex FY 2025 FY 2024 In thousands of euros Reported At cc* Revenue by Business Unit 7,524,204 7,212,382 4.3% 7.0% Biopharma 6,487,325 6,142,588 5.6% 8.4% Diagnostic 639,576 644,898 (0.8%) 1.4% Bio Supplies 154,110 215,664 (28.5%) (19.7%) Others 243,193 209,232 16.2% 8.6% Revenue by Country 7,524,204 7,212,382 4.3% 7.0% US + CANADA 4,253,238 4,087,030 4.1% 7.4% E U 1,613,549 1,498,898 7.6% 7.7% ROW 1,657,417 1,626,455 1.9% 5.3% * Constant currency (cc) excludes exchange rate fluctuations over the period. % vs PY

FY 2025 Results - 29 - P&L | Q4 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 1,981,864 - 1,981,864 1,975,813 - 1,975,813 0.3% 0.3% Cost of Sales (1,294,508) 13,652 (1,280,856) (1,209,319) 10,118 (1,199,201) (7.0%) (6.8%) Gross Margin 687,357 13,652 701,008 766,494 10,118 776,612 (10.3%) (9.7%) % Net revenue 34.7% - 35.4% 38.8% - 39.3% - - R&D (136,755) 45,912 (90,843) (115,001) 18,572 (96,429) (18.9%) 5.8% SG&A (275,294) 12,441 (262,853) (269,479) 12,792 (256,687) (2.2%) (2.4%) Operating Expenses (412,049) 58,353 (353,696) (384,480) 31,364 (353,116) (7.2%) (0.2%) Other Income 432 - 432 - - - - - (4,336) 1 (4,335) (10,155) 5,826 (4,329) 57.3% (0.1%) OPERATING RESULT (EBIT) 271,405 72,006 343,409 371,859 47,308 419,167 (27.0%) (18.1%) % Net revenue 14% - 17.3% 18.8% - 21.2% - - Financial Result (160,229) - (160,229) (161,317) - (161,317) 0.7% 0.7% - - - - - - - - PROFIT BEFORE TAX 111,176 72,006 183,180 210,542 47,308 257,850 (47.2%) (29.0%) % Net revenue 5.6% - 9.2% 10.7% - 13.1% - - Income Tax Expense 15,061 (16,908) (1,847) (126,756) 68,925 (57,831) 111.9% 96.8% % of pre-tax income (13.5%) - 1.0% 60.2% - 22.4% - - CONSOLIDATED PROFIT 126,237 55,098 181,333 83,786 116,233 200,019 50.7% (9.3%) Results Attributable to Non-Controlling Interests (28,097) (1,529) (29,626) (14,818) (6,391) (21,209) (89.6%) (39.7%) GROUP PROFIT 98,141 53,569 151,707 68,968 109,842 178,810 42.3% (15.2%) % Net revenue 5.0% - 7.7% 3.5% - 9.0% Q4 2025 % vs PY Share of Results of Equity Accounted Investees Share of Results of Equity Accounted Investees - Core Activities Q4 2024

FY 2025 Results - 30 - P&L | FY 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex

FY 2025 Results - 31 - Cash Flow | Q4 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In million Euros Q4'25 Q4'24 Net Cash Flow From Operating Activities 1 429 514 Net Cash Flow From Investing Activities 1 (152) (179) Free Cash Flow 277 335 SRAAS transaction2 - Free Cash Flow pre-M&A 277 335 1 Statement of Cash Flow According IFRS-EU 2 As per Note (12) of the 2024 Consolidated Annual Accounts In million Euros Q4'25 Q4'24 EBITDA Adjusted 467 526 Changes in working capital 130 184 CAPEX (91) (120) R&D and IT (49) (43) Taxes (70) (81) Interests (176) (166) Others 66 35 Free Cash Flow pre-M&A 277 335 Free Cash Flow pre-M&A (FCF) = EBITDA Adjusted +/- Changes in Working Capital - CAPEX (as defined in the APM) - R&D & IT +/- Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses.

FY 2025 Results - 32 - Cash Flow | FY 2025 Free Cash Flow pre-M&A (FCF) = EBITDA Adjusted +/- Changes in Working Capital - CAPEX (as defined in slide 43 and in the APM) - R&D & IT +/- Others - Interest - Taxes. In the Consolidated Annual Accounts, this reconciles to Cash flow generation from operating and investing activities excluding impact from M&A and associated costs and expenses. 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In million Euros FY 2025 FY 2024 Net Cash Flow From Operating Activities 1 1,046 902 Net Cash Flow From Investing Activities 1 (578) 887 Free Cash Flow 468 1,789 SRAAS transaction2 - 1,523 Free Cash Flow pre-M&A 468 267 1 Statement of Cash Flow According IFRS-EU 2 As per Note (12) of the 2024 Consolidated Annual Accounts In million Euros FY 2025 FY 2024 EBITDA Adjusted 1,825 1,779 Changes in working capital (67) (14) CAPEX (373) (508) R&D and IT (158) (139) Taxes (169) (176) Interests (521) (561) Others (69) (114) Free Cash Flow pre-M&A 468 267

