In the first six months of 2026, the CDP Group deployed a record 20.1 billion euro in resources, up 27% compared with the same period in 2025
Supported investment rose to 49.5 billion euro, growing significantly (+19%) compared with the first half of 2025, with a leverage effect of 2.5 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 approximately 130 billion euro (+2% compared with year-end 2025)
CDP SpA's total funding reached 363 billion euro (+2% compared with year-end 2025)
Consolidated net income amounted to 4.3 billion euro, an increase of 1 billion euro compared with the same period of the previous year. CDP SpA's net income amounted to 1.8 billion euro
Eighteen months after the launch of the 2025-2027 Strategic Plan, the results achieved in terms of deployed resources and supported investments have significantly exceeded the Plan’s expectations
Rome, 30 July 2026 - h.13:34 – 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 2026, as presented by the Chief Executive Officer and General Manager, Dario Scannapieco.
The Board of Directors also approved transactions with a total value of approximately 1.3 billion euro, comprising initiatives to support local communities, businesses, infrastructure, international development cooperation and social housing.
Key Results and Activities for the Half-Year
In the first half of 2026, the CDP Group1 achieved record levels of resources deployed and supported investments. In line with the four priorities set out in the 2025-2027 Strategic Plan (national competitiveness, social and territorial cohesion, economic security and the Just Transition), the Group deployed a record 20.1 billion euro in resources, marking a strong increase by 27% from the 15.8 billion euro deployed in the first six months of 2025.
During the same period, supported investments totalled 49.5 billion euro, representing a significant (+19%) increase from 41.6 billion euro in the first half of the previous year, with a leverage effect of 2.5x, exceeding the Plan's projected 2.1x over the three-year period, also thanks to the attraction of additional capital.
CDP SpA's loan portfolio supporting Public Administration, businesses, infrastructure and international development cooperation amounted to approximately 130 billion euro, up 2% compared with the end of 2025 (127 billion euro). The committed loan portfolio, which also includes amounts yet to be disbursed and guarantees issued, stood at approximately 155 billion euro as at June 2026, up 1% from 153 billion euro at year-end 2025.
CDP SpA’s total funding amounted to 363 billion euro, of which 301 billion euro related to postal savings, up 1% compared with 297 billion euro at year-end 2025. At the same time, bond funding totalled 24 billion euro, down 2% compared with the end of the previous financial year.
CDP SpA’s equity amounted to 31 billion euro, down slightly compared with the previous financial year's closing balance, reflecting the impact of profits and dividend distributions during the period.
CDP SpA net income for the first half of the year amounted to 1.8 billion euro, down slightly from 1.9 billion euro in the corresponding period of the previous year, primarily attributable to higher tax expense resulting from legislative changes to the applicable tax regime and to the trend in dividends received from Group companies.
Consolidated net income2 amounted to 4.3 billion euro, an increase of 1 billion euro compared with the first half of 2025.
With regard to the investee companies, the most significant developments included the increase of the stake held in CDP's stake in Nexi, aimed at promoting shareholder stability and supporting the company's long-term industrial strategy, as well as the pro rata subscription participation of in the capital increase of Trevi Finanziaria Industriale.
At the international level, key developments included initiatives carried out within the framework of the Italian Government's Mattei Plan, as well as support provided to businesses to enhance their competitiveness in international markets. During the first half of 2026, CDP held the Presidency of JEFIC (Joint European Financiers for International Cooperation), which brings together some of Europe's leading bilateral development finance institutions. In this capacity, CDP hosted the network's High-level Meeting in Rome.
In the area of sustainability, CDP further strengthened its positioning through the recognition from MSCI, which for the first time assigned CDP the highest rating on the agency's scale, and by expanding stakeholder engagement initiatives through the second edition of the Impact Award.
Eighteen months after the launch of the 2025-2027 Strategic Plan, results are well ahead of expectations. At the midpoint of the Plan, more than 60% of the three-year target for deployed resources had already been achieved, with a leverage effect of 2.5x, exceeding the Plan's projected 2.1x.
