Panini: revenue of 2 billion and a surge in profits. Shareholders wind up the controlling holding company
The Baroni and Sallustro families’ shareholdings are set to be split into five parts to avoid “decision-making conflicts”
(Il Sole 24 Ore Radiocor) - The Panini Group is set to post record profits in 2025, but shareholders are working to change the control structure, opening up the possibility of a future reorganisation. According to documents consulted by Radiocor, the holding company Waterfall Italia has initiated the process of splitting into five corporate entities that will directly hold stakes in the operating company Panini Spa, which oversees the entire business of collectable stickers and cards, comics and magazines. The previous structure, under which the Baroni family and the chief executive Aldo Hugo Sallustro – who passed away in April 2025 – held the entire share capital held in trust by Cordusio Fiduciaria, will be dissolved.
In 2025, profits up 80 per cent to 531 million
It was precisely the takeover by Sallustro’s heirs that prompted the decision to separate Waterfall’s operations and to allocate to each of the shareholders a share of the holding company’s assets, which will therefore have five shareholders. According to the documents, this is to enable each shareholder ‘to pursue their own investment and governance strategies independently, avoiding conflicts in decision-making and promoting the free allocation of resources’. The reorganisation comes after a year of outstanding financial results, a further boost from the summer World Cup, and the plan – announced in the spring – to identify a strategic investor. The group’s 2025 consolidated financial statements, now led by CEO Ivam Ataide Faria, closed with a surge in revenue to 2.02 billion euros, up from 1.6 billion the previous year, and an EBITDA of 566 million (up from 400 million). Net profit improved by 80 per cent to 531 million.
Fanatics licensing dispute: ruling due in 2027
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 the NBA licence, which expired a year ago, and the NFL licence. Ahead of the North American World Cup, FIFA has also entered into 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 US-based 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”.
Five vehicles and the possible entry of new investors
Returning to the matter of shareholding, if approved, the demerger of Waterfall will not be divided equally: according to the proposal under consideration, two entities (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.
