Grifols, S.A. (GRFS) 2026 Q1 法說會逐字稿

Hello, everyone, and thank you for joining us today for Grifols fourth quarter 2026 earnings call. My name is Danny Segarra, and I serve as the Head of Investor Relations and Sustainability.

各位好，感謝大家今天參加 Grifols 2026 年第四季財報電話會議。我是 Danny Segarra，擔任投資人關係與永續發展主管。

Today, I'm joined by Grifols Chief Executive Officer, Nacho Abia; President of Biopharma, Roland Wandeler; and Chief Financial Officer, Rahul Srinivasan.

今天與我一同出席的有 Grifols 執行長 Nacho Abia、生物製藥事業總裁 Roland Wandeler，以及財務長 Rahul Srinivasan。

As is our usual practice, today's call will last about an hour, including the Q&A session. Please note that this call is being recorded. You can find additional materials, including today's presentation in the Investor Relations section of the Grifols website at grifols.com. A transcript and replay of the webcast will also be available on the Investor Relations website within 24 hours.

依照慣例，今天的電話會議約一小時，包含問答環節。請注意，本次會議將被錄音。您可在 Grifols 官網 grifols.com 的投資人關係專區找到更多資料，包括今天的簡報。網路直播的逐字稿與重播也將於 24 小時內在投資人關係網站提供。

Turning to slide 2. I would like to remind everyone that forward-looking statements may be made during this call. This may include, among other things, comments regarding the company's future operating and financial performance, statements about our future expectations, clinical developments, regulatory time lines and the potential success of our product candidates.

請看第 2 頁投影片。我想提醒各位，本次電話會議中可能會提及前瞻性陳述。其中可能包括但不限於：關於公司未來營運與財務表現的評論、對未來預期的陳述、臨床進展、法規時程，以及我們產品候選項目潛在成功的可能性。

These statements are based on current expectations and available information as of the date of this call and are subject to certain risks and uncertainties that may cause actual results to differ materially from those discussed today.

這些陳述係基於本次電話會議日期當下的現行預期與可得資訊，並受若干風險與不確定性影響，可能導致實際結果與今日討論內容出現重大差異。

Grifols financial statements are prepared in accordance with EU IFRS and other applicable reporting provisions, including alternative performance measures or APMs, as defined by the European Securities and Markets Authority. Grifols management uses APMs to evaluate financial performance as the basis for operational and strategic decision-making. These APMs are prepared for all the time periods presented in this document.

Grifols 的財務報表係依據歐盟 IFRS 及其他適用之申報規定編製，包括歐洲證券及市場管理局所定義的替代性績效衡量指標（APM）。Grifols 管理層使用 APM 來評估財務表現，並作為營運與策略決策的基礎。本文件所呈現的所有期間皆已編製這些 APM。

As announced on May 24, the Board of Directors decided to initiate a process to evaluate a potential IPO in the United States of a portion of the shares of its subsidiary and parent of its US biopharma business. Any such transaction remains subject to, among other things, regulatory and legal requirements, internal approvals and market conditions.

如 5 月 24 日所公告，董事會決議啟動一項流程，以評估在美國就其子公司（亦為其美國生物製藥業務之母公司）部分股份進行潛在 IPO 的可能性。任何此類交易仍須視包括但不限於法規與法律要求、內部核准及市場狀況等因素而定。

In keeping with the legal and regulatory advice received, we will not be able to address any questions regarding this transaction at this stage. We will provide updates as and when necessary, remaining in full compliance with applicable laws and regulations.

依據所獲法律與法規建議，在此階段我們無法回應任何關於此交易的問題。我們將在必要時提供最新進展，並完全遵循適用的法律與法規。

Now moving to today's agenda. I will turn the call to Nacho to kick it off. Nacho?

接著進入今天的議程。我將把電話會議交給 Nacho 來開場。Nacho？

Thank you, Danny, and thank you all for joining us today.

謝謝 Danny，也感謝各位今天加入我們。

In the first quarter of 2026, we delivered a solid start to the year, maintaining our focus on our core priorities as outlined in the annual guidance provided in our previous call. The results of the first quarter were in line with our expectations and forecast. We are on track to achieve our guidance for the full year 2026 as we continue to build momentum over the course of the year.

在 2026 年第一季，我們為全年打下穩健開局，並持續聚焦於我們在上一通電話會議所提供年度指引中所列的核心優先事項。第一季的結果符合我們的預期與預測。隨著我們在全年持續累積動能，我們正按計畫達成 2026 全年指引。

Today, we will focus on three key areas. First, we will talk about our commercial strategies across regions with a clear focus on capturing growth opportunities in core markets.

今天我們將聚焦三個關鍵領域。首先，我們將談談各區域的商業策略，並明確聚焦於在核心市場掌握成長機會。

Second, we will further clarify the strategic importance of Egypt following EMA approval, a milestone that strengthens our global plasma diversification strategy, expands our sourcing capabilities, improve access to treatment in Egypt, the region and Europe and structurally and meaningfully reduces cost per liter, thereby supporting our margin expansion.

第二，我們將在 EMA 核准後進一步釐清埃及的策略重要性；這是一項里程碑，強化我們全球血漿多元化策略、擴大採購能力、改善埃及、該區域及歐洲的治療可近性，並在結構性且具實質意義上降低每公升成本，從而支持我們的利潤率擴張。

And third, we will address the continued strengthening of our balance sheet through disciplined refinancing and sustained free cash flow generation.

第三，我們將說明透過有紀律的再融資與持續的自由現金流創造，如何持續強化資產負債表。

Finally, we will review some key progress within Diagnostics as we near an important milestone, the launch of a new platform that expands market opportunities in blood typing as we committed at our last Capital Markets Day. This advancement reflects our ongoing commitment to innovation and to supporting long-term growth in this division as well.

最後，隨著我們接近一項重要里程碑——推出一個新平台——我們也將回顧診斷事業的一些關鍵進展；該平台將如我們在上次資本市場日所承諾，擴大血型鑑定的市場機會。這項進展也反映我們對創新以及支持該事業部長期成長的持續承諾。

Turning to slide 5. Revenue for the quarter reached EUR 1.7 billion, representing an increase of 3.3% at constant currency. Adjusted EBITDA increased to EUR 404 million at constant currency, EUR 381 million on a reported basis, with margin broadly stable year-on-year. Free cash flow improved by EUR 30 million, with leverage stood at 4.3 times, which is broadly stable versus year-end and consistent with the seasonality we typically see in the first quarter.

請看第 5 頁投影片。本季營收達 17 億歐元，以固定匯率計成長 3.3%。以固定匯率計，調整後 EBITDA 增至 4.04 億歐元；以報告基礎計為 3.81 億歐元，利潤率年對年大致持平。自由現金流改善 3,000 萬歐元，槓桿倍數為 4.3 倍，與年末大致持平，亦符合我們通常在第一季看到的季節性。

Biopharma led this performance with growth of nearly 7% at constant currency, once again underscoring the strength of our IG franchise, which delivered double-digit growth, particularly in core markets.

生物製藥帶動了這項表現，以固定匯率計成長近 7%，再次凸顯我們 IG 產品線的強勁實力；該產品線在核心市場實現兩位數成長。

Our focus remains on executing our key priorities for 2026, driving adjusted EBITDA margins to at least 25%, while delivering 5% to 9% adjusted EBITDA growth at constant currency, improving free cash flow towards our EUR 500 million to EUR 575 million target and maintaining strict financial discipline.

我們仍聚焦於執行 2026 年的關鍵優先事項：推動調整後 EBITDA 利潤率至少達到 25%，同時以固定匯率計實現 5% 至 9% 的調整後 EBITDA 成長，將自由現金流改善朝向 5 億至 5.75 億歐元的目標邁進，並維持嚴格的財務紀律。

We are actively pulling strategic levers across the organization to deliver on those objectives, which I will detail in the following slide. We also note the recent exception of plasma-derived therapies from US tariffs under Section 232, which underscores the strategic importance of plasma in today's global environment.

我們正積極在全組織運用策略槓桿以達成上述目標，我將在下一頁投影片中詳述。我們也注意到，近期在《第 232 條》下，美國關稅對血漿衍生療法作出豁免，凸顯血漿在當前全球環境中的策略重要性。

Finally, as announced in March, we are evaluating a potential IPO of our US biopharma business. While it is still early in the process, and we will not be able to provide additional information in today's call, it reflects our continued focus on maximizing shareholder value. We will update you with necessary details in due course and stay compliant with applicable laws and regulations.

最後，如 3 月所公告，我們正在評估就我們的美國生物製藥業務進行潛在 IPO。雖然目前仍處於流程早期，且我們無法在今天的電話會議中提供更多資訊，但這反映我們持續聚焦於最大化股東價值。我們將在適當時點更新必要細節，並遵循適用的法律與法規。

Now let me turn to our focus in 2026 in order to achieve our annual goals. Moving to slide 6. I want to detail the strategic drivers that support our confidence in achieving our 2026 guidance. Our focus is centered on five key pillars of execution.

接下來我將談談我們在 2026 年為達成年度目標的重點工作。請看第 6 頁投影片。我想說明支撐我們對達成 2026 年指引之信心的策略驅動因素。我們的重點聚焦於五大執行支柱。

First, we are optimizing our biopharma product mix. While our IG franchise continued its momentum, we are balancing this with a continued focus to drive growth across our broader portfolio of products.

第一，我們正在優化生物製藥的產品組合。在我們的 IG 產品線持續保持動能的同時，我們也在兼顧並持續聚焦於推動更廣泛產品組合的成長。

mentioned, this is a structural shift in our sourcing capabilities. We are in a clear trajectory to collect 1 million liters of plasma in Egypt this year, scaling rapidly to 3 million by 2029.

如前所述，這是我們採購能力上的結構性轉變。我們正朝著今年在埃及採集 100 萬公升血漿的明確軌跡前進，並將快速擴張至 2029 年達到 300 萬公升。

Third, this Egyptian expansion allows us to accelerate the optimization of our global plasma sourcing. By integrating this lower cost per liter supply, we can more aggressively optimize our US plasma network, improving overall margin efficiency without compromising our supply needs. This also ensures flexibility and optionality to expand our plasma needs.

第三，這項埃及擴張使我們得以加速優化全球血漿採購。透過整合每公升成本較低的供應，我們可以更積極地優化美國血漿網路，在不影響供應需求的前提下提升整體利潤率效率。這也確保我們在擴大血漿需求方面具備彈性與選擇性。

Fourth, we are focused on the operational and financial turnaround of Biotest. A key catalyst here is the commercial progress of both Biotest new generation of immunoglobulins, Yimmugo as well as fibrinogen products, PRUFIBRY and FESILTY, which are starting to contribute to the top line as we integrate these assets more deeply into our global commercial portfolio.

第四，我們聚焦於 Biotest 的營運與財務轉型。其中一項關鍵催化劑是 Biotest 新一代免疫球蛋白 Yimmugo，以及纖維蛋白原產品 PRUFIBRY 與 FESILTY 的商業進展；隨著我們更深入地將這些資產整合至全球商業產品組合，它們已開始對營收做出貢獻。

Finally, our commitment to financial discipline remains absolute. We're maintaining rigorous cost control and maximizing operational leverage across the entire group. These five drivers are not mere targets. They represent active strategic levers. Their successful execution is what will allow us to grow strategically, expand EBITDA margins and deliver the improved free cash flow we have committed for the full year 2026 and beyond.

