Grifols S.A.

Investor Presentation • Feb 27, 2025

Capital Markets Day February 27, 2025

2025 Capital Markets Day - 1 -

Disclaimer

This document has been prepared by GRIFOLS, S.A. (Grifols or the "Company") exclusively for use during the 2025 Capital Markets Day on February 27, 2025. Therefore, it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company. The Company does not assume any liability for the content of this document if used for different purposes thereof. The information and any opinions or statements made in this document have neither been verified by independent third parties nor audited; therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither the Company, its subsidiaries nor any entity within the GRIFOLS group or any subsidiaries, the company's advisors or representatives assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.

IMPORTANT INFORMATION

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of 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.

FORWARD-LOOKING STATEMENTS

This document 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.

Time (UK; pm)	Topic	Presenter
12:30 – 1:30	Registration & welcome lunch
1:30 – 5:00	Welcome	Daniel Segarra, Relations and Sustainability VP Investor
	Investment proposition and vision	Nacho Abia, Chief Executive Officer
	Unlocking significant value by prioritizing free cash flow growth	Rahul Srinivasan, Chief Financial Officer
	Break
	Value creation plan	Roland Wandeler, President Biopharma Nacho Abia, Chief Executive Officer
	Final remarks	Nacho Abia, Chief Executive Officer
	Q&A
5:15 – 7:00	Drinks Reception

Today's objectives

01

Meet Grifols' Management

02

Introduce our company and investment proposition

03

Present our Strategic Plan, targets and growth drivers

04

Discuss our financial framework

05

Answer your questions

Today's presenters

Nacho Abia Chief Executive Officer

Rahul Srinivasan Chief Financial Officer

Roland Wandeler President Biopharma

Investment proposition and vision 01.

2025 Capital Markets Day - 6 -

Nacho Abia Chief Executive Officer

2025 Capital Markets Day | CEO Remarks

Our strong foundation

Beginnings - 1909

Foundation of Instituto Central de Análisis Clínicos, Bacteriológicos y Químicos in Barcelona

Implemented the Operational

Improvement Plan

Our strong foundation

Proven track-record delivering substantial growth

(*) Partial acquisition; Legend: Legend: (i) Acquisitions & (ii) entry in new geographies

Our strong foundation Doubled revenue and EBITDA over the last decade

Doubled revenue in the past decade… … with multiplier effect on profitability levels

Our strong foundation Built foundations for future growth

Invested for business growth

• A market leading presence with strong growth fundamentals
• Reinforced pipeline with Biotest new assets
• Expanded plasma supply capabilities
• Pioneered strategic partnerships (Egypt, China and Canada)
• Performed necessary investments to enable business growth

Redefined the organization model

• Strengthened governance and renewed leadership
• Established and empowered key functions
• Reshaped organization structure
• Formalized sustainability function

Streamlined operations and increased resilience

• Achieved savings through the implementation of an operational improvement plan
• Launched yield transformation program with initial impacts
• Established a continuous improvement culture
• Focused on cash generation and deleveraging

2024 highlights

Performance far exceeding or in-line with our 2024 guidance

|--|

Solid business momentum driven by consistent underlying demand across our extensive and diversified portfolio

Robust financial performance exceeding revenues and FCF generation guidance

Q4 and 2024 Revenues and Adjusted EBITDA reach new heights

Strengthened balance sheet through SRAAS asset sale, organic deleveraging and enhanced liquidity

Achieved all 2024 innovation milestones

Strengthened governance and leadership team

Note: All figures are presented on a consolidated basis (including Biotest), and at constant currency (cc), excluding exchange rate fluctuations over the period. See annexes for reconciliations. ¹ FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ² Defined as per the Credit Agreement

Revenue €7,212m +10.3% cc

2024

financials

EBITDA Adj. €1,779m Margin 24.7%

FCF pre-M&A¹ €266m +€442m vs. 2023

Leverage ratio² 4.6x

Governance

Strengthened corporate governance

A highly experienced and diverse Board of Directors Appointed in 2024

Montserrat Muñoz

Lead Independent Director

Abellana

Enriqueta Felip Font Director | Independent Susana González Rodríguez Director | Independent

Íñigo Sánchez-Asiaín Mardones Director | Independent

Pascal Ravery Director | Independent

• ✓ Executive Chairman and CEO roles split ✓ Chairman turned Non-Executive
  • ✓ Separation of ownership from management

Independent	Members with an	<3 years tenure
directors	international nationality	54%
6	46%

Broad expertise and know-how

healthcare 54%

plasma 38%

life, tech & innovation 69%

financial and accounting 54%

Albert Grifols Coma-Cros Director | Proprietary

Tomás Dagá Gelabert Director | Other external

Director | Proprietary

Paul S. Herendeen

Chairman/CEO

Thomas Glanzmann Non-executive Chairman Nacho Abia Chief Executive Officer

Leadership

Seasoned management team to lead our Strategic Plan

2025 Capital Markets Day | CEO Remarks

Compelling investment proposition

A global company with strong fundamentals and unparalleled potential to unlock further value

Executing our value creation plan to reach our vision and increase shareholders return

Compelling investment proposition

Attractive and high-growth potential industry

60	0

1

High single-digit growth industry at the intersection of industrial and pharmaceutical sectors

~30bn€ Global plasma market

Plasma as established standard of care

Rising demand for plasma proteins in emerging markets

A number of targeted diseases remain under-diagnosed

Large potential from new indications and proteins

Lack of cost-effective alternatives

Uniquely positioned as a leading and scaled global player Compelling investment proposition 2

Grifols is one of the top 3 leading global players with a clear competitive advantage

