The Board of Directors of Cassa Depositi e Prestiti approved the draft separate financial statements and the consolidated financial statements as of 31 December 2024
The CDP Group deployed resources totalling €24.6 billion last year, an increase of 23% compared to 2023 (€20.1 billion)
Supported investments rose by 28%, reaching €68.8 billion (€53.8 billion in 2023), also thanks to the attraction of additional capital, with a leverage effect of 2.8 times the resources deployed
CDP SpA’s stock of loans to companies, Public Administration, infrastructure, and international cooperation amounted to €126 billion (+2% compared to the end of 2023)
Total funding amounted to €356 billion, including €290 billion in postal savings and €20 billion in bond funding (+2% and +10%, respectively, compared to the end of the previous year)
CDP SpA’s equity stood at €30 billion, up 7% compared to the end of 2023 (€28 billion), thanks to the profit accrued during the year, net of dividends distributed
CDP SpA's net income, the highest ever, reached €3.3 billion, up 7% (€3.1 billion in 2023). Consolidated net income amounted to €6 billion, up from €5 billion at the end of 2023
The objectives of the 2022-2024 Strategic Plan were significantly exceeded, with €75 billion in resources deployed over the three-year period, compared to a target of €65 billion. Supported investments reached €202 billion, versus a forecast of €128 billion
Rome, 9 April 2025 h.14:20 – The Board of Directors of Cassa Depositi e Prestiti S.p.A. (CDP), chaired by Giovanni Gorno Tempini, approved the draft separate financial statements, the consolidated financial statements as of 31 December 20241, the Directors’ Report on Operations, which also includes the first consolidated sustainability statement2 of the CDP Group3, presented by Chief Executive Officer and General Manager Dario Scannapieco.
The Board of Directors also approved the proposal to allocate the 2024 net income to a dividend of €2.1 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 approximately €4.3 billion.
Key Results and Activities for 2024
In 2024, the CDP Group4 deployed resources of approximately €24.6 billion, up 23% from €20.1 billion in 2023, confirming its focus on high-impact lending for the country. The Group's transactions supported investments totalling €68.8 billion, up 28% from €53.8 billion in the previous year, also thanks to the attraction of additional capital, with a leverage effect of 2.8 times the resources deployed.
CDP's stock of loans in support of companies, Public Administration, infrastructure, and international cooperation amounted to €126 billion, a 2% increase compared to the previous year and 10% compared to 2021. In a market environment marked by a contraction in corporate lending in Italy,5 the total stock of loans stipulated6 which also includes commitments and guarantees, exceeded €150 billion at the end of 2024, an 8% increase compared to 2021.
Total funding amounted to €356 billion, of which €290 billion related to postal savings, up 2% compared to the end of 2023 (€285 billion). At the same time, bond funding reached €20 billion, up 10% compared to the end of the previous financial year, supported by the placement of the second dollar-denominated bond ("Yankee Bond") and the tenth ESG Bond.
CDP SpA's equity, amounting to €30 billion, increased compared to 2023 (€28 billion), thanks to the profit accrued during the year, net of dividends distributed, in line with the Plan’s assumptions.
CDP SpA's net income rose to an all-time high of €3.3 billion, up 7% from 2023, when it exceeded the €3 billion threshold for the first time, reaching €3.1 billion. This result was also achieved thanks to growth in net interest income and the improved overall performance of the investment portfolio.
Consolidated net income amounted to €6 billion (€5 billion in 2023), up €1 billion, mainly due to the higher contribution of investee companies.
During the year, support to Public Administration was strengthened through advisory services and public fund management, direct financing to companies was expanded, and infrastructure support was increased, including through blending and risk-sharing instruments within European programmes.
Furthermore, in 2024, new initiatives were launched for the implementation of the National Recovery and Resilience Plan (NRRP), the execution of the European InvestEU programme, and the management of national and European public funds, for initiatives across the country (e.g., the Fund for Development and Cohesion – FSC) and in the area of international cooperation.
Other major initiatives included: the continuation of investments and new equity operations in strategic and priority sectors; the consolidation of activities supporting social housing; the strengthening of CDP's international role with the opening of its first offices outside the EU (Belgrade, Cairo, and Rabat); the start of CDP's full operations as manager of the Italian Climate Fund and other activities under the Mattei Plan; and the successful issuance of Italy’s first "Digital Bond". In December, CDP finally approved the new 2025-2027 Strategic Plan.
Main Results of the 2022-2024 Strategic Plan
Over the three-year period from 2022 to 2024, the CDP Group significantly exceeded the targets set in its Strategic Plan. Resources deployed reached €75 billion, compared to a target of €65 billion (exceeding expectations by 15%). Supported investments7 exceeded €200 billion (€202 billion), versus the Plan’s initial target of €128 billion. The leverage effect between resources deployed and supported investments, equal to 2.7 times over the period, outperformed the three-year target of 2x.