最後，我們對財務紀律的承諾依然絕對不變。我們正維持嚴格的成本控管，並在整個集團最大化營運槓桿。這五項驅動因素不僅是目標。它們代表可積極運用的策略槓桿。成功執行這些槓桿，將使我們得以策略性成長、擴大 EBITDA 利潤率，並交付我們對 2026 全年及其後所承諾的自由現金流改善。

Before moving to a more detailed biopharma update that Roland will provide, I would like to briefly comment on the performance of our diagnostic business on slide 7.

在進一步進入由 Roland 將提供的更詳細生物製藥更新之前，我想先就第 7 頁投影片中我們診斷業務的表現做簡要說明。

It's important to note that the reported revenue decline does not reflect the underlying fundamentals of the business, but rather the temporary impact from the dissolution of the Quidel Ortho joint business. On a like-for-like basis, our diagnostic revenue grew in the low single digits year-over-year.

需要強調的是，已報告的營收下滑並不反映該業務的基本面，而是源自 Quidel Ortho 合資業務解散所帶來的暫時性影響。在可比基礎（like-for-like）下，我們的診斷營收年增為低個位數。

As part of the joint business dissolution, we agreed to a USD65 million compensation payment to Grifols, which will be distributed over the next three years. While the termination of the joint business created a short-term headwind, the decision was ultimately a strategic one. Ending it unlocks full autonomy to offer a broader range of donor screening and clinical diagnostic solutions and better positions us to capture the full value of our new ISA platform rollout.

作為合資業務解散的一部分，我們同意向 Grifols 支付 6,500 萬美元的補償金，將在未來三年內分期支付。雖然終止合資業務在短期內帶來逆風，但這項決策最終是出於策略考量。結束合資使我們得以完全自主，提供更廣泛的捐血者篩檢與臨床診斷解決方案，並讓我們在推動新 ISA 平台上市時，更能掌握其完整價值。

These new immunoassay platforms enable us to directly target the serology market, which is valued at approximately EUR 1 billion. Additionally, it provides an opportunity to eventually expand into a much larger total addressable market of the clinical immunoassay sector. This is a segment where our ability to operate independently enable us to fully participate, control the value chain and maximize returns.

這些新的免疫分析平台使我們能直接鎖定血清學市場，其市場規模約為 10 億歐元。此外，這也提供了機會，讓我們最終可擴展至更大的臨床免疫分析領域之整體可服務市場（TAM）。在此領域中，我們能夠獨立運作，使我們得以全面參與、掌控價值鏈並將報酬最大化。

As such, our platform represents a key pillar in diversifying our diagnostic revenue base and expanding into adjacent high-value segments.

因此，我們的平台是多元化診斷營收基礎、並擴展至相鄰高價值細分市場的關鍵支柱。

Other than this significant step in our serology business within blood typing solutions, the Barcelona next-generation platform is our most significant upcoming catalyst. This platform delivers significantly improved performance in a smaller modular design with a simplified workflow and reduced footprint for customers.

除了在血型檢測解決方案中的血清學業務邁出這項重大一步之外，Barcelona 次世代平台是我們接下來最重要的催化劑。該平台以更小型的模組化設計，提供顯著提升的效能、簡化的工作流程，以及更小的客戶占地面積。

We remain on track for its launch in Q2 '26 at the leading flagship industry trade fair. And we expect this platform to be a key driver in sustaining our leadership in this market beginning in 2027.

我們仍按計畫在 '26 年第二季於領先的旗艦產業展會上推出。我們預期該平台將自 2027 年起成為維持我們在此市場領導地位的關鍵驅動因素。

In NAT, our MUNDAKA platform remain on track for launch in 2030, reinforcing our leadership position within NAT through higher throughput and sensitivity and advanced design.

在 NAT 方面，我們的 MUNDAKA 平台仍按計畫於 2030 年推出，透過更高的處理量與靈敏度以及先進設計，鞏固我們在 NAT 領域的領導地位。

As we look beyond 2026 and specifically 2027, we expect our diagnostic business to continue to grow in the low single digits as we continue to grow our blood typing business, while MDS, we consolidate our donor screening market position and grow in the plasma screening segment.

展望 2026 年之後，特別是 2027 年，我們預期診斷業務將持續以低個位數成長；我們將持續擴大血型檢測業務，同時在 MDS 方面鞏固捐血者篩檢的市場地位，並在血漿篩檢細分市場成長。

We expect the good performance of the BTS and MDA businesses to be partially offset by our IDS business as the supply agreement with Abbott ends and we gear the manufacturing towards this.

我們預期 BTS 與 MDA 業務的良好表現，將部分被 IDS 業務所抵銷，因為與 Abbott 的供應協議到期，且我們正將製造產能調整以因應。

I want to reiterate here that our Diagnostic business remains a vital complementary pillar to our biopharma franchise, providing significant contributions to our overall margin profile and cash conversion.

我想在此重申，我們的診斷業務仍是生物製藥事業的重要互補支柱，對整體毛利結構與現金轉換率有顯著貢獻。

Before moving to Roland, I would like to emphasize that the progress of the company in the first quarter reflects disciplined execution across our strategy, operations and finance. We are building on strong fundamentals, advancing our margin initiatives, strengthening our global plasma platform, and reinforcing our balance sheet. This execution supports our confidence in delivering consistent progress throughout the year as we work towards our full year guidance and unlocking the full value of our competitive advantage.

在交給 Roland 之前，我想強調，公司第一季的進展反映了我們在策略、營運與財務上的紀律執行。我們建立在穩健的基本面之上，推進毛利提升措施，強化全球血漿平台，並鞏固資產負債表。這樣的執行力支持我們對全年持續穩健推進的信心；我們正朝全年指引邁進，並釋放我們競爭優勢的全部價值。

With that, I will now turn it over to Roland. Thank you.

接下來，我把時間交給 Roland。謝謝。

Thank you, Nacho. Moving to slide 9. The Biopharma business overall delivered a solid start to the year with 6.8% growth at constant currency in the first quarter. I am proud of the dedication, passion and commitment our team shows every day to deliver for patients and drive forward towards the goals we set out.

謝謝你，Nacho。我們看第 9 頁投影片。生物製藥業務整體在第一季以固定匯率計算成長 6.8%，為今年帶來穩健開局。我為團隊每天展現的投入、熱情與承諾感到自豪，致力於為病患交付成果，並推動我們朝既定目標前進。

Q1 growth was driven by continued strong momentum in Ig, partially offset by albumin in China as well as lower sales in other proteins. Let me briefly walk through each segment.

第一季成長主要由 Ig 持續強勁動能帶動，部分被中國白蛋白以及其他蛋白較低銷售所抵銷。我將簡要說明各個事業部門。

Immunoglobulins were the clear growth engine. Our Ig portfolio delivered 15.3% year-over-year growth at constant currency, driven by sustained traction of Gamunex in the US and core European markets, fully aligned with our strategic focus. Performance was further supported by the successful US launch of Biotest Yimmugo, which is building on the strong underlying momentum of our existing brands.

免疫球蛋白是明確的成長引擎。我們的 Ig 產品組合以固定匯率計算年增 15.3%，主要受惠於 Gamunex 在美國與歐洲核心市場的持續滲透，完全符合我們的策略重點。此外，美國成功上市 Biotest Yimmugo 也進一步支撐表現，並延續我們既有品牌的強勁基本動能。

Xembify, our subcutaneous IG, continues to see strong double-digit in-market demand growth in the US. Reported ex-factory sales this quarter, though, were partially impacted by year-on-year inventory phasing with Q1 '25 benefiting from a wholesale inventory build and Q1 '26 reflecting some inventory normalization. Importantly, the underlying demand trend remains very strong. And for the full year, we continue to expect strong double-digit growth for Xembify.

Xembify（我們的皮下 IG）在美國市場內需求持續呈現強勁的雙位數成長。不過，本季報告的出廠銷售（ex-factory）部分受到年對年庫存節奏影響：'25 年第一季受惠於批發端庫存建立，而 '26 年第一季則反映部分庫存正常化。重要的是，基本需求趨勢仍然非常強勁。就全年而言，我們仍預期 Xembify 將維持強勁的雙位數成長。

Turning to albumin. Q1 sales declined 6.1% year-over-year at constant currency, reflecting the expected continuation of market and pricing dynamics in China that we discussed at year-end. Following several years of strong growth, demand flattened in 2025, and we adjusted pricing midyear.

接著談白蛋白。第一季銷售以固定匯率計算年減 6.1%，反映我們在年末所討論、預期將延續的中國市場與價格動態。在連續數年強勁成長後，2025 年需求趨於持平，我們並於年中調整價格。

Over the past quarters, pricing in hospital has stabilized, which is encouraging. However, the first half of 2026 continues to compare against the higher pricing base in '25, and we, therefore, expect albumin sales to be lower year-over-year in H1 before stabilizing into the second half.

過去幾個季度，醫院端價格已趨於穩定，這令人鼓舞。然而，2026 年上半年仍將與 '25 年較高的價格基期相比，因此我們預期白蛋白銷售在上半年將呈年對年下滑，之後在下半年趨於穩定。

Despite these near-term dynamics, our longer-term outlook for albumin remains constructive, supported by our strategic partnership with Shanghai RAAS. With elevated in-country inventories in the market, our focus is firmly on driving demand with disciplined pricing and aided by an expanded joint commercial footprint and a more targeted marketing and contracting approach.

儘管存在這些短期動態，我們對白蛋白的中長期展望仍保持正向，並受惠於與上海萊士（Shanghai RAAS）的策略合作夥伴關係。在市場內國內庫存偏高的情況下，我們的重點明確放在以紀律性的定價推動需求，同時藉由擴大的合資商業覆蓋，以及更聚焦的行銷與合約策略來加以支持。

These actions are aimed at increasing hospital access, including deeper penetration into lower-tier hospitals, while also expanding our presence in retail pharmacies. In parallel, our medical teams continue to invest in education and evidence generation around long-term albumin use in liver cirrhosis and an important and still unmet need in China.

這些行動旨在提升醫院可及性，包括更深入滲透至較低層級醫院，同時擴大我們在零售藥局的布局。與此同時，我們的醫學團隊持續投入教育與證據生成，聚焦於白蛋白在肝硬化長期使用上的相關證據，以及中國一項重要且仍未被滿足的醫療需求。

As conditions stabilize, we remain confident that these actions position us well to get back to growth in this key market. At the same time, we are actively pursuing opportunities outside China with a clear emphasis on expanding our albumin presence in the US and other markets. This, together with increasing yields and the use of excess Ig from EMA approved Egyptian plasma will enable us to balance our Ig and albumin growth over time.

隨著情勢趨於穩定，我們仍有信心這些行動能讓我們在此關鍵市場重新回到成長軌道。同時，我們也正積極尋求中國以外的機會，並明確著重於擴大我們在美國及其他市場的白蛋白布局。這些措施，加上提高收率以及使用來自 EMA 核准之埃及血漿的多餘 Ig，將使我們能隨時間推進在 Ig 與白蛋白之間取得成長平衡。

On Alpha-1 and specialty proteins, sales came in 7.4% lower year-over-year, reflecting a prior year comparison that benefited from inventory buy-in for both alpha-1 and fibrin sealant at the time. Within Alpha-1, which represents roughly half of the category, we were encouraged by growth in new patient referrals during the quarter, highlighting the continued unmet need and a significant number of undiagnosed patients.

