SEC Form 6-K filed by Grifols S.A.

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 June 2025

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

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 227 of the Law 6/2023, of March 17, on Securities Markets and Investment Services, Grifols, S.A. (the "Company") hereby informs about the following

OTHER RELEVANT INFORMATION

Furthermore, it is hereby expressly noted that item 6.5 (Ratification of the appointment by co-option of Mr. Paul S. Herendeen as a member of the Board of Directors), has not been submitted to a vote given that the minority shareholders FF Hybrid LP, Flat Footed Series LLC-Fund3, GP Recovery Fund LLC, Mason Capital Master Fund, L.P., and Sachem Head LP have grouped their shares (a total of 8.4% of the Company's voting rights) and have designated Mr. Paul S. Herendeen as a director in exercise of their right to proportional representation.

The complete text of the proposals is attached hereto as Annex 1 and may also be viewed on the Company's website ( www.grifols.com).

Audit Committee

Appointments and Remuneration Committee

Sustainability, Communication and Reputation Committee

In Barcelona, on 5 June 2025

ANNEX I

GRIFOLS, S.A.

PROPOSED RESOLUTIONS TO BE SUBMITTED TO THE GENERAL

SHAREHOLDERS' MEETING

(4 / 5 June 2025)

The Company's individual annual accounts correspond to the audited accounts and will be deposited with the Commercial Registry.

To approve the consolidated annual accounts of the Group, which are composed of the consolidated balance sheet, the profit and loss account, the statement of changes in net equity, the cash flow statement and the annual report, as well as the management report of the Group, relating to the fiscal year ended December 31, 2024.

The Company's consolidated annual accounts correspond with the audited accounts and will be deposited with the Commercial Registry.

To approve the consolidated non-financial information statement included in the consolidated management report relating to the fiscal year ended December 31, 2024. Such statement has been subject to verification in accordance with the current regulations.

To approve the management of the Board of Directors, at both Company and Group level, throughout the fiscal year ended December 31, 2024.

Subject to the conditions precedent described below, appoint as independent assurance services provider (verificador de la información sobre sostenibilidad) of the Company and its consolidated group to carry out the assurance of sustainability reporting (para realizar la verificación de la presentación de información sobre sostenibilidad), Deloitte Auditores, S.L., registered in the Official Registry of Auditors (Registro Oficial de Auditores de Cuentas del Instituto de Contabilidad y Auditoría de Cuentas) under number S0692, with registered office in Madrid, Plaza Pablo Ruiz Picasso número 1, Torre Picasso, registered in the Commercial Registry of Madrid, under Volume 13,650, Section 8, Folio 188, Sheet M-54414, inscription 96, and provided with Tax Identification Card number B-79104469, for a term of three years, that is, for the fiscal years 2025, 2026, and 2027, inclusive.

The effectiveness of this appointment is subject to the fulfillment of the following conditions precedent:

Likewise, authorize the Chairman, the Chief Executive Officer, the Secretary non-member and the Vice Secretary non-member of the Board of Directors so that any of them, individually and joint and severally, may complete, complement, and/or develop this appointment as necessary and, specifically, to comply with the legal provisions in force at the time of fulfilling the aforementioned conditions precedent for the effective formalization and execution of this resolution.

As anticipated in the communication of Other Relevant Information to the CNMV dated 25 February 2025, acknowledge that the Company's Board of Directors has not proposed the re-election of Mr. Thomas Glanzmann to his position as a member of the Company's Board of Directors, at his request as communicated by him to the Board of Directors, after having served as a director of Grifols for 19 years. The Board of Directors thanks him for the services provided up to date and approves his performance.

As anticipated in the communication of Other Relevant Information to the CNMV dated 25 February 2025, it is resolved to reduce the number of members of the Board of Directors to twelve (12) members.

In case that any of the resolutions proposed under items 6.3, 6.4 and 6.5 below is not adopted, the number of members of the Board of Directors shall be further reduced to the effective number of directors actually on board.

To re-elect Mr. Víctor Grifols Deu as a member of the Board of Directors for a term of four (4) years and with effects as of the date of this General Shareholders' Meeting.

It is expressly stated that this proposal has the favorable report from the Appointments and Remuneration Committee, and in accordance with said report from the Committee, Mr. Grifols Deu will continue to be considered as a “proprietaryˮ director.

In order to approve this resolution, the shareholders shall be provided with this proposal, the Board of Directors' report regarding the competence, experience and merits of the director and the abovementioned report of the Appointments and Remuneration Committee, in compliance with the Capital Companies Act (Ley de Sociedades de Capital).

To ratify, prior proposal of the Appointments and Remuneration Committee, the appointment of Mr. Pascal Ravery by the co-option procedure, in accordance with the Board of Director's resolution dated 8 December 2024, who accepted on 9 December 2024, as a member of the Board of Directors of the Company. His term of office ends on 14 June 2028, which corresponds to the term of the previous director whom he replaced.