The Group's operational growth during the period resulted in total profits of approximately €9 billion8, while the adoption of a prudent capital management approach led to a significant strengthening of its capital position, which at the end of the three-year period stood well above its level at the start of the Plan.
This operational model was marked by an increasing focus on impact, which was adopted as the guiding principle in financing and investment decisions, alongside risk and return. Between 2022 and 2024, CDP generated, on average, an annual contribution equivalent to 1.5% of national GDP, and helped to create or retain 400,000 jobs. Around 65,000 companies were financed either directly or through the banking system, while approximately 3,000 public administration bodies were supported.
CDP SpA Resources deployed: €24.0 billion (€19.6 billion in 2023) Net income: €3.3 billion (€3.1 billion in 2023) Loans: €126 billion (€124 billion at the end of 2023) Postal savings: €290 billion (€285 billion at the end of 2023) Equity: €30 billion (€28 billion at the end of 2023)
CDP Group Resources deployed: €24.6 billion (€20.1 billion in 2023) Consolidated net income: €6.0 billion (€5.0 billion in 2023) Consolidated net income pertaining to the Parent Company CDP SpA: €3.8 billion (€3.3 billion in 2023) Total consolidated assets: €478 billion (€475 billion at the end of 2023) Consolidated equity: €48 billion (€42 billion at the end of 2023)
For more information on the key results, please refer to the following sections.
"This moment in history is presenting Europe and Italy with numerous challenges: from technology to defence, from energy to climate, not to mention demographic trends. In this context, Cassa Depositi e Prestiti has shown that it is acting responsibly and consciously, adopting a new business model that includes innovative financial solutions linked to environmental and social objectives, advisory services for public administrations, and dedicated instruments for infrastructure and social housing”, said Giovanni Gorno Tempini, Chairman of Cassa Depositi e Prestiti. “The excellent outcomes of 2024 and of the entire 2022-2024 Strategic Plan period are the result of incisive actions, the progressive affirmation of our corporate culture, and the commitment of our employees. The trust placed in us by our shareholders, the Ministry of Economy and Finance and the Banking Foundations, enables us to continue playing an effective role as a driver of economic development”.
“2024 closed with a historic result for Cassa Depositi e Prestiti: the highest profit ever recorded confirms the positive trend of recent years, which enabled us to far exceed all the targets set in the 2022-2024 Strategic Plan”, said Dario Scannapieco, Chief Executive Officer of Cassa Depositi e Prestiti. “In line with its counter-cyclical role, CDP has worked effectively to support the development and modernisation of the country, in a scenario marked by profound geopolitical and technological transformations. By focusing on sustainability, innovation, and giving new momentum to strategic sectors of the economy, CDP has strengthened its crucial role in the country’s economic and social fabric, deploying €24.6 billion in resources this year, which have supported €68.8 billion in investments. These figures provide a solid foundation for the new 2025-2027 Strategic Plan, which will see us working in synergy with the market and other institutions to increasingly become a platform for finance and expertise at the service of the country”.
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Business and Financial Performance in 2024
CDP SpA
As regards the balance sheet items, total assets amounted to €391 billion (-1.2% compared to 2023) and mainly included:
Funding amounted to €356 billion, a 2% decrease compared to the end of the previous financial year (€362 billion). Specifically:
Equity amounted to €30 billion, up 7% from the end of 2023 (€28 billion), mainly thanks to net income for the year, partially offset by the dividends distributed.
With regard to financial performance, net income amounted to €3.3 billion, a 7% increase compared to 2023 (€3.1 billion). In particular:
Main Activities of the CDP Group
In 2024, the CDP Group deployed resources of around €24.6 billion, up from €20.1 billion in 2023 (+23%). The resources were allocated across six lines of action: Enterprises and Financial Institutions, Infrastructure, Public Administration, International Cooperation and Development Finance, Equity, and Real Asset9.
Regarding Advisory and Third-Party Fund Management, during the year the CDP Group strengthened its commitment to Public Administration through advisory activities supporting investment implementation and the management of mandates related to public funds. Specifically, in terms of advisory services, noteworthy was the support provided to the Administrations responsible for investments under the NRRP, including through the signing of a new framework agreement with the MEF, and the continuation of advisory services related to the InvestEU programme, covering over 60 projects in 2024. As for third-party fund management, notable was the management of more than €1 billion in public resources earmarked for domestic initiatives, mainly linked to the NRRP and FSC, and the deployment of about €700 million in public resources for International Cooperation projects, primarily through the Italian Climate Fund.
