{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "cdp": "http://cdp.it", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://cdp.it/81560029E2CE4D14F425-2025-12-31.xsd" ] }, "facts": { "fact-20": { "value": "5023607000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-21": { "value": "8488542000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-22": { "value": "4437735000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-23": { "value": "4011288000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-24": { "value": "389014000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-25": { "value": "263895000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-26": { "value": "193221000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-27": { "value": "190971000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-28": { "value": "3855500000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueOtherThanThoseClassifiedAsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-29": { "value": "3556422000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueOtherThanThoseClassifiedAsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-30": { "value": "13159027000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-31": { "value": "10747279000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-32": { "value": "342549387000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-33": { "value": "342661209000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-34": { "value": "33042032000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LoansAndAdvancesToBanksAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-35": { "value": "29556787000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LoansAndAdvancesToBanksAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-36": { "value": "309507355000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LoansAndAdvancesToCustomersAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-37": { "value": "313104422000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LoansAndAdvancesToCustomersAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-38": { "value": "1875780000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DerivativeFinancialAssetsHeldForHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-39": { "value": "1075137000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DerivativeFinancialAssetsHeldForHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-40": { "value": "-2494012000.0", "decimals": -3, "dimensions": { "concept": "cdp:AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-41": { "value": "-1687926000.0", "decimals": -3, "dimensions": { "concept": "cdp:AssetsFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-42": { "value": "27179795000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-43": { "value": "27804401000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-44": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InsuranceAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-45": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InsuranceAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-46": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceContractsIssuedThatAreAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-47": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceContractsIssuedThatAreAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-48": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReinsuranceContractsHeldThatAreAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-49": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReinsuranceContractsHeldThatAreAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-50": { "value": "52761392000.0", "decimals": -3, "dimensions": { "concept": "cdp:TangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-51": { "value": "48332748000.0", "decimals": -3, "dimensions": { "concept": "cdp:TangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-52": { "value": "21053004000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-53": { "value": "13968598000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-54": { "value": "1965287000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-55": { "value": "1172733000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-56": { "value": "2326562000.0", "decimals": -3, "dimensions": { "concept": "cdp:TaxAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-57": { "value": "2012883000.0", "decimals": -3, "dimensions": { "concept": "cdp:TaxAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-58": { "value": "178359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-59": { "value": "190343000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-60": { "value": "2148203000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-61": { "value": "1822540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-62": { "value": "320757000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-63": { "value": "590798000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-64": { "value": "20692368000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-65": { "value": "20019647000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-66": { "value": "488885402000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-67": { "value": "478024604000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-68": { "value": "404618571000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-69": { "value": "398437627000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-70": { "value": "41926200000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepositsFromBanksAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-71": { "value": "41911698000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepositsFromBanksAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-72": { "value": "307624828000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepositsFromCustomersAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-73": { "value": "310853789000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepositsFromCustomersAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-74": { "value": "55067543000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DebtInstrumentsIssuedAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-75": { "value": "45672140000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DebtInstrumentsIssuedAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-76": { "value": "595643000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-77": { "value": "434312000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-78": { "value": "8067000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-79": { "value": "9313000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedAsUponInitialRecognition", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-80": { "value": "1136633000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DerivativeFinancialLiabilitiesHeldForHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-81": { "value": "1792925000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DerivativeFinancialLiabilitiesHeldForHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-82": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-83": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:LiabilitiesFairValueChangesOfTheHedgedItemsInPortfolioHedgeOfInterestRateRisk", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-84": { "value": "2678903000.0", "decimals": -3, "dimensions": { "concept": "cdp:TaxLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-85": { "value": "2475379000.0", "decimals": -3, "dimensions": { "concept": "cdp:TaxLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-86": { "value": "151602000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-87": { "value": "253476000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-88": { "value": "2527301000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-89": { "value": "2221903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-90": { "value": "46478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-91": { "value": "399259000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-92": { "value": "26176976000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-93": { "value": "23526520000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-94": { "value": "178396000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProvisionForEmployeeSeverancesPay", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-95": { "value": "161923000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProvisionForEmployeeSeverancesPay", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-96": { "value": "2955747000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Provisions", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-97": { "value": "3033705000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Provisions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-98": { "value": "373525000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProvisionForCommittmentsAndGuaranteesGiven", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-99": { "value": "614994000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProvisionForCommittmentsAndGuaranteesGiven", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-100": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PostRetirementBenefitObligation", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-101": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PostRetirementBenefitObligation", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-102": { "value": "2582222000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherProvisionsForRiskAndCharges", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-103": { "value": "2418711000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherProvisionsForRiskAndCharges", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-104": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InsuranceLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-105": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InsuranceLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-106": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-107": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-108": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReinsuranceContractsHeldThatAreLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-109": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReinsuranceContractsHeldThatAreLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-110": { "value": "443344000.0", "decimals": -3, "dimensions": { "concept": "cdp:ValuationReserve", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-111": { "value": "585712000.0", "decimals": -3, "dimensions": { "concept": "cdp:ValuationReserve", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-112": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:RedeemableShares", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-113": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:RedeemableShares", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-114": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityInstrument", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-115": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityInstrument", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-116": { "value": "20651403000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherReservesOther", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-117": { "value": "18707490000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherReservesOther", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-118": { "value": "2433786000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-119": { "value": "2378517000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-120": { "value": "4051143000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-121": { "value": "4051143000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-122": { "value": "80693000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-123": { "value": "322220000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-124": { "value": "19803915000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-125": { "value": "18547509000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-126": { "value": "3187090000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProfitOrLossAttributableToOwnersOfParent", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-127": { "value": "3805490000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProfitOrLossAttributableToOwnersOfParent", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-128": { "value": "488885402000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-129": { "value": "478024604000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-130": { "value": "10870361000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterestIncomeAndSimilarRevenues", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-131": { "value": "12228617000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterestIncomeAndSimilarRevenues", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-132": { "value": "10731788000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestRevenueCalculatedUsingEffectiveInterestMethod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-133": { "value": "11632425000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestRevenueCalculatedUsingEffectiveInterestMethod", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-134": { "value": "7747281000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterestExpenseAndSimilarCharges", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-135": { "value": "8762112000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterestExpenseAndSimilarCharges", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-136": { "value": "3123080000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetInterestMargin", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-137": { "value": "3466505000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetInterestMargin", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-138": { "value": "537432000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-139": { "value": "582540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-140": { "value": "1588399000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FeeAndCommissionExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-141": { "value": "1611490000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FeeAndCommissionExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-142": { "value": "-1050967000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncomeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-143": { "value": "-1028950000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FeeAndCommissionIncomeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-144": { "value": "170400000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-145": { "value": "74521000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RevenueFromDividends", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-146": { "value": "-429705000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-147": { "value": "-56479000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradingIncomeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-148": { "value": "56287000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetGainsLossesFromHedgeAccounting", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-149": { "value": "-39179000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetGainsLossesFromHedgeAccounting", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-150": { "value": "-252945000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsandLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-151": { "value": "-139035000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnDisposalsAndRepurchaseOfFinancialAssetsandLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-152": { "value": "-295620000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-153": { "value": "29377000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossArisingFromDisposalOfFinancialAssetsMeasuredAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-154": { "value": "42675000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-155": { "value": "-167528000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossOnDisposalsOfFinancialAssetsAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-156": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossArisingFromRepurchaseOfFinancialLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-157": { "value": "-884000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossArisingFromRepurchaseOfFinancialLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-158": { "value": "79172000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-159": { "value": "-23078000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetGainsLossesOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-160": { "value": "2250000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-161": { "value": "-684000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnFinancialAssetsLiabilitiesDesignatedAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-162": { "value": "76922000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-163": { "value": "-22394000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnFinancialAssetsLiabilitiesMandatorilyAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-164": { "value": "1695322000.0", "decimals": -3, "dimensions": { "concept": "cdp:GrossIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-165": { "value": "2254305000.0", "decimals": -3, "dimensions": { "concept": "cdp:GrossIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-166": { "value": "77705000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-167": { "value": "10391000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-168": { "value": "77170000.0", "decimals": -3, "dimensions": { "concept": "cdp:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-169": { "value": "12805000.0", "decimals": -3, "dimensions": { "concept": "cdp:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-170": { "value": "535000.0", "decimals": -3, "dimensions": { "concept": "cdp:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-171": { "value": "-2414000.0", "decimals": -3, "dimensions": { "concept": "cdp:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9OnFinancialAssetsAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-172": { "value": "-181000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesFromContractualChangesWithoutDerecognition", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-173": { "value": "-9000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesFromContractualChangesWithoutDerecognition", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-174": { "value": "1617436000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProfitFromFinancialActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-175": { "value": "2243905000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProfitFromFinancialActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-176": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-177": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-178": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceRevenue", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-179": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceRevenue", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-180": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceServiceExpensesFromInsuranceContractsIssued", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-181": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceServiceExpensesFromInsuranceContractsIssued", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-182": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncomeFromReinsuranceContractsHeld", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-183": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncomeFromReinsuranceContractsHeld", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-184": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExpensesFromReinsuranceContractsHeld", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-185": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExpensesFromReinsuranceContractsHeld", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-186": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:BalanceOfFinanceIncomeExpensesFromInsuranceActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-187": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:BalanceOfFinanceIncomeExpensesFromInsuranceActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-188": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-189": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-190": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncomeExpensesFromReinsuranceContractsHeldRecognisedInProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-191": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncomeExpensesFromReinsuranceContractsHeldRecognisedInProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-192": { "value": "1617436000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProfitLossFromFinancialAndInsuranceActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-193": { "value": "2243905000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProfitLossFromFinancialAndInsuranceActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-194": { "value": "14473495000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-195": { "value": "12682086000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-196": { "value": "3422076000.0", "decimals": -3, "dimensions": { "concept": "cdp:AdministrativeExpenseStaffCosts", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-197": { "value": "3104421000.0", "decimals": -3, "dimensions": { "concept": "cdp:AdministrativeExpenseStaffCosts", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-198": { "value": "11051419000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherAdministrativeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-199": { "value": "9577665000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherAdministrativeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-200": { "value": "-186999000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndCharges", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-201": { "value": "-103444000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndCharges", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-202": { "value": "15026000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-203": { "value": "-12189000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndChargesCommitmentsAndFinancialGuaranteesGiven", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-204": { "value": "-202025000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndChargesOtherNetProvision", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-205": { "value": "-91255000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndChargesOtherNetProvision", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-206": { "value": "-2252442000.0", "decimals": -3, "dimensions": { "concept": "cdp:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-207": { "value": "-2109735000.0", "decimals": -3, "dimensions": { "concept": "cdp:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-208": { "value": "-1299288000.0", "decimals": -3, "dimensions": { "concept": "cdp:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-209": { "value": "-1034084000.0", "decimals": -3, "dimensions": { "concept": "cdp:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-210": { "value": "22584051000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-211": { "value": "19401495000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-212": { "value": "4371827000.0", "decimals": -3, "dimensions": { "concept": "cdp:OperatingCosts", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-213": { "value": "3472146000.0", "decimals": -3, "dimensions": { "concept": "cdp:OperatingCosts", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-214": { "value": "1401307000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-215": { "value": "2060348000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-216": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-217": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnTangibleAndIntangibleAssetsOtherThanGoodwillMeasuredAtFairValue", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-218": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:GoodwillImpairment", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-219": { "value": "-10503000.0", "decimals": -3, "dimensions": { "concept": "cdp:GoodwillImpairment", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-220": { "value": "51587000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-221": { "value": "48275000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-222": { "value": "7442157000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-223": { "value": "7814171000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-224": { "value": "1986655000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-225": { "value": "1858166000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-226": { "value": "5455502000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-227": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-228": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-229": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-230": { "value": "5455502000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-231": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-232": { "value": "2268412000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-233": { "value": "2150515000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-234": { "value": "3187090000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-235": { "value": "3805490000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-236": { "value": "5455502000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-237": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-238": { "value": "905119000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-239": { "value": "182248000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-240": { "value": "824852000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-241": { "value": "194455000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-242": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-243": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-244": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-245": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-246": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxTangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-247": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxTangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-248": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxIntangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-249": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxIntangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-250": { "value": "-911000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-251": { "value": "-1421000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-252": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-253": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleNotToBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-254": { "value": "81178000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-255": { "value": "-10786000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-256": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxInsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedExcludedFromProfitOrLossThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-257": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxInsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedExcludedFromProfitOrLossThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-258": { "value": "-1040292000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-259": { "value": "1126613000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-260": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ForeignInvestmentsHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-261": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ForeignInvestmentsHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-262": { "value": "-34074000.0", "decimals": -3, "dimensions": { "concept": "cdp:ForeignExchangeDifferences", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-263": { "value": "197000.0", "decimals": -3, "dimensions": { "concept": "cdp:ForeignExchangeDifferences", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-264": { "value": "202190000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-265": { "value": "7915000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowHedging", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-266": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-267": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeNetOfTaxOnHedgingInstrumentsNonDesignatedItems", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-268": { "value": "46462000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-269": { "value": "264393000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainsLossesOnFinancialAssetsOtherThanEquityInstrumentsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-270": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeRelatedToNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-271": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherComprehensiveIncomeRelatedToNonCurrentAssetsAndDisposalGroupsClassifiedAsHeldForSaleToBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-272": { "value": "-1254870000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-273": { "value": "854108000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-274": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxInsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedExcludedFromProfitOrLossThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-275": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxInsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedExcludedFromProfitOrLossThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-276": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinanceIncomeExpensesFromReinsuranceContractsHeldExcludedFromProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-277": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinanceIncomeExpensesFromReinsuranceContractsHeldExcludedFromProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-278": { "value": "-135173000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-279": { "value": "1308861000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-280": { "value": "5320329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-281": { "value": "7264866000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-282": { "value": "2334140000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-283": { "value": "2125442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-284": { "value": "2986189000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-285": { "value": "5139424000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-286": { "value": "7341086000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-287": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-288": { "value": "7341086000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-289": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-290": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-291": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-292": { "value": "153437000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-293": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-294": { "value": "5882000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-295": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-296": { "value": "5882000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-297": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-298": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-299": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-300": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-301": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-302": { "value": "3891804000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-303": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-304": { "value": "3891804000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-305": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-306": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-307": { "value": "4103000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-308": { "value": "623569000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-309": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-310": { "value": "27386801000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-311": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-312": { "value": "27386801000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-313": { "value": "1938978000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-314": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-315": { "value": "355873000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-316": { "value": "-21398000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-317": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-318": { "value": "665059000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-319": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-320": { "value": "665059000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-321": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-322": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-323": { "value": "21034000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-324": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-325": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-326": { "value": "586414000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-327": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-328": { "value": "586414000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-329": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-330": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-331": { "value": "9177000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-332": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-333": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-334": { "value": "2867145000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-335": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-336": { "value": "2867145000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-337": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-338": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-339": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-340": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-341": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-342": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-343": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-344": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-345": { "value": "583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-346": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-347": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-348": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-349": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-350": { "value": "-363327000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-351": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-352": { "value": "-363327000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-353": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-354": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-355": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-356": { "value": "241527000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-357": { "value": "-3933000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-358": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-359": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-360": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-361": { "value": "-2522206000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-362": { "value": "3433799000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-363": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-364": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-365": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-366": { "value": "47753641000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-367": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-368": { "value": "47753641000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-369": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-370": { "value": "3433799000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-371": { "value": "390187000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-372": { "value": "997135000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-373": { "value": "-3933000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-374": { "value": "29206132000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-375": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-376": { "value": "29206132000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-377": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-378": { "value": "2129272000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-379": { "value": "240827000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-380": { "value": "296796000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-381": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-382": { "value": "18547509000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-383": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-384": { "value": "18547509000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-385": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-386": { "value": "1304527000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-387": { "value": "149360000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-388": { "value": "700339000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-389": { "value": "-3933000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-1": { "value": "6.3", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-390": { "value": "7355695000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-391": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-392": { "value": "7355695000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-393": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-394": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-395": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-396": { "value": "4827000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-397": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-398": { "value": "4532000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-399": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-400": { "value": "4532000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-401": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-402": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-403": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-404": { "value": "1350000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-405": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-406": { "value": "3897130000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-407": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-408": { "value": "3897130000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-409": { "value": "-102931000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-410": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-411": { "value": "-1087000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-412": { "value": "109364000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-413": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-414": { "value": "25350855000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-415": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-416": { "value": "25350855000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-417": { "value": "1916585000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-418": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-419": { "value": "93872000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-420": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-421": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-422": { "value": "787040000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-423": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-424": { "value": "787040000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-425": { "value": "-119736000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-426": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-427": { "value": "-1298000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-428": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-429": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-430": { "value": "-729674000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-431": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-432": { "value": "-729674000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-433": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-434": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-435": { "value": "7306000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-436": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-437": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-438": { "value": "1020539000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-439": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-440": { "value": "1020539000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-441": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-442": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-443": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-444": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-445": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-446": { "value": "-561171000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-447": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-448": { "value": "-561171000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-449": { "value": "561171000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-450": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-451": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-452": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-453": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-454": { "value": "-365037000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-455": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-456": { "value": "-365037000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-457": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-458": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-459": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-460": { "value": "3595000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-461": { "value": "-1885000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-462": { "value": "5027277000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-463": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-464": { "value": "5027277000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-465": { "value": "-2255089000.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-466": { "value": "2772188000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-467": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-468": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-469": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-470": { "value": "41787186000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-471": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-472": { "value": "41787186000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-473": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-474": { "value": "2772188000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-475": { "value": "98793000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-476": { "value": "119136000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-477": { "value": "-1885000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-478": { "value": "25692745000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-479": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-480": { "value": "25692745000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-481": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-482": { "value": "1618923000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-483": { "value": "-76751000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-484": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-485": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-486": { "value": "16094441000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember", "unit": "iso4217:EUR" } }, "fact-487": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember", "unit": "iso4217:EUR" } }, "fact-488": { "value": "16094441000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-489": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:PreviousYearProfitLossAllocationReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-490": { "value": "1153265000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-491": { "value": "175544000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseOfReserves", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-492": { "value": "119136000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-493": { "value": "-1885000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-2": { "value": "4.79", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-494": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-495": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-496": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-497": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-498": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-499": { "value": "57961000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-500": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-501": { "value": "7552484000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-502": { "value": "4051143000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-503": { "value": "3501341000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-504": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-505": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-506": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-507": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-508": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-509": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-510": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-511": { "value": "5882000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-512": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-513": { "value": "5882000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-514": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-515": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-516": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-517": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-518": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-519": { "value": "25105000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-520": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-521": { "value": "4544581000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-522": { "value": "2433786000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-523": { "value": "2110795000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-524": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-525": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-526": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-527": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-528": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-529": { "value": "-23690000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-530": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-531": { "value": "29634031000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-532": { "value": "20770840000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-533": { "value": "8863191000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-534": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-535": { "value": "-2533000.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-536": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-537": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-538": { "value": "3459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-539": { "value": "-15000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-540": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-541": { "value": "689537000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-542": { "value": "-119437000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-543": { "value": "808974000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-544": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-545": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-546": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-547": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-548": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-549": { "value": "12859000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-550": { "value": "-135173000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-551": { "value": "473277000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-552": { "value": "443344000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-553": { "value": "29933000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-554": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-555": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-556": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-557": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-558": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-559": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-560": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-561": { "value": "2867145000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-562": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-563": { "value": "2867145000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-564": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-565": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-566": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-567": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-568": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-569": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-570": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-571": { "value": "-606718000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-572": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-573": { "value": "-606718000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-574": { "value": "-606718000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-575": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-576": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-577": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-578": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-579": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-580": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-581": { "value": "-125733000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-582": { "value": "-80693000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-583": { "value": "-45040000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-584": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-585": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-586": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-587": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-588": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-589": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-590": { "value": "5455502000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-591": { "value": "5455502000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-592": { "value": "3187090000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-593": { "value": "2268412000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-594": { "value": "-606718000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-595": { "value": "-2533000.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-596": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-597": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-598": { "value": "3459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-599": { "value": "72220000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-600": { "value": "5320329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-601": { "value": "50489988000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-602": { "value": "30686073000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-603": { "value": "19803915000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-604": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-605": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-606": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-607": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-608": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-609": { "value": "85401000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-610": { "value": "2986189000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-611": { "value": "30686073000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-612": { "value": "30686073000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-613": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-614": { "value": "-606718000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-615": { "value": "-2533000.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-616": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-617": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-618": { "value": "3459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-619": { "value": "-13181000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-620": { "value": "2334140000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-621": { "value": "19803915000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-622": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-623": { "value": "19803915000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-624": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-625": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-626": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-627": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-628": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-629": { "value": "-19436000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-630": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-631": { "value": "7341086000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-632": { "value": "4051143000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-633": { "value": "3289943000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:OrdinarySharesMember", "unit": "iso4217:EUR" } }, "fact-634": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-635": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-636": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-637": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-638": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-639": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-640": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-641": { "value": "5882000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-642": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-643": { "value": "5882000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:OtherSharesMember", "unit": "iso4217:EUR" } }, "fact-644": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-645": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-646": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-647": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-648": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-649": { "value": "-10672000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-650": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-651": { "value": "3891804000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-652": { "value": "2378517000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-653": { "value": "1513287000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromSharePremiumMember", "unit": "iso4217:EUR" } }, "fact-654": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-655": { "value": "-67476000.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-656": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-657": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-658": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-659": { "value": "92965000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-660": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-661": { "value": "27386801000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-662": { "value": "18828213000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-663": { "value": "8558588000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesFromProfitMember", "unit": "iso4217:EUR" } }, "fact-664": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-665": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-666": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-667": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-668": { "value": "542000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-669": { "value": "-1489000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-670": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-671": { "value": "665059000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-672": { "value": "-120723000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-673": { "value": "785782000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ReservesNotFromProfitNotFromValuationMember", "unit": "iso4217:EUR" } }, "fact-674": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-675": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-676": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-677": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-678": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-679": { "value": "-79000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-680": { "value": "1308861000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-681": { "value": "586414000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-682": { "value": "585712000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-683": { "value": "702000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ValuationReservesMember", "unit": "iso4217:EUR" } }, "fact-684": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-685": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-686": { "value": "1846606000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-687": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-688": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-689": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-690": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-691": { "value": "2867145000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-692": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-693": { "value": "2867145000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:EquityInstrumentsMember", "unit": "iso4217:EUR" } }, "fact-694": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-695": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-696": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-697": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-698": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-699": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-700": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-701": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-702": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-703": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:InterimDividendMember", "unit": "iso4217:EUR" } }, "fact-704": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-705": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-706": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-707": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-708": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-709": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-710": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-711": { "value": "-363327000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-712": { "value": "-322220000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-713": { "value": "-41107000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "fact-714": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-715": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-716": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-717": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-718": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-719": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-720": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-721": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-722": { "value": "3805490000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-723": { "value": "2150515000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "cdp:ProfitLossMember", "unit": "iso4217:EUR" } }, "fact-724": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-725": { "value": "-67476000.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-726": { "value": "1846606000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-727": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-728": { "value": "542000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-729": { "value": "61289000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-730": { "value": "7264866000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-731": { "value": "47753641000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-732": { "value": "29206132000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-733": { "value": "18547509000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-734": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-735": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-736": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-737": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-738": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-739": { "value": "69637000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-740": { "value": "5139424000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-741": { "value": "29206132000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-742": { "value": "29206132000.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-743": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-744": { "value": "-583228000.0", "decimals": -3, "dimensions": { "concept": "cdp:InterimDividend", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-745": { "value": "-67476000.0", "decimals": -3, "dimensions": { "concept": "cdp:ExtraordinaryDividendsDistribution", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-746": { "value": "1846606000.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseDueToEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-747": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:IncreaseDecreaseThroughTreasuryShareDerivatives", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-748": { "value": "542000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-749": { "value": "-8348000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-750": { "value": "2125442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-751": { "value": "18547509000.0", "decimals": -3, "dimensions": { "concept": "cdp:TotalEquity", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-752": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:EquityAttributableToOwnersOfParentAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-753": { "value": "18547509000.0", "decimals": -3, "dimensions": { "concept": "cdp:NonControllingInterestsAtEndOfPeriod", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-754": { "value": "4709322000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-755": { "value": "3684578000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-756": { "value": "5455502000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-757": { "value": "5956005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-758": { "value": "243765000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossOnFinancialAssetsHeldForTradingAndOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-759": { "value": "44041000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossOnFinancialAssetsHeldForTradingAndOnOtherFinancialAssetsLiabilitiesAtFairValueThroughProfitOrLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-760": { "value": "1867000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossOnHedgeAccounting", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-761": { "value": "84275000.0", "decimals": -3, "dimensions": { "concept": "cdp:GainLossOnHedgeAccounting", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-762": { "value": "62679000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetLossesRecoveriesOnCreditImpairment", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-763": { "value": "22580000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetLossesRecoveriesOnCreditImpairment", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-764": { "value": "3551730000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetValueAdjustmentsWriteBacksOnTangibleAndIntangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-765": { "value": "3154322000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetValueAdjustmentsWriteBacksOnTangibleAndIntangibleAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-766": { "value": "202025000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndChargesAndOtherExpensesIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-767": { "value": "91255000.0", "decimals": -3, "dimensions": { "concept": "cdp:NetProvisionsForRisksAndChargesAndOtherExpensesIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-768": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NetRevenuesAndCostsOfInsuranceContractsIssuedAndReinsuranceCeded", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-769": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NetRevenuesAndCostsOfInsuranceContractsIssuedAndReinsuranceCeded", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-770": { "value": "-20265000.0", "decimals": -3, "dimensions": { "concept": "cdp:UnpaidDutiesTaxesAndTaxCredits", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-771": { "value": "-88826000.0", "decimals": -3, "dimensions": { "concept": "cdp:UnpaidDutiesTaxesAndTaxCredits", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-772": { "value": "-1241911000.0", "decimals": -3, "dimensions": { "concept": "cdp:WritedownsWritebacksOfEquityInvestments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-773": { "value": "-1810977000.0", "decimals": -3, "dimensions": { "concept": "cdp:WritedownsWritebacksOfEquityInvestments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-774": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ImpairmentWriteBacksAfterTaxOnDiscontinuedOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-775": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:ImpairmentWriteBacksAfterTaxOnDiscontinuedOperations", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-776": { "value": "-3546070000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-777": { "value": "-3768097000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-778": { "value": "-17968886000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-779": { "value": "-4868087000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromUsedInFinancialAssetsClassifiedAsOperatingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-780": { "value": "-430521000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-781": { "value": "89165000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-782": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-783": { "value": "-1041000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-784": { "value": "-264326000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-785": { "value": "-207745000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValue", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-786": { "value": "-1543978000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-787": { "value": "1881327000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-788": { "value": "-15838656000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-789": { "value": "-6647974000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInFinancialAssetsMeasuredAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-790": { "value": "108595000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherFinancialAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-791": { "value": "18181000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherFinancialAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-792": { "value": "7285074000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-793": { "value": "124855000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromUsedInFinancialLiabilitiesClassifiedAsOperatingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-794": { "value": "6520282000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesMeasuredAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-795": { "value": "-402660000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesMeasuredAtAmortisedCost", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-796": { "value": "161331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-797": { "value": "112039000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesHeldForTrading", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-798": { "value": "-1246000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-799": { "value": "1953000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInFinancialLiabilitiesAtFairValueThroughProfitOrLossDesignatedUponInitialRecognitionOrSubsequently", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-800": { "value": "604707000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherFinancialLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-801": { "value": "413523000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherFinancialLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-802": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromUsedInInsuranceReinsuranceContracts", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-803": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromUsedInInsuranceReinsuranceContracts", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-804": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NetCashFlowsFromInsuranceContractsIssuedWhichAreLiabilitiesAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-805": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NetCashFlowsFromInsuranceContractsIssuedWhichAreLiabilitiesAssets", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-806": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NetCashFlowsFromReinsuranceCessionsConstitutingAssetsLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-807": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:NetCashFlowsFromReinsuranceCessionsConstitutingAssetsLiabilities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-808": { "value": "-5974490000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-809": { "value": "-1058654000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-810": { "value": "2531001000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-811": { "value": "2397436000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsFromInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-812": { "value": "270107000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-813": { "value": "376707000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-814": { "value": "2090341000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-815": { "value": "1761528000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-816": { "value": "132439000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-817": { "value": "200418000.0", "decimals": -3, "dimensions": { "concept": "cdp:ProceedsFromSalesOfTangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-818": { "value": "3846000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-819": { "value": "16467000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-820": { "value": "34268000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-821": { "value": "42316000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-822": { "value": "-11672191000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsUsedInInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-823": { "value": "-7017610000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashFlowsUsedInInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-824": { "value": "693465000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-825": { "value": "370114000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-826": { "value": "5720129000.0", "decimals": -3, "dimensions": { "concept": "cdp:PurchaseOfTangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-827": { "value": "5056205000.0", "decimals": -3, "dimensions": { "concept": "cdp:PurchaseOfTangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-828": { "value": "1950172000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-829": { "value": "1584497000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-830": { "value": "3308425000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-831": { "value": "6794000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-832": { "value": "-9141190000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-833": { "value": "-4620174000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-834": { "value": "292863000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-835": { "value": "-1885000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-836": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-837": { "value": "1846606000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherInflowsOutflowsFromIssuePurchaseOfEquityInstruments", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-838": { "value": "3764957000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-839": { "value": "3155551000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-840": { "value": "-162176000.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherInflowsOutflowsFromSalePurchaseofMinorityControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-841": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "cdp:OtherInflowsOutflowsFromSalePurchaseofMinorityControl", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-842": { "value": "-3634270000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-843": { "value": "-1310830000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-844": { "value": "-18749950000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-845": { "value": "-6989658000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-846": { "value": "143977494000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentCFReconciliationOB", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-847": { "value": "150952721000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentCFReconciliationOB", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-848": { "value": "-18749950000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-849": { "value": "-6989658000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-850": { "value": "-25695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-851": { "value": "14431000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:81560029E2CE4D14F425", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-852": { "value": "125201849000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentCFReconciliationEP", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-853": { "value": "143977494000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentCFReconciliationEP", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-7": { "value": "5023607000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-3": { "value": "8488542000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-8": { "value": "120201499000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentsHeldWithCentralStateTreasuryForCFNote", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-4": { "value": "135461187000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentsHeldWithCentralStateTreasuryForCFNote", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-9": { "value": "2824000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentsIfrs5ForCFNote", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-5": { "value": "69572000.0", "decimals": -3, "dimensions": { "concept": "cdp:CashAndCashEquivalentsIfrs5ForCFNote", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-10": { "value": "26081000.0", "decimals": -3, "dimensions": { "concept": "cdp:CurrentAccountsDueToBanksForCFNote", "entity": "scheme:81560029E2CE4D14F425", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-6": { "value": "41807000.0", "decimals": -3, "dimensions": { "concept": "cdp:CurrentAccountsDueToBanksForCFNote", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-878": { "value": "Cassa Depositi e Prestiti S.p.A. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-879": { "value": "Cassa Depositi e Prestiti S.p.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-854": { "value": "joint-stock company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-880": { "value": "Ministry of Economy and Finance", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-882": { "value": "Via Goito 4, 00185 Rome", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-855": { "value": " Italy", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-900": { "value": " Italy", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-881": { "value": "Italy", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-857": { "value": "The CDP Group is a catalyst for Italian and international resources to support the growth of the Italian system, through the financing of public sector infrastructure and investment and support for business development. In particular, the Group: \u2022 is a leader in the financing of public sector investments and promotes infrastructure development; \u2022 is a central operator supporting Italy\u2019s business system throughout the lifecycle of companies, encouraging the birth of start-ups, the growth of SMEs, the turnaround of mature or historic companies, investing as a medium- to long-term partner and supporting their expansion via export and international expansion; \u2022 promotes property development and acts as Italy\u2019s leading operator in social and smart housing.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-856": { "value": "
BASIS OF PRESENTATION
The Consolidated Financial Statements and the tables of the notes to the Consolidated Financial Statements are
expressed in thousands of euro, unless otherwise specified .
In the balance sheet and income statements, items with zero balances for both the current and prior financial year are also
shown. In the income statement, income is indicated as positive numbers, while expenses are shown in brackets.
The figures of the items, sub-items, and the \u201cof which\u201d specifications in the Consolidated Financial Statements and in the
tables of the notes to the financial statements have been rounded as appropriate, while ignoring the fractions of amounts
equal to or less than 500 euro and raising fractions greater than 500 euro to the next highest thousand. The rounded
amounts for the various items are the sum of the rounded balances of sub-items.
The cash and cash equivalents reported in the Statement of cash flows comprise the balance of item 10 \u201cCash and cash
equivalents\u201d, inclusive of the positive balance of bank current accounts on demand, the balance on the current account
held with the Central State Treasury reported under item 40 b \u201cLoans to customers\u201d, the balance of the cash and cash
equivalents reported under item 120 \u201cNon-current assets and disposal groups held for sale\u201d, net of current accounts with
a negative balance reported under item 10 a \u201cDue to banks\u201d of liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "BASIS OF PRESENTATION The Consolidated Financial Statements and the tables of the notes to the Consolidated Financial Statements are expressed in thousands of euro, unless otherwise specified In the balance sheet and income statements, items with zero balances for both the current and prior financial year are also shown. In the income statement, income is indicated as positive numbers, while expenses are shown in brackets. The figures of the items, sub-items, and the \u201cof which\u201d specifications in the Consolidated Financial Statements and in the tables of the notes to the financial statements have been rounded as appropriate, while ignoring the fractions of amounts equal to or less than 500 euro and raising fractions greater than 500 euro to the next highest thousand. The rounded amounts for the various items are the sum of the rounded balances of sub-items. The cash and cash equivalents reported in the Statement of cash flows comprise the balance of item 10 \u201cCash and cash equivalents\u201d, inclusive of the positive balance of bank current accounts on demand, the balance on the current account held with the Central State Treasury reported under item 40 b \u201cLoans to customers\u201d, the balance of the cash and cash equivalents reported under item 120 \u201cNon-current assets and disposal groups held for sale\u201d, net of current accounts with a negative balance reported under item 10 a \u201cDue to banks\u201d of liabilities. COMPARISON AND DISCLOSURE As detailed below, the Notes to the financial statements provide all information required by law, as applicable to CDP and its Group, as well as any supplemental information deemed necessary in order to give a true and fair view of the company\u2019s financial performance and standing. The mandatory tables and other details required by the Bank of Italy, where applicable, have been numbered in accordance with the parts and sections specified in Annex \u201cB\u201d of the supervisory instructions issued by the Bank of Italy. The statement of cash flows, prepared using the indirect method and in accordance with the format set out in the above- mentioned Bank of Italy circular No. 262/2005, includes, under cash generated by/used in financial liabilities, the changes in liabilities arising from financing activities, as provided by par. 44 B of IAS 7. With regard to the requirements of the afore-mentioned Circular 262/2005 on presentation of data and information for the scope of \u201cprudential consolidation\u201d, we note that, in line with the Italian and EU regulatory framework, the CDP Group is not subject to prudential supervision on a consolidated basis. Therefore, the Parent Company CDP S.p.A. and the following companies, subject to supervision on an individual basis, were included where reference is made to the scope of \u201cprudential consolidation\u201d: CDP Real Asset SGR, CDP Venture Capital SGR and Fondo Italiano di Investimento SGR. Where significant, detailed information has been provided distinguishing between \u201cprudential consolidation\u201d (which can be referred to alternatively as \u201cbanking group\u201d), and \u201cother companies\u201d. All fully consolidated subsidiaries, other than those already included in the scope of the \u201cprudential consolidation\u201d, or \u201cbanking group\u201d, are included in the \u201cother companies\u201d scope. Pursuant to Article 5 of Decree Law No. 269 of 30 September 2003, concerning the transformation of CDP into a joint- stock company, the provisions of Title V of Legislative Decree No. 385 of 1 September 1993 (Consolidated Law on Banking \u2013 \u201cTUB\u201d), applicable to intermediaries listed under Article 106 of the same decree, shall apply to CDP, taking into account the characteristics of the supervised entity and the specific regulations governing the separate account. On this point, it should be noted that since 2004 the Bank of Italy has been exercising mainly \u201cinformational\u201d supervision over CDP, conducted by using management data based on sectorial legislation, geared to acquiring aspects of knowledge and assessment on the business and organisation of CDP. The consolidated financial statements show data for the previous financial year for comparison purposes. Section F \u2013 \u201cConsolidated capital\u201d was therefore not prepared. Tables that do not show amounts for either the reference or comparative financial year have been omitted. AUDITING OF THE FINANCIAL STATEMENTS The Consolidated Financial Statements of the CDP Group are subject to statutory audit pursuant to Legislative Decree 39/2010 by the independent auditing firm Deloitte & Touche S.p.A., following award of the audit engagement for the 2020- 2028 period by the Shareholders\u2019 Meeting of CDP S.p.A., held in ordinary session on 19 March 2019. ANNEXES TO THE CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Financial Statements include Annex 1.1 \u201cScope of consolidation\u201d and Annex 1.2 \u201cDisclosure pursuant to Law 124 of 4 August 2017, Article 1, paragraphs 125-129\u201d. Section 2 - General preparation principles The Consolidated Financial Statements of the CDP Group include the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows (prepared according to the \u201cindirect method\u201d), and the notes to the financial statements, and are also accompanied by the Report on operations. These documents, the separate financial statements and the annexes to both separate and Consolidated Financial Statements, make up the annual report. The Consolidated Financial Statements and tables included in the notes present not only the amounts related to the current financial period but also the corresponding comparative values. In the consolidated income statement, in the consolidated statement of comprehensive income, and in the tables in the notes to the Consolidated Financial Statements, revenues are shown as positive, while costs are shown as negative in brackets, when presented in tables in combination with revenues. For the purposes of interpretation and to provide support in applying the financial reporting standards, the following documents have also been considered, although they have not been endorsed by the European Commission: \u2022 Conceptual framework for financial reporting; \u2022 Implementation Guidance and Basis for Conclusions; \u2022 SIC/IFRIC Interpretation Documents; \u2022 Interpretation documents on the application of the IFRS in Italy, prepared by the Organismo Italiano di Contabilit\u00e0 (Italian Accounting Board, OIC) and the Italian Banking Association (ABI); \u2022 Documents issued by the EBA, ESMA and Consob concerning the application of specific IFRS rules; \u2022 Documents issued by ESMA and Consob regarding the assessments and disclosures required for financial reporting and sustainability reporting 175 . Where the information required by international accounting standards and by the provisions set out in the Bank of Italy regulations is deemed insufficient to provide a true and fair view, the notes to the financial statements supply the additional disclosures necessary for that purpose. These consolidated financial statements have been prepared in accordance with the following general requirements of IAS 1 - \u201cPresentation of financial statements\u201d: \u2022 Going concern basis: pursuant to the provisions of joint Bank of Italy/Consob/Isvap Document No. 2 of 6 February 2009 concerning disclosures on the going concern basis and in compliance with the requirements on the same issue contained in IAS 1 Revised, the CDP Group has conducted an assessment of the company\u2019s ability to continue t o operate as a going concern, considering all available information over a medium-term time horizon. Based on an analysis of the information and the results achieved in previous years, CDP deems appropriate to prepare its Consolidated Financial Statements on a going concern basis; \u2022 Accruals basis: operations are recognised in the accounting records and in the consolidated financial statements of the CDP Group (except for the disclosure about cash flows) when they accrue, regardless of the payment or collection date. Costs and revenues are recognised in the income statement in accordance with the matching principle; \u2022 Materiality and aggregation: all items containing assets, liabilities, revenues and expenses of a similar nature and with similar characteristics are presented separately in the financial statements, unless they are immaterial; \u2022 Offsetting: no assets have been offset with liabilities, nor income with expenses, unless expressly required or allowed by the instructions of the Bank of Italy or by an accounting standard or a related interpretation; \u2022 Frequency of reporting: the CDP Group has prepared these consolidated financial statements, presenting the related disclosures, on an annual basis. No changes occurred with respect to the reporting date, which remains at 31 December of each year; \u2022 Comparative information: comparative information is presented for two consecutive financial years (the current year and the previous year). Such comparative information, relating in both cases to the financial year-end, is provided for each of the individual statements comprising the financial statements, including the related notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-883": { "value": "BASIS OF PRESENTATION The Consolidated Financial Statements and the tables of the notes to the Consolidated Financial Statements are expressed in thousands of euro, unless otherwise specified . In the balance sheet and income statements, items with zero balances for both the current and prior financial year are also shown. In the income statement, income is indicated as positive numbers, while expenses are shown in brackets. The figures of the items, sub-items, and the \u201cof which\u201d specifications in the Consolidated Financial Statements and in the tables of the notes to the financial statements have been rounded as appropriate, while ignoring the fractions of amounts equal to or less than 500 euro and raising fractions greater than 500 euro to the next highest thousand. The rounded amounts for the various items are the sum of the rounded balances of sub-items. The cash and cash equivalents reported in the Statement of cash flows comprise the balance of item 10 \u201cCash and cash equivalents\u201d, inclusive of the positive balance of bank current accounts on demand, the balance on the current account held with the Central State Treasury reported under item 40 b \u201cLoans to customers\u201d, the balance of the cash and cash equivalents reported under item 120 \u201cNon-current assets and disposal groups held for sale\u201d, net of current accounts with a negative balance reported under item 10 a \u201cDue to banks\u201d of liabilities. COMPARISON AND DISCLOSURE As detailed below, the Notes to the financial statements provide all information required by law, as applicable to CDP and its Group, as well as any supplemental information deemed necessary in order to give a true and fair view of the company\u2019s financial performance and standing. The mandatory tables and other details required by the Bank of Italy, where applicable, have been numbered in accordance with the parts and sections specified in Annex \u201cB\u201d of the supervisory instructions issued by the Bank of Italy. The statement of cash flows, prepared using the indirect method and in accordance with the format set out in the above- mentioned Bank of Italy circular No. 262/2005, includes, under cash generated by/used in financial liabilities, the changes in liabilities arising from financing activities, as provided by par. 44 B of IAS 7. With regard to the requirements of the afore-mentioned Circular 262/2005 on presentation of data and information for the scope of \u201cprudential consolidation\u201d, we note that, in line with the Italian and EU regulatory framework, the CDP Group is not subject to prudential supervision on a consolidated basis. Therefore, the Parent Company CDP S.p.A. and the following companies, subject to supervision on an individual basis, were included where reference is made to the scope of \u201cprudential consolidation\u201d: CDP Real Asset SGR, CDP Venture Capital SGR and Fondo Italiano di Investimento SGR. Where significant, detailed information has been provided distinguishing between \u201cprudential consolidation\u201d (which can be referred to alternatively as \u201cbanking group\u201d), and \u201cother companies\u201d. All fully consolidated subsidiaries, other than those already included in the scope of the \u201cprudential consolidation\u201d, or \u201cbanking group\u201d, are included in the \u201cother companies\u201d scope. Pursuant to Article 5 of Decree Law No. 269 of 30 September 2003, concerning the transformation of CDP into a joint- stock company, the provisions of Title V of Legislative Decree No. 385 of 1 September 1993 (Consolidated Law on Banking \u2013 \u201cTUB\u201d), applicable to intermediaries listed under Article 106 of the same decree, shall apply to CDP, taking into account the characteristics of the supervised entity and the specific regulations governing the separate account. On this point, it should be noted that since 2004 the Bank of Italy has been exercising mainly \u201cinformational\u201d supervision over CDP, conducted by using management data based on sectorial legislation, geared to acquiring aspects of knowledge and assessment on the business and organisation of CDP. The consolidated financial statements show data for the previous financial year for comparison purposes. Section F \u2013 \u201cConsolidated capital\u201d was therefore not prepared. Tables that do not show amounts for either the reference or comparative financial year have been omitted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-901": { "value": "BASIS OF PRESENTATION The Consolidated Financial Statements and the tables of the notes to the Consolidated Financial Statements are expressed in thousands of euro, unless otherwise specified . In the balance sheet and income statements, items with zero balances for both the current and prior financial year are also shown. In the income statement, income is indicated as positive numbers, while expenses are shown in brackets. The figures of the items, sub-items, and the \u201cof which\u201d specifications in the Consolidated Financial Statements and in the tables of the notes to the financial statements have been rounded as appropriate, while ignoring the fractions of amounts equal to or less than 500 euro and raising fractions greater than 500 euro to the next highest thousand. The rounded amounts for the various items are the sum of the rounded balances of sub-items. The cash and cash equivalents reported in the Statement of cash flows comprise the balance of item 10 \u201cCash and cash equivalents\u201d, inclusive of the positive balance of bank current accounts on demand, the balance on the current account held with the Central State Treasury reported under item 40 b \u201cLoans to customers\u201d, the balance of the cash and cash equivalents reported under item 120 \u201cNon-current assets and disposal groups held for sale\u201d, net of current accounts with a negative balance reported under item 10 a \u201cDue to banks\u201d of liabilities. COMPARISON AND DISCLOSURE As detailed below, the Notes to the financial statements provide all information required by law, as applicable to CDP and its Group, as well as any supplemental information deemed necessary in order to give a true and fair view of the company\u2019s financial performance and standing. The mandatory tables and other details required by the Bank of Italy, where applicable, have been numbered in accordance with the parts and sections specified in Annex \u201cB\u201d of the supervisory instructions issued by the Bank of Italy. The statement of cash flows, prepared using the indirect method and in accordance with the format set out in the above- mentioned Bank of Italy circular No. 262/2005, includes, under cash generated by/used in financial liabilities, the changes in liabilities arising from financing activities, as provided by par. 44 B of IAS 7. With regard to the requirements of the afore-mentioned Circular 262/2005 on presentation of data and information for the scope of \u201cprudential consolidation\u201d, we note that, in line with the Italian and EU regulatory framework, the CDP Group is not subject to prudential supervision on a consolidated basis. Therefore, the Parent Company CDP S.p.A. and the following companies, subject to supervision on an individual basis, were included where reference is made to the scope of \u201cprudential consolidation\u201d: CDP Real Asset SGR, CDP Venture Capital SGR and Fondo Italiano di Investimento SGR. Where significant, detailed information has been provided distinguishing between \u201cprudential consolidation\u201d (which can be referred to alternatively as \u201cbanking group\u201d), and \u201cother companies\u201d. All fully consolidated subsidiaries, other than those already included in the scope of the \u201cprudential consolidation\u201d, or \u201cbanking group\u201d, are included in the \u201cother companies\u201d scope. Pursuant to Article 5 of Decree Law No. 269 of 30 September 2003, concerning the transformation of CDP into a joint- stock company, the provisions of Title V of Legislative Decree No. 385 of 1 September 1993 (Consolidated Law on Banking \u2013 \u201cTUB\u201d), applicable to intermediaries listed under Article 106 of the same decree, shall apply to CDP, taking into account the characteristics of the supervised entity and the specific regulations governing the separate account. On this point, it should be noted that since 2004 the Bank of Italy has been exercising mainly \u201cinformational\u201d supervision over CDP, conducted by using management data based on sectorial legislation, geared to acquiring aspects of knowledge and assessment on the business and organisation of CDP. The consolidated financial statements show data for the previous financial year for comparison purposes. Section F \u2013 \u201cConsolidated capital\u201d was therefore not prepared. Tables that do not show amounts for either the reference or comparative financial year have been omitted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "Section 1 - Declaration of compliance with the International Financial Reporting Standards The consolidated financial statements as at 31 December 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the SIC and IFRIC interpretative guidance, in force at 31 December 2025 and endorsed by the European Commission pursuant to Regulation (EC) No. 1606 of 19 July 2002, published in Official Journal L. 243 on 11 September 2002. These consolidated financial statements have been prepared, where applicable, on the basis of Bank of Italy Circular No. 262 of 22 December 2005, as updated on 17 November 2022, entitled \u201cThe banking financial statements \u2013 formats and preparation rules\u201d, which governs the preparation of banking financial statements in accordance with the International Financial Reporting Standards (IFRS). The IFRS accounting standards applied in preparing these consolidated financial statements are listed in \u201cSection 5 \u2013 Other issues\u201d. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-858": { "value": "
Section 2 - General preparation principles
The Consolidated Financial Statements of the CDP Group include the balance sheet, the income statement, the statement
of comprehensive income, the statement of changes in equity, the statement of cash flows (prepared according to the
\u201cindirect method\u201d), and the notes to the financial statements, and are also accompanied by the Report on operations.
These documents, the separate financial statements and the annexes to both separate and Consolidated Financial
Statements, make up the annual report.
The Consolidated Financial Statements and tables included in the notes present not only the amounts related to the current
financial period but also the corresponding comparative values.
In the consolidated income statement, in the consolidated statement of comprehensive income, and in the tables in the
notes to the Consolidated Financial Statements, revenues are shown as positive, while costs are shown as negative in
brackets, when presented in tables in combination with revenues.
For the purposes of interpretation and to provide support in applying the financial reporting standards, the following
documents have also been considered, although they have not been endorsed by the European Commission:
\u2022 Conceptual framework for financial reporting;
\u2022 Implementation Guidance and Basis for Conclusions;
\u2022 SIC/IFRIC Interpretation Documents;
\u2022 Interpretation documents on the application of the IFRS in Italy, prepared by the Organismo Italiano di Contabilit\u00e0 (Italian
Accounting Board, OIC) and the Italian Banking Association (ABI);
\u2022 Documents issued by the EBA, ESMA and Consob concerning the application of specific IFRS rules;
\u2022 Documents issued by ESMA and Consob regarding the assessments and disclosures required for financial reporting
and sustainability reporting
175
.
Where the information required by international accounting standards and by the provisions set out in the Bank of Italy
regulations is deemed insufficient to provide a true and fair view, the notes to the financial statements supply the additional
disclosures necessary for that purpose.
These consolidated financial statements have been prepared in accordance with the following general requirements of IAS
1 - \u201cPresentation of financial statements\u201d:
\u2022 Going concern basis: pursuant to the provisions of joint Bank of Italy/Consob/Isvap Document No. 2 of 6 February 2009
concerning disclosures on the going concern basis and in compliance with the requirements on the same issue
contained in IAS 1 Revised, the CDP Group has conducted an assessment of the company\u2019s ability to continue t
o
operate as a going concern, considering all available information over a medium-term time horizon. Based on an
analysis of the information and the results achieved in previous years, CDP deems appropriate to prepare it
s
Consolidated Financial Statements on a going concern basis;
175
\u2022 Accruals basis: operations are recognised in the accounting records and in the consolidated financial statements of the
CDP Group (except for the disclosure about cash flows) when they accrue, regardless of the payment or collection date.
Costs and revenues are recognised in the income statement in accordance with the matching principle;
\u2022 Materiality and aggregation: all items containing assets, liabilities, revenues and expenses of a similar nature and with
similar characteristics are presented separately in the financial statements, unless they are immaterial;
\u2022 Offsetting: no assets have been offset with liabilities, nor income with expenses, unless expressly required or allowed
by the instructions of the Bank of Italy or by an accounting standard or a related interpretation;
\u2022 Frequency of reporting: the CDP Group has prepared these consolidated financial statements, presenting the related
disclosures, on an annual basis. No changes occurred with respect to the reporting date, which remains at 31 December
of each year;
\u2022 Comparative information: comparative information is presented for two consecutive financial years (the current year and
the previous year). Such comparative information, relating in both cases to the financial year-end, is provided for each
of the individual statements comprising the financial statements, including the related notes.
Use of estimates
The application of International Financial Reporting Standards in preparing the consolidated financial statements requires
the CDP Group to make accounting estimates that are considered reasonable and realistic according to the information
available at the time the estimate is made. Such estimates impact the carrying amount of the assets and liabilities, costs,
revenues, and the disclosures on contingent assets and liabilities as of the reporting date, as well as the amounts reported
for revenues and costs for the reference financial year.
Changes in the conditions underlying the judgements, assumptions and estimates adopted may also have an impact on
the consolidated financial statement items and on future financial results.
Relevant accounting policies and uncertainties about the use of estimates in the preparation of the
consolidated financial statements (in accordance with IAS 1 and the recommendations contained in
Bank of Italy/Consob/Isvap Documents no. 2 of 6 February 2009 and no. 4 of 3 March 2010)
The application of certain accounting standards necessarily involves the use of estimates and assumptions that have an
effect on the values of assets, liabilities, costs and revenues recognised in the financial statements and on the reporting
on potential assets and liabilities.
The underlying assumptions of the estimates take into account all the information available at the date of preparation of
the Consolidated Financial Statements, as well as hypothesis considered reasonable, also in light of historical experience.
Because of their nature, it cannot therefore be excluded that the assumptions made, however reasonable, may not be
confirmed in the future scenarios the CDP Group will operate in. The results that will be achieved in the future may therefore
differ from the estimates made for the purposes of preparing the consolidated financial statements and it may therefore be
necessary to make adjustments that cannot be foreseen or estimated to date with respect to the carrying value of the
assets and liabilities recognised in the financial statements. In this respect, it should be noted that adjustments to the
estimates may be necessary as a result of changes in the circumstances on which the estimates were based, as a result
of new information or increased experience.
The main areas in which management is required to make subjective assessments are:
\u2022 the calculation of impairment losses on loans, equity investments and, in general, other financial assets subject to
impairment;
\u2022 the use of measurement techniques to determine the fair value of derivative instruments and financial instruments not
listed on an active market;
\u2022 the calculation of employee benefits and provisions for risks and charges (including provisions for environmental risks
and liabilities related to clean-up obligations, site and/or land restoration and plant decommissioning);
\u2022 the estimates and assumptions used in assessing the recoverability of deferred tax assets and interpretative issues
concerning tax treatment;
\u2022 the statistical and financial assumptions used in estimating repayment flows on postal savings products;
\u2022 the assessment of the recoverability of goodwill and other intangible assets;
\u2022 the valuation of work in progress and inventories of raw materials, semi-finished and finished goods;
\u2022 the quantification of revenues related to output-based incentives.
The description of the accounting policies used for the main consolidated financial statement items provides details on the
main assumptions and assessments used in preparing the Consolidated Financial Statements.
The current macroeconomic scenario continues to be characterised by a combination of factors related to ongoing
geopolitical tensions (which still weigh on global outlook) fluctuating monetary policy conditions, the general deterioration
in the economic climate, and persistent uncertainty about future developments.
For further information on the uncertainties of the current context, see also the Report on operations as well as the Section
5 \u2013 \u201cOther issues\u201d in the Notes to the Consolidated Financial Statements.
IFRS endorsed at 31 December 2025 and in force since 2025
As required by IAS 8 - \u201cAccounting policies, changes in accounting estimates and errors\u201d, details of the new international
financial reporting standards, or amendments to standards already in force, whose application became mandatory from 1
January 2025, are provided below:
\u2022 Commission Regulation (EU) 2024/2862 of 12 November 2024 amending Regulation (EC) No 2023/1803 concerning
International Accounting Standard No. 21 (IAS 21).
New accounting standards and interpretations issued and endorsed by the European Union, but not
yet effective (effective for the financial years beginning 1 January 2026)
Listed below are the new standards and interpretations already issued and endorsed, but not yet effective and therefore
not applicable to the preparation of the financial statements as at 31 December 2025:
\u2022 Commission Regulation (EU) 2025/1047 of 27 May 2025 amending Regulation (EU) 2023/1803 concerning
International Financial Reporting Standard 9 and International Financial Reporting Standard 7;
\u2022 Commission Regulation (EU) 2025/1266 of 30 June 2025 amending Regulation (EU) 2023/1803 concerning
International Financial Reporting Standard 9 and International Financial Reporting Standard 7;
\u2022 Commission Regulation (EU) 2025/1331 of 9 July 2025 amending Regulation (EU) 2023/1803 concerning
International Financial Reporting Standards 1, 7, 9, and 10, and International Accounting Standard No. 7;
\u2022 Commission Regulation (EU) 2026/338 of 13 February 2026 amending Regulation (EU) 2023/1803 concerning
International Financial Reporting Standard 18.
Accounting standards, amendments and interpretations not yet adopted by the European Union
Certain accounting standards, interpretations and amendments had been issued by the IASB but not yet endorsed by the
European Union at the approval date of these consolidated financial statements:
\u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d (issued on 9 May 2024);
\u2022 Amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary
Presentation Currency\u201d (issued on 13 November 2025);
\u2022 Amendments to IFRS 19 \u201cSubsidiary without Public Accountability: Disclosures\u201d (issued on 21 August 2025).
Disclosure on priority issues and general considerations made by ESMA in relation to financial
reports
In preparing the annual financial statements as at 31 December 2025, consistently with the approach adopted in previous
reporting periods, the CDP Group is required to consider the requirements set out by ESMA in its October 2025
recommendation (\u201cEuropean common enforcement priorities for 2025 corporate reporting\u201d) and to pay particular attention
to risks and any potential impacts associated with the geopolitical environment and climate-related matters, to the extent
that such effects may be material to performance, financial position and the related disclosures.
The current relevant context continues to be characterised by a combination of factors: geopolitical tensions weigh on
global prospects through heightened uncertainty and persistent volatility in energy and commodity prices; United States
protectionist policies and the succession of retaliatory measures, exemptions and agreements generate inefficiencies,
changes in global trade patterns and risks of disruption to supply chains; moreover uncertainty regarding the future path
of monetary policy, linked to ongoing uncertainty about future developments, complicates corporate decision-making.
During 2025, the global economy overall demonstrated greater resilience than expected, maintaining moderate growth
despite the persistence of significant geopolitical and trade-related uncertainties, which continue to represent a potential
risk to future prospects. The introduction and subsequent recalibration of United States tariffs contributed to reducing
uncertainty surrounding trade policy.
The \u201cMacroeconomic Projections\u201d published by the European Central Bank (ECB) in December 2025 indicate slightly
stronger global growth prospects compared with previous projections, although these remain modest relative to the pre-
pandemic average
179
. For the Eurozone, as reported in the Istat press release \u201cOutlook for the Italian economy in 2025-
2026\u201d, the pace of expansion in economic activity is expected to remain broadly stable. In 2025, performance exceeded
expectations, supported by an increase in exports (which anticipated tariff increases), more favourable financing
conditions, the return of inflation to levels consistent with ECB targets and the stimulus to investment provided by European
Union funds
180
.
For the Italian economy, the latest forecasts issued by the Bank of Italy confirm moderate GDP growth of 0.6% for both
2025 and 2026, with a slight increase to 0.8% in 2027, supported by an expansion in consumption driven by higher real
disposable income, as well as by investment benefiting from the measures introduced under the National Recovery and
Resilience Plan (PNRR)
181
.
The forecast horizon remains influenced by uncertainty arising from United States trade policies and the assumptions
regarding the real economic effects of tariff measures; however, such uncertainty is expected to gradually diminish,
supported by the stabilisation of demand from Italy\u2019s main trading partners and by the continued slowdown in price
dynamics, particularly reflecting weaker commodity prices
182
.
Regarding the disinflationary trend that began in 2023, this continued throughout 2025. The \u201cMacroeconomic Projections\u201d
published by the European Central Bank (ECB) indicate a further moderation in inflation in 2026, supported by lower energy
prices, followed by a subsequent increase in 2027 and a more pronounced rise in 2028 because of the new European
Union emissions trading system
183
. In terms of monetary policy, considering inflation dynamics, financing conditions and
growth projections, the ECB continued the process of reducing interest rates during the first half of 2025, implementing
reductions of 0.25 percentage points in January, March, April and June.
During the year, notwithstanding the stabilisation of the ECB\u2019s monetary policy stance, risk-free rates with maturities of up
to 15 years increased on average by 0.22%.
With regard to climate risks, namely risks of a systemic nature that can cascade across the whole of society, the World
Economic Forum, in its annual Global Risks Report published in January 2026, continues to identify extreme weather
events as among the most significant threats to humanity, both in the short term (1-2 years) and in the long term (10 years).
In this context, within the energy sector, changes in average and extreme temperatures may lead to increased energy
demand during summer periods and reduced demand during winter periods (also influenced by a combination of
geographical, socio-economic and technological factors), while, on the supply side, climate change may adversely affect
energy infrastructure in certain geographical areas.
Also for 2025, based on the requirements established by national and international regulators, CDP and the Group
companies were required to assess and disclose the impacts that the geopolitical environment and the related uncertainties
may have on the financial statements and on specific business operations, as well as to continue focusing on the potential
impacts of climate-related matters.
Risks and uncertainties
Based on the scenario described above (for information on this, please refer to the detailed description in the \u201cMarket
Context \u2013 Macroeconomic scenario\u201d section of the Report on Operations), CDP assesses and takes into account the
impacts that this context and its associated uncertainties may have on its financial statements and operations.
The main risks to which the CDP Group is exposed in conducting its business can be summarised based on the following
taxonomy:
\u2022 Credit risk: the risk that a debtor will not meet its commitments in relation to a loan or an issued bond;
\u2022 Counterparty risk: the risk that a counterparty will not meet its commitments in respect of one or more derivative or
treasury transactions;
\u2022 Concentration risk: the risk arising from large exposures to individual counterparties, groups of connected
counterparties or counterparties carrying out the same activity, belonging to the same economic sector or the same
geographical area;
\u2022 Liquidity risk: the risk that a financial institution will be unable to meet its commitments due to difficulties in financing
itself or in divesting assets, or that it will be unable to monetise assets held in the market without significantly adverse
conditions affecting their market price;
\u2022 Market risks (interest rate and price risk, exchange rate risk): the risk that negative trends in interest and inflation rates
and exchange rates will adversely affect the fair value, earnings or equity value of a financial institution;
\u2022 Spread risk: the risk that adverse movements in the credit spreads of the Held To Collect & Sell securities portfolio
may negatively affect the net economic value, profitability, or the book equity of a financial institution;
\u2022 Equity risk: the risk that negative trends of equity security prices will adversely affect the fair value, earnings or net
assets value of a financial institution;
\u2022 Reputational risk: the current or prospective risk of a fall in profits, loss of economic value or damage to the institutional
role, resulting from a negative perception of the image of CDP by customers, counterparties, shareholders, investors,
regulators or other stakeholders;
\u2022 Operational risk: the risk that inadequate information systems, operational errors, failures in internal controls or
procedures, fraud, lawsuits, judgments or invalid agreements or external events (e.g. earthquakes, epidemics, etc.)
may result in losses for a financial institution;
\u2022 Country risk: the risk that events occurred in countries other than Italy may result in losses. This does not just refer to
the credit risk associated with exposures to the public administration of the foreign country (sovereign risk), but to all
exposures regardless of the type of counterparty.
The evolution of the geopolitical environment and the related macroeconomic scenario has not resulted in the identification
of previously unconsidered risks, as the phenomena observed fall within categories already mapped and subject to
established risk management processes.
The CDP Group also pays particular attention to the emerging risks arising from climate change, in terms of both possible
economic-financial impacts as well as potential reputational risks, given that the consequences of climate change and the
transition process towards a green economy could have a far from negligible impact on credit risk, equity risk and
operational risk.
The increasing relevance of climate change-related matters has required the CDP Group to strengthen its oversight of
climate and environmental risks, which are classified into the following categories:
\u2022 physical risk, meaning the risk of direct or indirect financial loss caused by recurring or extreme climate and natural
events;
\u2022 transition risk, i.e. the business risk linked to global warming mitigation policies with a particular focus on the energy
sector; and
\u2022 environmental risk, meaning the risk of environmental damage during business activities and the litigation risk
connected with infringements of environmental protection regulations, with potential consequences in terms of
reputational risk.
CDP analyses its exposure and risk profile by assessing interest rate-sensitive items (both on and off-balance sheet),
quantifying, in terms of economic value, the reaction to minor changes (sensitivity analysis) and to major shocks (stress
tests) in risk factors. CDP also assesses the impact of interest rate risk on earnings for shorter horizons by specifically
quantifying the impact of parallel shifts in the yield curve on net interest income.
In response to the prevailing environment, CDP has adopted a cautious approach, closely monitoring its exposures to
identify any signals warranting the implementation of precise risk mitigation measures within its standard ALM framework.
To date, the impacts of the geopolitical environment on interest rate risk exposure have remained contained, although, in
circumstances of heightened market stress, CDP\u2019s exposure may require active management interventions, such as
adjustments to the hedging derivatives portfolio
184
.
With reference to liquidity risk, CDP monitors funding trends, both on capital markets and through the postal savings channel. While direct exposure to commodity price fluctuations is minimal, indirect exposure exists through certain assets held within the equity or credit portfolio. With reference to the specificities of the CDP Group companies, the following information is provided: \u2022 Regarding Fintecna S.p.A., notwithstanding the inherent difficulty in making accurate forecasts, no elements have been identified arising from developments in the current geopolitical environment that could directly affect the Company\u2019s operations. During 2025, risk monitoring activities were carried out through the operational tools adopted by Fintecna, in line with the methodologies applied by the CDP Group. The risk profile remains primarily linked to the management of liquidation processes and significant ongoing litigation (operational risk), relating to the numerous corporate entities incorporated over the years. Among operational risks, particular relevance is also attributed to those connected with the management of environmental remediation activities relating to sites owned by the Efim separate asset pool, properties originally belonging to the Iged separate asset pool, the performance by Fintecna of liquidator functions and, from the current financial year, the role of Extraordinary Administration Commissioner, as well as, most recently, those arising from the management of the investment in CDP Immobiliare S.r.l. in liquidazione and the vehicles controlled by it. Given the complexity characterising these situations and the inherent uncertainty regarding their future development, Fintecna periodically updates its assessments of the adequacy of the provisions for risks and charges recognised in the financial statements, which are currently considered adequate and sufficient to cover probable liabilities. Regarding the activities of the Efim segregated assets, it is noted that inflationary dynamics associated with potential events adversely affecting the current geopolitical environment could result in an increase in costs related to remediation and disposal activities. With reference to the Iged separate asset pool and the investment in CDP Immobiliare S.r.l. in liquidazione, a market risk has been identified linked to macroeconomic factors relating to developments in the real estate market, which may lead to a reduction in the value of assets, although not strictly correlated with factors directly influenced by the geopolitical environment. The value of the real estate portfolio is monitored through periodic valuations carried out by independent experts. An additional risk factor relates to the potential difficulty in disposing of owned assets, primarily consisting of real estate properties located throughout Italy. In measuring and managing market risk, the value of the property portfolio is periodically monitored through assessments conducted by Independent Experts. \u2022 For CDP Immobiliare S.r.l. in liquidazione, consideration has been given to the impacts associated with the current environment, characterised by a combination of factors related to ongoing geopolitical crises and developments in inflation levels and interest rates. By way of example and without limitation, the impact of these factors on the Company\u2019s activities may include increased difficulty for potential purchasers of properties in obtaining funding, as well as higher asset management costs resulting from both inflationary pressures and potential supply chain constraints. Given the nature of CDP Immobiliare\u2019s operations, market risk is defined as the risk of unexpected losses arising from macroeconomic factors affecting the real estate market, which may lead to a decline in property values. In order to measure and manage this risk, the value of the real estate portfolio is monitored through semi-annual valuations carried out by independent experts. With regard to exposure to interest rate risk, this is limited to the medium- to long-term financial liability of the investee company Quadrifoglio Brescia in liquidazione, for which debt restructuring activities with creditor companies are currently in progress. \u2022 Based on the analyses performed and the information currently available, CDP Real Asset SGR has not identified any significant risks or uncertainties arising from the current geopolitical environment that could materially affect the financial reporting, as the Company does not have significant exposures to geographical areas or counterparties directly affected by geopolitical tensions that could compromise business continuity or the recoverability of assets recognised in the financial statements. Furthermore, no significant impacts have been identified on the valuation of receivables, property, plant and equipment, inventories or other balance sheet items, and no factors have been identified that could materially affect the accounting estimates adopted. In any event, CDP Real Asset SGR continues to closely monitor developments in the macroeconomic and geopolitical environment in order to promptly identify any potential future impacts and ensure an appropriate and transparent presentation in the financial statements. \u2022 Regarding SIMEST S.p.A., the current environment confirms the presence of certain potential impacts, particularly in terms of credit risk, attributable to a possible deterioration in credit quality (downgrading of ratings and an increase in expected defaults) and the related provisioning requirements, with consequent effects on forecasts and budgets, as well as risks relating to fraud, anti-money laundering and reputation, also associated with the management of public resources. To further strengthen the mitigation of risks associated with the current environment, SIMEST\u2019s control functions have continued to consolidate the risk monitoring and control framework, in order to capture any changes in the scenario in terms of credit risk, liquidity, interest rate and other risks in an even more timely manner, ensuring reactivity and adaptability. With specific reference to credit risk, SIMEST has continued to strengthen its measurement and monitoring models and tools. Considerations relating to the geopolitical environment are incorporated and reflected, through dedicated models and assessment metrics, in the determination of Expected Credit Loss, in fair value measurements and in the management of financial and other risks. Based on the characteristics of SIMEST\u2019s Business Model, these areas are deemed material and are closely monitored. s cenario is not expected to affect the probability of the occurrence of hedged transactions. Finally, CDP does not have macro-hedge accounting
Regarding liquidity risk, the company continued its monitoring activities, focusing on risk indicators specifically
designed to align with its Business Model, such as the short-term liquidity indicator and the structural liquidity indicator,
both of which were found to be effective. With reference to the rate risk, the framework provides for the adoption of
the \u201cRepricing Gap\u201d methodology, which quantifies interest rate risk by calculating the \u201cgap\u201d, differentiated by
predetermined time buckets, between assets and liabilities exposed to interest rate risk. The Repricing Gap across
the different maturities, combined with an assumption of rate changes, allows the potential impacts on the income
statement to be quantified, identifying the relative limits on two levels: soft limit and hard limit. The activities carried
out during 2025 confirmed the effectiveness of this indicator. In the area of public funds, and with specific reference
to the operations of Fund 295/73, interest rate risk hedging activities were initiated during the year through macro-
hedging transactions implemented by the Ministry of Economy and Finance.
Regarding ESG risks, these may have either a positive or negative impact on the economic and financial performance
and on the solvency of SIMEST\u2019s counterparties. The initiatives envisaged under SIMEST\u2019s Strategic Plan in the field
of sustainability achieved significant progress during 2025, including the development of an ESG risk assessment
model for equity investment transactions, in line with the provisions of the Group Policy. The model, based on a
qualitative and quantitative approach, assigns a level of risk to each ESG component and defines a composite risk
indicator.
\u2022 CDP Equity S.p.A. and CDP RETI S.p.A., as financial holding companies, are inherently exposed, on an indirect basis,
to the business risks of their investees and to the main sources of uncertainty affecting their economic and financial
performance and expected returns, in light of their investments and commitments; accordingly, they perform
continuous monitoring of the financial results achieved and expected by their investees, assessing management
proposals within the scope of business operations, taking into account the relevant sector and market conditions as
well as the broader political, economic and social environment.
During 2025, the Risk Department function of CDP Equity carried out its activities in accordance with risk management
principles along three main lines of action: (i) assessment of risks associated with the investment portfolio, both at the
stage of approving investment and divestment transactions and periodically through monitoring of the portfolio risk
profile; (ii) assessment of risks to which the Company is exposed in the course of its core operations; and (iii) reviews
performed in connection with the valuation of corporate assets within the accounting process. In relation to portfolio
risk profile monitoring, this activity was carried out on an ongoing basis, relying on the periodic reports received from
the entities and managers, as well as available public information. In addition, targeted analyses were carried out on
investees (such as, for example, assessments of the main impacts related to the introduction of tariffs by the United
States administration) and on subscribed funds. In addition, the Risk Department has undertaken a targeted analysis
of ESG risks associated with direct investments and funds. These analyses facilitated the effective monitoring of the
portfolio\u2019s risk profile.
\u2022 CDP RETI S.p.A., overall, is not materially exposed to credit risk, which primarily arises from receiving dividends from
subsidiaries and trading derivative instruments (for which cash collateral is exchanged), bank deposits, and irregular
deposits with its parent company, CDP S.p.A.
With regard to interest rate risk exposure, the Company has in place two IRS transactions accounted for under hedge
accounting (cash flow hedge), with CDP S.p.A. as counterparty, to hedge a variable-rate Term Loan whose yield is
affected by interest rate fluctuations. Based on the latest forecasts, CDP RETI S.p.A.'s income taxes and deferred
taxation are not anticipated to show significant volatility; instead, they are expected to grow in the coming years.
\u2022 The Snam group, despite a geopolitical environment characterised by multiple sources of uncertainty, continued its
path of industrial and financial strengthening, completing the 2025 investment plan without delays while ensuring the
continuity of operational activities. In this context, operations commenced at the new import entry point represented
by the offshore FSRU terminal near Ravenna, which became operational in May 2025 and increased national
regasification capacity.
With reference to the group\u2019s foreign subsidiaries, during 2025 supplies of Russian gas to Europe, already at marginal
levels compared with volumes recorded prior to the conflict, experienced a further significant reduction following the
non-renewal of the transit agreement through Ukraine. This reduction was offset by withdrawals from storage and
increased LNG supplies. Thanks to ongoing diversification of supply sources and investments in supply security, no
significant disruptions or critical issues have been recorded within Snam\u2019s international asset portfolio.
With regard to the Austrian investees TAG (jointly controlled entity) and GCA (associate), no updates have been
identified in the regulatory framework applicable to the regulatory period 2025-2027. The current framework has
significantly modified the previous regulatory regime and, inter alia, in addition to providing for the elimination of volume
risk for the two Transmission System Operators (TSOs), has also introduced compensatory mechanisms borne by the
companies, effective from 2025. This change has enabled TAG to return to profitability after several years of negative
results influenced by changes in supply dynamics.
With reference to the situation in the Middle East, the conflict in the Gaza Strip does not currently have direct impacts
on Snam\u2019s assets or on the operations of the pipeline connecting Israel and Egypt (EMG, an associate).
With regard to climate-related matters, legislation introduced in response to climate change may give rise to new
obligations that did not previously exist. Snam has established ambitious targets aimed at progressive
decarbonisation. The full implementation of this policy, also intended to reduce CO2 emissions, together with energy
efficiency and mitigation measures designed to protect biodiversity, has not resulted in the need to recognise liabilities
that were not previously recorded. Accordingly, no critical reassessment of the provisions recognised in the financial
statements was required.
\u2022 The Terna group closely monitors the current international geopolitical environment, characterised by high levels of
uncertainty which, while not producing immediate effects on the group\u2019s operations, could influence its medium term
development prospects. In this context, Terna ensures both continuous monitoring of new legislation concerning
International Sanctions and the strengthening of its due diligence processes and ordinary control activities.
Any pressures on the costs of materials or services arising from geopolitical tensions or disruptions to international
supply chains do not represent a material risk for the group, as price revision mechanisms provided for by law are fully
recognised within the Regulated Asset Base (RAB) for the purpose of calculating the return on investments. The
analysis carried out on the effects of the geopolitical environment, including the assessment of potential impacts
arising from ongoing conflicts and emerging areas of instability, did not identify any trigger events requiring the testing
for impairment of property, plant and equipment owned by the group or of intangible assets with a finite useful life. The
Terna group also considers that a potential risk may arise in relation to the supply chain, linked to significant changes
in the strategies of key suppliers, exacerbated by the global supply chain crisis, driven by international conflicts, the
imposition of tariffs, supply constraints, the ongoing energy transition in numerous countries and the alignment of
technical specifications with new regulatory requirements. This risk could potentially impact construction and
maintenance activities, possibly affecting the continuity and quality of the service as well as the timelines for completing
the works. The Terna group continuously monitors developments in the supply chain in order to promptly identify any
potential issues and implement the necessary corrective measures. It should also be noted that Terna and its
subsidiaries do not have offices or significant operations in regions affected by conflicts and do not maintain material
commercial relationships with the United States of America.
Within the scope of financing arrangements and bond issuances, the Terna group has in place certain bank financing
facilities containing so-called ESG-linked provisions, a commercial paper programme that enables the issuance of so-
called ESG Notes and has also carried out bond issuances classified as Green and European Green Bond
instruments. Regarding the ESG-linked bank loans, a reward/penalty mechanism is provided, applicable to the
payment of interest accruing from a contractually specified date, linked to the achievement of specific environmental,
social, and governance indicators. Considering the above, the Terna group believes that there may be a risk, albeit
not significant, related to the achievement of ESG targets. Should these targets not be achieved by the agreed
contractual date, the cost of debt would increase slightly; however, the impact on financial charges would remain
negligible. The Terna group continuously monitors all activities related to climate change and, at present, has not
identified any critical issues.
\u2022 The Italgas group considers the risks and uncertainties arising from the current geopolitical context, identifying the
potential effects these may have on valuations, estimates and sensitivity analyses, and monitoring their possible
impacts on the group\u2019s financial position and performance. Italgas monitors climate change-related risks through its
Enterprise Risk Management (ERM) system, distinguishing between physical risks, associated with the increase in
extreme weather events and rising average temperatures in the areas in which it operates, and transition risks, linked
to regulatory developments concerning emissions, technological progress and uncertainty regarding the future role of
natural gas within the energy mix. With regard to physical risks, Italgas continuously monitors the integrity of its
infrastructure and employs innovative technologies to promptly identify potential issues and mitigate impacts on
service continuity. Transition risks are managed through investments in technological innovation, network digitalisation
and the adaptation of infrastructure to support the distribution of alternative gases, such as hydrogen, biomethane and
e-gas, as well as through energy efficiency and emission reduction initiatives.
\u2022 During 2025, the Ansaldo Energia group closely monitored developments in the macroeconomic and geopolitical
environment, with particular reference to the introduction or strengthening of protectionist measures and customs
tariffs by certain countries.
In this context, it should be noted that, during the current financial year, the Ansaldo group did not generate revenue
from sales in the United States of America. Starting from the 2026 order intake, there is a possibility that commercial
relationships may be established with counterparties located in those areas. In such a scenario, the approach adopted
by the companies within the Ansaldo group is to provide contractually that any costs arising from potential protectionist
measures are borne by customers who are currently showing willingness to consider accepting this condition. Any
potential exposure of the Ansaldo group to such risk would in any case remain limited, representing a minor portion
of current order intake volumes.
With regard to the supply chain, the Ansaldo group is successfully continuing its vendor base extension strategy,
which has already resulted in a reduction of approximately 25% in the market share of single-source suppliers, with a
further downward trend expected in the coming financial years. Both the impact on procurement costs and the
continuity of logistics flows - including any potential need to reconfigure the supply chain in the presence of new trade
tariffs - are assessed as risks contained within normal operating limits.
With reference to the current geopolitical environment, sanctions aimed at restricting trade with Russia, including the
eighteenth sanctions package, have introduced not only restrictions of a subjective nature but also objective
restrictions, expanding the list of products whose sale, supply, transfer or export (whether direct or indirect) to any
natural or legal person, entity or body in Russia, or for use in Russia, is prohibited. In particular, these restrictive
measures have affected the Ansaldo group\u2019s business in Russia, introducing a ban on the export of certain products
and materials and requiring export licences for specific goods; this measure is in addition to the absolute prohibition
on the export of dual-use goods already established under previous sanctions packages.
Within the scope of the group\u2019s exposure to financial risks, it is noted that, as a result of the European Central Bank\u2019s
policy (which maintained unchanged levels in its last two meetings with regard to both the deposit facility rate and the
main refinancing rate), the parent company Ansaldo Energia benefited from a positive stabilisation of interest
expenses relating to the variable-rate portion of its financial indebtedness. In addition, further savings in interest
expense were achieved through the reduction of the spread applied by lending banks in relation to these financing
arrangements, following the testing of the Leverage Ratio as at 30 June 2025, which enabled a reduction in the margin
in line with the margin ratchets provided for in the relevant financing agreements. The remaining portion of gross debt
is not exposed to risks arising from interest rate fluctuations, also due to the fixed-rate hedging instruments in place
(interest rate swaps - IRS). Despite the persistence of a complex geopolitical environment, the improvement in market
conditions, together with the strong performance of the Service segment and the progressive completion of New Units
projects, has substantially reduced the group\u2019s exposure to liquidity risk. In this regard, it should be noted that operating
cash flow recorded a very positive performance during the financial year. In this context, it is also important to highlight
the positive impact on the risk of breaching financial covenants.
\u2022 For the Fincantieri group, the ongoing commitment to implementing price risk mitigation policies relating to the
procurement of raw materials is confirmed, namely the risk that fluctuations in commodity prices may affect the group\u2019s
production costs. Such risk may arise, for example, as a result of catastrophic events affecting the supply chain,
changes in customs policies or international import/export agreements, or temporary or structural imbalances between
supply and demand. In order to prevent and protect against the impact of changes in commodity prices on production
costs, risk exposure is continuously reviewed by monitoring price trends and implementing commercial (steel, gas and
electricity) or financial (copper, diesel and LNG) hedging policies where necessary and possible. The group takes into
account foreseeable increases in the components of contract costs when determining the offer price and assesses
the feasibility of risk sharing with customers. At the time of signing the contract, fixed-price purchase options will
already have been defined for some of the vessel\u2019s principal components. In addition, the market and the Authority\u2019s
resolutions on electricity and gas continue to be monitored. The Fincantieri group\u2019s receivables consist largely of
receivables from private shipowners typically related to ongoing construction contracts, as well as from the Italian
government, including both receivable contributions and supplies to military bodies for projects under construction.
The Fincantieri group carries out checks on the financial soundness of its customers, including through information
from the main credit risk assessment agencies, and constantly monitors counterparty risk, including during the order
construction phase, reporting any issues to top management and assessing the actions to be taken on a case-by-
case basis. The group also engages in constant dialogue with its customers, undertaking customer support actions
where deemed useful for maintaining or increasing the order book. Furthermore, clients of the Fincantieri Group have
often utilised financing arrangements secured by a national Export Credit Agency to complete their order acquisitions.
This form of financing provides Fincantieri with assurance that clients possess the funds required to fulfil their
contractual duties throughout the building and delivery phases. Moreover, Export Credit Agencies\u2019 support has
recently enabled shipowners to secure the flexibility essential to honour their contracts with shipyards, even in times
of systemic crisis. The group utilises reverse factoring as a tool to ensure easier access to credit for its suppliers,
based on contractual arrangements whereby the supplier can assign receivables owed by the group to a financial
institution and receive payment before the due date.
Financial instruments: Expected Credit Losses (\u201cECL\u201d) and fair value measurements
In measuring Expected Credit Losses, CDP applies an internally-developed methodology, which considers:
\u2022 a reliable estimate of through-the-cycle probability of default, which incorporates not only historical data but also
forward-looking information to ensure the reliability of the estimates even in situations of severe crisis, across the
entire life of the financial instruments;
\u2022 an internal model for estimating the cyclical component of probability of default, to produce forward-looking estimates
of point-in-time parameters.
The model applied to estimate the cyclical component is based on the main macroeconomic drivers including GDP and
employment rate forecasts, with reference to the Eurozone and the USA. The quantitative model adopted internally has
not changed and, in particular, no sector-based adjustments were made since it was deemed that alternative methods
would not be more reliable in the current phase and might, at least potentially, introduce higher risks of arbitrariness. Even
when considering the effects of the changing economic environment on the counterparties in portfolio to date as relatively
small, CDP considered it necessary to continue applying the management overlay (introduced for the 2021 financial
statements) for quantifying ECL, aimed at compensating for the effect of falling point-in-time default probabilities which
would otherwise result from the trends in the macroeconomic and credit indicators used in the model.
In terms of quantifying the Expected Credit Loss, all relevant risk factors related to the counterparty\u2019s creditworthiness are
addressed by assigning a forward-looking synthetic credit rating, aiming to produce assessments that are prudently
reasonable, while also considering the specific role and aims of CDP.
The credit rating assigned to each counterparty includes, inter alia and to the extent relevant, assessments related to
climate change and energy transition. As a result, the measurement of the ECL associated with each position may be
affected, where there is a significant impact, by the exposure to risks related to these issues.
In carrying out fair value measurements (both on a recurring basis and with regard to financial assets and liabilities
measured at amortised cost), CDP accurately reflects the current macroeconomic scenario, in particular in relation to the
level of interest rates, exchange rates, inflation, credit spreads and volatility, which - for fair value levels 2 and 3 - are used as inputs for the valuation models consistently applied over time to consistent categories of instruments. With regard to the specificities of the CDP Group companies, the following is highlighted: \u2022 CDP Real Asset SGR, with regard to the fair value of real estate investments, has relied on Independent Experts for the valuation of the real estate assets of the funds under management. During the first half of 2025, no factors emerged that would require a revision of the estimates. Specifically, as noted by the independent experts of the funds directly managed by the Company, as of the valuation date, various markets, including the real estate market, are undergoing restructuring; consequently, the value judgment provided no longer reflects a \"substantial uncertainty\" (Material Valuation Uncertainty), as defined by VPS 3 and VPGA 10 of the RICS Valuation - Global Standards. \u2022 For SIMEST S.p.A., the consolidation of measurement and monitoring models and tools continued, also taking into account the current macroeconomic context, applying prudential provisioning policies both at portfolio level (collective) and individual counterparty level (analytical). For those assets classified at amortised cost, the Expected Credit Loss model incorporated (i) the update of risk parameters, including ratings assigned to individual counterparties (\u201csingle names\u201d) subject to specific review activities and ongoing performance monitoring, and (ii) the application of prudent classification criteria to Stage 2 for specific counterparties and sectors presenting issues requiring close monitoring. In particular, in the assessment of Expected Credit Losses, SIMEST employs the methodology internally developed by the Parent Company. For those assets measured at fair value, the impairment values, calculated using updated market parameters, factor in i) interest rate trends and ii) updated risk parameters such as ratings. The overall effect, however, was mitigated by the progressive reduction in exposures measured at fair value. The coverage ratio of the performing portfolio as at December 2025 shows a gradual decrease compared with December 2024, driven by new origination flows with stronger credit quality and/or supported by collateral, the progressive ageing profile of the portfolio and the update of risk parameters. With reference to analytical impairment, the measurements were conducted at individual counterparty/transaction level based on the expected cash flows, the presence of guarantees and the recovery timing and percentages, also depending on the economic context. In December 2025, a coverage ratio of more than 80% was recorded, confirming write-downs at prudential levels. Within the scope of public funds, portfolio monitoring activities relating to Fund 394/81 continued during the first half of 2025. In the area of sustainable finance, activities continued to incorporate ESG-linked clauses into the contractual framework governing equity investment transactions, to which specific targets negotiated with the counterparty are linked; upon achievement of these targets, a pricing incentive is granted, with the objective of supporting partners in strengthening their sustainability practices. \u2022 The Snam group, in the context of financing arrangements and bond issuances, and with a view to ensuring sound liquidity risk management and diversification of funding sources, has in place certain bank loans and bond instruments that include so-called ESG-linked provisions, reflecting Snam\u2019 strong focus on ESG matters, which represent a key component of its corporate strategy. These instruments include a reward/penalty mechanism applied to the payment of accrued interest, linked to the achievement of specific environmental, social and governance indicators, the failure to meet which could result, over the medium to long term, in higher financing costs or reduced access to certain funding sources. However, the impact of such risk on finance costs would remain limited. Snam continuously monitors all activities related to climate change and, at present, has not identified any critical issues. \u2022 For the Terna group, the effects of the changing geopolitical environment have not resulted in an increase in credit risk and have not affected the measurement of Expected Credit Losses; the group\u2019s trade receivables fall within the Held to Collect business model, generally have maturities of up to 12 months, do not contain a significant financing component and relate to customers (holders of dispatching contracts for withdrawal or injection and distributors) considered solvent by the market and characterised by high credit quality. Generally speaking, credit risk management is regulated by ARERA Resolution No. 111/06, which includes provisions aimed at mitigating risks related to the insolvency of dispatching customers, both as a preventative measure and when insolvency is realised. Moreover, these effects did not generate changes in reference to the business model identified for financial instruments, not involving changes in the chosen classification. \u2022 The Ansaldo group also reflects potential increases in customer default risk in its assessments by incorporating country default risk into the evaluation of its contracts and the related receivables (Expected Credit Loss - ECL). Impairment test Equity investments With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic
situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables
determining the recoverable amount.
The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information
taken from public sources or of any additional information received by the investee companies.
Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments
accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported
financial performance or because they had been subject to impairment in previous reporting periods.
When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value
less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to
(i) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical
tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the
tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national
and international regulators, alongside directives from industry organisations. In this regard, the assumptions and the
valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors
concerning the updated macroeconomic framework. The key general principles used are as follows:
\u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the
proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rate
forecasts)
185
;
\u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the
average of the latest surveys;
\u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period of
analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of
the medium/long-term perspective of the underlying cash flows.
In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine
the subject asset\u2019s value, including for example:
\u2022 the price of hydrocarbons (e.g. oil) for companies operating mainly in the Oil & Gas sector, also in order to take into
account any climate risks inherent in the business;
\u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used;
\u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to
the generalised context of uncertainty that could increase market volatility.
Goodwill
Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within
the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite
useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is
performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount
of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying amount of the CTU is higher than
its recoverable amount, the difference is recognised in the income statement by reducing goodwill as a priority, until it is
zeroed.
At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under
IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international
regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the
difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical
tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade
relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and
uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity
have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash
flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU
analyses.
For further information please refer to the more detailed description in the specific sections of the Notes to the Consolidated
Financial Statements.
Regarding the specific characteristics of the CDP Group companies, the following is highlighted:
\u2022 For Fintecna S.p.A., the investment in the separate asset pools and in CDP Immobiliare S.r.l. in liquidazione is
recognised among Fintecna\u2019s equity investments, and the related risk profile is linked to the progress of the respective
185
This principle also applies if the country risk has been estimated directly through the yield of the government bond of the country of reference for the
liquidation processes; the management and valuation of such investments fall within the broader monitoring and
management activities relating to liquidation procedures.
\u2022 CDP RETI S.p.A., with specific reference to the variables characterising the current scenario, continues to require an
assessment of the impacts that such context may have on the Company\u2019s business operations. Specifically, to assess
the equity investment\u2019s recoverable amount, understood as the higher of the fair value net of cost of sales and its
value in use, in the presence of one or more impairment indicators, the Company determines the relative fair value
(calculated as the weighted average of stock prices and volumes from the last month up to the valuation date). With
specific reference to the exposure to risks more closely related to climate change, CDP RETI S.p.A. currently faces a
limited overall exposure, and there have been no impacts to date on the estimation of the recoverable amount (nor
are such impacts anticipated in the short term) of the equity investments held in its portfolio.
\u2022 CDP Equity S.p.A., in compliance with the applicable risk policy, carried out assessments (i) on the impairment testing
of equity investments, (ii) on outstanding financing arrangements and (iii) on the accounting valuations of optional
components associated with portfolio investments. The valuations of these optional components were carried out, on
a fair value basis, with the support of an independent expert. Any impacts arising from factors such as the introduction
of new tariffs (or increases in existing ones), significant changes in commodity prices and fluctuations in exchange
rates affecting investees are reflected in the business plans, budgets and projections prepared by those entities and
used for impairment testing purposes.
\u2022 The Snam group is exposed to both physical and transition risks arising from potential socio-economic changes in the
environment in which the group operates in relation to climate change-related matters; however, in general, it is
considered that, in light of the actions undertaken, potential climate risks are expected to have limited impacts on the
measurement of non-current assets and other assets, including receivables, recognised in the financial statements.
With regard to physical risks, the Snam group continuously monitors the integrity of its infrastructure and facilities, as
well as the condition and preservation status of the areas in which they are located, regularly updating the processes
and systems employed in order to identify potential issues, including through the adoption of new technologies capable
of reducing the environmental impact of its activities. These actions enable the company to limit its exposure to risks
related to natural events; moreover, in order to remedy unforeseeable extreme natural events, Snam has adopted
innovative intervention strategies and action plans aimed at ensuring the immediate safety and resumption of activities
in the shortest possible time. Snam group has also put in place specific insurance contracts to cover some of these
risks, in accordance with industry best practices. Similarly, due to the systematic monitoring of its assets and the
geographical areas they are located in, Snam is able to identify in advance possible situations that could potentially
lead to contingent liabilities related to climate risks. In light of the above, no critical reassessment of the useful life of
assets recognised in the balance sheet has been required.
\u2022 The Terna group, with reference to the potential presence of impairment risks relating to property, plant and equipment,
concluded that, although climate risk mitigation actions require the planning of maintenance activities on the National
Transmission Grid (NTG), aimed at ensuring service quality, asset safety and the maintenance of operational
performance, such activities do not have negative impacts on the determination of fair value less costs of disposal.
Indeed, a market participant would consider such investments as part of the fair value measurement process.
Due to the sanctions aimed at restricting trade with Russia described above, the Ansaldo group assessed the recoverability of the carrying amount of the investee Ansaldo Russia, which is of non-material value, and of any related assets, updating cash flow forecasts to reflect temporary operational constraints due to force majeure, evaluating the existence of potential liabilities and analysing the recoverability of any trade receivables and advances, taking into account the significant level of collections recorded during 2025. Based on the analyses performed, the Ansaldo group prudently recognised an impairment to cover the recoverability of deferred tax assets recorded in the financial statements of the subsidiary. Revenues Current geopolitical developments may lead to the renegotiation of contractual terms relating to contracts and to commercial frictions, and situations of uncertainty may affect revenue recognition, also considering that the introduction of new tariffs (or changes to existing tariffs) may increase the estimated costs required to complete a contract and consequently reduce the percentage of completion. In this context, the following is highlighted: \u2022 For CDP Real Asset SGR, revenues are generated exclusively from management fees paid by the funds under management, settled on a quarterly basis and governed by the respective fund regulations. Revenue is recognised in line with the accrual of the right to the fee over the period during which the management service is provided. As at 31 December 2025, the Company had not recognised revenue arising from long-term contracts or from additional business lines. With reference to the funds under management, for properties that have completed their value enhancement activities, the revenues recognised in the funds\u2019 annual reports consist of rental income accrued, paid to the funds by contractual counterparties on a regular basis and in accordance with the terms set out in the relevant lease agreements. \u2022 For the Terna group, the most significant share of revenue relates to Regulated Activities in Italy, covering both operational cost reimbursement and invested capital returns, based on a WACC periodically updated by ARERA to
reflect the cost of capital. The current regulatory framework also provides for the indexation of operating costs
recognised in the tariff and the RAB, in order to capture inflationary trends.
Regarding Non-Regulated Activities, particularly in the Energy Services sector, in light of the portfolio of products and
services aimed at promoting the development of renewable energy in Italy, including the construction and
management of photovoltaic plants, network connection infrastructures, and services for industrial clients, as well as
in the production of cables and transformers, the group does not identify any new uncertainties likely to affect the
current revenue recognition model, nor is there any need to critically reassess existing contracts.
\u2022 For the Italgas group, rising temperatures and transition-related dynamics may affect the number of active delivery
points and revenues; however, these effects are mitigated by the regulatory mechanisms introduced by ARERA, which
provide for revenue adjustment mechanisms. Similarly, demand risk is mitigated by revenue stabilisation mechanisms
embedded in the current natural gas distribution tariff framework. Similarly, due to the systematic monitoring of its
assets and the areas in which they are located, the Italgas group is able to proactively identify potential situations that
could give rise to contingent liabilities related to climate risks.
Operating segment information
Geopolitical uncertainties (for example, trade frictions) and climate-related matters have not resulted in changes to the
operating segments of the companies, nor in the application of aggregation criteria and/or in the disaggregation of
revenues, with consequent effects on the disclosures provided in accordance with IFRS 8.
For information relating to the operating segments of the CDP group, reference should be made to the section entitled
\u201cPart L \u2013 Consolidated Segment Reporting\u201d.
Control, joint control, and significant influence
The companies of the CDP Group conduct specific assessments - where necessary also with the support of external
consultants - to ensure the correct classification of the investment relationship in the balance sheet, considering additional
elements beyond voting rights, such as (i) the ability to determine the financial and management policies of the investee
for determining control investments; (ii) participation in determining financial and management policies (without control or
joint control) for determining associate investments; (iii) the existence of contractual agreements between two or more
parties sharing control and making unanimous decisions regarding relevant activities to define joint control investments.
Business combinations
Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and
liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally
recognised through profit or loss in the years when those costs are incurred or the services are rendered.
The companies of the CDP Group carry out specific assessments \u2013 sometimes supported by external consultants
appointed for this purpose \u2013 regarding the following factors: (i) whether the transaction meets the definition of a business
combination or should be accounted for as an asset purchase; (ii) the identification of the acquirer; (iii) the determination
of the acquisition date; (iv) the determination of the consideration paid; (v) the recognition and measurement of identifiable
acquired assets, assumed identifiable liabilities (including potential ones) and any non-controlling interest in the acquired
entity; (vi) the recognition and measurement of goodwill or a gain on a favourable purchase.
For further details on business combinations completed during the 2025 financial year, reference should be made to the
section \u201cPart G \u2013 Business Combinations Involving Companies or Business Units\u201d.
Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control
of one or more companies that do not constitute a business activity and those for which the business combination is carried
out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not
cause changes in the control structure independently of the percentage of non-controlling interests before and after the
transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to
have no economic substance.
Further considerations
With regard to other financial reporting matters identified by ESMA as areas requiring continued focus in terms of
assessment and judgement, including:
\u2022 Income taxes and deferred taxation;
\u2022 reassessment of provisioning methodologies;
\u2022 volatility in energy product prices;
\u2022 GHG Emissions.
These matters were taken into account by the companies of the group for the purposes of preparing their annual financial
statements, and no elements have emerged that would require specific additional assessments or further disclosures
beyond those already included in the notes to the financial statements.
***
In relation to the matters outlined above, it should be noted that the estimates were based on market quotations and
parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and
volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue to
weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs) (which
have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global
trade patterns), as well as to the current macroeconomic environment and developments in monetary policy conditions.
The valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in
that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also
based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In
view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of
when and to what extent it may happen - the differences between actual values and estimated values might be significant,
even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current
situation of uncertainty.
Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical
environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium
term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of
which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be
subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that
are not currently foreseeable or quantifiable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-884": { "value": "Section 2 - General preparation principles The Consolidated Financial Statements of the CDP Group include the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows (prepared according to the \u201cindirect method\u201d), and the notes to the financial statements, and are also accompanied by the Report on operations. These documents, the separate financial statements and the annexes to both separate and Consolidated Financial Statements, make up the annual report. The Consolidated Financial Statements and tables included in the notes present not only the amounts related to the current financial period but also the corresponding comparative values. In the consolidated income statement, in the consolidated statement of comprehensive income, and in the tables in the notes to the Consolidated Financial Statements, revenues are shown as positive, while costs are shown as negative in brackets, when presented in tables in combination with revenues. For the purposes of interpretation and to provide support in applying the financial reporting standards, the following documents have also been considered, although they have not been endorsed by the European Commission: \u2022 Conceptual framework for financial reporting; \u2022 Implementation Guidance and Basis for Conclusions; \u2022 SIC/IFRIC Interpretation Documents; \u2022 Interpretation documents on the application of the IFRS in Italy, prepared by the Organismo Italiano di Contabilit\u00e0 (Italian Accounting Board, OIC) and the Italian Banking Association (ABI); \u2022 Documents issued by the EBA, ESMA and Consob concerning the application of specific IFRS rules; \u2022 Documents issued by ESMA and Consob regarding the assessments and disclosures required for financial reporting and sustainability reporting 175 . Where the information required by international accounting standards and by the provisions set out in the Bank of Italy regulations is deemed insufficient to provide a true and fair view, the notes to the financial statements supply the additional disclosures necessary for that purpose. These consolidated financial statements have been prepared in accordance with the following general requirements of IAS 1 - \u201cPresentation of financial statements\u201d: \u2022 Going concern basis: pursuant to the provisions of joint Bank of Italy/Consob/Isvap Document No. 2 of 6 February 2009 concerning disclosures on the going concern basis and in compliance with the requirements on the same issue contained in IAS 1 Revised, the CDP Group has conducted an assessment of the company\u2019s ability to continue t o operate as a going concern, considering all available information over a medium-term time horizon. Based on an analysis of the information and the results achieved in previous years, CDP deems appropriate to prepare its Consolidated Financial Statements on a going concern basis; 175 \u2022 Accruals basis: operations are recognised in the accounting records and in the consolidated financial statements of the CDP Group (except for the disclosure about cash flows) when they accrue, regardless of the payment or collection date. Costs and revenues are recognised in the income statement in accordance with the matching principle; \u2022 Materiality and aggregation: all items containing assets, liabilities, revenues and expenses of a similar nature and with similar characteristics are presented separately in the financial statements, unless they are immaterial; \u2022 Offsetting: no assets have been offset with liabilities, nor income with expenses, unless expressly required or allowed by the instructions of the Bank of Italy or by an accounting standard or a related interpretation; \u2022 Frequency of reporting: the CDP Group has prepared these consolidated financial statements, presenting the related disclosures, on an annual basis. No changes occurred with respect to the reporting date, which remains at 31 December of each year; \u2022 Comparative information: comparative information is presented for two consecutive financial years (the current year and the previous year). Such comparative information, relating in both cases to the financial year-end, is provided for each of the individual statements comprising the financial statements, including the related notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-902": { "value": "Section 2 - General preparation principles The Consolidated Financial Statements of the CDP Group include the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows (prepared according to the \u201cindirect method\u201d), and the notes to the financial statements, and are also accompanied by the Report on operations. These documents, the separate financial statements and the annexes to both separate and Consolidated Financial Statements, make up the annual report. The Consolidated Financial Statements and tables included in the notes present not only the amounts related to the current financial period but also the corresponding comparative values. In the consolidated income statement, in the consolidated statement of comprehensive income, and in the tables in the notes to the Consolidated Financial Statements, revenues are shown as positive, while costs are shown as negative in brackets, when presented in tables in combination with revenues. For the purposes of interpretation and to provide support in applying the financial reporting standards, the following documents have also been considered, although they have not been endorsed by the European Commission: \u2022 Conceptual framework for financial reporting; \u2022 Implementation Guidance and Basis for Conclusions; \u2022 SIC/IFRIC Interpretation Documents; \u2022 Interpretation documents on the application of the IFRS in Italy, prepared by the Organismo Italiano di Contabilit\u00e0 (Italian Accounting Board, OIC) and the Italian Banking Association (ABI); \u2022 Documents issued by the EBA, ESMA and Consob concerning the application of specific IFRS rules; \u2022 Documents issued by ESMA and Consob regarding the assessments and disclosures required for financial reporting and sustainability reporting 175 . Where the information required by international accounting standards and by the provisions set out in the Bank of Italy regulations is deemed insufficient to provide a true and fair view, the notes to the financial statements supply the additional disclosures necessary for that purpose. These consolidated financial statements have been prepared in accordance with the following general requirements of IAS 1 - \u201cPresentation of financial statements\u201d: \u2022 Going concern basis: pursuant to the provisions of joint Bank of Italy/Consob/Isvap Document No. 2 of 6 February 2009 concerning disclosures on the going concern basis and in compliance with the requirements on the same issue contained in IAS 1 Revised, the CDP Group has conducted an assessment of the company\u2019s ability to continue t o operate as a going concern, considering all available information over a medium-term time horizon. Based on an analysis of the information and the results achieved in previous years, CDP deems appropriate to prepare its Consolidated Financial Statements on a going concern basis; 175 \u2022 Accruals basis: operations are recognised in the accounting records and in the consolidated financial statements of the CDP Group (except for the disclosure about cash flows) when they accrue, regardless of the payment or collection date. Costs and revenues are recognised in the income statement in accordance with the matching principle; \u2022 Materiality and aggregation: all items containing assets, liabilities, revenues and expenses of a similar nature and with similar characteristics are presented separately in the financial statements, unless they are immaterial; \u2022 Offsetting: no assets have been offset with liabilities, nor income with expenses, unless expressly required or allowed by the instructions of the Bank of Italy or by an accounting standard or a related interpretation; \u2022 Frequency of reporting: the CDP Group has prepared these consolidated financial statements, presenting the related disclosures, on an annual basis. No changes occurred with respect to the reporting date, which remains at 31 December of each year; \u2022 Comparative information: comparative information is presented for two consecutive financial years (the current year and the previous year). Such comparative information, relating in both cases to the financial year-end, is provided for each of the individual statements comprising the financial statements, including the related notes. Use of estimates The application of International Financial Reporting Standards in preparing the consolidated financial statements requires the CDP Group to make accounting estimates that are considered reasonable and realistic according to the information available at the time the estimate is made. Such estimates impact the carrying amount of the assets and liabilities, costs, revenues, and the disclosures on contingent assets and liabilities as of the reporting date, as well as the amounts reported for revenues and costs for the reference financial year. Changes in the conditions underlying the judgements, assumptions and estimates adopted may also have an impact on the consolidated financial statement items and on future financial results. Relevant accounting policies and uncertainties about the use of estimates in the preparation of the consolidated financial statements (in accordance with IAS 1 and the recommendations contained in Bank of Italy/Consob/Isvap Documents no. 2 of 6 February 2009 and no. 4 of 3 March 2010) The application of certain accounting standards necessarily involves the use of estimates and assumptions that have an effect on the values of assets, liabilities, costs and revenues recognised in the financial statements and on the reporting on potential assets and liabilities. The underlying assumptions of the estimates take into account all the information available at the date of preparation of the Consolidated Financial Statements, as well as hypothesis considered reasonable, also in light of historical experience. Because of their nature, it cannot therefore be excluded that the assumptions made, however reasonable, may not be confirmed in the future scenarios the CDP Group will operate in. The results that will be achieved in the future may therefore differ from the estimates made for the purposes of preparing the consolidated financial statements and it may therefore be necessary to make adjustments that cannot be foreseen or estimated to date with respect to the carrying value of the assets and liabilities recognised in the financial statements. In this respect, it should be noted that adjustments to the estimates may be necessary as a result of changes in the circumstances on which the estimates were based, as a result of new information or increased experience. The main areas in which management is required to make subjective assessments are: \u2022 the calculation of impairment losses on loans, equity investments and, in general, other financial assets subject to impairment; \u2022 the use of measurement techniques to determine the fair value of derivative instruments and financial instruments not listed on an active market; \u2022 the calculation of employee benefits and provisions for risks and charges (including provisions for environmental risks and liabilities related to clean-up obligations, site and/or land restoration and plant decommissioning); \u2022 the estimates and assumptions used in assessing the recoverability of deferred tax assets and interpretative issues concerning tax treatment; \u2022 the statistical and financial assumptions used in estimating repayment flows on postal savings products; \u2022 the assessment of the recoverability of goodwill and other intangible assets; \u2022 the valuation of work in progress and inventories of raw materials, semi-finished and finished goods; \u2022 the quantification of revenues related to output-based incentives. The description of the accounting policies used for the main consolidated financial statement items provides details on the main assumptions and assessments used in preparing the Consolidated Financial Statements. The current macroeconomic scenario continues to be characterised by a combination of factors related to ongoing geopolitical tensions (which still weigh on global outlook) fluctuating monetary policy conditions, the general deterioration in the economic climate, and persistent uncertainty about future developments. For further information on the uncertainties of the current context, see also the Report on operations as well as the Section 5 \u2013 \u201cOther issues\u201d in the Notes to the Consolidated Financial Statements. IFRS endorsed at 31 December 2025 and in force since 2025 As required by IAS 8 - \u201cAccounting policies, changes in accounting estimates and errors\u201d, details of the new international financial reporting standards, or amendments to standards already in force, whose application became mandatory from 1 January 2025, are provided below: \u2022 Commission Regulation (EU) 2024/2862 of 12 November 2024 amending Regulation (EC) No 2023/1803 concerning International Accounting Standard No. 21 (IAS 21). New accounting standards and interpretations issued and endorsed by the European Union, but not yet effective (effective for the financial years beginning 1 January 2026) Listed below are the new standards and interpretations already issued and endorsed, but not yet effective and therefore not applicable to the preparation of the financial statements as at 31 December 2025: \u2022 Commission Regulation (EU) 2025/1047 of 27 May 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 9 and International Financial Reporting Standard 7; \u2022 Commission Regulation (EU) 2025/1266 of 30 June 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 9 and International Financial Reporting Standard 7; \u2022 Commission Regulation (EU) 2025/1331 of 9 July 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standards 1, 7, 9, and 10, and International Accounting Standard No. 7; \u2022 Commission Regulation (EU) 2026/338 of 13 February 2026 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 18. Accounting standards, amendments and interpretations not yet adopted by the European Union Certain accounting standards, interpretations and amendments had been issued by the IASB but not yet endorsed by the European Union at the approval date of these consolidated financial statements: \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d (issued on 9 May 2024); \u2022 Amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary Presentation Currency\u201d (issued on 13 November 2025); \u2022 Amendments to IFRS 19 \u201cSubsidiary without Public Accountability: Disclosures\u201d (issued on 21 August 2025). Disclosure on priority issues and general considerations made by ESMA in relation to financial reports In preparing the annual financial statements as at 31 December 2025, consistently with the approach adopted in previous reporting periods, the CDP Group is required to consider the requirements set out by ESMA in its October 2025 recommendation (\u201cEuropean common enforcement priorities for 2025 corporate reporting\u201d) and to pay particular attention to risks and any potential impacts associated with the geopolitical environment and climate-related matters, to the extent that such effects may be material to performance, financial position and the related disclosures. The current relevant context continues to be characterised by a combination of factors: geopolitical tensions weigh on global prospects through heightened uncertainty and persistent volatility in energy and commodity prices; United States protectionist policies and the succession of retaliatory measures, exemptions and agreements generate inefficiencies, changes in global trade patterns and risks of disruption to supply chains; moreover uncertainty regarding the future path of monetary policy, linked to ongoing uncertainty about future developments, complicates corporate decision-making. During 2025, the global economy overall demonstrated greater resilience than expected, maintaining moderate growth despite the persistence of significant geopolitical and trade-related uncertainties, which continue to represent a potential risk to future prospects. The introduction and subsequent recalibration of United States tariffs contributed to reducing uncertainty surrounding trade policy. The \u201cMacroeconomic Projections\u201d published by the European Central Bank (ECB) in December 2025 indicate slightly stronger global growth prospects compared with previous projections, although these remain modest relative to the pre- pandemic average 179 . For the Eurozone, as reported in the Istat press release \u201cOutlook for the Italian economy in 2025- 2026\u201d, the pace of expansion in economic activity is expected to remain broadly stable. In 2025, performance exceeded expectations, supported by an increase in exports (which anticipated tariff increases), more favourable financing conditions, the return of inflation to levels consistent with ECB targets and the stimulus to investment provided by European Union funds 180 . For the Italian economy, the latest forecasts issued by the Bank of Italy confirm moderate GDP growth of 0.6% for both 2025 and 2026, with a slight increase to 0.8% in 2027, supported by an expansion in consumption driven by higher real disposable income, as well as by investment benefiting from the measures introduced under the National Recovery and Resilience Plan (PNRR) 181 . The forecast horizon remains influenced by uncertainty arising from United States trade policies and the assumptions regarding the real economic effects of tariff measures; however, such uncertainty is expected to gradually diminish, supported by the stabilisation of demand from Italy\u2019s main trading partners and by the continued slowdown in price dynamics, particularly reflecting weaker commodity prices 182 . Regarding the disinflationary trend that began in 2023, this continued throughout 2025. The \u201cMacroeconomic Projections\u201d published by the European Central Bank (ECB) indicate a further moderation in inflation in 2026, supported by lower energy prices, followed by a subsequent increase in 2027 and a more pronounced rise in 2028 because of the new European Union emissions trading system 183 . In terms of monetary policy, considering inflation dynamics, financing conditions and growth projections, the ECB continued the process of reducing interest rates during the first half of 2025, implementing reductions of 0.25 percentage points in January, March, April and June. During the year, notwithstanding the stabilisation of the ECB\u2019s monetary policy stance, risk-free rates with maturities of up to 15 years increased on average by 0.22%. With regard to climate risks, namely risks of a systemic nature that can cascade across the whole of society, the World Economic Forum, in its annual Global Risks Report published in January 2026, continues to identify extreme weather events as among the most significant threats to humanity, both in the short term (1-2 years) and in the long term (10 years). In this context, within the energy sector, changes in average and extreme temperatures may lead to increased energy demand during summer periods and reduced demand during winter periods (also influenced by a combination of geographical, socio-economic and technological factors), while, on the supply side, climate change may adversely affect energy infrastructure in certain geographical areas. Also for 2025, based on the requirements established by national and international regulators, CDP and the Group companies were required to assess and disclose the impacts that the geopolitical environment and the related uncertainties may have on the financial statements and on specific business operations, as well as to continue focusing on the potential impacts of climate-related matters. Risks and uncertainties Based on the scenario described above (for information on this, please refer to the detailed description in the \u201cMarket Context \u2013 Macroeconomic scenario\u201d section of the Report on Operations), CDP assesses and takes into account the impacts that this context and its associated uncertainties may have on its financial statements and operations. The main risks to which the CDP Group is exposed in conducting its business can be summarised based on the following taxonomy: \u2022 Credit risk: the risk that a debtor will not meet its commitments in relation to a loan or an issued bond; \u2022 Counterparty risk: the risk that a counterparty will not meet its commitments in respect of one or more derivative or treasury transactions; \u2022 Concentration risk: the risk arising from large exposures to individual counterparties, groups of connected counterparties or counterparties carrying out the same activity, belonging to the same economic sector or the same geographical area; \u2022 Liquidity risk: the risk that a financial institution will be unable to meet its commitments due to difficulties in financing itself or in divesting assets, or that it will be unable to monetise assets held in the market without significantly adverse conditions affecting their market price; \u2022 Market risks (interest rate and price risk, exchange rate risk): the risk that negative trends in interest and inflation rates and exchange rates will adversely affect the fair value, earnings or equity value of a financial institution; \u2022 Spread risk: the risk that adverse movements in the credit spreads of the Held To Collect & Sell securities portfolio may negatively affect the net economic value, profitability, or the book equity of a financial institution; \u2022 Equity risk: the risk that negative trends of equity security prices will adversely affect the fair value, earnings or net assets value of a financial institution; \u2022 Reputational risk: the current or prospective risk of a fall in profits, loss of economic value or damage to the institutional role, resulting from a negative perception of the image of CDP by customers, counterparties, shareholders, investors, regulators or other stakeholders; \u2022 Operational risk: the risk that inadequate information systems, operational errors, failures in internal controls or procedures, fraud, lawsuits, judgments or invalid agreements or external events (e.g. earthquakes, epidemics, etc.) may result in losses for a financial institution; \u2022 Country risk: the risk that events occurred in countries other than Italy may result in losses. This does not just refer to the credit risk associated with exposures to the public administration of the foreign country (sovereign risk), but to all exposures regardless of the type of counterparty. The evolution of the geopolitical environment and the related macroeconomic scenario has not resulted in the identification of previously unconsidered risks, as the phenomena observed fall within categories already mapped and subject to established risk management processes. The CDP Group also pays particular attention to the emerging risks arising from climate change, in terms of both possible economic-financial impacts as well as potential reputational risks, given that the consequences of climate change and the transition process towards a green economy could have a far from negligible impact on credit risk, equity risk and operational risk. The increasing relevance of climate change-related matters has required the CDP Group to strengthen its oversight of climate and environmental risks, which are classified into the following categories: \u2022 physical risk, meaning the risk of direct or indirect financial loss caused by recurring or extreme climate and natural events; \u2022 transition risk, i.e. the business risk linked to global warming mitigation policies with a particular focus on the energy sector; and \u2022 environmental risk, meaning the risk of environmental damage during business activities and the litigation risk connected with infringements of environmental protection regulations, with potential consequences in terms of reputational risk. CDP analyses its exposure and risk profile by assessing interest rate-sensitive items (both on and off-balance sheet), quantifying, in terms of economic value, the reaction to minor changes (sensitivity analysis) and to major shocks (stress tests) in risk factors. CDP also assesses the impact of interest rate risk on earnings for shorter horizons by specifically quantifying the impact of parallel shifts in the yield curve on net interest income. In response to the prevailing environment, CDP has adopted a cautious approach, closely monitoring its exposures to identify any signals warranting the implementation of precise risk mitigation measures within its standard ALM framework. To date, the impacts of the geopolitical environment on interest rate risk exposure have remained contained, although, in circumstances of heightened market stress, CDP\u2019s exposure may require active management interventions, such as adjustments to the hedging derivatives portfolio 184 . With reference to liquidity risk, CDP monitors funding trends, both on capital markets and through the postal savings channel. While direct exposure to commodity price fluctuations is minimal, indirect exposure exists through certain assets held within the equity or credit portfolio. With reference to the specificities of the CDP Group companies, the following information is provided: \u2022 Regarding Fintecna S.p.A., notwithstanding the inherent difficulty in making accurate forecasts, no elements have been identified arising from developments in the current geopolitical environment that could directly affect the Company\u2019s operations. During 2025, risk monitoring activities were carried out through the operational tools adopted by Fintecna, in line with the methodologies applied by the CDP Group. The risk profile remains primarily linked to the management of liquidation processes and significant ongoing litigation (operational risk), relating to the numerous corporate entities incorporated over the years. Among operational risks, particular relevance is also attributed to those connected with the management of environmental remediation activities relating to sites owned by the Efim separate asset pool, properties originally belonging to the Iged separate asset pool, the performance by Fintecna of liquidator functions and, from the current financial year, the role of Extraordinary Administration Commissioner, as well as, most recently, those arising from the management of the investment in CDP Immobiliare S.r.l. in liquidazione and the vehicles controlled by it. Given the complexity characterising these situations and the inherent uncertainty regarding their future development, Fintecna periodically updates its assessments of the adequacy of the provisions for risks and charges recognised in the financial statements, which are currently considered adequate and sufficient to cover probable liabilities. Regarding the activities of the Efim segregated assets, it is noted that inflationary dynamics associated with potential events adversely affecting the current geopolitical environment could result in an increase in costs related to remediation and disposal activities. With reference to the Iged separate asset pool and the investment in CDP Immobiliare S.r.l. in liquidazione, a market risk has been identified linked to macroeconomic factors relating to developments in the real estate market, which may lead to a reduction in the value of assets, although not strictly correlated with factors directly influenced by the geopolitical environment. The value of the real estate portfolio is monitored through periodic valuations carried out by independent experts. An additional risk factor relates to the potential difficulty in disposing of owned assets, primarily consisting of real estate properties located throughout Italy. In measuring and managing market risk, the value of the property portfolio is periodically monitored through assessments conducted by Independent Experts. \u2022 For CDP Immobiliare S.r.l. in liquidazione, consideration has been given to the impacts associated with the current environment, characterised by a combination of factors related to ongoing geopolitical crises and developments in inflation levels and interest rates. By way of example and without limitation, the impact of these factors on the Company\u2019s activities may include increased difficulty for potential purchasers of properties in obtaining funding, as well as higher asset management costs resulting from both inflationary pressures and potential supply chain constraints. Given the nature of CDP Immobiliare\u2019s operations, market risk is defined as the risk of unexpected losses arising from macroeconomic factors affecting the real estate market, which may lead to a decline in property values. In order to measure and manage this risk, the value of the real estate portfolio is monitored through semi-annual valuations carried out by independent experts. With regard to exposure to interest rate risk, this is limited to the medium- to long-term financial liability of the investee company Quadrifoglio Brescia in liquidazione, for which debt restructuring activities with creditor companies are currently in progress. \u2022 Based on the analyses performed and the information currently available, CDP Real Asset SGR has not identified any significant risks or uncertainties arising from the current geopolitical environment that could materially affect the financial reporting, as the Company does not have significant exposures to geographical areas or counterparties directly affected by geopolitical tensions that could compromise business continuity or the recoverability of assets recognised in the financial statements. Furthermore, no significant impacts have been identified on the valuation of receivables, property, plant and equipment, inventories or other balance sheet items, and no factors have been identified that could materially affect the accounting estimates adopted. In any event, CDP Real Asset SGR continues to closely monitor developments in the macroeconomic and geopolitical environment in order to promptly identify any potential future impacts and ensure an appropriate and transparent presentation in the financial statements. \u2022 Regarding SIMEST S.p.A., the current environment confirms the presence of certain potential impacts, particularly in terms of credit risk, attributable to a possible deterioration in credit quality (downgrading of ratings and an increase in expected defaults) and the related provisioning requirements, with consequent effects on forecasts and budgets, as well as risks relating to fraud, anti-money laundering and reputation, also associated with the management of public resources. To further strengthen the mitigation of risks associated with the current environment, SIMEST\u2019s control functions have continued to consolidate the risk monitoring and control framework, in order to capture any changes in the scenario in terms of credit risk, liquidity, interest rate and other risks in an even more timely manner, ensuring reactivity and adaptability. With specific reference to credit risk, SIMEST has continued to strengthen its measurement and monitoring models and tools. Considerations relating to the geopolitical environment are incorporated and reflected, through dedicated models and assessment metrics, in the determination of Expected Credit Loss, in fair value measurements and in the management of financial and other risks. Based on the characteristics of SIMEST\u2019s Business Model, these areas are deemed material and are closely monitored. s Regarding liquidity risk, the company continued its monitoring activities, focusing on risk indicators specifically designed to align with its Business Model, such as the short-term liquidity indicator and the structural liquidity indicator, both of which were found to be effective. With reference to the rate risk, the framework provides for the adoption of the \u201cRepricing Gap\u201d methodology, which quantifies interest rate risk by calculating the \u201cgap\u201d, differentiated by predetermined time buckets, between assets and liabilities exposed to interest rate risk. The Repricing Gap across the different maturities, combined with an assumption of rate changes, allows the potential impacts on the income statement to be quantified, identifying the relative limits on two levels: soft limit and hard limit. The activities carried out during 2025 confirmed the effectiveness of this indicator. In the area of public funds, and with specific reference to the operations of Fund 295/73, interest rate risk hedging activities were initiated during the year through macro- hedging transactions implemented by the Ministry of Economy and Finance. Regarding ESG risks, these may have either a positive or negative impact on the economic and financial performance and on the solvency of SIMEST\u2019s counterparties. The initiatives envisaged under SIMEST\u2019s Strategic Plan in the field of sustainability achieved significant progress during 2025, including the development of an ESG risk assessment model for equity investment transactions, in line with the provisions of the Group Policy. The model, based on a qualitative and quantitative approach, assigns a level of risk to each ESG component and defines a composite risk indicator. \u2022 CDP Equity S.p.A. and CDP RETI S.p.A., as financial holding companies, are inherently exposed, on an indirect basis, to the business risks of their investees and to the main sources of uncertainty affecting their economic and financial performance and expected returns, in light of their investments and commitments; accordingly, they perform continuous monitoring of the financial results achieved and expected by their investees, assessing management proposals within the scope of business operations, taking into account the relevant sector and market conditions as well as the broader political, economic and social environment. During 2025, the Risk Department function of CDP Equity carried out its activities in accordance with risk management principles along three main lines of action: (i) assessment of risks associated with the investment portfolio, both at the stage of approving investment and divestment transactions and periodically through monitoring of the portfolio risk profile; (ii) assessment of risks to which the Company is exposed in the course of its core operations; and (iii) reviews performed in connection with the valuation of corporate assets within the accounting process. In relation to portfolio risk profile monitoring, this activity was carried out on an ongoing basis, relying on the periodic reports received from the entities and managers, as well as available public information. In addition, targeted analyses were carried out on investees (such as, for example, assessments of the main impacts related to the introduction of tariffs by the United States administration) and on subscribed funds. In addition, the Risk Department has undertaken a targeted analysis of ESG risks associated with direct investments and funds. These analyses facilitated the effective monitoring of the portfolio\u2019s risk profile. \u2022 CDP RETI S.p.A., overall, is not materially exposed to credit risk, which primarily arises from receiving dividends from subsidiaries and trading derivative instruments (for which cash collateral is exchanged), bank deposits, and irregular deposits with its parent company, CDP S.p.A. With regard to interest rate risk exposure, the Company has in place two IRS transactions accounted for under hedge accounting (cash flow hedge), with CDP S.p.A. as counterparty, to hedge a variable-rate Term Loan whose yield is affected by interest rate fluctuations. Based on the latest forecasts, CDP RETI S.p.A.'s income taxes and deferred taxation are not anticipated to show significant volatility; instead, they are expected to grow in the coming years. \u2022 The Snam group, despite a geopolitical environment characterised by multiple sources of uncertainty, continued its path of industrial and financial strengthening, completing the 2025 investment plan without delays while ensuring the continuity of operational activities. In this context, operations commenced at the new import entry point represented by the offshore FSRU terminal near Ravenna, which became operational in May 2025 and increased national regasification capacity. With reference to the group\u2019s foreign subsidiaries, during 2025 supplies of Russian gas to Europe, already at marginal levels compared with volumes recorded prior to the conflict, experienced a further significant reduction following the non-renewal of the transit agreement through Ukraine. This reduction was offset by withdrawals from storage and increased LNG supplies. Thanks to ongoing diversification of supply sources and investments in supply security, no significant disruptions or critical issues have been recorded within Snam\u2019s international asset portfolio. With regard to the Austrian investees TAG (jointly controlled entity) and GCA (associate), no updates have been identified in the regulatory framework applicable to the regulatory period 2025-2027. The current framework has significantly modified the previous regulatory regime and, inter alia, in addition to providing for the elimination of volume risk for the two Transmission System Operators (TSOs), has also introduced compensatory mechanisms borne by the companies, effective from 2025. This change has enabled TAG to return to profitability after several years of negative results influenced by changes in supply dynamics. With reference to the situation in the Middle East, the conflict in the Gaza Strip does not currently have direct impacts on Snam\u2019s assets or on the operations of the pipeline connecting Israel and Egypt (EMG, an associate). With regard to climate-related matters, legislation introduced in response to climate change may give rise to new obligations that did not previously exist. Snam has established ambitious targets aimed at progressive decarbonisation. The full implementation of this policy, also intended to reduce CO2 emissions, together with energy efficiency and mitigation measures designed to protect biodiversity, has not resulted in the need to recognise liabilities that were not previously recorded. Accordingly, no critical reassessment of the provisions recognised in the financial statements was required. \u2022 The Terna group closely monitors the current international geopolitical environment, characterised by high levels of uncertainty which, while not producing immediate effects on the group\u2019s operations, could influence its medium term development prospects. In this context, Terna ensures both continuous monitoring of new legislation concerning International Sanctions and the strengthening of its due diligence processes and ordinary control activities. Any pressures on the costs of materials or services arising from geopolitical tensions or disruptions to international supply chains do not represent a material risk for the group, as price revision mechanisms provided for by law are fully recognised within the Regulated Asset Base (RAB) for the purpose of calculating the return on investments. The analysis carried out on the effects of the geopolitical environment, including the assessment of potential impacts arising from ongoing conflicts and emerging areas of instability, did not identify any trigger events requiring the testing for impairment of property, plant and equipment owned by the group or of intangible assets with a finite useful life. The Terna group also considers that a potential risk may arise in relation to the supply chain, linked to significant changes in the strategies of key suppliers, exacerbated by the global supply chain crisis, driven by international conflicts, the imposition of tariffs, supply constraints, the ongoing energy transition in numerous countries and the alignment of technical specifications with new regulatory requirements. This risk could potentially impact construction and maintenance activities, possibly affecting the continuity and quality of the service as well as the timelines for completing the works. The Terna group continuously monitors developments in the supply chain in order to promptly identify any potential issues and implement the necessary corrective measures. It should also be noted that Terna and its subsidiaries do not have offices or significant operations in regions affected by conflicts and do not maintain material commercial relationships with the United States of America. Within the scope of financing arrangements and bond issuances, the Terna group has in place certain bank financing facilities containing so-called ESG-linked provisions, a commercial paper programme that enables the issuance of so- called ESG Notes and has also carried out bond issuances classified as Green and European Green Bond instruments. Regarding the ESG-linked bank loans, a reward/penalty mechanism is provided, applicable to the payment of interest accruing from a contractually specified date, linked to the achievement of specific environmental, social, and governance indicators. Considering the above, the Terna group believes that there may be a risk, albeit not significant, related to the achievement of ESG targets. Should these targets not be achieved by the agreed contractual date, the cost of debt would increase slightly; however, the impact on financial charges would remain negligible. The Terna group continuously monitors all activities related to climate change and, at present, has not identified any critical issues. \u2022 The Italgas group considers the risks and uncertainties arising from the current geopolitical context, identifying the potential effects these may have on valuations, estimates and sensitivity analyses, and monitoring their possible impacts on the group\u2019s financial position and performance. Italgas monitors climate change-related risks through its Enterprise Risk Management (ERM) system, distinguishing between physical risks, associated with the increase in extreme weather events and rising average temperatures in the areas in which it operates, and transition risks, linked to regulatory developments concerning emissions, technological progress and uncertainty regarding the future role of natural gas within the energy mix. With regard to physical risks, Italgas continuously monitors the integrity of its infrastructure and employs innovative technologies to promptly identify potential issues and mitigate impacts on service continuity. Transition risks are managed through investments in technological innovation, network digitalisation and the adaptation of infrastructure to support the distribution of alternative gases, such as hydrogen, biomethane and e-gas, as well as through energy efficiency and emission reduction initiatives. \u2022 During 2025, the Ansaldo Energia group closely monitored developments in the macroeconomic and geopolitical environment, with particular reference to the introduction or strengthening of protectionist measures and customs tariffs by certain countries. In this context, it should be noted that, during the current financial year, the Ansaldo group did not generate revenue from sales in the United States of America. Starting from the 2026 order intake, there is a possibility that commercial relationships may be established with counterparties located in those areas. In such a scenario, the approach adopted by the companies within the Ansaldo group is to provide contractually that any costs arising from potential protectionist measures are borne by customers who are currently showing willingness to consider accepting this condition. Any potential exposure of the Ansaldo group to such risk would in any case remain limited, representing a minor portion of current order intake volumes. With regard to the supply chain, the Ansaldo group is successfully continuing its vendor base extension strategy, which has already resulted in a reduction of approximately 25% in the market share of single-source suppliers, with a further downward trend expected in the coming financial years. Both the impact on procurement costs and the continuity of logistics flows - including any potential need to reconfigure the supply chain in the presence of new trade tariffs - are assessed as risks contained within normal operating limits. With reference to the current geopolitical environment, sanctions aimed at restricting trade with Russia, including the eighteenth sanctions package, have introduced not only restrictions of a subjective nature but also objective restrictions, expanding the list of products whose sale, supply, transfer or export (whether direct or indirect) to any natural or legal person, entity or body in Russia, or for use in Russia, is prohibited. In particular, these restrictive measures have affected the Ansaldo group\u2019s business in Russia, introducing a ban on the export of certain products and materials and requiring export licences for specific goods; this measure is in addition to the absolute prohibition on the export of dual-use goods already established under previous sanctions packages. Within the scope of the group\u2019s exposure to financial risks, it is noted that, as a result of the European Central Bank\u2019s policy (which maintained unchanged levels in its last two meetings with regard to both the deposit facility rate and the main refinancing rate), the parent company Ansaldo Energia benefited from a positive stabilisation of interest expenses relating to the variable-rate portion of its financial indebtedness. In addition, further savings in interest expense were achieved through the reduction of the spread applied by lending banks in relation to these financing arrangements, following the testing of the Leverage Ratio as at 30 June 2025, which enabled a reduction in the margin in line with the margin ratchets provided for in the relevant financing agreements. The remaining portion of gross debt is not exposed to risks arising from interest rate fluctuations, also due to the fixed-rate hedging instruments in place (interest rate swaps - IRS). Despite the persistence of a complex geopolitical environment, the improvement in market conditions, together with the strong performance of the Service segment and the progressive completion of New Units projects, has substantially reduced the group\u2019s exposure to liquidity risk. In this regard, it should be noted that operating cash flow recorded a very positive performance during the financial year. In this context, it is also important to highlight the positive impact on the risk of breaching financial covenants. \u2022 For the Fincantieri group, the ongoing commitment to implementing price risk mitigation policies relating to the procurement of raw materials is confirmed, namely the risk that fluctuations in commodity prices may affect the group\u2019s production costs. Such risk may arise, for example, as a result of catastrophic events affecting the supply chain, changes in customs policies or international import/export agreements, or temporary or structural imbalances between supply and demand. In order to prevent and protect against the impact of changes in commodity prices on production costs, risk exposure is continuously reviewed by monitoring price trends and implementing commercial (steel, gas and electricity) or financial (copper, diesel and LNG) hedging policies where necessary and possible. The group takes into account foreseeable increases in the components of contract costs when determining the offer price and assesses the feasibility of risk sharing with customers. At the time of signing the contract, fixed-price purchase options will already have been defined for some of the vessel\u2019s principal components. In addition, the market and the Authority\u2019s resolutions on electricity and gas continue to be monitored. The Fincantieri group\u2019s receivables consist largely of receivables from private shipowners typically related to ongoing construction contracts, as well as from the Italian government, including both receivable contributions and supplies to military bodies for projects under construction. The Fincantieri group carries out checks on the financial soundness of its customers, including through information from the main credit risk assessment agencies, and constantly monitors counterparty risk, including during the order construction phase, reporting any issues to top management and assessing the actions to be taken on a case-by- case basis. The group also engages in constant dialogue with its customers, undertaking customer support actions where deemed useful for maintaining or increasing the order book. Furthermore, clients of the Fincantieri Group have often utilised financing arrangements secured by a national Export Credit Agency to complete their order acquisitions. This form of financing provides Fincantieri with assurance that clients possess the funds required to fulfil their contractual duties throughout the building and delivery phases. Moreover, Export Credit Agencies\u2019 support has recently enabled shipowners to secure the flexibility essential to honour their contracts with shipyards, even in times of systemic crisis. The group utilises reverse factoring as a tool to ensure easier access to credit for its suppliers, based on contractual arrangements whereby the supplier can assign receivables owed by the group to a financial institution and receive payment before the due date. Financial instruments: Expected Credit Losses (\u201cECL\u201d) and fair value measurements In measuring Expected Credit Losses, CDP applies an internally-developed methodology, which considers: \u2022 a reliable estimate of through-the-cycle probability of default, which incorporates not only historical data but also forward-looking information to ensure the reliability of the estimates even in situations of severe crisis, across the entire life of the financial instruments; \u2022 an internal model for estimating the cyclical component of probability of default, to produce forward-looking estimates of point-in-time parameters. The model applied to estimate the cyclical component is based on the main macroeconomic drivers including GDP and employment rate forecasts, with reference to the Eurozone and the USA. The quantitative model adopted internally has not changed and, in particular, no sector-based adjustments were made since it was deemed that alternative methods would not be more reliable in the current phase and might, at least potentially, introduce higher risks of arbitrariness. Even when considering the effects of the changing economic environment on the counterparties in portfolio to date as relatively small, CDP considered it necessary to continue applying the management overlay (introduced for the 2021 financial statements) for quantifying ECL, aimed at compensating for the effect of falling point-in-time default probabilities which would otherwise result from the trends in the macroeconomic and credit indicators used in the model. In terms of quantifying the Expected Credit Loss, all relevant risk factors related to the counterparty\u2019s creditworthiness are addressed by assigning a forward-looking synthetic credit rating, aiming to produce assessments that are prudently reasonable, while also considering the specific role and aims of CDP. The credit rating assigned to each counterparty includes, inter alia and to the extent relevant, assessments related to climate change and energy transition. As a result, the measurement of the ECL associated with each position may be affected, where there is a significant impact, by the exposure to risks related to these issues. In carrying out fair value measurements (both on a recurring basis and with regard to financial assets and liabilities measured at amortised cost), CDP accurately reflects the current macroeconomic scenario, in particular in relation to the vel of interest rates, exchange rates, inflation, credit spreads and volatility, which - for fair value levels 2 and 3 - are used as inputs for the valuation models consistently applied over time to consistent categories of instruments. With regard to the specificities of the CDP Group companies, the following is highlighted: \u2022 CDP Real Asset SGR, with regard to the fair value of real estate investments, has relied on Independent Experts for the valuation of the real estate assets of the funds under management. During the first half of 2025, no factors emerged that would require a revision of the estimates. Specifically, as noted by the independent experts of the funds directly managed by the Company, as of the valuation date, various markets, including the real estate market, are undergoing restructuring; consequently, the value judgment provided no longer reflects a \"substantial uncertainty\" (Material Valuation Uncertainty), as defined by VPS 3 and VPGA 10 of the RICS Valuation - Global Standards. \u2022 For SIMEST S.p.A., the consolidation of measurement and monitoring models and tools continued, also taking into account the current macroeconomic context, applying prudential provisioning policies both at portfolio level (collective) and individual counterparty level (analytical). For those assets classified at amortised cost, the Expected Credit Loss model incorporated (i) the update of risk parameters, including ratings assigned to individual counterparties (\u201csingle names\u201d) subject to specific review activities and ongoing performance monitoring, and (ii) the application of prudent classification criteria to Stage 2 for specific counterparties and sectors presenting issues requiring close monitoring. In particular, in the assessment of Expected Credit Losses, SIMEST employs the methodology internally developed by the Parent Company. For those assets measured at fair value, the impairment values, calculated using updated market parameters, factor in i) interest rate trends and ii) updated risk parameters such as ratings. The overall effect, however, was mitigated by the progressive reduction in exposures measured at fair value. The coverage ratio of the performing portfolio as at December 2025 shows a gradual decrease compared with December 2024, driven by new origination flows with stronger credit quality and/or supported by collateral, the progressive ageing profile of the portfolio and the update of risk parameters. With reference to analytical impairment, the measurements were conducted at individual counterparty/transaction level based on the expected cash flows, the presence of guarantees and the recovery timing and percentages, also depending on the economic context. In December 2025, a coverage ratio of more than 80% was recorded, confirming write-downs at prudential levels. Within the scope of public funds, portfolio monitoring activities relating to Fund 394/81 continued during the first half of 2025. In the area of sustainable finance, activities continued to incorporate ESG-linked clauses into the contractual framework governing equity investment transactions, to which specific targets negotiated with the counterparty are linked; upon achievement of these targets, a pricing incentive is granted, with the objective of supporting partners in strengthening their sustainability practices. \u2022 The Snam group, in the context of financing arrangements and bond issuances, and with a view to ensuring sound liquidity risk management and diversification of funding sources, has in place certain bank loans and bond instruments that include so-called ESG-linked provisions, reflecting Snam\u2019 strong focus on ESG matters, which represent a key component of its corporate strategy. These instruments include a reward/penalty mechanism applied to the payment of accrued interest, linked to the achievement of specific environmental, social and governance indicators, the failure to meet which could result, over the medium to long term, in higher financing costs or reduced access to certain funding sources. However, the impact of such risk on finance costs would remain limited. Snam continuously monitors all activities related to climate change and, at present, has not identified any critical issues. \u2022 For the Terna group, the effects of the changing geopolitical environment have not resulted in an increase in credit risk and have not affected the measurement of Expected Credit Losses; the group\u2019s trade receivables fall within the Held to Collect business model, generally have maturities of up to 12 months, do not contain a significant financing component and relate to customers (holders of dispatching contracts for withdrawal or injection and distributors) considered solvent by the market and characterised by high credit quality. Generally speaking, credit risk management is regulated by ARERA Resolution No. 111/06, which includes provisions aimed at mitigating risks related to the insolvency of dispatching customers, both as a preventative measure and when insolvency is realised. Moreover, these effects did not generate changes in reference to the business model identified for financial instruments, not involving changes in the chosen classification. \u2022 The Ansaldo group also reflects potential increases in customer default risk in its assessments by incorporating country default risk into the evaluation of its contracts and the related receivables (Expected Credit Loss - ECL). Impairment test Equity investments With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information taken from public sources or of any additional information received by the investee companies. Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported financial performance or because they had been subject to impairment in previous reporting periods. When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to (i) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national and international regulators, alongside directives from industry organisations. In this regard, the assumptions and the valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors concerning the updated macroeconomic framework. The key general principles used are as follows: \u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rate forecasts) 185 ; \u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the average of the latest surveys; \u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period of analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of the medium/long-term perspective of the underlying cash flows. In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine the subject asset\u2019s value, including for example: \u2022 the price of hydrocarbons (e.g. oil) for companies operating mainly in the Oil & Gas sector, also in order to take into account any climate risks inherent in the business; \u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used; \u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to the generalised context of uncertainty that could increase market volatility. Goodwill Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying amount of the CTU is higher than its recoverable amount, the difference is recognised in the income statement by reducing goodwill as a priority, until it is zeroed. At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU analyses. For further information please refer to the more detailed description in the specific sections of the Notes to the Consolidated Financial Statements. Regarding the specific characteristics of the CDP Group companies, the following is highlighted: \u2022 For Fintecna S.p.A., the investment in the separate asset pools and in CDP Immobiliare S.r.l. in liquidazione is recognised among Fintecna\u2019s equity investments, and the related risk profile is linked to the progress of the respective 185 This principle also applies if the country risk has been estimated directly through the yield of the government bond of the country of reference for the liquidation processes; the management and valuation of such investments fall within the broader monitoring and management activities relating to liquidation procedures. \u2022 CDP RETI S.p.A., with specific reference to the variables characterising the current scenario, continues to require an assessment of the impacts that such context may have on the Company\u2019s business operations. Specifically, to assess the equity investment\u2019s recoverable amount, understood as the higher of the fair value net of cost of sales and its value in use, in the presence of one or more impairment indicators, the Company determines the relative fair value (calculated as the weighted average of stock prices and volumes from the last month up to the valuation date). With specific reference to the exposure to risks more closely related to climate change, CDP RETI S.p.A. currently faces a limited overall exposure, and there have been no impacts to date on the estimation of the recoverable amount (nor are such impacts anticipated in the short term) of the equity investments held in its portfolio. \u2022 CDP Equity S.p.A., in compliance with the applicable risk policy, carried out assessments (i) on the impairment testing of equity investments, (ii) on outstanding financing arrangements and (iii) on the accounting valuations of optional components associated with portfolio investments. The valuations of these optional components were carried out, on a fair value basis, with the support of an independent expert. Any impacts arising from factors such as the introduction of new tariffs (or increases in existing ones), significant changes in commodity prices and fluctuations in exchange rates affecting investees are reflected in the business plans, budgets and projections prepared by those entities and used for impairment testing purposes. \u2022 The Snam group is exposed to both physical and transition risks arising from potential socio-economic changes in the environment in which the group operates in relation to climate change-related matters; however, in general, it is considered that, in light of the actions undertaken, potential climate risks are expected to have limited impacts on the measurement of non-current assets and other assets, including receivables, recognised in the financial statements. With regard to physical risks, the Snam group continuously monitors the integrity of its infrastructure and facilities, as well as the condition and preservation status of the areas in which they are located, regularly updating the processes and systems employed in order to identify potential issues, including through the adoption of new technologies capable of reducing the environmental impact of its activities. These actions enable the company to limit its exposure to risks related to natural events; moreover, in order to remedy unforeseeable extreme natural events, Snam has adopted innovative intervention strategies and action plans aimed at ensuring the immediate safety and resumption of activities in the shortest possible time. Snam group has also put in place specific insurance contracts to cover some of these risks, in accordance with industry best practices. Similarly, due to the systematic monitoring of its assets and the geographical areas they are located in, Snam is able to identify in advance possible situations that could potentially lead to contingent liabilities related to climate risks. In light of the above, no critical reassessment of the useful life of assets recognised in the balance sheet has been required. \u2022 The Terna group, with reference to the potential presence of impairment risks relating to property, plant and equipment, concluded that, although climate risk mitigation actions require the planning of maintenance activities on the National Transmission Grid (NTG), aimed at ensuring service quality, asset safety and the maintenance of operational performance, such activities do not have negative impacts on the determination of fair value less costs of disposal. Indeed, a market participant would consider such investments as part of the fair value measurement process. Due to the sanctions aimed at restricting trade with Russia described above, the Ansaldo group assessed the recoverability of the carrying amount of the investee Ansaldo Russia, which is of non-material value, and of any related assets, updating cash flow forecasts to reflect temporary operational constraints due to force majeure, evaluating the existence of potential liabilities and analysing the recoverability of any trade receivables and advances, taking into account the significant level of collections recorded during 2025. Based on the analyses performed, the Ansaldo group prudently recognised an impairment to cover the recoverability of deferred tax assets recorded in the financial statements of the subsidiary. Revenues Current geopolitical developments may lead to the renegotiation of contractual terms relating to contracts and to commercial frictions, and situations of uncertainty may affect revenue recognition, also considering that the introduction of new tariffs (or changes to existing tariffs) may increase the estimated costs required to complete a contract and consequently reduce the percentage of completion. In this context, the following is highlighted: \u2022 For CDP Real Asset SGR, revenues are generated exclusively from management fees paid by the funds under management, settled on a quarterly basis and governed by the respective fund regulations. Revenue is recognised in line with the accrual of the right to the fee over the period during which the management service is provided. As at 31 December 2025, the Company had not recognised revenue arising from long-term contracts or from additional business lines. With reference to the funds under management, for properties that have completed their value enhancement activities, the revenues recognised in the funds\u2019 annual reports consist of rental income accrued, paid to the funds by contractual counterparties on a regular basis and in accordance with the terms set out in the relevant lease agreements. \u2022 For the Terna group, the most significant share of revenue relates to Regulated Activities in Italy, covering both operational cost reimbursement and invested capital returns, based on a WACC periodically updated by ARERA to reflect the cost of capital. The current regulatory framework also provides for the indexation of operating costs recognised in the tariff and the RAB, in order to capture inflationary trends. Regarding Non-Regulated Activities, particularly in the Energy Services sector, in light of the portfolio of products and services aimed at promoting the development of renewable energy in Italy, including the construction and management of photovoltaic plants, network connection infrastructures, and services for industrial clients, as well as in the production of cables and transformers, the group does not identify any new uncertainties likely to affect the current revenue recognition model, nor is there any need to critically reassess existing contracts. \u2022 For the Italgas group, rising temperatures and transition-related dynamics may affect the number of active delivery points and revenues; however, these effects are mitigated by the regulatory mechanisms introduced by ARERA, which provide for revenue adjustment mechanisms. Similarly, demand risk is mitigated by revenue stabilisation mechanisms embedded in the current natural gas distribution tariff framework. Similarly, due to the systematic monitoring of its assets and the areas in which they are located, the Italgas group is able to proactively identify potential situations that could give rise to contingent liabilities related to climate risks. Operating segment information Geopolitical uncertainties (for example, trade frictions) and climate-related matters have not resulted in changes to the operating segments of the companies, nor in the application of aggregation criteria and/or in the disaggregation of revenues, with consequent effects on the disclosures provided in accordance with IFRS 8. For information relating to the operating segments of the CDP group, reference should be made to the section entitled \u201cPart L \u2013 Consolidated Segment Reporting\u201d. Control, joint control, and significant influence The companies of the CDP Group conduct specific assessments - where necessary also with the support of external consultants - to ensure the correct classification of the investment relationship in the balance sheet, considering additional elements beyond voting rights, such as (i) the ability to determine the financial and management policies of the investee for determining control investments; (ii) participation in determining financial and management policies (without control or joint control) for determining associate investments; (iii) the existence of contractual agreements between two or more parties sharing control and making unanimous decisions regarding relevant activities to define joint control investments. Business combinations Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally recognised through profit or loss in the years when those costs are incurred or the services are rendered. The companies of the CDP Group carry out specific assessments \u2013 sometimes supported by external consultants appointed for this purpose \u2013 regarding the following factors: (i) whether the transaction meets the definition of a business combination or should be accounted for as an asset purchase; (ii) the identification of the acquirer; (iii) the determination of the acquisition date; (iv) the determination of the consideration paid; (v) the recognition and measurement of identifiable acquired assets, assumed identifiable liabilities (including potential ones) and any non-controlling interest in the acquired entity; (vi) the recognition and measurement of goodwill or a gain on a favourable purchase. For further details on business combinations completed during the 2025 financial year, reference should be made to the section \u201cPart G \u2013 Business Combinations Involving Companies or Business Units\u201d. Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control of one or more companies that do not constitute a business activity and those for which the business combination is carried out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not cause changes in the control structure independently of the percentage of non-controlling interests before and after the transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to have no economic substance. Further considerations With regard to other financial reporting matters identified by ESMA as areas requiring continued focus in terms of assessment and judgement, including: \u2022 Income taxes and deferred taxation; \u2022 reassessment of provisioning methodologies; \u2022 volatility in energy product prices; \u2022 GHG Emissions. These matters were taken into account by the companies of the group for the purposes of preparing their annual financial statements, and no elements have emerged that would require specific additional assessments or further disclosures beyond those already included in the notes to the financial statements. *** In relation to the matters outlined above, it should be noted that the estimates were based on market quotations and parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue to weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as to the current macroeconomic environment and developments in monetary policy conditions. The valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-909": { "value": "Section 2 - General preparation principles The Consolidated Financial Statements of the CDP Group include the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows (prepared according to the \u201cindirect method\u201d), and the notes to the financial statements, and are also accompanied by the Report on operations. These documents, the separate financial statements and the annexes to both separate and Consolidated Financial Statements, make up the annual report. The Consolidated Financial Statements and tables included in the notes present not only the amounts related to the current financial period but also the corresponding comparative values. In the consolidated income statement, in the consolidated statement of comprehensive income, and in the tables in the notes to the Consolidated Financial Statements, revenues are shown as positive, while costs are shown as negative in brackets, when presented in tables in combination with revenues. For the purposes of interpretation and to provide support in applying the financial reporting standards, the following documents have also been considered, although they have not been endorsed by the European Commission: \u2022 Conceptual framework for financial reporting; \u2022 Implementation Guidance and Basis for Conclusions; \u2022 SIC/IFRIC Interpretation Documents; \u2022 Interpretation documents on the application of the IFRS in Italy, prepared by the Organismo Italiano di Contabilit\u00e0 (Italian Accounting Board, OIC) and the Italian Banking Association (ABI); \u2022 Documents issued by the EBA, ESMA and Consob concerning the application of specific IFRS rules; \u2022 Documents issued by ESMA and Consob regarding the assessments and disclosures required for financial reporting and sustainability reporting 175 . Where the information required by international accounting standards and by the provisions set out in the Bank of Italy regulations is deemed insufficient to provide a true and fair view, the notes to the financial statements supply the additional disclosures necessary for that purpose. These consolidated financial statements have been prepared in accordance with the following general requirements of IAS 1 - \u201cPresentation of financial statements\u201d: \u2022 Going concern basis: pursuant to the provisions of joint Bank of Italy/Consob/Isvap Document No. 2 of 6 February 2009 concerning disclosures on the going concern basis and in compliance with the requirements on the same issue contained in IAS 1 Revised, the CDP Group has conducted an assessment of the company\u2019s ability to continue t o operate as a going concern, considering all available information over a medium-term time horizon. Based on an analysis of the information and the results achieved in previous years, CDP deems appropriate to prepare its Consolidated Financial Statements on a going concern basis; \u2022 Accruals basis: operations are recognised in the accounting records and in the consolidated financial statements of the CDP Group (except for the disclosure about cash flows) when they accrue, regardless of the payment or collection date. Costs and revenues are recognised in the income statement in accordance with the matching principle; \u2022 Materiality and aggregation: all items containing assets, liabilities, revenues and expenses of a similar nature and with similar characteristics are presented separately in the financial statements, unless they are immaterial; \u2022 Offsetting: no assets have been offset with liabilities, nor income with expenses, unless expressly required or allowed by the instructions of the Bank of Italy or by an accounting standard or a related interpretation; \u2022 Frequency of reporting: the CDP Group has prepared these consolidated financial statements, presenting the related disclosures, on an annual basis. No changes occurred with respect to the reporting date, which remains at 31 December of each year; \u2022 Comparative information: comparative information is presented for two consecutive financial years (the current year and the previous year). Such comparative information, relating in both cases to the financial year-end, is provided for each of the individual statements comprising the financial statements, including the related notes. Use of estimates The application of International Financial Reporting Standards in preparing the consolidated financial statements requires the CDP Group to make accounting estimates that are considered reasonable and realistic according to the information available at the time the estimate is made. Such estimates impact the carrying amount of the assets and liabilities, costs, revenues, and the disclosures on contingent assets and liabilities as of the reporting date, as well as the amounts reported for revenues and costs for the reference financial year. Changes in the conditions underlying the judgements, assumptions and estimates adopted may also have an impact on the consolidated financial statement items and on future financial results. Relevant accounting policies and uncertainties about the use of estimates in the preparation of the consolidated financial statements (in accordance with IAS 1 and the recommendations contained in Bank of Italy/Consob/Isvap Documents no. 2 of 6 February 2009 and no. 4 of 3 March 2010) The application of certain accounting standards necessarily involves the use of estimates and assumptions that have an effect on the values of assets, liabilities, costs and revenues recognised in the financial statements and on the reporting on potential assets and liabilities. The underlying assumptions of the estimates take into account all the information available at the date of preparation of the Consolidated Financial Statements, as well as hypothesis considered reasonable, also in light of historical experience. Because of their nature, it cannot therefore be excluded that the assumptions made, however reasonable, may not be confirmed in the future scenarios the CDP Group will operate in. The results that will be achieved in the future may therefore differ from the estimates made for the purposes of preparing the consolidated financial statements and it may therefore be necessary to make adjustments that cannot be foreseen or estimated to date with respect to the carrying value of the assets and liabilities recognised in the financial statements. In this respect, it should be noted that adjustments to the estimates may be necessary as a result of changes in the circumstances on which the estimates were based, as a result of new information or increased experience. The main areas in which management is required to make subjective assessments are: \u2022 the calculation of impairment losses on loans, equity investments and, in general, other financial assets subject to impairment; \u2022 the use of measurement techniques to determine the fair value of derivative instruments and financial instruments not listed on an active market; \u2022 the calculation of employee benefits and provisions for risks and charges (including provisions for environmental risks and liabilities related to clean-up obligations, site and/or land restoration and plant decommissioning); \u2022 the estimates and assumptions used in assessing the recoverability of deferred tax assets and interpretative issues concerning tax treatment; \u2022 the statistical and financial assumptions used in estimating repayment flows on postal savings products; \u2022 the assessment of the recoverability of goodwill and other intangible assets; \u2022 the valuation of work in progress and inventories of raw materials, semi-finished and finished goods; \u2022 the quantification of revenues related to output-based incentives. The description of the accounting policies used for the main consolidated financial statement items provides details on the main assumptions and assessments used in preparing the Consolidated Financial Statements. The current macroeconomic scenario continues to be characterised by a combination of factors related to ongoing geopolitical tensions (which still weigh on global outlook) fluctuating monetary policy conditions, the general deterioration in the economic climate, and persistent uncertainty about future developments. For further information on the uncertainties of the current context, see also the Report on operations as well as the Section 5 \u2013 \u201cOther issues\u201d in the Notes to the Consolidated Financial Statements. IFRS endorsed at 31 December 2025 and in force since 2025 As required by IAS 8 - \u201cAccounting policies, changes in accounting estimates and errors\u201d, details of the new international financial reporting standards, or amendments to standards already in force, whose application became mandatory from 1 January 2025, are provided below: \u2022 Commission Regulation (EU) 2024/2862 of 12 November 2024 amending Regulation (EC) No 2023/1803 concerning International Accounting Standard No. 21 (IAS 21). New accounting standards and interpretations issued and endorsed by the European Union, but not yet effective (effective for the financial years beginning 1 January 2026) Listed below are the new standards and interpretations already issued and endorsed, but not yet effective and therefore not applicable to the preparation of the financial statements as at 31 December 2025: \u2022 Commission Regulation (EU) 2025/1047 of 27 May 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 9 and International Financial Reporting Standard 7; \u2022 Commission Regulation (EU) 2025/1266 of 30 June 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 9 and International Financial Reporting Standard 7; \u2022 Commission Regulation (EU) 2025/1331 of 9 July 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standards 1, 7, 9, and 10, and International Accounting Standard No. 7; \u2022 Commission Regulation (EU) 2026/338 of 13 February 2026 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 18. Accounting standards, amendments and interpretations not yet adopted by the European Union Certain accounting standards, interpretations and amendments had been issued by the IASB but not yet endorsed by the European Union at the approval date of these consolidated financial statements: \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d (issued on 9 May 2024); \u2022 Amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary Presentation Currency\u201d (issued on 13 November 2025); \u2022 Amendments to IFRS 19 \u201cSubsidiary without Public Accountability: Disclosures\u201d (issued on 21 August 2025). Disclosure on priority issues and general considerations made by ESMA in relation to financial reports In preparing the annual financial statements as at 31 December 2025, consistently with the approach adopted in previous reporting periods, the CDP Group is required to consider the requirements set out by ESMA in its October 2025 recommendation (\u201cEuropean common enforcement priorities for 2025 corporate reporting\u201d) and to pay particular attention to risks and any potential impacts associated with the geopolitical environment and climate-related matters, to the extent that such effects may be material to performance, financial position and the related disclosures. The current relevant context continues to be characterised by a combination of factors: geopolitical tensions weigh on global prospects through heightened uncertainty and persistent volatility in energy and commodity prices; United States protectionist policies and the succession of retaliatory measures, exemptions and agreements generate inefficiencies, changes in global trade patterns and risks of disruption to supply chains; moreover uncertainty regarding the future path of monetary policy, linked to ongoing uncertainty about future developments, complicates corporate decision-making. During 2025, the global economy overall demonstrated greater resilience than expected, maintaining moderate growth despite the persistence of significant geopolitical and trade-related uncertainties, which continue to represent a potential risk to future prospects. The introduction and subsequent recalibration of United States tariffs contributed to reducing uncertainty surrounding trade policy. The \u201cMacroeconomic Projections\u201d published by the European Central Bank (ECB) in December 2025 indicate slightly stronger global growth prospects compared with previous projections, although these remain modest relative to the pre- pandemic average 179 . For the Eurozone, as reported in the Istat press release \u201cOutlook for the Italian economy in 2025- 2026\u201d, the pace of expansion in economic activity is expected to remain broadly stable. In 2025, performance exceeded expectations, supported by an increase in exports (which anticipated tariff increases), more favourable financing conditions, the return of inflation to levels consistent with ECB targets and the stimulus to investment provided by European Union funds 180 . For the Italian economy, the latest forecasts issued by the Bank of Italy confirm moderate GDP growth of 0.6% for both 2025 and 2026, with a slight increase to 0.8% in 2027, supported by an expansion in consumption driven by higher real disposable income, as well as by investment benefiting from the measures introduced under the National Recovery and Resilience Plan (PNRR) 181 . The forecast horizon remains influenced by uncertainty arising from United States trade policies and the assumptions regarding the real economic effects of tariff measures; however, such uncertainty is expected to gradually diminish, supported by the stabilisation of demand from Italy\u2019s main trading partners and by the continued slowdown in price dynamics, particularly reflecting weaker commodity prices 182 . Regarding the disinflationary trend that began in 2023, this continued throughout 2025. The \u201cMacroeconomic Projections\u201d published by the European Central Bank (ECB) indicate a further moderation in inflation in 2026, supported by lower energy prices, followed by a subsequent increase in 2027 and a more pronounced rise in 2028 because of the new European Union emissions trading system 183 . In terms of monetary policy, considering inflation dynamics, financing conditions and growth projections, the ECB continued the process of reducing interest rates during the first half of 2025, implementing reductions of 0.25 percentage points in January, March, April and June. During the year, notwithstanding the stabilisation of the ECB\u2019s monetary policy stance, risk-free rates with maturities of up to 15 years increased on average by 0.22%. With regard to climate risks, namely risks of a systemic nature that can cascade across the whole of society, the World Economic Forum, in its annual Global Risks Report published in January 2026, continues to identify extreme weather events as among the most significant threats to humanity, both in the short term (1-2 years) and in the long term (10 years). In this context, within the energy sector, changes in average and extreme temperatures may lead to increased energy demand during summer periods and reduced demand during winter periods (also influenced by a combination of geographical, socio-economic and technological factors), while, on the supply side, climate change may adversely affect energy infrastructure in certain geographical areas. Also for 2025, based on the requirements established by national and international regulators, CDP and the Group companies were required to assess and disclose the impacts that the geopolitical environment and the related uncertainties may have on the financial statements and on specific business operations, as well as to continue focusing on the potential impacts of climate-related matters. Risks and uncertainties Based on the scenario described above (for information on this, please refer to the detailed description in the \u201cMarket Context \u2013 Macroeconomic scenario\u201d section of the Report on Operations), CDP assesses and takes into account the impacts that this context and its associated uncertainties may have on its financial statements and operations. The main risks to which the CDP Group is exposed in conducting its business can be summarised based on the following taxonomy: \u2022 Credit risk: the risk that a debtor will not meet its commitments in relation to a loan or an issued bond; \u2022 Counterparty risk: the risk that a counterparty will not meet its commitments in respect of one or more derivative or treasury transactions; \u2022 Concentration risk: the risk arising from large exposures to individual counterparties, groups of connected counterparties or counterparties carrying out the same activity, belonging to the same economic sector or the same geographical area; \u2022 Liquidity risk: the risk that a financial institution will be unable to meet its commitments due to difficulties in financing itself or in divesting assets, or that it will be unable to monetise assets held in the market without significantly adverse conditions affecting their market price; \u2022 Market risks (interest rate and price risk, exchange rate risk): the risk that negative trends in interest and inflation rates and exchange rates will adversely affect the fair value, earnings or equity value of a financial institution; \u2022 Spread risk: the risk that adverse movements in the credit spreads of the Held To Collect & Sell securities portfolio may negatively affect the net economic value, profitability, or the book equity of a financial institution; \u2022 Equity risk: the risk that negative trends of equity security prices will adversely affect the fair value, earnings or net assets value of a financial institution; \u2022 Reputational risk: the current or prospective risk of a fall in profits, loss of economic value or damage to the institutional role, resulting from a negative perception of the image of CDP by customers, counterparties, shareholders, investors, regulators or other stakeholders; \u2022 Operational risk: the risk that inadequate information systems, operational errors, failures in internal controls or procedures, fraud, lawsuits, judgments or invalid agreements or external events (e.g. earthquakes, epidemics, etc.) may result in losses for a financial institution; \u2022 Country risk: the risk that events occurred in countries other than Italy may result in losses. This does not just refer to the credit risk associated with exposures to the public administration of the foreign country (sovereign risk), but to all exposures regardless of the type of counterparty. The evolution of the geopolitical environment and the related macroeconomic scenario has not resulted in the identification of previously unconsidered risks, as the phenomena observed fall within categories already mapped and subject to established risk management processes. The CDP Group also pays particular attention to the emerging risks arising from climate change, in terms of both possible economic-financial impacts as well as potential reputational risks, given that the consequences of climate change and the transition process towards a green economy could have a far from negligible impact on credit risk, equity risk and operational risk. The increasing relevance of climate change-related matters has required the CDP Group to strengthen its oversight of climate and environmental risks, which are classified into the following categories: \u2022 physical risk, meaning the risk of direct or indirect financial loss caused by recurring or extreme climate and natural events; \u2022 transition risk, i.e. the business risk linked to global warming mitigation policies with a particular focus on the energy sector; and \u2022 environmental risk, meaning the risk of environmental damage during business activities and the litigation risk connected with infringements of environmental protection regulations, with potential consequences in terms of reputational risk. CDP analyses its exposure and risk profile by assessing interest rate-sensitive items (both on and off-balance sheet), quantifying, in terms of economic value, the reaction to minor changes (sensitivity analysis) and to major shocks (stress tests) in risk factors. CDP also assesses the impact of interest rate risk on earnings for shorter horizons by specifically quantifying the impact of parallel shifts in the yield curve on net interest income. In response to the prevailing environment, CDP has adopted a cautious approach, closely monitoring its exposures to identify any signals warranting the implementation of precise risk mitigation measures within its standard ALM framework. To date, the impacts of the geopolitical environment on interest rate risk exposure have remained contained, although, in circumstances of heightened market stress, CDP\u2019s exposure may require active management interventions, such as adjustments to the hedging derivatives portfolio 184 . With reference to liquidity risk, CDP monitors funding trends, both on capital markets and through the postal savings channel. While direct exposure to commodity price fluctuations is minimal, indirect exposure exists through certain assets held within the equity or credit portfolio. With reference to the specificities of the CDP Group companies, the following information is provided: \u2022 Regarding Fintecna S.p.A., notwithstanding the inherent difficulty in making accurate forecasts, no elements have been identified arising from developments in the current geopolitical environment that could directly affect the Company\u2019s operations. During 2025, risk monitoring activities were carried out through the operational tools adopted by Fintecna, in line with the methodologies applied by the CDP Group. The risk profile remains primarily linked to the management of liquidation processes and significant ongoing litigation (operational risk), relating to the numerous corporate entities incorporated over the years. Among operational risks, particular relevance is also attributed to those connected with the management of environmental remediation activities relating to sites owned by the Efim separate asset pool, properties originally belonging to the Iged separate asset pool, the performance by Fintecna of liquidator functions and, from the current financial year, the role of Extraordinary Administration Commissioner, as well as, most recently, those arising from the management of the investment in CDP Immobiliare S.r.l. in liquidazione and the vehicles controlled by it. Given the complexity characterising these situations and the inherent uncertainty regarding their future development, Fintecna periodically updates its assessments of the adequacy of the provisions for risks and charges recognised in the financial statements, which are currently considered adequate and sufficient to cover probable liabilities. Regarding the activities of the Efim segregated assets, it is noted that inflationary dynamics associated with potential events adversely affecting the current geopolitical environment could result in an increase in costs related to remediation and disposal activities. With reference to the Iged separate asset pool and the investment in CDP Immobiliare S.r.l. in liquidazione, a market risk has been identified linked to macroeconomic factors relating to developments in the real estate market, which may lead to a reduction in the value of assets, although not strictly correlated with factors directly influenced by the geopolitical environment. The value of the real estate portfolio is monitored through periodic valuations carried out by independent experts. An additional risk factor relates to the potential difficulty in disposing of owned assets, primarily consisting of real estate properties located throughout Italy. In measuring and managing market risk, the value of the property portfolio is periodically monitored through assessments conducted by Independent Experts. \u2022 For CDP Immobiliare S.r.l. in liquidazione, consideration has been given to the impacts associated with the current environment, characterised by a combination of factors related to ongoing geopolitical crises and developments in inflation levels and interest rates. By way of example and without limitation, the impact of these factors on the Company\u2019s activities may include increased difficulty for potential purchasers of properties in obtaining funding, as well as higher asset management costs resulting from both inflationary pressures and potential supply chain constraints. Given the nature of CDP Immobiliare\u2019s operations, market risk is defined as the risk of unexpected losses arising from macroeconomic factors affecting the real estate market, which may lead to a decline in property values. In order to measure and manage this risk, the value of the real estate portfolio is monitored through semi-annual valuations carried out by independent experts. With regard to exposure to interest rate risk, this is limited to the medium- to long-term financial liability of the investee company Quadrifoglio Brescia in liquidazione, for which debt restructuring activities with creditor companies are currently in progress. \u2022 Based on the analyses performed and the information currently available, CDP Real Asset SGR has not identified any significant risks or uncertainties arising from the current geopolitical environment that could materially affect the financial reporting, as the Company does not have significant exposures to geographical areas or counterparties directly affected by geopolitical tensions that could compromise business continuity or the recoverability of assets recognised in the financial statements. Furthermore, no significant impacts have been identified on the valuation of receivables, property, plant and equipment, inventories or other balance sheet items, and no factors have been identified that could materially affect the accounting estimates adopted. In any event, CDP Real Asset SGR continues to closely monitor developments in the macroeconomic and geopolitical environment in order to promptly identify any potential future impacts and ensure an appropriate and transparent presentation in the financial statements. \u2022 Regarding SIMEST S.p.A., the current environment confirms the presence of certain potential impacts, particularly in terms of credit risk, attributable to a possible deterioration in credit quality (downgrading of ratings and an increase in expected defaults) and the related provisioning requirements, with consequent effects on forecasts and budgets, as well as risks relating to fraud, anti-money laundering and reputation, also associated with the management of public resources. To further strengthen the mitigation of risks associated with the current environment, SIMEST\u2019s control functions have continued to consolidate the risk monitoring and control framework, in order to capture any changes in the scenario in terms of credit risk, liquidity, interest rate and other risks in an even more timely manner, ensuring reactivity and adaptability. With specific reference to credit risk, SIMEST has continued to strengthen its measurement and monitoring models and tools. Considerations relating to the geopolitical environment are incorporated and reflected, through dedicated models and assessment metrics, in the determination of Expected Credit Loss, in fair value measurements and in the management of financial and other risks. Based on the characteristics of SIMEST\u2019s Business Model, these areas are deemed material and are closely monitored. s Regarding liquidity risk, the company continued its monitoring activities, focusing on risk indicators specifically designed to align with its Business Model, such as the short-term liquidity indicator and the structural liquidity indicator, both of which were found to be effective. With reference to the rate risk, the framework provides for the adoption of the \u201cRepricing Gap\u201d methodology, which quantifies interest rate risk by calculating the \u201cgap\u201d, differentiated by predetermined time buckets, between assets and liabilities exposed to interest rate risk. The Repricing Gap across the different maturities, combined with an assumption of rate changes, allows the potential impacts on the income statement to be quantified, identifying the relative limits on two levels: soft limit and hard limit. The activities carried out during 2025 confirmed the effectiveness of this indicator. In the area of public funds, and with specific reference to the operations of Fund 295/73, interest rate risk hedging activities were initiated during the year through macro- hedging transactions implemented by the Ministry of Economy and Finance. Regarding ESG risks, these may have either a positive or negative impact on the economic and financial performance and on the solvency of SIMEST\u2019s counterparties. The initiatives envisaged under SIMEST\u2019s Strategic Plan in the field of sustainability achieved significant progress during 2025, including the development of an ESG risk assessment model for equity investment transactions, in line with the provisions of the Group Policy. The model, based on a qualitative and quantitative approach, assigns a level of risk to each ESG component and defines a composite risk indicator. \u2022 CDP Equity S.p.A. and CDP RETI S.p.A., as financial holding companies, are inherently exposed, on an indirect basis, to the business risks of their investees and to the main sources of uncertainty affecting their economic and financial performance and expected returns, in light of their investments and commitments; accordingly, they perform continuous monitoring of the financial results achieved and expected by their investees, assessing management proposals within the scope of business operations, taking into account the relevant sector and market conditions as well as the broader political, economic and social environment. During 2025, the Risk Department function of CDP Equity carried out its activities in accordance with risk management principles along three main lines of action: (i) assessment of risks associated with the investment portfolio, both at the stage of approving investment and divestment transactions and periodically through monitoring of the portfolio risk profile; (ii) assessment of risks to which the Company is exposed in the course of its core operations; and (iii) reviews performed in connection with the valuation of corporate assets within the accounting process. In relation to portfolio risk profile monitoring, this activity was carried out on an ongoing basis, relying on the periodic reports received from the entities and managers, as well as available public information. In addition, targeted analyses were carried out on investees (such as, for example, assessments of the main impacts related to the introduction of tariffs by the United States administration) and on subscribed funds. In addition, the Risk Department has undertaken a targeted analysis of ESG risks associated with direct investments and funds. These analyses facilitated the effective monitoring of the portfolio\u2019s risk profile. \u2022 CDP RETI S.p.A., overall, is not materially exposed to credit risk, which primarily arises from receiving dividends from subsidiaries and trading derivative instruments (for which cash collateral is exchanged), bank deposits, and irregular deposits with its parent company, CDP S.p.A. With regard to interest rate risk exposure, the Company has in place two IRS transactions accounted for under hedge accounting (cash flow hedge), with CDP S.p.A. as counterparty, to hedge a variable-rate Term Loan whose yield is affected by interest rate fluctuations. Based on the latest forecasts, CDP RETI S.p.A.'s income taxes and deferred taxation are not anticipated to show significant volatility; instead, they are expected to grow in the coming years. \u2022 The Snam group, despite a geopolitical environment characterised by multiple sources of uncertainty, continued its path of industrial and financial strengthening, completing the 2025 investment plan without delays while ensuring the continuity of operational activities. In this context, operations commenced at the new import entry point represented by the offshore FSRU terminal near Ravenna, which became operational in May 2025 and increased national regasification capacity. With reference to the group\u2019s foreign subsidiaries, during 2025 supplies of Russian gas to Europe, already at marginal levels compared with volumes recorded prior to the conflict, experienced a further significant reduction following the non-renewal of the transit agreement through Ukraine. This reduction was offset by withdrawals from storage and increased LNG supplies. Thanks to ongoing diversification of supply sources and investments in supply security, no significant disruptions or critical issues have been recorded within Snam\u2019s international asset portfolio. With regard to the Austrian investees TAG (jointly controlled entity) and GCA (associate), no updates have been identified in the regulatory framework applicable to the regulatory period 2025-2027. The current framework has significantly modified the previous regulatory regime and, inter alia, in addition to providing for the elimination of volume risk for the two Transmission System Operators (TSOs), has also introduced compensatory mechanisms borne by the companies, effective from 2025. This change has enabled TAG to return to profitability after several years of negative results influenced by changes in supply dynamics. With reference to the situation in the Middle East, the conflict in the Gaza Strip does not currently have direct impacts on Snam\u2019s assets or on the operations of the pipeline connecting Israel and Egypt (EMG, an associate). With regard to climate-related matters, legislation introduced in response to climate change may give rise to new obligations that did not previously exist. Snam has established ambitious targets aimed at progressive decarbonisation. The full implementation of this policy, also intended to reduce CO2 emissions, together with energy efficiency and mitigation measures designed to protect biodiversity, has not resulted in the need to recognise liabilities that were not previously recorded. Accordingly, no critical reassessment of the provisions recognised in the financial statements was required. \u2022 The Terna group closely monitors the current international geopolitical environment, characterised by high levels of uncertainty which, while not producing immediate effects on the group\u2019s operations, could influence its medium term development prospects. In this context, Terna ensures both continuous monitoring of new legislation concerning International Sanctions and the strengthening of its due diligence processes and ordinary control activities. Any pressures on the costs of materials or services arising from geopolitical tensions or disruptions to international supply chains do not represent a material risk for the group, as price revision mechanisms provided for by law are fully recognised within the Regulated Asset Base (RAB) for the purpose of calculating the return on investments. The analysis carried out on the effects of the geopolitical environment, including the assessment of potential impacts arising from ongoing conflicts and emerging areas of instability, did not identify any trigger events requiring the testing for impairment of property, plant and equipment owned by the group or of intangible assets with a finite useful life. The Terna group also considers that a potential risk may arise in relation to the supply chain, linked to significant changes in the strategies of key suppliers, exacerbated by the global supply chain crisis, driven by international conflicts, the imposition of tariffs, supply constraints, the ongoing energy transition in numerous countries and the alignment of technical specifications with new regulatory requirements. This risk could potentially impact construction and maintenance activities, possibly affecting the continuity and quality of the service as well as the timelines for completing the works. The Terna group continuously monitors developments in the supply chain in order to promptly identify any potential issues and implement the necessary corrective measures. It should also be noted that Terna and its subsidiaries do not have offices or significant operations in regions affected by conflicts and do not maintain material commercial relationships with the United States of America. Within the scope of financing arrangements and bond issuances, the Terna group has in place certain bank financing facilities containing so-called ESG-linked provisions, a commercial paper programme that enables the issuance of so- called ESG Notes and has also carried out bond issuances classified as Green and European Green Bond instruments. Regarding the ESG-linked bank loans, a reward/penalty mechanism is provided, applicable to the payment of interest accruing from a contractually specified date, linked to the achievement of specific environmental, social, and governance indicators. Considering the above, the Terna group believes that there may be a risk, albeit not significant, related to the achievement of ESG targets. Should these targets not be achieved by the agreed contractual date, the cost of debt would increase slightly; however, the impact on financial charges would remain negligible. The Terna group continuously monitors all activities related to climate change and, at present, has not identified any critical issues. \u2022 The Italgas group considers the risks and uncertainties arising from the current geopolitical context, identifying the potential effects these may have on valuations, estimates and sensitivity analyses, and monitoring their possible impacts on the group\u2019s financial position and performance. Italgas monitors climate change-related risks through its Enterprise Risk Management (ERM) system, distinguishing between physical risks, associated with the increase in extreme weather events and rising average temperatures in the areas in which it operates, and transition risks, linked to regulatory developments concerning emissions, technological progress and uncertainty regarding the future role of natural gas within the energy mix. With regard to physical risks, Italgas continuously monitors the integrity of its infrastructure and employs innovative technologies to promptly identify potential issues and mitigate impacts on service continuity. Transition risks are managed through investments in technological innovation, network digitalisation and the adaptation of infrastructure to support the distribution of alternative gases, such as hydrogen, biomethane and e-gas, as well as through energy efficiency and emission reduction initiatives. \u2022 During 2025, the Ansaldo Energia group closely monitored developments in the macroeconomic and geopolitical environment, with particular reference to the introduction or strengthening of protectionist measures and customs tariffs by certain countries. In this context, it should be noted that, during the current financial year, the Ansaldo group did not generate revenue from sales in the United States of America. Starting from the 2026 order intake, there is a possibility that commercial relationships may be established with counterparties located in those areas. In such a scenario, the approach adopted by the companies within the Ansaldo group is to provide contractually that any costs arising from potential protectionist measures are borne by customers who are currently showing willingness to consider accepting this condition. Any potential exposure of the Ansaldo group to such risk would in any case remain limited, representing a minor portion of current order intake volumes. With regard to the supply chain, the Ansaldo group is successfully continuing its vendor base extension strategy, which has already resulted in a reduction of approximately 25% in the market share of single-source suppliers, with a further downward trend expected in the coming financial years. Both the impact on procurement costs and the continuity of logistics flows - including any potential need to reconfigure the supply chain in the presence of new trade tariffs - are assessed as risks contained within normal operating limits. With reference to the current geopolitical environment, sanctions aimed at restricting trade with Russia, including the eighteenth sanctions package, have introduced not only restrictions of a subjective nature but also objective restrictions, expanding the list of products whose sale, supply, transfer or export (whether direct or indirect) to any natural or legal person, entity or body in Russia, or for use in Russia, is prohibited. In particular, these restrictive measures have affected the Ansaldo group\u2019s business in Russia, introducing a ban on the export of certain products and materials and requiring export licences for specific goods; this measure is in addition to the absolute prohibition on the export of dual-use goods already established under previous sanctions packages. Within the scope of the group\u2019s exposure to financial risks, it is noted that, as a result of the European Central Bank\u2019s policy (which maintained unchanged levels in its last two meetings with regard to both the deposit facility rate and the main refinancing rate), the parent company Ansaldo Energia benefited from a positive stabilisation of interest expenses relating to the variable-rate portion of its financial indebtedness. In addition, further savings in interest expense were achieved through the reduction of the spread applied by lending banks in relation to these financing arrangements, following the testing of the Leverage Ratio as at 30 June 2025, which enabled a reduction in the margin in line with the margin ratchets provided for in the relevant financing agreements. The remaining portion of gross debt is not exposed to risks arising from interest rate fluctuations, also due to the fixed-rate hedging instruments in place (interest rate swaps - IRS). Despite the persistence of a complex geopolitical environment, the improvement in market conditions, together with the strong performance of the Service segment and the progressive completion of New Units projects, has substantially reduced the group\u2019s exposure to liquidity risk. In this regard, it should be noted that operating cash flow recorded a very positive performance during the financial year. In this context, it is also important to highlight the positive impact on the risk of breaching financial covenants. \u2022 For the Fincantieri group, the ongoing commitment to implementing price risk mitigation policies relating to the procurement of raw materials is confirmed, namely the risk that fluctuations in commodity prices may affect the group\u2019s production costs. Such risk may arise, for example, as a result of catastrophic events affecting the supply chain, changes in customs policies or international import/export agreements, or temporary or structural imbalances between supply and demand. In order to prevent and protect against the impact of changes in commodity prices on production costs, risk exposure is continuously reviewed by monitoring price trends and implementing commercial (steel, gas and electricity) or financial (copper, diesel and LNG) hedging policies where necessary and possible. The group takes into account foreseeable increases in the components of contract costs when determining the offer price and assesses the feasibility of risk sharing with customers. At the time of signing the contract, fixed-price purchase options will already have been defined for some of the vessel\u2019s principal components. In addition, the market and the Authority\u2019s resolutions on electricity and gas continue to be monitored. The Fincantieri group\u2019s receivables consist largely of receivables from private shipowners typically related to ongoing construction contracts, as well as from the Italian government, including both receivable contributions and supplies to military bodies for projects under construction. The Fincantieri group carries out checks on the financial soundness of its customers, including through information from the main credit risk assessment agencies, and constantly monitors counterparty risk, including during the order construction phase, reporting any issues to top management and assessing the actions to be taken on a case-by- case basis. The group also engages in constant dialogue with its customers, undertaking customer support actions where deemed useful for maintaining or increasing the order book. Furthermore, clients of the Fincantieri Group have often utilised financing arrangements secured by a national Export Credit Agency to complete their order acquisitions. This form of financing provides Fincantieri with assurance that clients possess the funds required to fulfil their contractual duties throughout the building and delivery phases. Moreover, Export Credit Agencies\u2019 support has recently enabled shipowners to secure the flexibility essential to honour their contracts with shipyards, even in times of systemic crisis. The group utilises reverse factoring as a tool to ensure easier access to credit for its suppliers, based on contractual arrangements whereby the supplier can assign receivables owed by the group to a financial institution and receive payment before the due date. Financial instruments: Expected Credit Losses (\u201cECL\u201d) and fair value measurements In measuring Expected Credit Losses, CDP applies an internally-developed methodology, which considers: \u2022 a reliable estimate of through-the-cycle probability of default, which incorporates not only historical data but also forward-looking information to ensure the reliability of the estimates even in situations of severe crisis, across the entire life of the financial instruments; \u2022 an internal model for estimating the cyclical component of probability of default, to produce forward-looking estimates of point-in-time parameters. The model applied to estimate the cyclical component is based on the main macroeconomic drivers including GDP and employment rate forecasts, with reference to the Eurozone and the USA. The quantitative model adopted internally has not changed and, in particular, no sector-based adjustments were made since it was deemed that alternative methods would not be more reliable in the current phase and might, at least potentially, introduce higher risks of arbitrariness. Even when considering the effects of the changing economic environment on the counterparties in portfolio to date as relatively small, CDP considered it necessary to continue applying the management overlay (introduced for the 2021 financial statements) for quantifying ECL, aimed at compensating for the effect of falling point-in-time default probabilities which would otherwise result from the trends in the macroeconomic and credit indicators used in the model. In terms of quantifying the Expected Credit Loss, all relevant risk factors related to the counterparty\u2019s creditworthiness are addressed by assigning a forward-looking synthetic credit rating, aiming to produce assessments that are prudently reasonable, while also considering the specific role and aims of CDP. The credit rating assigned to each counterparty includes, inter alia and to the extent relevant, assessments related to climate change and energy transition. As a result, the measurement of the ECL associated with each position may be affected, where there is a significant impact, by the exposure to risks related to these issues. In carrying out fair value measurements (both on a recurring basis and with regard to financial assets and liabilities measured at amortised cost), CDP accurately reflects the current macroeconomic scenario, in particular in relation to the vel of interest rates, exchange rates, inflation, credit spreads and volatility, which - for fair value levels 2 and 3 - are used as inputs for the valuation models consistently applied over time to consistent categories of instruments. With regard to the specificities of the CDP Group companies, the following is highlighted: \u2022 CDP Real Asset SGR, with regard to the fair value of real estate investments, has relied on Independent Experts for the valuation of the real estate assets of the funds under management. During the first half of 2025, no factors emerged that would require a revision of the estimates. Specifically, as noted by the independent experts of the funds directly managed by the Company, as of the valuation date, various markets, including the real estate market, are undergoing restructuring; consequently, the value judgment provided no longer reflects a \"substantial uncertainty\" (Material Valuation Uncertainty), as defined by VPS 3 and VPGA 10 of the RICS Valuation - Global Standards. \u2022 For SIMEST S.p.A., the consolidation of measurement and monitoring models and tools continued, also taking into account the current macroeconomic context, applying prudential provisioning policies both at portfolio level (collective) and individual counterparty level (analytical). For those assets classified at amortised cost, the Expected Credit Loss model incorporated (i) the update of risk parameters, including ratings assigned to individual counterparties (\u201csingle names\u201d) subject to specific review activities and ongoing performance monitoring, and (ii) the application of prudent classification criteria to Stage 2 for specific counterparties and sectors presenting issues requiring close monitoring. In particular, in the assessment of Expected Credit Losses, SIMEST employs the methodology internally developed by the Parent Company. For those assets measured at fair value, the impairment values, calculated using updated market parameters, factor in i) interest rate trends and ii) updated risk parameters such as ratings. The overall effect, however, was mitigated by the progressive reduction in exposures measured at fair value. The coverage ratio of the performing portfolio as at December 2025 shows a gradual decrease compared with December 2024, driven by new origination flows with stronger credit quality and/or supported by collateral, the progressive ageing profile of the portfolio and the update of risk parameters. With reference to analytical impairment, the measurements were conducted at individual counterparty/transaction level based on the expected cash flows, the presence of guarantees and the recovery timing and percentages, also depending on the economic context. In December 2025, a coverage ratio of more than 80% was recorded, confirming write-downs at prudential levels. Within the scope of public funds, portfolio monitoring activities relating to Fund 394/81 continued during the first half of 2025. In the area of sustainable finance, activities continued to incorporate ESG-linked clauses into the contractual framework governing equity investment transactions, to which specific targets negotiated with the counterparty are linked; upon achievement of these targets, a pricing incentive is granted, with the objective of supporting partners in strengthening their sustainability practices. \u2022 The Snam group, in the context of financing arrangements and bond issuances, and with a view to ensuring sound liquidity risk management and diversification of funding sources, has in place certain bank loans and bond instruments that include so-called ESG-linked provisions, reflecting Snam\u2019 strong focus on ESG matters, which represent a key component of its corporate strategy. These instruments include a reward/penalty mechanism applied to the payment of accrued interest, linked to the achievement of specific environmental, social and governance indicators, the failure to meet which could result, over the medium to long term, in higher financing costs or reduced access to certain funding sources. However, the impact of such risk on finance costs would remain limited. Snam continuously monitors all activities related to climate change and, at present, has not identified any critical issues. \u2022 For the Terna group, the effects of the changing geopolitical environment have not resulted in an increase in credit risk and have not affected the measurement of Expected Credit Losses; the group\u2019s trade receivables fall within the Held to Collect business model, generally have maturities of up to 12 months, do not contain a significant financing component and relate to customers (holders of dispatching contracts for withdrawal or injection and distributors) considered solvent by the market and characterised by high credit quality. Generally speaking, credit risk management is regulated by ARERA Resolution No. 111/06, which includes provisions aimed at mitigating risks related to the insolvency of dispatching customers, both as a preventative measure and when insolvency is realised. Moreover, these effects did not generate changes in reference to the business model identified for financial instruments, not involving changes in the chosen classification. \u2022 The Ansaldo group also reflects potential increases in customer default risk in its assessments by incorporating country default risk into the evaluation of its contracts and the related receivables (Expected Credit Loss - ECL). Impairment test Equity investments With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information taken from public sources or of any additional information received by the investee companies. Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported financial performance or because they had been subject to impairment in previous reporting periods. When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to (i) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national and international regulators, alongside directives from industry organisations. In this regard, the assumptions and the valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors concerning the updated macroeconomic framework. The key general principles used are as follows: \u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rate forecasts) 185 ; \u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the average of the latest surveys; \u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period of analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of the medium/long-term perspective of the underlying cash flows. In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine the subject asset\u2019s value, including for example: \u2022 the price of hydrocarbons (e.g. oil) for companies operating mainly in the Oil & Gas sector, also in order to take into account any climate risks inherent in the business; \u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used; \u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to the generalised context of uncertainty that could increase market volatility. Goodwill Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying amount of the CTU is higher than its recoverable amount, the difference is recognised in the income statement by reducing goodwill as a priority, until it is zeroed. At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU analyses. For further information please refer to the more detailed description in the specific sections of the Notes to the Consolidated Financial Statements. Regarding the specific characteristics of the CDP Group companies, the following is highlighted: \u2022 For Fintecna S.p.A., the investment in the separate asset pools and in CDP Immobiliare S.r.l. in liquidazione is recognised among Fintecna\u2019s equity investments, and the related risk profile is linked to the progress of the respective 185 This principle also applies if the country risk has been estimated directly through the yield of the government bond of the country of reference for the liquidation processes; the management and valuation of such investments fall within the broader monitoring and management activities relating to liquidation procedures. \u2022 CDP RETI S.p.A., with specific reference to the variables characterising the current scenario, continues to require an assessment of the impacts that such context may have on the Company\u2019s business operations. Specifically, to assess the equity investment\u2019s recoverable amount, understood as the higher of the fair value net of cost of sales and its value in use, in the presence of one or more impairment indicators, the Company determines the relative fair value (calculated as the weighted average of stock prices and volumes from the last month up to the valuation date). With specific reference to the exposure to risks more closely related to climate change, CDP RETI S.p.A. currently faces a limited overall exposure, and there have been no impacts to date on the estimation of the recoverable amount (nor are such impacts anticipated in the short term) of the equity investments held in its portfolio. \u2022 CDP Equity S.p.A., in compliance with the applicable risk policy, carried out assessments (i) on the impairment testing of equity investments, (ii) on outstanding financing arrangements and (iii) on the accounting valuations of optional components associated with portfolio investments. The valuations of these optional components were carried out, on a fair value basis, with the support of an independent expert. Any impacts arising from factors such as the introduction of new tariffs (or increases in existing ones), significant changes in commodity prices and fluctuations in exchange rates affecting investees are reflected in the business plans, budgets and projections prepared by those entities and used for impairment testing purposes. \u2022 The Snam group is exposed to both physical and transition risks arising from potential socio-economic changes in the environment in which the group operates in relation to climate change-related matters; however, in general, it is considered that, in light of the actions undertaken, potential climate risks are expected to have limited impacts on the measurement of non-current assets and other assets, including receivables, recognised in the financial statements. With regard to physical risks, the Snam group continuously monitors the integrity of its infrastructure and facilities, as well as the condition and preservation status of the areas in which they are located, regularly updating the processes and systems employed in order to identify potential issues, including through the adoption of new technologies capable of reducing the environmental impact of its activities. These actions enable the company to limit its exposure to risks related to natural events; moreover, in order to remedy unforeseeable extreme natural events, Snam has adopted innovative intervention strategies and action plans aimed at ensuring the immediate safety and resumption of activities in the shortest possible time. Snam group has also put in place specific insurance contracts to cover some of these risks, in accordance with industry best practices. Similarly, due to the systematic monitoring of its assets and the geographical areas they are located in, Snam is able to identify in advance possible situations that could potentially lead to contingent liabilities related to climate risks. In light of the above, no critical reassessment of the useful life of assets recognised in the balance sheet has been required. \u2022 The Terna group, with reference to the potential presence of impairment risks relating to property, plant and equipment, concluded that, although climate risk mitigation actions require the planning of maintenance activities on the National Transmission Grid (NTG), aimed at ensuring service quality, asset safety and the maintenance of operational performance, such activities do not have negative impacts on the determination of fair value less costs of disposal. Indeed, a market participant would consider such investments as part of the fair value measurement process. Due to the sanctions aimed at restricting trade with Russia described above, the Ansaldo group assessed the recoverability of the carrying amount of the investee Ansaldo Russia, which is of non-material value, and of any related assets, updating cash flow forecasts to reflect temporary operational constraints due to force majeure, evaluating the existence of potential liabilities and analysing the recoverability of any trade receivables and advances, taking into account the significant level of collections recorded during 2025. Based on the analyses performed, the Ansaldo group prudently recognised an impairment to cover the recoverability of deferred tax assets recorded in the financial statements of the subsidiary. Revenues Current geopolitical developments may lead to the renegotiation of contractual terms relating to contracts and to commercial frictions, and situations of uncertainty may affect revenue recognition, also considering that the introduction of new tariffs (or changes to existing tariffs) may increase the estimated costs required to complete a contract and consequently reduce the percentage of completion. In this context, the following is highlighted: \u2022 For CDP Real Asset SGR, revenues are generated exclusively from management fees paid by the funds under management, settled on a quarterly basis and governed by the respective fund regulations. Revenue is recognised in line with the accrual of the right to the fee over the period during which the management service is provided. As at 31 December 2025, the Company had not recognised revenue arising from long-term contracts or from additional business lines. With reference to the funds under management, for properties that have completed their value enhancement activities, the revenues recognised in the funds\u2019 annual reports consist of rental income accrued, paid to the funds by contractual counterparties on a regular basis and in accordance with the terms set out in the relevant lease agreements. \u2022 For the Terna group, the most significant share of revenue relates to Regulated Activities in Italy, covering both operational cost reimbursement and invested capital returns, based on a WACC periodically updated by ARERA to reflect the cost of capital. The current regulatory framework also provides for the indexation of operating costs recognised in the tariff and the RAB, in order to capture inflationary trends. Regarding Non-Regulated Activities, particularly in the Energy Services sector, in light of the portfolio of products and services aimed at promoting the development of renewable energy in Italy, including the construction and management of photovoltaic plants, network connection infrastructures, and services for industrial clients, as well as in the production of cables and transformers, the group does not identify any new uncertainties likely to affect the current revenue recognition model, nor is there any need to critically reassess existing contracts. \u2022 For the Italgas group, rising temperatures and transition-related dynamics may affect the number of active delivery points and revenues; however, these effects are mitigated by the regulatory mechanisms introduced by ARERA, which provide for revenue adjustment mechanisms. Similarly, demand risk is mitigated by revenue stabilisation mechanisms embedded in the current natural gas distribution tariff framework. Similarly, due to the systematic monitoring of its assets and the areas in which they are located, the Italgas group is able to proactively identify potential situations that could give rise to contingent liabilities related to climate risks. Operating segment information Geopolitical uncertainties (for example, trade frictions) and climate-related matters have not resulted in changes to the operating segments of the companies, nor in the application of aggregation criteria and/or in the disaggregation of revenues, with consequent effects on the disclosures provided in accordance with IFRS 8. For information relating to the operating segments of the CDP group, reference should be made to the section entitled \u201cPart L \u2013 Consolidated Segment Reporting\u201d. Control, joint control, and significant influence The companies of the CDP Group conduct specific assessments - where necessary also with the support of external consultants - to ensure the correct classification of the investment relationship in the balance sheet, considering additional elements beyond voting rights, such as (i) the ability to determine the financial and management policies of the investee for determining control investments; (ii) participation in determining financial and management policies (without control or joint control) for determining associate investments; (iii) the existence of contractual agreements between two or more parties sharing control and making unanimous decisions regarding relevant activities to define joint control investments. Business combinations Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally recognised through profit or loss in the years when those costs are incurred or the services are rendered. The companies of the CDP Group carry out specific assessments \u2013 sometimes supported by external consultants appointed for this purpose \u2013 regarding the following factors: (i) whether the transaction meets the definition of a business combination or should be accounted for as an asset purchase; (ii) the identification of the acquirer; (iii) the determination of the acquisition date; (iv) the determination of the consideration paid; (v) the recognition and measurement of identifiable acquired assets, assumed identifiable liabilities (including potential ones) and any non-controlling interest in the acquired entity; (vi) the recognition and measurement of goodwill or a gain on a favourable purchase. For further details on business combinations completed during the 2025 financial year, reference should be made to the section \u201cPart G \u2013 Business Combinations Involving Companies or Business Units\u201d. Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control of one or more companies that do not constitute a business activity and those for which the business combination is carried out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not cause changes in the control structure independently of the percentage of non-controlling interests before and after the transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to have no economic substance. Further considerations With regard to other financial reporting matters identified by ESMA as areas requiring continued focus in terms of assessment and judgement, including: \u2022 Income taxes and deferred taxation; \u2022 reassessment of provisioning methodologies; \u2022 volatility in energy product prices; \u2022 GHG Emissions. These matters were taken into account by the companies of the group for the purposes of preparing their annual financial statements, and no elements have emerged that would require specific additional assessments or further disclosures beyond those already included in the notes to the financial statements. *** In relation to the matters outlined above, it should be noted that the estimates were based on market quotations and parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue to weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as to the current macroeconomic environment and developments in monetary policy conditions. The valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-929": { "value": "Section 2 - General preparation principles The Consolidated Financial Statements of the CDP Group include the balance sheet, the income statement, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows (prepared according to the \u201cindirect method\u201d), and the notes to the financial statements, and are also accompanied by the Report on operations. These documents, the separate financial statements and the annexes to both separate and Consolidated Financial Statements, make up the annual report. The Consolidated Financial Statements and tables included in the notes present not only the amounts related to the current financial period but also the corresponding comparative values. In the consolidated income statement, in the consolidated statement of comprehensive income, and in the tables in the notes to the Consolidated Financial Statements, revenues are shown as positive, while costs are shown as negative in brackets, when presented in tables in combination with revenues. For the purposes of interpretation and to provide support in applying the financial reporting standards, the following documents have also been considered, although they have not been endorsed by the European Commission: \u2022 Conceptual framework for financial reporting; \u2022 Implementation Guidance and Basis for Conclusions; \u2022 SIC/IFRIC Interpretation Documents; \u2022 Interpretation documents on the application of the IFRS in Italy, prepared by the Organismo Italiano di Contabilit\u00e0 (Italian Accounting Board, OIC) and the Italian Banking Association (ABI); \u2022 Documents issued by the EBA, ESMA and Consob concerning the application of specific IFRS rules; \u2022 Documents issued by ESMA and Consob regarding the assessments and disclosures required for financial reporting and sustainability reporting 175 . Where the information required by international accounting standards and by the provisions set out in the Bank of Italy regulations is deemed insufficient to provide a true and fair view, the notes to the financial statements supply the additional disclosures necessary for that purpose. These consolidated financial statements have been prepared in accordance with the following general requirements of IAS 1 - \u201cPresentation of financial statements\u201d: \u2022 Going concern basis: pursuant to the provisions of joint Bank of Italy/Consob/Isvap Document No. 2 of 6 February 2009 concerning disclosures on the going concern basis and in compliance with the requirements on the same issue contained in IAS 1 Revised, the CDP Group has conducted an assessment of the company\u2019s ability to continue t o operate as a going concern, considering all available information over a medium-term time horizon. Based on an analysis of the information and the results achieved in previous years, CDP deems appropriate to prepare its Consolidated Financial Statements on a going concern basis; 175 \u2022 Accruals basis: operations are recognised in the accounting records and in the consolidated financial statements of the CDP Group (except for the disclosure about cash flows) when they accrue, regardless of the payment or collection date. Costs and revenues are recognised in the income statement in accordance with the matching principle; \u2022 Materiality and aggregation: all items containing assets, liabilities, revenues and expenses of a similar nature and with similar characteristics are presented separately in the financial statements, unless they are immaterial; \u2022 Offsetting: no assets have been offset with liabilities, nor income with expenses, unless expressly required or allowed by the instructions of the Bank of Italy or by an accounting standard or a related interpretation; \u2022 Frequency of reporting: the CDP Group has prepared these consolidated financial statements, presenting the related disclosures, on an annual basis. No changes occurred with respect to the reporting date, which remains at 31 December of each year; \u2022 Comparative information: comparative information is presented for two consecutive financial years (the current year and the previous year). Such comparative information, relating in both cases to the financial year-end, is provided for each of the individual statements comprising the financial statements, including the related notes. Use of estimates The application of International Financial Reporting Standards in preparing the consolidated financial statements requires the CDP Group to make accounting estimates that are considered reasonable and realistic according to the information available at the time the estimate is made. Such estimates impact the carrying amount of the assets and liabilities, costs, revenues, and the disclosures on contingent assets and liabilities as of the reporting date, as well as the amounts reported for revenues and costs for the reference financial year. Changes in the conditions underlying the judgements, assumptions and estimates adopted may also have an impact on the consolidated financial statement items and on future financial results. Relevant accounting policies and uncertainties about the use of estimates in the preparation of the consolidated financial statements (in accordance with IAS 1 and the recommendations contained in Bank of Italy/Consob/Isvap Documents no. 2 of 6 February 2009 and no. 4 of 3 March 2010) The application of certain accounting standards necessarily involves the use of estimates and assumptions that have an effect on the values of assets, liabilities, costs and revenues recognised in the financial statements and on the reporting on potential assets and liabilities. The underlying assumptions of the estimates take into account all the information available at the date of preparation of the Consolidated Financial Statements, as well as hypothesis considered reasonable, also in light of historical experience. Because of their nature, it cannot therefore be excluded that the assumptions made, however reasonable, may not be confirmed in the future scenarios the CDP Group will operate in. The results that will be achieved in the future may therefore differ from the estimates made for the purposes of preparing the consolidated financial statements and it may therefore be necessary to make adjustments that cannot be foreseen or estimated to date with respect to the carrying value of the assets and liabilities recognised in the financial statements. In this respect, it should be noted that adjustments to the estimates may be necessary as a result of changes in the circumstances on which the estimates were based, as a result of new information or increased experience. The main areas in which management is required to make subjective assessments are: \u2022 the calculation of impairment losses on loans, equity investments and, in general, other financial assets subject to impairment; \u2022 the use of measurement techniques to determine the fair value of derivative instruments and financial instruments not listed on an active market; \u2022 the calculation of employee benefits and provisions for risks and charges (including provisions for environmental risks and liabilities related to clean-up obligations, site and/or land restoration and plant decommissioning); \u2022 the estimates and assumptions used in assessing the recoverability of deferred tax assets and interpretative issues concerning tax treatment; \u2022 the statistical and financial assumptions used in estimating repayment flows on postal savings products; \u2022 the assessment of the recoverability of goodwill and other intangible assets; \u2022 the valuation of work in progress and inventories of raw materials, semi-finished and finished goods; \u2022 the quantification of revenues related to output-based incentives. The description of the accounting policies used for the main consolidated financial statement items provides details on the main assumptions and assessments used in preparing the Consolidated Financial Statements. The current macroeconomic scenario continues to be characterised by a combination of factors related to ongoing geopolitical tensions (which still weigh on global outlook) fluctuating monetary policy conditions, the general deterioration in the economic climate, and persistent uncertainty about future developments. For further information on the uncertainties of the current context, see also the Report on operations as well as the Section 5 \u2013 \u201cOther issues\u201d in the Notes to the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-859": { "value": "
Section 3 - Scope and methods of consolidation
Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or significant influence are
accounted for using the equity method. An exception is made for a number of equity investments in companies in liquidation
or subsidiaries in the start-up phase without assets and liabilities or of insignificant value, whose contribution to the
Consolidated Financial Statements is immaterial.
The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December 2025, as
approved by competent corporate bodies of consolidated companies, adjusted as necessary to harmonise them with Group
accounting policies and reclassified on the basis of the formats established by the Bank of Italy in Circular no. 262 of 22
December 2005, in the updated version of 17 November 2022.
The following statement shows the companies consolidated on a line-by-line basis.
1. Equity investments in subsidiaries
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
1.
ACE Marine LLC
Madison, WI
Green Bay - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
2.
Acqua Campania S.p.A.
Naples
Naples
1
Nepta S.p.A.
95.70%
95.70%
1
Italgas Reti S.p.A.
0.53%
0.53%
3.
Alfiere S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
4.
Alivieri Power Units Maintenance SA
Athens
Athens
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
5.
Altenia S.r.l.
Rome
Rome
1
Terna Energy
89.00%
89.00%
Solutions S.r.l.
6.
Ansaldo Energia Gulf
Abu Dhabi
Abu Dhabi
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
7.
Ansaldo Energia IP UK Ltd
London
London
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
8.
Ansaldo Energia Iranian LLC
Tehran
Tehran
1
Ansaldo Russia LLC
30.00%
30.00%
1
Ansaldo Energia
70.00%
70.00%
S.p.A.
9.
Ansaldo Energia Netherlands BV
Breda
Breda
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
10.
Ansaldo Energia S.p.A.
Genoa
Genoa
1
CDP Equity S.p.A.
99.62%
99.62%
11.
Ansaldo Energia Spain S.L.
Zaragoza
Zaragoza
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
12.
Ansaldo Energia Switzerland AG
Baden
Baden
1
Ansaldo Energia
100.00%
89.50%
S.p.A.
13.
Ansaldo Energia Turkey Enerji
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
14.
Ansaldo Green Tech S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
15.
Ansaldo Nigeria Limited
Lagos
Lagos
1
Ansaldo Energia
60.00%
60.00%
S.p.A.
16.
Ansaldo Nucleare S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
17.
Ansaldo Russia LLC
Moscow
Moscow
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
18.
Arabian Soil Contractors Ltd
Al Khobar
Al Khobar
1
Trevi Geotechnik
100.00%
100.00%
GmbH
19.
Arsenal S.r.l.
Trieste
Trieste
1
Fincantieri Oil & gas
100.00%
100.00%
S.p.A.
20.
Asia Power Project Private Ltd
Chennai
Chennai
1
Ansaldo Energia
99.99%
99.99%
S.p.A.
1
Ansaldo Nucleare
0.01%
0.01%
S.p.A.
21.
Asset Company 10 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
22.
Avvenia the Energy Innovator S.r.l.
Rome
Rome
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
23.
BOP6 S.c.ar.l. in liquidazione
Trieste
Trieste
1
Fincantieri SI S.p.A.
95.00%
95.00%
1
Fincantieri S.p.A.
5.00%
5.00%
24.
BYS Ambiente Impianti S.r.l.
San Donato
San Donato
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
Milanese (MI)
S.r.l.
25.
BYS Societ\u00e0 Agricola Impianti S.r.l.
Piacenza
Piacenza
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
26.
Bacini di Palermo S.p.A.
Palermo
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
27.
Bioenerys Agri S.r.l.
Pordenone
Pordenone
1
Bioenerys S.r.l.
100.00%
100.00%
28.
Bioenerys Ambiente S.r.l.
San Donato
San Donato
1
Bioenerys S.r.l.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
29.
Bioenerys S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
30.
Biogas Bruso Societ\u00e0 Agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
31.
Biowaste CH4 Legnano
San Donato
Turin
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
32.
Bludigit S.p.A.
Milan
Milan
1
Italgas S.p.A.
100.00%
100.00%
33.
Broady Flow Control Ltd.
Kingston Upon
Kingston Upon Hull
1
Valvitalia S.p.A.
100.00%
100.00%
Hull
34.
Brugg Cables (India) Pvt., Ltd.
Haryana
Haryana
1
Brugg Kabel GmbH
0.26%
0.26%
1
Brugg Kabel AG
99.74%
99.74%
35.
Brugg Cables (Shanghai) Co., Ltd.
Shanghai
Shanghai
1
Brugg Kabel AG
100.00%
100.00%
36.
Brugg Cables (Suzhou) Co., Ltd.
Suzhou
Suzhou
1
Brugg Cables
100.00%
100.00%
(Shanghai) Co., Ltd.
37.
Brugg Cables Company
Riyadh
Riyadh
1
Brugg Kabel AG
100.00%
100.00%
38.
Brugg Cables Italia S.r.l.
Milan
Milan
1
Brugg Kabel
100.00%
100.00%
Manufacturing AG
39.
Brugg Cables Middles East
Dubai
Dubai
1
Brugg Kabel AG
100.00%
100.00%
Contracting LLC
40.
Brugg Cables, Inc.
Chicago
Chicago
1
Brugg Kabel AG
100.00%
100.00%
41.
Brugg Kabel AG
Brugg
Brugg
1
Brugg Kabel
90.00%
90.00%
Services AG
42.
Brugg Kabel GmbH
Schwieberdingen
Schwieberdingen
1
Brugg Kabel AG
100.00%
100.00%
43.
Brugg Kabel Manufacturing AG
Brugg
Brugg
1
Brugg Kabel
100.00%
100.00%
Services AG
44.
Brugg Kabel Services AG
Brugg
Brugg
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
45.
CCA Centro Combustione e Ambiente
Gioia del Colle
Gioia del Colle
1
Ansaldo Energia
60.00%
60.00%
(BA)
(BA)/Gallarate (VA)
S.p.A.
46.
CDP Equity S.p.A.
Milan
Milan
1
CDP S.p.A.
100.00%
100.00%
47.
CDP Immobiliare S.r.l. in liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
48.
CDP Real Asset SGR S.p.A.
Rome
Rome
1
CDP S.p.A.
70.00%
70.00%
49.
CDP Reti S.p.A.
Rome
Rome
1
CDP S.p.A.
59.10%
59.10%
50.
CDP Technologies AS
Alesund
Alesund
1
Seaonics AS
100.00%
100.00%
51.
CDP Technologies Estonia O\u00dc
Tallinn
Tallinn
1
CDP Technologies
100.00%
100.00%
AS
52.
CDP Venture Capital SGR S.p.A.
Rome
Rome
1
CDP Equity S.p.A.
70.00%
70.00%
53.
CH4 Energy S.r.l.
San Donato
Palermo
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
54.
Centro per gli Studi di Tecnica Navale
Genoa
Genoa
1
Fincantieri NexTech
86.10%
86.10%
- CETENA S.p.A.
S.p.A.
55.
Cilento Reti Gas S.r.l.
Acquaviva Delle
Acquaviva Delle
1
Italgas Reti S.p.A.
60.00%
60.00%
Fonti
Fonti
56.
Cinque Cerchi S.p.A. in liquidazione
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
S.r.l. in liquidazione
57.
Cisar Costruzioni S.c.ar.l.
Milan
Rome
1
Fincantieri
51.00%
51.00%
Infrastrutture Sociali
S.p.A.
58.
Consentia Project S.r.l
Milan
Milan
1
Renovit Public
100.00%
100.00%
Solutions S.p.A.
Societ\u00e0 Benefit
59.
Constructora Finso Chile S.p.A.
Santiago, Chile
Santiago, Chile
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
60.
Cubogas S.r.l.
San Donato
San Donato
1
Greenture S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
61.
E-phors S.p.A.
Milan
Milan
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
62.
ESPERIA-CC S.r.l.
Rome
Rome
1
Terna S.p.A.
1.00%
1.00%
63.
Empoli Salute Gestione S.c.ar.l.
Florence
Florence
1
SOF S.p.A.
4.50%
4.50%
1
Fincantieri
95.00%
95.00%
Infrastrutture Sociali
S.p.A.
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
64.
Enaon Eda S.A.
Athens
Athens
1
Enaon S.A.
100.00%
100.00%
65.
Enaon S.A.
Athens
Athens
1
Italgas Newco
100.00%
100.00%
S.p.A.
66.
Enersi Sicilia
San Donato
Caltanissetta
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
67.
Enura S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
55.00%
55.00%
Milanese (MI)
Milanese (MI)
68.
Ergon Projects ltd
Gzira
Gzira
1
SOF S.p.A.
1.00%
1.00%
1
Fincantieri
99.00%
99.00%
Infrastrutture Sociali
S.p.A.
69.
Estaleiro Quissam\u00e3 Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Promar SA
49.50%
49.50%
1
Vard Group AS
50.50%
50.50%
70.
Eusebi Impianti Kazakhstan
Aktau
Aktau
1
Valvitalia S.p.A.
75.00%
75.00%
71.
FIV Comparto Extra
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
72.
FIV Comparto Plus
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
73.
FMSNA YK
Nagasaki
Nagasaki
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
74.
FNAS - Fondo Nazionale Abitare
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
Sociale
75.
FNT Fondo Nazionale per il Turismo -
Comparto A
Rome
Rome
1
CDP S.p.A.
71.67%
71.67%
76.
FOF Private Equity Italia
Milan
Milan
1
CDP S.p.A.
60.40%
60.40%
77.
FOF Private Debt
Milan
Milan
1
CDP S.p.A.
62.50%
62.50%
78.
FT1 Fondo Turismo 1
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
79.
FT2 Fondo Turismo 2
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
80.
Fincantieri (Shanghai) Trading Co. Ltd
Shanghai
Shanghai
1
Fincantieri S.p.A.
100.00%
100.00%
81.
Fincantieri Arabia for Naval Services
Riyadh
Riyadh
1
Fincantieri S.p.A.
100.00%
100.00%
LLC
82.
Fincantieri Dragaggi Ecologici S.p.A.
Rome
Rome
1
Fincantieri S.p.A.
55.00%
55.00%
in liquidazione
83.
Fincantieri Holding B.V.
Amsterdam
Amsterdam
1
Fincantieri S.p.A.
100.00%
100.00%
84.
Fincantieri India Private Limited
New Delhi
New Delhi
1
Fincantieri Holding
99.00%
99.00%
B.V.
1
Fincantieri S.p.A.
1.00%
1.00%
85.
Fincantieri Infrastructure Florida Inc.
Miami - FL
Miami - FL
1
Fincantieri
100.00%
100.00%
Infrastructure USA,
Inc.
86.
Fincantieri Infrastructure Opere
Trieste
Rome
1
Fincantieri
100.00%
100.00%
Marittime S.p.A.
Infrastructure S.p.A.
87.
Fincantieri Infrastructure S.p.A.
Trieste
Verona
1
Fincantieri S.p.A.
100.00%
100.00%
88.
Fincantieri Infrastructure USA, Inc.
Newark -
Newark - Delaware
1
Fincantieri
100.00%
100.00%
Delaware
Infrastructure S.p.A.
89.
Fincantieri Infrastrutture Sociali S.p.A.
Florence
Florence
1
Fincantieri
90.00%
90.00%
Infrastructure S.p.A.
90.
Fincantieri Ingenium S.r.l.
Milan
Milan
1
Fincantieri NexTech
70.00%
70.00%
S.p.A.
91.
Fincantieri Marine Group Holdings Inc.
Wilmington, DE
Washington, DC
1
Fincantieri USA Inc.
87.44%
87.44%
92.
Fincantieri Marine Group LLC
Carson City, NV
Washington, DC
1
Fincantieri Marine
100.00%
100.00%
Group Holdings Inc.
93.
Fincantieri Marine Repair LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
94.
Fincantieri Marine System LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
95.
Fincantieri Marine Systems North
Wilmington, DE
Chesapeake - VI
1
Fincantieri USA Inc.
100.00%
100.00%
America Inc.
96.
Fincantieri Naval Services LTD
Abu Dhabi
Abu Dhabi
1
Fincantieri S.p.A.
100.00%
100.00%
97.
Fincantieri NexTech S.p.A.
Milan
Follo (La Spezia)
1
Fincantieri S.p.A.
100.00%
100.00%
98.
Fincantieri Oil & gas S.p.A.
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
99.
Fincantieri S.p.A.
Trieste
Trieste
1
CDP Equity S.p.A.
70.91%
70.91%
100.
Fincantieri SI Impianti S.c.ar.l.
Milan
Milan
1
Fincantieri SI S.p.A.
60.00%
60.00%
101.
Fincantieri SI S.p.A.
Trieste
Trieste
1
Societ\u00e0 per
100.00%
100.00%
l'Esercizio di Attivit\u00e0
Finanziarie - Seaf
S.p.A.
102.
Fincantieri Services Doha LLC
Qatar
Qatar
1
Fincantieri S.p.A.
100.00%
100.00%
103.
Fincantieri Services Middle East LLC
Doha (QFC)
Doha (QFC)
1
Fincantieri S.p.A.
100.00%
100.00%
104.
Fincantieri Services USA LLC
Plantation, FL
Miami, FL
1
Fincantieri USA Inc.
100.00%
100.00%
105.
Fincantieri USA Holding LLC
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
100.00%
100.00%
106.
Fincantieri USA Inc.
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
65.00%
65.00%
1
Fincantieri USA
35.00%
35.00%
Holding LLC
107.
Fincantieri do Brasil S.A.
Ipojuca
Ipojuca
1
Vard Group AS
0.01%
0.01%
1
Fincantieri Oil & gas
99.99%
99.99%
S.p.A.
108.
Finso Albania S.h.p.k.
Tirana
Tirana
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
109.
Fintecna S.p.A.
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
110.
FoF Private Debt Italia
Milan
Milan
1
CDP Equity S.p.A.
73.35%
73.35%
111.
Fondo Italiano d'Investimento SGR
Milan
Milan
1
CDP Equity S.p.A.
55.00%
55.00%
S.p.A.
112.
Fondo Sviluppo Comparto A
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
113.
Foundation Construction Ltd
Lagos
Lagos
1
Trevi S.p.A
80.32%
80.32%
114.
Galante Foundations Sa
Panama City
Panama City
1
Trevi Panamericana
100.00%
100.00%
Sa
115.
Gannouch Maintenance S.\u00e0r.l.
Tunis
Tunis
1
Ansaldo Energia
99.00%
99.00%
Netherlands BV
1
Ansaldo Energia
1.00%
1.00%
Switzerland AG
116.
Gasrule Insurance D.A.C.
Dublin
Dublin
1
SNAM S.p.A.
100.00%
100.00%
117.
Geoside S.p.A.
Casalecchio di
Casalecchio di Reno
1
Toscana Energia
32.78%
32.78%
Reno
S.p.A.
1
Italgas S.p.A.
67.22%
67.22%
118.
Gestione Bacini La Spezia S.p.A.
La Spezia
La Spezia
1
Fincantieri S.p.A.
99.89%
99.89%
119.
Govone Biometano S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
120.
Greenture S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
121.
HMS IT S.p.A.
Rome
Rome
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
122.
Halfbridge Automation S.r.l.
Rome
Rome
1
Altenia S.r.l.
70.00%
70.00%
123.
Hyper Servicos de Perfuracao Ltda
Sao Paulo
Sao Paulo
1
Soilmec SpA
100.00%
100.00%
124.
IDS Australasia PTY Ltd
Hendra
Brendale
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
125.
IDS Ingegneria Dei Sistemi (UK) Ltd
Fareham
Fareham
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
126.
IDS Ingegneria Dei Sistemi S.p.A.
Pisa
Pisa
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
127.
IDS Korea Co. Ltd
Daejeon
Daejeon
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
128.
IDS North America Ltd
Ottawa
Ottawa
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
129.
IDS Technologies US Inc.
Littleton
Littleton
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
130.
IG Rete Dati S.r.l.
Milan
Milan
1
Bludigit S.p.A.
100.00%
100.00%
131.
INFRA.BAS.MAR. S.c. a r.l.
Rome
Rome
1
Fincantieri
51.00%
51.00%
Infrastructure Opere
Marittime S.p.A.
1
Fincantieri
49.00%
49.00%
Infrastrutture Sociali
S.p.A.
132.
Idrolatina S.r.l.
Milan
Milan
1
Nepta S.p.A.
100.00%
100.00%
133.
Idrosicilia S.p.A.
Milan
Milan
1
Nepta S.p.A.
99.37%
99.37%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
134.
Idt Fzco
Dubai
Dubai
1
Trevi Finanziaria
10.00%
10.00%
Industriale S.p.A
1
Trevi S.p.A
90.00%
90.00%
135.
Idt Llc Fzc
Fujairah UAE
Fujairah UAE
1
Soilmec SpA
5.00%
5.00%
1
Idt Fzco
90.00%
90.00%
136.
Infrastrutture Trasporto Gas S.p.A.
San Donato
Milan
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
137.
Isotta Fraschini Motori S.p.A.
Bari
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
138.
Issel Nord S.r.l.
Follo (La Spezia)
Follo (La Spezia)
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
139.
Italgas Newco S.p.A.
Milan
Milan
1
Italgas S.p.A.
90.00%
90.00%
140.
Italgas Reti S.p.A.
Turin
Turin
1
Italgas S.p.A.
100.00%
100.00%
141.
Italgas S.p.A.
Milan
Milan
2
CDP Reti S.p.A.
25.94%
25.94%
2
SNAM S.p.A.
11.40%
11.40%
142.
L.A.C. Laboratorio Acqua Campania
Naples
Naples
1
Acqua Campania
51.00%
51.00%
S.r.l.
S.p.A.
143.
MST S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
144.
MTM S.c.ar.l.
Venice
Venice
1
Fincantieri S.p.A.
41.00%
41.00%
145.
MZ Biogas societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
146.
Maiero Energia societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
147.
Marina Bay S.A.
Luxembourg
Luxembourg
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
148.
Marine Interiors S.p.A.
Trieste
Ronchi dei Legionari
1
Fincantieri S.p.A.
100.00%
100.00%
(GO)
149.
Marinette Marine Corporation
Green Bay, WI
Marinette - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
150.
Medea S.p.A.
Sassari
Sassari
1
Italgas Reti S.p.A.
51.85%
51.85%
151.
Moglia Energia Societ\u00e0 Agricola ar.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
152.
Mola Rupta Scarl
Cesena
Rome
1
Trevi S.p.A
72.58%
72.58%
153.
Nepta S.p.A.
Milan
Caserta
1
Italgas S.p.A.
100.00%
100.00%
154.
Niehlgas GmbH
Oberursel
Oberursel
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
155.
Nuclear Engineering Group Limited
Wolverhampton
Warrington/Egremont
1
Ansaldo Nucleare
100.00%
100.00%
S.p.A.
156.
OPERAE a Marine Interiors Company
Trieste
Treviso
1
Marine Interiors
85.00%
85.00%
S.r.l.
S.p.A.
157.
ORTONA FM Societ\u00e0 Consortile a
Rome
Rome
1
Fincantieri
80.00%
80.00%
Responsabilit\u00e0 Limitata
Infrastructure Opere
Marittime S.p.A.
158.
Opere Marittime Tunnel Subportuale
Rome
Rome
1
Fincantieri
70.00%
70.00%
S.c.a r.l.
Infrastructure Opere
Marittime S.p.A.
159.
Parcheggi S.r.L.
Cesena
Pescara
1
Trevi S.p.A
100.00%
100.00%
160.
Pentagramma Piemonte S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione
S.r.l. in liquidazione
161.
Pentagramma Romagna S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione unipersonale
S.r.l. in liquidazione
162.
Pilotes Trevi Sacims
Buenos Aires
Buenos Aires
1
Trevi S.p.A
99.97%
99.97%
163.
Pilotes Trevi Sacims \u2212 Paraguay
Gral Eduvigis
Gral Eduvigis Diaz
1
Pilotes Trevi Sacims
100.00%
100.00%
Diaz
164.
Pilotes Uruguay Sa
Montevideo
Montevideo
1
Pilotes Trevi Sacims
100.00%
100.00%
165.
Power4Future S.p.A.
Calderara di
Calderara di Reno
1
Fincantieri SI S.p.A.
52.00%
52.00%
Reno (BO)
(BO)
166.
Profuro Intern. Lda
Namaacha
Namaacha
1
Trevi S.p.A
99.51%
99.51%
167.
REMAZEL ENGINEERING S.p.A.
Milan
Milan
1
Fincantieri S.p.A.
100.00%
100.00%
168.
Renovit Building Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
169.
Renovit Business Solutions S.r.l.
Rome
Milan
1
Renovit S.p.A.
100.00%
100.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
170.
Renovit Public Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
171.
Renovit S.p.A. Societ\u00e0 Benefit
San Donato
San Donato
1
CDP Equity S.p.A.
30.00%
30.00%
Milanese (MI)
Milanese (MI)
1
SNAM S.p.A.
60.05%
60.05%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
172.
Residenziale Immobiliare 2004 S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
173.
Rete 2 S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
174.
Rete S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
175.
S.L.S. - Support Logistic Services
Guidonia
Guidonia Montecelio
1
IDS Ingegneria Dei
100.00%
100.00%
S.r.l.
Montecelio
Sistemi S.p.A.
176.
SNAM RETE GAS S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
177.
SNAM S.p.A.
San Donato
San Donato
2
CDP Reti S.p.A.
31.35%
31.35%
Milanese (MI)
Milanese (MI)
178.
SOF S.p.A.
Florence
Florence
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
179.
STE Energy S.r.l.
Rome
Rome
1
Altenia S.r.l.
100.00%
100.00%
180.
Seanergy a Marine Interiors Company
Pordenone
Cordignano (TV)
1
Marine Interiors
80.00%
80.00%
S.r.l.
S.p.A.
181.
Seaonics AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
182.
Seaonics Polska SP.Z O.O.
Gdansk
Gdansk
1
Seaonics AS
100.00%
100.00%
183.
Simest S.p.A.
Rome
Rome
1
CDP S.p.A.
76.01%
76.01%
184.
Skytech Italia S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
185.
Snam Energy Terminals S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
186.
Snam International B.V.
Amsterdam
Amsterdam
1
SNAM S.p.A.
100.00%
100.00%
187.
Societ\u00e0 Agricola Agrimetano
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Pozzonovo S.r.l.
188.
Societ\u00e0 Agricola Agrimetano Ro S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
189.
Societ\u00e0 Agricola G.B.E. Gruppo Bio
Pordenone
Pordenone
1
Societ\u00e0 Agricola
100.00%
100.00%
Energie S.r.l.
Sangiovanni S.r.l.
190.
Societ\u00e0 Agricola La Valle Green
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Energy S.r.l
191.
Societ\u00e0 Agricola SQ Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
192.
Societ\u00e0 Agricola Sangiovanni S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
50.00%
50.00%
1
Societ\u00e0 Agricola SQ
50.00%
50.00%
Energy S.r.l.
193.
Societ\u00e0 Agricola T4 Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
194.
Societ\u00e0 Agricola Zoppola Biogas S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
195.
Societ\u00e0 per l'Esercizio di Attivit\u00e0
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Finanziarie - Seaf S.p.A.
196.
Soilmec (Suzhou) Machinery Trading
Wujiang District,
Wujiang District,
1
Soilmec SpA
100.00%
100.00%
Co., Ltd.
Suzhou
Suzhou
197.
Soilmec Australia Pty Ltd
Mulgrave
Mulgrave
1
Soilmec Investment
100.00%
100.00%
Pty Ltd
198.
Soilmec Colombia Sas
Bogota
Bogota
1
Soilmec SpA
100.00%
100.00%
199.
Soilmec Deutschland Gmbh
Olpe
Olpe
1
Soilmec SpA
100.00%
100.00%
200.
Soilmec France Sas
Le Val D'Hazey
Le Val D'Hazey
1
Soilmec SpA
100.00%
100.00%
201.
Soilmec H.K. Ltd
Hong Kong
Hong Kong
1
Soilmec SpA
100.00%
100.00%
202.
Soilmec Investment Pty Ltd
Mulgrave
Mulgrave
1
Soilmec SpA
100.00%
100.00%
203.
Soilmec Japan Co. Ltd
Tokyo
Tokyo
1
Soilmec SpA
93.00%
93.00%
204.
Soilmec North America Inc
Boston,
Boston,
1
Soilmec SpA
90.00%
90.00%
Massachusetts
Massachusetts
205.
Soilmec Singapore Pte Ltd
Singapore
Singapore
1
Soilmec SpA
100.00%
100.00%
206.
Soilmec SpA
Cesena
Cesena
1
Trevi Finanziaria
99.92%
99.92%
Industriale S.p.A
207.
Soilmec U.K. Ltd
London
London
1
Soilmec SpA
100.00%
100.00%
208.
Soilmec do Brasil Sa
Sao Paulo
Sao Paulo
1
Soilmec SpA
83.82%
83.82%
209.
Stogit Adriatica S.p.A.
San Donato
San Donato
1
Stogit S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
210.
Stogit S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
211.
Swissboring & Co. LLC
Ruwi
Ruwi
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
212.
Swissboring Overseas Piling Corp. Ltd
Dubai
Dubai
1
Swissboring
100.00%
100.00%
(Dubai)
Overseas Piling
Corporation
213.
Swissboring Overseas Piling
Zurich
Zurich
1
Trevi S.p.A
100.00%
100.00%
Corporation
214.
Swissboring Qatar WLL
Doha
Doha
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
215.
T-Lux S.r.l.
Piancogno (BS)
Piancogno (BS)
1
Renovit Public
100.00%
85.00%
Solutions S.p.A.
Societ\u00e0 Benefit
216.
TERNA Crna Gora d.o.o.
Podgorica
Podgorica
1
Terna S.p.A.
100.00%
100.00%
217.
TRS Sistemi S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
218.
Tamini Transformatori India Private
Magarpatta City,
Magarpatta City,
1
Tamini
100.00%
100.00%
limited
Hadapsar, Pune
Hadapsar, Pune
Trasformatori S.r.l.
219.
Tamini Transformers USA L.L.C.
Sewickley
Sewickley
1
Tamini
100.00%
100.00%
Trasformatori S.r.l.
220.
Tamini Trasformatori S.r.l.
Legnano (MI)
Legnano (MI)
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
221.
Team Turbo Machines SAS
La Trinit\u00e9 De
La Trinit\u00e9 De
1
Fincantieri S.p.A.
100.00%
100.00%
Thouberville
Thouberville
222.
Terna 4 Chacas S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
223.
Terna Energy Solutions S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
224.
Terna Forward S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
225.
Terna Interconnector S.r.l.
Rome
Rome
1
Terna Rete Italia
5.00%
5.00%
S.p.A.
1
Terna S.p.A.
65.00%
65.00%
226.
Terna Peru S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
227.
Terna Plus S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
228.
Terna Rete Italia S.p.A.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
229.
Terna S.p.A.
Rome
Rome
2
CDP Reti S.p.A.
29.85%
29.85%
230.
Terna USA LLC
New York
New York
1
Terna Plus S.r.l.
100.00%
100.00%
231.
Toscana Energia S.p.A.
Florence
Florence
1
Italgas S.p.A.
50.74%
50.74%
232.
Trevi Algerie EURL
Algiers
Algiers
1
Trevi S.p.A
100.00%
100.00%
233.
Trevi Arabco JV
Cairo
Cairo
1
Trevi Construction
100.00%
100.00%
Co. Ltd
234.
Trevi Australia Pty & Wagstaff Piling
Ashgrove
Ashgrove
1
Trevi Australia Pty
70.00%
70.00%
Victoria Pty Ltd JV
Ltd
235.
Trevi Australia Pty Ltd
North Parramatta
North Parramatta
1
Trevi Construction
100.00%
100.00%
Co. Ltd
236.
Trevi Bangladesh Ltd
Dhaka
Dhaka
1
Trevi Construction
1.00%
1.00%
Co. Ltd
1
Trevi S.p.A
99.00%
99.00%
237.
Trevi Chile SpA
Santiago
Santiago
1
Trevi S.p.A
100.00%
100.00%
238.
Trevi Cimentaciones CA
Caracas
Caracas
1
Trevi S.p.A
100.00%
100.00%
239.
Trevi Cimentaciones Mexico S.A. de
Mexico City
Mexico City
1
Trevi S.p.A
20.00%
20.00%
C.V
1
Treviicos
80.00%
80.00%
Corporation
240.
Trevi Cimentaciones S.L.U.
Barcelona
Barcelona
1
Trevi S.p.A
100.00%
100.00%
241.
Trevi Cimentacones y
Panama City
Panama City
1
Trevi S.p.A
100.00%
100.00%
Consolidaciones Sa
242.
Trevi Construction Co. Ltd
Hong Kong
Hong Kong
1
Trevi S.p.A
100.00%
100.00%
243.
Trevi Finanziaria Industriale S.p.A
Cesena
Cesena
1
CDP Equity S.p.A.
21.27%
21.27%
244.
Trevi Fondations Sp\u00e8ciales Sas
Saint Aubin sur
Paris
1
Trevi S.p.A
100.00%
100.00%
Gaillon
245.
Trevi Foundations Canada Inc
Vancouver
Vancouver
1
Treviicos
100.00%
100.00%
Corporation
246.
Trevi Foundations Denmark A/S
Frederiksberg
Frederiksberg
1
Trevi S.p.A
100.00%
100.00%
247.
Trevi Foundations Kuwait Co. WLL
Dasman
Dasman
1
Trevi S.p.A
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
248.
Trevi Foundations Nigeria Ltd
Lagos
Lagos
1
Trevi S.p.A
59.88%
59.88%
249.
Trevi Foundations Philippines Inc
Makati City
Makati City
1
Trevi S.p.A
0.68%
0.68%
1
Trevi Construction
99.32%
99.32%
Co. Ltd
250.
Trevi Galante Sa
Bogota
Bogota
1
Trevi S.p.A
60.00%
60.00%
1
Galante
39.88%
39.88%
Foundations Sa
1
Trevi Panamericana
0.12%
0.12%
Sa
251.
Trevi Geotechnik GmbH
Vienna
Vienna
1
Trevi S.p.A
100.00%
100.00%
252.
Trevi Holding USA Corporation
Boston, MA
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
253.
Trevi Insaat Ve Muhendislik AS
Istanbul
Istanbul
1
Trevi S.p.A
100.00%
100.00%
254.
Trevi Panamericana Sa
Panama City
Panama City
1
Trevi Cimentaciones
100.00%
100.00%
CA
255.
Trevi S.p.A
Cesena
Cesena
1
Trevi Finanziaria
99.78%
99.78%
Industriale S.p.A
256.
Trevi SpezialTiefBau GmbH
Monaco
Monaco
1
Trevi S.p.A
100.00%
100.00%
257.
TreviGeos Fundacoes Especiais Ltda
Sao Paulo
Sao Paulo
1
Trevi S.p.A
51.00%
51.00%
258.
Treviicos Corporation
Boston, MA
Charleston,
1
Trevi Holding USA
100.00%
100.00%
Massachusetts
Corporation
259.
Treviicos South Inc
Boston, MA
Charleston,
1
Treviicos
100.00%
100.00%
Massachusetts
Corporation
260.
Trevi\u2212Trevi Fin.\u2212Sembenelli UTE
Caracas
Caracas
1
Trevi S.p.A
50.00%
50.00%
(Bordeseco)
1
Trevi Finanziaria
45.00%
45.00%
Industriale S.p.A
261.
Valvitalia (Suzhou) Valves co., Ltd.
Suzhou
Suzhou
1
Valvitalia S.p.A.
100.00%
100.00%
262.
Valvitalia Algerie EURL
Algiers
Algiers
1
Valvitalia S.p.A.
100.00%
100.00%
263.
Valvitalia Canada Ltd.
Edmonton
Edmonton (Alberta)
1
Valvitalia S.p.A.
100.00%
100.00%
(Alberta)
264.
Valvitalia S.p.A.
Milan
Milan
1
CDP Equity S.p.A.
75.00%
75.00%
265.
Valvitalia USA Inc
Houston - Texas
Houston - Texas
1
Valvitalia S.p.A.
100.00%
100.00%
266.
Vard Design AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
267.
Vard Design Liburna Ltd.
Rijeka
Rijeka
1
Vard Design AS
75.50%
75.50%
268.
Vard Electrical Installation and
New Delhi
New Delhi
1
Vard Electro
0.50%
0.50%
Engineering (India) Private Limited
Romania S.r.l.
1
Vard Electro AS
99.50%
99.50%
269.
Vard Electro AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
270.
Vard Electro Brazil (Instala\u00e7oes
Niteroi
Niteroi
1
Vard Electro AS
99.00%
99.00%
Eletricas) Ltda
1
Vard Group AS
1.00%
1.00%
271.
Vard Electro Canada Inc
Vancouver
Vancouver
1
Vard Electro AS
100.00%
100.00%
272.
Vard Electro Italy S.r.l.
Trieste
Trieste
1
Vard Electro AS
100.00%
100.00%
273.
Vard Electro Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
100.00%
100.00%
274.
Vard Electro US Inc.
Delaware
Delaware
1
Vard Electro
100.00%
100.00%
Canada Inc
275.
Vard Engineering Constanta S.r.l.
Constanta
Constanta
1
Vard RO Holding
70.00%
70.00%
S.r.l.
1
Vard Shipyards
30.00%
30.00%
Romania SA
276.
Vard Group AS
Alesund
Alesund
1
Vard Holdings
100.00%
100.00%
Limited
277.
Vard Holdings Limited
Singapore
Singapore
1
Fincantieri Oil & gas
98.39%
98.39%
S.p.A.
278.
Vard Interiors AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
279.
Vard Interiors Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro
0.23%
0.23%
Romania S.r.l.
1
Vard Interiors AS
99.77%
99.77%
280.
Vard Marine Gdansk sp. z o. o.
Gdansk
Gdansk
1
Vard Group AS
100.00%
100.00%
281.
Vard Marine Inc.
Vancouver
Vancouver
1
Vard Group AS
100.00%
100.00%
282.
Vard Marine US Inc.
Dallas
Houston
1
Vard Marine Inc.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
283.
Vard Niteroi RJ Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Electro Brazil
0.01%
0.01%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.99%
99.99%
284.
Vard Promar SA
Ipojuca
Ipojuca
1
Vard Electro Brazil
0.001%
0.001%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.999%
99.999%
285.
Vard RO Holding S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
0.000126%
0.000126%
1
Vard Group AS
100.00%
100.00%
286.
Vard Shipholding Singapore Pte Ltd
Singapore
Singapore
1
Vard Holdings
100.00%
100.00%
Limited
287.
Vard Shipyards Romania SA
Tulcea
Tulcea
1
Vard RO Holding
97.11%
97.11%
S.r.l.
1
Vard Group AS
2.89%
2.89%
288.
Vard Singapore Pte. Ltd.
Singapore
Singapore
1
Vard Group AS
100.00%
100.00%
289.
Vard Vung Tau Ltd
Vung Tau
Vung Tau
1
Vard Singapore Pte.
100.00%
100.00%
Ltd.
290.
WASS Submarine Systems S.r.l.
Livorno
Livorno
1
Fincantieri S.p.A.
100.00%
100.00%
291.
Wagner Constructions LLC
Charleston,
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
Massachusetts
292.
Yeni Aen Insaat Anonim Sirketi
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
293.
Zibello Agroenergie Societ\u00e0 Agricola
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
S.r.l.
Key
(1) Type of relationship:
1 = Majority of voting rights in ordinary shareholders\u2019 meeting
2 = Dominant influence in ordinary shareholders\u2019 meeting
3 = Agreements with other shareholders
4 = other form of control
5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92
6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92
(2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes
(3) 49% of the voting rights of Fincantieri USA Holding LLC is held through USA Marine Trust, a legally recognised independent trust based in the state of
Delaware (USA)
Changes in the scope of consolidation
During the year, the CDP Group saw the following key changes in its scope of full consolidation:
\u2022 on 13 May 2025, the shareholders\u2019 meeting of Trevi Finanziaria S.p.A., in which the Company initially held a 21.27%
interest through CDPE Investimenti, was convened to resolve, inter alia, on the appointment of the Board of Directors
and the Board of Statutory Auditors of the company for the 2025-2027 term. As a result of the outcome of the meeting,
it was deemed appropriate to carry out a detailed assessment of the accounting classification of the investment, which
confirmed the existence of de facto control by CDPE Investimenti over Trevi Finanziaria, in accordance with IFRS 10.
This event therefore resulted in a change in the status of the investment, which, under IFRS 10, was reclassified from
an investment subject to significant influence to an investment subject to control. Accordingly, the companies belonging
to the Trevi sub-consolidated group are now subject to full consolidation;
\u2022 during the first quarter of 2025, CDP disposed of its holdings in the Fondo Italiano Consolidamento e Crescita (FICC),
resulting in the fund and its controlled companies and sub-holdings - namely Fly One S.p.A. and Melt 1 S.r.l. - falling
outside the scope of consolidation;
\u2022 as of 1 April 2025, the Italgas group finalised the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby
becoming the largest gas distributor in Europe. Effective from 1 July 2025, 2i Rete Gas was incorporated into Italgas
Reti;
\u2022 the Fincantieri group acquired control of WASS Submarine Systems S.r.l. as part of the acquisition of the \u201cUnderwater
Armaments & Systems\u201d business line from Leonardo S.p.A;
\u2022 Snam, through its subsidiary Stogit, acquired control of Edison Stoccaggi from Edison, subsequently renamed Stogit
Adriatica S.p.A.;
\u2022 on 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a
company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and
electrical infrastructure. Furthermore, on 30 September 2025, 100% of the share capital of Rete 2 S.r.l., a company
operating in the electricity transmission sector, was acquired.
On 23 October 2025, the Boards of Directors of both companies involved in the transaction resolved on the merger by
incorporation of CDPE Investimenti S.p.A. into CDP Equity S.p.A., with the aim of simplifying the Group\u2019s corporate
structure. The transaction became effective on 10 December 2025, with accounting and tax effects recognised
retrospectively from 1 January 2025.
Please refer to the paragraph \u201cBusiness combinations involving companies or business units\u201d for detailed information
regarding the entry of new subsidiaries in the scope of consolidation during 2025.
2. Significant assessments and assumptions to determine whether there is control, joint control or
significant influence
Line-by-line consolidation
Line-by-line consolidation involves the line-by-line use of the aggregate amounts on the balance sheets and income
statements of the subsidiaries. After the allocation to non-controlling interests, reported as a separate item, of their share
of equity and net income, the value of the equity investment is cancelled against the residual value of the equity of the
subsidiary.
Assets, liabilities, income and expenses between consolidated companies are totally eliminated.
Acquisitions of companies are accounted for using the \u201cacquisition method\u201d provided for under IFRS 3, as modified by
Regulation 495/2009, under which the identifiable assets acquired and the identifiable liabilities assumed (including
contingent liabilities) are recognised at their respective fair values at the acquisition date.
For newly acquired companies, the difference between the acquisition price and equity, net of goodwill, if any, recognised
in the financial statements of the acquirees, is subject to provisional allocation. In accordance with the provisions of IFRS
3, paragraph 45 et seq., within twelve months following the acquisition date, the adjustments to be made to the carrying
amounts of the investee, used for the preparation of the CDP Group\u2019s consolidated financial statements, are determined
on a final basis in order to restate them at fair value as at the date control was obtained, with any necessary revision of the
initial provisional allocation.
The acquisition method is applied as from the moment in which control of the investee is effectively acquired.
Subsidiaries
Subsidiaries are entities, including structured entities, which are directly or indirectly controlled by the Group. Control over
an entity is shown by the Group\u2019s capacity to exercise powers in order to influence variable returns to which the Group is
exposed as a result of its relationship with the aforementioned entity.
In order to verify the existence of control, the Group considers the following factors:
\u2022 the purpose and structure of the investee, in order to identify the entity\u2019s objectives, the activities that generate its
revenues and how such activities are governed;
\u2022 power, in order to understand whether the Group has contractual rights enabling it to govern relevant activities. To
this end, only substantial rights that confer effective governance are considered;
\u2022 the exposure to the investee, in order to assess whether the Group has business relationships with the investee whose
returns vary as a result of changes in the investee\u2019s performance;
\u2022 the existence of potential principal-agent relationships.
Where significant activities are governed through voting rights, the following factors show evidence of control:
\u2022 direct or indirect ownership \u2013 through a subsidiary \u2013 of over fifty per cent of voting rights of an entity, unless it can be
demonstrated \u2013 in exceptional cases \u2013 that such ownership does not constitute control;
\u2022 ownership of fifty per cent or less of the votes that can be exercised in the Shareholders\u2019 Meeting and unilateral ability
to govern the main activities through:
o control of over half of voting rights by virtue of an agreement with other investors;
o power to determine the financial and operational policies of the entity by virtue of a clause of the Articles of
Association or an agreement;
o power to appoint or remove the majority of the members of the Board of Directors or the equivalent governing
body, where management of the business falls under the remit of the aforementioned Board of Directors or body;
o power to exercise the majority of voting rights in the meetings of the Board of Directors or those of the equivalent
governing body, where management of the business falls under the remit of the aforementioned Board of
Directors or body. Presence of the aforementioned factors was verified for equity investments in Snam, Terna
and Italgas, over which, therefore, de facto control was ascertained.
The presence and the effect of potential voting rights, where substantial, are taken into account when assessing whether
the power of governing another entity\u2019s financial and operational policies exists.
Subsidiaries may include any \u201cstructured entities\u201d in which voting rights are not significant with respect to control
assessment, including special purpose entities and investment funds.
Structured entities are considered as subsidiaries where:
\u2022 the Group has power through contractual rights that enable governance of relevant activities;
\u2022 the Group is exposed to variable returns resulting from the aforementioned activities.
The carrying value of equity stakes in entities consolidated on a line-by-line basis held by the Parent Company or other
Group companies is offset \u2013 against the assets and the liabilities of the investees \u2013 as a balancing entry of the relevant
equity share pertaining to the Group.
Assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses between entities
included into the scope of consolidation are fully eliminated, in line with the consolidation method adopted.
A subsidiary\u2019s revenues and costs are consolidated starting from the date on which control is acquired. Revenues and
costs of a divested subsidiary sold are included into the consolidated income statement up to the divestment date, i.e. until
the Group no longer controls the investee. The difference between the disposal price for the subsidiary and the carrying
value of its net assets at the same date is recorded in the income statement under Item 280 \u201cGains (Losses) on disposal
of investments\u201d for companies consolidated on a line-by-line basis.
Non-controlling interests are presented in the balance sheet under Item 190 \u201cNon-controlling interests\u201d, separately from
liabilities and equity pertaining to the Group. In the income statement, non-controlling interests are also presented
separately under Item 340 \u201cNet income (loss) for the year pertaining to non-controlling interests\u201d.
For companies included into the scope of consolidation for the first time, the fair value of the cost incurred to acquire control
over the equity investment, including ancillary charges, is measured at the acquisition date.
Subsidiaries with total assets of less than 20 million euro are excluded from the consolidation scope due to the immateriality
of their asset value and in order to avoid incurring disproportionate costs for the preparation of reporting packages
compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the
consolidation perimeter, and are therefore measured at cost.
Also excluded from the scope of line-by-line consolidation, remaining at fair value, are UCIs over which control has been
ascertained that invest in:
\u2022 other collective investment undertakings (funds of funds), provided that they have total assets of less than 200 million
euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition
of liabilities to third-party subscribers exceeding a predetermined threshold;
\u2022 primary assets, provided that they have total assets of less than 100 million euro and that the cumulative value of the
funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers
exceeding a predetermined threshold.
The difference between the disposal price of an interest held in a subsidiary and the relevant carrying value of net assets
is recognised as a balancing entry in Equity, when the disposal does not entail a loss of control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "Section 3 - Scope and methods of consolidation Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or significant influence are accounted for using the equity method. An exception is made for a number of equity investments in companies in liquidation or subsidiaries in the start-up phase without assets and liabilities or of insignificant value, whose contribution to the Consolidated Financial Statements is immaterial. The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December 2025, as approved by competent corporate bodies of consolidated companies, adjusted as necessary to harmonise them with Group accounting policies and reclassified on the basis of the formats established by the Bank of Italy in Circular no. 262 of 22 December 2005, in the updated version of 17 November 2022. The following statement shows the companies consolidated on a line-by-line basis. 1. Equity investments in subsidiaries
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
1.
ACE Marine LLC
Madison, WI
Green Bay - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
2.
Acqua Campania S.p.A.
Naples
Naples
1
Nepta S.p.A.
95.70%
95.70%
1
Italgas Reti S.p.A.
0.53%
0.53%
3.
Alfiere S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
4.
Alivieri Power Units Maintenance SA
Athens
Athens
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
5.
Altenia S.r.l.
Rome
Rome
1
Terna Energy
89.00%
89.00%
Solutions S.r.l.
6.
Ansaldo Energia Gulf
Abu Dhabi
Abu Dhabi
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
7.
Ansaldo Energia IP UK Ltd
London
London
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
8.
Ansaldo Energia Iranian LLC
Tehran
Tehran
1
Ansaldo Russia LLC
30.00%
30.00%
1
Ansaldo Energia
70.00%
70.00%
S.p.A.
9.
Ansaldo Energia Netherlands BV
Breda
Breda
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
10.
Ansaldo Energia S.p.A.
Genoa
Genoa
1
CDP Equity S.p.A.
99.62%
99.62%
11.
Ansaldo Energia Spain S.L.
Zaragoza
Zaragoza
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
12.
Ansaldo Energia Switzerland AG
Baden
Baden
1
Ansaldo Energia
100.00%
89.50%
S.p.A.
13.
Ansaldo Energia Turkey Enerji
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
14.
Ansaldo Green Tech S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
15.
Ansaldo Nigeria Limited
Lagos
Lagos
1
Ansaldo Energia
60.00%
60.00%
S.p.A.
16.
Ansaldo Nucleare S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
17.
Ansaldo Russia LLC
Moscow
Moscow
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
18.
Arabian Soil Contractors Ltd
Al Khobar
Al Khobar
1
Trevi Geotechnik
100.00%
100.00%
GmbH
19.
Arsenal S.r.l.
Trieste
Trieste
1
Fincantieri Oil & gas
100.00%
100.00%
S.p.A.
20.
Asia Power Project Private Ltd
Chennai
Chennai
1
Ansaldo Energia
99.99%
99.99%
S.p.A.
1
Ansaldo Nucleare
0.01%
0.01%
S.p.A.
21.
Asset Company 10 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
22.
Avvenia the Energy Innovator S.r.l.
Rome
Rome
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
23.
BOP6 S.c.ar.l. in liquidazione
Trieste
Trieste
1
Fincantieri SI S.p.A.
95.00%
95.00%
1
Fincantieri S.p.A.
5.00%
5.00%
24.
BYS Ambiente Impianti S.r.l.
San Donato
San Donato
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
Milanese (MI)
S.r.l.
25.
BYS Societ\u00e0 Agricola Impianti S.r.l.
Piacenza
Piacenza
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
26.
Bacini di Palermo S.p.A.
Palermo
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
27.
Bioenerys Agri S.r.l.
Pordenone
Pordenone
1
Bioenerys S.r.l.
100.00%
100.00%
28.
Bioenerys Ambiente S.r.l.
San Donato
San Donato
1
Bioenerys S.r.l.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
29.
Bioenerys S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
30.
Biogas Bruso Societ\u00e0 Agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
31.
Biowaste CH4 Legnano
San Donato
Turin
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
32.
Bludigit S.p.A.
Milan
Milan
1
Italgas S.p.A.
100.00%
100.00%
33.
Broady Flow Control Ltd.
Kingston Upon
Kingston Upon Hull
1
Valvitalia S.p.A.
100.00%
100.00%
Hull
34.
Brugg Cables (India) Pvt., Ltd.
Haryana
Haryana
1
Brugg Kabel GmbH
0.26%
0.26%
1
Brugg Kabel AG
99.74%
99.74%
35.
Brugg Cables (Shanghai) Co., Ltd.
Shanghai
Shanghai
1
Brugg Kabel AG
100.00%
100.00%
36.
Brugg Cables (Suzhou) Co., Ltd.
Suzhou
Suzhou
1
Brugg Cables
100.00%
100.00%
(Shanghai) Co., Ltd.
37.
Brugg Cables Company
Riyadh
Riyadh
1
Brugg Kabel AG
100.00%
100.00%
38.
Brugg Cables Italia S.r.l.
Milan
Milan
1
Brugg Kabel
100.00%
100.00%
Manufacturing AG
39.
Brugg Cables Middles East
Dubai
Dubai
1
Brugg Kabel AG
100.00%
100.00%
Contracting LLC
40.
Brugg Cables, Inc.
Chicago
Chicago
1
Brugg Kabel AG
100.00%
100.00%
41.
Brugg Kabel AG
Brugg
Brugg
1
Brugg Kabel
90.00%
90.00%
Services AG
42.
Brugg Kabel GmbH
Schwieberdingen
Schwieberdingen
1
Brugg Kabel AG
100.00%
100.00%
43.
Brugg Kabel Manufacturing AG
Brugg
Brugg
1
Brugg Kabel
100.00%
100.00%
Services AG
44.
Brugg Kabel Services AG
Brugg
Brugg
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
45.
CCA Centro Combustione e Ambiente
Gioia del Colle
Gioia del Colle
1
Ansaldo Energia
60.00%
60.00%
(BA)
(BA)/Gallarate (VA)
S.p.A.
46.
CDP Equity S.p.A.
Milan
Milan
1
CDP S.p.A.
100.00%
100.00%
47.
CDP Immobiliare S.r.l. in liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
48.
CDP Real Asset SGR S.p.A.
Rome
Rome
1
CDP S.p.A.
70.00%
70.00%
49.
CDP Reti S.p.A.
Rome
Rome
1
CDP S.p.A.
59.10%
59.10%
50.
CDP Technologies AS
Alesund
Alesund
1
Seaonics AS
100.00%
100.00%
51.
CDP Technologies Estonia O\u00dc
Tallinn
Tallinn
1
CDP Technologies
100.00%
100.00%
AS
52.
CDP Venture Capital SGR S.p.A.
Rome
Rome
1
CDP Equity S.p.A.
70.00%
70.00%
53.
CH4 Energy S.r.l.
San Donato
Palermo
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
54.
Centro per gli Studi di Tecnica Navale
Genoa
Genoa
1
Fincantieri NexTech
86.10%
86.10%
- CETENA S.p.A.
S.p.A.
55.
Cilento Reti Gas S.r.l.
Acquaviva Delle
Acquaviva Delle
1
Italgas Reti S.p.A.
60.00%
60.00%
Fonti
Fonti
56.
Cinque Cerchi S.p.A. in liquidazione
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
S.r.l. in liquidazione
57.
Cisar Costruzioni S.c.ar.l.
Milan
Rome
1
Fincantieri
51.00%
51.00%
Infrastrutture Sociali
S.p.A.
58.
Consentia Project S.r.l
Milan
Milan
1
Renovit Public
100.00%
100.00%
Solutions S.p.A.
Societ\u00e0 Benefit
59.
Constructora Finso Chile S.p.A.
Santiago, Chile
Santiago, Chile
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
60.
Cubogas S.r.l.
San Donato
San Donato
1
Greenture S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
61.
E-phors S.p.A.
Milan
Milan
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
62.
ESPERIA-CC S.r.l.
Rome
Rome
1
Terna S.p.A.
1.00%
1.00%
63.
Empoli Salute Gestione S.c.ar.l.
Florence
Florence
1
SOF S.p.A.
4.50%
4.50%
1
Fincantieri
95.00%
95.00%
Infrastrutture Sociali
S.p.A.
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
64.
Enaon Eda S.A.
Athens
Athens
1
Enaon S.A.
100.00%
100.00%
65.
Enaon S.A.
Athens
Athens
1
Italgas Newco
100.00%
100.00%
S.p.A.
66.
Enersi Sicilia
San Donato
Caltanissetta
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
67.
Enura S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
55.00%
55.00%
Milanese (MI)
Milanese (MI)
68.
Ergon Projects ltd
Gzira
Gzira
1
SOF S.p.A.
1.00%
1.00%
1
Fincantieri
99.00%
99.00%
Infrastrutture Sociali
S.p.A.
69.
Estaleiro Quissam\u00e3 Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Promar SA
49.50%
49.50%
1
Vard Group AS
50.50%
50.50%
70.
Eusebi Impianti Kazakhstan
Aktau
Aktau
1
Valvitalia S.p.A.
75.00%
75.00%
71.
FIV Comparto Extra
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
72.
FIV Comparto Plus
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
73.
FMSNA YK
Nagasaki
Nagasaki
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
74.
FNAS - Fondo Nazionale Abitare
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
Sociale
75.
FNT Fondo Nazionale per il Turismo -
Comparto A
Rome
Rome
1
CDP S.p.A.
71.67%
71.67%
76.
FOF Private Equity Italia
Milan
Milan
1
CDP S.p.A.
60.40%
60.40%
77.
FOF Private Debt
Milan
Milan
1
CDP S.p.A.
62.50%
62.50%
78.
FT1 Fondo Turismo 1
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
79.
FT2 Fondo Turismo 2
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
80.
Fincantieri (Shanghai) Trading Co. Ltd
Shanghai
Shanghai
1
Fincantieri S.p.A.
100.00%
100.00%
81.
Fincantieri Arabia for Naval Services
Riyadh
Riyadh
1
Fincantieri S.p.A.
100.00%
100.00%
LLC
82.
Fincantieri Dragaggi Ecologici S.p.A.
Rome
Rome
1
Fincantieri S.p.A.
55.00%
55.00%
in liquidazione
83.
Fincantieri Holding B.V.
Amsterdam
Amsterdam
1
Fincantieri S.p.A.
100.00%
100.00%
84.
Fincantieri India Private Limited
New Delhi
New Delhi
1
Fincantieri Holding
99.00%
99.00%
B.V.
1
Fincantieri S.p.A.
1.00%
1.00%
85.
Fincantieri Infrastructure Florida Inc.
Miami - FL
Miami - FL
1
Fincantieri
100.00%
100.00%
Infrastructure USA,
Inc.
86.
Fincantieri Infrastructure Opere
Trieste
Rome
1
Fincantieri
100.00%
100.00%
Marittime S.p.A.
Infrastructure S.p.A.
87.
Fincantieri Infrastructure S.p.A.
Trieste
Verona
1
Fincantieri S.p.A.
100.00%
100.00%
88.
Fincantieri Infrastructure USA, Inc.
Newark -
Newark - Delaware
1
Fincantieri
100.00%
100.00%
Delaware
Infrastructure S.p.A.
89.
Fincantieri Infrastrutture Sociali S.p.A.
Florence
Florence
1
Fincantieri
90.00%
90.00%
Infrastructure S.p.A.
90.
Fincantieri Ingenium S.r.l.
Milan
Milan
1
Fincantieri NexTech
70.00%
70.00%
S.p.A.
91.
Fincantieri Marine Group Holdings Inc.
Wilmington, DE
Washington, DC
1
Fincantieri USA Inc.
87.44%
87.44%
92.
Fincantieri Marine Group LLC
Carson City, NV
Washington, DC
1
Fincantieri Marine
100.00%
100.00%
Group Holdings Inc.
93.
Fincantieri Marine Repair LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
94.
Fincantieri Marine System LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
95.
Fincantieri Marine Systems North
Wilmington, DE
Chesapeake - VI
1
Fincantieri USA Inc.
100.00%
100.00%
America Inc.
96.
Fincantieri Naval Services LTD
Abu Dhabi
Abu Dhabi
1
Fincantieri S.p.A.
100.00%
100.00%
97.
Fincantieri NexTech S.p.A.
Milan
Follo (La Spezia)
1
Fincantieri S.p.A.
100.00%
100.00%
98.
Fincantieri Oil & gas S.p.A.
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
99.
Fincantieri S.p.A.
Trieste
Trieste
1
CDP Equity S.p.A.
70.91%
70.91%
100.
Fincantieri SI Impianti S.c.ar.l.
Milan
Milan
1
Fincantieri SI S.p.A.
60.00%
60.00%
101.
Fincantieri SI S.p.A.
Trieste
Trieste
1
Societ\u00e0 per
100.00%
100.00%
l'Esercizio di Attivit\u00e0
Finanziarie - Seaf
S.p.A.
102.
Fincantieri Services Doha LLC
Qatar
Qatar
1
Fincantieri S.p.A.
100.00%
100.00%
103.
Fincantieri Services Middle East LLC
Doha (QFC)
Doha (QFC)
1
Fincantieri S.p.A.
100.00%
100.00%
104.
Fincantieri Services USA LLC
Plantation, FL
Miami, FL
1
Fincantieri USA Inc.
100.00%
100.00%
105.
Fincantieri USA Holding LLC
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
100.00%
100.00%
106.
Fincantieri USA Inc.
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
65.00%
65.00%
1
Fincantieri USA
35.00%
35.00%
Holding LLC
107.
Fincantieri do Brasil S.A.
Ipojuca
Ipojuca
1
Vard Group AS
0.01%
0.01%
1
Fincantieri Oil & gas
99.99%
99.99%
S.p.A.
