The CDP Board of Directors approved the draft separate financial statements and the consolidated financial statements as of 31 December 2025
In the first year since the launch of the 2025-2027 Strategic Plan, the CDP Group deployed resources totalling €29.5 billion, equal to over one third of the Plan’s three-year target
Supported investments reached € 73.6 billion, with a leverage effect of 2.5 times the resources deployed, also due to the attraction of additional capital
Stock of loans to companies, Public Administration, infrastructure, and international cooperation amounted to €127 billion (up compared to the end of 2024)
Total funding amounted to €355 billion, including postal savings up to €297 billion and bond funding reaching €24 billion (+3% and +20%, respectively, compared to the end of the previous year)
CDP SpA’s equity rose to €32 billion, up 6% compared to the end of 2024 (€30 billion) as a result of the profit accrued in the year, net of dividends distributed
CDP SpA’s net income reached a record high for the second consecutive year, totalling €3.4 billion, up 3% compared to 2024 (€3.3 billion). Consolidated net income was equal to €5.5 billion (€6 billion in 2024)
Rome, 9 April 2026 h.14:36 – The Board of Directors of Cassa Depositi e Prestiti SpA (CDP), chaired by Giovanni Gorno Tempini, approved the draft separate financial statements, the consolidated financial statements as of 31 December 20251 and the Directors’ Report on Operations, which also includes the Sustainability Statement, presented by Chief Executive Officer and General Manager Dario Scannapieco.
The Board of Directors also approved a proposal for the allocation of the 2025 net income, providing for a dividend of €2.2 billion. The draft financial statements and the proposed allocation of the net income for the year will be submitted for approval to the Shareholders' Meeting to be convened by the Board of Directors.
Finally, the Board approved new transactions with a total value of more than €1.6 billion.
Key Results and Activities for 2025
In 2025 the CDP Group2 deployed resources of approximately €29.5 billion, equal to over one third (36%) of the three-year target of the 2025-2027 Strategic Plan, confirming its focus on high-impact investments for the Country, with initiatives defined based on the four priorities identified for the three-year period: national competitiveness, social and territorial cohesion, economic security and Just Transition.
Moreover, the Group’s operations supported investments of €73.6 billion, also due to the attraction of additional capital, with a leverage effect of 2.5 times the resources deployed.
At the end of 2025, CDP’s stock of loans supporting companies, Public Administration, infrastructure, and international cooperation amounted to €127 billion, up 1% compared to the previous year. Total committed lending, which also includes amounts yet to be disbursed and guarantees issued, stood at €153 billion, up 2% compared to the previous year.
Total funding amounted to €355 billion, of which €297 billion related to postal savings, up 3% compared to the end of 2024 (€290 billion). Bond funding amounted to €24 billion, up sharply (+20%) compared to the end of the previous year, driven by highly successful market transactions, including the third US dollar bond issuance (“Yankee Bond”, with demand nearly 13 times the offer), CDP’s eleventh ESG bond and issuances reserved for the retail market.
CDP SpA's equity, amounting to €32 billion, increased 6% compared to 2024 (€30 billion) thanks to the profit accrued in the year, net of dividends distributed, in line with Plan’s assumptions.
CDP SpA's net income rose to an all-time high of €3.4 billion, a further increase (+3%) compared to 2024, reaching €3.3 billion.
Consolidated net income amounted to €5.5 billion (€6 billion in 2024), down €0.5 billion mainly due to lower contributions from equity investments, partly offset by higher margins from industrial companies.
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In the first year of the 2025-2027 Strategic Plan, also marked by celebrations of the 175th anniversary of CDP’s founding and 150 years of postal savings, Cassa Depositi e Prestiti further strengthened its commitment to supporting the Country’s growth. Key initiatives included strengthening CDP’s role for Italy’s business fabric, with the launch of new direct lending operations for smaller companies and the roadshow across the Country carried out with Confindustria; increased support for Public Administrations through advisory services and public fund management, as well as the signing of the agreement between CDP and the Ministry of University and Research for the management of NRRP resources; and expanded funding through CDP’s second Green Bond (its eleventh ESG issuance), the third Yankee Bond, and retail issuances.
Looking at large industrial groups, particularly significant was the support provided through capital increases for strategic transactions aimed at creating new European champions, such as Italgas’s acquisition of 2i Rete Gas. In addition, to support the growth of companies and start-ups as well as infrastructure development, indirect equity activities and investments continued in strategic sectors for the Country.
At the international level, confirming CDP’s increasingly important role in Europe, it should be noted the increase in InvestEU resources obtained to guarantee financing and investments to be carried out in Italy, alongside the continued strengthening of dialogue with European partners and EU institutions. This includes the first Board of Directors meeting held outside Italy, at the Group’s Brussels office. The first transaction under the “Plafond Africa” under the Mattei Plan, contributing to the development of one of the largest photovoltaic plants on the continent, together with the first financing under the European TERRA programme3 in partnership with FAO, helped achieve a new record in International Cooperation & Development Finance, with deployed resources up 28% compared to 2024.
