Panini has been recalibrating its business strategies following the loss of several major commercial licenses in the US market, according to financial reports, as the Modena-based group performs well in the collectibles and publishing sectors.
Revenue Growth and Publishing Performance
The annual report details a strong operational performance across both the collectables and publishing sectors throughout 2025. This financial rebound occurs as the Italian company adjusts its long-term strategy following the expiration of major North American commercial partnerships, including the National Basketball Association license ending a year ago and the loss of National Football League rights.
Upcoming World Cup License Transitions
Panini retains its licensing rights for the 2030 World Cup tournament. However, commercial control shifts significantly ahead of the North American World Cup cycle, with FIFA signing an exclusive agreement designating Fanatics to take over album and sticker production starting in 2031.
United States Legal Dispute Timeline
The commercial friction extends into federal courtrooms, where the Italian company has engaged in a multi-year legal dispute with Fanatics within the United States. Judicial proceedings point toward a crucial legal ruling expected in 2027. Legal representatives for Panini expressed optimism regarding the eventual outcome of the litigation, as noted in the corporate annual report.
Shareholder Restructuring and Waterfall Demerger
Corporate restructuring plans involve a proposed demerger of Waterfall, which will not distribute ownership on an equal basis if approved by stakeholders. Under the current proposal under consideration, two shareholder vehicles will hold 27.8 percent each, a third entity will retain 21.5 percent, a fourth will control 19.8 percent, and the remaining stakeholder will hold just under 3 percent.
External Investor Engagement and Valuation Targets
Financial sector rumors indicate that Citi was commissioned in recent months to identify prospective buyers or new financial backers as the structural changes take shape. Market observers note that the proposed ownership adjustments could provide individual shareholders free hands to welcome new capital. Reuters reported in April that the valuation targeted by current shareholders hovers around 5 billion euros.
