Company: GIFLF
Filing Date: 2025-05-12
Form Type: 6-K
Source: 0001104659-25-047168
Chunk: 0

Company: Grifols SA
Filing Date: 2025-05-12
Form: 6-K
Chunk 0
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<div align='center'>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 May 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)</div>

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 ¨ |

<div align='center'>Grifols, S.A.

TABLE OF CONTENTS</div>

First Quarter 2025 Results

Grifols delivers strong results across the board, increasing revenues by 7.4%, Adj EBITDA by 14.2% and improving free cash flow by EUR 209m

| · | Net                                                                             
 revenues reached EUR 1,786 million (+7.4% cc1) driven by Biopharma’s strong     
 performance (+6.6% cc). Like-for-like (LFL2) net revenues increased by 10.0% cc 
 and Biopharma 9.6% cc.                                                          |

| · | Adjusted                                                                                   
 EBITDA increases to EUR 400 million (+14.2% cc and +21.7% cc LFL), with a margin of 22.4%. 
 Reported EBITDA grows by 22.6% cc to EUR 381 million.                                      |

| · | Free                                                                               
 Cash Flow3 pre-M&A improves by EUR 209 million to minus EUR 44 million, primarily  
 driven by working capital management across the supply chain and EBITDA expansion. |

| · | Reported                                                       
 group profit of EUR 60 million grew by 179% compared to Q1’24. |

| · | Leverage4                                                 
 reduced to 4.5x and strong liquidity of EUR 1.7 billion5. |

| · | On                                                                                
 track to launch Fibrinogen in Europe in Q4’