FY 2025 Results - 33 - Balance Sheet | 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In thousands of euros dic-25 dic-24 14,638,576 15,677,699 10,493,419 11,297,491 3,119,872 3,341,846 96,937 68,996 512,727 490,492 415,621 478,873 5,072,783 5,727,543 - - 3,295,856 3,560,098 82,256 35,979 769,285 836,015 35,436 243,156 64,464 72,515 825,486 979,780 19,711,359 21,405,241 Assets Non-Current Assets Total Assets Current Assets Inventories Current Contract Assets Other Current Financial Assets Non-Current Contract Assets Held for Sale Trade and Other Receivables Investments in Equity Accounted Investees Non-Current Financial Assets Other Non-Current Assets Other Current Assets Cash and Cash Equivalents Goodwill and Other Intangible Assets Property Plant & Equipment In thousands of euros dic-25 dic-24 7,603,863 8,607,025 119,604 119,604 910,728 910,728 4,186,269 4,054,505 Treasury Stock (130,658) (134,448) 401,890 156,920 Interim dividend (102,076) - (113,988) 776,418 2,332,094 2,723,298 10,088,843 10,642,070 9,090,666 9,490,644 998,178 1,151,426 2,018,653 2,156,146 552,453 676,087 1,466,200 1,480,059 19,711,359 21,405,241 Equity Equity and Liabilities Other Current Liabilities Total Equity and Liabilities Other Comprehensive Income Non-Controllling Interests No-Current Liabilities Non-Current Financial Liabilities Other Non-Current Liabilities Share Premium Reserves Current Year Earnings Current Liabilities Current Financial Liabilities Capital

FY 2025 Results - 34 - Like-for-Like (LFL) Reconciliation 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In millions of euros Q4'25 Q3'25 Q2'25 Q1'25 FY 25 Revenue Reported 1,982 1,865 1,891 1,786 7,524 Fee-for-Service / GPO Reclassification 29 19 33 15 96 Inflation Reduction Act (IRA) 33 16 30 28 108 Revenue Like- for- Like 2,045 1,901 1,954 1,829 7,729 In millions of euros Q4'25 Q3'25 Q2'25 Q1'25 FY 25 Operating Results (EBIT) 271 354 349 269 1,243 Depreciation & Amortization 129 103 107 112 450 Reported EBITDA 400 457 456 381 1,694 Total adjustments 67 25 19 20 131 EBITDA Adjusted 467 482 475 400 1,825 Inflation Reduction Act (IRA) 33 16 30 28 108 EBITDA Adjusted Like- for- Like 501 498 505 428 1,933 In millions of euros FY 25 FY 24 % Var Revenue Like-for-Like 7,729 7,266 6.4% Variation due to exchange rates (201) Revenue Like-for-Like at cc 7,930 7,266 9.1% In millions of euros FY 25 FY 24 % Var Gross Margin Like for Like 3,064 2,848 7.6% Variation due to exchange rates (71) Gross Margin Like for Like at cc 3,135 2,848 10.1% In millions of euros FY 25 FY 24 % Var EBITDA Adjusted Like-for-Like 1,933 1,779 8.7% Variation due to exchange rates (58) EBITDA Adjusted Like-for-Like at cc 1,991 1,779 11.9%

FY 2025 Results - 35 - EBIT to EBITDA and EBITDA Adjusted 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex

FY 2025 Results - 36 - Leverage Ratio as per Credit Agreement 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In millions of euros. Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Non-Current Financial Liabilities 9,091 9,093 9,118 9,390 9,491 Non-recurrent Lease Liabilities (IFRS16) (969) (966) (978) (1,026) (1,025) Current Financial Liabilities 552 595 522 657 676 Recurrent Lease Liabilities (IFRS16) (113) (111) (112) (119) (117) Cash and Cash Equivalents (802) (621) (559) (753) (980) Net Financial Debt as per Credit Agreement 7,759 7,990 7,991 8,149 8,045 In millions of euros except ratio FY 25 LTM Q3'25 LTM Q2'25 LTM Q1'25 FY 24 OPERATING RESULT (EBIT) 1,243 1,344 1,307 1,257 1,192 Depreciation & Amortization (450) (432) (437) (445) (439) Reported EBITDA 1,693 1,776 1,744 1,702 1,631 IFRS 16 (120) (117) (118) (117) (113) Restructuring costs, impairments and others 78 50 67 68 65 Transaction costs 29 28 28 41 49 Cost savings, operating improvements and synergies estimated on a "run rate" for the next 12 months 168 174 173 165 159 Share of profits assoc core activity 4 4 9 (39) (38) Total adjustments 159 139 159 118 122 Adjusted EBITDA as per Credit Agreement 1,852 1,915 1,903 1,820 1,753 Leverage Ratio as per Credit Agreeement 4.2x 4.2x 4.2x 4.5x 4.6x