Global presence with diversified revenue base

Industrial and plasma collection capacity in place to fuel growth

Strong client perception with brands highly recognized

Well-established safety and quality record

Solid innovation pipeline across 4 therapeutic areas

Experienced management team with proven track-record

Compelling investment proposition

Capturing value through vertical integration

Management of the entire value chain

• ✓ Supply reliability
• ✓ Safety and quality
• ✓ Cost control
• ✓ Faster response times to market changes

Large expertise in optimizing and gaining efficiencies throughout the process

3

Compelling investment proposition

Highly strategic and global network allowing us agility in a dynamic environment

Biopharma network

• 400+ plasma centers across the globe
• Productions sites:
  • 7 manufacturing locations for Biopharma
• 100+ markets served

4

2025 Capital Markets Day | CEO Remarks

5-yr Strategic Plan and 10-yr vision Our value creation framework

OUR VISION & MISSION
OUR VALUES & BEHAVIORS
OUR AMBITION BY BUSINESS
BIOPHARMA	DIAGNOSTIC	BIO SUPPLIES
Become an industry leading biopharma company in plasma and beyond, with best-in-class portfolio and leading productivity	Improve Donor and Patient care by enhancing
	Laboratorians with innovative Dx solutions	HEALTHCARE SOLUTIONS
Plasma & Industrial network Innovation Talent & performance culture IT, Digital & Analytics
Commitment to sustainability
Financial and capital allocation discipline

Enablers

Core principles

Our vision and mission

Ensure all patients have access to our trusted treatments and healthcare solutions

We foresee a future where every patient in the world has access to our lifeenhancing therapies and solutions

Vision Mission

Innovate to deliver differentiated biopharma therapeutics and unique diagnostic solutions globally and sustainably

5-yr Strategic Plan and 10-yr vision 10-year vision with a 5-year plan

• Detailed and greater visibility
• Value Creation Plan in place to deliver on revenues growth, margin expansion & free cash flow growth
• Industrial & plasma supply in place to deliver growth

2025-2029 2034 vision

• Use the 2029 Strategic Plan guidance as a stepping stone towards our longer-term 2034 vision
• Decision-making for some areas that require a wider vision
• Goals to break new ground going beyond current capabilities and market conditions

5-yr Strategic Plan and 10-yr vision Setting the foundation to reach ~€14bn revenues in 2034

2025 Capital Markets Day - 25 -

5-yr Strategic Plan and 10-yr vision

We aim to achieve ~€10bn revenues in 2029 driving EBITDA margin to ~29-30% and FCF conversion to ~40%

Value-driven capital investment

• Disciplined capital allocation
• Harvesting full organic potential
• No major changes in business perimeter

Biopharma business

• New proteins launch
• Operational improvement plan
• IRA impact on US price

Controlled expenses growth

• Maintaining SG&A cost discipline
• Harnessing operational leverage to reinvigorate R&D
• Progressing digitalization

2025 Capital Markets Day - 26 -

5-yr Strategic Plan and 10-yr vision Clear path to deliver on revenue growth and margin expansion

• Mostly driven by Biopharma in the next 5 years (~7% CAGR)
  • IgG high-single digit growth
  • Fibrinogen launch as leading therapy
  • Alpha-1 & specialty products well-positioned as trusted provider worldwide
• Diagnostic expected to increase at ~5% CAGR

Strong revenue growth … … and expansion of EBITDA margin

• Biopharma mainly due to:
  • Increased plasma utilization (new proteins launches)
  • Operational efficiencies (plasma CPL)
  • Yield improvements
  • Optimization of plasma mix
• Diagnostic due to economies of scale in the commercial and service functions

Value creation plan in place to support revenue growth and EBITDA margin expansion

5-yr Strategic Plan and 10-yr vision Clear value creation levers offer a unique potential for Grifols

Key Takeaways

Success story led to doubling revenue and EBITDA over last decade and built foundations for growth ¹

We aim to double revenues again in the next decade reaching ~14 bn€ by 2034 with ~10 bn€ revenues by 2029 with 29-30% EBITDA margin ²

^{29 3} Free Cash Flow pre-M&A to reach ~1.2bn€ and a ~40% conversion rate by 2029

4 Value Creation Plan in place to support the Strategic Plan

Unlocking significant value by prioritizing free cash flow growth 02.

2025 Capital Markets Day - 30 -

Rahul Srinivasan Chief Financial Officer

2025 Capital Markets Day | CFO Remarks

2024 Highlights | A record year

1.2 1.5

2023

Delivering significant growth vs. prior record in 2023

• Biopharma driven by key proteins led by immunoglobulin's double-digit growth

• Greater convergence of reported & adjusted EBITDA
• Margin improvement driven by:
  • CPL reduction
  • Volume growth
  • Yield improvements
  • Operational leverage and cost discipline

Note: All figures are presented on a consolidated basis (including Biotest), and at constant currency (cc), excl. exchange rate fluctuations over the period

18.8% 22.4% 22.6% 24.7%

1.6 1.8

2024

¹ Adjusted EBITDA is defined as reported EBITDA on a P&L basis plus: (i) extraordinary, unusual, or non-recurring charges and expenses; (ii) any other non-recurring costs of doing business; minus (iii) non-recurring revenues and earnings.

2024 Highlights | A record year

Far exceeding FCF generation guidance, continued deleveraging progress

Leverage ratio² Q4'23 Q4'24 6.4x 4.6 -1.8x Liquidity €~1.1bn €~1.9bn³

• Free Cash Flow generation driven by

• Significantly higher EBITDA
• CPL reduction
• Yield improvements
• Granular inventory and net working capital management
• Lower restructuring and transaction costs

• Significant deleveraging achieved

• Strengthened balance sheet and liquidity

Note: All figures are presented on a consolidated basis (including Biotest), and at constant currency (cc), excl. exchange rate fluctuations over the period; ¹FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ² Defined as per the Credit Agreement; ³ Cash and cash equivalents of €980m + unused credit facilities €1,279m - unused RCF facilities maturing in Nov 2025 c€399m.

