Financial Liabilities (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Financial Liabilities |
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| Schedule of financial liabilities |
Details at 31 December 2025 and 2024 are as follow: | | | | | | | | | | | Milllions of Euros | Financial liabilities | | Reference | | 31/12/2025 | | 31/12/2024 | Non-current bonds | | (a) | | 5,340 | | 5,418 | Senior secured debt | | (b) | | 2,186 | | 2,373 | Other loans | | (b) | | 32 | | 53 | Other non-current financial liabilities | | (d) | | 732 | | 853 | Non-current financial derivatives | | Note 30 | | 1 | | — | Non-current lease liabilities | | Note 8 | | 969 | | 1,025 | Loan transaction costs | | | | (169) | | (232) | Total non-current financial liabilities | | | | 9,091 | | 9,491 | | | | | | | | Current bonds | | (a) | | 127 | | 115 | Senior secured debt | | (b) | | 23 | | 24 | Other loans | | (b) | | 137 | | 292 | Other current financial liabilities | | (d) | | 150 | | 123 | Current financial derivatives | | Note 30 | | 4 | | 6 | Current lease liabilities | | Note 8 | | 113 | | 117 | Loan transaction costs | | | | (1) | | (1) | Total current financial liabilities | | | | 552 | | 676 |
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| Schedule of detail of Senior Notes |
Detail of Senior Notes at 31 December 2025 is as follows: | | | | | | | | | | | | | | | Millions of Euros | | | Issuance date | | Company | | Nominal value | | Currency | | Annual coupon | | Maturity | Unsecured senior notes | | 5/10/2021 | (1) | Grifols, S.A. | (2) | 1,400 | | Euros | | 3.875 | % | 2028 | | | 5/10/2021 | (1) | Grifols, S.A. | (2) | 705 | | US Dollars | | 4.750 | % | 2028 | | | | | | | | | | | | | | Secured senior notes | | 15/11/2019 | (1) | Grifols, S.A. | | 770 | | Euros | | 2.250 | % | 2027 | | | 30/4/2024 | (1) | Grifols, S.A. | | 1,000 | | Euros | | 7.500 | % | 2030 | | | 4/6/2024 | (1) | | | 300 | | | | | | | | | 19/12/2024 | (1) | Grifols, S.A. | | 1,300 | | Euros | | 7.125 | % | 2030 |
(1)Listed on the Euronext Global Exchange Market of the Irish Stock Exchange (ISE) (2)As a result of the merger between Grifols Escrow Issuer, S.A. and Grifols, S.A. in the fiscal year 2023 (see note 2).
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| Schedule of details of movement in Senior Notes |
Details of movement in the Senior Notes at a 31 December 2025 are as follows: | | | | | | | | | | | | | Millions of Euros | | | Operating | | | | | | | | Operating | | | outstanding | | | | | | | | outstanding | | | balance at | | | | | | Exchange | | balance at | | | 01/01/2025 | | Issuance | | Cancellation | | differences | | 31/12/2025 | Senior secured corporate notes 2019 | | 740 | | — | | — | | — | | 740 | Senior unsecured corporate notes Euros 2021 | | 1,400 | | — | | — | | — | | 1,400 | Senior unsecured corporate notes US Dollars 2021 | | 679 | | — | | — | | (79) | | 600 | Senior secured corporate notes 2024 | | 2,600 | | — | | — | | — | | 2,600 | | | 5,418 | | — | | — | | (79) | | 5,340 |
Details of movement in the Senior Notes at 31 December 2024 are as follows: | | | | | | | | | | | | | Millions of Euros | | | Operating | | | | | | | | Operating | | | outstanding | | | | | | | | outstanding | | | balance at | | | | | | Exchange | | balance at | | | 01/01/2024 | | Issuance | | Cancellation | | differences | | 31/12/2024 | Senior unsecured corporate notes 2017 | | 1,000 | | — | | (1,000) | | — | | — | Senior secured corporate notes 2019 | | 1,577 | | — | | (838) | | — | | 740 | Senior unsecured corporate notes Euros 2021 | | 1,400 | | — | | — | | — | | 1,400 | Senior unsecured corporate notes US Dollars 2021 | | 638 | | — | | — | | 41 | | 679 | Senior secured corporate notes 2024 | | — | | 2,600 | | — | | — | | 2,600 | | | 4,615 | | 2,600 | | (1,838) | | 41 | | 5,418 |
