Financial Performance - Grifols reported Q3 2025 revenues of EUR 1,865 million, a 9.1% year-over-year increase in constant currency (cc), contributing to a year-to-date total of EUR 5,542 million, up 7.7% cc[6][12] - Adjusted EBITDA for Q3 2025 was EUR 482 million, an 8.8% cc increase, resulting in a year-to-date total of EUR 1,358 million with a margin of 24.5%[7][12] - The group profit for Q3 2025 reached EUR 127 million, leading to a year-to-date profit of EUR 304 million, a significant increase of 245% compared to the same period in 2024[8][12] - Year-to-date (YTD) revenue for Q3 2025 reached €5,542 million, representing a 7.7% increase in constant currency (cc) and a 10.5% increase on a like-for-like (LFL) basis[41] - Adjusted EBITDA for YTD Q3 2025 was €1,358 million, reflecting an 11.2% increase in cc and a 17.3% increase on an LFL basis[65] - Adjusted EBITDA for Q3 2025 reached €1,358 million, reflecting an increase of 11.2% at constant currency (cc) and 8.3% year-over-year[73] - Reported Group Profit for Q3 2025 reached €126,964, a significant increase of 14696% compared to Q3 2024's €51,691[89] - Reported Group Profit for 2025 YTD was €303,750, representing a 245% increase from €87,951 in 2024 YTD[93] Cash Flow and Leverage - Free cash flow pre-M&A and pre-dividend for Q3 2025 was EUR 203 million, bringing the year-to-date total to EUR 188 million, an increase of EUR 257 million year-over-year[8][12] - Free Cash Flow (FCF) pre-M&A for Q3 2025 was €188 million, representing a significant increase of €257 million compared to the previous year[74] - The leverage ratio improved to 4.2x, down from 5.1x in the previous year, while liquidity increased to EUR 1,475 million[9][12] - The leverage ratio decreased to 4.2x, down 0.9x from the previous year, indicating a strengthening balance sheet[65] - The Leverage Ratio as per Credit Agreement for Q3 2025 was 4.2x, consistent with the previous quarter, indicating stable debt levels relative to earnings[103] - Total Net Financial Debt according to Credit Agreement was €(1,084,137) thousand, indicating a significant financial position[106] Segment Performance - The Biopharma segment drove revenue growth with a 10.9% cc increase in Q3, particularly from the immunoglobulin franchise, which saw a 14.4% cc increase year-to-date[14][12] - Biopharma segment revenue grew by 7.7% in cc, driven by strong demand for immunoglobulin (IG) products and specialty proteins[66] - The Diagnostic business generated EUR 479 million in revenue for the first nine months, a 1.4% cc increase, supported by Blood Typing Solutions and FDA approval for new manufacturing capabilities[17][12] - Biopharma Net Revenues for Q3 2025 were €1,619,532 thousand, reflecting a 5.8% year-over-year growth[108] Market Outlook and Strategy - Grifols anticipates full-year FX headwinds of approximately EUR 70 million for Adjusted EBITDA, with a broadly neutral impact on group profit, free cash flow, and leverage[18][12] - The company continues to focus on free cash flow generation and deleveraging as key priorities moving forward[13][12] - The company expects mid-to-high single-digit growth in the IG market, with a compound annual growth rate (CAGR) estimated between 6-8%[52] - The company is focused on expanding its product offerings and increasing market penetration, particularly in the U.S. for Xembify® and Gamunex®[55] - The Alpha-1 market remains significantly undertreated, with a potential revenue opportunity estimated between €700-750 million[59] - The pipeline includes key projects in various phases of development, with a focus on innovative treatments for autoimmune diseases and infectious diseases[61] Investment and Capital Expenditure - CAPEX for Q3 2025 was €(70,051), a 37% increase compared to €(51,299) in Q3 2024, reflecting ongoing investments in growth[89] - The company is targeting refinancing of 2027 maturities in H1 2026, supported by positive bank feedback[75] - The company is focused on disciplined capital allocation and deleveraging, strengthening its balance sheet[80] Cash and Liquidity - Net Cash Flow From Operating Activities for Q3 2025 was €325,401, up from €299,610 in Q3 2024, indicating a strong operational performance[89] - Free Cash Flow for Q3 2025 was €202,718, compared to €103,209 in Q3 2024, reflecting an increase in cash generation capabilities[89] - Total Cash Flow for Q3 2025 was €63,953, a turnaround from a negative cash flow of €(1,453,239) in Q3 2024[89] - Cash and Cash Equivalents at the End of Q3 2025 were €620,960, slightly down from €644,942 at the end of Q3 2024[89] - Cash and Cash Equivalents for Q3 2025 were reported at €(621) thousand, reflecting a decrease in liquidity[105]

(Translation of registrant's name into English) Avinguda de la Generalitat, 152-158 Parc de Negocis Can Sant Joan Sant Cugat del Valles 08174 Barcelona, Spain UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November 2025 Commission File No. 001-35193 Grifols, S.A. TABLE OF CONTENTS 1. Third Quarter 2025 Results Release, dated November 4, 2025 3 2. Q3 ...

