Record profit of 3.4 billion for Cdp. Over EUR 29 billion in resources committed

With more than 29 billion euro in committed resources and 73.6 billion euro in sustained investments, Cassa Depositi e Prestiti closes the circle around its 2025 budget, marked, in the words of CEO Dario Scannapieco, "by the highest profit ever since the birth of our institution" and amounting to 3.4 billion euro (up 3% compared to 2024, while the consolidated profit, at 5.5 billion euro, down 500 million on the year before, was affected, in particular, by the write-down made on Nexi). Total outstanding loans to businesses, the public sector, infrastructure and international cooperation amounted to EUR 127 billion, up 1% 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. There was also a marked increase in bond inflows, which reached EUR 24 billion (+20%), mainly benefiting from the pull of highly successful transactions on the markets, starting with the third Yankee bond in US dollars, with demand equal to almost 13 times supply. While net assets stood at EUR 32 billion, up 6% from 2024.

Clearly growing numbers, therefore, which, on the one hand, allow the group to ensure significant remuneration for its shareholders (the proposed dividend amounts to 2.2 billion, of which 1.82 billion will benefit the shareholder MEF 380 million in favour of the banking foundations) and, on the other, confirm, as Cassa's chairman, Giovanni Gorno Tempini, explained yesterday, 'the group's role as a long-term institutional investor' during a year, the first of the 2025-2027 strategic plan, which saw the course set on the four priorities identified for the three-year period country competitiveness, social and territorial cohesion, economic security and equitable transition. Four objectives on which Cdp has deployed its actions with a more than evident impact on the system both in terms of its contribution to GDP (1.6% the share generated by Cdp in relation to national GDP) and in terms of employment, with 500,000 jobs created or maintained.

In short, Cassa's 'machine' continues to march at full speed. Now, however, it will have to do so, as Scannapieco pointed out, 'in an uncertain and complex scenario' in which, however, the objective does not change. "We want to confirm our role in supporting the country's growth, we want to intervene counter-cyclically," the number one explained after detailing the main results of the various segments, among which the acceleration on the equity front stands out, Scannapieco clarified, "thanks to the work of Cdp Equity's CEO, Fabio Barchiesi.

The war in the Middle East now poses new challenges, but any prediction is particularly complicated. "None of us knows how long it will last, but we do know that there will be an effect on inflation," the CEO said, and then indicated a package of solutions to be put in place to counter the possible impact on energy supplies. "There are things to be done: there is a potential for renewable generation on which Cdp is very active both in Italia and abroad, then there is energy efficiency, interconnection with other countries, modernisation of networks. All this requires a series of investments, as was done for regasifiers when the Russian-Ukrainian conflict broke out,' Scannapieco clarified. He then dwelled on some more topical dossiers, starting with the Italian stock exchange. Where, with reference to the match for the replacement of current CEO Fabrizio Testa, whose mandate is expiring, the ceo of Cassa - who was flanked by chairman Gorno Tempini and cfo Fabio Massoli - explained that 'the agreements provide for prerogatives for Cdp and we believe they must be respected. Sometimes it is not a question of people, but of what is provided for in the agreements'.

As for Poste's Opas on Tim, 'it seems to me to be a good industrial operation', Scannapieco confined himself to specifying that he then reiterated the strategic nature of Nexi for Cassa ('it is an important infrastructure for the country') and ruled out an interest by the group in Ferrovie. 'As of today,' he said, 'there is no dossier on the table for an entry into FS'.