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| Schedule of current obligation captions including issue of bearer promissory notes to Group employees |
| | | | | | | | Millions of Euros | | | | 31/12/2025 | | 31/12/2024 | | Issuance date | | 5/5/2025 | | 4/5/2024 | | Maturity date | | 5/5/2026 | | 4/5/2025 | | Nominal amount of promissory notes (Euros) | | 3,000 | | 3,000 | | Interest rate | | 4.25 | % | 5.00 | % | Promissory Notes subscribed | | 77 | | 77 | | Buy-backs or redemptions | | — | | (3) | | Interest pending accrual | | (1) | | (1) | |
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| Schedule of details of loans and borrowings |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Millions of Euros | | | | | | | | | | | 31/12/2025 | | 31/12/2024 | | | | | | | | | | | Amount | | Carrying | | Amount | | Carrying | Credit | | Currency | | Interest rate | | Date awarded | | Maturity date | | extended | | amount | | extended | | amount | Senior debt - Tranche B | | Euros | | Euribor + 2.25% | | 15/11/2019 | | 15/11/2027 | | 1,360 | | 852 | | 1,360 | | 857 | Senior debt - Tranche B | | US Dollars | | SOFR + 2.00% | | 15/11/2019 | | 15/11/2027 | | 2,344 | | 1,334 | | 2,344 | | 1,516 | Total senior debt | | | | | | | | | | 3,704 | | 2,186 | | 3,704 | | 2,373 | | | | | | | | | | | | | | | | | | EIB Loan | | Euros | | 2.02% | | 22/12/2017 | | 22/12/2027 | | 85 | | 11 | | 85 | | 21 | EIB Loan | | Euros | | 2.15% | | 25/9/2018 | | 25/9/2028 | | 85 | | 21 | | 85 | | 32 | Total EIB Loan | | | | | | | | | | 170 | | 32 | | 170 | | 53 | | | | | | | | | | | | | | | | | | Revolving Credit | | US Dollars | | SOFR + 2.50% | | 15/11/2019 | | 15/11/2025 | | — | | — | | 415 | | — | Revolving Credit Renewed | | US Dollars | | SOFR + 3.00% | | 19/12/2024 | | 30/5/2027 | | 798 | | — | | 864 | | — | Total Revolving Credit | | | | | | | | | | 798 | | — | | 1,278 | | — | | | | | | | | | | | | | | | | | | Loan transaction costs | | | | | | | | | | — | | (59) | | — | | (88) | Non-current loans and borrowings | | | | | | | | | | 4,672 | | 2,159 | | 5,152 | | 2,338 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Millions of Euros | | | | | | | | | | | 31/12/2025 | | 31/12/2024 | | | | | | | | | | | Amount | | Carrying | | Amount | | Carrying | Credit | | Currency | | Interest rate | | Date awarded | | Maturity date | | extended | | amount | | extended | | amount | Senior debt - Tranche B | | Euros | | Euribor + 2.25% | | 15/11/2019 | | 15/11/2027 | | (*) | | 8 | | (*) | | 8 | Senior debt - Tranche B | | US Dollars | | SOFR + 2.00% | | 15/11/2019 | | 15/11/2027 | | (*) | | 15 | | (*) | | 17 | Total senior debt | | | | | | | | | | — | | 23 | | — | | 24 | | | | | | | | | | | | | | | | | | EIB Loan | | Euros | | 2.40% | | 20/11/2015 | | 20/11/2025 | | (*) | | — | | (*) | | 10 | EIB Loan | | Euros | | 2.02% | | 22/12/2017 | | 22/12/2027 | | (*) | | 11 | | (*) | | 11 | EIB Loan | | Euros | | 2.15% | | 25/9/2018 | | 25/9/2028 | | (*) | | 11 | | (*) | | 11 | Total EIB Loan | | | | | | | | | | — | | 21 | | — | | 31 | | | | | | | | | | | | | | | | | | Revolving Credit Renewed | | US Dollars | | SOFR + 3.00% | | 19/12/2024 | | 30/5/2027 | | (*) | | 2 | | (*) | | — | | | | | | | | | | | | | | | | | | Other current loans | | | | 0.10% - Euribor + 7.9% | | | | | | — | | 114 | | 277 | | 261 | Loan transaction costs | | | | | | | | | | — | | — | | — | | — | Current loans and borrowings | | | | | | | | | | — | | 160 | | 277 | | 316 |
(*) See amount granted under non-current debt.