It is expressly stated that, according to said proposal of the Committee, Mr. Ravery will continue to be considered as an “independentˮ director.

In order to approve this resolution, the shareholders shall be provided with this proposal and with the Board of Directors' report regarding the competence, experience and merits of the director, in compliance with the Capital Companies Act (Ley de Sociedades de Capital).

This item has not been submitted to a vote as the shareholders FF Hybrid LP, Flat Footed Series LLC-Fund3, GP Recovery Fund LLC, Mason Capital Master Fund, L.P., and Sachem Head LP designated Mr. Paul S. Herendeen as a director in exercise of their right to proportional representation.

In view of the mandatory report of the Board of Directors, amend article 7 of the Regulations of the General Shareholders' Meeting, consisting on the competences of the General Shareholders' Meeting to adequate its content to the applicable law currently in force, as well as for introducing technical improvements in its wording.

The mentioned article will read as follows (in italics):

Article 7 . Competence of the General Meeting

Pursuant to the provisions of article 541.4 of the Capital Companies Act (Ley de Sociedades de Capital), to submit the Annual Remuneration Report to a consultative vote of the General Shareholders’ Meeting.

In accordance with article 529 novodecies of the Capital Companies Act (Ley de Sociedades de Capital) and prior to the report by the Appointments and Remuneration Committee, approve the directors' remuneration policy of the Company (the "Policy") that was made available to the shareholders at the time of calling of this General Shareholders' Meeting. The new Policy will be applicable from the date of its approval by this General Shareholders' Meeting until fiscal year 2028, included.

The Plan, offered on a one-time basis, will be implemented under the following basic terms and conditions:

1. Participants:

The participants of the Plan include members of the senior management team of Grifols, as well as selected company executives (others) (the “Participants”).

Currently, the group of potential Participants is composed of approximately 35 individuals, 11 of them members of the senior management team.

As explained in the Company's Remuneration Policy, the Company's Chief Executive Officer is not a participant of the Plan, nor is the Chief Financial Officer.

Eligibility of any new Participants who are members of the senior management team will be decided by the Company's Appointments and Remuneration Committee. A special committee led by the Company's Chief Executive Officer will have the authority to grant awards for Participants who are not members of the senior management team.

2. Purpose of the Plan:

The 2025 Equity Incentive Plan has been designed to align the interests of Participants with those of the Company’s shareholders and to support the Company’s long-term success by encouraging sustainable value creation. It aims to attract, retain and motivate key talent in an increasingly competitive global environment, foster long-term commitment to the Company’s strategic objectives, and reinforce a compensation strategy that is aligned with prevailing market standards. In addition, the Plan is structured to meet the expectations of proxy advisors and institutional investors, and addresses the identified gap in the Company’s total compensation offering, particularly for certain critical roles and geographies. The Plan is intended as a highly selective, performance-linked incentive that complements existing short-term remuneration structures.

3. Instruments:

For the Participants who are members of the senior management team, the Plan exclusively provides for the grant of performance share units (“Performance Shares”), with the purpose of aligning the remuneration of senior executives with the interests of shareholders and the long-term strategic goals of the Company.

For the Participants who are not members of the senior management team, the Plan provides for the grant of: (i) Performance Shares (65% of the award) and (ii) fidelity shares (35% of the award). These two award vehicles are designed to serve complementary purposes, reinforcing both retention and performance-based reward within a unified long-term incentive framework.

4. Term of the Plan:

The Plan shall have a minimum vesting period of three (3) years from the grant date (29 April 2025), subject to the approval of the Ordinary Meeting. Vesting will therefore take place on 29 April 2028.

Awards shall not vest earlier than three (3) years after the date of grant.

5. Maximum number of shares:

The maximum number of Class A shares of the Company that may be delivered under the Plan shall be 1,032,671 (based on a reference price per share of €9.017¹), corresponding to a maximum total cost of €9,311,594.12.

¹ NTD: the reference price being the average of share price in Mercado Continuo prior 90 trading days from 28^th April, 2025.

6. Requirements and conditions for the delivery of the shares:

The specific number of shares within the established maximum that will be delivered to the Participants at the end of the Plan will be subject to and determined based on the achievement of the set objectives for the Participant in each case.

The proposed percentages have been defined with a conservative approach, balancing market competitiveness with internal equity and sustainability.

These percentages have been defined considering total compensation benchmarking.

The specific payout for the Participants who are members of the senior management team will be decided by the Board of Directors prior proposal of the Company's Appointments and Remuneration Committee.

The specific payout for the Participants who are not members of the senior management team will be decided by the special committee led by the Company's Chief Executive Officer.

Awards shall be subject to:

7. Performance Metrics for Performance Shares:

The vesting of Performance Shares under the Plan shall be subject to the attainment of specific performance objectives over the applicable performance period.