108.
Finso Albania S.h.p.k.
Tirana
Tirana
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
109.
Fintecna S.p.A.
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
110.
FoF Private Debt Italia
Milan
Milan
1
CDP Equity S.p.A.
73.35%
73.35%
111.
Fondo Italiano d'Investimento SGR
Milan
Milan
1
CDP Equity S.p.A.
55.00%
55.00%
S.p.A.
112.
Fondo Sviluppo Comparto A
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
113.
Foundation Construction Ltd
Lagos
Lagos
1
Trevi S.p.A
80.32%
80.32%
114.
Galante Foundations Sa
Panama City
Panama City
1
Trevi Panamericana
100.00%
100.00%
Sa
115.
Gannouch Maintenance S.\u00e0r.l.
Tunis
Tunis
1
Ansaldo Energia
99.00%
99.00%
Netherlands BV
1
Ansaldo Energia
1.00%
1.00%
Switzerland AG
116.
Gasrule Insurance D.A.C.
Dublin
Dublin
1
SNAM S.p.A.
100.00%
100.00%
117.
Geoside S.p.A.
Casalecchio di
Casalecchio di Reno
1
Toscana Energia
32.78%
32.78%
Reno
S.p.A.
1
Italgas S.p.A.
67.22%
67.22%
118.
Gestione Bacini La Spezia S.p.A.
La Spezia
La Spezia
1
Fincantieri S.p.A.
99.89%
99.89%
119.
Govone Biometano S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
120.
Greenture S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
121.
HMS IT S.p.A.
Rome
Rome
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
122.
Halfbridge Automation S.r.l.
Rome
Rome
1
Altenia S.r.l.
70.00%
70.00%
123.
Hyper Servicos de Perfuracao Ltda
Sao Paulo
Sao Paulo
1
Soilmec SpA
100.00%
100.00%
124.
IDS Australasia PTY Ltd
Hendra
Brendale
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
125.
IDS Ingegneria Dei Sistemi (UK) Ltd
Fareham
Fareham
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
126.
IDS Ingegneria Dei Sistemi S.p.A.
Pisa
Pisa
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
127.
IDS Korea Co. Ltd
Daejeon
Daejeon
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
128.
IDS North America Ltd
Ottawa
Ottawa
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
129.
IDS Technologies US Inc.
Littleton
Littleton
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
130.
IG Rete Dati S.r.l.
Milan
Milan
1
Bludigit S.p.A.
100.00%
100.00%
131.
INFRA.BAS.MAR. S.c. a r.l.
Rome
Rome
1
Fincantieri
51.00%
51.00%
Infrastructure Opere
Marittime S.p.A.
1
Fincantieri
49.00%
49.00%
Infrastrutture Sociali
S.p.A.
132.
Idrolatina S.r.l.
Milan
Milan
1
Nepta S.p.A.
100.00%
100.00%
133.
Idrosicilia S.p.A.
Milan
Milan
1
Nepta S.p.A.
99.37%
99.37%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
134.
Idt Fzco
Dubai
Dubai
1
Trevi Finanziaria
10.00%
10.00%
Industriale S.p.A
1
Trevi S.p.A
90.00%
90.00%
135.
Idt Llc Fzc
Fujairah UAE
Fujairah UAE
1
Soilmec SpA
5.00%
5.00%
1
Idt Fzco
90.00%
90.00%
136.
Infrastrutture Trasporto Gas S.p.A.
San Donato
Milan
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
137.
Isotta Fraschini Motori S.p.A.
Bari
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
138.
Issel Nord S.r.l.
Follo (La Spezia)
Follo (La Spezia)
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
139.
Italgas Newco S.p.A.
Milan
Milan
1
Italgas S.p.A.
90.00%
90.00%
140.
Italgas Reti S.p.A.
Turin
Turin
1
Italgas S.p.A.
100.00%
100.00%
141.
Italgas S.p.A.
Milan
Milan
2
CDP Reti S.p.A.
25.94%
25.94%
2
SNAM S.p.A.
11.40%
11.40%
142.
L.A.C. Laboratorio Acqua Campania
Naples
Naples
1
Acqua Campania
51.00%
51.00%
S.r.l.
S.p.A.
143.
MST S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
144.
MTM S.c.ar.l.
Venice
Venice
1
Fincantieri S.p.A.
41.00%
41.00%
145.
MZ Biogas societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
146.
Maiero Energia societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
147.
Marina Bay S.A.
Luxembourg
Luxembourg
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
148.
Marine Interiors S.p.A.
Trieste
Ronchi dei Legionari
1
Fincantieri S.p.A.
100.00%
100.00%
(GO)
149.
Marinette Marine Corporation
Green Bay, WI
Marinette - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
150.
Medea S.p.A.
Sassari
Sassari
1
Italgas Reti S.p.A.
51.85%
51.85%
151.
Moglia Energia Societ\u00e0 Agricola ar.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
152.
Mola Rupta Scarl
Cesena
Rome
1
Trevi S.p.A
72.58%
72.58%
153.
Nepta S.p.A.
Milan
Caserta
1
Italgas S.p.A.
100.00%
100.00%
154.
Niehlgas GmbH
Oberursel
Oberursel
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
155.
Nuclear Engineering Group Limited
Wolverhampton
Warrington/Egremont
1
Ansaldo Nucleare
100.00%
100.00%
S.p.A.
156.
OPERAE a Marine Interiors Company
Trieste
Treviso
1
Marine Interiors
85.00%
85.00%
S.r.l.
S.p.A.
157.
ORTONA FM Societ\u00e0 Consortile a
Rome
Rome
1
Fincantieri
80.00%
80.00%
Responsabilit\u00e0 Limitata
Infrastructure Opere
Marittime S.p.A.
158.
Opere Marittime Tunnel Subportuale
Rome
Rome
1
Fincantieri
70.00%
70.00%
S.c.a r.l.
Infrastructure Opere
Marittime S.p.A.
159.
Parcheggi S.r.L.
Cesena
Pescara
1
Trevi S.p.A
100.00%
100.00%
160.
Pentagramma Piemonte S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione
S.r.l. in liquidazione
161.
Pentagramma Romagna S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione unipersonale
S.r.l. in liquidazione
162.
Pilotes Trevi Sacims
Buenos Aires
Buenos Aires
1
Trevi S.p.A
99.97%
99.97%
163.
Pilotes Trevi Sacims \u2212 Paraguay
Gral Eduvigis
Gral Eduvigis Diaz
1
Pilotes Trevi Sacims
100.00%
100.00%
Diaz
164.
Pilotes Uruguay Sa
Montevideo
Montevideo
1
Pilotes Trevi Sacims
100.00%
100.00%
165.
Power4Future S.p.A.
Calderara di
Calderara di Reno
1
Fincantieri SI S.p.A.
52.00%
52.00%
Reno (BO)
(BO)
166.
Profuro Intern. Lda
Namaacha
Namaacha
1
Trevi S.p.A
99.51%
99.51%
167.
REMAZEL ENGINEERING S.p.A.
Milan
Milan
1
Fincantieri S.p.A.
100.00%
100.00%
168.
Renovit Building Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
169.
Renovit Business Solutions S.r.l.
Rome
Milan
1
Renovit S.p.A.
100.00%
100.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
170.
Renovit Public Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
171.
Renovit S.p.A. Societ\u00e0 Benefit
San Donato
San Donato
1
CDP Equity S.p.A.
30.00%
30.00%
Milanese (MI)
Milanese (MI)
1
SNAM S.p.A.
60.05%
60.05%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
172.
Residenziale Immobiliare 2004 S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
173.
Rete 2 S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
174.
Rete S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
175.
S.L.S. - Support Logistic Services
Guidonia
Guidonia Montecelio
1
IDS Ingegneria Dei
100.00%
100.00%
S.r.l.
Montecelio
Sistemi S.p.A.
176.
SNAM RETE GAS S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
177.
SNAM S.p.A.
San Donato
San Donato
2
CDP Reti S.p.A.
31.35%
31.35%
Milanese (MI)
Milanese (MI)
178.
SOF S.p.A.
Florence
Florence
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
179.
STE Energy S.r.l.
Rome
Rome
1
Altenia S.r.l.
100.00%
100.00%
180.
Seanergy a Marine Interiors Company
Pordenone
Cordignano (TV)
1
Marine Interiors
80.00%
80.00%
S.r.l.
S.p.A.
181.
Seaonics AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
182.
Seaonics Polska SP.Z O.O.
Gdansk
Gdansk
1
Seaonics AS
100.00%
100.00%
183.
Simest S.p.A.
Rome
Rome
1
CDP S.p.A.
76.01%
76.01%
184.
Skytech Italia S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
185.
Snam Energy Terminals S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
186.
Snam International B.V.
Amsterdam
Amsterdam
1
SNAM S.p.A.
100.00%
100.00%
187.
Societ\u00e0 Agricola Agrimetano
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Pozzonovo S.r.l.
188.
Societ\u00e0 Agricola Agrimetano Ro S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
189.
Societ\u00e0 Agricola G.B.E. Gruppo Bio
Pordenone
Pordenone
1
Societ\u00e0 Agricola
100.00%
100.00%
Energie S.r.l.
Sangiovanni S.r.l.
190.
Societ\u00e0 Agricola La Valle Green
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Energy S.r.l
191.
Societ\u00e0 Agricola SQ Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
192.
Societ\u00e0 Agricola Sangiovanni S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
50.00%
50.00%
1
Societ\u00e0 Agricola SQ
50.00%
50.00%
Energy S.r.l.
193.
Societ\u00e0 Agricola T4 Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
194.
Societ\u00e0 Agricola Zoppola Biogas S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
195.
Societ\u00e0 per l'Esercizio di Attivit\u00e0
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Finanziarie - Seaf S.p.A.
196.
Soilmec (Suzhou) Machinery Trading
Wujiang District,
Wujiang District,
1
Soilmec SpA
100.00%
100.00%
Co., Ltd.
Suzhou
Suzhou
197.
Soilmec Australia Pty Ltd
Mulgrave
Mulgrave
1
Soilmec Investment
100.00%
100.00%
Pty Ltd
198.
Soilmec Colombia Sas
Bogota
Bogota
1
Soilmec SpA
100.00%
100.00%
199.
Soilmec Deutschland Gmbh
Olpe
Olpe
1
Soilmec SpA
100.00%
100.00%
200.
Soilmec France Sas
Le Val D'Hazey
Le Val D'Hazey
1
Soilmec SpA
100.00%
100.00%
201.
Soilmec H.K. Ltd
Hong Kong
Hong Kong
1
Soilmec SpA
100.00%
100.00%
202.
Soilmec Investment Pty Ltd
Mulgrave
Mulgrave
1
Soilmec SpA
100.00%
100.00%
203.
Soilmec Japan Co. Ltd
Tokyo
Tokyo
1
Soilmec SpA
93.00%
93.00%
204.
Soilmec North America Inc
Boston,
Boston,
1
Soilmec SpA
90.00%
90.00%
Massachusetts
Massachusetts
205.
Soilmec Singapore Pte Ltd
Singapore
Singapore
1
Soilmec SpA
100.00%
100.00%
206.
Soilmec SpA
Cesena
Cesena
1
Trevi Finanziaria
99.92%
99.92%
Industriale S.p.A
207.
Soilmec U.K. Ltd
London
London
1
Soilmec SpA
100.00%
100.00%
208.
Soilmec do Brasil Sa
Sao Paulo
Sao Paulo
1
Soilmec SpA
83.82%
83.82%
209.
Stogit Adriatica S.p.A.
San Donato
San Donato
1
Stogit S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
210.
Stogit S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
211.
Swissboring & Co. LLC
Ruwi
Ruwi
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
212.
Swissboring Overseas Piling Corp. Ltd
Dubai
Dubai
1
Swissboring
100.00%
100.00%
(Dubai)
Overseas Piling
Corporation
213.
Swissboring Overseas Piling
Zurich
Zurich
1
Trevi S.p.A
100.00%
100.00%
Corporation
214.
Swissboring Qatar WLL
Doha
Doha
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
215.
T-Lux S.r.l.
Piancogno (BS)
Piancogno (BS)
1
Renovit Public
100.00%
85.00%
Solutions S.p.A.
Societ\u00e0 Benefit
216.
TERNA Crna Gora d.o.o.
Podgorica
Podgorica
1
Terna S.p.A.
100.00%
100.00%
217.
TRS Sistemi S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
218.
Tamini Transformatori India Private
Magarpatta City,
Magarpatta City,
1
Tamini
100.00%
100.00%
limited
Hadapsar, Pune
Hadapsar, Pune
Trasformatori S.r.l.
219.
Tamini Transformers USA L.L.C.
Sewickley
Sewickley
1
Tamini
100.00%
100.00%
Trasformatori S.r.l.
220.
Tamini Trasformatori S.r.l.
Legnano (MI)
Legnano (MI)
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
221.
Team Turbo Machines SAS
La Trinit\u00e9 De
La Trinit\u00e9 De
1
Fincantieri S.p.A.
100.00%
100.00%
Thouberville
Thouberville
222.
Terna 4 Chacas S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
223.
Terna Energy Solutions S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
224.
Terna Forward S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
225.
Terna Interconnector S.r.l.
Rome
Rome
1
Terna Rete Italia
5.00%
5.00%
S.p.A.
1
Terna S.p.A.
65.00%
65.00%
226.
Terna Peru S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
227.
Terna Plus S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
228.
Terna Rete Italia S.p.A.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
229.
Terna S.p.A.
Rome
Rome
2
CDP Reti S.p.A.
29.85%
29.85%
230.
Terna USA LLC
New York
New York
1
Terna Plus S.r.l.
100.00%
100.00%
231.
Toscana Energia S.p.A.
Florence
Florence
1
Italgas S.p.A.
50.74%
50.74%
232.
Trevi Algerie EURL
Algiers
Algiers
1
Trevi S.p.A
100.00%
100.00%
233.
Trevi Arabco JV
Cairo
Cairo
1
Trevi Construction
100.00%
100.00%
Co. Ltd
234.
Trevi Australia Pty & Wagstaff Piling
Ashgrove
Ashgrove
1
Trevi Australia Pty
70.00%
70.00%
Victoria Pty Ltd JV
Ltd
235.
Trevi Australia Pty Ltd
North Parramatta
North Parramatta
1
Trevi Construction
100.00%
100.00%
Co. Ltd
236.
Trevi Bangladesh Ltd
Dhaka
Dhaka
1
Trevi Construction
1.00%
1.00%
Co. Ltd
1
Trevi S.p.A
99.00%
99.00%
237.
Trevi Chile SpA
Santiago
Santiago
1
Trevi S.p.A
100.00%
100.00%
238.
Trevi Cimentaciones CA
Caracas
Caracas
1
Trevi S.p.A
100.00%
100.00%
239.
Trevi Cimentaciones Mexico S.A. de
Mexico City
Mexico City
1
Trevi S.p.A
20.00%
20.00%
C.V
1
Treviicos
80.00%
80.00%
Corporation
240.
Trevi Cimentaciones S.L.U.
Barcelona
Barcelona
1
Trevi S.p.A
100.00%
100.00%
241.
Trevi Cimentacones y
Panama City
Panama City
1
Trevi S.p.A
100.00%
100.00%
Consolidaciones Sa
242.
Trevi Construction Co. Ltd
Hong Kong
Hong Kong
1
Trevi S.p.A
100.00%
100.00%
243.
Trevi Finanziaria Industriale S.p.A
Cesena
Cesena
1
CDP Equity S.p.A.
21.27%
21.27%
244.
Trevi Fondations Sp\u00e8ciales Sas
Saint Aubin sur
Paris
1
Trevi S.p.A
100.00%
100.00%
Gaillon
245.
Trevi Foundations Canada Inc
Vancouver
Vancouver
1
Treviicos
100.00%
100.00%
Corporation
246.
Trevi Foundations Denmark A/S
Frederiksberg
Frederiksberg
1
Trevi S.p.A
100.00%
100.00%
247.
Trevi Foundations Kuwait Co. WLL
Dasman
Dasman
1
Trevi S.p.A
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
248.
Trevi Foundations Nigeria Ltd
Lagos
Lagos
1
Trevi S.p.A
59.88%
59.88%
249.
Trevi Foundations Philippines Inc
Makati City
Makati City
1
Trevi S.p.A
0.68%
0.68%
1
Trevi Construction
99.32%
99.32%
Co. Ltd
250.
Trevi Galante Sa
Bogota
Bogota
1
Trevi S.p.A
60.00%
60.00%
1
Galante
39.88%
39.88%
Foundations Sa
1
Trevi Panamericana
0.12%
0.12%
Sa
251.
Trevi Geotechnik GmbH
Vienna
Vienna
1
Trevi S.p.A
100.00%
100.00%
252.
Trevi Holding USA Corporation
Boston, MA
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
253.
Trevi Insaat Ve Muhendislik AS
Istanbul
Istanbul
1
Trevi S.p.A
100.00%
100.00%
254.
Trevi Panamericana Sa
Panama City
Panama City
1
Trevi Cimentaciones
100.00%
100.00%
CA
255.
Trevi S.p.A
Cesena
Cesena
1
Trevi Finanziaria
99.78%
99.78%
Industriale S.p.A
256.
Trevi SpezialTiefBau GmbH
Monaco
Monaco
1
Trevi S.p.A
100.00%
100.00%
257.
TreviGeos Fundacoes Especiais Ltda
Sao Paulo
Sao Paulo
1
Trevi S.p.A
51.00%
51.00%
258.
Treviicos Corporation
Boston, MA
Charleston,
1
Trevi Holding USA
100.00%
100.00%
Massachusetts
Corporation
259.
Treviicos South Inc
Boston, MA
Charleston,
1
Treviicos
100.00%
100.00%
Massachusetts
Corporation
260.
Trevi\u2212Trevi Fin.\u2212Sembenelli UTE
Caracas
Caracas
1
Trevi S.p.A
50.00%
50.00%
(Bordeseco)
1
Trevi Finanziaria
45.00%
45.00%
Industriale S.p.A
261.
Valvitalia (Suzhou) Valves co., Ltd.
Suzhou
Suzhou
1
Valvitalia S.p.A.
100.00%
100.00%
262.
Valvitalia Algerie EURL
Algiers
Algiers
1
Valvitalia S.p.A.
100.00%
100.00%
263.
Valvitalia Canada Ltd.
Edmonton
Edmonton (Alberta)
1
Valvitalia S.p.A.
100.00%
100.00%
(Alberta)
264.
Valvitalia S.p.A.
Milan
Milan
1
CDP Equity S.p.A.
75.00%
75.00%
265.
Valvitalia USA Inc
Houston - Texas
Houston - Texas
1
Valvitalia S.p.A.
100.00%
100.00%
266.
Vard Design AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
267.
Vard Design Liburna Ltd.
Rijeka
Rijeka
1
Vard Design AS
75.50%
75.50%
268.
Vard Electrical Installation and
New Delhi
New Delhi
1
Vard Electro
0.50%
0.50%
Engineering (India) Private Limited
Romania S.r.l.
1
Vard Electro AS
99.50%
99.50%
269.
Vard Electro AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
270.
Vard Electro Brazil (Instala\u00e7oes
Niteroi
Niteroi
1
Vard Electro AS
99.00%
99.00%
Eletricas) Ltda
1
Vard Group AS
1.00%
1.00%
271.
Vard Electro Canada Inc
Vancouver
Vancouver
1
Vard Electro AS
100.00%
100.00%
272.
Vard Electro Italy S.r.l.
Trieste
Trieste
1
Vard Electro AS
100.00%
100.00%
273.
Vard Electro Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
100.00%
100.00%
274.
Vard Electro US Inc.
Delaware
Delaware
1
Vard Electro
100.00%
100.00%
Canada Inc
275.
Vard Engineering Constanta S.r.l.
Constanta
Constanta
1
Vard RO Holding
70.00%
70.00%
S.r.l.
1
Vard Shipyards
30.00%
30.00%
Romania SA
276.
Vard Group AS
Alesund
Alesund
1
Vard Holdings
100.00%
100.00%
Limited
277.
Vard Holdings Limited
Singapore
Singapore
1
Fincantieri Oil & gas
98.39%
98.39%
S.p.A.
278.
Vard Interiors AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
279.
Vard Interiors Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro
0.23%
0.23%
Romania S.r.l.
1
Vard Interiors AS
99.77%
99.77%
280.
Vard Marine Gdansk sp. z o. o.
Gdansk
Gdansk
1
Vard Group AS
100.00%
100.00%
281.
Vard Marine Inc.
Vancouver
Vancouver
1
Vard Group AS
100.00%
100.00%
282.
Vard Marine US Inc.
Dallas
Houston
1
Vard Marine Inc.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
283.
Vard Niteroi RJ Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Electro Brazil
0.01%
0.01%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.99%
99.99%
284.
Vard Promar SA
Ipojuca
Ipojuca
1
Vard Electro Brazil
0.001%
0.001%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.999%
99.999%
285.
Vard RO Holding S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
0.000126%
0.000126%
1
Vard Group AS
100.00%
100.00%
286.
Vard Shipholding Singapore Pte Ltd
Singapore
Singapore
1
Vard Holdings
100.00%
100.00%
Limited
287.
Vard Shipyards Romania SA
Tulcea
Tulcea
1
Vard RO Holding
97.11%
97.11%
S.r.l.
1
Vard Group AS
2.89%
2.89%
288.
Vard Singapore Pte. Ltd.
Singapore
Singapore
1
Vard Group AS
100.00%
100.00%
289.
Vard Vung Tau Ltd
Vung Tau
Vung Tau
1
Vard Singapore Pte.
100.00%
100.00%
Ltd.
290.
WASS Submarine Systems S.r.l.
Livorno
Livorno
1
Fincantieri S.p.A.
100.00%
100.00%
291.
Wagner Constructions LLC
Charleston,
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
Massachusetts
292.
Yeni Aen Insaat Anonim Sirketi
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
293.
Zibello Agroenergie Societ\u00e0 Agricola
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
S.r.l.
Key (1) Type of relationship: 1 = Majority of voting rights in ordinary shareholders\u2019 meeting 2 = Dominant influence in ordinary shareholders\u2019 meeting 3 = Agreements with other shareholders 4 = other form of control 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) 49% of the voting rights of Fincantieri USA Holding LLC is held through USA Marine Trust, a legally recognised independent trust based in the state of Delaware (USA) Changes in the scope of consolidation During the year, the CDP Group saw the following key changes in its scope of full consolidation: \u2022 on 13 May 2025, the shareholders\u2019 meeting of Trevi Finanziaria S.p.A., in which the Company initially held a 21.27% interest through CDPE Investimenti, was convened to resolve, inter alia, on the appointment of the Board of Directors and the Board of Statutory Auditors of the company for the 2025-2027 term. As a result of the outcome of the meeting, it was deemed appropriate to carry out a detailed assessment of the accounting classification of the investment, which confirmed the existence of de facto control by CDPE Investimenti over Trevi Finanziaria, in accordance with IFRS 10. This event therefore resulted in a change in the status of the investment, which, under IFRS 10, was reclassified from an investment subject to significant influence to an investment subject to control. Accordingly, the companies belonging to the Trevi sub-consolidated group are now subject to full consolidation; \u2022 during the first quarter of 2025, CDP disposed of its holdings in the Fondo Italiano Consolidamento e Crescita (FICC), resulting in the fund and its controlled companies and sub-holdings - namely Fly One S.p.A. and Melt 1 S.r.l. - falling outside the scope of consolidation; \u2022 as of 1 April 2025, the Italgas group finalised the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby becoming the largest gas distributor in Europe. Effective from 1 July 2025, 2i Rete Gas was incorporated into Italgas Reti; \u2022 the Fincantieri group acquired control of WASS Submarine Systems S.r.l. as part of the acquisition of the \u201cUnderwater Armaments & Systems\u201d business line from Leonardo S.p.A; \u2022 Snam, through its subsidiary Stogit, acquired control of Edison Stoccaggi from Edison, subsequently renamed Stogit Adriatica S.p.A.; \u2022 on 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and electrical infrastructure. Furthermore, on 30 September 2025, 100% of the share capital of Rete 2 S.r.l., a company operating in the electricity transmission sector, was acquired. On 23 October 2025, the Boards of Directors of both companies involved in the transaction resolved on the merger by incorporation of CDPE Investimenti S.p.A. into CDP Equity S.p.A., with the aim of simplifying the Group\u2019s corporate structure. The transaction became effective on 10 December 2025, with accounting and tax effects recognised retrospectively from 1 January 2025. Please refer to the paragraph \u201cBusiness combinations involving companies or business units\u201d for detailed information regarding the entry of new subsidiaries in the scope of consolidation during 2025. 2. Significant assessments and assumptions to determine whether there is control, joint control or significant influence Line-by-line consolidation Line-by-line consolidation involves the line-by-line use of the aggregate amounts on the balance sheets and income statements of the subsidiaries. After the allocation to non-controlling interests, reported as a separate item, of their share of equity and net income, the value of the equity investment is cancelled against the residual value of the equity of the subsidiary. Assets, liabilities, income and expenses between consolidated companies are totally eliminated. Acquisitions of companies are accounted for using the \u201cacquisition method\u201d provided for under IFRS 3, as modified by Regulation 495/2009, under which the identifiable assets acquired and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values at the acquisition date. For newly acquired companies, the difference between the acquisition price and equity, net of goodwill, if any, recognised in the financial statements of the acquirees, is subject to provisional allocation. In accordance with the provisions of IFRS 3, paragraph 45 et seq., within twelve months following the acquisition date, the adjustments to be made to the carrying amounts of the investee, used for the preparation of the CDP Group\u2019s consolidated financial statements, are determined on a final basis in order to restate them at fair value as at the date control was obtained, with any necessary revision of the initial provisional allocation. The acquisition method is applied as from the moment in which control of the investee is effectively acquired. Accounting for companies using the equity method Associates and joint ventures are accounted for using the equity method. The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis of the share held in the equity of the investee. The difference between the value of the equity investment and the share held of the equity of the investee is included in the carrying value of the investee. The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement. If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present value of the future cash flows which may be generated by the investment, including the final disposal value. If the recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is recognised through profit or loss. Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation scope. The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim) reporting package and/or financial statements of the companies, approved by the respective governing bodies. Subsidiaries Subsidiaries are entities, including structured entities, which are directly or indirectly controlled by the Group. Control over an entity is shown by the Group\u2019s capacity to exercise powers in order to influence variable returns to which the Group is exposed as a result of its relationship with the aforementioned entity. In order to verify the existence of control, the Group considers the following factors: \u2022 the purpose and structure of the investee, in order to identify the entity\u2019s objectives, the activities that generate its revenues and how such activities are governed; \u2022 power, in order to understand whether the Group has contractual rights enabling it to govern relevant activities. To this end, only substantial rights that confer effective governance are considered; \u2022 the exposure to the investee, in order to assess whether the Group has business relationships with the investee whose returns vary as a result of changes in the investee\u2019s performance; \u2022 the existence of potential principal-agent relationships. Where significant activities are governed through voting rights, the following factors show evidence of control: \u2022 direct or indirect ownership \u2013 through a subsidiary \u2013 of over fifty per cent of voting rights of an entity, unless it can be demonstrated \u2013 in exceptional cases \u2013 that such ownership does not constitute control; \u2022 ownership of fifty per cent or less of the votes that can be exercised in the Shareholders\u2019 Meeting and unilateral ability to govern the main activities through: o control of over half of voting rights by virtue of an agreement with other investors; o power to determine the financial and operational policies of the entity by virtue of a clause of the Articles of Association or an agreement; o power to appoint or remove the majority of the members of the Board of Directors or the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body; o power to exercise the majority of voting rights in the meetings of the Board of Directors or those of the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body. Presence of the aforementioned factors was verified for equity investments in Snam, Terna and Italgas, over which, therefore, de facto control was ascertained. The presence and the effect of potential voting rights, where substantial, are taken into account when assessing whether the power of governing another entity\u2019s financial and operational policies exists. Subsidiaries may include any \u201cstructured entities\u201d in which voting rights are not significant with respect to control assessment, including special purpose entities and investment funds. Structured entities are considered as subsidiaries where: \u2022 the Group has power through contractual rights that enable governance of relevant activities; \u2022 the Group is exposed to variable returns resulting from the aforementioned activities. The carrying value of equity stakes in entities consolidated on a line-by-line basis held by the Parent Company or other Group companies is offset \u2013 against the assets and the liabilities of the investees \u2013 as a balancing entry of the relevant equity share pertaining to the Group. Assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses between entities included into the scope of consolidation are fully eliminated, in line with the consolidation method adopted. A subsidiary\u2019s revenues and costs are consolidated starting from the date on which control is acquired. Revenues and costs of a divested subsidiary sold are included into the consolidated income statement up to the divestment date, i.e. until the Group no longer controls the investee. The difference between the disposal price for the subsidiary and the carrying value of its net assets at the same date is recorded in the income statement under Item 280 \u201cGains (Losses) on disposal of investments\u201d for companies consolidated on a line-by-line basis. Non-controlling interests are presented in the balance sheet under Item 190 \u201cNon-controlling interests\u201d, separately from liabilities and equity pertaining to the Group. In the income statement, non-controlling interests are also presented separately under Item 340 \u201cNet income (loss) for the year pertaining to non-controlling interests\u201d. For companies included into the scope of consolidation for the first time, the fair value of the cost incurred to acquire control over the equity investment, including ancillary charges, is measured at the acquisition date. Subsidiaries with total assets of less than 20 million euro are excluded from the consolidation scope due to the immateriality of their asset value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation perimeter, and are therefore measured at cost. Also excluded from the scope of line-by-line consolidation, remaining at fair value, are UCIs over which control has been ascertained that invest in: \u2022 other collective investment undertakings (funds of funds), provided that they have total assets of less than 200 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold; \u2022 primary assets, provided that they have total assets of less than 100 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold. The difference between the disposal price of an interest held in a subsidiary and the relevant carrying value of net assets is recognised as a balancing entry in Equity, when the disposal does not entail a loss of control. Joint arrangements A joint arrangement is a contractual agreement in which two or more counterparties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. According to IFRS 11, joint arrangements must be classified as joint operation or joint venture depending on the Group\u2019s contractual rights and obligations. A joint operation is a joint arrangement in which the parties have rights on the assets and obligations on the liabilities of the arrangement. A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. A joint venture is a joint arrangement in which the parties have rights on the net assets of the agreement. Equity investments in subsidiaries, which can be classified as Joint Ventures, are valued at equity. Associate companies An associate is a company over which the owner exercises a significant influence and which is neither a subsidiary nor a joint venture. Significant influence is presumed when the owner: \u2022 owns, directly or indirectly, at least 20% of another company\u2019s share capital; or \u2022 can, inter alia through shareholders\u2019 agreements, exercise significant influence through: o representation in the company\u2019s management body; o participation in the policy-making process, including in decision-making on dividends or other allocations; o existence of significant transactions; o exchange of managerial personnel; o provision of key know-how. Equity investments in associates are measured at equity. 3. Equity investments in subsidiaries with significant non-controlling interests For the purposes of preparing the following tables, an interest was considered significant if: \u2022 non-controlling interests are equal to or greater than 50% of the share capital of the investee; \u2022 the investee\u2019s accounts are of material significance for the reader of this report. The information presented in the following tables refers to the date of 31 December 2025. 3.1 Non-controlling interests, availability of non-controlling interest votes and dividends distributed to non- controlling interests
(thousands of euro)
Non-controlling
% of non-controlling
Dividends paid to
interests %
votes (1)
non-controlling
Company name
interests
1. Terna S.p.A.
82.32%
70.15%
655,139
2. Snam S.p.A.
81.44%
68.65%
806,323
3. Italgas S.p.A.
82.55%
62.66%
272,072
(1) Available voting rights at Ordinary Shareholders' Meeting. (2) Including interim dividend 3.2 Equity investments in subsidiaries with significant non-controlling interests: accounting data
Cash and cash
Property, plant and
(thousands of euro)
Total assets
equivalents
Financial assets
equipment and
Financial liabilities
Equity
Company name
intangible assets
1. Terna S.p.A.
30,863,410
288,294
2,738,954
23,809,576
15,427,623
9,915,747
2. Snam S.p.A.
39,610,081
322,009
1,820,752
27,501,489
19,121,200
11,622,811
3. Italgas S.p.A.
19,460,621
530,881
354,349
15,211,353
11,415,642
4,165,941
Income (loss)
Income (loss)
Income (loss)
Other
Net interest
Operating
before tax
after tax on
after tax on
Income (loss)
comprehensiv
Comprehensi
income
Gross income
costs
from
continuing
disposal
for the period
e income net
ve income (3)
(thousands of euro)
continuing
operations
groups held
(1)
of taxes (2)
= (1) + (2)
Company name
operations
for sale
1. Terna S.p.A.
(176,844)
(188,974)
1,688,467
1,519,284
1,050,204
1,050,204
(3,335)
1,046,869
2. Snam S.p.A.
(292,416)
(621,739)
1,664,251
1,400,164
1,041,877
1,041,877
79,519
1,121,396
3. Italgas S.p.A.
(231,401)
(236,907)
1,213,278
985,662
705,795
705,795
(4,117)
701,678
4. Significant restrictions There are no significant restrictions except as possibly specified in paragraph 7.9 of these explanatory notes. 5. Other information No other information to be reported. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-885": { "value": "Section 3 - Scope and methods of consolidation Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or significant influence are accounted for using the equity method. An exception is made for a number of equity investments in companies in liquidation or subsidiaries in the start-up phase without assets and liabilities or of insignificant value, whose contribution to the Consolidated Financial Statements is immaterial. The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December 2025, as approved by competent corporate bodies of consolidated companies, adjusted as necessary to harmonise them with Group accounting policies and reclassified on the basis of the formats established by the Bank of Italy in Circular no. 262 of 22 December 2005, in the updated version of 17 November 2022. The following statement shows the companies consolidated on a line-by-line basis. 1. Equity investments in subsidiaries
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
1.
ACE Marine LLC
Madison, WI
Green Bay - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
2.
Acqua Campania S.p.A.
Naples
Naples
1
Nepta S.p.A.
95.70%
95.70%
1
Italgas Reti S.p.A.
0.53%
0.53%
3.
Alfiere S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
4.
Alivieri Power Units Maintenance SA
Athens
Athens
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
5.
Altenia S.r.l.
Rome
Rome
1
Terna Energy
89.00%
89.00%
Solutions S.r.l.
6.
Ansaldo Energia Gulf
Abu Dhabi
Abu Dhabi
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
7.
Ansaldo Energia IP UK Ltd
London
London
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
8.
Ansaldo Energia Iranian LLC
Tehran
Tehran
1
Ansaldo Russia LLC
30.00%
30.00%
1
Ansaldo Energia
70.00%
70.00%
S.p.A.
9.
Ansaldo Energia Netherlands BV
Breda
Breda
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
10.
Ansaldo Energia S.p.A.
Genoa
Genoa
1
CDP Equity S.p.A.
99.62%
99.62%
11.
Ansaldo Energia Spain S.L.
Zaragoza
Zaragoza
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
12.
Ansaldo Energia Switzerland AG
Baden
Baden
1
Ansaldo Energia
100.00%
89.50%
S.p.A.
13.
Ansaldo Energia Turkey Enerji
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
14.
Ansaldo Green Tech S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
15.
Ansaldo Nigeria Limited
Lagos
Lagos
1
Ansaldo Energia
60.00%
60.00%
S.p.A.
16.
Ansaldo Nucleare S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
17.
Ansaldo Russia LLC
Moscow
Moscow
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
18.
Arabian Soil Contractors Ltd
Al Khobar
Al Khobar
1
Trevi Geotechnik
100.00%
100.00%
GmbH
19.
Arsenal S.r.l.
Trieste
Trieste
1
Fincantieri Oil & gas
100.00%
100.00%
S.p.A.
20.
Asia Power Project Private Ltd
Chennai
Chennai
1
Ansaldo Energia
99.99%
99.99%
S.p.A.
1
Ansaldo Nucleare
0.01%
0.01%
S.p.A.
21.
Asset Company 10 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
22.
Avvenia the Energy Innovator S.r.l.
Rome
Rome
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
23.
BOP6 S.c.ar.l. in liquidazione
Trieste
Trieste
1
Fincantieri SI S.p.A.
95.00%
95.00%
1
Fincantieri S.p.A.
5.00%
5.00%
24.
BYS Ambiente Impianti S.r.l.
San Donato
San Donato
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
Milanese (MI)
S.r.l.
25.
BYS Societ\u00e0 Agricola Impianti S.r.l.
Piacenza
Piacenza
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
26.
Bacini di Palermo S.p.A.
Palermo
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
27.
Bioenerys Agri S.r.l.
Pordenone
Pordenone
1
Bioenerys S.r.l.
100.00%
100.00%
28.
Bioenerys Ambiente S.r.l.
San Donato
San Donato
1
Bioenerys S.r.l.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
29.
Bioenerys S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
30.
Biogas Bruso Societ\u00e0 Agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
31.
Biowaste CH4 Legnano
San Donato
Turin
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
32.
Bludigit S.p.A.
Milan
Milan
1
Italgas S.p.A.
100.00%
100.00%
33.
Broady Flow Control Ltd.
Kingston Upon
Kingston Upon Hull
1
Valvitalia S.p.A.
100.00%
100.00%
Hull
34.
Brugg Cables (India) Pvt., Ltd.
Haryana
Haryana
1
Brugg Kabel GmbH
0.26%
0.26%
1
Brugg Kabel AG
99.74%
99.74%
35.
Brugg Cables (Shanghai) Co., Ltd.
Shanghai
Shanghai
1
Brugg Kabel AG
100.00%
100.00%
36.
Brugg Cables (Suzhou) Co., Ltd.
Suzhou
Suzhou
1
Brugg Cables
100.00%
100.00%
(Shanghai) Co., Ltd.
37.
Brugg Cables Company
Riyadh
Riyadh
1
Brugg Kabel AG
100.00%
100.00%
38.
Brugg Cables Italia S.r.l.
Milan
Milan
1
Brugg Kabel
100.00%
100.00%
Manufacturing AG
39.
Brugg Cables Middles East
Dubai
Dubai
1
Brugg Kabel AG
100.00%
100.00%
Contracting LLC
40.
Brugg Cables, Inc.
Chicago
Chicago
1
Brugg Kabel AG
100.00%
100.00%
41.
Brugg Kabel AG
Brugg
Brugg
1
Brugg Kabel
90.00%
90.00%
Services AG
42.
Brugg Kabel GmbH
Schwieberdingen
Schwieberdingen
1
Brugg Kabel AG
100.00%
100.00%
43.
Brugg Kabel Manufacturing AG
Brugg
Brugg
1
Brugg Kabel
100.00%
100.00%
Services AG
44.
Brugg Kabel Services AG
Brugg
Brugg
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
45.
CCA Centro Combustione e Ambiente
Gioia del Colle
Gioia del Colle
1
Ansaldo Energia
60.00%
60.00%
(BA)
(BA)/Gallarate (VA)
S.p.A.
46.
CDP Equity S.p.A.
Milan
Milan
1
CDP S.p.A.
100.00%
100.00%
47.
CDP Immobiliare S.r.l. in liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
48.
CDP Real Asset SGR S.p.A.
Rome
Rome
1
CDP S.p.A.
70.00%
70.00%
49.
CDP Reti S.p.A.
Rome
Rome
1
CDP S.p.A.
59.10%
59.10%
50.
CDP Technologies AS
Alesund
Alesund
1
Seaonics AS
100.00%
100.00%
51.
CDP Technologies Estonia O\u00dc
Tallinn
Tallinn
1
CDP Technologies
100.00%
100.00%
AS
52.
CDP Venture Capital SGR S.p.A.
Rome
Rome
1
CDP Equity S.p.A.
70.00%
70.00%
53.
CH4 Energy S.r.l.
San Donato
Palermo
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
54.
Centro per gli Studi di Tecnica Navale
Genoa
Genoa
1
Fincantieri NexTech
86.10%
86.10%
- CETENA S.p.A.
S.p.A.
55.
Cilento Reti Gas S.r.l.
Acquaviva Delle
Acquaviva Delle
1
Italgas Reti S.p.A.
60.00%
60.00%
Fonti
Fonti
56.
Cinque Cerchi S.p.A. in liquidazione
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
S.r.l. in liquidazione
57.
Cisar Costruzioni S.c.ar.l.
Milan
Rome
1
Fincantieri
51.00%
51.00%
Infrastrutture Sociali
S.p.A.
58.
Consentia Project S.r.l
Milan
Milan
1
Renovit Public
100.00%
100.00%
Solutions S.p.A.
Societ\u00e0 Benefit
59.
Constructora Finso Chile S.p.A.
Santiago, Chile
Santiago, Chile
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
60.
Cubogas S.r.l.
San Donato
San Donato
1
Greenture S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
61.
E-phors S.p.A.
Milan
Milan
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
62.
ESPERIA-CC S.r.l.
Rome
Rome
1
Terna S.p.A.
1.00%
1.00%
63.
Empoli Salute Gestione S.c.ar.l.
Florence
Florence
1
SOF S.p.A.
4.50%
4.50%
1
Fincantieri
95.00%
95.00%
Infrastrutture Sociali
S.p.A.
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
64.
Enaon Eda S.A.
Athens
Athens
1
Enaon S.A.
100.00%
100.00%
65.
Enaon S.A.
Athens
Athens
1
Italgas Newco
100.00%
100.00%
S.p.A.
66.
Enersi Sicilia
San Donato
Caltanissetta
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
67.
Enura S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
55.00%
55.00%
Milanese (MI)
Milanese (MI)
68.
Ergon Projects ltd
Gzira
Gzira
1
SOF S.p.A.
1.00%
1.00%
1
Fincantieri
99.00%
99.00%
Infrastrutture Sociali
S.p.A.
69.
Estaleiro Quissam\u00e3 Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Promar SA
49.50%
49.50%
1
Vard Group AS
50.50%
50.50%
70.
Eusebi Impianti Kazakhstan
Aktau
Aktau
1
Valvitalia S.p.A.
75.00%
75.00%
71.
FIV Comparto Extra
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
72.
FIV Comparto Plus
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
73.
FMSNA YK
Nagasaki
Nagasaki
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
74.
FNAS - Fondo Nazionale Abitare
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
Sociale
75.
FNT Fondo Nazionale per il Turismo -
Comparto A
Rome
Rome
1
CDP S.p.A.
71.67%
71.67%
76.
FOF Private Equity Italia
Milan
Milan
1
CDP S.p.A.
60.40%
60.40%
77.
FOF Private Debt
Milan
Milan
1
CDP S.p.A.
62.50%
62.50%
78.
FT1 Fondo Turismo 1
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
79.
FT2 Fondo Turismo 2
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
80.
Fincantieri (Shanghai) Trading Co. Ltd
Shanghai
Shanghai
1
Fincantieri S.p.A.
100.00%
100.00%
81.
Fincantieri Arabia for Naval Services
Riyadh
Riyadh
1
Fincantieri S.p.A.
100.00%
100.00%
LLC
82.
Fincantieri Dragaggi Ecologici S.p.A.
Rome
Rome
1
Fincantieri S.p.A.
55.00%
55.00%
in liquidazione
83.
Fincantieri Holding B.V.
Amsterdam
Amsterdam
1
Fincantieri S.p.A.
100.00%
100.00%
84.
Fincantieri India Private Limited
New Delhi
New Delhi
1
Fincantieri Holding
99.00%
99.00%
B.V.
1
Fincantieri S.p.A.
1.00%
1.00%
85.
Fincantieri Infrastructure Florida Inc.
Miami - FL
Miami - FL
1
Fincantieri
100.00%
100.00%
Infrastructure USA,
Inc.
86.
Fincantieri Infrastructure Opere
Trieste
Rome
1
Fincantieri
100.00%
100.00%
Marittime S.p.A.
Infrastructure S.p.A.
87.
Fincantieri Infrastructure S.p.A.
Trieste
Verona
1
Fincantieri S.p.A.
100.00%
100.00%
88.
Fincantieri Infrastructure USA, Inc.
Newark -
Newark - Delaware
1
Fincantieri
100.00%
100.00%
Delaware
Infrastructure S.p.A.
89.
Fincantieri Infrastrutture Sociali S.p.A.
Florence
Florence
1
Fincantieri
90.00%
90.00%
Infrastructure S.p.A.
90.
Fincantieri Ingenium S.r.l.
Milan
Milan
1
Fincantieri NexTech
70.00%
70.00%
S.p.A.
91.
Fincantieri Marine Group Holdings Inc.
Wilmington, DE
Washington, DC
1
Fincantieri USA Inc.
87.44%
87.44%
92.
Fincantieri Marine Group LLC
Carson City, NV
Washington, DC
1
Fincantieri Marine
100.00%
100.00%
Group Holdings Inc.
93.
Fincantieri Marine Repair LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
94.
Fincantieri Marine System LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
95.
Fincantieri Marine Systems North
Wilmington, DE
Chesapeake - VI
1
Fincantieri USA Inc.
100.00%
100.00%
America Inc.
96.
Fincantieri Naval Services LTD
Abu Dhabi
Abu Dhabi
1
Fincantieri S.p.A.
100.00%
100.00%
97.
Fincantieri NexTech S.p.A.
Milan
Follo (La Spezia)
1
Fincantieri S.p.A.
100.00%
100.00%
98.
Fincantieri Oil & gas S.p.A.
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
99.
Fincantieri S.p.A.
Trieste
Trieste
1
CDP Equity S.p.A.
70.91%
70.91%
100.
Fincantieri SI Impianti S.c.ar.l.
Milan
Milan
1
Fincantieri SI S.p.A.
60.00%
60.00%
101.
Fincantieri SI S.p.A.
Trieste
Trieste
1
Societ\u00e0 per
100.00%
100.00%
l'Esercizio di Attivit\u00e0
Finanziarie - Seaf
S.p.A.
102.
Fincantieri Services Doha LLC
Qatar
Qatar
1
Fincantieri S.p.A.
100.00%
100.00%
103.
Fincantieri Services Middle East LLC
Doha (QFC)
Doha (QFC)
1
Fincantieri S.p.A.
100.00%
100.00%
104.
Fincantieri Services USA LLC
Plantation, FL
Miami, FL
1
Fincantieri USA Inc.
100.00%
100.00%
105.
Fincantieri USA Holding LLC
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
100.00%
100.00%
106.
Fincantieri USA Inc.
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
65.00%
65.00%
1
Fincantieri USA
35.00%
35.00%
Holding LLC
107.
Fincantieri do Brasil S.A.
Ipojuca
Ipojuca
1
Vard Group AS
0.01%
0.01%
1
Fincantieri Oil & gas
99.99%
99.99%
S.p.A.
108.
Finso Albania S.h.p.k.
Tirana
Tirana
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
109.
Fintecna S.p.A.
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
110.
FoF Private Debt Italia
Milan
Milan
1
CDP Equity S.p.A.
73.35%
73.35%
111.
Fondo Italiano d'Investimento SGR
Milan
Milan
1
CDP Equity S.p.A.
55.00%
55.00%
S.p.A.
112.
Fondo Sviluppo Comparto A
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
113.
Foundation Construction Ltd
Lagos
Lagos
1
Trevi S.p.A
80.32%
80.32%
114.
Galante Foundations Sa
Panama City
Panama City
1
Trevi Panamericana
100.00%
100.00%
Sa
115.
Gannouch Maintenance S.\u00e0r.l.
Tunis
Tunis
1
Ansaldo Energia
99.00%
99.00%
Netherlands BV
1
Ansaldo Energia
1.00%
1.00%
Switzerland AG
116.
Gasrule Insurance D.A.C.
Dublin
Dublin
1
SNAM S.p.A.
100.00%
100.00%
117.
Geoside S.p.A.
Casalecchio di
Casalecchio di Reno
1
Toscana Energia
32.78%
32.78%
Reno
S.p.A.
1
Italgas S.p.A.
67.22%
67.22%
118.
Gestione Bacini La Spezia S.p.A.
La Spezia
La Spezia
1
Fincantieri S.p.A.
99.89%
99.89%
119.
Govone Biometano S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
120.
Greenture S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
121.
HMS IT S.p.A.
Rome
Rome
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
122.
Halfbridge Automation S.r.l.
Rome
Rome
1
Altenia S.r.l.
70.00%
70.00%
123.
Hyper Servicos de Perfuracao Ltda
Sao Paulo
Sao Paulo
1
Soilmec SpA
100.00%
100.00%
124.
IDS Australasia PTY Ltd
Hendra
Brendale
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
125.
IDS Ingegneria Dei Sistemi (UK) Ltd
Fareham
Fareham
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
126.
IDS Ingegneria Dei Sistemi S.p.A.
Pisa
Pisa
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
127.
IDS Korea Co. Ltd
Daejeon
Daejeon
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
128.
IDS North America Ltd
Ottawa
Ottawa
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
129.
IDS Technologies US Inc.
Littleton
Littleton
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
130.
IG Rete Dati S.r.l.
Milan
Milan
1
Bludigit S.p.A.
100.00%
100.00%
131.
INFRA.BAS.MAR. S.c. a r.l.
Rome
Rome
1
Fincantieri
51.00%
51.00%
Infrastructure Opere
Marittime S.p.A.
1
Fincantieri
49.00%
49.00%
Infrastrutture Sociali
S.p.A.
132.
Idrolatina S.r.l.
Milan
Milan
1
Nepta S.p.A.
100.00%
100.00%
133.
Idrosicilia S.p.A.
Milan
Milan
1
Nepta S.p.A.
99.37%
99.37%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
134.
Idt Fzco
Dubai
Dubai
1
Trevi Finanziaria
10.00%
10.00%
Industriale S.p.A
1
Trevi S.p.A
90.00%
90.00%
135.
Idt Llc Fzc
Fujairah UAE
Fujairah UAE
1
Soilmec SpA
5.00%
5.00%
1
Idt Fzco
90.00%
90.00%
136.
Infrastrutture Trasporto Gas S.p.A.
San Donato
Milan
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
137.
Isotta Fraschini Motori S.p.A.
Bari
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
138.
Issel Nord S.r.l.
Follo (La Spezia)
Follo (La Spezia)
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
139.
Italgas Newco S.p.A.
Milan
Milan
1
Italgas S.p.A.
90.00%
90.00%
140.
Italgas Reti S.p.A.
Turin
Turin
1
Italgas S.p.A.
100.00%
100.00%
141.
Italgas S.p.A.
Milan
Milan
2
CDP Reti S.p.A.
25.94%
25.94%
2
SNAM S.p.A.
11.40%
11.40%
142.
L.A.C. Laboratorio Acqua Campania
Naples
Naples
1
Acqua Campania
51.00%
51.00%
S.r.l.
S.p.A.
143.
MST S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
144.
MTM S.c.ar.l.
Venice
Venice
1
Fincantieri S.p.A.
41.00%
41.00%
145.
MZ Biogas societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
146.
Maiero Energia societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
147.
Marina Bay S.A.
Luxembourg
Luxembourg
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
148.
Marine Interiors S.p.A.
Trieste
Ronchi dei Legionari
1
Fincantieri S.p.A.
100.00%
100.00%
(GO)
149.
Marinette Marine Corporation
Green Bay, WI
Marinette - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
150.
Medea S.p.A.
Sassari
Sassari
1
Italgas Reti S.p.A.
51.85%
51.85%
151.
Moglia Energia Societ\u00e0 Agricola ar.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
152.
Mola Rupta Scarl
Cesena
Rome
1
Trevi S.p.A
72.58%
72.58%
153.
Nepta S.p.A.
Milan
Caserta
1
Italgas S.p.A.
100.00%
100.00%
154.
Niehlgas GmbH
Oberursel
Oberursel
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
155.
Nuclear Engineering Group Limited
Wolverhampton
Warrington/Egremont
1
Ansaldo Nucleare
100.00%
100.00%
S.p.A.
156.
OPERAE a Marine Interiors Company
Trieste
Treviso
1
Marine Interiors
85.00%
85.00%
S.r.l.
S.p.A.
157.
ORTONA FM Societ\u00e0 Consortile a
Rome
Rome
1
Fincantieri
80.00%
80.00%
Responsabilit\u00e0 Limitata
Infrastructure Opere
Marittime S.p.A.
158.
Opere Marittime Tunnel Subportuale
Rome
Rome
1
Fincantieri
70.00%
70.00%
S.c.a r.l.
Infrastructure Opere
Marittime S.p.A.
159.
Parcheggi S.r.L.
Cesena
Pescara
1
Trevi S.p.A
100.00%
100.00%
160.
Pentagramma Piemonte S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione
S.r.l. in liquidazione
161.
Pentagramma Romagna S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione unipersonale
S.r.l. in liquidazione
162.
Pilotes Trevi Sacims
Buenos Aires
Buenos Aires
1
Trevi S.p.A
99.97%
99.97%
163.
Pilotes Trevi Sacims \u2212 Paraguay
Gral Eduvigis
Gral Eduvigis Diaz
1
Pilotes Trevi Sacims
100.00%
100.00%
Diaz
164.
Pilotes Uruguay Sa
Montevideo
Montevideo
1
Pilotes Trevi Sacims
100.00%
100.00%
165.
Power4Future S.p.A.
Calderara di
Calderara di Reno
1
Fincantieri SI S.p.A.
52.00%
52.00%
Reno (BO)
(BO)
166.
Profuro Intern. Lda
Namaacha
Namaacha
1
Trevi S.p.A
99.51%
99.51%
167.
REMAZEL ENGINEERING S.p.A.
Milan
Milan
1
Fincantieri S.p.A.
100.00%
100.00%
168.
Renovit Building Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
169.
Renovit Business Solutions S.r.l.
Rome
Milan
1
Renovit S.p.A.
100.00%
100.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
170.
Renovit Public Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
171.
Renovit S.p.A. Societ\u00e0 Benefit
San Donato
San Donato
1
CDP Equity S.p.A.
30.00%
30.00%
Milanese (MI)
Milanese (MI)
1
SNAM S.p.A.
60.05%
60.05%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
172.
Residenziale Immobiliare 2004 S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
173.
Rete 2 S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
174.
Rete S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
175.
S.L.S. - Support Logistic Services
Guidonia
Guidonia Montecelio
1
IDS Ingegneria Dei
100.00%
100.00%
S.r.l.
Montecelio
Sistemi S.p.A.
176.
SNAM RETE GAS S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
177.
SNAM S.p.A.
San Donato
San Donato
2
CDP Reti S.p.A.
31.35%
31.35%
Milanese (MI)
Milanese (MI)
178.
SOF S.p.A.
Florence
Florence
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
179.
STE Energy S.r.l.
Rome
Rome
1
Altenia S.r.l.
100.00%
100.00%
180.
Seanergy a Marine Interiors Company
Pordenone
Cordignano (TV)
1
Marine Interiors
80.00%
80.00%
S.r.l.
S.p.A.
181.
Seaonics AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
182.
Seaonics Polska SP.Z O.O.
Gdansk
Gdansk
1
Seaonics AS
100.00%
100.00%
183.
Simest S.p.A.
Rome
Rome
1
CDP S.p.A.
76.01%
76.01%
184.
Skytech Italia S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
185.
Snam Energy Terminals S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
186.
Snam International B.V.
Amsterdam
Amsterdam
1
SNAM S.p.A.
100.00%
100.00%
187.
Societ\u00e0 Agricola Agrimetano
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Pozzonovo S.r.l.
188.
Societ\u00e0 Agricola Agrimetano Ro S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
189.
Societ\u00e0 Agricola G.B.E. Gruppo Bio
Pordenone
Pordenone
1
Societ\u00e0 Agricola
100.00%
100.00%
Energie S.r.l.
Sangiovanni S.r.l.
190.
Societ\u00e0 Agricola La Valle Green
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Energy S.r.l
191.
Societ\u00e0 Agricola SQ Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
192.
Societ\u00e0 Agricola Sangiovanni S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
50.00%
50.00%
1
Societ\u00e0 Agricola SQ
50.00%
50.00%
Energy S.r.l.
193.
Societ\u00e0 Agricola T4 Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
194.
Societ\u00e0 Agricola Zoppola Biogas S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
195.
Societ\u00e0 per l'Esercizio di Attivit\u00e0
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Finanziarie - Seaf S.p.A.
196.
Soilmec (Suzhou) Machinery Trading
Wujiang District,
Wujiang District,
1
Soilmec SpA
100.00%
100.00%
Co., Ltd.
Suzhou
Suzhou
197.
Soilmec Australia Pty Ltd
Mulgrave
Mulgrave
1
Soilmec Investment
100.00%
100.00%
Pty Ltd
198.
Soilmec Colombia Sas
Bogota
Bogota
1
Soilmec SpA
100.00%
100.00%
199.
Soilmec Deutschland Gmbh
Olpe
Olpe
1
Soilmec SpA
100.00%
100.00%
200.
Soilmec France Sas
Le Val D'Hazey
Le Val D'Hazey
1
Soilmec SpA
100.00%
100.00%
201.
Soilmec H.K. Ltd
Hong Kong
Hong Kong
1
Soilmec SpA
100.00%
100.00%
202.
Soilmec Investment Pty Ltd
Mulgrave
Mulgrave
1
Soilmec SpA
100.00%
100.00%
203.
Soilmec Japan Co. Ltd
Tokyo
Tokyo
1
Soilmec SpA
93.00%
93.00%
204.
Soilmec North America Inc
Boston,
Boston,
1
Soilmec SpA
90.00%
90.00%
Massachusetts
Massachusetts
205.
Soilmec Singapore Pte Ltd
Singapore
Singapore
1
Soilmec SpA
100.00%
100.00%
206.
Soilmec SpA
Cesena
Cesena
1
Trevi Finanziaria
99.92%
99.92%
Industriale S.p.A
207.
Soilmec U.K. Ltd
London
London
1
Soilmec SpA
100.00%
100.00%
208.
Soilmec do Brasil Sa
Sao Paulo
Sao Paulo
1
Soilmec SpA
83.82%
83.82%
209.
Stogit Adriatica S.p.A.
San Donato
San Donato
1
Stogit S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
210.
Stogit S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
211.
Swissboring & Co. LLC
Ruwi
Ruwi
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
212.
Swissboring Overseas Piling Corp. Ltd
Dubai
Dubai
1
Swissboring
100.00%
100.00%
(Dubai)
Overseas Piling
Corporation
213.
Swissboring Overseas Piling
Zurich
Zurich
1
Trevi S.p.A
100.00%
100.00%
Corporation
214.
Swissboring Qatar WLL
Doha
Doha
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
215.
T-Lux S.r.l.
Piancogno (BS)
Piancogno (BS)
1
Renovit Public
100.00%
85.00%
Solutions S.p.A.
Societ\u00e0 Benefit
216.
TERNA Crna Gora d.o.o.
Podgorica
Podgorica
1
Terna S.p.A.
100.00%
100.00%
217.
TRS Sistemi S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
218.
Tamini Transformatori India Private
Magarpatta City,
Magarpatta City,
1
Tamini
100.00%
100.00%
limited
Hadapsar, Pune
Hadapsar, Pune
Trasformatori S.r.l.
219.
Tamini Transformers USA L.L.C.
Sewickley
Sewickley
1
Tamini
100.00%
100.00%
Trasformatori S.r.l.
220.
Tamini Trasformatori S.r.l.
Legnano (MI)
Legnano (MI)
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
221.
Team Turbo Machines SAS
La Trinit\u00e9 De
La Trinit\u00e9 De
1
Fincantieri S.p.A.
100.00%
100.00%
Thouberville
Thouberville
222.
Terna 4 Chacas S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
223.
Terna Energy Solutions S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
224.
Terna Forward S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
225.
Terna Interconnector S.r.l.
Rome
Rome
1
Terna Rete Italia
5.00%
5.00%
S.p.A.
1
Terna S.p.A.
65.00%
65.00%
226.
Terna Peru S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
227.
Terna Plus S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
228.
Terna Rete Italia S.p.A.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
229.
Terna S.p.A.
Rome
Rome
2
CDP Reti S.p.A.
29.85%
29.85%
230.
Terna USA LLC
New York
New York
1
Terna Plus S.r.l.
100.00%
100.00%
231.
Toscana Energia S.p.A.
Florence
Florence
1
Italgas S.p.A.
50.74%
50.74%
232.
Trevi Algerie EURL
Algiers
Algiers
1
Trevi S.p.A
100.00%
100.00%
233.
Trevi Arabco JV
Cairo
Cairo
1
Trevi Construction
100.00%
100.00%
Co. Ltd
234.
Trevi Australia Pty & Wagstaff Piling
Ashgrove
Ashgrove
1
Trevi Australia Pty
70.00%
70.00%
Victoria Pty Ltd JV
Ltd
235.
Trevi Australia Pty Ltd
North Parramatta
North Parramatta
1
Trevi Construction
100.00%
100.00%
Co. Ltd
236.
Trevi Bangladesh Ltd
Dhaka
Dhaka
1
Trevi Construction
1.00%
1.00%
Co. Ltd
1
Trevi S.p.A
99.00%
99.00%
237.
Trevi Chile SpA
Santiago
Santiago
1
Trevi S.p.A
100.00%
100.00%
238.
Trevi Cimentaciones CA
Caracas
Caracas
1
Trevi S.p.A
100.00%
100.00%
239.
Trevi Cimentaciones Mexico S.A. de
Mexico City
Mexico City
1
Trevi S.p.A
20.00%
20.00%
C.V
1
Treviicos
80.00%
80.00%
Corporation
240.
Trevi Cimentaciones S.L.U.
Barcelona
Barcelona
1
Trevi S.p.A
100.00%
100.00%
241.
Trevi Cimentacones y
Panama City
Panama City
1
Trevi S.p.A
100.00%
100.00%
Consolidaciones Sa
242.
Trevi Construction Co. Ltd
Hong Kong
Hong Kong
1
Trevi S.p.A
100.00%
100.00%
243.
Trevi Finanziaria Industriale S.p.A
Cesena
Cesena
1
CDP Equity S.p.A.
21.27%
21.27%
244.
Trevi Fondations Sp\u00e8ciales Sas
Saint Aubin sur
Paris
1
Trevi S.p.A
100.00%
100.00%
Gaillon
245.
Trevi Foundations Canada Inc
Vancouver
Vancouver
1
Treviicos
100.00%
100.00%
Corporation
246.
Trevi Foundations Denmark A/S
Frederiksberg
Frederiksberg
1
Trevi S.p.A
100.00%
100.00%
247.
Trevi Foundations Kuwait Co. WLL
Dasman
Dasman
1
Trevi S.p.A
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
248.
Trevi Foundations Nigeria Ltd
Lagos
Lagos
1
Trevi S.p.A
59.88%
59.88%
249.
Trevi Foundations Philippines Inc
Makati City
Makati City
1
Trevi S.p.A
0.68%
0.68%
1
Trevi Construction
99.32%
99.32%
Co. Ltd
250.
Trevi Galante Sa
Bogota
Bogota
1
Trevi S.p.A
60.00%
60.00%
1
Galante
39.88%
39.88%
Foundations Sa
1
Trevi Panamericana
0.12%
0.12%
Sa
251.
Trevi Geotechnik GmbH
Vienna
Vienna
1
Trevi S.p.A
100.00%
100.00%
252.
Trevi Holding USA Corporation
Boston, MA
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
253.
Trevi Insaat Ve Muhendislik AS
Istanbul
Istanbul
1
Trevi S.p.A
100.00%
100.00%
254.
Trevi Panamericana Sa
Panama City
Panama City
1
Trevi Cimentaciones
100.00%
100.00%
CA
255.
Trevi S.p.A
Cesena
Cesena
1
Trevi Finanziaria
99.78%
99.78%
Industriale S.p.A
256.
Trevi SpezialTiefBau GmbH
Monaco
Monaco
1
Trevi S.p.A
100.00%
100.00%
257.
TreviGeos Fundacoes Especiais Ltda
Sao Paulo
Sao Paulo
1
Trevi S.p.A
51.00%
51.00%
258.
Treviicos Corporation
Boston, MA
Charleston,
1
Trevi Holding USA
100.00%
100.00%
Massachusetts
Corporation
259.
Treviicos South Inc
Boston, MA
Charleston,
1
Treviicos
100.00%
100.00%
Massachusetts
Corporation
260.
Trevi\u2212Trevi Fin.\u2212Sembenelli UTE
Caracas
Caracas
1
Trevi S.p.A
50.00%
50.00%
(Bordeseco)
1
Trevi Finanziaria
45.00%
45.00%
Industriale S.p.A
261.
Valvitalia (Suzhou) Valves co., Ltd.
Suzhou
Suzhou
1
Valvitalia S.p.A.
100.00%
100.00%
262.
Valvitalia Algerie EURL
Algiers
Algiers
1
Valvitalia S.p.A.
100.00%
100.00%
263.
Valvitalia Canada Ltd.
Edmonton
Edmonton (Alberta)
1
Valvitalia S.p.A.
100.00%
100.00%
(Alberta)
264.
Valvitalia S.p.A.
Milan
Milan
1
CDP Equity S.p.A.
75.00%
75.00%
265.
Valvitalia USA Inc
Houston - Texas
Houston - Texas
1
Valvitalia S.p.A.
100.00%
100.00%
266.
Vard Design AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
267.
Vard Design Liburna Ltd.
Rijeka
Rijeka
1
Vard Design AS
75.50%
75.50%
268.
Vard Electrical Installation and
New Delhi
New Delhi
1
Vard Electro
0.50%
0.50%
Engineering (India) Private Limited
Romania S.r.l.
1
Vard Electro AS
99.50%
99.50%
269.
Vard Electro AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
270.
Vard Electro Brazil (Instala\u00e7oes
Niteroi
Niteroi
1
Vard Electro AS
99.00%
99.00%
Eletricas) Ltda
1
Vard Group AS
1.00%
1.00%
271.
Vard Electro Canada Inc
Vancouver
Vancouver
1
Vard Electro AS
100.00%
100.00%
272.
Vard Electro Italy S.r.l.
Trieste
Trieste
1
Vard Electro AS
100.00%
100.00%
273.
Vard Electro Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
100.00%
100.00%
274.
Vard Electro US Inc.
Delaware
Delaware
1
Vard Electro
100.00%
100.00%
Canada Inc
275.
Vard Engineering Constanta S.r.l.
Constanta
Constanta
1
Vard RO Holding
70.00%
70.00%
S.r.l.
1
Vard Shipyards
30.00%
30.00%
Romania SA
276.
Vard Group AS
Alesund
Alesund
1
Vard Holdings
100.00%
100.00%
Limited
277.
Vard Holdings Limited
Singapore
Singapore
1
Fincantieri Oil & gas
98.39%
98.39%
S.p.A.
278.
Vard Interiors AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
279.
Vard Interiors Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro
0.23%
0.23%
Romania S.r.l.
1
Vard Interiors AS
99.77%
99.77%
280.
Vard Marine Gdansk sp. z o. o.
Gdansk
Gdansk
1
Vard Group AS
100.00%
100.00%
281.
Vard Marine Inc.
Vancouver
Vancouver
1
Vard Group AS
100.00%
100.00%
282.
Vard Marine US Inc.
Dallas
Houston
1
Vard Marine Inc.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
283.
Vard Niteroi RJ Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Electro Brazil
0.01%
0.01%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.99%
99.99%
284.
Vard Promar SA
Ipojuca
Ipojuca
1
Vard Electro Brazil
0.001%
0.001%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.999%
99.999%
285.
Vard RO Holding S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
0.000126%
0.000126%
1
Vard Group AS
100.00%
100.00%
286.
Vard Shipholding Singapore Pte Ltd
Singapore
Singapore
1
Vard Holdings
100.00%
100.00%
Limited
287.
Vard Shipyards Romania SA
Tulcea
Tulcea
1
Vard RO Holding
97.11%
97.11%
S.r.l.
1
Vard Group AS
2.89%
2.89%
288.
Vard Singapore Pte. Ltd.
Singapore
Singapore
1
Vard Group AS
100.00%
100.00%
289.
Vard Vung Tau Ltd
Vung Tau
Vung Tau
1
Vard Singapore Pte.
100.00%
100.00%
Ltd.
290.
WASS Submarine Systems S.r.l.
Livorno
Livorno
1
Fincantieri S.p.A.
100.00%
100.00%
291.
Wagner Constructions LLC
Charleston,
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
Massachusetts
292.
Yeni Aen Insaat Anonim Sirketi
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
293.
Zibello Agroenergie Societ\u00e0 Agricola
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
S.r.l.
Key (1) Type of relationship: 1 = Majority of voting rights in ordinary shareholders\u2019 meeting 2 = Dominant influence in ordinary shareholders\u2019 meeting 3 = Agreements with other shareholders 4 = other form of control 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) 49% of the voting rights of Fincantieri USA Holding LLC is held through USA Marine Trust, a legally recognised independent trust based in the state of Delaware (USA) Changes in the scope of consolidation During the year, the CDP Group saw the following key changes in its scope of full consolidation: \u2022 on 13 May 2025, the shareholders\u2019 meeting of Trevi Finanziaria S.p.A., in which the Company initially held a 21.27% interest through CDPE Investimenti, was convened to resolve, inter alia, on the appointment of the Board of Directors and the Board of Statutory Auditors of the company for the 2025-2027 term. As a result of the outcome of the meeting, it was deemed appropriate to carry out a detailed assessment of the accounting classification of the investment, which confirmed the existence of de facto control by CDPE Investimenti over Trevi Finanziaria, in accordance with IFRS 10. This event therefore resulted in a change in the status of the investment, which, under IFRS 10, was reclassified from an investment subject to significant influence to an investment subject to control. Accordingly, the companies belonging to the Trevi sub-consolidated group are now subject to full consolidation; \u2022 during the first quarter of 2025, CDP disposed of its holdings in the Fondo Italiano Consolidamento e Crescita (FICC), resulting in the fund and its controlled companies and sub-holdings - namely Fly One S.p.A. and Melt 1 S.r.l. - falling outside the scope of consolidation; \u2022 as of 1 April 2025, the Italgas group finalised the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby becoming the largest gas distributor in Europe. Effective from 1 July 2025, 2i Rete Gas was incorporated into Italgas Reti; \u2022 the Fincantieri group acquired control of WASS Submarine Systems S.r.l. as part of the acquisition of the \u201cUnderwater Armaments & Systems\u201d business line from Leonardo S.p.A; \u2022 Snam, through its subsidiary Stogit, acquired control of Edison Stoccaggi from Edison, subsequently renamed Stogit Adriatica S.p.A.; \u2022 on 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and electrical infrastructure. Furthermore, on 30 September 2025, 100% of the share capital of Rete 2 S.r.l., a company operating in the electricity transmission sector, was acquired. On 23 October 2025, the Boards of Directors of both companies involved in the transaction resolved on the merger by incorporation of CDPE Investimenti S.p.A. into CDP Equity S.p.A., with the aim of simplifying the Group\u2019s corporate structure. The transaction became effective on 10 December 2025, with accounting and tax effects recognised retrospectively from 1 January 2025. Please refer to the paragraph \u201cBusiness combinations involving companies or business units\u201d for detailed information regarding the entry of new subsidiaries in the scope of consolidation during 2025. 2. Significant assessments and assumptions to determine whether there is control, joint control or significant influence Line-by-line consolidation Line-by-line consolidation involves the line-by-line use of the aggregate amounts on the balance sheets and income statements of the subsidiaries. After the allocation to non-controlling interests, reported as a separate item, of their share of equity and net income, the value of the equity investment is cancelled against the residual value of the equity of the subsidiary. Assets, liabilities, income and expenses between consolidated companies are totally eliminated. Acquisitions of companies are accounted for using the \u201cacquisition method\u201d provided for under IFRS 3, as modified by Regulation 495/2009, under which the identifiable assets acquired and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values at the acquisition date. For newly acquired companies, the difference between the acquisition price and equity, net of goodwill, if any, recognised in the financial statements of the acquirees, is subject to provisional allocation. In accordance with the provisions of IFRS 3, paragraph 45 et seq., within twelve months following the acquisition date, the adjustments to be made to the carrying amounts of the investee, used for the preparation of the CDP Group\u2019s consolidated financial statements, are determined on a final basis in order to restate them at fair value as at the date control was obtained, with any necessary revision of the initial provisional allocation. The acquisition method is applied as from the moment in which control of the investee is effectively acquired. Subsidiaries Subsidiaries are entities, including structured entities, which are directly or indirectly controlled by the Group. Control over an entity is shown by the Group\u2019s capacity to exercise powers in order to influence variable returns to which the Group is exposed as a result of its relationship with the aforementioned entity. In order to verify the existence of control, the Group considers the following factors: \u2022 the purpose and structure of the investee, in order to identify the entity\u2019s objectives, the activities that generate its revenues and how such activities are governed; \u2022 power, in order to understand whether the Group has contractual rights enabling it to govern relevant activities. To this end, only substantial rights that confer effective governance are considered; \u2022 the exposure to the investee, in order to assess whether the Group has business relationships with the investee whose returns vary as a result of changes in the investee\u2019s performance; \u2022 the existence of potential principal-agent relationships. Where significant activities are governed through voting rights, the following factors show evidence of control: \u2022 direct or indirect ownership \u2013 through a subsidiary \u2013 of over fifty per cent of voting rights of an entity, unless it can be demonstrated \u2013 in exceptional cases \u2013 that such ownership does not constitute control; \u2022 ownership of fifty per cent or less of the votes that can be exercised in the Shareholders\u2019 Meeting and unilateral ability to govern the main activities through: o control of over half of voting rights by virtue of an agreement with other investors; o power to determine the financial and operational policies of the entity by virtue of a clause of the Articles of Association or an agreement; o power to appoint or remove the majority of the members of the Board of Directors or the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body; o power to exercise the majority of voting rights in the meetings of the Board of Directors or those of the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body. Presence of the aforementioned factors was verified for equity investments in Snam, Terna and Italgas, over which, therefore, de facto control was ascertained. The presence and the effect of potential voting rights, where substantial, are taken into account when assessing whether the power of governing another entity\u2019s financial and operational policies exists. Subsidiaries may include any \u201cstructured entities\u201d in which voting rights are not significant with respect to control assessment, including special purpose entities and investment funds. Structured entities are considered as subsidiaries where: \u2022 the Group has power through contractual rights that enable governance of relevant activities; \u2022 the Group is exposed to variable returns resulting from the aforementioned activities. The carrying value of equity stakes in entities consolidated on a line-by-line basis held by the Parent Company or other Group companies is offset \u2013 against the assets and the liabilities of the investees \u2013 as a balancing entry of the relevant equity share pertaining to the Group. Assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses between entities included into the scope of consolidation are fully eliminated, in line with the consolidation method adopted. A subsidiary\u2019s revenues and costs are consolidated starting from the date on which control is acquired. Revenues and costs of a divested subsidiary sold are included into the consolidated income statement up to the divestment date, i.e. until the Group no longer controls the investee. The difference between the disposal price for the subsidiary and the carrying value of its net assets at the same date is recorded in the income statement under Item 280 \u201cGains (Losses) on disposal of investments\u201d for companies consolidated on a line-by-line basis. Non-controlling interests are presented in the balance sheet under Item 190 \u201cNon-controlling interests\u201d, separately from liabilities and equity pertaining to the Group. In the income statement, non-controlling interests are also presented separately under Item 340 \u201cNet income (loss) for the year pertaining to non-controlling interests\u201d. For companies included into the scope of consolidation for the first time, the fair value of the cost incurred to acquire control over the equity investment, including ancillary charges, is measured at the acquisition date. Subsidiaries with total assets of less than 20 million euro are excluded from the consolidation scope due to the immateriality of their asset value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation perimeter, and are therefore measured at cost. Also excluded from the scope of line-by-line consolidation, remaining at fair value, are UCIs over which control has been ascertained that invest in: \u2022 other collective investment undertakings (funds of funds), provided that they have total assets of less than 200 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold; \u2022 primary assets, provided that they have total assets of less than 100 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold. The difference between the disposal price of an interest held in a subsidiary and the relevant carrying value of net assets is recognised as a balancing entry in Equity, when the disposal does not entail a loss of control. 5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-930": { "value": "Section 3 - Scope and methods of consolidation Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or significant influence are accounted for using the equity method. An exception is made for a number of equity investments in companies in liquidation or subsidiaries in the start-up phase without assets and liabilities or of insignificant value, whose contribution to the Consolidated Financial Statements is immaterial. The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December 2025, as approved by competent corporate bodies of consolidated companies, adjusted as necessary to harmonise them with Group accounting policies and reclassified on the basis of the formats established by the Bank of Italy in Circular no. 262 of 22 December 2005, in the updated version of 17 November 2022. The following statement shows the companies consolidated on a line-by-line basis. 1. Equity investments in subsidiaries
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
1.
ACE Marine LLC
Madison, WI
Green Bay - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
2.
Acqua Campania S.p.A.
Naples
Naples
1
Nepta S.p.A.
95.70%
95.70%
1
Italgas Reti S.p.A.
0.53%
0.53%
3.
Alfiere S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
4.
Alivieri Power Units Maintenance SA
Athens
Athens
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
5.
Altenia S.r.l.
Rome
Rome
1
Terna Energy
89.00%
89.00%
Solutions S.r.l.
6.
Ansaldo Energia Gulf
Abu Dhabi
Abu Dhabi
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
7.
Ansaldo Energia IP UK Ltd
London
London
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
8.
Ansaldo Energia Iranian LLC
Tehran
Tehran
1
Ansaldo Russia LLC
30.00%
30.00%
1
Ansaldo Energia
70.00%
70.00%
S.p.A.
9.
Ansaldo Energia Netherlands BV
Breda
Breda
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
10.
Ansaldo Energia S.p.A.
Genoa
Genoa
1
CDP Equity S.p.A.
99.62%
99.62%
11.
Ansaldo Energia Spain S.L.
Zaragoza
Zaragoza
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
12.
Ansaldo Energia Switzerland AG
Baden
Baden
1
Ansaldo Energia
100.00%
89.50%
S.p.A.
13.
Ansaldo Energia Turkey Enerji
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
14.
Ansaldo Green Tech S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
15.
Ansaldo Nigeria Limited
Lagos
Lagos
1
Ansaldo Energia
60.00%
60.00%
S.p.A.
16.
Ansaldo Nucleare S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
17.
Ansaldo Russia LLC
Moscow
Moscow
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
18.
Arabian Soil Contractors Ltd
Al Khobar
Al Khobar
1
Trevi Geotechnik
100.00%
100.00%
GmbH
19.
Arsenal S.r.l.
Trieste
Trieste
1
Fincantieri Oil & gas
100.00%
100.00%
S.p.A.
20.
Asia Power Project Private Ltd
Chennai
Chennai
1
Ansaldo Energia
99.99%
99.99%
S.p.A.
1
Ansaldo Nucleare
0.01%
0.01%
S.p.A.
21.
Asset Company 10 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
22.
Avvenia the Energy Innovator S.r.l.
Rome
Rome
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
23.
BOP6 S.c.ar.l. in liquidazione
Trieste
Trieste
1
Fincantieri SI S.p.A.
95.00%
95.00%
1
Fincantieri S.p.A.
5.00%
5.00%
24.
BYS Ambiente Impianti S.r.l.
San Donato
San Donato
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
Milanese (MI)
S.r.l.
25.
BYS Societ\u00e0 Agricola Impianti S.r.l.
Piacenza
Piacenza
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
26.
Bacini di Palermo S.p.A.
Palermo
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
27.
Bioenerys Agri S.r.l.
Pordenone
Pordenone
1
Bioenerys S.r.l.
100.00%
100.00%
28.
Bioenerys Ambiente S.r.l.
San Donato
San Donato
1
Bioenerys S.r.l.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
29.
Bioenerys S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
30.
Biogas Bruso Societ\u00e0 Agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
31.
Biowaste CH4 Legnano
San Donato
Turin
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
32.
Bludigit S.p.A.
Milan
Milan
1
Italgas S.p.A.
100.00%
100.00%
33.
Broady Flow Control Ltd.
Kingston Upon
Kingston Upon Hull
1
Valvitalia S.p.A.
100.00%
100.00%
Hull
34.
Brugg Cables (India) Pvt., Ltd.
Haryana
Haryana
1
Brugg Kabel GmbH
0.26%
0.26%
1
Brugg Kabel AG
99.74%
99.74%
35.
Brugg Cables (Shanghai) Co., Ltd.
Shanghai
Shanghai
1
Brugg Kabel AG
100.00%
100.00%
36.
Brugg Cables (Suzhou) Co., Ltd.
Suzhou
Suzhou
1
Brugg Cables
100.00%
100.00%
(Shanghai) Co., Ltd.
37.
Brugg Cables Company
Riyadh
Riyadh
1
Brugg Kabel AG
100.00%
100.00%
38.
Brugg Cables Italia S.r.l.
Milan
Milan
1
Brugg Kabel
100.00%
100.00%
Manufacturing AG
39.
Brugg Cables Middles East
Dubai
Dubai
1
Brugg Kabel AG
100.00%
100.00%
Contracting LLC
40.
Brugg Cables, Inc.
Chicago
Chicago
1
Brugg Kabel AG
100.00%
100.00%
41.
Brugg Kabel AG
Brugg
Brugg
1
Brugg Kabel
90.00%
90.00%
Services AG
42.
Brugg Kabel GmbH
Schwieberdingen
Schwieberdingen
1
Brugg Kabel AG
100.00%
100.00%
43.
Brugg Kabel Manufacturing AG
Brugg
Brugg
1
Brugg Kabel
100.00%
100.00%
Services AG
44.
Brugg Kabel Services AG
Brugg
Brugg
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
45.
CCA Centro Combustione e Ambiente
Gioia del Colle
Gioia del Colle
1
Ansaldo Energia
60.00%
60.00%
(BA)
(BA)/Gallarate (VA)
S.p.A.
46.
CDP Equity S.p.A.
Milan
Milan
1
CDP S.p.A.
100.00%
100.00%
47.
CDP Immobiliare S.r.l. in liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
48.
CDP Real Asset SGR S.p.A.
Rome
Rome
1
CDP S.p.A.
70.00%
70.00%
49.
CDP Reti S.p.A.
Rome
Rome
1
CDP S.p.A.
59.10%
59.10%
50.
CDP Technologies AS
Alesund
Alesund
1
Seaonics AS
100.00%
100.00%
51.
CDP Technologies Estonia O\u00dc
Tallinn
Tallinn
1
CDP Technologies
100.00%
100.00%
AS
52.
CDP Venture Capital SGR S.p.A.
Rome
Rome
1
CDP Equity S.p.A.
70.00%
70.00%
53.
CH4 Energy S.r.l.
San Donato
Palermo
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
54.
Centro per gli Studi di Tecnica Navale
Genoa
Genoa
1
Fincantieri NexTech
86.10%
86.10%
- CETENA S.p.A.
S.p.A.
55.
Cilento Reti Gas S.r.l.
Acquaviva Delle
Acquaviva Delle
1
Italgas Reti S.p.A.
60.00%
60.00%
Fonti
Fonti
56.
Cinque Cerchi S.p.A. in liquidazione
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
S.r.l. in liquidazione
57.
Cisar Costruzioni S.c.ar.l.
Milan
Rome
1
Fincantieri
51.00%
51.00%
Infrastrutture Sociali
S.p.A.
58.
Consentia Project S.r.l
Milan
Milan
1
Renovit Public
100.00%
100.00%
Solutions S.p.A.
Societ\u00e0 Benefit
59.
Constructora Finso Chile S.p.A.
Santiago, Chile
Santiago, Chile
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
60.
Cubogas S.r.l.
San Donato
San Donato
1
Greenture S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
61.
E-phors S.p.A.
Milan
Milan
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
62.
ESPERIA-CC S.r.l.
Rome
Rome
1
Terna S.p.A.
1.00%
1.00%
63.
Empoli Salute Gestione S.c.ar.l.
Florence
Florence
1
SOF S.p.A.
4.50%
4.50%
1
Fincantieri
95.00%
95.00%
Infrastrutture Sociali
S.p.A.
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
64.
Enaon Eda S.A.
Athens
Athens
1
Enaon S.A.
100.00%
100.00%
65.
Enaon S.A.
Athens
Athens
1
Italgas Newco
100.00%
100.00%
S.p.A.
66.
Enersi Sicilia
San Donato
Caltanissetta
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
67.
Enura S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
55.00%
55.00%
Milanese (MI)
Milanese (MI)
68.
Ergon Projects ltd
Gzira
Gzira
1
SOF S.p.A.
1.00%
1.00%
1
Fincantieri
99.00%
99.00%
Infrastrutture Sociali
S.p.A.
69.
Estaleiro Quissam\u00e3 Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Promar SA
49.50%
49.50%
1
Vard Group AS
50.50%
50.50%
70.
Eusebi Impianti Kazakhstan
Aktau
Aktau
1
Valvitalia S.p.A.
75.00%
75.00%
71.
FIV Comparto Extra
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
72.
FIV Comparto Plus
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
73.
FMSNA YK
Nagasaki
Nagasaki
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
74.
FNAS - Fondo Nazionale Abitare
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
Sociale
75.
FNT Fondo Nazionale per il Turismo -
Comparto A
Rome
Rome
1
CDP S.p.A.
71.67%
71.67%
76.
FOF Private Equity Italia
Milan
Milan
1
CDP S.p.A.
60.40%
60.40%
77.
FOF Private Debt
Milan
Milan
1
CDP S.p.A.
62.50%
62.50%
78.
FT1 Fondo Turismo 1
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
79.
FT2 Fondo Turismo 2
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
80.
Fincantieri (Shanghai) Trading Co. Ltd
Shanghai
Shanghai
1
Fincantieri S.p.A.
100.00%
100.00%
81.
Fincantieri Arabia for Naval Services
Riyadh
Riyadh
1
Fincantieri S.p.A.
100.00%
100.00%
LLC
82.
Fincantieri Dragaggi Ecologici S.p.A.
Rome
Rome
1
Fincantieri S.p.A.
55.00%
55.00%
in liquidazione
83.
Fincantieri Holding B.V.
Amsterdam
Amsterdam
1
Fincantieri S.p.A.
100.00%
100.00%
84.
Fincantieri India Private Limited
New Delhi
New Delhi
1
Fincantieri Holding
99.00%
99.00%
B.V.
1
Fincantieri S.p.A.
1.00%
1.00%
85.
Fincantieri Infrastructure Florida Inc.
Miami - FL
Miami - FL
1
Fincantieri
100.00%
100.00%
Infrastructure USA,
Inc.
86.
Fincantieri Infrastructure Opere
Trieste
Rome
1
Fincantieri
100.00%
100.00%
Marittime S.p.A.
Infrastructure S.p.A.
87.
Fincantieri Infrastructure S.p.A.
Trieste
Verona
1
Fincantieri S.p.A.
100.00%
100.00%
88.
Fincantieri Infrastructure USA, Inc.
Newark -
Newark - Delaware
1
Fincantieri
100.00%
100.00%
Delaware
Infrastructure S.p.A.
89.
Fincantieri Infrastrutture Sociali S.p.A.
Florence
Florence
1
Fincantieri
90.00%
90.00%
Infrastructure S.p.A.
90.
Fincantieri Ingenium S.r.l.
Milan
Milan
1
Fincantieri NexTech
70.00%
70.00%
S.p.A.
91.
Fincantieri Marine Group Holdings Inc.
Wilmington, DE
Washington, DC
1
Fincantieri USA Inc.
87.44%
87.44%
92.
Fincantieri Marine Group LLC
Carson City, NV
Washington, DC
1
Fincantieri Marine
100.00%
100.00%
Group Holdings Inc.
93.
Fincantieri Marine Repair LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
94.
Fincantieri Marine System LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
95.
Fincantieri Marine Systems North
Wilmington, DE
Chesapeake - VI
1
Fincantieri USA Inc.
100.00%
100.00%
America Inc.
96.
Fincantieri Naval Services LTD
Abu Dhabi
Abu Dhabi
1
Fincantieri S.p.A.
100.00%
100.00%
97.
Fincantieri NexTech S.p.A.
Milan
Follo (La Spezia)
1
Fincantieri S.p.A.
100.00%
100.00%
98.
Fincantieri Oil & gas S.p.A.
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
99.
Fincantieri S.p.A.
Trieste
Trieste
1
CDP Equity S.p.A.
70.91%
70.91%
100.
Fincantieri SI Impianti S.c.ar.l.
Milan
Milan
1
Fincantieri SI S.p.A.
60.00%
60.00%
101.
Fincantieri SI S.p.A.
Trieste
Trieste
1
Societ\u00e0 per
100.00%
100.00%
l'Esercizio di Attivit\u00e0
Finanziarie - Seaf
S.p.A.
102.
Fincantieri Services Doha LLC
Qatar
Qatar
1
Fincantieri S.p.A.
100.00%
100.00%
103.
Fincantieri Services Middle East LLC
Doha (QFC)
Doha (QFC)
1
Fincantieri S.p.A.
100.00%
100.00%
104.
Fincantieri Services USA LLC
Plantation, FL
Miami, FL
1
Fincantieri USA Inc.
100.00%
100.00%
105.
Fincantieri USA Holding LLC
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
100.00%
100.00%
106.
Fincantieri USA Inc.
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
65.00%
65.00%
1
Fincantieri USA
35.00%
35.00%
Holding LLC
107.
Fincantieri do Brasil S.A.
Ipojuca
Ipojuca
1
Vard Group AS
0.01%
0.01%
1
Fincantieri Oil & gas
99.99%
99.99%
S.p.A.
108.
Finso Albania S.h.p.k.
Tirana
Tirana
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
109.
Fintecna S.p.A.
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
110.
FoF Private Debt Italia
Milan
Milan
1
CDP Equity S.p.A.
73.35%
73.35%
111.
Fondo Italiano d'Investimento SGR
Milan
Milan
1
CDP Equity S.p.A.
55.00%
55.00%
S.p.A.
112.
Fondo Sviluppo Comparto A
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
113.
Foundation Construction Ltd
Lagos
Lagos
1
Trevi S.p.A
80.32%
80.32%
114.
Galante Foundations Sa
Panama City
Panama City
1
Trevi Panamericana
100.00%
100.00%
Sa
115.
Gannouch Maintenance S.\u00e0r.l.
Tunis
Tunis
1
Ansaldo Energia
99.00%
99.00%
Netherlands BV
1
Ansaldo Energia
1.00%
1.00%
Switzerland AG
116.
Gasrule Insurance D.A.C.
Dublin
Dublin
1
SNAM S.p.A.
100.00%
100.00%
117.
Geoside S.p.A.
Casalecchio di
Casalecchio di Reno
1
Toscana Energia
32.78%
32.78%
Reno
S.p.A.
1
Italgas S.p.A.
67.22%
67.22%
118.
Gestione Bacini La Spezia S.p.A.
La Spezia
La Spezia
1
Fincantieri S.p.A.
99.89%
99.89%
119.
Govone Biometano S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
120.
Greenture S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
121.
HMS IT S.p.A.
Rome
Rome
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
122.
Halfbridge Automation S.r.l.
Rome
Rome
1
Altenia S.r.l.
70.00%
70.00%
123.
Hyper Servicos de Perfuracao Ltda
Sao Paulo
Sao Paulo
1
Soilmec SpA
100.00%
100.00%
124.
IDS Australasia PTY Ltd
Hendra
Brendale
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
125.
IDS Ingegneria Dei Sistemi (UK) Ltd
Fareham
Fareham
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
126.
IDS Ingegneria Dei Sistemi S.p.A.
Pisa
Pisa
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
127.
IDS Korea Co. Ltd
Daejeon
Daejeon
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
128.
IDS North America Ltd
Ottawa
Ottawa
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
129.
IDS Technologies US Inc.
Littleton
Littleton
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
130.
IG Rete Dati S.r.l.
Milan
Milan
1
Bludigit S.p.A.
100.00%
100.00%
131.
INFRA.BAS.MAR. S.c. a r.l.
Rome
Rome
1
Fincantieri
51.00%
51.00%
Infrastructure Opere
Marittime S.p.A.
1
Fincantieri
49.00%
49.00%
Infrastrutture Sociali
S.p.A.
132.
Idrolatina S.r.l.
Milan
Milan
1
Nepta S.p.A.
100.00%
100.00%
133.
Idrosicilia S.p.A.
Milan
Milan
1
Nepta S.p.A.
99.37%
99.37%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
134.
Idt Fzco
Dubai
Dubai
1
Trevi Finanziaria
10.00%
10.00%
Industriale S.p.A
1
Trevi S.p.A
90.00%
90.00%
135.
Idt Llc Fzc
Fujairah UAE
Fujairah UAE
1
Soilmec SpA
5.00%
5.00%
1
Idt Fzco
90.00%
90.00%
136.
Infrastrutture Trasporto Gas S.p.A.
San Donato
Milan
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
137.
Isotta Fraschini Motori S.p.A.
Bari
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
138.
Issel Nord S.r.l.
Follo (La Spezia)
Follo (La Spezia)
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
139.
Italgas Newco S.p.A.
Milan
Milan
1
Italgas S.p.A.
90.00%
90.00%
140.
Italgas Reti S.p.A.
Turin
Turin
1
Italgas S.p.A.
100.00%
100.00%
141.
Italgas S.p.A.
Milan
Milan
2
CDP Reti S.p.A.
25.94%
25.94%
2
SNAM S.p.A.
11.40%
11.40%
142.
L.A.C. Laboratorio Acqua Campania
Naples
Naples
1
Acqua Campania
51.00%
51.00%
S.r.l.
S.p.A.
143.
MST S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
144.
MTM S.c.ar.l.
Venice
Venice
1
Fincantieri S.p.A.
41.00%
41.00%
145.
MZ Biogas societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
146.
Maiero Energia societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
147.
Marina Bay S.A.
Luxembourg
Luxembourg
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
148.
Marine Interiors S.p.A.
Trieste
Ronchi dei Legionari
1
Fincantieri S.p.A.
100.00%
100.00%
(GO)
149.
Marinette Marine Corporation
Green Bay, WI
Marinette - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
150.
Medea S.p.A.
Sassari
Sassari
1
Italgas Reti S.p.A.
51.85%
51.85%
151.
Moglia Energia Societ\u00e0 Agricola ar.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
152.
Mola Rupta Scarl
Cesena
Rome
1
Trevi S.p.A
72.58%
72.58%
153.
Nepta S.p.A.
Milan
Caserta
1
Italgas S.p.A.
100.00%
100.00%
154.
Niehlgas GmbH
Oberursel
Oberursel
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
155.
Nuclear Engineering Group Limited
Wolverhampton
Warrington/Egremont
1
Ansaldo Nucleare
100.00%
100.00%
S.p.A.
156.
OPERAE a Marine Interiors Company
Trieste
Treviso
1
Marine Interiors
85.00%
85.00%
S.r.l.
S.p.A.
157.
ORTONA FM Societ\u00e0 Consortile a
Rome
Rome
1
Fincantieri
80.00%
80.00%
Responsabilit\u00e0 Limitata
Infrastructure Opere
Marittime S.p.A.
158.
Opere Marittime Tunnel Subportuale
Rome
Rome
1
Fincantieri
70.00%
70.00%
S.c.a r.l.
Infrastructure Opere
Marittime S.p.A.
159.
Parcheggi S.r.L.
Cesena
Pescara
1
Trevi S.p.A
100.00%
100.00%
160.
Pentagramma Piemonte S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione
S.r.l. in liquidazione
161.
Pentagramma Romagna S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione unipersonale
S.r.l. in liquidazione
162.
Pilotes Trevi Sacims
Buenos Aires
Buenos Aires
1
Trevi S.p.A
99.97%
99.97%
163.
Pilotes Trevi Sacims \u2212 Paraguay
Gral Eduvigis
Gral Eduvigis Diaz
1
Pilotes Trevi Sacims
100.00%
100.00%
Diaz
164.
Pilotes Uruguay Sa
Montevideo
Montevideo
1
Pilotes Trevi Sacims
100.00%
100.00%
165.
Power4Future S.p.A.
Calderara di
Calderara di Reno
1
Fincantieri SI S.p.A.
52.00%
52.00%
Reno (BO)
(BO)
166.
Profuro Intern. Lda
Namaacha
Namaacha
1
Trevi S.p.A
99.51%
99.51%
167.
REMAZEL ENGINEERING S.p.A.
Milan
Milan
1
Fincantieri S.p.A.
100.00%
100.00%
168.
Renovit Building Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
169.
Renovit Business Solutions S.r.l.
Rome
Milan
1
Renovit S.p.A.
100.00%
100.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
170.
Renovit Public Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
171.
Renovit S.p.A. Societ\u00e0 Benefit
San Donato
San Donato
1
CDP Equity S.p.A.
30.00%
30.00%
Milanese (MI)
Milanese (MI)
1
SNAM S.p.A.
60.05%
60.05%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
172.
Residenziale Immobiliare 2004 S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
173.
Rete 2 S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
174.
Rete S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
175.
S.L.S. - Support Logistic Services
Guidonia
Guidonia Montecelio
1
IDS Ingegneria Dei
100.00%
100.00%
S.r.l.
Montecelio
Sistemi S.p.A.
176.
SNAM RETE GAS S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
177.
SNAM S.p.A.
San Donato
San Donato
2
CDP Reti S.p.A.
31.35%
31.35%
Milanese (MI)
Milanese (MI)
178.
SOF S.p.A.
Florence
Florence
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
179.
STE Energy S.r.l.
Rome
Rome
1
Altenia S.r.l.
100.00%
100.00%
180.
Seanergy a Marine Interiors Company
Pordenone
Cordignano (TV)
1
Marine Interiors
80.00%
80.00%
S.r.l.
S.p.A.
181.
Seaonics AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
182.
Seaonics Polska SP.Z O.O.
Gdansk
Gdansk
1
Seaonics AS
100.00%
100.00%
183.
Simest S.p.A.
Rome
Rome
1
CDP S.p.A.
76.01%
76.01%
184.
Skytech Italia S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
185.
Snam Energy Terminals S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
186.
Snam International B.V.
Amsterdam
Amsterdam
1
SNAM S.p.A.
100.00%
100.00%
187.
Societ\u00e0 Agricola Agrimetano
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Pozzonovo S.r.l.
188.
Societ\u00e0 Agricola Agrimetano Ro S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
189.
Societ\u00e0 Agricola G.B.E. Gruppo Bio
Pordenone
Pordenone
1
Societ\u00e0 Agricola
100.00%
100.00%
Energie S.r.l.
Sangiovanni S.r.l.
190.
Societ\u00e0 Agricola La Valle Green
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Energy S.r.l
191.
Societ\u00e0 Agricola SQ Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
192.
Societ\u00e0 Agricola Sangiovanni S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
50.00%
50.00%
1
Societ\u00e0 Agricola SQ
50.00%
50.00%
Energy S.r.l.
193.
Societ\u00e0 Agricola T4 Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
194.
Societ\u00e0 Agricola Zoppola Biogas S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
195.
Societ\u00e0 per l'Esercizio di Attivit\u00e0
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Finanziarie - Seaf S.p.A.
196.
Soilmec (Suzhou) Machinery Trading
Wujiang District,
Wujiang District,
1
Soilmec SpA
100.00%
100.00%
Co., Ltd.
Suzhou
Suzhou
197.
Soilmec Australia Pty Ltd
Mulgrave
Mulgrave
1
Soilmec Investment
100.00%
100.00%
Pty Ltd
198.
Soilmec Colombia Sas
Bogota
Bogota
1
Soilmec SpA
100.00%
100.00%
199.
Soilmec Deutschland Gmbh
Olpe
Olpe
1
Soilmec SpA
100.00%
100.00%
200.
Soilmec France Sas
Le Val D'Hazey
Le Val D'Hazey
1
Soilmec SpA
100.00%
100.00%
201.
Soilmec H.K. Ltd
Hong Kong
Hong Kong
1
Soilmec SpA
100.00%
100.00%
202.
Soilmec Investment Pty Ltd
Mulgrave
Mulgrave
1
Soilmec SpA
100.00%
100.00%
203.
Soilmec Japan Co. Ltd
Tokyo
Tokyo
1
Soilmec SpA
93.00%
93.00%
204.
Soilmec North America Inc
Boston,
Boston,
1
Soilmec SpA
90.00%
90.00%
Massachusetts
Massachusetts
205.
Soilmec Singapore Pte Ltd
Singapore
Singapore
1
Soilmec SpA
100.00%
100.00%
206.
Soilmec SpA
Cesena
Cesena
1
Trevi Finanziaria
99.92%
99.92%
Industriale S.p.A
207.
Soilmec U.K. Ltd
London
London
1
Soilmec SpA
100.00%
100.00%
208.
Soilmec do Brasil Sa
Sao Paulo
Sao Paulo
1
Soilmec SpA
83.82%
83.82%
209.
Stogit Adriatica S.p.A.
San Donato
San Donato
1
Stogit S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
210.
Stogit S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
211.
Swissboring & Co. LLC
Ruwi
Ruwi
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
212.
Swissboring Overseas Piling Corp. Ltd
Dubai
Dubai
1
Swissboring
100.00%
100.00%
(Dubai)
Overseas Piling
Corporation
213.
Swissboring Overseas Piling
Zurich
Zurich
1
Trevi S.p.A
100.00%
100.00%
Corporation
214.
Swissboring Qatar WLL
Doha
Doha
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
215.
T-Lux S.r.l.
Piancogno (BS)
Piancogno (BS)
1
Renovit Public
100.00%
85.00%
Solutions S.p.A.
Societ\u00e0 Benefit
216.
TERNA Crna Gora d.o.o.
Podgorica
Podgorica
1
Terna S.p.A.
100.00%
100.00%
217.
TRS Sistemi S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
218.
Tamini Transformatori India Private
Magarpatta City,
Magarpatta City,
1
Tamini
100.00%
100.00%
limited
Hadapsar, Pune
Hadapsar, Pune
Trasformatori S.r.l.
219.
Tamini Transformers USA L.L.C.
Sewickley
Sewickley
1
Tamini
100.00%
100.00%
Trasformatori S.r.l.
220.
Tamini Trasformatori S.r.l.
Legnano (MI)
Legnano (MI)
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
221.
Team Turbo Machines SAS
La Trinit\u00e9 De
La Trinit\u00e9 De
1
Fincantieri S.p.A.
100.00%
100.00%
Thouberville
Thouberville
222.
Terna 4 Chacas S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
223.
Terna Energy Solutions S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
224.
Terna Forward S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
225.
Terna Interconnector S.r.l.
Rome
Rome
1
Terna Rete Italia
5.00%
5.00%
S.p.A.
1
Terna S.p.A.
65.00%
65.00%
226.
Terna Peru S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
227.
Terna Plus S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
228.
Terna Rete Italia S.p.A.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
229.
Terna S.p.A.
Rome
Rome
2
CDP Reti S.p.A.
29.85%
29.85%
230.
Terna USA LLC
New York
New York
1
Terna Plus S.r.l.
100.00%
100.00%
231.
Toscana Energia S.p.A.
Florence
Florence
1
Italgas S.p.A.
50.74%
50.74%
232.
Trevi Algerie EURL
Algiers
Algiers
1
Trevi S.p.A
100.00%
100.00%
233.
Trevi Arabco JV
Cairo
Cairo
1
Trevi Construction
100.00%
100.00%
Co. Ltd
234.
Trevi Australia Pty & Wagstaff Piling
Ashgrove
Ashgrove
1
Trevi Australia Pty
70.00%
70.00%
Victoria Pty Ltd JV
Ltd
235.
Trevi Australia Pty Ltd
North Parramatta
North Parramatta
1
Trevi Construction
100.00%
100.00%
Co. Ltd
236.
Trevi Bangladesh Ltd
Dhaka
Dhaka
1
Trevi Construction
1.00%
1.00%
Co. Ltd
1
Trevi S.p.A
99.00%
99.00%
237.
Trevi Chile SpA
Santiago
Santiago
1
Trevi S.p.A
100.00%
100.00%
238.
Trevi Cimentaciones CA
Caracas
Caracas
1
Trevi S.p.A
100.00%
100.00%
239.
Trevi Cimentaciones Mexico S.A. de
Mexico City
Mexico City
1
Trevi S.p.A
20.00%
20.00%
C.V
1
Treviicos
80.00%
80.00%
Corporation
240.
Trevi Cimentaciones S.L.U.
Barcelona
Barcelona
1
Trevi S.p.A
100.00%
100.00%
241.
Trevi Cimentacones y
Panama City
Panama City
1
Trevi S.p.A
100.00%
100.00%
Consolidaciones Sa
242.
Trevi Construction Co. Ltd
Hong Kong
Hong Kong
1
Trevi S.p.A
100.00%
100.00%
243.
Trevi Finanziaria Industriale S.p.A
Cesena
Cesena
1
CDP Equity S.p.A.
21.27%
21.27%
244.
Trevi Fondations Sp\u00e8ciales Sas
Saint Aubin sur
Paris
1
Trevi S.p.A
100.00%
100.00%
Gaillon
245.
Trevi Foundations Canada Inc
Vancouver
Vancouver
1
Treviicos
100.00%
100.00%
Corporation
246.
Trevi Foundations Denmark A/S
Frederiksberg
Frederiksberg
1
Trevi S.p.A
100.00%
100.00%
247.
Trevi Foundations Kuwait Co. WLL
Dasman
Dasman
1
Trevi S.p.A
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
248.
Trevi Foundations Nigeria Ltd
Lagos
Lagos
1
Trevi S.p.A
59.88%
59.88%
249.
Trevi Foundations Philippines Inc
Makati City
Makati City
1
Trevi S.p.A
0.68%
0.68%
1
Trevi Construction
99.32%
99.32%
Co. Ltd
250.
Trevi Galante Sa
Bogota
Bogota
1
Trevi S.p.A
60.00%
60.00%
1
Galante
39.88%
39.88%
Foundations Sa
1
Trevi Panamericana
0.12%
0.12%
Sa
251.
Trevi Geotechnik GmbH
Vienna
Vienna
1
Trevi S.p.A
100.00%
100.00%
252.
Trevi Holding USA Corporation
Boston, MA
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
253.
Trevi Insaat Ve Muhendislik AS
Istanbul
Istanbul
1
Trevi S.p.A
100.00%
100.00%
254.
Trevi Panamericana Sa
Panama City
Panama City
1
Trevi Cimentaciones
100.00%
100.00%
CA
255.
Trevi S.p.A
Cesena
Cesena
1
Trevi Finanziaria
99.78%
99.78%
Industriale S.p.A
256.
Trevi SpezialTiefBau GmbH
Monaco
Monaco
1
Trevi S.p.A
100.00%
100.00%
257.
TreviGeos Fundacoes Especiais Ltda
Sao Paulo
Sao Paulo
1
Trevi S.p.A
51.00%
51.00%
258.
Treviicos Corporation
Boston, MA
Charleston,
1
Trevi Holding USA
100.00%
100.00%
Massachusetts
Corporation
259.
Treviicos South Inc
Boston, MA
Charleston,
1
Treviicos
100.00%
100.00%
Massachusetts
Corporation
260.
Trevi\u2212Trevi Fin.\u2212Sembenelli UTE
Caracas
Caracas
1
Trevi S.p.A
50.00%
50.00%
(Bordeseco)
1
Trevi Finanziaria
45.00%
45.00%
Industriale S.p.A
261.
Valvitalia (Suzhou) Valves co., Ltd.
Suzhou
Suzhou
1
Valvitalia S.p.A.
100.00%
100.00%
262.
Valvitalia Algerie EURL
Algiers
Algiers
1
Valvitalia S.p.A.
100.00%
100.00%
263.
Valvitalia Canada Ltd.
Edmonton
Edmonton (Alberta)
1
Valvitalia S.p.A.
100.00%
100.00%
(Alberta)
264.
Valvitalia S.p.A.
Milan
Milan
1
CDP Equity S.p.A.
75.00%
75.00%
265.
Valvitalia USA Inc
Houston - Texas
Houston - Texas
1
Valvitalia S.p.A.
100.00%
100.00%
266.
Vard Design AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
267.
Vard Design Liburna Ltd.
Rijeka
Rijeka
1
Vard Design AS
75.50%
75.50%
268.
Vard Electrical Installation and
New Delhi
New Delhi
1
Vard Electro
0.50%
0.50%
Engineering (India) Private Limited
Romania S.r.l.
1
Vard Electro AS
99.50%
99.50%
269.
Vard Electro AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
270.
Vard Electro Brazil (Instala\u00e7oes
Niteroi
Niteroi
1
Vard Electro AS
99.00%
99.00%
Eletricas) Ltda
1
Vard Group AS
1.00%
1.00%
271.
Vard Electro Canada Inc
Vancouver
Vancouver
1
Vard Electro AS
100.00%
100.00%
272.
Vard Electro Italy S.r.l.
Trieste
Trieste
1
Vard Electro AS
100.00%
100.00%
273.
Vard Electro Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
100.00%
100.00%
274.
Vard Electro US Inc.
Delaware
Delaware
1
Vard Electro
100.00%
100.00%
Canada Inc
275.
Vard Engineering Constanta S.r.l.
Constanta
Constanta
1
Vard RO Holding
70.00%
70.00%
S.r.l.
1
Vard Shipyards
30.00%
30.00%
Romania SA
276.
Vard Group AS
Alesund
Alesund
1
Vard Holdings
100.00%
100.00%
Limited
277.
Vard Holdings Limited
Singapore
Singapore
1
Fincantieri Oil & gas
98.39%
98.39%
S.p.A.
278.
Vard Interiors AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
279.
Vard Interiors Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro
0.23%
0.23%
Romania S.r.l.
1
Vard Interiors AS
99.77%
99.77%
280.
Vard Marine Gdansk sp. z o. o.
Gdansk
Gdansk
1
Vard Group AS
100.00%
100.00%
281.
Vard Marine Inc.
Vancouver
Vancouver
1
Vard Group AS
100.00%
100.00%
282.
Vard Marine US Inc.
Dallas
Houston
1
Vard Marine Inc.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
283.
Vard Niteroi RJ Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Electro Brazil
0.01%
0.01%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.99%
99.99%
284.
Vard Promar SA
Ipojuca
Ipojuca
1
Vard Electro Brazil
0.001%
0.001%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.999%
99.999%
285.
Vard RO Holding S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
0.000126%
0.000126%
1
Vard Group AS
100.00%
100.00%
286.
Vard Shipholding Singapore Pte Ltd
Singapore
Singapore
1
Vard Holdings
100.00%
100.00%
Limited
287.
Vard Shipyards Romania SA
Tulcea
Tulcea
1
Vard RO Holding
97.11%
97.11%
S.r.l.
1
Vard Group AS
2.89%
2.89%
288.
Vard Singapore Pte. Ltd.
Singapore
Singapore
1
Vard Group AS
100.00%
100.00%
289.
Vard Vung Tau Ltd
Vung Tau
Vung Tau
1
Vard Singapore Pte.
100.00%
100.00%
Ltd.
290.
WASS Submarine Systems S.r.l.
Livorno
Livorno
1
Fincantieri S.p.A.
100.00%
100.00%
291.
Wagner Constructions LLC
Charleston,
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
Massachusetts
292.
Yeni Aen Insaat Anonim Sirketi
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
293.
Zibello Agroenergie Societ\u00e0 Agricola
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
S.r.l.
Key (1) Type of relationship: 1 = Majority of voting rights in ordinary shareholders\u2019 meeting 2 = Dominant influence in ordinary shareholders\u2019 meeting 3 = Agreements with other shareholders 4 = other form of control 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) 49% of the voting rights of Fincantieri USA Holding LLC is held through USA Marine Trust, a legally recognised independent trust based in the state of Delaware (USA) Changes in the scope of consolidation During the year, the CDP Group saw the following key changes in its scope of full consolidation: \u2022 on 13 May 2025, the shareholders\u2019 meeting of Trevi Finanziaria S.p.A., in which the Company initially held a 21.27% interest through CDPE Investimenti, was convened to resolve, inter alia, on the appointment of the Board of Directors and the Board of Statutory Auditors of the company for the 2025-2027 term. As a result of the outcome of the meeting, it was deemed appropriate to carry out a detailed assessment of the accounting classification of the investment, which confirmed the existence of de facto control by CDPE Investimenti over Trevi Finanziaria, in accordance with IFRS 10. This event therefore resulted in a change in the status of the investment, which, under IFRS 10, was reclassified from an investment subject to significant influence to an investment subject to control. Accordingly, the companies belonging to the Trevi sub-consolidated group are now subject to full consolidation; \u2022 during the first quarter of 2025, CDP disposed of its holdings in the Fondo Italiano Consolidamento e Crescita (FICC), resulting in the fund and its controlled companies and sub-holdings - namely Fly One S.p.A. and Melt 1 S.r.l. - falling outside the scope of consolidation; \u2022 as of 1 April 2025, the Italgas group finalised the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby becoming the largest gas distributor in Europe. Effective from 1 July 2025, 2i Rete Gas was incorporated into Italgas Reti; \u2022 the Fincantieri group acquired control of WASS Submarine Systems S.r.l. as part of the acquisition of the \u201cUnderwater Armaments & Systems\u201d business line from Leonardo S.p.A; \u2022 Snam, through its subsidiary Stogit, acquired control of Edison Stoccaggi from Edison, subsequently renamed Stogit Adriatica S.p.A.; \u2022 on 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and electrical infrastructure. Furthermore, on 30 September 2025, 100% of the share capital of Rete 2 S.r.l., a company operating in the electricity transmission sector, was acquired. On 23 October 2025, the Boards of Directors of both companies involved in the transaction resolved on the merger by incorporation of CDPE Investimenti S.p.A. into CDP Equity S.p.A., with the aim of simplifying the Group\u2019s corporate structure. The transaction became effective on 10 December 2025, with accounting and tax effects recognised retrospectively from 1 January 2025. Please refer to the paragraph \u201cBusiness combinations involving companies or business units\u201d for detailed information regarding the entry of new subsidiaries in the scope of consolidation during 2025. 2. Significant assessments and assumptions to determine whether there is control, joint control or significant influence Line-by-line consolidation Line-by-line consolidation involves the line-by-line use of the aggregate amounts on the balance sheets and income statements of the subsidiaries. After the allocation to non-controlling interests, reported as a separate item, of their share of equity and net income, the value of the equity investment is cancelled against the residual value of the equity of the subsidiary. Assets, liabilities, income and expenses between consolidated companies are totally eliminated. Acquisitions of companies are accounted for using the \u201cacquisition method\u201d provided for under IFRS 3, as modified by Regulation 495/2009, under which the identifiable assets acquired and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values at the acquisition date. For newly acquired companies, the difference between the acquisition price and equity, net of goodwill, if any, recognised in the financial statements of the acquirees, is subject to provisional allocation. In accordance with the provisions of IFRS 3, paragraph 45 et seq., within twelve months following the acquisition date, the adjustments to be made to the carrying amounts of the investee, used for the preparation of the CDP Group\u2019s consolidated financial statements, are determined on a final basis in order to restate them at fair value as at the date control was obtained, with any necessary revision of the initial provisional allocation. The acquisition method is applied as from the moment in which control of the investee is effectively acquired. Accounting for companies using the equity method Associates and joint ventures are accounted for using the equity method. The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis of the share held in the equity of the investee. The difference between the value of the equity investment and the share held of the equity of the investee is included in the carrying value of the investee. The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement. If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present value of the future cash flows which may be generated by the investment, including the final disposal value. If the recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is recognised through profit or loss. Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation scope. The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim) reporting package and/or financial statements of the companies, approved by the respective governing bodies. Subsidiaries Subsidiaries are entities, including structured entities, which are directly or indirectly controlled by the Group. Control over an entity is shown by the Group\u2019s capacity to exercise powers in order to influence variable returns to which the Group is exposed as a result of its relationship with the aforementioned entity. In order to verify the existence of control, the Group considers the following factors: \u2022 the purpose and structure of the investee, in order to identify the entity\u2019s objectives, the activities that generate its revenues and how such activities are governed; \u2022 power, in order to understand whether the Group has contractual rights enabling it to govern relevant activities. To this end, only substantial rights that confer effective governance are considered; \u2022 the exposure to the investee, in order to assess whether the Group has business relationships with the investee whose returns vary as a result of changes in the investee\u2019s performance; \u2022 the existence of potential principal-agent relationships. Where significant activities are governed through voting rights, the following factors show evidence of control: \u2022 direct or indirect ownership \u2013 through a subsidiary \u2013 of over fifty per cent of voting rights of an entity, unless it can be demonstrated \u2013 in exceptional cases \u2013 that such ownership does not constitute control; \u2022 ownership of fifty per cent or less of the votes that can be exercised in the Shareholders\u2019 Meeting and unilateral ability to govern the main activities through: o control of over half of voting rights by virtue of an agreement with other investors; o power to determine the financial and operational policies of the entity by virtue of a clause of the Articles of Association or an agreement; o power to appoint or remove the majority of the members of the Board of Directors or the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body; o power to exercise the majority of voting rights in the meetings of the Board of Directors or those of the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body. Presence of the aforementioned factors was verified for equity investments in Snam, Terna and Italgas, over which, therefore, de facto control was ascertained. The presence and the effect of potential voting rights, where substantial, are taken into account when assessing whether the power of governing another entity\u2019s financial and operational policies exists. Subsidiaries may include any \u201cstructured entities\u201d in which voting rights are not significant with respect to control assessment, including special purpose entities and investment funds. Structured entities are considered as subsidiaries where: \u2022 the Group has power through contractual rights that enable governance of relevant activities; \u2022 the Group is exposed to variable returns resulting from the aforementioned activities. The carrying value of equity stakes in entities consolidated on a line-by-line basis held by the Parent Company or other Group companies is offset \u2013 against the assets and the liabilities of the investees \u2013 as a balancing entry of the relevant equity share pertaining to the Group. Assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses between entities included into the scope of consolidation are fully eliminated, in line with the consolidation method adopted. A subsidiary\u2019s revenues and costs are consolidated starting from the date on which control is acquired. Revenues and costs of a divested subsidiary sold are included into the consolidated income statement up to the divestment date, i.e. until the Group no longer controls the investee. The difference between the disposal price for the subsidiary and the carrying value of its net assets at the same date is recorded in the income statement under Item 280 \u201cGains (Losses) on disposal of investments\u201d for companies consolidated on a line-by-line basis. Non-controlling interests are presented in the balance sheet under Item 190 \u201cNon-controlling interests\u201d, separately from liabilities and equity pertaining to the Group. In the income statement, non-controlling interests are also presented separately under Item 340 \u201cNet income (loss) for the year pertaining to non-controlling interests\u201d. For companies included into the scope of consolidation for the first time, the fair value of the cost incurred to acquire control over the equity investment, including ancillary charges, is measured at the acquisition date. Subsidiaries with total assets of less than 20 million euro are excluded from the consolidation scope due to the immateriality of their asset value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation perimeter, and are therefore measured at cost. Also excluded from the scope of line-by-line consolidation, remaining at fair value, are UCIs over which control has been ascertained that invest in: \u2022 other collective investment undertakings (funds of funds), provided that they have total assets of less than 200 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold; \u2022 primary assets, provided that they have total assets of less than 100 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold. The difference between the disposal price of an interest held in a subsidiary and the relevant carrying value of net assets is recognised as a balancing entry in Equity, when the disposal does not entail a loss of control. Joint arrangements A joint arrangement is a contractual agreement in which two or more counterparties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. According to IFRS 11, joint arrangements must be classified as joint operation or joint venture depending on the Group\u2019s contractual rights and obligations. A joint operation is a joint arrangement in which the parties have rights on the assets and obligations on the liabilities of the arrangement. A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. A joint venture is a joint arrangement in which the parties have rights on the net assets of the agreement. Equity investments in subsidiaries, which can be classified as Joint Ventures, are valued at equity. Associate companies An associate is a company over which the owner exercises a significant influence and which is neither a subsidiary nor a joint venture. Significant influence is presumed when the owner: \u2022 owns, directly or indirectly, at least 20% of another company\u2019s share capital; or \u2022 can, inter alia through shareholders\u2019 agreements, exercise significant influence through: o representation in the company\u2019s management body; o participation in the policy-making process, including in decision-making on dividends or other allocations; o existence of significant transactions; o exchange of managerial personnel; o provision of key know-how. Equity investments in associates are measured at equity. 3. Equity investments in subsidiaries with significant non-controlling interests For the purposes of preparing the following tables, an interest was considered significant if: \u2022 non-controlling interests are equal to or greater than 50% of the share capital of the investee; \u2022 the investee\u2019s accounts are of material significance for the reader of this report. The information presented in the following tables refers to the date of 31 December 2025. 3.1 Non-controlling interests, availability of non-controlling interest votes and dividends distributed to non- controlling interests
(thousands of euro)
Non-controlling
% of non-controlling
Dividends paid to
interests %
votes (1)
non-controlling
Company name
interests
1. Terna S.p.A.
82.32%
70.15%
655,139
2. Snam S.p.A.
81.44%
68.65%
806,323
3. Italgas S.p.A.
82.55%
62.66%
272,072
(1) Available voting rights at Ordinary Shareholders' Meeting. (2) Including interim dividend 3.2 Equity investments in subsidiaries with significant non-controlling interests: accounting data
Cash and cash
Property, plant and
(thousands of euro)
Total assets
equivalents
Financial assets
equipment and
Financial liabilities
Equity
Company name
intangible assets
1. Terna S.p.A.
30,863,410
288,294
2,738,954
23,809,576
15,427,623
9,915,747
2. Snam S.p.A.
39,610,081
322,009
1,820,752
27,501,489
19,121,200
11,622,811
3. Italgas S.p.A.
19,460,621
530,881
354,349
15,211,353
11,415,642
4,165,941
Income (loss)
Income (loss)
Income (loss)
Other
Net interest
Operating
before tax
after tax on
after tax on
Income (loss)
comprehensiv
Comprehensi
income
Gross income
costs
from
continuing
disposal
for the period
e income net
ve income (3)
(thousands of euro)
continuing
operations
groups held
(1)
of taxes (2)
= (1) + (2)
Company name
operations
for sale
1. Terna S.p.A.
(176,844)
(188,974)
1,688,467
1,519,284
1,050,204
1,050,204
(3,335)
1,046,869
2. Snam S.p.A.
(292,416)
(621,739)
1,664,251
1,400,164
1,041,877
1,041,877
79,519
1,121,396
3. Italgas S.p.A.
(231,401)
(236,907)
1,213,278
985,662
705,795
705,795
(4,117)
701,678
4. Significant restrictions There are no significant restrictions except as possibly specified in paragraph 7.9 of these explanatory notes. 5. Other information No other information to be reported. Section 7 \u2013 Equity investments \u2013 Item 70 7.1 Information on equity investments
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
A. Companies subject to joint
control
1.
4B3 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
2.50%
2.50%
7
Fincantieri SI S.p.A.
52.50%
52.50%
2.
4SC S.c.a r.l.
Carpi (MO)
Carpi (MO)
7
Fincantieri Infrastrutture
50.00%
50.00%
Sociali S.p.A.
3.
4TB13 S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
55.00%
55.00%
4.
4TB21 Societ\u00e0 consortile a r.l.
Trieste
Trieste
7
Fincantieri S.p.A.
51.00%
51.00%
5.
4TCC1 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
5.00%
5.00%
7
Fincantieri SI S.p.A.
75.00%
75.00%
6.
AS Gasinfrastruktur Beteiligung
GmbH
Vienna
Vienna
7
SNAM S.p.A.
40.00%
40.00%
7.
Ansaldo Gas Turbine Technology
Co. LTD (JVA)
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
60.00%
60.00%
8.
B23 Societ\u00e0 consortile a
Rome
Rome
7
Fincantieri Infrastructure
55.00%
55.00%
responsabilit\u00e0 limitata
Opere Marittime S.p.A.
9.
BUSBAR4F S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
50.00%
50.00%
7
Fincantieri S.p.A.
10.00%
10.00%
10.
CSSC - Fincantieri Cruise
Industry Development Ltd.
Hong Kong
Hong Kong
7
Fincantieri S.p.A.
40.00%
40.00%
11.
Citt\u00e0 Salute Ricerca Milano S.p.A
Milan
Rome
7
Fincantieri Infrastrutture
40.00%
40.00%
Sociali S.p.A.
12.
Consorzio F.S.B.
Marghera (VE)
Marghera (VE)
7
Fincantieri S.p.A.
58.36%
58.36%
13.
Darsena Europa S.c.ar.l.
Rome
Rome
7
Fincantieri Infrastructure
26.00%
26.00%
Opere Marittime S.p.A.
14.
Diagram S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
41.61%
41.61%
15.
ELMED Etudes S.\u00e0r.l.
Tunis
Tunis
7
Terna S.p.A.
50.00%
50.00%
16.
ERSMA 2026 - S.c.ar.l.
Piacenza
Piacenza
7
Fincantieri SI S.p.A.
20.00%
20.00%
17.
Ecos S.r.l.
Genoa
Genoa
7
SNAM S.p.A.
33.34%
33.34%
18.
Elco - Valvitalia TGT JV
Netanya
Netanya
7
Valvitalia S.p.A.
50.00%
50.00%
19.
Etihad Ship Building LLC
Abu Dhabi
Abu Dhabi
7
Fincantieri S.p.A.
35.00%
35.00%
20.
FINMESA S.c.ar.l. in liquidazione
Milan
Milan
7
Fincantieri SI S.p.A.
50.00%
50.00%
21.
FINSO-RI JOINT-VENTURE
Athens
Athens
7
Fincantieri Infrastrutture
60.00%
60.00%
Sociali S.p.A.
22.
Fincantieri Clea Buildings
Milan
Milan
7
Fincantieri Infrastructure
51.00%
51.00%
S.c.ar.l.
S.p.A.
23.
Greenit S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
49.00%
49.00%
Milanese (MI)
Milanese (MI)
24.
HYPERMETEO S.r.l.
Rome
Rome
7
Terna Forward S.r.l.
15.40%
15.40%
25.
Holding Reti Autostradali S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
51.00%
51.00%
26.
Hotelturist S.p.A.
Padua
Padua
7
CDP Equity S.p.A.
45.95%
45.95%
27.
MAEN-Energetika ZMR
Budapest
Budapest
7
Ansaldo Energia S.p.A.
40.00%
40.00%
28.
Metano S.Angelo Lodigiano
Sant'Angelo
Sant'Angelo
7
Italgas S.p.A.
50.00%
50.00%
S.p.A.
Lodigiano
Lodigiano
29.
Naviris S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
50.00%
50.00%
30.
Nuovo Santa Chiara Hospital
Florence
Pisa
7
Fincantieri Infrastrutture
50.00%
50.00%
S.c.ar.l.
Sociali S.p.A.
31.
OLT Offshore LNG Toscana
S.p.A.
Milan
Livorno
7
SNAM S.p.A.
49.07%
49.07%
32.
Open Fiber Holdings S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
60.00%
60.00%
33.
Orizzonte Sistemi Navali S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
51.00%
51.00%
34.
PRYSMIAN REPEATERS
LIMITED
Eastleigh
Eastleigh
7
Fincantieri S.p.A.
19.90%
19.90%
35.
Saipem S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
12.82%
12.82%
Milanese (MI)
Milanese (MI)
36.
Seacorridor S.r.l.
San Donato
#N/D
7
SNAM S.p.A.
49.90%
49.90%
Milanese
37.
Servizi Energetici IG S.r.l.
Milan
Milan
7
Italgas Reti S.p.A.
60.00%
60.00%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
38.
Shanghai Electric Gas Turbine
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
40.00%
40.00%
Co. LTD (JVS)
39.
Southeast Electricity Network
Thessaloniki
Thessaloniki
7
Terna S.p.A.
33.00%
33.00%
Coordination Center S.A.
40.
TAG GmbH
Vienna
Vienna
7
SNAM S.p.A.
84.47%
84.47%
41.
TCM S.c. a r.l.
Rome
Rome
7
Fincantieri Infrastructure
41.56%
41.56%
Opere Marittime S.p.A.
42.
Terega Holding S.A.S.
Pau
Pau
7
SNAM S.p.A.
40.50%
40.50%
43.
Terminale GNL Adriatico S.r.l.
Milan
Milan
7
SNAM S.p.A.
30.00%
30.00%
44.
Vimercate Salute Gestioni
Milan
#N/D
7
Fincantieri Infrastrutture
49.10%
49.10%
S.c.ar.l.
Sociali S.p.A.
7
SOF S.p.A.
3.65%
3.65%
45.
Wesii S.r.l.
Chiavari
Chiavari
7
Terna Forward S.r.l.
33.00%
33.00%
B. Companies subject to
significant influence
1.
2F Per Vado - S.c.ar.l.
Genoa
Genoa
4
Fincantieri Infrastructure
49.00%
49.00%
Opere Marittime S.p.A.
2.
A-U Finance Holdings Bv
Amsterdam
Amsterdam
4
Ansaldo Energia S.p.A.
40.00%
40.00%
3.
Acqualatina S.p.A.
Latina
Latina
4
Idrolatina S.r.l.
49.00%
49.00%
4.
Agorai Innovation HUB S.p.A.
Trieste
Trieste
4
Fincantieri S.p.A.
5.93%
5.93%
5.
Ansaldo Algerie S.\u00e0r.l.
Algiers
Algiers
4
Ansaldo Energia S.p.A.
49.00%
49.00%
6.
Bioteca soc. cons. ar.l.
Carpi (MO)
#N/D
4
SOF S.p.A.
33.33%
33.33%
7.
CA 51 S.c. a r.l.
Bari
#N/D
4
Fincantieri Infrastructure
13.53%
13.53%
S.p.A.
8.
CESI S.p.A.
Milan
Milan
4
Terna S.p.A.
42.70%
42.70%
9.
CGES A.D.
