Permian funds disclose 7.1% Grifols (GRFS) Class B ownership stake

Rhea-AI Filing Summary

Permian Investment Partners and affiliated funds reported beneficial ownership of 18,607,262 Grifols Class B shares, equal to 7.1% of the class. The holdings are spread across several Permian funds and managed accounts, including ADRs and ordinary shares.

The ownership percentages are based on 261,425,110 Class B shares outstanding as of December 31, 2024, as disclosed in Grifols’ Form 20-F. The filers certify the securities were not acquired to change or influence control of Grifols.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Grifols SA

(Name of Issuer)

Class B Shares

(Title of Class of Securities)

398438408

(CUSIP Number)

10/08/2024

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 398438408

1

Names of Reporting Persons

Permian Investment Partners, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,607,262.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

18,607,262.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.1 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: Number of shares in items (8) and (9) represents ownership of 18,190,262 ADRs and 417,000 ORDs.

SCHEDULE 13G

CUSIP No. 398438408

1

Names of Reporting Persons

Permian Master Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,528,939.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,528,939.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Number of shares in items (8) and (9) represents ownership of 4,401,358 ADRs and 127,581 ORDs.

SCHEDULE 13G

CUSIP No. 398438408

1

Names of Reporting Persons

Permian Nautilus Master Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,158,652.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,158,652.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Number of shares in items (8) and (9) represents ownership of 3,055,925 ADRs and 102,727 ORDs.

SCHEDULE 13G

CUSIP No. 398438408

1

Names of Reporting Persons

Permian Treble Master Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,239,146.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,239,146.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Number of shares in items (8) and (9) represents ownership of 4,239,146 ADRs.

SCHEDULE 13G

CUSIP No. 398438408

1

Names of Reporting Persons

Permian GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,926,737.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,926,737.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.6 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Number of shares in items (8) and (9) represents ownership of 11,696,429 ADRs and 230,308 ORDs.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Grifols SA
(b)	Address of issuer's principal executive offices: 1585 BROADWAY, SUITE 2376, NEW YORK, NEW YORK, 10036.
Item 2.
(a)	Name of person filing: This statement is being jointly filed by and on behalf of each of Permian Investment Partners, LP, a Delaware limited partnership ('Permian'); Permian Master Fund, L.P., a Cayman Islands limited partnership, Permian Nautilus Master Fund, LP, a Cayman Islands limited partnership, Permian Treble Master Fund, LP, a Delaware limited partnership, (collectively 'Permian Funds'); and Permian GP, LLC, a Delaware limited liability company, ('Fund General Partner'). The Permian Funds and separately managed accounts on behalf of investment advisory clients ('Managed Accounts') of Permian are the record and direct beneficial owners of the securities covered by this statement. The Fund General Partner is the general partner of, and may be deemed to beneficially own securities owned by, Permian Funds. As the investment adviser to Permian Funds and Managed Accounts, Permian may be deemed to beneficially own the securities covered by this statement. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(b)	Address or principal business office or, if none, residence: 1333 Oak Lawn Ave, Suite 900, Dallas, Texas, 75207
(c)	Citizenship: See Item 4 on the cover page(s) hereto.
(d)	Title of class of securities: Class B Shares
(e)	CUSIP No.: 398438408
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 on the cover page(s) hereto.
(b)	Percent of class: The percentage calculated in Item 11 is based on 261,425,110 shares of Class B outstanding as of December 31, 2024, as reported in the Issuer's Annual Report on Form 20-F for the calendar year ended December 31, 2024, and as filed with the SEC on April 11, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Permian Investment Partners, LP

Signature:	/s/ Britton Brown
Name/Title:	Chief Financial Officer and Chief Compliance Officer
Date:	02/17/2026

Permian Master Fund, L.P.

Signature:	/s/ Britton Brown
Name/Title:	Authorized Signatory
Date:	02/17/2026

Permian Nautilus Master Fund, LP

Signature:	/s/ Britton Brown
Name/Title:	Authorized Signatory
Date:	02/17/2026

Permian Treble Master Fund, LP

Signature:	/s/ Britton Brown
Name/Title:	Authorized Signatory
Date:	02/17/2026

Permian GP, LLC

Signature:	/s/ Britton Brown
Name/Title:	Authorized Signatory
Date:	02/17/2026

FAQ

What stake did Permian report in Grifols (GRFS) Class B shares?

Permian Investment Partners and related funds reported beneficial ownership of 18,607,262 Grifols Class B shares, representing 7.1% of the class. This stake includes both ADRs and ordinary shares held across multiple Permian funds and managed accounts.

Which Permian entities are included in this Grifols (GRFS) Schedule 13G/A?

The filing covers Permian Investment Partners, LP, Permian Master Fund, L.P., Permian Nautilus Master Fund, LP, Permian Treble Master Fund, LP, and Permian GP, LLC. These entities collectively report beneficial ownership of Grifols Class B shares through various funds and managed accounts.

How is Permian’s 7.1% ownership in Grifols (GRFS) calculated?

The 7.1% ownership figure is based on 261,425,110 Grifols Class B shares outstanding as of December 31, 2024. That share count comes from Grifols’ Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC.

Does Permian state any intention to influence control of Grifols (GRFS)?

Permian certifies that the Grifols securities were not acquired and are not held to change or influence control of the issuer. The filing also states the holdings are not in connection with any transaction having that control-related purpose or effect, subject to limited nomination activities.

How are voting and dispositive powers over Grifols (GRFS) shares described?

Across the reporting persons, the filing shows no sole voting or dispositive power over Grifols Class B shares. The reported positions are held with shared dispositive power, reflecting securities owned by the Permian funds and managed accounts for which Permian acts as investment adviser.

What types of Grifols (GRFS) securities does Permian hold?

Permian’s reported position in Grifols includes American Depositary Receipts (ADRs) and ordinary shares. For example, Permian Investment Partners’ 18,607,262 reported shares consist of 18,190,262 ADRs and 417,000 ordinary shares, as specified in the ownership detail comments.