Grifols S A : First Quarter 2023 Results earnings release – Presentation

On the Rebound: Delivering on Our Commitments

Q1 2023 Results

May 9, 2023

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 Spanish Securities Market Law (Royal Legislative Decree 4/2015, of 23 October, as amended and restated from time to time), Royal Decree 1310/2005, of November 4, 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.

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.

NON-GAAP Financial Measures

This presentation refers to certain non-GAAP financial measures. The presentation of these financial measures is not intended to be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in our Grifols Financial Statements.

Q1 2023 Results		- 2 -

Table of Contents

1. Key Priorities

1. Performance by Business Unit
2. Group Financial Performance
3. Final Remarks
4. Annex

Q1 2023 Results		- 3 -

Key Priorities

Grifols on the Rebound: Meeting and Exceeding Commitments

Key priorities

Actions implemented

Governance

Performance

culture

• Formalized roles and responsibilities within the Senior Executive Leadership Team (SELT)
• Implemented new organization model and strengthened leadership
• New short-term and long-term incentive plans; aligned with shareholders

Enhancing

Transparency and

Communications

• Meeting and exceeding on our commitments; solid start to the year
• Total revenue growth of 18.4%cc (23.2% reported)

Operational

financial

performance

• Adj. EBITDA margin of 21.0% above guidance for 1H'23 (19-20%)
• Deployed 80%+1 of EUR 400m+ cash cost savings plan. Updated target to EUR 450m+
• Cost per liter down by >15% since July'22
• On track to deliver leverage ratio down to 4x by end of 2024

Remaining

consistent to Core

		Commercial	• Positioning for sustainable growth
	portfolio/innovation	• Capitalizing on commercial opportunities driven by SCIG and Alpha-1
		Biotest	• Accelerating innovation pipeline and Biotest integration
1	As of April'23
- 4 -
		Q1 2023 Results

Values and

Sustainability

Key Priorities

Streamlined C-Suite Level to Maximize Delivery

Board of	Lead Independent Director		Board of Directors
Directors

• 11 board members
• Majority of independent directors
• All committees led and appointed by independent board members
• Diverse competencies and experience

Roles and

responsibilities

New

organization

Executive Chairman and CEO

Thomas Glanzmann

Chief Corporate Officer (CCO)	Chief Operating Officer (COO)	Chief Financial Officer (CFO)
Raimon Grifols Roura	Victor Grifols Deu	Alfredo Arroyo

Formalized roles

• Thomas Glanzmann appointed as CEO
• Raimon Grifols Roura appointed as CCO
• Victor Grifols Deu appointed as COO

Senior Executive Leadership Team (SELT)

•	Chairperson: Executive Chairman
•	Responsible for capital allocation, strategy,
	communication, Human Resources
	policies, overall performance and oversight
	of critical projects and priorities

Performance	Operating Team	Corporate Finance Team
culture
Q1 2023 Results		- 5 -

• Ensure opportunities and challenges are

addressed effectively