Finally, in 2025 support for infrastructure increased, particularly in priority sectors such as healthcare and road networks, while operations supporting the tourism sector were strengthened, for example with the reopening to the public of the refurbished Terme Berzieri facility in Salsomaggiore.
The Group’s path towards sustainability therefore continues, with initiatives supporting companies, Public Administrations and communities, alongside the progressive decarbonisation of the loan portfolio, with a 29% reduction in emissions intensity4 compared to the 2022 baseline.
“2025 was a symbolic year for CDP, marking the 175th anniversary of its founding and 150 years of postal passbooks. Since then, including over the past year, the CDP Group has continued to fulfil its role as the Country’s development bank in a complex global context marked by a profound transformation of the international economy, characterised by strong technological dynamism, increasing geopolitical fragmentation and significant market volatility”, said Giovanni Gorno Tempini, Chairman of Cassa Depositi e Prestiti. “Working with responsibility and vision, based on a new Strategic Plan, CDP has confirmed its role as a long-term institutional investor. Alongside its industrial and financial operations, the Group continued to support the Country’s social, cultural and environmental development also through the activity of Fondazione CDP, with targeted initiatives in education, cultural heritage and research. All these results are the outcome of the work of our people, the strengthening of our company culture and the continued trust of our shareholders, the Ministry of Economy and Finance and the Banking Foundations”.
“The first year of the 2025-2027 Strategic Plan closes with a new record result for CDP: the highest profit ever since the founding of our Institution. This confirms the effectiveness of a strategy that enabled us to invest over €29 billion in key initiatives for the Country, generating investments of more than €73 billion”, said Dario Scannapieco, Chief Executive Officer of Cassa Depositi e Prestiti. “With these resources we supported the competitiveness of Italy’s economic fabric, alongside Public Administrations and companies, including small and medium-sized enterprises that face greater difficulty accessing credit, while also launching new direct lending operations. We invested in infrastructure, in large companies operating in strategic sectors and introduced a new operating model that allows us to take on greater risk to support three priority objectives: Southern Italy, innovation and ESG. Our international role also expanded significantly, both in Europe and in development finance, including as part of the Mattei Plan. In a constantly evolving environment, Cassa Depositi e Prestiti stands ready to take on new challenges, further strengthening its commitment to serving the Country”.
CDP SpA Resources deployed5: €22.6 billion (€23.1 billion in 2024) Net income: €3.4 billion (€3.3 billion in 2024) Loans: €127 billion (€126 billion at the end of 2024) Postal savings: €297 billion (€290 billion at the end of 2024) Equity: €32 billion (€30 billion at the end of 2024)
CDP Group Resources deployed6: €29.5 billion (€30.9 billion in 2024) Consolidated net income: €5.5 billion (€6.0 billion in 2024) Consolidated net income pertaining to the Parent Company CDP SpA: €3.2 billion (€3.8 billion in 2024) Total consolidated assets: €489 billion (€478 billion at the end of 2024) Consolidated equity: €50 billion (€48 billion at the end of 2024)
For more information on the key results, please refer to the following sections.
Business and Financial Performance in 2025
CDP SpA
As regards the balance sheet items, total assets amounted to €391 billion, representing a 0.1% decrease compared to the end of 2024, and mainly included:
Total Funding amounted to €355 billion, substantially stable compared to the end of the previous financial year (€356 billion). Specifically:
Equity amounted to €32 billion, up 6% from the end of 2024 (€30 billion) thanks in particular to the net income for the year, partially offset by the dividends distributed.
With regard to financial performance, net income amounted to €3.4 billion, a 3% increase compared to 2024 (€3.3 billion). In particular:
Main Activities of the CDP Group
In 2025 the CDP Group launched initiatives across the five pillars of the 2025-2027 Strategic Plan – Business, Advisory, Equity, Real Asset and International – deploying total resources of around €29.5 billion, equal to 36% of the Plan’s overall target, and supporting investments of €73.6 billion, with a leverage effect of 2.5 times resources deployed over the period.
On the Business side, lending activities continued in support of companies, infrastructures and Public Administration, as well as the management of public mandates. In particular:
Regarding Advisory, the CDP Group strengthened its support for the implementation of Public Administration investments, in particular by continuing its commitment to the NRRP, European structural funds and cohesion policies, and by signing 19 new agreements7 under InvestEU, mainly in the sectors of social housing, energy and environment, transport and mobility.
With regard to Equity, resources of €1.4 billion were deployed. Among the main direct equity initiatives, it is worth noting the participation in Italgas’s capital increase to support the creation of a European gas distribution champion through the acquisition of 2i Rete Gas. Indirect equity activities also continued, benefiting companies, start-ups and infrastructure projects.
In the Real Asset area, resources of approximately €0.4 billion were deployed. Key initiatives included the continued value enhancement of the real estate portfolio, notably through initiatives in the tourism sector that led, among other things, to the refurbishment and reopening to the public of the Terme Berzieri facility in Salsomaggiore, as well as other investments supporting the energy transition via the FOF Infrastructure fund.