FY 2025 Results - 37 - Leverage Ratio as per Reported EBITDA and Net Debt as per Balance Sheet 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In millions of euros except the ratio Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Non-Current Financial Liabilities 9,091 9,093 9,118 9,390 9,491 Current Financial Liabilities 552 595 522 657 676 Cash and Cash Equivalents (825) (621) (559) (753) (980) Net Financial Debt 8,818 9,067 9,081 9,294 9,187 FY 25 LTM Q3'25 LTM Q2'25 LTM Q1'25 FY 24 OPERATING RESULT (EBIT) 1,243 1,344 1,307 1,257 1,192 Depreciation & Amortization (450) (432) (437) (445) (439) Reported EBITDA 1,693 1,776 1,744 1,702 1,631 Leverage Ratio Reported 5.2x 5.1x 5.2x 5.5x 5.6x

FY 2025 Results - 38 - Net Secured Financial Debt Ratio as per Credit Agreement 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In millions of euros except ratio. FY 25 FY 24 Amount of revolver drawn - - EIB debt principal outstanding 53 85 Senior Debt Tranche B 2,198 2,373 Senior Secured Notes principal outstanding 3,340 3,340 Total Secured Debt 5,591 5,798 Cash and Cash Equivalents (802) (980) Net Secured Debt 4,789 4,818 Adjusted EBITDA as per Credit Agreement 1,852 1,753 Net secured leverage ratio as per Credit Agreement 2.6x 2.7x

FY 2025 Results - 39 - NCI Contribution Note: Last Twelve Months figures (LTM). 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In thousand of euros GDS Biotest BPC Haema Profit after tax from continuing operations 138,669 (72,282) 40,344 11,191 Income tax expense (30,282) 88,200 (11,322) (7,022) Financial result 76,328 (41,956) (2,605) 4,775 Amortisation and depreciation (46,891) (54,049) (7,127) (8,420) EBITDA 139,514 (64,477) 61,397 21,859 Impact IFRS16- Finance Leases (2,491) (9,774) (5,701) (4,800) Restructuring costs 2,013 2,500 148 138 Impairments - 3,850 - - EBITDA under Credit Agreement 139,037 (67,900) 55,845 17,197 % of non-controlling interest 45.0% 19.6% 100.0% 100.0% EBITDA reported attibutable to Non Controlling Interests (NCI) 62,781 (12,637) 61,397 21,859 EBITDA as per Credit Agreement Attributable to NCI 62,566 (13,308) 55,845 17,197 Cash and cash equivalents (631) (98,784) (17,750) (15,761) Financial (assets) or liabilities with Grifols (1,062,176) 706,853 - - Leasing liabilities 11,008 61,383 50,186 21,541 Loans and other financial liabilities 1,615 65,895 16 - Total Balance Sheet Net Financial Debt (1,050,184) 735,346 32,452 5,780 % of non-controlling interest 45.0% 19.6% 100.0% 100.0% Impact IFRS16- Finance Leases (11,008) (61,383) (50,186) (21,541) Total Net Financial Debt as per Credit Agreement (1,061,192) 673,963 (17,733) (15,761) Total Net Financial Debt according to Credit Agreement attributable to non controlling interests (NCI) (477,536) 132,094 (17,733) (15,761) FY 2025

FY 2025 Results - 40 - Net Revenue Reconciliation at cc | Q4 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In thousands of euros Q4 2025 Q4 2024 % Var Reported Net Revenues 1.981.864 1.975.814 0,3% Variation due to Exchange Rate Effects 96.219 Net Revenues at Constant Currency 2.078.083 1.975.814 5,2% In thousands of euros Q4 2025 Q4 2024 % Var Reported Biopharma Net Revenues 1.714.004 1.687.487 1,6% Variation due to Exchange Rate Effects 84.062 Reported Biopharma Net Revenues at Constant Currency 1.798.066 1.687.487 6,6% In thousands of euros Q4 2025 Q4 2024 % Var Reported Diagnostic Net Revenues 160.533 166.063 (3,3%) Variation due to Exchange Rate Effects 7.724 Reported Diagnostic Net Revenues at Constant Currency 168.257 166.063 1,3% In thousands of euros Q4 2025 Q4 2024 % Var Reported Bio Supplies Net Revenues 46.276 52.404 (11,7%) Variation due to Exchange Rate Effects 3.148 Reported Bio Supplies Net Revenues at Constant Currency 49.424 52.404 (5,7%) In thousands of euros Q4 2025 Q4 2024 % Var Reported Others & Intersegments Net Revenues 61.051 69.860 (12,6%) Variation due to Exchange Rate Effects 1.285 Reported Other & Intersegments Net Revenues at Constant Currency 62.336 69.860 (10,8%) In thousands of euros Q4 2025 Q4 2024 % Var Reported U.S. + Canada Net Revenues 1.091.447 1.079.798 1,1% Variation due to Exchange Rate Effects 76.017 Reported U.S. + Canada Net Revenues at Constant Currency 1.167.464 1.079.798 8,1% In thousands of euros Q4 2025 Q4 2024 % Var Reported EU Net Revenues 427.109 431.668 (1,1%) Variation due to Exchange Rate Effects 380 Reported EU Net Revenues at Constant Currency 427.489 431.668 (1,0%) In thousands of euros Q4 2025 Q4 2024 % Var Reported ROW Net Revenues 463.308 464.348 (0,2%) Variation due to Exchange Rate Effects 19.822 Reported ROW Net Revenues at Constant Currency 483.130 464.348 4,0%

