EX-2 3 tm2314994d2_ex2.htm EXHIBIT 2
Exhibit 2

| Q1 2023 Results May 9, 2023 On the Rebound: Delivering on Our Commitments

| Q1 2023 Results - 2 - 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. Legal Disclaimer

| Q1 2023 Results - 3 - 1. Key Priorities 2. Performance by Business Unit 3. Group Financial Performance 4. Final Remarks 5. Annex Table of Contents

| Q1 2023 Results - 4 - Grifols on the Rebound: Meeting and Exceeding Commitments Key Priorities Operational financial performance Commercial portfolio/innovation Biotest Key priorities Performance culture Governance • Positioning for sustainable growth • Capitalizing on commercial opportunities driven by SCIG and Alpha-1 • Accelerating innovation pipeline and Biotest integration • 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 Actions implemented • Meeting and exceeding on our commitments; solid start to the year • Total revenue growth of 18.4%cc (23.2% reported) • 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 Enhancing Transparency and Communications Remaining consistent to Core Values and Sustainability 1 As of April’23

| Q1 2023 Results - 5 - Board of Directors Roles and responsibilities New organization Performance culture Streamlined C-Suite Level to Maximize Delivery Key Priorities • 11 board members • Majority of independent directors • All committees led and appointed by independent board members • Diverse competencies and experience Lead Independent Director Board of Directors 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 • Ensure opportunities and challenges are addressed effectively Operating Team Chief Operating Officer (COO) Victor Grifols Deu Executive Chairman and CEO Thomas Glanzmann Corporate Finance Team Chief Financial Officer (CFO) Alfredo Arroyo Chief Corporate Officer (CCO) Raimon Grifols Roura

| Q1 2023 Results - 6 - Board of Directors Roles and responsibilities New organization Performance culture Enhanced Organizational Model Set for Sustainable Growth Key Priorities Executive Chairman and CEO Thomas Glanzmann Chief Operating Officer (COO) Victor Grifols Deu Chief Financial Officer (CFO) Alfredo Arroyo Chief Corporate Officer (CCO) Raimon Grifols Roura • First equity-based long-term incentive plan and new short-term incentive plan to increase accountability, attract and develop talent, while boosting performance • Enhanced alignment with shareholders’ interests Full-fledged Business Units • Enhanced effectiveness and improved operational efficiencies • Increased accountability • Less operational complexity • Greater speed and agility through organization-wide services New and experienced leadership Plasma Procurement Bio Supplies & Others Biopharma Diagnostic

| Q1 2023 Results - 7 - 1. Key Priorities 2. Performance by Business Unit 3. Group Financial Performance 4. Final Remarks 5. Annex Table of Contents

| Q1 2023 Results - 8 - Performance by Business Unit Biopharma and Biotest Drive Double-Digit Revenue Growth 98 117 1,267 Q1 2022 Biopharma 2 Diagnostic 16 Bio Supplies 0 Others & Intersegments 1,383 Q1 2023 excl. Biotest (cc) 61 FX 1,444 Q1 2023 excl. Biotest 1,561 Q1 2023 incl. Biotest +23.2% (+18.4% at cc) +14.0% +9.1% cc Grifols excl. Biotest Biotest Grifols incl. Biotest Revenues 1,444 117 1,561 % growth +14.0% - +23.2% % growth at cc +9.1% - +18.4% Biopharma 1,174 117 1,291 % growth +14.8% - +26.2% % growth at cc +9.6% - +21.1% Diagnostic 176 - 176 % growth +4.0% - +4.0% % growth at cc +0.9% - +0.9% Bio Supplies 42 - 42 % growth +78.0% - +78.0% % growth at cc +69.4% - +69.4% Others & Intersegments 52 - 52 % growth -23.5% - -23.5% % growth at cc -25.2% - -25.2% Q1 2023 -25.2% (EUR in millions) +9.6% +0.9% +69.4%

| Q1 2023 Results - 9 - Alpha-1 & Specialty proteins Performance by Business Unit | Biopharma (excl. Biotest) IG Leads Growth Backed by Strong Underlying Demand and Supply IG 55-60% of revenues Albumin 10-15% of revenues 25-30% of revenues +14.8% +9.6% cc Q1’23 • Solid IG performance, both in the U.S. and international markets, backed by higher plasma supply and strong demand, coupled with favorable pricing • SCIG gaining traction (+34%) +14.5% +3.1% • Higher demand and price increases in China offsetting current market dynamics in the U.S. • Improved product mix supported by ALBUTEIN FlexBag™ launch +3.5% • Sales increased driven by robust underlying demand, mid-single-digit price increases and favorable product mix as Xembify® gains weight • Margins impacted by high cost per liter in H1’22 • >15% cash cost per liter decline in March’23 since July’22 peak, driven by donor compensation • Plasma collections grew 11% underpinning sustainable growth • Striking the right balance between volumes and costs • Alpha-1 growth driven by higher demand and price increases • Strong demand and favorable customer mix for Hypers leading to +28% growth • VISTASEAL™, TAVLESSE® performing well