¹ Defined as per the Credit Agreement

2024 Highlights | A record year

Balance sheet de-risking substantially progressed; continued focus on boosting free cash flow generation and organic deleveraging

• Significantly deleveraged
  • Total net leverage: 4.6x¹
  • Net secured leverage: 2.7x¹
• No meaningful debt maturities until Q4'27
• Fortress liquidity position
• Demonstrable access to capital markets
• Strong credit re-rating potential given our continued focus on free cash flow generation and deleveraging

2025 Capital Markets Day | CFO Remarks

2025 Guidance | Targeting another record year

Supported by strong momentum and positive IG market growth fundamentals, excl. IRA¹ impact, expecting ~€7.7bn revenues and ~€2.025bn Adj. EBITDA

• IG growth in all regions and administrations, with tremendous momentum in SCIG
• Albumin progress in international markets
• Alpha-1 growth in the US and international markets, with new dosing launches in Europe

• Volume impact from Biopharma

• Operational improvements

• Plasma cost optimization through streamlined organization and efficient donor center operations
• Yield & manufacturing efficiencies
• Tight control of operating expenses

1 Inflation Reduction Act (IRA) Part D Redesign; Note: projections based on current FX; ²FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ³ FCF conversion = FCF pre-M&A/Adj. EBITDA 2025 Guidance | Targeting another record year

IRA impact will depend on patient share treated under Part D

Price negotiation: Plasma Derived Therapies exempt

Negotiation targeted at drugs with greatest Medicare expenditure does not apply to plasma-derived products

Inflation price ceiling: factored in

Price increases above inflation requiring rebates to Medicare

Part D redesign (relevant for us)

Caps patient out-of-pocket cost affecting all drugs covered under Medicare Part D (e.g., orals, subQ)

• Part D redesign brings:
  • Lower co-pay for patients, removing access hurdles
  • Shifting part of cost to manufacturers and payers, specifically 20% manufacturer liability of gross spend after initial coverage phase
• Two products affected in our portfolio: IgG & Alpha-1. Both partly covered under Part B (medical benefit) and Part D (drug benefit), with route depending on payer and provider
• 2025 impact will depend on actual share of patients treated under Part D, but estimated at €100-150M

3

2

1

2025 Guidance | Targeting another record year 2025 underlying performance and guidance

million in €	Actual 2024		2025 (excl. IRA)	IRA1 impact	2025 (incl. IRA)
Revenues	7,212	~7%	~7,700		7,550-7,600
Adjusted EBITDA	1,779	~14%	~2,025	100-150m	1,875-1,925
Free Cash Flow pre-M&A2	266	~88%	~500		350-400
Implied FCF conversion rate	15%		~25%		~20%

1 Inflation Reduction Act (IRA) Part D Redesign; ² FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex Note: projections based on current FX

2025 Guidance | Targeting another record year Relative FCF drivers in 2025 vs 2024

Free Cash Flow pre-M&A¹

in m€ (illustrative);

FCF conversion rate 2

2025 Capital Markets Day | CFO Remarks

Cumulative FCF generation pre-M&A of €3.5-3.75Bn and free cash flow conversion increase to ~40%

3.5-3.75Bn€

Cumulative free cash flow generation pre-M&A expectation in the next 5 years (2025-2029)

~€1.75-2bn FCF pre-M&A (2024-2027)

Note: 2025-2029 projections based on current FX;

¹ FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ² FCF conversion = FCF pre-M&A/Adj. EBITDA

2025-2029 Strategic Plan Significant organic deleveraging capacity

Theoretical illustrative deleveraging to

~1.50-1.75x¹

by 2029 (pre-M&A and pre-dividends)

Net leverage target (see capital allocation framework)

¹ Defined as per the Credit Agreement

Note: 2025-2029 projections based on current FX

Strong revenues growth expectation led by Biopharma, with Diagnostic growth expected in the latter years

Note: growth at constant currency (cc) and 2025-2029 projections based on current FX; ¹ Includes the rest of BUs

• Strategic Plan is conservatively based on growing in line with the Biopharma market (notwithstanding our recent track-record of growing meaningfully faster than the market)
  • 24-29 CAGR ~7% vs. 22-24 CAGR 13%
• Biopharma continues to be a key driver:
  • Proteins growth:
    • IgG: high-single-digit growth based on strong underlying market demand
    • Albumin: balanced growth with IgG
    • Alpha-1: leverage leading position further strengthened by key LCM projects
    • Fibrinogen: increasing contribution throughout 2025-2029
  • Geographic mix:
    • US: continue to deliver growth in core geography
    • Ex-US: continue strong ex-US growth
• Diagnostic growth expected in latter stages, with inflexion point expected in 2026/2027

2025-2029 Strategic Plan EBITDA margin to expand by ~500bps in 5 years

Forecasted EBITDA growth relative to revenues growth is more prudent than our recent track-record

• 24-29 CAGR ~10% vs. 22-24 CAGR 23%
• EBITDA margin growth driven by:
  • Biopharma positively fueled by:
    • CPL optimization, plasma source mix & yield improvements
    • Commercial growth
    • Product mix & Fibrinogen

  • Diagnostic improvement due to volume effect in both Blood Typing Solutions (Barcelona instrument launch) and Molecular Donor Screening

Note: growth at constant currency (cc) and 2025-2029 projections based on current FX 1 Includes impacts from Opex other than R&D (mainly IT), Amortizations and SRAAS

Growth expectations across both revenues and EBITDA are relatively uniform over the Plan period

Note: 2025-2029 projections based on current FX

A clear CAPEX plan to support our strategic positioning and strong growth prospects

