CDP: Half-Yearly Report as at 30 June 2025 approved

In the first half of the year following the launch of the 2025–2027 Strategic Plan, the CDP Group deployed resources totalling 15.8 billion euro, broadly in line with the same period in 2024

Supported investments reached 41.6 billion euro (a 2% increase compared to 40.7 billion euro in the first half of 2024), with a leverage effect of 2.6 times the resources deployed, also driven by the attraction of additional capital

CDP SpA’s outstanding loans to Public Administration, Enterprises, Infrastructure, and International Cooperation amounted to 128 billion euro (a 2% increase from 126 billion euro at the end of 2024)

CDP SpA's total funding stood at 356 billion euro, including 291 billion euro in postal savings and 22 billion euro in bond funding (up 0.4% and 9%, respectively, compared to the end of the previous year)

CDP SpA’s net income exceeded 1.9 billion euro, marking an 8% increase compared to approximately 1.8 billion euro in the same period of 2024

In the first half of the year, consolidated net income amounted to 3.3 billion euro, in line with the same period last year

Rome, 31 July 2025 h:14:26  – The Board of Directors of Cassa Depositi e Prestiti SpA (CDP), chaired by Giovanni Gorno Tempini, today approved the half-yearly report as of 30 June 2025, as presented by the Chief Executive Officer and General Manager, Dario Scannapieco.

Key Results and Activities for the Half-Year

In the first half of 2025, which marked the launch of the 2025–2027 Strategic Plan, the CDP Group¹ deployed resources totalling approximately 15.8 billion euro, broadly in line with the 15.9 billion euro recorded in the first six months of 2024. These investments were consistent with the Group’s four strategic priorities for the three-year period: National Competitiveness, Social and Territorial Cohesion, Strategic Autonomy, and Just Transition.
 

The Group’s operations supported investments totalling 41.6 billion euro, a 2% increase compared to 40.7 billion euro in the same period last year. This was achieved with a leverage ratio of 2.6 times the resources deployed, exceeding the Strategic Plan’s forecast of 2.1 times for the three-year period, also thanks to the attraction of additional capital.
 

CDP SpA’s stock of loans supporting Public Administration, Enterprises, Infrastructure, and International Cooperation reached 128 billion euro, marking a 2% increase since the end of 2024, with performance outpacing that of the Italian market². As of June 2025, the total stock of loans underwritten, including commitments and guarantees, amounted to around 152 billion, an increase compared to the figure recorded at the end of 2024.
 

CDP SpA’s total funding stood at 356 billion euro, of which 291 billion euro related to postal savings, slightly up (+0.4%) from 290 billion euro at the end of 2024. At the same time, bond funding amounted to 22 billion euro, up 9% compared to the end of the previous year.
 

CDP SpA's equity, amounting to 30 billion euro, was in line with the figure recorded at the end of the previous financial year.
 

CDP SpA’s net income for the half-year exceeded 1.9 billion euro, up 8% compared to approximately 1.8 billion euro in the same period last year, mainly driven by higher dividend contributions from subsidiaries and Group companies.
 

Consolidated net income³ amounted to 3.3 billion euro, in line with the first half of 2024.
 

During the semester, some of the main new initiatives outlined in the 2025–27 Strategic Plan were carried out. Among the most significant were: extending CDP’s role in supporting the Italian economy through the launch of new direct lending operations targeting smaller businesses; strengthening support for Public Administrations, including the introduction of new tools to accelerate the deployment of European funds; and issuing the second CDP Green Bond, listed exclusively on Borsa Italiana and the first in Europe to feature reporting based on blockchain technology.
 

Among large industrial groups, notable initiatives included the strengthening of the equity investment in Nexi; the acquisition of an equity stake in the Diagram Group, a company active in the agritech sector; and support for strategic operations aimed at developing companies of international scale, such as the merger of Subsea7 into Saipem and the acquisition of 2i Rete Gas by Italgas.
 

At the international level, confirming CDP’s increasingly prominent role in Europe, InvestEU resources obtained to support financing and investment in Italy increased, alongside continued strengthening of relationships with European partners and EU institutions. Activities carried out under the Mattei Plan were also reinforced, with the launch of the “Africa Plafond” operations and new agreements with key stakeholders across the continent, further accelerating efforts in support of International Cooperation and Development Finance.
 

“Over the past few months, we have set out a path for CDP that combines long-term vision with the ability to respond promptly” declared Giovanni Gorno Tempini, Chairman of Cassa Depositi e Prestiti. “The results we are presenting today show that the Group has acted responsibly, adopting innovative and sustainable financial solutions, always focused on supporting local communities, the productive sector, and social housing. This commitment has generated positive and tangible impacts across the country, with a gradual and well-balanced approach to risk-taking in support of projects addressing the country's key needs, while fully safeguarding CDP’s capital strength. Thanks to the trust and invaluable support of our shareholders, the Ministry of Economy and Finance and the Banking foundations, we will continue to fulfil our institutional role, acting counter-cyclically and complementary to the market, serving as a bridge between the public and private sectors, and fostering investment through patient and productive capital.”

