| 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);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) |  An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (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);
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| (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:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| 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:
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| | (i) Sole power to vote or to direct the vote:
See Item 5 on the cover page(s) hereto.
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| | (ii) Shared power to vote or to direct the vote:
See Item 6 on the cover page(s) hereto.
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| | (iii) Sole power to dispose or to direct the disposition of:
See Item 7 on the cover page(s) hereto.
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| | (iv) Shared power to dispose or to direct the disposition of:
See Item 8 on the cover page(s) hereto.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Not Applicable
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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