Total planned CAPEX investments

Cumulative 2025-2029, in EUR

Growth1,2 Maintenance¹ Capitalized IT and R&D

¹ Growth CAPEX defined as investments made to expand the company's operations, enter new markets or develop new products, and maintenance CAPEX as expenditures related to maintain and sustain existing operations and assets

² Growth CAPEX includes previously identified extraordinary growth CAPEX Note: 2025-2029 projections based on current FX

• Limited needs to expand donor center base in US and EU
  • Greater focus on maximizing collections per center
• CAPEX as % of revenues to progressively decline to ~5% in 2029 from ~9% in 2024
• Well invested facilities with sufficient capacity to deal with strong growth fundamentals
• CAPEX spend:
  • Regular CAPEX €300-350m/year
  • IT and R&D capitalized €125-150m/year
  • Ranges from €475-575m/year in forecast period (includes Extraordinary Growth CAPEX)

Other drivers of Free Cash Flow pre-M&A

Working capital	Others
• Inventory ‐ Necessary investment in 2025-2029 to support strong growth fundamentals ‐ CPL, yield improvements and end-to-end supply-chain efficiencies driving inventory optimization • Relatively stable receivable and payable days • Expected normalization of net working capital investment up to 3-3.5% of sales progressively over Plan period	• Reduction in restructuring and transaction costs • Non-controlling interests' simplification plans (to be further addressed within Capital Allocation)
Interest	Tax
• Strong re-rating potential given continued focus on free cash flow generation and deleveraging • Scope to mitigate refinancing costs of attractively priced debt by ‐ Refinancing more expensive debt ‐ Using secured capacity if needed • Rates outlook	• Principal tax jurisdictions are U.S., Ireland, Spain and Germany • Cash tax guidance on avg. ~27% on pre-tax income • Final cash tax could vary based on profit mix by jurisdiction

Note: FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex

2025 Capital Markets Day - 47 -

Free Cash Flow pre-M&A generation improvements expected, ~40% EBITDA conversion rate by 2029

Note: 2025-2029 projections based on current FX; assuming conversion of reported and adjusted EBITDA from 2026 onwards ¹FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ² FCF conversion = FCF pre-M&A/Adj. EBITDA

• Strong Biopharma growth and improved Diagnostic's contribution to cash generation
• ~€2.5bn CAPEX investments in 5 years support strong growth fundamentals
• Working capital consumption to support business growth
• Cash interest optimization opportunities reflecting re-rating potential, net debt evolution, and rates outlook

Step-change in FCF generation pre-M&A and deleveraging capacity significantly improves capital allocation optionality

Note: 2025-2029 projections based on current FX

¹FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ² FCF conversion = FCF pre-M&A/Adj. EBITDA; ³Defined as per the Credit Agreement

2025 Capital Markets Day | CFO Remarks

Financial framework

Highly disciplined capital allocation, fully aligned with our Strategic Plan

Deliver significant and sustained FCF¹ growth

Balance sheet strength Shareholder returns

• Net leverage target: 3.0-3.5x²
• Net debt reduction

Organic business reinvestment Inorganic efforts

• Prioritize highly accretive and necessary business reinvestment opportunities
• Reinvigorate R&D potential

• Digitalization initiatives

• Limited to corporate simplification and portfolio optimization

  • Funded via FCF generation whilst continuing deleveraging path

• Major M&A not envisaged

• Reinstatement of shareholder returns from 2025 onwards

• Progressive and sustainable dividend policy backed by:

o Delivering on FCF generation

• o Continued deleveraging
• Scope for share buybacks within Strategic Plan

¹FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex; ² Defined as per the Credit Agreement

Capital allocation framework

Corporate simplification and portfolio optimization plans

If executed, expected to be financed by FCF generation whilst continuing our deleveraging path; 2027 net leverage <3.5x¹ .

¹ Defined as per the Credit Agreement Note: 2025-2029 projections based on current FX; FCF definition and reconciliation to the Cash Flow Statement in slide 109 in the Annex

2025 Capital Markets Day - 52 -

Capital allocation framework

Using significant balance sheet capacity available within Plan period to further bolster strategic positioning and shareholder returns

Sustainability

Sustainability embedded into our Strategic Plan to support long-term value for stakeholders

Grounded in 6 pillars

Business Ethics
Responsible to our Donors and our communities
Our people
Innovation

Ranked nº1 biotech company in Dow Jones Best-in-Class Indices

• Included in DJSI World for fourth consecutive year
• Included in DJSI Europe for fifth consecutive year

2025 industry ESG top rated according to Sustainalytics

Gold Medal Increased rating to 68

Key Takeaways

Strong market fundamentals and a market leading position supporting solid FCF generation growth whilst continuing on our deleveraging path ¹

⁵⁵ Significant capacity over the Strategic Plan to make a step-change in shareholder returns whilst being able to support our vision for 2034 ³

4 Sustainability embedded in our Plan to support long-term value creation

5 Highly attractive, unique re-rating potential

Break

Value Creation Plan 03.

