2025 closes with solid numbers – and in more than one case record numbers – for Cassa Depositi e Prestiti, which confirms its role as the country's financial engine.net profit reaches 3,4 billion of euros, the highest level ever for the second consecutive year (+3% on 2024), while the net assets It rose to €32 billion (+6%). At the group level, consolidated profit stood at €5,5 billion (from €6 billion in 2024), held back primarily by the lower contribution from equity investments, despite improved industrial performance.
The board of directors, chaired by Giovanni Gorno Tempini, approved the financial statements as of December 31, 2025, along with the sustainability report presented by CEO Dario Scannapieco. The board also approved a dividend proposal of €2,2 billion and approved transactions worth over €1,6 billion, which will be submitted to the shareholders' meeting.
CDP pushes for the 2025-2027 Strategic Plan
The first year of Strategic Plan 2025-2027 marks a significant advance: the group has committed resources for 29,5 billion of euros, equal to 36% of the three-year target, generating investments overall for 73,6 billion thanks to a leverage effect of 2,5 times. This acceleration reflects the focus on high-impact interventions for the country system, structured along four pillars: competitiveness, social and territorial cohesion, economic security, and sustainable transition.
The ability to support the economy is also reflected in the credit numbers: the stock in favour of companies, Public administration, infrastructure e cooperation international reaches 127 billion (+1%), which rises to 153 billion including guarantees and sums to be disbursed. On the front of the harvesting, the total stands at 355 billion, substantially stable, with postal savings growing to 297 billion (+3%) and bond collections rising sharply to 24 billion (+20%), supported by the success of issues, including the Yankee Bond, the eleventh ESG bond and securities intended for retail.
CDP's accounts: assets up and profits at €3,2 billion.
In the patrimonial detail, the Cdp Spa's total assets stand at 391 billion, composed mainly of liquid assets and treasury investments for 137 billion, loans for 127 billion and debt securities for 84 billion, increasing thanks to the strengthening of the government bond portfolio. Equity investments and funds remain stable at 38 billion. On the economic level, the interest margin stands at 2,6 billion, while dividends collected rise to 2,1 billion; the cost/income ratio remains at a low level, equal to 8%.
CDP Financing: Focus on Businesses, Public Administration, and Infrastructure
The group's operations have developed along the five pillars of the Plan. On the business front, CDP has committed €18,3 billion to businesses and financial institutions, strengthening the support for SMEs also with the launch of direct financing and with interventions dedicated to the Noon4,3 billion euros were allocated to the Public Administration, including treasury advances and management of public funds, including those related to the National Recovery and Resilience Plan (NRRP), while 3,6 billion euros supported strategic infrastructure, particularly in the healthcare and transport sectors.
The activity also continues in equity, with 1,4 billion committed, including support for the capital increase of Italgas for theacquisition of 2i Rete Gas, an operation aimed at creating a European champion in the sector. In real assets, approximately 0,4 billion were allocated to the valorisation of real estate assets and to tourism initiatives, such as redevelopment of the Berzieri Spa in Salsomaggiore.
International CDP: Growth in Cooperation and the European Role
More and more relevant is the international dimension: approximately 1,5 billion have been committed to development cooperation, with a growth of 28% compared to 2024. Among the main operations are the first initiative of the “Africa Ceiling” within the scope of the Mattei plan and the first financing of the Terra program, implemented in partnership with FAO. The European role has also been strengthened, with greater InvestEU resources and the first board meeting held outside Italy, at the Brussels headquarters.
Il balance consolidated shows a total assets growth of 489 billion and a net assets by 50 billion (48 billion in 2024), while total collections rise to 405 billion. The parent company's share of the profit stands at 3,2 billion.
Sustainability and ESG results
On the front of the sustainability, the Fund confirms a structured and accelerating path. In 2025, the following were committed: approximately 2 billion for the energy transition, with a 29% reduction in the portfolio's emissions intensity compared to 2022. To these are added approximately 1 billion for social housing and a further billion for the Public Administration in Southern Italy, in addition to 1,5 billion allocated to sustainable cooperation. 100% of the new funds subscribed meet the European sustainable finance criteria and the CDP's second Green Bond It stands out as the first issue in Europe with blockchain-based reporting.
During the year, the commitment to inclusion e governance, with the presence of women in top positions rising to 36%, while the main ESG rating agencies confirm CDP at the global top, with first place in the sector rankings for the second consecutive year.
CEO Scannapieco: "2025 will see the highest profit ever."
“With these resources – the CEO underlined Dario Scannapieco "We have supported the competitiveness of the Italian economic fabric, alongside public administrations and businesses, including small and medium-sized enterprises that struggle to access credit, and have also launched a new direct financing program. We have invested," he continued, "in infrastructure, in large companies operating in strategic sectors, and launched a new operating model that allows us to take greater risk to support three priority objectives: Southern Italy, innovation, and ESG. Finally, our international role has significantly expanded, both in Europe and in development finance, including as part of the Mattei Plan. In a constantly evolving landscape, Cassa Depositi e Prestiti is ready to take on new challenges, further strengthening its commitment to serving the country."
During the press conference, Scannapieco also opened a window on the main industrial dossiers. He defined the project as "a good industrial operation".Poste Italiane's takeover bid for Tim, while the issue of governance remains one of the most sensitive fronts. As the CEO explained, "Sometimes it's not a question of people but of what's stipulated in the agreements."
The reference is at tensions with Euronext on the management of the Italian Stock ExchangeWith the current CEO Fabrizio Testa's term expiring, the French group is pushing for a renewal, while Cassa asserts its shareholder status and right to influence decisions, also in light of the agreements signed. To assert its prerogatives, CDP has turned to the Amsterdam court, which is called upon to resolve the dispute based on the shareholders' agreements.
And when asked about the divergence of views with Euronext and the governance of the Stock Exchange, Scannapieco replied: “The agreements provide for some prerogatives for CDP, we believe they should be respected. Sometimes it's not a question of people but of what is stipulated in the agreements."