| Q1 2023 Results - 10 - Performance by Business Unit | Biopharma | IG Franchise Capitalizing on the €14bn+ IG Market High Single Digit Long-Term Growth PI1 and SID2 (40-55%) ITP5 IG uses (%); 2018-2025 forecasted market growths in the U.S. MG6 Source: MRB Report Analysis of the 2018 IVIG/SCIG Market in the United States and 2025 Forecast 1 Primary immunodeficiency (PI); 2 Secondary immunodeficiency (SID); 3 Chronic lymphocytic leukemia; 4 Chronic Inflammatory Demyelinating Polyneuropathy (CIDP); 5 Chronic Immune Thrombocytopenia (ITP); 6 Myasthenia Gravis (MG) PI +9.3% CLL3 +9.5% CIDP +7.7% (SID) Our growth strategies • Lifecycle management, including pursuing new indications SID CLL phase III trial), to ensure product competitiveness • Grow the market by expanding PID disease awareness • Increase diagnostic rate and reduce time to diagnosis and appropriate treatment • Gain Xembify® market share Focus on immunodeficiency market and accelerate Xembify®‘s adoption 2 3 Maintain leadership in neurology and acute care 1 Focus on continued growth in U.S.; prioritize selected countries • Standard of care role of IVIG (Gamunex®) • IVIG as optimal treatment in acute care setting Others (25-30%) CIDP4 (20-25%)

| Q1 2023 Results - 11 - 80 95 110 Note: Base 100: Q2’21; 3M avg. moving trend. 15% and 25% declines comparing March’23 vs. July’22 and 10% and 20% declines comparing Q4’22 average vs. July’22 (U.S. data) 85 90 95 100 105 Q1’23 100 95 90 110 95 80 Donor commitment compensation (DCC) Cost per liter (CPL) -25% -15% Amplified going forward by Plan’s in-deployment and under evaluation initiatives Cost per Liter Decline to Drive EBITDA Expansion Starting H2’23 Performance by Business Unit | Biopharma | Operational Improvement Plan Implementation of lean processes and digitalization • Improve of donor flow time and staff capacity utilization • Optimization of donor center opening hours and operation days • Alignment of labor and donor demand • Reduction of donor commitment compensation • Plasma-center network optimization: 18 centers in Q4’22 and 7 centers in Q1’23. In total, >75% were consolidated to minimize impact on plasma collections and to improve efficiencies and collection per center • Process optimization and streamline of staffing and overheads -10% -20% Sequential Cost Per Liter improvement underpinned by continued execution of the Operational Improvement Plan Driven by Plan’s deployed initiatives

| Q1 2023 Results - 12 - Milestone 2023 timing Status1 New Product & Indication First patient enrolled and treated in Xembify® SID-CLL study H1 Finalize enrollment of the PRECIOSA trial H1 Alpha-1 AT 15% SC study advancement from single dose to repeat dose phase H1 GIGA564 IND submission H2 GIGA2339 pre-IND submission H2 Lifecycle Management Final results of Xembify® bi-weekly dosing study H1 Final results of IVIG-PEG study H1 Finalize enrolment of the SPARTA study H2 Biotest Trimodulin ESsCAPE trial study initiation H1 Yimmugo® BLA FDA submission H1 Fibrinogen ADFIRST trial completed and top line study results H2 Cytotect PreCyssion trial last patient expected H2 Performance by Business Unit | Biopharma | Innovation Innovation Milestones on Track Completed On track 1 As of May 9, 2023

| Q1 2023 Results - 13 - Performance by Business Unit | Diagnostic Bio Supplies Blood Typing Solutions Driving Performance +4.0% +0.9% cc Q1’23 Reported Adjusted Recombinant proteins NAT Donor Screening 45-50% of revenues Blood Typing Solutions (BTS) 25-30% of revenues 20-25% of revenues • Loss of volume in France • Extended agreement (15-years) with CTS; impact on pricing • Partially offset by shipments timing in China due to switch to distributor model with SRAAS -8.3% +9.0% • Strong growth across most geographies, primarily U.S. and China • Diagnostic company commercial true-up partially offset by lower joint business profits +28.2% -32.2% adjusted Plasma hyperimmune sales to third parties Bio Supplies Biopharma 45-50% of revenues Bio Supplies Diagnostic 30-35% of revenues 20-25% of revenues • Higher cell culture media revenue following Access Biologicals acquisition • Increasing sales of Fr.V • Partially offset by lower NTU sales +37.9% +150.0% • Higher sales of Diagnostic products due to Access Biologicals acquisition • Higher sales of Blood cells and Serum OTC +79.7% • Higher sales of Anti-HBs +78.0% +69.4% cc Q1’23 Integration of Access Biologicals Continues to Bear its Fruits -7.1% -9.5% cc Note: Access Biologicals was fully integrated in H2’22

| Q1 2023 Results - 14 - Table of Contents 1. Key Priorities 3. Group Financial Performance 4. Final Remarks 5. Annex 2. Performance by Business Unit