2025 Capital Markets Day - 57 -

Roland Wandeler President Biopharma

Nacho Abia Chief Executive Officer

Value creation – Three levers to drive Plasma Economics

Commercial growth Strong portfolio of leading brands

1

Commercial growth Positioned to continue to drive high single-digit revenue growth

Commercial growth

Clear growth levers and opportunities per protein

	Proteins in pipeline
IG	Albumin	Alpha-1 & specialty proteins	Fibrinogen
• Robust market growth and promising future potential • Strong 2024 Biopharma performance and momentum • Well positioned to drive continued product growth for Grifols (volume, price)	• Continued Albumin demand across the world • Grifols well-positioned worldwide ✓ Strong presence in China through SRAAS partnership ✓ Established supplier in US ✓ Positioning in the RoW	Alpha-1 • Low Alpha-1 diagnosis and treatment • SPARTA efficacy data to enable access ex-US • Potential to increase patient convenience Hyperimmunes • Continued demand across the world • Grifols trusted provider worldwide	• Grifols Fibrinogen launch as leading therapy • Evolution of US Standard of Care from Cryo to Fibrinogen concentrate
Grow	Balance	Lead	Launch

Opportunities

Goal

Immunoglobulin Grifols IG with strong 2024 performance and momentum

Grifols IG 2024 revenue growth (% cc)

Immunoglobulin Market Outlook: IG market with strong growth potential

Projected global IG market volume¹

Strong market growth fundamentals

• Low diagnosis and treatment rate in approved indications (especially PID2 & SID³ )
• IgG potential beyond approved indications
• Low IG use per capita in many Ex-US regions⁴

IG uniquely positioned as Therapy of Choice

• Multi-modal mechanism of action able to effectively address multifactorial diseases and heterogeneity within disease origins
• Strong experience and body of evidence 70+ year established safety profile

¹ Source: MRB

²Only ~10-30% PID patients are diagnosed, prevalence of SID is 30x > PID. Source: Primary Immunodeficiencies (PID) – driving diagnosis for optimal care in Europe, European Reference Paper

³Not yet approved in the US

⁴US IG consumption per capita is 3x than EU countries

2025 Capital Markets Day - 65 -

Immunoglobulin

Example CIDP: Complex condition involving multiple MoAs

Several mechanisms play a role in CIDP including inflammation, demyelination, and axonal damage

CIDP is a multifactorial disease IVIG disrupts inflammation through multiple MoAs Diseases

Blockade of FcRn receptors³

Inhibition of complement activation¹

Regulation of T-cell and B-cell activation⁴

Macrophage inhibition via Fc-gamma receptors3,4

Neutralization of pathologic autoantibodies⁴

Downregulation of inflammatory cytokines1,5b

Immunoglobulin Grifols Outlook: Positioned to drive high single-digit growth

Build on Grifols' leading brands (Gamunex-C, Xembify, Yimmugo) 1

Lead growth in immunodeficiencies (accelerating diagnosis and treatment) 2

Maintain leadership in CIDP, 3

strengthening IG as SoC¹ and developing CIDP indication for Xembify

Continue to drive profitable ex-US growth 4 • IgG in Dry Eye Disease

… underpinned by continued innovation

Life cycle management to improve offering

• Xembify Pre-filled syringes
• Gamunex-C in bags

New products & indications to expand use

• Xembify SID in CLL, MM & NHL
• Xembify in CIDP

Short-mid & long-term yield improvements

¹ Standard of Care

Immunoglobulin

Investing in LCM to differentiate and foster market growth

¹ Not yet approved by the FDA

Alpha-1

Grifols clear leader in Alpha-1 with large market opportunity

Grifols' unique positioning

Grifols Global market leadership 1

• Leading Alpha-1 market for >35 years with ~70% market share
• Prolastin-C's direct model and dedicated specialty pharmacy are key differentiators in the US

Unique Alpha-1 testing capabilities 2

• Leader in identifying AATD patients by offering screening for genetic risk and AAT serum levels
• Launched direct-to-patient test in the US

Alpha-1 market opportunity

Estimated PiZZ patients (worldwide) 1

¹ Source: Estimated Worldwide Prevalence of the PI*ZZ Alpha-1 Antitrypsin Genotype in Subjects With Chronic Obstructive Pulmonary Disease. Ignacio Blanco, Isidro Diego, César Castanón, Patricia Bueno, Marc Miravitlles., 2023 ² Source: Campos MA, Wanner A, Zhang G, et al. Trends in the diagnosis of symptomatic patients with alpha1-antitrypsin deficiency between 1968 and 2003. Chest. 2005;128(3):1179-86

Alpha-1

Investing to maintain Alpha-1 leadership and treat more patients

Three levers for growth …

• Sustain leadership position leveraging unique value proposition and best-in-class patient support 1
• Grow the market: Lead patient identification (HCP screening and Alpha-1 ID at home) 2
• Expand patient access (US access, ex-US reimbursement) 3

… underpinned by investment in innovation

Strengthen body	SPARTA: Largest ever efficacy study in AATD designed to
of evidence	show outcomes
Expand reimbursement	SPARTA: enhancing payer proposition • Strengthen payer position in US • Secure broader reimbursement ex-US
Improve patient	Working with leading IDNs on programs to leverage
identification	electronic medical records
Evolve product offering	Alpha-1 15% SubQ Double-dose Next generation Alpha-1 therapeutic

Fibrinogen

On track to launch Fibrinogen as new protein(1) in our portfolio

Fibrinogen (coagulation factor I) is fundamental to effective clot formation(1)

During major bleeding episodes, it is the first clotting factor to reach critically low levels(2)

Fibrinogen deficiency is consistently associated with poor patient outcomes (3)

Fibrinogen physiology Fibrinogen Concentrate use

Congenital Fibrinogen Deficiency (CFD)

• Very rare(4), inherited bleeding disorder affecting either the quantity or quality of circulating fibrinogen
• Fibrinogen concentrate used in prophylaxis and treatment of bleeding episodes in these patients

Acquired Fibrinogen Deficiency (AFD)

• May be due to bleeding (increased consumption, hemodilution) or reduced synthesis
• AFD can only be corrected through administration of exogenous fibrinogen(5) .
• Fibrinogen concentrate allows for rapid and convenient correction of AFD

(1) Not yet approved in the US; (2) Levy JH, et al. Transfusion. 2014 May;54(5):1389-405 (3) Grottke O, et al. Semin Thromb Hemost. 2020 Feb;46(1):38-49 (4) Novak A, et al. Expert Rev Hematol. 2018 May;11(5):351-360 (5) Prevalence of afibrinogenemia is 1:106 inhabitants. Hypo- and dysfibrinogenemia are more frequent, but their prevalence is difficult to establish as they may be asymptomatic (6) (Boer C, et al. J Cardiothorac Vasc Anesth. 2018 Feb;32(1):88-120.);, McQuilten ZK, et al. Injury 2017; 48: 1074e81., Charbit B, et al. J Thromb Haemost. 2007 Feb;5(2):266-73.). Roy A, et al. J Thromb Haemost. 2020 Feb;18(2):352-363.