在 Alpha-1 與特殊蛋白方面，銷售年減 7.4%，主要反映去年同期因 Alpha-1 與纖維蛋白封合劑（fibrin sealant）當時的庫存買入而形成的比較基期。在 Alpha-1（約占該類別一半）方面，我們對本季新病患轉介的成長感到鼓舞，突顯持續存在的未滿足需求，以及大量尚未被診斷的病患。

While underlying dynamics are strong for Alpha-1, HCPs and patients continue to navigate access hurdles, especially in the first part of the year. We heard from physicians and patient associations that the reauthorization period in the US was a difficult one and that a number of patients had to go through multiple appeals to finally receive approval for their therapy this year.

儘管 Alpha-1 的基本動態強勁，醫療專業人員（HCP）與病患仍持續面臨取得治療的障礙，尤其在年初階段更為明顯。我們從醫師與病友團體得知，美國的重新授權期間相當艱難，且有不少病患今年必須經歷多次申訴，最終才獲得其治療的核准。

We will continue to do our part to appropriately support health care professionals in their work of securing access for their patients. And this is where we are looking forward to sharing our SPARTA outcomes trial results with top line results expected later this year. Successful trial outcomes will help to further drive awareness to reach patients yet to be diagnosed, but also provide additional evidence that may bolster access for both new and existing Alpha-1 patients in the US and abroad.

我們將持續盡我們所能，適切地支持醫療專業人員為其病患爭取治療可及性。這也是我們期待分享 SPARTA 結果試驗的原因之一，預計今年稍晚公布主要（top line）結果。若試驗結果成功，將有助於進一步提升對疾病的認知，以觸及尚未被診斷的病患，同時也能提供額外證據，可能強化美國及海外新舊 Alpha-1 病患的治療可及性。

In the remainder of the category, sales of fibrin sealant, Factor VIII and contract manufacturing were lower year-over-year. Following strong inventory build by Ethicon in 2025 to support global launches of fibrin sealant, Q1 reflected some inventory drawdown. This was partially offset by continued solid demand for Hyperab. While seasonally lower in absolute terms, we are encouraged by the momentum as we move towards the summer peak season for this important product.

在該類別其餘部分，纖維蛋白封合劑、第八凝血因子（Factor VIII）以及委託製造的銷售額較去年同期下降。由於 Ethicon 於 2025 年為支援纖維蛋白封合劑的全球上市而大幅建立庫存，第一季反映出部分庫存回補（去化）。這部分被 Hyperab 持續穩健的需求所部分抵銷。雖然就絕對金額而言具季節性下滑，但隨著我們邁向這項重要產品的夏季旺季，我們對其動能感到鼓舞。

Overall, we remain confident in the underlying fundamentals of Alpha-1 and expect the Alpha-1 and other proteins franchise to return to growth over the full year 2026.

整體而言，我們仍對 Alpha-1 的基本面充滿信心，並預期 Alpha-1 及其他蛋白產品事業群在 2026 全年將恢復成長。

Moving to slide 10. What I'd like to highlight is how intentionally differentiated our approach is across both geographies and proteins.

接著看第 10 頁投影片。我想強調的是，我們在不同地理區域與不同蛋白產品上，採取的是有意識且明確差異化的策略。

Starting with immunoglobulins, our growth engine. In the US, our priority is clear: grow with the market on a higher base following our market share recovery in '24 and '25. We expect continued mid- to high single-digit growth for Gamunex as our leading IVIG and strong double-digit growth for Xembify in SCIg.

先從免疫球蛋白（Ig）開始，這是我們的成長引擎。在美國，我們的優先事項很清楚：在 2024 與 2025 年市占率回升、基期提高之後，跟隨市場成長。我們預期 Gamunex 作為我們領先的靜脈注射免疫球蛋白（IVIG）將持續維持中到高個位數成長，而 Xembify 在皮下免疫球蛋白（SCIg）將維持強勁的雙位數成長。

Outside the US, we are taking a more selective value-driven approach. In Europe, we are focusing growth on higher-margin strategic markets while actively optimizing our footprint in lower-return markets. At the same time, we are advancing self-sufficiency in Canada and leveraging platforms such as Egypt as a plasma source to support Ig supply into Europe.

在美國以外，我們採取更具選擇性的價值導向策略。在歐洲，我們將成長聚焦於高毛利的策略市場，同時積極優化在報酬較低市場的布局。同時，我們正推進加拿大的自給自足，並運用埃及等平台作為血漿來源，以支援歐洲的 Ig 供應。

Turning to albumin, where the focus is balance and value optimization. In the US, we are benefiting from increasing demand for albuminum bags as one of only two players with this differentiated offering and where we are working to expand supply going into 2027. At the same time, we are effectively competing with our portfolio of aluminum vials with a disciplined approach to contracting.

接著談白蛋白（albumin），重點在於平衡與價值最佳化。在美國，我們受惠於白蛋白袋（albumin bags）需求增加；我們是僅有的兩家提供此差異化產品的業者之一，並正著手擴增供應，目標延伸至 2027 年。同時，我們也以紀律性的合約策略，憑藉白蛋白瓶裝（albumin vials）產品組合有效競爭。

Outside the US, we have a two-pronged approach. In China, our focus is on driving demand and access, leveraging our strategic partnership with Shanghai RAAS, expanding into Tier 2 hospitals and increasing our reach in retail pharmacies. In other markets, we see good progress and room to further grow our albumin sales.

在美國以外，我們採取雙軌策略。在中國，我們聚焦於推動需求與可近性，善用與上海萊士（Shanghai RAAS）的策略合作，擴展至二級醫院並提升在零售藥局的覆蓋。在其他市場，我們看到良好進展，且白蛋白銷售仍有進一步成長空間。

Overall, the objective is to stabilize performance in China and selectively expand beyond China, including the US with a differentiated offering of albumin bags.

整體目標是穩定中國的表現，並在中國以外選擇性擴張，包括在美國以差異化的白蛋白袋產品擴大布局。

Finally, Alpha-1 and specialty proteins, where our ambition is to lead and expand the category globally. In the US, the priority is to expand alpha-1 diagnosis and treatment of appropriate patients in a market where 85% of patients are not yet diagnosed.

最後是 Alpha-1 與特殊蛋白（specialty proteins），我們的企圖是成為全球該類別的領導者並擴大市場。在美國，優先事項是擴大 Alpha-1 的診斷與對適當病患的治療；在此市場中，仍有 85% 的病患尚未被診斷出來。

We believe that our outcome study, SPARTA, which for the first time may show better maintained lung function versus placebo, will play a key role to raise awareness, broaden the share of physicians that consistently test their COPD patients and facilitate access to therapy. Our team is preparing for top line results expected by year-end and is planning a deliberate coordinated approach to communicate SPARTA outcomes to support growth.

我們相信，我們的結果研究 SPARTA 可能首次顯示相較安慰劑能更好地維持肺功能，將在提升認知、擴大持續為 COPD 病患進行檢測的醫師比例，以及促進治療可近性方面扮演關鍵角色。我們的團隊正為預計於年底公布的主要結果做準備，並規劃一套審慎且協同一致的溝通策略，以傳達 SPARTA 的研究結果並支援成長。

In addition, we are encouraged by our momentum with HyperAp and excited about our upcoming Fibrinogen launch later this quarter. Outside the US, we continue to drive Alpha-1 growth in reimbursed markets and prepare to leverage SPARTA to unlock broader reimbursement, increase awareness and expand access in those markets that so far have limited treatment for alpha-1 patients.

此外，我們對 HyperAp 的動能感到鼓舞，並對本季稍晚即將推出的 Fibrinogen 上市感到振奮。在美國以外，我們持續在已納入給付的市場推動 Alpha-1 成長，並準備運用 SPARTA 來爭取更廣泛的給付、提升認知並擴大可近性，特別是在目前對 Alpha-1 病患治療仍有限的市場。

In addition, we will continue to drive our launch uptake with Fibrinogen in Germany and Austria as the two leading markets for the targeted treatment of acquired fibrinogen deficiency.

此外，我們也將持續推動 Fibrinogen 在德國與奧地利的上市導入與採用，這兩個市場是針對後天性纖維蛋白原缺乏之標靶治療的領先市場。

So stepping back, what you see is a disciplined and differentiated portfolio strategy to drive value, growing Ig where we have leadership and value, balancing and optimizing albumin across markets and positioning Alpha-1 and specialty proteins for continued growth. But value creation is not just about where we compete. It is also about how we source and produce our therapies. It is where plasma becomes a critical enabler of our model.

回過頭來看，你會看到一套有紀律且差異化的產品組合策略以驅動價值：在我們具領導地位且具價值的領域推動 Ig 成長；在各市場間平衡並最佳化白蛋白；並讓 Alpha-1 與特殊蛋白定位於持續成長。但價值創造不僅在於我們在哪裡競爭。也在於我們如何採購與生產我們的療法。而血漿在此成為我們模式的關鍵推動要素。

Turning to slide 11. What we are doing in plasma sourcing is not incremental. It is a structural shift, both for Grifols and for the industry and a core pillar of our margin expansion.

接著看第 11 頁投影片。我們在血漿來源上的作為並非小幅增量。這是一項結構性轉變，對 Grifols 與整個產業皆然，也是我們擴大利潤率的核心支柱。

Historically, the industry has operated with a structural imbalance. The US has been the primary source of plasma for the world and a significant portion of that volume has been used to supply markets outside the US. Given that the US is a high-cost source of plasma, exporting that cost base into markets with more constrained pricing creates a mismatch between cost and revenues.

歷史上，產業一直存在結構性失衡。美國一直是全球血漿的主要來源，而其中相當一部分的量被用於供應美國以外的市場。由於美國是高成本的血漿來源，將這樣的成本基礎輸出到定價更受限制的市場，會造成成本與收入之間的不匹配。

At the same time, the high reliance on US plasma adds structural risk, particularly in geopolitical environment that is increasingly favoring local self-sufficiency. What we are doing now is fundamentally changing that equation.

同時，對美國血漿的高度依賴也帶來結構性風險，尤其在地緣政治環境日益傾向在地自給自足的情況下更是如此。我們現在所做的，是從根本上改變這個等式。

Over the last years, we already increased ex-US collections with growth in our European centers and our self-sufficiency partnership in Canada. But following the EMA approval of Egypt sourced plasma in December '25 as part of our self-sufficiency partnership in Egypt, we are now adding a third scalable ex-US plasma sourcing platform.

過去幾年，我們已透過歐洲中心的成長以及在加拿大的自給自足合作，提升美國以外的採集量。但在 2025 年 12 月，EMA 核准埃及來源血漿作為我們在埃及自給自足合作的一部分之後，我們如今新增第三個可擴展的美國以外血漿來源平台。

We are on track to collect around 1 million liters in Egypt this year, scaling to about 3 million liters by 2029. Together, this allows us to meaningfully rebalance our sourcing footprint, where today, roughly 25% of US plasma is needed to support demand outside the US. By 2029, we expect plasma volumes sourced ex US to increase roughly 2.5-fold, sufficient to supply our European and rest of world demand.

我們預計今年在埃及採集約 100 萬公升，並於 2029 年擴大至約 300 萬公升。綜合而言，這使我們得以有意義地重新平衡採購版圖；目前約有 25% 的美國血漿需要用來支援美國以外的需求。到 2029 年，我們預期美國以外來源的血漿量將增加約 2.5 倍，足以供應我們在歐洲及世界其他地區的需求。

This allows us to significantly reduce the need to use high-cost US plasma for lower-priced markets over time. Instead, we move towards a two-system model. US plasma will be primarily serving the US market where demand and value are highest and where focus will unlock further opportunities to optimize our CPL and operations. And ex US plasma will be sufficient to supply ex US markets aligned with local economics and benefiting from excess IG in context of our self-sufficiency partnership with Egypt.