| Q1 2023 Results - 15 - Group Financial Performance Meeting and Exceeding Commitments €1,444m excl. Biotest +9.1% cc; +14.0% (Biopharma +9.6% cc; +14.8%) Revenues Adjusted EBITDA 19.3% incl. Biotest 21.0% excl. Biotest Cash Flow Balance sheet 7.0x Leverage ratio1 Positive Adj. Oper. Cash Flow2 €1.3bn Liquidity Operational Improvement Plan +11% Plasma collections Plasma 3 80%+ of the EUR 400m+ initial plan target deployed as of April’23 >15% Cost per liter reduction4 >25% Donor compensation reduction4 Cash cost savings target updated EUR 450m+ €1,561m incl. Biotest +18.4% cc; +23.2% (Biopharma +21.1% cc; +26.2%) 1 Consistently calculated based on the credit facilities agreement and including Biotest 2 Excluding EUR 75m restructuring cash out 3 March’23 YTD vs. March’22 YTD (excl. Biotest); 4 March’23 vs. July’22 (U.S. data); 5Q4’22 average vs. July’22 (U.S. data) 19-20% (H1’23 guidance provided in Feb’23) 7.1x leverage ratio (FY22) 10% CPL reduction5 20% DCC reduction5 (FY22) Previous target EUR 400m+ 8-10%cc Total 10-12%cc Biopharma (FY23 guidance provided in Feb’23)

| Q1 2023 Results - 16 - Group Financial Performance First Quarter Underpinned by Strong Financial Performance 7.1% 0.1% 21.3% 14.2% 9.6% Biopharma revenue growth cc (excl. Biotest) • Sustainable growth driven by Biopharma’s key proteins, following solid plasma supply recovery path and industry momentum • Backed by strong underlying demand, pricing and product mix 6.2x 6.9x 9.0x 8.6x 7.1x 7.0x LR (incl. Biotest) investment Revenue growth Leverage ratio1 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 969 939 1,040 1,174 1,220 750,00 800,00 850,00 900,00 950,00 1000,00 1050,00 1100,00 1150,00 1200,00 1250,00 Adjusted EBITDA LTM (excl. Biotest) Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 • Sequential Adj. EBITDA expansion supported by operational leverage together with savings from the operational improvement plan • Partially offsetting a high plasma cost per liter incurred in H1’22 (9-months inventory accounting) • Reiterating commitment to debt reduction, targeting 4x leverage ratio by end of 2024 Operating performance Note: H2’22 shows abnormal increase in revenues due to H2’21 low 1 Consistently calculated based on credit facilities agreement and incl. Biotest revenue performance (EUR in millions)

| Q1 2023 Results - 17 - Adjusted EBITDA Continues to Expand Driven by Biopharma Group Financial Performance | Adjusted EBITDA excl. Biotest Q1’22 vs. Q1’23 (EUR in millions) Note: the variations of Biopharma, Diagnostic and Bio Supplies refer only to Gross margin 252 299 174 34 15 24 125 Adjusted EBITDA Q1’22 Biopharma Diagnostic Bio Supplies and others 5 3 Opex 6 FX Adjusted EBITDA Q1’23 One offs Reported EBITDA Q1’23 -2 19.9% Includes the EUR 140m restructuring charge, EUR (19)m one-off in Diagnostic revenues commercial true-up and EUR 4m transaction costs 21.0% R&D SG&A +19%

| Q1 2023 Results - 18 - Group Financial Performance | Operational Improvement Plan Successfully Deployed 80%+ of the Initial Annualized Cash Cost Savings Initiatives; Target Updated to EUR 450m+ • Plasma operations (+ c.EUR 40m) • Direct and indirect procurement (+ c.EUR 10m) Previously announced Operational Improvement Plan Deployment as of April’231 Majority of initiatives already deployed are plasma-related, triggering cash savings first and subsequently booked in the P&L, considering the 9 months inventory accounting of the plasma industry 80%+ of EUR 400m+✓ Updated Operational Improvement Plan Cash Flow (Cash cost savings) P&L (Cost savings) end-2023 end-2024 EUR 250m EUR 100m EUR 300m EUR 150m end-2023 end-2024 EUR 250m EUR 100m EUR 25m EUR 30m EUR 300m EUR 20m+ EUR 150m EUR 25m+ Initial target Updated target EUR 300m+ total plasma-related savings EUR 340m+ total plasma-related savings EUR 400m+ Total EUR 450m+ Total EUR 275m EUR 130m EUR 175m+ EUR 320m+

| Q1 2023 Results - 19 - Deleveraging Path Driven by Organic and Inorganic Efforts Group Financial Performance | Leverage 7.1x FY22 1.3x EUR 450m+ Operational Plan 5.8x Pro-forma including EUR 450m+ Operational Plan 1.8x Organic improvement and deleveraging transaction/s 4.0x FY24E Roadmap to deleveraging1 Liquidity €1.3bn Cash and cash equivalents €0.4bn Limited exposure to interest rate hikes 65% Fixed 35% Floating 0.1 0.1 2.0 0.1 4.1 2.1 0.6 2023 2024 2025 2026 2027 2028 2029-2036 No significant maturities until 2025 (EUR in billions) 1 Leverage ratio calculated based on the credit facilities agreement and including Biotest and assuming a debt of ~EUR 9.5bn • EBITDA and cash flow improvement mainly driven by EUR 450m+ cash cost savings • Making progress on several workstreams to execute deleveraging transaction/s; plan to complete one in 2023 • Cash proceeds from deleveraging transaction/s prioritized for debt reduction