95%

5%

Fibrinogen

Important opportunity to evolve the Standard of Care in the US

Per capita consumption of fibrinogen concentrate, 2023 (g/1k population)

Note: Cryo = Cryoprecipitate; AFD = Acquired Fibrinogen Deficiency; SoC = Standard of Care; FC = Fibrinogen Concentrate

(1) MRB 2023: The plasma proteins market in Europe (published Dec 2024) (2) CA Market volume based on: Provincial Laboratory Medicine Services/ Provincial blood coordination office of Canada (3) CA revenue calculated with commercial ASP published in MRB 2021/2022: The plasma proteins market in Canada (published Nov 2022) (4) MRB 2023: The plasma proteins market in The United States (published June 2024)

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Fibrinogen

On track to launch Fibrinogen post approval end of 2025

Regulatory dossiers submitted, on track for launches

Opportunity both in the US and established markets

• Aim to position Fibrinogen concentrate as a differentiated therapy given its clinical profile and evidence² 1
• Lead evolution of US Standard of Care from Cryo to Fibrinogen Concentrate 2
• Gain share in established markets 3
• Expand body of evidence through LCM 4

¹ Ph3 in AFD due to severe bleeding in 2 different surgical settings (non-inferiority trial): spinal surgery (vs FFP), cytoreductive surgery for PMP (vs Cryo)

²The new Fibrinogen concentrate has been designed to allow a swift replenishment of fibrinogen levels in bleeding patients, as it can be stored next to the patient, readily available at room temperature, and be reconstituted in a quick and simple way

Margin expansion

Three levers to drive margin expansion

Plasma collection excellence 2

Yield & manufacturing efficiencies 3

Margin expansion | 1 – Plasma sourcing mix

Optimize plasma sourcing in a global & diversified network

Margin expansion | 2 – Plasma collection excellence Considerable progress with Cost per Liter reduction

Margin expansion | 2 – Plasma collection excellence Four clear drivers to further reduce Cost per Liter

Increase collections per center

Increase donor center utilization by improving center performance, donor retention and capacity management

Personalize donor compensation

Leverage data analytics to implement smart compensation model and a differentiated, digitally-enabled experience

Drive operational excellence

Deliver an improved donor service across the fleet by enhancing throughput times, plasma yield and optimal staffing levels

Full individualized nomogram rollout

Further expand implementation of improved nomogram by rolling it out across all US donor centers (detail next)

Margin expansion | 2 – Plasma collection excellence

Driving progress: On track for 100% US implementation of individualized nomogram by 2026

Margin expansion | 3 – Yield improvement

Roadmap in place to continue to increase E2E IgG yield

Note(s): Figures based on Gamunex yield improvement and compared to 2023 data

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Margin expansion | 3 – Continuous improvement Continuous improvement to further improve margin

Pipeline execution

Strengthening our portfolio and innovation engine

Streamline and focus our pipeline

• Systematic portfolio and pipeline review, closing projects from non-core therapeutic areas

  • 120M€ reallocated

• Enhanced prioritization & mindful growth pipeline over time

• Focus on bringing the current pipeline to the market faster

• Improved cross-functional governance for fast decision-making & business focus

• New leadership with new talent and capabilities brought in
• Further developed external innovation capabilities
• Stepping up digital & AI capabilities

Pipeline execution

Driving traction across LCM, new products & yield optimization

Lifecycle Management (LCM) New products Yield optimization

Maximize value of current products by serving more patients across indications and enhancing their experience

• Xembify pre-filled syringes
• Gamunex-C in bags
• Xembify into SID in CLL, MM & NHL
• Gamunex in SID
• Xembify in CIDP
• Alpha-1 pivotal efficacy trial (SPARTA)
• Alpha-1 SubQ 15%

Bring new proteins & products to market to address unmet medical needs and improve patient outcomes

• Fibrinogen in congenital and acquired Fibrinogen deficiency
• Trimodulin in sCAP (and beyond)
• IgG in Dry Eye Disease
• GigaGen

Develop new manufacturing processes to make the most of each donation

• Short term: current process improvement
• Mid term: Gamunex-C next generation
• Long term: embrace new technology to obtain IgG

Plasma supply footprint

Donor centers network in place to enable future growth

Note(s): Donor centers data at end of 2024

40 DCs from Biotest Egypt 10 DCs Strategic partnership

Plasma network

• growth in the next 5 years
• Focus on increasing collections per center in the US
• Doubling plasma collection network in Egypt in 2025 and completing Canada network

Industrial footprint

Manufacturing network in place to enable future growth …

Industrial capacity

• Added capacity from recent investments (Clayton, Montreal and Dublin)
• Focused investments to maximize current potential (Barcelona, Clayton and LA)
• Paving the road for next