Podgorica
Podgorica
4
Terna S.p.A.
22.09%
22.09%
10.
CORESO S.A.
Bruxelles
Bruxelles
4
Terna S.p.A.
15.84%
15.84%
11.
CSS Design Limited
British Virgin
British Virgin
4
Vard Marine Inc.
31.00%
31.00%
Islands (UK)
Islands (UK)
12.
Centro Servizi Navali S.p.A.
San Giorgio di
San Giorgio di
4
Fincantieri S.p.A.
10.93%
10.93%
Nogaro (UD)
Nogaro (UD)
13.
Circularyard S.r.l.
Bologna
Bologna
4
Fincantieri S.p.A.
40.00%
40.00%
14.
Consorzio AlFi
Bari
Bari
4
Fincantieri Infrastructure
19.72%
19.72%
S.p.A.
15.
Consorzio Jonium
Parma
Parma
4
Fincantieri Infrastructure
6.60%
6.60%
S.p.A.
16.
dCarbonX Ltd
London
London
4
Snam International B.V.
52.98%
52.98%
16.
DECOMAR S.p.A.
Massa (MS)
Massa (MS)
4
Fincantieri S.p.A.
20.00%
20.00%
17.
DIDO S.r.l.
Milan
Milan
4
Fincantieri S.p.A.
30.00%
30.00%
18.
Dynamic
Saint-Paul-l\u00e8s-
Saint-Paul-l\u00e8s-
4
Ansaldo Energia S.p.A.
10.00%
10.00%
Durance
Durance
4
Ansaldo Nucleare S.p.A.
15.00%
15.00%
19.
East Mediterranean Gas
Cairo
Cairo
4
Snam International B.V.
25.00%
25.00%
Company S.a.e.
20.
Elite S.p.A.
Milan
Milan
4
CDP S.p.A.
15.00%
15.00%
21.
Energetika S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
40.00%
40.00%
22.
Energie Rete Gas S.r.l.
Milan
Milan
4
Medea S.p.A.
49.00%
49.00%
23.
Energy Investment Solution S.r.l.
Milan
#N/D
4
Renovit Business Solutions
40.00%
40.00%
(in liquidazione)
S.r.l. Societ\u00e0 Benefit
24.
Eni S.p.A.
Rome
Rome
4
CDP S.p.A.
29.75%
29.75%
25.
Equigy B.V.
Arnhem
Arnhem
4
Terna S.p.A.
20.00%
20.00%
26.
Europrogetti & Finanza S.r.l. in
liquidazione
Rome
Rome
4
CDP S.p.A.
31.80%
31.80%
27.
GPI S.p.A.
Trento
Trento
4
CDP Equity S.p.A.
18.41%
18.41%
28.
Gesam Reti S.p.A.
Lucca
Lucca
4
Toscana Energia S.p.A.
42.96%
42.96%
29.
Hospital Building Technologies
Florence
Florence
4
SOF S.p.A.
20.00%
20.00%
S.c.ar.l.
30.
ITS Integrated Tech System S.r.l.
La Spezia
La Spezia
4
IDS Ingegneria Dei Sistemi
51.00%
51.00%
S.p.A.
31.
Industrie De Nora S.p.A.
Milan
Milan
4
Asset Company 10 S.r.l.
21.59%
21.59%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
32.
Interconnector Ltd
London
London
4
Snam International B.V.
23.68%
23.68%
33.
Interconnector Zeebrugge
Bruxelles
Bruxelles
4
Snam International B.V.
25.00%
25.00%
Terminal B.V.
34.
M.T. Manifattura Tabacchi S.p.A.
Rome
Rome
4
Fondo Sviluppo Comparto A
40.00%
40.00%
35.
MARITIME VENTURES S.r.l.
Genoa
Genoa
4
Fincantieri S.p.A.
12.90%
12.90%
36.
MC4COM - Mission critical for
communication S.c.ar.l. in
liquidazione
Milan
Milan
4
HMS IT S.p.A.
50.00%
50.00%
37.
Maestral LLC
Abu Dhabi
Abu Dhabi
4
Fincantieri S.p.A.
49.00%
49.00%
38.
Melegnano Energia Ambiente
Melegnano
Melegnano
4
Italgas Reti S.p.A.
40.00%
40.00%
S.p.A.
39.
Mozart Holdco S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
17.65%
17.65%
40.
Nexi S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
19.14%
19.14%
41.
Note Gestione S.c.ar.l.
Reggio Emilia
Reggio Emilia
4
SOF S.p.A.
34.00%
34.00%
42.
Nuclitalia S.r.l.
Rome
Rome
4
Ansaldo Energia S.p.A.
39.00%
39.00%
43.
PerGenova Breakwater
Genoa
Genoa
4
Fincantieri Infrastructure
25.00%
25.00%
Opere Marittime S.p.A.
44.
Poste Italiane S.p.A.
Rome
Rome
4
CDP S.p.A.
35.00%
35.00%
45.
REMAC S.r.l.
Trieste
Trieste
4
REMAZEL ENGINEERING
49.00%
49.00%
S.p.A.
46.
S.Ene.Ca Gestioni S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
49.00%
49.00%
47.
STARS Railway Systems
Rome
Rome
4
TRS Sistemi S.r.l.
2.00%
2.00%
4
IDS Ingegneria Dei Sistemi
48.00%
48.00%
S.p.A.
48.
Senfluga energy infrastructure
Athens
Athens
4
SNAM S.p.A.
54.00%
54.00%
holdings S.A.
49.
Siciliacque S.p.A.
Palermo
Palermo
4
Idrosicilia S.p.A.
75.00%
75.00%
50.
Trans Adriatic Pipeline AG
Baar
Baar
4
Snam International B.V.
20.00%
20.00%
51.
Umbria Distribuzione GAS S.p.A.
Terni
Terni
4
Italgas S.p.A.
45.00%
45.00%
52.
Unifer Navale S.r.l. in
Finale Emilia
Finale Emilia
4
Societ\u00e0 per l'Esercizio di
20.00%
20.00%
liquidazione
(MO)
(MO)
Attivit\u00e0 Finanziarie - Seaf
S.p.A.
53.
Webuild S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
16.44%
16.44%
4
Fincantieri S.p.A.
0.07%
0.07%
54.
Yard Belleli S.c a r.l.
Vicenza
Naples
4
Fincantieri Infrastructure
6.84%
6.84%
S.p.A.
4
Fincantieri Infrastructure
23.16%
23.16%
Opere Marittime S.p.A.
55.
Zena Project S.p.A.
Carpi (MO)
Carpi (MO)
4
Renovit Public Solutions
35.93%
35.93%
S.p.A. Societ\u00e0 Benefit
C. Unconsolidated subsidiaries
(3)
1.
Ansaldo Energia Muscat LLC
Muscat
Muscat
1
Ansaldo Energia S.p.A.
20.00%
20.00%
1
Ansaldo Energia Switzerland
50.00%
50.00%
AG
2.
Arbolia S.r.l. Societ\u00e0 Benefit
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
3.
Asset Company 12 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
4.
Asset Company 9 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
5.
Consorzio Bancario Sir S.p.A. in
liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
6.
EVOLIA S.r.l.
Milan
Milan
1
Renovit Building Solutions
100.00%
100.00%
S.p.A. Societ\u00e0 Benefit
7.
New Energy Carbon Capture e
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Storage S.r.l.
Milanese (MI)
Milanese (MI)
8.
REMAZEL SERVICOS DE
Rio de Janeiro
Rio de Janeiro
1
REMAZEL ENGINEERING
100.00%
100.00%
SISTEMA DE OLEO&GAS,
LTDA
S.p.A.
9.
RENPV S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
10.
RENPV1 S.r.l
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
11.
RENPV2 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
12.
RENPV3 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
13.
RENPV4 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
14.
RENPV5 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
15.
RENPV6 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
16.
RENPV7 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
17.
RENPV8 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
18.
RENPV9 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
19.
RENPV10 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
20.
Remazel Asia Co. Ltd. \u2013
Shanghai
Shanghai
1
REMAZEL ENGINEERING
100.00%
100.00%
Remazel (Shanghai) Engineering
S.p.A.
Services Co., Ltd.
21.
Renovit Consorzio Stabile
Milan
Milan
1
Renovit Public Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Building Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Business Solutions
33.33%
33.33%
S.r.l. Societ\u00e0 Benefit
22.
Simest do Brazil
Sao Paulo
Sao Paulo
1
Simest S.p.A.
100.00%
100.00%
23.
Snam Gas & Energy Services
Beijing
Beijing
1
Snam International B.V.
100.00%
100.00%
(Beijing) Co. Ltd.
24.
Snam energy services private
New Delhi
New Delhi
1
Snam International B.V.
99.999%
99.999%
limited
1
SNAM S.p.A.
0.001%
0.001%
D. Unconsolidated associates
(3)
1.
Albanian Gas Service Company
Tirana
Tirana
4
SNAM S.p.A.
25.00%
25.00%
Sh.a.
2.
Consorzio INCOMIR in
Mercogliano
Mercogliano (AV)
4
Fintecna S.p.A.
45.46%
45.46%
liquidazione
(AV)
3.
Fondo Large Ventures
Rome
Rome
7
CDP Equity S.p.A.
48.78%
48.78%
4.
Fondo di Fondi Internazionale
Rome
Rome
7
CDP Equity S.p.A.
49.18%
49.18%
5.
Polo Strategico Nazionale S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
20.00%
20.00%
6.
Quadrifoglio Brescia S.p.A. in
Rome
Rome
7
CDP Immobiliare S.r.l. in
50.00%
50.00%
liquidazione
liquidazione
7.
Sosaval S.\u00e0r.l.
Dar El Beida
Dar El Beida
4
Valvitalia S.p.A.
40.00%
40.00%
8.
Tianjin Ei Fire Fighting
Tianjin Airport
Tianjin Airport
4
Valvitalia S.p.A.
33.00%
33.00%
Equipment Co. Ltd.
Economic Area
Economic Area
Key (1) Type of relationship: 1 = majority of voting rights in ordinary shareholders\u2019 meeting 2 = dominant influence in ordinary shareholders\u2019 meeting 3 = agreements with other shareholders 4 = entity subject to significant influence 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 7 = joint control 8 = other form of control (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) This classification includes companies in liquidation or subsidiaries in the start-up phase without assets and liabilities, or associates excluded from the scope of consolidation in view of the overall value of equity. Item 70 \u2013 Equity investments amounted to 27,180 million euro as at 31 December 2025, representing a decrease of 625 million euro compared with the previous financial year. The change is attributable to the valuation processes carried out in 2025, which are described below and partially offset each other: \u2022 ENI recorded a decrease of 964 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +807 million euro, changes in reserves, mainly from valuation adjustments, of -816 million euro, and dividend reversal of -955 million euro; \u2022 Poste Italiane recorded an increase of 808 million euro as a result of the following effects: the Group\u2019s share of profit for the year (including consolidation adjustments) of +791 million euro, changes in revaluation reserves of +631 million euro, dividend reversal of -526 million euro, and other changes of -88 million euro; \u2022 Saipem recorded an increase of 18 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +41 million euro, changes in reserves of +20 million euro, and dividend reversal of -43 million euro; \u2022 Holding Reti Autostradali, parent company of Autostrade per l\u2019Italia, recorded a decrease of 179 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +110 million euro, impacts from changes in reserves of +7 million euro, and dividend reversal of -296 million euro; \u2022 Nexi recorded a decrease of 331 million euro as a result of the following effects: the acquisition of an additional 3.8% stake from Poste Italiane for +233 million euro, the Group\u2019s share of profit for the year (including consolidation adjustments) of +31 million euro, changes in reserves of +48 million euro, dividend reversal of -56 million euro, and a value adjustment recognised following the impairment test of -586 million euro. \u2022 Open Fiber Holdings, the parent company of Open Fiber, recorded an increase of 91 million euro as a result of the following effects: a capital increase of +286 million euro, the Group\u2019s share of the loss for the year (including consolidation adjustments) of -201 million euro, and changes in reserves of +6 million euro. Impairment testing of equity investments The CDP Group\u2019s equity investment portfolio includes listed and unlisted companies of major national interest, which are also pivotal in the promotional activity of supporting the growth and international expansion of businesses and the development of infrastructure. In its capacity as a National Promotional Institution, CDP invests in companies\u2019 share capital, mainly over a long-term horizon. At each reporting date, the CDP Group conduct an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, such as for example, cash flows from equity investments, also due to the increased uncertainty in the assumptions and parameters at the basis of the asset valuation analyses. Specifically, in light of the above, the following should be noted: \u2022 for estimation purposes, data relating to market prices and parameters have been used, which are subject to fluctuations, including significant ones, due to the continuing turbulence and volatility of financial markets, mainly associated with international geopolitical tensions, the tightening of trade relations and the strengthening of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as the current macroeconomic environment and developments in monetary policy conditions; \u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. Impairment indicators (known as triggers) and objective evidence of impairment are assessed using data gathered from public sources, or from any additional information received as an investor. Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported financial performance or because they had been subject to impairment in previous reporting periods. When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to (i) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national and international regulators, alongside directives from industry organisations. In this regard, the assumptions and t he valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors concerning the updated macroeconomic framework. The key general principles used are as follows: \u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rat e forecasts) 198 ; \u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the average of the latest surveys; \u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period of analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of the medium/long-term perspective of the underlying cash flows. In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine the subject asset\u2019s value, including for example: \u2022 the price of hydrocarbons (e.g. oil) for companies primarily operating in the Oil & Gas sector, also to incorporate any climate-related risks embedded in their business; \u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used; \u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to the generalised context of uncertainty that could increase market volatility. The following summary table lists the main equity investments recognised at consolidated level and accounted for using the equity method, with indication of the carrying value at consolidated level and the methods used to calculate the recoverable amount for the purpose of the impairment test. Note that equity investments accounted for using the equity method were measured using the \u201cclosed box\u201d method, which measures the equity investment as a whole in accordance with the IAS 28 Standard.
(millions of euro)
Equity Investment
Consolidated carrying amount
Recoverable amount
Methodology
Eni
13,112
Value in use
Sum of the parts (e.g. DCF for main
business unit E&P)
Nexi
1,217
Value in use
Discounted Cash Flow
Open Fiber Holdings
1,165
Value in use
Asset-based
Saipem
382
Fair value
Stock market price
GreenIT
135
Value in use
Sum of the parts (e.g. DDM of single
project)
Eni Assisted by an independent valuation specialist, the recoverable amount of the equity investment in Eni was measured at value in use based on the discounted cash flow method for the main business unit (i.e. Exploration & Production) and taking into account the value of the other business units, so as to reflect the specificity of the different business segments it operates in. In particular: \u2022 for the Exploration & Production sector, the unlevered Discounted Cash Flow (DCF) method was used, based on a closed portfolio model which develops and measures the entirety of the group\u2019s oil and natural gas reserves until stocks are exhausted over a specific multi-stage forecast period that extends until 2055 (without components of value in perpetuity): o production volumes were calculated on the basis of the current proved reserves disclosed by Eni and on the assumption that, by 2040, approximately 80% of proved and unproved reserves (i.e. possible and probable, appropriately risk-adjusted) will be produced. The estimation of production volumes post-2040 was conducted under the assumption that proven and unproven reserves would be completely depleted by 2055; o sales prices of oil and gas were calculated on the basis of the geographical macro-area the mineral reserves belong to, applying the spreads between the average historical prices and the average sales prices actually charged by Eni to the expected values of oil and gas. These values are consistent with current market estimates and aligned over the medium to long term with the forecasts contained in Eni\u2019s 2026-2030 Plan, taking into account the company\u2019s latest estimates, which indicate a 2030 oil price of approximately $84 per barrel and a gas price of around 27 euro per MWh; o unit operating costs were also estimated on the basis of the geographical macro-area the mineral reserves belong to; o investments were estimated in a differentiated manner for proven reserves and possible/probable reserves by referring to the expenditure per barrel produced \u2013 including development costs \u2013 that Eni incurs in areas where it has historically been present; o the WACC was estimated: (i) for the cost of equity, through the Capital Asset Pricing Model theory, (ii) for the cost of borrowing, based on the company\u2019s latest bond issues, and (iii) for the debt to equity ratio, through an analysis of these parameters for the main comparable companies operating in the sector; \u2022 for sectors other than Exploration & Production, due to their lower contribution to the overall recoverable amount of the investment and the significant sensitivity of results to long-term forecasts amid the current uncertainty surrounding the expected energy transition process, net invested capital was used as the most reliable estimate of recoverable amount, except for Plenitude and Enilive, for which the values of recent investments by Ares Management Corporation and KKR in the companies were used. The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate, to the EBITDA and to oil prices for the Exploration & Production sector, which indicate that any non-marginal negative changes in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the carrying value of the equity investment. In particular, the sensitivity analyses carried out with reference to the main assumptions underlying the evaluation of the Exploration & Production sector showed that in order to align the value in use - thus determined - with the carrying value of the equity investment (assuming a break-even scenario) it would be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce EBITDA by about 20% per year, or (iii) reduce the annual Brent crude price with respect to the base scenario considered by about 22%. In this regard, it should be noted that expectations regarding the results of the Eni group are directly and indirectly linked to those regarding the trend of oil and gas prices at the global level: these are complex scenarios, involving very dynamic and discontinuous markets, on whose future evolutions, especially in the medium to long term, the expectations of operators and analysts may diverge from each other even significantly. The growing tensions in the international geopolitical environment fuelled by the ongoing conflict between Russia and Ukraine and exacerbated by the conflict in the Middle East, which also involved the application of sanctions by Western countries against Russia, with the related impacts on the economy and the oil sector, as well as the intensification of trade relations and the prospect of stronger protectionist policies (tariffs), have created additional complexities, widening the disparity between current market prices and medium-to-long term price expectations for many commodities. Nexi As at 31 December 2025, the recoverable amount of the investment held in Nexi was determined, also with the support of an independent valuer, based on a value in use configuration estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2028, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. It should be noted that the information used to estimate cash flows and the other inputs required to determine value in use were derived from disclosures made to the market by the company and from forecasts prepared by financial analysts covering the stock. Specifically: \u2022 the values for the explicit period from 2026 to 2028 were derived from disclosures made to the market by the company and from publicly available estimates prepared by a selected group of financial analysts; \u2022 the residual value was determined using the perpetuity growth formula by estimating Nexi\u2019s cash flows over the medium to long term based on the final year of the explicit forecast period; \u2022 WACC was estimated (i) for the cost of equity using the Capital Asset Pricing Model methodology and (ii) for the cost of debt and the equity-to-debt ratio through an analysis of the capital structure of the main companies operating in the sector. However, the impairment test performed as at 31 December 2025, compared with the previous reporting date, reflected negative changes in certain key assumptions and variables used in estimating value in use, primarily attributable to: \u2022 a deterioration in projected cash flows, revised following the company\u2019s update of its medium-term financial targets; \u2022 a reduction in the perpetual growth rate resulting from downward revisions to long-term growth estimates by financial analysts covering the stock. Taking the above into account, the recoverable amount of the investment resulting from the impairment test was equal to 1,217 million euro, giving rise to an impairment loss recognised in the consolidated financial statements amounting to 586 million euro. Open Fiber Holdings The recoverable amount of the investment in Open Fiber Holdings was determined, also with the support of an independent valuer, through the estimation of the company\u2019s Net Asset Value (NAV) as at 31 December 2025, by calculating the recoverable value of the wholly owned interest in Open Fiber through the application of the Dividend Discount Model (DDM) based on a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2044 199 , derived from financial projections based on estimates reflected in the latest business plan approved by the company\u2019s Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. An additional risk premium was also incorporated into the discount rate to reflect certain residual elements of uncertainty embedded in the estimates of future cash flows. The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity) and the EBITDA used to estimate the Terminal Value, which show that any non-marginal negative changes in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the carrying value of the equity investment. The sensitivity analyses carried out with reference to the main assumptions showed that, in order to align the value in use \u2013 thus determined \u2013 with the carrying value of the equity investment (assuming a break-even scenario), it would be necessary to (i) increase the cost of equity by approximately 300 bps, or (ii) reduce the EBITDA used to estimate the Terminal Value by approximately 44%. Saipem The recoverable amount of the equity investment in Saipem was measured at fair value less costs to sell. The fair value of the equity investment was calculated on the basis of the volume-weighted average stock market prices (\u201cVWAP\u201d method) in December 2025. Based on the impairment test performed, the fair value was determined to be higher than the carrying amount of the investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was confirmed. It should also be noted that, in order to align the fair value, as stated above, with the carrying value of the equity investment (assuming a break-even scenario), a reduction of approximately 37% in the VWAP would be necessary. GreenIT The recoverable amount of the investment held in GreenIT was determined using a Sum of the Parts (SOTP) approach, based on the individual investment projects held by the company as at 31 December 2025, each valued in turn using the Dividend Discount Model (DDM) on the basis of projected future cash flows from 2026 until the end of the expected useful life of each project. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. Each project\u2019s discount rate further incorporated a differentiated risk premium designed to capture residual uncertainties present in the estimates of future cash flows. The impairment test performed indicated a recoverable amount substantially in line with the carrying amount of the investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were performed with emphasis on the discount rate (cost of equity), revealing that marginal negative changes in the main assumptions supporting the exercise could lead to a recoverable amount below the carrying amount of the investment, excluding the potential impact of any corrective measures that management might implement. Sensitivity analyses performed with reference to the key assumptions indicated that, in order to align the value in use - as determined - with the carrying value of the investment (break-even scenario), an increase in the cost of equity for each project type of approximately 6 basis points would be required. Other equity investments With reference to the Snam group, the analyses performed identified impairment indicators and, consequently, the need to test the recoverable amount of the SeaCorridor and Interconnector CGUs; the investment in Terminale GNL Adriatico [LNG Adriatic Terminal] is, instead, among the CGUs subject to impairment testing for the first time as at 31 December 2025. For the impairment test, the recoverable amount of the investments was determined on a value-in-use basis: using the Discounted Cash Flow methodology for SeaCorridor (with deduction of the investee\u2019s net financial position), and the Dividend Discount Model for the investments in Interconnector and Terminale GNL Adriatico. For the purposes of conducting the impairment test, the cash flows and dividend streams used were those included in the forecast plans approved by the respective Boards of the investees. The terminal value was determined using the perpetuity method, applying a growth rate consistent with market evidence regarding the long-term inflation outlook for the relevant area based on IMF indications, or, alternatively, using the annuity method by discounting a finite stream of cash flows reflecting the expected operating horizon. The scope of CGUs represented by investments in joint ventures and associates remains unchanged compared with 31 December 2024, with the exception of the interest in Galaxy, which was disposed of in March 2025. At 31 December 2025, the discount rates estimated by the Snam group and applied in the impairment tests ranged between 6.09% and 9.90% for the CGUs assessed using the DDM, and amounted to 5.41% for the CGU assessed using the DCF method. Lastly, it should be noted that as at 30 June 2025 the Snam group had identified impairment indicators relating to its investment, equal to 21.59%, in Industrie De Nora (held through the subsidiary Asset Company 10), represented by the share price performance, which, particularly during the first six months of 2025, recorded a decrease of approximately 15% compared with 31 December 2024. Accordingly, the company performed an impairment test as at 30 June 2025, recognising an impairment charge of approximately 71 million euro. The impairment was calculated by comparing the carrying value with the recoverable amount, determined as the arithmetic mean of the share\u2019s closing prices over the preceding six-month period. 7.2 Significant equity investments: carrying amount, fair value and dividends received
(thousands of euro)
Company name
Carrying amount
Fair value (*)
Dividends received
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,165,363
2. Holding Reti Autostradali S.p.A.
3,546,793
296,310
B. Companies subject to significant influence
1. ENI S.p.A.
13,112,240
15,109,937
954,903
2. Poste Italiane S.p.A.
4,047,396
9,819,335
525,709
3. Nexi S.p.A.
1,217,322
947,455
56,116
(*)The fair value shown in the table regarding listed securities is calculated by multiplying the number of shares held by the stock market price recorded at the end of 2025 (30 December 2025). 7.3 Significant equity investments: accounting data
Writedow
Income
Income
ns of
(loss)
Income
(loss)
(millions of
property,
before
(loss)
after tax
Other
euro)
Non-
Net
plant and
tax from
after tax
on
compreh
Cash and
Financi
financia
intere
equipmen
continui
on
discontinu
Income
ensive
cash
Non-
al
l
Total
st
t and
ng
continuing
ed
(loss)
income
Comprehensi
Company
equivalen
Financial
financia
liabilitie
liabilitie
revenue
inco
intangible
operatio
operation
operation
for the
net of
ve income (3)
name
ts
assets
l assets
s
s
s
me
assets
ns
s
s
year (1)
taxes (2)
= (1) + (2)
A. Joint
ventures
1. Open
54
556
12,468
6,892
3,023
775
(370)
(632)
(613)
(462)
(462)
2
(460)
Fiber
Holdings
S.p.A.
2.
1,255
381
26,254
12,138
7,496
6,352
(1,869)
332
226
226
(10)
216
Holding
Reti
Autostrad
ali S.p.A.
B.
Compani
es under
significan
t
influence
1. ENI
x
11,810
117,159
34,202
50,080
83,629
x
x
5,778
2,758
2,758
(5,775)
(3,017)
S.p.A.
2. Poste
x
257,784
28,094
100,429
175,899
13,588
x
x
3,236
2,235
2,235
1,555
3,791
Italiane
S.p.A.
3. Nexi
x
2,954
14,312
10,777
2,375
6,273
x
x
(3,146)
(3,372)
(3,372)
87
(3,286)
S.p.A.
The consolidated accounting figures for joint ventures and significant associates were produced based on the information provided by the investees at 31 December 2025.
(thousands of euro)
Net assets
% holding
Net assets held
Goodwill
Other
Book value
Company name
adjustments
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,457,227
60.00%
874,336
609,135
(318,108)
1,165,363
2. Holding Reti Autostradali S.p.A.
6,954,497
51.00%
3,546,793
3,546,793
B. Companies subject to significant
influence
1. ENI S.p.A.
47,940,000
28.50%
13,662,900
(550,660)
13,112,240
2. Poste S.p.A.
13,839,312
35.00%
4,843,759
(796,363)
4,047,396
3. Nexi S.p.A.
7,057,529
19.14%
1,350,811
1,033,351
(1,166,840)
1,217,322
Goodwill and other adjustments include changing arising as a result of the Purchase Price Allocation processes. Other adjustments also include the impact of asymmetrical transactions carried out by listed investees with CDP Group companies. 7.4 Non-significant equity investments: accounting data
Income
Income (loss)
(loss) after
Income
Other
(thousands of
Carrying amount
Total
Total
after tax on
tax on
(loss) for the
comprehensive
Comprehensive
euro)
of the
Total assets
liabilities
revenues
continuing
disposal
year
income after
income (3) =
investments
operations
groups
(1)
tax
(1) + (2)
held for
(2)
Company name
sale
Joint ventures
2,135,976
24,155,858
18,224,775
18,587,466
(239,267)
599,392
(195,896)
158,338
(37,558)
Companies
1,949,728
28,967,090
23,454,285
17,061,169
1,472,607
724,709
750,856
(208,810)
542,046
subject to
significant
influence
The accounting figures for non-significant equity investments in joint ventures and associates were produced based on the information provided by the investees. 7.5 Equity investments: changes for the year
(thousands of euro)
31/12/2025
31/12/2024
A. Opening balance
27,804,401
26,616,572
B. Increases
4,593,391
3,494,623
B.1 Purchases
696,940
370,613
B.2 Writebacks
35,608
B.3 Revaluations
2,117,574
2,032,009
B.4 Other increases
1,778,877
1,056,393
C. Decreases
5,217,997
2,306,794
C.1 Sales
270,107
2,056
C.2 Writedowns
658,080
C3 Impairment
218,135
255,014
C.4 Other decreases
4,071,675
2,049,724
D. Closing balance
27,179,795
27,804,401
E. Total revaluations
15,640,362
13,955,556
F. Total writedowns
3,122,877
2,495,289
7.6 Significant assessments or assumptions made to determine whether there is joint control or significant influence Please refer to the contents of Section 7 \u201cEquity Investments\u201d Part A.2 of these Notes to the Consolidated Financial Statements. 7.7 Commitments relating to joint operations CDP Equity has commitments for a total of 978 million euro in favour of its jointly controlled subsidiaries. 7.8 Commitments relating to companies under significant influence The most significant commitments relating to equity investments in companies under significant influence are attributable to TAP (the investee company managed through Snam) for which, for the time being and until repayment of the loan, a mechanism has been put in place to support the repayment of the outstanding financial debt of the same company (the so-called \u201cDebt Payment Undertaking\u201d), which, unlike a first demand guarantee, released upon reaching the \u201cFinancial Completion Date\u201d on 31 March 2021, would be activated upon the occurrence of specific and determined conditions linked to exceptional events of an extraordinary nature. The maximum pro-rata amount of the guarantee attributable to Snam is equal to 1,129 million euro. Moreover, the financial documentation signed as part of the Project Financing concluded for TAP provides for some restrictions for the shareholders, typical of this type of transaction, such as: (i) the restriction on the sale of TAP shares, according to a certain schedule; (ii) establishment of a pledge for the shares held by Snam in TAP in favour of the lenders for the entire duration of the loan. 7.9 Significant restrictions There are no significant restrictions on equity investments. 7.10 Other information With regard to equity investments in associates or joint ventures, financial statements or reports with a reporting date of up to six months from 31 December 2025 were used in limited cases. The table below shows the reporting date of the year used to apply the equity method:
Company name
Type of relationship
Reporting date
Mozart HoldCo S.p.A.
Significant influence
30/06/2025
GPI S.p.A.
Significant influence
30/06/2025
Diagram S.p.A.
Joint control
30/06/2025
Hotelturist S.p.A.
Joint control
31/10/2025
Furthermore, when the accounting data of an associate or a joint operation used to apply the equity method is different from 31 December 2025, adjustments are made to reflect the effects of the significant transactions or facts that occurred between said date and the reporting date of the Consolidated Financial Statements of the CDP Group.
B. Disclosure of structured entities (other than securitisation companies)
Not present at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-961": { "value": "Section 3 - Scope and methods of consolidation Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or significant influence are accounted for using the equity method. An exception is made for a number of equity investments in companies in liquidation or subsidiaries in the start-up phase without assets and liabilities or of insignificant value, whose contribution to the Consolidated Financial Statements is immaterial. The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December 2025, as approved by competent corporate bodies of consolidated companies, adjusted as necessary to harmonise them with Group accounting policies and reclassified on the basis of the formats established by the Bank of Italy in Circular no. 262 of 22 December 2005, in the updated version of 17 November 2022. The following statement shows the companies consolidated on a line-by-line basis. 1. Equity investments in subsidiaries
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
1.
ACE Marine LLC
Madison, WI
Green Bay - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
2.
Acqua Campania S.p.A.
Naples
Naples
1
Nepta S.p.A.
95.70%
95.70%
1
Italgas Reti S.p.A.
0.53%
0.53%
3.
Alfiere S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
4.
Alivieri Power Units Maintenance SA
Athens
Athens
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
5.
Altenia S.r.l.
Rome
Rome
1
Terna Energy
89.00%
89.00%
Solutions S.r.l.
6.
Ansaldo Energia Gulf
Abu Dhabi
Abu Dhabi
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
7.
Ansaldo Energia IP UK Ltd
London
London
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
8.
Ansaldo Energia Iranian LLC
Tehran
Tehran
1
Ansaldo Russia LLC
30.00%
30.00%
1
Ansaldo Energia
70.00%
70.00%
S.p.A.
9.
Ansaldo Energia Netherlands BV
Breda
Breda
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
10.
Ansaldo Energia S.p.A.
Genoa
Genoa
1
CDP Equity S.p.A.
99.62%
99.62%
11.
Ansaldo Energia Spain S.L.
Zaragoza
Zaragoza
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
12.
Ansaldo Energia Switzerland AG
Baden
Baden
1
Ansaldo Energia
100.00%
89.50%
S.p.A.
13.
Ansaldo Energia Turkey Enerji
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
14.
Ansaldo Green Tech S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
15.
Ansaldo Nigeria Limited
Lagos
Lagos
1
Ansaldo Energia
60.00%
60.00%
S.p.A.
16.
Ansaldo Nucleare S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
17.
Ansaldo Russia LLC
Moscow
Moscow
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
18.
Arabian Soil Contractors Ltd
Al Khobar
Al Khobar
1
Trevi Geotechnik
100.00%
100.00%
GmbH
19.
Arsenal S.r.l.
Trieste
Trieste
1
Fincantieri Oil & gas
100.00%
100.00%
S.p.A.
20.
Asia Power Project Private Ltd
Chennai
Chennai
1
Ansaldo Energia
99.99%
99.99%
S.p.A.
1
Ansaldo Nucleare
0.01%
0.01%
S.p.A.
21.
Asset Company 10 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
22.
Avvenia the Energy Innovator S.r.l.
Rome
Rome
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
23.
BOP6 S.c.ar.l. in liquidazione
Trieste
Trieste
1
Fincantieri SI S.p.A.
95.00%
95.00%
1
Fincantieri S.p.A.
5.00%
5.00%
24.
BYS Ambiente Impianti S.r.l.
San Donato
San Donato
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
Milanese (MI)
S.r.l.
25.
BYS Societ\u00e0 Agricola Impianti S.r.l.
Piacenza
Piacenza
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
26.
Bacini di Palermo S.p.A.
Palermo
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
27.
Bioenerys Agri S.r.l.
Pordenone
Pordenone
1
Bioenerys S.r.l.
100.00%
100.00%
28.
Bioenerys Ambiente S.r.l.
San Donato
San Donato
1
Bioenerys S.r.l.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
29.
Bioenerys S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
30.
Biogas Bruso Societ\u00e0 Agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
31.
Biowaste CH4 Legnano
San Donato
Turin
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
32.
Bludigit S.p.A.
Milan
Milan
1
Italgas S.p.A.
100.00%
100.00%
33.
Broady Flow Control Ltd.
Kingston Upon
Kingston Upon Hull
1
Valvitalia S.p.A.
100.00%
100.00%
Hull
34.
Brugg Cables (India) Pvt., Ltd.
Haryana
Haryana
1
Brugg Kabel GmbH
0.26%
0.26%
1
Brugg Kabel AG
99.74%
99.74%
35.
Brugg Cables (Shanghai) Co., Ltd.
Shanghai
Shanghai
1
Brugg Kabel AG
100.00%
100.00%
36.
Brugg Cables (Suzhou) Co., Ltd.
Suzhou
Suzhou
1
Brugg Cables
100.00%
100.00%
(Shanghai) Co., Ltd.
37.
Brugg Cables Company
Riyadh
Riyadh
1
Brugg Kabel AG
100.00%
100.00%
38.
Brugg Cables Italia S.r.l.
Milan
Milan
1
Brugg Kabel
100.00%
100.00%
Manufacturing AG
39.
Brugg Cables Middles East
Dubai
Dubai
1
Brugg Kabel AG
100.00%
100.00%
Contracting LLC
40.
Brugg Cables, Inc.
Chicago
Chicago
1
Brugg Kabel AG
100.00%
100.00%
41.
Brugg Kabel AG
Brugg
Brugg
1
Brugg Kabel
90.00%
90.00%
Services AG
42.
Brugg Kabel GmbH
Schwieberdingen
Schwieberdingen
1
Brugg Kabel AG
100.00%
100.00%
43.
Brugg Kabel Manufacturing AG
Brugg
Brugg
1
Brugg Kabel
100.00%
100.00%
Services AG
44.
Brugg Kabel Services AG
Brugg
Brugg
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
45.
CCA Centro Combustione e Ambiente
Gioia del Colle
Gioia del Colle
1
Ansaldo Energia
60.00%
60.00%
(BA)
(BA)/Gallarate (VA)
S.p.A.
46.
CDP Equity S.p.A.
Milan
Milan
1
CDP S.p.A.
100.00%
100.00%
47.
CDP Immobiliare S.r.l. in liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
48.
CDP Real Asset SGR S.p.A.
Rome
Rome
1
CDP S.p.A.
70.00%
70.00%
49.
CDP Reti S.p.A.
Rome
Rome
1
CDP S.p.A.
59.10%
59.10%
50.
CDP Technologies AS
Alesund
Alesund
1
Seaonics AS
100.00%
100.00%
51.
CDP Technologies Estonia O\u00dc
Tallinn
Tallinn
1
CDP Technologies
100.00%
100.00%
AS
52.
CDP Venture Capital SGR S.p.A.
Rome
Rome
1
CDP Equity S.p.A.
70.00%
70.00%
53.
CH4 Energy S.r.l.
San Donato
Palermo
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
54.
Centro per gli Studi di Tecnica Navale
Genoa
Genoa
1
Fincantieri NexTech
86.10%
86.10%
- CETENA S.p.A.
S.p.A.
55.
Cilento Reti Gas S.r.l.
Acquaviva Delle
Acquaviva Delle
1
Italgas Reti S.p.A.
60.00%
60.00%
Fonti
Fonti
56.
Cinque Cerchi S.p.A. in liquidazione
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
S.r.l. in liquidazione
57.
Cisar Costruzioni S.c.ar.l.
Milan
Rome
1
Fincantieri
51.00%
51.00%
Infrastrutture Sociali
S.p.A.
58.
Consentia Project S.r.l
Milan
Milan
1
Renovit Public
100.00%
100.00%
Solutions S.p.A.
Societ\u00e0 Benefit
59.
Constructora Finso Chile S.p.A.
Santiago, Chile
Santiago, Chile
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
60.
Cubogas S.r.l.
San Donato
San Donato
1
Greenture S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
61.
E-phors S.p.A.
Milan
Milan
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
62.
ESPERIA-CC S.r.l.
Rome
Rome
1
Terna S.p.A.
1.00%
1.00%
63.
Empoli Salute Gestione S.c.ar.l.
Florence
Florence
1
SOF S.p.A.
4.50%
4.50%
1
Fincantieri
95.00%
95.00%
Infrastrutture Sociali
S.p.A.
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
64.
Enaon Eda S.A.
Athens
Athens
1
Enaon S.A.
100.00%
100.00%
65.
Enaon S.A.
Athens
Athens
1
Italgas Newco
100.00%
100.00%
S.p.A.
66.
Enersi Sicilia
San Donato
Caltanissetta
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
67.
Enura S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
55.00%
55.00%
Milanese (MI)
Milanese (MI)
68.
Ergon Projects ltd
Gzira
Gzira
1
SOF S.p.A.
1.00%
1.00%
1
Fincantieri
99.00%
99.00%
Infrastrutture Sociali
S.p.A.
69.
Estaleiro Quissam\u00e3 Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Promar SA
49.50%
49.50%
1
Vard Group AS
50.50%
50.50%
70.
Eusebi Impianti Kazakhstan
Aktau
Aktau
1
Valvitalia S.p.A.
75.00%
75.00%
71.
FIV Comparto Extra
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
72.
FIV Comparto Plus
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
73.
FMSNA YK
Nagasaki
Nagasaki
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
74.
FNAS - Fondo Nazionale Abitare
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
Sociale
75.
FNT Fondo Nazionale per il Turismo -
Comparto A
Rome
Rome
1
CDP S.p.A.
71.67%
71.67%
76.
FOF Private Equity Italia
Milan
Milan
1
CDP S.p.A.
60.40%
60.40%
77.
FOF Private Debt
Milan
Milan
1
CDP S.p.A.
62.50%
62.50%
78.
FT1 Fondo Turismo 1
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
79.
FT2 Fondo Turismo 2
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
80.
Fincantieri (Shanghai) Trading Co. Ltd
Shanghai
Shanghai
1
Fincantieri S.p.A.
100.00%
100.00%
81.
Fincantieri Arabia for Naval Services
Riyadh
Riyadh
1
Fincantieri S.p.A.
100.00%
100.00%
LLC
82.
Fincantieri Dragaggi Ecologici S.p.A.
Rome
Rome
1
Fincantieri S.p.A.
55.00%
55.00%
in liquidazione
83.
Fincantieri Holding B.V.
Amsterdam
Amsterdam
1
Fincantieri S.p.A.
100.00%
100.00%
84.
Fincantieri India Private Limited
New Delhi
New Delhi
1
Fincantieri Holding
99.00%
99.00%
B.V.
1
Fincantieri S.p.A.
1.00%
1.00%
85.
Fincantieri Infrastructure Florida Inc.
Miami - FL
Miami - FL
1
Fincantieri
100.00%
100.00%
Infrastructure USA,
Inc.
86.
Fincantieri Infrastructure Opere
Trieste
Rome
1
Fincantieri
100.00%
100.00%
Marittime S.p.A.
Infrastructure S.p.A.
87.
Fincantieri Infrastructure S.p.A.
Trieste
Verona
1
Fincantieri S.p.A.
100.00%
100.00%
88.
Fincantieri Infrastructure USA, Inc.
Newark -
Newark - Delaware
1
Fincantieri
100.00%
100.00%
Delaware
Infrastructure S.p.A.
89.
Fincantieri Infrastrutture Sociali S.p.A.
Florence
Florence
1
Fincantieri
90.00%
90.00%
Infrastructure S.p.A.
90.
Fincantieri Ingenium S.r.l.
Milan
Milan
1
Fincantieri NexTech
70.00%
70.00%
S.p.A.
91.
Fincantieri Marine Group Holdings Inc.
Wilmington, DE
Washington, DC
1
Fincantieri USA Inc.
87.44%
87.44%
92.
Fincantieri Marine Group LLC
Carson City, NV
Washington, DC
1
Fincantieri Marine
100.00%
100.00%
Group Holdings Inc.
93.
Fincantieri Marine Repair LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
94.
Fincantieri Marine System LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
95.
Fincantieri Marine Systems North
Wilmington, DE
Chesapeake - VI
1
Fincantieri USA Inc.
100.00%
100.00%
America Inc.
96.
Fincantieri Naval Services LTD
Abu Dhabi
Abu Dhabi
1
Fincantieri S.p.A.
100.00%
100.00%
97.
Fincantieri NexTech S.p.A.
Milan
Follo (La Spezia)
1
Fincantieri S.p.A.
100.00%
100.00%
98.
Fincantieri Oil & gas S.p.A.
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
99.
Fincantieri S.p.A.
Trieste
Trieste
1
CDP Equity S.p.A.
70.91%
70.91%
100.
Fincantieri SI Impianti S.c.ar.l.
Milan
Milan
1
Fincantieri SI S.p.A.
60.00%
60.00%
101.
Fincantieri SI S.p.A.
Trieste
Trieste
1
Societ\u00e0 per
100.00%
100.00%
l'Esercizio di Attivit\u00e0
Finanziarie - Seaf
S.p.A.
102.
Fincantieri Services Doha LLC
Qatar
Qatar
1
Fincantieri S.p.A.
100.00%
100.00%
103.
Fincantieri Services Middle East LLC
Doha (QFC)
Doha (QFC)
1
Fincantieri S.p.A.
100.00%
100.00%
104.
Fincantieri Services USA LLC
Plantation, FL
Miami, FL
1
Fincantieri USA Inc.
100.00%
100.00%
105.
Fincantieri USA Holding LLC
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
100.00%
100.00%
106.
Fincantieri USA Inc.
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
65.00%
65.00%
1
Fincantieri USA
35.00%
35.00%
Holding LLC
107.
Fincantieri do Brasil S.A.
Ipojuca
Ipojuca
1
Vard Group AS
0.01%
0.01%
1
Fincantieri Oil & gas
99.99%
99.99%
S.p.A.
108.
Finso Albania S.h.p.k.
Tirana
Tirana
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
109.
Fintecna S.p.A.
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
110.
FoF Private Debt Italia
Milan
Milan
1
CDP Equity S.p.A.
73.35%
73.35%
111.
Fondo Italiano d'Investimento SGR
Milan
Milan
1
CDP Equity S.p.A.
55.00%
55.00%
S.p.A.
112.
Fondo Sviluppo Comparto A
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
113.
Foundation Construction Ltd
Lagos
Lagos
1
Trevi S.p.A
80.32%
80.32%
114.
Galante Foundations Sa
Panama City
Panama City
1
Trevi Panamericana
100.00%
100.00%
Sa
115.
Gannouch Maintenance S.\u00e0r.l.
Tunis
Tunis
1
Ansaldo Energia
99.00%
99.00%
Netherlands BV
1
Ansaldo Energia
1.00%
1.00%
Switzerland AG
116.
Gasrule Insurance D.A.C.
Dublin
Dublin
1
SNAM S.p.A.
100.00%
100.00%
117.
Geoside S.p.A.
Casalecchio di
Casalecchio di Reno
1
Toscana Energia
32.78%
32.78%
Reno
S.p.A.
1
Italgas S.p.A.
67.22%
67.22%
118.
Gestione Bacini La Spezia S.p.A.
La Spezia
La Spezia
1
Fincantieri S.p.A.
99.89%
99.89%
119.
Govone Biometano S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
120.
Greenture S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
121.
HMS IT S.p.A.
Rome
Rome
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
122.
Halfbridge Automation S.r.l.
Rome
Rome
1
Altenia S.r.l.
70.00%
70.00%
123.
Hyper Servicos de Perfuracao Ltda
Sao Paulo
Sao Paulo
1
Soilmec SpA
100.00%
100.00%
124.
IDS Australasia PTY Ltd
Hendra
Brendale
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
125.
IDS Ingegneria Dei Sistemi (UK) Ltd
Fareham
Fareham
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
126.
IDS Ingegneria Dei Sistemi S.p.A.
Pisa
Pisa
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
127.
IDS Korea Co. Ltd
Daejeon
Daejeon
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
128.
IDS North America Ltd
Ottawa
Ottawa
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
129.
IDS Technologies US Inc.
Littleton
Littleton
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
130.
IG Rete Dati S.r.l.
Milan
Milan
1
Bludigit S.p.A.
100.00%
100.00%
131.
INFRA.BAS.MAR. S.c. a r.l.
Rome
Rome
1
Fincantieri
51.00%
51.00%
Infrastructure Opere
Marittime S.p.A.
1
Fincantieri
49.00%
49.00%
Infrastrutture Sociali
S.p.A.
132.
Idrolatina S.r.l.
Milan
Milan
1
Nepta S.p.A.
100.00%
100.00%
133.
Idrosicilia S.p.A.
Milan
Milan
1
Nepta S.p.A.
99.37%
99.37%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
134.
Idt Fzco
Dubai
Dubai
1
Trevi Finanziaria
10.00%
10.00%
Industriale S.p.A
1
Trevi S.p.A
90.00%
90.00%
135.
Idt Llc Fzc
Fujairah UAE
Fujairah UAE
1
Soilmec SpA
5.00%
5.00%
1
Idt Fzco
90.00%
90.00%
136.
Infrastrutture Trasporto Gas S.p.A.
San Donato
Milan
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
137.
Isotta Fraschini Motori S.p.A.
Bari
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
138.
Issel Nord S.r.l.
Follo (La Spezia)
Follo (La Spezia)
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
139.
Italgas Newco S.p.A.
Milan
Milan
1
Italgas S.p.A.
90.00%
90.00%
140.
Italgas Reti S.p.A.
Turin
Turin
1
Italgas S.p.A.
100.00%
100.00%
141.
Italgas S.p.A.
Milan
Milan
2
CDP Reti S.p.A.
25.94%
25.94%
2
SNAM S.p.A.
11.40%
11.40%
142.
L.A.C. Laboratorio Acqua Campania
Naples
Naples
1
Acqua Campania
51.00%
51.00%
S.r.l.
S.p.A.
143.
MST S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
144.
MTM S.c.ar.l.
Venice
Venice
1
Fincantieri S.p.A.
41.00%
41.00%
145.
MZ Biogas societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
146.
Maiero Energia societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
147.
Marina Bay S.A.
Luxembourg
Luxembourg
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
148.
Marine Interiors S.p.A.
Trieste
Ronchi dei Legionari
1
Fincantieri S.p.A.
100.00%
100.00%
(GO)
149.
Marinette Marine Corporation
Green Bay, WI
Marinette - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
150.
Medea S.p.A.
Sassari
Sassari
1
Italgas Reti S.p.A.
51.85%
51.85%
151.
Moglia Energia Societ\u00e0 Agricola ar.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
152.
Mola Rupta Scarl
Cesena
Rome
1
Trevi S.p.A
72.58%
72.58%
153.
Nepta S.p.A.
Milan
Caserta
1
Italgas S.p.A.
100.00%
100.00%
154.
Niehlgas GmbH
Oberursel
Oberursel
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
155.
Nuclear Engineering Group Limited
Wolverhampton
Warrington/Egremont
1
Ansaldo Nucleare
100.00%
100.00%
S.p.A.
156.
OPERAE a Marine Interiors Company
Trieste
Treviso
1
Marine Interiors
85.00%
85.00%
S.r.l.
S.p.A.
157.
ORTONA FM Societ\u00e0 Consortile a
Rome
Rome
1
Fincantieri
80.00%
80.00%
Responsabilit\u00e0 Limitata
Infrastructure Opere
Marittime S.p.A.
158.
Opere Marittime Tunnel Subportuale
Rome
Rome
1
Fincantieri
70.00%
70.00%
S.c.a r.l.
Infrastructure Opere
Marittime S.p.A.
159.
Parcheggi S.r.L.
Cesena
Pescara
1
Trevi S.p.A
100.00%
100.00%
160.
Pentagramma Piemonte S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione
S.r.l. in liquidazione
161.
Pentagramma Romagna S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione unipersonale
S.r.l. in liquidazione
162.
Pilotes Trevi Sacims
Buenos Aires
Buenos Aires
1
Trevi S.p.A
99.97%
99.97%
163.
Pilotes Trevi Sacims \u2212 Paraguay
Gral Eduvigis
Gral Eduvigis Diaz
1
Pilotes Trevi Sacims
100.00%
100.00%
Diaz
164.
Pilotes Uruguay Sa
Montevideo
Montevideo
1
Pilotes Trevi Sacims
100.00%
100.00%
165.
Power4Future S.p.A.
Calderara di
Calderara di Reno
1
Fincantieri SI S.p.A.
52.00%
52.00%
Reno (BO)
(BO)
166.
Profuro Intern. Lda
Namaacha
Namaacha
1
Trevi S.p.A
99.51%
99.51%
167.
REMAZEL ENGINEERING S.p.A.
Milan
Milan
1
Fincantieri S.p.A.
100.00%
100.00%
168.
Renovit Building Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
169.
Renovit Business Solutions S.r.l.
Rome
Milan
1
Renovit S.p.A.
100.00%
100.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
170.
Renovit Public Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
171.
Renovit S.p.A. Societ\u00e0 Benefit
San Donato
San Donato
1
CDP Equity S.p.A.
30.00%
30.00%
Milanese (MI)
Milanese (MI)
1
SNAM S.p.A.
60.05%
60.05%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
172.
Residenziale Immobiliare 2004 S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
173.
Rete 2 S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
174.
Rete S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
175.
S.L.S. - Support Logistic Services
Guidonia
Guidonia Montecelio
1
IDS Ingegneria Dei
100.00%
100.00%
S.r.l.
Montecelio
Sistemi S.p.A.
176.
SNAM RETE GAS S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
177.
SNAM S.p.A.
San Donato
San Donato
2
CDP Reti S.p.A.
31.35%
31.35%
Milanese (MI)
Milanese (MI)
178.
SOF S.p.A.
Florence
Florence
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
179.
STE Energy S.r.l.
Rome
Rome
1
Altenia S.r.l.
100.00%
100.00%
180.
Seanergy a Marine Interiors Company
Pordenone
Cordignano (TV)
1
Marine Interiors
80.00%
80.00%
S.r.l.
S.p.A.
181.
Seaonics AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
182.
Seaonics Polska SP.Z O.O.
Gdansk
Gdansk
1
Seaonics AS
100.00%
100.00%
183.
Simest S.p.A.
Rome
Rome
1
CDP S.p.A.
76.01%
76.01%
184.
Skytech Italia S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
185.
Snam Energy Terminals S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
186.
Snam International B.V.
Amsterdam
Amsterdam
1
SNAM S.p.A.
100.00%
100.00%
187.
Societ\u00e0 Agricola Agrimetano
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Pozzonovo S.r.l.
188.
Societ\u00e0 Agricola Agrimetano Ro S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
189.
Societ\u00e0 Agricola G.B.E. Gruppo Bio
Pordenone
Pordenone
1
Societ\u00e0 Agricola
100.00%
100.00%
Energie S.r.l.
Sangiovanni S.r.l.
190.
Societ\u00e0 Agricola La Valle Green
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Energy S.r.l
191.
Societ\u00e0 Agricola SQ Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
192.
Societ\u00e0 Agricola Sangiovanni S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
50.00%
50.00%
1
Societ\u00e0 Agricola SQ
50.00%
50.00%
Energy S.r.l.
193.
Societ\u00e0 Agricola T4 Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
194.
Societ\u00e0 Agricola Zoppola Biogas S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
195.
Societ\u00e0 per l'Esercizio di Attivit\u00e0
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Finanziarie - Seaf S.p.A.
196.
Soilmec (Suzhou) Machinery Trading
Wujiang District,
Wujiang District,
1
Soilmec SpA
100.00%
100.00%
Co., Ltd.
Suzhou
Suzhou
197.
Soilmec Australia Pty Ltd
Mulgrave
Mulgrave
1
Soilmec Investment
100.00%
100.00%
Pty Ltd
198.
Soilmec Colombia Sas
Bogota
Bogota
1
Soilmec SpA
100.00%
100.00%
199.
Soilmec Deutschland Gmbh
Olpe
Olpe
1
Soilmec SpA
100.00%
100.00%
200.
Soilmec France Sas
Le Val D'Hazey
Le Val D'Hazey
1
Soilmec SpA
100.00%
100.00%
201.
Soilmec H.K. Ltd
Hong Kong
Hong Kong
1
Soilmec SpA
100.00%
100.00%
202.
Soilmec Investment Pty Ltd
Mulgrave
Mulgrave
1
Soilmec SpA
100.00%
100.00%
203.
Soilmec Japan Co. Ltd
Tokyo
Tokyo
1
Soilmec SpA
93.00%
93.00%
204.
Soilmec North America Inc
Boston,
Boston,
1
Soilmec SpA
90.00%
90.00%
Massachusetts
Massachusetts
205.
Soilmec Singapore Pte Ltd
Singapore
Singapore
1
Soilmec SpA
100.00%
100.00%
206.
Soilmec SpA
Cesena
Cesena
1
Trevi Finanziaria
99.92%
99.92%
Industriale S.p.A
207.
Soilmec U.K. Ltd
London
London
1
Soilmec SpA
100.00%
100.00%
208.
Soilmec do Brasil Sa
Sao Paulo
Sao Paulo
1
Soilmec SpA
83.82%
83.82%
209.
Stogit Adriatica S.p.A.
San Donato
San Donato
1
Stogit S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
210.
Stogit S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
211.
Swissboring & Co. LLC
Ruwi
Ruwi
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
212.
Swissboring Overseas Piling Corp. Ltd
Dubai
Dubai
1
Swissboring
100.00%
100.00%
(Dubai)
Overseas Piling
Corporation
213.
Swissboring Overseas Piling
Zurich
Zurich
1
Trevi S.p.A
100.00%
100.00%
Corporation
214.
Swissboring Qatar WLL
Doha
Doha
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
215.
T-Lux S.r.l.
Piancogno (BS)
Piancogno (BS)
1
Renovit Public
100.00%
85.00%
Solutions S.p.A.
Societ\u00e0 Benefit
216.
TERNA Crna Gora d.o.o.
Podgorica
Podgorica
1
Terna S.p.A.
100.00%
100.00%
217.
TRS Sistemi S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
218.
Tamini Transformatori India Private
Magarpatta City,
Magarpatta City,
1
Tamini
100.00%
100.00%
limited
Hadapsar, Pune
Hadapsar, Pune
Trasformatori S.r.l.
219.
Tamini Transformers USA L.L.C.
Sewickley
Sewickley
1
Tamini
100.00%
100.00%
Trasformatori S.r.l.
220.
Tamini Trasformatori S.r.l.
Legnano (MI)
Legnano (MI)
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
221.
Team Turbo Machines SAS
La Trinit\u00e9 De
La Trinit\u00e9 De
1
Fincantieri S.p.A.
100.00%
100.00%
Thouberville
Thouberville
222.
Terna 4 Chacas S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
223.
Terna Energy Solutions S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
224.
Terna Forward S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
225.
Terna Interconnector S.r.l.
Rome
Rome
1
Terna Rete Italia
5.00%
5.00%
S.p.A.
1
Terna S.p.A.
65.00%
65.00%
226.
Terna Peru S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
227.
Terna Plus S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
228.
Terna Rete Italia S.p.A.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
229.
Terna S.p.A.
Rome
Rome
2
CDP Reti S.p.A.
29.85%
29.85%
230.
Terna USA LLC
New York
New York
1
Terna Plus S.r.l.
100.00%
100.00%
231.
Toscana Energia S.p.A.
Florence
Florence
1
Italgas S.p.A.
50.74%
50.74%
232.
Trevi Algerie EURL
Algiers
Algiers
1
Trevi S.p.A
100.00%
100.00%
233.
Trevi Arabco JV
Cairo
Cairo
1
Trevi Construction
100.00%
100.00%
Co. Ltd
234.
Trevi Australia Pty & Wagstaff Piling
Ashgrove
Ashgrove
1
Trevi Australia Pty
70.00%
70.00%
Victoria Pty Ltd JV
Ltd
235.
Trevi Australia Pty Ltd
North Parramatta
North Parramatta
1
Trevi Construction
100.00%
100.00%
Co. Ltd
236.
Trevi Bangladesh Ltd
Dhaka
Dhaka
1
Trevi Construction
1.00%
1.00%
Co. Ltd
1
Trevi S.p.A
99.00%
99.00%
237.
Trevi Chile SpA
Santiago
Santiago
1
Trevi S.p.A
100.00%
100.00%
238.
Trevi Cimentaciones CA
Caracas
Caracas
1
Trevi S.p.A
100.00%
100.00%
239.
Trevi Cimentaciones Mexico S.A. de
Mexico City
Mexico City
1
Trevi S.p.A
20.00%
20.00%
C.V
1
Treviicos
80.00%
80.00%
Corporation
240.
Trevi Cimentaciones S.L.U.
Barcelona
Barcelona
1
Trevi S.p.A
100.00%
100.00%
241.
Trevi Cimentacones y
Panama City
Panama City
1
Trevi S.p.A
100.00%
100.00%
Consolidaciones Sa
242.
Trevi Construction Co. Ltd
Hong Kong
Hong Kong
1
Trevi S.p.A
100.00%
100.00%
243.
Trevi Finanziaria Industriale S.p.A
Cesena
Cesena
1
CDP Equity S.p.A.
21.27%
21.27%
244.
Trevi Fondations Sp\u00e8ciales Sas
Saint Aubin sur
Paris
1
Trevi S.p.A
100.00%
100.00%
Gaillon
245.
Trevi Foundations Canada Inc
Vancouver
Vancouver
1
Treviicos
100.00%
100.00%
Corporation
246.
Trevi Foundations Denmark A/S
Frederiksberg
Frederiksberg
1
Trevi S.p.A
100.00%
100.00%
247.
Trevi Foundations Kuwait Co. WLL
Dasman
Dasman
1
Trevi S.p.A
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
248.
Trevi Foundations Nigeria Ltd
Lagos
Lagos
1
Trevi S.p.A
59.88%
59.88%
249.
Trevi Foundations Philippines Inc
Makati City
Makati City
1
Trevi S.p.A
0.68%
0.68%
1
Trevi Construction
99.32%
99.32%
Co. Ltd
250.
Trevi Galante Sa
Bogota
Bogota
1
Trevi S.p.A
60.00%
60.00%
1
Galante
39.88%
39.88%
Foundations Sa
1
Trevi Panamericana
0.12%
0.12%
Sa
251.
Trevi Geotechnik GmbH
Vienna
Vienna
1
Trevi S.p.A
100.00%
100.00%
252.
Trevi Holding USA Corporation
Boston, MA
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
253.
Trevi Insaat Ve Muhendislik AS
Istanbul
Istanbul
1
Trevi S.p.A
100.00%
100.00%
254.
Trevi Panamericana Sa
Panama City
Panama City
1
Trevi Cimentaciones
100.00%
100.00%
CA
255.
Trevi S.p.A
Cesena
Cesena
1
Trevi Finanziaria
99.78%
99.78%
Industriale S.p.A
256.
Trevi SpezialTiefBau GmbH
Monaco
Monaco
1
Trevi S.p.A
100.00%
100.00%
257.
TreviGeos Fundacoes Especiais Ltda
Sao Paulo
Sao Paulo
1
Trevi S.p.A
51.00%
51.00%
258.
Treviicos Corporation
Boston, MA
Charleston,
1
Trevi Holding USA
100.00%
100.00%
Massachusetts
Corporation
259.
Treviicos South Inc
Boston, MA
Charleston,
1
Treviicos
100.00%
100.00%
Massachusetts
Corporation
260.
Trevi\u2212Trevi Fin.\u2212Sembenelli UTE
Caracas
Caracas
1
Trevi S.p.A
50.00%
50.00%
(Bordeseco)
1
Trevi Finanziaria
45.00%
45.00%
Industriale S.p.A
261.
Valvitalia (Suzhou) Valves co., Ltd.
Suzhou
Suzhou
1
Valvitalia S.p.A.
100.00%
100.00%
262.
Valvitalia Algerie EURL
Algiers
Algiers
1
Valvitalia S.p.A.
100.00%
100.00%
263.
Valvitalia Canada Ltd.
Edmonton
Edmonton (Alberta)
1
Valvitalia S.p.A.
100.00%
100.00%
(Alberta)
264.
Valvitalia S.p.A.
Milan
Milan
1
CDP Equity S.p.A.
75.00%
75.00%
265.
Valvitalia USA Inc
Houston - Texas
Houston - Texas
1
Valvitalia S.p.A.
100.00%
100.00%
266.
Vard Design AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
267.
Vard Design Liburna Ltd.
Rijeka
Rijeka
1
Vard Design AS
75.50%
75.50%
268.
Vard Electrical Installation and
New Delhi
New Delhi
1
Vard Electro
0.50%
0.50%
Engineering (India) Private Limited
Romania S.r.l.
1
Vard Electro AS
99.50%
99.50%
269.
Vard Electro AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
270.
Vard Electro Brazil (Instala\u00e7oes
Niteroi
Niteroi
1
Vard Electro AS
99.00%
99.00%
Eletricas) Ltda
1
Vard Group AS
1.00%
1.00%
271.
Vard Electro Canada Inc
Vancouver
Vancouver
1
Vard Electro AS
100.00%
100.00%
272.
Vard Electro Italy S.r.l.
Trieste
Trieste
1
Vard Electro AS
100.00%
100.00%
273.
Vard Electro Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
100.00%
100.00%
274.
Vard Electro US Inc.
Delaware
Delaware
1
Vard Electro
100.00%
100.00%
Canada Inc
275.
Vard Engineering Constanta S.r.l.
Constanta
Constanta
1
Vard RO Holding
70.00%
70.00%
S.r.l.
1
Vard Shipyards
30.00%
30.00%
Romania SA
276.
Vard Group AS
Alesund
Alesund
1
Vard Holdings
100.00%
100.00%
Limited
277.
Vard Holdings Limited
Singapore
Singapore
1
Fincantieri Oil & gas
98.39%
98.39%
S.p.A.
278.
Vard Interiors AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
279.
Vard Interiors Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro
0.23%
0.23%
Romania S.r.l.
1
Vard Interiors AS
99.77%
99.77%
280.
Vard Marine Gdansk sp. z o. o.
Gdansk
Gdansk
1
Vard Group AS
100.00%
100.00%
281.
Vard Marine Inc.
Vancouver
Vancouver
1
Vard Group AS
100.00%
100.00%
282.
Vard Marine US Inc.
Dallas
Houston
1
Vard Marine Inc.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
283.
Vard Niteroi RJ Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Electro Brazil
0.01%
0.01%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.99%
99.99%
284.
Vard Promar SA
Ipojuca
Ipojuca
1
Vard Electro Brazil
0.001%
0.001%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.999%
99.999%
285.
Vard RO Holding S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
0.000126%
0.000126%
1
Vard Group AS
100.00%
100.00%
286.
Vard Shipholding Singapore Pte Ltd
Singapore
Singapore
1
Vard Holdings
100.00%
100.00%
Limited
287.
Vard Shipyards Romania SA
Tulcea
Tulcea
1
Vard RO Holding
97.11%
97.11%
S.r.l.
1
Vard Group AS
2.89%
2.89%
288.
Vard Singapore Pte. Ltd.
Singapore
Singapore
1
Vard Group AS
100.00%
100.00%
289.
Vard Vung Tau Ltd
Vung Tau
Vung Tau
1
Vard Singapore Pte.
100.00%
100.00%
Ltd.
290.
WASS Submarine Systems S.r.l.
Livorno
Livorno
1
Fincantieri S.p.A.
100.00%
100.00%
291.
Wagner Constructions LLC
Charleston,
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
Massachusetts
292.
Yeni Aen Insaat Anonim Sirketi
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
293.
Zibello Agroenergie Societ\u00e0 Agricola
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
S.r.l.
Key (1) Type of relationship: 1 = Majority of voting rights in ordinary shareholders\u2019 meeting 2 = Dominant influence in ordinary shareholders\u2019 meeting 3 = Agreements with other shareholders 4 = other form of control 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) 49% of the voting rights of Fincantieri USA Holding LLC is held through USA Marine Trust, a legally recognised independent trust based in the state of Delaware (USA) Changes in the scope of consolidation During the year, the CDP Group saw the following key changes in its scope of full consolidation: \u2022 on 13 May 2025, the shareholders\u2019 meeting of Trevi Finanziaria S.p.A., in which the Company initially held a 21.27% interest through CDPE Investimenti, was convened to resolve, inter alia, on the appointment of the Board of Directors and the Board of Statutory Auditors of the company for the 2025-2027 term. As a result of the outcome of the meeting, it was deemed appropriate to carry out a detailed assessment of the accounting classification of the investment, which confirmed the existence of de facto control by CDPE Investimenti over Trevi Finanziaria, in accordance with IFRS 10. This event therefore resulted in a change in the status of the investment, which, under IFRS 10, was reclassified from an investment subject to significant influence to an investment subject to control. Accordingly, the companies belonging to the Trevi sub-consolidated group are now subject to full consolidation; \u2022 during the first quarter of 2025, CDP disposed of its holdings in the Fondo Italiano Consolidamento e Crescita (FICC), resulting in the fund and its controlled companies and sub-holdings - namely Fly One S.p.A. and Melt 1 S.r.l. - falling outside the scope of consolidation; \u2022 as of 1 April 2025, the Italgas group finalised the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby becoming the largest gas distributor in Europe. Effective from 1 July 2025, 2i Rete Gas was incorporated into Italgas Reti; \u2022 the Fincantieri group acquired control of WASS Submarine Systems S.r.l. as part of the acquisition of the \u201cUnderwater Armaments & Systems\u201d business line from Leonardo S.p.A; \u2022 Snam, through its subsidiary Stogit, acquired control of Edison Stoccaggi from Edison, subsequently renamed Stogit Adriatica S.p.A.; \u2022 on 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and electrical infrastructure. Furthermore, on 30 September 2025, 100% of the share capital of Rete 2 S.r.l., a company operating in the electricity transmission sector, was acquired. On 23 October 2025, the Boards of Directors of both companies involved in the transaction resolved on the merger by incorporation of CDPE Investimenti S.p.A. into CDP Equity S.p.A., with the aim of simplifying the Group\u2019s corporate structure. The transaction became effective on 10 December 2025, with accounting and tax effects recognised retrospectively from 1 January 2025. Please refer to the paragraph \u201cBusiness combinations involving companies or business units\u201d for detailed information regarding the entry of new subsidiaries in the scope of consolidation during 2025. 2. Significant assessments and assumptions to determine whether there is control, joint control or significant influence Line-by-line consolidation Line-by-line consolidation involves the line-by-line use of the aggregate amounts on the balance sheets and income statements of the subsidiaries. After the allocation to non-controlling interests, reported as a separate item, of their share of equity and net income, the value of the equity investment is cancelled against the residual value of the equity of the subsidiary. Assets, liabilities, income and expenses between consolidated companies are totally eliminated. Acquisitions of companies are accounted for using the \u201cacquisition method\u201d provided for under IFRS 3, as modified by Regulation 495/2009, under which the identifiable assets acquired and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values at the acquisition date. For newly acquired companies, the difference between the acquisition price and equity, net of goodwill, if any, recognised in the financial statements of the acquirees, is subject to provisional allocation. In accordance with the provisions of IFRS 3, paragraph 45 et seq., within twelve months following the acquisition date, the adjustments to be made to the carrying amounts of the investee, used for the preparation of the CDP Group\u2019s consolidated financial statements, are determined on a final basis in order to restate them at fair value as at the date control was obtained, with any necessary revision of the initial provisional allocation. The acquisition method is applied as from the moment in which control of the investee is effectively acquired. Accounting for companies using the equity method Associates and joint ventures are accounted for using the equity method. The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis of the share held in the equity of the investee. The difference between the value of the equity investment and the share held of the equity of the investee is included in the carrying value of the investee. The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement. If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present value of the future cash flows which may be generated by the investment, including the final disposal value. If the recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is recognised through profit or loss. Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation scope. The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim) reporting package and/or financial statements of the companies, approved by the respective governing bodies. Subsidiaries Subsidiaries are entities, including structured entities, which are directly or indirectly controlled by the Group. Control over an entity is shown by the Group\u2019s capacity to exercise powers in order to influence variable returns to which the Group is exposed as a result of its relationship with the aforementioned entity. In order to verify the existence of control, the Group considers the following factors: \u2022 the purpose and structure of the investee, in order to identify the entity\u2019s objectives, the activities that generate its revenues and how such activities are governed; \u2022 power, in order to understand whether the Group has contractual rights enabling it to govern relevant activities. To this end, only substantial rights that confer effective governance are considered; \u2022 the exposure to the investee, in order to assess whether the Group has business relationships with the investee whose returns vary as a result of changes in the investee\u2019s performance; \u2022 the existence of potential principal-agent relationships. Where significant activities are governed through voting rights, the following factors show evidence of control: \u2022 direct or indirect ownership \u2013 through a subsidiary \u2013 of over fifty per cent of voting rights of an entity, unless it can be demonstrated \u2013 in exceptional cases \u2013 that such ownership does not constitute control; \u2022 ownership of fifty per cent or less of the votes that can be exercised in the Shareholders\u2019 Meeting and unilateral ability to govern the main activities through: o control of over half of voting rights by virtue of an agreement with other investors; o power to determine the financial and operational policies of the entity by virtue of a clause of the Articles of Association or an agreement; o power to appoint or remove the majority of the members of the Board of Directors or the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body; o power to exercise the majority of voting rights in the meetings of the Board of Directors or those of the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body. Presence of the aforementioned factors was verified for equity investments in Snam, Terna and Italgas, over which, therefore, de facto control was ascertained. The presence and the effect of potential voting rights, where substantial, are taken into account when assessing whether the power of governing another entity\u2019s financial and operational policies exists. Subsidiaries may include any \u201cstructured entities\u201d in which voting rights are not significant with respect to control assessment, including special purpose entities and investment funds. Structured entities are considered as subsidiaries where: \u2022 the Group has power through contractual rights that enable governance of relevant activities; \u2022 the Group is exposed to variable returns resulting from the aforementioned activities. The carrying value of equity stakes in entities consolidated on a line-by-line basis held by the Parent Company or other Group companies is offset \u2013 against the assets and the liabilities of the investees \u2013 as a balancing entry of the relevant equity share pertaining to the Group. Assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses between entities included into the scope of consolidation are fully eliminated, in line with the consolidation method adopted. A subsidiary\u2019s revenues and costs are consolidated starting from the date on which control is acquired. Revenues and costs of a divested subsidiary sold are included into the consolidated income statement up to the divestment date, i.e. until the Group no longer controls the investee. The difference between the disposal price for the subsidiary and the carrying value of its net assets at the same date is recorded in the income statement under Item 280 \u201cGains (Losses) on disposal of investments\u201d for companies consolidated on a line-by-line basis. Non-controlling interests are presented in the balance sheet under Item 190 \u201cNon-controlling interests\u201d, separately from liabilities and equity pertaining to the Group. In the income statement, non-controlling interests are also presented separately under Item 340 \u201cNet income (loss) for the year pertaining to non-controlling interests\u201d. For companies included into the scope of consolidation for the first time, the fair value of the cost incurred to acquire control over the equity investment, including ancillary charges, is measured at the acquisition date. Subsidiaries with total assets of less than 20 million euro are excluded from the consolidation scope due to the immateriality of their asset value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation perimeter, and are therefore measured at cost. Also excluded from the scope of line-by-line consolidation, remaining at fair value, are UCIs over which control has been ascertained that invest in: \u2022 other collective investment undertakings (funds of funds), provided that they have total assets of less than 200 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold; \u2022 primary assets, provided that they have total assets of less than 100 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold. The difference between the disposal price of an interest held in a subsidiary and the relevant carrying value of net assets is recognised as a balancing entry in Equity, when the disposal does not entail a loss of control. Joint arrangements A joint arrangement is a contractual agreement in which two or more counterparties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. According to IFRS 11, joint arrangements must be classified as joint operation or joint venture depending on the Group\u2019s contractual rights and obligations. A joint operation is a joint arrangement in which the parties have rights on the assets and obligations on the liabilities of the arrangement. A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. A joint venture is a joint arrangement in which the parties have rights on the net assets of the agreement. Equity investments in subsidiaries, which can be classified as Joint Ventures, are valued at equity. Associate companies An associate is a company over which the owner exercises a significant influence and which is neither a subsidiary nor a joint venture. Significant influence is presumed when the owner: \u2022 owns, directly or indirectly, at least 20% of another company\u2019s share capital; or \u2022 can, inter alia through shareholders\u2019 agreements, exercise significant influence through: o representation in the company\u2019s management body; o participation in the policy-making process, including in decision-making on dividends or other allocations; o existence of significant transactions; o exchange of managerial personnel; o provision of key know-how. Equity investments in associates are measured at equity. 3. Equity investments in subsidiaries with significant non-controlling interests For the purposes of preparing the following tables, an interest was considered significant if: \u2022 non-controlling interests are equal to or greater than 50% of the share capital of the investee; \u2022 the investee\u2019s accounts are of material significance for the reader of this report. The information presented in the following tables refers to the date of 31 December 2025. 3.1 Non-controlling interests, availability of non-controlling interest votes and dividends distributed to non- controlling interests
(thousands of euro)
Non-controlling
% of non-controlling
Dividends paid to
interests %
votes (1)
non-controlling
Company name
interests
1. Terna S.p.A.
82.32%
70.15%
655,139
2. Snam S.p.A.
81.44%
68.65%
806,323
3. Italgas S.p.A.
82.55%
62.66%
272,072
(1) Available voting rights at Ordinary Shareholders' Meeting. (2) Including interim dividend 3.2 Equity investments in subsidiaries with significant non-controlling interests: accounting data
Cash and cash
Property, plant and
(thousands of euro)
Total assets
equivalents
Financial assets
equipment and
Financial liabilities
Equity
Company name
intangible assets
1. Terna S.p.A.
30,863,410
288,294
2,738,954
23,809,576
15,427,623
9,915,747
2. Snam S.p.A.
39,610,081
322,009
1,820,752
27,501,489
19,121,200
11,622,811
3. Italgas S.p.A.
19,460,621
530,881
354,349
15,211,353
11,415,642
4,165,941
Income (loss)
Income (loss)
Income (loss)
Other
Net interest
Operating
before tax
after tax on
after tax on
Income (loss)
comprehensiv
Comprehensi
income
Gross income
costs
from
continuing
disposal
for the period
e income net
ve income (3)
(thousands of euro)
continuing
operations
groups held
(1)
of taxes (2)
= (1) + (2)
Company name
operations
for sale
1. Terna S.p.A.
(176,844)
(188,974)
1,688,467
1,519,284
1,050,204
1,050,204
(3,335)
1,046,869
2. Snam S.p.A.
(292,416)
(621,739)
1,664,251
1,400,164
1,041,877
1,041,877
79,519
1,121,396
3. Italgas S.p.A.
(231,401)
(236,907)
1,213,278
985,662
705,795
705,795
(4,117)
701,678
4. Significant restrictions There are no significant restrictions except as possibly specified in paragraph 7.9 of these explanatory notes. 5. Other information No other information to be reported. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-945": { "value": "Section 3 - Scope and methods of consolidation Subsidiaries are consolidated on a line-by-line basis, while companies subject to joint control or significant influence are accounted for using the equity method. An exception is made for a number of equity investments in companies in liquidation or subsidiaries in the start-up phase without assets and liabilities or of insignificant value, whose contribution to the Consolidated Financial Statements is immaterial. The financial statements of the subsidiaries used for line-by-line consolidation are those at 31 December 2025, as approved by competent corporate bodies of consolidated companies, adjusted as necessary to harmonise them with Group accounting policies and reclassified on the basis of the formats established by the Bank of Italy in Circular no. 262 of 22 December 2005, in the updated version of 17 November 2022. The following statement shows the companies consolidated on a line-by-line basis. 1. Equity investments in subsidiaries
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
1.
ACE Marine LLC
Madison, WI
Green Bay - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
2.
Acqua Campania S.p.A.
Naples
Naples
1
Nepta S.p.A.
95.70%
95.70%
1
Italgas Reti S.p.A.
0.53%
0.53%
3.
Alfiere S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
4.
Alivieri Power Units Maintenance SA
Athens
Athens
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
5.
Altenia S.r.l.
Rome
Rome
1
Terna Energy
89.00%
89.00%
Solutions S.r.l.
6.
Ansaldo Energia Gulf
Abu Dhabi
Abu Dhabi
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
7.
Ansaldo Energia IP UK Ltd
London
London
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
8.
Ansaldo Energia Iranian LLC
Tehran
Tehran
1
Ansaldo Russia LLC
30.00%
30.00%
1
Ansaldo Energia
70.00%
70.00%
S.p.A.
9.
Ansaldo Energia Netherlands BV
Breda
Breda
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
10.
Ansaldo Energia S.p.A.
Genoa
Genoa
1
CDP Equity S.p.A.
99.62%
99.62%
11.
Ansaldo Energia Spain S.L.
Zaragoza
Zaragoza
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
12.
Ansaldo Energia Switzerland AG
Baden
Baden
1
Ansaldo Energia
100.00%
89.50%
S.p.A.
13.
Ansaldo Energia Turkey Enerji
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
14.
Ansaldo Green Tech S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
15.
Ansaldo Nigeria Limited
Lagos
Lagos
1
Ansaldo Energia
60.00%
60.00%
S.p.A.
16.
Ansaldo Nucleare S.p.A.
Genoa
Genoa
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
17.
Ansaldo Russia LLC
Moscow
Moscow
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
18.
Arabian Soil Contractors Ltd
Al Khobar
Al Khobar
1
Trevi Geotechnik
100.00%
100.00%
GmbH
19.
Arsenal S.r.l.
Trieste
Trieste
1
Fincantieri Oil & gas
100.00%
100.00%
S.p.A.
20.
Asia Power Project Private Ltd
Chennai
Chennai
1
Ansaldo Energia
99.99%
99.99%
S.p.A.
1
Ansaldo Nucleare
0.01%
0.01%
S.p.A.
21.
Asset Company 10 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
22.
Avvenia the Energy Innovator S.r.l.
Rome
Rome
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
23.
BOP6 S.c.ar.l. in liquidazione
Trieste
Trieste
1
Fincantieri SI S.p.A.
95.00%
95.00%
1
Fincantieri S.p.A.
5.00%
5.00%
24.
BYS Ambiente Impianti S.r.l.
San Donato
San Donato
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
Milanese (MI)
S.r.l.
25.
BYS Societ\u00e0 Agricola Impianti S.r.l.
Piacenza
Piacenza
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
26.
Bacini di Palermo S.p.A.
Palermo
Palermo
1
Fincantieri S.p.A.
100.00%
100.00%
27.
Bioenerys Agri S.r.l.
Pordenone
Pordenone
1
Bioenerys S.r.l.
100.00%
100.00%
28.
Bioenerys Ambiente S.r.l.
San Donato
San Donato
1
Bioenerys S.r.l.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
29.
Bioenerys S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
30.
Biogas Bruso Societ\u00e0 Agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
31.
Biowaste CH4 Legnano
San Donato
Turin
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
32.
Bludigit S.p.A.
Milan
Milan
1
Italgas S.p.A.
100.00%
100.00%
33.
Broady Flow Control Ltd.
Kingston Upon
Kingston Upon Hull
1
Valvitalia S.p.A.
100.00%
100.00%
Hull
34.
Brugg Cables (India) Pvt., Ltd.
Haryana
Haryana
1
Brugg Kabel GmbH
0.26%
0.26%
1
Brugg Kabel AG
99.74%
99.74%
35.
Brugg Cables (Shanghai) Co., Ltd.
Shanghai
Shanghai
1
Brugg Kabel AG
100.00%
100.00%
36.
Brugg Cables (Suzhou) Co., Ltd.
Suzhou
Suzhou
1
Brugg Cables
100.00%
100.00%
(Shanghai) Co., Ltd.
37.
Brugg Cables Company
Riyadh
Riyadh
1
Brugg Kabel AG
100.00%
100.00%
38.
Brugg Cables Italia S.r.l.
Milan
Milan
1
Brugg Kabel
100.00%
100.00%
Manufacturing AG
39.
Brugg Cables Middles East
Dubai
Dubai
1
Brugg Kabel AG
100.00%
100.00%
Contracting LLC
40.
Brugg Cables, Inc.
Chicago
Chicago
1
Brugg Kabel AG
100.00%
100.00%
41.
Brugg Kabel AG
Brugg
Brugg
1
Brugg Kabel
90.00%
90.00%
Services AG
42.
Brugg Kabel GmbH
Schwieberdingen
Schwieberdingen
1
Brugg Kabel AG
100.00%
100.00%
43.
Brugg Kabel Manufacturing AG
Brugg
Brugg
1
Brugg Kabel
100.00%
100.00%
Services AG
44.
Brugg Kabel Services AG
Brugg
Brugg
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
45.
CCA Centro Combustione e Ambiente
Gioia del Colle
Gioia del Colle
1
Ansaldo Energia
60.00%
60.00%
(BA)
(BA)/Gallarate (VA)
S.p.A.
46.
CDP Equity S.p.A.
Milan
Milan
1
CDP S.p.A.
100.00%
100.00%
47.
CDP Immobiliare S.r.l. in liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
48.
CDP Real Asset SGR S.p.A.
Rome
Rome
1
CDP S.p.A.
70.00%
70.00%
49.
CDP Reti S.p.A.
Rome
Rome
1
CDP S.p.A.
59.10%
59.10%
50.
CDP Technologies AS
Alesund
Alesund
1
Seaonics AS
100.00%
100.00%
51.
CDP Technologies Estonia O\u00dc
Tallinn
Tallinn
1
CDP Technologies
100.00%
100.00%
AS
52.
CDP Venture Capital SGR S.p.A.
Rome
Rome
1
CDP Equity S.p.A.
70.00%
70.00%
53.
CH4 Energy S.r.l.
San Donato
Palermo
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
54.
Centro per gli Studi di Tecnica Navale
Genoa
Genoa
1
Fincantieri NexTech
86.10%
86.10%
- CETENA S.p.A.
S.p.A.
55.
Cilento Reti Gas S.r.l.
Acquaviva Delle
Acquaviva Delle
1
Italgas Reti S.p.A.
60.00%
60.00%
Fonti
Fonti
56.
Cinque Cerchi S.p.A. in liquidazione
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
S.r.l. in liquidazione
57.
Cisar Costruzioni S.c.ar.l.
Milan
Rome
1
Fincantieri
51.00%
51.00%
Infrastrutture Sociali
S.p.A.
58.
Consentia Project S.r.l
Milan
Milan
1
Renovit Public
100.00%
100.00%
Solutions S.p.A.
Societ\u00e0 Benefit
59.
Constructora Finso Chile S.p.A.
Santiago, Chile
Santiago, Chile
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
60.
Cubogas S.r.l.
San Donato
San Donato
1
Greenture S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
61.
E-phors S.p.A.
Milan
Milan
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
62.
ESPERIA-CC S.r.l.
Rome
Rome
1
Terna S.p.A.
1.00%
1.00%
63.
Empoli Salute Gestione S.c.ar.l.
Florence
Florence
1
SOF S.p.A.
4.50%
4.50%
1
Fincantieri
95.00%
95.00%
Infrastrutture Sociali
S.p.A.
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
64.
Enaon Eda S.A.
Athens
Athens
1
Enaon S.A.
100.00%
100.00%
65.
Enaon S.A.
Athens
Athens
1
Italgas Newco
100.00%
100.00%
S.p.A.
66.
Enersi Sicilia
San Donato
Caltanissetta
1
Bioenerys Ambiente
100.00%
100.00%
Milanese (MI)
S.r.l.
67.
Enura S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
55.00%
55.00%
Milanese (MI)
Milanese (MI)
68.
Ergon Projects ltd
Gzira
Gzira
1
SOF S.p.A.
1.00%
1.00%
1
Fincantieri
99.00%
99.00%
Infrastrutture Sociali
S.p.A.
69.
Estaleiro Quissam\u00e3 Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Promar SA
49.50%
49.50%
1
Vard Group AS
50.50%
50.50%
70.
Eusebi Impianti Kazakhstan
Aktau
Aktau
1
Valvitalia S.p.A.
75.00%
75.00%
71.
FIV Comparto Extra
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
72.
FIV Comparto Plus
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
73.
FMSNA YK
Nagasaki
Nagasaki
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
74.
FNAS - Fondo Nazionale Abitare
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
Sociale
75.
FNT Fondo Nazionale per il Turismo -
Comparto A
Rome
Rome
1
CDP S.p.A.
71.67%
71.67%
76.
FOF Private Equity Italia
Milan
Milan
1
CDP S.p.A.
60.40%
60.40%
77.
FOF Private Debt
Milan
Milan
1
CDP S.p.A.
62.50%
62.50%
78.
FT1 Fondo Turismo 1
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
79.
FT2 Fondo Turismo 2
Rome
Rome
4
FNT Fondo
100.00%
100.00%
Nazionale per il
Turismo - Comparto
A
80.
Fincantieri (Shanghai) Trading Co. Ltd
Shanghai
Shanghai
1
Fincantieri S.p.A.
100.00%
100.00%
81.
Fincantieri Arabia for Naval Services
Riyadh
Riyadh
1
Fincantieri S.p.A.
100.00%
100.00%
LLC
82.
Fincantieri Dragaggi Ecologici S.p.A.
Rome
Rome
1
Fincantieri S.p.A.
55.00%
55.00%
in liquidazione
83.
Fincantieri Holding B.V.
Amsterdam
Amsterdam
1
Fincantieri S.p.A.
100.00%
100.00%
84.
Fincantieri India Private Limited
New Delhi
New Delhi
1
Fincantieri Holding
99.00%
99.00%
B.V.
1
Fincantieri S.p.A.
1.00%
1.00%
85.
Fincantieri Infrastructure Florida Inc.
Miami - FL
Miami - FL
1
Fincantieri
100.00%
100.00%
Infrastructure USA,
Inc.
86.
Fincantieri Infrastructure Opere
Trieste
Rome
1
Fincantieri
100.00%
100.00%
Marittime S.p.A.
Infrastructure S.p.A.
87.
Fincantieri Infrastructure S.p.A.
Trieste
Verona
1
Fincantieri S.p.A.
100.00%
100.00%
88.
Fincantieri Infrastructure USA, Inc.
Newark -
Newark - Delaware
1
Fincantieri
100.00%
100.00%
Delaware
Infrastructure S.p.A.
89.
Fincantieri Infrastrutture Sociali S.p.A.
Florence
Florence
1
Fincantieri
90.00%
90.00%
Infrastructure S.p.A.
90.
Fincantieri Ingenium S.r.l.
Milan
Milan
1
Fincantieri NexTech
70.00%
70.00%
S.p.A.
91.
Fincantieri Marine Group Holdings Inc.
Wilmington, DE
Washington, DC
1
Fincantieri USA Inc.
87.44%
87.44%
92.
Fincantieri Marine Group LLC
Carson City, NV
Washington, DC
1
Fincantieri Marine
100.00%
100.00%
Group Holdings Inc.
93.
Fincantieri Marine Repair LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
94.
Fincantieri Marine System LLC
Wilmington, DE
Wilmington, DE
1
Fincantieri Marine
100.00%
100.00%
Systems North
America Inc.
95.
Fincantieri Marine Systems North
Wilmington, DE
Chesapeake - VI
1
Fincantieri USA Inc.
100.00%
100.00%
America Inc.
96.
Fincantieri Naval Services LTD
Abu Dhabi
Abu Dhabi
1
Fincantieri S.p.A.
100.00%
100.00%
97.
Fincantieri NexTech S.p.A.
Milan
Follo (La Spezia)
1
Fincantieri S.p.A.
100.00%
100.00%
98.
Fincantieri Oil & gas S.p.A.
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
99.
Fincantieri S.p.A.
Trieste
Trieste
1
CDP Equity S.p.A.
70.91%
70.91%
100.
Fincantieri SI Impianti S.c.ar.l.
Milan
Milan
1
Fincantieri SI S.p.A.
60.00%
60.00%
101.
Fincantieri SI S.p.A.
Trieste
Trieste
1
Societ\u00e0 per
100.00%
100.00%
l'Esercizio di Attivit\u00e0
Finanziarie - Seaf
S.p.A.
102.
Fincantieri Services Doha LLC
Qatar
Qatar
1
Fincantieri S.p.A.
100.00%
100.00%
103.
Fincantieri Services Middle East LLC
Doha (QFC)
Doha (QFC)
1
Fincantieri S.p.A.
100.00%
100.00%
104.
Fincantieri Services USA LLC
Plantation, FL
Miami, FL
1
Fincantieri USA Inc.
100.00%
100.00%
105.
Fincantieri USA Holding LLC
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
100.00%
100.00%
106.
Fincantieri USA Inc.
Wilmington, DE
Washington, DC
1
Fincantieri S.p.A.
65.00%
65.00%
1
Fincantieri USA
35.00%
35.00%
Holding LLC
107.
Fincantieri do Brasil S.A.
Ipojuca
Ipojuca
1
Vard Group AS
0.01%
0.01%
1
Fincantieri Oil & gas
99.99%
99.99%
S.p.A.
108.
Finso Albania S.h.p.k.
Tirana
Tirana
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
109.
Fintecna S.p.A.
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
110.
FoF Private Debt Italia
Milan
Milan
1
CDP Equity S.p.A.
73.35%
73.35%
111.
Fondo Italiano d'Investimento SGR
Milan
Milan
1
CDP Equity S.p.A.
55.00%
55.00%
S.p.A.
112.
Fondo Sviluppo Comparto A
Rome
Rome
1
CDP S.p.A.
100.00%
100.00%
113.
Foundation Construction Ltd
Lagos
Lagos
1
Trevi S.p.A
80.32%
80.32%
114.
Galante Foundations Sa
Panama City
Panama City
1
Trevi Panamericana
100.00%
100.00%
Sa
115.
Gannouch Maintenance S.\u00e0r.l.
Tunis
Tunis
1
Ansaldo Energia
99.00%
99.00%
Netherlands BV
1
Ansaldo Energia
1.00%
1.00%
Switzerland AG
116.
Gasrule Insurance D.A.C.
Dublin
Dublin
1
SNAM S.p.A.
100.00%
100.00%
117.
Geoside S.p.A.
Casalecchio di
Casalecchio di Reno
1
Toscana Energia
32.78%
32.78%
Reno
S.p.A.
1
Italgas S.p.A.
67.22%
67.22%
118.
Gestione Bacini La Spezia S.p.A.
La Spezia
La Spezia
1
Fincantieri S.p.A.
99.89%
99.89%
119.
Govone Biometano S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
120.
Greenture S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
121.
HMS IT S.p.A.
Rome
Rome
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
122.
Halfbridge Automation S.r.l.
Rome
Rome
1
Altenia S.r.l.
70.00%
70.00%
123.
Hyper Servicos de Perfuracao Ltda
Sao Paulo
Sao Paulo
1
Soilmec SpA
100.00%
100.00%
124.
IDS Australasia PTY Ltd
Hendra
Brendale
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
125.
IDS Ingegneria Dei Sistemi (UK) Ltd
Fareham
Fareham
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
126.
IDS Ingegneria Dei Sistemi S.p.A.
Pisa
Pisa
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
127.
IDS Korea Co. Ltd
Daejeon
Daejeon
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
128.
IDS North America Ltd
Ottawa
Ottawa
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
129.
IDS Technologies US Inc.
Littleton
Littleton
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
130.
IG Rete Dati S.r.l.
Milan
Milan
1
Bludigit S.p.A.
100.00%
100.00%
131.
INFRA.BAS.MAR. S.c. a r.l.
Rome
Rome
1
Fincantieri
51.00%
51.00%
Infrastructure Opere
Marittime S.p.A.
1
Fincantieri
49.00%
49.00%
Infrastrutture Sociali
S.p.A.
132.
Idrolatina S.r.l.
Milan
Milan
1
Nepta S.p.A.
100.00%
100.00%
133.
Idrosicilia S.p.A.
Milan
Milan
1
Nepta S.p.A.
99.37%
99.37%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
134.
Idt Fzco
Dubai
Dubai
1
Trevi Finanziaria
10.00%
10.00%
Industriale S.p.A
1
Trevi S.p.A
90.00%
90.00%
135.
Idt Llc Fzc
Fujairah UAE
Fujairah UAE
1
Soilmec SpA
5.00%
5.00%
1
Idt Fzco
90.00%
90.00%
136.
Infrastrutture Trasporto Gas S.p.A.
San Donato
Milan
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
137.
Isotta Fraschini Motori S.p.A.
Bari
Bari
1
Fincantieri S.p.A.
100.00%
100.00%
138.
Issel Nord S.r.l.
Follo (La Spezia)
Follo (La Spezia)
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
139.
Italgas Newco S.p.A.
Milan
Milan
1
Italgas S.p.A.
90.00%
90.00%
140.
Italgas Reti S.p.A.
Turin
Turin
1
Italgas S.p.A.
100.00%
100.00%
141.
Italgas S.p.A.
Milan
Milan
2
CDP Reti S.p.A.
25.94%
25.94%
2
SNAM S.p.A.
11.40%
11.40%
142.
L.A.C. Laboratorio Acqua Campania
Naples
Naples
1
Acqua Campania
51.00%
51.00%
S.r.l.
S.p.A.
143.
MST S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
144.
MTM S.c.ar.l.
Venice
Venice
1
Fincantieri S.p.A.
41.00%
41.00%
145.
MZ Biogas societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
99.90%
99.90%
146.
Maiero Energia societ\u00e0 agricola a r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
147.
Marina Bay S.A.
Luxembourg
Luxembourg
1
Fincantieri NexTech
100.00%
100.00%
S.p.A.
148.
Marine Interiors S.p.A.
Trieste
Ronchi dei Legionari
1
Fincantieri S.p.A.
100.00%
100.00%
(GO)
149.
Marinette Marine Corporation
Green Bay, WI
Marinette - WI
1
Fincantieri Marine
100.00%
100.00%
Group LLC
150.
Medea S.p.A.
Sassari
Sassari
1
Italgas Reti S.p.A.
51.85%
51.85%
151.
Moglia Energia Societ\u00e0 Agricola ar.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
152.
Mola Rupta Scarl
Cesena
Rome
1
Trevi S.p.A
72.58%
72.58%
153.
Nepta S.p.A.
Milan
Caserta
1
Italgas S.p.A.
100.00%
100.00%
154.
Niehlgas GmbH
Oberursel
Oberursel
1
Ansaldo Energia
100.00%
100.00%
Switzerland AG
155.
Nuclear Engineering Group Limited
Wolverhampton
Warrington/Egremont
1
Ansaldo Nucleare
100.00%
100.00%
S.p.A.
156.
OPERAE a Marine Interiors Company
Trieste
Treviso
1
Marine Interiors
85.00%
85.00%
S.r.l.
S.p.A.
157.
ORTONA FM Societ\u00e0 Consortile a
Rome
Rome
1
Fincantieri
80.00%
80.00%
Responsabilit\u00e0 Limitata
Infrastructure Opere
Marittime S.p.A.
158.
Opere Marittime Tunnel Subportuale
Rome
Rome
1
Fincantieri
70.00%
70.00%
S.c.a r.l.
Infrastructure Opere
Marittime S.p.A.
159.
Parcheggi S.r.L.
Cesena
Pescara
1
Trevi S.p.A
100.00%
100.00%
160.
Pentagramma Piemonte S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione
S.r.l. in liquidazione
161.
Pentagramma Romagna S.p.A. in
Rome
Rome
1
CDP Immobiliare
100.00%
100.00%
liquidazione unipersonale
S.r.l. in liquidazione
162.
Pilotes Trevi Sacims
Buenos Aires
Buenos Aires
1
Trevi S.p.A
99.97%
99.97%
163.
Pilotes Trevi Sacims \u2212 Paraguay
Gral Eduvigis
Gral Eduvigis Diaz
1
Pilotes Trevi Sacims
100.00%
100.00%
Diaz
164.
Pilotes Uruguay Sa
Montevideo
Montevideo
1
Pilotes Trevi Sacims
100.00%
100.00%
165.
Power4Future S.p.A.
Calderara di
Calderara di Reno
1
Fincantieri SI S.p.A.
52.00%
52.00%
Reno (BO)
(BO)
166.
Profuro Intern. Lda
Namaacha
Namaacha
1
Trevi S.p.A
99.51%
99.51%
167.
REMAZEL ENGINEERING S.p.A.
Milan
Milan
1
Fincantieri S.p.A.
100.00%
100.00%
168.
Renovit Building Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
169.
Renovit Business Solutions S.r.l.
Rome
Milan
1
Renovit S.p.A.
100.00%
100.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
170.
Renovit Public Solutions S.p.A.
Milan
Milan
1
Renovit S.p.A.
100.00%
70.00%
Societ\u00e0 Benefit
Societ\u00e0 Benefit
171.
Renovit S.p.A. Societ\u00e0 Benefit
San Donato
San Donato
1
CDP Equity S.p.A.
30.00%
30.00%
Milanese (MI)
Milanese (MI)
1
SNAM S.p.A.
60.05%
60.05%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
172.
Residenziale Immobiliare 2004 S.p.A.
Rome
Rome
4
Fondo Sviluppo
100.00%
100.00%
Comparto A
173.
Rete 2 S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
174.
Rete S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
175.
S.L.S. - Support Logistic Services
Guidonia
Guidonia Montecelio
1
IDS Ingegneria Dei
100.00%
100.00%
S.r.l.
Montecelio
Sistemi S.p.A.
176.
SNAM RETE GAS S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
177.
SNAM S.p.A.
San Donato
San Donato
2
CDP Reti S.p.A.
31.35%
31.35%
Milanese (MI)
Milanese (MI)
178.
SOF S.p.A.
Florence
Florence
1
Fincantieri
100.00%
100.00%
Infrastrutture Sociali
S.p.A.
179.
STE Energy S.r.l.
Rome
Rome
1
Altenia S.r.l.
100.00%
100.00%
180.
Seanergy a Marine Interiors Company
Pordenone
Cordignano (TV)
1
Marine Interiors
80.00%
80.00%
S.r.l.
S.p.A.
181.
Seaonics AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
182.
Seaonics Polska SP.Z O.O.
Gdansk
Gdansk
1
Seaonics AS
100.00%
100.00%
183.
Simest S.p.A.
Rome
Rome
1
CDP S.p.A.
76.01%
76.01%
184.
Skytech Italia S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
185.
Snam Energy Terminals S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
186.
Snam International B.V.
Amsterdam
Amsterdam
1
SNAM S.p.A.
100.00%
100.00%
187.
Societ\u00e0 Agricola Agrimetano
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Pozzonovo S.r.l.
188.
Societ\u00e0 Agricola Agrimetano Ro S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
189.
Societ\u00e0 Agricola G.B.E. Gruppo Bio
Pordenone
Pordenone
1
Societ\u00e0 Agricola
100.00%
100.00%
Energie S.r.l.
Sangiovanni S.r.l.
190.
Societ\u00e0 Agricola La Valle Green
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
Energy S.r.l
191.
Societ\u00e0 Agricola SQ Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
192.
Societ\u00e0 Agricola Sangiovanni S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
50.00%
50.00%
1
Societ\u00e0 Agricola SQ
50.00%
50.00%
Energy S.r.l.
193.
Societ\u00e0 Agricola T4 Energy S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
194.
Societ\u00e0 Agricola Zoppola Biogas S.r.l.
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
195.
Societ\u00e0 per l'Esercizio di Attivit\u00e0
Trieste
Trieste
1
Fincantieri S.p.A.
100.00%
100.00%
Finanziarie - Seaf S.p.A.
196.
Soilmec (Suzhou) Machinery Trading
Wujiang District,
Wujiang District,
1
Soilmec SpA
100.00%
100.00%
Co., Ltd.
Suzhou
Suzhou
197.
Soilmec Australia Pty Ltd
Mulgrave
Mulgrave
1
Soilmec Investment
100.00%
100.00%
Pty Ltd
198.
Soilmec Colombia Sas
Bogota
Bogota
1
Soilmec SpA
100.00%
100.00%
199.
Soilmec Deutschland Gmbh
Olpe
Olpe
1
Soilmec SpA
100.00%
100.00%
200.
Soilmec France Sas
Le Val D'Hazey
Le Val D'Hazey
1
Soilmec SpA
100.00%
100.00%
201.
Soilmec H.K. Ltd
Hong Kong
Hong Kong
1
Soilmec SpA
100.00%
100.00%
202.
Soilmec Investment Pty Ltd
Mulgrave
Mulgrave
1
Soilmec SpA
100.00%
100.00%
203.
Soilmec Japan Co. Ltd
Tokyo
Tokyo
1
Soilmec SpA
93.00%
93.00%
204.
Soilmec North America Inc
Boston,
Boston,
1
Soilmec SpA
90.00%
90.00%
Massachusetts
Massachusetts
205.
Soilmec Singapore Pte Ltd
Singapore
Singapore
1
Soilmec SpA
100.00%
100.00%
206.
Soilmec SpA
Cesena
Cesena
1
Trevi Finanziaria
99.92%
99.92%
Industriale S.p.A
207.
Soilmec U.K. Ltd
London
London
1
Soilmec SpA
100.00%
100.00%
208.
Soilmec do Brasil Sa
Sao Paulo
Sao Paulo
1
Soilmec SpA
83.82%
83.82%
209.
Stogit Adriatica S.p.A.
San Donato
San Donato
1
Stogit S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
210.
Stogit S.p.A.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
211.
Swissboring & Co. LLC
Ruwi
Ruwi
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
212.
Swissboring Overseas Piling Corp. Ltd
Dubai
Dubai
1
Swissboring
100.00%
100.00%
(Dubai)
Overseas Piling
Corporation
213.
Swissboring Overseas Piling
Zurich
Zurich
1
Trevi S.p.A
100.00%
100.00%
Corporation
214.
Swissboring Qatar WLL
Doha
Doha
1
Swissboring
100.00%
100.00%
Overseas Piling
Corporation
215.
T-Lux S.r.l.
Piancogno (BS)
Piancogno (BS)
1
Renovit Public
100.00%
85.00%
Solutions S.p.A.
Societ\u00e0 Benefit
216.
TERNA Crna Gora d.o.o.
Podgorica
Podgorica
1
Terna S.p.A.
100.00%
100.00%
217.
TRS Sistemi S.r.l.
Rome
Rome
1
IDS Ingegneria Dei
100.00%
100.00%
Sistemi S.p.A.
218.
Tamini Transformatori India Private
Magarpatta City,
Magarpatta City,
1
Tamini
100.00%
100.00%
limited
Hadapsar, Pune
Hadapsar, Pune
Trasformatori S.r.l.
219.
Tamini Transformers USA L.L.C.
Sewickley
Sewickley
1
Tamini
100.00%
100.00%
Trasformatori S.r.l.
220.
Tamini Trasformatori S.r.l.
Legnano (MI)
Legnano (MI)
1
Terna Energy
100.00%
100.00%
Solutions S.r.l.
221.
Team Turbo Machines SAS
La Trinit\u00e9 De
La Trinit\u00e9 De
1
Fincantieri S.p.A.
100.00%
100.00%
Thouberville
Thouberville
222.
Terna 4 Chacas S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
223.
Terna Energy Solutions S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
224.
Terna Forward S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
225.
Terna Interconnector S.r.l.
Rome
Rome
1
Terna Rete Italia
5.00%
5.00%
S.p.A.
1
Terna S.p.A.
65.00%
65.00%
226.
Terna Peru S.A.C.
Lima
Lima
1
Terna Plus S.r.l.
99.99%
99.99%
1
Rete S.r.l.
0.01%
0.01%
227.
Terna Plus S.r.l.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
228.
Terna Rete Italia S.p.A.
Rome
Rome
1
Terna S.p.A.
100.00%
100.00%
229.
Terna S.p.A.
Rome
Rome
2
CDP Reti S.p.A.
29.85%
29.85%
230.
Terna USA LLC
New York
New York
1
Terna Plus S.r.l.
100.00%
100.00%
231.
Toscana Energia S.p.A.
Florence
Florence
1
Italgas S.p.A.
50.74%
50.74%
232.
Trevi Algerie EURL
Algiers
Algiers
1
Trevi S.p.A
100.00%
100.00%
233.
Trevi Arabco JV
Cairo
Cairo
1
Trevi Construction
100.00%
100.00%
Co. Ltd
234.
Trevi Australia Pty & Wagstaff Piling
Ashgrove
Ashgrove
1
Trevi Australia Pty
70.00%
70.00%
Victoria Pty Ltd JV
Ltd
235.
Trevi Australia Pty Ltd
North Parramatta
North Parramatta
1
Trevi Construction
100.00%
100.00%
Co. Ltd
236.
Trevi Bangladesh Ltd
Dhaka
Dhaka
1
Trevi Construction
1.00%
1.00%
Co. Ltd
1
Trevi S.p.A
99.00%
99.00%
237.
Trevi Chile SpA
Santiago
Santiago
1
Trevi S.p.A
100.00%
100.00%
238.
Trevi Cimentaciones CA
Caracas
Caracas
1
Trevi S.p.A
100.00%
100.00%
239.
Trevi Cimentaciones Mexico S.A. de
Mexico City
Mexico City
1
Trevi S.p.A
20.00%
20.00%
C.V
1
Treviicos
80.00%
80.00%
Corporation
240.
Trevi Cimentaciones S.L.U.
Barcelona
Barcelona
1
Trevi S.p.A
100.00%
100.00%
241.
Trevi Cimentacones y
Panama City
Panama City
1
Trevi S.p.A
100.00%
100.00%
Consolidaciones Sa
242.
Trevi Construction Co. Ltd
Hong Kong
Hong Kong
1
Trevi S.p.A
100.00%
100.00%
243.
Trevi Finanziaria Industriale S.p.A
Cesena
Cesena
1
CDP Equity S.p.A.
21.27%
21.27%
244.
Trevi Fondations Sp\u00e8ciales Sas
Saint Aubin sur
Paris
1
Trevi S.p.A
100.00%
100.00%
Gaillon
245.
Trevi Foundations Canada Inc
Vancouver
Vancouver
1
Treviicos
100.00%
100.00%
Corporation
246.
Trevi Foundations Denmark A/S
Frederiksberg
Frederiksberg
1
Trevi S.p.A
100.00%
100.00%
247.
Trevi Foundations Kuwait Co. WLL
Dasman
Dasman
1
Trevi S.p.A
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
248.
Trevi Foundations Nigeria Ltd
Lagos
Lagos
1
Trevi S.p.A
59.88%
59.88%
249.
Trevi Foundations Philippines Inc
Makati City
Makati City
1
Trevi S.p.A
0.68%
0.68%
1
Trevi Construction
99.32%
99.32%
Co. Ltd
250.
Trevi Galante Sa
Bogota
Bogota
1
Trevi S.p.A
60.00%
60.00%
1
Galante
39.88%
39.88%
Foundations Sa
1
Trevi Panamericana
0.12%
0.12%
Sa
251.
Trevi Geotechnik GmbH
Vienna
Vienna
1
Trevi S.p.A
100.00%
100.00%
252.
Trevi Holding USA Corporation
Boston, MA
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
253.
Trevi Insaat Ve Muhendislik AS
Istanbul
Istanbul
1
Trevi S.p.A
100.00%
100.00%
254.
Trevi Panamericana Sa
Panama City
Panama City
1
Trevi Cimentaciones
100.00%
100.00%
CA
255.
Trevi S.p.A
Cesena
Cesena
1
Trevi Finanziaria
99.78%
99.78%
Industriale S.p.A
256.
Trevi SpezialTiefBau GmbH
Monaco
Monaco
1
Trevi S.p.A
100.00%
100.00%
257.
TreviGeos Fundacoes Especiais Ltda
Sao Paulo
Sao Paulo
1
Trevi S.p.A
51.00%
51.00%
258.
Treviicos Corporation
Boston, MA
Charleston,
1
Trevi Holding USA
100.00%
100.00%
Massachusetts
Corporation
259.
Treviicos South Inc
Boston, MA
Charleston,
1
Treviicos
100.00%
100.00%
Massachusetts
Corporation
260.
Trevi\u2212Trevi Fin.\u2212Sembenelli UTE
Caracas
Caracas
1
Trevi S.p.A
50.00%
50.00%
(Bordeseco)
1
Trevi Finanziaria
45.00%
45.00%
Industriale S.p.A
261.
Valvitalia (Suzhou) Valves co., Ltd.
Suzhou
Suzhou
1
Valvitalia S.p.A.
100.00%
100.00%
262.
Valvitalia Algerie EURL
Algiers
Algiers
1
Valvitalia S.p.A.
100.00%
100.00%
263.
Valvitalia Canada Ltd.
Edmonton
Edmonton (Alberta)
1
Valvitalia S.p.A.
100.00%
100.00%
(Alberta)
264.
Valvitalia S.p.A.
Milan
Milan
1
CDP Equity S.p.A.
75.00%
75.00%
265.
Valvitalia USA Inc
Houston - Texas
Houston - Texas
1
Valvitalia S.p.A.
100.00%
100.00%
266.
Vard Design AS
Alesund
Alesund
1
Vard Group AS
100.00%
100.00%
267.
Vard Design Liburna Ltd.
Rijeka
Rijeka
1
Vard Design AS
75.50%
75.50%
268.
Vard Electrical Installation and
New Delhi
New Delhi
1
Vard Electro
0.50%
0.50%
Engineering (India) Private Limited
Romania S.r.l.
1
Vard Electro AS
99.50%
99.50%
269.
Vard Electro AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
270.
Vard Electro Brazil (Instala\u00e7oes
Niteroi
Niteroi
1
Vard Electro AS
99.00%
99.00%
Eletricas) Ltda
1
Vard Group AS
1.00%
1.00%
271.
Vard Electro Canada Inc
Vancouver
Vancouver
1
Vard Electro AS
100.00%
100.00%
272.
Vard Electro Italy S.r.l.
Trieste
Trieste
1
Vard Electro AS
100.00%
100.00%
273.
Vard Electro Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
100.00%
100.00%
274.
Vard Electro US Inc.
Delaware
Delaware
1
Vard Electro
100.00%
100.00%
Canada Inc
275.
Vard Engineering Constanta S.r.l.
Constanta
Constanta
1
Vard RO Holding
70.00%
70.00%
S.r.l.
1
Vard Shipyards
30.00%
30.00%
Romania SA
276.
Vard Group AS
Alesund
Alesund
1
Vard Holdings
100.00%
100.00%
Limited
277.
Vard Holdings Limited
Singapore
Singapore
1
Fincantieri Oil & gas
98.39%
98.39%
S.p.A.
278.
Vard Interiors AS
Tennfjord
Tennfjord
1
Vard Group AS
100.00%
100.00%
279.
Vard Interiors Romania S.r.l.
Tulcea
Tulcea
1
Vard Electro
0.23%
0.23%
Romania S.r.l.
1
Vard Interiors AS
99.77%
99.77%
280.
Vard Marine Gdansk sp. z o. o.
Gdansk
Gdansk
1
Vard Group AS
100.00%
100.00%
281.
Vard Marine Inc.
Vancouver
Vancouver
1
Vard Group AS
100.00%
100.00%
282.
Vard Marine US Inc.
Dallas
Houston
1
Vard Marine Inc.
100.00%
100.00%
Type of
Equity investment
Operational
relationship
% of votes
Company name
Registered office
headquarters
(1)
Investor
% holding
(2)
283.
Vard Niteroi RJ Ltda
Rio de Janeiro
Rio de Janeiro
1
Vard Electro Brazil
0.01%
0.01%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.99%
99.99%
284.
Vard Promar SA
Ipojuca
Ipojuca
1
Vard Electro Brazil
0.001%
0.001%
(Instala\u00e7oes
Eletricas) Ltda
1
Vard Group AS
99.999%
99.999%
285.
Vard RO Holding S.r.l.
Tulcea
Tulcea
1
Vard Electro AS
0.000126%
0.000126%
1
Vard Group AS
100.00%
100.00%
286.
Vard Shipholding Singapore Pte Ltd
Singapore
Singapore
1
Vard Holdings
100.00%
100.00%
Limited
287.
Vard Shipyards Romania SA
Tulcea
Tulcea
1
Vard RO Holding
97.11%
97.11%
S.r.l.
1
Vard Group AS
2.89%
2.89%
288.
Vard Singapore Pte. Ltd.
Singapore
Singapore
1
Vard Group AS
100.00%
100.00%
289.
Vard Vung Tau Ltd
Vung Tau
Vung Tau
1
Vard Singapore Pte.
100.00%
100.00%
Ltd.
290.
WASS Submarine Systems S.r.l.
Livorno
Livorno
1
Fincantieri S.p.A.
100.00%
100.00%
291.
Wagner Constructions LLC
Charleston,
Charleston,
1
Trevi S.p.A
100.00%
100.00%
Massachusetts
Massachusetts
292.
Yeni Aen Insaat Anonim Sirketi
Istanbul
Istanbul
1
Ansaldo Energia
100.00%
100.00%
S.p.A.
293.
Zibello Agroenergie Societ\u00e0 Agricola
Pordenone
Pordenone
1
Bioenerys Agri S.r.l.
100.00%
100.00%
S.r.l.
Key (1) Type of relationship: 1 = Majority of voting rights in ordinary shareholders\u2019 meeting 2 = Dominant influence in ordinary shareholders\u2019 meeting 3 = Agreements with other shareholders 4 = other form of control 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) 49% of the voting rights of Fincantieri USA Holding LLC is held through USA Marine Trust, a legally recognised independent trust based in the state of Delaware (USA) Changes in the scope of consolidation During the year, the CDP Group saw the following key changes in its scope of full consolidation: \u2022 on 13 May 2025, the shareholders\u2019 meeting of Trevi Finanziaria S.p.A., in which the Company initially held a 21.27% interest through CDPE Investimenti, was convened to resolve, inter alia, on the appointment of the Board of Directors and the Board of Statutory Auditors of the company for the 2025-2027 term. As a result of the outcome of the meeting, it was deemed appropriate to carry out a detailed assessment of the accounting classification of the investment, which confirmed the existence of de facto control by CDPE Investimenti over Trevi Finanziaria, in accordance with IFRS 10. This event therefore resulted in a change in the status of the investment, which, under IFRS 10, was reclassified from an investment subject to significant influence to an investment subject to control. Accordingly, the companies belonging to the Trevi sub-consolidated group are now subject to full consolidation; \u2022 during the first quarter of 2025, CDP disposed of its holdings in the Fondo Italiano Consolidamento e Crescita (FICC), resulting in the fund and its controlled companies and sub-holdings - namely Fly One S.p.A. and Melt 1 S.r.l. - falling outside the scope of consolidation; \u2022 as of 1 April 2025, the Italgas group finalised the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby becoming the largest gas distributor in Europe. Effective from 1 July 2025, 2i Rete Gas was incorporated into Italgas Reti; \u2022 the Fincantieri group acquired control of WASS Submarine Systems S.r.l. as part of the acquisition of the \u201cUnderwater Armaments & Systems\u201d business line from Leonardo S.p.A; \u2022 Snam, through its subsidiary Stogit, acquired control of Edison Stoccaggi from Edison, subsequently renamed Stogit Adriatica S.p.A.; \u2022 on 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and electrical infrastructure. Furthermore, on 30 September 2025, 100% of the share capital of Rete 2 S.r.l., a company operating in the electricity transmission sector, was acquired. On 23 October 2025, the Boards of Directors of both companies involved in the transaction resolved on the merger by incorporation of CDPE Investimenti S.p.A. into CDP Equity S.p.A., with the aim of simplifying the Group\u2019s corporate structure. The transaction became effective on 10 December 2025, with accounting and tax effects recognised retrospectively from 1 January 2025. Please refer to the paragraph \u201cBusiness combinations involving companies or business units\u201d for detailed information regarding the entry of new subsidiaries in the scope of consolidation during 2025. 2. Significant assessments and assumptions to determine whether there is control, joint control or significant influence Line-by-line consolidation Line-by-line consolidation involves the line-by-line use of the aggregate amounts on the balance sheets and income statements of the subsidiaries. After the allocation to non-controlling interests, reported as a separate item, of their share of equity and net income, the value of the equity investment is cancelled against the residual value of the equity of the subsidiary. Assets, liabilities, income and expenses between consolidated companies are totally eliminated. Acquisitions of companies are accounted for using the \u201cacquisition method\u201d provided for under IFRS 3, as modified by Regulation 495/2009, under which the identifiable assets acquired and the identifiable liabilities assumed (including contingent liabilities) are recognised at their respective fair values at the acquisition date. For newly acquired companies, the difference between the acquisition price and equity, net of goodwill, if any, recognised in the financial statements of the acquirees, is subject to provisional allocation. In accordance with the provisions of IFRS 3, paragraph 45 et seq., within twelve months following the acquisition date, the adjustments to be made to the carrying amounts of the investee, used for the preparation of the CDP Group\u2019s consolidated financial statements, are determined on a final basis in order to restate them at fair value as at the date control was obtained, with any necessary revision of the initial provisional allocation. The acquisition method is applied as from the moment in which control of the investee is effectively acquired. Accounting for companies using the equity method Associates and joint ventures are accounted for using the equity method. The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis of the share held in the equity of the investee. The difference between the value of the equity investment and the share held of the equity of the investee is included in the carrying value of the investee. The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement. If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present value of the future cash flows which may be generated by the investment, including the final disposal value. If the recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is recognised through profit or loss. Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation scope. The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim) reporting package and/or financial statements of the companies, approved by the respective governing bodies. Subsidiaries Subsidiaries are entities, including structured entities, which are directly or indirectly controlled by the Group. Control over an entity is shown by the Group\u2019s capacity to exercise powers in order to influence variable returns to which the Group is exposed as a result of its relationship with the aforementioned entity. In order to verify the existence of control, the Group considers the following factors: \u2022 the purpose and structure of the investee, in order to identify the entity\u2019s objectives, the activities that generate its revenues and how such activities are governed; \u2022 power, in order to understand whether the Group has contractual rights enabling it to govern relevant activities. To this end, only substantial rights that confer effective governance are considered; \u2022 the exposure to the investee, in order to assess whether the Group has business relationships with the investee whose returns vary as a result of changes in the investee\u2019s performance; \u2022 the existence of potential principal-agent relationships. Where significant activities are governed through voting rights, the following factors show evidence of control: \u2022 direct or indirect ownership \u2013 through a subsidiary \u2013 of over fifty per cent of voting rights of an entity, unless it can be demonstrated \u2013 in exceptional cases \u2013 that such ownership does not constitute control; \u2022 ownership of fifty per cent or less of the votes that can be exercised in the Shareholders\u2019 Meeting and unilateral ability to govern the main activities through: o control of over half of voting rights by virtue of an agreement with other investors; o power to determine the financial and operational policies of the entity by virtue of a clause of the Articles of Association or an agreement; o power to appoint or remove the majority of the members of the Board of Directors or the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body; o power to exercise the majority of voting rights in the meetings of the Board of Directors or those of the equivalent governing body, where management of the business falls under the remit of the aforementioned Board of Directors or body. Presence of the aforementioned factors was verified for equity investments in Snam, Terna and Italgas, over which, therefore, de facto control was ascertained. The presence and the effect of potential voting rights, where substantial, are taken into account when assessing whether the power of governing another entity\u2019s financial and operational policies exists. Subsidiaries may include any \u201cstructured entities\u201d in which voting rights are not significant with respect to control assessment, including special purpose entities and investment funds. Structured entities are considered as subsidiaries where: \u2022 the Group has power through contractual rights that enable governance of relevant activities; \u2022 the Group is exposed to variable returns resulting from the aforementioned activities. The carrying value of equity stakes in entities consolidated on a line-by-line basis held by the Parent Company or other Group companies is offset \u2013 against the assets and the liabilities of the investees \u2013 as a balancing entry of the relevant equity share pertaining to the Group. Assets and liabilities, off-balance sheet transactions, income and expenses, as well as profits and losses between entities included into the scope of consolidation are fully eliminated, in line with the consolidation method adopted. A subsidiary\u2019s revenues and costs are consolidated starting from the date on which control is acquired. Revenues and costs of a divested subsidiary sold are included into the consolidated income statement up to the divestment date, i.e. until the Group no longer controls the investee. The difference between the disposal price for the subsidiary and the carrying value of its net assets at the same date is recorded in the income statement under Item 280 \u201cGains (Losses) on disposal of investments\u201d for companies consolidated on a line-by-line basis. Non-controlling interests are presented in the balance sheet under Item 190 \u201cNon-controlling interests\u201d, separately from liabilities and equity pertaining to the Group. In the income statement, non-controlling interests are also presented separately under Item 340 \u201cNet income (loss) for the year pertaining to non-controlling interests\u201d. For companies included into the scope of consolidation for the first time, the fair value of the cost incurred to acquire control over the equity investment, including ancillary charges, is measured at the acquisition date. Subsidiaries with total assets of less than 20 million euro are excluded from the consolidation scope due to the immateriality of their asset value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation perimeter, and are therefore measured at cost. Also excluded from the scope of line-by-line consolidation, remaining at fair value, are UCIs over which control has been ascertained that invest in: \u2022 other collective investment undertakings (funds of funds), provided that they have total assets of less than 200 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold; \u2022 primary assets, provided that they have total assets of less than 100 million euro and that the cumulative value of the funds excluded from full consolidation does not result in the non-recognition of liabilities to third-party subscribers exceeding a predetermined threshold. The difference between the disposal price of an interest held in a subsidiary and the relevant carrying value of net assets is recognised as a balancing entry in Equity, when the disposal does not entail a loss of control. Joint arrangements A joint arrangement is a contractual agreement in which two or more counterparties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. According to IFRS 11, joint arrangements must be classified as joint operation or joint venture depending on the Group\u2019s contractual rights and obligations. A joint operation is a joint arrangement in which the parties have rights on the assets and obligations on the liabilities of the arrangement. A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. A joint venture is a joint arrangement in which the parties have rights on the net assets of the agreement. Equity investments in subsidiaries, which can be classified as Joint Ventures, are valued at equity. Associate companies An associate is a company over which the owner exercises a significant influence and which is neither a subsidiary nor a joint venture. Significant influence is presumed when the owner: \u2022 owns, directly or indirectly, at least 20% of another company\u2019s share capital; or \u2022 can, inter alia through shareholders\u2019 agreements, exercise significant influence through: o representation in the company\u2019s management body; o participation in the policy-making process, including in decision-making on dividends or other allocations; o existence of significant transactions; o exchange of managerial personnel; o provision of key know-how. Equity investments in associates are measured at equity. 3. Equity investments in subsidiaries with significant non-controlling interests For the purposes of preparing the following tables, an interest was considered significant if: \u2022 non-controlling interests are equal to or greater than 50% of the share capital of the investee; \u2022 the investee\u2019s accounts are of material significance for the reader of this report. The information presented in the following tables refers to the date of 31 December 2025. 3.1 Non-controlling interests, availability of non-controlling interest votes and dividends distributed to non- controlling interests
(thousands of euro)
Non-controlling
% of non-controlling
Dividends paid to
interests %
votes (1)
non-controlling
Company name
interests
1. Terna S.p.A.
82.32%
70.15%
655,139
2. Snam S.p.A.
81.44%
68.65%
806,323
3. Italgas S.p.A.
82.55%
62.66%
272,072
(1) Available voting rights at Ordinary Shareholders' Meeting. (2) Including interim dividend 3.2 Equity investments in subsidiaries with significant non-controlling interests: accounting data
Cash and cash
Property, plant and
(thousands of euro)
Total assets
equivalents
Financial assets
equipment and
Financial liabilities
Equity
Company name
intangible assets
1. Terna S.p.A.
30,863,410
288,294
2,738,954
23,809,576
15,427,623
9,915,747
2. Snam S.p.A.
39,610,081
322,009
1,820,752
27,501,489
19,121,200
11,622,811
3. Italgas S.p.A.
19,460,621
530,881
354,349
15,211,353
11,415,642
4,165,941
Income (loss)
Income (loss)
Income (loss)
Other
Net interest
Operating
before tax
after tax on
after tax on
Income (loss)
comprehensiv
Comprehensi
income
Gross income
costs
from
continuing
disposal
for the period
e income net
ve income (3)
(thousands of euro)
continuing
operations
groups held
(1)
of taxes (2)
= (1) + (2)
Company name
operations
for sale
1. Terna S.p.A.
(176,844)
(188,974)
1,688,467
1,519,284
1,050,204
1,050,204
(3,335)
1,046,869
2. Snam S.p.A.
(292,416)
(621,739)
1,664,251
1,400,164
1,041,877
1,041,877
79,519
1,121,396
3. Italgas S.p.A.
(231,401)
(236,907)
1,213,278
985,662
705,795
705,795
(4,117)
701,678
4. Significant restrictions There are no significant restrictions except as possibly specified in paragraph 7.9 of these explanatory notes. 5. Other information No other information to be reported. Section 7 \u2013 Equity investments \u2013 Item 70 7.1 Information on equity investments
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
A. Companies subject to joint
control
1.
4B3 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
2.50%
2.50%
7
Fincantieri SI S.p.A.
52.50%
52.50%
2.
4SC S.c.a r.l.
Carpi (MO)
Carpi (MO)
7
Fincantieri Infrastrutture
50.00%
50.00%
Sociali S.p.A.
3.
4TB13 S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
55.00%
55.00%
4.
4TB21 Societ\u00e0 consortile a r.l.
Trieste
Trieste
7
Fincantieri S.p.A.
51.00%
51.00%
5.
4TCC1 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
5.00%
5.00%
7
Fincantieri SI S.p.A.
75.00%
75.00%
6.
AS Gasinfrastruktur Beteiligung
GmbH
Vienna
Vienna
7
SNAM S.p.A.
40.00%
40.00%
7.
Ansaldo Gas Turbine Technology
Co. LTD (JVA)
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
60.00%
60.00%
8.
B23 Societ\u00e0 consortile a
Rome
Rome
7
Fincantieri Infrastructure
55.00%
55.00%
responsabilit\u00e0 limitata
Opere Marittime S.p.A.
9.
BUSBAR4F S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
50.00%
50.00%
7
Fincantieri S.p.A.
10.00%
10.00%
10.
CSSC - Fincantieri Cruise
Industry Development Ltd.
Hong Kong
Hong Kong
7
Fincantieri S.p.A.
40.00%
40.00%
11.
Citt\u00e0 Salute Ricerca Milano S.p.A
Milan
Rome
7
Fincantieri Infrastrutture
40.00%
40.00%
Sociali S.p.A.
12.
Consorzio F.S.B.
Marghera (VE)
Marghera (VE)
7
Fincantieri S.p.A.
58.36%
58.36%
13.
Darsena Europa S.c.ar.l.
Rome
Rome
7
Fincantieri Infrastructure
26.00%
26.00%
Opere Marittime S.p.A.
14.
Diagram S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
41.61%
41.61%
15.
ELMED Etudes S.\u00e0r.l.
Tunis
Tunis
7
Terna S.p.A.
50.00%
50.00%
16.
ERSMA 2026 - S.c.ar.l.
Piacenza
Piacenza
7
Fincantieri SI S.p.A.
20.00%
20.00%
17.
Ecos S.r.l.
Genoa
Genoa
7
SNAM S.p.A.
33.34%
33.34%
18.
Elco - Valvitalia TGT JV
Netanya
Netanya
7
Valvitalia S.p.A.
50.00%
50.00%
19.
Etihad Ship Building LLC
Abu Dhabi
Abu Dhabi
7
Fincantieri S.p.A.
35.00%
35.00%
20.
FINMESA S.c.ar.l. in liquidazione
Milan
Milan
7
Fincantieri SI S.p.A.
50.00%
50.00%
21.
FINSO-RI JOINT-VENTURE
Athens
Athens
7
Fincantieri Infrastrutture
60.00%
60.00%
Sociali S.p.A.
22.
Fincantieri Clea Buildings
Milan
Milan
7
Fincantieri Infrastructure
51.00%
51.00%
S.c.ar.l.
S.p.A.
23.
Greenit S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
49.00%
49.00%
Milanese (MI)
Milanese (MI)
24.
HYPERMETEO S.r.l.
Rome
Rome
7
Terna Forward S.r.l.
15.40%
15.40%
25.