這使我們能隨時間顯著降低以高成本美國血漿供應低定價市場的需求。取而代之的是，我們將轉向雙系統模式。美國血漿將主要服務美國市場，因為該市場的需求與價值最高；而聚焦於此也將釋放更多機會，以最佳化我們的 CPL 與營運。而美國以外血漿將足以供應美國以外市場，並與當地經濟條件相匹配，同時在我們與埃及的自給自足合作架構下，受惠於免疫球蛋白（IG）的剩餘量。

This unique geographically differentiated and vertically integrated approach unlocks two major benefits. First, cost and margin optimization. By aligning our sourcing with market pricing, we structurally improve profitability; and second, resilience and supply security, reducing dependence on a single geography with the potential to mitigate policy, tariff and regulatory risks.

這種獨特的地理差異化與垂直整合策略帶來兩大效益。第一是成本與利潤率最佳化。透過讓採購與市場定價對齊，我們在結構上提升獲利能力；第二是韌性與供應安全，降低對單一地理來源的依賴，並有助於緩解政策、關稅與法規風險。

So to be very clear, this is not just about expanding plasma collection. We are fundamentally redesigning how plasma is sourced and allocated globally, creating a more efficient, more resilient and structurally more profitable model.

因此我要非常清楚地說，這不只是擴大血漿採集。我們正在從根本上重新設計全球血漿的來源與配置方式，打造更有效率、更具韌性且在結構上更高獲利的模式。

Let me close on slide 12 with how to think about our US biopharma business, where Grifols has over the last decades with Foresight, built a unique, fully vertically integrated local-for-local value chain.

最後以第 12 頁投影片作結，說明如何看待我們的美國生物製藥業務；過去數十年，Grifols 以前瞻性打造出獨特、完全垂直整合的在地供在地用（local-for-local）價值鏈。

Starting with the market, the US. is the largest and most attractive Ig market globally, exceeding $20 billion with continued strong demand for our therapies and a system that values plasma-derived medicines. This provides a strong foundation for continued growth, supported by increasing diagnosis and still high unmet need across our therapeutic areas.

先從市場面來看，美國是全球最大且最具吸引力的 Ig 市場，規模超過 200 億美元；我們療法的需求持續強勁，且該體系重視血漿衍生藥品。在診斷率提升以及我們治療領域仍存在高度未滿足需求的支持下，這為持續成長提供了堅實基礎。

Looking at our model, as we have discussed in our previous call, our unique approach in the US offers resilience and focus. Grifols is the only scaled company with an established fully integrated end-to-end presence in this key market, spanning everything from plasma collection to manufacturing and commercialization in the US for the US.

再看我們的模式，如同我們在前次電話會議中所討論的，我們在美國的獨特作法帶來韌性與聚焦。Grifols 是唯一一家在這個關鍵市場具規模、且已建立完整端到端整合布局的公司，涵蓋從血漿採集到製造，以及在美國、為美國進行商業化的所有環節。

In the current political environment, this closed-loop system is increasingly recognized as a strategic asset, providing supply security and operational resilience. At the same time, it gives us greater control and visibility across the value chain, allowing us to better align plasma collection, capacity utilization and commercial execution as our global sourcing model evolves.

在當前的政治環境下，這套閉環系統日益被視為一項策略性資產，能提供供應安全與營運韌性。同時，隨著我們的全球採購模式演進，它也讓我們在整個價值鏈上擁有更高的掌控力與可視性，使我們能更好地協調血漿採集、產能利用與商業執行。

Lastly, looking at productivity, our local-for-local approach increases focus and allows us to drive efficiencies across our operations in the US.

最後，從生產力角度來看，我們的在地供應在地（local-for-local）策略提升了專注度，並使我們能在美國的營運中推動效率提升。

On the collection side, we are increasing plasma collections per donor site, which allows us to optimize our footprint. The recent closure of 29 underperforming donor centers with partial consolidation into higher-performing locations reflects a disciplined approach to optimizing our cost base and network quality, all while still enabling an increase in our annual plasma collections in the US.

在採集端，我們正提高每個捐贈站點的血漿採集量，從而優化我們的據點布局。近期關閉29家表現不佳的捐贈中心，並部分整併至表現較佳的地點，反映出我們以嚴謹方式優化成本基礎與網路品質，同時仍能推動美國年度血漿採集量增加。

On the industrial side, our facilities in California and North Carolina represent the largest fractionation and purification capacity in the US and are well positioned to support local demand growth. Importantly, following prior investments, we are now able to capture this growth largely within our existing capacity without significant incremental capital.

在工業端，我們位於加州與北卡羅來納州的設施代表美國最大比例的分離與純化產能，並已做好準備以支援本地需求成長。重要的是，在先前投資之後，我們如今大致可在既有產能內承接這些成長，而無需顯著的額外資本投入。

And lastly, looking at our supply chain, our local-for-local approach allows us to further optimize our working capital cycle across markets. Bringing these elements together, market, vertical integration and productivity allows us to drive value for biopharma.

最後，從供應鏈角度來看，我們的在地供應在地策略使我們能進一步優化跨市場的營運資金週期。綜合上述要素，市場、垂直整合與生產力使我們能為生物製藥創造價值。

With that, I will hand it over to Rahul to walk us through the financials.

接下來，我把時間交給Rahul，請他帶我們回顧財務表現。

Thank you, Roland. On slide 14, we summarize the financial highlights for Q1 '26. As Nacho and Roland highlighted, our Q1 performance is entirely in line with our plans and expectations for the full year, notwithstanding the complex geopolitical and macroeconomic backdrop.

謝謝你，Roland。在第14頁投影片，我們彙總了2026年第一季的財務重點。如Nacho與Roland所強調，儘管地緣政治與宏觀經濟背景複雜，我們第一季的表現完全符合我們對全年計畫與預期。

Before I go into the financial performance, I'd like to highlight a couple of points. Firstly, it's great to see the strong execution across the board by the entire team, and in particular, the resilience in biopharma driven by the continued strength in our immunoglobulin franchise.

在我進入財務表現之前，我想先強調幾點。第一，很高興看到整個團隊在各方面的強勁執行力，尤其是生物製藥業務的韌性，這主要來自我們免疫球蛋白產品組合持續強勁的表現。

Second, please keep in mind that Q1 '26 relative performance compares to a Q1 '25 that was our best Q1 in history, a record performance that also benefited at the time from some phasing and a stronger US dollar. And finally, we have considerably derisked our balance sheet since our last update, and I will elaborate on that later in the presentation.

第二，請記得，2026年第一季的相對表現是與2025年第一季相比；而2025年第一季是我們史上最佳第一季、創紀錄的表現，當時也受惠於部分時點因素以及更強勢的美元。最後，自上次更新以來，我們已大幅降低資產負債表風險，我稍後會在簡報中進一步說明。

Moving on to the financial highlights in Q1 '26. We achieved reported revenues of EUR 1.7 billion, representing a 3.3% growth at constant currency with our Biopharma division growing considerably faster than that, and I will touch on the performance of the other segments on the following page.

接著看2026年第一季的財務重點。我們達成報告營收17億歐元，以固定匯率計成長3.3%；其中生物製藥事業部的成長顯著高於此水準，其他事業部的表現我會在下一頁說明。

With regards to the reported gross margin, consistent with our assurances during the full year call at the end of Feb, our gross margin has improved by 180 basis points compared to the gross margin in Q4 '25, taking into account the pricing concession offered in Q3 and Q4 last year to support our joint efforts with our strategic partner to navigate the albumin market in China as well as the gross to net adjustments for full year 2025 being applied entirely in Q4 '25.

就報告毛利率而言，與我們在2月底全年電話會議中的說明一致，考量到去年第三、第四季為支持與策略夥伴共同因應中國白蛋白市場而提供的價格讓利，以及2025全年毛利轉淨額（gross to net）調整全數於2025年第四季入帳，我們的毛利率較2025年第四季提升了180個基點。

In this regard, the gross margin comparison to Q1 '25 is therefore less relevant. Other aspects impacting comparability to Q1 '25 include the dissolution of the joint business with Quidel Ortho, Biotest strong sales growth in Q1 '26 as operational enhancement progresses during the course of the year and general phasing across the Grifols Group in 2026, where we expect Q3 and Q4 to be our strongest quarters, partially aided by the ramping up of our plasma collections in Egypt during the course of the year.

因此，與2025年第一季的毛利率比較就相對不那麼具參考性。其他影響與2025年第一季可比性的因素包括：與Quidel Ortho合資業務的解散、隨著營運改善在年內推進Biotest於2026年第一季的強勁銷售成長，以及Grifols集團在2026年的整體時點分布；我們預期第三與第四季將是最強的季度，部分也將受惠於我們在年內逐步提升埃及血漿採集量。

As per my guidance at the time of our full year call, the full year reported gross margin for 2025 of 38% is the right benchmark for 2026 and a portion of the adjusted EBITDA margin improvement being targeted in 2026 is expected to also flow through gross margin.

依我在全年電話會議時的指引，2025年全年報告毛利率38%是2026年的適當基準；而2026年目標中的部分調整後EBITDA利潤率改善，預期也會反映在毛利率上。

Adjusted EBITDA stood at EUR 381 million, up 0.8% at constant currency, maintaining a margin of 22.4%, in line with our record Q1 '25 performance last year and supported by continued OpEx discipline.

調整後EBITDA為3.81億歐元，以固定匯率計成長0.8%，利潤率維持在22.4%；與去年創紀錄的2025年第一季表現一致，並受惠於持續的營業費用（OpEx）紀律。

From an FX perspective, the depreciating US dollar had a translation impact during the quarter with euro-dollar moving from an average of EUR 1.04 in Q1 '25 to EUR 1.18 in Q1 '26. Consistent with our prior guidance, a weaker US dollar has the greatest impact on revenues and the impact diminishes as we go down the P&L with EBITDA less impacted than sales and impact on group profit being broadly neutral.

從匯率角度來看，美元走貶在本季帶來換算影響，歐元兌美元平均匯率由2025年第一季的1.04變動至2026年第一季的1.18。與我們先前指引一致，美元走弱對營收影響最大，往損益表下方影響逐步減弱；EBITDA受影響小於銷售額，而對集團淨利的影響大致中性。

In this regard, it is great to see the 22% growth in our bottom line group profit for quarter -- for the quarter to EUR 73 million. Free cash flow for the quarter was negative EUR 8 million, reflecting the usual free cash flow seasonality of the business and a EUR 30 million improvement in free cash flow compared to Q1 '25. And there are some aspects that I will clarify further in the free cash flow slide later.

在此背景下，很高興看到我們本季集團淨利年增22%，達7,300萬歐元。本季自由現金流為負800萬歐元，反映業務一貫的自由現金流季節性，且較2025年第一季改善3,000萬歐元。此外，關於自由現金流還有一些面向，我會在稍後的自由現金流投影片中進一步釐清。

Turning to leverage and liquidity. Our balance sheet is in a significantly improved position. We continue to make steady progress on deleveraging with total net leverage improving to 4.3 times a reduction of 0.2 turns year-on-year and liquidity remains very strong. More on that a bit later.

