<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001472850-25-000004</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001472850</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Class B Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>10/08/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001438569</issuerCik>
        <issuerName>Grifols SA</issuerName>
        <issuerCusip>398438408</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>1585 BROADWAY</com:street1>
          <com:street2>SUITE 2376</com:street2>
          <com:city>NEW YORK</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10036</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Permian Investment Partners, LP</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>18607262.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>18607262.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>7.1</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Number of shares in items (8) and (9) represents ownership of 18,190,262 ADRs and 417,000 ORDs.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Permian Master Fund, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4528939.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4528939.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>1.7</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Number of shares in items (8) and (9) represents ownership of 4,401,358 ADRs and 127,581 ORDs.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Permian Nautilus Master Fund, LP</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>3158652.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3158652.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>1.2</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Number of shares in items (8) and (9) represents ownership of 3,055,925 ADRs and 102,727 ORDs.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Permian Treble Master Fund, LP</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4239146.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4239146.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>1.6</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Number of shares in items (8) and (9) represents ownership of 4,239,146 ADRs.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Permian GP, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>11926737.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>11926737.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>4.6</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <comments>Number of shares in items (8) and (9) represents ownership of 11,696,429 ADRs and 230,308 ORDs.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Grifols SA</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1585 BROADWAY, SUITE 2376, NEW YORK, NEW YORK, 10036.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>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.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1333 Oak Lawn Ave, Suite 900, Dallas, Texas, 75207</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 on the cover page(s) hereto.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See Item 9 on the cover page(s) hereto.</amountBeneficiallyOwned>
        <classPercent>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.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Item 5 on the cover page(s) hereto.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Item 6 on the cover page(s) hereto.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Item 7 on the cover page(s) hereto.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Item 8 on the cover page(s) hereto.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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 &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Permian Investment Partners, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Britton Brown</signature>
        <title>Chief Financial Officer and Chief Compliance Officer</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Permian Master Fund, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Britton Brown</signature>
        <title>Authorized Signatory</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Permian Nautilus Master Fund, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Britton Brown</signature>
        <title>Authorized Signatory</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Permian Treble Master Fund, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Britton Brown</signature>
        <title>Authorized Signatory</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Permian GP, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Britton Brown</signature>
        <title>Authorized Signatory</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
