Brandes Investment Partners discloses 20.67% Grifols (GRFS) stake in 13G/A filing

Rhea-AI Filing Summary

Brandes Investment Partners, L.P. has filed an amended Schedule 13G reporting a significant passive ownership position in Grifols SA common shares. The investment adviser reports beneficial ownership of 20.67% of the class, indicating it controls a large block of the company’s equity.

Brandes reports no sole voting or dispositive power over these shares and instead lists only shared dispositive power, meaning decisions to sell or otherwise dispose are made in a shared capacity. The filing also certifies the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Grifols.

Insights

Equity ownership and governance analyst

Brandes discloses a large but passive 20.67% stake in Grifols.

Brandes Investment Partners, L.P. reports beneficial ownership of 20.67% of Grifols SA common shares on a Schedule 13G/A, which is the passive ownership form. The adviser indicates it has shared dispositive power over the position but no sole voting or dispositive authority.

The certification states the holdings were acquired and are held in the ordinary course of business, and not to change or influence control, aligning with the 13G framework. This suggests a sizeable institutional investment rather than an activist campaign.

Investors can treat this as confirmation of a major institutional holder in Grifols as of 12/31/2025. Future ownership filings may show whether Brandes increases, reduces, or maintains this large position over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Grifols SA

(Name of Issuer)

Common Shares

(Title of Class of Securities)

398438408

(CUSIP Number)

12/31/2025

(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

BRANDES 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 23,453,429.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,453,429.00

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)

20.7 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Grifols SA
(b)	Address of issuer's principal executive offices: 2410 Grifols Way, Los Angeles, CALIFORNIA, 90032-3514.
Item 2.
(a)	Name of person filing: Brandes Investment Partners, L.P.
(b)	Address or principal business office or, if none, residence: 4275 Executive Square, 5th Floor, La Jolla, CA 92037
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common 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: 23,453,429 ORDs and 30,587,791 ADRs
(b)	Percent of class: 20.67 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 23,453,429 ORDs and 30,587,791 ADRs
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 acquired and are held in the ordinary course of business and 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.

BRANDES INVESTMENT PARTNERS, LP

Signature:	/s/ Glenn Carlson
Name/Title:	Executive Director
Date:	02/09/2026

FAQ

What percentage of Grifols (GRFS) shares does Brandes Investment Partners report owning?

Brandes Investment Partners, L.P. reports beneficial ownership of 20.67% of Grifols SA common shares. This sizable stake makes Brandes a major institutional holder and indicates significant exposure to Grifols’ equity based on holdings as of December 31, 2025.

Is Brandes Investment Partners’ stake in Grifols (GRFS) passive or activist?

Brandes reports its Grifols stake as a passive investment under Schedule 13G. The firm certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Grifols.

What type of securities in Grifols (GRFS) does Brandes Investment Partners hold?

Brandes Investment Partners reports beneficial ownership in Grifols SA common shares. The filing identifies the class as common shares tied to CUSIP 398438408, and Brandes reports its overall percentage ownership relative to this class of securities.

Does Brandes Investment Partners have voting control over its Grifols (GRFS) stake?

Brandes reports no sole voting power over its Grifols holdings. In the ownership table, it lists zero for sole and shared voting power, while reporting shared dispositive power, indicating influence over disposition but not direct sole voting control of the shares.

Who signed the Schedule 13G/A for Brandes Investment Partners regarding Grifols (GRFS)?

The Schedule 13G/A was signed by Glenn Carlson, Executive Director. The signature block includes his title and a certification that, after reasonable inquiry, the information in the statement about Brandes’ Grifols holdings is true, complete, and correct as of the reported date.