Panini: 2 billion in revenue and a surge in profits in 2025; shareholders are considering winding up the holding company -2-

In 2027, the Fanatics ruling; investors may come on board

(Il Sole 24 Ore Radiocor) - According to the annual report, in 2025, both the collectables and publishing sectors performed well, whilst Panini has for some time been having to recalibrate its business strategies following the loss of several major commercial licences in the US market, such as that of the NBA, which expired a year ago, and that of the NFL. Ahead of the North American World Cup, FIFA has also signed an exclusive agreement with Fanatics, which will take over from the Modena-based group in the production of albums and stickers from 2031. The 2030 World Cup will therefore still be under licence to Panini. The Italian company has been involved in a legal dispute with the American firm Fanatics in the United States for several years, with a ruling expected in 2027. Panini’s lawyers, according to the annual report, “are optimistic about the outcome”.

Returning to the matter of shareholding, if approved, the demerger of Waterfall will not be on an equal basis: according to the proposal under consideration, two vehicles (i.e. two shareholders) will hold 27.8 per cent each, one will hold 21.5 per cent, another 19.8 per cent, whilst the last will hold just under 3 per cent. It remains to be seen whether the new structure, by giving each shareholder a free hand, will pave the way for the forthcoming entry of new investors; according to rumours, Citi had been commissioned in recent months to identify such investors. According to a Reuters report in April, the valuation the shareholders are aiming for could be around 5 billion euros.

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