… with targeted and efficient CAPEX investment over the next 5 years

Innovation

Innovation

Biopharma R&D pipeline

Selection of key projects

	Pre-clinical	Phase 1	Phase 2	Phase 3	Regulatory	Product Development
	Next generation process for Gamunex-C IgG			Xembify SID in CLL, MM & NHL		Gamunex-C in bags
Immunology / autoimmune	New recombinant treatments for autoimmune disease			Xembify in CIDP		Xembify Pre-filled syringes
						Gamunex in SID2
Infectious diseases	Recombinant IgG polyclonal antibodies for infectious diseases	Giga 2339 HBV	Trimodulin new indication	Trimodulin in sCAP
Pulmonology	Next generation Alpha-1		Alpha-1 SubQ 15%	Alpha-1 SPARTA (post-marketing commitment)
Critical care					Fibrinogen congenital and acquired deficiency
Others	GigaGen platform (Botulism Toxin & others)		IgG (Flebo) in Dry Eye Disease1
	Chronos Parkinson Disease	Giga 564 Onco
Note(s): 1	in Based Start 2025; 2 on RWE			Plasma	In addition to plasma	External collaboration
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Fibrinogen congenital & acquired deficiency Gamunex-C in bags Xembify Pre-Filled Syringes Alpha-1 SPARTA (efficacy) Alpha-1 SubQ 15% Xembify SID in CLL, MM & NHL Trimodulin in sCAP Gamunex in SID Xembify in CIDP

Innovation 2025 key milestones

• Giga Oncology Phase 1B (dose expansion): 1st patient enrolled
• OSIG in Dry Eye Disease: Phase 2 IND submission

H1 H2

• IgG:

• ✓ Xembify CIDP: IND Submission
• ✓ Gamunex-C in bags: FDA submission
• Alpha-1 SubQ 15%: Phase 1/2 topline results
• Fibrinogen Congenital & Acquired Deficiency: EU approval
• Giga HBV: Complete 25% patient enrollment

New products

Trimodulin: ESsCAPE trial (sCAP indication)

• Unique IgG preparation: combination of polyclonal antibodies (IgG, IgM and IgA)
• Triple MoA: clearing pathogens, neutralizing toxins and modulating uncontrolled hyper-inflammatory patient response

Promising clinical evidence in phase 2

Ph2 CIGMA Study post-hoc results demonstrate there is a significant reduction in mortality with Trimodulin

Mortality rate (%) of Ph2 CIGMA study

Positive feedback from FDA, PEI and clinical experts on population selection & clinical trial design for phase 3

New products | Trimodulin

Trimodulin: pipeline in a product opportunity

Note(s): 1. Severe Community-acquired pneumonia

2025 Capital Markets Day - 94 - Sources: Market Understanding and Commercial Opportunity of Trimodulin in sCAP, 2023; Market Understanding and Commercial Opportunity of Trimodulin in Sepsis, 2024

Early-stage innovation GigaGen platform disruptive technology

GigaGen technology is a disruptive drug discovery platform of recombinant polyclonal and monoclonal antibodies

Progressing with clinical development

Early-stage innovation

GigaGen: Ready to scale up

Early-stage innovation

Chronos PD: a bridge between plasma knowledge & analytics

Chronos: moving from age-related to disease specific proteomics

personalize treatments, and improve outcomes and QoL for patients worldwide

Pilot study for Parkinson's Disease

Establish an early-warning system for the emergence of the disease

• Financed by Michael J. Fox Foundation for Parkinson's Disease

• Project status on track for completion in Q2 2025

Path forward: expand to other disease areas with multiple partnerships

Diagnostic

Significant cash contributor with a clear plan to increase value

Diagnostic is not distractive from Biopharma core, but complementary (e.g., supporting strategic initiatives like A1AT testing program, AT-III and fibrinogen)

Significant EBITDA margin and cash flow contribution to the group

Clear strategy, plan and initiatives defined to execute the vision becoming a leading player in Transfusion Medicine and expansion to the broadest market of Clinical Diagnostics

Diagnostic | Strategy

Path to solidify leadership in Transfusion Medicine and expand

Pipeline projects

Diagnostic | Innovation

Strong progress in our pipeline execution

Our new testing platforms will allow us to untap other markets in the Clinical Diagnostic segment as Immunoassays and Molecular Dx

Dx market

(2024)

~121 Bn€

Key Takeaways

Strong plasma demand across indications with a clear plan to drive IgG growth, maximize opportunities of additional proteins and launch Fibrinogen 1

Plasma sourcing mix, collection excellence and yield & manufacturing efficiencies as the three key levers to boost profitability 2

Well-invested to support future growth leveraging current plasma centers fleet and maximizing fractionation capacity 3

Focus on accelerating pipeline execution (LCM and new proteins) and developing new models to create further value in the future (e.g., GigaGen, Chronos & Transfusion medicine projects) 4

04. Concluding Remarks

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Nacho Abia Chief Executive Officer

Key Takeaways

Grifols is well-positioned to unlock its full potential to deliver remarkable value creation

We are confident about achieving our financial metrics (in €)

1 Free Cash Flow pre-M&A: Cash flow generation from operating and investing activities (Free Cash Flow) excluding net proceeds from the sale of SRAAS shares;

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05. Annex

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EBIT to EBITDA and EBITDA Adjusted