Holding Reti Autostradali S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
51.00%
51.00%
26.
Hotelturist S.p.A.
Padua
Padua
7
CDP Equity S.p.A.
45.95%
45.95%
27.
MAEN-Energetika ZMR
Budapest
Budapest
7
Ansaldo Energia S.p.A.
40.00%
40.00%
28.
Metano S.Angelo Lodigiano
Sant'Angelo
Sant'Angelo
7
Italgas S.p.A.
50.00%
50.00%
S.p.A.
Lodigiano
Lodigiano
29.
Naviris S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
50.00%
50.00%
30.
Nuovo Santa Chiara Hospital
Florence
Pisa
7
Fincantieri Infrastrutture
50.00%
50.00%
S.c.ar.l.
Sociali S.p.A.
31.
OLT Offshore LNG Toscana
S.p.A.
Milan
Livorno
7
SNAM S.p.A.
49.07%
49.07%
32.
Open Fiber Holdings S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
60.00%
60.00%
33.
Orizzonte Sistemi Navali S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
51.00%
51.00%
34.
PRYSMIAN REPEATERS
LIMITED
Eastleigh
Eastleigh
7
Fincantieri S.p.A.
19.90%
19.90%
35.
Saipem S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
12.82%
12.82%
Milanese (MI)
Milanese (MI)
36.
Seacorridor S.r.l.
San Donato
#N/D
7
SNAM S.p.A.
49.90%
49.90%
Milanese
37.
Servizi Energetici IG S.r.l.
Milan
Milan
7
Italgas Reti S.p.A.
60.00%
60.00%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
38.
Shanghai Electric Gas Turbine
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
40.00%
40.00%
Co. LTD (JVS)
39.
Southeast Electricity Network
Thessaloniki
Thessaloniki
7
Terna S.p.A.
33.00%
33.00%
Coordination Center S.A.
40.
TAG GmbH
Vienna
Vienna
7
SNAM S.p.A.
84.47%
84.47%
41.
TCM S.c. a r.l.
Rome
Rome
7
Fincantieri Infrastructure
41.56%
41.56%
Opere Marittime S.p.A.
42.
Terega Holding S.A.S.
Pau
Pau
7
SNAM S.p.A.
40.50%
40.50%
43.
Terminale GNL Adriatico S.r.l.
Milan
Milan
7
SNAM S.p.A.
30.00%
30.00%
44.
Vimercate Salute Gestioni
Milan
#N/D
7
Fincantieri Infrastrutture
49.10%
49.10%
S.c.ar.l.
Sociali S.p.A.
7
SOF S.p.A.
3.65%
3.65%
45.
Wesii S.r.l.
Chiavari
Chiavari
7
Terna Forward S.r.l.
33.00%
33.00%
B. Companies subject to
significant influence
1.
2F Per Vado - S.c.ar.l.
Genoa
Genoa
4
Fincantieri Infrastructure
49.00%
49.00%
Opere Marittime S.p.A.
2.
A-U Finance Holdings Bv
Amsterdam
Amsterdam
4
Ansaldo Energia S.p.A.
40.00%
40.00%
3.
Acqualatina S.p.A.
Latina
Latina
4
Idrolatina S.r.l.
49.00%
49.00%
4.
Agorai Innovation HUB S.p.A.
Trieste
Trieste
4
Fincantieri S.p.A.
5.93%
5.93%
5.
Ansaldo Algerie S.\u00e0r.l.
Algiers
Algiers
4
Ansaldo Energia S.p.A.
49.00%
49.00%
6.
Bioteca soc. cons. ar.l.
Carpi (MO)
#N/D
4
SOF S.p.A.
33.33%
33.33%
7.
CA 51 S.c. a r.l.
Bari
#N/D
4
Fincantieri Infrastructure
13.53%
13.53%
S.p.A.
8.
CESI S.p.A.
Milan
Milan
4
Terna S.p.A.
42.70%
42.70%
9.
CGES A.D.
Podgorica
Podgorica
4
Terna S.p.A.
22.09%
22.09%
10.
CORESO S.A.
Bruxelles
Bruxelles
4
Terna S.p.A.
15.84%
15.84%
11.
CSS Design Limited
British Virgin
British Virgin
4
Vard Marine Inc.
31.00%
31.00%
Islands (UK)
Islands (UK)
12.
Centro Servizi Navali S.p.A.
San Giorgio di
San Giorgio di
4
Fincantieri S.p.A.
10.93%
10.93%
Nogaro (UD)
Nogaro (UD)
13.
Circularyard S.r.l.
Bologna
Bologna
4
Fincantieri S.p.A.
40.00%
40.00%
14.
Consorzio AlFi
Bari
Bari
4
Fincantieri Infrastructure
19.72%
19.72%
S.p.A.
15.
Consorzio Jonium
Parma
Parma
4
Fincantieri Infrastructure
6.60%
6.60%
S.p.A.
16.
dCarbonX Ltd
London
London
4
Snam International B.V.
52.98%
52.98%
16.
DECOMAR S.p.A.
Massa (MS)
Massa (MS)
4
Fincantieri S.p.A.
20.00%
20.00%
17.
DIDO S.r.l.
Milan
Milan
4
Fincantieri S.p.A.
30.00%
30.00%
18.
Dynamic
Saint-Paul-l\u00e8s-
Saint-Paul-l\u00e8s-
4
Ansaldo Energia S.p.A.
10.00%
10.00%
Durance
Durance
4
Ansaldo Nucleare S.p.A.
15.00%
15.00%
19.
East Mediterranean Gas
Cairo
Cairo
4
Snam International B.V.
25.00%
25.00%
Company S.a.e.
20.
Elite S.p.A.
Milan
Milan
4
CDP S.p.A.
15.00%
15.00%
21.
Energetika S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
40.00%
40.00%
22.
Energie Rete Gas S.r.l.
Milan
Milan
4
Medea S.p.A.
49.00%
49.00%
23.
Energy Investment Solution S.r.l.
Milan
#N/D
4
Renovit Business Solutions
40.00%
40.00%
(in liquidazione)
S.r.l. Societ\u00e0 Benefit
24.
Eni S.p.A.
Rome
Rome
4
CDP S.p.A.
29.75%
29.75%
25.
Equigy B.V.
Arnhem
Arnhem
4
Terna S.p.A.
20.00%
20.00%
26.
Europrogetti & Finanza S.r.l. in
liquidazione
Rome
Rome
4
CDP S.p.A.
31.80%
31.80%
27.
GPI S.p.A.
Trento
Trento
4
CDP Equity S.p.A.
18.41%
18.41%
28.
Gesam Reti S.p.A.
Lucca
Lucca
4
Toscana Energia S.p.A.
42.96%
42.96%
29.
Hospital Building Technologies
Florence
Florence
4
SOF S.p.A.
20.00%
20.00%
S.c.ar.l.
30.
ITS Integrated Tech System S.r.l.
La Spezia
La Spezia
4
IDS Ingegneria Dei Sistemi
51.00%
51.00%
S.p.A.
31.
Industrie De Nora S.p.A.
Milan
Milan
4
Asset Company 10 S.r.l.
21.59%
21.59%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
32.
Interconnector Ltd
London
London
4
Snam International B.V.
23.68%
23.68%
33.
Interconnector Zeebrugge
Bruxelles
Bruxelles
4
Snam International B.V.
25.00%
25.00%
Terminal B.V.
34.
M.T. Manifattura Tabacchi S.p.A.
Rome
Rome
4
Fondo Sviluppo Comparto A
40.00%
40.00%
35.
MARITIME VENTURES S.r.l.
Genoa
Genoa
4
Fincantieri S.p.A.
12.90%
12.90%
36.
MC4COM - Mission critical for
communication S.c.ar.l. in
liquidazione
Milan
Milan
4
HMS IT S.p.A.
50.00%
50.00%
37.
Maestral LLC
Abu Dhabi
Abu Dhabi
4
Fincantieri S.p.A.
49.00%
49.00%
38.
Melegnano Energia Ambiente
Melegnano
Melegnano
4
Italgas Reti S.p.A.
40.00%
40.00%
S.p.A.
39.
Mozart Holdco S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
17.65%
17.65%
40.
Nexi S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
19.14%
19.14%
41.
Note Gestione S.c.ar.l.
Reggio Emilia
Reggio Emilia
4
SOF S.p.A.
34.00%
34.00%
42.
Nuclitalia S.r.l.
Rome
Rome
4
Ansaldo Energia S.p.A.
39.00%
39.00%
43.
PerGenova Breakwater
Genoa
Genoa
4
Fincantieri Infrastructure
25.00%
25.00%
Opere Marittime S.p.A.
44.
Poste Italiane S.p.A.
Rome
Rome
4
CDP S.p.A.
35.00%
35.00%
45.
REMAC S.r.l.
Trieste
Trieste
4
REMAZEL ENGINEERING
49.00%
49.00%
S.p.A.
46.
S.Ene.Ca Gestioni S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
49.00%
49.00%
47.
STARS Railway Systems
Rome
Rome
4
TRS Sistemi S.r.l.
2.00%
2.00%
4
IDS Ingegneria Dei Sistemi
48.00%
48.00%
S.p.A.
48.
Senfluga energy infrastructure
Athens
Athens
4
SNAM S.p.A.
54.00%
54.00%
holdings S.A.
49.
Siciliacque S.p.A.
Palermo
Palermo
4
Idrosicilia S.p.A.
75.00%
75.00%
50.
Trans Adriatic Pipeline AG
Baar
Baar
4
Snam International B.V.
20.00%
20.00%
51.
Umbria Distribuzione GAS S.p.A.
Terni
Terni
4
Italgas S.p.A.
45.00%
45.00%
52.
Unifer Navale S.r.l. in
Finale Emilia
Finale Emilia
4
Societ\u00e0 per l'Esercizio di
20.00%
20.00%
liquidazione
(MO)
(MO)
Attivit\u00e0 Finanziarie - Seaf
S.p.A.
53.
Webuild S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
16.44%
16.44%
4
Fincantieri S.p.A.
0.07%
0.07%
54.
Yard Belleli S.c a r.l.
Vicenza
Naples
4
Fincantieri Infrastructure
6.84%
6.84%
S.p.A.
4
Fincantieri Infrastructure
23.16%
23.16%
Opere Marittime S.p.A.
55.
Zena Project S.p.A.
Carpi (MO)
Carpi (MO)
4
Renovit Public Solutions
35.93%
35.93%
S.p.A. Societ\u00e0 Benefit
C. Unconsolidated subsidiaries
(3)
1.
Ansaldo Energia Muscat LLC
Muscat
Muscat
1
Ansaldo Energia S.p.A.
20.00%
20.00%
1
Ansaldo Energia Switzerland
50.00%
50.00%
AG
2.
Arbolia S.r.l. Societ\u00e0 Benefit
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
3.
Asset Company 12 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
4.
Asset Company 9 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
5.
Consorzio Bancario Sir S.p.A. in
liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
6.
EVOLIA S.r.l.
Milan
Milan
1
Renovit Building Solutions
100.00%
100.00%
S.p.A. Societ\u00e0 Benefit
7.
New Energy Carbon Capture e
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Storage S.r.l.
Milanese (MI)
Milanese (MI)
8.
REMAZEL SERVICOS DE
Rio de Janeiro
Rio de Janeiro
1
REMAZEL ENGINEERING
100.00%
100.00%
SISTEMA DE OLEO&GAS,
LTDA
S.p.A.
9.
RENPV S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
10.
RENPV1 S.r.l
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
11.
RENPV2 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
12.
RENPV3 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
13.
RENPV4 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
14.
RENPV5 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
15.
RENPV6 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
16.
RENPV7 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
17.
RENPV8 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
18.
RENPV9 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
19.
RENPV10 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
20.
Remazel Asia Co. Ltd. \u2013
Shanghai
Shanghai
1
REMAZEL ENGINEERING
100.00%
100.00%
Remazel (Shanghai) Engineering
S.p.A.
Services Co., Ltd.
21.
Renovit Consorzio Stabile
Milan
Milan
1
Renovit Public Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Building Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Business Solutions
33.33%
33.33%
S.r.l. Societ\u00e0 Benefit
22.
Simest do Brazil
Sao Paulo
Sao Paulo
1
Simest S.p.A.
100.00%
100.00%
23.
Snam Gas & Energy Services
Beijing
Beijing
1
Snam International B.V.
100.00%
100.00%
(Beijing) Co. Ltd.
24.
Snam energy services private
New Delhi
New Delhi
1
Snam International B.V.
99.999%
99.999%
limited
1
SNAM S.p.A.
0.001%
0.001%
D. Unconsolidated associates
(3)
1.
Albanian Gas Service Company
Tirana
Tirana
4
SNAM S.p.A.
25.00%
25.00%
Sh.a.
2.
Consorzio INCOMIR in
Mercogliano
Mercogliano (AV)
4
Fintecna S.p.A.
45.46%
45.46%
liquidazione
(AV)
3.
Fondo Large Ventures
Rome
Rome
7
CDP Equity S.p.A.
48.78%
48.78%
4.
Fondo di Fondi Internazionale
Rome
Rome
7
CDP Equity S.p.A.
49.18%
49.18%
5.
Polo Strategico Nazionale S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
20.00%
20.00%
6.
Quadrifoglio Brescia S.p.A. in
Rome
Rome
7
CDP Immobiliare S.r.l. in
50.00%
50.00%
liquidazione
liquidazione
7.
Sosaval S.\u00e0r.l.
Dar El Beida
Dar El Beida
4
Valvitalia S.p.A.
40.00%
40.00%
8.
Tianjin Ei Fire Fighting
Tianjin Airport
Tianjin Airport
4
Valvitalia S.p.A.
33.00%
33.00%
Equipment Co. Ltd.
Economic Area
Economic Area
Key (1) Type of relationship: 1 = majority of voting rights in ordinary shareholders\u2019 meeting 2 = dominant influence in ordinary shareholders\u2019 meeting 3 = agreements with other shareholders 4 = entity subject to significant influence 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 7 = joint control 8 = other form of control (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) This classification includes companies in liquidation or subsidiaries in the start-up phase without assets and liabilities, or associates excluded from the scope of consolidation in view of the overall value of equity. Item 70 \u2013 Equity investments amounted to 27,180 million euro as at 31 December 2025, representing a decrease of 625 million euro compared with the previous financial year. The change is attributable to the valuation processes carried out in 2025, which are described below and partially offset each other: \u2022 ENI recorded a decrease of 964 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +807 million euro, changes in reserves, mainly from valuation adjustments, of -816 million euro, and dividend reversal of -955 million euro; \u2022 Poste Italiane recorded an increase of 808 million euro as a result of the following effects: the Group\u2019s share of profit for the year (including consolidation adjustments) of +791 million euro, changes in revaluation reserves of +631 million euro, dividend reversal of -526 million euro, and other changes of -88 million euro; \u2022 Saipem recorded an increase of 18 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +41 million euro, changes in reserves of +20 million euro, and dividend reversal of -43 million euro; \u2022 Holding Reti Autostradali, parent company of Autostrade per l\u2019Italia, recorded a decrease of 179 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +110 million euro, impacts from changes in reserves of +7 million euro, and dividend reversal of -296 million euro; \u2022 Nexi recorded a decrease of 331 million euro as a result of the following effects: the acquisition of an additional 3.8% stake from Poste Italiane for +233 million euro, the Group\u2019s share of profit for the year (including consolidation adjustments) of +31 million euro, changes in reserves of +48 million euro, dividend reversal of -56 million euro, and a value adjustment recognised following the impairment test of -586 million euro. \u2022 Open Fiber Holdings, the parent company of Open Fiber, recorded an increase of 91 million euro as a result of the following effects: a capital increase of +286 million euro, the Group\u2019s share of the loss for the year (including consolidation adjustments) of -201 million euro, and changes in reserves of +6 million euro. Impairment testing of equity investments The CDP Group\u2019s equity investment portfolio includes listed and unlisted companies of major national interest, which are also pivotal in the promotional activity of supporting the growth and international expansion of businesses and the development of infrastructure. In its capacity as a National Promotional Institution, CDP invests in companies\u2019 share capital, mainly over a long-term horizon. At each reporting date, the CDP Group conduct an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, such as for example, cash flows from equity investments, also due to the increased uncertainty in the assumptions and parameters at the basis of the asset valuation analyses. Specifically, in light of the above, the following should be noted: \u2022 for estimation purposes, data relating to market prices and parameters have been used, which are subject to fluctuations, including significant ones, due to the continuing turbulence and volatility of financial markets, mainly associated with international geopolitical tensions, the tightening of trade relations and the strengthening of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as the current macroeconomic environment and developments in monetary policy conditions; \u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. Impairment indicators (known as triggers) and objective evidence of impairment are assessed using data gathered from public sources, or from any additional information received as an investor. Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported financial performance or because they had been subject to impairment in previous reporting periods. When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to (i) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national and international regulators, alongside directives from industry organisations. In this regard, the assumptions and t he valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors concerning the updated macroeconomic framework. The key general principles used are as follows: \u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rat e forecasts) 198 ; \u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the average of the latest surveys; \u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period of analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of the medium/long-term perspective of the underlying cash flows. In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine the subject asset\u2019s value, including for example: \u2022 the price of hydrocarbons (e.g. oil) for companies primarily operating in the Oil & Gas sector, also to incorporate any climate-related risks embedded in their business; \u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used; \u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to the generalised context of uncertainty that could increase market volatility. The following summary table lists the main equity investments recognised at consolidated level and accounted for using the equity method, with indication of the carrying value at consolidated level and the methods used to calculate the recoverable amount for the purpose of the impairment test. Note that equity investments accounted for using the equity method were measured using the \u201cclosed box\u201d method, which measures the equity investment as a whole in accordance with the IAS 28 Standard.
(millions of euro)
Equity Investment
Consolidated carrying amount
Recoverable amount
Methodology
Eni
13,112
Value in use
Sum of the parts (e.g. DCF for main
business unit E&P)
Nexi
1,217
Value in use
Discounted Cash Flow
Open Fiber Holdings
1,165
Value in use
Asset-based
Saipem
382
Fair value
Stock market price
GreenIT
135
Value in use
Sum of the parts (e.g. DDM of single
project)
Eni Assisted by an independent valuation specialist, the recoverable amount of the equity investment in Eni was measured at value in use based on the discounted cash flow method for the main business unit (i.e. Exploration & Production) and taking into account the value of the other business units, so as to reflect the specificity of the different business segments it operates in. In particular: \u2022 for the Exploration & Production sector, the unlevered Discounted Cash Flow (DCF) method was used, based on a closed portfolio model which develops and measures the entirety of the group\u2019s oil and natural gas reserves until stocks are exhausted over a specific multi-stage forecast period that extends until 2055 (without components of value in perpetuity): o production volumes were calculated on the basis of the current proved reserves disclosed by Eni and on the assumption that, by 2040, approximately 80% of proved and unproved reserves (i.e. possible and probable, appropriately risk-adjusted) will be produced. The estimation of production volumes post-2040 was conducted under the assumption that proven and unproven reserves would be completely depleted by 2055; o sales prices of oil and gas were calculated on the basis of the geographical macro-area the mineral reserves belong to, applying the spreads between the average historical prices and the average sales prices actually charged by Eni to the expected values of oil and gas. These values are consistent with current market estimates and aligned over the medium to long term with the forecasts contained in Eni\u2019s 2026-2030 Plan, taking into account the company\u2019s latest estimates, which indicate a 2030 oil price of approximately $84 per barrel and a gas price of around 27 euro per MWh; o unit operating costs were also estimated on the basis of the geographical macro-area the mineral reserves belong to; o investments were estimated in a differentiated manner for proven reserves and possible/probable reserves by referring to the expenditure per barrel produced \u2013 including development costs \u2013 that Eni incurs in areas where it has historically been present;
o the WACC was estimated: (i) for the cost of equity, through the Capital Asset Pricing Model theory, (ii) for the cost of
borrowing, based on the company\u2019s latest bond issues, and (iii) for the debt to equity ratio, through an analysis of
these parameters for the main comparable companies operating in the sector;
\u2022 for sectors other than Exploration & Production, due to their lower contribution to the overall recoverable amount of
the investment and the significant sensitivity of results to long-term forecasts amid the current uncertainty surrounding
the expected energy transition process, net invested capital was used as the most reliable estimate of recoverable
amount, except for Plenitude and Enilive, for which the values of recent investments by Ares Management Corporation
and KKR in the companies were used.
The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the
CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use
is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also
conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the
exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate, to the
EBITDA and to oil prices for the Exploration & Production sector, which indicate that any non-marginal negative changes
in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case
higher than the carrying value of the equity investment. In particular, the sensitivity analyses carried out with reference to
the main assumptions underlying the evaluation of the Exploration & Production sector showed that in order to align the
value in use - thus determined - with the carrying value of the equity investment (assuming a break-even scenario) it would
be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce EBITDA by about 20% per year, or (iii) reduce the
annual Brent crude price with respect to the base scenario considered by about 22%.
In this regard, it should be noted that expectations regarding the results of the Eni group are directly and indirectly linked
to those regarding the trend of oil and gas prices at the global level: these are complex scenarios, involving very dynamic
and discontinuous markets, on whose future evolutions, especially in the medium to long term, the expectations of
operators and analysts may diverge from each other even significantly. The growing tensions in the international
geopolitical environment fuelled by the ongoing conflict between Russia and Ukraine and exacerbated by the conflict in
the Middle East, which also involved the application of sanctions by Western countries against Russia, with the related
impacts on the economy and the oil sector, as well as the intensification of trade relations and the prospect of stronger
protectionist policies (tariffs), have created additional complexities, widening the disparity between current market prices
and medium-to-long term price expectations for many commodities.
Nexi
As at 31 December 2025, the recoverable amount of the investment held in Nexi was determined, also with the support of
an independent valuer, based on a value in use configuration estimated using the discounted cash flow method (i.e.
unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash
flows for the period from 2026 to 2028, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity
growth formula. It should be noted that the information used to estimate cash flows and the other inputs required to
determine value in use were derived from disclosures made to the market by the company and from forecasts prepared
by financial analysts covering the stock.
Specifically:
\u2022 the values for the explicit period from 2026 to 2028 were derived from disclosures made to the market by the company
and from publicly available estimates prepared by a selected group of financial analysts;
\u2022 the residual value was determined using the perpetuity growth formula by estimating Nexi\u2019s cash flows over the
medium to long term based on the final year of the explicit forecast period;
\u2022 WACC was estimated (i) for the cost of equity using the Capital Asset Pricing Model methodology and (ii) for the cost
of debt and the equity-to-debt ratio through an analysis of the capital structure of the main companies operating in the
sector.
However, the impairment test performed as at 31 December 2025, compared with the previous reporting date, reflected negative changes in certain key assumptions and variables used in estimating value in use, primarily attributable to: \u2022 a deterioration in projected cash flows, revised following the company\u2019s update of its medium-term financial targets; \u2022 a reduction in the perpetual growth rate resulting from downward revisions to long-term growth estimates by financial analysts covering the stock. Taking the above into account, the recoverable amount of the investment resulting from the impairment test was equal to 1,217 million euro, giving rise to an impairment loss recognised in the consolidated financial statements amounting to 586 million euro. Open Fiber Holdings The recoverable amount of the investment in Open Fiber Holdings was determined, also with the support of an independent valuer, through the estimation of the company\u2019s Net Asset Value (NAV) as at 31 December 2025, by calculating the recoverable value of the wholly owned interest in Open Fiber through the application of the Dividend Discount Model (DDM) based on a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2044 199 , derived from financial projections based on estimates reflected in the latest business plan approved by the company\u2019s Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. An additional risk premium was also incorporated into the discount rate to reflect certain residual elements of uncertainty embedded in the estimates of future cash flows. The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity) and the EBITDA used to estimate the Terminal Value, which show that any non-marginal negative changes in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the carrying value of the equity investment. The sensitivity analyses carried out with reference to the main assumptions showed that, in order to align the value in use \u2013 thus determined \u2013 with the carrying value of the equity investment (assuming a break-even scenario), it would be necessary to (i) increase the cost of equity by approximately 300 bps, or (ii) reduce the EBITDA used to estimate the Terminal Value by approximately 44%. Saipem The recoverable amount of the equity investment in Saipem was measured at fair value less costs to sell. The fair value of the equity investment was calculated on the basis of the volume-weighted average stock market prices (\u201cVWAP\u201d method) in December 2025. Based on the impairment test performed, the fair value was determined to be higher than the carrying amount of the investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was confirmed. It should also be noted that, in order to align the fair value, as stated above, with the carrying value of the equity investment (assuming a break-even scenario), a reduction of approximately 37% in the VWAP would be necessary. GreenIT The recoverable amount of the investment held in GreenIT was determined using a Sum of the Parts (SOTP) approach, based on the individual investment projects held by the company as at 31 December 2025, each valued in turn using the Dividend Discount Model (DDM) on the basis of projected future cash flows from 2026 until the end of the expected useful life of each project. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. Each project\u2019s discount rate further incorporated a differentiated risk premium designed to capture residual uncertainties present in the estimates of future cash flows. The impairment test performed indicated a recoverable amount substantially in line with the carrying amount of the investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were performed with emphasis on the discount rate (cost of equity), revealing that marginal negative changes in the main assumptions supporting the exercise could lead to a recoverable amount below the carrying amount of the investment, excluding the potential impact of any corrective measures that management might implement. Sensitivity analyses performed with reference to the key assumptions indicated that, in order to align the value in use - as determined - with the carrying value of the investment (break-even scenario), an increase in the cost of equity for each project type of approximately 6 basis points would be required. Other equity investments With reference to the Snam group, the analyses performed identified impairment indicators and, consequently, the need to test the recoverable amount of the SeaCorridor and Interconnector CGUs; the investment in Terminale GNL Adriatico [LNG Adriatic Terminal] is, instead, among the CGUs subject to impairment testing for the first time as at 31 December 2025. For the impairment test, the recoverable amount of the investments was determined on a value-in-use basis: using the Discounted Cash Flow methodology for SeaCorridor (with deduction of the investee\u2019s net financial position), and the Dividend Discount Model for the investments in Interconnector and Terminale GNL Adriatico. For the purposes of conducting the impairment test, the cash flows and dividend streams used were those included in the forecast plans approved by the respective Boards of the investees. The terminal value was determined using the perpetuity method, applying a growth rate consistent with market evidence regarding the long-term inflation outlook for the relevant area based on IMF indications, or, alternatively, using the annuity method by discounting a finite stream of cash flows reflecting the expected operating horizon. The scope of CGUs represented by investments in joint ventures and associates remains unchanged compared with 31 December 2024, with the exception of the interest in Galaxy, which was disposed of in March 2025. At 31 December 2025, the discount rates estimated by the Snam group and applied in the impairment tests ranged between 6.09% and 9.90% for the CGUs assessed using the DDM, and amounted to 5.41% for the CGU assessed using the DCF method. Lastly, it should be noted that as at 30 June 2025 the Snam group had identified impairment indicators relating to its investment, equal to 21.59%, in Industrie De Nora (held through the subsidiary Asset Company 10), represented by the share price performance, which, particularly during the first six months of 2025, recorded a decrease of approximately 15% compared with 31 December 2024. Accordingly, the company performed an impairment test as at 30 June 2025, recognising an impairment charge of approximately 71 million euro. The impairment was calculated by comparing the carrying value with the recoverable amount, determined as the arithmetic mean of the share\u2019s closing prices over the preceding six-month period. 7.2 Significant equity investments: carrying amount, fair value and dividends received
(thousands of euro)
Company name
Carrying amount
Fair value (*)
Dividends received
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,165,363
2. Holding Reti Autostradali S.p.A.
3,546,793
296,310
B. Companies subject to significant influence
1. ENI S.p.A.
13,112,240
15,109,937
954,903
2. Poste Italiane S.p.A.
4,047,396
9,819,335
525,709
3. Nexi S.p.A.
1,217,322
947,455
56,116
(*)The fair value shown in the table regarding listed securities is calculated by multiplying the number of shares held by the stock market price recorded at the end of 2025 (30 December 2025). 7.3 Significant equity investments: accounting data
Writedow
Income
Income
ns of
(loss)
Income
(loss)
(millions of
property,
before
(loss)
after tax
Other
euro)
Non-
Net
plant and
tax from
after tax
on
compreh
Cash and
Financi
financia
intere
equipmen
continui
on
discontinu
Income
ensive
cash
Non-
al
l
Total
st
t and
ng
continuing
ed
(loss)
income
Comprehensi
Company
equivalen
Financial
financia
liabilitie
liabilitie
revenue
inco
intangible
operatio
operation
operation
for the
net of
ve income (3)
name
ts
assets
l assets
s
s
s
me
assets
ns
s
s
year (1)
taxes (2)
= (1) + (2)
A. Joint
ventures
1. Open
54
556
12,468
6,892
3,023
775
(370)
(632)
(613)
(462)
(462)
2
(460)
Fiber
Holdings
S.p.A.
2.
1,255
381
26,254
12,138
7,496
6,352
(1,869)
332
226
226
(10)
216
Holding
Reti
Autostrad
ali S.p.A.
B.
Compani
es under
significan
t
influence
1. ENI
x
11,810
117,159
34,202
50,080
83,629
x
x
5,778
2,758
2,758
(5,775)
(3,017)
S.p.A.
2. Poste
x
257,784
28,094
100,429
175,899
13,588
x
x
3,236
2,235
2,235
1,555
3,791
Italiane
S.p.A.
3. Nexi
x
2,954
14,312
10,777
2,375
6,273
x
x
(3,146)
(3,372)
(3,372)
87
(3,286)
S.p.A.
The consolidated accounting figures for joint ventures and significant associates were produced based on the information provided by the investees at 31 December 2025.
(thousands of euro)
Net assets
% holding
Net assets held
Goodwill
Other
Book value
Company name
adjustments
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,457,227
60.00%
874,336
609,135
(318,108)
1,165,363
2. Holding Reti Autostradali S.p.A.
6,954,497
51.00%
3,546,793
3,546,793
B. Companies subject to significant
influence
1. ENI S.p.A.
47,940,000
28.50%
13,662,900
(550,660)
13,112,240
2. Poste S.p.A.
13,839,312
35.00%
4,843,759
(796,363)
4,047,396
3. Nexi S.p.A.
7,057,529
19.14%
1,350,811
1,033,351
(1,166,840)
1,217,322
Goodwill and other adjustments include changing arising as a result of the Purchase Price Allocation processes. Other adjustments also include the impact of asymmetrical transactions carried out by listed investees with CDP Group companies. 7.4 Non-significant equity investments: accounting data
Income
Income (loss)
(loss) after
Income
Other
(thousands of
Carrying amount
Total
Total
after tax on
tax on
(loss) for the
comprehensive
Comprehensive
euro)
of the
Total assets
liabilities
revenues
continuing
disposal
year
income after
income (3) =
investments
operations
groups
(1)
tax
(1) + (2)
held for
(2)
Company name
sale
Joint ventures
2,135,976
24,155,858
18,224,775
18,587,466
(239,267)
599,392
(195,896)
158,338
(37,558)
Companies
1,949,728
28,967,090
23,454,285
17,061,169
1,472,607
724,709
750,856
(208,810)
542,046
subject to
significant
influence
The accounting figures for non-significant equity investments in joint ventures and associates were produced based on the information provided by the investees. 7.5 Equity investments: changes for the year
(thousands of euro)
31/12/2025
31/12/2024
A. Opening balance
27,804,401
26,616,572
B. Increases
4,593,391
3,494,623
B.1 Purchases
696,940
370,613
B.2 Writebacks
35,608
B.3 Revaluations
2,117,574
2,032,009
B.4 Other increases
1,778,877
1,056,393
C. Decreases
5,217,997
2,306,794
C.1 Sales
270,107
2,056
C.2 Writedowns
658,080
C3 Impairment
218,135
255,014
C.4 Other decreases
4,071,675
2,049,724
D. Closing balance
27,179,795
27,804,401
E. Total revaluations
15,640,362
13,955,556
F. Total writedowns
3,122,877
2,495,289
7.6 Significant assessments or assumptions made to determine whether there is joint control or significant influence Please refer to the contents of Section 7 \u201cEquity Investments\u201d Part A.2 of these Notes to the Consolidated Financial Statements. 7.7 Commitments relating to joint operations CDP Equity has commitments for a total of 978 million euro in favour of its jointly controlled subsidiaries. 7.8 Commitments relating to companies under significant influence The most significant commitments relating to equity investments in companies under significant influence are attributable to TAP (the investee company managed through Snam) for which, for the time being and until repayment of the loan, a mechanism has been put in place to support the repayment of the outstanding financial debt of the same company (the so-called \u201cDebt Payment Undertaking\u201d), which, unlike a first demand guarantee, released upon reaching the \u201cFinancial Completion Date\u201d on 31 March 2021, would be activated upon the occurrence of specific and determined conditions linked to exceptional events of an extraordinary nature. The maximum pro-rata amount of the guarantee attributable to Snam is equal to 1,129 million euro. Moreover, the financial documentation signed as part of the Project Financing concluded for TAP provides for some restrictions for the shareholders, typical of this type of transaction, such as: (i) the restriction on the sale of TAP shares, according to a certain schedule; (ii) establishment of a pledge for the shares held by Snam in TAP in favour of the lenders for the entire duration of the loan. 7.9 Significant restrictions There are no significant restrictions on equity investments. 7.10 Other information With regard to equity investments in associates or joint ventures, financial statements or reports with a reporting date of up to six months from 31 December 2025 were used in limited cases. The table below shows the reporting date of the year used to apply the equity method:
Company name
Type of relationship
Reporting date
Mozart HoldCo S.p.A.
Significant influence
30/06/2025
GPI S.p.A.
Significant influence
30/06/2025
Diagram S.p.A.
Joint control
30/06/2025
Hotelturist S.p.A.
Joint control
31/10/2025
Furthermore, when the accounting data of an associate or a joint operation used to apply the equity method is different from 31 December 2025, adjustments are made to reflect the effects of the significant transactions or facts that occurred between said date and the reporting date of the Consolidated Financial Statements of the CDP Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-860": { "value": "
Accounting for companies using the equity method
Associates and joint ventures are accounted for using the equity method.
The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis
of the share held in the equity of the investee.
The difference between the value of the equity investment and the share held of the equity of the investee is included in
the carrying value of the investee.
The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement.
If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present
value of the future cash flows which may be generated by the investment, including the final disposal value. If the
recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is
recognised through profit or loss.
Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro
are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of
the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages
compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the
consolidation scope.
The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim)
reporting package and/or financial statements of the companies, approved by the respective governing bodies.
Joint arrangements A joint arrangement is a contractual agreement in which two or more counterparties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. According to IFRS 11, joint arrangements must be classified as joint operation or joint venture depending on the Group\u2019s contractual rights and obligations. A joint operation is a joint arrangement in which the parties have rights on the assets and obligations on the liabilities of the arrangement. A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. A joint venture is a joint arrangement in which the parties have rights on the net assets of the agreement. Equity investments in subsidiaries, which can be classified as Joint Ventures, are valued at equity.
5 \u2013 Equity investments
\u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11).
Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or,
even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the
power to participate in determining financial and operating policies, but without exercising either control or joint control.
Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one
or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the
unanimous consent of the parties involved in the contractual arrangement that have control over the company.
Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity
method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of
the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items
of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the
investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones.
The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the
acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the
associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented
separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d).
Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is
recognised as income. Application of the equity method also considers the treasury shares held by the investee.
The equity investments are tested for impairment at every annual or interim reporting date.
Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in
accordance with the internal policies, differs where these involve equity investments in companies whose shares are or
are not listed on active markets.
An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36.
This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value
to determine the recognition of any impairment losses.
In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for
the separate financial statements of the Group companies.
In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term
investor, at least the following are considered indicators of impairment/objective evidence of impairment:
\u2022 the recognition of losses
190
or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific
analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test
preparation;
\u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares
bankruptcy or undergoes other financial restructuring procedures;
\u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall
profitability for financial companies) for the period
191
.
With reference to listed equity investments, the following are also considered indicators of impairment:
\u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than
40% or for a period exceeding 24 months;
\u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as
relevant together with other available information
192
.
If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the
reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised
through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised
impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have
existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are
recognised in the income statement under \u201cGains (Losses) on equity investments\u201d.
In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific
circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if:
\u2022 it exceeds the carrying amount by at least 5%; and
\u2022 the higher value is observed for at least three consecutive reporting dates.
These conditions are considered indicators of the existence of grounds for a reversal of impairment losses.
Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity
investments expire or when they are sold, substantially transferring all risks and rewards connected with them.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-910": { "value": "Accounting for companies using the equity method Associates and joint ventures are accounted for using the equity method. The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis of the share held in the equity of the investee. The difference between the value of the equity investment and the share held of the equity of the investee is included in the carrying value of the investee. The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement. If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present value of the future cash flows which may be generated by the investment, including the final disposal value. If the recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is recognised through profit or loss. Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation scope. The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim) reporting package and/or financial statements of the companies, approved by the respective governing bodies.
Joint arrangements
A joint arrangement is a contractual agreement in which two or more counterparties have joint control. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities
require the unanimous consent of the parties sharing control.
According to IFRS 11, joint arrangements must be classified as joint operation or joint venture depending on the Group\u2019s
contractual rights and obligations.
A joint operation is a joint arrangement in which the parties have rights on the assets and obligations on the liabilities of
the arrangement. A joint operator shall account for the assets, liabilities, revenues and expenses relating to its interest in
a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.
A joint venture is a joint arrangement in which the parties have rights on the net assets of the agreement. Equity investments
in subsidiaries, which can be classified as Joint Ventures, are valued at equity.
Associate companies
An associate is a company over which the owner exercises a significant influence and which is neither a subsidiary nor a
joint venture. Significant influence is presumed when the owner:
\u2022 owns, directly or indirectly, at least 20% of another company\u2019s share capital; or
\u2022 can, inter alia through shareholders\u2019 agreements, exercise significant influence through:
o representation in the company\u2019s management body;
o participation in the policy-making process, including in decision-making on dividends or other allocations;
o existence of significant transactions;
o exchange of managerial personnel;
o provision of key know-how.
Equity investments in associates are measured at equity.
5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-978": { "value": "Accounting for companies using the equity method Associates and joint ventures are accounted for using the equity method. The equity method involves initial recognition of the equity investment at cost, which is subsequently adjusted on the basis of the share held in the equity of the investee. The difference between the value of the equity investment and the share held of the equity of the investee is included in the carrying value of the investee. The share of profit or loss of the investee is recognised in a specific item of the Consolidated income statement. If there is evidence of impairment, the recoverable amount of the equity investment is estimated, considering the present value of the future cash flows which may be generated by the investment, including the final disposal value. If the recoverable value is lower than the carrying amount resulting from the application of the equity method, the difference is recognised through profit or loss. Equity investments in joint ventures or companies subject to significant influence with a value of less than 20 million euro are excluded from measurement using the equity method (and are therefore carried at cost), due to the immateriality of the investment value and in order to avoid incurring disproportionate costs for the preparation of reporting packages compliant with the CDP Group\u2019s accounting policies, relative to the benefits that would arise from their inclusion within the consolidation scope. The consolidation of joint ventures and investments in associates was based on the most recent (annual or interim) reporting package and/or financial statements of the companies, approved by the respective governing bodies. Associate companies An associate is a company over which the owner exercises a significant influence and which is neither a subsidiary nor a joint venture. Significant influence is presumed when the owner: \u2022 owns, directly or indirectly, at least 20% of another company\u2019s share capital; or \u2022 can, inter alia through shareholders\u2019 agreements, exercise significant influence through: o representation in the company\u2019s management body; o participation in the policy-making process, including in decision-making on dividends or other allocations; o existence of significant transactions; o exchange of managerial personnel; o provision of key know-how. Equity investments in associates are measured at equity. 5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-886": { "value": "
3. Equity investments in subsidiaries with significant non-controlling interests
For the purposes of preparing the following tables, an interest was considered significant if:
\u2022 non-controlling interests are equal to or greater than 50% of the share capital of the investee;
\u2022 the investee\u2019s accounts are of material significance for the reader of this report.
The information presented in the following tables refers to the date of 31 December 2025.
3.1 Non-controlling interests, availability of non-controlling interest votes and dividends distributed to non-
controlling interests
(thousands of euro)
Non-controlling
% of non-controlling
Dividends paid to
interests %
votes (1)
non-controlling
Company name
interests
1. Terna S.p.A.
82.32%
70.15%
655,139
2. Snam S.p.A.
81.44%
68.65%
806,323
3. Italgas S.p.A.
82.55%
62.66%
272,072
(1) Available voting rights at Ordinary Shareholders' Meeting.
(2) Including interim dividend
3.2 Equity investments in subsidiaries with significant non-controlling interests: accounting data
Cash and cash
Property, plant and
(thousands of euro)
Total assets
equivalents
Financial assets
equipment and
Financial liabilities
Equity
Company name
intangible assets
1. Terna S.p.A.
30,863,410
288,294
2,738,954
23,809,576
15,427,623
9,915,747
2. Snam S.p.A.
39,610,081
322,009
1,820,752
27,501,489
19,121,200
11,622,811
3. Italgas S.p.A.
19,460,621
530,881
354,349
15,211,353
11,415,642
4,165,941
Income (loss)
Income (loss)
Income (loss)
Other
Net interest
Operating
before tax
after tax on
after tax on
Income (loss)
comprehensiv
Comprehensi
income
Gross income
costs
from
continuing
disposal
for the period
e income net
ve income (3)
(thousands of euro)
continuing
operations
groups held
(1)
of taxes (2)
= (1) + (2)
Company name
operations
for sale
1. Terna S.p.A.
(176,844)
(188,974)
1,688,467
1,519,284
1,050,204
1,050,204
(3,335)
1,046,869
2. Snam S.p.A.
(292,416)
(621,739)
1,664,251
1,400,164
1,041,877
1,041,877
79,519
1,121,396
3. Italgas S.p.A.
(231,401)
(236,907)
1,213,278
985,662
705,795
705,795
(4,117)
701,678
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "Section 4 \u2013 Events subsequent to the reporting date No events requiring changes to the figures approved occurred between the reporting date of these Consolidated Financial Statements and the date of their approval by the Board of Directors, which took place on 9 April 2026. Significant events after the reporting date Disclosure on the conflict in the Middle East The current military escalation in the Middle East, which began on 28 February 2026 and involves the United States, Israel and Iran, as well as other countries in the region (including member states of the Gulf Cooperation Council (\u201cGCC\u201d), such as Saudi Arabia, the United Arab Emirates, Kuwait, Qatar and Bahrain, as well as Iraq, Jordan and Lebanon), represents a geopolitical shock of global significance. Control of the Strait of Hormuz (located between Iran to the north and Oman and the United Arab Emirates to the south), through which approximately 20% of global oil supply and around 19% of liquefied natural gas transit, represents the focal point of the global energy crisis and its repercussions on the world economy. Although Europe directly imports only a limited share of these resources, the integration of global markets has triggered an immediate surge in prices. The threat concerns not only trade flows but also strategic infrastructure. Iranian attacks on oil facilities, logistics hubs and data centres have led some of the largest producers in Saudi Arabia and Qatar to scale back operations. In response to this scenario, the international community has expressed positions oriented towards de-escalation. Western countries have increased their naval presence in the Mediterranean for defensive purposes, while, on the energy and economic front, several net-importing countries have indicated their willingness to deploy mitigation measures, such as the coordinated use of strategic reserves, to counter the impact on national budgets and contain financial market volatility. The potential impacts of this crisis negatively affect an environment of moderate growth in 2026 for Italy and the euro area 176 , with an inflation profile that remains relatively more moderate compared with other major economies. In an international environment that is already fragile and fragmented, the conflict introduces significant uncertainty regarding the stability of value chains and macroeconomic developments, making it extremely difficult to formulate reliable medium-term forecasts. With reference to the financial statements as at 31 December 2025, the European Securities and Markets Authority included, among the priorities set out in its Recommendation of 14 October 2025 177 relating to financial statements prepared in accordance with IAS/IFRS, the issue of geopolitical risks and uncertainties, emphasising the need to provide issuer-specific disclosures on how such factors affect performance and financial position and, in particular, the judgements and estimates applied in the preparation of the financial statements 178 . In accordance with IAS 10 Events after the Reporting Period, recent international developments involving the Middle East, which materialised with the outbreak of the conflict on 28 February 2026, qualify as so-called non-adjusting events, that is, events indicative of conditions arising after the reporting date that do not require adjustment, as they have no impact on the determination of profit or loss and equity in the consolidated financial statements as at 31 December 2025. Similarly to previous geopolitical shocks, the economic effects of the conflict may be transmitted through several interconnected channels: 1) Direct energy price channel: increases in oil and gas prices are transmitted to the costs of fuel, electricity and energy bills for households and businesses. 2) Cost and availability of intermediate inputs channel: higher energy costs particularly affect energy-intensive sectors (chemicals, metallurgy, ceramics, glass and paper), generating cascading effects along production value chains, including agriculture. 3) Logistics channel: tensions in the region may lead to higher transport and insurance costs, as well as delays and rerouting of trade routes, with adverse effects on global value chains. 4) Trade channel: a slowdown in economic activity in Middle Eastern countries, together with a broader contraction in international trade, may negatively affect external demand. 5) Confidence channel: increased geopolitical uncertainty tends to dampen consumption and investment decisions by households and businesses. 6) Macro-financial channel: potential public support measures for households and businesses, combined with a context of heightened risk aversion, may place pressure on public finances and government bond yields. The energy channel could represent the main transmission mechanism of the shock. Persistent tensions in the Strait of Hormuz would likely be reflected in international oil and gas prices, resulting in increased volatility and price levels higher than those assumed in the baseline scenario. For Italy, despite limited direct exposure in terms of physical volumes, the impact on energy prices could be significant, with potential effects on inflation, the costs borne by households and businesses and, indirectly, on production. Rising energy prices could translate into higher intermediate input costs, severely affecting energy-intensive sectors (chemicals, metallurgy, ceramics, glass and paper) and agriculture, compressing corporate margins and ultimately feeding through to final prices. Tensions in the Gulf region and neighbouring areas could increase logistical risks, affecting transport costs, insurance premiums and delivery times. These dynamics may reduce the predictability of international trade and complicate corporate production planning. A prolonged conflict could place pressure on the economies of Gulf countries, influencing domestic demand, tourism flows and foreign direct investment, with potential negative repercussions for international trade and demand for goods from those economies. The escalation of geopolitical tensions could adversely affect confidence levels, prompting households to increase precautionary savings and postpone consumption and investment decisions, thereby generating downward pressure on domestic demand and, consequently, on Italian GDP growth. Finally, the conflict may also affect the macro-financial channel: a prolonged increase in energy prices could require public support measures, with potential implications for public finances. At the same time, heightened uncertainty could translate into increased volatility in financial markets and upward pressure on government bond yields, thereby affecting financing conditions for the Italian economy. Based on the CDP Group\u2019s business model and operational scope, credit and equity exposures are primarily attributable to the domestic market, with limited exceptions discussed in the following sections; accordingly, any potential adverse effects of the conflict are expected to arise mainly through indirect transmission channels (energy prices, supply chains and financial market volatility). The escalation of geopolitical tensions may result in potentially abrupt price movements in interest rates, spreads, exchange rates, equities and commodities, with possible effects on market volatility and funding conditions. The general environment of uncertainty could, in particular, lead to upward pressure on government bond yields. Direct exposure to counterparties located in countries directly involved in the conflict is negligible. The main potential effects on the credit portfolio could therefore arise from indirect impacts on domestic counterparties operating in sectors more sensitive to energy shocks, increases in input costs and a slowdown in demand. However, it will be necessary to monitor the impact of a scenario of prolonged volatility on the capital strength and profitability of certain investees, which may be affected by increases in the cost of raw materials and energy, the structure of fixed and variable costs, the lengthening of collection cycles and the actual ability to pass on price increases to end customers in the short term, resulting in pressure on operating margins. Companies within the CDP Group, on the basis of the information available and the uncertainty scenario outlined above, have carried out specific assessments in order to evaluate the potential impacts that possible developments in the geopolitical environment may entail. Based on these analyses, with particular reference to CDP Group companies operating in the Oil & Gas, Construction, Cruise and Infrastructure sectors, the main exposures identified relate to indirect risks, such as: \u2022 increase in energy costs: the events described above triggered an increase in the price of Brent crude to approximately 100 dollars per barrel in early March 2026, driven by market participants\u2019 positioning in response to perceived risks of supply disruption. A rapid rise in oil prices may lead to higher energy and logistics costs which, for certain companies within the CDP Group, could affect operations and the financial and economic position of customers operating in the affected areas, as well as potentially impacting profitability; however, this potential effect tends to be absorbed or offset through contractual adjustment mechanisms (price escalation clauses, risk-sharing arrangements and direct supply by the customer) provided for in contracts and regulated activities; \u2022 impacts on the supply chain: higher energy costs and the issues arising from Iran\u2019s closure of the Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and the Indian Ocean, may affect logistics and the supply chain, resulting in impacts on the timing and costs of ongoing projects (delays in the delivery of components, materials or services by global suppliers, and temporary contraction in business development within GCC member countries). Although the supply chain of the companies concerned is diversified, this scenario could pose a risk to supplies where technological alternatives are limited. The CDP Group will continue to monitor developments in the geopolitical environment and remains ready to assess any changes that could affect control frameworks; at present, the companies\u2019 distinctive capabilities, order backlog and capital and financial structure support the conclusion that the current environment is not considered likely to require updates to the forecasts communicated to the market to date, nor to represent a material uncertainty regarding their ability to continue as a going concern. For indirect investments through investment funds recognised in the financial statements at fair value, direct exposure to counterparties located in the area affected by the conflict is marginal. Moreover, in contexts of geopolitical escalation such as the one under consideration, in addition to macroeconomic and market-related channels, the relevance of operational and ICT/cyber risks may increase, including in relation to potential hybrid threats, disruptions to digital services and pressures on critical infrastructure. The CDP Group maintains governance and monitoring frameworks for ICT risk management and information security. The sanctions framework against Iran was already extensive and complex prior to the outbreak of the conflict in the Middle East, with numerous trade and financial restrictions adopted within the framework of the United Nations, the European Union and the United States. On 29 September 2025, the European Union adopted Regulation (EU) 2025/1975, which provided for the full reintroduction of nuclear-related restrictive measures against Iran that had previously been suspended or lifted from January 2016 following commitments undertaken under the Joint Comprehensive Plan of Action. The European Union also adopted implementing regulations amending Regulation (EU) No. 267/2012, which establishes restrictive measures against Iran in response to sensitive nuclear activities carried out by the Islamic Republic in violation of its international obligations. This legislative intervention followed the so-called \u201csnapback\u201d procedure, aimed at restoring international sanctions against Iran following the determination of a material breach of obligations undertaken under the Joint Comprehensive Plan of Action. The reinstated measures include, in particular, the freezing of funds and economic resources of designated persons and entities, the prohibition on making economic resources available and significant financial and trade restrictions. At the United States level, sanctions against Iran constitute one of the most comprehensive and restrictive regimes globally, including the freezing of funds and economic resources of numerous individuals and entities, restrictions on access to the United States financial system and limitations on trade, energy, transport and international payments. In 2026, the European Union sanctions regime was further strengthened through additional designations relating to human rights violations and Iran\u2019s military support to the Russian Federation. In view of the CDP Group\u2019s commercial and financial operations, no material impacts have been identified to date arising from developments in the applicable sanctions framework, which remains subject to ongoing monitoring and control in order to ensure that operations remain compliant with the evolving legislative and regulatory environment. In relation to the matters described above, taking into account the recent outbreak of the conflict, the continuously evolving situation and the uncertainty regarding the duration of hostilities and future scenarios, it is currently particularly difficult to predict the direct and indirect effects of the present geopolitical environment on the macroeconomic outlook in the short and medium term and the related impacts on the operations and prospective performance of the companies within the CDP Group. In the current environment, continuous monitoring of developments will therefore be required in order to assess any potential effects in subsequent financial reporting periods. *** The other significant events after the reporting date are described below. FINCANTIERI On 18 February 2026, Fincantieri announced the successful completion of the placement of 32,588,445 ordinary shares, representing 10% of the share capital (prior to the capital increase), for a total gross consideration of approximately 499,254,977.4 euro, carried out through an accelerated bookbuilding procedure addressed exclusively to qualified and/or institutional investors. On 5 March 2026, Remazel announced that it had completed the acquisition of 100% of the quotas of H Tech Servi\u00e7os e Manuten\u00e7\u00e3o Ltda., a Brazilian company specialising in inspection and maintenance services for offshore facilities. The transaction represents a strategic step in Remazel\u2019s growth and consolidation path and further strengthens its positioning in the offshore support and maintenance services market, with a particular focus on Brazil and neighbouring regions. TERNA On 26 January 2026, Terna S.p.A. successfully issued a perpetual, subordinated, hybrid, non-convertible fixed-rate European Green Bond, placed with institutional investors for a total nominal amount of 850 million euro. The issuance, following the 750 million euro senior European Green Bond launched in July 2025, was met with strong market demand, with orders exceeding 7 billion euro (approximately nine times the offer), and was characterised by high quality and broad geographical diversification of investors. The bond is non-callable for six years, issued at 100% with a spread of 123 basis points over the mid-swap rate, implying a subordination premium of less than 60 basis points compared to a senior bond of similar maturity, the lowest ever recorded for a euro-denominated corporate hybrid bond in Europe. The bond pays a fixed annual coupon of 3.875% (the effective rate of the transaction) until, but excluding, the first reset date on 2 February 2032. From that date, if early redemption has not occurred, the hybrid bond will accrue annual interest at the five-year euro mid-swap rate, plus an initial margin of 123 basis points, increased by an additional margin of 25 basis points from 2 February 2037 and by a further 75 basis points from 2 February 2052. The settlement date of the issuance is expected to be 2 February 2026. In accordance with Regulation (EU) 2023/2631, the proceeds of the issuance are expected to be used to finance or refinance the Company\u2019s so-called \u201celigible green projects\u201d, identified or to be identified on the basis of Terna\u2019s Green Bond Framework, published in July 2025 and aligned with the \u201cGreen Bond Principles 2025\u201d issued by the International Capital Market Association and with the EU Taxonomy aimed at promoting sustainable investments. It should also be noted that the perpetual hybrid European Green Bond has been issued under Terna\u2019s Euro Medium Term Notes (EMTN) Programme, with a total amount of 4 billion euro, approved in June 2025 (and subsequently updated by Supplement, most recently on 22 January 2026) by the Commissione Nazionale per le Societ\u00e0 e la Borsa (CONSOB). It is further noted that an application for admission to listing on the Mercato Obbligazionario Telematico (MOT), managed by Borsa Italiana, will be submitted at the time of issuance. On 16 February 2026, the formal voluntary liquidation process of the subsidiary \u201cTerna 4 Chacas S.A.C.\u201d has been initiated. The company has carried out the mandatory update of its corporate name, in accordance with the applicable Peruvian legislation and in line with similar provisions under Italian law in comparable cases. As of today, the company\u2019s corporate name is therefore \u201cTerna 4 Chacas S.A.C. \u2013 En Liquidaci\u00f3n\u201d. The process is expected to be completed by June, subject to no unforeseen circumstances. On 26 February 2026, Terna Plus S.r.l. and Rete S.r.l., companies of the Terna group, entered into a binding agreement with Engie Transmisi\u00f3n Per\u00fa S.A. (a company of the Engie group) for the disposal of 100% of the share capital of Terna Peru S.A.C., owner of a 138 kV transmission line, approximately 132 km in length, connecting the Aguayt\u00eda and Pucallpa substations in the Ucayali region of Peru. The transaction value amounts to approximately 15 million US dollars. Completion of the transaction is expected in the third quarter of 2026. This transaction forms part of Terna\u2019s strategic repositioning process, implemented through the enhancement of assets developed in South America, as confirmed in the update of the 2024-2028 Strategic Plan. On 26 February 2026, the shareholders\u2019 meeting of Gyala S.r.l. approved a non-divisible capital increase, to be paid in cash, for a total amount of 4.0 million euro (including share premium), to be subscribed exclusively by Terna Forward S.r.l., CDP Venture Capital SGR S.p.A., Deep Ocean Capital SGR S.p.A. and Ventive S.r.l. The capital increase must be fully subscribed and paid in by 7 April 2026. Following completion of the capital contributions by all investors, the transaction will be completed and the wholly owned subsidiary Terna Forward S.r.l. will acquire a minority interest equal to 4.17% of the share capital. Gyala S.r.l., operating in the cybersecurity sector, develops, produces and markets high value-added innovative products, solutions and services. ITALGAS In order to fulfil the commitments required by the Antitrust Authority in connection with the acquisition of 2i Rete Gas, in January 2026 Italgas Reti incorporated and registered with the Companies Register six new companies, each with share capital of 10,000 euro fully subscribed and paid in: Azienda Gas Valle del Sacco S.r.l., BS Reti Gas S.r.l., Infrastrutture Reti Gas SPV 1 S.r.l., Infrastrutture Reti Gas SPV 2 S.r.l., Infrastrutture Reti Gas SPV 3 S.r.l. and Reti Padova S.r.l. With an order published on 27 January 2026, the TAR Friuli-Venezia Giulia rejected the precautionary request submitted by Italgas Reti seeking to suspend the tender for the concession of the gas distribution service in the Pordenone area. The Court found that the risks indicated by the company were not substantiated and excluded the existence of serious and irreparable harm, noting that the timing of the proceedings will allow a decision on the merits before the deadline for the submission of bids (3 June 2026). The public hearing to discuss the appeal has been scheduled for 10 March 2026. By Resolution No. 9/2026/R/gas, ARERA approved the amounts to cover the additional costs associated with the extension of the verification obligations for metering instruments incurred in 2018 and 2019 by distribution companies that submitted separate annual accounts under the ordinary unbundling regime. The resolution also provides that CSEA shall proceed with the settlement of the amounts recognised on a final basis to distribution companies, as an adjustment to the revenue cap established to cover the costs of the metering service. By judgment published on 29 January 2026, the Council of State dismissed the appeal lodged by Italgas Reti against the award of the tender for gas distribution in the Catanzaro-Crotone area. On 1 March 2026, the ATEM areas of Bari 2, Barletta-Andria-Trani, Pisa and Teramo were transferred to the consortium formed by Plures, Estra and Centria, relating to approximately 120,000 active points of delivery (PdR). The remaining disposals will be completed by the second quarter of 2026. SNAM On 7 January 2026, Snam completed a structured financial transaction combining the issuance of a new green bond convertible into existing ordinary shares of Italgas S.p.A. and the simultaneous repurchase of EU Taxonomy-aligned Transition Bonds, convertible into existing ordinary shares of Italgas S.p.A. and maturing in 2028, with the aim of optimising the debt structure and supporting investments related to the energy transition. Specifically, the group issued new bonds maturing in 2031 with a nominal value of 500 million euro, convertible into existing ordinary shares of Italgas, with a five- year duration and a fixed annual coupon of 1.75%, payable semi-annually on 14 January and 14 July of each year. At the same time, Snam, through a reverse bookbuilding process, repurchased the convertible bonds maturing in 2028. On 2 March 2026, Snam completed the acquisition of the 48.24% equity investment held by Igneo Infrastructure Partners (\u201cIgneo Transaction\u201d) in OLT \u2013 Offshore LNG Toscana S.p.A. (\u201cOLT\u201d), which operates the FSRU Toscana offshore Livorno. Furthermore, on 4 March 2026, Snam entered into an agreement with Golar Offshore Toscana Ltd for the acquisition of the remaining 2.69% stake held by the latter in OLT (\u201cGolar Transaction\u201d and, together with the Igneo Transaction, the \u201cTransactions\u201d). The total consideration for the Transactions, including the stakes held by Igneo and Golar and the residual portion of the shareholder loan granted by Igneo to OLT, amounts to approximately 129 million euro. The closing of the Igneo Transaction, following the receipt of the relevant regulatory approvals, enabled Snam to increase its shareholding in OLT to 97.31%, resulting in its consolidation in Snam\u2019s financial statements. With regard to the Golar Transaction, closing is expected during March. On 20 February 2026, Decree-Law No. 21 was issued, entitled \u201cUrgent measures to reduce electricity and gas costs for households and businesses, to enhance business competitiveness and the decarbonisation of industry, as well as urgent provisions to address virtual congestion in electricity networks and to integrate data centres into the electricity system\u201d, published in Official Journal No. 42 of the same date. To finance the reduction of energy bill charges, the decree provides for a 2% increase in the IRAP rate for the 2026\u20132027 tax period, applicable to entities operating in the energy sector, identified through specific ATECO codes. With reference to Snam\u2019s scope of activities, the impacts of the Decree concern companies operating in the natural gas transmission and storage businesses. Based on currently available information, the increase in the IRAP rate is expected to result in additional costs of approximately 40 million euro for each of the 2026 and 2027 financial years. CDP EQUITY On 16 February 2026, a new commercial paper issued by CDP was subscribed, with maturity on 18 May 2026 and a nominal value of 300 million euro. During January, February and March 2026, three additional capital contributions were made to Open Fiber Holding, amounting in total to 138 million euro, in support of Open Fiber\u2019s development plan; On 20 February 2026, following the completion of the written consultation of investors, certain amendments to the regulations of the Boost Innovation fund managed by CDP Venture Capital SGR became effective, with retroactive effect from December 2025; these amendments, inter alia, reduced the commitment (from 50 million euro to approximately 27 million euro in the case of CDP Equity) and revised the fee structure in a manner more favourable to subscribers after the investment period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "Section 5 - Other issues IFRS endorsed at 31 December 2025 and in force since 2025 As required by IAS 8 - \u201cAccounting policies, changes in accounting estimates and errors\u201d, details of the new international financial reporting standards, or amendments to standards already in force, whose application became mandatory from 1 January 2025, are provided below: \u2022 Commission Regulation (EU) 2024/2862 of 12 November 2024 amending Regulation (EC) No 2023/1803 concerning International Accounting Standard No. 21 (IAS 21). New accounting standards and interpretations issued and endorsed by the European Union, but not yet effective (effective for the financial years beginning 1 January 2026) Listed below are the new standards and interpretations already issued and endorsed, but not yet effective and therefore not applicable to the preparation of the financial statements as at 31 December 2025: \u2022 Commission Regulation (EU) 2025/1047 of 27 May 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 9 and International Financial Reporting Standard 7; \u2022 Commission Regulation (EU) 2025/1266 of 30 June 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 9 and International Financial Reporting Standard 7; \u2022 Commission Regulation (EU) 2025/1331 of 9 July 2025 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standards 1, 7, 9, and 10, and International Accounting Standard No. 7; \u2022 Commission Regulation (EU) 2026/338 of 13 February 2026 amending Regulation (EU) 2023/1803 concerning International Financial Reporting Standard 18. Accounting standards, amendments and interpretations not yet adopted by the European Union Certain accounting standards, interpretations and amendments had been issued by the IASB but not yet endorsed by the European Union at the approval date of these consolidated financial statements: \u2022 IFRS 19 \u201cSubsidiaries without Public Accountability: Disclosures\u201d (issued on 9 May 2024); \u2022 Amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary Presentation Currency\u201d (issued on 13 November 2025); \u2022 Amendments to IFRS 19 \u201cSubsidiary without Public Accountability: Disclosures\u201d (issued on 21 August 2025). ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-887": { "value": "Section 5 - Other issues IFRS endorsed at 31 December 2025 and in force since 2025 As required by IAS 8 - \u201cAccounting policies, changes in accounting estimates and errors\u201d, details of the new international financial reporting standards, or amendments to standards already in force, whose application became mandatory from 1 January 2025, are provided below: \u2022 Commission Regulation (EU) 2024/2862 of 12 November 2024 amending Regulation (EC) No 2023/1803 concerning International Accounting Standard No. 21 (IAS 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-931": { "value": "
Other information
The annual Consolidated Financial Statements are subject to approval by the CDP Board of Directors and will be published
within the times and in the manner envisaged by the applicable legislation in force.
Commission Delegated Regulation (EU) 2019/815 (the \u201cESEF Regulation\u201d) requires issuers that prepare consolidated
financial statements in accordance with IAS/IFRS to prepare and publish their financial statements in eXtensible Hypertext
Markup Language (\u201cXHTML\u201d) format, using the Inline Extensible Business Reporting Language (\u201ciXBRL\u201d), and to provide
detailed tagging of the consolidated financial statements (from the 2021 financial year onwards), as well as block tagging
of the information contained in the notes to the consolidated financial statements (from the 2022 financial year onwards).
In preparing the annual financial statements for 2025 in ESEF format, and in carrying out the tagging exercise, CDP has
taken into account the recommendations issued by ESMA and the methodological guidance shared by the main Italian
banks and insurance companies. The taxonomy applied for the preparation of the ESEF filing is the 2024 version.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "Global Minimum Tax Disclosure Legislative Decree No. 209 of 27 December 2023 (\u201cPillar II regulation\u201d or \u201cglobal minimum tax\u201d), in force from fiscal year 2024, introduced a global minimum taxation regime of 15% for national and multinational groups in each jurisdiction where they operate. It also provides for the application of a Top-up tax in case the effective tax rate (\u201cETR\u201d) per country, adjusted according to the applicable rules, results lower than this minimum rate. During 2024 and 2025, Pillar II legislation was integrated, inter alia, by: (i) the Ministerial Decree of 20 May 2024, pursuant to which - for the three-year period 2024\u20132026 - any top-up tax potentially due in a given jurisdiction is considered equal to zero provided that entities there located meet at least one of the three test set out in the legislation (the \u201cTransitional Safe Harbour\u201d or \u201cTSH\u201d rules); (ii) the Ministerial Decree of 1 July 2024 which sets out the implementing provisions introducing the domestic minimum top-up tax (\u201cQDMTT\u201d); (iii) the implementing Ministerial Decrees of 11 October 2024 and 20 and 27 December 2024, aimed at providing clarifications and operational provisions; (iv) the Ministerial Decree of 16 October 2025, through which Italy adopted the European standard model for the Relevant Notification, a reporting instrument compliant with Council Directive (EU) 2025/872 (\u201cDAC 9\u201d); and (v) the Ministerial Decree of 7 November 2025, which sets out payment and reporting obligations relating to top-up taxes. At the same time, the OECD has also published additional Administrative Guidance (June 2024 and January 2025), providing further clarifications listing countries having transitional status of qualified legislation for Top up tax application purposes. Most recently, on 5 January 2026, OECD issued the \u201cSide-by-Side package\u201d, introducing significant measures aimed at simplifying the application of the global minimum tax for multinational groups, with the objective of balancing tax collection with the reduction of administrative burdens, while safeguarding legitimate tax incentives, namely those linked to real investments. For the purposes of the consolidated financial statements as of 31 December 2025, the relevant scope for the application of Pillar II legislation was updated to include entities part of the CDP Group at the reporting date. The calculation of the top-up tax due was made with reference to low-taxed jurisdictions (ETR lower than 15%), determined by applying - where possible and in compliance with the \u201conce out, always out\u201d principle - TSH rules to the relevant perimeter. The group includes about 450 entities located in approximately 70 jurisdictions, where the ETR is generally higher than 15%. Approximately forty minor entities, located in 12 jurisdictions, reported an ETR lower than 15%, reaching a Group\u2019s total estimated tax liability as at 31 December 2025 of approximately 0.7 million euro.. According to the charging provision mechanism provided by Pillar II regulation, such amount will not be accounted in the stand-alone financial statement of CDP. the corresponding information found in the Notes to the Separate Financial Statements, Part A \u2013 Accounting Policies, Section 4 \u2013 \u201cOther issues\u201d. In relation to the operations of the Snam and Italgas groups, it\u2019s important to highlight that, as part of their engagement in the energy efficiency sector, they actively participate in the acquisition of Ecobonus tax credits. These credits are subsequently reclassified from trade receivables and recognised in other assets upon obtaining the necessary affidavits mandated by existing tax regulations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "A.2 - THE MAIN FINANCIAL STATEMENT ITEMS The Consolidated Financial Statements of the CDP Group as of and for the year ended 31 December 2025 have been prepared by applying the same accounting policies as those used for preparation of the Consolidated Financial Statements for the previous financial year, except for the amendments endorsed and in force with effect from the financial year 2025, as described in Section 5 \u2013 \u201cOther issues\u201d, A.1 General Information. The following pages provide a description of the accounting policies adopted in preparing these consolidated financial statements. 1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 2 \u2013 Financial assets measured at fair value through other comprehensive income (FVTOCI) The item \u201cFinancial assets measured at fair value through other comprehensive income\u201d includes financial assets represented by debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a Business Model whose objective is achieved by both collecting contractual cash flows and selling financial assets; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under this item are also recognised equity instruments, considered as such in compliance with the provisions of IAS 32, which are not held for trading and for which the option, granted by the standard, of recognising the subsequent changes in the fair value of the instrument through other comprehensive income (FVTOCI option 186 ) has been irrevocably exercised. Initial recognition of the item under examination occurs on the settlement date for debt securities and equities and on the disbursement date for loans. Financial assets measured at fair value through other comprehensive income are initially recognised at fair value, which generally corresponds to the transaction price, including any expenses and income attributable to the transaction. Subsequent to the initial recognition, financial instruments traded in active markets are measured at their fair value determined on the basis of official prices on the reporting date. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, and values recorded in recent similar transactions. For equity securities not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The profits and losses resulting from changes in fair value of debt instruments and loans are recognised in the statement of comprehensive income and recorded in the item Valuation reserves, in equity, until the financial asset is derecognised. With reference to such assets, namely financial assets that do not constitute equity instruments, upon derecognition any gains and losses previously recognised in other comprehensive income are reclassified from equity to profit or loss. Gains and losses on foreign exchange are included in the income statement among the Profits (Losses) on trading activities. Interest on the debt instruments and on receivables is recognised through profit or loss according to the amortised cost method, which is based on the effective interest rate, i.e. the rate that discounts the estimated future receipts (and any payments) during the expected life of the financial instrument at the gross carrying value of the financial asset. The carrying value of these instruments includes the provision for expected credit losses required by IFRS 9, with consequent recognition in profit or loss of an impairment loss. In particular, an expected loss for the 12 months following the reporting date is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non- performing exposures) 187 . For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Losses and recoveries arising from the impairment process are included under the item \u201cNet adjustments/recoveries for credit risk\u201d. No reclassifications to other categories of financial assets are allowed, unless the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. As regards equity instruments held by CDP Group for strategic purposes with short term perspective, an irrevocable designation may be made to recognise fair value changes within other comprehensive income (FVTOCI). Exercising the FVTOCI option for equity instruments entails different recognition rules from those previously described for debt securities, specifically: \u2022 the amounts recognised in the fair value reserve, which includes gains and losses arising from changes in the fair value of the asset, are never recycled to profit or loss, not even upon derecognition, at which point such amounts are transferred solely from the fair value reserve to retained earnings; \u2022 all exchange rate differences are recognised in the equity reserve and are therefore charged to other comprehensive income; \u2022 IFRS 9 does not envisage impairment rules for these equity instruments. Dividends arising from such instruments are recognised through profit or loss, unless they represent a recovery of part of the investment cost. Financial assets measured at fair value through other comprehensive income are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Where, however, a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. Where a financial asset is derecognised in its entirety, IFRS 9 provides that, at the time of derecognition, the difference between the carrying value (measured at the derecognition date) and the consideration received shall be recognised through profit or loss. 3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest. Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. 4 \u2013 Hedging transactions Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be found in a specific element or group of elements, should that particular risk effectively materialise. As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements. In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non- derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation that: \u2022 exposes the company to the risk of a change in fair value or future cash flows; \u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101]. The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39, Appendix A, paragraphs AG105-AG113]. When a financial instrument is classified as a hedging instrument, the following are to be formally documented: \u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives; \u2022 the hedging strategy, which must be in line with established risk management policies; \u2022 the methods to be used in order to verify the hedge effectiveness. Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item. A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with the relationship of these changes falling within a range of between 80% and 125%. At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved. If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in the latter case, the termination of hedge accounting is partial rather than complete. Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the eligibility criteria are subject to the following accounting treatment: \u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity; \u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific \u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge must be kept within the range of 80%-125%; \u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges. If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss. Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item \u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with the recognition of the financial effects of the transaction originally hedged. Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value. For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the income statement. The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair value adjustments in hedge accounting\u201d in the income statement. If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write- down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial asset or liability. If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in \u201cGains (Losses) on disposal or repurchase\u201d in the income statement. 5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. 6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. 7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. 8 \u2013 Non-current assets and disposal groups held for sale The balance sheet items \u201cNon-current assets and disposal groups held for sale\u201d and \u201cLiabilities associated with disposal groups held for sale\u201d include the assets or groups of assets/liabilities whose carrying value will be recovered mainly through a sales transaction rather than through their continuous use. These assets must be available for sale in their current condition and the CDP Group companies must be committed to plans to dispose of the asset (or group of assets) and must have initiated programmes to locate potential buyers, such that a sale can be considered highly probable. To be able to classify an asset (or group of assets) as available for sale, the following is also required: \u2022 the asset can be readily exchanged in the market at a price considered reasonable in relation to its fair value at the current date; \u2022 the sale is expected to be completed within one year from the date of classification, except as permitted by paragraph 9 of IFRS 5; \u2022 the actions required to complete the plan to dispose of the asset do not indicate that it is unlikely to be completed. Non-current assets (or disposal groups) are presented separately from balance sheet items \u201cOther assets\u201d and \u201cOther liabilities\u201d. Initial recognition is done in compliance with the specific IFRS as applicable to each associated asset and liability while, subsequently, they are recognised at the lower of their carrying value and fair value (net of costs to sell), without any depreciation/amortisation being recognised. The individual assets of the companies classified as held for sale are not amortised, whereas financial expense and other expenses attributable to liabilities held for sale continue to be recognised. Any subsequent impairment losses are recognised directly as an adjustment to the carrying amount of the non-current assets (or disposal groups) held for sale through profit or loss. The corresponding balance sheet values for the previous financial year are not reclassified. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; \u2022 is an equity investment exclusively acquired with a view to resale. The profits and losses net of tax that can be related to disposal groups of assets and liabilities are shown in the specific income statement item \u201cIncome (Loss) after tax on disposal groups held for sale\u201d. 9 \u2013 Current and deferred taxes Tax assets and liabilities are recognised in the balance sheet respectively under consolidated assets Item \u201cTax assets\u201d and consolidated liabilities Item \u201cTax liabilities\u201d. The accounting entries related to current and deferred taxes include: i) current tax assets, consisting of tax paid in advance and receivables for withholding taxes incurred; ii) current tax liabilities, consisting of tax payables to be settled according to applicable tax regulations; iii) deferred tax assets, consisting of the amounts of tax recoverable in future years in view of deductible temporary differences; and iv) deferred tax liabilities, consisting of payables for tax to be paid in future periods as a result of taxable temporary differences. Current taxes, consisting of corporate income tax (IRES) and regional tax on business activities (IRAP), are recognised on an accrual\u2019s basis using a realistic estimate of the negative and positive tax components for the year. They are calculated on the basis of applicable tax rates. Deferred tax assets and liabilities are recognised according to the tax rate that, under the legislation in force at the reporting date, is expected to apply in the year when the asset is realised or the liability is settled, and are periodically reviewed to take account of any changes in legislation. The term \u201cdeferred\u201d tax refers, in particular, to the recognition, in terms of tax, of the temporary differences between the value assigned to an asset or liability for statutory accounting purposes and the corresponding value for tax purposes. Deferred taxes are recognised: \u2022 under Tax assets, if they relate to \u201cdeductible temporary differences\u201d, which means the differences between statutory and tax values that will give rise to deductible amounts in future periods, to the extent that they are likely to be recovered; \u2022 under Tax liabilities, if they relate to \u201ctaxable temporary differences\u201d representing liabilities because they are related to accounting entries that will become taxable in future tax periods. If the deferred tax items regard transactions that directly affected equity, they are recognised in equity. Some of the CDP Group\u2019s Italian companies joined the \u201cnational fiscal consolidation\u201d mechanism regulated by Articles 117-129 of the Consolidated Income Tax Law (\u201cTUIR\u201d), introduced into tax law by Italian Legislative Decree no. 344/2003. It consists of an optional tax system, according to which aggregate net taxable income or loss of each subsidiary that has joined the national fiscal consolidation mechanism \u2013 inclusive of any tax withholding, deductions and tax credits \u2013 is transferred to the Parent Company, for which a single taxable income or a single tax loss is carried forward (resulting from the algebraic sum of its income/losses and those of the subsidiaries) and, as a result, a single tax payable/receivable. 10 \u2013 Provisions for risks and charges This item consists of the provision set aside to cover specific types of liabilities whose existence is certain or probable, but whose amount or accrual date were uncertain at the reporting date. Therefore, the provisions are recognised only when: \u2022 there is a present (legal or constructive) obligation resulting from a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 a reliable estimate can be made of the amount of the obligation. When the time value is significant and the dates of payment of the obligation can be estimated reliably, the allowance is measured as the present value (discounted at market rates as of the reporting date) of the charges that are expected to be incurred in order to settle the obligation. Contingent \u2013 not probable \u2013 liabilities are not recognised in the balance sheet. However, they are disclosed in the notes, unless the probability of an outflow of resources is remote or the event is deemed insignificant. The provisions are used only to cover the costs for which they were originally recognised, and they are reversed in the income statement when the obligation is settled or when it is no longer probable that an outflow of resources will be required to settle the present obligation. This item also includes provisions for credit risk for commitments to disburse funds and on financial guarantees that are subject to the rules of impairment in IFRS 9. This item also includes the company pensions and other post-retirement benefit obligations, i.e. the provisions for long- term employment and post-employment benefits. However, no value has been recognised for the sub-account in question because there were no net amounts attributable to that item at the reporting date of these financial statements. For more information see the section \u201cStaff severance pay\u201d in paragraph 15 \u201cOther information\u201d. 11 \u2013 Financial liabilities measured at amortised cost This item includes all amounts due to banks and due to customers of any technical form (deposits, current accounts, loans), other than those in the items \u201cFinancial liabilities held for trading\u201d and \u201cFinancial liabilities designated at fair value\u201d. This includes operating debts associated with the provision of business and financial services and variation margins with clearing houses in respect of transactions on derivatives, in addition to operating debts associated with the provision of financial services. In particular, the Parent Company CDP includes in these items the amounts still to be disbursed for loans being repaid, as well as liabilities in respect of postal funding products. Postal savings bonds issued by CDP are reported under the item \u201cDue to banks\u201d and the item \u201cDue to customers\u201d, including those that have matured but have not yet been redeemed at the reporting date. These instruments are zero-coupon securities (where the interest accrued is paid when the principal is redeemed) with a step-up interest structure (the interest rate increases as the period for which the bond is held increases) and with principal and interest redeemed in a single payment upon maturity, although the bonds can be redeemed upon request of the underwriter at any time prior to their contractual maturity, with principal and interest paid in accordance with the period for which the bond was held. For Postal savings bonds, the adoption of the amortised cost method and of the effective interest rate used for calculating the amortised cost under examination must be equal to the internal rate of return from the estimated (not contractual) cash flows throughout the expected (and not contractual) life of the instrument. Given the aforementioned option of early redemption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP has therefore developed a statistical model for forecasting early redemption of postal savings bonds based on a time series of redemptions, which is used to price the new issues. The forecasting model used at the time of the bond issue is also used to determine the initial estimated amortisation plan for each series of postal savings bonds. Based on these estimated flows, the effective interest rate and the amortised cost to be recognised in the balance sheet are then calculated. Differences between the actual early redemptions and these estimates result in the recalculation of the remaining amortisation schedule. In such cases, the IFRS state that the amortised cost of the instrument being measured is to be equal to the present value of the new estimated future cash flows using, for fixed rate postal savings bonds, the effective interest rate calculated at the issue of each series as the discount rate, and kept unchanged. The effective rate for floating- rate interest-bearing postal savings bonds is updated every time the estimated cash flows are revised due to changes in the benchmark indices and the review of the flow of redemptions. Financial liabilities measured at amortised cost also include the amount of funds provided by the State or other government agencies and intended for particular operations required and regulated by special laws (\u201cthird-party funds in administration\u201d), provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. However, funds administered on behalf of the State or other government agencies are not included here if their management is exclusively remunerated by an all-in-one fee (commission) and that are, therefore, merely seen as a service. In addition, this item also includes issued securities measured at amortised cost. The item is reported net of repurchased securities. Financial liabilities measured at amortised cost are recognised for the first time on the date the raised funds are received or the debt instruments issued. These items are recognised at their fair value upon initial recognition. That value normally corresponds to the amount received or the issue price, inclusive of the directly attributable expenses to the individual fundraising operations or the costs incurred for the issue. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method, as defined in the preceding paragraphs. An exception is represented by short-term financial liabilities, which are recognised at the received value, given the negligible effect of the time factor. In hybrid debt instruments (indexed to equity instruments, indices, foreign currencies etc.) the embedded derivative is separated from the host contract, when the criteria for separation under IFRS 9 apply, and is recognised at its fair value under financial assets/liabilities held for trading (respectively positive or negative). The related changes in value are recognised in profit or loss. By contrast, the primary contract is initially recognised at an amount corresponding to the difference between the total proceeds collected and the fair value allocated to the embedded derivative, and is subsequently recognised and measured in line with the rules of the applicable classification portfolio. The amounts under the item \u201cDue to banks\u201d, \u201cDue to customers\u201d, and \u201cSecurities issued\u201d are derecognised when they mature or are extinguished. The derecognition also takes place when there is a repurchase of previously issued bonds, with simultaneous recalculation of the residual payable only for the securities issued. The difference between the carrying value of the liability and the amount paid to purchase it is recognised in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. 13 \u2013 Financial liabilities designated at fair value This item includes financial liabilities, regardless of their technical form (debt securities, loans etc.), for which the option of measurement at fair value through profit or loss has been exercised (\u201cFair Value Option\u201d) in accordance with the requirements established by IFRS 9 for classification in this item. This classification is made when one of the following conditions applies: \u2022 the designation eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch) that would otherwise arise from the measuring of assets or liabilities or from the recognition of gains or losses on different bases; \u2022 a group of financial liabilities, or a group of financial assets and liabilities is managed and the performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; \u2022 the liabilities consist of hybrid instruments containing embedded derivatives that would otherwise have been separated (however, this rule does not apply if the embedded derivative is insignificant or if the separation of the embedded derivative cannot be applied). As regards issued debt securities, these financial liabilities are recognised for the first time on the date of issue. Initial recognition is at fair value, which generally equals the amount collected, without considering the transaction expenses and income attributable to the instrument issued, which are instead recognised in the income statement. Subsequent to initial recognition, these financial liabilities are measured at fair value and charged as follows: \u2022 the change in fair value that is attributable to changes in its creditworthiness is recognised in the statement of comprehensive income and recorded in the item Valuation reserves; \u2022 the residual amount of change in fair value is recognised through profit or loss. Financial liabilities at fair value are derecognised from the balance sheet when the contractual rights to the related cash flows expire or when the financial liability is sold, transferring all risks and rewards connected with it to third parties. 14 \u2013 Transactions in a foreign currency Transactions in a foreign currency are initially recognised in euros by translating the amount in the foreign currency into euros at the spot exchange rate prevailing on the date of the transaction. In preparing the annual or interim financial statements, assets denominated in a foreign currency are accounted for as follows: \u2022 monetary instruments are translated at the spot rate quoted on the reporting date; \u2022 non-monetary instruments, which are carried at cost, are translated at the exchange rate quoted on the date of the original transaction; \u2022 non-monetary instruments, which are carried at fair value, are translated at the spot rate quoted on the reporting date. Exchange rate differences in respect of non-monetary items are treated using the same rules for gains and losses on the original instruments. Positive and negative exchange differences relating to financial assets and liabilities denominated in foreign currencies, other than those measured at fair value, those subject to fair value hedges (exchange rate or fair value risk) and cash flow hedges (exchange rate risk), as well as related hedging derivatives, are included in \u201cProfits (Losses) on trading\u201d. This item also includes the results of fair value measurement of any forward contracts associated with foreign currency transactions concluded for hedging purposes, net of the accrued contractual margins recognised in interest with the relevant + or - sign; Financial assets and liabilities denominated in foreign currencies measured at fair value are included in the \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d; Financial assets and liabilities denominated in foreign currencies, subject to fair value hedge (exchange rate or fair value risk) and relating to hedging derivatives are included in the results of related measurements recognised in \u201cFair value adjustments in hedge accounting\u201d. 15 \u2013 Other information Other assets Inventories Inventories, including compulsory stock, are stated at the lower of their purchase or production cost and their net realisable value, represented by the amount that the business expects to obtain from their sale in the normal course of its activities. Cost is measured as the weighted average cost. The net realisable value is the selling price in the ordinary course of business less the estimated completion costs and those necessary to sell the good. Work in progress and semi-finished goods are valued at production cost, excluding financial charges and overheads. Sales and purchases of strategic gas 194 , subject to prior authorisation by the MISE, do not generate an actual transfer of the risks and rewards associated with ownership and, therefore, do not result in changes in inventory. Contract work in progress The gross amount due from contract work in progress is shown in the balance sheet assets. Recognition in the financial statements of the activities deriving from contracts (orders) depends on the methodology by which the transfer of control to the customer of the asset or service takes place: if this occurs gradually as the asset is built or the services are rendered, the assets are recognised based on the value of the contractual fees agreed, increased by any contributions provided for by specific legal regulations reasonably accrued on the balance sheet date, according to the cost-to-cost method, taking into account the progress achieved and the expected contractual risks; if, on the other hand, transfer of control takes place at the time of final delivery of the asset or the completion of the provision of all promised services, the assets are recognised at purchase cost. Work in progress is recorded on the basis of the progress (or percentage of completion) method according to which costs, revenues and margin are recognised based on the progress of the production activity. Progress is determined through the ratio of costs incurred at the reporting date to the total costs expected. Differences between the value of completed contracts and payments on account received are recognised under balance sheet assets or liabilities, considering any impairment losses on the work carried out so as to take into account the risks of customers\u2019 refusal to recognise the work performed. Updates are periodically made to the assumptions that are the basis of the assessments and any economic effects are recorded in the year in which the updates are made. In the event that the completion of a contract is expected to result in a loss of business margin, it will be recognised in its entirety in the financial year in which it becomes reasonably foreseeable within operating costs. Contract work in progress is shown net of any provisions for write-downs, losses on contracts and advances and down payments relating to the contract in progress. Contract costs include all those costs that relate directly to the specific contract, as well as fixed and variable costs incurred by Group companies as part of normal operations. Capitalised borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that qualify for capitalisation are capitalised as part of the cost of the asset. The qualifying assets (property, plant and equipment and intangible assets) involved are those that require at least one year before being ready for use. The directly attributable financial expenses are those that would not have been incurred if the expense for that asset had not been incurred. Where funds are borrowed specifically, costs eligible for capitalisation are the actual financial expense incurred for that financing, less any income earned on the temporary investment of such borrowings. In regard to the general pool of assumed debt, the amount of financial expenses that can be capitalised is determined by applying a capitalisation rate to the expenses incurred for that asset which corresponds to the weighted average of the borrowing costs applicable to the general pool, excluding any specifically borrowed funds. The amount of borrowing costs capitalised during a financial year shall in any case not exceed the amount of borrowing costs incurred during that year. The starting date of capitalisation is the date on which all of the following conditions were met for the first time: (a) the costs for the asset were incurred; (b) the financial expenses were incurred; and (c) the activities necessary to prepare the asset for its intended use or for sale were undertaken. Capitalisation of the financial expenses ceases when the activities necessary to prepare the asset for its intended use or sale are substantially complete. Offsetting financial assets and financial liabilities Applying offsetting accounting to the relevant financial assets and liabilities is carried out in accordance with IAS 32, if, and only if, an entity: \u2022 currently has a legally enforceable right to set-off the recognised amounts; and \u2022 intends either to settle on a net basis, or to realise the asset and simultaneously extinguish the liability. More details are included in the tables of the Notes to the Consolidated Financial Statements, Part B \u2013 Information on the consolidated balance sheet \u2013 Liabilities \u2013 Other information. The tables, in particular, include: \u2022 the balance sheet values, before and after the effects of accounting offsetting, related to financial assets and liabilities that meet the necessary criteria for recognising such effects; \u2022 the amounts of exposures that do not meet these requirements but are included in master netting agreements, which allow for offsetting only under specific circumstances (e.g., a default event); \u2022 the values of the related collateral. Other liabilities Supplier Finance Arrangement and Reverse Factoring Supplier Finance Arrangements (\u201cSFA\u201d) are characterised by one or more financiers offering to pay the amounts owed by a company to its suppliers, with the understanding that the company will repay them based on the terms and conditions of the agreements, either on the same date or at a later time. These contractual arrangements offer the entity an extension of payment terms and/or allow its suppliers to receive an early payment in advance of the invoice due date. The most common type of Supplier Finance Arrangement is Reverse Factoring, which is an agreement that allows suppliers to collect their receivables from the debtor company in advance through a specific arrangement with the company. This operation constitutes a \u201creversal\u201d of the traditional Factoring process, since it is the debtor who decides to use this instrument in order to optimise the management of its liability cycle. The main characteristic of this contract is that the request for assignment of the receivable is made directly by the debtor company, so that the factor is entrusted with the complete management of the supply payable. The agreement with the factor may also provide for the advance payment of receivables or their payment when due. In this case, the supplier collects the receivable immediately, and at the same time, the debtor company can take advantage of the payment extension offered by the agreement. From an accounting standpoint, the determining factor for classification of the payable for reverse factoring is the settlement of the original liability (with consequent derecognition) and the stipulation of a new relationship or otherwise. Specifically, IAS 39 in paragraph AG57 and IFRS 9 in paragraph B3.3.1 provide that \u201ca financial liability (or part of it) is extinguished when the debtor either: \u2022 discharges the liability (or part of it) by paying the creditor, normally with cash, other financial assets, goods or services; or \u2022 is legally released from primary responsibility for the liability (or part of it) either by process of law or by the creditor (If the debtor has given a guarantee this condition may still be met)\u201d. In CDP\u2019s Consolidated Financial Statements reverse factored supply payables are shown under Other liabilities together with all other operating payables. Staff severance pay Staff severance pay (TFR) covers the entire entitlement accrued by employees at the end of the financial year, as provided by law (Article 2120 of the Italian Civil Code) and applicable employment agreements. In accordance with IAS 19, staff severance pay is treated as a \u201cPost-employment benefit\u201d and is classified as: \u2022 a \u201cDefined benefit plan\u201d for the portion of staff severance pay accrued by employees until 31 December 2006; \u2022 a \u201cDefined contribution plan\u201d for the portion of staff severance pay accrued by employees beginning 1 January 2007. The accounting standard envisages that these portions of staff severance pay be recognised at their actuarial value. The accruing and accrued obligations are considered for discounting purposes (these obligations are, respectively, the discounted value of the expected future payments related to benefits accrued during the current financial year and the discounted value of future payments resulting from amounts accrued in previous financial years). It should be noted that a number of CDP Group companies with a small number of employees and an immaterial staff severance pay amount continued to report that liability as calculated on the basis of Italian statutory provisions (Article 2120 of the Italian Civil Code), given the immateriality of the effects of adopting IAS 19. Hybrid bonds Perpetual non-convertible hybrid bonds issued by the Group\u2019s companies are recognised as equity instruments and recorded under equity. These instruments enable Group companies to postpone interest payments over time, with early redemption permitted under specific conditions or on the reset date. These instruments are not convertible into shares, and in the event of the company\u2019s liquidation, dissolution, or insolvency, coupon payments will take a lower priority than all other payment obligations of the issuer. The consideration received from the sale of the instruments and the subsequent capital repayments are accounted for as increases and decreases in equity, in accordance with the provisions for equity instruments under IAS 32. Interest expenses are recorded as a decrease in equity once a payment obligation is incurred. Other income statement items Revenue and cost recognition Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and services, using a model consisting of five basic steps: \u2022 step 1: identify the contract with the customer; \u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations; \u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive; \u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual separable item of goods or services; \u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or service to the customer, i.e. when the customer obtains control of the good or service. Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d, i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement. Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested. There are three cost categories recognised: \u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that invested capital; \u2022 the economic - technical amortisation covering the investment costs; \u2022 the operating costs covering the running costs. With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference (respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology (Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for each year will be defined by the end of the year following the reporting year. With specific reference to the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are equalised by the latter. With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession, the amounts not charged or overcharged to customers during the financial year. With regard to revenue recognition for the so-called \u201cstart-up municipalities 195 \u201d, in Italy revenue from gas distribution is recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur. With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September 2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession.. Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities. The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism includes a significant financial component, the amounts recognised in the financial statements are subject to discounting. Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the purposes of determining the existence of the right. Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs. In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the consideration for the dispatching activity. Considering that companies operating in this market do not have the power to set prices for DSM transactions, revenues are expressed net of costs, on a net basis. In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works, determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed services are recognised based on the earned amount, as long as the stage of completion can be accurately determined and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to the extent of the recoverable costs incurred. Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised. Interest income and expense Interest income and expense is recognised through profit or loss, on a pro-rata basis over time for all instruments, based on the contractual interest rate or at the effective interest rate if the amortised cost method is applied. Default interest, where provided for by contract, is recognised through profit or loss only when it is actually received. The interest also includes the net balance, either positive or negative, of the differentials and margins relating to the financial derivative instruments hedging assets and liabilities that generate interest, and derivatives recognised in the balance sheet in the trading book but operationally related to assets and/or liabilities designated at fair value (fair value option). Commission income and expense Commission income for revenues from services provided and commission expense for the costs of services received are recognised, based on the existence of contractual agreements, on an accrual basis, i.e. in the year when the services are provided. This item also includes the commissions received from guarantees issued in favour of third parties, and commissions paid for guarantees received. When the amortised cost method is used, the commissions considered in calculating the effective interest rate are classified as interests. Dividends The dividends received from subsidiaries, associates or joint ventures, accounted for by using the cost method and not consolidated are recognised in the income statement in the year in which the distribution is approved. The dividends from companies accounted for using the equity method reduce the carrying value of the equity investments. Share-based payments These are payments to employees as consideration for their work services performed. When specific conditions are met, the cost of employee service is remunerated through stock option plans, whose value is measured according to the fair value of the options granted to employees at the grant date. The fair value of options granted is recognised in the income statement, under the item \u201cStaff costs\u201d over the vesting period, with a corresponding increase in equity, considering the best possible estimate of the number of options that employees will be able to exercise. That estimate is revised where subsequent information indicates that the expected number of equity instruments that will vest differs from the estimate previously carried out, independently of market conditions. The measurement method used to calculate fair value considers all the characteristics of the options (term, price and conditions for exercise, etc.), as well as the value of the underlying security at the grant date, volatility and the yield curve at the grant date, in line with the duration of the plan. At maturity, the estimate is revised and recognised in the income statement to register the amount corresponding to the number of equity instruments that have effectively vested, independently of whether market conditions have been met. Grants The revenues are recognised when it is probable that the economic benefits of the operation will flow to the entity. However, where the recoverability of an amount already included in the revenues is uncertain, the unrecoverable amount or the amount whose recovery is no longer probable is recognised as a cost. With regard to projects related to the transmission of electricity, grants received in relation to specific assets (whose value is recognised under non-current assets) are, for plants already in operation before 31 December 2002, recognised under other liabilities and recognised in the income statement over the depreciation period of the related assets. Since 2003, grants for new plants entering service are recognised as a direct reduction of the value of the related asset. Grants for operating expenses are recognised in full in the income statement when the conditions for recognition are satisfied. Capital grants provided by Public Entities are recognised when there is reasonable certainty that the conditions established by the granting authorities for obtaining the grant will be met. Their recognition reduces the purchase or transfer price or the production cost of the asset they refer to. Similarly, capital grants received from private parties are accounted for in accordance with the same accounting policies. Emission rights The European-wide system for the management and trading of emission rights sets a maximum limit on the greenhouse gas emissions to be produced over a year, which corresponds to the allowances contained in the bonus allocation, by the competent national authorities, of a certain number of emission rights. During the year, depending on the actual greenhouse gas emissions produced, each company has the right to sell or the obligation to purchase emission allowances on the market for a consideration. The rights purchased for a consideration to cover the emissions released into the atmosphere during the year are recognised in the income statement; any rights purchased in excess of requirements are recorded under \u201cOther assets\u201d, while any bonus allowances allocated that are not used in the year of allocation are not recognised in the financial statements, as they will be used to cover emissions the following year. Where there is a deficit of emission rights not covered by purchases made on the market at the balance sheet date, the charge and corresponding liability are recognised at the end of the year at market value. Business combinations A business combination is a transaction or other event in which an entity acquires control of one or more business activities (e.g., a business 196 ). Control of one or more businesses may be obtained: (i) through the transfer of cash, cash equivalents or other assets; (ii) by issuing equity interests; (iii) by assuming liabilities; (iv) without the transfer of a consideration (for example, through a contractual agreement). Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally recognised through profit or loss in the years when those costs are incurred or the services are rendered. Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill. Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are those prompted by new information about facts and circumstances that existed at the acquisition date, that has been obtained during the measurement period (which shall not exceed one year from the business combination). For newly acquired companies, if the initial values for a business combination are incomplete by the end of the reporting period in which the combination occurs, the CDP Group reports in its Consolidated Financial Statements provisional amounts for the item for which the accounting is incomplete. In accordance with IFRS 3, paragraphs 45 ff., within twelve months of the acquisition date, the differences resulting from the business combination have to be allocated by recognising the fair value at the acquisition date of the identifiable assets acquired and liabilities assumed. The following items are an exception and are measured in accordance with their applicable standard: \u2022 deferred tax assets and liabilities within the scope of IAS 12; \u2022 assets and liabilities for employee benefits within the scope of IAS 19; \u2022 liabilities or equity instruments related to share-based payment transactions involving shares of the acquiree or share- based payment transactions involving shares of the Group issued in replacement of contracts of the acquiree, as defined by IFRS 2; \u2022 insurance contracts within the scope of IFRS 17; \u2022 assets and liabilities arising from leases within the scope of IFRS 16 for which the acquiree is the lessee; \u2022 assets held for sale and discontinued operations within the scope of IFRS 5. Goodwill is determined as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the acquirer in the acquiree over the fair value at the acquisition date of the net assets acquired and the liabilities assumed. If the fair value at the acquisition date of the net assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the acquirer in the acquiree, the excess is recognised in the income statement as a gain from the transaction. After initial recognition, the goodwill acquired for consideration in a business combination is tested for impairment once annually or whenever there is evidence of impairment. For newly acquired companies, the difference between the acquisition price and equity is provisionally recognised as goodwill, if positive, or under liabilities if negative, net of goodwill, if any, recognised in the financial statements of the acquirees. At the acquisition date, non-controlling interests are measured at fair value or as a proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The measurement method is selected on a transaction basis. Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill. Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are those prompted by new information about facts and circumstances that existed at the acquisition date, that has been obtained during the measurement period (which shall not exceed one year from the business combination). In the case of business combinations achieved in stages, the equity investment previously held by the Group in the acquiree is revalued at the fair value at the date control was acquired and any resulting gain or loss is recognised through profit or loss. Any changes in the value of the previously held equity investment that had been recognised in other comprehensive income are reclassified to the income statement as if the equity investment had been sold. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the CDP Group shall report in its financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the Group shall adjust the provisional amounts to reflect new information obtained about facts and circumstances that existed at the acquisition date and that, if known, would have affected the measurement of the amounts recognised at that date. Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control of one or more companies that do not constitute a business activity and those for which the business combination is carried out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not cause changes in the control structure independently of the percentage of non-controlling interests before and after the transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to have no economic substance.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1032": { "value": "A.2 - THE MAIN FINANCIAL STATEMENT ITEMS The Consolidated Financial Statements of the CDP Group as of and for the year ended 31 December 2025 have been prepared by applying the same accounting policies as those used for preparation of the Consolidated Financial Statements for the previous financial year, except for the amendments endorsed and in force with effect from the financial year 2025, as described in Section 5 \u2013 \u201cOther issues\u201d, A.1 General Information. The following pages provide a description of the accounting policies adopted in preparing these consolidated financial statements. 1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 2 \u2013 Financial assets measured at fair value through other comprehensive income (FVTOCI) The item \u201cFinancial assets measured at fair value through other comprehensive income\u201d includes financial assets represented by debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a Business Model whose objective is achieved by both collecting contractual cash flows and selling financial assets; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under this item are also recognised equity instruments, considered as such in compliance with the provisions of IAS 32, which are not held for trading and for which the option, granted by the standard, of recognising the subsequent changes in the fair value of the instrument through other comprehensive income (FVTOCI option 186 ) has been irrevocably exercised. Initial recognition of the item under examination occurs on the settlement date for debt securities and equities and on the disbursement date for loans. Financial assets measured at fair value through other comprehensive income are initially recognised at fair value, which generally corresponds to the transaction price, including any expenses and income attributable to the transaction. Subsequent to the initial recognition, financial instruments traded in active markets are measured at their fair value determined on the basis of official prices on the reporting date. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, and values recorded in recent similar transactions. For equity securities not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The profits and losses resulting from changes in fair value of debt instruments and loans are recognised in the statement of comprehensive income and recorded in the item Valuation reserves, in equity, until the financial asset is derecognised. With reference to such assets, namely financial assets that do not constitute equity instruments, upon derecognition any gains and losses previously recognised in other comprehensive income are reclassified from equity to profit or loss. Gains and losses on foreign exchange are included in the income statement among the Profits (Losses) on trading activities. Interest on the debt instruments and on receivables is recognised through profit or loss according to the amortised cost method, which is based on the effective interest rate, i.e. the rate that discounts the estimated future receipts (and any payments) during the expected life of the financial instrument at the gross carrying value of the financial asset. The carrying value of these instruments includes the provision for expected credit losses required by IFRS 9, with consequent recognition in profit or loss of an impairment loss. In particular, an expected loss for the 12 months following the reporting date is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non- performing exposures) 187 . For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Losses and recoveries arising from the impairment process are included under the item \u201cNet adjustments/recoveries for credit risk\u201d. No reclassifications to other categories of financial assets are allowed, unless the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. As regards equity instruments held by CDP Group for strategic purposes with short term perspective, an irrevocable designation may be made to recognise fair value changes within other comprehensive income (FVTOCI). Exercising the FVTOCI option for equity instruments entails different recognition rules from those previously described for debt securities, specifically: \u2022 the amounts recognised in the fair value reserve, which includes gains and losses arising from changes in the fair value of the asset, are never recycled to profit or loss, not even upon derecognition, at which point such amounts are transferred solely from the fair value reserve to retained earnings; \u2022 all exchange rate differences are recognised in the equity reserve and are therefore charged to other comprehensive income; \u2022 IFRS 9 does not envisage impairment rules for these equity instruments. Dividends arising from such instruments are recognised through profit or loss, unless they represent a recovery of part of the investment cost. Financial assets measured at fair value through other comprehensive income are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Where, however, a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. Where a financial asset is derecognised in its entirety, IFRS 9 provides that, at the time of derecognition, the difference between the carrying value (measured at the derecognition date) and the consideration received shall be recognised through profit or loss. 3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the
transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial
assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred.
In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised
from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such
control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual
involvement.
Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained,
in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third
parties.
It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost,
that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual
amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original
instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference
between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification).
In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to
derecognition rather than modification may sometimes involve significant elements of valuation.
In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new
asset, also for Originated Credit Impaired positions.
On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial
change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition.
The list is as follows:
\u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor
(succession), because these changes lead to a change in the credit risk;
\u2022 change in the reference currency (because it introduces a different risk profile than the original exposure);
\u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish
the original debt through a substantial change in the nature of the debt-to-equity swap;
\u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not
related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test
or other similar clauses);
\u2022 acceptance in lieu, whose repayment depends on the fair value of an asset;
\u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value
of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the
present value of the remaining cash flows of the original financial asset);
\u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial
conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions
that would apply to new loans
189
;
\u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that
expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or
other similar clauses.
In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which
the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from
the renegotiation, at the original internal rate of return of the exposure.
Below is a non-exhaustive list of the main changes to the previous contractual terms:
\u2022 reduction of the interest rate;
\u2022 extension of the maturity of the loan;
\u2022 reduction of part of the exposure;
\u2022 introduction of payment holidays (grace period/payment moratorium);
\u2022 payment of interest only;
\u2022 capitalisation of arrears/interest.
Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. 4 \u2013 Hedging transactions Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be found in a specific element or group of elements, should that particular risk effectively materialise. As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements. In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non- derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation that: \u2022 exposes the company to the risk of a change in fair value or future cash flows; \u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101]. The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39, Appendix A, paragraphs AG105-AG113]. When a financial instrument is classified as a hedging instrument, the following are to be formally documented: \u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives; \u2022 the hedging strategy, which must be in line with established risk management policies; \u2022 the methods to be used in order to verify the hedge effectiveness. Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item. A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with the relationship of these changes falling within a range of between 80% and 125%. At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved. If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in the latter case, the termination of hedge accounting is partial rather than complete. Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the eligibility criteria are subject to the following accounting treatment: \u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity; \u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific \u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge must be kept within the range of 80%-125%; \u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges. If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss. Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item \u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with the recognition of the financial effects of the transaction originally hedged. Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value. For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the income statement. The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair value adjustments in hedge accounting\u201d in the income statement. If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write- down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial asset or liability. If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in \u201cGains (Losses) on disposal or repurchase\u201d in the income statement. 5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. 6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. 7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. 8 \u2013 Non-current assets and disposal groups held for sale The balance sheet items \u201cNon-current assets and disposal groups held for sale\u201d and \u201cLiabilities associated with disposal groups held for sale\u201d include the assets or groups of assets/liabilities whose carrying value will be recovered mainly through a sales transaction rather than through their continuous use. These assets must be available for sale in their current condition and the CDP Group companies must be committed to plans to dispose of the asset (or group of assets) and must have initiated programmes to locate potential buyers, such that a sale can be considered highly probable. To be able to classify an asset (or group of assets) as available for sale, the following is also required: \u2022 the asset can be readily exchanged in the market at a price considered reasonable in relation to its fair value at the current date; \u2022 the sale is expected to be completed within one year from the date of classification, except as permitted by paragraph 9 of IFRS 5; \u2022 the actions required to complete the plan to dispose of the asset do not indicate that it is unlikely to be completed. Non-current assets (or disposal groups) are presented separately from balance sheet items \u201cOther assets\u201d and \u201cOther liabilities\u201d. Initial recognition is done in compliance with the specific IFRS as applicable to each associated asset and liability while, subsequently, they are recognised at the lower of their carrying value and fair value (net of costs to sell), without any depreciation/amortisation being recognised. The individual assets of the companies classified as held for sale are not amortised, whereas financial expense and other expenses attributable to liabilities held for sale continue to be recognised. Any subsequent impairment losses are recognised directly as an adjustment to the carrying amount of the non-current assets (or disposal groups) held for sale through profit or loss. The corresponding balance sheet values for the previous financial year are not reclassified. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; \u2022 is an equity investment exclusively acquired with a view to resale. The profits and losses net of tax that can be related to disposal groups of assets and liabilities are shown in the specific income statement item \u201cIncome (Loss) after tax on disposal groups held for sale\u201d. 9 \u2013 Current and deferred taxes Tax assets and liabilities are recognised in the balance sheet respectively under consolidated assets Item \u201cTax assets\u201d and consolidated liabilities Item \u201cTax liabilities\u201d. The accounting entries related to current and deferred taxes include: i) current tax assets, consisting of tax paid in advance and receivables for withholding taxes incurred; ii) current tax liabilities, consisting of tax payables to be settled according to applicable tax regulations; iii) deferred tax assets, consisting of the amounts of tax recoverable in future years in view of deductible temporary differences; and iv) deferred tax liabilities, consisting of payables for tax to be paid in future periods as a result of taxable temporary differences. Current taxes, consisting of corporate income tax (IRES) and regional tax on business activities (IRAP), are recognised on an accrual\u2019s basis using a realistic estimate of the negative and positive tax components for the year. They are calculated on the basis of applicable tax rates. Deferred tax assets and liabilities are recognised according to the tax rate that, under the legislation in force at the reporting date, is expected to apply in the year when the asset is realised or the liability is settled, and are periodically reviewed to take account of any changes in legislation. The term \u201cdeferred\u201d tax refers, in particular, to the recognition, in terms of tax, of the temporary differences between the value assigned to an asset or liability for statutory accounting purposes and the corresponding value for tax purposes. Deferred taxes are recognised: \u2022 under Tax assets, if they relate to \u201cdeductible temporary differences\u201d, which means the differences between statutory and tax values that will give rise to deductible amounts in future periods, to the extent that they are likely to be recovered; \u2022 under Tax liabilities, if they relate to \u201ctaxable temporary differences\u201d representing liabilities because they are related to accounting entries that will become taxable in future tax periods. If the deferred tax items regard transactions that directly affected equity, they are recognised in equity. Some of the CDP Group\u2019s Italian companies joined the \u201cnational fiscal consolidation\u201d mechanism regulated by Articles 117-129 of the Consolidated Income Tax Law (\u201cTUIR\u201d), introduced into tax law by Italian Legislative Decree no. 344/2003. It consists of an optional tax system, according to which aggregate net taxable income or loss of each subsidiary that has joined the national fiscal consolidation mechanism \u2013 inclusive of any tax withholding, deductions and tax credits \u2013 is transferred to the Parent Company, for which a single taxable income or a single tax loss is carried forward (resulting from the algebraic sum of its income/losses and those of the subsidiaries) and, as a result, a single tax payable/receivable. 10 \u2013 Provisions for risks and charges This item consists of the provision set aside to cover specific types of liabilities whose existence is certain or probable, but whose amount or accrual date were uncertain at the reporting date. Therefore, the provisions are recognised only when: \u2022 there is a present (legal or constructive) obligation resulting from a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 a reliable estimate can be made of the amount of the obligation. When the time value is significant and the dates of payment of the obligation can be estimated reliably, the allowance is measured as the present value (discounted at market rates as of the reporting date) of the charges that are expected to be incurred in order to settle the obligation. Contingent \u2013 not probable \u2013 liabilities are not recognised in the balance sheet. However, they are disclosed in the notes, unless the probability of an outflow of resources is remote or the event is deemed insignificant. The provisions are used only to cover the costs for which they were originally recognised, and they are reversed in the income statement when the obligation is settled or when it is no longer probable that an outflow of resources will be required to settle the present obligation. This item also includes provisions for credit risk for commitments to disburse funds and on financial guarantees that are subject to the rules of impairment in IFRS 9. This item also includes the company pensions and other post-retirement benefit obligations, i.e. the provisions for long- term employment and post-employment benefits. However, no value has been recognised for the sub-account in question because there were no net amounts attributable to that item at the reporting date of these financial statements. For more information see the section \u201cStaff severance pay\u201d in paragraph 15 \u201cOther information\u201d. 11 \u2013 Financial liabilities measured at amortised cost This item includes all amounts due to banks and due to customers of any technical form (deposits, current accounts, loans), other than those in the items \u201cFinancial liabilities held for trading\u201d and \u201cFinancial liabilities designated at fair value\u201d. This includes operating debts associated with the provision of business and financial services and variation margins with clearing houses in respect of transactions on derivatives, in addition to operating debts associated with the provision of financial services. In particular, the Parent Company CDP includes in these items the amounts still to be disbursed for loans being repaid, as well as liabilities in respect of postal funding products. Postal savings bonds issued by CDP are reported under the item \u201cDue to banks\u201d and the item \u201cDue to customers\u201d, including those that have matured but have not yet been redeemed at the reporting date. These instruments are zero-coupon securities (where the interest accrued is paid when the principal is redeemed) with a step-up interest structure (the interest rate increases as the period for which the bond is held increases) and with principal and interest redeemed in a single payment upon maturity, although the bonds can be redeemed upon request of the underwriter at any time prior to their contractual maturity, with principal and interest paid in accordance with the period for which the bond was held. For Postal savings bonds, the adoption of the amortised cost method and of the effective interest rate used for calculating the amortised cost under examination must be equal to the internal rate of return from the estimated (not contractual) cash flows throughout the expected (and not contractual) life of the instrument. Given the aforementioned option of early redemption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP has therefore developed a statistical model for forecasting early redemption of postal savings bonds based on a time series of redemptions, which is used to price the new issues. The forecasting model used at the time of the bond issue is also used to determine the initial estimated amortisation plan for each series of postal savings bonds. Based on these estimated flows, the effective interest rate and the amortised cost to be recognised in the balance sheet are then calculated. Differences between the actual early redemptions and these estimates result in the recalculation of the remaining amortisation schedule. In such cases, the IFRS state that the amortised cost of the instrument being measured is to be equal to the present value of the new estimated future cash flows using, for fixed rate postal savings bonds, the effective interest rate calculated at the issue of each series as the discount rate, and kept unchanged. The effective rate for floating- rate interest-bearing postal savings bonds is updated every time the estimated cash flows are revised due to changes in the benchmark indices and the review of the flow of redemptions. Financial liabilities measured at amortised cost also include the amount of funds provided by the State or other government agencies and intended for particular operations required and regulated by special laws (\u201cthird-party funds in administration\u201d), provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. However, funds administered on behalf of the State or other government agencies are not included here if their management is exclusively remunerated by an all-in-one fee (commission) and that are, therefore, merely seen as a service. In addition, this item also includes issued securities measured at amortised cost. The item is reported net of repurchased securities. Financial liabilities measured at amortised cost are recognised for the first time on the date the raised funds are received or the debt instruments issued. These items are recognised at their fair value upon initial recognition. That value normally corresponds to the amount received or the issue price, inclusive of the directly attributable expenses to the individual fundraising operations or the costs incurred for the issue. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method, as defined in the preceding paragraphs. An exception is represented by short-term financial liabilities, which are recognised at the received value, given the negligible effect of the time factor. In hybrid debt instruments (indexed to equity instruments, indices, foreign currencies etc.) the embedded derivative is separated from the host contract, when the criteria for separation under IFRS 9 apply, and is recognised at its fair value under financial assets/liabilities held for trading (respectively positive or negative). The related changes in value are recognised in profit or loss. By contrast, the primary contract is initially recognised at an amount corresponding to the difference between the total proceeds collected and the fair value allocated to the embedded derivative, and is subsequently recognised and measured in line with the rules of the applicable classification portfolio. The amounts under the item \u201cDue to banks\u201d, \u201cDue to customers\u201d, and \u201cSecurities issued\u201d are derecognised when they mature or are extinguished. The derecognition also takes place when there is a repurchase of previously issued bonds, with simultaneous recalculation of the residual payable only for the securities issued. The difference between the carrying value of the liability and the amount paid to purchase it is recognised in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. 13 \u2013 Financial liabilities designated at fair value This item includes financial liabilities, regardless of their technical form (debt securities, loans etc.), for which the option of measurement at fair value through profit or loss has been exercised (\u201cFair Value Option\u201d) in accordance with the requirements established by IFRS 9 for classification in this item. This classification is made when one of the following conditions applies: \u2022 the designation eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch) that would otherwise arise from the measuring of assets or liabilities or from the recognition of gains or losses on different bases; \u2022 a group of financial liabilities, or a group of financial assets and liabilities is managed and the performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; \u2022 the liabilities consist of hybrid instruments containing embedded derivatives that would otherwise have been separated (however, this rule does not apply if the embedded derivative is insignificant or if the separation of the embedded derivative cannot be applied). As regards issued debt securities, these financial liabilities are recognised for the first time on the date of issue. Initial recognition is at fair value, which generally equals the amount collected, without considering the transaction expenses and income attributable to the instrument issued, which are instead recognised in the income statement. Subsequent to initial recognition, these financial liabilities are measured at fair value and charged as follows: \u2022 the change in fair value that is attributable to changes in its creditworthiness is recognised in the statement of comprehensive income and recorded in the item Valuation reserves; \u2022 the residual amount of change in fair value is recognised through profit or loss. Financial liabilities at fair value are derecognised from the balance sheet when the contractual rights to the related cash flows expire or when the financial liability is sold, transferring all risks and rewards connected with it to third parties. 14 \u2013 Transactions in a foreign currency Transactions in a foreign currency are initially recognised in euros by translating the amount in the foreign currency into euros at the spot exchange rate prevailing on the date of the transaction. In preparing the annual or interim financial statements, assets denominated in a foreign currency are accounted for as follows: \u2022 monetary instruments are translated at the spot rate quoted on the reporting date; \u2022 non-monetary instruments, which are carried at cost, are translated at the exchange rate quoted on the date of the original transaction; \u2022 non-monetary instruments, which are carried at fair value, are translated at the spot rate quoted on the reporting date. Exchange rate differences in respect of non-monetary items are treated using the same rules for gains and losses on the original instruments. Positive and negative exchange differences relating to financial assets and liabilities denominated in foreign currencies, other than those measured at fair value, those subject to fair value hedges (exchange rate or fair value risk) and cash flow hedges (exchange rate risk), as well as related hedging derivatives, are included in \u201cProfits (Losses) on trading\u201d. This item also includes the results of fair value measurement of any forward contracts associated with foreign currency transactions concluded for hedging purposes, net of the accrued contractual margins recognised in interest with the relevant + or - sign; Financial assets and liabilities denominated in foreign currencies measured at fair value are included in the \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d; Financial assets and liabilities denominated in foreign currencies, subject to fair value hedge (exchange rate or fair value risk) and relating to hedging derivatives are included in the results of related measurements recognised in \u201cFair value adjustments in hedge accounting\u201d. 15 \u2013 Other information Other assets Inventories Inventories, including compulsory stock, are stated at the lower of their purchase or production cost and their net realisable value, represented by the amount that the business expects to obtain from their sale in the normal course of its activities. Cost is measured as the weighted average cost. The net realisable value is the selling price in the ordinary course of business less the estimated completion costs and those necessary to sell the good. Work in progress and semi-finished goods are valued at production cost, excluding financial charges and overheads. Sales and purchases of strategic gas 194 , subject to prior authorisation by the MISE, do not generate an actual transfer of the risks and rewards associated with ownership and, therefore, do not result in changes in inventory. Contract work in progress The gross amount due from contract work in progress is shown in the balance sheet assets. Recognition in the financial statements of the activities deriving from contracts (orders) depends on the methodology by which the transfer of control to the customer of the asset or service takes place: if this occurs gradually as the asset is built or the services are rendered, the assets are recognised based on the value of the contractual fees agreed, increased by any contributions provided for by specific legal regulations reasonably accrued on the balance sheet date, according to the cost-to-cost method, taking into account the progress achieved and the expected contractual risks; if, on the other hand, transfer of control takes place at the time of final delivery of the asset or the completion of the provision of all promised services, the assets are recognised at purchase cost. Work in progress is recorded on the basis of the progress (or percentage of completion) method according to which costs, revenues and margin are recognised based on the progress of the production activity. Progress is determined through the ratio of costs incurred at the reporting date to the total costs expected. Differences between the value of completed contracts and payments on account received are recognised under balance sheet assets or liabilities, considering any impairment losses on the work carried out so as to take into account the risks of customers\u2019 refusal to recognise the work performed. Updates are periodically made to the assumptions that are the basis of the assessments and any economic effects are recorded in the year in which the updates are made. In the event that the completion of a contract is expected to result in a loss of business margin, it will be recognised in its entirety in the financial year in which it becomes reasonably foreseeable within operating costs. Contract work in progress is shown net of any provisions for write-downs, losses on contracts and advances and down payments relating to the contract in progress. Contract costs include all those costs that relate directly to the specific contract, as well as fixed and variable costs incurred by Group companies as part of normal operations. Capitalised borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that qualify for capitalisation are capitalised as part of the cost of the asset. The qualifying assets (property, plant and equipment and intangible assets) involved are those that require at least one year before being ready for use. The directly attributable financial expenses are those that would not have been incurred if the expense for that asset had not been incurred. Where funds are borrowed specifically, costs eligible for capitalisation are the actual financial expense incurred for that financing, less any income earned on the temporary investment of such borrowings. In regard to the general pool of assumed debt, the amount of financial expenses that can be capitalised is determined by applying a capitalisation rate to the expenses incurred for that asset which corresponds to the weighted average of the borrowing costs applicable to the general pool, excluding any specifically borrowed funds. The amount of borrowing costs capitalised during a financial year shall in any case not exceed the amount of borrowing costs incurred during that year. The starting date of capitalisation is the date on which all of the following conditions were met for the first time: (a) the costs for the asset were incurred; (b) the financial expenses were incurred; and (c) the activities necessary to prepare the asset for its intended use or for sale were undertaken. Capitalisation of the financial expenses ceases when the activities necessary to prepare the asset for its intended use or sale are substantially complete. Offsetting financial assets and financial liabilities Applying offsetting accounting to the relevant financial assets and liabilities is carried out in accordance with IAS 32, if, and only if, an entity: \u2022 currently has a legally enforceable right to set-off the recognised amounts; and \u2022 intends either to settle on a net basis, or to realise the asset and simultaneously extinguish the liability. More details are included in the tables of the Notes to the Consolidated Financial Statements, Part B \u2013 Information on the consolidated balance sheet \u2013 Liabilities \u2013 Other information. The tables, in particular, include: \u2022 the balance sheet values, before and after the effects of accounting offsetting, related to financial assets and liabilities that meet the necessary criteria for recognising such effects; \u2022 the amounts of exposures that do not meet these requirements but are included in master netting agreements, which allow for offsetting only under specific circumstances (e.g., a default event); \u2022 the values of the related collateral. Other liabilities Supplier Finance Arrangement and Reverse Factoring Supplier Finance Arrangements (\u201cSFA\u201d) are characterised by one or more financiers offering to pay the amounts owed by a company to its suppliers, with the understanding that the company will repay them based on the terms and conditions of the agreements, either on the same date or at a later time. These contractual arrangements offer the entity an extension of payment terms and/or allow its suppliers to receive an early payment in advance of the invoice due date. The most common type of Supplier Finance Arrangement is Reverse Factoring, which is an agreement that allows suppliers to collect their receivables from the debtor company in advance through a specific arrangement with the company. This operation constitutes a \u201creversal\u201d of the traditional Factoring process, since it is the debtor who decides to use this instrument in order to optimise the management of its liability cycle. The main characteristic of this contract is that the request for assignment of the receivable is made directly by the debtor company, so that the factor is entrusted with the complete management of the supply payable. The agreement with the factor may also provide for the advance payment of receivables or their payment when due. In this case, the supplier collects the receivable immediately, and at the same time, the debtor company can take advantage of the payment extension offered by the agreement. From an accounting standpoint, the determining factor for classification of the payable for reverse factoring is the settlement of the original liability (with consequent derecognition) and the stipulation of a new relationship or otherwise. Specifically, IAS 39 in paragraph AG57 and IFRS 9 in paragraph B3.3.1 provide that \u201ca financial liability (or part of it) is extinguished when the debtor either: \u2022 discharges the liability (or part of it) by paying the creditor, normally with cash, other financial assets, goods or services; or \u2022 is legally released from primary responsibility for the liability (or part of it) either by process of law or by the creditor (If the debtor has given a guarantee this condition may still be met)\u201d. In CDP\u2019s Consolidated Financial Statements reverse factored supply payables are shown under Other liabilities together with all other operating payables. Staff severance pay Staff severance pay (TFR) covers the entire entitlement accrued by employees at the end of the financial year, as provided by law (Article 2120 of the Italian Civil Code) and applicable employment agreements. In accordance with IAS 19, staff severance pay is treated as a \u201cPost-employment benefit\u201d and is classified as: \u2022 a \u201cDefined benefit plan\u201d for the portion of staff severance pay accrued by employees until 31 December 2006; \u2022 a \u201cDefined contribution plan\u201d for the portion of staff severance pay accrued by employees beginning 1 January 2007. The accounting standard envisages that these portions of staff severance pay be recognised at their actuarial value. The accruing and accrued obligations are considered for discounting purposes (these obligations are, respectively, the discounted value of the expected future payments related to benefits accrued during the current financial year and the discounted value of future payments resulting from amounts accrued in previous financial years). It should be noted that a number of CDP Group companies with a small number of employees and an immaterial staff severance pay amount continued to report that liability as calculated on the basis of Italian statutory provisions (Article 2120 of the Italian Civil Code), given the immateriality of the effects of adopting IAS 19. Hybrid bonds Perpetual non-convertible hybrid bonds issued by the Group\u2019s companies are recognised as equity instruments and recorded under equity. These instruments enable Group companies to postpone interest payments over time, with early redemption permitted under specific conditions or on the reset date. These instruments are not convertible into shares, and in the event of the company\u2019s liquidation, dissolution, or insolvency, coupon payments will take a lower priority than all other payment obligations of the issuer. The consideration received from the sale of the instruments and the subsequent capital repayments are accounted for as increases and decreases in equity, in accordance with the provisions for equity instruments under IAS 32. Interest expenses are recorded as a decrease in equity once a payment obligation is incurred. Other income statement items Revenue and cost recognition Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and services, using a model consisting of five basic steps: \u2022 step 1: identify the contract with the customer; \u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations; \u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive; \u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual separable item of goods or services; \u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or service to the customer, i.e. when the customer obtains control of the good or service. Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d, i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement. Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested. There are three cost categories recognised: \u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that invested capital; \u2022 the economic - technical amortisation covering the investment costs; \u2022 the operating costs covering the running costs. With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference (respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology (Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for each year will be defined by the end of the year following the reporting year. With specific reference to the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are equalised by the latter. With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession, the amounts not charged or overcharged to customers during the financial year. With regard to revenue recognition for the so-called \u201cstart-up municipalities 195 \u201d, in Italy revenue from gas distribution is recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur. With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September 2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession.. Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities. The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism includes a significant financial component, the amounts recognised in the financial statements are subject to discounting. Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the purposes of determining the existence of the right. Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs. In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the consideration for the dispatching activity. Considering that companies operating in this market do not have the power to set prices for DSM transactions, revenues are expressed net of costs, on a net basis. In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works, determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed services are recognised based on the earned amount, as long as the stage of completion can be accurately determined and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to the extent of the recoverable costs incurred. Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised. Interest income and expense Interest income and expense is recognised through profit or loss, on a pro-rata basis over time for all instruments, based on the contractual interest rate or at the effective interest rate if the amortised cost method is applied. Default interest, where provided for by contract, is recognised through profit or loss only when it is actually received. The interest also includes the net balance, either positive or negative, of the differentials and margins relating to the financial derivative instruments hedging assets and liabilities that generate interest, and derivatives recognised in the balance sheet in the trading book but operationally related to assets and/or liabilities designated at fair value (fair value option). Commission income and expense Commission income for revenues from services provided and commission expense for the costs of services received are recognised, based on the existence of contractual agreements, on an accrual basis, i.e. in the year when the services are provided. This item also includes the commissions received from guarantees issued in favour of third parties, and commissions paid for guarantees received. When the amortised cost method is used, the commissions considered in calculating the effective interest rate are classified as interests. Dividends The dividends received from subsidiaries, associates or joint ventures, accounted for by using the cost method and not consolidated are recognised in the income statement in the year in which the distribution is approved. The dividends from companies accounted for using the equity method reduce the carrying value of the equity investments. Share-based payments These are payments to employees as consideration for their work services performed. When specific conditions are met, the cost of employee service is remunerated through stock option plans, whose value is measured according to the fair value of the options granted to employees at the grant date. The fair value of options granted is recognised in the income statement, under the item \u201cStaff costs\u201d over the vesting period, with a corresponding increase in equity, considering the best possible estimate of the number of options that employees will be able to exercise. That estimate is revised where subsequent information indicates that the expected number of equity instruments that will vest differs from the estimate previously carried out, independently of market conditions. The measurement method used to calculate fair value considers all the characteristics of the options (term, price and conditions for exercise, etc.), as well as the value of the underlying security at the grant date, volatility and the yield curve at the grant date, in line with the duration of the plan. At maturity, the estimate is revised and recognised in the income statement to register the amount corresponding to the number of equity instruments that have effectively vested, independently of whether market conditions have been met. Grants The revenues are recognised when it is probable that the economic benefits of the operation will flow to the entity. However, where the recoverability of an amount already included in the revenues is uncertain, the unrecoverable amount or the amount whose recovery is no longer probable is recognised as a cost. With regard to projects related to the transmission of electricity, grants received in relation to specific assets (whose value is recognised under non-current assets) are, for plants already in operation before 31 December 2002, recognised under other liabilities and recognised in the income statement over the depreciation period of the related assets. Since 2003, grants for new plants entering service are recognised as a direct reduction of the value of the related asset. Grants for operating expenses are recognised in full in the income statement when the conditions for recognition are satisfied. Capital grants provided by Public Entities are recognised when there is reasonable certainty that the conditions established by the granting authorities for obtaining the grant will be met. Their recognition reduces the purchase or transfer price or the production cost of the asset they refer to. Similarly, capital grants received from private parties are accounted for in accordance with the same accounting policies. Emission rights The European-wide system for the management and trading of emission rights sets a maximum limit on the greenhouse gas emissions to be produced over a year, which corresponds to the allowances contained in the bonus allocation, by the competent national authorities, of a certain number of emission rights. During the year, depending on the actual greenhouse gas emissions produced, each company has the right to sell or the obligation to purchase emission allowances on the market for a consideration. The rights purchased for a consideration to cover the emissions released into the atmosphere during the year are recognised in the income statement; any rights purchased in excess of requirements are recorded under \u201cOther assets\u201d, while any bonus allowances allocated that are not used in the year of allocation are not recognised in the financial statements, as they will be used to cover emissions the following year. Where there is a deficit of emission rights not covered by purchases made on the market at the balance sheet date, the charge and corresponding liability are recognised at the end of the year at market value. Business combinations A business combination is a transaction or other event in which an entity acquires control of one or more business activities (e.g., a business 196 ). Control of one or more businesses may be obtained: (i) through the transfer of cash, cash equivalents or other assets; (ii) by issuing equity interests; (iii) by assuming liabilities; (iv) without the transfer of a consideration (for example, through a contractual agreement). Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally recognised through profit or loss in the years when those costs are incurred or the services are rendered. Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill. Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are those prompted by new information about facts and circumstances that existed at the acquisition date, that has been obtained during the measurement period (which shall not exceed one year from the business combination). For newly acquired companies, if the initial values for a business combination are incomplete by the end of the reporting period in which the combination occurs, the CDP Group reports in its Consolidated Financial Statements provisional amounts for the item for which the accounting is incomplete. In accordance with IFRS 3, paragraphs 45 ff., within twelve months of the acquisition date, the differences resulting from the business combination have to be allocated by recognising the fair value at the acquisition date of the identifiable assets acquired and liabilities assumed. The following items are an exception and are measured in accordance with their applicable standard: \u2022 deferred tax assets and liabilities within the scope of IAS 12; \u2022 assets and liabilities for employee benefits within the scope of IAS 19; \u2022 liabilities or equity instruments related to share-based payment transactions involving shares of the acquiree or share- based payment transactions involving shares of the Group issued in replacement of contracts of the acquiree, as defined by IFRS 2; \u2022 insurance contracts within the scope of IFRS 17; \u2022 assets and liabilities arising from leases within the scope of IFRS 16 for which the acquiree is the lessee; \u2022 assets held for sale and discontinued operations within the scope of IFRS 5. Goodwill is determined as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the acquirer in the acquiree over the fair value at the acquisition date of the net assets acquired and the liabilities assumed. If the fair value at the acquisition date of the net assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the acquirer in the acquiree, the excess is recognised in the income statement as a gain from the transaction. After initial recognition, the goodwill acquired for consideration in a business combination is tested for impairment once annually or whenever there is evidence of impairment. For newly acquired companies, the difference between the acquisition price and equity is provisionally recognised as goodwill, if positive, or under liabilities if negative, net of goodwill, if any, recognised in the financial statements of the acquirees. At the acquisition date, non-controlling interests are measured at fair value or as a proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The measurement method is selected on a transaction basis. Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill. Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are those prompted by new information about facts and circumstances that existed at the acquisition date, that has been obtained during the measurement period (which shall not exceed one year from the business combination). In the case of business combinations achieved in stages, the equity investment previously held by the Group in the acquiree is revalued at the fair value at the date control was acquired and any resulting gain or loss is recognised through profit or loss. Any changes in the value of the previously held equity investment that had been recognised in other comprehensive income are reclassified to the income statement as if the equity investment had been sold. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the CDP Group shall report in its financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the Group shall adjust the provisional amounts to reflect new information obtained about facts and circumstances that existed at the acquisition date and that, if known, would have affected the measurement of the amounts recognised at that date. Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control of one or more companies that do not constitute a business activity and those for which the business combination is carried out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not cause changes in the control structure independently of the percentage of non-controlling interests before and after the transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to have no economic substance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-861": { "value": "
1 - Financial assets measured at fair value through profit or loss (FVTPL)
The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes:
\u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model
Other/Trading, and also derivatives not designated as hedging instruments;
\u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and
loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at
fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch;
\u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and
loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the
requirements for classification at amortised cost, at fair value through other comprehensive income or which are not
held for trading. They are substantially represented by those financial assets whose contractual terms provide for
periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure
to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at
amortised cost or at fair value through other comprehensive income.
Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments,
operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a
financial liability, which were recognised separately because:
\u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract;
\u2022 if separated, they meet the definition of derivative;
\u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss.
Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet
operational hedging requirements where the company aims to align the measurement criterion with respect to the assets
and/or liabilities associated with them.
As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are
classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading
if their fair value is negative.
Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with
the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives,
these financial assets are held within a Held to Collect business model, but because of their structure and also in
accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test.
Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative
contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans.
An exception is represented by those securities whose delivery is not governed by conventions on the market concerned,
for which initial recognition is at the subscription date.
Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which
generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or
loss.
Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on
trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to
derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities
measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official
prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including
equity securities, not listed on active markets, fair value is determined by using measurement techniques and information
available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing
models and values registered in recent similar transactions. For equity securities and related derivative instruments not
listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a
few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence
of a wide range of possible measurements of fair value, within which the cost is the most significant estimate.
The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or
loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of
operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The
gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends
and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or
loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d.
Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for
trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules
provided for in IFRS 9.
Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the
contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third
party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is
retained, the asset remains on the financial statements, even if legal title has been effectively transferred.
In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised
from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such
control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual
involvement.
Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained,
in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third
parties.
12 \u2013 Financial liabilities held for trading
This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as
being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been
placed with third parties.
This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational
hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability,
which have been recognised separately if their fair value is negative.
The criteria for the initial recognition and measurement of these derivatives are described with reference to the same
instruments with positive fair value within the scope of Financial assets held for trading.
Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs
or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and
the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date
for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not
governed by conventions on the market concerned, for which initial recognition is at the subscription date.
Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss.
If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading.
Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers
all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and
rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has
been transferred.
The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of
the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement.
13 \u2013 Financial liabilities designated at fair value
This item includes financial liabilities, regardless of their technical form (debt securities, loans etc.), for which the option of
measurement at fair value through profit or loss has been exercised (\u201cFair Value Option\u201d) in accordance with the
requirements established by IFRS 9 for classification in this item.
This classification is made when one of the following conditions applies:
\u2022 the designation eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting
mismatch) that would otherwise arise from the measuring of assets or liabilities or from the recognition of gains or losses
on different bases;
\u2022 a group of financial liabilities, or a group of financial assets and liabilities is managed and the performance is evaluated
on a fair value basis, in accordance with a documented risk management or investment strategy;
\u2022 the liabilities consist of hybrid instruments containing embedded derivatives that would otherwise have been separated
(however, this rule does not apply if the embedded derivative is insignificant or if the separation of the embedded
derivative cannot be applied).
As regards issued debt securities, these financial liabilities are recognised for the first time on the date of issue.
Initial recognition is at fair value, which generally equals the amount collected, without considering the transaction
expenses and income attributable to the instrument issued, which are instead recognised in the income statement.
Subsequent to initial recognition, these financial liabilities are measured at fair value and charged as follows:
\u2022 the change in fair value that is attributable to changes in its creditworthiness is recognised in the statement of
comprehensive income and recorded in the item Valuation reserves;
\u2022 the residual amount of change in fair value is recognised through profit or loss.
Financial liabilities at fair value are derecognised from the balance sheet when the contractual rights to the related cash
flows expire or when the financial liability is sold, transferring all risks and rewards connected with it to third parties.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-888": { "value": "1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-911": { "value": "1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 2 \u2013 Financial assets measured at fair value through other comprehensive income (FVTOCI) The item \u201cFinancial assets measured at fair value through other comprehensive income\u201d includes financial assets represented by debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a Business Model whose objective is achieved by both collecting contractual cash flows and selling financial assets; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under this item are also recognised equity instruments, considered as such in compliance with the provisions of IAS 32, which are not held for trading and for which the option, granted by the standard, of recognising the subsequent changes in the fair value of the instrument through other comprehensive income (FVTOCI option 186 ) has been irrevocably exercised. Initial recognition of the item under examination occurs on the settlement date for debt securities and equities and on the disbursement date for loans. Financial assets measured at fair value through other comprehensive income are initially recognised at fair value, which generally corresponds to the transaction price, including any expenses and income attributable to the transaction. Subsequent to the initial recognition, financial instruments traded in active markets are measured at their fair value determined on the basis of official prices on the reporting date. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, and values recorded in recent
similar transactions. For equity securities not listed in an active market, the cost method is used as an estimate of fair value
only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned
measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost
is the most significant estimate.
The profits and losses resulting from changes in fair value of debt instruments and loans are recognised in the statement
of comprehensive income and recorded in the item Valuation reserves, in equity, until the financial asset is derecognised.
With reference to such assets, namely financial assets that do not constitute equity instruments, upon derecognition any
gains and losses previously recognised in other comprehensive income are reclassified from equity to profit or loss.
Gains and losses on foreign exchange are included in the income statement among the Profits (Losses) on trading
activities.
Interest on the debt instruments and on receivables is recognised through profit or loss according to the amortised cost
method, which is based on the effective interest rate, i.e. the rate that discounts the estimated future receipts (and any
payments) during the expected life of the financial instrument at the gross carrying value of the financial asset.
The carrying value of these instruments includes the provision for expected credit losses required by IFRS 9, with
consequent recognition in profit or loss of an impairment loss. In particular, an expected loss for the 12 months following
the reporting date is recognised on initial recognition and at each subsequent reporting date, on instruments classified in
stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show
a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the
residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial
assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-
performing exposures)
187
.
For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented
by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase
in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash
flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference
between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original
effective interest rate.
Losses and recoveries arising from the impairment process are included under the item \u201cNet adjustments/recoveries for
credit risk\u201d. No reclassifications to other categories of financial assets are allowed, unless the business model is changed.
In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9.
As regards equity instruments held by CDP Group for strategic purposes with short term perspective, an irrevocable
designation may be made to recognise fair value changes within other comprehensive income (FVTOCI).
Exercising the FVTOCI option for equity instruments entails different recognition rules from those previously described for
debt securities, specifically:
\u2022 the amounts recognised in the fair value reserve, which includes gains and losses arising from changes in the fair value
of the asset, are never recycled to profit or loss, not even upon derecognition, at which point such amounts are
transferred solely from the fair value reserve to retained earnings;
\u2022 all exchange rate differences are recognised in the equity reserve and are therefore charged to other comprehensive
income;
\u2022 IFRS 9 does not envisage impairment rules for these equity instruments.
Dividends arising from such instruments are recognised through profit or loss, unless they represent a recovery of part of
the investment cost.
Financial assets measured at fair value through other comprehensive income are derecognised when payment is received,
when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership
to a third party.
Where, however, a significant portion of the risks and rewards associated with the transferred financial assets is retained,
the asset remains on the financial statements, even if legal title has been effectively transferred.
In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. Where a financial asset is derecognised in its entirety, IFRS 9 provides that, at the time of derecognition, the difference between the carrying value (measured at the derecognition date) and the consideration received shall be recognised through profit or loss. 3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest. Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. 4 \u2013 Hedging transactions Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be found in a specific element or group of elements, should that particular risk effectively materialise. As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements. In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non- derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation that: \u2022 exposes the company to the risk of a change in fair value or future cash flows; \u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101]. The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39, Appendix A, paragraphs AG105-AG113]. When a financial instrument is classified as a hedging instrument, the following are to be formally documented: \u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives; \u2022 the hedging strategy, which must be in line with established risk management policies; \u2022 the methods to be used in order to verify the hedge effectiveness. Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item. A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with the relationship of these changes falling within a range of between 80% and 125%. At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved. If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in the latter case, the termination of hedge accounting is partial rather than complete. Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the eligibility criteria are subject to the following accounting treatment: \u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity; \u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific \u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge must be kept within the range of 80%-125%; \u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges. If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss. Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item \u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with the recognition of the financial effects of the transaction originally hedged. Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value. For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the income statement. The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair value adjustments in hedge accounting\u201d in the income statement. If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write- down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial asset or liability. If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in \u201cGains (Losses) on disposal or repurchase\u201d in the income statement. 11 \u2013 Financial liabilities measured at amortised cost This item includes all amounts due to banks and due to customers of any technical form (deposits, current accounts, loans), other than those in the items \u201cFinancial liabilities held for trading\u201d and \u201cFinancial liabilities designated at fair value\u201d. This includes operating debts associated with the provision of business and financial services and variation margins with clearing houses in respect of transactions on derivatives, in addition to operating debts associated with the provision of financial services. In particular, the Parent Company CDP includes in these items the amounts still to be disbursed for loans being repaid, as well as liabilities in respect of postal funding products. Postal savings bonds issued by CDP are reported under the item \u201cDue to banks\u201d and the item \u201cDue to customers\u201d, including those that have matured but have not yet been redeemed at the reporting date. These instruments are zero-coupon securities (where the interest accrued is paid when the principal is redeemed) with a step-up interest structure (the interest rate increases as the period for which the bond is held increases) and with principal and interest redeemed in a single payment upon maturity, although the bonds can be redeemed upon request of the underwriter at any time prior to their contractual maturity, with principal and interest paid in accordance with the period for which the bond was held. For Postal savings bonds, the adoption of the amortised cost method and of the effective interest rate used for calculating the amortised cost under examination must be equal to the internal rate of return from the estimated (not contractual) cash flows throughout the expected (and not contractual) life of the instrument. Given the aforementioned option of early redemption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP has therefore developed a statistical model for forecasting early redemption of postal savings bonds based on a time series of redemptions, which is used to price the new issues. The forecasting model used at the time of the bond issue is also used to determine the initial estimated amortisation plan for each series of postal savings bonds. Based on these estimated flows, the effective interest rate and the amortised cost to be recognised in the balance sheet are then calculated. Differences between the actual early redemptions and these estimates result in the recalculation of the remaining amortisation schedule. In such cases, the IFRS state that the amortised cost of the instrument being measured is to be equal to the present value of the new estimated future cash flows using, for fixed rate postal savings bonds, the effective interest rate calculated at the issue of each series as the discount rate, and kept unchanged. The effective rate for floating- rate interest-bearing postal savings bonds is updated every time the estimated cash flows are revised due to changes in the benchmark indices and the review of the flow of redemptions. Financial liabilities measured at amortised cost also include the amount of funds provided by the State or other government agencies and intended for particular operations required and regulated by special laws (\u201cthird-party funds in administration\u201d), provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. However, funds administered on behalf of the State or other government agencies are not included here if their management is exclusively remunerated by an all-in-one fee (commission) and that are, therefore, merely seen as a service. In addition, this item also includes issued securities measured at amortised cost. The item is reported net of repurchased securities. Financial liabilities measured at amortised cost are recognised for the first time on the date the raised funds are received or the debt instruments issued. These items are recognised at their fair value upon initial recognition. That value normally corresponds to the amount received or the issue price, inclusive of the directly attributable expenses to the individual fundraising operations or the costs incurred for the issue. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method, as defined in the preceding paragraphs. An exception is represented by short-term financial liabilities, which are recognised at the received value, given the negligible effect of the time factor. In hybrid debt instruments (indexed to equity instruments, indices, foreign currencies etc.) the embedded derivative is separated from the host contract, when the criteria for separation under IFRS 9 apply, and is recognised at its fair value under financial assets/liabilities held for trading (respectively positive or negative). The related changes in value are recognised in profit or loss. By contrast, the primary contract is initially recognised at an amount corresponding to the difference between the total proceeds collected and the fair value allocated to the embedded derivative, and is subsequently recognised and measured in line with the rules of the applicable classification portfolio. The amounts under the item \u201cDue to banks\u201d, \u201cDue to customers\u201d, and \u201cSecurities issued\u201d are derecognised when they mature or are extinguished. The derecognition also takes place when there is a repurchase of previously issued bonds, with simultaneous recalculation of the residual payable only for the securities issued. The difference between the carrying value of the liability and the amount paid to purchase it is recognised in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. 13 \u2013 Financial liabilities designated at fair value This item includes financial liabilities, regardless of their technical form (debt securities, loans etc.), for which the option of measurement at fair value through profit or loss has been exercised (\u201cFair Value Option\u201d) in accordance with the requirements established by IFRS 9 for classification in this item. This classification is made when one of the following conditions applies: \u2022 the designation eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch) that would otherwise arise from the measuring of assets or liabilities or from the recognition of gains or losses on different bases; \u2022 a group of financial liabilities, or a group of financial assets and liabilities is managed and the performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; \u2022 the liabilities consist of hybrid instruments containing embedded derivatives that would otherwise have been separated (however, this rule does not apply if the embedded derivative is insignificant or if the separation of the embedded derivative cannot be applied). As regards issued debt securities, these financial liabilities are recognised for the first time on the date of issue. Initial recognition is at fair value, which generally equals the amount collected, without considering the transaction expenses and income attributable to the instrument issued, which are instead recognised in the income statement. Subsequent to initial recognition, these financial liabilities are measured at fair value and charged as follows: \u2022 the change in fair value that is attributable to changes in its creditworthiness is recognised in the statement of comprehensive income and recorded in the item Valuation reserves; \u2022 the residual amount of change in fair value is recognised through profit or loss. Financial liabilities at fair value are derecognised from the balance sheet when the contractual rights to the related cash flows expire or when the financial liability is sold, transferring all risks and rewards connected with it to third parties. 14 \u2013 Transactions in a foreign currency Transactions in a foreign currency are initially recognised in euros by translating the amount in the foreign currency into euros at the spot exchange rate prevailing on the date of the transaction. In preparing the annual or interim financial statements, assets denominated in a foreign currency are accounted for as follows: \u2022 monetary instruments are translated at the spot rate quoted on the reporting date; \u2022 non-monetary instruments, which are carried at cost, are translated at the exchange rate quoted on the date of the original transaction; \u2022 non-monetary instruments, which are carried at fair value, are translated at the spot rate quoted on the reporting date. Exchange rate differences in respect of non-monetary items are treated using the same rules for gains and losses on the original instruments. Positive and negative exchange differences relating to financial assets and liabilities denominated in foreign currencies, other than those measured at fair value, those subject to fair value hedges (exchange rate or fair value risk) and cash flow hedges (exchange rate risk), as well as related hedging derivatives, are included in \u201cProfits (Losses) on trading\u201d. This item also includes the results of fair value measurement of any forward contracts associated with foreign currency transactions concluded for hedging purposes, net of the accrued contractual margins recognised in interest with the relevant + or - sign; Financial assets and liabilities denominated in foreign currencies measured at fair value are included in the \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d; Financial assets and liabilities denominated in foreign currencies, subject to fair value hedge (exchange rate or fair value risk) and relating to hedging derivatives are included in the results of related measurements recognised in \u201cFair value adjustments in hedge accounting\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-962": { "value": "1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 4 \u2013 Hedging transactions Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be found in a specific element or group of elements, should that particular risk effectively materialise. As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements. In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non- derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation that: \u2022 exposes the company to the risk of a change in fair value or future cash flows; \u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101]. The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39, Appendix A, paragraphs AG105-AG113]. When a financial instrument is classified as a hedging instrument, the following are to be formally documented: \u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives; \u2022 the hedging strategy, which must be in line with established risk management policies; \u2022 the methods to be used in order to verify the hedge effectiveness. Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item. A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with the relationship of these changes falling within a range of between 80% and 125%. At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved. If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in the latter case, the termination of hedge accounting is partial rather than complete. Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the eligibility criteria are subject to the following accounting treatment: \u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity; \u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific \u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge must be kept within the range of 80%-125%; \u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges. If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss. Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item \u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with the recognition of the financial effects of the transaction originally hedged. Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value. For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the income statement. The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair value adjustments in hedge accounting\u201d in the income statement. If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write- down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial asset or liability. If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in \u201cGains (Losses) on disposal or repurchase\u201d in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-993": { "value": "1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 4 \u2013 Hedging transactions Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be found in a specific element or group of elements, should that particular risk effectively materialise. As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements. In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non- derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation that: \u2022 exposes the company to the risk of a change in fair value or future cash flows; \u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101]. The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39, Appendix A, paragraphs AG105-AG113]. When a financial instrument is classified as a hedging instrument, the following are to be formally documented: \u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives; \u2022 the hedging strategy, which must be in line with established risk management policies; \u2022 the methods to be used in order to verify the hedge effectiveness. Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item. A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with the relationship of these changes falling within a range of between 80% and 125%. At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved. If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in the latter case, the termination of hedge accounting is partial rather than complete. Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the eligibility criteria are subject to the following accounting treatment: \u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity; \u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific \u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge must be kept within the range of 80%-125%; \u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges. If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss. Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item \u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with the recognition of the financial effects of the transaction originally hedged. Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value. For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the income statement. The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair value adjustments in hedge accounting\u201d in the income statement. If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write- down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial asset or liability. If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in \u201cGains (Losses) on disposal or repurchase\u201d in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1003": { "value": "1 - Financial assets measured at fair value through profit or loss (FVTPL) The item \u201cFinancial assets measured at fair value through profit or loss\u201d includes: \u2022 \u201cFinancial assets held for trading\u201d including debt securities, equities, loans, units of UCIs included in Business Model Other/Trading, and also derivatives not designated as hedging instruments; \u2022 \u201cFinancial assets designated at fair value\u201d including debt securities and loans, measured at fair value through profit and loss in accordance with IFRS 9 (i.e. the fair value option), which allows a financial asset to be irrevocably measured at fair value through profit or loss if, and only if, this will eliminate or significantly reduce an accounting mismatch; \u2022 \u201cOther financial assets mandatorily measured at fair value\u201d including debt securities, equity securities, units of UCIs and loans, i.e. those assets other than those measured at fair value through profit or loss, which do not meet the requirements for classification at amortised cost, at fair value through other comprehensive income or which are not held for trading. They are substantially represented by those financial assets whose contractual terms provide for periodic flows that are not represented by solely payments of principal and interests (thus characterised by the failure to pass the SPPI test), or those assets that do not comply with the business model terms of the portfolio measured at amortised cost or at fair value through other comprehensive income. Financial assets held for trading, as indicated, include financial derivatives not designated as hedging instruments, operational hedging derivatives, as well as embedded derivatives in complex financial contracts, whose host contract is a financial liability, which were recognised separately because: \u2022 the financial characteristics and risks are not closely related to the characteristics of the underlying contract; \u2022 if separated, they meet the definition of derivative; \u2022 the hybrid instruments that they belong to are not measured at fair value through profit or loss. Operational hedging derivatives are those derivatives which are not part of effective hedge accounting but are held to meet operational hedging requirements where the company aims to align the measurement criterion with respect to the assets and/or liabilities associated with them. As with all financial assets held for trading, the fair value of which can be both positive and negative, derivatives are classified among Financial assets held for trading if their fair value is positive and among Financial liabilities held for trading if their fair value is negative. Other financial assets mandatorily measured at fair value also include units of UCIs subscribed by Group companies with the aim of implementing initiatives geared to supporting the economy in the long term. Given the nature of these initiatives, these financial assets are held within a Held to Collect business model, but because of their structure and also in accordance with the clarifications provided by the IFRIC, their contractual terms do not enable them to pass the SPPI test. Financial assets measured at fair value through profit or loss are initially recognised on the trade date for derivative contracts, on the settlement date for debt securities, equities, and units of UCIs, and on the disbursement date for loans. An exception is represented by those securities whose delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Upon initial recognition, financial assets measured at fair value through profit or loss are recognised at fair value, which generally equals the transaction price, net of transaction costs or income that are immediately recognised through profit or loss. Subsequent measurement is at fair value, with recognition of the measurement results: (i) in the item \u201cProfits (Losses) on trading activities\u201d in the income statement in relation to financial assets held for trading, including those relating to derivatives associated with the fair value option and (ii) in the item \u201cProfits (Losses) on financial assets and liabilities measured at fair value through profit or loss\u201d as regards other types. The fair value is determined based on the official prices as of the reporting date if the financial instruments are listed on active markets. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, option pricing models and values registered in recent similar transactions. For equity securities and related derivative instruments not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The interest arising from debt securities and loans classified as \u201cFinancial assets measured at fair value through profit or loss\u201d are included in interest income and similar income, an item that also includes gains and losses and margins of operational hedging derivatives of financial assets and/or liabilities measured at fair value through profit and loss. The gains and losses and margins of trading derivatives are included in the \u201cProfits (Losses) on trading activities\u201d. Dividends and similar revenues of equity instruments classified among the \u201cFinancial assets measured at fair value through profit or loss\u201d (including revenue from units of UCIs) are included in the item \u201cDividends and similar revenues\u201d. Reclassifications to other categories of financial assets are not permitted, unless, as regards financial assets held for trading, the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. Financial assets measured at fair value through profit or loss are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. 2 \u2013 Financial assets measured at fair value through other comprehensive income (FVTOCI) The item \u201cFinancial assets measured at fair value through other comprehensive income\u201d includes financial assets represented by debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a Business Model whose objective is achieved by both collecting contractual cash flows and selling financial assets; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under this item are also recognised equity instruments, considered as such in compliance with the provisions of IAS 32, which are not held for trading and for which the option, granted by the standard, of recognising the subsequent changes in the fair value of the instrument through other comprehensive income (FVTOCI option 186 ) has been irrevocably exercised. Initial recognition of the item under examination occurs on the settlement date for debt securities and equities and on the disbursement date for loans. Financial assets measured at fair value through other comprehensive income are initially recognised at fair value, which generally corresponds to the transaction price, including any expenses and income attributable to the transaction. Subsequent to the initial recognition, financial instruments traded in active markets are measured at their fair value determined on the basis of official prices on the reporting date. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, and values recorded in recent similar transactions. For equity securities not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The profits and losses resulting from changes in fair value of debt instruments and loans are recognised in the statement of comprehensive income and recorded in the item Valuation reserves, in equity, until the financial asset is derecognised. With reference to such assets, namely financial assets that do not constitute equity instruments, upon derecognition any gains and losses previously recognised in other comprehensive income are reclassified from equity to profit or loss. Gains and losses on foreign exchange are included in the income statement among the Profits (Losses) on trading activities. Interest on the debt instruments and on receivables is recognised through profit or loss according to the amortised cost method, which is based on the effective interest rate, i.e. the rate that discounts the estimated future receipts (and any payments) during the expected life of the financial instrument at the gross carrying value of the financial asset. The carrying value of these instruments includes the provision for expected credit losses required by IFRS 9, with consequent recognition in profit or loss of an impairment loss. In particular, an expected loss for the 12 months following the reporting date is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non- performing exposures) 187 . For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Losses and recoveries arising from the impairment process are included under the item \u201cNet adjustments/recoveries for credit risk\u201d. No reclassifications to other categories of financial assets are allowed, unless the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. As regards equity instruments held by CDP Group for strategic purposes with short term perspective, an irrevocable designation may be made to recognise fair value changes within other comprehensive income (FVTOCI). Exercising the FVTOCI option for equity instruments entails different recognition rules from those previously described for debt securities, specifically: \u2022 the amounts recognised in the fair value reserve, which includes gains and losses arising from changes in the fair value of the asset, are never recycled to profit or loss, not even upon derecognition, at which point such amounts are transferred solely from the fair value reserve to retained earnings; \u2022 all exchange rate differences are recognised in the equity reserve and are therefore charged to other comprehensive income; \u2022 IFRS 9 does not envisage impairment rules for these equity instruments. Dividends arising from such instruments are recognised through profit or loss, unless they represent a recovery of part of the investment cost. Financial assets measured at fair value through other comprehensive income are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Where, however, a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. Where a financial asset is derecognised in its entirety, IFRS 9 provides that, at the time of derecognition, the difference between the carrying value (measured at the derecognition date) and the consideration received shall be recognised through profit or loss. 3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest. Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. 4 \u2013 Hedging transactions Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be found in a specific element or group of elements, should that particular risk effectively materialise. As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements. In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non- derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation that: \u2022 exposes the company to the risk of a change in fair value or future cash flows; \u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101]. The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39, Appendix A, paragraphs AG105-AG113]. When a financial instrument is classified as a hedging instrument, the following are to be formally documented: \u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives; \u2022 the hedging strategy, which must be in line with established risk management policies; \u2022 the methods to be used in order to verify the hedge effectiveness. Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item. A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with the relationship of these changes falling within a range of between 80% and 125%. At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved. If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in the latter case, the termination of hedge accounting is partial rather than complete. Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the eligibility criteria are subject to the following accounting treatment: \u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity; \u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific \u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge must be kept within the range of 80%-125%; \u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges. If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d. If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss. Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item \u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with the recognition of the financial effects of the transaction originally hedged. Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value. For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the income statement. The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair value adjustments in hedge accounting\u201d in the income statement. If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write- down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial asset or liability. If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in \u201cGains (Losses) on disposal or repurchase\u201d in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-963": { "value": "
2 \u2013 Financial assets measured at fair value through other comprehensive income (FVTOCI)
The item \u201cFinancial assets measured at fair value through other comprehensive income\u201d includes financial assets
represented by debt securities and loans that meet both of the following conditions:
\u2022 the financial asset is held within a Business Model whose objective is achieved by both collecting contractual cash flows
and selling financial assets;
\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Under this item are also recognised equity instruments, considered as such in compliance with the provisions of IAS 32,
which are not held for trading and for which the option, granted by the standard, of recognising the subsequent changes
in the fair value of the instrument through other comprehensive income (FVTOCI option
186
) has been irrevocably exercised.
Initial recognition of the item under examination occurs on the settlement date for debt securities and equities and on the
disbursement date for loans.
Financial assets measured at fair value through other comprehensive income are initially recognised at fair value, which
generally corresponds to the transaction price, including any expenses and income attributable to the transaction.
Subsequent to the initial recognition, financial instruments traded in active markets are measured at their fair value
determined on the basis of official prices on the reporting date. For financial instruments, including equity securities, not
listed on active markets, fair value is determined by using measurement techniques and information available on the
market, such as the price of similar instruments on an active market, discounted cash flows, and values recorded in recent
similar transactions. For equity securities not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The profits and losses resulting from changes in fair value of debt instruments and loans are recognised in the statement of comprehensive income and recorded in the item Valuation reserves, in equity, until the financial asset is derecognised. With reference to such assets, namely financial assets that do not constitute equity instruments, upon derecognition any gains and losses previously recognised in other comprehensive income are reclassified from equity to profit or loss. Gains and losses on foreign exchange are included in the income statement among the Profits (Losses) on trading activities. Interest on the debt instruments and on receivables is recognised through profit or loss according to the amortised cost method, which is based on the effective interest rate, i.e. the rate that discounts the estimated future receipts (and any payments) during the expected life of the financial instrument at the gross carrying value of the financial asset. The carrying value of these instruments includes the provision for expected credit losses required by IFRS 9, with consequent recognition in profit or loss of an impairment loss. In particular, an expected loss for the 12 months following the reporting date is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non- performing exposures) 187 . For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Losses and recoveries arising from the impairment process are included under the item \u201cNet adjustments/recoveries for credit risk\u201d. No reclassifications to other categories of financial assets are allowed, unless the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. As regards equity instruments held by CDP Group for strategic purposes with short term perspective, an irrevocable designation may be made to recognise fair value changes within other comprehensive income (FVTOCI). Exercising the FVTOCI option for equity instruments entails different recognition rules from those previously described for debt securities, specifically: \u2022 the amounts recognised in the fair value reserve, which includes gains and losses arising from changes in the fair value of the asset, are never recycled to profit or loss, not even upon derecognition, at which point such amounts are transferred solely from the fair value reserve to retained earnings; \u2022 all exchange rate differences are recognised in the equity reserve and are therefore charged to other comprehensive income; \u2022 IFRS 9 does not envisage impairment rules for these equity instruments. Dividends arising from such instruments are recognised through profit or loss, unless they represent a recovery of part of the investment cost. Financial assets measured at fair value through other comprehensive income are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Where, however, a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. Where a financial asset is derecognised in its entirety, IFRS 9 provides that, at the time of derecognition, the difference between the carrying value (measured at the derecognition date) and the consideration received shall be recognised through profit or loss. 3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest. Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. 5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. 6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. 7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1015": { "value": "2 \u2013 Financial assets measured at fair value through other comprehensive income (FVTOCI) The item \u201cFinancial assets measured at fair value through other comprehensive income\u201d includes financial assets represented by debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a Business Model whose objective is achieved by both collecting contractual cash flows and selling financial assets; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under this item are also recognised equity instruments, considered as such in compliance with the provisions of IAS 32, which are not held for trading and for which the option, granted by the standard, of recognising the subsequent changes in the fair value of the instrument through other comprehensive income (FVTOCI option 186 ) has been irrevocably exercised. Initial recognition of the item under examination occurs on the settlement date for debt securities and equities and on the disbursement date for loans. Financial assets measured at fair value through other comprehensive income are initially recognised at fair value, which generally corresponds to the transaction price, including any expenses and income attributable to the transaction. Subsequent to the initial recognition, financial instruments traded in active markets are measured at their fair value determined on the basis of official prices on the reporting date. For financial instruments, including equity securities, not listed on active markets, fair value is determined by using measurement techniques and information available on the market, such as the price of similar instruments on an active market, discounted cash flows, and values recorded in recent similar transactions. For equity securities not listed in an active market, the cost method is used as an estimate of fair value only in a residual manner and limited to a few circumstances, i.e. in case of non-applicability of all the afore-mentioned measurement methods, or in the presence of a wide range of possible measurements of fair value, within which the cost is the most significant estimate. The profits and losses resulting from changes in fair value of debt instruments and loans are recognised in the statement of comprehensive income and recorded in the item Valuation reserves, in equity, until the financial asset is derecognised. With reference to such assets, namely financial assets that do not constitute equity instruments, upon derecognition any gains and losses previously recognised in other comprehensive income are reclassified from equity to profit or loss. Gains and losses on foreign exchange are included in the income statement among the Profits (Losses) on trading activities. Interest on the debt instruments and on receivables is recognised through profit or loss according to the amortised cost method, which is based on the effective interest rate, i.e. the rate that discounts the estimated future receipts (and any payments) during the expected life of the financial instrument at the gross carrying value of the financial asset. The carrying value of these instruments includes the provision for expected credit losses required by IFRS 9, with consequent recognition in profit or loss of an impairment loss. In particular, an expected loss for the 12 months following the reporting date is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non- performing exposures) 187 . For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Losses and recoveries arising from the impairment process are included under the item \u201cNet adjustments/recoveries for credit risk\u201d. No reclassifications to other categories of financial assets are allowed, unless the business model is changed. In this case, all affected financial assets will be reclassified, according to the rules provided for in IFRS 9. As regards equity instruments held by CDP Group for strategic purposes with short term perspective, an irrevocable designation may be made to recognise fair value changes within other comprehensive income (FVTOCI). Exercising the FVTOCI option for equity instruments entails different recognition rules from those previously described for debt securities, specifically: \u2022 the amounts recognised in the fair value reserve, which includes gains and losses arising from changes in the fair value of the asset, are never recycled to profit or loss, not even upon derecognition, at which point such amounts are transferred solely from the fair value reserve to retained earnings; \u2022 all exchange rate differences are recognised in the equity reserve and are therefore charged to other comprehensive income; \u2022 IFRS 9 does not envisage impairment rules for these equity instruments. Dividends arising from such instruments are recognised through profit or loss, unless they represent a recovery of part of the investment cost. Financial assets measured at fair value through other comprehensive income are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers all the risks and rewards connected with ownership to a third party. Where, however, a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. Where a financial asset is derecognised in its entirety, IFRS 9 provides that, at the time of derecognition, the difference between the carrying value (measured at the derecognition date) and the consideration received shall be recognised through profit or loss. 3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest. Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. 5 \u2013 Equity investments \u201cEquity investments\u201d include investments in associates (IAS 28) and in joint ventures (IAS 28 and IFRS 11). Associates are companies in which the CDP Group holds, either directly or indirectly, at least 20% of the voting rights or, even with a lower voting interest, companies over which the CDP Group has significant influence, which is defined as the power to participate in determining financial and operating policies, but without exercising either control or joint control. Joint ventures involve companies where control, by means of a contractual arrangement, is shared between CDP and one or more parties, or when decisions about the relevant activities, which have a significant impact on returns, require the unanimous consent of the parties involved in the contractual arrangement that have control over the company. Equity investments are initially recognised at cost at the settlement date and subsequently accounted for using the equity method, where the original cost of the equity investment is adjusted (up or down) according to: (i) the investor\u2019s share of the profit (loss) for the portion realised by the investee after the acquisition, (ii) the investor\u2019s share of changes in the items of the other comprehensive income of the investee, realised after the acquisition, (iii) the dividends received from the investee and (iv) the investor\u2019s share of changes in the equity of the investee other than the previous ones. The same provisions governing business combinations apply to acquisitions. Consequently, the difference between the acquisition price and the portion of acquired equity is allocated based on the fair value of the identifiable net assets of the associate. Any unallocated excess amount is considered as goodwill. The higher allocated price is not presented separately, but is included in the carrying value of the equity investment (\u201cequity method\u201d). Any positive difference between the value of the portion of equity of the investee and the cost of the equity investment is recognised as income. Application of the equity method also considers the treasury shares held by the investee. The equity investments are tested for impairment at every annual or interim reporting date. Evidence of impairment, based on the existence of qualitative and quantitative indicators, as illustrated hereunder, and in accordance with the internal policies, differs where these involve equity investments in companies whose shares are or are not listed on active markets. An impairment test is performed when the aforementioned indicators exist, in accordance with the provisions of IAS 36. This test is aimed at estimating the recoverable amount of the equity investment and comparing it with its carrying value to determine the recognition of any impairment losses. In particular, the impairment process for the Consolidated Financial Statements is performed in line with what is done for the separate financial statements of the Group companies. In particular, and for CDP, taking into account the characteristics of its investment portfolio, as well as its role of long-term investor, at least the following are considered indicators of impairment/objective evidence of impairment: \u2022 the recognition of losses 190 or significantly lower results than budgeted (or forecast in multi-year plans), if, after specific analyses, they are relevant due to their effects on the estimate of expected future cash flows in any impairment test preparation; \u2022 significant financial difficulties of the investee company and/or the likelihood that the investee company declares bankruptcy or undergoes other financial restructuring procedures; \u2022 the distribution of a dividend by the investee company that exceeds the total other comprehensive income (or overall profitability for financial companies) for the period 191 . With reference to listed equity investments, the following are also considered indicators of impairment: \u2022 a reduction in the market price compared to the carrying value in the Consolidated Financial Statements of more than 40% or for a period exceeding 24 months; \u2022 a downgrade of the rating of at least four notches from the time when the equity investment was made, if assessed as relevant together with other available information 192 . If the recoverable amount is lower than the carrying amount, the difference is recognised through profit or loss. If the reasons causing the impairment cease to exist, the impairment losses are reversed. These reversals have to be recognised through profit or loss up to the amount of the previous impairment. Consequently, the reduction in the previously recognised impairment loss upon write-back of the value of the equity investment may not exceed the carrying value that would have existed if no impairment had been previously recognised. Both the impairment and the reversals of impairment are recognised in the income statement under \u201cGains (Losses) on equity investments\u201d. In assessing any reversals of impairment losses on assets previously impaired, as a general rule and unless specific circumstances apply, the recoverable amount of the asset is presumed to have increased significantly if: \u2022 it exceeds the carrying amount by at least 5%; and \u2022 the higher value is observed for at least three consecutive reporting dates. These conditions are considered indicators of the existence of grounds for a reversal of impairment losses. Equity investments are derecognised when the contractual rights to the cash flows deriving from ownership of the equity investments expire or when they are sold, substantially transferring all risks and rewards connected with them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-994": { "value": "
3 \u2013 Financial assets measured at amortised cost
The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following
conditions:
\u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows;
\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Specifically, the following items are recognised:
\u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This
includes operating receivables associated with the provision of business and financial services. This also includes the
amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in
\u201cCash and cash equivalents\u201d;
\u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It
also includes receivables due from Italian post offices and variation margins with clearing houses in respect of
derivatives transactions, in addition to operating receivables associated with the provision of business and financial
services. The item also includes cash and cash equivalents held with the Central State Treasury.
Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and
operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under
this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing
agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included.
The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio
188
have a number of
features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its
beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for
public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned
works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers
as the work is performed.
Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount
is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed
by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed
portion.
The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of
disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule
begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose
loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a
receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when
repayment begins, regardless of the amount actually disbursed.
Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a
\u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed
lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by IFRS. When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost (which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the payable is a demand liability that decreases as the amounts are actually disbursed. Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for loans granted by banks. Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial, or technological innovation investments as part of an international development programme, arising from the acquisition of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner companies). Specifically, the existing relationships between the financing company, the partner companies and the businesses they invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans. Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income attributable to the transaction. After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction costs and the fees paid or received by the contracting parties. In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit- adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the financial flow estimates. The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans. Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition). Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk compared to initial recognition) and in stage 3 (non-performing exposures). For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original effective interest rate. Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory reporting. The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees. The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking information and possible alternative recovery scenarios. If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are charged through profit or loss. Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest. Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting impacts: \u2022 derecognition of the financial asset and recognition of a new financial asset; \u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model and SPPI test); \u2022 identification of the date of new recognition as the origination date; \u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair value financial assets as envisaged by IFRS 9; \u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent reporting periods, of any deterioration in credit risk. If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in accordance with IFRS 9: \u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial recognition of the instrument and there is no subsequent reassessment of this initial assessment; \u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the modification), adjusted where applicable in the case of hedging transactions; \u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the asset\u2019s original recognition date, before the modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-889": { "value": "3 \u2013 Financial assets measured at amortised cost The item \u201cFinancial assets measured at amortised cost\u201d includes debt securities and loans that meet both of the following conditions: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Specifically, the following items are recognised: \u2022 loans to banks (current accounts, deposits, security deposits, debt securities, repo transactions and other loans). This includes operating receivables associated with the provision of business and financial services. This also includes the amounts receivable from Central banks (such as the reserve requirement), other than demand deposits included in \u201cCash and cash equivalents\u201d; \u2022 loans to customers (current accounts, mortgage loans, factoring, debt securities, repo transactions and other loans). It also includes receivables due from Italian post offices and variation margins with clearing houses in respect of derivatives transactions, in addition to operating receivables associated with the provision of business and financial services. The item also includes cash and cash equivalents held with the Central State Treasury. Loans disbursed using funds provided by the State or other government agencies and intended for particular uses and operations required and regulated by special laws (\u201cloans with third-party funds in administration\u201d) are recognised under this item, provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. Conversely, loans disbursed using funds administered on behalf of the State or other entities are not included. The loans granted to Public Entities and public-law bodies under CDP\u2019s Separate Account portfolio 188 have a number of features that distinguish them from loans granted by banks, which normally disburse the entire amount of the loan to its beneficiary at the time the loan is granted. Such loans are special-purpose loans generally granted to public entities for public works and are disbursed to the beneficiaries only in case of positively verified milestones of the above-mentioned works. Therefore, disbursements are intended to meet the debts actually accumulated by the entities in respect of suppliers as the work is performed. Upon signing the loan agreement, the debtor assumes the obligation to repay the entire principal granted, and this amount is used to determine an amortisation schedule separately from the amount actually disbursed. Amounts still to be disbursed by CDP earn interest that can be treated as a reimbursement of the interest income earned by CDP on the non-disbursed portion. The special-purpose loans issued by CDP normally have an initial grace period, during which, in the absence of disbursements on the loan granted, the loan does not bear interest. With certain exceptions, the loan repayment schedule begins on 1 July or 1 January following the execution of the loan agreement. CDP\u2019s accounting policy for special-purpose loans is to recognise a commitment to disburse the sums granted upon signing the loan agreement and to recognise a receivable (with a consequent reduction in the disbursement commitments) for the entire amount granted only when repayment begins, regardless of the amount actually disbursed. Any disbursements requested by borrowers during the grace period effectively reduce the commitment and result in a \u201cshort-term\u201d receivable for the amount actually disbursed, with this amount accruing interest at the contractually agreed
lending rate. The short-term receivable for advances on loans in their grace period is measured at cost as permitted by
IFRS.
When repayment begins on a loan that has not yet been disbursed, both a payable and a receivable are recognised for
the same amount in respect of the party responsible for repaying the loan. The receivable is measured at amortised cost
(which, given the lack of transaction costs on the loans granted by CDP and with certain exceptions, equals cost), and the
payable is a demand liability that decreases as the amounts are actually disbursed.
Loans granted to borrowers other than Public Entities or public-law bodies are treated in a manner analogous to that for
loans granted by banks.
Financial assets measured at amortised cost also include receivables from companies engaged in productive, commercial,
or technological innovation investments as part of an international development programme, arising from the acquisition
of temporary minority stakes in Italian or foreign companies in which Italian enterprises hold interests (so-called partner
companies).
Specifically, the existing relationships between the financing company, the partner companies and the businesses they
invest in qualify as a financial asset, giving rise to the right to receive a sum of money (which is contractually defined and
at least equal to the disbursed amount) from the partner companies. For such transactions, the participation share cannot
exceed 49%, and the duration of the relationship is capped at 8 years, at the end of which the partner company is required
to repurchase the equity share under terms agreed upon in the contract. \u201cFinancial assets measured at amortised cost\u201d
are initially recognised on the settlement date as regards debt securities or on the disbursement date as regards loans.
Initial recognition is at fair value, which generally equals the transaction price, including any expenses and income
attributable to the transaction.
After initial recognition, these assets are measured at amortised cost, equal to the value that the financial asset was
measured at on initial recognition minus any principal repayments, plus or minus the accumulated amortisation, according
to the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any
loss allowance. The effective interest rate is the rate that discounts the estimated future receipts (and any payments) for
the expected lifetime of the financial asset at its gross carrying value, which includes the directly attributable transaction
costs and the fees paid or received by the contracting parties.
In some cases, the financial asset is considered impaired at initial recognition as the credit risk is very high and, if it is
purchased, this may be done with significant discounts (assets known as POCI i.e. \u201cPurchased or Originated Credit
Impaired\u201d). In that case, for purchased or originated financial assets that are credit-impaired at initial recognition, a credit-
adjusted effective interest rate is calculated for the credit risk, including the expected losses on initial loans within the
financial flow estimates.
The amortised cost method is not used for loans whose short-term duration means that discounting is considered to have
a negligible effect. This measurement rule is also used for loans without a specific expiration date or demand loans.
Financial assets measured at amortised cost are subject to the calculation of an expected credit loss allowance under
IFRS 9 rules and the amount of such losses is recognised through profit or loss in the item \u201cNet adjustments/recoveries
for credit risk\u201d. In particular, an expected loss at one year is recognised on initial recognition and at each subsequent
reporting date, on instruments classified in stage 1 (i.e. on non-credit-impaired financial assets at the time of their
origination, and on instruments which do not show a significant increase in credit risk compared to initial recognition).
Conversely, an expected loss measured throughout the residual maturity of the financial instrument is recorded on those
instruments classified in stage 2 (performing financial assets for which there has been a significant increase in credit risk
compared to initial recognition) and in stage 3 (non-performing exposures).
For financial assets that are performing (stages 1 and 2) impairment is calculated based on the risk parameters represented
by probability of default (PD), loss given default (LGD) and exposure at default (EAD). If, in addition to a significant increase
in the credit risk, there is also objective evidence of impairment (events that have a negative impact on estimated cash
flows), the financial asset is impaired (stage 3) and the amount of the related impairment is measured as the difference
between the gross carrying value of the asset and the current value of the expected cash flows, discounted at the original
effective interest rate.
Non-performing assets include those financial instruments that have been attributed the status of bad debts, expected
defaults or past due and/or overdrawn as defined by the current rules of the Bank of Italy for the purposes of supervisory
reporting.
The expected cash flows take account of estimated recovery times and the expected realisable value of any guarantees.
The amount of the loss to be recognised through profit or loss is calculated based on an analytical assessment process or
for categories of the same kind and thus attributed analytically to each position and takes account of forward-looking
information and possible alternative recovery scenarios.
If the reasons for the impairment no longer apply following an event after initial recognition, then impairment reversals are
charged through profit or loss.
Financial assets measured at amortised cost are derecognised when payment is received, when the contractual rights to
the cash flows expire, or a sale transfers to a third party all the risks and rewards connected with ownership of the
transferred asset. Conversely, when a significant portion of the risks and rewards associated with the transferred financial assets is retained, the asset remains on the financial statements, even if legal title has been effectively transferred. In cases where it is not possible to verify the substantial transfer of risks and rewards, financial assets are derecognised from the balance sheet if any kind of control over the assets has been maintained. Conversely, the preservation of such control, even if it is only partial, results in maintaining the assets on the balance sheet to an extent equal to the residual involvement. Transferred financial assets are derecognised even if the contractual rights to receive the related cash flows are retained, in the presence of a simultaneous obligation to transfer such flows, and only those, without material delay to other third parties. It is also possible, over the maturity of financial assets, and specifically for financial assets measured at amortised cost, that they are subject to renegotiation of the contract terms. In that case, it is necessary to determine whether the contractual amendments that cause a change in the amount and timing of future cash flows give rise to the derecognition of the original instrument, with consequent recognition of a new financial asset, or in the recognition through profit or loss of the difference between the gross carrying value of the pre-amended financial instrument and the restated financial asset (modification). In the absence of specific guidance in IFRS 9, the analysis necessary to identify possible amendments that give rise to derecognition rather than modification may sometimes involve significant elements of valuation. In general, changes to a financial asset, when substantial in nature, lead to its derecognition and the recognition of a new asset, also for Originated Credit Impaired positions. On this basis, a list has been identified, by way of non-limiting example, of the main changes that represent a substantial change to the terms of the existing financial asset, introducing a different nature of the risks and resulting in derecognition. The list is as follows: \u2022 change in the counterparty: this includes novation or the replacement of the counterparty by another obligor (succession), because these changes lead to a change in the credit risk; \u2022 change in the reference currency (because it introduces a different risk profile than the original exposure); \u2022 debt-to-equity swap: the lender and the obligor may, as an alternative to other types of renegotiation, agree to extinguish the original debt through a substantial change in the nature of the debt-to-equity swap; \u2022 introduction of new contractual clauses that result in failure of the SPPI test (e.g. leverage, indexing to parameters not related to the time value of money and credit risk, inverse rates, and financial covenants that result in failure of the test or other similar clauses); \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 substantial change in the discounted value of cash flows (the change is considered substantial when the present value of cash flows from the new asset, discounted using the original effective interest rate, differs significantly from the present value of the remaining cash flows of the original financial asset); \u2022 changes granted to performing customers, which provide for the use of market parameters to redetermine the financial conditions of the loan agreement, including changes granted in the context of renegotiations carried out under conditions that would apply to new loans 189 ; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the obligor to new risk components, such as returns linked to equity or commodity components, leverage or other similar clauses. In the event of changes not deemed significant, which therefore do not come under the case of derecognition, but for which the modification is applied, the gross value is redetermined by calculating the current value of the cash flows resulting from the renegotiation, at the original internal rate of return of the exposure. Below is a non-exhaustive list of the main changes to the previous contractual terms: \u2022 reduction of the interest rate; \u2022 extension of the maturity of the loan; \u2022 reduction of part of the exposure; \u2022 introduction of payment holidays (grace period/payment moratorium); \u2022 payment of interest only; \u2022 capitalisation of arrears/interest.
Contractual changes to a financial asset for which the derecognition rules are applied will have the following accounting
impacts:
\u2022 derecognition of the financial asset and recognition of a new financial asset;
\u2022 subjecting the new financial asset to a new assessment in terms of classification and measurement (business model
and SPPI test);
\u2022 identification of the date of new recognition as the origination date;
\u2022 recognition of the new asset at its fair value; recognition of any gain or loss equal to the difference between the fair
value of the new asset and its carrying value at the time of derecognition of the existing asset, except for level 3 fair
value financial assets as envisaged by IFRS 9;
\u2022 classification of the new asset in the relevant stage, at the initial recognition date, and verification, in subsequent
reporting periods, of any deterioration in credit risk.
If there are contractual changes to a financial asset for which the rules of modification without derecognition apply, in
accordance with IFRS 9:
\u2022 reassessment in terms of classification and measurement is not required: the SPPI test is only performed on initial
recognition of the instrument and there is no subsequent reassessment of this initial assessment;
\u2022 the gains or losses resulting from the modification are calculated as the difference between the gross carrying value of
the pre-modified financial asset and its restated gross carrying value (corresponding to the present value of the
renegotiated or modified cash flows, discounted at the financial asset\u2019s original effective interest rate, i.e. before the
modification), adjusted where applicable in the case of hedging transactions;
\u2022 any deterioration in the credit risk of the modified financial asset is analysed by comparing it with the credit risk at the
asset\u2019s original recognition date, before the modification.
11 \u2013 Financial liabilities measured at amortised cost
This item includes all amounts due to banks and due to customers of any technical form (deposits, current accounts, loans),
other than those in the items \u201cFinancial liabilities held for trading\u201d and \u201cFinancial liabilities designated at fair value\u201d. This
includes operating debts associated with the provision of business and financial services and variation margins with
clearing houses in respect of transactions on derivatives, in addition to operating debts associated with the provision of
financial services.
In particular, the Parent Company CDP includes in these items the amounts still to be disbursed for loans being repaid, as
well as liabilities in respect of postal funding products.
Postal savings bonds issued by CDP are reported under the item \u201cDue to banks\u201d and the item \u201cDue to customers\u201d, including
those that have matured but have not yet been redeemed at the reporting date. These instruments are zero-coupon
securities (where the interest accrued is paid when the principal is redeemed) with a step-up interest structure (the interest
rate increases as the period for which the bond is held increases) and with principal and interest redeemed in a single
payment upon maturity, although the bonds can be redeemed upon request of the underwriter at any time prior to their
contractual maturity, with principal and interest paid in accordance with the period for which the bond was held.
For Postal savings bonds, the adoption of the amortised cost method and of the effective interest rate used for calculating
the amortised cost under examination must be equal to the internal rate of return from the estimated (not contractual) cash
flows throughout the expected (and not contractual) life of the instrument. Given the aforementioned option of early
redemption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP has therefore
developed a statistical model for forecasting early redemption of postal savings bonds based on a time series of
redemptions, which is used to price the new issues. The forecasting model used at the time of the bond issue is also used
to determine the initial estimated amortisation plan for each series of postal savings bonds. Based on these estimated
flows, the effective interest rate and the amortised cost to be recognised in the balance sheet are then calculated.
Differences between the actual early redemptions and these estimates result in the recalculation of the remaining
amortisation schedule. In such cases, the IFRS state that the amortised cost of the instrument being measured is to be
equal to the present value of the new estimated future cash flows using, for fixed rate postal savings bonds, the effective
interest rate calculated at the issue of each series as the discount rate, and kept unchanged. The effective rate for floating-
rate interest-bearing postal savings bonds is updated every time the estimated cash flows are revised due to changes in
the benchmark indices and the review of the flow of redemptions.
Financial liabilities measured at amortised cost also include the amount of funds provided by the State or other government
agencies and intended for particular operations required and regulated by special laws (\u201cthird-party funds in
administration\u201d), provided that the loans and funds accrue interest respectively in favour of and at the expense of the
providing agency. However, funds administered on behalf of the State or other government agencies are not included here
if their management is exclusively remunerated by an all-in-one fee (commission) and that are, therefore, merely seen as
a service.
In addition, this item also includes issued securities measured at amortised cost. The item is reported net of repurchased
securities.
Financial liabilities measured at amortised cost are recognised for the first time on the date the raised funds are received
or the debt instruments issued. These items are recognised at their fair value upon initial recognition. That value normally
corresponds to the amount received or the issue price, inclusive of the directly attributable expenses to the individual
fundraising operations or the costs incurred for the issue.
The financial liabilities are subsequently measured at amortised cost using the effective interest rate method, as defined
in the preceding paragraphs. An exception is represented by short-term financial liabilities, which are recognised at the
received value, given the negligible effect of the time factor.
In hybrid debt instruments (indexed to equity instruments, indices, foreign currencies etc.) the embedded derivative is
separated from the host contract, when the criteria for separation under IFRS 9 apply, and is recognised at its fair value
under financial assets/liabilities held for trading (respectively positive or negative). The related changes in value are
recognised in profit or loss. By contrast, the primary contract is initially recognised at an amount corresponding to the
difference between the total proceeds collected and the fair value allocated to the embedded derivative, and is
subsequently recognised and measured in line with the rules of the applicable classification portfolio.
The amounts under the item \u201cDue to banks\u201d, \u201cDue to customers\u201d, and \u201cSecurities issued\u201d are derecognised when they
mature or are extinguished. The derecognition also takes place when there is a repurchase of previously issued bonds,
with simultaneous recalculation of the residual payable only for the securities issued. The difference between the carrying
value of the liability and the amount paid to purchase it is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-946": { "value": "
4 \u2013 Hedging transactions
Hedging transactions are executed to hedge contingent losses that are attributable to a specific risk and which can be
found in a specific element or group of elements, should that particular risk effectively materialise.
As permitted by paragraph 7.2.21 of IFRS 9, the Parent Company CDP has decided to apply the provisions on hedging
from IAS 39 rather than those from Chapter 6 of IFRS 9, to be used for its separate financial statements and the
Consolidated Financial Statements of the Group, as well as its own half-yearly financial statements.
In accordance with IAS 39, hedging instruments are derivatives or, limited to the hedging of foreign currency risk, non-
derivative financial assets or liabilities whose fair value or cash flows are expected to offset the changes in fair value or
cash flows of a designated hedged position [IAS 39, paragraphs 72-77 and Appendix A, paragraph AG94]. A hedged item
is an asset, liability, firm commitment, a highly probable forecast transaction, or a net investment in a foreign operation
that:
\u2022 exposes the company to the risk of a change in fair value or future cash flows;
\u2022 is designated as being hedged [IAS 39, paragraphs 78-84 and Appendix A, paragraphs AG98-AG101].
The effectiveness of the hedge is the extent to which the changes in fair value or cash flows of the hedged position that
are attributable to a hedged risk are offset by the changes in fair value or cash flows of the hedging instrument [IAS 39,
Appendix A, paragraphs AG105-AG113].
When a financial instrument is classified as a hedging instrument, the following are to be formally documented:
\u2022 the relationship between the hedging instrument and the hedged item, including the risk management objectives;
\u2022 the hedging strategy, which must be in line with established risk management policies;
\u2022 the methods to be used in order to verify the hedge effectiveness.
Accordingly, both at the inception of the hedge and throughout its life, the change in the fair value of the derivative is
analysed in order to determine whether it is highly effective in offsetting the changes in fair value of the hedged item.
A hedge is deemed to be highly effective if the changes in fair value of the hedged item or in the expected cash flows
attributable to the risk being hedged are almost entirely offset by the changes in fair value of the hedging derivative, with
the relationship of these changes falling within a range of between 80% and 125%.
At each annual or interim reporting date, the effectiveness is assessed through specific prospective and retrospective tests
capable, respectively, of demonstrating the expected effectiveness and the level of effectiveness achieved.
If the hedge is not effective as described above, the hedging instrument is reclassified under financial instruments held for
trading, while the hedged item continues to be measured in accordance with the criteria defined for its category. Hedge
accounting also ceases when the hedging instrument expires, is sold or exercised or when the hedged item expires, is
sold or is repaid. The termination of hedge accounting may apply to the entire hedging relationship or only a part of it; in
the latter case, the termination of hedge accounting is partial rather than complete.
Hedging derivatives are initially recognised at their fair value on the contract date. Hedging relationships that meet the
eligibility criteria are subject to the following accounting treatment:
\u2022 for fair value hedge, the change in the fair value of the hedged item is offset by the change in the fair value of the
hedging instrument. This offsetting is accounted for by recognising the changes in value through profit or loss, in the
item \u201cFair value adjustments in hedge accounting\u201d, relating both to the hedged item (for the changes generated by the
underlying risk factor) and to the hedging instrument. Any difference, which represents the partial ineffectiveness of the
hedge, consequently represents the net profit or loss effect. The recognition through profit or loss of the change in fair
value of the hedged item, attributable to the risk hedged, is also applied if the hedged item is a financial asset measured
at fair value through other comprehensive income; if there were no hedging, this change would be recognised in equity;
\u2022 for cash flow hedge, the changes in fair value of the derivative are recognised, net of the tax effect, in a specific
\u201cValuation reserve\u201d of equity, for the effective portion of the hedge, and are only recognised through profit or loss when
there is a change in the cash flows to be offset for the hedged item. The amount of the gain or loss of the hedging
instrument considered ineffective is recognised through profit or loss, in the item \u201cFair value adjustments in hedge
accounting\u201d. This amount is equal to any excess of the accumulated fair value of the hedging instrument with respect
to the related fair value of the instrument hedged; in any event, the fluctuation of the hedged item and the related hedge
must be kept within the range of 80%-125%;
\u2022 hedges of a net investment in a foreign operation are accounted for in the same way as cash flow hedges.
If the hedge is not fully effective, the fair value change of the hedging instrument, to the extent of the ineffective portion, is
immediately recognised through profit or loss, in the item \u201cFair value adjustments in hedge accounting\u201d.
If, during the life of a derivative, the expected hedged cash flows are no longer considered as highly probable, the portion
of that instrument recognised in the \u201cValuation reserves\u201d of equity is immediately recycled through profit or loss.
Conversely, if the hedging instrument is transferred or no longer qualifies as an effective hedge, the portion of the item
\u201cValuation reserves\u201d representing the changes in the fair value of the instrument recognised up to that point are retained
in equity and reversed to profit or loss in accordance with the classification criterion described above, in conjunction with
the recognition of the financial effects of the transaction originally hedged.
Item 50 of the consolidated balance sheet assets and Item 40 of the consolidated balance sheet liabilities report financial
and credit hedging derivatives, which at the reporting date have, respectively, a positive and a negative fair value.
For macro hedges, IAS 39 allows the object of a fair value hedge against interest rate risk to be not only an individual
financial asset or liability, but also a monetary amount, included in a group of financial assets and liabilities (or their
portions), so that a set of derivatives may be used to reduce the fair value fluctuations of the hedged items in response to
changes in market interest rates. Net amounts resulting from the mismatch of assets and liabilities cannot be designated
as subject to macro hedging. In the same way as for micro fair value hedges, a macro hedge is deemed to be highly
effective if, both at inception and throughout its life, the changes in fair value of the monetary amount hedged are offset by
changes in the fair value of the hedge derivatives and if the actual results are within a range of 80% to 125%. The positive
or negative amount of the fair value changes, respectively, of the assets or liabilities subject of fair value macro hedge
measured with reference to the risk hedged is recognised in Items 60 of the consolidated balance sheet assets or 50 of
the consolidated balance sheet liabilities, with a balancing entry under \u201cFair value adjustments in hedge accounting\u201d in the
income statement.
The hedge ineffectiveness consists of the difference between the change in fair value of the hedging instruments and the
change in fair value of the monetary amount hedged. The hedge ineffective portion is in any case included under \u201cFair
value adjustments in hedge accounting\u201d in the income statement.
If the hedging relationship ends, for reasons other than the sale of the hedged items, the accumulated revaluation/write-
down recognised in items 60 of the consolidated balance sheet assets or 50 of the consolidated balance sheet liabilities is
recognised through profit or loss under interest income or expenses, over the residual maturity of the hedged financial
asset or liability.
If these assets and liabilities are sold or redeemed, the amount of fair value not amortised is recognised immediately in
\u201cGains (Losses) on disposal or repurchase\u201d in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-862": { "value": "
6 \u2013 Property, plant and equipment
The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well
as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is
distinguished according to its intended purpose as follows:
\u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets;
\u2022 non-operating property or investment property in accordance with IAS 40;
\u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of
construction or development for later sale.
Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property,
plant and equipment (for the lessees)
193
, assets granted under an operating lease (for the lessors), as well as leasehold
improvements, provided they relate to identifiable and separable property, plant and equipment.
Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the
quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage
segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d.
In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses
directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by
revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition,
construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23.
Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic
benefits, are recognised as an addition to the value of the assets.
Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through
profit or loss.
Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36).
These assets are systematically depreciated from the period they enter service in the production process and are,
therefore, ready for use. They are depreciated on a straight-line basis over their residual life.
Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group
at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life.
At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested
for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable
amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the
asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than
the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on
property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is
reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated
in the absence of previous impairment.
Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use.
Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting
purposes, even if purchased together.
Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs
to is recognised and depreciated separately.
\u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production
or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business.
These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly
attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but
are recognised through profit or loss.
Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of
depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment.
\u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property,
plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not
yet entered the company\u2019s production cycle, depreciation is suspended.
The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the
commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In
order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the
payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to
determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements,
the sub-lessor enters the right of use among the Investment property.
Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by
taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably
certain to exercise them.
During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the
lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease.
As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost
and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there
is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through
profit or loss.
The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal
or when no future economic benefits are expected from its use or disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-890": { "value": "6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal.
Inventories
Inventories, including compulsory stock, are stated at the lower of their purchase or production cost and their net realisable
value, represented by the amount that the business expects to obtain from their sale in the normal course of its activities.
Cost is measured as the weighted average cost.
The net realisable value is the selling price in the ordinary course of business less the estimated completion costs and
those necessary to sell the good. Work in progress and semi-finished goods are valued at production cost, excluding
financial charges and overheads.
Sales and purchases of strategic gas
194
, subject to prior authorisation by the MISE, do not generate an actual transfer of
the risks and rewards associated with ownership and, therefore, do not result in changes in inventory.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-912": { "value": "6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-947": { "value": "6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. 7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-995": { "value": "6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. 7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1004": { "value": "6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-932": { "value": "6 \u2013 Property, plant and equipment The item includes both the operating assets governed by IAS 16 and the investment property governed by IAS 40, as well as inventories of property, plant and equipment governed by IAS 2. As concerns in particular immovable property, this is distinguished according to its intended purpose as follows: \u2022 operating or functional property, consisting of property that meets the requirements of IAS 16 for operating assets; \u2022 non-operating property or investment property in accordance with IAS 40; \u2022 property classified as inventories (IAS 2), which is held for sale in the ordinary course of business or in the process of construction or development for later sale. Also included in property, plant and equipment are rights of use acquired under a lease and relating to the use of property, plant and equipment (for the lessees) 193 , assets granted under an operating lease (for the lessors), as well as leasehold improvements, provided they relate to identifiable and separable property, plant and equipment. Property, plant and equipment includes: (i) with regard to the natural gas transport segment, the value referring to the quantity of natural gas fed into gas pipelines to make them operational and (ii) with regard to the natural gas storage segment, the portion of gas injected into the storage wells as \u201cCushion Gas\u201d. In accordance with IAS 16, property, plant and equipment is initially recognised at purchase cost, including expenses directly related to the purchase, non-deductible VAT and costs for bringing the asset to working condition, increased by revaluations carried out under the provisions of specific laws. Borrowing costs directly attributable to the acquisition, construction or production of an asset have to be added to the value of the asset itself and capitalised pursuant to IAS 23. Special maintenance and repair costs, incurred after initial recognition, which result in an increase in the future economic benefits, are recognised as an addition to the value of the assets. Ordinary maintenance costs that do not generate future economic benefits, on the other hand, are recognised through profit or loss. Subsequent measurement is at cost, net of depreciation and impairment (the latter in accordance with IAS 36). These assets are systematically depreciated from the period they enter service in the production process and are, therefore, ready for use. They are depreciated on a straight-line basis over their residual life. Therefore, the depreciation allowances for each year charged to the income statement are calculated by the CDP Group at the rates considered adequate to represent the residual useful life of each asset, as listed below:
Minimum rate
Maximum rate
Buildings
2.0%
5.0%
Movables
6.0%
25.0%
Electrical plant
7.0%
30.0%
Other:
Power lines
2.0%
2.0%
Transformation stations
2.0%
7.0%
Gas pipelines
2.0%
2.0%
Power stations
5.0%
10.0%
Gas reduction and regulation
5.0%
5.0%
Pipelines
2.0%
2.0%
Processing stations
4.0%
20.0%
Compression stations
5.0%
5.0%
Storage wells
1.7%
20.0%
Regasification
4.0%
4.0%
Industrial and commercial equipment
6.7%
40.0%
Other assets
3.0%
33.0%
Other plant and equipment
2.0%
33.3%
Land and artwork are not depreciated as they have an indefinite useful life. At each reporting date, including interim reporting periods, the recognised carrying amount of the operating assets is tested for impairment. If impairment indicators are identified, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less any costs of disposal, and the associated value in use of the asset (that is the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on property, plant and equipment\u201d. If the reasons for which impairment was recognised cease to exist, the impairment loss is reversed. The adjusted value may not exceed the value that the asset would have had, net of the depreciation calculated in the absence of previous impairment. Newly acquired assets are depreciated as from the period in which they enter service and are, therefore, ready for use. Land and buildings are considered to be separable assets; therefore, they are treated as separate assets for accounting purposes, even if purchased together. Each item of property, plant and equipment that has a significant value compared to the overall value of the asset it belongs to is recognised and depreciated separately. \u201cInvestment property\u201d refers to property held to earn rentals or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes, or for sale, in the ordinary course of business. These assets are initially recognised in accordance with IAS 40 at purchase or construction cost, including directly attributable purchase/construction costs. However, maintenance costs relating to these assets cannot be capitalised, but are recognised through profit or loss. Subsequent measurement of said property investments in the Consolidated Financial Statements is at cost, net of depreciation and impairment, as set out in IAS 16 in relation to operating property, plant and equipment. \u201cAssets under construction and advances\u201d are composed of advances or expenses incurred in respect of items of property, plant and equipment that have not been completed or are undergoing testing before entering service. Since they have not yet entered the company\u2019s production cycle, depreciation is suspended. The \u201cright-of-use assets\u201d (RoU) under lease agreements, in accordance with IFRS 16, are recognised by the lessee at the commencement date, namely on the date that the asset is made available to the lessee and is initially valued at cost. In order to match the asset consisting of the right of use, the lessee enters a liability corresponding to the current value of the payments due for the lease. The discount rate to be used is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee\u2019s incremental borrowing rate shall be used. In the event of operating sublease agreements, the sub-lessor enters the right of use among the Investment property. Depreciation of the right-of-use asset is recognised on a straight-line basis over the lease term, which is determined by taking into account both the non-cancellable contractual period and any renewal options where the lessee is reasonably certain to exercise them. During the lease term, the carrying value of the right of use is adjusted in the event of a change to the lease term or to the lease payments, and also for changes to the lease contract which increase or reduce the scope of the lease. As regards property, plant and equipment recognised in accordance with IAS 2, these are measured at the lower of cost and net realisable value. The carrying amount of the asset is anyway compared with its recoverable amount, where there is some evidence that shows that the asset may have incurred an impairment loss. Any adjustments are recognised through profit or loss. The carrying value of an operating item of property, plant and equipment is eliminated from the balance sheet upon disposal or when no future economic benefits are expected from its use or disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-863": { "value": "
7 \u2013 Intangible assets
\u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical
substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions,
licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent
and intellectual property rights.
Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a
transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is
negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is
recognised in the income statement.
An intangible asset is recognised if the following conditions are satisfied:
\u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise;
\u2022 the asset is controlled, i.e. it is subject to the control of the enterprise;
\u2022 the asset generates future economic benefits;
\u2022 the cost of the asset can be measured reliably.
If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement
in the financial year in which it is incurred.
The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable
transaction costs.
After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation
and any impairment (the latter governed by IAS 36).
The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at
the end of each financial year, to check the adequacy of the estimate.
Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the
date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d),
is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This
item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not
lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not
modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are
not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate
that they may be impaired.
Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the
development, financing, management and maintenance of infrastructure under concession arrangements are represented
by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity),
with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the
operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or
otherwise, any significant residual interest in the infrastructure at the end of the concession.
Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual
rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the
period in which they are incurred. Costs for the development of new products and production processes are capitalised
and recognised under intangible assets only if all of the following conditions are met:
\u2022 the project is clearly identified and the associated costs can be identified and measured reliably;
\u2022 the technical feasibility of the project has been established;
\u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project;
\u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established;
\u2022 adequate technical and financial resources to complete the project are available.
The amortisation of any development costs recognised under intangible assets begins as from the date on which the result
of the project is ready for sale and is carried out on a straight-line basis.
The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line
basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts,
as from the time the right acquired can be exercised.
If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to
determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared
with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated
value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying
amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments
to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the
asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation
calculated in the absence of previous impairment.
Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within
the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite
useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed
at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount
of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill
is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill
impairment\u201d. Any reversals of impairment of goodwill may not be recognised.
Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of
such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition.
Intangible assets are derecognised when sold or when future economic benefits are no longer expected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-891": { "value": "7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. Business combinations A business combination is a transaction or other event in which an entity acquires control of one or more business activities (e.g., a business 196 ). Control of one or more businesses may be obtained: (i) through the transfer of cash, cash equivalents or other assets; (ii) by issuing equity interests; (iii) by assuming liabilities; (iv) without the transfer of a consideration (for example, through a contractual agreement). Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally recognised through profit or loss in the years when those costs are incurred or the services are rendered. Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill. Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are those prompted by new information about facts and circumstances that existed at the acquisition date, that has been obtained during the measurement period (which shall not exceed one year from the business combination). For newly acquired companies, if the initial values for a business combination are incomplete by the end of the reporting period in which the combination occurs, the CDP Group reports in its Consolidated Financial Statements provisional amounts for the item for which the accounting is incomplete. In accordance with IFRS 3, paragraphs 45 ff., within twelve months of the acquisition date, the differences resulting from the business combination have to be allocated by recognising the fair value at the acquisition date of the identifiable assets acquired and liabilities assumed. The following items are an exception and are measured in accordance with their applicable standard: \u2022 deferred tax assets and liabilities within the scope of IAS 12; \u2022 assets and liabilities for employee benefits within the scope of IAS 19; \u2022 liabilities or equity instruments related to share-based payment transactions involving shares of the acquiree or share- based payment transactions involving shares of the Group issued in replacement of contracts of the acquiree, as defined by IFRS 2; \u2022 insurance contracts within the scope of IFRS 17; \u2022 assets and liabilities arising from leases within the scope of IFRS 16 for which the acquiree is the lessee; \u2022 assets held for sale and discontinued operations within the scope of IFRS 5. Goodwill is determined as the excess of the aggregate of the consideration transferred in the business combination, the amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the acquirer in the acquiree over the fair value at the acquisition date of the net assets acquired and the liabilities assumed. If the fair value at the acquisition date of the net assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the acquirer in the acquiree, the excess is recognised in the income statement as a gain from the transaction. After initial recognition, the goodwill acquired for consideration in a business combination is tested for impairment once annually or whenever there is evidence of impairment. For newly acquired companies, the difference between the acquisition price and equity is provisionally recognised as goodwill, if positive, or under liabilities if negative, net of goodwill, if any, recognised in the financial statements of the acquirees. At the acquisition date, non-controlling interests are measured at fair value or as a proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The measurement method is selected on a transaction basis. Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill. Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are those prompted by new information about facts and circumstances that existed at the acquisition date, that has been obtained during the measurement period (which shall not exceed one year from the business combination). In the case of business combinations achieved in stages, the equity investment previously held by the Group in the acquiree is revalued at the fair value at the date control was acquired and any resulting gain or loss is recognised through profit or loss. Any changes in the value of the previously held equity investment that had been recognised in other comprehensive income are reclassified to the income statement as if the equity investment had been sold. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the CDP Group shall report in its financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the Group shall adjust the provisional amounts to reflect new information obtained about facts and circumstances that existed at the acquisition date and that, if known, would have affected the measurement of the amounts recognised at that date. Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control of one or more companies that do not constitute a business activity and those for which the business combination is carried out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not cause changes in the control structure independently of the percentage of non-controlling interests before and after the transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to have no economic substance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-913": { "value": "7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1005": { "value": "7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1016": { "value": "7 \u2013 Intangible assets \u201cIntangible assets\u201d includes, pursuant to IAS 38, non-monetary assets that are identifiable and do not have physical substance. They are held to be used for a multi-year period or an indefinite period. They consist mainly of concessions, licenses and trademarks, contractual relationships with customers, research and development costs and industrial patent and intellectual property rights. Intangible assets include goodwill, regulated by IFRS 3 and defined as the difference between the price paid for a transaction related to a business combination and the fair value of identifiable net assets acquired. If this difference is negative (badwill) or if the goodwill is not justified by the future earnings capacity of the assets acquired, the difference is recognised in the income statement. An intangible asset is recognised if the following conditions are satisfied: \u2022 the asset is identifiable, i.e. it is separable from the rest of the enterprise; \u2022 the asset is controlled, i.e. it is subject to the control of the enterprise; \u2022 the asset generates future economic benefits; \u2022 the cost of the asset can be measured reliably. If one of these elements is missing, the purchase or realisation cost is fully recognised as a cost in the income statement in the financial year in which it is incurred. The non-current intangible assets are initially recognised at purchase or development cost, including directly attributable transaction costs. After initial recognition, the non-current intangible assets with a finite useful life are measured at cost, net of amortisation and any impairment (the latter governed by IAS 36). The amortisation is charged based on the estimated useful life of the asset. This estimate of its useful life is assessed, at the end of each financial year, to check the adequacy of the estimate. Concessions, licenses, trademarks and similar rights arising from an acquisition are recognised at current values at the date of the acquisition. The value of storage concessions, consisting of natural gas reserves in the fields (\u201cCushion Gas\u201d), is determined in accordance with the Ministerial Decree of 3 November 2005 and recognised under \u201cOther assets\u201d. This item is not subject to amortisation, as the volume of gas is not altered by the storage activity and its economic value is not lower than the amount recognised in the financial statements. This item is not amortised as the volume of gas is not modified by the storage activity and its economic value is not below the carrying amount. More specifically, trademarks are not amortised but they are tested for impairment annually or more frequently if events or changes in circumstances indicate that they may be impaired. Assets associated with public-private service concession agreements (Service Concession Arrangements) relating to the development, financing, management and maintenance of infrastructure under concession arrangements are represented by agreements under which the granting entity agrees to provide a public service (distribution of gas, dispatch of electricity), with the right to use the infrastructure. In such cases, the grantor: (i) controls or regulates the services provided by the operator through the infrastructure, and the prices charged; (ii) controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the concession. Customer contracts arising from an acquisition are recognised at fair value as of the date of the acquisition. Contractual rights are amortised over the expected life of the relationship. Research costs are recognised through profit or loss in the period in which they are incurred. Costs for the development of new products and production processes are capitalised and recognised under intangible assets only if all of the following conditions are met: \u2022 the project is clearly identified and the associated costs can be identified and measured reliably; \u2022 the technical feasibility of the project has been established; \u2022 there is a clear intention to complete the project and sell the intangible assets generated by the project; \u2022 a potential market exists or, in the case of internal use, the usefulness of the intangible asset has been established; \u2022 adequate technical and financial resources to complete the project are available. The amortisation of any development costs recognised under intangible assets begins as from the date on which the result of the project is ready for sale and is carried out on a straight-line basis. The costs incurred for the acquisition of industrial patents and intellectual property rights are amortised on a straight-line basis, allocating the acquisition cost over the shorter of the expected period of use and the term of the associated contracts, as from the time the right acquired can be exercised. If, regardless of the amortisation, there is objective evidence that the intangible asset is impaired, a test is performed to determine the adequacy of the carrying amount of the asset. Consequently, the carrying amount of the asset is compared with its recoverable amount, with the latter being the greater of fair value less the costs of disposal, and the associated value in use of the asset (construed as the discounted value of the future cash flows originated by the asset). If the carrying amount is higher than the recoverable amount, the difference is recognised through profit or loss under \u201cNet adjustments to/recoveries on intangible assets\u201d. If the reasons for which impairment was recognised cease to exist, the value of the asset is written back. The adjusted value may not exceed the value that the asset would have had, net of the amortisation calculated in the absence of previous impairment. Goodwill generated from the acquisition of subsidiaries is allocated to each identified cash generating unit (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the adequacy of its carrying amount. An impairment test is performed at least annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of goodwill and the recoverable amount of the CGUs to which the goodwill is attributed. If the carrying amount of goodwill is higher than the recoverable amount of the CGU, the difference is recognised through profit or loss at \u201cGoodwill impairment\u201d. Any reversals of impairment of goodwill may not be recognised. Goodwill related to equity investments in associated companies and joint ventures is included in the carrying amount of such companies. Negative goodwill is recognised through profit or loss at the time of the acquisition. Intangible assets are derecognised when sold or when future economic benefits are no longer expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-864": { "value": "
8 \u2013 Non-current assets and disposal groups held for sale
The balance sheet items \u201cNon-current assets and disposal groups held for sale\u201d and \u201cLiabilities associated with disposal
groups held for sale\u201d include the assets or groups of assets/liabilities whose carrying value will be recovered mainly through
a sales transaction rather than through their continuous use. These assets must be available for sale in their current
condition and the CDP Group companies must be committed to plans to dispose of the asset (or group of assets) and must
have initiated programmes to locate potential buyers, such that a sale can be considered highly probable.
To be able to classify an asset (or group of assets) as available for sale, the following is also required:
\u2022 the asset can be readily exchanged in the market at a price considered reasonable in relation to its fair value at the
current date;
\u2022 the sale is expected to be completed within one year from the date of classification, except as permitted by paragraph
9 of IFRS 5;
\u2022 the actions required to complete the plan to dispose of the asset do not indicate that it is unlikely to be completed.
Non-current assets (or disposal groups) are presented separately from balance sheet items \u201cOther assets\u201d and \u201cOther
liabilities\u201d. Initial recognition is done in compliance with the specific IFRS as applicable to each associated asset and liability
while, subsequently, they are recognised at the lower of their carrying value and fair value (net of costs to sell), without
any depreciation/amortisation being recognised.
The individual assets of the companies classified as held for sale are not amortised, whereas financial expense and other
expenses attributable to liabilities held for sale continue to be recognised.
Any subsequent impairment losses are recognised directly as an adjustment to the carrying amount of the non-current
assets (or disposal groups) held for sale through profit or loss. The corresponding balance sheet values for the previous
financial year are not reclassified. A discontinued operation is a component of an entity that either has been disposed of,
or is classified as held for sale, and:
\u2022 represents a major line of business or geographical area of operations;
\u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations;
\u2022 is an equity investment exclusively acquired with a view to resale.
The profits and losses net of tax that can be related to disposal groups of assets and liabilities are shown in the specific
income statement item \u201cIncome (Loss) after tax on disposal groups held for sale\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-892": { "value": "8 \u2013 Non-current assets and disposal groups held for sale The balance sheet items \u201cNon-current assets and disposal groups held for sale\u201d and \u201cLiabilities associated with disposal groups held for sale\u201d include the assets or groups of assets/liabilities whose carrying value will be recovered mainly through a sales transaction rather than through their continuous use. These assets must be available for sale in their current condition and the CDP Group companies must be committed to plans to dispose of the asset (or group of assets) and must have initiated programmes to locate potential buyers, such that a sale can be considered highly probable. To be able to classify an asset (or group of assets) as available for sale, the following is also required: \u2022 the asset can be readily exchanged in the market at a price considered reasonable in relation to its fair value at the current date; \u2022 the sale is expected to be completed within one year from the date of classification, except as permitted by paragraph 9 of IFRS 5; \u2022 the actions required to complete the plan to dispose of the asset do not indicate that it is unlikely to be completed. Non-current assets (or disposal groups) are presented separately from balance sheet items \u201cOther assets\u201d and \u201cOther liabilities\u201d. Initial recognition is done in compliance with the specific IFRS as applicable to each associated asset and liability while, subsequently, they are recognised at the lower of their carrying value and fair value (net of costs to sell), without any depreciation/amortisation being recognised. The individual assets of the companies classified as held for sale are not amortised, whereas financial expense and other expenses attributable to liabilities held for sale continue to be recognised. Any subsequent impairment losses are recognised directly as an adjustment to the carrying amount of the non-current assets (or disposal groups) held for sale through profit or loss. The corresponding balance sheet values for the previous financial year are not reclassified. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; \u2022 is an equity investment exclusively acquired with a view to resale. The profits and losses net of tax that can be related to disposal groups of assets and liabilities are shown in the specific income statement item \u201cIncome (Loss) after tax on disposal groups held for sale\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-914": { "value": "8 \u2013 Non-current assets and disposal groups held for sale The balance sheet items \u201cNon-current assets and disposal groups held for sale\u201d and \u201cLiabilities associated with disposal groups held for sale\u201d include the assets or groups of assets/liabilities whose carrying value will be recovered mainly through a sales transaction rather than through their continuous use. These assets must be available for sale in their current condition and the CDP Group companies must be committed to plans to dispose of the asset (or group of assets) and must have initiated programmes to locate potential buyers, such that a sale can be considered highly probable. To be able to classify an asset (or group of assets) as available for sale, the following is also required: \u2022 the asset can be readily exchanged in the market at a price considered reasonable in relation to its fair value at the current date; \u2022 the sale is expected to be completed within one year from the date of classification, except as permitted by paragraph 9 of IFRS 5; \u2022 the actions required to complete the plan to dispose of the asset do not indicate that it is unlikely to be completed. Non-current assets (or disposal groups) are presented separately from balance sheet items \u201cOther assets\u201d and \u201cOther liabilities\u201d. Initial recognition is done in compliance with the specific IFRS as applicable to each associated asset and liability while, subsequently, they are recognised at the lower of their carrying value and fair value (net of costs to sell), without any depreciation/amortisation being recognised. The individual assets of the companies classified as held for sale are not amortised, whereas financial expense and other expenses attributable to liabilities held for sale continue to be recognised. Any subsequent impairment losses are recognised directly as an adjustment to the carrying amount of the non-current assets (or disposal groups) held for sale through profit or loss. The corresponding balance sheet values for the previous financial year are not reclassified. A discontinued operation is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2022 represents a major line of business or geographical area of operations; \u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; \u2022 is an equity investment exclusively acquired with a view to resale. The profits and losses net of tax that can be related to disposal groups of assets and liabilities are shown in the specific income statement item \u201cIncome (Loss) after tax on disposal groups held for sale\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-865": { "value": "
9 \u2013 Current and deferred taxes
Tax assets and liabilities are recognised in the balance sheet respectively under consolidated assets Item \u201cTax assets\u201d
and consolidated liabilities Item \u201cTax liabilities\u201d.
The accounting entries related to current and deferred taxes include: i) current tax assets, consisting of tax paid in advance
and receivables for withholding taxes incurred; ii) current tax liabilities, consisting of tax payables to be settled according
to applicable tax regulations; iii) deferred tax assets, consisting of the amounts of tax recoverable in future years in view
of deductible temporary differences; and iv) deferred tax liabilities, consisting of payables for tax to be paid in future periods
as a result of taxable temporary differences.
Current taxes, consisting of corporate income tax (IRES) and regional tax on business activities (IRAP), are recognised on
an accrual\u2019s basis using a realistic estimate of the negative and positive tax components for the year.
They are calculated on the basis of applicable tax rates. Deferred tax assets and liabilities are recognised according to the
tax rate that, under the legislation in force at the reporting date, is expected to apply in the year when the asset is realised
or the liability is settled, and are periodically reviewed to take account of any changes in legislation.
The term \u201cdeferred\u201d tax refers, in particular, to the recognition, in terms of tax, of the temporary differences between the
value assigned to an asset or liability for statutory accounting purposes and the corresponding value for tax purposes.
Deferred taxes are recognised:
\u2022 under Tax assets, if they relate to \u201cdeductible temporary differences\u201d, which means the differences between statutory
and tax values that will give rise to deductible amounts in future periods, to the extent that they are likely to be recovered;
\u2022 under Tax liabilities, if they relate to \u201ctaxable temporary differences\u201d representing liabilities because they are related to
accounting entries that will become taxable in future tax periods.
If the deferred tax items regard transactions that directly affected equity, they are recognised in equity.
Some of the CDP Group\u2019s Italian companies joined the \u201cnational fiscal consolidation\u201d mechanism regulated by Articles
117-129 of the Consolidated Income Tax Law (\u201cTUIR\u201d), introduced into tax law by Italian Legislative Decree no. 344/2003.
It consists of an optional tax system, according to which aggregate net taxable income or loss of each subsidiary that has
joined the national fiscal consolidation mechanism \u2013 inclusive of any tax withholding, deductions and tax credits \u2013 is
transferred to the Parent Company, for which a single taxable income or a single tax loss is carried forward (resulting from
the algebraic sum of its income/losses and those of the subsidiaries) and, as a result, a single tax payable/receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-893": { "value": "9 \u2013 Current and deferred taxes Tax assets and liabilities are recognised in the balance sheet respectively under consolidated assets Item \u201cTax assets\u201d and consolidated liabilities Item \u201cTax liabilities\u201d. The accounting entries related to current and deferred taxes include: i) current tax assets, consisting of tax paid in advance and receivables for withholding taxes incurred; ii) current tax liabilities, consisting of tax payables to be settled according to applicable tax regulations; iii) deferred tax assets, consisting of the amounts of tax recoverable in future years in view of deductible temporary differences; and iv) deferred tax liabilities, consisting of payables for tax to be paid in future periods as a result of taxable temporary differences. Current taxes, consisting of corporate income tax (IRES) and regional tax on business activities (IRAP), are recognised on an accrual\u2019s basis using a realistic estimate of the negative and positive tax components for the year. They are calculated on the basis of applicable tax rates. Deferred tax assets and liabilities are recognised according to the tax rate that, under the legislation in force at the reporting date, is expected to apply in the year when the asset is realised or the liability is settled, and are periodically reviewed to take account of any changes in legislation. The term \u201cdeferred\u201d tax refers, in particular, to the recognition, in terms of tax, of the temporary differences between the value assigned to an asset or liability for statutory accounting purposes and the corresponding value for tax purposes. Deferred taxes are recognised: \u2022 under Tax assets, if they relate to \u201cdeductible temporary differences\u201d, which means the differences between statutory and tax values that will give rise to deductible amounts in future periods, to the extent that they are likely to be recovered; \u2022 under Tax liabilities, if they relate to \u201ctaxable temporary differences\u201d representing liabilities because they are related to accounting entries that will become taxable in future tax periods. If the deferred tax items regard transactions that directly affected equity, they are recognised in equity. Some of the CDP Group\u2019s Italian companies joined the \u201cnational fiscal consolidation\u201d mechanism regulated by Articles 117-129 of the Consolidated Income Tax Law (\u201cTUIR\u201d), introduced into tax law by Italian Legislative Decree no. 344/2003. It consists of an optional tax system, according to which aggregate net taxable income or loss of each subsidiary that has joined the national fiscal consolidation mechanism \u2013 inclusive of any tax withholding, deductions and tax credits \u2013 is transferred to the Parent Company, for which a single taxable income or a single tax loss is carried forward (resulting from the algebraic sum of its income/losses and those of the subsidiaries) and, as a result, a single tax payable/receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-866": { "value": "
10 \u2013 Provisions for risks and charges
This item consists of the provision set aside to cover specific types of liabilities whose existence is certain or probable, but
whose amount or accrual date were uncertain at the reporting date.
Therefore, the provisions are recognised only when:
\u2022 there is a present (legal or constructive) obligation resulting from a past event;
\u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation;
\u2022 a reliable estimate can be made of the amount of the obligation.
When the time value is significant and the dates of payment of the obligation can be estimated reliably, the allowance is
measured as the present value (discounted at market rates as of the reporting date) of the charges that are expected to
be incurred in order to settle the obligation.
Contingent \u2013 not probable \u2013 liabilities are not recognised in the balance sheet. However, they are disclosed in the notes,
unless the probability of an outflow of resources is remote or the event is deemed insignificant.
The provisions are used only to cover the costs for which they were originally recognised, and they are reversed in the
income statement when the obligation is settled or when it is no longer probable that an outflow of resources will be required
to settle the present obligation.
This item also includes provisions for credit risk for commitments to disburse funds and on financial guarantees that are
subject to the rules of impairment in IFRS 9.
This item also includes the company pensions and other post-retirement benefit obligations, i.e. the provisions for long-
term employment and post-employment benefits. However, no value has been recognised for the sub-account in question
because there were no net amounts attributable to that item at the reporting date of these financial statements. For more
information see the section \u201cStaff severance pay\u201d in paragraph 15 \u201cOther information\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-894": { "value": "10 \u2013 Provisions for risks and charges This item consists of the provision set aside to cover specific types of liabilities whose existence is certain or probable, but whose amount or accrual date were uncertain at the reporting date. Therefore, the provisions are recognised only when: \u2022 there is a present (legal or constructive) obligation resulting from a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 a reliable estimate can be made of the amount of the obligation. When the time value is significant and the dates of payment of the obligation can be estimated reliably, the allowance is measured as the present value (discounted at market rates as of the reporting date) of the charges that are expected to be incurred in order to settle the obligation. Contingent \u2013 not probable \u2013 liabilities are not recognised in the balance sheet. However, they are disclosed in the notes, unless the probability of an outflow of resources is remote or the event is deemed insignificant. The provisions are used only to cover the costs for which they were originally recognised, and they are reversed in the income statement when the obligation is settled or when it is no longer probable that an outflow of resources will be required to settle the present obligation. This item also includes provisions for credit risk for commitments to disburse funds and on financial guarantees that are subject to the rules of impairment in IFRS 9. This item also includes the company pensions and other post-retirement benefit obligations, i.e. the provisions for long- term employment and post-employment benefits. However, no value has been recognised for the sub-account in question because there were no net amounts attributable to that item at the reporting date of these financial statements. For more information see the section \u201cStaff severance pay\u201d in paragraph 15 \u201cOther information\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-915": { "value": "10 \u2013 Provisions for risks and charges This item consists of the provision set aside to cover specific types of liabilities whose existence is certain or probable, but whose amount or accrual date were uncertain at the reporting date. Therefore, the provisions are recognised only when: \u2022 there is a present (legal or constructive) obligation resulting from a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 a reliable estimate can be made of the amount of the obligation. When the time value is significant and the dates of payment of the obligation can be estimated reliably, the allowance is measured as the present value (discounted at market rates as of the reporting date) of the charges that are expected to be incurred in order to settle the obligation. Contingent \u2013 not probable \u2013 liabilities are not recognised in the balance sheet. However, they are disclosed in the notes, unless the probability of an outflow of resources is remote or the event is deemed insignificant. The provisions are used only to cover the costs for which they were originally recognised, and they are reversed in the income statement when the obligation is settled or when it is no longer probable that an outflow of resources will be required to settle the present obligation. This item also includes provisions for credit risk for commitments to disburse funds and on financial guarantees that are subject to the rules of impairment in IFRS 9. This item also includes the company pensions and other post-retirement benefit obligations, i.e. the provisions for long- term employment and post-employment benefits. However, no value has been recognised for the sub-account in question because there were no net amounts attributable to that item at the reporting date of these financial statements. For more information see the section \u201cStaff severance pay\u201d in paragraph 15 \u201cOther information\u201d.
2.4 Credit risk mitigation techniques
CDP mitigates the credit risk with respect to lending operations by using techniques commonly adopted in the banking
industry.
A significant number of CDP credit exposures in the Separate Account consists of special-purpose cash loans with
adequate security framework (e.g., exposures with public local entities supported by payment orders to the Treasurers or
an irrevocable mandate for collection).
Financing under the Ordinary Account and the financing of non-Public Entities under the Separate Account can be secured
by collateral or unsecured guarantees. Specifically, some of the products in support of the economy, which are channelled
through the banking system and targeted at SMEs, and in support of the housing market, are secured through the pledge
of the underlying loans to CDP and the creation of pledges on government bonds in favour of CDP. The portfolio of
transferred receivables provides for mechanisms of alignment with respect to the direct exposures to banks and has an
adequate quality level of customers transferred as a guarantee, including in terms of distribution by risk classes according
to the system average values. Lastly, with regard to concentration risk, a system of limits has been defined according to
the overall exposure to the bank (and of the group that it might belong to) in relation to the Equity of CDP and the Regulatory
Capital of the bank (or its group).
Aside from the acquisition of guarantees, typically in transactions under the Ordinary Account and in those with non-Public
Entities under the Separate Account, it is possible to include clauses in the loan agreements, obligating the counterparty
to satisfy appropriate financial covenants and other contractual clauses, typical for these types of transactions, that allow
CDP to monitor its credit risk more effectively over the life of the transaction.
With reference to loans to private-sector parties, in order to reduce the risk of an excessive incidence in the total debt,
CDP takes part in financing alongside the banking system, assuming a share that does not usually exceed 50% of the
entire transaction.
With regard to project finance transactions, particular importance is placed on sponsor support for the initiative during the
construction phase, both in terms of the commitment to inject additional resources if required and to remain in the
shareholder structure until completion and start of operations.
In terms of credit risk management and measurement, the Group as a whole adopts procedures to assess the quality of
credit assets both at the initial assignment/concession and throughout the credit\u2019s duration, by monitoring the trends of
performing positions in the portfolio. In particular, the system implemented ensures, through an early warning system, the
prompt flagging up of credit events that indicates potential problems (based on information from both internal and external
sources), and to assigns the counterparty a specific internal Bonis-Watch List class depending on the level of importance
of the identified signals, also triggering the assessment process for regulatory classification purposes. In addition, this
calculation engine, leveraging specific indicators, generates proposals for regulatory classification, with a focus on \u201cUnlikely
to Pay\u201d.
Regarding derivatives transactions performed for hedging purposes with banking counterparties, exposure is reduced due
to netting carried out thanks to the use of ISDA agreements. Credit Support Annexes, which involve the periodic exchange
of collateral, are also systematically used to strengthen CDP credit risk mitigation. The arrangement is based on the
standard format recommended by the ISDA.
In executing its hedging strategies, CDP relies on clearing houses.
Securities financing transactions utilise framework netting arrangements such as GMRAs (Global Master Repurchase
Agreement, ICMA formats). In addition, CDP has long since joined the Euronext Clearing House (previously called Cassa
di Compensazione e Garanzia), through which it transacts in repo agreements while benefiting from robust protections
against counterparty risk.
CDP conducts its securities lending activities under the framework of the Global Master Securities Lending Agreement
(GMSLA).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-933": { "value": "10 \u2013 Provisions for risks and charges This item consists of the provision set aside to cover specific types of liabilities whose existence is certain or probable, but whose amount or accrual date were uncertain at the reporting date. Therefore, the provisions are recognised only when: \u2022 there is a present (legal or constructive) obligation resulting from a past event; \u2022 it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; \u2022 a reliable estimate can be made of the amount of the obligation. When the time value is significant and the dates of payment of the obligation can be estimated reliably, the allowance is measured as the present value (discounted at market rates as of the reporting date) of the charges that are expected to be incurred in order to settle the obligation. Contingent \u2013 not probable \u2013 liabilities are not recognised in the balance sheet. However, they are disclosed in the notes, unless the probability of an outflow of resources is remote or the event is deemed insignificant. The provisions are used only to cover the costs for which they were originally recognised, and they are reversed in the income statement when the obligation is settled or when it is no longer probable that an outflow of resources will be required to settle the present obligation. This item also includes provisions for credit risk for commitments to disburse funds and on financial guarantees that are subject to the rules of impairment in IFRS 9. This item also includes the company pensions and other post-retirement benefit obligations, i.e. the provisions for long- term employment and post-employment benefits. However, no value has been recognised for the sub-account in question because there were no net amounts attributable to that item at the reporting date of these financial statements. For more information see the section \u201cStaff severance pay\u201d in paragraph 15 \u201cOther information\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-934": { "value": "11 \u2013 Financial liabilities measured at amortised cost This item includes all amounts due to banks and due to customers of any technical form (deposits, current accounts, loans), other than those in the items \u201cFinancial liabilities held for trading\u201d and \u201cFinancial liabilities designated at fair value\u201d. This includes operating debts associated with the provision of business and financial services and variation margins with clearing houses in respect of transactions on derivatives, in addition to operating debts associated with the provision of financial services. In particular, the Parent Company CDP includes in these items the amounts still to be disbursed for loans being repaid, as well as liabilities in respect of postal funding products. Postal savings bonds issued by CDP are reported under the item \u201cDue to banks\u201d and the item \u201cDue to customers\u201d, including those that have matured but have not yet been redeemed at the reporting date. These instruments are zero-coupon securities (where the interest accrued is paid when the principal is redeemed) with a step-up interest structure (the interest rate increases as the period for which the bond is held increases) and with principal and interest redeemed in a single payment upon maturity, although the bonds can be redeemed upon request of the underwriter at any time prior to their contractual maturity, with principal and interest paid in accordance with the period for which the bond was held. For Postal savings bonds, the adoption of the amortised cost method and of the effective interest rate used for calculating the amortised cost under examination must be equal to the internal rate of return from the estimated (not contractual) cash flows throughout the expected (and not contractual) life of the instrument. Given the aforementioned option of early redemption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP has therefore developed a statistical model for forecasting early redemption of postal savings bonds based on a time series of redemptions, which is used to price the new issues. The forecasting model used at the time of the bond issue is also used to determine the initial estimated amortisation plan for each series of postal savings bonds. Based on these estimated flows, the effective interest rate and the amortised cost to be recognised in the balance sheet are then calculated. Differences between the actual early redemptions and these estimates result in the recalculation of the remaining amortisation schedule. In such cases, the IFRS state that the amortised cost of the instrument being measured is to be equal to the present value of the new estimated future cash flows using, for fixed rate postal savings bonds, the effective interest rate calculated at the issue of each series as the discount rate, and kept unchanged. The effective rate for floating- rate interest-bearing postal savings bonds is updated every time the estimated cash flows are revised due to changes in the benchmark indices and the review of the flow of redemptions. Financial liabilities measured at amortised cost also include the amount of funds provided by the State or other government agencies and intended for particular operations required and regulated by special laws (\u201cthird-party funds in administration\u201d), provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. However, funds administered on behalf of the State or other government agencies are not included here if their management is exclusively remunerated by an all-in-one fee (commission) and that are, therefore, merely seen as a service. In addition, this item also includes issued securities measured at amortised cost. The item is reported net of repurchased securities. Financial liabilities measured at amortised cost are recognised for the first time on the date the raised funds are received or the debt instruments issued. These items are recognised at their fair value upon initial recognition. That value normally corresponds to the amount received or the issue price, inclusive of the directly attributable expenses to the individual fundraising operations or the costs incurred for the issue. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method, as defined in the preceding paragraphs. An exception is represented by short-term financial liabilities, which are recognised at the received value, given the negligible effect of the time factor. In hybrid debt instruments (indexed to equity instruments, indices, foreign currencies etc.) the embedded derivative is separated from the host contract, when the criteria for separation under IFRS 9 apply, and is recognised at its fair value under financial assets/liabilities held for trading (respectively positive or negative). The related changes in value are recognised in profit or loss. By contrast, the primary contract is initially recognised at an amount corresponding to the difference between the total proceeds collected and the fair value allocated to the embedded derivative, and is subsequently recognised and measured in line with the rules of the applicable classification portfolio. The amounts under the item \u201cDue to banks\u201d, \u201cDue to customers\u201d, and \u201cSecurities issued\u201d are derecognised when they mature or are extinguished. The derecognition also takes place when there is a repurchase of previously issued bonds, with simultaneous recalculation of the residual payable only for the securities issued. The difference between the carrying value of the liability and the amount paid to purchase it is recognised in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. 13 \u2013 Financial liabilities designated at fair value This item includes financial liabilities, regardless of their technical form (debt securities, loans etc.), for which the option of measurement at fair value through profit or loss has been exercised (\u201cFair Value Option\u201d) in accordance with the requirements established by IFRS 9 for classification in this item. This classification is made when one of the following conditions applies: \u2022 the designation eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch) that would otherwise arise from the measuring of assets or liabilities or from the recognition of gains or losses on different bases; \u2022 a group of financial liabilities, or a group of financial assets and liabilities is managed and the performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; \u2022 the liabilities consist of hybrid instruments containing embedded derivatives that would otherwise have been separated (however, this rule does not apply if the embedded derivative is insignificant or if the separation of the embedded derivative cannot be applied). As regards issued debt securities, these financial liabilities are recognised for the first time on the date of issue. Initial recognition is at fair value, which generally equals the amount collected, without considering the transaction expenses and income attributable to the instrument issued, which are instead recognised in the income statement. Subsequent to initial recognition, these financial liabilities are measured at fair value and charged as follows: \u2022 the change in fair value that is attributable to changes in its creditworthiness is recognised in the statement of comprehensive income and recorded in the item Valuation reserves; \u2022 the residual amount of change in fair value is recognised through profit or loss. Financial liabilities at fair value are derecognised from the balance sheet when the contractual rights to the related cash flows expire or when the financial liability is sold, transferring all risks and rewards connected with it to third parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-948": { "value": "11 \u2013 Financial liabilities measured at amortised cost This item includes all amounts due to banks and due to customers of any technical form (deposits, current accounts, loans), other than those in the items \u201cFinancial liabilities held for trading\u201d and \u201cFinancial liabilities designated at fair value\u201d. This includes operating debts associated with the provision of business and financial services and variation margins with clearing houses in respect of transactions on derivatives, in addition to operating debts associated with the provision of financial services. In particular, the Parent Company CDP includes in these items the amounts still to be disbursed for loans being repaid, as well as liabilities in respect of postal funding products. Postal savings bonds issued by CDP are reported under the item \u201cDue to banks\u201d and the item \u201cDue to customers\u201d, including those that have matured but have not yet been redeemed at the reporting date. These instruments are zero-coupon securities (where the interest accrued is paid when the principal is redeemed) with a step-up interest structure (the interest rate increases as the period for which the bond is held increases) and with principal and interest redeemed in a single payment upon maturity, although the bonds can be redeemed upon request of the underwriter at any time prior to their contractual maturity, with principal and interest paid in accordance with the period for which the bond was held. For Postal savings bonds, the adoption of the amortised cost method and of the effective interest rate used for calculating the amortised cost under examination must be equal to the internal rate of return from the estimated (not contractual) cash flows throughout the expected (and not contractual) life of the instrument. Given the aforementioned option of early redemption, the expected life of postal savings bonds is, on average, less than their contractual life. CDP has therefore developed a statistical model for forecasting early redemption of postal savings bonds based on a time series of redemptions, which is used to price the new issues. The forecasting model used at the time of the bond issue is also used to determine the initial estimated amortisation plan for each series of postal savings bonds. Based on these estimated flows, the effective interest rate and the amortised cost to be recognised in the balance sheet are then calculated. Differences between the actual early redemptions and these estimates result in the recalculation of the remaining amortisation schedule. In such cases, the IFRS state that the amortised cost of the instrument being measured is to be equal to the present value of the new estimated future cash flows using, for fixed rate postal savings bonds, the effective interest rate calculated at the issue of each series as the discount rate, and kept unchanged. The effective rate for floating- rate interest-bearing postal savings bonds is updated every time the estimated cash flows are revised due to changes in the benchmark indices and the review of the flow of redemptions. Financial liabilities measured at amortised cost also include the amount of funds provided by the State or other government agencies and intended for particular operations required and regulated by special laws (\u201cthird-party funds in administration\u201d), provided that the loans and funds accrue interest respectively in favour of and at the expense of the providing agency. However, funds administered on behalf of the State or other government agencies are not included here if their management is exclusively remunerated by an all-in-one fee (commission) and that are, therefore, merely seen as a service. In addition, this item also includes issued securities measured at amortised cost. The item is reported net of repurchased securities. Financial liabilities measured at amortised cost are recognised for the first time on the date the raised funds are received or the debt instruments issued. These items are recognised at their fair value upon initial recognition. That value normally corresponds to the amount received or the issue price, inclusive of the directly attributable expenses to the individual fundraising operations or the costs incurred for the issue. The financial liabilities are subsequently measured at amortised cost using the effective interest rate method, as defined in the preceding paragraphs. An exception is represented by short-term financial liabilities, which are recognised at the received value, given the negligible effect of the time factor. In hybrid debt instruments (indexed to equity instruments, indices, foreign currencies etc.) the embedded derivative is separated from the host contract, when the criteria for separation under IFRS 9 apply, and is recognised at its fair value under financial assets/liabilities held for trading (respectively positive or negative). The related changes in value are recognised in profit or loss. By contrast, the primary contract is initially recognised at an amount corresponding to the difference between the total proceeds collected and the fair value allocated to the embedded derivative, and is subsequently recognised and measured in line with the rules of the applicable classification portfolio. The amounts under the item \u201cDue to banks\u201d, \u201cDue to customers\u201d, and \u201cSecurities issued\u201d are derecognised when they mature or are extinguished. The derecognition also takes place when there is a repurchase of previously issued bonds, with simultaneous recalculation of the residual payable only for the securities issued. The difference between the carrying value of the liability and the amount paid to purchase it is recognised in the income statement. 12 \u2013 Financial liabilities held for trading This item includes all forms of financial liabilities of any technical form (debt securities, loans, derivatives) designated as being held for trading purposes. It excludes any portion of the company\u2019s own issued debt securities that have not yet been placed with third parties. This category of liabilities includes, in particular, financial derivatives not designated under hedge accounting, operational hedging derivatives and derivatives embedded in complex financial contracts, whose host contract is a financial liability, which have been recognised separately if their fair value is negative. The criteria for the initial recognition and measurement of these derivatives are described with reference to the same instruments with positive fair value within the scope of Financial assets held for trading. Financial liabilities are initially recognised at fair value, which generally equals the amount received net of transaction costs or revenues. When the amount paid differs from fair value, a financial liability is nevertheless recognised at fair value, and the difference between the two amounts is recognised through profit or loss. Initial recognition is made at the contract date for derivative contracts and at the settlement date for debt securities, with the exception of those for which delivery is not governed by conventions on the market concerned, for which initial recognition is at the subscription date. Measurement after initial recognition is made at fair value, with recognition of any changes in value through profit or loss. If the fair value of a financial liability becomes positive, it is recognised as a financial asset held for trading. Financial liabilities held for trading are derecognised when the contractual rights to the cash flows expire or a sale transfers all the risks and rewards connected with ownership to a third party. Conversely, when a significant portion of the risks and rewards associated with the financial liability are retained, the liabilities remain on the balance sheet even if official title has been transferred. The gains and losses on sale or redemption and unrealised gains and losses resulting from changes in the fair value of the trading portfolio are reported under \u201cProfits (Losses) on trading activities\u201d in the income statement. 13 \u2013 Financial liabilities designated at fair value This item includes financial liabilities, regardless of their technical form (debt securities, loans etc.), for which the option of measurement at fair value through profit or loss has been exercised (\u201cFair Value Option\u201d) in accordance with the requirements established by IFRS 9 for classification in this item. This classification is made when one of the following conditions applies: \u2022 the designation eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch) that would otherwise arise from the measuring of assets or liabilities or from the recognition of gains or losses on different bases; \u2022 a group of financial liabilities, or a group of financial assets and liabilities is managed and the performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy; \u2022 the liabilities consist of hybrid instruments containing embedded derivatives that would otherwise have been separated (however, this rule does not apply if the embedded derivative is insignificant or if the separation of the embedded derivative cannot be applied). As regards issued debt securities, these financial liabilities are recognised for the first time on the date of issue. Initial recognition is at fair value, which generally equals the amount collected, without considering the transaction expenses and income attributable to the instrument issued, which are instead recognised in the income statement. Subsequent to initial recognition, these financial liabilities are measured at fair value and charged as follows: \u2022 the change in fair value that is attributable to changes in its creditworthiness is recognised in the statement of comprehensive income and recorded in the item Valuation reserves; \u2022 the residual amount of change in fair value is recognised through profit or loss. Financial liabilities at fair value are derecognised from the balance sheet when the contractual rights to the related cash flows expire or when the financial liability is sold, transferring all risks and rewards connected with it to third parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-867": { "value": "
14 \u2013 Transactions in a foreign currency
Transactions in a foreign currency are initially recognised in euros by translating the amount in the foreign currency into
euros at the spot exchange rate prevailing on the date of the transaction.
In preparing the annual or interim financial statements, assets denominated in a foreign currency are accounted for as
follows:
\u2022 monetary instruments are translated at the spot rate quoted on the reporting date;
\u2022 non-monetary instruments, which are carried at cost, are translated at the exchange rate quoted on the date of the
original transaction;
\u2022 non-monetary instruments, which are carried at fair value, are translated at the spot rate quoted on the reporting date.
Exchange rate differences in respect of non-monetary items are treated using the same rules for gains and losses on the
original instruments.
Positive and negative exchange differences relating to financial assets and liabilities denominated in foreign currencies,
other than those measured at fair value, those subject to fair value hedges (exchange rate or fair value risk) and cash flow
hedges (exchange rate risk), as well as related hedging derivatives, are included in \u201cProfits (Losses) on trading\u201d. This item
also includes the results of fair value measurement of any forward contracts associated with foreign currency transactions
concluded for hedging purposes, net of the accrued contractual margins recognised in interest with the relevant + or - sign;
Financial assets and liabilities denominated in foreign currencies measured at fair value are included in the \u201cProfits (Losses)
on financial assets and liabilities measured at fair value through profit or loss\u201d;
Financial assets and liabilities denominated in foreign currencies, subject to fair value hedge (exchange rate or fair value
risk) and relating to hedging derivatives are included in the results of related measurements recognised in \u201cFair value
adjustments in hedge accounting\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-964": { "value": "
Contract work in progress
The gross amount due from contract work in progress is shown in the balance sheet assets. Recognition in the financial
statements of the activities deriving from contracts (orders) depends on the methodology by which the transfer of control
to the customer of the asset or service takes place: if this occurs gradually as the asset is built or the services are rendered,
the assets are recognised based on the value of the contractual fees agreed, increased by any contributions provided for
by specific legal regulations reasonably accrued on the balance sheet date, according to the cost-to-cost method, taking
into account the progress achieved and the expected contractual risks; if, on the other hand, transfer of control takes place
at the time of final delivery of the asset or the completion of the provision of all promised services, the assets are recognised
at purchase cost.
Work in progress is recorded on the basis of the progress (or percentage of completion) method according to which costs,
revenues and margin are recognised based on the progress of the production activity. Progress is determined through the
ratio of costs incurred at the reporting date to the total costs expected. Differences between the value of completed
contracts and payments on account received are recognised under balance sheet assets or liabilities, considering any
impairment losses on the work carried out so as to take into account the risks of customers\u2019 refusal to recognise the work
performed. Updates are periodically made to the assumptions that are the basis of the assessments and any economic
effects are recorded in the year in which the updates are made.
In the event that the completion of a contract is expected to result in a loss of business margin, it will be recognised in its
entirety in the financial year in which it becomes reasonably foreseeable within operating costs. Contract work in progress
is shown net of any provisions for write-downs, losses on contracts and advances and down payments relating to the
contract in progress.
Contract costs include all those costs that relate directly to the specific contract, as well as fixed and variable costs incurred
by Group companies as part of normal operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-965": { "value": "
Capitalised borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that qualify for capitalisation
are capitalised as part of the cost of the asset. The qualifying assets (property, plant and equipment and intangible assets)
involved are those that require at least one year before being ready for use. The directly attributable financial expenses
are those that would not have been incurred if the expense for that asset had not been incurred.
Where funds are borrowed specifically, costs eligible for capitalisation are the actual financial expense incurred for that
financing, less any income earned on the temporary investment of such borrowings. In regard to the general pool of
assumed debt, the amount of financial expenses that can be capitalised is determined by applying a capitalisation rate to
the expenses incurred for that asset which corresponds to the weighted average of the borrowing costs applicable to the
general pool, excluding any specifically borrowed funds. The amount of borrowing costs capitalised during a financial year
shall in any case not exceed the amount of borrowing costs incurred during that year.
The starting date of capitalisation is the date on which all of the following conditions were met for the first time: (a) the
costs for the asset were incurred; (b) the financial expenses were incurred; and (c) the activities necessary to prepare the
asset for its intended use or for sale were undertaken.
Capitalisation of the financial expenses ceases when the activities necessary to prepare the asset for its intended use or
sale are substantially complete.
Revenue and cost recognition Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and services, using a model consisting of five basic steps: \u2022 step 1: identify the contract with the customer; \u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations; \u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive; \u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual separable item of goods or services; \u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or service to the customer, i.e. when the customer obtains control of the good or service. Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d, i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement. Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested. There are three cost categories recognised: \u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that invested capital; \u2022 the economic - technical amortisation covering the investment costs; \u2022 the operating costs covering the running costs. With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference (respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology (Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for each year will be defined by the end of the year following the reporting year. With specific reference to the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are equalised by the latter. With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession, the amounts not charged or overcharged to customers during the financial year. With regard to revenue recognition for the so-called \u201cstart-up municipalities 195 \u201d, in Italy revenue from gas distribution is recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur. With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September 2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts
collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution
in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to
customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas
has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or
excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession..
Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities.
The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an
incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives
underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also
considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism
includes a significant financial component, the amounts recognised in the financial statements are subject to discounting.
Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over
a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the
purposes of determining the existence of the right.
Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised
for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs.
In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for
the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should
always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the
valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a
specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the
consideration for the dispatching activity. Considering that companies operating in this market do not have the power to
set prices for DSM transactions, revenues are expressed net of costs, on a net basis.
In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery
of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including
the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor
bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an
amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works,
determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed
services are recognised based on the earned amount, as long as the stage of completion can be accurately determined
and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to
the extent of the recoverable costs incurred.
Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer
contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised.
Interest income and expense
Interest income and expense is recognised through profit or loss, on a pro-rata basis over time for all instruments, based
on the contractual interest rate or at the effective interest rate if the amortised cost method is applied.
Default interest, where provided for by contract, is recognised through profit or loss only when it is actually received.
The interest also includes the net balance, either positive or negative, of the differentials and margins relating to the
financial derivative instruments hedging assets and liabilities that generate interest, and derivatives recognised in the
balance sheet in the trading book but operationally related to assets and/or liabilities designated at fair value (fair value
option).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-916": { "value": "
Offsetting financial assets and financial liabilities
Applying offsetting accounting to the relevant financial assets and liabilities is carried out in accordance with IAS 32, if, and
only if, an entity:
\u2022 currently has a legally enforceable right to set-off the recognised amounts; and
\u2022 intends either to settle on a net basis, or to realise the asset and simultaneously extinguish the liability.
More details are included in the tables of the Notes to the Consolidated Financial Statements, Part B \u2013 Information on the
consolidated balance sheet \u2013 Liabilities \u2013 Other information.
The tables, in particular, include:
\u2022 the balance sheet values, before and after the effects of accounting offsetting, related to financial assets and liabilities
that meet the necessary criteria for recognising such effects;
\u2022 the amounts of exposures that do not meet these requirements but are included in master netting agreements, which
allow for offsetting only under specific circumstances (e.g., a default event);
\u2022 the values of the related collateral.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-979": { "value": "
Other liabilities
Supplier Finance Arrangement and Reverse Factoring
Supplier Finance Arrangements (\u201cSFA\u201d) are characterised by one or more financiers offering to pay the amounts owed by
a company to its suppliers, with the understanding that the company will repay them based on the terms and conditions of
the agreements, either on the same date or at a later time. These contractual arrangements offer the entity an extension
of payment terms and/or allow its suppliers to receive an early payment in advance of the invoice due date.
The most common type of Supplier Finance Arrangement is Reverse Factoring, which is an agreement that allows suppliers
to collect their receivables from the debtor company in advance through a specific arrangement with the company. This
operation constitutes a \u201creversal\u201d of the traditional Factoring process, since it is the debtor who decides to use this
instrument in order to optimise the management of its liability cycle. The main characteristic of this contract is that the
request for assignment of the receivable is made directly by the debtor company, so that the factor is entrusted with the
complete management of the supply payable. The agreement with the factor may also provide for the advance payment
of receivables or their payment when due. In this case, the supplier collects the receivable immediately, and at the same
time, the debtor company can take advantage of the payment extension offered by the agreement.
From an accounting standpoint, the determining factor for classification of the payable for reverse factoring is the settlement
of the original liability (with consequent derecognition) and the stipulation of a new relationship or otherwise. Specifically,
IAS 39 in paragraph AG57 and IFRS 9 in paragraph B3.3.1 provide that \u201ca financial liability (or part of it) is extinguished
when the debtor either:
\u2022 discharges the liability (or part of it) by paying the creditor, normally with cash, other financial assets, goods or services;
or
\u2022 is legally released from primary responsibility for the liability (or part of it) either by process of law or by the creditor (If
the debtor has given a guarantee this condition may still be met)\u201d.
In CDP\u2019s Consolidated Financial Statements reverse factored supply payables are shown under Other liabilities together
with all other operating payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-917": { "value": "Supplier Finance Arrangement and Reverse Factoring Supplier Finance Arrangements (\u201cSFA\u201d) are characterised by one or more financiers offering to pay the amounts owed by a company to its suppliers, with the understanding that the company will repay them based on the terms and conditions of the agreements, either on the same date or at a later time. These contractual arrangements offer the entity an extension of payment terms and/or allow its suppliers to receive an early payment in advance of the invoice due date. The most common type of Supplier Finance Arrangement is Reverse Factoring, which is an agreement that allows suppliers to collect their receivables from the debtor company in advance through a specific arrangement with the company. This operation constitutes a \u201creversal\u201d of the traditional Factoring process, since it is the debtor who decides to use this instrument in order to optimise the management of its liability cycle. The main characteristic of this contract is that the request for assignment of the receivable is made directly by the debtor company, so that the factor is entrusted with the complete management of the supply payable. The agreement with the factor may also provide for the advance payment of receivables or their payment when due. In this case, the supplier collects the receivable immediately, and at the same time, the debtor company can take advantage of the payment extension offered by the agreement. From an accounting standpoint, the determining factor for classification of the payable for reverse factoring is the settlement of the original liability (with consequent derecognition) and the stipulation of a new relationship or otherwise. Specifically, IAS 39 in paragraph AG57 and IFRS 9 in paragraph B3.3.1 provide that \u201ca financial liability (or part of it) is extinguished when the debtor either: \u2022 discharges the liability (or part of it) by paying the creditor, normally with cash, other financial assets, goods or services; or \u2022 is legally released from primary responsibility for the liability (or part of it) either by process of law or by the creditor (If the debtor has given a guarantee this condition may still be met)\u201d. In CDP\u2019s Consolidated Financial Statements reverse factored supply payables are shown under Other liabilities together with all other operating payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-949": { "value": "
Staff severance pay
Staff severance pay (TFR) covers the entire entitlement accrued by employees at the end of the financial year, as provided
by law (Article 2120 of the Italian Civil Code) and applicable employment agreements.
In accordance with IAS 19, staff severance pay is treated as a \u201cPost-employment benefit\u201d and is classified as:
\u2022 a \u201cDefined benefit plan\u201d for the portion of staff severance pay accrued by employees until 31 December 2006;
\u2022 a \u201cDefined contribution plan\u201d for the portion of staff severance pay accrued by employees beginning 1 January 2007.
The accounting standard envisages that these portions of staff severance pay be recognised at their actuarial value. The
accruing and accrued obligations are considered for discounting purposes (these obligations are, respectively, the
discounted value of the expected future payments related to benefits accrued during the current financial year and the
discounted value of future payments resulting from amounts accrued in previous financial years).
It should be noted that a number of CDP Group companies with a small number of employees and an immaterial staff
severance pay amount continued to report that liability as calculated on the basis of Italian statutory provisions (Article
2120 of the Italian Civil Code), given the immateriality of the effects of adopting IAS 19.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1017": { "value": "Staff severance pay Staff severance pay (TFR) covers the entire entitlement accrued by employees at the end of the financial year, as provided by law (Article 2120 of the Italian Civil Code) and applicable employment agreements. In accordance with IAS 19, staff severance pay is treated as a \u201cPost-employment benefit\u201d and is classified as: \u2022 a \u201cDefined benefit plan\u201d for the portion of staff severance pay accrued by employees until 31 December 2006; \u2022 a \u201cDefined contribution plan\u201d for the portion of staff severance pay accrued by employees beginning 1 January 2007. The accounting standard envisages that these portions of staff severance pay be recognised at their actuarial value. The accruing and accrued obligations are considered for discounting purposes (these obligations are, respectively, the discounted value of the expected future payments related to benefits accrued during the current financial year and the discounted value of future payments resulting from amounts accrued in previous financial years). It should be noted that a number of CDP Group companies with a small number of employees and an immaterial staff severance pay amount continued to report that liability as calculated on the basis of Italian statutory provisions (Article 2120 of the Italian Civil Code), given the immateriality of the effects of adopting IAS 19. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-918": { "value": "
Revenue and cost recognition
Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to
customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and
services, using a model consisting of five basic steps:
\u2022 step 1: identify the contract with the customer;
\u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations;
\u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive;
\u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual
separable item of goods or services;
\u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or
service to the customer, i.e. when the customer obtains control of the good or service.
Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is
transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the
event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d,
i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services
are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on
completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion
of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely
to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement.
Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment
Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in
these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in
accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a
basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs
are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested.
There are three cost categories recognised:
\u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that
invested capital;
\u2022 the economic - technical amortisation covering the investment costs;
\u2022 the operating costs covering the running costs.
With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference
(respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the
regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative
as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici
e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are
updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology
(Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for
each year will be defined by the end of the year following the reporting year. With specific reference to the principle of
neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor
revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for
the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are
equalised by the latter.
With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water
service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised
by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement
of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance
obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession,
the amounts not charged or overcharged to customers during the financial year.
With regard to revenue recognition for the so-called \u201cstart-up municipalities
195
\u201d, in Italy revenue from gas distribution is
recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period
regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur.