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| Schedule of senior secured debt by maturity |
Details of Tranche B by maturity at 31 December 2025 are as follows: | | | | | | | | | | | | | US Tranche B | | Tranche B in Euros | | | | | Principal in Millions | | Principal in | | | | Principal in Millions of | | | Currency | | of US Dollars | | Millions of Euros | | Currency | | Euros | Maturity | | | | | | | | | | | 2026 | | US Dollars | | 8 | | 7 | | Euros | | 5 | 2027 | | US Dollars | | 1,567 | | 1,334 | | Euros | | 852 | Total | | | | 1,575 | | 1,341 | | | | 857 |
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| Schedule of movement in the revolving credit facility |
| | | | | | | Millions of Euros | | | 31/12/2025 | | 31/12/2024 | Drawn opening balance | | — | | 360 | Drawdowns | | 1,276 | | 1,340 | Repayments | | (1,277) | | (1,723) | Translation differences | | 1 | | 22 | Drawn closing balance | | — | | — |
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| Schedule of details of other financial liabilities |
| | | | | | | | | | | Millions of Euros | Other financial liabilities | | Reference | | 31/12/2025 | | 31/12/2024 | Non-current debt with GIC (sovereign wealth fund in Singapore) | | (i) | | 665 | | 802 | Non-current preferential loans | | | | 20 | | 6 | Other non-current financial liabilities | | (ii) | | 47 | | 45 | Transaction costs | | | | (35) | | (42) | Total other non-current financial liabilities | | | | 697 | | 810 | | | | | | | | Current debt with GIC (sovereign wealth fund in Singapore) | | (i) | | 73 | | 85 | Current preferential loans | | | | 1 | | 1 | Other current financial liabilities | | | | 76 | | 37 | Total other current financial liabilities | | | | 150 | | 123 |
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| Schedule of details of maturity of other financial liabilities |
| | | | | | | Millions of Euros | | | 31/12/2025 | | 31/12/2024 | Maturity at: | | | | | Up to one year | | 150 | | 123 | Two years | | 48 | | 52 | Three years | | 45 | | 51 | Four years | | 45 | | 51 | Five years | | 89 | | 95 | Over five years | | 470 | | 562 | | | 847 | | 934 |
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| Schedule of changes in liabilities derived from financing activities |
| | | | | | | | | | | | | | | Millions of Euros | | | | | | | Senior Secured | | | | | | | | | | | | | debt & Other | | Finance lease | | Other financial | | | | | Reference | | Bonds | | loans | | liabilities | | liabilities | | Total | Carrying amount at 1 January 2023 | | | | 4,692 | | 4,042 | | 1,017 | | 1,006 | | 10,757 | New financing | | | | 113 | | 1,506 | | — | | 5 | | 1,624 | Refunds | | | | (122) | | (1,172) | | (116) | | (58) | | (1,468) | Interest accrued | | | | 177 | | 352 | | 40 | | 86 | | 655 | Other movements | | | | — | | — | | 184 | | 3 | | 187 | Interest paid/received | | | | (148) | | (308) | | — | | (73) | | (529) | Business combinations | | Note 3 | | — | | — | | — | | 2 | | 2 | Foreign exchange differences | | | | (30) | | (96) | | (14) | | (32) | | (172) | Balance at 31 December 2023 | | | | 4,682 | | 4,324 | | 1,111 | | 939 | | 11,056 | New financing | | | | 2,616 | | 1,340 | | — | | (7) | | 3,949 | Refunds | | | | (1,957) | | (3,241) | | (111) | | (50) | | (5,359) | Interest accrued | | | | 228 | | 399 | | 49 | | 70 | | 746 | Other movements | | | | — | | — | | 49 | | 3 | | 52 | Interest paid/received | | | | (182) | | (317) | | — | | (72) | | (571) | Foreign exchange differences | | | | 42 | | 151 | | 43 | | 58 | | 294 | Balance at 31 December 2024 | | | | 5,429 | | 2,656 | | 1,141 | | 941 | | 10,167 | New financing (*) | | | | 75 | | 1,276 | | — | | 9 | | 1,360 | Refunds | | | | (76) | | (1,427) | | (119) | | (47) | | (1,669) | Interest accrued | | | | 315 | | 203 | | 54 | | 68 | | 640 | Other movements | | | | — | | — | | 118 | | 46 | | 164 | Interest paid/received | | | | (279) | | (188) | | — | | (65) | | (532) | Foreign exchange differences | | | | (74) | | (201) | | (112) | | (100) | | (487) | Balance at 31 December 2025 | | | | 5,390 | | 2,319 | | 1,082 | | 852 | | 9,643 |
(*) Includes transaction costs
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