The key innovation measures set out in the Plan have been successfully implemented, and all priority strategic initiatives have been launched. CDP has strengthened its role in supporting the country's economic fabric, including through the full roll-out of its direct lending channel for SMEs, the launch of innovative financial instruments and the initiation of high-impact transactions3. The Group also strengthened its collaboration with Public Administrations, expanded its support for strategic infrastructure and reinforced its local presence through an increasingly extensive network and the establishment of five macro-regional hubs. At the same time, the international dimension of its activities continued to grow, spanning development cooperation, European initiatives and partnerships with global organisations. Finally, CDP reaffirmed its leadership in sustainable finance through new Green and Social bond issuances, bringing the total number of ESG issuances completed to twelve.4
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"The first half of the year just ended," said Giovanni Gorno Tempini, Chairman of Cassa Depositi e Prestiti, "provides a snapshot of a strong and dynamic institution that creates value through the constant commitment of its people, helping to build the country's future with confidence and a spirit of service, even against the backdrop of a challenging global environment. The results we are presenting today confirm CDP's ability to combine financial strength, a long-term vision and innovation, while mobilising and attracting capital to generate a significant leverage effect. From this perspective, postal savings continue to represent a fundamental resource that we have a responsibility to transform into productive investment, supporting the sustainable, inclusive and long-term growth of the real economy. We will continue to carry out our role with a strong sense of responsibility, supported by our shareholders, the Ministry of Economy and Finance and the banking foundations, and in constant dialogue with institutions, the productive system and local communities".
“The results achieved in the first half of the year,” said Dario Scannapieco, Chief Executive Officer and General Manager of Cassa Depositi e Prestiti, “confirm the effectiveness and quality of the path we have embarked upon. More than 20 billion euro in deployed resources and 49.5 billion euro in supported investment enable us to look back with pride on what has been accomplished so far and ahead with confidence to the next steps. Behind these figures lies the determination to make the many initiatives introduced fully operational, including direct, high-impact support for SMEs and Mid-Caps, the management of funds on behalf of public sector entities, the expansion of CDP's role at both the European and international levels, a stronger local presence, and a continued focus on innovation and the efficiency of its operating model. Eighteen months after the launch of the Strategic Plan, CDP continues to demonstrate the strength of its contribution to the country's development through an increasingly innovative approach and a growing commitment to economic security, competitiveness and social cohesion”.
CDP SpA
Resources deployed: 14.0 billion euro (11.1 billion in the first half of 2025)
Net income: 1.8 billion euro (1.9 billion in the first half of 2025)
Loans: 130 billion euro (127 billion at the end of 2025)
Postal savings: 301 billion euro (297 billion at the end of 2025)
Equity: 31 billion euro (32 billion at the end of 2025)
CDP Group
Resources deployed: 20.1 billion euro (15.8 billion in the first half of 2025) Consolidated net income: 4.3 billion euro (3.3 billion in the first half of 2025) Consolidated net income pertaining to the Parent Company CDP SpA: 3 billion euro (2 billion in the first half of 2025) Total consolidated assets: 502 billion euro (489 billion at the end of 2025) Consolidated equity: 53 billion euro (50 billion at the end of 2025)
For more information on the key results, please refer to the following sections.
Half-Year Business and Financial Performance
As regards the balance sheet items, total assets amounted to 401 billion euro (+3% compared to 2025) and mainly included:
Total funding amounted to 363 billion euro, up compared with the end of the previous financial year. Specifically:
Lastly, equity amounted to 31 billion euro, down slightly compared with year-end 2025, as profit for the period partially offset the dividends distributed during the first half of the year.
With regard to CDP SpA's financial performance, net income amounted to 1.8 billion euro, a slight decrease (0.1 billion euro) compared with the corresponding period of the previous financial year. In particular:
Main Activities of the CDP Group
During the first half of the year, the CDP Group continued to implement initiatives across the five pillars of the 2025-2027 Strategic Plan – Business, Advisory, Equity, Real Assets and International – deploying total resources of approximately 20.1 billion euro, up 27% compared with the same period of 2025.