With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September
2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff
surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts
collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession.. Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities. The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism includes a significant financial component, the amounts recognised in the financial statements are subject to discounting. Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the purposes of determining the existence of the right. Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs. In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the consideration for the dispatching activity. Considering that companies operating in this market do not have the power to set prices for DSM transactions, revenues are expressed net of costs, on a net basis. In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works, determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed services are recognised based on the earned amount, as long as the stage of completion can be accurately determined and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to the extent of the recoverable costs incurred. Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised. Interest income and expense Interest income and expense is recognised through profit or loss, on a pro-rata basis over time for all instruments, based on the contractual interest rate or at the effective interest rate if the amortised cost method is applied. Default interest, where provided for by contract, is recognised through profit or loss only when it is actually received. The interest also includes the net balance, either positive or negative, of the differentials and margins relating to the financial derivative instruments hedging assets and liabilities that generate interest, and derivatives recognised in the balance sheet in the trading book but operationally related to assets and/or liabilities designated at fair value (fair value option). Commission income and expense Commission income for revenues from services provided and commission expense for the costs of services received are recognised, based on the existence of contractual agreements, on an accrual basis, i.e. in the year when the services are provided. This item also includes the commissions received from guarantees issued in favour of third parties, and commissions paid for guarantees received. When the amortised cost method is used, the commissions considered in calculating the effective interest rate are classified as interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-935": { "value": "Revenue and cost recognition Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and services, using a model consisting of five basic steps: \u2022 step 1: identify the contract with the customer; \u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations; \u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive; \u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual separable item of goods or services; \u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or service to the customer, i.e. when the customer obtains control of the good or service. Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d, i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement. Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested. There are three cost categories recognised: \u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that invested capital; \u2022 the economic - technical amortisation covering the investment costs; \u2022 the operating costs covering the running costs. With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference (respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology (Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for each year will be defined by the end of the year following the reporting year. With specific reference to the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are equalised by the latter. With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession, the amounts not charged or overcharged to customers during the financial year. With regard to revenue recognition for the so-called \u201cstart-up municipalities 195 \u201d, in Italy revenue from gas distribution is recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur. With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September 2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession.. Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities. The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism includes a significant financial component, the amounts recognised in the financial statements are subject to discounting. Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the purposes of determining the existence of the right. Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs. In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the consideration for the dispatching activity. Considering that companies operating in this market do not have the power to set prices for DSM transactions, revenues are expressed net of costs, on a net basis. In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works, determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed services are recognised based on the earned amount, as long as the stage of completion can be accurately determined and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to the extent of the recoverable costs incurred. Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised. Interest income and expense Interest income and expense is recognised through profit or loss, on a pro-rata basis over time for all instruments, based on the contractual interest rate or at the effective interest rate if the amortised cost method is applied. Default interest, where provided for by contract, is recognised through profit or loss only when it is actually received. The interest also includes the net balance, either positive or negative, of the differentials and margins relating to the financial derivative instruments hedging assets and liabilities that generate interest, and derivatives recognised in the balance sheet in the trading book but operationally related to assets and/or liabilities designated at fair value (fair value option). Commission income and expense Commission income for revenues from services provided and commission expense for the costs of services received are recognised, based on the existence of contractual agreements, on an accrual basis, i.e. in the year when the services are provided. This item also includes the commissions received from guarantees issued in favour of third parties, and commissions paid for guarantees received. When the amortised cost method is used, the commissions considered in calculating the effective interest rate are classified as interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-950": { "value": "Revenue and cost recognition Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and services, using a model consisting of five basic steps: \u2022 step 1: identify the contract with the customer; \u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations; \u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive; \u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual separable item of goods or services; \u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or service to the customer, i.e. when the customer obtains control of the good or service. Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d, i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement. Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested. There are three cost categories recognised: \u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that invested capital; \u2022 the economic - technical amortisation covering the investment costs; \u2022 the operating costs covering the running costs. With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference (respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology (Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for each year will be defined by the end of the year following the reporting year. With specific reference to the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are equalised by the latter. With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession, the amounts not charged or overcharged to customers during the financial year. With regard to revenue recognition for the so-called \u201cstart-up municipalities 195 \u201d, in Italy revenue from gas distribution is recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur. With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September 2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession.. Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities. The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism includes a significant financial component, the amounts recognised in the financial statements are subject to discounting. Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the purposes of determining the existence of the right. Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs. In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the consideration for the dispatching activity. Considering that companies operating in this market do not have the power to set prices for DSM transactions, revenues are expressed net of costs, on a net basis. In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works, determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed services are recognised based on the earned amount, as long as the stage of completion can be accurately determined and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to the extent of the recoverable costs incurred. Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1018": { "value": "Revenue and cost recognition Revenues are recognised in such a way as to accurately represent the process of transfer of goods and services to customers in an amount that reflects the consideration that one expects to receive in exchange for supplied goods and services, using a model consisting of five basic steps: \u2022 step 1: identify the contract with the customer; \u2022 step 2: identify the contractual obligations, noting the separable goods or services as separate obligations; \u2022 step 3: determine the price of the transaction, i.e. the amount of the consideration that one expects to receive; \u2022 step 4: allocate the transaction price to each obligation identified in the contract based on the sale price of each individual separable item of goods or services; \u2022 step 5: recognise the revenue when (or if) each contractual obligation is fulfilled through the transfer of the good or service to the customer, i.e. when the customer obtains control of the good or service. Revenues from contracts with customers are recognised on the basis of when control of the goods and/or the services is transferred to the customer for an amount that reflects the consideration to which the entity believes it is entitled. In the event that control is transferred as the asset is built or the services are rendered, the revenues are recognised \u201cover time\u201d, i.e. with the gradual progress of activities; if, on the other hand, control is not transferred as the asset is built or the services are rendered, the revenues are recognised \u201cat a point in time\u201d, i.e. at the time of the final delivery of the asset or on completion of the provision of the services. To evaluate the progress of orders \u201cover time\u201d, the Group chose the criterion of the percentage of progress evaluated with the cost-to-cost methodology. When the total lifetime contract costs are likely to exceed the total lifetime corresponding revenues, the potential loss is recognised immediately in the Income Statement. Revenue from regulated activities is governed by the regulations issued by the Italian Energy Networks and Environment Regulator (ARERA) and in Greece by the Regulatory Authority for Energy, Waste and Water (RAEWW). Consequently, in these cases, the financial terms and conditions relating to the services provided are not defined by negotiation but in accordance with the relevant regulatory frameworks and the tariffs are set periodically by ARERA and RAE and used as a basis to define the tariff criteria for the reference period, which provide that the reference revenues in formulating the tariffs are determined in order to cover the costs incurred by the operator and allow an equitable return on the capital invested. There are three cost categories recognised: \u2022 the cost of the net invested capital for RAB (Regulatory Asset Base) purposes through applying a rate of return on that invested capital; \u2022 the economic - technical amortisation covering the investment costs; \u2022 the operating costs covering the running costs. With reference to Natural Gas Distribution and Metering in Greece and to the integrated water service, the difference (respectively referred to as \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues accrued is recorded, if positive, as an asset on the balance sheet and if negative as a liability, given that any such difference will be subject to monetary settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). Within the Transport business segment, the revenues recognised in the income statement are updated on the basis of the best estimate of the best estimate of the benchmarks included in the ROSS-Base methodology (Settlement by Objectives of Expenditure and Service). Based on this methodology, the amount of revenue allowed for each year will be defined by the end of the year following the reporting year. With specific reference to the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralised by recognising an asset or liability for CSEA, given that these differences are equalised by the latter. With reference to the natural gas distribution and metering activities carried out in Greece and to the integrated water service, the difference (respectively \u201cRecoverable Difference\u201d or \u201cTariff Adjustments\u201d) between the revenues recognised by the regulator (Revenue Cap) and the revenues actually accrued is recognised, if positive, as an asset in the statement of financial position and, if negative, as a liability. This is because the operator has satisfied the relevant performance obligation and is entitled to recover, or obliged to repay, in subsequent regulatory periods or at the end of the concession, the amounts not charged or overcharged to customers during the financial year. With regard to revenue recognition for the so-called \u201cstart-up municipalities 195 \u201d, in Italy revenue from gas distribution is recognised on the basis of a forward-looking estimate of the expected delivery points at the end of the start-up period regulated by ARERA, where it is considered highly probable that no significant reversal of cumulative revenues will occur. With regard to Sardinia, consideration has been given to the provisions of the Prime Ministerial Decree dated 10 September 2025, published in the Official Gazette on 3 November 2025. Revenues are reported net of items relating to tariff surcharges additional to the Italian tariff, intended to cover general system charges in the gas sector. The amounts collected or charged by Italgas are passed back in equal amounts to the CSEA. In relation to the natural gas distribution in Greece and the integrated water service, the difference between the revenue cap and the revenues charged to customers for services actually rendered is recorded as an asset when positive or as a liability when negative, as Italgas has fulfilled the related performance obligation and is entitled to recover or obliged to return any amounts not charged or excessively charged to customers during the year in subsequent regulatory periods or at the end of the concession.. Revenues also include output-based incentives, set out by ARERA both in terms of transmission and dispatching activities. The incentive mechanisms are framed within the scope of IFRS 15. In the event that the counterparties through which an incentive is collected are not the same as those operating on the market in the year audited for the delivery of the objectives underlying the incentive programme, IFRS 15 is applied through the analogy approach provided for by IAS 8, also considering the guidance provided by the Conceptual Framework for Financial Reporting. In the event that the mechanism includes a significant financial component, the amounts recognised in the financial statements are subject to discounting. Based on the specific characteristics of each mechanism, it is assessed whether the performance obligation is fulfilled over a period of time or at a point of time, also taking into account the need for confirmation or verification by ARERA for the purposes of determining the existence of the right. Payments collected on behalf of third parties, such as fees for other non-Group grid owners, as well as fees recognised for the balancing of the national electrical energy system, which do not increase equity, are shown net of the related costs. In particular, revenues and costs of a \u201cpassing\u201d nature that originate from transactions with electricity market operators for the purchase and sale of energy are included. The regulatory framework provides that these costs and revenues should always have a net-zero balance, through the pro-rata charging to each consumer of the net charge resulting from the valuation of imbalances and purchase and sale transactions carried out on the Dispatching Services Market, through a specific Uplift fee. The company remunerated for this activity is entitled to a special \u201cmargin\u201d revenue, which is the consideration for the dispatching activity. Considering that companies operating in this market do not have the power to set prices for DSM transactions, revenues are expressed net of costs, on a net basis. In the context of energy efficiency projects, the Italgas and Snam groups are involved in the redevelopment and recovery of residential real estate, allowing customers to benefit from tax deductions in line with applicable regulations, including the Superbonus introduced by Article 119 and related provisions of DL 34/2020 and amendments, along with other minor bonuses (e.g., Sismabonus, Ecobonus etc.). Revenue is recognised over the duration of the contract (over-time), for an amount equal to what the Italgas and Snam groups expect to receive for the operation, based on the progress of the works, determined by the costs incurred compared to the total estimated costs. Revenue allocations for partially completed services are recognised based on the earned amount, as long as the stage of completion can be accurately determined and there are no significant uncertainties about the revenue amount or its related costs; otherwise, they are recognised to the extent of the recoverable costs incurred. Costs are recognised through profit or loss based on the accrual principle; costs related to obtaining and fulfilling customer contracts are recognised through profit or loss during the periods in which the corresponding revenues are recognised. Interest income and expense Interest income and expense is recognised through profit or loss, on a pro-rata basis over time for all instruments, based on the contractual interest rate or at the effective interest rate if the amortised cost method is applied. Default interest, where provided for by contract, is recognised through profit or loss only when it is actually received. The interest also includes the net balance, either positive or negative, of the differentials and margins relating to the financial derivative instruments hedging assets and liabilities that generate interest, and derivatives recognised in the balance sheet in the trading book but operationally related to assets and/or liabilities designated at fair value (fair value option). Commission income and expense Commission income for revenues from services provided and commission expense for the costs of services received are recognised, based on the existence of contractual agreements, on an accrual basis, i.e. in the year when the services are provided. This item also includes the commissions received from guarantees issued in favour of third parties, and commissions paid for guarantees received. When the amortised cost method is used, the commissions considered in calculating the effective interest rate are classified as interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-951": { "value": "
Commission income and expense
Commission income for revenues from services provided and commission expense for the costs of services received are
recognised, based on the existence of contractual agreements, on an accrual basis, i.e. in the year when the services are
provided.
This item also includes the commissions received from guarantees issued in favour of third parties, and commissions paid
for guarantees received.
When the amortised cost method is used, the commissions considered in calculating the effective interest rate are classified
as interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-952": { "value": "
Dividends
The dividends received from subsidiaries, associates or joint ventures, accounted for by using the cost method and not
consolidated are recognised in the income statement in the year in which the distribution is approved.
The dividends from companies accounted for using the equity method reduce the carrying value of the equity investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-953": { "value": "
Share-based payments
These are payments to employees as consideration for their work services performed. When specific conditions are met,
the cost of employee service is remunerated through stock option plans, whose value is measured according to the fair
value of the options granted to employees at the grant date.
The fair value of options granted is recognised in the income statement, under the item \u201cStaff costs\u201d over the vesting period,
with a corresponding increase in equity, considering the best possible estimate of the number of options that employees
will be able to exercise. That estimate is revised where subsequent information indicates that the expected number of
equity instruments that will vest differs from the estimate previously carried out, independently of market conditions.
The measurement method used to calculate fair value considers all the characteristics of the options (term, price and
conditions for exercise, etc.), as well as the value of the underlying security at the grant date, volatility and the yield curve
at the grant date, in line with the duration of the plan.
At maturity, the estimate is revised and recognised in the income statement to register the amount corresponding to the
number of equity instruments that have effectively vested, independently of whether market conditions have been met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-954": { "value": "
Grants
The revenues are recognised when it is probable that the economic benefits of the operation will flow to the entity. However,
where the recoverability of an amount already included in the revenues is uncertain, the unrecoverable amount or the
amount whose recovery is no longer probable is recognised as a cost.
With regard to projects related to the transmission of electricity, grants received in relation to specific assets (whose value
is recognised under non-current assets) are, for plants already in operation before 31 December 2002, recognised under
other liabilities and recognised in the income statement over the depreciation period of the related assets. Since 2003,
grants for new plants entering service are recognised as a direct reduction of the value of the related asset.
Grants for operating expenses are recognised in full in the income statement when the conditions for recognition are
satisfied.
Capital grants provided by Public Entities are recognised when there is reasonable certainty that the conditions established
by the granting authorities for obtaining the grant will be met. Their recognition reduces the purchase or transfer price or
the production cost of the asset they refer to. Similarly, capital grants received from private parties are accounted for in
accordance with the same accounting policies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-868": { "value": "
Emission rights
The European-wide system for the management and trading of emission rights sets a maximum limit on the greenhouse
gas emissions to be produced over a year, which corresponds to the allowances contained in the bonus allocation, by the
competent national authorities, of a certain number of emission rights. During the year, depending on the actual
greenhouse gas emissions produced, each company has the right to sell or the obligation to purchase emission allowances
on the market for a consideration.
The rights purchased for a consideration to cover the emissions released into the atmosphere during the year are
recognised in the income statement; any rights purchased in excess of requirements are recorded under \u201cOther assets\u201d,
while any bonus allowances allocated that are not used in the year of allocation are not recognised in the financial
statements, as they will be used to cover emissions the following year. Where there is a deficit of emission rights not
covered by purchases made on the market at the balance sheet date, the charge and corresponding liability are recognised
at the end of the year at market value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-869": { "value": "
Business combinations
A business combination is a transaction or other event in which an entity acquires control of one or more business activities
(e.g., a business
196
).
Control of one or more businesses may be obtained: (i) through the transfer of cash, cash equivalents or other assets; (ii)
by issuing equity interests; (iii) by assuming liabilities; (iv) without the transfer of a consideration (for example, through a
contractual agreement).
Business combinations are recognised in accordance with the acquisition method, by which the assets transferred and
liabilities assumed by the CDP Group at the acquisition date are recognised at fair value. Transaction costs are generally
recognised through profit or loss in the years when those costs are incurred or the services are rendered.
Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and
included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill.
Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are
included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are
those prompted by new information about facts and circumstances that existed at the acquisition date, that has been
obtained during the measurement period (which shall not exceed one year from the business combination).
For newly acquired companies, if the initial values for a business combination are incomplete by the end of the reporting
period in which the combination occurs, the CDP Group reports in its Consolidated Financial Statements provisional
amounts for the item for which the accounting is incomplete.
In accordance with IFRS 3, paragraphs 45 ff., within twelve months of the acquisition date, the differences resulting from
the business combination have to be allocated by recognising the fair value at the acquisition date of the identifiable assets
acquired and liabilities assumed.
The following items are an exception and are measured in accordance with their applicable standard:
\u2022 deferred tax assets and liabilities within the scope of IAS 12;
\u2022 assets and liabilities for employee benefits within the scope of IAS 19;
\u2022 liabilities or equity instruments related to share-based payment transactions involving shares of the acquiree or share-
based payment transactions involving shares of the Group issued in replacement of contracts of the acquiree, as defined
by IFRS 2;
\u2022 insurance contracts within the scope of IFRS 17;
\u2022 assets and liabilities arising from leases within the scope of IFRS 16 for which the acquiree is the lessee;
\u2022 assets held for sale and discontinued operations within the scope of IFRS 5.
Goodwill is determined as the excess of the aggregate of the consideration transferred in the business combination, the
amount of any non-controlling interest in the acquiree, and the fair value of any equity investment previously held by the
acquirer in the acquiree over the fair value at the acquisition date of the net assets acquired and the liabilities assumed. If
the fair value at the acquisition date of the net assets acquired and the liabilities assumed exceeds the aggregate of the
consideration transferred, the amount of any non-controlling interest in the acquiree, and the fair value of any equity
investment previously held by the acquirer in the acquiree, the excess is recognised in the income statement as a gain
from the transaction.
After initial recognition, the goodwill acquired for consideration in a business combination is tested for impairment once
annually or whenever there is evidence of impairment. For newly acquired companies, the difference between the
acquisition price and equity is provisionally recognised as goodwill, if positive, or under liabilities if negative, net of goodwill,
if any, recognised in the financial statements of the acquirees.
At the acquisition date, non-controlling interests are measured at fair value or as a proportionate share of the recognised
amounts of the acquiree\u2019s identifiable net assets. The measurement method is selected on a transaction basis.
Any contingent consideration provided in the business combination is measured at the acquisition-date fair value and
included in the amount of the consideration transferred in the business combination for the purposes of calculating goodwill.
Any subsequent changes in that fair value, which qualify as adjustments occurring during the measurement period, are
included in goodwill retrospectively. Changes in fair value that can be considered as measurement-period adjustments are
those prompted by new information about facts and circumstances that existed at the acquisition date, that has been
obtained during the measurement period (which shall not exceed one year from the business combination).
In the case of business combinations achieved in stages, the equity investment previously held by the Group in the acquiree
is revalued at the fair value at the date control was acquired and any resulting gain or loss is recognised through profit or
loss. Any changes in the value of the previously held equity investment that had been recognised in other comprehensive
income are reclassified to the income statement as if the equity investment had been sold. If the initial accounting for a
business combination is incomplete by the end of the reporting period in which the combination occurs, the CDP Group
shall report in its financial statements provisional amounts for the items for which the accounting is incomplete. During the
measurement period, the Group shall adjust the provisional amounts to reflect new information obtained about facts and
circumstances that existed at the acquisition date and that, if known, would have affected the measurement of the amounts
recognised at that date.
Business combinations do not include joint venture transactions, as well as those transactions aimed at obtaining control
of one or more companies that do not constitute a business activity and those for which the business combination is carried
out for reorganisation purposes, and thus between two or more entities belonging to the same group, and which do not
cause changes in the control structure independently of the percentage of non-controlling interests before and after the
transaction (referred to as \u201cBusiness combination under common control\u201d). These transactions are in fact considered to
have no economic substance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-870": { "value": "
A.3 - DISCLOSURE OF TRANSFERS BETWEEN PORTFOLIOS OF FINANCIAL ASSETS
There were no transfers between portfolios of financial assets.
According to the general rules set out in IFRS 9, financial assets (other than equity instruments) can only be reclassified
between measurement categories when, and only when, an entity changes its business model for managing such assets.
However, such changes in the business model are expected to be infrequent and must be determined by senior
management as a result of significant external or internal changes that can be demonstrated to third parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-936": { "value": "A.3 - DISCLOSURE OF TRANSFERS BETWEEN PORTFOLIOS OF FINANCIAL ASSETS There were no transfers between portfolios of financial assets. According to the general rules set out in IFRS 9, financial assets (other than equity instruments) can only be reclassified between measurement categories when, and only when, an entity changes its business model for managing such assets. However, such changes in the business model are expected to be infrequent and must be determined by senior management as a result of significant external or internal changes that can be demonstrated to third parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-871": { "value": "
A.4 - DISCLOSURES ON FAIR VALUE MEASUREMENT
Qualitative disclosures
This section contains the disclosures on fair value measurement in accordance with the requirements of IFRS 13.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The assumption is that this refers to an ordinary transaction between
independent counterparties that have a reasonable degree of knowledge of market conditions and the relevant facts related
to the item being traded.
In the definition of fair value, a key assumption is that an entity is fully operational and does not have the urgent need to
liquidate or significantly reduce a position. Among other factors, the fair value of an instrument reflects its credit quality as
it incorporates the default risk associated with the counterparty or the issuer.
The international accounting standards have established three levels of classification for a financial instrument (known as
the \u201cfair value hierarchy\u201d); the level of fair value measurement assigned depends on the observability and significance of
the inputs used in the valuation model.
For financial instruments listed on active markets, fair value corresponds to the market price at the measurement date, or
as close to it as possible (Level 1). An instrument is considered to be traded on an active market if prices are readily and
regularly available on regulated markets, organised trading facilities, pricing services etc. and if those prices can
reasonably be considered to be representative of actual and regular market transactions executed close to the valuation
date. When there are no published prices on an active market or when, in reference to several indicators (e.g. the possibility
of performing transactions at the quoted price and their number, the bid-ask spread, the effective trading volumes), it
cannot be held that the price represents an active and regularly functioning market, the fair value of the financial
instruments is determined by using measurement models and techniques whose purpose is to establish the price at which
the asset or liability would be exchanged between market operators in an ordinary transaction at the valuation date. The
fair value of unlisted financial instruments is classified under Level 2 or 3 according to whether or not the inputs used in
the valuation model are observable and their significance within that model.
The Level 2 inputs are prices available on active markets or inputs based on observable market data, such as interest
rates, credit spreads, or yield curves. If they are used in the pricing of an instrument, they must be available for the entire
residual life of the instrument. The fair value of a financial instrument measured with techniques that use Level 2 inputs is
classified in the same level for the fair value hierarchy.
In certain cases, the level 2 inputs need to be adjusted to allow their use, also in view of the characteristics of the financial
instrument being measured. If the adjustment is made on the basis of parameters that cannot be observed in the market
or is impacted to a greater or a lesser extent by the modelling choices needed to make it, for example through the use of
statistical or \u201cexpert-based\u201d techniques, the fair value measurement is classified under Level 3, if the inputs are not
observable in the market or not directly inferable. This category also includes the parameters estimated on the basis of
proprietary models or historic data and used for the fair value measurement of unlisted financial instruments, classified
under the same level.
The valuation techniques used for Level 2 and Level 3 measurements are validated by the Risk Management Area of CDP.
The development and validation of the techniques, and their application for accounting evaluations, are set out in specific
process documentation.
A.4.1 Fair value levels 2 and 3: valuation techniques and inputs used
The valuation techniques used for unlisted financial instruments may, in addition to interpolations and extrapolations,
involve the specification of stochastic processes that represent market dynamics and the use of simulations or other
numerical techniques to determine the fair value of the instruments being measured.
The CDP Group takes the following into consideration when selecting the valuation models:
\u2022 simpler valuation techniques are preferred to more complex techniques, all other conditions being equal and as long
as they represent all of the relevant characteristics of the product, ensuring that they are reasonably in line with t
he
practices and results of other sector operators;
\u2022 valuation techniques are applied consistently over time to consistent categories of instruments, unless objective
grounds for replacement emerge;
\u2022 all other conditions being equal, preference is given to standard models whose mathematical structure
and
implementing procedures are familiar to practitioners and implemented in the systems.
The market parameters used as inputs for Level 2 valuations are selected on the basis of non-arbitrage relationships or
comparative relationships that define the fair value of the financial instrument being measured as the relative fair value
compared with that of financial instruments listed on active markets.
Specifically, the Consolidated Financial Statements use fair value measurements assigned to Level 2 for interest rate,
currency and equity derivatives designated as accounting or operational hedges for assets or liabilities and of the items
relating to the exchanges of collateral referring to them.
The fair value of derivatives incorporates the counterparty credit risk and current and potential exposure using a simplified
credit value adjustment (CVA) methodology. However, in view of the generalised use of framework netting arrangements
that provide for the exchange of collateral, and considering the frequency of exchange of the collateral and the fact that it
is established in the form of cash deposits, as well as the minimum ratings required from the counterparties, no adjustments
of this kind have been made at 31 December 2025.
With regard to the assets and liabilities measured at fair value on a recurring basis, the following are classified as Level 3
in the Consolidated Financial Statements:
\u2022 bonds and tranches of Asset-Backed Securities that do not pass the SPPI test dictated by IFRS 9, for which the valuation
requires the use of inputs that are not directly observable or representative of the creditworthiness;
\u2022 equity interests and other unlisted equity instruments that are measured using non-market parameters.
A.4.2 Valuation processes and sensitivity
Description of the valuation process for the fair value measurement of instruments classified at
Level 3 of the hierarchy of fair value inputs
Level 3 valuation techniques are also applied consistently over time to consistent categories of instruments, unless
objective grounds for replacement emerge. Similarly, parameters that cannot be drawn directly from observable market
variables are applied consistently over time.
The methods and processes adopted aim to ensure that the value assigned to each position appropriately reflects their
current fair value, with a level of detail for the checks proportional to the quantitative significance of the assets and liabilities
measured.
Description of non-observable inputs used in the valuation process for the fair value measurement
on a recurrent basis of instruments classified at Level 3 and the sensitivity of the fair value to
changes in those inputs
For fair value measurements for which significant non-observable inputs are used (Level 3), a sensitivity analysis is
conducted to obtain a range of possible and reasonable alternative valuations. In general, the impact of unobservable
inputs on the Level 3 fair value measurement depends on the interaction between the various inputs used in the valuation
process.
Asset-Backed Securities
For asset-backed securities that have not passed the SPPI test required by IFRS 9, there is no listing on an active market.
Their fair value is established according to model-based prices produced by specialist providers in the sector, which, in
view of the assumptions underlying certain relevant parameters for the valuation (such as default and prepayment rates,
determining their amortisation profile, and pricing spreads), is classified at Level 3 of the fair value hierarchy. Considering
the low notional value of the securities and their limited residual life, the analysis of sensitivity to these parameters results
in insignificant changes to the value of the assets.
Redemption profiles
The redemption profile of postal savings bonds is a central estimate of the nominal amount of the bonds that will be
redeemed within a series of future dates, between the valuation date and the final maturity date. The estimate is made by
CDP through statistical analyses and expert-based valuations. This non-observable figure is significant for the Level 3
measurement of the fair value of the options separated out from the Risparmio Sostenibile postal saving bonds, linked to
the performance of the Stoxx Europe 600 ESG-X index. If the investor asks for early redemption of the bond, they lose the
entitlement to receive any component of remuneration linked to the index and, as a result, the equity option sold by CDP
lapses. For this category of financial instruments, higher redemptions therefore result in a lower value of liabilities for CDP.
Although the redemption profiles are non-observable inputs on the market, the changes in those profiles over time are
closely linked to the changes in actual redemptions observed.
The sensitivity analysis considers changes of 10% in the remaining principal, applied to the relevant expected percentage
for the expiry of each option. If redemptions are lower than estimated, a condition has been established that the current
level of remaining principal cannot be exceeded.
Redemption profile sensitivity analysis
(millions of euro)
Change in fair value resulting from the use of possibile reasonable alternatives
+10% (higher redemptions)
-10% (lower redemptions)
Embedded options postal saving bond Risparmio Sostenibile
5.91
(5.91)
NAV Adjustment
The Net Asset Value (NAV) is the difference between the total value of a fund\u2019s assets and liabilities. In this case, the fair
value corresponds to the NAV of the fund, adjusted, if necessary, to take into account certain specific characteristics,
purely for illustrative and non-exhaustive purposes, such as elements occurring between the reference date of the last
available NAV and the valuation date, transactions on the shares of the fund being valued, any discounts relating to
potential illiquidity of the shares held and any other information that may be disclosed by the manager with a significant
impact on the fair value of the assets held by the fund.
A.4.3 Fair value hierarchy
IFRS 13 requires the provision of a description, with regard to the financial and non-financial assets and liabilities measured
at fair value on a recurring basis, of the policy for determining when transfers between levels of the fair value hierarchy are
deemed to have occurred separately for financial assets and liabilities and non-financial assets and liabilities (IFRS 13,
paragraph 95). For all classes of assets and liabilities, the policies adopted by the CDP Group require that the transfer
from one level to another take place at the end of the reporting period.
The transfers are motivated by whether it becomes possible or impossible to reliably measure fair value, respectively, at
Level 1, Level 2 or Level 3: for example, if the measurement of an instrument is classified as \u201cLevel 3\u201d due to the non-
observability of a significant input, if that input becomes observable in the market or if it becomes common to use a model
that requires only observable inputs, or its estimate is not necessary, then the measurement is transferred to Level 2, and
the transfer occurs at the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-895": { "value": "A.4 - DISCLOSURES ON FAIR VALUE MEASUREMENT Qualitative disclosures This section contains the disclosures on fair value measurement in accordance with the requirements of IFRS 13. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The assumption is that this refers to an ordinary transaction between independent counterparties that have a reasonable degree of knowledge of market conditions and the relevant facts related to the item being traded. In the definition of fair value, a key assumption is that an entity is fully operational and does not have the urgent need to liquidate or significantly reduce a position. Among other factors, the fair value of an instrument reflects its credit quality as it incorporates the default risk associated with the counterparty or the issuer. The international accounting standards have established three levels of classification for a financial instrument (known as the \u201cfair value hierarchy\u201d); the level of fair value measurement assigned depends on the observability and significance of the inputs used in the valuation model. For financial instruments listed on active markets, fair value corresponds to the market price at the measurement date, or as close to it as possible (Level 1). An instrument is considered to be traded on an active market if prices are readily and regularly available on regulated markets, organised trading facilities, pricing services etc. and if those prices can reasonably be considered to be representative of actual and regular market transactions executed close to the valuation date. When there are no published prices on an active market or when, in reference to several indicators (e.g. the possibility of performing transactions at the quoted price and their number, the bid-ask spread, the effective trading volumes), it cannot be held that the price represents an active and regularly functioning market, the fair value of the financial instruments is determined by using measurement models and techniques whose purpose is to establish the price at which the asset or liability would be exchanged between market operators in an ordinary transaction at the valuation date. The fair value of unlisted financial instruments is classified under Level 2 or 3 according to whether or not the inputs used in the valuation model are observable and their significance within that model. The Level 2 inputs are prices available on active markets or inputs based on observable market data, such as interest rates, credit spreads, or yield curves. If they are used in the pricing of an instrument, they must be available for the entire residual life of the instrument. The fair value of a financial instrument measured with techniques that use Level 2 inputs is classified in the same level for the fair value hierarchy. In certain cases, the level 2 inputs need to be adjusted to allow their use, also in view of the characteristics of the financial instrument being measured. If the adjustment is made on the basis of parameters that cannot be observed in the market or is impacted to a greater or a lesser extent by the modelling choices needed to make it, for example through the use of statistical or \u201cexpert-based\u201d techniques, the fair value measurement is classified under Level 3, if the inputs are not observable in the market or not directly inferable. This category also includes the parameters estimated on the basis of proprietary models or historic data and used for the fair value measurement of unlisted financial instruments, classified under the same level. The valuation techniques used for Level 2 and Level 3 measurements are validated by the Risk Management Area of CDP. The development and validation of the techniques, and their application for accounting evaluations, are set out in specific process documentation. A.4.1 Fair value levels 2 and 3: valuation techniques and inputs used The valuation techniques used for unlisted financial instruments may, in addition to interpolations and extrapolations, involve the specification of stochastic processes that represent market dynamics and the use of simulations or other numerical techniques to determine the fair value of the instruments being measured. The CDP Group takes the following into consideration when selecting the valuation models: \u2022 simpler valuation techniques are preferred to more complex techniques, all other conditions being equal and as long as they represent all of the relevant characteristics of the product, ensuring that they are reasonably in line with the practices and results of other sector operators; \u2022 valuation techniques are applied consistently over time to consistent categories of instruments, unless objective grounds for replacement emerge; \u2022 all other conditions being equal, preference is given to standard models whose mathematical structure and implementing procedures are familiar to practitioners and implemented in the systems. The market parameters used as inputs for Level 2 valuations are selected on the basis of non-arbitrage relationships or comparative relationships that define the fair value of the financial instrument being measured as the relative fair value compared with that of financial instruments listed on active markets. Specifically, the Consolidated Financial Statements use fair value measurements assigned to Level 2 for interest rate, currency and equity derivatives designated as accounting or operational hedges for assets or liabilities and of the items relating to the exchanges of collateral referring to them. The fair value of derivatives incorporates the counterparty credit risk and current and potential exposure using a simplified credit value adjustment (CVA) methodology. However, in view of the generalised use of framework netting arrangements that provide for the exchange of collateral, and considering the frequency of exchange of the collateral and the fact that it is established in the form of cash deposits, as well as the minimum ratings required from the counterparties, no adjustments of this kind have been made at 31 December 2025. With regard to the assets and liabilities measured at fair value on a recurring basis, the following are classified as Level 3 in the Consolidated Financial Statements: \u2022 bonds and tranches of Asset-Backed Securities that do not pass the SPPI test dictated by IFRS 9, for which the valuation requires the use of inputs that are not directly observable or representative of the creditworthiness; \u2022 equity interests and other unlisted equity instruments that are measured using non-market parameters. A.4.2 Valuation processes and sensitivity Description of the valuation process for the fair value measurement of instruments classified at Level 3 of the hierarchy of fair value inputs Level 3 valuation techniques are also applied consistently over time to consistent categories of instruments, unless objective grounds for replacement emerge. Similarly, parameters that cannot be drawn directly from observable market variables are applied consistently over time. The methods and processes adopted aim to ensure that the value assigned to each position appropriately reflects their current fair value, with a level of detail for the checks proportional to the quantitative significance of the assets and liabilities measured. Description of non-observable inputs used in the valuation process for the fair value measurement on a recurrent basis of instruments classified at Level 3 and the sensitivity of the fair value to changes in those inputs For fair value measurements for which significant non-observable inputs are used (Level 3), a sensitivity analysis is conducted to obtain a range of possible and reasonable alternative valuations. In general, the impact of unobservable inputs on the Level 3 fair value measurement depends on the interaction between the various inputs used in the valuation process. Asset-Backed Securities For asset-backed securities that have not passed the SPPI test required by IFRS 9, there is no listing on an active market. Their fair value is established according to model-based prices produced by specialist providers in the sector, which, in view of the assumptions underlying certain relevant parameters for the valuation (such as default and prepayment rates, determining their amortisation profile, and pricing spreads), is classified at Level 3 of the fair value hierarchy. Considering the low notional value of the securities and their limited residual life, the analysis of sensitivity to these parameters results in insignificant changes to the value of the assets. Redemption profiles The redemption profile of postal savings bonds is a central estimate of the nominal amount of the bonds that will be redeemed within a series of future dates, between the valuation date and the final maturity date. The estimate is made by CDP through statistical analyses and expert-based valuations. This non-observable figure is significant for the Level 3 measurement of the fair value of the options separated out from the Risparmio Sostenibile postal saving bonds, linked to the performance of the Stoxx Europe 600 ESG-X index. If the investor asks for early redemption of the bond, they lose the entitlement to receive any component of remuneration linked to the index and, as a result, the equity option sold by CDP lapses. For this category of financial instruments, higher redemptions therefore result in a lower value of liabilities for CDP. Although the redemption profiles are non-observable inputs on the market, the changes in those profiles over time are closely linked to the changes in actual redemptions observed. The sensitivity analysis considers changes of 10% in the remaining principal, applied to the relevant expected percentage for the expiry of each option. If redemptions are lower than estimated, a condition has been established that the current level of remaining principal cannot be exceeded. Redemption profile sensitivity analysis
(millions of euro)
Change in fair value resulting from the use of possibile reasonable alternatives
+10% (higher redemptions)
-10% (lower redemptions)
Embedded options postal saving bond Risparmio Sostenibile
5.91
(5.91)
NAV Adjustment The Net Asset Value (NAV) is the difference between the total value of a fund\u2019s assets and liabilities. In this case, the fair value corresponds to the NAV of the fund, adjusted, if necessary, to take into account certain specific characteristics, purely for illustrative and non-exhaustive purposes, such as elements occurring between the reference date of the last available NAV and the valuation date, transactions on the shares of the fund being valued, any discounts relating to potential illiquidity of the shares held and any other information that may be disclosed by the manager with a significant impact on the fair value of the assets held by the fund. A.4.3 Fair value hierarchy IFRS 13 requires the provision of a description, with regard to the financial and non-financial assets and liabilities measured at fair value on a recurring basis, of the policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred separately for financial assets and liabilities and non-financial assets and liabilities (IFRS 13, paragraph 95). For all classes of assets and liabilities, the policies adopted by the CDP Group require that the transfer from one level to another take place at the end of the reporting period. The transfers are motivated by whether it becomes possible or impossible to reliably measure fair value, respectively, at Level 1, Level 2 or Level 3: for example, if the measurement of an instrument is classified as \u201cLevel 3\u201d due to the non- observability of a significant input, if that input becomes observable in the market or if it becomes common to use a model that requires only observable inputs, or its estimate is not necessary, then the measurement is transferred to Level 2, and the transfer occurs at the end of the reporting period.
Quantitative disclosures
A.4.5 Fair value hierarchy
A.4.5.1 Assets and liabilities measured at fair value on a recurring basis: breakdown by level of fair
value inputs
(thousands of euro)
31/12/2025
31/12/2024
Assets/liabilities measured at fair value
L1
L2
L3
L1
L2
L3
1.
Financial assets designated at fair
value through profit or loss
81,326
614,662
3,741,747
2,007
326,450
3,682,831
a)
Financial assets held for trading
365,106
23,908
250,197
13,698
b)
Financial assets designated at fair
193,221
190,971
value
c)
Other financial assets mandatorily
81,326
249,556
3,524,618
2,007
76,253
3,478,162
at fair value
2.
Financial assets at fair value through
other comprehensive income
12,851,722
2,195
305,110
10,447,313
8,691
291,275
3.
Hedging derivatives
1,875,780
1,075,137
4.
Property, plant and equipment
5.
Intangible assets
Total
12,933,048
2,492,637
4,046,857
10,449,320
1,410,278
3,974,106
1.
Financial liabilities held for trading
534,862
60,781
397,100
37,212
2.
Financial liabilities at fair value
8,067
9,313
3.
Hedging derivatives
1,136,633
1,792,925
Total
1,671,495
68,848
2,190,025
46,525
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
There were no transfers between fair value levels during the year as a result of changes in the observability of prices or
market data used to value instruments or the significance of observable inputs.
A.4.5.2 Change for the year in financial assets measured at fair value on a recurring basis (Level 3)
Financial assets measured at fair value through profit or
loss
Financial
of which: c)
assets
of which: a)
of which: b)
Other
measured at
Hedging
Property,
Intangible
financial
Financial
Financial
fair value
derivatives
plant and
assets
assets
assets held
assets
through other
equipment
for trading
designated at
mandatorily
comprehensive
(thousands of euro)
Total
fair value
fair value
measured at
income
1
Opening balance
3,682,831
13,698
190,971
3,478,162
291,275
2
Increases
977,930
13,208
2,250
962,472
47,040
2.1 Purchases
621,862
5,500
616,362
11,691
2.2 Profits taken to:
347,740
7,708
2,250
337,782
35,344
2.2.1 Income statement
347,740
7,708
2,250
337,782
- of which: capital gains
329,043
6,136
322,907
2.2.2 Equity
X
X
X
35,344
2.3 Transfers from other levels
2.4 Other increases
8,328
8,328
5
3.
Decreases
919,014
2,998
916,016
33,205
3.1 Sales
225,242
225,242
10,778
3.2 Repayments
389,217
10
389,207
8,359
3.3 Losses taken to:
156,422
886
155,536
14,389
3.3.1 Income statement
156,422
886
155,536
1,314
- of which: capital losses
152,245
886
151,359
3.3.2 Equity
13,075
3.4 Transfers to other levels
3.5 Other decreases
148,133
2,102
146,031
(321)
4.
Closing balance
3,741,747
23,908
193,221
3,524,618
305,110
A.4.5.3 Change for the year in financial liabilities measured at fair value on a recurring basis (Level 3)
Financial liabilities held
Financial liabilities at fair
Hedging derivatives
for trading
value
(thousands of euro)
1.
Opening balance
37,212
9,313
2.
Increases
24,454
756
2.1 Issues
2.2 Losses taken to:
23,739
2.2.1 Income statement
23,739
- of which: capital losses
23,739
2.2.2 Equity
X
2.3 Transfers from other levels
2.4 Other increases
715
756
3.
Decreases
885
2,002
3.1 Repayments
1,400
3.2 Buybacks
3.3 Profits taken to:
324
3.3.1 Income statement
324
- of which: capital gains
324
3.3.2 Equity
X
3.4 Transfers to other levels
3.5 Other decreases
561
602
4.
Closing balance
60,781
8,067
A.4.5.4 Assets and liabilities not measured at fair value or measured at fair value on a non-recurring
basis: breakdown by level of fair value inputs
(thousands of euro)
Assets and liabilities not
carried at fair value or
carried at fair value on a
31/12/2025
31/12/2024
non-recurring basis
CA
L1
L2
L3
CA
L1
L2
L3
1.
Financial assets
342,549,387
65,676,008
11,807,102
261,777,228
342,661,209
59,472,243
7,427,239
271,191,973
measured at
amortised cost
2.
Investment
1,071,975
876,698
199,222
947,639
740,040
213,059
property, plant and
equipment
3.
Non-current assets
320,757
304,142
590,798
145
41,623
and disposal
groups held for
sale
Total
343,942,119
65,676,008
12,683,800
262,280,592
344,199,646
59,472,243
8,167,424
271,446,655
1.
Financial liabilities
404,618,571
44,575,407
15,594,633
343,549,838
398,437,627
36,790,026
13,462,629
347,074,811
measured at
amortised cost
2.
Liabilities
46,478
46,254
399,259
145,036
associated with
non-current assets
and disposal
groups held for
sale
Total
404,665,049
44,575,407
15,594,633
343,596,092
398,836,886
36,790,026
13,462,629
347,219,847
Key:
CA = carrying amount
L1 = Level 1
L2 = Level 2
L3 = Level 3
A.5 DISCLOSURE OF DAY ONE PROFIT/LOSS
The carrying amount of financial instruments on recognition is equal to their fair value at the same date.
In the case of financial instruments other than those measured at fair value through profit or loss, the fair value at the
recognition date is normally assumed to be equal to the amount received or paid.
In the case of financial instruments measured at fair value through profit or loss classified as Level 3, any difference with
respect to the amount received, the so-called \u201cday one profit/loss\u201d, cannot be recognised immediately through profit or
loss.
Subsequently, such difference must be recognised through profit or loss if it is generated by a change in the factors on
which market participants base their valuations in determining prices (including the time effect).
If the instrument has a specified maturity and a model that monitors changes in the factors on which operators base prices
is not immediately available, the day one profit/loss can be recognised through profit or loss over the life of the financial
instrument.
CDP Group has not recognised any \u201cday one profit/loss\u201d on financial instruments in accordance with the provisions of IFRS
7.28 and other related IFRS provisions.
Section 2 - Financial assets measured at fair value through profit or loss - Item 20 2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31 December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes, the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component was separated from the host instrument and was classified among financial liabilities held for trading. Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro). 2.2 Financial assets held for trading: breakdown by debtor/issuer/counterparty
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
1
Total A
B. DERIVATIVES
1
a) Central Counterparties
67
b) Others
344,687
44,327
389,014
263,827
Total B
344,687
44,327
389,014
263,894
Total (A+B)
344,687
44,327
389,014
263,895
2.3 Financial assets designated at fair value: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Items/Values
L1
L2
L3
L1
L2
L3
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Loans
193,221
190,971
2.1 Structured
2.2 Other
193,221
190,971
Total
193,221
190,971
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 The item includes the measurement at fair value of Fintecna\u2019s investments in the segregated estates EFIM and IGED, incorporated following the merger of Ligestra Due.
2.4 Financial assets designated at fair value: breakdown by debtor/issuer
(thousands of euro)
Items/Values
Prudential consolidation
Other entities
31/12/2025
31/12/2024
1. Debt securities
2. Loans
193,221
193,221
190,971
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
193,221
193,221
190,971
f) Households
Total
193,221
193,221
190,971
2.5 Other financial assets mandatorily measured at fair value: breakdown by type
(thousands of euro)
Prudential
31/12/2025
Other
31/12/2024
consoliation
entities
Items/Values
L1
L2
L3
L1
L2
L3
L1
L2
L3
1. Debt securities
7
17
1.1 Structured securities
1.2 Other debt securities
7
17
2. Equity securities
79,233
3
14,214
5
11,290
3. Units in collective
2,090
2,275,791
249,549
1,220,066
2,002
76,236
3,440,170
investment undertakings
4. Loans
14,547
26,702
4.1 Repurchase
agreements
4.2 Other
14,547
26,702
Total
81,323
2,275,791
3
249,556
1,248,827
2,007
76,253
3,478,162
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
Financial assets mandatorily measured at fair value related to the Prudential Consolidation essentially include investments
in units of the Parent Company\u2019s units in collective investment undertakings and fall into the following macro-categories:
Enterprise Funds for 986 million euro, Real Estate Funds for 737 million euro, Infrastructure Funds for 336 million euro,
and International Cooperation Funds for 215 million euro.
With regard to Other companies, the total amount of 1,498 million euro derives mainly from investments in units of collective
investment undertakings for 1,470 million euro, from investments in equity securities other than equity investments for 14
million euro and from other loans for 15 million euro.
2.6 Other financial assets mandatorily measured at fair value: breakdown by debtor/issuer
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
1. Equity securities
79,233
14,217
93,450
11,295
of which: banks
of which: other financial companies
26,246
4,623
30,869
4,430
of which: non-financial companies
52,987
9,594
62,581
6,865
2. Debt securities
7
7
17
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
7
7
17
3. Units in collective investment undertakings
2,277,881
1,469,615
3,747,496
3,518,408
4. Loans
14,547
14,547
26,702
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
14,547
14,547
26,702
f) Households
Total
2,357,114
1,498,386
3,855,500
3,556,422
Section 3 - Financial assets measured at fair value through other comprehensive income -
Item 30
3.1 Financial assets measured at fair value through other comprehensive income: breakdown by type
(thousands of euro)
31/12/2025
31/12/2024
Items/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
11,779,654
9,169,418
1.1 Structured securities
1.2 Other debt securities
11,779,654
9,169,418
2. Equity securities
1,072,068
2,195
305,110
1,277,895
1,695
291,275
3. Loans
6,996
Total
12,851,722
2,195
305,110
10,447,313
8,691
291,275
Financial assets measured at fair value through other comprehensive income amounted to 13,159 million euro as at 31
December 2025 and mainly reflect the contribution of the Parent Company and CDP Equity.
In particular, debt securities totalling 11,780 million euro relate to investments by the Parent Company amounting to 11,146
million euro, representing an increase compared with the balance at the end of 2024 (+2,204 million euro), and consist for
approximately 9,565 million euro of Italian government bonds (+2,732 million euro compared with year-end 2024).
Investments in equity securities amounted to approximately 1,379 million euro (-191 million euro compared to the end of
2024). The decrease is substantially attributable to the Parent Company following the disposal of its interest in TIM S.p.A.
(equal to 7.04% of the total share capital of TIM, representing 9.81% of ordinary shares and voting rights) in favour of
Poste Italiane for a consideration of approximately 399.8 million euro, completed in February 2025. In this regard, at its
extraordinary meeting held on 15 February 2025, the Board of Directors of CDP approved the sale to Poste Italiane of the
stake held in TIM, corresponding to 9.81% of the ordinary shares, for a total consideration of approximately 399.8 million
euro. At the same meeting, the Board of Directors of CDP resolved to acquire a shareholding equivalent to 3.78% of the
share capital of Nexi, held by Poste Italiane, for a consideration of approximately 232.6 million euro, which, at the
acquisition date, was recognised under item 70 \u201cEquity investments\u201d in the statement of financial position.
Following completion of the above purchase and sale transactions, CDP received a net cash settlement of approximately
167.3 million euro, in addition to the interest acquired in Nexi.
At the transaction date, the interest in TIM, recognised among equity instruments measured at fair value through other
comprehensive income, was subject to a final measurement based on the most recent available fair value (the stock
exchange closing price of 14 February 2025), resulting in a carrying value of 413.5 million euro (compared with a value of
370.8 million euro at 31 December 2025), with an increase of 42.7 million euro recognised as a corresponding entry under
item \u201c110. Revaluation reserves\u201d within equity.
At the disposal date, in accordance with IFRS 9, paragraph 3.2.12, the negative difference of approximately 13.7 million
euro between the disposal proceeds (approximately 399.8 million euro) and the carrying amount of the interest at the time
of derecognition (413.5 million euro) was recognised under item \u201c100. Gains (losses) on disposal or repurchase in the
income statement.
On the same date, the cumulative negative reserve, amounting to 646 million euro before tax, was reclassified within equity
from item \u201c110. Revaluation reserves\u201d to item \u201c140. Reserves\u201d.
3.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
31/12/2025
31/12/2024
Items/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
11,145,814
8,941,502
1.1 Structured securities
1.2 Other debt securities
11,145,814
8,941,502
2. Equity securities
80,597
370,825
76,324
3. Loans
Total
11,145,814
80,597
9,312,327
76,324
3.1 of which: pertaining to Other companies
(thousands of euro)
31/12/2025
31/12/2024
Items/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
633,840
227,916
1.1 Structured securities
1.2 Other debt securities
633,840
227,916
2. Equity securities
1,072,068
2,195
224,513
907,070
1,695
214,951
3. Loans
6,996
Total
1,705,908
2,195
224,513
1,134,986
8,691
214,951
3.2 Financial assets measured at fair value through other comprehensive income: breakdown by
debtor/issuer
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Items/Values
Banking group
Other entities
1. Debt securities
11,145,814
633,840
11,779,654
9,169,418
a) Central banks
b) General governments
9,898,822
633,840
10,532,662
7,273,103
c) Banks
401,529
401,529
1,049,807
d) Other financial companies
282,797
282,797
310,133
of which: insurance companies
e) Non-financial companies
562,666
562,666
536,375
2. Equity securities
80,597
1,298,776
1,379,373
1,570,865
a) Banks
77,514
77,514
72,677
b) Other issuer:
3,083
1,298,776
1,301,859
1,498,188
- other financial companies
5,165
5,165
924,115
of which: insurance companies
- non-financial companies
3,083
1,267,160
1,270,243
533,739
- other
26,451
26,451
40,334
3. Loans
6,996
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
6,996
f) Households
Total
11,226,411
1,932,616
13,159,027
10,747,279
3.3 Financial assets measured at fair value through other comprehensive income: gross value and
accumulated impairment
Gross value
Accumulated impairment
Purchased
Purchased
of which:
or
or
Instruments
originated
originated
Stage 1
Stage 2
Stage 3
credit
Stage 1
Stage 2
Stage 3
credit
with low
impaired
impaired
Accumulated
credit risk
financial
financial
partial write-
(thousands of euro)
assets
assets
off(*)
Debt securities
11,790,099
(10,445)
Loans
Total 31/12/2025
11,790,099
(10,445)
Total 31/12/2024
9,186,324
(9,910)
(*) value to be shown for information purposes
Section 4 - Financial assets measured at amortised cost - Item 40
4.1 Financial assets measured at amortised cost: breakdown by type of loans to banks
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
28,270,995
1,903,071
4,964
25,838,523
26,618,759
456,661
25,626,107
1. Loans
21,267,879
4,964
20,593,490
21,055,106
20,340,623
1.1 Current
15,936
X
X
X
10,971
X
X
X
deposit
1.2 Time
3,253,805
X
X
X
4,628,829
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
-
Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
33,042,032
1,903,071
4,964
30,608,377
29,556,787
456,661
28,563,073
L3
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
Amounts due from banks totalled 33,042 million euro as at 31 December 2025 and mainly reflect the contribution of the
Parent Company, primarily as a result of:
\u2022 loans for approximately 17,998 million euro (+1,583 million euro compared to 2024);
\u2022 the balance on the management account of the Reserve requirement, which decreased to around 4,756 million euro
(around 1,832 million euro compared to 2024);
\u2022 repurchase agreements outstanding amounting to approximately 409 million euro (none were outstanding at the end
of 2024);
\u2022 deposits for Credit Support Annexes (cash collateral) held with banks hedging counterparty risk on derivatives, for
approximately 48 million euro (approximately -383 million euro compared to 2024);
\u2022 debt securities for approximately 7,003 million euro (+1,439 million euro approximately with respect to 2024).
4.1 of which: pertaining to the Prudential consolidation
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
25,045,830
1,903,071
22,618,322
22,027,480
456,661
21,034,828
1. Loans
18,042,714
17,373,289
16,463,827
15,749,344
1.1 Current
X
X
X
X
X
X
deposit
1.2 Time
44,576
X
X
X
48,521
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
- Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
29,816,867
1,903,071
27,388,176
24,965,508
456,661
23,971,794
L3
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
4.1 of which: pertaining to Other companies
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage 1 & 2
Stage 3
credit
L1
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to Central
banks
1. Time deposits
X
X
X
X
X
X
2. Reserve
X
X
X
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
X
X
X
X
X
X
B. Loans to banks
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1. Loans
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1.1 Current deposit
15,936
X
X
X
10,971
X
X
X
1.2 Time deposits
3,209,229
X
X
X
4,580,308
X
X
X
1.3 Other
financing:
X
X
X
X
X
X
- Repurchase
X
X
X
X
X
X
agreements
- Finance lease
X
X
X
X
X
X
- Other
X
X
X
X
X
X
2. Debt securities
2.1 Structured
2.2 Other debt
securities
Total
3,225,165
4,964
3,220,201
4,591,279
4,591,279
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
Receivables from banks attributable to the Other companies mainly include time deposits amounting to 3,209 million euro,
primarily relating to the Terna group (1,737 million euro) and the Snam group (1,321 million euro).
4.2 Financial assets measured at amortised cost: breakdown by type of loans to customers
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of
Purchased
Purchased
euro)
originated
or
originated
or
Stage 1 & 2
Stage 3
credit
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
1. Loans
229,040,294
265,935
177,202
1,343
227,763,466
240,826,863
258,797
176,890
239,317,120
1.1 Current
3,427
X
X
X
8,255
X
X
X
accounts
1.1.1 Cash and
cash equivalents
120,201,499
X
X
X
135,461,187
X
X
X
held with Central
State Treasury
1.2 Repurchase
8,581,052
X
X
X
874,804
X
X
X
agreements
1.3 Loans
96,005,231
249,275
X
X
X
98,341,460
234,700
X
X
X
1.4 Credit cards,
personal loans and
loans repaid by
automatic
201
X
X
X
175
X
X
X
deductions from
wages
1.5 Finance lease
120,056
X
X
X
122,403
X
X
X
1.6 Factoring
X
X
X
X
X
X
1.7 Other
4,128,828
16,660
X
X
X
6,018,579
24,097
X
X
X
2. Debt securities
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
2.1 Structured
securities
2.2 Other debt
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
securities
Total
309,241,420
265,935
63,772,937
11,802,138
231,168,851
312,843,022
261,400
59,015,582
7,427,239
242,628,900
L1
Loans to customers, which primarily include the contribution of the Parent Company, mainly relate to:
\u2022 lending operations under the Separate Account and Ordinary Account;
\u2022 cash and cash equivalents held with Central State Treasury;
\u2022 investments in debt securities under the Held to collect business model.
The table provides a breakdown of the positions by technical form.
Cash and cash equivalents held with the Central Treasury of the State, current account no. 29814 entitled \u201cCassa DP
S.p.A. \u2013 Separate Account\u201d, into which liquidity relating to CDP\u2019s Separate Account operations is channelled, amounted
to approximately 120,201 million euro, representing a decrease of -15,260 million euro compared with the end of 2024,
alongside the simultaneous growth in the government bond portfolio.
On cash balances held with the Central Treasury of the State, with effect from 1 January 2023, the Ministry of Economy
and Finance pays CDP interest calculated on the basis of a rate that takes into account the cost of Postal Savings incurred
by CDP and the annual yield of government bonds representative of short-term and medium- to long-term maturities
197
.
The outstanding balance of reverse repurchase transactions attributable to the Parent Company amounted to 8,581 million
euro (+7,706 million euro compared with the end of 2024).
The volume of mortgage loans and other financing amounted to approximately 100,340 million euro (-4,219 million euro
compared to the end of 2024).
The volume of debt securities recognised under this item totalled approximately 80,201 million euro (+8,182 million euro
compared with the end of 2024), of which 73,258 million euro related to Italian government bonds held by the Parent
Company (+7,076 million euro compared with the end of 2024).
4.3 Financial assets measured at amortised cost: breakdown by debtor/issuer of loans to customers
(thousands of euro)
Total 31/12/2025
Total 31/12/2024
Purchased or
Purchased or
originated credit
originated credit
impaired
impaired
Type of transactions/values
Stage 1 & 2
Stage 3
financial assets
Stage 1 & 2
Stage 3
financial assets
1. Debt securities
80,201,126
72,016,159
2,603
a) General governments
74,444,636
66,766,838
b) Other financial companies
1,325,998
1,213,609
of which: insurance companies
c) Non-financial companies
4,430,492
4,035,712
2,603
2. Loans
229,040,294
265,935
240,826,863
258,797
a) General governments
195,476,576
20,739
213,930,531
22,382
b) Other financial companies
11,405,821
5,533,607
of which: insurance companies
c) Non-financial companies
22,079,342
243,963
21,327,766
235,291
d) Households
78,555
1,233
34,959
1,124
Total
309,241,420
265,935
312,843,022
261,400
4.4 Financial assets measured at amortised cost: gross value and accumulated impairment
Gross value
Accumulated impairment
Purchased
Purchased
of which:
or
or
Instruments
originated
originated
Stage 1
Stage 2
Stage 3
credit
Stage 1
Stage 2
Stage 3
credit
with low
impaired
impaired
Accumulated
credit risk
financial
financial
partial write-
(thousands of euro)
assets
assets
offs (*)
Debt securities
86,910,824
523,251
23,724
(110,905)
(118,928)
(23,724)
Loans
245,277,998
10,414,382
470,717
(272,198)
(340,972)
(204,782)
Total 31/12/2025
332,188,822
10,937,633
494,441
(383,103)
(459,900)
(228,506)
Total 31/12/2024
331,796,253
11,460,104
474,297
(386,805)
(469,743)
(212,897)
(*) value to be shown for information purposes
New liquidity provided via public guarantee schemes rolled out during the Covid-19 pandemic
The following table shows outstanding loans, providing insights into gross value and accumulated impairment, categorised
by risk stage, representing newly extended liquidity facilitated by public guarantee mechanisms issued in accordance with
the Covid-19 framework.
Gross value
Accumulated impairment
Purchased
Purchased
of which:
or
or
Instruments
originated
originated
Stage 1
Stage 2
Stage 3
credit
Stage 1
Stage 2
Stage 3
credit
with low
impaired
impaired
Accumulated
credit risk
financial
financial
partial write-
(thousands of euro)
assets
assets
offs (*)
Loans outstanding as
of 31/12/2025
140,061
9,994
85,768
(428)
(80)
(10,908)
Loans outstanding as
of 31/12/2024
366,185
20,046
81,185
(1,198)
(236)
(9,589)
(*) value to be shown for information purposes
4.5 Finance leases
In accordance with IFRS 16, paragraph 94, the table below provides an analysis of receivable lease payments by maturity
band together with a reconciliation to the lease financing amounts recorded in total assets.
Total
Total
(thousands of euro)
31/12/2025
31/12/2024
Time bands
Lease payments to be received
Lease payments to be received
Up to 1 year
12,137
12,160
Between 1 and 2 years
12,161
12,184
Between 2 and 3 years
12,161
12,184
Between 3 and 4 years
12,161
12,184
Between 4 and 5 years
12,161
12,184
Over 5 years
59,354
61,648
Total lease payments to be received
120,135
122,544
Reconciliation with finance leases
(79)
(141)
Unearned finance income (-)
(79)
(141)
Finance leases
120,056
122,403
Section 5 - Hedging Derivatives - Item 50
5.1 Hedging derivatives: breakdown by type of hedge and level
Fair value 31/12/2025
NV
Fair value 31/12/2024
NV
(thousands of euro)
L1
L2
L3
31/12/2025
L1
L2
31/12/2024
A. Financial derivatives:
1,875,780
32,923,757
1,075,137
21,452,997
1) Fair value
1,778,433
24,344,091
899,756
13,781,501
2) Cash flow
97,347
8,579,666
175,381
7,671,496
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
1,875,780
32,923,757
1,075,137
21,452,997
L3
Key:
NV= notional value
L1 = Level 1
L2 = Level 2
L3 = Level 3
5.2 Hedging derivatives: breakdown by hedged portfolio and type of hedge
Fair value
Cash flow
(thousands of euro)
Micro-Hedge
Investment
Macro-
Micro-
Macro-
in foreign
Debt
Equity
hedge
hedge
hedge
operation
securities
securities
Foreign
Operation/Type of
and interest
and equity
currencies
hedging
rates
indices
and gold
Credit
Commodities
Others
1. Financial assets
1,101
x
x
x
1,235
x
x
at fair value through
other
comprehensive
income
2. Financial assets
620,922
x
x
x
x
8,895
x
x
at amortised cost
3. Portfolio
x
x
x
x
x
x
1,100,163
x
x
4. Other
35,609
x
21,161
x
Total assets
622,023
35,609
1,100,163
31,291
1. Financial liabilities
20,638
x
x
x
66,056
x
x
2. Portfolio
x
x
x
x
x
x
x
x
Total liabilities
20,638
66,056
1. Forecast
x
x
x
x
x
x
x
x
x
transactions
2. Portfolio of
financial assets and
liabilities
x
x
x
x
x
x
x
Section 1 - Financial liabilities measured at amortised cost - Item 10
1.1 Financial liabilities measured at amortised cost: breakdown by type of amounts due to banks
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying amount
Fair value
Types of operations/values
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Due to central banks
503,117
X
X
X
801,343
X
X
X
2. Due to banks
41,423,083
X
X
X
41,110,355
X
X
X
2.1 Current accounts and
demand deposits
26,081
X
X
X
41,807
X
X
X
2.2 Time deposits
365,794
X
X
X
398,799
X
X
X
2.3 Loans
39,220,621
X
X
X
38,590,611
X
X
X
2.3.1 Repurchase
16,696,139
X
X
X
19,681,109
X
X
X
agreements
2.3.2 Other
22,524,482
X
X
X
18,909,502
X
X
X
2.4 Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
2.5 Lease liabilities
37
X
X
X
46
X
X
X
2.6 Other payables
1,810,550
X
X
X
2,079,092
X
X
X
Total
41,926,200
5,420,079
36,006,512
41,911,698
4,069,399
36,955,076
\u201cAmounts due to central banks\u201d, totalling approximately 503 million euro (-298 million euro compared with 2024), mainly
relate to refinancing facilities provided by the ECB.
Amounts due to banks include loans of 39,221 million euro, mainly related to:
\u2022 reverse repurchase transactions entered into by the Parent Company amounting to approximately 16,696 million euro
(-2,985 million euro compared with 2024). The decrease is consistent with the strategy to reduce short-term funding
from an asset\u2013liability management perspective;
\u2022 other financing activities, amounting to approximately 22,525 million euro, include loans granted to the Parent Company
(approximately 5,641 million euro, +373 million euro compared with 2024), relating to credit facilities received from the
European Investment Bank (EIB) and the Council of Europe Development Bank (CEB); loans granted by the banking
system to Terna for approximately 7,028 million euro, to SNAM for 4,029 million euro, to Italgas for 2,630 million euro,
to Fincantieri for 1,500 million euro, to CDP Reti for 601 million euro, and to Ansaldo Energia S.p.A. for 343 million
euro.
Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for liquidity risk considerations and an analysis of the maturity
of financial liabilities to banks.
Time deposits, amounting to approximately 366 million euro (-33 million euro compared with 2024), relate to the balance
of passbook savings accounts and postal savings bonds held by banks.
Lease liabilities amounting to approximately 37 thousand euro are outstanding and relate to a property lease agreement
entered into in 2024 with a banking counterparty, under which CDP acts as lessee.
The item Other liabilities as at 31 December 2025 mainly relates to Credit Support Annex (CSA) agreements covering
counterparty risk on the Parent Company\u2019s derivatives for 1,012 million euro (+675 million euro compared with 2024), as
well as to the contribution of the Terna group for 755 million euro.
1.2 Financial liabilities measured at amortised cost: breakdown by type of amounts due to customers
31/12/2025
31/12/2024
(thousands of euro)
Carrying amount
Fair value
Carrying amount
Fair value
Types of operations/values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Current accounts and
demand deposits
10,819
X
X
X
12,107
X
X
X
2. Time deposits
296,863,034
X
X
X
289,624,226
X
X
X
3. Loans
5,822,939
X
X
X
16,411,197
X
X
X
3.1 Repurchase
4,550,464
X
X
X
14,627,802
X
X
X
agreements
3.2 Other
1,272,475
X
X
X
1,783,395
X
X
X
4. Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
5. Lease liabilities
492,904
X
X
X
414,089
X
X
X
6. Other payables
4,435,132
X
X
X
4,392,170
X
X
X
Total
307,624,828
858,196
306,550,137
310,853,789
1,629,746
309,234,606
Amounts due to customers are mainly represented by time deposits of the Parent Company, including savings passbooks
amounting to 200,114 million euro (+4,839 million euro compared with 2024), net of those held by banks, and postal
savings bonds amounting to 96,704 million euro (+2,562 million euro compared with 2024), net of those held by banks.
The balance related to loans, equal to 5,823 million euro at 31 December 2025, mainly relates to the Parent Company\u2019s
reverse repurchase agreements, amounting to approximately 4,550 million euro (-10,077 million euro compared to 2024).
The decrease is consistent with the strategy of reducing short-term funding from an asset\u2013liability management
perspective.
Within the sub-item Other liabilities, the main amounts relate to sums attributable to the Parent Company not yet disbursed
at the end of the financial year in respect of loans under amortisation granted to beneficiary entities, the disbursement of
which is linked to the progress of the financed investments, amounting to 3,815 million euro (-227 million euro compared
with 2024).
For the part relating to Postal savings bonds issued by the Parent Company, the fair value reported above is equal to the
carrying amount. In theory, for Postal savings bonds it would be possible, using statistical models of redemptions, to apply
valuation techniques that incorporate a credit risk premium (spread) in line with that on medium-/long-term government
securities. In view of the redemption on demand characteristic of Postal savings bonds and the particular uncertainty on
redemption forecasts in a volatile rates market, which could also lead to fair value estimates lower than the amortised cost
value, the best estimate of the fair value of postal savings bonds is believed to be the carrying amount.
1.3 Financial liabilities measured at amortised cost: breakdown by type of securities issued
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
53,953,194
44,575,407
8,201,880
993,189
44,218,107
36,790,026
6,307,263
885,129
1.1 structured
43,619
44,984
46,022
45,595
1.2 other
53,909,575
44,575,407
8,156,896
993,189
44,172,085
36,790,026
6,261,668
885,129
2. other securities
1,114,349
1,114,478
1,454,033
1,456,221
2.1 structured
2.2 other
1,114,349
1,114,478
1,454,033
1,456,221
Total
55,067,543
44,575,407
9,316,358
993,189
45,672,140
36,790,026
7,763,484
885,129
1.3 of which: pertaining to the Prudential consolidation
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
22,840,092
14,922,753
8,151,653
18,274,512
12,025,724
6,307,263
1.1 structured
43,619
44,984
46,022
45,595
1.2 other
22,796,473
14,922,753
8,106,669
18,228,490
12,025,724
6,261,668
2. other securities
1,114,349
1,114,478
1,454,033
1,456,221
2.1 structured
2.2 other
1,114,349
1,114,478
1,454,033
1,456,221
Total
23,954,441
14,922,753
9,266,131
19,728,545
12,025,724
7,763,484
With respect to the Prudential consolidation, the balance of securities issued at 31 December 2025 refers to the Parent
Company and includes:
\u2022 bonds issued under the \u201cEuro Medium Term Notes\u201d (EMTN) and \u201cDebt Issuance Programme\u201d (DIP) programmes, wit
h
a stock of 11,919 million euro (+1,955 million euro compared to the end of 2024). In 2025, bond issuances were
carried out under the Debt Issuance Programme (DIP) for a total of 2.7 billion euro. Among these, note should be
taken of the public issuance of CDP\u2019s second Green Bond, with a nominal amount of 500 million euro, aimed at
supporting initiatives with tangible and positive environmental impacts, including infrastructure investments in the
renewable energy and sustainable mobility sectors, as well as investments in companies focused on energy efficiency
and the circular economy;
\u2022 five bond issues targeted at retail investors were outstanding, with a total carrying amount of 4,982 million euro
,
representing an increase of approximately 1,521 million euro compared with the balance at the end of 2024, following
three new issuances completed in 2025 for a total nominal amount of approximately 1.6 billion euro;
\u2022 four bond issues guaranteed by the Italian State, fully subscribed by Poste Italiane, were outstanding with a total
carrying amount of 3,012 million euro, unchanged compared with year-end 2024. As at the end of 2025, the followi
ng
were also outstanding: two bonds issued in December 2017 with a total nominal amount of 1 billion euro, and two
bonds issued in March 2018 with a total nominal amount of 2 billion euro;
\u2022 three bond issuances denominated in US dollars, the so-called \u201cYankee Bonds\u201d, with a total nominal amount of 4
billion dollars (carrying amount as at 31 December 2025 of approximately 3,455 million euro). The balance increas
ed
by approximately 1,040 million euro compared with year-end 2024, reflecting the third issuance completed in 2025 for
a nominal amount of 1.5 billion dollars. Through this transaction, CDP continues its strategy of diversifying its sources
of funding;
\u2022 the stock of commercial paper with a carrying amount of 1,114 million euro (-340 million euro on the 2024 year-
end
balance), related to the \u201cMulti-Currency Commercial Paper Programme\u201d.
1.3 of which: pertaining to Other companies
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
1.1 structured
1.2 other
2. other securities
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
2.1 structured
2.2 other
Total
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
Debt securities issued by the Other companies mainly relate to bond issuances by SNAM, Italgas and Terna, the majority
of which are listed on active markets (Level 1), amounting respectively to 13,784 million euro, 8,464 million euro and 7,852
million euro.
The Group has outstanding certain bond loans containing so-called \u201cESG-linked\u201d provisions, i.e. instruments incorporating
a reward/penalty mechanism applicable to the payment of accrued interest, linked to the achievement of specific
environmental, social and governance (ESG) targets.
The Group considers that there may be a risk, albeit not significant, connected to achievement of the ESG objectives.
Failure to meet these targets at a contractually defined date would result in a modest increase in the cost of debt. However,
the impact of this risk on financial costs would be negligible.
1.4 Breakdown of subordinated debts/securities
This item has a nil balance.
1.5 Breakdown of structured debts
As at 31 December 2025, structured debts amounted to approximately 661,382 thousand euro (up by -68,843 thousand
euro compared to 2024) and refer to the Risparmio Sostenibile postal savings bonds, subscribed by customers, linked to
the STOXX Europe 600 ESG-X, an index that considers the European companies with the highest capitalisation compliant
with the Sustainable Development Goals of the UN 2030 agenda, for which the embedded derivative has been separated.
1.6 Lease liabilities
The following table shows the information required by IFRS 16, paragraph 53, letter g and paragraph 58).
Total
Total
(thousands of euro)
31/12/2025
31/12/2024
Time bands
Lease payables
Lease payables
Up to 1 year
125,075
124,147
Between 1 and 2 years
124,976
109,895
Between 2 and 3 years
68,492
45,621
Between 3 and 4 years
54,687
40,339
Between 4 and 5 years
59,974
30,786
Over 5 years
78,973
84,124
Total lease payments to be made
512,177
434,912
Reconciliation with lease liabilities
(19,236)
(20,777)
Unearned finance costs (-)
(19,236)
(20,777)
Unguaranteed residual value (-)
Lease liabilities
492,941
414,135
Section 2 - Financial liabilities held for trading - Item 20
2.1 Financial liabilities held for trading: breakdown by type
31/12/2025
31/12/2024
NV
Fair value
Fair Value *
NV
Fair value
Fair
(thousands of euro)
Value *
Type of operations/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
A. On-balance-sheet
liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
Total A
B. Derivatives
x
x
1. Financial derivatives
534,862
60,781
397,100
37,212
1.1 Trading
x
534,862
1,461
x
x
397,100
1,631
x
1.2 Associated with fair
value option
x
x
x
x
1.3 Other
2. Credit derivatives
x
59,320
x
x
35,581
x
2.1 Trading
x
x
x
x
2.2 Associated with fair
value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
534,862
60,781
x
x
397,100
37,212
x
Total (A+B)
x
534,862
60,781
x
x
397,100
37,212
x
Key
NV = nominal or notional value
FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date
The item includes mainly:
\u2022 the negative fair value of interest rate derivatives (approximately 181 million euro) and foreign exchange derivatives
(approximately 12 million euro) relating to the Parent Company;
\u2022 the negative value of the optional component of Risparmio Sostenibile postal saving bonds, indexed to the STOXX
Europe 600 ESG-X, which was separated from the host instrument (approximately 59 million euro);
\u2022 derivative instruments of Snam amounting to 343 million euro.
2.2 Breakdown of \u201cFinancial liabilities held for trading\u201d: subordinated liabilities
This item has a nil balance.
2.3 Breakdown of \u201cFinancial liabilities held for trading\u201d: structured debts
This item has a nil balance.
Section 3 \u2013 financial liabilities designated at fair value \u2013 Item 30
3.1 Financial liabilities designated at fair value: breakdown by type
31/12/2025
Fair
31/12/2024
Fair
(thousands of euro)
Fair value
Value*
Fair value
Value*
Type of transactions/values
NV
Level 1
Level 2
Level 3
FV *
NV
Level 1
Level 2
Level 3
FV *
1. Due to banks
1.1 Structured
X
X
1.2 Other
of which
X
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
2. Due to customers
8,067
8,067
8,067
9,313
9,313
9,313
2.1 Structured
X
X
2.2 Other
of which
8,067
8,067
X
9,313
9,313
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
3. Debt securities
3.1 Structured
X
X
3.2 Other
X
X
Total
8,067
8,067
8,067
9,313
9,313
9,313
Key
NV = nominal or notional value
FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date
At 31 December 2025, the balance of the financial liabilities designated at fair value is fully attributable to Fincantieri\u2019s
contribution and is represented by the negative fair value of options to purchase equity securities.
3.2 Breakdown of Financial liabilities designated at fair value: subordinated liabilities
As at 31 December 2025 the item had a nil balance.
Section 4 - Hedging Derivatives - Item 40
4.1 Hedging derivatives: breakdown by type of hedge and level
NV
Fair value 31/12/2025
NV
Fair value 31/12/2024
(thousands of euro)
31/12/2025
L2
L3
31/12/2024
L1
L2
L3
A. Financial derivatives
31,403,810
1,136,633
37,745,420
1,792,925
1) Fair value
15,398,272
356,015
24,060,409
920,727
2) Cash flow
16,005,538
780,618
13,685,011
872,198
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
31,403,810
1,136,633
37,745,420
1,792,925
L1
Key
NV = nominal or notional value
FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date
4.2 Hedging derivatives: breakdown by hedged portfolio and type of hedge
Investment
Fair value
Cash flow
in foreign
Macro-
Micro-
Macro-
operation
(thousands of euro)
Micro-hedge
hedge
hedge
hedge
Debt
Equity
Foreign
Credit
Commodities
Others
securities and
securities
currencies
Transactions/Type of
interest rates
and equity
and gold
hedging
indices
1. Financial assets at
fair value through
other comprehensive
income
112
X
X
X
6,038
X
X
2. Financial assets
137,031
X
X
X
X
635,936
X
X
at amortised cost
3. Portfolio
X
X
X
X
X
X
54,481
X
X
4. Other
26,380
X
X
Total assets
137,143
26,380
54,481
641,974
1. Financial liabilities
138,011
X
X
138,644
X
X
2. Portfolio
X
X
X
X
X
X
X
X
Total liabilities
138,011
138,644
1. Forecast
X
X
X
X
X
X
X
X
X
transactions
2. Portfolio of
financial assets and
liabilities
X
X
X
X
X
X
X
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-903": { "value": "A.4 - DISCLOSURES ON FAIR VALUE MEASUREMENT Qualitative disclosures This section contains the disclosures on fair value measurement in accordance with the requirements of IFRS 13. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The assumption is that this refers to an ordinary transaction between independent counterparties that have a reasonable degree of knowledge of market conditions and the relevant facts related to the item being traded. In the definition of fair value, a key assumption is that an entity is fully operational and does not have the urgent need to liquidate or significantly reduce a position. Among other factors, the fair value of an instrument reflects its credit quality as it incorporates the default risk associated with the counterparty or the issuer. The international accounting standards have established three levels of classification for a financial instrument (known as the \u201cfair value hierarchy\u201d); the level of fair value measurement assigned depends on the observability and significance of the inputs used in the valuation model. For financial instruments listed on active markets, fair value corresponds to the market price at the measurement date, or as close to it as possible (Level 1). An instrument is considered to be traded on an active market if prices are readily and regularly available on regulated markets, organised trading facilities, pricing services etc. and if those prices can reasonably be considered to be representative of actual and regular market transactions executed close to the valuation date. When there are no published prices on an active market or when, in reference to several indicators (e.g. the possibility of performing transactions at the quoted price and their number, the bid-ask spread, the effective trading volumes), it cannot be held that the price represents an active and regularly functioning market, the fair value of the financial instruments is determined by using measurement models and techniques whose purpose is to establish the price at which the asset or liability would be exchanged between market operators in an ordinary transaction at the valuation date. The fair value of unlisted financial instruments is classified under Level 2 or 3 according to whether or not the inputs used in the valuation model are observable and their significance within that model. The Level 2 inputs are prices available on active markets or inputs based on observable market data, such as interest rates, credit spreads, or yield curves. If they are used in the pricing of an instrument, they must be available for the entire residual life of the instrument. The fair value of a financial instrument measured with techniques that use Level 2 inputs is classified in the same level for the fair value hierarchy. In certain cases, the level 2 inputs need to be adjusted to allow their use, also in view of the characteristics of the financial instrument being measured. If the adjustment is made on the basis of parameters that cannot be observed in the market or is impacted to a greater or a lesser extent by the modelling choices needed to make it, for example through the use of statistical or \u201cexpert-based\u201d techniques, the fair value measurement is classified under Level 3, if the inputs are not observable in the market or not directly inferable. This category also includes the parameters estimated on the basis of proprietary models or historic data and used for the fair value measurement of unlisted financial instruments, classified under the same level. The valuation techniques used for Level 2 and Level 3 measurements are validated by the Risk Management Area of CDP. The development and validation of the techniques, and their application for accounting evaluations, are set out in specific process documentation. A.4.1 Fair value levels 2 and 3: valuation techniques and inputs used The valuation techniques used for unlisted financial instruments may, in addition to interpolations and extrapolations, involve the specification of stochastic processes that represent market dynamics and the use of simulations or other numerical techniques to determine the fair value of the instruments being measured. The CDP Group takes the following into consideration when selecting the valuation models: \u2022 simpler valuation techniques are preferred to more complex techniques, all other conditions being equal and as long as they represent all of the relevant characteristics of the product, ensuring that they are reasonably in line with the practices and results of other sector operators; \u2022 valuation techniques are applied consistently over time to consistent categories of instruments, unless objective grounds for replacement emerge; \u2022 all other conditions being equal, preference is given to standard models whose mathematical structure and implementing procedures are familiar to practitioners and implemented in the systems. The market parameters used as inputs for Level 2 valuations are selected on the basis of non-arbitrage relationships or comparative relationships that define the fair value of the financial instrument being measured as the relative fair value compared with that of financial instruments listed on active markets. Specifically, the Consolidated Financial Statements use fair value measurements assigned to Level 2 for interest rate, currency and equity derivatives designated as accounting or operational hedges for assets or liabilities and of the items relating to the exchanges of collateral referring to them. The fair value of derivatives incorporates the counterparty credit risk and current and potential exposure using a simplified credit value adjustment (CVA) methodology. However, in view of the generalised use of framework netting arrangements that provide for the exchange of collateral, and considering the frequency of exchange of the collateral and the fact that it is established in the form of cash deposits, as well as the minimum ratings required from the counterparties, no adjustments of this kind have been made at 31 December 2025. With regard to the assets and liabilities measured at fair value on a recurring basis, the following are classified as Level 3 in the Consolidated Financial Statements: \u2022 bonds and tranches of Asset-Backed Securities that do not pass the SPPI test dictated by IFRS 9, for which the valuation requires the use of inputs that are not directly observable or representative of the creditworthiness; \u2022 equity interests and other unlisted equity instruments that are measured using non-market parameters. A.4.2 Valuation processes and sensitivity Description of the valuation process for the fair value measurement of instruments classified at Level 3 of the hierarchy of fair value inputs Level 3 valuation techniques are also applied consistently over time to consistent categories of instruments, unless objective grounds for replacement emerge. Similarly, parameters that cannot be drawn directly from observable market variables are applied consistently over time. The methods and processes adopted aim to ensure that the value assigned to each position appropriately reflects their current fair value, with a level of detail for the checks proportional to the quantitative significance of the assets and liabilities measured. Description of non-observable inputs used in the valuation process for the fair value measurement on a recurrent basis of instruments classified at Level 3 and the sensitivity of the fair value to changes in those inputs For fair value measurements for which significant non-observable inputs are used (Level 3), a sensitivity analysis is conducted to obtain a range of possible and reasonable alternative valuations. In general, the impact of unobservable inputs on the Level 3 fair value measurement depends on the interaction between the various inputs used in the valuation process. Asset-Backed Securities For asset-backed securities that have not passed the SPPI test required by IFRS 9, there is no listing on an active market. Their fair value is established according to model-based prices produced by specialist providers in the sector, which, in view of the assumptions underlying certain relevant parameters for the valuation (such as default and prepayment rates, determining their amortisation profile, and pricing spreads), is classified at Level 3 of the fair value hierarchy. Considering the low notional value of the securities and their limited residual life, the analysis of sensitivity to these parameters results in insignificant changes to the value of the assets. Redemption profiles The redemption profile of postal savings bonds is a central estimate of the nominal amount of the bonds that will be redeemed within a series of future dates, between the valuation date and the final maturity date. The estimate is made by CDP through statistical analyses and expert-based valuations. This non-observable figure is significant for the Level 3 measurement of the fair value of the options separated out from the Risparmio Sostenibile postal saving bonds, linked to the performance of the Stoxx Europe 600 ESG-X index. If the investor asks for early redemption of the bond, they lose the entitlement to receive any component of remuneration linked to the index and, as a result, the equity option sold by CDP lapses. For this category of financial instruments, higher redemptions therefore result in a lower value of liabilities for CDP. Although the redemption profiles are non-observable inputs on the market, the changes in those profiles over time are closely linked to the changes in actual redemptions observed. The sensitivity analysis considers changes of 10% in the remaining principal, applied to the relevant expected percentage for the expiry of each option. If redemptions are lower than estimated, a condition has been established that the current level of remaining principal cannot be exceeded. Redemption profile sensitivity analysis
(millions of euro)
Change in fair value resulting from the use of possibile reasonable alternatives
+10% (higher redemptions)
-10% (lower redemptions)
Embedded options postal saving bond Risparmio Sostenibile
5.91
(5.91)
NAV Adjustment The Net Asset Value (NAV) is the difference between the total value of a fund\u2019s assets and liabilities. In this case, the fair value corresponds to the NAV of the fund, adjusted, if necessary, to take into account certain specific characteristics, purely for illustrative and non-exhaustive purposes, such as elements occurring between the reference date of the last available NAV and the valuation date, transactions on the shares of the fund being valued, any discounts relating to potential illiquidity of the shares held and any other information that may be disclosed by the manager with a significant impact on the fair value of the assets held by the fund. A.4.3 Fair value hierarchy IFRS 13 requires the provision of a description, with regard to the financial and non-financial assets and liabilities measured at fair value on a recurring basis, of the policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred separately for financial assets and liabilities and non-financial assets and liabilities (IFRS 13, paragraph 95). For all classes of assets and liabilities, the policies adopted by the CDP Group require that the transfer from one level to another take place at the end of the reporting period. The transfers are motivated by whether it becomes possible or impossible to reliably measure fair value, respectively, at Level 1, Level 2 or Level 3: for example, if the measurement of an instrument is classified as \u201cLevel 3\u201d due to the non- observability of a significant input, if that input becomes observable in the market or if it becomes common to use a model that requires only observable inputs, or its estimate is not necessary, then the measurement is transferred to Level 2, and the transfer occurs at the end of the reporting period. Quantitative disclosures A.4.5 Fair value hierarchy A.4.5.1 Assets and liabilities measured at fair value on a recurring basis: breakdown by level of fair value inputs
(thousands of euro)
31/12/2025
31/12/2024
Assets/liabilities measured at fair value
L1
L2
L3
L1
L2
L3
1.
Financial assets designated at fair
value through profit or loss
81,326
614,662
3,741,747
2,007
326,450
3,682,831
a)
Financial assets held for trading
365,106
23,908
250,197
13,698
b)
Financial assets designated at fair
193,221
190,971
value
c)
Other financial assets mandatorily
81,326
249,556
3,524,618
2,007
76,253
3,478,162
at fair value
2.
Financial assets at fair value through
other comprehensive income
12,851,722
2,195
305,110
10,447,313
8,691
291,275
3.
Hedging derivatives
1,875,780
1,075,137
4.
Property, plant and equipment
5.
Intangible assets
Total
12,933,048
2,492,637
4,046,857
10,449,320
1,410,278
3,974,106
1.
Financial liabilities held for trading
534,862
60,781
397,100
37,212
2.
Financial liabilities at fair value
8,067
9,313
3.
Hedging derivatives
1,136,633
1,792,925
Total
1,671,495
68,848
2,190,025
46,525
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 There were no transfers between fair value levels during the year as a result of changes in the observability of prices or market data used to value instruments or the significance of observable inputs. A.4.5.2 Change for the year in financial assets measured at fair value on a recurring basis (Level 3)
Financial assets measured at fair value through profit or
loss
Financial
of which: c)
assets
of which: a)
of which: b)
Other
measured at
Hedging
Property,
Intangible
financial
Financial
Financial
fair value
derivatives
plant and
assets
assets
assets held
assets
through other
equipment
for trading
designated at
mandatorily
comprehensive
(thousands of euro)
Total
fair value
fair value
measured at
income
1
Opening balance
3,682,831
13,698
190,971
3,478,162
291,275
2
Increases
977,930
13,208
2,250
962,472
47,040
2.1 Purchases
621,862
5,500
616,362
11,691
2.2 Profits taken to:
347,740
7,708
2,250
337,782
35,344
2.2.1 Income statement
347,740
7,708
2,250
337,782
- of which: capital gains
329,043
6,136
322,907
2.2.2 Equity
X
X
X
35,344
2.3 Transfers from other levels
2.4 Other increases
8,328
8,328
5
3.
Decreases
919,014
2,998
916,016
33,205
3.1 Sales
225,242
225,242
10,778
3.2 Repayments
389,217
10
389,207
8,359
3.3 Losses taken to:
156,422
886
155,536
14,389
3.3.1 Income statement
156,422
886
155,536
1,314
- of which: capital losses
152,245
886
151,359
3.3.2 Equity
13,075
3.4 Transfers to other levels
3.5 Other decreases
148,133
2,102
146,031
(321)
4.
Closing balance
3,741,747
23,908
193,221
3,524,618
305,110
A.4.5.3 Change for the year in financial liabilities measured at fair value on a recurring basis (Level 3)
Financial liabilities held
Financial liabilities at fair
Hedging derivatives
for trading
value
(thousands of euro)
1.
Opening balance
37,212
9,313
2.
Increases
24,454
756
2.1 Issues
2.2 Losses taken to:
23,739
2.2.1 Income statement
23,739
- of which: capital losses
23,739
2.2.2 Equity
X
2.3 Transfers from other levels
2.4 Other increases
715
756
3.
Decreases
885
2,002
3.1 Repayments
1,400
3.2 Buybacks
3.3 Profits taken to:
324
3.3.1 Income statement
324
- of which: capital gains
324
3.3.2 Equity
X
3.4 Transfers to other levels
3.5 Other decreases
561
602
4.
Closing balance
60,781
8,067
A.4.5.4 Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by level of fair value inputs
(thousands of euro)
Assets and liabilities not
carried at fair value or
carried at fair value on a
31/12/2025
31/12/2024
non-recurring basis
CA
L1
L2
L3
CA
L1
L2
L3
1.
Financial assets
342,549,387
65,676,008
11,807,102
261,777,228
342,661,209
59,472,243
7,427,239
271,191,973
measured at
amortised cost
2.
Investment
1,071,975
876,698
199,222
947,639
740,040
213,059
property, plant and
equipment
3.
Non-current assets
320,757
304,142
590,798
145
41,623
and disposal
groups held for
sale
Total
343,942,119
65,676,008
12,683,800
262,280,592
344,199,646
59,472,243
8,167,424
271,446,655
1.
Financial liabilities
404,618,571
44,575,407
15,594,633
343,549,838
398,437,627
36,790,026
13,462,629
347,074,811
measured at
amortised cost
2.
Liabilities
46,478
46,254
399,259
145,036
associated with
non-current assets
and disposal
groups held for
sale
Total
404,665,049
44,575,407
15,594,633
343,596,092
398,836,886
36,790,026
13,462,629
347,219,847
Key: CA = carrying amount L1 = Level 1 L2 = Level 2 L3 = Level 3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-919": { "value": "A.4 - DISCLOSURES ON FAIR VALUE MEASUREMENT Qualitative disclosures This section contains the disclosures on fair value measurement in accordance with the requirements of IFRS 13. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The assumption is that this refers to an ordinary transaction between independent counterparties that have a reasonable degree of knowledge of market conditions and the relevant facts related to the item being traded. In the definition of fair value, a key assumption is that an entity is fully operational and does not have the urgent need to liquidate or significantly reduce a position. Among other factors, the fair value of an instrument reflects its credit quality as it incorporates the default risk associated with the counterparty or the issuer. The international accounting standards have established three levels of classification for a financial instrument (known as the \u201cfair value hierarchy\u201d); the level of fair value measurement assigned depends on the observability and significance of the inputs used in the valuation model. For financial instruments listed on active markets, fair value corresponds to the market price at the measurement date, or as close to it as possible (Level 1). An instrument is considered to be traded on an active market if prices are readily and regularly available on regulated markets, organised trading facilities, pricing services etc. and if those prices can reasonably be considered to be representative of actual and regular market transactions executed close to the valuation date. When there are no published prices on an active market or when, in reference to several indicators (e.g. the possibility of performing transactions at the quoted price and their number, the bid-ask spread, the effective trading volumes), it cannot be held that the price represents an active and regularly functioning market, the fair value of the financial instruments is determined by using measurement models and techniques whose purpose is to establish the price at which the asset or liability would be exchanged between market operators in an ordinary transaction at the valuation date. The fair value of unlisted financial instruments is classified under Level 2 or 3 according to whether or not the inputs used in the valuation model are observable and their significance within that model. The Level 2 inputs are prices available on active markets or inputs based on observable market data, such as interest rates, credit spreads, or yield curves. If they are used in the pricing of an instrument, they must be available for the entire residual life of the instrument. The fair value of a financial instrument measured with techniques that use Level 2 inputs is classified in the same level for the fair value hierarchy. In certain cases, the level 2 inputs need to be adjusted to allow their use, also in view of the characteristics of the financial instrument being measured. If the adjustment is made on the basis of parameters that cannot be observed in the market or is impacted to a greater or a lesser extent by the modelling choices needed to make it, for example through the use of statistical or \u201cexpert-based\u201d techniques, the fair value measurement is classified under Level 3, if the inputs are not observable in the market or not directly inferable. This category also includes the parameters estimated on the basis of proprietary models or historic data and used for the fair value measurement of unlisted financial instruments, classified under the same level. The valuation techniques used for Level 2 and Level 3 measurements are validated by the Risk Management Area of CDP. The development and validation of the techniques, and their application for accounting evaluations, are set out in specific process documentation. A.4.1 Fair value levels 2 and 3: valuation techniques and inputs used The valuation techniques used for unlisted financial instruments may, in addition to interpolations and extrapolations, involve the specification of stochastic processes that represent market dynamics and the use of simulations or other numerical techniques to determine the fair value of the instruments being measured. The CDP Group takes the following into consideration when selecting the valuation models: \u2022 simpler valuation techniques are preferred to more complex techniques, all other conditions being equal and as long as they represent all of the relevant characteristics of the product, ensuring that they are reasonably in line with the practices and results of other sector operators; \u2022 valuation techniques are applied consistently over time to consistent categories of instruments, unless objective grounds for replacement emerge; \u2022 all other conditions being equal, preference is given to standard models whose mathematical structure and implementing procedures are familiar to practitioners and implemented in the systems. The market parameters used as inputs for Level 2 valuations are selected on the basis of non-arbitrage relationships or comparative relationships that define the fair value of the financial instrument being measured as the relative fair value compared with that of financial instruments listed on active markets. Specifically, the Consolidated Financial Statements use fair value measurements assigned to Level 2 for interest rate, currency and equity derivatives designated as accounting or operational hedges for assets or liabilities and of the items relating to the exchanges of collateral referring to them. The fair value of derivatives incorporates the counterparty credit risk and current and potential exposure using a simplified credit value adjustment (CVA) methodology. However, in view of the generalised use of framework netting arrangements that provide for the exchange of collateral, and considering the frequency of exchange of the collateral and the fact that it is established in the form of cash deposits, as well as the minimum ratings required from the counterparties, no adjustments of this kind have been made at 31 December 2025. With regard to the assets and liabilities measured at fair value on a recurring basis, the following are classified as Level 3 in the Consolidated Financial Statements: \u2022 bonds and tranches of Asset-Backed Securities that do not pass the SPPI test dictated by IFRS 9, for which the valuation requires the use of inputs that are not directly observable or representative of the creditworthiness; \u2022 equity interests and other unlisted equity instruments that are measured using non-market parameters. A.4.2 Valuation processes and sensitivity Description of the valuation process for the fair value measurement of instruments classified at Level 3 of the hierarchy of fair value inputs Level 3 valuation techniques are also applied consistently over time to consistent categories of instruments, unless objective grounds for replacement emerge. Similarly, parameters that cannot be drawn directly from observable market variables are applied consistently over time. The methods and processes adopted aim to ensure that the value assigned to each position appropriately reflects their current fair value, with a level of detail for the checks proportional to the quantitative significance of the assets and liabilities measured. Description of non-observable inputs used in the valuation process for the fair value measurement on a recurrent basis of instruments classified at Level 3 and the sensitivity of the fair value to changes in those inputs For fair value measurements for which significant non-observable inputs are used (Level 3), a sensitivity analysis is conducted to obtain a range of possible and reasonable alternative valuations. In general, the impact of unobservable inputs on the Level 3 fair value measurement depends on the interaction between the various inputs used in the valuation process. Asset-Backed Securities For asset-backed securities that have not passed the SPPI test required by IFRS 9, there is no listing on an active market. Their fair value is established according to model-based prices produced by specialist providers in the sector, which, in view of the assumptions underlying certain relevant parameters for the valuation (such as default and prepayment rates, determining their amortisation profile, and pricing spreads), is classified at Level 3 of the fair value hierarchy. Considering the low notional value of the securities and their limited residual life, the analysis of sensitivity to these parameters results in insignificant changes to the value of the assets. Redemption profiles The redemption profile of postal savings bonds is a central estimate of the nominal amount of the bonds that will be redeemed within a series of future dates, between the valuation date and the final maturity date. The estimate is made by CDP through statistical analyses and expert-based valuations. This non-observable figure is significant for the Level 3 measurement of the fair value of the options separated out from the Risparmio Sostenibile postal saving bonds, linked to the performance of the Stoxx Europe 600 ESG-X index. If the investor asks for early redemption of the bond, they lose the entitlement to receive any component of remuneration linked to the index and, as a result, the equity option sold by CDP lapses. For this category of financial instruments, higher redemptions therefore result in a lower value of liabilities for CDP. Although the redemption profiles are non-observable inputs on the market, the changes in those profiles over time are closely linked to the changes in actual redemptions observed. The sensitivity analysis considers changes of 10% in the remaining principal, applied to the relevant expected percentage for the expiry of each option. If redemptions are lower than estimated, a condition has been established that the current level of remaining principal cannot be exceeded. Redemption profile sensitivity analysis
(millions of euro)
Change in fair value resulting from the use of possibile reasonable alternatives
+10% (higher redemptions)
-10% (lower redemptions)
Embedded options postal saving bond Risparmio Sostenibile
5.91
(5.91)
NAV Adjustment The Net Asset Value (NAV) is the difference between the total value of a fund\u2019s assets and liabilities. In this case, the fair value corresponds to the NAV of the fund, adjusted, if necessary, to take into account certain specific characteristics, purely for illustrative and non-exhaustive purposes, such as elements occurring between the reference date of the last available NAV and the valuation date, transactions on the shares of the fund being valued, any discounts relating to potential illiquidity of the shares held and any other information that may be disclosed by the manager with a significant impact on the fair value of the assets held by the fund. A.4.3 Fair value hierarchy IFRS 13 requires the provision of a description, with regard to the financial and non-financial assets and liabilities measured at fair value on a recurring basis, of the policy for determining when transfers between levels of the fair value hierarchy are deemed to have occurred separately for financial assets and liabilities and non-financial assets and liabilities (IFRS 13, paragraph 95). For all classes of assets and liabilities, the policies adopted by the CDP Group require that the transfer from one level to another take place at the end of the reporting period. The transfers are motivated by whether it becomes possible or impossible to reliably measure fair value, respectively, at Level 1, Level 2 or Level 3: for example, if the measurement of an instrument is classified as \u201cLevel 3\u201d due to the non- observability of a significant input, if that input becomes observable in the market or if it becomes common to use a model that requires only observable inputs, or its estimate is not necessary, then the measurement is transferred to Level 2, and the transfer occurs at the end of the reporting period. Quantitative disclosures A.4.5 Fair value hierarchy A.4.5.1 Assets and liabilities measured at fair value on a recurring basis: breakdown by level of fair value inputs
(thousands of euro)
31/12/2025
31/12/2024
Assets/liabilities measured at fair value
L1
L2
L3
L1
L2
L3
1.
Financial assets designated at fair
value through profit or loss
81,326
614,662
3,741,747
2,007
326,450
3,682,831
a)
Financial assets held for trading
365,106
23,908
250,197
13,698
b)
Financial assets designated at fair
193,221
190,971
value
c)
Other financial assets mandatorily
81,326
249,556
3,524,618
2,007
76,253
3,478,162
at fair value
2.
Financial assets at fair value through
other comprehensive income
12,851,722
2,195
305,110
10,447,313
8,691
291,275
3.
Hedging derivatives
1,875,780
1,075,137
4.
Property, plant and equipment
5.
Intangible assets
Total
12,933,048
2,492,637
4,046,857
10,449,320
1,410,278
3,974,106
1.
Financial liabilities held for trading
534,862
60,781
397,100
37,212
2.
Financial liabilities at fair value
8,067
9,313
3.
Hedging derivatives
1,136,633
1,792,925
Total
1,671,495
68,848
2,190,025
46,525
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 There were no transfers between fair value levels during the year as a result of changes in the observability of prices or market data used to value instruments or the significance of observable inputs. A.4.5.2 Change for the year in financial assets measured at fair value on a recurring basis (Level 3)
Financial assets measured at fair value through profit or
loss
Financial
of which: c)
assets
of which: a)
of which: b)
Other
measured at
Hedging
Property,
Intangible
financial
Financial
Financial
fair value
derivatives
plant and
assets
assets
assets held
assets
through other
equipment
for trading
designated at
mandatorily
comprehensive
(thousands of euro)
Total
fair value
fair value
measured at
income
1
Opening balance
3,682,831
13,698
190,971
3,478,162
291,275
2
Increases
977,930
13,208
2,250
962,472
47,040
2.1 Purchases
621,862
5,500
616,362
11,691
2.2 Profits taken to:
347,740
7,708
2,250
337,782
35,344
2.2.1 Income statement
347,740
7,708
2,250
337,782
- of which: capital gains
329,043
6,136
322,907
2.2.2 Equity
X
X
X
35,344
2.3 Transfers from other levels
2.4 Other increases
8,328
8,328
5
3.
Decreases
919,014
2,998
916,016
33,205
3.1 Sales
225,242
225,242
10,778
3.2 Repayments
389,217
10
389,207
8,359
3.3 Losses taken to:
156,422
886
155,536
14,389
3.3.1 Income statement
156,422
886
155,536
1,314
- of which: capital losses
152,245
886
151,359
3.3.2 Equity
13,075
3.4 Transfers to other levels
3.5 Other decreases
148,133
2,102
146,031
(321)
4.
Closing balance
3,741,747
23,908
193,221
3,524,618
305,110
A.4.5.3 Change for the year in financial liabilities measured at fair value on a recurring basis (Level 3)
Financial liabilities held
Financial liabilities at fair
Hedging derivatives
for trading
value
(thousands of euro)
1.
Opening balance
37,212
9,313
2.
Increases
24,454
756
2.1 Issues
2.2 Losses taken to:
23,739
2.2.1 Income statement
23,739
- of which: capital losses
23,739
2.2.2 Equity
X
2.3 Transfers from other levels
2.4 Other increases
715
756
3.
Decreases
885
2,002
3.1 Repayments
1,400
3.2 Buybacks
3.3 Profits taken to:
324
3.3.1 Income statement
324
- of which: capital gains
324
3.3.2 Equity
X
3.4 Transfers to other levels
3.5 Other decreases
561
602
4.
Closing balance
60,781
8,067
A.4.5.4 Assets and liabilities not measured at fair value or measured at fair value on a non-recurring basis: breakdown by level of fair value inputs
(thousands of euro)
Assets and liabilities not
carried at fair value or
carried at fair value on a
31/12/2025
31/12/2024
non-recurring basis
CA
L1
L2
L3
CA
L1
L2
L3
1.
Financial assets
342,549,387
65,676,008
11,807,102
261,777,228
342,661,209
59,472,243
7,427,239
271,191,973
measured at
amortised cost
2.
Investment
1,071,975
876,698
199,222
947,639
740,040
213,059
property, plant and
equipment
3.
Non-current assets
320,757
304,142
590,798
145
41,623
and disposal
groups held for
sale
Total
343,942,119
65,676,008
12,683,800
262,280,592
344,199,646
59,472,243
8,167,424
271,446,655
1.
Financial liabilities
404,618,571
44,575,407
15,594,633
343,549,838
398,437,627
36,790,026
13,462,629
347,074,811
measured at
amortised cost
2.
Liabilities
46,478
46,254
399,259
145,036
associated with
non-current assets
and disposal
groups held for
sale
Total
404,665,049
44,575,407
15,594,633
343,596,092
398,836,886
36,790,026
13,462,629
347,219,847
Key: CA = carrying amount L1 = Level 1 L2 = Level 2 L3 = Level 3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-904": { "value": "A.5 DISCLOSURE OF DAY ONE PROFIT/LOSS The carrying amount of financial instruments on recognition is equal to their fair value at the same date. In the case of financial instruments other than those measured at fair value through profit or loss, the fair value at the recognition date is normally assumed to be equal to the amount received or paid. In the case of financial instruments measured at fair value through profit or loss classified as Level 3, any difference with respect to the amount received, the so-called \u201cday one profit/loss\u201d, cannot be recognised immediately through profit or loss. Subsequently, such difference must be recognised through profit or loss if it is generated by a change in the factors on which market participants base their valuations in determining prices (including the time effect). If the instrument has a specified maturity and a model that monitors changes in the factors on which operators base prices is not immediately available, the day one profit/loss can be recognised through profit or loss over the life of the financial instrument. CDP Group has not recognised any \u201cday one profit/loss\u201d on financial instruments in accordance with the provisions of IFRS 7.28 and other related IFRS provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-905": { "value": "
Section 1 - Cash and cash equivalents - Item 10
1.1 Cash and cash equivalents: breakdown
(thousands of euro)
31/12/2025
31/12/2024
a) Cash
3,328
2,196
b) Current accounts and demand deposits with Central banks
2,340,000
6,102,999
c) Bank current accounts and demand deposits
2,680,279
2,383,347
Total
5,023,607
8,488,542
The item includes the positive balance of current accounts held with banks and the amount of liquidity deposited by the
Parent Company with the ECB through overnight Deposit Facility transactions, amounting to approximately 2,340 million
euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-920": { "value": "Section 1 - Cash and cash equivalents - Item 10 1.1 Cash and cash equivalents: breakdown
(thousands of euro)
31/12/2025
31/12/2024
a) Cash
3,328
2,196
b) Current accounts and demand deposits with Central banks
2,340,000
6,102,999
c) Bank current accounts and demand deposits
2,680,279
2,383,347
Total
5,023,607
8,488,542
The item includes the positive balance of current accounts held with banks and the amount of liquidity deposited by the Parent Company with the ECB through overnight Deposit Facility transactions, amounting to approximately 2,340 million euro. 4.1 Financial assets measured at amortised cost: breakdown by type of loans to banks
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
28,270,995
1,903,071
4,964
25,838,523
26,618,759
456,661
25,626,107
1. Loans
21,267,879
4,964
20,593,490
21,055,106
20,340,623
1.1 Current
15,936
X
X
X
10,971
X
X
X
deposit
1.2 Time
3,253,805
X
X
X
4,628,829
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
-
Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
33,042,032
1,903,071
4,964
30,608,377
29,556,787
456,661
28,563,073
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Amounts due from banks totalled 33,042 million euro as at 31 December 2025 and mainly reflect the contribution of the Parent Company, primarily as a result of: \u2022 loans for approximately 17,998 million euro (+1,583 million euro compared to 2024); \u2022 the balance on the management account of the Reserve requirement, which decreased to around 4,756 million euro (around 1,832 million euro compared to 2024); \u2022 repurchase agreements outstanding amounting to approximately 409 million euro (none were outstanding at the end of 2024); \u2022 deposits for Credit Support Annexes (cash collateral) held with banks hedging counterparty risk on derivatives, for approximately 48 million euro (approximately -383 million euro compared to 2024); \u2022 debt securities for approximately 7,003 million euro (+1,439 million euro approximately with respect to 2024). 4.1 of which: pertaining to the Prudential consolidation
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
25,045,830
1,903,071
22,618,322
22,027,480
456,661
21,034,828
1. Loans
18,042,714
17,373,289
16,463,827
15,749,344
1.1 Current
X
X
X
X
X
X
deposit
1.2 Time
44,576
X
X
X
48,521
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
- Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
29,816,867
1,903,071
27,388,176
24,965,508
456,661
23,971,794
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 4.1 of which: pertaining to Other companies
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage 1 & 2
Stage 3
credit
L1
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to Central
banks
1. Time deposits
X
X
X
X
X
X
2. Reserve
X
X
X
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
X
X
X
X
X
X
B. Loans to banks
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1. Loans
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1.1 Current deposit
15,936
X
X
X
10,971
X
X
X
1.2 Time deposits
3,209,229
X
X
X
4,580,308
X
X
X
1.3 Other
financing:
X
X
X
X
X
X
- Repurchase
X
X
X
X
X
X
agreements
- Finance lease
X
X
X
X
X
X
- Other
X
X
X
X
X
X
2. Debt securities
2.1 Structured
2.2 Other debt
securities
Total
3,225,165
4,964
3,220,201
4,591,279
4,591,279
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Receivables from banks attributable to the Other companies mainly include time deposits amounting to 3,209 million euro, primarily relating to the Terna group (1,737 million euro) and the Snam group (1,321 million euro). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-980": { "value": "Section 2 - Financial assets measured at fair value through profit or loss - Item 20 2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31 December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes, the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component was separated from the host instrument and was classified among financial liabilities held for trading. Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro). 2.2 Financial assets held for trading: breakdown by debtor/issuer/counterparty
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
1
Total A
B. DERIVATIVES
1
a) Central Counterparties
67
b) Others
344,687
44,327
389,014
263,827
Total B
344,687
44,327
389,014
263,894
Total (A+B)
344,687
44,327
389,014
263,895
Section 2 - Financial liabilities held for trading - Item 20 2.1 Financial liabilities held for trading: breakdown by type
31/12/2025
31/12/2024
NV
Fair value
Fair Value *
NV
Fair value
Fair
(thousands of euro)
Value *
Type of operations/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
A. On-balance-sheet
liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
Total A
B. Derivatives
x
x
1. Financial derivatives
534,862
60,781
397,100
37,212
1.1 Trading
x
534,862
1,461
x
x
397,100
1,631
x
1.2 Associated with fair
value option
x
x
x
x
1.3 Other
2. Credit derivatives
x
59,320
x
x
35,581
x
2.1 Trading
x
x
x
x
2.2 Associated with fair
value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
534,862
60,781
x
x
397,100
37,212
x
Total (A+B)
x
534,862
60,781
x
x
397,100
37,212
x
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date The item includes mainly: \u2022 the negative fair value of interest rate derivatives (approximately 181 million euro) and foreign exchange derivatives (approximately 12 million euro) relating to the Parent Company; \u2022 the negative value of the optional component of Risparmio Sostenibile postal saving bonds, indexed to the STOXX Europe 600 ESG-X, which was separated from the host instrument (approximately 59 million euro); \u2022 derivative instruments of Snam amounting to 343 million euro. 2.2 Breakdown of \u201cFinancial liabilities held for trading\u201d: subordinated liabilities This item has a nil balance. 2.3 Breakdown of \u201cFinancial liabilities held for trading\u201d: structured debts This item has a nil balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-921": { "value": "Section 2 - Financial assets measured at fair value through profit or loss - Item 20 2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31 December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes, the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component was separated from the host instrument and was classified among financial liabilities held for trading. Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro). 2.2 Financial assets held for trading: breakdown by debtor/issuer/counterparty
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
1
Total A
B. DERIVATIVES
1
a) Central Counterparties
67
b) Others
344,687
44,327
389,014
263,827
Total B
344,687
44,327
389,014
263,894
Total (A+B)
344,687
44,327
389,014
263,895
2.3 Financial assets designated at fair value: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Items/Values
L1
L2
L3
L1
L2
L3
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Loans
193,221
190,971
2.1 Structured
2.2 Other
193,221
190,971
Total
193,221
190,971
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 The item includes the measurement at fair value of Fintecna\u2019s investments in the segregated estates EFIM and IGED, incorporated following the merger of Ligestra Due. 2.4 Financial assets designated at fair value: breakdown by debtor/issuer
(thousands of euro)
Items/Values
Prudential consolidation
Other entities
31/12/2025
31/12/2024
1. Debt securities
2. Loans
193,221
193,221
190,971
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
193,221
193,221
190,971
f) Households
Total
193,221
193,221
190,971
2.5 Other financial assets mandatorily measured at fair value: breakdown by type
(thousands of euro)
Prudential
31/12/2025
Other
31/12/2024
consoliation
entities
Items/Values
L1
L2
L3
L1
L2
L3
L1
L2
L3
1. Debt securities
7
17
1.1 Structured securities
1.2 Other debt securities
7
17
2. Equity securities
79,233
3
14,214
5
11,290
3. Units in collective
2,090
2,275,791
249,549
1,220,066
2,002
76,236
3,440,170
investment undertakings
4. Loans
14,547
26,702
4.1 Repurchase
agreements
4.2 Other
14,547
26,702
Total
81,323
2,275,791
3
249,556
1,248,827
2,007
76,253
3,478,162
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets mandatorily measured at fair value related to the Prudential Consolidation essentially include investments in units of the Parent Company\u2019s units in collective investment undertakings and fall into the following macro-categories: Enterprise Funds for 986 million euro, Real Estate Funds for 737 million euro, Infrastructure Funds for 336 million euro, and International Cooperation Funds for 215 million euro. With regard to Other companies, the total amount of 1,498 million euro derives mainly from investments in units of collective investment undertakings for 1,470 million euro, from investments in equity securities other than equity investments for 14 million euro and from other loans for 15 million euro. 2.6 Other financial assets mandatorily measured at fair value: breakdown by debtor/issuer
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
1. Equity securities
79,233
14,217
93,450
11,295
of which: banks
of which: other financial companies
26,246
4,623
30,869
4,430
of which: non-financial companies
52,987
9,594
62,581
6,865
2. Debt securities
7
7
17
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
7
7
17
3. Units in collective investment undertakings
2,277,881
1,469,615
3,747,496
3,518,408
4. Loans
14,547
14,547
26,702
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
14,547
14,547
26,702
f) Households
Total
2,357,114
1,498,386
3,855,500
3,556,422
Section 5 - Hedging Derivatives - Item 50 5.1 Hedging derivatives: breakdown by type of hedge and level
Fair value 31/12/2025
NV
Fair value 31/12/2024
NV
(thousands of euro)
L1
L2
L3
31/12/2025
L1
L2
31/12/2024
A. Financial derivatives:
1,875,780
32,923,757
1,075,137
21,452,997
1) Fair value
1,778,433
24,344,091
899,756
13,781,501
2) Cash flow
97,347
8,579,666
175,381
7,671,496
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
1,875,780
32,923,757
1,075,137
21,452,997
L3 Key: NV= notional value L1 = Level 1 L2 = Level 2 L3 = Level 3 5.2 Hedging derivatives: breakdown by hedged portfolio and type of hedge
Fair value
Cash flow
(thousands of euro)
Micro-Hedge
Investment
Macro-
Micro-
Macro-
in foreign
Debt
Equity
hedge
hedge
hedge
operation
securities
securities
Foreign
Operation/Type of
and interest
and equity
currencies
hedging
rates
indices
and gold
Credit
Commodities
Others
1. Financial assets
1,101
x
x
x
1,235
x
x
at fair value through
other
comprehensive
income
2. Financial assets
620,922
x
x
x
x
8,895
x
x
at amortised cost
3. Portfolio
x
x
x
x
x
x
1,100,163
x
x
4. Other
35,609
x
21,161
x
Total assets
622,023
35,609
1,100,163
31,291
1. Financial liabilities
20,638
x
x
x
66,056
x
x
2. Portfolio
x
x
x
x
x
x
x
x
Total liabilities
20,638
66,056
1. Forecast
x
x
x
x
x
x
x
x
x
transactions
2. Portfolio of
financial assets and
liabilities
x
x
x
x
x
x
x
Section 2 - Financial liabilities held for trading - Item 20 2.1 Financial liabilities held for trading: breakdown by type
31/12/2025
31/12/2024
NV
Fair value
Fair Value *
NV
Fair value
Fair
(thousands of euro)
Value *
Type of operations/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
A. On-balance-sheet
liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
Total A
B. Derivatives
x
x
1. Financial derivatives
534,862
60,781
397,100
37,212
1.1 Trading
x
534,862
1,461
x
x
397,100
1,631
x
1.2 Associated with fair
value option
x
x
x
x
1.3 Other
2. Credit derivatives
x
59,320
x
x
35,581
x
2.1 Trading
x
x
x
x
2.2 Associated with fair
value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
534,862
60,781
x
x
397,100
37,212
x
Total (A+B)
x
534,862
60,781
x
x
397,100
37,212
x
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date The item includes mainly: \u2022 the negative fair value of interest rate derivatives (approximately 181 million euro) and foreign exchange derivatives (approximately 12 million euro) relating to the Parent Company; \u2022 the negative value of the optional component of Risparmio Sostenibile postal saving bonds, indexed to the STOXX Europe 600 ESG-X, which was separated from the host instrument (approximately 59 million euro); \u2022 derivative instruments of Snam amounting to 343 million euro. 2.2 Breakdown of \u201cFinancial liabilities held for trading\u201d: subordinated liabilities This item has a nil balance. 2.3 Breakdown of \u201cFinancial liabilities held for trading\u201d: structured debts This item has a nil balance. Section 3 \u2013 financial liabilities designated at fair value \u2013 Item 30 3.1 Financial liabilities designated at fair value: breakdown by type
31/12/2025
Fair
31/12/2024
Fair
(thousands of euro)
Fair value
Value*
Fair value
Value*
Type of transactions/values
NV
Level 1
Level 2
Level 3
FV *
NV
Level 1
Level 2
Level 3
FV *
1. Due to banks
1.1 Structured
X
X
1.2 Other
of which
X
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
2. Due to customers
8,067
8,067
8,067
9,313
9,313
9,313
2.1 Structured
X
X
2.2 Other
of which
8,067
8,067
X
9,313
9,313
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
3. Debt securities
3.1 Structured
X
X
3.2 Other
X
X
Total
8,067
8,067
8,067
9,313
9,313
9,313
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date At 31 December 2025, the balance of the financial liabilities designated at fair value is fully attributable to Fincantieri\u2019s contribution and is represented by the negative fair value of options to purchase equity securities. 3.2 Breakdown of Financial liabilities designated at fair value: subordinated liabilities As at 31 December 2025 the item had a nil balance. Section 4 - Hedging Derivatives - Item 40 4.1 Hedging derivatives: breakdown by type of hedge and level
NV
Fair value 31/12/2025
NV
Fair value 31/12/2024
(thousands of euro)
31/12/2025
L2
L3
31/12/2024
L1
L2
L3
A. Financial derivatives
31,403,810
1,136,633
37,745,420
1,792,925
1) Fair value
15,398,272
356,015
24,060,409
920,727
2) Cash flow
16,005,538
780,618
13,685,011
872,198
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
31,403,810
1,136,633
37,745,420
1,792,925
L1 Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date 4.2 Hedging derivatives: breakdown by hedged portfolio and type of hedge
Investment
Fair value
Cash flow
in foreign
Macro-
Micro-
Macro-
operation
(thousands of euro)
Micro-hedge
hedge
hedge
hedge
Debt
Equity
Foreign
Credit
Commodities
Others
securities and
securities
currencies
Transactions/Type of
interest rates
and equity
and gold
hedging
indices
1. Financial assets at
fair value through
other comprehensive
income
112
X
X
X
6,038
X
X
2. Financial assets
137,031
X
X
X
X
635,936
X
X
at amortised cost
3. Portfolio
X
X
X
X
X
X
54,481
X
X
4. Other
26,380
X
X
Total assets
137,143
26,380
54,481
641,974
1. Financial liabilities
138,011
X
X
138,644
X
X
2. Portfolio
X
X
X
X
X
X
X
X
Total liabilities
138,011
138,644
1. Forecast
X
X
X
X
X
X
X
X
X
transactions
2. Portfolio of
financial assets and
liabilities
X
X
X
X
X
X
X
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-955": { "value": "Section 2 - Financial assets measured at fair value through profit or loss - Item 20 2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31 December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes, the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component was separated from the host instrument and was classified among financial liabilities held for trading. Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro). 2.2 Financial assets held for trading: breakdown by debtor/issuer/counterparty
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
1
Total A
B. DERIVATIVES
1
a) Central Counterparties
67
b) Others
344,687
44,327
389,014
263,827
Total B
344,687
44,327
389,014
263,894
Total (A+B)
344,687
44,327
389,014
263,895
2.3 Financial assets designated at fair value: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Items/Values
L1
L2
L3
L1
L2
L3
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Loans
193,221
190,971
2.1 Structured
2.2 Other
193,221
190,971
Total
193,221
190,971
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 The item includes the measurement at fair value of Fintecna\u2019s investments in the segregated estates EFIM and IGED, incorporated following the merger of Ligestra Due. 2.4 Financial assets designated at fair value: breakdown by debtor/issuer
(thousands of euro)
Items/Values
Prudential consolidation
Other entities
31/12/2025
31/12/2024
1. Debt securities
2. Loans
193,221
193,221
190,971
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
193,221
193,221
190,971
f) Households
Total
193,221
193,221
190,971
2.5 Other financial assets mandatorily measured at fair value: breakdown by type
(thousands of euro)
Prudential
31/12/2025
Other
31/12/2024
consoliation
entities
Items/Values
L1
L2
L3
L1
L2
L3
L1
L2
L3
1. Debt securities
7
17
1.1 Structured securities
1.2 Other debt securities
7
17
2. Equity securities
79,233
3
14,214
5
11,290
3. Units in collective
2,090
2,275,791
249,549
1,220,066
2,002
76,236
3,440,170
investment undertakings
4. Loans
14,547
26,702
4.1 Repurchase
agreements
4.2 Other
14,547
26,702
Total
81,323
2,275,791
3
249,556
1,248,827
2,007
76,253
3,478,162
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets mandatorily measured at fair value related to the Prudential Consolidation essentially include investments in units of the Parent Company\u2019s units in collective investment undertakings and fall into the following macro-categories: Enterprise Funds for 986 million euro, Real Estate Funds for 737 million euro, Infrastructure Funds for 336 million euro, and International Cooperation Funds for 215 million euro. With regard to Other companies, the total amount of 1,498 million euro derives mainly from investments in units of collective investment undertakings for 1,470 million euro, from investments in equity securities other than equity investments for 14 million euro and from other loans for 15 million euro. 2.6 Other financial assets mandatorily measured at fair value: breakdown by debtor/issuer
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
1. Equity securities
79,233
14,217
93,450
11,295
of which: banks
of which: other financial companies
26,246
4,623
30,869
4,430
of which: non-financial companies
52,987
9,594
62,581
6,865
2. Debt securities
7
7
17
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
7
7
17
3. Units in collective investment undertakings
2,277,881
1,469,615
3,747,496
3,518,408
4. Loans
14,547
14,547
26,702
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
14,547
14,547
26,702
f) Households
Total
2,357,114
1,498,386
3,855,500
3,556,422
Section 3 - Financial assets measured at fair value through other comprehensive income - Item 30 3.1 Financial assets measured at fair value through other comprehensive income: breakdown by type
(thousands of euro)
31/12/2025
31/12/2024
Items/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
11,779,654
9,169,418
1.1 Structured securities
1.2 Other debt securities
11,779,654
9,169,418
2. Equity securities
1,072,068
2,195
305,110
1,277,895
1,695
291,275
3. Loans
6,996
Total
12,851,722
2,195
305,110
10,447,313
8,691
291,275
Financial assets measured at fair value through other comprehensive income amounted to 13,159 million euro as at 31 December 2025 and mainly reflect the contribution of the Parent Company and CDP Equity. In particular, debt securities totalling 11,780 million euro relate to investments by the Parent Company amounting to 11,146 million euro, representing an increase compared with the balance at the end of 2024 (+2,204 million euro), and consist for approximately 9,565 million euro of Italian government bonds (+2,732 million euro compared with year-end 2024). Investments in equity securities amounted to approximately 1,379 million euro (-191 million euro compared to the end of 2024). The decrease is substantially attributable to the Parent Company following the disposal of its interest in TIM S.p.A. (equal to 7.04% of the total share capital of TIM, representing 9.81% of ordinary shares and voting rights) in favour of Poste Italiane for a consideration of approximately 399.8 million euro, completed in February 2025. In this regard, at its extraordinary meeting held on 15 February 2025, the Board of Directors of CDP approved the sale to Poste Italiane of the stake held in TIM, corresponding to 9.81% of the ordinary shares, for a total consideration of approximately 399.8 million euro. At the same meeting, the Board of Directors of CDP resolved to acquire a shareholding equivalent to 3.78% of the share capital of Nexi, held by Poste Italiane, for a consideration of approximately 232.6 million euro, which, at the acquisition date, was recognised under item 70 \u201cEquity investments\u201d in the statement of financial position. Following completion of the above purchase and sale transactions, CDP received a net cash settlement of approximately 167.3 million euro, in addition to the interest acquired in Nexi. At the transaction date, the interest in TIM, recognised among equity instruments measured at fair value through other comprehensive income, was subject to a final measurement based on the most recent available fair value (the stock exchange closing price of 14 February 2025), resulting in a carrying value of 413.5 million euro (compared with a value of 370.8 million euro at 31 December 2025), with an increase of 42.7 million euro recognised as a corresponding entry under item \u201c110. Revaluation reserves\u201d within equity. At the disposal date, in accordance with IFRS 9, paragraph 3.2.12, the negative difference of approximately 13.7 million euro between the disposal proceeds (approximately 399.8 million euro) and the carrying amount of the interest at the time of derecognition (413.5 million euro) was recognised under item \u201c100. Gains (losses) on disposal or repurchase in the income statement. On the same date, the cumulative negative reserve, amounting to 646 million euro before tax, was reclassified within equity from item \u201c110. Revaluation reserves\u201d to item \u201c140. Reserves\u201d. 3.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
31/12/2025
31/12/2024
Items/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
11,145,814
8,941,502
1.1 Structured securities
1.2 Other debt securities
11,145,814
8,941,502
2. Equity securities
80,597
370,825
76,324
3. Loans
Total
11,145,814
80,597
9,312,327
76,324
3.1 of which: pertaining to Other companies
(thousands of euro)
31/12/2025
31/12/2024
Items/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Debt securities
633,840
227,916
1.1 Structured securities
1.2 Other debt securities
633,840
227,916
2. Equity securities
1,072,068
2,195
224,513
907,070
1,695
214,951
3. Loans
6,996
Total
1,705,908
2,195
224,513
1,134,986
8,691
214,951
3.2 Financial assets measured at fair value through other comprehensive income: breakdown by debtor/issuer
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Items/Values
Banking group
Other entities
1. Debt securities
11,145,814
633,840
11,779,654
9,169,418
a) Central banks
b) General governments
9,898,822
633,840
10,532,662
7,273,103
c) Banks
401,529
401,529
1,049,807
d) Other financial companies
282,797
282,797
310,133
of which: insurance companies
e) Non-financial companies
562,666
562,666
536,375
2. Equity securities
80,597
1,298,776
1,379,373
1,570,865
a) Banks
77,514
77,514
72,677
b) Other issuer:
3,083
1,298,776
1,301,859
1,498,188
- other financial companies
5,165
5,165
924,115
of which: insurance companies
- non-financial companies
3,083
1,267,160
1,270,243
533,739
- other
26,451
26,451
40,334
3. Loans
6,996
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
6,996
f) Households
Total
11,226,411
1,932,616
13,159,027
10,747,279
3.3 Financial assets measured at fair value through other comprehensive income: gross value and accumulated impairment
Gross value
Accumulated impairment
Purchased
Purchased
of which:
or
or
Instruments
originated
originated
Stage 1
Stage 2
Stage 3
credit
Stage 1
Stage 2
Stage 3
credit
with low
impaired
impaired
Accumulated
credit risk
financial
financial
partial write-
(thousands of euro)
assets
assets
off(*)
Debt securities
11,790,099
(10,445)
Loans
Total 31/12/2025
11,790,099
(10,445)
Total 31/12/2024
9,186,324
(9,910)
(*) value to be shown for information purposes
Section 4 - Financial assets measured at amortised cost - Item 40 4.1 Financial assets measured at amortised cost: breakdown by type of loans to banks
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
28,270,995
1,903,071
4,964
25,838,523
26,618,759
456,661
25,626,107
1. Loans
21,267,879
4,964
20,593,490
21,055,106
20,340,623
1.1 Current
15,936
X
X
X
10,971
X
X
X
deposit
1.2 Time
3,253,805
X
X
X
4,628,829
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
-
Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
33,042,032
1,903,071
4,964
30,608,377
29,556,787
456,661
28,563,073
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Amounts due from banks totalled 33,042 million euro as at 31 December 2025 and mainly reflect the contribution of the Parent Company, primarily as a result of: \u2022 loans for approximately 17,998 million euro (+1,583 million euro compared to 2024); \u2022 the balance on the management account of the Reserve requirement, which decreased to around 4,756 million euro (around 1,832 million euro compared to 2024); \u2022 repurchase agreements outstanding amounting to approximately 409 million euro (none were outstanding at the end of 2024); \u2022 deposits for Credit Support Annexes (cash collateral) held with banks hedging counterparty risk on derivatives, for approximately 48 million euro (approximately -383 million euro compared to 2024); \u2022 debt securities for approximately 7,003 million euro (+1,439 million euro approximately with respect to 2024). 4.1 of which: pertaining to the Prudential consolidation
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
25,045,830
1,903,071
22,618,322
22,027,480
456,661
21,034,828
1. Loans
18,042,714
17,373,289
16,463,827
15,749,344
1.1 Current
X
X
X
X
X
X
deposit
1.2 Time
44,576
X
X
X
48,521
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
- Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
29,816,867
1,903,071
27,388,176
24,965,508
456,661
23,971,794
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 4.1 of which: pertaining to Other companies
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage 1 & 2
Stage 3
credit
L1
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to Central
banks
1. Time deposits
X
X
X
X
X
X
2. Reserve
X
X
X
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
X
X
X
X
X
X
B. Loans to banks
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1. Loans
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1.1 Current deposit
15,936
X
X
X
10,971
X
X
X
1.2 Time deposits
3,209,229
X
X
X
4,580,308
X
X
X
1.3 Other
financing:
X
X
X
X
X
X
- Repurchase
X
X
X
X
X
X
agreements
- Finance lease
X
X
X
X
X
X
- Other
X
X
X
X
X
X
2. Debt securities
2.1 Structured
2.2 Other debt
securities
Total
3,225,165
4,964
3,220,201
4,591,279
4,591,279
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Receivables from banks attributable to the Other companies mainly include time deposits amounting to 3,209 million euro, primarily relating to the Terna group (1,737 million euro) and the Snam group (1,321 million euro). 4.2 Financial assets measured at amortised cost: breakdown by type of loans to customers
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of
Purchased
Purchased
euro)
originated
or
originated
or
Stage 1 & 2
Stage 3
credit
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
1. Loans
229,040,294
265,935
177,202
1,343
227,763,466
240,826,863
258,797
176,890
239,317,120
1.1 Current
3,427
X
X
X
8,255
X
X
X
accounts
1.1.1 Cash and
cash equivalents
120,201,499
X
X
X
135,461,187
X
X
X
held with Central
State Treasury
1.2 Repurchase
8,581,052
X
X
X
874,804
X
X
X
agreements
1.3 Loans
96,005,231
249,275
X
X
X
98,341,460
234,700
X
X
X
1.4 Credit cards,
personal loans and
loans repaid by
automatic
201
X
X
X
175
X
X
X
deductions from
wages
1.5 Finance lease
120,056
X
X
X
122,403
X
X
X
1.6 Factoring
X
X
X
X
X
X
1.7 Other
4,128,828
16,660
X
X
X
6,018,579
24,097
X
X
X
2. Debt securities
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
2.1 Structured
securities
2.2 Other debt
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
securities
Total
309,241,420
265,935
63,772,937
11,802,138
231,168,851
312,843,022
261,400
59,015,582
7,427,239
242,628,900
L1 Loans to customers, which primarily include the contribution of the Parent Company, mainly relate to: \u2022 lending operations under the Separate Account and Ordinary Account; \u2022 cash and cash equivalents held with Central State Treasury; \u2022 investments in debt securities under the Held to collect business model. The table provides a breakdown of the positions by technical form. Cash and cash equivalents held with the Central Treasury of the State, current account no. 29814 entitled \u201cCassa DP S.p.A. \u2013 Separate Account\u201d, into which liquidity relating to CDP\u2019s Separate Account operations is channelled, amounted to approximately 120,201 million euro, representing a decrease of -15,260 million euro compared with the end of 2024, alongside the simultaneous growth in the government bond portfolio. On cash balances held with the Central Treasury of the State, with effect from 1 January 2023, the Ministry of Economy and Finance pays CDP interest calculated on the basis of a rate that takes into account the cost of Postal Savings incurred by CDP and the annual yield of government bonds representative of short-term and medium- to long-term maturities 197 . The outstanding balance of reverse repurchase transactions attributable to the Parent Company amounted to 8,581 million euro (+7,706 million euro compared with the end of 2024). The volume of mortgage loans and other financing amounted to approximately 100,340 million euro (-4,219 million euro compared to the end of 2024). The volume of debt securities recognised under this item totalled approximately 80,201 million euro (+8,182 million euro compared with the end of 2024), of which 73,258 million euro related to Italian government bonds held by the Parent Company (+7,076 million euro compared with the end of 2024). 4.3 Financial assets measured at amortised cost: breakdown by debtor/issuer of loans to customers
(thousands of euro)
Total 31/12/2025
Total 31/12/2024
Purchased or
Purchased or
originated credit
originated credit
impaired
impaired
Type of transactions/values
Stage 1 & 2
Stage 3
financial assets
Stage 1 & 2
Stage 3
financial assets
1. Debt securities
80,201,126
72,016,159
2,603
a) General governments
74,444,636
66,766,838
b) Other financial companies
1,325,998
1,213,609
of which: insurance companies
c) Non-financial companies
4,430,492
4,035,712
2,603
2. Loans
229,040,294
265,935
240,826,863
258,797
a) General governments
195,476,576
20,739
213,930,531
22,382
b) Other financial companies
11,405,821
5,533,607
of which: insurance companies
c) Non-financial companies
22,079,342
243,963
21,327,766
235,291
d) Households
78,555
1,233
34,959
1,124
Total
309,241,420
265,935
312,843,022
261,400
4.4 Financial assets measured at amortised cost: gross value and accumulated impairment
Gross value
Accumulated impairment
Purchased
Purchased
of which:
or
or
Instruments
originated
originated
Stage 1
Stage 2
Stage 3
credit
Stage 1
Stage 2
Stage 3
credit
with low
impaired
impaired
Accumulated
credit risk
financial
financial
partial write-
(thousands of euro)
assets
assets
offs (*)
Debt securities
86,910,824
523,251
23,724
(110,905)
(118,928)
(23,724)
Loans
245,277,998
10,414,382
470,717
(272,198)
(340,972)
(204,782)
Total 31/12/2025
332,188,822
10,937,633
494,441
(383,103)
(459,900)
(228,506)
Total 31/12/2024
331,796,253
11,460,104
474,297
(386,805)
(469,743)
(212,897)
(*) value to be shown for information purposes
New liquidity provided via public guarantee schemes rolled out during the Covid-19 pandemic The following table shows outstanding loans, providing insights into gross value and accumulated impairment, categorised by risk stage, representing newly extended liquidity facilitated by public guarantee mechanisms issued in accordance with the Covid-19 framework.