Financial Performance - YTD Q3 2025 Revenue reached €5542 million, a 77% increase at constant currency[11] - YTD Q3 2025 Adjusted EBITDA grew to €1358 million, an 112% increase at constant currency[11] - YTD Q3 2025 Free Cash Flow (pre-M&A) was €188 million, an increase of €257 million[11] - The company's leverage ratio decreased to 42x compared to the previous year[11] - Q3 2025 Net Revenue was €18654 million, a 40% increase[75] - YTD Group Profit reached €304 million, a 2454% increase[40] Business Segment Performance - Biopharma revenue increased by 91% YTD at constant currency, and 109% in Q3[45, 17] - IG (Immunoglobulin) franchise is a key driver of Biopharma growth, with overall growth ahead of the market[17] - Alpha-1 and specialty proteins also contributed to the growth of Biopharma[45] - Diagnostic revenue increased by 14% YTD at constant currency[45] Future Outlook - The company improved its revenue guidance for FY25 to €7600+ million at guidance FX rate[63] - The company improved its FCF pre-M&A pre-dividends guidance for FY25 to €400-425 million[63]

Core Insights - Grifols (GRFS) is currently outperforming its peers in the Medical group, with a year-to-date gain of approximately 26.2% compared to the average gain of 4% for Medical stocks [4] - The Zacks Rank system indicates a positive outlook for Grifols, currently holding a Zacks Rank of 2 (Buy), with a 1% increase in the consensus earnings estimate over the past 90 days [3] Company Performance - Grifols is part of the Medical - Drugs industry, which consists of 145 companies and is ranked 90 in the Zacks Industry Rank, with an average gain of 7.3% year-to-date [5] - The stock's performance is significantly better than the industry average, indicating strong relative strength within its sector [5] Comparison with Peers - Arcutis Biotherapeutics, Inc. (ARQT) is another standout in the Medical sector, having returned 81.6% year-to-date, with a Zacks Rank of 1 (Strong Buy) and a 19.9% increase in the consensus EPS estimate over the past three months [4][5] - The Medical group is currently ranked 5 within the Zacks Sector Rank, which evaluates the strength of 16 different groups based on the average Zacks Rank of individual stocks [2]

Core Insights - Investors in the Medical - Drugs sector should consider Grifols (GRFS) and Zoetis (ZTS) for potential value opportunities [1] Group 1: Zacks Rank and Value Assessment - Grifols has a Zacks Rank of 2 (Buy), indicating a strong earnings estimate revision trend, while Zoetis has a Zacks Rank of 3 (Hold) [3] - Value investors analyze a range of traditional figures and metrics to assess whether a company is undervalued at its current share price levels [3][4] Group 2: Valuation Metrics - GRFS has a forward P/E ratio of 9.23, significantly lower than ZTS's forward P/E of 22.99 [5] - GRFS's PEG ratio is 0.32, while ZTS's PEG ratio is 2.35, indicating GRFS may offer better value based on expected EPS growth [5] - GRFS has a P/B ratio of 0.75 compared to ZTS's P/B of 13.02, further supporting GRFS's superior valuation metrics [6] Group 3: Overall Value Proposition - Grifols stands out due to its solid earnings outlook and favorable valuation figures, making it the superior value option compared to Zoetis [7]

Leadership Changes - Accuray has appointed Steve La Neve as CEO, effective immediately, as part of a transformation plan aimed at expanding margins and improving competitiveness [2][3] - La Neve succeeds Suzanne Winter, who will retire after six years but will remain in an advisory role until November [2] Strategic Initiatives - The company plans to implement organizational, strategic, and operational actions during the current fiscal year ending in June to drive sustainable, profitable growth [2] - Steven Mayer has been named as the transformation board sponsor to collaborate with La Neve and the management team [4] Financial Performance - Accuray reported preliminary fiscal first-quarter 2026 results, showing an adjusted loss before interest, tax, depreciation, and amortization of approximately $4 million, with revenue between $92.5 million and $94 million [5] - For fiscal year 2025, Accuray reported a loss of $1.6 million, a significant improvement from a net loss of $15.5 million in the previous fiscal year, with a 3% year-over-year revenue increase to $458.5 million [5] Market Challenges - The company has faced challenges over the past year, including slower order demand in the U.S. as hospitals delayed replacing capital equipment [6]

