Fedrigoni - comment

Mixed Signals. LPCS revenues are down significantly, even as fillers are keeping the machines running. At EBITDA level, however, the division has

Wolfgang Felix1 December 2025FEDRIGONI

Fedrigoni - Litter or Luxury, what's the difference? - Initiation

Please find our initiation on Fedrigoni here.

There must have been a period when Italians produced only paper; such is their density of abandoned paper mills. Particularly, the north of the country is littered with forgotten sub-scale sites that went out of business long ago. We may be biased, but we struggle to think of any paper/packaging HY issuer that has never been in trouble. Please let us know if you can think of one.