FY 2025 Results - 41 - Net Revenue Reconciliation at cc | FY 2025 2025 Year-End Review Business Review Financials Final Remarks Annex In thousands of euros 2025 2024 % Var Reported Net Revenues 7,524,204 7,212,382 4.3% Variation due to Exchange Rate Effects 193,518 Net Revenues at Constant Currency 7,717,722 7,212,382 7.0% In thousands of euros 2025 2024 % Var Reported Biopharma Net Revenues 6,487,325 6,142,588 5.6% Variation due to Exchange Rate Effects 170,974 Reported Biopharma Net Revenues at Constant Currency 6,658,299 6,142,588 8.4% In thousands of euros 2025 2024 % Var Reported Diagnostic Net Revenues 639,576 644,898 (0.8%) Variation due to Exchange Rate Effects 14,450 Reported Diagnostic Net Revenues at Constant Currency 654,026 644,898 1.4% In thousands of euros 2025 2024 % Var Reported Bio Supplies Net Revenues 154,110 215,664 (28.5%) Variation due to Exchange Rate Effects 5,379 Reported Bio Supplies Net Revenues at Constant Currency 159,489 215,664 (26.0%) In thousands of euros 2025 2024 % Var Reported Others & Intersegments Net Revenues 243,193 209,232 16.2% Variation due to Exchange Rate Effects 2,715 Reported Other & Intersegments Net Revenues at Constant Currency 245,908 209,232 17.5% In thousands of euros 2025 2024 % Var Reported U.S. + Canada Net Revenues 4,253,238 4,087,030 4.1% Variation due to Exchange Rate Effects 136,757 Reported U.S. + Canada Net Revenues at Constant Currency 4,389,995 4,087,030 7.4% In thousands of euros 2025 2024 % Var Reported EU Net Revenues 1,613,549 1,498,898 7.6% Variation due to Exchange Rate Effects 816 Reported EU Net Revenues at Constant Currency 1,614,365 1,498,898 7.7% In thousands of euros 2025 2024 % Var Reported ROW Net Revenues 1,657,417 1,626,455 1.9% Variation due to Exchange Rate Effects 55,945 Reported ROW Net Revenues at Constant Currency 1,713,362 1,626,455 5.3%

FY 2025 Results - 42 - EBITDA Adjusted Reconciliation at cc | FY and Q4 2025 EBITDA Adjusted FY25: In thousands of euros FY2025 FY2024 % Var EBITDA Adjusted 1,825,102 1,779,232 2.6% Variation due to Exchange Rate Effects 54,360 EBITDA Adjusted at Constant Currency 1,879,462 1,779,232 5.6% EBITDA Adjusted Like- for- Like FY25: In thousands of euros FY2025 FY2024 % Var EBITDA Adjusted Like for Like 1,933,221 1,779,232 8.7% Variation due to Exchange Rate Effects 57,956 EBITDA Adjusted Like for Like at Constant Currency 1,991,177 1,779,232 11.9% 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex EBITDA Adjusted Q4'25: In thousands of euros Q4 2025 Q4 2024 % Var EBITDA Adjusted 467,491 525,944 (11.1%) Variation due to Exchange Rate Effects 17,756 EBITDA Adjusted at Constant Currency 485,247 525,944 (7.7%) EBITDA Adjusted Like- for- Like Q4'25: In thousands of euros Q4 2025 Q4 2024 % Var EBITDA Adjusted Like for Like 500,865 525,944 (4.8%) Variation due to Exchange Rate Effects 20,222 EBITDA Adjusted Like for Like at Constant Currency 521,087 525,944 (0.9%)