Core Viewpoint - Investors in the Medical - Drugs sector should consider Grifols (GRFS) and Stevanato Group (STVN) for potential value opportunities, with GRFS currently appearing to offer better value based on various metrics [1]. Valuation Metrics - Grifols has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to Stevanato Group, which has a Zacks Rank of 3 (Hold) [3]. - GRFS has a forward P/E ratio of 9.26, significantly lower than STVN's forward P/E of 41.82, suggesting GRFS may be undervalued [5]. - The PEG ratio for GRFS is 0.32, while STVN's PEG ratio is 2.38, indicating that GRFS has a better valuation relative to its expected earnings growth [5]. - GRFS's P/B ratio is 0.76, compared to STVN's P/B of 4.65, further supporting the notion that GRFS is more attractively valued [6]. Conclusion - Overall, GRFS exhibits stronger estimate revision activity and more appealing valuation metrics than STVN, leading to the conclusion that GRFS is the superior option for value investors at this time [7].

Core Points - Spain's High Court has summoned Daniel Yu, the founder of Gotham City Research, to testify regarding allegations of disseminating misleading information about pharmaceutical companies [1] Group 1 - The High Court's action indicates a legal response to concerns over the impact of short-selling activities on the pharmaceutical sector [1] - The case highlights the ongoing scrutiny of short sellers and their influence on market perceptions of companies [1] - Allegations against Gotham City Research suggest potential regulatory implications for short-selling practices in the industry [1]

Group 1 - The article expresses a beneficial long position in the shares of GRFS, indicating a positive outlook on the company's stock performance [1] - The author emphasizes the importance of conducting due diligence and research before making any investment decisions, highlighting the need for investors to understand their risk tolerance [2] - The article clarifies that past performance is not indicative of future results, and no specific investment recommendations are provided [3]

Kamada (KMDA) FY Conference Summary Company Overview - Kamada is a publicly traded biopharmaceutical company with a commercial stage and six FDA approved products [2][3] - The company has experienced significant growth, with a revenue guidance of $178 million to $182 million for the year, and an EBITDA guidance of $40 million to $44 million [3][10] Financial Performance - Revenue has shown double-digit growth since 2021, starting from approximately $100 million to a projected $180 million this year [10] - EBITDA has increased from $6 million to over $40 million, with a growth rate from 6%-7% to around 24%-25% [10] - The company reported an 11% growth in revenue, 58% growth in earnings per share, and 35% growth in adjusted EBITDA compared to the previous year [11] Growth Strategy - Kamada's growth strategy is based on four pillars: organic growth, M&A, in-licensing of additional products, and opening plasma collection centers [4][12] - The company has opened two plasma collection centers in Houston and San Antonio, with a capacity of around 50,000 donations annually, expected to generate $8 million to $10 million in additional revenue [14][15] - The company is optimistic about potential M&A opportunities that could positively impact profitability by 2026 [13] Product Portfolio - Kamada focuses on specialty plasma-derived products, including alpha-one antitrypsin and five specialty immunoglobulins [5][6] - Key products include: - **Kedra**: An anti-rabies immunoglobulin product, with a market share of approximately 50% and a partnership with Kedrion [16][18] - **CytoGam**: An anti-CMV immunoglobulin used in organ transplantation, with ongoing data collection to support its use [19][39] Market Dynamics - The market for alpha-one deficiency is estimated at $1.3 billion to $1.4 billion, with potential growth to $1.8 billion to $2 billion by 2029 [29][31] - The company is developing a nebulized AAT product to improve treatment efficiency, with a Phase III pivotal study currently underway [27][28] Competitive Landscape - Kamada has carved out a niche in the specialty plasma space, as larger companies have exited due to the market size being too small for them [44][45] - The company does not foresee new plasma companies entering the market due to high entry barriers and complex supply chains [49] - Competition exists from non-plasma products, such as recombinant AAT and gene therapy treatments [50] Future Outlook - Kamada plans to continue expanding its product offerings and market presence, with a focus on partnerships for commercial capabilities in the alpha-one space [41][42] - The company aims to maintain its position as a leading global specialty plasma company, leveraging its unique expertise and capabilities [51]