Enpaia diversifies and aims to enter the capital of Cdp

The Enpaia Foundation closes its 2024 accounts with record profits thanks to the diversification of investments in the real economy and the plan to dispose of owned real estate, aims at 30 million in 2025, expanding the number of members and, above all, the entry of Cassa Depositi e Prestiti into the capital

The institution closed the financial year 2024 with a surplus of 22.8 million, 40.7 per cent higher than in 2023, when it was 16.2 million. This is the ssecond most significant result in the history of the Foundation, after the profit achieved in 2021 (38.3 million). The 2025 annual report presented in Rome certifies atotal assets of just over 2.1 billion, an increase of 0.4 per cent compared to 2023; the yield on average assets, at market values, was 3.24 per cent.

The Foundation's net assets exceeded 240 million, doubling from 2018. In 2024, it invested more than 850 million on the real economy by focusing on some emerging SMEs, such asGpi, active in digitalisation in healthcare and Novamarine, a small company with a turnover of 40 million that produces luxury inflatable boats but also has contracts in the military, always continuing to strengthen core holdings in agribusiness. In the meantime, investments in Italian government bonds, investment grade corporate bonds and Oicr (undertakings for collective investment) were increased.

The Foundation strengthened its 'mission-related' investment profile by increasing its stake in the share capital of Masi Agricola to 9.2%. Enpaia holds stakes in the share capital of Bonifiche Ferraresi (3%) and Granarolo (4%) and "remains deeply committed to supporting the excellence of the Italian agricultural sector in their growth process".
The real estate assets contributed significantly to the results of financial management, with the first benefits of the restructuring plan of the properties held launched in recent years and a return doubled to 3.5 per cent. After the investment in the Torre PwC in Milan, in 2024 Enpaia sold 58 real estate units realising capital gains of 9.5 million. The number of members grew by 1.4% to 41,033, the number of active contributing companies by 32 to 9,166, confirming the vitality of the sector. Contribution income from ordinary management grew by 5% to 171.5 million, some 11 million more than benefits paid out (160.6 million, +10%).

"Two structural issues emerge from the report, which appear to be priorities," said the Foundation's president, Giorgio Piazza. "First and foremost, we need to tackle the progressive decline in the population and the reduction in the workforce in general, including the agricultural workforce, which will require new policies for the inclusion of the elderly and more effective management of migration flows. At the same time, it is necessary to modify the taxation system of pension funds so that it is increasingly convenient and opportune for them to invest in the real economy, as Enpaia has done with Granarolo, Masi and Bf, guaranteeing new life to fundamental sectors such as the agri-food industry'.