接著談槓桿與流動性。我們的資產負債表狀況已顯著改善。我們持續穩步推進去槓桿化，總淨槓桿降至4.3倍，年減0.2倍，且流動性仍然非常充裕。稍後我會再多做說明。

Slide 15. As you will see on this slide, the Biopharma business continues its strong top line momentum with a 6.8% growth in constant currency terms. As Roland highlighted, this was driven by continued momentum in our immunoglobulin franchise, which remains the core driver of growth.

第15頁投影片。如各位在此頁所見，生物製藥業務的營收動能持續強勁，以固定匯率計成長6.8%。如Roland所強調，這主要由我們免疫球蛋白產品組合的持續動能所帶動，該產品組合仍是成長的核心驅動力。

In Diagnostics, if we were to isolate the termination of the joint business with Quidel Ortho, Diagnostics revenues, in fact, grew at a low single-digit rate on a like-for-like basis in the quarter, consistent with prior years. Reported performance reflects the impact of the dissolution of the joint business, as previously discussed.

在診斷業務方面，若將與Quidel Ortho合資業務終止的影響單獨剔除，診斷業務營收在本季其實以同店（like-for-like）基礎呈現低個位數成長，與過往年度一致。報告表現則反映了合資業務解散的影響，如先前所討論。

The dissolution agreement includes a $65 million compensation to Grifols for, amongst other things, cost absorption at Grifols to be received in three payments across 2026, 2027 and 2028.

解散協議包含向Grifols支付6,500萬美元補償金，用於（除其他事項外）補償Grifols端的成本吸收，並將於2026年、2027年與2028年分三期收取。

Critically and very positively, the dissolution paves the way for Grifols to pursue its strategic aspirations in the immunoassay donor screening and clinical diagnostics markets over time with the development of the EA platform.

關鍵且非常正面的是，此次解散為Grifols鋪路，使我們得以隨時間推進，透過EA平台的開發，在免疫分析捐贈者篩檢與臨床診斷市場追求策略性願景。

Within Biosupplies and others, lower revenues in the quarter reflect phasing effects of a segment impacted by timing of individual contracts and dispatching of sales or products, and we expect a catch-up during the course of the year, particularly in Q3 and Q4 this year.

在生物供應（Biosupplies）及其他業務中，本季營收較低反映了時點因素；該事業部受個別合約時點以及銷售或產品出貨安排影響，我們預期在年內會回補，尤其是在今年第三與第四季。

Looking ahead, we remain focused on executing the various building blocks of our plan for 2026 as outlined by Nacho, which I will elaborate on in the following slide.

展望未來，我們仍專注於執行Nacho所概述的2026年計畫各項構成要素，我將在下一頁投影片中進一步說明。

Slide 16. As I said earlier, when we consider the relative Q1 '26 adjusted EBITDA performance to Q1 '25, please remember that Q1 '25 represented our best Q1 adjusted EBITDA performance in history that benefited at the time from some phasing-related momentum. So for us to be able to emulate that performance in Q1 '26 on a constant currency basis demonstrates the resilience of the business, led by a continued adjusted EBITDA momentum in biopharma.

第16頁投影片。如我先前所說，當我們比較2026年第一季相對於2025年第一季的調整後EBITDA表現時，請記得2025年第一季是我們史上最佳第一季調整後EBITDA表現，當時受惠於一些與時點相關的動能。因此，我們能在2026年第一季以固定匯率基礎重現該表現，展現了業務的韌性，而這主要由生物製藥持續的調整後EBITDA動能所帶動。

And this momentum in biopharma EBITDA despite the full year impact of the China albumin pricing concession in H2 last year. Yes, US dollar weakening continues to impact the absolute EBITDA levels, broadly consistent with the sensitivity analysis we discussed last year.

儘管去年下半年中國白蛋白定價讓利在本年度帶來全年影響，生物製藥 EBITDA 仍展現出這股動能。是的，美元走弱仍持續影響 EBITDA 的絕對水準，整體而言與我們去年討論的敏感度分析大致一致。

Some of that biopharma momentum has been offset due to very specific and mostly temporary reasons in other -- in Diagnostics, for example, the dissolution of the joint business with Quidel Ortho is a temporary headwind from a revenues perspective. However, it completely frees us to pursue our strategic aspirations in the immunoassay donor screening and clinical diagnostics markets and the compensation payments over the next three years will mitigate EBITDA impact.

部分生物製藥的動能，因其他業務中非常特定且多為暫時性的因素而被抵銷——例如在診斷業務方面，與 Quidel Ortho 的合資業務解散，從營收角度來看是一項暫時性的逆風。然而，這也讓我們完全得以自由追求在免疫分析捐血者篩檢與臨床診斷市場的策略性目標，而未來三年的補償款將緩解對 EBITDA 的影響。

As we look at the drivers of adjusted EBITDA growth and margin improvement in 2026, as Nacho said at the start of the presentation, it will be driven by each of the following:

在我們檢視 2026 年調整後 EBITDA 成長與利潤率改善的驅動因素時，正如 Nacho 在簡報一開始所說，將由以下各項所帶動：

Number one, biopharma product mix, whilst the full year impact of H2 '25 China albumin pricing concession will weigh on H1 '26 comparison to H1 '25, the combination of, a, the strong and continuing momentum in IVIG; b, you heard Roland's confidence about strong double-digit growth in subcu from a growing and higher base; and finally, c, the expectations for Alpha-1 and other proteins growth in 2026 will support EBITDA growth and margin improvement.

第一，生物製藥產品組合。雖然 2025 年下半年中國白蛋白定價讓利的全年影響，將使 2026 年上半年相較於 2025 年上半年的比較承壓，但以下組合因素將支持 EBITDA 成長與利潤率改善：a，IVIG 強勁且持續的動能；b，您也聽到 Roland 對皮下（subcu）在更高且持續成長的基期上，仍可維持強勁雙位數成長的信心；以及最後 c，對 2026 年 Alpha-1 與其他蛋白產品成長的預期。

In addition, for example, the Diagnostics segment, the compensation payment in respect of the dissolution of the joint business will also help.

此外，例如在診斷事業部，針對合資業務解散所取得的補償款也將有所助益。

Number two, the game-changing impact of the EMA approval for Egyptian sourced plasma will support balanced last liter EBITDA growth as well as contributing to margin improvement. And it will also help to unlock point three, the global plasma sourcing footprint optimization opportunity that resulted in the closure of our weakest performing centers in the US that will drive cost efficiencies and lower CPL.

第二，EMA 核准埃及來源血漿所帶來的顛覆性影響，將支持「最後一公升」EBITDA 的均衡成長，並有助於利潤率改善。同時也將有助於解鎖第三點：全球血漿採集佈局的最佳化機會——我們已關閉美國表現最弱的採漿中心，將帶動成本效率並降低每公升成本（CPL）。

Number four, the team is making progress with providing Biotest essential support to help with its operational and financial turnaround. And finally, number five, our focus on OpEx discipline is delivering results with operating expenses reduced by 7.7% at constant currency versus Q1 last year. We will continue to stay vigilant and cost conscious across the entire organization. We look forward to updating the market with our progress in the coming quarters.

第四，團隊在為 Biotest 提供關鍵支援方面持續取得進展，以協助其營運與財務的轉型復甦。最後，第五，我們對營運費用（OpEx）紀律的聚焦已帶來成果：以固定匯率計算，營運費用較去年第一季下降 7.7%。我們將持續在整個組織保持警覺並重視成本意識。我們期待在未來幾季向市場更新我們的進展。

Slide 17 on free cash flow. In the first quarter of 2026, free cash flow pre-M&A was negative EUR 8 million. Whilst adjusted EBITDA is negatively impacted by a depreciating US dollar, the impact on free cash flow pre-M&A remains broadly neutral.

第 17 頁：自由現金流。2026 年第一季，併購前自由現金流為負 800 萬歐元。雖然調整後 EBITDA 受到美元貶值的負面影響，但對併購前自由現金流的影響整體仍大致中性。

You will notice a considerable investment in inventories in this quarter to support the continuing strong demand for our medicines. We have balanced that investment in inventories by continuing to manage our working capital diligently.

您會注意到本季在存貨上的投資相當可觀，以支援我們藥品持續強勁的需求。同時，我們也透過持續審慎管理營運資金，來平衡這項存貨投資。

The reduction in CapEx is consistent with our year-end financial disclosure and our discussions with our auditors where the final payment in Q1 '26 in respect of Immunotec that was made to JPMorgan was classified as a repayment of financial liability and hence, flows through financing activities.

資本支出（CapEx）的下降與我們年末財務揭露一致，也符合我們與審計師的討論：2026 年第一季就 Immunotec 支付給摩根大通（JPMorgan）的最後一筆款項，被分類為金融負債的償還，因此列入籌資活動現金流。

Notably, our cash interest in Q1 '26 compares favorably to Q1 '25, and I will elaborate further on this in the next slide. And finally, the increase in others was primarily due to the timing of our first 2025 IRA payment that was made in April '25.

值得注意的是，我們 2026 年第一季的現金利息支出相較 2025 年第一季更為有利，我將在下一頁進一步說明。最後，「其他」項目的增加主要是由於我們 2025 年第一筆 IRA 付款的時點因素——該筆款項於 2025 年 4 月支付。

In conclusion, our free cash flow trajectory is progressing as planned in 2026, aligned with the typical seasonal patterns of the business, and we remain confident about delivering on our full year guidance.

總結而言，我們 2026 年的自由現金流走勢正按計畫推進，符合業務典型的季節性模式，我們仍有信心達成全年指引。

Finally, turning to slide 18. I want to highlight the significant strides we have made in strengthening our capital structure and enhancing our financial flexibility.

最後，請看第 18 頁。我想強調我們在強化資本結構與提升財務彈性方面所取得的重大進展。

We have materially reshaped our debt maturity profile through the successful and proactive refinancing earlier this year of all our 2027 maturities, whilst effectively navigating highly dynamic capital markets currently due to events in the Middle East. Now our next set of maturities are not until Q4 '28, effectively eliminating any near-term refinancing risk.

我們已透過今年稍早成功且主動的再融資，實質重塑了債務到期結構，將所有 2027 年到期債務完成再融資，同時也在目前因中東事件而高度動態的資本市場中有效應對。如今，我們下一批到期日要到 2028 年第四季才會到來，等同於消除任何短期再融資風險。

The refinancing was upsized significantly in market, demonstrating once again the strong institutional support Grifols benefits from in the credit markets. The strong investor demand from global institutional investors and banks enabled us to deliver key structural improvements despite the challenged market backdrop.

本次再融資在市場上大幅超額增額，再次展現 Grifols 在信貸市場獲得強勁機構支持。來自全球機構投資人與銀行的強勁需求，使我們即使在具挑戰的市場環境下，仍能完成關鍵的結構性改善。

We more than doubled our revolving credit facility from approximately $940 million to over $2 billion while extending its maturity to 6.5 years. And the revolver now benefits from three margin ratchet step-downs that are leverage based. Both tranches of the institutional TLB were upsized significantly in market. both tranches also benefiting from leverage-based margin ratchet step-downs.

我們將循環信貸額度（revolving credit facility）從約 9.4 億美元提高至超過 20 億美元，同時將到期年限延長至 6.5 年。此外，該循環信貸目前享有三段式、以槓桿為基礎的利差下調機制（margin ratchet step-downs）。機構貸款 TLB 的兩個分段也在市場上大幅增額，且兩個分段同樣受益於以槓桿為基礎的利差下調機制。

You may have noticed that we have made a number of changes with regards to the approach we take with our capital structure. By rightsizing our revolver, we now benefit from very robust liquidity levels, allowing us to use surplus cash to reduce gross indebtedness with the 500 million partial redemption of the 7.5% bonds.

