Grifols, ES0171996087

Grifols stock: Fitch keeps BB- rating and stable outlook

Published on 11/05/2026 at 17:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Grifols stock gains a fresh credit-market reference after Fitch affirms its BB- rating with a stable outlook. China remains a key risk.

Credit outlook meets operating progress

Fitch affirmed Grifols at BB- with a stable outlook on November 4, 2026.
The rating agency expects continued deleveraging but sees limited headroom at the current rating level.
China and foreign exchange remain near-term constraints on growth, while Egypt and Canada support the medium-term operating plan.

Grifols, ES0171996087, Illustration mit AI erstellt.

Fitch Ratings affirmed Grifols at BB- with a stable outlook on Wednesday, November 4, 2026, adding a fresh credit-market assessment after the company's third-quarter update. Fitch cited steady underlying performance, positive free cash flow and expected deleveraging, while pointing to China and foreign-exchange pressure as near-term constraints.

The rating action is the key new development for investors. Fitch expects Grifols to reduce leverage toward 4.5 times by 2029, but says financial leverage remains temporarily above 5.0 times under its own methodology and that rating headroom is limited. The agency's analysis therefore keeps balance-sheet execution at the center of the investment case.

China weighs on growth outlook

Fitch said the core Biopharma division grew 7 percent at constant currency in the first nine months of 2026, supported by double-digit immunoglobulin growth. A 14 percent decline in albumin revenue, mainly linked to weaker conditions in China, limited the overall result.

The rating agency expects albumin conditions to stabilize gradually as pricing normalizes in China and Grifols expands into other markets. It also sees the ramp-up of the company's Canadian and Egyptian operations supporting margins, cash generation and deleveraging.

Debt reduction remains decisive

Fitch expects Grifols to prioritize deleveraging over more aggressive shareholder distributions or large acquisitions. Its rating case assumes flat revenue in 2026 followed by single-digit growth from 2027 to 2030, with the EBITDA margin gradually improving toward 24 percent by 2030.

Grifols' own latest quarterly report said net leverage was 3.98 times at the end of September and that the company had no significant debt maturities until the fourth quarter of 2028 after refinancing. The different leverage figures reflect different methodologies, so the direction of debt reduction and the cash conversion of the business remain more important than a direct one-to-one comparison.

Grifols stock traded at 11.35 euros on Lang & Schwarz at 17:07 CET on Thursday, November 5, 2026. The real-time quote of Grifols stock provides the latest trading view.