Grifols posted a net profit of 21 million euros in the first quarter of this year, rebounding from losses of 108 million euros in the same period a year earlier due to restructuring costs. The company, where chief executive officer Nacho Abia marked his debut in the CEO role on April 1 amid governance changes that moved management away from members of the owning family, reported revenues of 1.626 billion euros for January through March, up 5.5% compared with the prior-year period.
Meanwhile, the adjusted operating result, known as EBITDA, reached 350 million euros, yielding a margin of 21.6%. This represented an increase of 230 basis points when compared with the first quarter of 2023, where the year-ago figure included 11 million euros from the 20% stake in the Chinese SRAAS business. In early 2024, that segment was reclassified as an asset held for sale, which explains the comparable adjustment.
Thomas Glanzmann, the chief executive, underscored that despite a challenging start to the year, the group remains on track to meet its 2024 commitments and targets built on solid fundamentals. He noted that the first quarter featured revenue growth, improved profitability, enhancements in corporate governance, and advances in innovation. On the same day, the company disclosed it faced a new cyber incident attributed to a Gotham City-style attack targeting its accounts, but reaffirmed its strategy to strengthen the financial position through measures such as a 1.0 billion euro issue of secured bonds at a 7.5% coupon maturing in April 2030 to refinance secured bonds that mature next year.
The CEO stated that the priorities are to increase free cash flow and reduce debt, while accelerating growth, boosting innovation, and improving operational efficiency to deliver greater value to shareholders.