您可能已注意到，我們在資本結構的管理方式上做出多項調整。透過將循環信貸規模調整至更合適水準，我們現在擁有非常充裕的流動性，使我們得以運用多餘現金降低總負債，例如部分贖回 5 億的 7.5% 債券。

We have also considerably reduced our factoring activity levels all year round. Both these actions help us to be more efficient with our cash interest -- despite refinancing our cheapest debt in our capital structure this year, something analysts and investors were very focused on, we are now still targeting cash interest levels in 2026 to be at or below 2025 cash interest levels.

我們也在全年大幅降低保理（factoring）活動的規模。這兩項行動有助於提升現金利息支出的效率——儘管我們今年再融資了資本結構中成本最低的債務（這點是分析師與投資人高度關注的），我們仍以 2026 年現金利息支出達到或低於 2025 年水準為目標。

And it is great to see these actions being recognized positively by all three rating agencies with a substantial re-rating of our credit profile in a short period of time and with two out of three agencies upgrading us back into the BB space.

很高興看到這些行動獲得三大信評機構的正面認可：我們的信用評等在短時間內大幅上調，其中三家中的兩家已將我們上調回 BB 等級區間。

Long story short, our capital structure is in a considerably better place. Of course, we will continue to focus on deleveraging. Finally, following the reinstatement of our dividend policy in 2025, the upcoming AGM will consider the approval of the final 2025 cash dividend.

簡而言之，我們的資本結構已明顯改善。當然，我們將持續聚焦去槓桿。最後，隨著我們於 2025 年恢復股利政策，即將召開的股東常會（AGM）將審議核准 2025 年度期末現金股利。

The considerably improved capital structure position whilst continuing on our deleveraging path also supports some capital allocation optionality, including the potential use of share buybacks as part of our capital allocation toolkit can be considered in due course to drive shareholder value as and when best determined by the Board.

在資本結構顯著改善、且持續沿著去槓桿路徑前進的同時，也為資本配置提供更多選擇性，包括將股份回購作為資本配置工具箱的一部分；董事會可在適當時機加以評估，以在其認定最合適之時推動股東價值。

With that, let me hand it back to Nacho to conclude the presentation.

接下來，我把時間交還給 Nacho 來做簡報總結。

Thank you, Rahul. I would like to conclude today's presentations with a few final remarks.

謝謝你，Rahul。我想以幾點最後的說明來總結今天的簡報。

Our first quarter performance confirms that we are on track to deliver our 2026 objectives, with biopharma continuing to lead our growth, driven by the strength of our immunoglobulin franchise and consistent and disciplined execution across key markets.

我們第一季的表現確認，我們正按計畫達成 2026 年目標；生物製藥持續引領成長，主要由我們免疫球蛋白產品組合的強勁表現所驅動，並在各主要市場展現一致且有紀律的執行力。

At the same time, we are advancing a key strategic priority, the optimization of our global plasma footprint. The progress we're making in Egypt is essentially important and as it drives a structural improvement in cost per liter while further strengthening the resilience and security of our plasma supply.

同時，我們也在推進一項關鍵策略優先事項：最佳化我們的全球血漿採集佈局。我們在埃及取得的進展至關重要，因其能推動每公升成本的結構性改善，同時進一步強化血漿供應的韌性與安全性。

Additionally, increased plasma supply from Egypt to Europe will progressively reduce US plasma exports, supporting margin expansion over time.

此外，來自埃及供應至歐洲的血漿增加，將逐步降低美國血漿出口，並隨時間推進支持利潤率擴張。

In parallel, we've taken decisive steps to strengthen our financial position, including the successful refinancing of our 2027 maturities, which enhances liquidity and reduce our cash financial expenses. This reinforces a clear and disciplined path towards deleveraging.

與此同時，我們也採取果斷措施強化財務狀況，包括成功完成 2027 年到期債務的再融資，提升流動性並降低我們的現金財務費用。這也進一步鞏固了清晰且有紀律的去槓桿路徑。

Collectively, these actions are building a stronger, more efficient, more disciplined and increasingly cash-generative business, positioning us well for the remainder of the year and beyond.

綜合而言，這些行動正在打造一家更強健、更高效率、更有紀律、且現金創造能力日益提升的企業，使我們在今年剩餘期間及更長遠的未來都具備良好定位。

As we move forward, our focus remains clear. delivering on our commitments, further strengthening our financial profile and unlocking the full value of Grifols. Thank you again for your continued support. We look forward to updating you on our progress in the quarters ahead.

隨著我們持續向前推進，我們的重點依然明確：兌現我們的承諾、進一步強化我們的財務體質，並釋放 Grifols 的全部價值。再次感謝您持續的支持。我們期待在未來幾個季度向您更新我們的進展。

With that, Danny, please back to you.

接下來，Danny，交回給你。

(Event Instructions) Charles Pitman, Barclays.

（活動指引）Charles Pitman，巴克萊。

Two from me, please. Just firstly, on this Alpha-1 specialty decline in 1Q. Just noting that last year, you reported a 1% organic growth and then 2.3% on the like-for-like basis that you introduced. I'm wondering if you can quantify the size of this phasing benefit that you're referring that really drove this reported 7% decline. And just I wonder if you can commit to low or mid-single-digit growth for the division.

我這邊有兩個問題。首先，關於第一季 Alpha-1 專科產品的下滑。注意到去年你們報告的有機成長為 1%，而在你們引入的同口徑（like-for-like）基礎上為 2.3%。我想請問你們能否量化一下你們所提到的期別因素（phasing）帶來的效益規模，這個因素實際上推動了報告口徑 7% 的下滑。另外，我想問你們是否能承諾該事業部維持低到中個位數的成長。

And then just secondly, I'm hoping you can provide a bit more insight into the current US IG market share dynamics, given a competitor yesterday flagged challenging commercial backdrop and a spike in raw material plasma and finished products, creating an aggressive pricing environment.

第二點，我希望你們能就目前美國 IG 市場市占動態提供更多洞見，因為有競爭對手昨天提到商業環境具挑戰性，且原料血漿與成品出現激增，造成更具侵略性的定價環境。

Just noting that your target is to grow in line with market and not drive further price erosion. I'm just wondering what you're seeing on this and how your launch of Yimmugo has been shifting your market share.

也注意到你們的目標是與市場同步成長，而不是進一步推動價格侵蝕。我想了解你們目前看到的情況，以及 Yimmugo 的上市如何改變你們的市占。

Yes, Charles, thank you for these questions. On Alpha-1 and specialty, yes, we can confirm that we expect a low to mid-single-digit growth for the full year. And in terms of the different components that add to the phasing, we don't provide that granularity. But as we tried to explain in the remarks today, this category is made up of different parts, Alpha-1, fibrin sealant, contract manufacturing, Factor VIII.

是的，Charles，謝謝你的提問。關於 Alpha-1 與專科產品，我們可以確認，我們預期全年將達到低到中個位數的成長。至於構成期別因素的各項組成，我們不提供那麼細的拆分。但如同我們今天在說明中嘗試解釋的，這個類別由不同部分組成：Alpha-1、纖維蛋白封合劑、委託製造、Factor VIII。

And what we saw this quarter is basically a comparison year-over-year in each one of them that added up and led to this result. But we are very encouraged by the underlying drivers in Alpha-1, the growth that we saw in new patient referrals. Yes, we had to work through some headwinds in terms of re-auth period early in the year, but we saw patients come through in February and March and obviously continue to work on that.

而我們本季看到的，基本上是各部分逐一在年對年比較下的結果加總，最終導致這樣的表現。但我們對 Alpha-1 的基本驅動因素感到非常鼓舞，例如新病患轉介的成長。是的，年初在重新授權（re-auth）期間我們確實面臨一些逆風，但我們在 2 月與 3 月看到病患回流，並且顯然會持續推進相關工作。

So as I said, we confirm that we are looking at growing that category year-over-year.

因此，如我所說，我們確認我們將使該類別在年對年基礎上成長。

And on the US IG part, we are very encouraged by the underlying demand that we continue to see for Gamunex and for Xembify in this market, which reflects the reception of the product. We have a high share of branded scripts as well as the ability of our team and the focus of our team in the US.

至於美國 IG 的部分，我們對於在此市場持續看到 Gamunex 與 Xembify 的基本需求感到非常鼓舞，這反映了市場對產品的接受度。我們在品牌處方（branded scripts）方面也有很高的占比，同時也反映我們美國團隊的能力與專注度。

The market in itself, there's not a material change for our part. It's a competitive market. That's true. But it's a market that has very strong fundamentals. We see demand and patients treated continuing to grow. We see it's a rational market largely. It's one where in some segments, we're able to adjust price. And we are very disciplined in our own approach to competing in this market.

就我們而言，市場本身沒有出現重大變化。這是一個競爭激烈的市場。這點沒錯。但這也是一個基本面非常強勁的市場。我們看到需求與接受治療的病患數持續成長。我們也看到整體而言市場大致是理性的。在某些細分領域，我們能夠調整價格。而我們在競爭策略上也非常自律。

So from our side, this remains our key focus market, and we expect to grow with the market throughout the year. As you saw, we have Q1 growth above the market, if you want. So expect this to normalize throughout the year and get more in line with market growth.

因此，從我們的角度來看，這仍是我們的核心重點市場，我們預期全年將與市場同步成長。如你所見，若要說的話，我們第一季的成長高於市場。因此預期全年會逐步正常化，回到更貼近市場成長的水準。

At the same time, the strong momentum that we see allows us to be selective on where we can titrate back in lower-margin accounts or lower-margin countries. So we believe that we start from a strong base when it comes to IG.

同時，我們看到的強勁動能也讓我們能更有選擇性地在低毛利客戶或低毛利國家適度收斂投入。因此，我們認為在 IG 方面我們是從一個強健的基礎出發。

Santander from Jaime Escribano.

桑坦德（Santander），Jaime Escribano。

A couple of questions from my side. The first one would be regarding the announcement of the potential spin-off or IPO of the US plasma business. If you can tell us a little bit the rationale, potential timing, what you're thinking about the sum of the part since you only did the release, and this is the first time that you have the opportunity to maybe speak to the market, it will be great to have your views.

我這邊有幾個問題。第一個是關於可能分拆或讓美國血漿業務 IPO 的公告。如果你們能談談其背後的理由、可能的時程，以及你們對「分拆後各部分加總價值」（sum of the parts）的想法會很有幫助；因為你們目前只發布了新聞稿，而這也是你們第一次有機會可能對市場進一步說明，我們很希望聽到你們的看法。

And the second one is Haema and BPC. In the Capital Markets Day, you said 2026, 2027 as potential years to buying these two. What are the next steps? Or what do you have in mind in this regard?

第二個是關於 Haema 與 BPC。在資本市場日（Capital Markets Day）你們提到 2026、2027 可能是買回這兩項的年份。接下來的步驟是什麼？或你們在這方面有什麼規劃？

Thank you, Jaime. As I mentioned at the beginning of my presentation, so at this stage, we are in the initial phases of the consideration of the potential IPO. And therefore, there is no further information we can comment on at this time. I mean we will provide updates as when necessary, remaining in full compliance with applicable laws and regulations. So please, at this point, we cannot answer any questions regarding that topic.

