Profit growth, capital strengthening, increased investments and an ever more widespread presence in the Italian economic fabric. The 2025 of Cassa Depositi e Prestiti closes with numbers that management defines without hesitation as “historic” and which, beyond the figures, tell the consolidation of a model: that of a public bank capable of operating as a market investor but with a systemic mission.
The most evident result is the net profit of Cdp Spa, which reaches 3.4 billion euros, up 3% compared to 2024 and, above all, a historic high for the second consecutive year. A figure that allows the group to propose a total dividend of 2.2 billion, of which over 1.8 billion is destined for the Ministry of Economy and Finance, the majority shareholder.
These numbers fall within the first year of the 2025-2027 Strategic Plan and, in the words of CEO Dario Scannapieco, represent “the highest profit ever since the birth of our institution,” confirming the effectiveness of a strategy that has mobilized almost 30 billion resources generating over 73 billion in investments.
A 73 BILLION INVESTMENT MACHINE
The core of the activity remains the ability to activate large-scale investments. In 2025 Cdp committed 29.5 billion euros, equal to 36% of the three-year target, supporting total investments of 73.6 billion thanks to a leverage effect of 2.5 times.
The impact on the real economy is significant: according to the estimates released, the group’s activities contributed about 1.6% of the national GDP and supported hundreds of thousands of jobs, demonstrating the increasingly marked role of public leverage for development.
At the base of these results, Scannapieco emphasizes, there are two factors: on one side the intensification of financial activity, on the other “the capillarity of action,” with an increasingly close dialogue with companies, territories and public administrations.
COLLECTION, LOANS AND EQUITY: AN INCREASINGLY SOLID STRUCTURE
From a capital point of view, the group further consolidates its position. Equity rises to 32 billion euros (+6%), while total collection stands at 355 billion. Of these, as much as 297 billion comes from postal savings, up 3%, confirming the central role of this component in the funding model.
Bond collection also rises sharply, reaching 24 billion (+20%), driven by successful issuances such as the third Yankee bond and ESG bonds.
On the lending side, the stock of loans reaches 127 billion, while considering also guarantees and amounts to be disbursed it rises to 153 billion. A dynamic that reflects the intensification of support to companies, infrastructures and public administration.
COMPANIES, SMEs AND TERRITORIES: THE STRATEGY OF CAPILLARITY
One of the points most claimed by management concerns the strengthening of territorial presence. In 2025 Cdp increased direct support to SMEs, lowering credit access thresholds and expanding the pool of beneficiaries.
Among the most relevant operations are 800 million destined for SMEs and Mid Caps in the South and the launch of new direct financing operations. A strategy that also aims to promote the dimensional growth of companies, considered essential to compete in international markets.
“We need bigger and stronger companies,” Scannapieco stressed, highlighting how support for internationalization remains a priority.
INFRASTRUCTURES AND PUBLIC ADMINISTRATION: BETWEEN ADVISORY AND MAJOR WORKS
Alongside support for companies, the role towards public administration grows. In 2025 Cdp committed 4.3 billion in favor of the PA, supporting entities not only with financing but also with advisory activities, particularly on the PNRR.
On the infrastructure front, commitments amount to 3.6 billion, with relevant operations such as financing of over 500 million to the motorway sector and interventions in the healthcare sector.
The message is clear: Cdp’s role does not end with the PNRR. “The world does not end when the PNRR ends,” Scannapieco observed, indicating the need to continue supporting public investments even in the subsequent phase.
EQUITY AND NATIONAL CHAMPIONS: THE ITALGAS CASE
Equity activity remains another pillar. In 2025 1.4 billion were committed, including the participation in Italgas’s capital increase for the acquisition of 2i Rete Gas, an operation aiming to create a European champion in gas distribution.
At the same time, support for startups and innovation continues, although – as highlighted by Scannapieco himself – there remains a capital gap in Europe in growth phases compared to the United States and China.
NEXI, BETWEEN WRITE-DOWNS AND LONG-TERM STRATEGY
Among the most delicate dossiers remains that related to Nexi, whose valuation impacted the group’s consolidated profit in 2025, also in light of write-downs recorded in the digital payments sector. An element that, however, does not change Cdp’s strategic approach.
Scannapieco was explicit in reaffirming the line: Nexi must be read with a long-term perspective and not in market fluctuations. “It is an important infrastructure for the country,” he explained, also recalling the possible role of the company in the development of the digital euro.
A position that fits into a broader debate, already analyzed by Startmag, according to which the participation in Nexi represents for Cdp not only a financial investment but a strategic presence on a key payment infrastructure and, more generally, on European technological sovereignty. A topic that cyclically returns to the center of attention, especially in light of international dynamics and competition among major platforms. One of the reasons why Cdp decided, a few days ago, to replace Paolo Bertoluzzo, who led Nexi for ten years, with Bernardo Mingrone.
TIM, POSTE AND MAJOR INDUSTRIAL OPERATIONS
Still on the participation front, Cdp remains a protagonist in major industrial deals. This is the case of Poste’s operation (of which Cassa holds 35%) on Tim, defined by Scannapieco as “a nice industrial operation,” with explicit praise for the postal group’s management.
Among the circulated hypotheses is also a possible entry into Ferrovie dello Stato. But on this point Scannapieco was clear: “There is no dossier on the table.” A denial that does not exclude future scenarios, but for now cools speculation.
ENERGY, IRAN AND RENEWABLES: THE CHALLENGES OF 2026
Looking to the future, one of the most relevant themes remains energy. Geopolitical tensions, starting from the crisis in the Middle East and Iran’s role, could have effects on inflation and the availability of energy resources.
“There will certainly be effects on the inflation side,” Scannapieco warned, but also indicating the levers to act on: development of renewables, energy efficiency, interconnections and modernization of networks.
In 2025 Cdp has already committed about 2 billion to the energy transition, reducing the emission intensity of its portfolio by 29%.
AFRICA AND COOPERATION: THE ROLE IN THE MATTEI PLAN
The international dimension strengthens, with a particular focus on Africa. In 2025 about 1.5 billion were committed to development cooperation, with operations such as the first intervention of the “Plafond Africa” for renewable projects.
A piece of the Mattei Plan that aims to strengthen the Italian presence on the continent, also in energy and geopolitical terms.
A MODEL AIMING TO LAST
Overall, 2025 marks a phase of consolidation for Cdp. Record financial results are accompanied by a strengthening of the strategic role, both domestically and internationally.
As President Giovanni Gorno Tempini emphasized, the institution continues to operate as a “long-term investor” in an increasingly fragmented and volatile global context.