“The results achieved in the first half of the year reward the quality of the choices made under the 2025–27 Strategic Plan, in a context marked by significant developments in recent months” highlighted Dario Scannapieco, Chief Executive Officer of Cassa Depositi e Prestiti. “These changes pose major challenges for the country, many of which also involve CDP in its role as the national promotional institution, with the mission of supporting Italy’s economic growth. The commitment of approximately 16 billion euro made it possible to support over 41 billion euro in investments, delivering meaningful benefits for citizens and businesses, from improved access to education and an increased number of social housing units, to reduced land use and upgraded infrastructure. The significant developments that have reinforced the Group’s efforts in support of businesses, public administrations, and large industrial players will allow it to further consolidate its pivotal role in the country’s sustainable development”.

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CDP SpA

   Resources deployed: 11.1 billion euro (10.6 billion in the first half of 2024)
   Net income: 1.9 billion euro (1.8 billion in the first half of 2024)
   Loans: 128 billion euro (126 billion at the end of 2024)
   Postal savings: 291 billion euro (290 billion at the end of 2024)
   Equity: 30 billion euro (30 billion at the end of 2024)

CDP Group

Resources deployed: 15.8 billion euro (15.9 billion in the first half of 2024)
Consolidated net income: 3.3 billion euro (in line with the first half of 2024)
Consolidated net income pertaining to the Parent Company CDP SpA: 2 billion euro (2.2 billion in the first half of 2024)
Total consolidated assets: 485 billion euro (478 billion at the end of 2024)
Consolidated equity: 48.5 billion euro (47.8 billion at the end of 2024)

For more information on the key results, please refer to the following sections.

Half-Year Business and Financial Performance

CDP SpA

As regards the balance sheet items, total assets amounted to 391 billion euro, representing a 0.2% decrease compared to the end of 2024, and mainly included:

• cash and cash equivalents and other short-term investments totalling 140 billion euro, down 5% from 148 billion euro at the end of 2024, due to lending and investment activity and asset-liability management actions carried out during the period.
• loans amounting to 128 billion euro, up 2% from 126 billion euro at year-end 2024, mainly due to increased lending to the private sector.
• debt securities amounting to 80 billion euro, up 8% compared to 74 billion euro at the end of 2024, driven by an increase in the Government bond portfolio.
• equity investments and funds totalling 38 billion euro, broadly unchanged from the end of 2024, with new investments offsetting disposals completed during the semester, in line with the capital turnover strategy.

Funding totalled 356 billion euro, broadly in line with the figure recorded at the end of the previous year. Specifically:

• postal funding amounted to 291 billion euro, up 0.4% from 290 billion euro at the end of 2024, due to interest accrued by savers.
• funding from banks and customers totalling 43 billion euro, down 6% from 46 billion euro at the end of 2024, mainly due to lower short-term funding on the money market, in line with the asset-liability management approach adopted.
• bond funding amounted to 22 billion euro, up 9% from 20 billion euro at the end of 2024, driven by new bond issuances made during the semester, including retail offerings.

Finally, equity stood at 30 billion euro, stable compared to the end of 2024, as net income offset the dividends paid during the semester.

Regarding financial performance, net income amounted to 1.9 billion euro, an increase of 0.1 billion euro (+8%) compared to the same period of the previous year. In particular:

• net interest income stood at 1.4 billion euro, down 0.2 billion euro compared to the first half of 2024, reflecting the decline in market rates, especially short-term rates. This trend was partially offset by the ongoing asset-liability management activities, including the reduction of short-term investments and funding and the optimisation of the financial asset mix. These actions, along with the benefits of self-financing carried out in line with the Plan’s guidelines, enabled a further reduction in short-term funding.
• dividends amounted to 1.1 billion euro, up by 300 million euro compared to the first half of 2024, thanks to higher contributions from listed equity investments and Group companies.
• other net revenues totalled 0.1 billion euro, remaining substantially stable compared to the first half of 2024.
• cost of risk stood at +15 million euro, improving by 43 million euro compared to the first half of 2024, mainly due to positive fair value changes in investment funds held in the portfolio.
• cost/income ratio remained very low, at 7%.

Main Activities of the CDP Group

In the first half of the year, the CDP Group launched initiatives across the five pillars of the 2025-2027 Strategic Plan: Business, Advisory, Equity, Real Asset, and International, deploying a total of approximately 15.8 billion euro, broadly in line with the same period in 2024.