In relation to the Sectoral Analysis and Impact Assessment, in 2024 the CDP Group continued to fully integrate sectoral strategic analyses and policy guidelines into its business model. The main activities included extending impact monitoring to the indirect channel and some Group companies, further developing the SDA10 3.0 evaluation methodology, and starting the analysis of eligibility and alignment with the EU Taxonomy. Furthermore, the "Internal Footprint" and "Well-being" policies were approved, and 36 techno-economic assessments were carried out by the Competence Centres in the areas of innovation and digitisation, transport infrastructure, energy, and the environment.
Consolidated Financial Statements
The CDP Group's 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 2024 amounted to €6 billion, up from the previous year (€5 billion), mainly due to the higher contribution from investee companies. Net income pertaining to the Parent Company was €3.8 billion (€3.3 billion in 2023).
Total consolidated assets amounted to €478 billion, slightly higher than at the end of the previous year (€475 billion).
Total funding amounted to €398 billion, down from the end of 2023 (€403 billion). 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 stood at €48 billion, up from the end of last year (€42 billion) due to the positive result for the year and valuation reserves, partially offset by the negative change due to dividend distributions.
Sustainability: 100% of ESG Plan Targets Achieved
2024 marked the conclusion of the three-year 2022-2024 ESG Plan, with all commitments fully achieved and 80% of the targets originally set exceeded.
On the climate-change front, in 2024 CDP continued its efforts to reduce emissions in its loan portfolio, achieving a 15% decrease in emission intensity11 compared to the 2022 baseline.
Significant results were also achieved on affected communities, thanks to the Group's initiatives in sustainable housing (over 10,200 student housing beds and more than 5,100 social housing beds and lodgings), as well as its work on schools and hospitals, with over 370,000 square metres made safe.
The Group also maintained its commitment to innovation, research, and digitisation, including support for the Fondo Crescita Sostenibile Specializzazione Intelligente (Smart Specialisation Sustainable Growth Fund), focused on industrial research and experimental development projects.
Confirming the Group’s increasing focus on sustainability, the ESG component of the corporate incentive programme rose to 35%, surpassing the Plan’s target of 30%.
Noteworthy was also the commitment to people – who remained central to CDP's strategy – through training (93% of employees trained on sustainability), valuing diversity, equity, and inclusion (31% of women in top management positions, a 5-percentage point increase since 2022), and engagement, which reached an 88% rate.
To promote sustainable and inclusive finance, including towards its stakeholders, CDP participates in more than 36 strategic working groups on national, European, and international relevant ESG-related dossiers, and involved approximately 7,500 people in financial education programmes.
The ESG Community, a network promoted by CDP in collaboration with some of Italy's leading companies, was further strengthened through a series of on-site meetings aimed at discovering the sustainability projects implemented by the various companies.
CDP’s commitment was positively assessed by ESG rating agencies: Morningstar Sustainalytics ranked CDP first globally in the "Banks" and "Development Banks” sectors; ISS ESG not only improved CDP’s rating but also awarded it "Prime" status, assigned to the best-in-class companies in each sector; Moody's Analytics confirmed CDP's ESG performance in the "Advanced" category, the highest on its rating scale.
Finally, the Group renewed its commitment to sustainability with the approval of a new 2025-2027 ESG Plan by the CDP Board of Directors in January 2025.
Please note that the Independent Auditors are completing the audit of the separate financial statements and the consolidated financial statements as of 31 December 2024. 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 2024 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 2024 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.
2 The consolidated sustainability statement was prepared according to the new European Sustainability Reporting Standards (ESRS), in compliance with Italian Legislative Decree no. 125/2024, which transposes the Corporate Sustainability Reporting Directive (CSRD).
3 For the purposes of preparing the consolidated sustainability statement, the boundary includes CDP SpA and the companies over which it exercises management and coordination.
4At the level of operating and financial results, the CDP Group consists of the Parent Company and the subsidiaries subject to management and coordination as described in the consolidated information on operating segments. To calculate the business indicators (e.g. resources deployed and supported investments) consistently with the 2022-2024 Strategic Plan, the contribution of SIMEST was not included.
5 In December 2024, according to Bank of Italy data, the stock of loans to companies was 2.3% lower than at the end of December 2023.
6 Represents the stock of loans stipulated as of 31 December 2024, including amounts still to be disbursed and guarantees issued.
7This value was referred to as "activated investments” in the 2022-2024 Strategic Plan.
8The figure refers to CDP SpA’s net income over the three-year Plan period.
9This line of business was referred to as "Real Estate” in the 2022-2024 Strategic Plan.
10This evaluation is based on a qualitative/quantitative analysis (Sustainable Development Assessment or SDA) that gives a summary score to the overall merit of projects that can be financed by CDP. This score reflects the projects' ability to respond to the country's needs, as well as to generate economic, environmental and social impacts.
11The 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 finance instruments (minibonds) managed by CDP, totalling about €45.3 billion as of 31 December 2024.