| Q1 2023 Results - 20 - Guidance for 2023. Paving the Way to EBITDA Expansion in 2024 Guidance FY22 0.1 0.1 EBITDA improvement FY23E 0.3 Annualized cash cost savings Proforma FY23E incl. Annualized cash cost savings EUR 1.2bn EUR 1.4bn+ EUR 1.7bn+ Revenue (at cc) EBITDA Total revenue (incl. Biotest) EBITDA Adjusted Margin (excl. Biotest) EBITDA Adjusted (incl. Biotest) 19-20% Biopharma (incl. Biotest) 23-25% 21-23% EUR 1.4bn +8-10% 21%+ +10-12% 23-25% 22-24% EUR 1.4bn+ 8-10% 10-12% FY23 guidance… Organic growth Operational Plan Revenue growth (volume, pricing, product and country mix) Operational leverage EUR 450m+ annualized cash cost savings (130m in 2023 and 320m+ in 2024) … supported by main drivers Old Updated H1’23 H2’23 FY23 FY23 FY23 FY23 Proforma EBITDA annualizing savings (excl. Biotest) FY23 EUR 1.7bn EUR 1.7bn+ 27-28% 27-28%

| Q1 2023 Results - 21 - Table of Contents 1. Key Priorities 4. Final Remarks 5. Annex 2. Group Financial Performance 3. Performance by Business Unit

| Final Remarks On the Rebound: Delivering on Our Commitments Solid start to the year, while advancing on the turnaround plan backed by a new performance culture • On track with 2023 guidance • Adj. EBITDA guidance updated for H1’23 Guidance H2 2023 Adj. EBITDA margin 23-25% H1 2023 Adj. EBITDA margin 21%+ Q1 2023 Adj. EBITDA margin 21% Operational Improvement Plan • Deployed 80%+ of the EUR 400m+ initial cash cost savings initiatives • Target increase to EUR 450m+ • CPL >15% drop since July’22 Accelerating deleverage • Several workstreams in process with the commitment to execute one transaction in 2023 • Committed to reach 4x leverage ratio by end of 2024 Governance • Formalized roles and responsibilities within SELT • New organizational model led by new leadership • Embracing performance culture and accountability (EBITDA guidance excl. Biotest)

| Q1 2023 Results - 23 - Table of Contents 1. Key Priorities 2. Group Financial Performance 3. Performance by Business Unit 4. Final Remarks 5. Annex

| Q1 2023 Results - 24 - Q1’23 Revenue with Reported and Constant Currency % Change Annex Revenue by Business Unit Q1 2022 In thousands of euros Reported At cc Reported At cc Revenue 1,444,250 117,237 1,561,487 1,267,193 14.0% 9.1% 23.2% 18.4% Biopharma 1,173,454 117,237 1,290,691 1,022,508 14.8% 9.6% 26.2% 21.1% Diagnostic 176,475 - 176,475 169,749 4.0% 0.9% 4.0% 0.9% Bio Supplies 42,265 - 42,265 23,747 78.0% 69.4% 78.0% 69.4% Others & intersegments 52,056 - 52,056 51,189 1.7% (0.6%) 1.7% (0.6%) Revenue by Region Q1 2022 In thousands of euros Reported At cc Reported At cc Revenue 1,444,250 117,237 1,561,487 1,267,193 14.0% 9.1% 23.2% 18.4% US + CANADA 942,647 904 943,551 848,261 11.1% 5.0% 11.2% 5.1% E U 240,594 65,067 305,661 208,769 15.2% 14.9% 46.4% 46.2% ROW 261,009 51,266 312,275 210,163 24.2% 20.1% 48.6% 44.7% Q1 2023 Grifols incl. Biotest Grifols excl. Biotest Grifols incl. Biotest Grifols excl. Biotest Grifols incl. Biotest % vs PY Grifols incl. Biotest Grifols Biotest Grifols Q1 2023 % vs PY Grifols Biotest Grifols