FY 2025 Results - 43 - CAPEX Reconciliation 2024 and 2025 2025 Performance Summary Biopharma: Delivering Results FY’25 Financial Performance Final Remarks Annex In million euros FY2025 FY2024 % Var Property, Plant & Equipment additions ("CAPEX reported in Consolidated Statements of Cash Flows") 265 233 13,7% Interest capitalized 21 26 Total PP&E additions 286 259 10,4% Interest capitalized (21) (26) Group companies associates and business units 108 275 CAPEX reported in the Earnings Report 373 508 (26,6%)

FY 2025 Results - 44 - Investor Relations & Sustainability +34 93 571 02 21 investors@grifols.com sustainability@grifols.com inversores@grifols.com sostenibilidad@grifols.com

The “Unallocated Expenses” caption mainly comprises the following items: Corporate services: include, among others, the costs associated with general management, the finance area, and the Human Resources and Information Technology departments related to corporate support functions. Group financial result: arising from the centralized management of financing. Taxes: since there are two consolidated tax groups — Spain and the United States — in which most of the companies belonging to the Grifols Group are included, the tax burden is presented on a centralized basis. Consolidated financial statements notes appendix

DECLARACIÓN DE RESPONSABILIDAD INFORME FINANCIERO ANUAL CONSOLIDADO De conformidad con lo dispuesto en el artículo 8.1.b del Real Decreto 1362/2007, de 19 de octubre, los consejeros de Grifols, S.A. (la "Sociedad") DECLARATION OF RESPONSIBILITY CONSOLIDATED ANNUAL FINANCIAL REPORT Pursuant to the provisions of article 8.1.b of Royal Decree 1362/2007, of 19 October, the directors of Grifols, S.A. (the "Company") DECLARAN DECLARE Bajo su responsabilidad que, hasta donde alcanza su conocimiento, las cuentas anuales del ejercicio cerrado a 31 de diciembre de 2025, elaboradas con arreglo a los principios de contabilidad aplicables, ofrecen la imagen fiel del patrimonio, de la situación financiera y de los resultados de la Sociedad y de las empresas comprendidas en la consolidación tomados en su conjunto, y que el informe de gestión incluye un análisis fiel de la evolución y los resultados empresariales y de la posición de la Sociedad y de las empresas comprendidas en la consolidación tomadas en su conjunto, junto con la descripción de los principales riesgos e incertidumbres a que se enfrentan. On their own responsibility that, to the best of their knowledge, the annual accounts for the fiscal year ended on 31 December 2025, prepared in accordance with applicable accounting standards, give a fair view of the net worth, financial situation and results of the Company and of the companies included in its consolidation scope, considered as a whole, and that the director's report contains an accurate analysis of the evolution, business results and position of the Company and of the companies included in its consolidate scope, taken as a whole, together with a description of the main risks and uncertainties which they face. En Sant Cugat del Vallès, a 25 de febrero 2026 In Sant Cugat del Vallès, on 25 February 2026 Anne - Catherine Berner Chairperson José Ignacio Abia Buenache Chief Executive Officer Raimon Grifols Roura Board Member Víctor Grifols Deu Board Member Albert Grifols Coma - Cros Board Member Tomás Dagá Gelabert Board Member Íñigo Sánchez - Asiaín Mardones Board Member Susana González Rodríguez Board Member Enriqueta Felip Font Board Member Pascal Ravery Board Member Montserrat Muñoz Abellana Board Member Paul S. Herendeen Board Member Laura de la Cruz Galán Secretary non - member Consolidated financial statements notes appendix

Consolidated Annual Accounts 3 Consolidated Balance Sheets 3 Consolidated Statements of Profit and Loss 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Cash Flows 7 Consolidated Statement of Changes in Equity 8 Notes 12 Notes from 1 to 34 12 Appendix 139 Appendix I 139 Appendix II 155 Consolidated financial statements notes appendix GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Annual Accounts 31 December 202 5 and 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 2 Summary 1 2 3

Consolidated Annual Accounts Consolidated Balance Sheets Assets Reference 31/12/2025 31/12/2024 Goodwill Note 6 6,833 7,403 Other intangible assets Note 7 2,728 2,926 Rights of use Note 8 932 968 Property, plant and equipment Note 9 3,120 3,342 Investment in equity - accounted investees Note 10 97 69 Non - current financial assets measured at fair value 339 423 Non - current financial assets at amortized cost 173 67 Total non - current financial assets Note 11 512 490 Other non - current assets Note 10 — 137 Deferred tax assets Note 28 416 342 Total non - current assets 14,638 15,677 Inventories Note 12 3,296 3,560 Current contract assets Note 13 83 36 Trade and other receivables Trade receivables 651 705 Other receivables 101 78 Current income tax assets 17 53 Trade and other receivables Note 13 769 836 Other current financial assets Current financial assets measured at fair value — 6 Current financial assets at amortized cost 36 238 Total current financial assets Note 11 36 244 Other current assets 65 72 Cash and cash equivalents Note 14 825 980 Total current assets 5,074 5,728 Total assets 19,712 21,405 The accompanying notes form an integral part of the consolidated annual accounts. Consolidated financial statements notes appendix GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Balance Sheet at 31 December 202 5 and 2024 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 3

