Grifols, S.A. (NASDAQ:GRFS) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET
Company Participants
Nuria Pascual - IR and Sustainability Officer
Thomas Glanzmann - Executive Chairman and CEO
Victor Grifols Deu - COO
Alfredo Arroyo - CFO
Conference Call Participants
Thomas Jones - Joh. Berenberg, Gossler & Co.
James Gordon - JPMorgan
Thibault Boutherin - Morgan Stanley
Alvaro Lenze - Alantra Equities
Guilherme Sampaio - CaixaBank
Jaime Escribano - Banco Santander
Charles Pitman - Barclays
Peter Verdult - Citigroup Inc.
Nuria Pascual
Hello, everyone, and welcome to the Grifols Third Quarter 2023 Conference Call. Thank you very much for taking the time to join us today. This is Nuria Pascual, Investor Relations and Sustainability Officer. I'm joined by Thomas Glanzmann, our Executive Chairman and CEO; Victor Grifols Deu, Chief Operating Officer; and Alfredo Arroyo, CFO.
This call will last about 60 minutes. There will be a presentation of approximately 30 minutes, followed by a Q&A session. [Operator Instructions] As a reminder, this call is being recorded, and the materials for the call are on the Investor Relations website at grifols.com. The transcript and webcast replay of the call will also be available on the Investor Relations website within 24 hours after the end of the conference call.
Now if we turn to Slide 2. Before we start, I would like to draw your attention to the forward-looking statements disclaimer in this slide deck of the release. Forward-looking statements on the call are subject to substantial risks and uncertainties speak only as of the call's original date, and we undertake no obligation to update or revise any of the statements.
Now I would like to turn the call over to Thomas Glanzmann.
Thomas Glanzmann
Thank you, Nuria. Good afternoon and morning to all on the call. Thank you for joining us today.
As you can see from our press release issued this morning, we have reported another strong quarter, further accelerating growth, improving our EBITDA and meeting our commitments. But before we go into our operational performance, I want to address upfront what is and has been the market's concern about our deleveraging progress. Our commitment to deliver a material deleveraging transaction in 2023 of at least €1.5 billion in cash has not changed nor has our very focused efforts to reach a leverage ratio of 4x by 2024. We continue to give full priority to this.
Regarding the in June announced transaction in China, we are progressing and working diligently towards getting the agreement signed and expect to announce it before year-end 2023, in line with our commitment. As we are dealing with a very highly regulated environment, we expect to get all approvals and closing the transaction during the first half of 2024. Ultimately, this will support the organic results we are currently already delivering to continue deleveraging the company.