| Q1 2023 Results - 25 - Q1’23 P&L and Excluding One-Offs with Reported % Change Annex Q1 2022 In thousands of euros Reported One-offs Reported excl. One-offs Reported One-offs Reported excl. One-offs Reported Reported excl. One-offs Reported Reported excl. One-offs Net Revenue 1,444,250 (18,830) 1,425,420 117,237 1,561,487 (18,830) 1,542,657 1,267,193 14.0% 12.5% 23.2% 21.7% Cost of Sales (914,561) 25,402 (889,159) (92,487) (1,007,048) 25,402 (981,646) (772,592) 18.4% 15.1% 30.3% 27.1% Gross Margin 529,689 6,572 536,261 24,750 554,439 6,572 561,011 494,601 7.1% 8.4% 12.1% 13.4% % Net revenue 36.7% 37.6% 21.1% 35.5% 36.4% 39.0% R&D (78,899) 3,770 (75,129) (25,758) (104,657) 3,770 (100,887) (76,155) 3.6% (1.3%) 37.4% 32.5% SG&A (389,948) 114,770 (275,178) (23,711) (413,659) 114,770 (298,889) (259,417) 50.3% 6.1% 59.5% 15.2% Operating Expenses (468,847) 118,540 (350,307) (49,469) (518,316) 118,540 (399,776) (335,572) 39.7% 4.4% 54.5% 19.1% Other Income - - - - - - - 3,583 - - - - 14,506 - 14,506 - 14,506 - 14,506 (637) (2377.2%) (2377.2%) (2377.2%) (2377.2%) OPERATING RESULT (EBIT) 75,348 125,112 200,460 (24,719) 50,629 125,112 175,741 161,975 (53.5%) 23.8% (68.7%) 8.5% % Net revenue 5.2% 14.1% (21.1%) 3.2% 11.4% 12.8% Financial Result (123,725) - (123,725) (11,017) (134,742) - (134,742) (79,374) 55.9% 55.9% 69.8% 69.8% (61) - (61) - (61) - (61) (436) (86.0%) (86.0%) (86.0%) (86.0%) PROFIT BEFORE TAX (48,438) 125,112 76,674 (35,736) (84,174) 125,112 40,938 82,165 (159.0%) (6.7%) (202.4%) (50.2%) % Net revenue (3.4%) 5.4% (30.5%) (5.4%) 2.7% 6.5% Income Tax Expense 778 (31,345) (30,567) 2,451 3,229 (31,345) (28,116) (20,471) (103.8%) 49.3% (115.8%) 37.3% % of pre-tax income 1.6% 25.1% 39.9% 6.9% 3.8% 25.1% 68.7% 24.9% CONSOLIDATED PROFIT (47,660) 93,767 46,107 (33,285) (80,945) 93,767 12,822 61,694 (177.3%) (25.3%) (231.2%) (79.2%) Results Attributable to Non-Controlling Interests (33,409) 3,902 (29,507) 6,088 (27,321) 3,902 (23,419) (8,384) 298.5% 251.9% 225.9% 179.3% GROUP PROFIT (81,069) 97,669 16,600 (27,197) (108,266) 97,669 (10,597) 53,310 (252.1%) (68.9%) (303.1%) (119.9%) % Net revenue (5.6%) 1.2% (23.2%) (6.9%) 0.0% (0.7%) 4.2% Share of Results of Equity Accounted Investees Share of Results of Equity Accounted Investees - Core Activities Grifols excl. Biotest Grifols excl. Biotest Grifols incl. Biotest % vs PY Grifols incl. Biotest Q1 2023 Biotest Grifols

| Q1 2023 Results - 26 - Q1’23 Cash Flow Annex Q1 2022 In thousands of euros Reported Restructuring costs Transaction costs Diagnostic settlement Total one-offs Reported excl. One-offs Reported Total one-offs Reported excl. One-offs Reported Group Profit (81,069) 103,715 3,386 (9,432) 97,669 16,600 (27,197) (108,266) 97,669 (10,597) 53,310 Depreciation and Amortization 95,598 - - - - 95,598 24,215 119,813 - 119,813 88,366 Net Provisions 66,481 (38,979) - - (38,979) 27,502 3,934 70,415 (38,979) 31,436 8,192 Other Adjustments and Other Changes in Working Capital 16,818 35,712 1,129 (9,398) 27,443 44,261 5,356 22,174 27,443 49,617 (4,883) Changes in Inventories (109,456) - - - - (109,456) (33,793) (143,249) - (143,249) (119,099) Change in Trade Receivables (59,264) - - 18,830 18,830 (40,434) (2,752) (62,016) 18,830 (43,186) 35,635 Change in Trade Payables 46,689 (25,909) - - (25,909) 20,780 (7,022) 39,667 (25,909) 13,758 (26,566) Change in Operating Working Capital (122,031) (25,909) - 18,830 (7,079) (129,110) (43,567) (165,598) (7,079) (172,677) (110,030) Net Cash Flow From Operating Activities (24,203) 74,539 4,515 - 79,054 54,851 (37,259) (61,462) 79,054 17,592 34,955 Business Combinations and Investments in Group Companies - - - - - - - - - - (44,221) CAPEX (37,459) - - - - (37,459) (5,280) (42,739) - (42,739) (52,266) R&D/Other Intangible Assets (16,393) - - - - (16,393) (4,399) (20,792) - (20,792) (9,306) Other Cash Inflow / (Outflow) (18,993) - - - - (18,993) (513) (19,506) - (19,506) (75,450) Net Cash Flow From Investing Activities (72,845) - - - - (72,845) (10,192) (83,037) - (83,037) (181,243) Free Cash Flow (97,048) 74,539 4,515 - 79,054 (17,994) (47,451) (144,499) 79,054 (65,445) (146,288) Issue / /Repayment) of Debt 23,060 - - - - 23,060 (1,176) 21,884 - 21,884 5,867 Capital Grants 1,325 - - - - 1,325 - 1,325 - 1,325 - Dividends (Paid) / Received - - - - - - - - - - 2,163 Other Cash Flows From / (Used in) Financing Activities 5,931 - - - - 5,931 (132) 5,799 - 5,799 200 Net Cash Flow From Financing Activities 30,316 - - - - 30,316 (1,308) 29,008 - 29,008 8,230 Total Cash Flow (66,732) 74,539 4,515 - 79,054 12,322 (48,759) (115,491) 79,054 (36,437) (138,058) Cash and Cash Equivalents at the Beginning of the Year 431,337 - - - - 431,337 116,642 547,979 - 547,979 2,675,611 Effect of Exchange Rate Changes in Cash and Cash Equivalents (6,907) - - - - (6,907) 74 (6,833) - (6,833) 14,804 Cash and Cash Equivalents at the End of the Period 357,698 74,539 4,515 - 79,054 436,752 67,957 425,655 79,054 504,709 2,552,357 Q1 2023 Grifols excl. Biotest Biotest Grifols incl. Biotest Grifols