謝謝你，Jaime。如我在簡報一開始提到的，目前我們仍處於評估潛在 IPO 的初期階段。因此，現階段我們沒有更多資訊可以評論。我們會在必要時提供更新，同時完全遵循適用的法律與法規。所以就目前而言，我們無法回答任何關於該議題的問題。

As per Haema and BPC --

至於 Haema 與 BPC——

Rahul?

Rahul？

Yes. Haema and BPC, Jaime, no change. We continue to look at the 2026, 2027 time frame. You will recall, we had talked about funding those buybacks through free cash flow generation.

是的。Jaime，Haema 與 BPC 沒有變化。我們仍然以 2026、2027 的時間框架為目標。你應該記得，我們曾提到會透過自由現金流的產生來為這些買回提供資金。

As you will have seen, we recently announced the redemption of our EUR 500 million of 7.5% bonds using surplus cash. So all of that is tracking as normal. But in terms of timing, it still remains in the 2026 to 2027 time frame, Jaime, no change.

如你所見，我們最近宣布使用多餘現金贖回 5 億歐元、票息 7.5% 的債券。因此整體進度都如常推進。但就時程而言，仍然維持在 2026 到 2027 年的時間框架內，Jaime，沒有變化。

Morgan Stanley, Thibault Boutherin.

摩根士丹利（Morgan Stanley），Thibault Boutherin。

My first question is just on albumin in China. If you could help us understand better the shape for this year. So you talked about the price impact that started in the middle of '25, so presumably sort of washing out in mid-'26.

我的第一個問題是關於中國的白蛋白。如果你們能協助我們更好理解今年的走勢會很有幫助。你們提到價格影響在 2025 年年中開始，因此推測會在 2026 年年中左右消退（washing out）。

But is there any other elements to help us understand what's happening on that market in terms of volume, in terms of competition? And so basically, what to expect from the second half of this year? Can this market go back to growth in China? Or should we expect the market to remain challenged a bit longer than mid-'26?

但是否還有其他因素能幫助我們理解該市場正在發生什麼，例如量的變化、競爭態勢？也就是說，今年下半年可以期待什麼？中國這個市場能否回到成長？或者我們應該預期市場的挑戰會持續更久、超過 2026 年年中？

And then just second question on the OpEx this quarter. I mean, definitely lower. Can you give us more color on where you're finding the savings where you managed to sort of lower the cost and sort of how much can you drive these initiatives going forward?

第二個問題是關於本季的營業費用（OpEx）。確實明顯較低。你們能否提供更多細節，說明節省主要來自哪些方面、你們如何降低成本，以及未來能在多大程度上持續推動這些措施？

Okay. The first question is going to be Roland and probably Nacho and then also Rahul will tackle the OpEx question. Roland, please?

好的。第一個問題將由 Roland 回答，可能也會請 Nacho 補充；另外 Rahul 也會回答 OpEx 的問題。Roland，請。

Yes, Thibault, on China, if we take a step back, what we see happening in China is, on the one hand, continued underlying demand from patients and physicians that want to get albumin, meeting overlay of government pressures. And what this resulted in last year is a stagnation of the market, a flattening of the market. and pricing pressures. And as mentioned before and as you stated, we adjusted our prices midyear.

是的，Thibault，關於中國，如果我們退一步看，我們在中國看到的是：一方面，病患與醫師對白蛋白的基本需求持續存在；另一方面，疊加了政府端的壓力。這在去年導致市場停滯、成長趨平，以及價格壓力。如先前提到、也如你所說，我們在年中調整了價格。

We are -- in this market where we also see inventories across the market will be relatively high. Our main focus is on throughput pull-through on demand and customer demand. And what we see there is that the Q1 this year is trending higher than last year, which is a positive. We also see that pricing in hospital is stabilizing, which is a positive. So we're cautiously optimistic that from here, we can build.

我們——在這個市場中也看到整體市場的庫存將相對偏高。我們的主要重點在於透過需求與客戶需求來拉動產能利用率（throughput pull-through）。而我們看到今年第一季（Q1）的趨勢高於去年，這是正面的。我們也看到醫院端的定價正在趨於穩定，這也是正面的。因此我們審慎樂觀地認為，從這裡開始我們可以逐步建立成長動能。

Having said that, there's more work to be done. But at the same time, the market fundamentals, the aging pyramid in China all point towards continued demand for albumin. And we believe that with Shanghai RAAS, we're well positioned to compete in this market as it will return to grow over the next years.

話雖如此，仍有更多工作要做。但同時，市場基本面——中國的人口老化結構——都指向白蛋白需求將持續存在。我們相信，憑藉上海萊士（Shanghai RAAS），我們具備良好競爭定位，因為該市場在未來幾年將恢復成長。

Having said that, I want to leave clear that China is not our only card that we have here. We see room to grow in other markets outside of China, and we're pleased to see the momentum there. And we also see that we have in the US a differentiated offering with our bags, where we're adding capacity in 2027. And on top of that, as we explained in the last call, with our plasma sourcing in Egypt, where there's a strong local demand for albumin and there's an excess Ig that can be used in Europe, we believe that we have the pieces in place that will enable us to balance Ig and albumin growth over time.

話雖如此，我想說清楚，中國並不是我們手上唯一的一張牌。我們看到在中國以外的其他市場仍有成長空間，也很高興看到那裡的動能。此外，我們在美國以袋裝產品提供差異化方案，並將於2027年擴增產能。再者，如同我們在上次電話會議中所說，透過我們在埃及的血漿採購，當地對白蛋白有強勁需求，且有多餘的免疫球蛋白（Ig）可供歐洲使用；我們相信，我們已具備必要要素，使我們能隨時間在免疫球蛋白與白蛋白的成長之間取得平衡。

And on OpEx, Thibault, it's mainly just better and more efficiently and more diligently run across SG&A. R&D is broadly flat. So it's -- we continue to prioritize our R&D spend, but it is just being more efficient on the SG&A front across the board. So we'll continue to look at that. Clearly, we've made a lot of progress over the last year or two. But I think from our standpoint, we still see further opportunities to do better, and it will just be a case of head down and diligent execution. So we'll see.

至於營運費用（OpEx），Thibault，主要就是在銷售、一般及行政費用（SG&A）方面更好、更有效率、也更嚴謹地管理。研發（R&D）大致持平。因此——我們仍持續優先投入研發支出，但在SG&A端全面提升效率。所以我們會持續檢視這一點。顯然，過去一到兩年我們已取得很大進展。但從我們的角度來看，我們仍看到進一步改善的機會，接下來就是埋頭、嚴謹執行的問題。所以我們再看看。

Charlie Haywood, Bank of America.

美國銀行（Bank of America）的Charlie Haywood。

Charlie here with Bank of America. I have two, please. The first is just on the planned US IPO or potential planned US IPO. From your CMD, I think, 13 months before the IPO announcement, I think you outlined a fairly clear sort of 5 and 10-year view of Grifols that obviously didn't include a potential IPO.

我是美國銀行的Charlie。我有兩個問題。第一個是關於計畫中的美國IPO或可能計畫中的美國IPO。在你們的資本市場日（CMD）上，我想在IPO公告前約13個月，你們提出了對Grifols相當清晰的5年與10年展望，顯然其中並未包含可能的IPO。

So could you just help us understand what's changed in the last 13 months to prompt the decision to act on this? Is there any different view on leverage, finance structure, anything along those lines that prompted that decision?

所以能否請你們協助我們理解，過去13個月裡有哪些改變促使你們決定採取行動？是否對槓桿、融資結構或類似事項有任何不同看法，從而促成這個決定？

And then the second one is just sort of, I guess, the IPO adds potential complexity to your structure. You've obviously got Haema and BPC, which you have a plan on your A versus B shares, you previously outlined potential diagnostics exit. So how do you balance all of these sort of increasing complexity for Grifols versus like the option to add the IPO as another layer on top?

第二個問題是，我想IPO會讓你們的架構增加一些複雜度。你們顯然有Haema和BPC，且對A股與B股有一個計畫；你們先前也提到可能退出診斷業務。那麼，在Grifols架構日益複雜的情況下，你們如何在這些事項之間取得平衡，同時又把IPO作為另一層選項加上去？

And then any update on the A versus B collapse alongside potential IPO or other routes to simplification?

另外，關於A股與B股合併（collapse）在可能IPO或其他簡化途徑下，有沒有任何最新進展？

Yes. Look, I think on US IPO, again, we're somewhat constrained as we talk about the -- about that topic going forward. But your question is much more around, is there a capital structure issue? Or is there a balance sheet issue? No, absolutely not.

是的。你看，關於美國IPO，再次強調，對於未來談論——這個主題——我們在某種程度上受到限制。但你的問題更多是在問：是否存在資本結構問題？或是否存在資產負債表問題？不，絕對沒有。

You've seen the progress that we've made on the balance sheet front. There is absolutely no issues there. We will continue on our deleveraging path. As you think about the status quo, at the end of the day, this is really about trying to see if there are aspects that we can consider to accelerate or maximize shareholder value. So that's something that we will continue to consider and update as and when there is an update to provide.

你已經看到我們在資產負債表方面取得的進展。那裡完全沒有任何問題。我們將持續走在去槓桿（deleveraging）的路徑上。就現狀而言，歸根結底，這主要是想看看是否有一些面向可以考慮，以加速或最大化股東價值。因此，我們會持續評估，並在有更新可提供時再行更新。

On Haema and BPC and I think you talked about complexity, absolutely right. The focus is to simplify -- and Haema and BPC, we do intend as we -- as I mentioned to Jaime's question earlier, we do intend to exercise the option during '26 or '27. And we're keeping very much to the same parameters that we set out at the time of our Capital Markets Day around it being funded through free cash flow generation, not adding to gross debt to the extent that we're able to do that.

關於Haema和BPC，以及你提到的複雜度，完全正確。我們的重點是簡化——而對於Haema和BPC，正如我先前回答Jaime的問題時提到的，我們確實打算在2026年或2027年行使該選擇權。而且我們非常嚴格地遵循我們在資本市場日所設定的相同參數，也就是透過自由現金流（free cash flow）產生來資助，在我們能做到的範圍內，不增加總負債（gross debt）。

And so we're sticking diligently to the plan that we set out. So no real change, and there is nothing hidden from a balance sheet perspective. This is all about trying to ensure that we optimize, maximize shareholder value if we see an opportunity to do that. So I'll leave it at that, Charlie.

因此我們正嚴謹地依照既定計畫推進。所以沒有真正的改變，從資產負債表角度也沒有任何隱藏事項。這一切都是為了確保：如果我們看到機會，就能優化並最大化股東價值。所以我就先說到這裡，Charlie。

Guilherme, CaixaBank.

CaixaBank的Guilherme。

So the first one regarding margins. Would you be able to quantify the potential saving expectations from the US donor center optimization? Or on top of this, any indication on the contribution of the plasma sourcing redesign to the 450 bps margin improvement target by 2029?

第一個問題是關於利潤率。你們能否量化美國捐血者中心（donor center）最佳化所帶來的潛在節省預期？或者在此之外，血漿採購重新設計對於到2029年利潤率提升450個基點（bps）目標的貢獻，有沒有任何指引？

And the second question is regarding Diagnostics. So you've communicated at the Capital Markets Day an expectation to deliver a 5% annual growth until 2029. You mentioned at that time that it was going to be back-end loaded, but you're now mentioning a low single-digit expansion, if I understood correctly, until 2027.