For the members of the senior management team, the performance criteria is exclusively 100% linked to relative TSR (“Relative TSR”). Relative TSR compares the Company’s total shareholder return (including share price appreciation and dividends) against a pre-defined peer group of companies operating in the biotechnology and pharmaceutical industries.

Following a detailed assessment, Relative TSR was selected as the most suitable performance metric. This decision was based on its strong alignment with shareholder value creation and its wide adoption in the market.

Relative TSR directly links a portion of compensation to the Company's ability to create sustainable value for shareholders, as measured against a relevant peer group. Additionally, Relative TSR as performance indicators is widely recognized and adopted in long-term incentive plans among leading companies, ensuring competitiveness and alignment with global standards. Furthermore, this metric provide a clear and measurable framework to assess performance, which enhances internal accountability and external credibility.

The following payout curve shall apply to the Relative TSR metric, based on Grifols’ position within the peer group ranking:

The peer group has been selected to reflect companies that: (i) operate on a global scale in the biotech or pharma sectors, (ii) develop and commercialize end-to-end drug solutions or excipients, (iii) are comparable in terms of business model and geographic presence and (iv) are not involved in medical devices, OTC products, veterinary medicine, or healthcare services.

The peer group includes entities from two sources:

This performance measure ensures alignment between executive rewards and shareholder value, and provides an objective, market-based assessment of long-term value creation.

The peer group used for assessing Relative TSR includes the following companies: CSL, Lonza, Takeda Pharmaceutical, UCB, Bayer, Biogen, BioMerieux, Genmab, Moderna, Recordati, Eurofins, Ipsen, Jazz Pharmaceuticals, Hikma, Richter Gedeon Lundbeck, Organon & Co, Bausch Health.

These companies were selected based on their relevance to Grifols´ operation model and industry positioning an include members of the ISS P4P peer group, and other companies chosen by Grifols as appropriate market comparators. ISS creates peer groups based on revenues and sector. Companies included in Grifols' peer group is based on business similarities.

The special committee may update or adjust the peer group if needed, to reflect changes in industry conditions or corporate structure, ensuring continued alignment with the principles outlines herein.

8. Determination of level of achievement and payout:

For Participants who are members of the senior management team, the Appointments and Remuneration Committee will monitor the objectives and the level of achievement will be determined by the Board of Director's upon recommendation by the Appointments and Remuneration Committee.

For Participants who are not members of the senior management team, the special committee led by the Company's Chief Executive Officer will monitor the objectives and determine their level of achievement.

The Plan’s payment curve allows for payouts ranging from 0% to 150% of the target award, depending on the level of achievement of the performance criteria.

The specific payout for Participants who are members of the senior management team will be decided by the Board of Directors prior proposal of the Company's Appointments and Remuneration Committee.

The specific payout for the Participants who are not members of the senior management team will be decided by the special committee led by the Company's Chief Executive Officer.

9. Holding period and clawback:

The Plan includes:

The Ordinary General Shareholders' Meeting held on 16 June 2023 approved, under resolution "Thirteenth", the award of stock options over Company shares to Mr. Thomas Glanzmann, then Executive Chairman of the Company. In said resolution, it was established that the exercise price of the Options (as defined in said resolution) would be €12.84.

As an extraordinary measure aimed to rectify an inconsistency as a matter of fairness, to correct the exercise price of the Options granted to Mr. Thomas Glanzmann for it to be the same price established under the Stock Option Plan for the senior management team, approved by the same General Shareholders' Meeting under resolution "Twelfth", being this price €8.96.

In accordance with the provisions of Article 515 of the Capital Companies Act (Ley de Sociedades de Capital), to authorize the call, if so required, of Extraordinary General Shareholders' Meetings of the Company with at least fifteen (15) days in advance. Said authorization shall be in force until the next Ordinary General Shareholders' Meeting of the Company is held.

To authorise the Board of Directors of the Company to acquire the Company’s own shares or subscription rights by purchase, exchange, allotment of shares or any other procedure established by Law, whether directly or through any of its subsidiaries, within the limits and subject to the requirements set forth below:

Revoke and declare void the previous authorization for the acquisition of the treasury stock granted by the Ordinary General Shareholders Meeting on October 9, 2020.

To empower all the members of the Board of Directors, as well as the Secretary and Vice Secretary non-members, so that any of them, indistinctively, may formalize in a public deed the resolutions passed at the General Shareholders’ Meeting, with the authorities to amend, correct or interpret their wording based on the oral or written evaluation of the Commercial Registry and for the sole purposes of their registration in the same, being able, as the case may be, to request their partial registration. Said authorization also comprises the granting of all kinds of public or private documents as may be deemed necessary for the execution, development and formalization of all resolutions passed at the General Shareholders’ Meeting, with no limitation.

* * * *

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.

Date:  June 5, 2025