Grifols (GRFS) evaluates potential U.S. IPO of its U.S. Biopharma parent

Rhea-AI Filing Summary

Grifols, S.A. reports that its Board of Directors has decided to start a process to evaluate a potential Initial Public Offering in the United States of a portion of the shares of its subsidiary that is the parent of its U.S. Biopharma business. The company stresses that any IPO would depend on regulatory and legal requirements, internal approvals and market conditions, and there is no assurance that it will be undertaken or completed. Grifols also notes that, regardless of whether any IPO occurs, its shares will continue trading in Spain on the mercado continuo, and this communication does not constitute an offer or solicitation to buy or sell securities.

Insights

Equity capital markets analyst

Grifols is exploring, but not committing to, a U.S. IPO of its U.S. Biopharma parent.

Grifols is evaluating a potential U.S. IPO of part of the share capital of its subsidiary that heads its U.S. Biopharma business. This would, if executed, separate some economic exposure to that unit into a listed vehicle while Grifols remains listed in Spain.

The company clearly frames this as an evaluation phase. Any IPO would be subject to regulatory and legal requirements, internal approvals and prevailing market conditions, and there is explicit language that no IPO is assured. The notice is for information only and is not a securities offering.

If Grifols proceeds, later filings would need to specify terms such as valuation, percentage of shares sold and use of proceeds. Until then, the main takeaway is potential corporate structure change focused on the U.S. Biopharma business, with Spanish trading of Grifols shares continuing on the mercado continuo.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File No. 001-35193

Grifols, S.A.

(Translation of registrant’s name into English)

Avinguda de la Generalitat, 152-158

Parc de Negocis Can Sant Joan

Sant Cugat del Valles 08174

Barcelona, Spain

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x                        Form 40-F ¨

Grifols, S.A.

TABLE OF CONTENTS

Item			Sequential Page Number
1.	Inside Information Note		3

	Grifols, S.A.
	Avinguda de la Generalitat 152-158
	08174 Sant Cugat del Vallès
	Barcelona - ESPAÑA
	Tel. [34] 935 710 500
	Fax [34] 935 710 267
	www.grifols.com

Pursuant to the provisions of article 226 of the Law 6/2023, of March 17, on Securities Markets and Investment Services, Grifols S.A. ("Grifols" or the "Company") hereby informs about the following

INSIDE INFORMATION

Grifols reports that, as a consequence of Grifols' self-sufficiency programs* for its Biopharma businesses, its Board of Directors has decided to initiate a process to evaluate a potential Initial Public Offering ("IPO") in the United States of a portion of the shares of its subsidiary and parent of its U.S. Biopharma business.

Any such transaction remains subject to, among other things, regulatory and legal requirements, internal approvals and market conditions. There can be no assurance that any IPO will be undertaken or completed by the company.

Regardless of any such IPO being undertaken or completed, Grifols will continue to trade in Spain through the automated information system (mercado continuo).

This communication and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No offer or sale of securities would be made absent registration under the Securities Act in compliance with the relevant U.S. securities laws.

In Barcelona, 24 March 2026.

Laura de la Cruz Galán

Secretary to the Board of Directors

* Territories capable of supplying themselves with medicines derived from plasma without need of external supply.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

	Grifols, S.A.
	By:	/s/ David I. Bell
		Name:	David I. Bell
		Title:	Authorized Signatory

Date: March 24, 2026

FAQ

What did Grifols (GRFS) announce in its March 2026 Form 6-K?

Grifols announced that its Board has initiated a process to evaluate a potential U.S. Initial Public Offering of a portion of the shares of its subsidiary that is the parent of its U.S. Biopharma business, emphasizing this is only an evaluation and not a committed transaction.

Which part of Grifols' business is involved in the potential U.S. IPO?

The potential U.S. IPO would involve a portion of the shares of a Grifols subsidiary that serves as the parent of its U.S. Biopharma business. This means the contemplated offering is focused on the Biopharma operations in the United States, rather than the entire Grifols group.

Is Grifols obligated to proceed with the U.S. IPO of its Biopharma subsidiary?

Grifols is not obligated to proceed with the IPO. The company states that any such transaction would depend on regulatory and legal requirements, internal approvals and market conditions, and explicitly notes there can be no assurance that an IPO will be undertaken or completed.

Will Grifols shares continue trading in Spain if a U.S. IPO occurs?

Yes. Grifols makes clear that, regardless of whether any U.S. IPO is undertaken or completed, its shares will continue to trade in Spain through the automated information system known as the mercado continuo. The evaluation of the IPO does not change the Spanish listing status.

Does Grifols’ March 2026 communication constitute an offer of securities?

No. Grifols specifies that this communication and its information do not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction, and that no offer or sale would occur without proper registration under applicable U.S. securities laws.

Why does Grifols mention self-sufficiency programs in relation to the potential IPO?

Grifols links the evaluation of a potential U.S. IPO to its self-sufficiency programs for its Biopharma businesses. These programs relate to territories being capable of supplying themselves with plasma-derived medicines without external supply, providing strategic context for considering a separate listing of the U.S. Biopharma parent company.