| Q1 2023 Results - 27 - Q1’23 Balance Sheet Annex In thousands of euros March 2023 December 2022 16,641,942 16,880,390 10,646,785 10,858,608 3,220,428 3,270,937 1,946,436 1,955,177 630,456 620,745 197,837 174,923 4,708,888 4,653,587 4,874 4,969 3,277,053 3,201,357 41,525 35,154 842,709 738,651 38,330 43,663 78,742 81,814 425,655 547,979 21,350,830 21,533,977 Investments in Equity Accounted Investees Non-Current Financila Assets Other Non-Current Assets Other Current Assets Cash and Cash Equivalents Total Assets Current Assets Inventories Current Contract Assets Other Current Financial Assets Non-Current Contract Assets Held for Sale Trade and Other Receivables Goodwill and Other Intangible Assets Property Plant & Equipment ASSETS Non-Current Assets In thousands of euros March 2023 December 2022 8,175,205 8,457,544 119,604 119,604 910,728 910,728 4,534,652 4,326,436 Treasury Stock (162,220) (162,220) (108,266) 208,279 558,334 727,111 2,322,373 2,327,606 11,134,341 11,120,586 9,998,562 9,960,562 1,135,779 1,160,024 2,041,284 1,955,847 761,319 795,686 1,279,965 1,160,161 21,350,830 21,533,977 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 LIABILITIES Equity

| Q1 2023 Results - 28 - Q1’23 EBIT to Adjusted EBITDA LTM – Excl. Biotest Annex Q1 2023 In thousand of euros LTM 75,348 173,747 211,271 266,054 726,420 161,975 (98,296) (102,226) (98,047) (93,950) (392,519) (90,578) Reported EBITDA 173,644 275,973 309,318 360,004 1,118,939 252,553 % Net revenue 12.0% 17.7% 21.6% 24.9% 19.0% 19.9% Restructuring costs 139,427 26,231 5,655 2,268 173,581 1,920 Transaction costs 4,515 696 505 15,310 21,026 1,321 Diagnostic commercial true-up (18,830) - - - (18,830) - Access Biologicals gain - - - (72,984) (72,984) (3,583) Divestment gain - - (14,678) - (14,678) - Impairments - 2,700 - - 2,700 - Other non-recurring items - 10,487 - - 10,487 - Total adjustments 125,112 40,114 (8,518) (55,406) 101,302 (342) Adjusted EBITDA 298,756 316,087 300,800 304,598 1,220,241 252,211 % Net revenue 21.0% 20.3% 21.0% 21.1% 20.8% 19.9% Depreciation & Amortization Q1 2023 Q1 2022 OPERATING RESULT (EBIT) Q4 2022 Q3 2022 Q2 2022

| Q1 2023 Results - 29 - Q1’23 EBIT to Adjusted EBITDA LTM – Incl. Biotest Annex Q1 2023 In thousand of euros LTM 50,629 176,947 201,387 265,372 694,335 161,975 (122,511) (117,406) (106,973) (100,380) (447,270) (90,578) Reported EBITDA 173,140 294,353 308,360 365,752 1,141,605 252,553 % Net revenue 11.1% 17.2% 20.0% 23.7% 18.0% 19.9% Restructuring costs 139,427 26,231 5,655 2,268 173,581 1,920 Transaction costs 4,515 696 505 15,310 21,026 1,321 Diagnostic commercial true-up (18,830) - - - (18,830) - Access Biologicals gain - - - (72,984) (72,984) (3,583) Divestment gain - - (14,678) - (14,678) - Impairments - 2,700 - - 2,700 - Biotest Next Level project - 13,482 22,341 14,194 50,017 - Other non-recurring items - 10,487 - - 10,487 - Total adjustments 125,112 53,596 13,823 (41,212) 151,319 (342) Adjusted EBITDA 298,252 347,949 322,183 324,540 1,292,924 252,211 % Net revenue 19.3% 20.3% 20.9% 21.0% 20.4% 19.9% Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Depreciation & Amortization OPERATING RESULT (EBIT)