On the Business front, lending activities continued in support of companies, Infrastructures and Public Administration, as well as the management of public mandates. In particular:
In the Advisory area, during the first half of the year the CDP Group supported Public Administration investment programmes through the continued delivery of services in support of the NRRP and advisory assistance on 30 InvestEU projects, primarily in the areas of social housing, transport and road infrastructure, as well as energy and the environment.
With regard to the Equity pillar, approximately 0.4 billion euro were deployed. Key direct equity initiatives included the increase of the stake held in Nexi, aimed at promoting shareholder stability and supporting the company's long-term industrial strategy, as well as the pro rata subscription of the rights issue launched by Trevi Finanziaria Industriale. Indirect equity activities also continued in support of corporates, start-ups and infrastructure.
In the Real Asset area, resources of approximately 0.6 billion euro were deployed. Other key initiatives included commitments to investment funds supporting the housing sector and investments in the tourism industry to foster the sector's growth.
CDP also further strengthened its international role. In particular:
Consolidated Financial Statements
The half-yearly condensed consolidated financial statements include, in addition to the companies within the CDP Group, entities over which CDP does not exercise management and coordination, including major listed subsidiaries such as SNAM, Terna, Italgas, Trevi and Fincantieri, as well as significant listed associates including ENI, Poste Italiane, Saipem, WeBuild and Nexi.
Consolidated net income for the first half of the year amounted to 4.3 billion euro, an increase of 1 billion euro compared with the corresponding period of the previous year, driven by improved results from equity investments and the strong performance of the industrial companies. Net income pertaining to the Parent Company was 3 billion euro (2 billion in the first half of 2025).
Total consolidated assets amounted to 502 billion euro, up approximately 2.6% compared to the end of the previous financial year (489 billion euro).
Total funding amounted to 414 billion euro, up 2.3% compared with year-end 2025 (405 billion euro). This 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 amounted to 53 billion euro, an increase of 4.9% compared with the previous year-end (50 billion euro), reflecting the positive results for the period and the impact on non-controlling interests of the capital instrument issuances completed during the first half of the year, net of dividends distributed.
Sustainability: Progress on the 2025-2027 ESG Plan
During the first half of 2026, CDP further strengthened its ESG (Environmental, Social and Governance) activities, in line with the commitments set out in the 2025-2027 Group ESG Plan.
In particular, during the first 18 months of the Plan, CDP further consolidated its role in supporting local communities and businesses, with approximately 8.5 billion euro deployed in support of SMEs. During the same period, reflecting the growing focus on environmental issues, approximately 3.4 billion euro in deployed resources was allocated to climate action in support of counterparties demonstrating a strong level of alignment with the EU Taxonomy.
In addition, approximately 1.9 billion euro was dedicated to promoting sustainable and inclusive growth and to protecting the climate and the environment in partner countries under international development cooperation programmes. Support for ESG-related activities also continued through advisory services provided to Public Administration, particularly for social and sustainable infrastructure projects (including school and healthcare facilities) and initiatives supporting the digital transition.
Stakeholder engagement initiatives on sustainability were also strengthened through the second edition of the Impact Award, which recognises initiatives by businesses, Public Administrations and in the field of International Cooperation that generate positive and measurable social and environmental impact.
Please note that the Independent Auditors are completing the review of the half-yearly condensed consolidated financial statements as at 30 June 2026. 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 2026 consolidated half-yearly 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.
1 For the purposes of financial reporting, the CDP Group comprises CDP and its subsidiaries subject to Management and Coordination. 2The consolidated half-yearly report includes, in addition to CDP Group, companies over which CDP does not exercise management and coordination. 3Regarding financing transactions characterised by a higher risk profile in exchange for the greater impact generated by the underlying project. 4 Aggregate figure calculated from 2017 onwards. 5 More specifically, bond funding decreased from 24.2 billion euro at the end of 2025 to 23.7 billion euro as at 30 June 2026. 6Regarding financing transactions characterised by a higher risk profile in exchange for the greater impact generated by the underlying project.