On the International side, efforts to promote International Cooperation & Development Finance and to strengthen international relations continued. In particular:
Consolidated Financial Statements
The consolidated financial statements include, in addition to the CDP Group perimeter, companies over which the Parent Company does not exercise management and coordination (including major listed subsidiaries such as SNAM, Terna, Italgas and Fincantieri, and associates such as ENI, Poste Italiane, Saipem, WeBuild and Nexi).
Consolidated net income for 2025 amounted to €5.5 billion (€6 billion in 2024), with lower contributions from equity investments partly offset by improved performance from industrial companies. Net income pertaining to the Parent Company was €3.2 billion (€3.8 billion in 2024).
Total consolidated assets amounted to €489 billion, up compared to the end of the previous year (€478 billion).
Total funding amounted to €405 billion, up compared to the end of 2024 (€398 billion). The item mainly includes the Parent Company's postal funding, funding from banks, and bond issuances, primarily attributable to CDP and the Terna, Snam, and Italgas Groups.
Consolidated equity, amounting to €50 billion, increased compared to the end of the previous year (€48 billion) due to the positive result for the year and capital increases, partly offset by the negative impact of dividend distributions.
Sustainability
In 2025 the CDP Group confirmed its commitment to sustainability, achieving significant results across social, environmental and governance areas, in line with the Strategic Plan and the 2025-2027 ESG Plan. A path combining measurable performance, focus on people and the ability to generate a positive impact on the national system.
On the climate-change front, CDP deployed around €2 billion to support the energy transition and further strengthened the decarbonisation of its portfolio, with a 29% reduction in the emissions intensity8 of lending portfolio compared to 2022, also thanks to directing new financing towards operations with a lower environmental impact.
Through its operations CDP continued to support the sustainable growth of communities, regions and the productive system, with around €1 billion allocated to social housing and around €1 billion to Public Administration in Southern Italy.
To promote sustainable and inclusive finance, CDP supported development cooperation through around €1.5 billion of resources allocated to sustainable growth and environmental protection. During the year, 100% of newly subscribed funds9 were sustainable under Articles 8 and 9 of the Sustainable Finance Disclosure Regulation10. Moreover, CDP’s second Green Bond, aimed at promoting initiatives with tangible positive environmental impact, represents the first issuance in Europe with blockchain-based reporting to verify the allocation of proceeds and the related impacts.
During the year, CDP strengthened its role in supporting the sustainable transition of production chains and Public Administration by promoting the first edition of the Impact Award of the Polimi Graduate School of Management, recognising projects with high environmental and social impact from companies and public bodies.
The path towards promoting diversity, equity and inclusion also continued, accompanied by increased female representation in top managerial positions, reaching 36% within CDP, confirming a structured commitment to more inclusive leadership models.
For 2025, major ESG rating agencies also confirmed CDP’s strong sustainability performance, further demonstrating the robustness and consistency of the model adopted. Morningstar Sustainalytics11 ranked CDP first globally in the “Banks” and “Development Banks” sectors for the second consecutive year, while ISS ESG renewed its “Prime” status, awarded to best-in-class companies within their sector.
Please note that the Independent Auditors are completing the audit of the Separate Financial Statements and the Consolidated Financial Statements as at 31 December 2025. The reclassified consolidated financial statements set out in the Annex are not subject to auditing by the Independent Auditors.
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 Annual 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.
1The 2025 Annual Report comprising (i) the Directors' Report on Operations, (ii) the draft financial statements of CDP S.p.A. and (iii) the consolidated financial statements of the CDP Group together with their respective annexes, has been prepared in accordance with Delegated Regulation (EU) 2019/815 and thus in XHTML format and, for the consolidated financial statements, in accordance with the new European regulations to standardise communication languages (ESEF regulation - European Single Electronic Format), which call for the adoption of the "inline XBRL" standard and the labelling of the consolidated financial statements and – from 2022 – of the relative notes using the IFRS taxonomy adopted by ESMA.
2The CDP Group consists of CDP and the subsidiaries subject to Management and Coordination.
3 Transforming and Empowering Resilient and Responsible Agribusiness, an innovative programme launched in 2025 by Cassa Depositi e Prestiti (CDP), the Food and Agriculture Organization of the United Nations (FAO) and the European Union.
4The target aims to reduce the portfolio’s emission intensity (tCO2e/€Mn) by 30% by 2030 compared to 2022. The target relates to direct loans for enterprises and infrastructure both in the domestic and international markets, including financing for international cooperation, also through alternative instruments (minibonds) managed by CDP, totalling about €47.2 billion as at 31 December 2025.
5Note that deployed resources for 2024 were estimated based on the new logic of the 2025-2027 Strategic Plan, primarily through the inclusion of SIMEST within the Group’s scope.
6See the previous note.
7ncluding renewals of existing agreements.
8 See note 4.
9The scope includes the funds of CDP S.p.A., CDP Equity and CDP Real Asset, excluding international development cooperation and venture capital activities.
10The European regulation establishing transparency rules on how environmental, social and governance factors are integrated into investments and financial products.
11The use of data and information is subject to the conditions set out at the following link: Legal Disclaimer