Equity and liabilities Reference 31/12/2025 31/12/2024 Share capital 120 120 Share premium 911 911 Reserves 4,185 4,054 Interim dividend (102) — Treasury stock (131) (135) Profit for the year attributable to the Parent 402 157 Total shareholder's equity 5,385 5,107 Cash Flow hedges (1) — Other comprehensive Income (5) (9) Other comprehensive income from financial instruments valuation Note 11 (98) (18) Translation differences (10) 803 Total Other comprehensive expenses (114) 776 Equity attributable to the Parent Note 15 5,271 5,883 Non - controlling interests Note 17 2,332 2,723 Total equity 7,603 8,606 Liabilities Grants 16 14 Provisions Note 18 119 125 Non - current financial liabilities Nota 19 9,091 9,491 Other non - current liabilities 3 1 Deferred tax liabilities Nota 28 861 1,012 Total non - current liabilities 10,090 10,643 Provisions Note 18 35 39 Current other financial liabilities Note 19 552 676 Trade and other payables Suppliers 841 852 Other payables 252 210 Current income tax liabilities 25 61 Total trade and other payables Note 20 1,118 1,123 Other current liabilities Note 21 314 318 Total current liabilities 2,019 2,156 Total liabilities 12,109 12,799 Total equity and liabilities 19,712 21,405 The accompanying notes form an integral part of the consolidated annual accounts. Consolidated financial statements notes appendix GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Balance Sheet at 31 December 202 5 and 2024 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 4

Consolidated Statements of Profit and Loss Reference 2025 2024 2023 (*) Continuing Operations Net revenue Note 5 and 22 7,524 7,212 6,592 Cost of sales (4,665) (4,418) (4,109) Gross Margin 2,859 2,794 2,483 Research and development (426) (384) (395) Selling, general and administration expenses (1,183) (1,255) (1,373) Operating Expenses (1,609) (1,639) (1,768) Other income 1 — 3 Profit of equity accounted investees with similar activity to that of the Group Note 10 (8) 37 64 Operating Result 1,243 1,192 782 Finance income 34 44 62 Finance costs (625) (714) (597) Dividends 2 2 — Financial cost of sale of trade receivables Note 13 (14) (31) (25) Change in fair value of financial instruments 33 20 1 Impairment of financial assets (3) (9) — Exchange differences (55) (60) (16) Finance result Note 25 (628) (748) (575) Profit/(loss) of other equity accounted investees Note 10 — — (1) Profit before income tax 615 444 206 Income tax expense Note 28 (115) (231) (43) Consolidated net profit 500 213 163 Consolidated net profit attributable to: 500 213 163 Profit attributable to the Parent 402 157 42 Profit attributable to non - controlling interest Note 17 98 56 121 Basic earnings per share (Euros) Note 16 0.59 0.23 0.06 Diluted earnings per share (Euros) Note 16 0.59 0.23 0.06 (*) Restated figures (note 2.d) The accompanying notes form an integral part of the consolidated annual accounts. Consolidated financial statements notes appendix GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Statements of Profit and Loss for the years 2025 , 202 4 and 2023 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 5

Consolidated Statements of Comprehensive Income Reference 2025 2024 2023 (*) Consolidated net profit 500 213 163 Translation differences (1,052) 515 (304) Equity accounted investees / Translation differences Note 10 (3) (19) (62) Other comprehensive income from non - current assets held for sale — (2) 2 Cash flow hedges - effective portion of changes in fair value (1) 2 (22) Cash flow hedges - amounts taken to profit or loss — (3) 23 Total other comprehensive (loss) income recognized for the year that may be reclassified subsequently to profit or loss (1,056) 493 (363) Gains (losses) from defined benefit plans 5 3 (3) Gains (losses) from financial assets measured at fair value through comprehensive income (80) (18) — Tax effect (1) (3) 2 Total other comprehensive income (loss) recognized for the year that will not be reclassified subsequently to profit or loss (76) (18) (1) Total Other comprehensive income (loss) for the year (1,132) 475 (364) Total comprehensive income (loss) for the year (632) 688 (201) Total comprehensive income attributable to the Parent (488) 526 (278) Total comprehensive income attributable to non - controlling interests (144) 162 77 (*) Restated figures (Note 2.d) The accompanying notes form an integral part of the consolidated annual accounts. Consolidated financial statements notes appendix GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income for the years 2025 , 202 4 and 2023 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 6