第二個問題是關於診斷（Diagnostics）。你們在資本市場日溝通的預期是到2029年實現每年5%的成長。你們當時提到會是後段加速（back-end loaded），但你們現在提到若我理解正確，直到2027年會是低個位數的擴張。

But we have also the Barcelona platform launch later this year. Are you still confident with this 5% growth until 2029?

但我們也有今年稍晚將推出的巴塞隆納平台。你們對於到2029年達成5%成長仍然有信心嗎？

So let me take the one on diagnostic first, and Rahul will comment on the margins. On Diagnostics, yes, we are still confident with our plan. I think that what is most promising within that business is the fact that the three -- the development of the three platforms, which is quite unique and important. I mean, the serology, the blood typing and the molecular platforms are progressing very well and really under our expectations.

那我先回答診斷的問題，Rahul會評論利潤率。關於診斷，是的，我們仍對我們的計畫有信心。我認為該業務中最令人振奮的是三個——三個平台的開發，這相當獨特且重要。也就是說，血清學、血型鑑定以及分子平台的進展非常順利，確實符合我們的預期。

The first launch is going to be Barcelona this year, and that is going to start building on additional revenues already in 2027 and certainly more to come as we progress. So we are very optimistic about our diagnostic business.

第一個上市（launch）將在今年於巴塞隆納進行，並將在2027年開始帶來額外營收的累積，且隨著我們推進，後續還會有更多。因此我們對診斷業務非常樂觀。

It's true that this solution of the joint business is going to present some headwinds this year, but certainly more focused on the revenue or EBITDA, while cash flow-wise, we'll continue delivering a very high profile. And most important, as I say, our developments on the R&D side are moving along very well and as expected, and we expect to generate very significant revenues from it as the Capital Markets Day plan for the next five years will advance.

確實，合資業務的這個解決方案今年會帶來一些逆風，但主要會反映在營收或EBITDA上；就現金流而言，我們仍將持續交出非常亮眼的表現。而且最重要的是，如我所說，我們在研發端的開發進度推進得非常順利且符合預期；隨著未來五年資本市場日計畫的推進，我們預期將從中產生非常可觀的營收。

On the margins, Rahul, do you want to comment?

關於利潤率，Rahul，你要不要補充評論？

Closure of centers, Guilherme, you're absolutely right that it will contribute to margin improvement. What we haven't done is separate the margin improvement between each of our drivers, whether it's biopharma product mix, segmental mix, the impact of Egypt sourcing, the footprint optimization, Biotest, there are a whole bunch of drivers, but no question that as you think about the scale of what we've talked about, we see a considerable opportunity to optimize CPL, and it will contribute to margin improvement. We're just not separating out what that impact would be factor by factor.

關閉中心方面，Guilherme，你說得完全正確，這將有助於毛利率改善。我們尚未做的是，將毛利率改善在各項驅動因素之間加以拆分，無論是生物製藥產品組合、分部組合、埃及採購的影響、據點/產能布局最佳化、Biotest，還有很多驅動因素；但毫無疑問，當你考量我們所談到的規模時，我們看到有相當可觀的機會來優化CPL（每公升成本），而這將有助於毛利率改善。只是我們不會逐項因素拆分其影響。

And I would add that from an operational, I mean, efficiency perspective, I think this is certainly one of the big contributors as well to our OpEx management in the last years, which has been clearly showing efficiencies in many places.

我也想補充，從營運的角度來看，也就是效率的角度，我認為這同樣是我們近年來在營運費用（OpEx）管理上的一個重要貢獻來源之一，而這在許多方面都清楚展現了效率提升。

The plasma, the donor centers are a key part of that. It's a significant cost, and it goes to the cost per liter. And we are continuously working to make -- generating efficiency in that area. The closing of these centers that obviously were centers that where the less performing centers. Obviously, it certainly will help to continue decreasing the cost per liter in the US.

血漿與捐贈者中心是其中的關鍵部分。這是一項顯著的成本，並會反映在每公升成本上。我們持續在該領域努力提升——創造效率。關閉這些中心，顯然是關閉那些表現較差的中心。很明顯，這確實將有助於持續降低美國的每公升成本。

And as I explained by Roland in his part of the presentation, I mean, step by step, we will transfer the needs of the European plasma sources from the US to other sources and all that will benefit on optimizing cost per liter all over the world.

而且如同Roland在他那部分簡報中所說，我的意思是，我們將一步一步把歐洲血漿來源的需求從美國轉移到其他來源，而這一切都將有助於在全球範圍內最佳化每公升成本。

So I think that while we don't disclose the specific details, I think that our margin expansion is composed to many, many levers, and all of them are contributing to that.

所以我認為，雖然我們不揭露具體細節，但我們的利潤率擴張是由許多、許多槓桿所構成，而它們都在為此做出貢獻。

Justin Smith, Bernstein.

Justin Smith，Bernstein。

Just one for Rahul, if possible. Just on the buybacks, if we get to that point, do you want us to think about that more as a perspective of increasing more tax-efficient returns to certain shareholders? Or is it more about sort of a ROIC versus WACC equation? Or is it a combination of both?

如果可以的話，給Rahul一題。關於庫藏股回購，如果我們走到那一步，你希望我們把它更多視為：為某些股東提供更具稅務效率的回報？還是更偏向於ROIC相對WACC的衡量？或是兩者兼具？

Yes. Look, I think at the end of the day, it's just a -- it's a comparison of our judgment on intrinsic value, balance sheet capacity and timing. At the end of the day, we -- this is a judgment that will be made by the Board as and when is right.

是的。你看，我認為歸根結底，這就是——我們對內在價值、資產負債表承載能力以及時點的判斷之比較。歸根結底，這——這將是一項由董事會在適當時機做出的判斷。

We talked about this as part of our toolkit even when we spoke about our Capital Markets Day plan 15 months ago. And all I'm saying is with the balance sheet in a considerably better place, this is capital allocation optionality that may be considered by the Board as and when it deems fit. That's the only point for the moment, Justin.

我們在15個月前談到資本市場日（Capital Markets Day）計畫時，就已把這點作為我們工具箱的一部分。而我現在要說的只是，隨著資產負債表處於顯著更佳的狀態，這是一種資本配置的選擇權，董事會可在其認為合適時加以考量。目前就這一點，Justin。

Charles Pitman, Barclays.

Charles Pitman，Barclays。

Just very briefly, wondering if you could give us a quick update on the progress for the 2Q '26 facility launch of in Fibrinogen and whether or not you have an updated time line for the acquired form of the disease? And if there's any time to comment just your thoughts on the CIDP market following anti-FcRn’s remaining confident they can move into early lines?

非常簡短地問一下，能否快速更新一下：關於2026年第二季（2Q '26）在纖維蛋白原（Fibrinogen）方面的設施啟用進度，以及你們是否對於後天型（acquired form）疾病有更新的時間表？另外，如果可以也請談談：在anti-FcRn之後，你對CIDP市場的看法——是否仍有信心它們能往更早線別（early lines）推進？

Yes. Looking at the FESILTY or PRUFIBRY launch outside of the US in Germany, we launched last year. We're very pleased with the early feedback we received in Germany and in Austria, where physicians highly appreciate the room temperature storage and the ease and speed of reconstitution as well as the speed of infusion.

是的。就FESILTY或PRUFIBRY在美國以外、於德國的上市而言，我們去年已經上市。我們對在德國與奧地利收到的早期回饋非常滿意；當地醫師高度肯定其可於室溫保存，以及重溶的便利與速度，還有輸注速度。

So pleased with the progress there ex US In the US, we are ramping up, have the team in place for a launch later this quarter, and we're excited about that. At the moment, focusing on congenital fibrinosin deficiency, as you know. But in parallel advancing our trial for AFD, we will share time lines as we have this more in place.

因此，美國以外的進展令人滿意。在美國，我們正在加速推進，團隊已就位，預計於本季稍晚上市，我們對此感到振奮。目前如你所知，我們聚焦於先天性纖維蛋白原缺乏症。但同時也在推進我們針對AFD的試驗，待規劃更到位後，我們會分享時間表。

But just recall that as we look at the US, that market today has a size of about $50 million, the potential is to $800 million. We believe that this AFD trial will be with our design, helping to make that change of standard of care happen that is required in this market.

但請記得，當我們看美國市場時，該市場目前規模約為5,000萬美元，潛力可達8億美元。我們相信，依照我們的試驗設計，這項AFD試驗將有助於促成此市場所需的照護標準（standard of care）改變。

And so we believe that we're in a position to effectively launch now. We look forward to it and we'll then over time, build in this market and believe that we can capture a significant share of the potential over time.

因此我們相信，我們現在已具備有效上市的條件。我們很期待，並將隨時間在此市場建立布局，且相信我們能在中長期取得相當可觀的潛在市占。

In terms of CIDP, we continue to see growth in CIDP at this moment in time. As you know, we now have a bit more than 1.5 years of the FcRn's in the market. It showed that IVIg and Ig in general is very well suited for this multiple disease.

就CIDP而言，我們目前仍持續看到CIDP的成長。如你所知，FcRn類藥物上市至今已超過1.5年。這顯示IVIg以及Ig整體而言，非常適合用於這種多面向的疾病。

So as we look at new competitors possibly entering, we know that we have a treatment in place that treats different parts of the disease mechanism in CIDP and therefore, remain confident. And that's what we hear back from physicians at this moment. But at this moment, we continue to see growth.

因此，當我們看可能有新競爭者進入時，我們知道我們已有一項治療能涵蓋CIDP疾病機轉的不同部分，因此仍然有信心。這也是我們目前從醫師端聽到的回饋。但就目前而言，我們仍持續看到成長。

Jaime, Santander.

Jaime，Santander。

Yes. Super quick question. We never talk about Biosupplies, but because it was particularly weak this quarter. Just if you can provide a little bit of outlook for the following quarters.

是的。非常快的一個問題。我們從不太談Biosupplies，但因為本季特別疲弱。想請你對接下來幾季提供一點展望。

Yes. I mean we normally don't provide much detail on Biosupplies. Biosupplies is a business which is characterized for one spot deals, and it might have a very significant variance to the year.

是的。我的意思是，我們通常不會就Biosupplies提供太多細節。Biosupplies是一項以一次性現貨交易（spot deals）為特徵的業務，因此年度之間可能會有非常顯著的波動。

I think it's -- in a way, it is a business that without existing, probably we would miss those opportunities in the markets, but we know as well that we -- it's very difficult to plan and forecast that, as I say, because of these spot deals that are generating through the year.

我認為——某種程度上，這是一項如果不存在，我們可能就會錯失市場機會的業務；但我們也知道——如我所說，因為這些一年中不斷出現的現貨交易，使得它非常難以規劃與預測。

We are confident and we are working on a number of those deals that we hope that will materialize through the year, but it will be difficult to anticipate at this point how many of them will be in 2026 versus '27. So I think we will provide updates as things will happen. Thank you, Jaime.

我們有信心，也正在推進多筆交易，我們希望它們能在今年內落地，但目前很難預先判斷其中有多少會發生在2026年、又有多少會落在2027年。所以我想，我們會在事情發生時提供更新。謝謝你，Jaime。

Thank you so much, Nacho. That was the last question for today. Thank you so much for having us and for your support. Thank you.

非常感謝你，Nacho。以上是今天最後一個問題。非常感謝各位參與以及對我們的支持。謝謝。