| Q1 2023 Results - 30 - Q1’23 Reconciliation from Group Profit Reported to Adjusted Annex In thousand of euros Excl. Biotest Incl. Biotest Restructuring costs Transaction costs Diagnostic commercial true-up Amortization of deferred financial expenses Amortization of intangible assets acquired in business combinations IFRS 16 Excl. Biotest Incl. Biotest 1,444,250 1,561,487 - - (18,830) - - - 1,425,420 1,542,657 (914,561) (1,007,048) 25,402 - - - - (3,664) (892,823) (985,310) 529,689 554,439 25,402 - (18,830) - - (3,664) 532,597 557,347 (78,899) (104,657) 3,770 - - - 15,532 (290) (59,887) (85,645) (389,948) (413,659) 110,255 4,515 - - 14,426 (1,372) (262,124) (285,835) (468,847) (518,316) 114,025 4,515 - - 29,958 (1,662) (322,011) (371,480) - - - - - - - - - - 14,506 14,506 - - - - - - 14,506 14,506 75,348 50,629 139,427 4,515 (18,830) - 29,958 (5,326) 225,092 200,373 (123,725) (134,742) 13,900 - 10,697 (99,128) (110,145) (61) (61) - - - (61) (61) (48,438) (84,174) 139,427 4,515 (18,830) 13,900 29,958 5,371 125,903 90,167 778 3,229 (34,924) (1,129) 4,708 (3,052) (7,760) (1,343) (42,722) (40,271) (47,660) (80,945) 104,503 3,386 (14,122) 10,848 22,198 4,028 83,181 49,896 (33,409) (27,321) (788) 4,690 - (790) - (30,297) (24,209) GROUP PROFIT (81,069) (108,266) 103,715 3,386 (9,432) 10,848 21,408 4,028 52,884 25,687 CONSOLIDATED PROFIT Results Attributable to Non-Controlling Interests Share of Results of Equity Accounted Investees - Core Activities Net Revenue Cost of Sales Gross Margin R&D SG&A Operating Expenses Other Income OPERATING RESULT (EBIT) Financial Result Share of Results of Equity Accounted Investees PROFIT BEFORE TAX Income Tax Expense Reported Grifols' Adjustments Adjusted

| Q1 2023 Results - 31 - Q1’22 Reconciliation from Group Profit Reported to Adjusted Annex In thousand of euros Excl. Biotest Incl. Biotest Restructuring costs Transaction costs Divestment gain Amortization of deferred financial expenses Amortization of intangible assets acquired in business combinations IFRS 16 Excl. Biotest Incl. Biotest 1,267,193 1,267,193 - - - - - - 1,267,193 1,267,193 (772,592) (772,592) 10 - - - 822 (3,272) (775,032) (775,032) 494,601 494,601 1 0 - - - 822 (3,272) 492,161 492,161 (76,155) (76,155) 1,181 - - - 808 (286) (74,452) (74,452) (259,417) (259,417) 729 1,321 - - 10,750 (326) (246,943) (246,943) (335,572) (335,572) 1,910 1,321 - - 11,558 (612) (321,395) (321,395) 3,583 3,583 - - (3,583) - - - - - (637) (637) - - - - - - (637) (637) 161,975 161,975 1,920 1,321 (3,583) - 12,380 (3,884) 170,129 170,129 (79,374) (79,374) - - 12,792 - 10,555 (56,027) (56,027) (436) (436) - - - - - (436) (436) 82,165 82,165 1,920 1,321 (3,583) 12,792 12,380 6,671 113,666 113,666 (20,471) (20,471) (480) (330) 896 (3,223) (2,916) (1,668) (28,192) (28,192) 61,694 61,694 1,440 991 (2,687) 9,569 9,464 5,003 85,474 85,474 (8,384) (8,384) - - - (747) - (9,131) (9,131) GROUP PROFIT 53,310 53,310 1,440 991 (2,687) 9,569 8,717 5,003 76,343 76,343 Income Tax Expense CONSOLIDATED PROFIT Results Attributable to Non-Controlling Interests Share of Results of Equity Accounted Investees Reported Grifols' Adjustments Adjusted Net Revenue Cost of Sales Gross Margin R&D SG&A Operating Expenses Other Income Share of Results of Equity Accounted Investees - Core Activities OPERATING RESULT (EBIT) Financial Result PROFIT BEFORE TAX

| Q1 2023 Results - 32 - Q1’23 Leverage Ratio and Adjusted EBITDA LTM as per Credit Agreement Annex In millions of euros except ratio Q1 2023 FY 2022 % Var Net Financial Debt* 9,351 9,191 1.7% Adjusted EBITDA LTM as per Credit Agreement 1,336 1,287 3.8% Leverage Ratio as per Credit Agreeement 7.00x 7.14x In million of euros Q1 2023 LTM FY 2022 % Var OPERATING RESULT (EBIT) 694 806 (13.9%) Depreciation & Amortization (447) (415) 7.8% Reported EBITDA 1,142 1,221 (6.5%) IFRS 16 (103) (100) 3.0% Transaction costs 28 26 7.7% Restructuring costs 174 36 383.3% Cost savings, operating improvements and synergies on a "run rate" 91 100 (9.0%) Other one-offs 4 4 - Total adjustments 194 66 193.9% Adjusted EBITDA LTM as per Credit Agreement 1,336 1,287 3.8% * Excludes the impact of IFRS 16

| Q1 2023 Results - 33 - Q1’23 Net Revenue Reconciliation Constant Currency – Excl. Biotest Annex In thousands of euros Q1 2023 Q1 2022 % Var Reported Net Revenues 1,444,250 1,267,193 14.0% Variation due to Exchange Rate Effects (61,375) Net Revenues at Constant Currency 1,382,875 1,267,193 9.1% In thousands of euros Q1 2023 Q1 2022 % Var Reported Biopharma Revenues 1,173,454 1,022,508 14.8% Variation due to Exchange Rate Effects (53,015) Reported Biopharma Net Revenues at Constant Currency 1,120,439 1,022,508 9.6% In thousands of euros Q1 2023 Q1 2022 % Var Reported U.S. + Canada Net Revenues 942,647 848,261 11.1% Variation due to Exchange Rate Effects (52,138) U.S. + Canada Net Revenues at Constant Currency 890,509 848,261 5.0% In thousands of euros Q1 2023 Q1 2022 % Var Reported EU Net Revenues 240,594 208,769 15.2% Variation due to Exchange Rate Effects (643) EU Net Revenues at Constant Currency 239,951 208,769 14.9% In thousands of euros Q1 2023 Q1 2022 % Var Reported ROW Net Revenues 261,009 210,163 24.2% Variation due to Exchange Rate Effects (8,594) ROW Net Revenues at Constant Currency 252,415 210,163 20.1%