Consolidated Statements of Cash Flows Cash flows from operating activities Profit before income tax 615 444 206 Adjustments for: 1,148 1,182 1,034 Amortization and depreciation Note 24 450 438 446 Other adjustments: 698 744 588 (Profit) / losses on equity accounted investments Note 10 8 (37) (63) Impairment of assets and net provision charges 49 73 101 (Profit) / losses on disposal of fixed assets 2 1 7 Government grants taken to income (7) (15) (10) Finance cost / (income) 628 681 556 Other adjustments 18 41 (3) Change in operating assets and liabilities (31) 23 (363) Change in inventories (97) 26 (411) Change in trade and other receivables (32) (42) (69) Change in current financial assets and other current assets 4 10 13 Change in current trade and other payables 94 29 104 Other cash flows used in operating activities (685) (747) (660) Interest paid Note 19(e) (532) (571) (529) Interest received 10 11 14 Income tax paid (169) (176) (159) Other paid 6 (11) 14 Net cash from/(used in) operating activities 1,047 902 217 Cash flows from investing activities Payments for investments (588) (702) (432) Group companies, associates and business units Note 3 and 10 (108) (286) (29) Property, plant and equipment and intangible assets (423) (372) (310) Property, plant and equipment Note 7 (265) (233) (224) Intangible assets Note 9 (158) (139) (86) Other financial assets Note 11 and 31 (57) (44) (93) Proceeds from the sale of investments 9 1,588 38 Non - current assets held for sale — 1,564 — Property, plant and equipment 4 24 23 Other financial assets 5 — 15 Net cash (used in) investing activities (579) 886 (394) Cash flows from financing activities Proceeds from and payments for financial liability instruments (309) (1,352) 171 Issue 1,360 4,007 1,638 Redemption and repayment (1,550) (5,248) (1,351) Lease payments Note 8 and 19(e) (119) (111) (116) Dividends (128) (1) — Dividends paid Note 15 and 17 (128) (1) — Other cash flows used in financing activities (92) (6) 1 Financing costs included in the amortized cost of the debt — (58) — Acquisition of non - controlling interests Note 17 (129) — — Other amounts from / (used in) financing activities 37 52 1 Net cash from/(used in) financing activities (529) (1,359) 172 Effect of exchange rate fluctuations on cash (94) 22 (15) Net increase / (decrease) in cash and cash equivalents (155) 451 (20) Cash and cash equivalents at beginning of the year 980 529 549 Cash, restricted cash and cash equivalents at year end Note 14 825 980 529 (*) Restated figures (note 2.d) Reference 2025 2024 2023 (*) The accompanying notes form an integral part of the consolidated annual accounts. Consolidated financial statements notes appendix GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Statements of Cash Flow 31 December 202 5 , 202 4 and 2023 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 7

Consolidated Statement of Changes in Equity Balance at 31 December 2022 120 911 3,868 208 — (162) 735 (8) — — — 5,672 2,328 8,000 Adjustment due to restatement (Note 2.d) — — — (23) — — — — — — — (23) — (23) Balance at 31 December 2022 (*) 120 911 3,868 185 — (162) 735 (8) — — — 5,649 2,328 7,977 Translation differences — — — — — — (322) — — — — (322) (44) (366) Cash flow hedges Note 30 — — — — — — — — — — 1 1 — 1 Other comprehensive income — — — — — — — (1) — — — (1) — (1) Other comprehensive income from non - current assets held for sale — — — — — — — — 2 — — 2 — 2 Other comprehensive income / (expense) for the year — — — — — — (322) (1) 2 — 1 (320) (44) (364) Profit/(loss) for the year — — — 59 — — — — — — — 59 121 180 Total comprehensive income / (expense) for the year — — — 59 — — (322) (1) 2 — 1 (261) 77 (184) Net change in treasury stock Note 15(d) — — — — — 9 — — — — — 9 — 9 Acquisition / Divestment of non - controlling interests Note 15(c) and 17 — — (1) — — — — — — — — (1) — (1) Other changes — — (11) — — — — — — — — (11) (260) (271) Distribution of 2022 profit: Reserves — — 185 (185) — — — — — — — — — — Operations with shareholders or owners — — 173 (185) — 9 — — — — — (3) (260) (263) Balance at 31 December 2023 120 911 4,041 59 — (153) 413 (9) 2 — 1 5,385 2,145 7,530 Adjustment due to restatement (Note 2.d) — — — (17) — — — — — — — (17) — (17) Balance at 31 December 2023 (*) 120 911 4,041 42 — (153) 413 (9) 2 — 1 5,368 2,145 7,513 Attributable to shareholders of the Parent Company Accumulated other comprehensive income Reference Share Capital Share Premium Reserves Profit attributabl e to Parent Interim dividend Treasury Stock Translation differences Other comprehen sive income Other comprehen sive income from non - current assets held for sale Other comprehen sive income from financial instruments valuation Cash flow hedges Equity to attributable to Parent Non - controlling interests Equity GRIFOLS, S.A. AND SUBSIDIARIES Statement of Changes in Consolidated Equity for the years ended 31 December 202 5 , 202 4 and 2023 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 8

