GRFS · GRFS Q2 FY2026 earnings call record财报电话会记录

“Revenue for the first half reached EUR 3,574 million, up 2.6% at constant currency, with Biopharma being the primary growth engine, delivering 5.4% growth, reflecting the disciplined commercial approach we have been taking across the portfolio.”

“Adjusted EBITDA reached EUR 472 million in the second quarter, representing a margin of 25.2%, and for the first half, adjusted EBITDA reached EUR 854 million, up 2.4% year-over-year at constant currency, with a margin close to 24%.”

“Free cash flow improved by approximately EUR 100 million during the first half, reflecting our continued focus on operational discipline, working capital management, and capital allocation.”

“The recent organizational changes are designed to bring decision-making close to our customers and markets, sharpen our commercial focus, and improve operational efficiencies in the U.S.”

“This demonstrates how we continue to translate decades of innovation into new solutions for our customers.”

“Moving to Slide 10, the Biopharma business performed in line with our expectations in the first half, delivering 5.4% revenue growth at constant currency and reflecting a more balanced growth profile we anticipated entering the year.”

“Importantly, Alpha-1 and specialty proteins returned to growth in the second quarter, resulting in a broader base performance across the portfolio and reinforcing our confidence in the full-year outlook.”

“As anticipated, first half 2026 reflects the year-on-year pricing impact in China following our mid-2025 price adjustment, with Q2 facing a particularly challenging comparison due to the post-license renewal catch-up we saw in the Q2 the prior year.”

“Group net revenues reached EUR 1.874 billion in the second quarter, bringing first half revenues to EUR 3.574 billion, a growth of 2.6% at constant currency.”

“Certainly we believe in IG and we believe in the strong demand of IG in the markets, we will do it in a smart way, and certainly betting on those places, customers, and regions which can offer better profitability.”

“We remain very much in the guidance of the EUR 500 million-EUR 575 million free cash flow pre-M&A for the full year.”

“We will continue looking for customers and even providing QuidelOrtho with some supply.”