thousand of In euros	Q4 2024	Q3 2024	Q2 2024	Q1 2024	FY 2024	FY 2023	Q4 2023
OPERATING RESULT (EBIT)	371 859 ,	317 034 ,	299 321 ,	203 802 ,	1 192 016 , ,	782 317 ,	255 252 ,
Depreciation Amortization &	(110 130) ,	(108 364) ,	(114 310) ,	(106 139) ,	(438 944) ,	(456 263) ,	(113 869) ,
Reported EBITDA	481 990 ,	425 398 ,	413 631 ,	309 941 ,	1 630 960 , ,	1 238 580 , ,	369 122 ,
% Net revenue	24 4%	23 7%	22 8%	19 1%	22 6%	18 8%	20 9%
Restructuring costs	1 889 ,	21 673 ,	10 095 ,	2 326 ,	35 982 ,	159 343 ,	19 916 ,
Transaction costs	9 306 ,	7 882 ,	16 145 ,	15 318 ,	48 650 ,	47 602 ,	19 590 ,
Impairments	24 265 ,	787	-	-	25 052 ,	1 794 ,	1 794 ,
Biotest Next Level Project	7 340 ,	5 113 ,	4 922 ,	16 798 ,	34 173 ,	33 100 ,	33 100 ,
One-off SRAAS	-	-	(5 618) ,	-	(5 618) ,	-	-
Other non-recurring items	1 155 ,	1 245 ,	1 613 ,	6 020 ,	10 032 ,	(18 830) ,	-
Total adjustments	43 954 ,	36 700 ,	27 157 ,	40 461 ,	148 271 ,	223 009 ,	74 400 ,
Adjusted EBITDA	525 944 ,	462 098 ,	440 788 ,	350 402 ,	1 779 232 , ,	1 461 589 , ,	443 522 ,
% Net revenue	26 6%	25 8%	24 2%	21 6%	24 7%	22 2%	25 1%

Leverage Ratio as per Credit Agreement

millions of ratio In except euros	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Financial Liabilities Non-Current	9 491 ,	8 836 ,	8 752 ,	9 650 ,	10 034 ,
Liabilities (IFRS16) Non-recurrent Lease	(1 025) ,	(969)	(1 025) ,	(1 026) ,	(1 004) ,
Current Financial Liabilities	676	1 017 ,	2 757 ,	1 745 ,	1 023 ,
Liabilities (IFRS16) Recurrent Lease	(117)	(111)	(109)	(111)	(107)
Cash and Cash Equivalents	(980)	(645)	(2 113) ,	(449)	(530)
Financial Debt Credit Net Agreement as per	8 046 ,	8 128 ,	8 262 ,	9 811 ,	9 416 ,

millions ratio In of except euros	LTM Q4'24	LTM Q3'24	LTM Q2'24	LTM Q1'24	FY 2023
(EBIT) OPERATING RESULT	1 192 ,	1 075 ,	1 005 ,	934	781
Depreciation Amortization &	(439)	(443)	(444)	(441)	(458)
Reported EBITDA	1 631 ,	1 518 ,	1 450 ,	1 375 ,	1 239 ,
IFRS 16	(113)	(113)	(110)	(104)	(102)
Restructuring costs	55	57	34	24	159
Transaction costs	49	59	65	59	48
savings , operating improvements synergies Cost and on a "run rate"	159	146	136	131	134
Other one-offs	(28)	(62)	(75)	(43)	(7)
Total adjustments	122	8 7	5 0	6 6	232
Adjusted Credit EBITDA LTM Agreement as per	753 1 ,	605 1 ,	500 1 ,	442 1 ,	1 471 ,
Ratio Credit Leverage Agreeement as per	4 6x	5 1x	5 5x	6 8x	6 4x

Leverage Ratio as per Consolidated EBITDA and Net Debt as per Balance Sheet

millions of ratio In except euros	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Non-Current	9	8	8	9	10
Financial	491	752	752	650	034
Liabilities	,	,	,	,	,
Financial	676	2	2	1	023
Liabilities		757	757	745	1
Current		,	,	,	,
Cash and Cash Equivalents	(980)	(2 113) ,	(2 113) ,	(449)	(530)
Financial	9	9	9	10	10
Debt	187	396	396	947	527
Net	,	,	,	,	,

millions of ratio In except euros	Q4'24 LTM	Q3'24 LTM	Q2'24 LTM	Q1'24 LTM	2023 FY
(EBIT) OPERATING RESULT	1 192 ,	1 005 ,	1 005 ,	934	781
Depreciation Amortization &	(439)	(444)	(444)	(441)	(458)
Reported EBITDA	631 1 ,	450 1 ,	450 1 ,	375 1 ,	239 1 ,
Ratio Reported Leverage	6x 5	6 5x	6 5x	8 0x	8 5x

Free Cash Flow pre-M&A reconciliation

Free Cash Flow pre-M&A = Adjusted EBITDA - Net Working Capital - CAPEX (including capitalized IT and R&D, and extraordinary growth CAPEX) - 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. Excludes lease payments, consistent with prior disclosed guidance.

million In Euros	2024	2023	million In Euros
EBITDA Adjusted	1 779 ,	1 474 ,	1 Net Cash Flow From Operating Activities
Changes in working capital	(14)	(406)	1 Cash Flow Investing Activities Net From
R&D and IT	(139)	(86)	taxes2 SRAAS proceeds of transaction and net costs
Interests	(561)	(515)	1 Statement of Cash Flow According IFRS-EU
Others	(8)	-65	2 (12) of the Consolidated Annual As per Note 2024
FCF Before Extraordinary Items	649	2 0
Extraordinary Growth CAPEX	(276)	-73
Restructuring transaction and costs	(107)	-122
Free Cash Flow	266	(176)

million In Euros	2024	2023	million In Euros	2024	2023
Adjusted EBITDA	1 779 ,	1 474 ,	1 Cash Flow Operating Activities Net From	902	219
Changes in working capital	(14)	(406)	1 Cash Flow Investing Activities Net From	887	(395)
CAPEX	(233)	(224)	Free Cash Flow	1 789 ,	(176)
R&D and IT	(139)	(86)	taxes2 transaction SRAAS proceeds of and net costs	1 523 ,	-
Taxes	(176)	(159)	Cash Flow Free pre-M&A	266	(176)

2 As per Note (12) of the 2024 Consolidated Annual Accounts

Investor Relations & Sustainability

+34 93 571 02 21 investors@grifols.com sustainability@grifols.com

inversores@grifols.com sostenibilidad@grifols.com

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