• Regarding the Business pillar, financing activities continued in support of Enterprises, Infrastructures, and Public Administration, as well as the management of public mandates. In particular:
  • Enterprises and Financial Institutions: approximately 10.6 billion euro were deployed. Key activities included supporting the growth of SMEs and Mid-Caps, particularly in Southern Italy, through the subscription of an 800 million euro bond, alongside the first three financing operations executed under the new direct lending scheme for smaller businesses.
  • Infrastructures: approximately 2.1 billion euro were deployed to support operators in the transport infrastructure sector, including initiatives aimed at promoting internationalisation, and multiutilities operating in the energy and environmental sectors.
  • Public Administration: around 1.2 billion euro were deployed. Key initiatives included support to local authorities, with over 680 million euro in treasury advances, and the signing of the first agreement for managing financial instruments funded by European resources.
• Regarding the Advisory pillar, during the semester, the CDP Group strengthened its support for Public Administration investment projects, particularly through its continued commitment to the NRRP (National Recovery and Resilience Plan), as well as to European structural and cohesion funds benefiting the regions of Sicily and Emilia-Romagna. In addition, eight new agreements⁴ were signed under the InvestEU programme, mainly in the healthcare construction, urban regeneration, transport, and innovation sectors.

• With regard to the Equity pillar, approximately 0.9 billion euro were deployed. Among the key initiatives supporting the existing equity portfolio was CDP Reti’s participation in Italgas’s capital increase, aimed at creating a European leader in gas distribution through the acquisition of 2i Rete Gas. As for new direct investments, noteworthy was the acquisition of an equity stake in Diagram Group, a European agritech solution provider, to support its growth both nationally and internationally. Moreover, indirect equity investments aimed at developing Private Capital markets continued, also through the attraction of new third-party resources.

• Within the Real Asset pillar, approximately 0.2 billion euro were deployed. Among the main initiatives, over 80 million euro were used to enhance portfolio assets, with more than 30 million euro in resources released through asset disposals completed by CDP Real Asset during the period, in line with the capital rotation principle.
• Regarding the International pillar, the CDP Group continued its commitment to International Cooperation and Development Finance, as well as to strengthening international relations. In particular:
  • International Cooperation and Development Finance: approximately 0.9 billion euro were deployed. Key initiatives included operations in partnership with SACE to support projects in Africa and Latin America for a total of 510 million euro, and, within the framework of instruments supporting the Mattei Plan, the launch of the “Plafond Africa” initiative and the continuation of activities under the “GRAF Platform”.
  • European and International Affairs: noteworthy initiatives included CDP and CDP Equity securing over 1 billion euro in InvestEU guarantees, and the strengthening of the CDP Group’s global presence, in particular through the expansion of the “Business Matching” platform and involvement in the launch of the Italian Export Action Plan targeting emerging markets with high growth potential.

Consolidated Financial Statements
 

The half-yearly condensed consolidated financial statements include, in addition to the scope covered by the CDP Group, companies over which the Parent Company does not exercise management and coordination. These include major listed subsidiaries such as SNAM, Terna, Italgas, and Fincantieri, as well as associates such as ENI, Poste Italiane, Saipem, WeBuild, and Nexi.
 

Consolidated net income for the first half of the year amounted to 3.3 billion euro, stable compared to the same period last year, as the decline in net interest income was offset by improved performance from industrial companies. Net income pertaining to the Parent Company was 2 billion euro (2.2 billion in the first half of 2024).
 

Total consolidated assets amounted to 485 billion euro, up approximately 1.4% compared to the end of the previous financial year (478 billion euro).
 

Total funding reached 405 billion euro, a 1.7% increase compared to the end of 2024 (398 billion euro). The item mainly includes the Parent Company's postal funding, funding from banks, and bond funding, primarily attributable to CDP and the Terna, Snam, and Italgas groups.
 

Consolidated equity stood at 48.5 billion euro, up 1.6% from the end of the previous year (47.8 billion euro), mainly due to the net income and capital increases during the period, partly offset by dividend distributions.

Sustainability: Progress on the 2025–2027 ESG Plan
 

In the first half of 2025, ESG (Environmental, Social, and Governance) activities were further strengthened, in line with the commitments set out in the Group’s new ESG Plan 2025–2027, approved last January.
 

In particular, CDP consolidated its role in supporting local communities and businesses, allocating around 1.8 billion euro to SMEs, in line with the Plan’s commitments, and approximately 500 million euro to social housing initiatives, primarily in the education and university sectors. Further confirming CDP’s growing focus on environmental issues, approximately 1 billion euro was allocated to climate change mitigation and adaptation, alongside continued efforts to decarbonise the direct financing portfolio.
 

Initiatives aimed at promoting ESG topics among the Group’s stakeholders were also strengthened. These included the launch of the first Impact Award, recognising outstanding projects with high social and environmental impact involving businesses and Public Administrations, as well as continued engagement through the ESG Community, a sustainability-focused network of around 30 major economic organisations in Italy.

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Please note that the Independent Auditors are completing the review of the half-yearly condensed consolidated financial statements as at 30 June 2025. The reclassified consolidated financial statements set out in the Annex are not subject to auditing by the Independent Auditors.

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The Manager in charge with preparing the company's financial reports, Fabio Massoli, declares pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance that the accounting information contained in this press release corresponds to documentary evidence and the accounting books and records.

The 2025 consolidated half-yearly financial report, together with the certification pursuant to Article 154-bis, paragraph 5, of the Consolidated Law on Finance and the Independent Auditors’ Report will be made available to the public at the Company's registered office, on the CDP website and in any other manner provided for by the applicable law, within the legal time limits.