Balance at 31 December 2023 (*) 120 911 4,041 42 — (153) 413 (9) 2 — 1 5,368 2,145 7,513 Translation differences — — — — — — 390 — — — — 390 106 496 Cash flow hedges Note 30 — — — — — — — — — — (1) (1) — (1) Other comprehensive income — — — — — — — — — — — — — — Other comprehensive income from non - current assets held for sale — — — — — — — — (2) — — (2) — (2) Other comprehensive income from financial instruments valuation — — — — — — — — — (18) — (18) — (18) Other comprehensive income / (expense) for the year — — — — — — 390 — (2) (18) (1) 369 106 475 Profit/(loss) for the year — — — 157 — — — — — — — 157 56 213 Total comprehensive income / (expense) for the year — — — 157 — — 390 — (2) (18) (1) 526 162 688 Net change in treasury stock Note 15(d) — — — — — 18 — — — — — 18 — 18 Acquisition / Divestment of non - controlling interests Note 15(c) and 17 — — (10) — — — — — — — — (10) (26) (36) Other changes — — (19) — — — — — — — — (19) 508 489 Distribution of 2023 profit: Reserves — — 42 (42) — — — — — — — — — — Dividends — — — — — — — — — — — — (66) (66) Interim dividend — — — — — — — — — — — — — — Operations with shareholders or owners — — 13 (42) — 18 — — — — — (11) 416 405 Balance at 31 December 2024 120 911 4,054 157 — (135) 803 (9) — (18) — 5,883 2,723 8,606 Adjustment due to restatement (Note 2.d) Balance at 31 December 2024 (*) 120 911 4,054 157 — (135) 803 (9) — (18) — 5,883 2,723 8,606 Attributable to shareholders of the Parent Company Accumulated other comprehensive income Reference Share Capital Share Premium Reserves Profit attributabl e to Parent Interim dividend Treasury Stock Translation differences Other comprehen sive income Other comprehen sive income from non - current assets held for sale Other comprehen sive income from financial instruments valuation Cash flow hedges Equity to attributable to Parent Non - controlling interests Equity GRIFOLS, S.A. AND SUBSIDIARIES Statement of Changes in Consolidated Equity for the years ended 31 December 202 5 , 202 4 and 2023 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 9

Balance at 31 December 2024 (*) 120 911 4,054 157 — (135) 803 (9) — (18) — 5,883 2,723 8,606 Translation differences — — — — — — (813) — — — — (813) (242) (1,055) Cash flow hedges Note 30 — — — — — — — — — — (1) (1) — (1) Other comprehensive income — — — — — — — 4 — — — 4 — 4 Other comprehensive income from non - current assets held for sale — — — — — — — — — — — — — — Other comprehensive income from financial instruments valuation — — — — — — — — — (80) — (80) — (80) Other comprehensive income / (expense) for the year — — — — — — (813) 4 — (80) (1) (890) (242) (1,132) Profit/(loss) for the year — — — 402 — — — — — — — 402 98 500 Total comprehensive income / (expense) for the year — — — 402 — — (813) 4 — (80) (1) (488) (144) (632) Net change in treasury stock Note 15(d) — — — — — 4 — — — — — 4 — 4 Acquisition / Divestment of non - controlling interests Note 15(c) and 17 — — (28) — — — — — — — — (28) (110) (138) Other changes — — 2 — — — — — — — — 2 4 6 Distribution of 2024 profit: Reserves — — 157 (157) — — — — — — — — — — Dividends — — — — — — — — — — — — (141) (141) Interim dividend — — — — (102) — — — — — — (102) — (102) Operations with shareholders or owners — — 131 (157) (102) 4 — — — — — (124) (247) (371) Balance at 31 December 2025 120 911 4,185 402 (102) (131) (10) (5) — (98) (1) 5,271 2,332 7,603 (*) Restated figures (Note 2.d) Attributable to shareholders of the Parent Company Accumulated other comprehensive income Reference Share Capital Share Premium Reserves Profit attributabl e to Parent Interim dividend Treasury Stock Translation differences Other comprehen sive income Other comprehen sive income from non - current assets held for sale Other comprehen sive income from financial instruments valuation Cash flow hedges Equity to attributable to Parent Non - controlling interests Equity The accompanying notes form an integral part of the consolidated annual accounts. GRIFOLS, S.A. AND SUBSIDIARIES Statement of Changes in Consolidated Equity for the years ended 31 December 202 5 , 202 4 and 2023 (Expressed in millions of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish - language version prevails) 10

Consolidated financial statements notes 11 portadilla

SEC Form 6-K filed by Grifols S.A.