| Q1 2023 Results - 34 - Q1’23 Net Revenue Reconciliation Constant Currency – Incl. Biotest Annex In thousands of euros Q1 2023 Q1 2022 % Var Reported Net Revenues 1,561,487 1,267,193 23.2% Variation due to Exchange Rate Effects (60,779) Net Revenues at Constant Currency 1,500,708 1,267,193 18.4% In thousands of euros Q1 2023 Q1 2022 % Var Reported Biopharma Net Revenues 1,290,691 1,022,508 26.2% Variation due to Exchange Rate Effects (52,420) Reported Biopharma Net Revenues at Constant Currency 1,238,271 1,022,508 21.1% In thousands of euros Q1 2023 Q1 2022 % Var Reported Diagnostic Net Revenues 176,475 169,749 4.0% Variation due to Exchange Rate Effects (5,130) Reported Diagnostic Net Revenues at Constant Currency 171,345 169,749 0.9% In thousands of euros Q1 2023 Q1 2022 % Var Reported Bio Supplies Net Revenues 42,265 23,747 78.0% Variation due to Exchange Rate Effects (2,041) Reported Bio Supplies Net Revenues at Constant Currency 40,224 23,747 69.4% In thousands of euros Q1 2023 Q1 2022 % Var Reported Others & Intersegments Net Revenues 52,056 51,189 1.7% Variation due to Exchange Rate Effects (1,189) Reported Other & Intersegments Net Revenues at Constant Currency 50,867 51,189 (0.6%)

| Q1 2023 Results - 35 - Q1’23 Net Revenue Reconciliation Constant Currency – Incl. Biotest Annex In thousands of euros Q1 2023 Q1 2022 % Var Reported U.S. + Canada Net Revenues 943,551 848,261 11.2% Variation due to Exchange Rate Effects (52,138) U.S. + Canada Net Revenues at Constant Currency 891,413 848,261 5.1% In thousands of euros Q1 2023 Q1 2022 % Var Reported EU Net Revenues 305,661 208,769 46.4% Variation due to Exchange Rate Effects (375) EU Net Revenues at Constant Currency 305,286 208,769 46.2% In thousands of euros Q1 2023 Q1 2022 % Var Reported ROW Net Revenues 312,275 210,163 48.6% Variation due to Exchange Rate Effects (8,267) ROW Net Revenues at Constant Currency 304,008 210,163 44.7%

| Q1 2023 Results - 36 - Definition of Non-GAAP Measures and Constant Currency Annex • EBITDA is defined as operating result (EBIT), excluding depreciation of property, plant and equipment, depreciation of right-of-use assets, amortization of intangible assets, and impairments of property, plant and equipment, right-of-use assets and of intangible assets. It is used to evaluate the company's results over time, allowing it to be compared with other companies in the sector. • Adjusted EBITDA is defined as EBITDA, excluding one-offs and items not indicative of our ongoing operating performance, including restructuring and transaction costs. It provides a useful measure for period-to-period comparisons of our business, as it removes the effect of non-recurring items. • EBITDA LTM is defined as EBITDA related to the last 12 months. • Adjusted EBITDA LTM is defined as Adjusted EBITDA related to the last 12 months. • Adjusted EBITDA LTM as per Credit Agreement is defined as net income on a consolidated basis for the Group, plus (i) all financial results, (ii) any losses on ordinary course hedging obligations, (iii) any foreign currency translation, transaction or exchange losses, (iv) any loss of any equity-accounted investee, (v) tax expense, (vi) depreciation, (vii) amortization, write-offs, write-downs, and other non-cash charges, losses and expenses, (viii) impairment of intangibles, (ix) non-recurring losses, (x) transactions costs, (xi) extraordinary, unusual, or non-recurring charges and expenses including transition, restructuring and “carveout” expenses, (xii) any costs and expenses relating to the Issuer’s potential or actual issuance of Equity Interests and (xiii) the amount of cost savings, adjustments, operating expense reductions, operating improvements and synergies, in each case on a “run rate” basis and in connection with acquisitions, investments, restructurings, business optimization projects and other operational changes and initiatives; less (i) interest income, (ii) non-recurring gains, (iii) any income or gains on ordinary course hedging obligations (iv) foreign currency translation, transaction or exchange gains and (v) any income of any equity-accounted investee, in each case, for the last 12 months. • Adjusted Group Profit is defined as group profit, excluding the effect of non-cash expenses and non-recurring items not indicative of our ongoing operating performance, including restructuring and transaction costs. • Constant currency (cc) excludes exchange rate fluctuations over the period.

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