Grifols - comment

Yesterday’s results are further confirmation that Grifols are exiting the distressed space, with 10% revenue growth, 25% EBITDA margins and improving FCF metrics.  The bonds are currently rated at B- but with yields inside 6%, and leverage ratio falling to 4.6x, the ratings agencies will soon catch up.  Grifols is holding a capital markets Day today (Thursday, 27th February), so didn’t provide any guidance for FY25. 

Additionally, Grifols has appointed a former Finnish government Minister as Chairperson of Grifols.  Anne-Catherine Berner, who joined the board in May 2024, will be appointed as non-executive chairwoman at the next AGM.