Gross value
Accumulated impairment
Purchased
Purchased
of which:
or
or
Instruments
originated
originated
Stage 1
Stage 2
Stage 3
credit
Stage 1
Stage 2
Stage 3
credit
with low
impaired
impaired
Accumulated
credit risk
financial
financial
partial write-
(thousands of euro)
assets
assets
offs (*)
Loans outstanding as
of 31/12/2025
140,061
9,994
85,768
(428)
(80)
(10,908)
Loans outstanding as
of 31/12/2024
366,185
20,046
81,185
(1,198)
(236)
(9,589)
(*) value to be shown for information purposes
4.5 Finance leases In accordance with IFRS 16, paragraph 94, the table below provides an analysis of receivable lease payments by maturity band together with a reconciliation to the lease financing amounts recorded in total assets.
Total
Total
(thousands of euro)
31/12/2025
31/12/2024
Time bands
Lease payments to be received
Lease payments to be received
Up to 1 year
12,137
12,160
Between 1 and 2 years
12,161
12,184
Between 2 and 3 years
12,161
12,184
Between 3 and 4 years
12,161
12,184
Between 4 and 5 years
12,161
12,184
Over 5 years
59,354
61,648
Total lease payments to be received
120,135
122,544
Reconciliation with finance leases
(79)
(141)
Unearned finance income (-)
(79)
(141)
Finance leases
120,056
122,403
Section 1 - Financial liabilities measured at amortised cost - Item 10 1.1 Financial liabilities measured at amortised cost: breakdown by type of amounts due to banks
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying amount
Fair value
Types of operations/values
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Due to central banks
503,117
X
X
X
801,343
X
X
X
2. Due to banks
41,423,083
X
X
X
41,110,355
X
X
X
2.1 Current accounts and
demand deposits
26,081
X
X
X
41,807
X
X
X
2.2 Time deposits
365,794
X
X
X
398,799
X
X
X
2.3 Loans
39,220,621
X
X
X
38,590,611
X
X
X
2.3.1 Repurchase
16,696,139
X
X
X
19,681,109
X
X
X
agreements
2.3.2 Other
22,524,482
X
X
X
18,909,502
X
X
X
2.4 Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
2.5 Lease liabilities
37
X
X
X
46
X
X
X
2.6 Other payables
1,810,550
X
X
X
2,079,092
X
X
X
Total
41,926,200
5,420,079
36,006,512
41,911,698
4,069,399
36,955,076
\u201cAmounts due to central banks\u201d, totalling approximately 503 million euro (-298 million euro compared with 2024), mainly relate to refinancing facilities provided by the ECB. Amounts due to banks include loans of 39,221 million euro, mainly related to: \u2022 reverse repurchase transactions entered into by the Parent Company amounting to approximately 16,696 million euro (-2,985 million euro compared with 2024). The decrease is consistent with the strategy to reduce short-term funding from an asset\u2013liability management perspective; \u2022 other financing activities, amounting to approximately 22,525 million euro, include loans granted to the Parent Company (approximately 5,641 million euro, +373 million euro compared with 2024), relating to credit facilities received from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB); loans granted by the banking system to Terna for approximately 7,028 million euro, to SNAM for 4,029 million euro, to Italgas for 2,630 million euro, to Fincantieri for 1,500 million euro, to CDP Reti for 601 million euro, and to Ansaldo Energia S.p.A. for 343 million euro. Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for liquidity risk considerations and an analysis of the maturity of financial liabilities to banks. Time deposits, amounting to approximately 366 million euro (-33 million euro compared with 2024), relate to the balance of passbook savings accounts and postal savings bonds held by banks. Lease liabilities amounting to approximately 37 thousand euro are outstanding and relate to a property lease agreement entered into in 2024 with a banking counterparty, under which CDP acts as lessee. The item Other liabilities as at 31 December 2025 mainly relates to Credit Support Annex (CSA) agreements covering counterparty risk on the Parent Company\u2019s derivatives for 1,012 million euro (+675 million euro compared with 2024), as well as to the contribution of the Terna group for 755 million euro. 1.2 Financial liabilities measured at amortised cost: breakdown by type of amounts due to customers
31/12/2025
31/12/2024
(thousands of euro)
Carrying amount
Fair value
Carrying amount
Fair value
Types of operations/values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Current accounts and
demand deposits
10,819
X
X
X
12,107
X
X
X
2. Time deposits
296,863,034
X
X
X
289,624,226
X
X
X
3. Loans
5,822,939
X
X
X
16,411,197
X
X
X
3.1 Repurchase
4,550,464
X
X
X
14,627,802
X
X
X
agreements
3.2 Other
1,272,475
X
X
X
1,783,395
X
X
X
4. Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
5. Lease liabilities
492,904
X
X
X
414,089
X
X
X
6. Other payables
4,435,132
X
X
X
4,392,170
X
X
X
Total
307,624,828
858,196
306,550,137
310,853,789
1,629,746
309,234,606
Amounts due to customers are mainly represented by time deposits of the Parent Company, including savings passbooks amounting to 200,114 million euro (+4,839 million euro compared with 2024), net of those held by banks, and postal savings bonds amounting to 96,704 million euro (+2,562 million euro compared with 2024), net of those held by banks. The balance related to loans, equal to 5,823 million euro at 31 December 2025, mainly relates to the Parent Company\u2019s reverse repurchase agreements, amounting to approximately 4,550 million euro (-10,077 million euro compared to 2024). The decrease is consistent with the strategy of reducing short-term funding from an asset\u2013liability management perspective. Within the sub-item Other liabilities, the main amounts relate to sums attributable to the Parent Company not yet disbursed at the end of the financial year in respect of loans under amortisation granted to beneficiary entities, the disbursement of which is linked to the progress of the financed investments, amounting to 3,815 million euro (-227 million euro compared with 2024). For the part relating to Postal savings bonds issued by the Parent Company, the fair value reported above is equal to the carrying amount. In theory, for Postal savings bonds it would be possible, using statistical models of redemptions, to apply valuation techniques that incorporate a credit risk premium (spread) in line with that on medium-/long-term government securities. In view of the redemption on demand characteristic of Postal savings bonds and the particular uncertainty on redemption forecasts in a volatile rates market, which could also lead to fair value estimates lower than the amortised cost value, the best estimate of the fair value of postal savings bonds is believed to be the carrying amount. 1.3 Financial liabilities measured at amortised cost: breakdown by type of securities issued
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
53,953,194
44,575,407
8,201,880
993,189
44,218,107
36,790,026
6,307,263
885,129
1.1 structured
43,619
44,984
46,022
45,595
1.2 other
53,909,575
44,575,407
8,156,896
993,189
44,172,085
36,790,026
6,261,668
885,129
2. other securities
1,114,349
1,114,478
1,454,033
1,456,221
2.1 structured
2.2 other
1,114,349
1,114,478
1,454,033
1,456,221
Total
55,067,543
44,575,407
9,316,358
993,189
45,672,140
36,790,026
7,763,484
885,129
1.3 of which: pertaining to the Prudential consolidation
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
22,840,092
14,922,753
8,151,653
18,274,512
12,025,724
6,307,263
1.1 structured
43,619
44,984
46,022
45,595
1.2 other
22,796,473
14,922,753
8,106,669
18,228,490
12,025,724
6,261,668
2. other securities
1,114,349
1,114,478
1,454,033
1,456,221
2.1 structured
2.2 other
1,114,349
1,114,478
1,454,033
1,456,221
Total
23,954,441
14,922,753
9,266,131
19,728,545
12,025,724
7,763,484
With respect to the Prudential consolidation, the balance of securities issued at 31 December 2025 refers to the Parent Company and includes: \u2022 bonds issued under the \u201cEuro Medium Term Notes\u201d (EMTN) and \u201cDebt Issuance Programme\u201d (DIP) programmes, wit h a stock of 11,919 million euro (+1,955 million euro compared to the end of 2024). In 2025, bond issuances were carried out under the Debt Issuance Programme (DIP) for a total of 2.7 billion euro. Among these, note should be taken of the public issuance of CDP\u2019s second Green Bond, with a nominal amount of 500 million euro, aimed at supporting initiatives with tangible and positive environmental impacts, including infrastructure investments in the renewable energy and sustainable mobility sectors, as well as investments in companies focused on energy efficiency and the circular economy; \u2022 five bond issues targeted at retail investors were outstanding, with a total carrying amount of 4,982 million euro, representing an increase of approximately 1,521 million euro compared with the balance at the end of 2024, following three new issuances completed in 2025 for a total nominal amount of approximately 1.6 billion euro; \u2022 four bond issues guaranteed by the Italian State, fully subscribed by Poste Italiane, were outstanding with a total carrying amount of 3,012 million euro, unchanged compared with year-end 2024. As at the end of 2025, the following were also outstanding: two bonds issued in December 2017 with a total nominal amount of 1 billion euro, and two bonds issued in March 2018 with a total nominal amount of 2 billion euro; \u2022 three bond issuances denominated in US dollars, the so-called \u201cYankee Bonds\u201d, with a total nominal amount of 4 billion dollars (carrying amount as at 31 December 2025 of approximately 3,455 million euro). The balance increased by approximately 1,040 million euro compared with year-end 2024, reflecting the third issuance completed in 2025 for a nominal amount of 1.5 billion dollars. Through this transaction, CDP continues its strategy of diversifying its sources of funding; \u2022 the stock of commercial paper with a carrying amount of 1,114 million euro (-340 million euro on the 2024 year- end balance), related to the \u201cMulti-Currency Commercial Paper Programme\u201d. 1.3 of which: pertaining to Other companies
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
1.1 structured
1.2 other
2. other securities
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
2.1 structured
2.2 other
Total
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
Debt securities issued by the Other companies mainly relate to bond issuances by SNAM, Italgas and Terna, the majority of which are listed on active markets (Level 1), amounting respectively to 13,784 million euro, 8,464 million euro and 7,852 million euro. The Group has outstanding certain bond loans containing so-called \u201cESG-linked\u201d provisions, i.e. instruments incorporating a reward/penalty mechanism applicable to the payment of accrued interest, linked to the achievement of specific environmental, social and governance (ESG) targets. 1.4 Breakdown of subordinated debts/securities This item has a nil balance. 1.5 Breakdown of structured debts As at 31 December 2025, structured debts amounted to approximately 661,382 thousand euro (up by -68,843 thousand euro compared to 2024) and refer to the Risparmio Sostenibile postal savings bonds, subscribed by customers, linked to the STOXX Europe 600 ESG-X, an index that considers the European companies with the highest capitalisation compliant with the Sustainable Development Goals of the UN 2030 agenda, for which the embedded derivative has been separated. 1.6 Lease liabilities The following table shows the information required by IFRS 16, paragraph 53, letter g and paragraph 58).
Total
Total
(thousands of euro)
31/12/2025
31/12/2024
Time bands
Lease payables
Lease payables
Up to 1 year
125,075
124,147
Between 1 and 2 years
124,976
109,895
Between 2 and 3 years
68,492
45,621
Between 3 and 4 years
54,687
40,339
Between 4 and 5 years
59,974
30,786
Over 5 years
78,973
84,124
Total lease payments to be made
512,177
434,912
Reconciliation with lease liabilities
(19,236)
(20,777)
Unearned finance costs (-)
(19,236)
(20,777)
Unguaranteed residual value (-)
Lease liabilities
492,941
414,135
Section 2 - Financial liabilities held for trading - Item 20 2.1 Financial liabilities held for trading: breakdown by type
31/12/2025
31/12/2024
NV
Fair value
Fair Value *
NV
Fair value
Fair
(thousands of euro)
Value *
Type of operations/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
A. On-balance-sheet
liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
Total A
B. Derivatives
x
x
1. Financial derivatives
534,862
60,781
397,100
37,212
1.1 Trading
x
534,862
1,461
x
x
397,100
1,631
x
1.2 Associated with fair
value option
x
x
x
x
1.3 Other
2. Credit derivatives
x
59,320
x
x
35,581
x
2.1 Trading
x
x
x
x
2.2 Associated with fair
value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
534,862
60,781
x
x
397,100
37,212
x
Total (A+B)
x
534,862
60,781
x
x
397,100
37,212
x
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date The item includes mainly: \u2022 the negative fair value of interest rate derivatives (approximately 181 million euro) and foreign exchange derivatives (approximately 12 million euro) relating to the Parent Company; \u2022 the negative value of the optional component of Risparmio Sostenibile postal saving bonds, indexed to the STOXX Europe 600 ESG-X, which was separated from the host instrument (approximately 59 million euro); \u2022 derivative instruments of Snam amounting to 343 million euro. 2.2 Breakdown of \u201cFinancial liabilities held for trading\u201d: subordinated liabilities This item has a nil balance. 2.3 Breakdown of \u201cFinancial liabilities held for trading\u201d: structured debts This item has a nil balance. Section 3 \u2013 financial liabilities designated at fair value \u2013 Item 30 3.1 Financial liabilities designated at fair value: breakdown by type
31/12/2025
Fair
31/12/2024
Fair
(thousands of euro)
Fair value
Value*
Fair value
Value*
Type of transactions/values
NV
Level 1
Level 2
Level 3
FV *
NV
Level 1
Level 2
Level 3
FV *
1. Due to banks
1.1 Structured
X
X
1.2 Other
of which
X
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
2. Due to customers
8,067
8,067
8,067
9,313
9,313
9,313
2.1 Structured
X
X
2.2 Other
of which
8,067
8,067
X
9,313
9,313
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
3. Debt securities
3.1 Structured
X
X
3.2 Other
X
X
Total
8,067
8,067
8,067
9,313
9,313
9,313
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date At 31 December 2025, the balance of the financial liabilities designated at fair value is fully attributable to Fincantieri\u2019s contribution and is represented by the negative fair value of options to purchase equity securities. 3.2 Breakdown of Financial liabilities designated at fair value: subordinated liabilities As at 31 December 2025 the item had a nil balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-872": { "value": "
2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31
December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential
consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent
Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million
euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes,
the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component
was separated from the host instrument and was classified among financial liabilities held for trading.
Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial
derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro).
2.2 Financial assets held for trading: breakdown by debtor/issuer/counterparty
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
1
Total A
B. DERIVATIVES
1
a) Central Counterparties
67
b) Others
344,687
44,327
389,014
263,827
Total B
344,687
44,327
389,014
263,894
Total (A+B)
344,687
44,327
389,014
263,895
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-906": { "value": "2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31 December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes, the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component was separated from the host instrument and was classified among financial liabilities held for trading. Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro). 2.5 Other financial assets mandatorily measured at fair value: breakdown by type
(thousands of euro)
Prudential
31/12/2025
Other
31/12/2024
consoliation
entities
Items/Values
L1
L2
L3
L1
L2
L3
L1
L2
L3
1. Debt securities
7
17
1.1 Structured securities
1.2 Other debt securities
7
17
2. Equity securities
79,233
3
14,214
5
11,290
3. Units in collective
2,090
2,275,791
249,549
1,220,066
2,002
76,236
3,440,170
investment undertakings
4. Loans
14,547
26,702
4.1 Repurchase
agreements
4.2 Other
14,547
26,702
Total
81,323
2,275,791
3
249,556
1,248,827
2,007
76,253
3,478,162
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets mandatorily measured at fair value related to the Prudential Consolidation essentially include investments in units of the Parent Company\u2019s units in collective investment undertakings and fall into the following macro-categories: Enterprise Funds for 986 million euro, Real Estate Funds for 737 million euro, Infrastructure Funds for 336 million euro, and International Cooperation Funds for 215 million euro. With regard to Other companies, the total amount of 1,498 million euro derives mainly from investments in units of collective investment undertakings for 1,470 million euro, from investments in equity securities other than equity investments for 14 million euro and from other loans for 15 million euro. Section 4 - Financial assets measured at amortised cost - Item 40 4.1 Financial assets measured at amortised cost: breakdown by type of loans to banks
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
28,270,995
1,903,071
4,964
25,838,523
26,618,759
456,661
25,626,107
1. Loans
21,267,879
4,964
20,593,490
21,055,106
20,340,623
1.1 Current
15,936
X
X
X
10,971
X
X
X
deposit
1.2 Time
3,253,805
X
X
X
4,628,829
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
-
Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
33,042,032
1,903,071
4,964
30,608,377
29,556,787
456,661
28,563,073
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Amounts due from banks totalled 33,042 million euro as at 31 December 2025 and mainly reflect the contribution of the Parent Company, primarily as a result of: \u2022 loans for approximately 17,998 million euro (+1,583 million euro compared to 2024); \u2022 the balance on the management account of the Reserve requirement, which decreased to around 4,756 million euro (around 1,832 million euro compared to 2024); \u2022 repurchase agreements outstanding amounting to approximately 409 million euro (none were outstanding at the end of 2024); \u2022 deposits for Credit Support Annexes (cash collateral) held with banks hedging counterparty risk on derivatives, for approximately 48 million euro (approximately -383 million euro compared to 2024); \u2022 debt securities for approximately 7,003 million euro (+1,439 million euro approximately with respect to 2024). 4.1 of which: pertaining to the Prudential consolidation
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
25,045,830
1,903,071
22,618,322
22,027,480
456,661
21,034,828
1. Loans
18,042,714
17,373,289
16,463,827
15,749,344
1.1 Current
X
X
X
X
X
X
deposit
1.2 Time
44,576
X
X
X
48,521
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
- Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
29,816,867
1,903,071
27,388,176
24,965,508
456,661
23,971,794
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 4.1 of which: pertaining to Other companies
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage 1 & 2
Stage 3
credit
L1
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to Central
banks
1. Time deposits
X
X
X
X
X
X
2. Reserve
X
X
X
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
X
X
X
X
X
X
B. Loans to banks
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1. Loans
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1.1 Current deposit
15,936
X
X
X
10,971
X
X
X
1.2 Time deposits
3,209,229
X
X
X
4,580,308
X
X
X
1.3 Other
financing:
X
X
X
X
X
X
- Repurchase
X
X
X
X
X
X
agreements
- Finance lease
X
X
X
X
X
X
- Other
X
X
X
X
X
X
2. Debt securities
2.1 Structured
2.2 Other debt
securities
Total
3,225,165
4,964
3,220,201
4,591,279
4,591,279
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Receivables from banks attributable to the Other companies mainly include time deposits amounting to 3,209 million euro, primarily relating to the Terna group (1,737 million euro) and the Snam group (1,321 million euro). 4.2 Financial assets measured at amortised cost: breakdown by type of loans to customers
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of
Purchased
Purchased
euro)
originated
or
originated
or
Stage 1 & 2
Stage 3
credit
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
1. Loans
229,040,294
265,935
177,202
1,343
227,763,466
240,826,863
258,797
176,890
239,317,120
1.1 Current
3,427
X
X
X
8,255
X
X
X
accounts
1.1.1 Cash and
cash equivalents
120,201,499
X
X
X
135,461,187
X
X
X
held with Central
State Treasury
1.2 Repurchase
8,581,052
X
X
X
874,804
X
X
X
agreements
1.3 Loans
96,005,231
249,275
X
X
X
98,341,460
234,700
X
X
X
1.4 Credit cards,
personal loans and
loans repaid by
automatic
201
X
X
X
175
X
X
X
deductions from
wages
1.5 Finance lease
120,056
X
X
X
122,403
X
X
X
1.6 Factoring
X
X
X
X
X
X
1.7 Other
4,128,828
16,660
X
X
X
6,018,579
24,097
X
X
X
2. Debt securities
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
2.1 Structured
securities
2.2 Other debt
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
securities
Total
309,241,420
265,935
63,772,937
11,802,138
231,168,851
312,843,022
261,400
59,015,582
7,427,239
242,628,900
L1 Loans to customers, which primarily include the contribution of the Parent Company, mainly relate to: \u2022 lending operations under the Separate Account and Ordinary Account; \u2022 cash and cash equivalents held with Central State Treasury; \u2022 investments in debt securities under the Held to collect business model. The table provides a breakdown of the positions by technical form. Cash and cash equivalents held with the Central Treasury of the State, current account no. 29814 entitled \u201cCassa DP S.p.A. \u2013 Separate Account\u201d, into which liquidity relating to CDP\u2019s Separate Account operations is channelled, amounted to approximately 120,201 million euro, representing a decrease of -15,260 million euro compared with the end of 2024, alongside the simultaneous growth in the government bond portfolio. On cash balances held with the Central Treasury of the State, with effect from 1 January 2023, the Ministry of Economy and Finance pays CDP interest calculated on the basis of a rate that takes into account the cost of Postal Savings incurred by CDP and the annual yield of government bonds representative of short-term and medium- to long-term maturities 197 . The outstanding balance of reverse repurchase transactions attributable to the Parent Company amounted to 8,581 million euro (+7,706 million euro compared with the end of 2024). The volume of mortgage loans and other financing amounted to approximately 100,340 million euro (-4,219 million euro compared to the end of 2024). The volume of debt securities recognised under this item totalled approximately 80,201 million euro (+8,182 million euro compared with the end of 2024), of which 73,258 million euro related to Italian government bonds held by the Parent Company (+7,076 million euro compared with the end of 2024). 1.1 Financial liabilities measured at amortised cost: breakdown by type of amounts due to banks
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying amount
Fair value
Types of operations/values
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Due to central banks
503,117
X
X
X
801,343
X
X
X
2. Due to banks
41,423,083
X
X
X
41,110,355
X
X
X
2.1 Current accounts and
demand deposits
26,081
X
X
X
41,807
X
X
X
2.2 Time deposits
365,794
X
X
X
398,799
X
X
X
2.3 Loans
39,220,621
X
X
X
38,590,611
X
X
X
2.3.1 Repurchase
16,696,139
X
X
X
19,681,109
X
X
X
agreements
2.3.2 Other
22,524,482
X
X
X
18,909,502
X
X
X
2.4 Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
2.5 Lease liabilities
37
X
X
X
46
X
X
X
2.6 Other payables
1,810,550
X
X
X
2,079,092
X
X
X
Total
41,926,200
5,420,079
36,006,512
41,911,698
4,069,399
36,955,076
\u201cAmounts due to central banks\u201d, totalling approximately 503 million euro (-298 million euro compared with 2024), mainly relate to refinancing facilities provided by the ECB. Amounts due to banks include loans of 39,221 million euro, mainly related to: \u2022 reverse repurchase transactions entered into by the Parent Company amounting to approximately 16,696 million euro (-2,985 million euro compared with 2024). The decrease is consistent with the strategy to reduce short-term funding from an asset\u2013liability management perspective; \u2022 other financing activities, amounting to approximately 22,525 million euro, include loans granted to the Parent Company (approximately 5,641 million euro, +373 million euro compared with 2024), relating to credit facilities received from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB); loans granted by the banking system to Terna for approximately 7,028 million euro, to SNAM for 4,029 million euro, to Italgas for 2,630 million euro, to Fincantieri for 1,500 million euro, to CDP Reti for 601 million euro, and to Ansaldo Energia S.p.A. for 343 million euro. Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for liquidity risk considerations and an analysis of the maturity of financial liabilities to banks. Time deposits, amounting to approximately 366 million euro (-33 million euro compared with 2024), relate to the balance of passbook savings accounts and postal savings bonds held by banks. Lease liabilities amounting to approximately 37 thousand euro are outstanding and relate to a property lease agreement entered into in 2024 with a banking counterparty, under which CDP acts as lessee. The item Other liabilities as at 31 December 2025 mainly relates to Credit Support Annex (CSA) agreements covering counterparty risk on the Parent Company\u2019s derivatives for 1,012 million euro (+675 million euro compared with 2024), as well as to the contribution of the Terna group for 755 million euro. 1.2 Financial liabilities measured at amortised cost: breakdown by type of amounts due to customers
31/12/2025
31/12/2024
(thousands of euro)
Carrying amount
Fair value
Carrying amount
Fair value
Types of operations/values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Current accounts and
demand deposits
10,819
X
X
X
12,107
X
X
X
2. Time deposits
296,863,034
X
X
X
289,624,226
X
X
X
3. Loans
5,822,939
X
X
X
16,411,197
X
X
X
3.1 Repurchase
4,550,464
X
X
X
14,627,802
X
X
X
agreements
3.2 Other
1,272,475
X
X
X
1,783,395
X
X
X
4. Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
5. Lease liabilities
492,904
X
X
X
414,089
X
X
X
6. Other payables
4,435,132
X
X
X
4,392,170
X
X
X
Total
307,624,828
858,196
306,550,137
310,853,789
1,629,746
309,234,606
Amounts due to customers are mainly represented by time deposits of the Parent Company, including savings passbooks amounting to 200,114 million euro (+4,839 million euro compared with 2024), net of those held by banks, and postal savings bonds amounting to 96,704 million euro (+2,562 million euro compared with 2024), net of those held by banks. The balance related to loans, equal to 5,823 million euro at 31 December 2025, mainly relates to the Parent Company\u2019s reverse repurchase agreements, amounting to approximately 4,550 million euro (-10,077 million euro compared to 2024). The decrease is consistent with the strategy of reducing short-term funding from an asset\u2013liability management perspective. Within the sub-item Other liabilities, the main amounts relate to sums attributable to the Parent Company not yet disbursed at the end of the financial year in respect of loans under amortisation granted to beneficiary entities, the disbursement of which is linked to the progress of the financed investments, amounting to 3,815 million euro (-227 million euro compared with 2024). For the part relating to Postal savings bonds issued by the Parent Company, the fair value reported above is equal to the carrying amount. In theory, for Postal savings bonds it would be possible, using statistical models of redemptions, to apply valuation techniques that incorporate a credit risk premium (spread) in line with that on medium-/long-term government securities. In view of the redemption on demand characteristic of Postal savings bonds and the particular uncertainty on redemption forecasts in a volatile rates market, which could also lead to fair value estimates lower than the amortised cost value, the best estimate of the fair value of postal savings bonds is believed to be the carrying amount.
3. Assets pledged as collateral for own debts and commitments
(thousands of euro)
Prudential
Portfolios
consolidation
Other entities
31/12/2025
31/12/2024
1. Financial assets measured at fair value through profit or loss
50,000
50,000
2. Financial assets measured at fair value through other
comprehensive income
340,000
340,000
283,000
3. Financial assets measured at amortised cost
63,909,845
63,909,845
82,352,112
4. Property, plant and equipment
74,702
74,702
572,399
- of which: property, plant and equipment classified as inventory
3,740
Assets pledged as collateral for debts consist of loans and securities of the Parent Company pledged as collateral in
refinancing operations with the ECB, securities in repurchase agreements and receivables pledged as security for loans
from the EIB and the CEB.
5. Management and intermediation services on behalf of third parties
(thousands of euro)
Type of service
31/12/2025
1. Order execution on behalf of customers
2. Asset management
718,544
a) individual
b) collective
718,544
3. Securities custody and administration
107,898,784
a) third-party securities held as part of depository bank services (excluding asset management)
1. securities issued by consolidated companies
2. other securities
b) other third-party securities on deposit (excluding asset management): other
11,704,445
1. securities issued by consolidated companies
525,000
2. other securities
11,179,445
c) Third-party securities deposited with third parties
11,704,445
d) own securities portfolio deposited with third parties
96,194,339
4. Other
Management on behalf of third parties in separate accounts on the basis of specific argreements:
45,880,748
Postal savings bonds managed on behalf of MEF
(1)
24,099,181
Loans transferred to the MEF - Ministerial Decree 5 December 2013
(2)
1,160,433
Payment PA payable (Decree Law 8 April 2013, no. 35; Decree Law 24 april 2014 no. 66; Decree Law 19 june
4,575,488
2015,
Funds for Approved and Subsidised Residential Building initiatives
(4)
no.78)
(3)
2,054,383
Funds for Regional Agreements and Area Contracts - Law 662/96, Article 2, paragraph 207
(4)
333,684
Funds of Public Entities and Other Entities deposited pursuant to Legislative Decree 1058/1919 and Law no.
1,198,262
1041/1971
(4)
Fondo Kyoto
(3)
625,727
Funds for Methanisation of Southern Italy - Law 784/80
(4)
84,018
Minimum Environmental Impact Fund
(4)
26,896
Revolving Fund for development cooperation
(3)
4,734,587
EURECA Fund - guarantee platform to support SMEs in the Emilia-Romagna Region
(4)
3,932
Cash advances - Public administration payables (Decree Law 34 of 19 May 2020)
(3)
1,907,355
Funds for international cooperation - Archipelagos project
(4)
1,537
Funds for international cooperation - Blending EU - PASPED Project
(4)
128
Funds for international cooperation - InclusiFI project
(4)
19
Financing Ukraine - Legislative Decree \"Aiuti\" n. 50/2022
(4)
200,000
InvestEU Fund - advisory
(4)
1,621
Green Finance Fund
(4)
4,303
Fund MISE 2 - Venture Capital
(4)
1,327,814
Clima Fund Law 234/21
(4)
2,723,631
Ministry of Universities and Research - Student Housing - Law 388/2000
(4)
443,210
MASE Funds - Ministry of Environment and Energy Security - International Cooperation and Italian Platform for
Climate and Sustainable Development
(4)
46,418
Fund MISE 2 - to be transferred to \"European Tech Champions Initiative\" Fund (ETCI)
(4)
112,079
REPowerEU Fund
(4)
50,000
EuReCa 21-27 Fund
(4)
780
Transforming and Empowering Resilient and Responsible Agribusiness Fund (TERRA)
(4)
170
FESR/FSE Funds+ Basilicata Region
(4)
30,237
FESR/FSE Funds+ Sardegna Region
(4)
134,855
Note:
(1) the figure shown represents the amount at the reporting date
(2) the figure shown represents the outstanding principal, at the reporting date, of the loans managed on behalf of the MEF
(3) the figure shown represents the sum of outstanding principal of the loans disbursed and the remaining funds available on the current accounts at the
reporting datethe MEF
(4) the figure shown represents the remaining funds available on the current accounts at the reporting date
6. Financial assets offset in the financial statements, or subject to master netting
agreements or similar agreements
Correlated amounts not offset in
Amount of
financial statements
Net amount
Net amount
Net amount of
financial
Gross amount of
financial assets
31/12/2025
31/12/2024
liabilities offset
financial assets
reported in
(f=c-d-e)
in financial
(a)
balace sheet
Cash deposits
statements
(c=a-b)
Financial
received as
(thousands of euro)
(b)
instruments
guarantee
Technical forms
(d)
(e)
1. Derivatives
2,145,833
2,145,833
908,127
1,194,372
43,334
1,740
2. Repurchase
8,990,035
8,990,035
8,982,928
7,107
agreements
3. Securities lending
4. Other
Total 31/12/2025
11,135,868
11,135,868
9,891,055
1,201,479
43,334
X
Total 31/12/2024
2,121,158
2,121,158
1,616,609
502,809
X
1,740
The table below shows the allocation of the amounts shown in column c) of the table above to the relevant items of the
Consolidated balance sheet.
Balance sheet items
Net amount of financial
(thousands of euro)
asstes shown in financial
statements (C=A-B)
Technical forms
1. Derivatives
2,145,833
20. Financial assets measured at fair value through profit or loss
344,261
50. Hedging derivatives
1,801,572
2. Repurchase agreements
8,990,035
40. Financial assets measured at amortised cost
8,990,035
3. Securities landing
4. Other
For details of the valuation criteria used for the financial assets shown in the table above, see Section A of the Accounting
Policies.
7. Financial liabilities offset in the financial statements, or subject to master netting
agreements or similar agreements
Amount of
financial statements
Net amount
Correlated amounts not offset in
Net amount
Net amount of
financial assets
Gross amount of
financial liabilities
offset in
31/12/2025
31/12/2024
financial liabilities
reported in
financial
(f=c-d-e)
(a)
balance sheet
statements
Cash deposits
(c=a-b)
(b)
Financial
received as
(thousands of euro)
instruments
guarantee
Technical forms
(d)
(e)
1. Derivatives
1,135,705
1,135,705
913,411
222,294
41,145
2. Repurchase
21,246,603
21,246,603
21,233,295
13,308
4,357
agreements
3. Stock lending
4. Other operations
Total 31/12/2025
22,382,308
22,382,308
22,146,706
222,294
13,308
X
Total 31/12/2024
36,221,820
36,221,820
35,025,485
1,150,833
X
45,502
The table below shows the allocation of the amounts shown in column c) of the table above to the relevant items of the
Consolidated balance sheet.
Net amount of financial asstes
(thousands of euro)
shown in financial statements
Balance sheet items
(C=A-B)
Technical forms
1. Derivatives
1,135,705
20. Financial liabilities held for trading
193,020
40. Hedging derivatives
942,685
2. Repurchase agreements
21,246,603
10. Financial liabilities measured at amortised cost
21,246,603
3. Securities landing
4. Other
For details of the valuation criteria used for the financial assets shown in the table above, see Section A of the Accounting
Policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-966": { "value": "2.1 Financial assets held for trading: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Prudential consoliation
Other entities
Items/Values
L1
L3
L1
L2
L3
L1
L2
L3
A. On-balance-sheet assets
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Equity securities
3. Units in collective investment
undertakings
4. Loans
1
4.1 Repurchase agreements
4.2 Other
1
Total A
B. Derivatives
1
1. Financial derivatives
344,261
426
20,845
23,482
250,196
13,698
1.1 Trading
344,261
20,845
250,196
1.2 Associated with fair value
option
1.3 Other
2. Credit derivatives
426
23,482
13,698
2.1 Trading
2.2 Associated with fair value
option
2.3 Other
Total B
344,261
426
20,845
23,482
250,196
13,698
Total (A+B)
344,261
426
20,845
23,482
250,197
13,698
L2 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Financial assets measured at fair value through profit or loss amounted to approximately 389 million euro as at 31 December 2025 (264 million euro as at 31 December 2024) and mainly derive from the contribution of the prudential consolidation perimeter, which accounts for 345 million euro. The balance includes the positive fair value of the Parent Company\u2019s derivatives on interest rates (approximately 182 million euro), on foreign currencies (approximately 75 million euro) and the positive fair value (approximately 88 million euro) of options purchased to hedge, for management purposes, the optional component of Buoni Risparmio Sostenibile, indexed to the STOXX Europe 600 ESG-X. This option component was separated from the host instrument and was classified among financial liabilities held for trading. Other companies contribute to the balance with 44 million euro, mainly deriving from the positive fair value of financial derivatives from CDP Equity (23 million euro) and Fincantieri (18 million euro). 2.2 Financial assets held for trading: breakdown by debtor/issuer/counterparty
(thousands of euro)
Prudential
Other entities
Items/Values
consolidation
31/12/2025
31/12/2024
A. ON-BALANCE-SHEET ASSETS
1. Debt securities
2. Equity securities
3. Units in collective investment undertakings
4. Loans
1
Total A
B. DERIVATIVES
1
a) Central Counterparties
67
b) Others
344,687
44,327
389,014
263,827
Total B
344,687
44,327
389,014
263,894
Total (A+B)
344,687
44,327
389,014
263,895
Section 5 - Hedging Derivatives - Item 50 5.1 Hedging derivatives: breakdown by type of hedge and level
Fair value 31/12/2025
NV
Fair value 31/12/2024
NV
(thousands of euro)
L1
L2
L3
31/12/2025
L1
L2
31/12/2024
A. Financial derivatives:
1,875,780
32,923,757
1,075,137
21,452,997
1) Fair value
1,778,433
24,344,091
899,756
13,781,501
2) Cash flow
97,347
8,579,666
175,381
7,671,496
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
1,875,780
32,923,757
1,075,137
21,452,997
L3 Key: NV= notional value L1 = Level 1 L2 = Level 2 L3 = Level 3 5.2 Hedging derivatives: breakdown by hedged portfolio and type of hedge
Fair value
Cash flow
(thousands of euro)
Micro-Hedge
Investment
Macro-
Micro-
Macro-
in foreign
Debt
Equity
hedge
hedge
hedge
operation
securities
securities
Foreign
Operation/Type of
and interest
and equity
currencies
hedging
rates
indices
and gold
Credit
Commodities
Others
1. Financial assets
1,101
x
x
x
1,235
x
x
at fair value through
other
comprehensive
income
2. Financial assets
620,922
x
x
x
x
8,895
x
x
at amortised cost
3. Portfolio
x
x
x
x
x
x
1,100,163
x
x
4. Other
35,609
x
21,161
x
Total assets
622,023
35,609
1,100,163
31,291
1. Financial liabilities
20,638
x
x
x
66,056
x
x
2. Portfolio
x
x
x
x
x
x
x
x
Total liabilities
20,638
66,056
1. Forecast
x
x
x
x
x
x
x
x
x
transactions
2. Portfolio of
financial assets and
liabilities
x
x
x
x
x
x
x
2.1 Financial liabilities held for trading: breakdown by type
31/12/2025
31/12/2024
NV
Fair value
Fair Value *
NV
Fair value
Fair
(thousands of euro)
Value *
Type of operations/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
A. On-balance-sheet
liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
Total A
B. Derivatives
x
x
1. Financial derivatives
534,862
60,781
397,100
37,212
1.1 Trading
x
534,862
1,461
x
x
397,100
1,631
x
1.2 Associated with fair
value option
x
x
x
x
1.3 Other
2. Credit derivatives
x
59,320
x
x
35,581
x
2.1 Trading
x
x
x
x
2.2 Associated with fair
value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
534,862
60,781
x
x
397,100
37,212
x
Total (A+B)
x
534,862
60,781
x
x
397,100
37,212
x
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date The item includes mainly: \u2022 the negative fair value of interest rate derivatives (approximately 181 million euro) and foreign exchange derivatives (approximately 12 million euro) relating to the Parent Company; \u2022 the negative value of the optional component of Risparmio Sostenibile postal saving bonds, indexed to the STOXX Europe 600 ESG-X, which was separated from the host instrument (approximately 59 million euro); \u2022 derivative instruments of Snam amounting to 343 million euro. Section 4 - Hedging Derivatives - Item 40 4.1 Hedging derivatives: breakdown by type of hedge and level
NV
Fair value 31/12/2025
NV
Fair value 31/12/2024
(thousands of euro)
31/12/2025
L2
L3
31/12/2024
L1
L2
L3
A. Financial derivatives
31,403,810
1,136,633
37,745,420
1,792,925
1) Fair value
15,398,272
356,015
24,060,409
920,727
2) Cash flow
16,005,538
780,618
13,685,011
872,198
3) Investment in foreign
operation
B. Credit derivatives
1) Fair value
2) Cash flow
Total
31,403,810
1,136,633
37,745,420
1,792,925
L1 Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date 4.2 Hedging derivatives: breakdown by hedged portfolio and type of hedge
Investment
Fair value
Cash flow
in foreign
Macro-
Micro-
Macro-
operation
(thousands of euro)
Micro-hedge
hedge
hedge
hedge
Debt
Equity
Foreign
Credit
Commodities
Others
securities and
securities
currencies
Transactions/Type of
interest rates
and equity
and gold
hedging
indices
1. Financial assets at
fair value through
other comprehensive
income
112
X
X
X
6,038
X
X
2. Financial assets
137,031
X
X
X
X
635,936
X
X
at amortised cost
3. Portfolio
X
X
X
X
X
X
54,481
X
X
4. Other
26,380
X
X
Total assets
137,143
26,380
54,481
641,974
1. Financial liabilities
138,011
X
X
138,644
X
X
2. Portfolio
X
X
X
X
X
X
X
X
Total liabilities
138,011
138,644
1. Forecast
X
X
X
X
X
X
X
X
X
transactions
2. Portfolio of
financial assets and
liabilities
X
X
X
X
X
X
X
1.3 The financial derivatives and hedging policies
1.3.1 Financial derivatives held for trading
A. Financial derivatives
A.1 Financial derivatives held for trading: period-end notional values
(thousands of euro)
Underlying assets/Types of
derivatives
31/12/2025
31/12/2024
Over the counter
Over the counter
(thousands of euro)
Without central
Underlying assets/Type of
counterparties
Without central counterparties
derivatives
Without
Without
Central
With netting
netting
Organised
Central
With netting
netting
Organised
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Debt securities and
interest rates
2,848,000
40,000
500,000
2,923,000
40,275
a) Options
b) Swaps
2,848,000
40,000
500,000
2,923,000
40,000
c) Forwards
d) Futures
e) Other
275
2. Equity securities and
equity indices
306,622
334,203
351,450
377,103
a) Options
306,622
333,578
351,450
377,103
b) Swaps
625
c) Forwards
d) Futures
e) Other
3. Foreign currencies and
gold
1,504,670
2,229,959
a) Options
b) Swaps
1,390,202
1,807,589
c) Forwards
114,468
422,370
d) Futures
e) Other
4. Commodities
5. Other underlyings
Total
4,659,292
374,203
500,000
5,504,409
417,378
A.2 Financial derivatives held for trading: gross positive and negative fair value \u2013 breakdown by product
31/12/2025
31/12/2024
Over the counter
Over the counter
Without central counterparties
Without central counterparties
(thousands of euro)
Central
With netting
Without netting
Organised
Central
With netting
Without netting
Organised
Type of derivatives
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Positive fair value
a) Options
88,067
60,378
b) Interest rate swap
181,988
67
169,354
1,809
c) Cross currency
78,024
7,054
swap
d) Equity swap
426
e) Forward
1,466
f) Futures
g) Other
142
Total
349,545
426
67
236,786
1,951
2. Negative fair
value
a) Options
59,320
35,581
b) Interest rate swap
181,088
174
168,981
c) Cross currency
11,932
163,478
swap
d) Equity swap
e) Forward
13,408
f) Futures
g) Other
Total
193,020
59,494
345,867
35,581
A.3 OTC financial derivatives held for trading: notional values, gross positive and negative fair values by
counterparty
(thousands of euro)
Central
Banks
Other financial
Other
Underlying assets
counterparties
companies
Contracts not covered by netting arrangements
1) Debt securities and interest rates
- notional value
X
40,000
- positive fair value
X
- negative fair value
X
174
2) Equity securities and equity indices
- notional value
X
334,203
- positive fair value
X
426
- negative fair value
X
59,320
3) Foreign currencies and gold
- notional value
X
- positive fair value
X
- negative fair value
X
4) Commodities
- notional value
X
- positive fair value
X
- negative fair value
X
5) Other
- notional value
X
- positive fair value
X
- negative fair value
X
Contracts covered by netting arrangements
1) Debt securities and interest rates
- notional value
1,155,000
889,000
804,000
- positive fair value
5,284
31,631
145,073
- negative fair value
135,108
15,250
30,730
2) Equity securities and equity indices
- notional value
258,097
48,525
- positive fair value
75,109
12,959
- negative fair value
3) Foreign currencies and gold
- notional value
1,160,133
344,537
- positive fair value
55,871
23,618
- negative fair value
11,932
4) Commodities
- notional value
- positive fair value
- negative fair value
5) Other
- notional value
- positive fair value
- negative fair value
A.4 Residual life of OTC financial derivatives: notional values
(thousands of euro)
From 1 year to 5
Underlyings/Residual maturity
To 1 year
years
More than 5 years
Total
A.1 Financial derivatives on debt securities and interest rates
762,000
1,536,000
590,000
2,888,000
A.2 Financial derivatives on equity securities and equity
489,736
151,089
640,825
indices
A.3 Financial derivatives on exchange rates and gold
1,504,670
1,504,670
A.4 Financial derivatives on commodities
A.5 Financial derivatives on other
Total 31/12/2025
2,266,670
2,025,736
741,089
5,033,495
Total 31/12/2024
3,566,959
1,744,753
1,110,075
6,421,787
B. Credit derivatives held for trading
There were no credit derivatives.
1.3.2 Accounting hedges
Qualitative disclosures
Within the scope of its Asset Liability Management policies, the Parent Company, where possible, makes use of \u201cnatural
hedges\u201d between assets and liabilities exposed to the same risks, also with a view to minimising the recourse to hedging
through derivatives.
CDP\u2019s transactions in derivatives have the sole purpose of risk hedging, mainly for interest and exchange rate risk, usually
designated as accounting hedges under IAS 39.
In residual cases, CDP uses derivatives designated as operational hedges, monitored according to a framework
established under the provisions of the EMIR. In this context, at the end of 2025 CDP had in place hedges for:
\u2022 liquidity, interest rate and exchange rate risks associated with managing the portfolio of assets denominated in US
Dollars (granting of loans and purchase of bonds), through Cross Currency Swaps, Repos and Forex Swaps;
\u2022 equity risk resulting from the issue of postal savings bonds indexed to the Stoxx Europe 600 ESG-X, through the
purchase of call options with financial characteristics and payoff that mirror those embedded in the issued bonds.
A. Fair value hedges
Fair value hedges are applied when the exposure to a specific risk leads to a change in fair value of assets or liabilities
which impacts on profits and losses. CDP implements both micro and macro fair value hedges.
In the micro fair value hedge, the hedged item consists of one or more individually selected contracts, exposed
proportionately to the same risk and hedged with one or more derivatives. In some cases, the hedged item is a subset of
the cash flows of these contracts, specifically selected according to duration and/or amount (partial term hedge). CDP
applies micro hedges in the Separate Account and Ordinary Account, to:
\u2022 fixed-rate loans (loans/mortgages);
\u2022 fixed-rate asset securities, possibly inflation-linked;
\u2022 bonds and repurchase agreements classified as liabilities, either at fixed rates or indexed to swap rates.
In the macro fair value hedge, the hedged item consists of portfolios of homogeneous loans in Separate Account exposed
to interest rate risk. These hedges differ from micro hedges since the hedged item does not match the flows (or part of the
flows) of a specific loan that is being hedged (or an aggregate of similar loans), and the explicit relationship between
hedged loan and hedging derivative loses significance.
Fair value hedges are put in place through the use of Interest Rate and Asset Swap derivatives, which provide for the
exchange of the interest payments of the hedged item with floating-rate interest payments, usually linked to the 6-month
Euribor or to Euro overnight rates (EuroSTR). For specific ALM purposes, CDP also uses indexation to Euribor on different
tenors (3M) and to rates in US Dollar (SOFR Compounded and SOFR Term).
Within the scope of prudential consolidation, no further fair value hedges have been undertaken.
B. Cash flow hedges
Cash flow hedges are risk hedges associated with the variability of cash flows, whose objective is the stabilisation of
expected flows. CDP implements the following cash flow accounting hedges in relation to:
\u2022 EUR/USD exchange rate risk of asset securities in the Separate Account;
\u2022 EUR/JPY exchange rate risk of liability bonds in the Separate Account;
\u2022 EUR/CNH exchange rate risk of liabilities bonds in the Ordinary Account;
\u2022 interest rate risk of liability bonds and repos in the Separate Account and Ordinary Account;
\u2022 inflation rate risk of asset securities in the Separate Account;
\u2022 sale or purchase price fluctuation risk of asset securities in the Separate Account.
Exchange rate risk hedges are put in place through the use of Cross Currency Swaps, which exchange the foreign currency
flows of the securities with fixed-rate cash flows in euro.
Interest-rate risk hedges are performed by using Interest Rate and Asset Swaps, which exchange cash flows indexed to
the Euribor (3M or 6M) or the European inflation index with fixed-rate cash flows in euro.
Price fluctuation risk hedges are performed by using Bond Forward instruments.
Within the scope of prudential consolidation, no further cash flow hedges have been undertaken.
C. Foreign investment hedging activities
Currently there are no foreign investment hedges.
D. Hedging instruments
The hedging instruments used by CDP for fair value hedge strategies are mainly vanilla Interest Rate Swaps which
exchange fixed-rate flows for variable-rate flows (linked to Euribor, EuroSTR or SOFR), plus any market spread. It is also
likely that the derivatives provide for the collection or payment of upfront premiums.
The hedging swaps of loans in micro fair value hedging relationships have amortising profiles that mirror those of the
loans/securities or groups of similar loans hedged, generally with spot starting date. Swaps originated as macro hedges
typically have bullet or amortizing profiles, also typically with a spot starting date. Where there is a need to hedge specific
time segments, both in the micro (partial term hedge) and in the macro fair value hedge, it is possible to use derivatives
with a forward starting date. All swaps have payment frequency that is the same as the refixing frequency, except in some
cases for any initial or final periods.
The hedge of cash flow variability due to the exchange rate, interest rate and inflation rate risks is obtained by using Interest
Rate, Asset and Cross Currency Swaps which have amortising profiles and payment frequencies that mirror those of
securities hedged. Bond Forward instruments are used to hedge the price risk.
All hedge derivatives are traded Over the Counter (OTC), and include netting provision to mitigate exposure, together with
the high frequency exchange of collateral; this occurs both under bilateral agreements entered into with market
counterparties and through clearing with central counterparties.
E. Hedged items
The existing accounting hedges at the end of 2025 were carried out on asset and liability items, such as loans, receivables,
bonds and repos.
Within the scope of fair value hedges, hedged items are typically represented by dummy instruments with cash flows
representing the hedged risk, namely only the part of the cash flows at market level at the time of the hedge. This results
in an item that presents:
\u2022 capital flows of the hedged bond/loan;
\u2022 interest flows of the hedged bond/loan net of the hedge spread;
\u2022 in the event of IRS with forward starting date, an initial capital outflow, equal to the nominal value of the swap on the
starting date.
In cash flow hedges, the hedged items are generally represented by using the hypothetical derivative method, i.e. the
derivative that is the ideal hedging instrument for the risks being hedged and whose main terms are aligned with those of
the hedged item, regardless of the hedge actually implemented and net of the counterparty risk inherent in the derivative
closed on the market.
Quantitative disclosures
A. Financial derivatives held for hedging
A.1 Financial derivatives held for hedging: period-end notional values
Total 31/12/2025
Total 31/12/2024
Over the counter
Without central
Over the counter
Without central
counterparties
counterparties
Without
Without
(thousands of euro)
Central
With netting
arrangements
netting
Organised
Central
With netting
netting
Organised
Underlying assets/Type of derivatives
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Debt securities and interest
18,119,402
25,154,232
17,564,340
24,189,430
rates
a) Options
b) Swaps
18,119,402
23,551,576
17,564,340
23,178,671
c) Forwards
1,602,656
1,010,759
d) Futures
e) Other
2. Equity securities and equity
indices
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
3. Foreign currencies and gold
210,941
142,251
a) Options
b) Swaps
210,941
142,251
c) Forwards
d) Futures
e) Other
4. Commodities
5. Other underlyings
Total
18,119,402
25,365,173
17,564,340
24,331,681
A.2 Financial derivatives held for hedging: gross positive and negative fair value \u2013 breakdown by product
Positive and negative Fair valure
31/12/2025
31/12/2024
Over the counter
Over the counter
Without central counterparties
Without central counterparties
(thousands of euro)
Central
With netting
Without netting
Organised
Central
With netting
Without netting
Organised
Type of derivatives
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Positive fair value
a) Options
b) Interest rate swap
185,873
1,612,954
46,184
950,724
c) Cross currency swap
2,708
d) Equity swap
e) Forward
37
13,789
f) Futures
g) Other
Total
185,873
1,615,699
46,184
964,513
2. Negative fair value
a) Options
b) Interest rate swap
177,302
740,336
516,742
1,034,298
c) Cross currency swap
24,293
17,198
d) Equity swap
e) Forward
6,038
f) Futures
g) Other
Total
177,302
770,667
516,742
1,051,496
A.3 Financial derivatives held for hedging: notional values, gross positive and negative fair values by
counterparty
(thousands of euro)
Central
Banks
Other financial
Other
Underlying assets
counterparties
companies
Contracts not covered by netting arrangements
1) Debt securities and interest rates
- notional value
X
- positive fair value
X
- negative fair value
X
2) Equity securities and equity indices
- notional value
X
- positive fair value
X
- negative fair value
X
3) Foreign currencies and gold
- notional value
X
- positive fair value
X
- negative fair value
X
4) Commodities
- notional value
X
- positive fair value
X
- negative fair value
X
5) Other
- notional value
X
- positive fair value
X
- negative fair value
X
Contracts covered by netting arrangements
1) Debt securities and interest rates
- notional value
18,119,402
19,882,814
5,271,418
- positive fair value
185,873
1,290,788
322,203
- negative fair value
177,302
421,476
324,898
2) Equity securities and equity indices
- notional value
- positive fair value
- negative fair value
3) Foreign currencies and gold
- notional value
210,941
- positive fair value
2,708
- negative fair value
24,293
4) Commodities
- notional value
- positive fair value
- negative fair value
5) Other
- notional value
- positive fair value
- negative fair value
A.4 Residual life of OTC financial derivatives held for hedging: notional values
(thousands of euro)
From 1 year to 5
Underlyings/Residual maturity
To 1 year
years
More than 5 years
Total
A.1 Financial derivatives on debt securities and interest rates
7,750,457
7,388,750
28,134,427
43,273,634
A.2 Financial derivatives on equity securities and equity
indices
A.3 Financial derivatives on exchange rates and gold
170,200
40,741
210,941
A.4 Financial derivatives on commodities
A.5 Financial derivatives on other
Total 31/12/2025
7,750,457
7,558,950
28,175,168
43,484,575
Total 31/12/2024
3,756,403
11,775,729
26,363,889
41,896,021
B. Credit derivatives held for hedging purposes There were no credit derivatives.
1.3.3 Other information on derivatives (held trading and hedging)
A. Financial credit derivatives
A.1 OTC financial and credit derivatives: net fair value by counterparty
Central
Banks
Other financial
Other
(thousands of euro)
counterparties
companies
A. Financial derivatives
1) Debt securities and interest rates
- notional value
18,119,402
21,037,814
6,160,418
844,000
- positive fair value
185,873
1,296,072
353,834
145,073
- negative fair value
177,302
556,583
340,148
30,904
2) Equity securities and equity indices
- notional value
258,097
48,525
334,203
- positive fair value
75,109
12,959
426
- negative fair value
59,320
3) Foreign currencies and gold
- notional value
1,371,074
344,537
- positive fair value
58,579
23,618
- negative fair value
36,226
4) Commodities
- notional value
- positive fair value
- negative fair value
5) Other
- notional value
- positive fair value
- negative fair value
B. Credit derivatives
1) Protection purchases
- notional value
- positive fair value
- negative fair value
2) Protection sales
- notional value
- positive fair value
- negative fair value
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1006": { "value": "
2.3 Financial assets designated at fair value: breakdown by type
31/12/2025
31/12/2024
(thousands of euro)
Items/Values
L1
L2
L3
L1
L2
L3
1. Debt securities
1.1 Structured securities
1.2 Other debt securities
2. Loans
193,221
190,971
2.1 Structured
2.2 Other
193,221
190,971
Total
193,221
190,971
Key:
L1 = Level 1
L2 = Level 2
L3 = Level 3
The item includes the measurement at fair value of Fintecna\u2019s investments in the segregated estates EFIM and IGED,
incorporated following the merger of Ligestra Due.
2.4 Financial assets designated at fair value: breakdown by debtor/issuer
(thousands of euro)
Items/Values
Prudential consolidation
Other entities
31/12/2025
31/12/2024
1. Debt securities
2. Loans
193,221
193,221
190,971
a) Central banks
b) General governments
c) Banks
d) Other financial companies
of which: insurance companies
e) Non-financial companies
193,221
193,221
190,971
f) Households
Total
193,221
193,221
190,971
Section 3 \u2013 financial liabilities designated at fair value \u2013 Item 30 3.1 Financial liabilities designated at fair value: breakdown by type
31/12/2025
Fair
31/12/2024
Fair
(thousands of euro)
Fair value
Value*
Fair value
Value*
Type of transactions/values
NV
Level 1
Level 2
Level 3
FV *
NV
Level 1
Level 2
Level 3
FV *
1. Due to banks
1.1 Structured
X
X
1.2 Other
of which
X
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
2. Due to customers
8,067
8,067
8,067
9,313
9,313
9,313
2.1 Structured
X
X
2.2 Other
of which
8,067
8,067
X
9,313
9,313
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
3. Debt securities
3.1 Structured
X
X
3.2 Other
X
X
Total
8,067
8,067
8,067
9,313
9,313
9,313
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date At 31 December 2025, the balance of the financial liabilities designated at fair value is fully attributable to Fincantieri\u2019s contribution and is represented by the negative fair value of options to purchase equity securities. 3.2 Breakdown of Financial liabilities designated at fair value: subordinated liabilities As at 31 December 2025 the item had a nil balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-937": { "value": "4.1 Financial assets measured at amortised cost: breakdown by type of loans to banks
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
28,270,995
1,903,071
4,964
25,838,523
26,618,759
456,661
25,626,107
1. Loans
21,267,879
4,964
20,593,490
21,055,106
20,340,623
1.1 Current
15,936
X
X
X
10,971
X
X
X
deposit
1.2 Time
3,253,805
X
X
X
4,628,829
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
-
Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
33,042,032
1,903,071
4,964
30,608,377
29,556,787
456,661
28,563,073
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Amounts due from banks totalled 33,042 million euro as at 31 December 2025 and mainly reflect the contribution of the Parent Company, primarily as a result of: \u2022 loans for approximately 17,998 million euro (+1,583 million euro compared to 2024); \u2022 the balance on the management account of the Reserve requirement, which decreased to around 4,756 million euro (around 1,832 million euro compared to 2024); \u2022 repurchase agreements outstanding amounting to approximately 409 million euro (none were outstanding at the end of 2024); \u2022 deposits for Credit Support Annexes (cash collateral) held with banks hedging counterparty risk on derivatives, for approximately 48 million euro (approximately -383 million euro compared to 2024); \u2022 debt securities for approximately 7,003 million euro (+1,439 million euro approximately with respect to 2024). 4.1 of which: pertaining to the Prudential consolidation
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage
Stage
Stage 1 & 2
credit
L1
L2
L3
Stage 1 & 2
credit
L1
L2
3
3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to
Central banks
4,771,037
4,769,854
2,938,028
2,936,966
1. Time deposits
X
X
X
X
X
X
2. Reserve
4,755,830
X
X
X
2,923,877
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
15,207
X
X
X
14,151
X
X
X
B. Loans to
banks
25,045,830
1,903,071
22,618,322
22,027,480
456,661
21,034,828
1. Loans
18,042,714
17,373,289
16,463,827
15,749,344
1.1 Current
X
X
X
X
X
X
deposit
1.2 Time
44,576
X
X
X
48,521
X
X
X
deposits
1.3 Other
financing:
17,998,138
X
X
X
16,415,306
X
X
X
- Repurchase
408,983
X
X
X
X
X
X
agreements
- Finance
X
X
X
X
X
X
lease
- Other
17,589,155
X
X
X
16,415,306
X
X
X
2. Debt securities
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
2.1 Structured
2.2 Other debt
7,003,116
1,903,071
5,245,033
5,563,653
456,661
5,285,484
securities
Total
29,816,867
1,903,071
27,388,176
24,965,508
456,661
23,971,794
L3 Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 4.1 of which: pertaining to Other companies
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of euro)
Purchased
or
Purchased
or
originated
originated
Stage 1 & 2
Stage 3
credit
L1
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
A. Loans to Central
banks
1. Time deposits
X
X
X
X
X
X
2. Reserve
X
X
X
X
X
X
requirement
3. Repurchase
X
X
X
X
X
X
agreements
4. Other
X
X
X
X
X
X
B. Loans to banks
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1. Loans
3,225,165
4,964
3,220,201
4,591,279
4,591,279
1.1 Current deposit
15,936
X
X
X
10,971
X
X
X
1.2 Time deposits
3,209,229
X
X
X
4,580,308
X
X
X
1.3 Other
financing:
X
X
X
X
X
X
- Repurchase
X
X
X
X
X
X
agreements
- Finance lease
X
X
X
X
X
X
- Other
X
X
X
X
X
X
2. Debt securities
2.1 Structured
2.2 Other debt
securities
Total
3,225,165
4,964
3,220,201
4,591,279
4,591,279
Key: L1 = Level 1 L2 = Level 2 L3 = Level 3 Receivables from banks attributable to the Other companies mainly include time deposits amounting to 3,209 million euro, primarily relating to the Terna group (1,737 million euro) and the Snam group (1,321 million euro). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-938": { "value": "4.2 Financial assets measured at amortised cost: breakdown by type of loans to customers
Total 31/12/2025
Total 31/12/2024
Carrying amounts
Fair value
Carrying amounts
Fair value
(thousands of
Purchased
Purchased
euro)
originated
or
originated
or
Stage 1 & 2
Stage 3
credit
L2
L3
Stage 1 & 2
Stage 3
credit
L1
L2
L3
impaired
impaired
Type of
financial
financial
transactions/values
assets
assets
1. Loans
229,040,294
265,935
177,202
1,343
227,763,466
240,826,863
258,797
176,890
239,317,120
1.1 Current
3,427
X
X
X
8,255
X
X
X
accounts
1.1.1 Cash and
cash equivalents
120,201,499
X
X
X
135,461,187
X
X
X
held with Central
State Treasury
1.2 Repurchase
8,581,052
X
X
X
874,804
X
X
X
agreements
1.3 Loans
96,005,231
249,275
X
X
X
98,341,460
234,700
X
X
X
1.4 Credit cards,
personal loans and
loans repaid by
automatic
201
X
X
X
175
X
X
X
deductions from
wages
1.5 Finance lease
120,056
X
X
X
122,403
X
X
X
1.6 Factoring
X
X
X
X
X
X
1.7 Other
4,128,828
16,660
X
X
X
6,018,579
24,097
X
X
X
2. Debt securities
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
2.1 Structured
securities
2.2 Other debt
80,201,126
63,595,735
11,800,795
3,405,385
72,016,159
2,603
58,838,692
7,427,239
3,311,780
securities
Total
309,241,420
265,935
63,772,937
11,802,138
231,168,851
312,843,022
261,400
59,015,582
7,427,239
242,628,900
L1 Loans to customers, which primarily include the contribution of the Parent Company, mainly relate to: \u2022 lending operations under the Separate Account and Ordinary Account; \u2022 cash and cash equivalents held with Central State Treasury; \u2022 investments in debt securities under the Held to collect business model. The table provides a breakdown of the positions by technical form. Cash and cash equivalents held with the Central Treasury of the State, current account no. 29814 entitled \u201cCassa DP S.p.A. \u2013 Separate Account\u201d, into which liquidity relating to CDP\u2019s Separate Account operations is channelled, amounted to approximately 120,201 million euro, representing a decrease of -15,260 million euro compared with the end of 2024, alongside the simultaneous growth in the government bond portfolio. On cash balances held with the Central Treasury of the State, with effect from 1 January 2023, the Ministry of Economy and Finance pays CDP interest calculated on the basis of a rate that takes into account the cost of Postal Savings incurred by CDP and the annual yield of government bonds representative of short-term and medium- to long-term maturities 197 . The outstanding balance of reverse repurchase transactions attributable to the Parent Company amounted to 8,581 million euro (+7,706 million euro compared with the end of 2024). The volume of mortgage loans and other financing amounted to approximately 100,340 million euro (-4,219 million euro compared to the end of 2024). The volume of debt securities recognised under this item totalled approximately 80,201 million euro (+8,182 million euro compared with the end of 2024), of which 73,258 million euro related to Italian government bonds held by the Parent Company (+7,076 million euro compared with the end of 2024). 4.3 Financial assets measured at amortised cost: breakdown by debtor/issuer of loans to customers
(thousands of euro)
Total 31/12/2025
Total 31/12/2024
Purchased or
Purchased or
originated credit
originated credit
impaired
impaired
Type of transactions/values
Stage 1 & 2
Stage 3
financial assets
Stage 1 & 2
Stage 3
financial assets
1. Debt securities
80,201,126
72,016,159
2,603
a) General governments
74,444,636
66,766,838
b) Other financial companies
1,325,998
1,213,609
of which: insurance companies
c) Non-financial companies
4,430,492
4,035,712
2,603
2. Loans
229,040,294
265,935
240,826,863
258,797
a) General governments
195,476,576
20,739
213,930,531
22,382
b) Other financial companies
11,405,821
5,533,607
of which: insurance companies
c) Non-financial companies
22,079,342
243,963
21,327,766
235,291
d) Households
78,555
1,233
34,959
1,124
Total
309,241,420
265,935
312,843,022
261,400
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-922": { "value": "
Section 7 \u2013 Equity investments \u2013 Item 70
7.1 Information on equity investments
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
A. Companies subject to joint
control
1.
4B3 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
2.50%
2.50%
7
Fincantieri SI S.p.A.
52.50%
52.50%
2.
4SC S.c.a r.l.
Carpi (MO)
Carpi (MO)
7
Fincantieri Infrastrutture
50.00%
50.00%
Sociali S.p.A.
3.
4TB13 S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
55.00%
55.00%
4.
4TB21 Societ\u00e0 consortile a r.l.
Trieste
Trieste
7
Fincantieri S.p.A.
51.00%
51.00%
5.
4TCC1 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
5.00%
5.00%
7
Fincantieri SI S.p.A.
75.00%
75.00%
6.
AS Gasinfrastruktur Beteiligung
GmbH
Vienna
Vienna
7
SNAM S.p.A.
40.00%
40.00%
7.
Ansaldo Gas Turbine Technology
Co. LTD (JVA)
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
60.00%
60.00%
8.
B23 Societ\u00e0 consortile a
Rome
Rome
7
Fincantieri Infrastructure
55.00%
55.00%
responsabilit\u00e0 limitata
Opere Marittime S.p.A.
9.
BUSBAR4F S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
50.00%
50.00%
7
Fincantieri S.p.A.
10.00%
10.00%
10.
CSSC - Fincantieri Cruise
Industry Development Ltd.
Hong Kong
Hong Kong
7
Fincantieri S.p.A.
40.00%
40.00%
11.
Citt\u00e0 Salute Ricerca Milano S.p.A
Milan
Rome
7
Fincantieri Infrastrutture
40.00%
40.00%
Sociali S.p.A.
12.
Consorzio F.S.B.
Marghera (VE)
Marghera (VE)
7
Fincantieri S.p.A.
58.36%
58.36%
13.
Darsena Europa S.c.ar.l.
Rome
Rome
7
Fincantieri Infrastructure
26.00%
26.00%
Opere Marittime S.p.A.
14.
Diagram S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
41.61%
41.61%
15.
ELMED Etudes S.\u00e0r.l.
Tunis
Tunis
7
Terna S.p.A.
50.00%
50.00%
16.
ERSMA 2026 - S.c.ar.l.
Piacenza
Piacenza
7
Fincantieri SI S.p.A.
20.00%
20.00%
17.
Ecos S.r.l.
Genoa
Genoa
7
SNAM S.p.A.
33.34%
33.34%
18.
Elco - Valvitalia TGT JV
Netanya
Netanya
7
Valvitalia S.p.A.
50.00%
50.00%
19.
Etihad Ship Building LLC
Abu Dhabi
Abu Dhabi
7
Fincantieri S.p.A.
35.00%
35.00%
20.
FINMESA S.c.ar.l. in liquidazione
Milan
Milan
7
Fincantieri SI S.p.A.
50.00%
50.00%
21.
FINSO-RI JOINT-VENTURE
Athens
Athens
7
Fincantieri Infrastrutture
60.00%
60.00%
Sociali S.p.A.
22.
Fincantieri Clea Buildings
Milan
Milan
7
Fincantieri Infrastructure
51.00%
51.00%
S.c.ar.l.
S.p.A.
23.
Greenit S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
49.00%
49.00%
Milanese (MI)
Milanese (MI)
24.
HYPERMETEO S.r.l.
Rome
Rome
7
Terna Forward S.r.l.
15.40%
15.40%
25.
Holding Reti Autostradali S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
51.00%
51.00%
26.
Hotelturist S.p.A.
Padua
Padua
7
CDP Equity S.p.A.
45.95%
45.95%
27.
MAEN-Energetika ZMR
Budapest
Budapest
7
Ansaldo Energia S.p.A.
40.00%
40.00%
28.
Metano S.Angelo Lodigiano
Sant'Angelo
Sant'Angelo
7
Italgas S.p.A.
50.00%
50.00%
S.p.A.
Lodigiano
Lodigiano
29.
Naviris S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
50.00%
50.00%
30.
Nuovo Santa Chiara Hospital
Florence
Pisa
7
Fincantieri Infrastrutture
50.00%
50.00%
S.c.ar.l.
Sociali S.p.A.
31.
OLT Offshore LNG Toscana
S.p.A.
Milan
Livorno
7
SNAM S.p.A.
49.07%
49.07%
32.
Open Fiber Holdings S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
60.00%
60.00%
33.
Orizzonte Sistemi Navali S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
51.00%
51.00%
34.
PRYSMIAN REPEATERS
LIMITED
Eastleigh
Eastleigh
7
Fincantieri S.p.A.
19.90%
19.90%
35.
Saipem S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
12.82%
12.82%
Milanese (MI)
Milanese (MI)
36.
Seacorridor S.r.l.
San Donato
#N/D
7
SNAM S.p.A.
49.90%
49.90%
Milanese
37.
Servizi Energetici IG S.r.l.
Milan
Milan
7
Italgas Reti S.p.A.
60.00%
60.00%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
38.
Shanghai Electric Gas Turbine
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
40.00%
40.00%
Co. LTD (JVS)
39.
Southeast Electricity Network
Thessaloniki
Thessaloniki
7
Terna S.p.A.
33.00%
33.00%
Coordination Center S.A.
40.
TAG GmbH
Vienna
Vienna
7
SNAM S.p.A.
84.47%
84.47%
41.
TCM S.c. a r.l.
Rome
Rome
7
Fincantieri Infrastructure
41.56%
41.56%
Opere Marittime S.p.A.
42.
Terega Holding S.A.S.
Pau
Pau
7
SNAM S.p.A.
40.50%
40.50%
43.
Terminale GNL Adriatico S.r.l.
Milan
Milan
7
SNAM S.p.A.
30.00%
30.00%
44.
Vimercate Salute Gestioni
Milan
#N/D
7
Fincantieri Infrastrutture
49.10%
49.10%
S.c.ar.l.
Sociali S.p.A.
7
SOF S.p.A.
3.65%
3.65%
45.
Wesii S.r.l.
Chiavari
Chiavari
7
Terna Forward S.r.l.
33.00%
33.00%
B. Companies subject to
significant influence
1.
2F Per Vado - S.c.ar.l.
Genoa
Genoa
4
Fincantieri Infrastructure
49.00%
49.00%
Opere Marittime S.p.A.
2.
A-U Finance Holdings Bv
Amsterdam
Amsterdam
4
Ansaldo Energia S.p.A.
40.00%
40.00%
3.
Acqualatina S.p.A.
Latina
Latina
4
Idrolatina S.r.l.
49.00%
49.00%
4.
Agorai Innovation HUB S.p.A.
Trieste
Trieste
4
Fincantieri S.p.A.
5.93%
5.93%
5.
Ansaldo Algerie S.\u00e0r.l.
Algiers
Algiers
4
Ansaldo Energia S.p.A.
49.00%
49.00%
6.
Bioteca soc. cons. ar.l.
Carpi (MO)
#N/D
4
SOF S.p.A.
33.33%
33.33%
7.
CA 51 S.c. a r.l.
Bari
#N/D
4
Fincantieri Infrastructure
13.53%
13.53%
S.p.A.
8.
CESI S.p.A.
Milan
Milan
4
Terna S.p.A.
42.70%
42.70%
9.
CGES A.D.
Podgorica
Podgorica
4
Terna S.p.A.
22.09%
22.09%
10.
CORESO S.A.
Bruxelles
Bruxelles
4
Terna S.p.A.
15.84%
15.84%
11.
CSS Design Limited
British Virgin
British Virgin
4
Vard Marine Inc.
31.00%
31.00%
Islands (UK)
Islands (UK)
12.
Centro Servizi Navali S.p.A.
San Giorgio di
San Giorgio di
4
Fincantieri S.p.A.
10.93%
10.93%
Nogaro (UD)
Nogaro (UD)
13.
Circularyard S.r.l.
Bologna
Bologna
4
Fincantieri S.p.A.
40.00%
40.00%
14.
Consorzio AlFi
Bari
Bari
4
Fincantieri Infrastructure
19.72%
19.72%
S.p.A.
15.
Consorzio Jonium
Parma
Parma
4
Fincantieri Infrastructure
6.60%
6.60%
S.p.A.
16.
dCarbonX Ltd
London
London
4
Snam International B.V.
52.98%
52.98%
16.
DECOMAR S.p.A.
Massa (MS)
Massa (MS)
4
Fincantieri S.p.A.
20.00%
20.00%
17.
DIDO S.r.l.
Milan
Milan
4
Fincantieri S.p.A.
30.00%
30.00%
18.
Dynamic
Saint-Paul-l\u00e8s-
Saint-Paul-l\u00e8s-
4
Ansaldo Energia S.p.A.
10.00%
10.00%
Durance
Durance
4
Ansaldo Nucleare S.p.A.
15.00%
15.00%
19.
East Mediterranean Gas
Cairo
Cairo
4
Snam International B.V.
25.00%
25.00%
Company S.a.e.
20.
Elite S.p.A.
Milan
Milan
4
CDP S.p.A.
15.00%
15.00%
21.
Energetika S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
40.00%
40.00%
22.
Energie Rete Gas S.r.l.
Milan
Milan
4
Medea S.p.A.
49.00%
49.00%
23.
Energy Investment Solution S.r.l.
Milan
#N/D
4
Renovit Business Solutions
40.00%
40.00%
(in liquidazione)
S.r.l. Societ\u00e0 Benefit
24.
Eni S.p.A.
Rome
Rome
4
CDP S.p.A.
29.75%
29.75%
25.
Equigy B.V.
Arnhem
Arnhem
4
Terna S.p.A.
20.00%
20.00%
26.
Europrogetti & Finanza S.r.l. in
liquidazione
Rome
Rome
4
CDP S.p.A.
31.80%
31.80%
27.
GPI S.p.A.
Trento
Trento
4
CDP Equity S.p.A.
18.41%
18.41%
28.
Gesam Reti S.p.A.
Lucca
Lucca
4
Toscana Energia S.p.A.
42.96%
42.96%
29.
Hospital Building Technologies
Florence
Florence
4
SOF S.p.A.
20.00%
20.00%
S.c.ar.l.
30.
ITS Integrated Tech System S.r.l.
La Spezia
La Spezia
4
IDS Ingegneria Dei Sistemi
51.00%
51.00%
S.p.A.
31.
Industrie De Nora S.p.A.
Milan
Milan
4
Asset Company 10 S.r.l.
21.59%
21.59%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
32.
Interconnector Ltd
London
London
4
Snam International B.V.
23.68%
23.68%
33.
Interconnector Zeebrugge
Bruxelles
Bruxelles
4
Snam International B.V.
25.00%
25.00%
Terminal B.V.
34.
M.T. Manifattura Tabacchi S.p.A.
Rome
Rome
4
Fondo Sviluppo Comparto A
40.00%
40.00%
35.
MARITIME VENTURES S.r.l.
Genoa
Genoa
4
Fincantieri S.p.A.
12.90%
12.90%
36.
MC4COM - Mission critical for
communication S.c.ar.l. in
liquidazione
Milan
Milan
4
HMS IT S.p.A.
50.00%
50.00%
37.
Maestral LLC
Abu Dhabi
Abu Dhabi
4
Fincantieri S.p.A.
49.00%
49.00%
38.
Melegnano Energia Ambiente
Melegnano
Melegnano
4
Italgas Reti S.p.A.
40.00%
40.00%
S.p.A.
39.
Mozart Holdco S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
17.65%
17.65%
40.
Nexi S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
19.14%
19.14%
41.
Note Gestione S.c.ar.l.
Reggio Emilia
Reggio Emilia
4
SOF S.p.A.
34.00%
34.00%
42.
Nuclitalia S.r.l.
Rome
Rome
4
Ansaldo Energia S.p.A.
39.00%
39.00%
43.
PerGenova Breakwater
Genoa
Genoa
4
Fincantieri Infrastructure
25.00%
25.00%
Opere Marittime S.p.A.
44.
Poste Italiane S.p.A.
Rome
Rome
4
CDP S.p.A.
35.00%
35.00%
45.
REMAC S.r.l.
Trieste
Trieste
4
REMAZEL ENGINEERING
49.00%
49.00%
S.p.A.
46.
S.Ene.Ca Gestioni S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
49.00%
49.00%
47.
STARS Railway Systems
Rome
Rome
4
TRS Sistemi S.r.l.
2.00%
2.00%
4
IDS Ingegneria Dei Sistemi
48.00%
48.00%
S.p.A.
48.
Senfluga energy infrastructure
Athens
Athens
4
SNAM S.p.A.
54.00%
54.00%
holdings S.A.
49.
Siciliacque S.p.A.
Palermo
Palermo
4
Idrosicilia S.p.A.
75.00%
75.00%
50.
Trans Adriatic Pipeline AG
Baar
Baar
4
Snam International B.V.
20.00%
20.00%
51.
Umbria Distribuzione GAS S.p.A.
Terni
Terni
4
Italgas S.p.A.
45.00%
45.00%
52.
Unifer Navale S.r.l. in
Finale Emilia
Finale Emilia
4
Societ\u00e0 per l'Esercizio di
20.00%
20.00%
liquidazione
(MO)
(MO)
Attivit\u00e0 Finanziarie - Seaf
S.p.A.
53.
Webuild S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
16.44%
16.44%
4
Fincantieri S.p.A.
0.07%
0.07%
54.
Yard Belleli S.c a r.l.
Vicenza
Naples
4
Fincantieri Infrastructure
6.84%
6.84%
S.p.A.
4
Fincantieri Infrastructure
23.16%
23.16%
Opere Marittime S.p.A.
55.
Zena Project S.p.A.
Carpi (MO)
Carpi (MO)
4
Renovit Public Solutions
35.93%
35.93%
S.p.A. Societ\u00e0 Benefit
C. Unconsolidated subsidiaries
(3)
1.
Ansaldo Energia Muscat LLC
Muscat
Muscat
1
Ansaldo Energia S.p.A.
20.00%
20.00%
1
Ansaldo Energia Switzerland
50.00%
50.00%
AG
2.
Arbolia S.r.l. Societ\u00e0 Benefit
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
3.
Asset Company 12 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
4.
Asset Company 9 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
5.
Consorzio Bancario Sir S.p.A. in
liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
6.
EVOLIA S.r.l.
Milan
Milan
1
Renovit Building Solutions
100.00%
100.00%
S.p.A. Societ\u00e0 Benefit
7.
New Energy Carbon Capture e
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Storage S.r.l.
Milanese (MI)
Milanese (MI)
8.
REMAZEL SERVICOS DE
Rio de Janeiro
Rio de Janeiro
1
REMAZEL ENGINEERING
100.00%
100.00%
SISTEMA DE OLEO&GAS,
LTDA
S.p.A.
9.
RENPV S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
10.
RENPV1 S.r.l
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
11.
RENPV2 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
12.
RENPV3 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
13.
RENPV4 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
14.
RENPV5 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
15.
RENPV6 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
16.
RENPV7 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
17.
RENPV8 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
18.
RENPV9 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
19.
RENPV10 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
20.
Remazel Asia Co. Ltd. \u2013
Shanghai
Shanghai
1
REMAZEL ENGINEERING
100.00%
100.00%
Remazel (Shanghai) Engineering
S.p.A.
Services Co., Ltd.
21.
Renovit Consorzio Stabile
Milan
Milan
1
Renovit Public Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Building Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Business Solutions
33.33%
33.33%
S.r.l. Societ\u00e0 Benefit
22.
Simest do Brazil
Sao Paulo
Sao Paulo
1
Simest S.p.A.
100.00%
100.00%
23.
Snam Gas & Energy Services
Beijing
Beijing
1
Snam International B.V.
100.00%
100.00%
(Beijing) Co. Ltd.
24.
Snam energy services private
New Delhi
New Delhi
1
Snam International B.V.
99.999%
99.999%
limited
1
SNAM S.p.A.
0.001%
0.001%
D. Unconsolidated associates
(3)
1.
Albanian Gas Service Company
Tirana
Tirana
4
SNAM S.p.A.
25.00%
25.00%
Sh.a.
2.
Consorzio INCOMIR in
Mercogliano
Mercogliano (AV)
4
Fintecna S.p.A.
45.46%
45.46%
liquidazione
(AV)
3.
Fondo Large Ventures
Rome
Rome
7
CDP Equity S.p.A.
48.78%
48.78%
4.
Fondo di Fondi Internazionale
Rome
Rome
7
CDP Equity S.p.A.
49.18%
49.18%
5.
Polo Strategico Nazionale S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
20.00%
20.00%
6.
Quadrifoglio Brescia S.p.A. in
Rome
Rome
7
CDP Immobiliare S.r.l. in
50.00%
50.00%
liquidazione
liquidazione
7.
Sosaval S.\u00e0r.l.
Dar El Beida
Dar El Beida
4
Valvitalia S.p.A.
40.00%
40.00%
8.
Tianjin Ei Fire Fighting
Tianjin Airport
Tianjin Airport
4
Valvitalia S.p.A.
33.00%
33.00%
Equipment Co. Ltd.
Economic Area
Economic Area
Key
(1) Type of relationship:
1 = majority of voting rights in ordinary shareholders\u2019 meeting
2 = dominant influence in ordinary shareholders\u2019 meeting
3 = agreements with other shareholders
4 = entity subject to significant influence
5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92
6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92
7 = joint control
8 = other form of control
(2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes
(3) This classification includes companies in liquidation or subsidiaries in the start-up phase without assets and liabilities, or associates excluded from the
scope of consolidation in view of the overall value of equity.
Item 70 \u2013 Equity investments amounted to 27,180 million euro as at 31 December 2025, representing a decrease of 625
million euro compared with the previous financial year.
The change is attributable to the valuation processes carried out in 2025, which are described below and partially offset
each other:
\u2022 ENI recorded a decrease of 964 million euro as a result of the following effects: the Group\u2019s share of profit for the year
of +807 million euro, changes in reserves, mainly from valuation adjustments, of -816 million euro, and dividend
reversal of -955 million euro;
\u2022 Poste Italiane recorded an increase of 808 million euro as a result of the following effects: the Group\u2019s share of profit
for the year (including consolidation adjustments) of +791 million euro, changes in revaluation reserves of +631 million
euro, dividend reversal of -526 million euro, and other changes of -88 million euro;
\u2022 Saipem recorded an increase of 18 million euro as a result of the following effects: the Group\u2019s share of profit for the
year of +41 million euro, changes in reserves of +20 million euro, and dividend reversal of -43 million euro;
\u2022 Holding Reti Autostradali, parent company of Autostrade per l\u2019Italia, recorded a decrease of 179 million euro as a
result of the following effects: the Group\u2019s share of profit for the year of +110 million euro, impacts from changes in
reserves of +7 million euro, and dividend reversal of -296 million euro;
\u2022 Nexi recorded a decrease of 331 million euro as a result of the following effects: the acquisition of an additional 3.8
%
stake from Poste Italiane for +233 million euro, the Group\u2019s share of profit for the year (including consolidation
adjustments) of +31 million euro, changes in reserves of +48 million euro, dividend reversal of -56 million euro,
and a
value adjustment recognised following the impairment test of -586 million euro.
\u2022 Open Fiber Holdings, the parent company of Open Fiber, recorded an increase of 91 million euro as a result of the
following effects: a capital increase of +286 million euro, the Group\u2019s share of the loss for the year (including
consolidation adjustments) of -201 million euro, and changes in reserves of +6 million euro.
Impairment testing of equity investments
The CDP Group\u2019s equity investment portfolio includes listed and unlisted companies of major national interest, which are
also pivotal in the promotional activity of supporting the growth and international expansion of businesses and the
development of infrastructure. In its capacity as a National Promotional Institution, CDP invests in companies\u2019 share capital,
mainly over a long-term horizon.
At each reporting date, the CDP Group conduct an assessment to detect the presence of indicators of impairment under
IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international
regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the
difficulties related to the current reference scenario with a combination of factors related to the persisting geopolitical
tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade
relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and
uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity
have increased the level of uncertainty, hence making it more complex to make quantitative estimates, such as for example,
cash flows from equity investments, also due to the increased uncertainty in the assumptions and parameters at the basis
of the asset valuation analyses.
Specifically, in light of the above, the following should be noted:
\u2022 for estimation purposes, data relating to market prices and parameters have been used, which are subject to
fluctuations, including significant ones, due to the continuing turbulence and volatility of financial markets, mainly
associated with international geopolitical tensions, the tightening of trade relations and the strengthening of protectionist
policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains
and changes in global trade patterns), as well as the current macroeconomic environment and developments in
monetary policy conditions;
\u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain
in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They
are also based on a set of assumptions linked to future events and actions of management, which may not necessarily
happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event
and in terms of when and to what extent it may happen - the differences between actual values and estimated values
might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more
pronounced in the current situation of uncertainty.
Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical
environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium
term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of
which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be
subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that
are not currently foreseeable or quantifiable.
Therefore, there is still a need to constantly monitor the evolution of these elements in the current context.
With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of
factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets
and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in
the current context.
When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial
reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated
with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change,
as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic
situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables
determining the recoverable amount.
Impairment indicators (known as triggers) and objective evidence of impairment are assessed using data gathered from
public sources, or from any additional information received as an investor.
Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments
accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported
financial performance or because they had been subject to impairment in previous reporting periods.
When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value
less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to
(i
) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical
tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the
tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national
and international regulators, alongside directives from industry organisations. In this regard, the assumptions and t
he
valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors
concerning the updated macroeconomic framework. The key general principles used are as follows:
\u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the
proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rat
e
forecasts)
198
;
\u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the
average of the latest surveys;
\u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period o
f
analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of
the medium/long-term perspective of the underlying cash flows.
In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine
the subject asset\u2019s value, including for example:
\u2022 the price of hydrocarbons (e.g. oil) for companies primarily operating in the Oil & Gas sector, also to incorporate any
climate-related risks embedded in their business;
\u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used;
\u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to
the generalised context of uncertainty that could increase market volatility.
The following summary table lists the main equity investments recognised at consolidated level and accounted for using
the equity method, with indication of the carrying value at consolidated level and the methods used to calculate the
recoverable amount for the purpose of the impairment test.
Note that equity investments accounted for using the equity method were measured using the \u201cclosed box\u201d method, which
measures the equity investment as a whole in accordance with the IAS 28 Standard.
(millions of euro)
Equity Investment
Consolidated carrying amount
Recoverable amount
Methodology
Eni
13,112
Value in use
Sum of the parts (e.g. DCF for main
business unit E&P)
Nexi
1,217
Value in use
Discounted Cash Flow
Open Fiber Holdings
1,165
Value in use
Asset-based
Saipem
382
Fair value
Stock market price
GreenIT
135
Value in use
Sum of the parts (e.g. DDM of single
project)
Eni
Assisted by an independent valuation specialist, the recoverable amount of the equity investment in Eni was measured at
value in use based on the discounted cash flow method for the main business unit (i.e. Exploration & Production) and
taking into account the value of the other business units, so as to reflect the specificity of the different business segments
it operates in. In particular:
\u2022 for the Exploration & Production sector, the unlevered Discounted Cash Flow (DCF) method was used, based on a
closed portfolio model which develops and measures the entirety of the group\u2019s oil and natural gas reserves until
stocks are exhausted over a specific multi-stage forecast period that extends until 2055 (without components of value
in perpetuity):
o production volumes were calculated on the basis of the current proved reserves disclosed by Eni and on the
assumption that, by 2040, approximately 80% of proved and unproved reserves (i.e. possible and probable,
appropriately risk-adjusted) will be produced. The estimation of production volumes post-2040 was conducted under
the assumption that proven and unproven reserves would be completely depleted by 2055;
o sales prices of oil and gas were calculated on the basis of the geographical macro-area the mineral reserves belong
to, applying the spreads between the average historical prices and the average sales prices actually charged by Eni
to the expected values of oil and gas. These values are consistent with current market estimates and aligned over
the medium to long term with the forecasts contained in Eni\u2019s 2026-2030 Plan, taking into account the company\u2019s
latest estimates, which indicate a 2030 oil price of approximately $84 per barrel and a gas price of around 27 euro
per MWh;
o unit operating costs were also estimated on the basis of the geographical macro-area the mineral reserves belong
to;
o investments were estimated in a differentiated manner for proven reserves and possible/probable reserves by
referring to the expenditure per barrel produced \u2013 including development costs \u2013 that Eni incurs in areas where it has
historically been present;
o the WACC was estimated: (i) for the cost of equity, through the Capital Asset Pricing Model theory, (ii) for the cost of borrowing, based on the company\u2019s latest bond issues, and (iii) for the debt to equity ratio, through an analysis of these parameters for the main comparable companies operating in the sector; \u2022 for sectors other than Exploration & Production, due to their lower contribution to the overall recoverable amount of the investment and the significant sensitivity of results to long-term forecasts amid the current uncertainty surrounding the expected energy transition process, net invested capital was used as the most reliable estimate of recoverable amount, except for Plenitude and Enilive, for which the values of recent investments by Ares Management Corporation and KKR in the companies were used. The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate, to the EBITDA and to oil prices for the Exploration & Production sector, which indicate that any non-marginal negative changes in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the carrying value of the equity investment. In particular, the sensitivity analyses carried out with reference to the main assumptions underlying the evaluation of the Exploration & Production sector showed that in order to align the value in use - thus determined - with the carrying value of the equity investment (assuming a break-even scenario) it would be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce EBITDA by about 20% per year, or (iii) reduce the annual Brent crude price with respect to the base scenario considered by about 22%. In this regard, it should be noted that expectations regarding the results of the Eni group are directly and indirectly linked to those regarding the trend of oil and gas prices at the global level: these are complex scenarios, involving very dynamic and discontinuous markets, on whose future evolutions, especially in the medium to long term, the expectations of operators and analysts may diverge from each other even significantly. The growing tensions in the international geopolitical environment fuelled by the ongoing conflict between Russia and Ukraine and exacerbated by the conflict in the Middle East, which also involved the application of sanctions by Western countries against Russia, with the related impacts on the economy and the oil sector, as well as the intensification of trade relations and the prospect of stronger protectionist policies (tariffs), have created additional complexities, widening the disparity between current market prices and medium-to-long term price expectations for many commodities. Nexi As at 31 December 2025, the recoverable amount of the investment held in Nexi was determined, also with the support of an independent valuer, based on a value in use configuration estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2028, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. It should be noted that the information used to estimate cash flows and the other inputs required to determine value in use were derived from disclosures made to the market by the company and from forecasts prepared by financial analysts covering the stock. Specifically: \u2022 the values for the explicit period from 2026 to 2028 were derived from disclosures made to the market by the company and from publicly available estimates prepared by a selected group of financial analysts; \u2022 the residual value was determined using the perpetuity growth formula by estimating Nexi\u2019s cash flows over the medium to long term based on the final year of the explicit forecast period; \u2022 WACC was estimated (i) for the cost of equity using the Capital Asset Pricing Model methodology and (ii) for the cost of debt and the equity-to-debt ratio through an analysis of the capital structure of the main companies operating in the sector. However, the impairment test performed as at 31 December 2025, compared with the previous reporting date, reflected negative changes in certain key assumptions and variables used in estimating value in use, primarily attributable to: \u2022 a deterioration in projected cash flows, revised following the company\u2019s update of its medium-term financial targets; \u2022 a reduction in the perpetual growth rate resulting from downward revisions to long-term growth estimates by financial analysts covering the stock. Taking the above into account, the recoverable amount of the investment resulting from the impairment test was equal to 1,217 million euro, giving rise to an impairment loss recognised in the consolidated financial statements amounting to 586 million euro. Open Fiber Holdings The recoverable amount of the investment in Open Fiber Holdings was determined, also with the support of an independent valuer, through the estimation of the company\u2019s Net Asset Value (NAV) as at 31 December 2025, by calculating the recoverable value of the wholly owned interest in Open Fiber through the application of the Dividend Discount Model (DDM) based on a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2044 199 , derived from financial projections based on estimates reflected in the latest business plan approved by the company\u2019s Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. An additional risk premium was also incorporated into the discount rate to reflect certain residual elements of uncertainty embedded in the estimates of future cash flows. The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity) and the EBITDA used to estimate the Terminal Value, which show that any non-marginal negative changes in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the carrying value of the equity investment. The sensitivity analyses carried out with reference to the main assumptions showed that, in order to align the value in use \u2013 thus determined \u2013 with the carrying value of the equity investment (assuming a break-even scenario), it would be necessary to (i) increase the cost of equity by approximately 300 bps, or (ii) reduce the EBITDA used to estimate the Terminal Value by approximately 44%. Saipem The recoverable amount of the equity investment in Saipem was measured at fair value less costs to sell. The fair value of the equity investment was calculated on the basis of the volume-weighted average stock market prices (\u201cVWAP\u201d method) in December 2025. Based on the impairment test performed, the fair value was determined to be higher than the carrying amount of the investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was confirmed. It should also be noted that, in order to align the fair value, as stated above, with the carrying value of the equity investment (assuming a break-even scenario), a reduction of approximately 37% in the VWAP would be necessary. GreenIT The recoverable amount of the investment held in GreenIT was determined using a Sum of the Parts (SOTP) approach, based on the individual investment projects held by the company as at 31 December 2025, each valued in turn using the Dividend Discount Model (DDM) on the basis of projected future cash flows from 2026 until the end of the expected useful life of each project. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. Each project\u2019s discount rate further incorporated a differentiated risk premium designed to capture residual uncertainties present in the estimates of future cash flows. The impairment test performed indicated a recoverable amount substantially in line with the carrying amount of the investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were performed with emphasis on the discount rate (cost of equity), revealing that marginal negative changes in the main assumptions supporting the exercise
could lead to a recoverable amount below the carrying amount of the investment, excluding the potential impact of any
corrective measures that management might implement. Sensitivity analyses performed with reference to the key
assumptions indicated that, in order to align the value in use - as determined - with the carrying value of the investment
(break-even scenario), an increase in the cost of equity for each project type of approximately 6 basis points would be
required.
Other equity investments
With reference to the Snam group, the analyses performed identified impairment indicators and, consequently, the need
to test the recoverable amount of the SeaCorridor and Interconnector CGUs; the investment in Terminale GNL Adriatico
[LNG Adriatic Terminal] is, instead, among the CGUs subject to impairment testing for the first time as at 31 December
2025.
For the impairment test, the recoverable amount of the investments was determined on a value-in-use basis: using the
Discounted Cash Flow methodology for SeaCorridor (with deduction of the investee\u2019s net financial position), and the
Dividend Discount Model for the investments in Interconnector and Terminale GNL Adriatico. For the purposes of
conducting the impairment test, the cash flows and dividend streams used were those included in the forecast plans
approved by the respective Boards of the investees. The terminal value was determined using the perpetuity method,
applying a growth rate consistent with market evidence regarding the long-term inflation outlook for the relevant area based
on IMF indications, or, alternatively, using the annuity method by discounting a finite stream of cash flows reflecting the
expected operating horizon.
The scope of CGUs represented by investments in joint ventures and associates remains unchanged compared with 31
December 2024, with the exception of the interest in Galaxy, which was disposed of in March 2025. At 31 December 2025,
the discount rates estimated by the Snam group and applied in the impairment tests ranged between 6.09% and 9.90%
for the CGUs assessed using the DDM, and amounted to 5.41% for the CGU assessed using the DCF method.
Lastly, it should be noted that as at 30 June 2025 the Snam group had identified impairment indicators relating to its
investment, equal to 21.59%, in Industrie De Nora (held through the subsidiary Asset Company 10), represented by the
share price performance, which, particularly during the first six months of 2025, recorded a decrease of approximately 15%
compared with 31 December 2024. Accordingly, the company performed an impairment test as at 30 June 2025,
recognising an impairment charge of approximately 71 million euro. The impairment was calculated by comparing the
carrying value with the recoverable amount, determined as the arithmetic mean of the share\u2019s closing prices over the
preceding six-month period.
7.2 Significant equity investments: carrying amount, fair value and dividends received
(thousands of euro)
Company name
Carrying amount
Fair value (*)
Dividends received
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,165,363
2. Holding Reti Autostradali S.p.A.
3,546,793
296,310
B. Companies subject to significant influence
1. ENI S.p.A.
13,112,240
15,109,937
954,903
2. Poste Italiane S.p.A.
4,047,396
9,819,335
525,709
3. Nexi S.p.A.
1,217,322
947,455
56,116
(*)The fair value shown in the table regarding listed securities is calculated by multiplying the number of shares held by the stock market price recorded at
the end of 2025 (30 December 2025).
7.3 Significant equity investments: accounting data
Writedow
Income
Income
ns of
(loss)
Income
(loss)
(millions of
property,
before
(loss)
after tax
Other
euro)
Non-
Net
plant and
tax from
after tax
on
compreh
Cash and
Financi
financia
intere
equipmen
continui
on
discontinu
Income
ensive
cash
Non-
al
l
Total
st
t and
ng
continuing
ed
(loss)
income
Comprehensi
Company
equivalen
Financial
financia
liabilitie
liabilitie
revenue
inco
intangible
operatio
operation
operation
for the
net of
ve income (3)
name
ts
assets
l assets
s
s
s
me
assets
ns
s
s
year (1)
taxes (2)
= (1) + (2)
A. Joint
ventures
1. Open
54
556
12,468
6,892
3,023
775
(370)
(632)
(613)
(462)
(462)
2
(460)
Fiber
Holdings
S.p.A.
2.
1,255
381
26,254
12,138
7,496
6,352
(1,869)
332
226
226
(10)
216
Holding
Reti
Autostrad
ali S.p.A.
B.
Compani
es under
significan
t
influence
1. ENI
x
11,810
117,159
34,202
50,080
83,629
x
x
5,778
2,758
2,758
(5,775)
(3,017)
S.p.A.
2. Poste
x
257,784
28,094
100,429
175,899
13,588
x
x
3,236
2,235
2,235
1,555
3,791
Italiane
S.p.A.
3. Nexi
x
2,954
14,312
10,777
2,375
6,273
x
x
(3,146)
(3,372)
(3,372)
87
(3,286)
S.p.A.
The consolidated accounting figures for joint ventures and significant associates were produced based on the information
provided by the investees at 31 December 2025.
(thousands of euro)
Net assets
% holding
Net assets held
Goodwill
Other
Book value
Company name
adjustments
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,457,227
60.00%
874,336
609,135
(318,108)
1,165,363
2. Holding Reti Autostradali S.p.A.
6,954,497
51.00%
3,546,793
3,546,793
B. Companies subject to significant
influence
1. ENI S.p.A.
47,940,000
28.50%
13,662,900
(550,660)
13,112,240
2. Poste S.p.A.
13,839,312
35.00%
4,843,759
(796,363)
4,047,396
3. Nexi S.p.A.
7,057,529
19.14%
1,350,811
1,033,351
(1,166,840)
1,217,322
Goodwill and other adjustments include changing arising as a result of the Purchase Price Allocation processes. Other
adjustments also include the impact of asymmetrical transactions carried out by listed investees with CDP Group
companies.
7.4 Non-significant equity investments: accounting data
Income
Income (loss)
(loss) after
Income
Other
(thousands of
Carrying amount
Total
Total
after tax on
tax on
(loss) for the
comprehensive
Comprehensive
euro)
of the
Total assets
liabilities
revenues
continuing
disposal
year
income after
income (3) =
investments
operations
groups
(1)
tax
(1) + (2)
held for
(2)
Company name
sale
Joint ventures
2,135,976
24,155,858
18,224,775
18,587,466
(239,267)
599,392
(195,896)
158,338
(37,558)
Companies
1,949,728
28,967,090
23,454,285
17,061,169
1,472,607
724,709
750,856
(208,810)
542,046
subject to
significant
influence
The accounting figures for non-significant equity investments in joint ventures and associates were produced based on the
information provided by the investees.
7.5 Equity investments: changes for the year
(thousands of euro)
31/12/2025
31/12/2024
A. Opening balance
27,804,401
26,616,572
B. Increases
4,593,391
3,494,623
B.1 Purchases
696,940
370,613
B.2 Writebacks
35,608
B.3 Revaluations
2,117,574
2,032,009
B.4 Other increases
1,778,877
1,056,393
C. Decreases
5,217,997
2,306,794
C.1 Sales
270,107
2,056
C.2 Writedowns
658,080
C3 Impairment
218,135
255,014
C.4 Other decreases
4,071,675
2,049,724
D. Closing balance
27,179,795
27,804,401
E. Total revaluations
15,640,362
13,955,556
F. Total writedowns
3,122,877
2,495,289
7.6 Significant assessments or assumptions made to determine whether there is joint control or
significant influence
Please refer to the contents of Section 7 \u201cEquity Investments\u201d Part A.2 of these Notes to the Consolidated Financial
Statements.
7.7 Commitments relating to joint operations
CDP Equity has commitments for a total of 978 million euro in favour of its jointly controlled subsidiaries.
7.8 Commitments relating to companies under significant influence
The most significant commitments relating to equity investments in companies under significant influence are attributable
to TAP (the investee company managed through Snam) for which, for the time being and until repayment of the loan, a
mechanism has been put in place to support the repayment of the outstanding financial debt of the same company (the
so-called \u201cDebt Payment Undertaking\u201d), which, unlike a first demand guarantee, released upon reaching the \u201cFinancial
Completion Date\u201d on 31 March 2021, would be activated upon the occurrence of specific and determined conditions linked
to exceptional events of an extraordinary nature. The maximum pro-rata amount of the guarantee attributable to Snam is
equal to 1,129 million euro. Moreover, the financial documentation signed as part of the Project Financing concluded for
TAP provides for some restrictions for the shareholders, typical of this type of transaction, such as: (i) the restriction on the
sale of TAP shares, according to a certain schedule; (ii) establishment of a pledge for the shares held by Snam in TAP in
favour of the lenders for the entire duration of the loan.
7.9 Significant restrictions
There are no significant restrictions on equity investments.
7.10 Other information
With regard to equity investments in associates or joint ventures, financial statements or reports with a reporting date of
up to six months from 31 December 2025 were used in limited cases. The table below shows the reporting date of the year
used to apply the equity method:
Company name
Type of relationship
Reporting date
Mozart HoldCo S.p.A.
Significant influence
30/06/2025
GPI S.p.A.
Significant influence
30/06/2025
Diagram S.p.A.
Joint control
30/06/2025
Hotelturist S.p.A.
Joint control
31/10/2025
Furthermore, when the accounting data of an associate or a joint operation used to apply the equity method is different
from 31 December 2025, adjustments are made to reflect the effects of the significant transactions or facts that occurred
between said date and the reporting date of the Consolidated Financial Statements of the CDP Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-967": { "value": "Section 7 \u2013 Equity investments \u2013 Item 70 7.1 Information on equity investments
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
A. Companies subject to joint
control
1.
4B3 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
2.50%
2.50%
7
Fincantieri SI S.p.A.
52.50%
52.50%
2.
4SC S.c.a r.l.
Carpi (MO)
Carpi (MO)
7
Fincantieri Infrastrutture
50.00%
50.00%
Sociali S.p.A.
3.
4TB13 S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
55.00%
55.00%
4.
4TB21 Societ\u00e0 consortile a r.l.
Trieste
Trieste
7
Fincantieri S.p.A.
51.00%
51.00%
5.
4TCC1 S.c.ar.l.
Trieste
Trieste
7
Fincantieri S.p.A.
5.00%
5.00%
7
Fincantieri SI S.p.A.
75.00%
75.00%
6.
AS Gasinfrastruktur Beteiligung
GmbH
Vienna
Vienna
7
SNAM S.p.A.
40.00%
40.00%
7.
Ansaldo Gas Turbine Technology
Co. LTD (JVA)
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
60.00%
60.00%
8.
B23 Societ\u00e0 consortile a
Rome
Rome
7
Fincantieri Infrastructure
55.00%
55.00%
responsabilit\u00e0 limitata
Opere Marittime S.p.A.
9.
BUSBAR4F S.c.ar.l.
Trieste
Trieste
7
Fincantieri SI S.p.A.
50.00%
50.00%
7
Fincantieri S.p.A.
10.00%
10.00%
10.
CSSC - Fincantieri Cruise
Industry Development Ltd.
Hong Kong
Hong Kong
7
Fincantieri S.p.A.
40.00%
40.00%
11.
Citt\u00e0 Salute Ricerca Milano S.p.A
Milan
Rome
7
Fincantieri Infrastrutture
40.00%
40.00%
Sociali S.p.A.
12.
Consorzio F.S.B.
Marghera (VE)
Marghera (VE)
7
Fincantieri S.p.A.
58.36%
58.36%
13.
Darsena Europa S.c.ar.l.
Rome
Rome
7
Fincantieri Infrastructure
26.00%
26.00%
Opere Marittime S.p.A.
14.
Diagram S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
41.61%
41.61%
15.
ELMED Etudes S.\u00e0r.l.
Tunis
Tunis
7
Terna S.p.A.
50.00%
50.00%
16.
ERSMA 2026 - S.c.ar.l.
Piacenza
Piacenza
7
Fincantieri SI S.p.A.
20.00%
20.00%
17.
Ecos S.r.l.
Genoa
Genoa
7
SNAM S.p.A.
33.34%
33.34%
18.
Elco - Valvitalia TGT JV
Netanya
Netanya
7
Valvitalia S.p.A.
50.00%
50.00%
19.
Etihad Ship Building LLC
Abu Dhabi
Abu Dhabi
7
Fincantieri S.p.A.
35.00%
35.00%
20.
FINMESA S.c.ar.l. in liquidazione
Milan
Milan
7
Fincantieri SI S.p.A.
50.00%
50.00%
21.
FINSO-RI JOINT-VENTURE
Athens
Athens
7
Fincantieri Infrastrutture
60.00%
60.00%
Sociali S.p.A.
22.
Fincantieri Clea Buildings
Milan
Milan
7
Fincantieri Infrastructure
51.00%
51.00%
S.c.ar.l.
S.p.A.
23.
Greenit S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
49.00%
49.00%
Milanese (MI)
Milanese (MI)
24.
HYPERMETEO S.r.l.
Rome
Rome
7
Terna Forward S.r.l.
15.40%
15.40%
25.
Holding Reti Autostradali S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
51.00%
51.00%
26.
Hotelturist S.p.A.
Padua
Padua
7
CDP Equity S.p.A.
45.95%
45.95%
27.
MAEN-Energetika ZMR
Budapest
Budapest
7
Ansaldo Energia S.p.A.
40.00%
40.00%
28.
Metano S.Angelo Lodigiano
Sant'Angelo
Sant'Angelo
7
Italgas S.p.A.
50.00%
50.00%
S.p.A.
Lodigiano
Lodigiano
29.
Naviris S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
50.00%
50.00%
30.
Nuovo Santa Chiara Hospital
Florence
Pisa
7
Fincantieri Infrastrutture
50.00%
50.00%
S.c.ar.l.
Sociali S.p.A.
31.
OLT Offshore LNG Toscana
S.p.A.
Milan
Livorno
7
SNAM S.p.A.
49.07%
49.07%
32.
Open Fiber Holdings S.p.A.
Milan
Milan
7
CDP Equity S.p.A.
60.00%
60.00%
33.
Orizzonte Sistemi Navali S.p.A.
Genoa
Genoa
7
Fincantieri S.p.A.
51.00%
51.00%
34.
PRYSMIAN REPEATERS
LIMITED
Eastleigh
Eastleigh
7
Fincantieri S.p.A.
19.90%
19.90%
35.
Saipem S.p.A.
San Donato
San Donato
7
CDP Equity S.p.A.
12.82%
12.82%
Milanese (MI)
Milanese (MI)
36.
Seacorridor S.r.l.
San Donato
#N/D
7
SNAM S.p.A.
49.90%
49.90%
Milanese
37.
Servizi Energetici IG S.r.l.
Milan
Milan
7
Italgas Reti S.p.A.
60.00%
60.00%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
38.
Shanghai Electric Gas Turbine
Shanghai
Shanghai
7
Ansaldo Energia S.p.A.
40.00%
40.00%
Co. LTD (JVS)
39.
Southeast Electricity Network
Thessaloniki
Thessaloniki
7
Terna S.p.A.
33.00%
33.00%
Coordination Center S.A.
40.
TAG GmbH
Vienna
Vienna
7
SNAM S.p.A.
84.47%
84.47%
41.
TCM S.c. a r.l.
Rome
Rome
7
Fincantieri Infrastructure
41.56%
41.56%
Opere Marittime S.p.A.
42.
Terega Holding S.A.S.
Pau
Pau
7
SNAM S.p.A.
40.50%
40.50%
43.
Terminale GNL Adriatico S.r.l.
Milan
Milan
7
SNAM S.p.A.
30.00%
30.00%
44.
Vimercate Salute Gestioni
Milan
#N/D
7
Fincantieri Infrastrutture
49.10%
49.10%
S.c.ar.l.
Sociali S.p.A.
7
SOF S.p.A.
3.65%
3.65%
45.
Wesii S.r.l.
Chiavari
Chiavari
7
Terna Forward S.r.l.
33.00%
33.00%
B. Companies subject to
significant influence
1.
2F Per Vado - S.c.ar.l.
Genoa
Genoa
4
Fincantieri Infrastructure
49.00%
49.00%
Opere Marittime S.p.A.
2.
A-U Finance Holdings Bv
Amsterdam
Amsterdam
4
Ansaldo Energia S.p.A.
40.00%
40.00%
3.
Acqualatina S.p.A.
Latina
Latina
4
Idrolatina S.r.l.
49.00%
49.00%
4.
Agorai Innovation HUB S.p.A.
Trieste
Trieste
4
Fincantieri S.p.A.
5.93%
5.93%
5.
Ansaldo Algerie S.\u00e0r.l.
Algiers
Algiers
4
Ansaldo Energia S.p.A.
49.00%
49.00%
6.
Bioteca soc. cons. ar.l.
Carpi (MO)
#N/D
4
SOF S.p.A.
33.33%
33.33%
7.
CA 51 S.c. a r.l.
Bari
#N/D
4
Fincantieri Infrastructure
13.53%
13.53%
S.p.A.
8.
CESI S.p.A.
Milan
Milan
4
Terna S.p.A.
42.70%
42.70%
9.
CGES A.D.
Podgorica
Podgorica
4
Terna S.p.A.
22.09%
22.09%
10.
CORESO S.A.
Bruxelles
Bruxelles
4
Terna S.p.A.
15.84%
15.84%
11.
CSS Design Limited
British Virgin
British Virgin
4
Vard Marine Inc.
31.00%
31.00%
Islands (UK)
Islands (UK)
12.
Centro Servizi Navali S.p.A.
San Giorgio di
San Giorgio di
4
Fincantieri S.p.A.
10.93%
10.93%
Nogaro (UD)
Nogaro (UD)
13.
Circularyard S.r.l.
Bologna
Bologna
4
Fincantieri S.p.A.
40.00%
40.00%
14.
Consorzio AlFi
Bari
Bari
4
Fincantieri Infrastructure
19.72%
19.72%
S.p.A.
15.
Consorzio Jonium
Parma
Parma
4
Fincantieri Infrastructure
6.60%
6.60%
S.p.A.
16.
dCarbonX Ltd
London
London
4
Snam International B.V.
52.98%
52.98%
16.
DECOMAR S.p.A.
Massa (MS)
Massa (MS)
4
Fincantieri S.p.A.
20.00%
20.00%
17.
DIDO S.r.l.
Milan
Milan
4
Fincantieri S.p.A.
30.00%
30.00%
18.
Dynamic
Saint-Paul-l\u00e8s-
Saint-Paul-l\u00e8s-
4
Ansaldo Energia S.p.A.
10.00%
10.00%
Durance
Durance
4
Ansaldo Nucleare S.p.A.
15.00%
15.00%
19.
East Mediterranean Gas
Cairo
Cairo
4
Snam International B.V.
25.00%
25.00%
Company S.a.e.
20.
Elite S.p.A.
Milan
Milan
4
CDP S.p.A.
15.00%
15.00%
21.
Energetika S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
40.00%
40.00%
22.
Energie Rete Gas S.r.l.
Milan
Milan
4
Medea S.p.A.
49.00%
49.00%
23.
Energy Investment Solution S.r.l.
Milan
#N/D
4
Renovit Business Solutions
40.00%
40.00%
(in liquidazione)
S.r.l. Societ\u00e0 Benefit
24.
Eni S.p.A.
Rome
Rome
4
CDP S.p.A.
29.75%
29.75%
25.
Equigy B.V.
Arnhem
Arnhem
4
Terna S.p.A.
20.00%
20.00%
26.
Europrogetti & Finanza S.r.l. in
liquidazione
Rome
Rome
4
CDP S.p.A.
31.80%
31.80%
27.
GPI S.p.A.
Trento
Trento
4
CDP Equity S.p.A.
18.41%
18.41%
28.
Gesam Reti S.p.A.
Lucca
Lucca
4
Toscana Energia S.p.A.
42.96%
42.96%
29.
Hospital Building Technologies
Florence
Florence
4
SOF S.p.A.
20.00%
20.00%
S.c.ar.l.
30.
ITS Integrated Tech System S.r.l.
La Spezia
La Spezia
4
IDS Ingegneria Dei Sistemi
51.00%
51.00%
S.p.A.
31.
Industrie De Nora S.p.A.
Milan
Milan
4
Asset Company 10 S.r.l.
21.59%
21.59%
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
32.
Interconnector Ltd
London
London
4
Snam International B.V.
23.68%
23.68%
33.
Interconnector Zeebrugge
Bruxelles
Bruxelles
4
Snam International B.V.
25.00%
25.00%
Terminal B.V.
34.
M.T. Manifattura Tabacchi S.p.A.
Rome
Rome
4
Fondo Sviluppo Comparto A
40.00%
40.00%
35.
MARITIME VENTURES S.r.l.
Genoa
Genoa
4
Fincantieri S.p.A.
12.90%
12.90%
36.
MC4COM - Mission critical for
communication S.c.ar.l. in
liquidazione
Milan
Milan
4
HMS IT S.p.A.
50.00%
50.00%
37.
Maestral LLC
Abu Dhabi
Abu Dhabi
4
Fincantieri S.p.A.
49.00%
49.00%
38.
Melegnano Energia Ambiente
Melegnano
Melegnano
4
Italgas Reti S.p.A.
40.00%
40.00%
S.p.A.
39.
Mozart Holdco S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
17.65%
17.65%
40.
Nexi S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
19.14%
19.14%
41.
Note Gestione S.c.ar.l.
Reggio Emilia
Reggio Emilia
4
SOF S.p.A.
34.00%
34.00%
42.
Nuclitalia S.r.l.
Rome
Rome
4
Ansaldo Energia S.p.A.
39.00%
39.00%
43.
PerGenova Breakwater
Genoa
Genoa
4
Fincantieri Infrastructure
25.00%
25.00%
Opere Marittime S.p.A.
44.
Poste Italiane S.p.A.
Rome
Rome
4
CDP S.p.A.
35.00%
35.00%
45.
REMAC S.r.l.
Trieste
Trieste
4
REMAZEL ENGINEERING
49.00%
49.00%
S.p.A.
46.
S.Ene.Ca Gestioni S.c.ar.l.
Florence
Florence
4
SOF S.p.A.
49.00%
49.00%
47.
STARS Railway Systems
Rome
Rome
4
TRS Sistemi S.r.l.
2.00%
2.00%
4
IDS Ingegneria Dei Sistemi
48.00%
48.00%
S.p.A.
48.
Senfluga energy infrastructure
Athens
Athens
4
SNAM S.p.A.
54.00%
54.00%
holdings S.A.
49.
Siciliacque S.p.A.
Palermo
Palermo
4
Idrosicilia S.p.A.
75.00%
75.00%
50.
Trans Adriatic Pipeline AG
Baar
Baar
4
Snam International B.V.
20.00%
20.00%
51.
Umbria Distribuzione GAS S.p.A.
Terni
Terni
4
Italgas S.p.A.
45.00%
45.00%
52.
Unifer Navale S.r.l. in
Finale Emilia
Finale Emilia
4
Societ\u00e0 per l'Esercizio di
20.00%
20.00%
liquidazione
(MO)
(MO)
Attivit\u00e0 Finanziarie - Seaf
S.p.A.
53.
Webuild S.p.A.
Milan
Milan
4
CDP Equity S.p.A.
16.44%
16.44%
4
Fincantieri S.p.A.
0.07%
0.07%
54.
Yard Belleli S.c a r.l.
Vicenza
Naples
4
Fincantieri Infrastructure
6.84%
6.84%
S.p.A.
4
Fincantieri Infrastructure
23.16%
23.16%
Opere Marittime S.p.A.
55.
Zena Project S.p.A.
Carpi (MO)
Carpi (MO)
4
Renovit Public Solutions
35.93%
35.93%
S.p.A. Societ\u00e0 Benefit
C. Unconsolidated subsidiaries
(3)
1.
Ansaldo Energia Muscat LLC
Muscat
Muscat
1
Ansaldo Energia S.p.A.
20.00%
20.00%
1
Ansaldo Energia Switzerland
50.00%
50.00%
AG
2.
Arbolia S.r.l. Societ\u00e0 Benefit
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
3.
Asset Company 12 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
4.
Asset Company 9 S.r.l.
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Milanese (MI)
Milanese (MI)
5.
Consorzio Bancario Sir S.p.A. in
liquidazione
Rome
Rome
1
Fintecna S.p.A.
100.00%
100.00%
6.
EVOLIA S.r.l.
Milan
Milan
1
Renovit Building Solutions
100.00%
100.00%
S.p.A. Societ\u00e0 Benefit
7.
New Energy Carbon Capture e
San Donato
San Donato
1
SNAM S.p.A.
100.00%
100.00%
Storage S.r.l.
Milanese (MI)
Milanese (MI)
8.
REMAZEL SERVICOS DE
Rio de Janeiro
Rio de Janeiro
1
REMAZEL ENGINEERING
100.00%
100.00%
SISTEMA DE OLEO&GAS,
LTDA
S.p.A.
9.
RENPV S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
10.
RENPV1 S.r.l
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
11.
RENPV2 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
12.
RENPV3 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
Type of
Registered
Operational
relationship
% of votes
Company name
office
headquarters
(1)
Investor
% holding
(2)
13.
RENPV4 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
14.
RENPV5 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
15.
RENPV6 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
16.
RENPV7 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
17.
RENPV8 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
18.
RENPV9 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
19.
RENPV10 S.r.l.
Milan
Milan
1
Renovit Business Solutions
100.00%
100.00%
S.r.l. Societ\u00e0 Benefit
20.
Remazel Asia Co. Ltd. \u2013
Shanghai
Shanghai
1
REMAZEL ENGINEERING
100.00%
100.00%
Remazel (Shanghai) Engineering
S.p.A.
Services Co., Ltd.
21.
Renovit Consorzio Stabile
Milan
Milan
1
Renovit Public Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Building Solutions
33.33%
33.33%
S.p.A. Societ\u00e0 Benefit
1
Renovit Business Solutions
33.33%
33.33%
S.r.l. Societ\u00e0 Benefit
22.
Simest do Brazil
Sao Paulo
Sao Paulo
1
Simest S.p.A.
100.00%
100.00%
23.
Snam Gas & Energy Services
Beijing
Beijing
1
Snam International B.V.
100.00%
100.00%
(Beijing) Co. Ltd.
24.
Snam energy services private
New Delhi
New Delhi
1
Snam International B.V.
99.999%
99.999%
limited
1
SNAM S.p.A.
0.001%
0.001%
D. Unconsolidated associates
(3)
1.
Albanian Gas Service Company
Tirana
Tirana
4
SNAM S.p.A.
25.00%
25.00%
Sh.a.
2.
Consorzio INCOMIR in
Mercogliano
Mercogliano (AV)
4
Fintecna S.p.A.
45.46%
45.46%
liquidazione
(AV)
3.
Fondo Large Ventures
Rome
Rome
7
CDP Equity S.p.A.
48.78%
48.78%
4.
Fondo di Fondi Internazionale
Rome
Rome
7
CDP Equity S.p.A.
49.18%
49.18%
5.
Polo Strategico Nazionale S.p.A.
Rome
Rome
7
CDP Equity S.p.A.
20.00%
20.00%
6.
Quadrifoglio Brescia S.p.A. in
Rome
Rome
7
CDP Immobiliare S.r.l. in
50.00%
50.00%
liquidazione
liquidazione
7.
Sosaval S.\u00e0r.l.
Dar El Beida
Dar El Beida
4
Valvitalia S.p.A.
40.00%
40.00%
8.
Tianjin Ei Fire Fighting
Tianjin Airport
Tianjin Airport
4
Valvitalia S.p.A.
33.00%
33.00%
Equipment Co. Ltd.
Economic Area
Economic Area
Key (1) Type of relationship: 1 = majority of voting rights in ordinary shareholders\u2019 meeting 2 = dominant influence in ordinary shareholders\u2019 meeting 3 = agreements with other shareholders 4 = entity subject to significant influence 5 = unitary management pursuant to Article 26.1 of Legislative Decree 87/92 6 = unitary management pursuant to Article 26.2 of Legislative Decree 87/92 7 = joint control 8 = other form of control (2) Actual percentage of votes in ordinary shareholders\u2019 meeting, distinguishing between effective and potential votes (3) This classification includes companies in liquidation or subsidiaries in the start-up phase without assets and liabilities, or associates excluded from the scope of consolidation in view of the overall value of equity. Item 70 \u2013 Equity investments amounted to 27,180 million euro as at 31 December 2025, representing a decrease of 625 million euro compared with the previous financial year. The change is attributable to the valuation processes carried out in 2025, which are described below and partially offset each other: \u2022 ENI recorded a decrease of 964 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +807 million euro, changes in reserves, mainly from valuation adjustments, of -816 million euro, and dividend reversal of -955 million euro; \u2022 Poste Italiane recorded an increase of 808 million euro as a result of the following effects: the Group\u2019s share of profit for the year (including consolidation adjustments) of +791 million euro, changes in revaluation reserves of +631 million euro, dividend reversal of -526 million euro, and other changes of -88 million euro; \u2022 Saipem recorded an increase of 18 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +41 million euro, changes in reserves of +20 million euro, and dividend reversal of -43 million euro; \u2022 Holding Reti Autostradali, parent company of Autostrade per l\u2019Italia, recorded a decrease of 179 million euro as a result of the following effects: the Group\u2019s share of profit for the year of +110 million euro, impacts from changes in reserves of +7 million euro, and dividend reversal of -296 million euro; \u2022 Nexi recorded a decrease of 331 million euro as a result of the following effects: the acquisition of an additional 3.8% stake from Poste Italiane for +233 million euro, the Group\u2019s share of profit for the year (including consolidation adjustments) of +31 million euro, changes in reserves of +48 million euro, dividend reversal of -56 million euro, and a value adjustment recognised following the impairment test of -586 million euro. \u2022 Open Fiber Holdings, the parent company of Open Fiber, recorded an increase of 91 million euro as a result of the following effects: a capital increase of +286 million euro, the Group\u2019s share of the loss for the year (including consolidation adjustments) of -201 million euro, and changes in reserves of +6 million euro. Impairment testing of equity investments The CDP Group\u2019s equity investment portfolio includes listed and unlisted companies of major national interest, which are also pivotal in the promotional activity of supporting the growth and international expansion of businesses and the development of infrastructure. In its capacity as a National Promotional Institution, CDP invests in companies\u2019 share capital, mainly over a long-term horizon. At each reporting date, the CDP Group conduct an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, such as for example, cash flows from equity investments, also due to the increased uncertainty in the assumptions and parameters at the basis of the asset valuation analyses. Specifically, in light of the above, the following should be noted: \u2022 for estimation purposes, data relating to market prices and parameters have been used, which are subject to fluctuations, including significant ones, due to the continuing turbulence and volatility of financial markets, mainly associated with international geopolitical tensions, the tightening of trade relations and the strengthening of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as the current macroeconomic environment and developments in monetary policy conditions; \u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. With reference to the estimated recoverable amount of equity investments and other assets, CDP considers a range of factors also relating to the unique circumstances characterised, among other things, by the instability of financial markets and the international real economy. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. When performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting factors relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. Impairment indicators (known as triggers) and objective evidence of impairment are assessed using data gathered from public sources, or from any additional information received as an investor. Specifically, as at 31 December 2025, impairment triggers were identified in relation to certain major equity investments accounted for using the equity method (Nexi, Open Fiber Holdings, Saipem and GreenIT), primarily as a result of reported financial performance or because they had been subject to impairment in previous reporting periods. When estimating the recoverable amount of equity investments, which is determined as the higher value between fair value less costs to sell and value in use, CDP has implemented several fundamental principles with due consideration given to (i) the particular historical moment characterised by a combination of factors related to the persistence of geopolitical tensions, the evolution of the inflationary scenario and the resulting monetary policy strategies of central banks, the tightening of trade relations, and the general slowdown in economic growth, and (ii) the guidance provided by both national and international regulators, alongside directives from industry organisations. In this regard, the assumptions and t he valuation parameters adopted to determine the recoverable amount included, where potentially relevant, factors concerning the updated macroeconomic framework. The key general principles used are as follows: \u2022 a period of observation of interest rates for estimating the risk-free rate in line with a time horizon that allows for the proper weighting of relevant market developments (e.g., revisions of inflation expectations and interest rat e forecasts) 198 ; \u2022 the use of the latest available exact survey of Country Risk Premiums, where deemed most significant, instead of the average of the latest surveys; \u2022 the use of an Equity Risk Premium \u201cconsensus\u201d in line with the average of the latest values available and a period of analysis of the market parameters (e.g. beta) that is such to mitigate and normalise any contingent factors in view of the medium/long-term perspective of the underlying cash flows. In addition, CDP has conducted a sensitivity analysis, where deemed relevant, against the main variables that determine the subject asset\u2019s value, including for example: \u2022 the price of hydrocarbons (e.g. oil) for companies primarily operating in the Oil & Gas sector, also to incorporate any climate-related risks embedded in their business; \u2022 the cost of capital, margin, and long-term growth rate, if applicable, based on the value estimation method used; \u2022 stock prices for listed companies, also in order to take into account potential unfavourable share price trends linked to the generalised context of uncertainty that could increase market volatility. The following summary table lists the main equity investments recognised at consolidated level and accounted for using the equity method, with indication of the carrying value at consolidated level and the methods used to calculate the recoverable amount for the purpose of the impairment test. Note that equity investments accounted for using the equity method were measured using the \u201cclosed box\u201d method, which measures the equity investment as a whole in accordance with the IAS 28 Standard.
(millions of euro)
Equity Investment
Consolidated carrying amount
Recoverable amount
Methodology
Eni
13,112
Value in use
Sum of the parts (e.g. DCF for main
business unit E&P)
Nexi
1,217
Value in use
Discounted Cash Flow
Open Fiber Holdings
1,165
Value in use
Asset-based
Saipem
382
Fair value
Stock market price
GreenIT
135
Value in use
Sum of the parts (e.g. DDM of single
project)
Eni Assisted by an independent valuation specialist, the recoverable amount of the equity investment in Eni was measured at value in use based on the discounted cash flow method for the main business unit (i.e. Exploration & Production) and taking into account the value of the other business units, so as to reflect the specificity of the different business segments it operates in. In particular: \u2022 for the Exploration & Production sector, the unlevered Discounted Cash Flow (DCF) method was used, based on a closed portfolio model which develops and measures the entirety of the group\u2019s oil and natural gas reserves until stocks are exhausted over a specific multi-stage forecast period that extends until 2055 (without components of value in perpetuity): o production volumes were calculated on the basis of the current proved reserves disclosed by Eni and on the assumption that, by 2040, approximately 80% of proved and unproved reserves (i.e. possible and probable, appropriately risk-adjusted) will be produced. The estimation of production volumes post-2040 was conducted under the assumption that proven and unproven reserves would be completely depleted by 2055; o sales prices of oil and gas were calculated on the basis of the geographical macro-area the mineral reserves belong to, applying the spreads between the average historical prices and the average sales prices actually charged by Eni to the expected values of oil and gas. These values are consistent with current market estimates and aligned over the medium to long term with the forecasts contained in Eni\u2019s 2026-2030 Plan, taking into account the company\u2019s latest estimates, which indicate a 2030 oil price of approximately $84 per barrel and a gas price of around 27 euro per MWh; o unit operating costs were also estimated on the basis of the geographical macro-area the mineral reserves belong to; o investments were estimated in a differentiated manner for proven reserves and possible/probable reserves by referring to the expenditure per barrel produced \u2013 including development costs \u2013 that Eni incurs in areas where it has historically been present; o the WACC was estimated: (i) for the cost of equity, through the Capital Asset Pricing Model theory, (ii) for the cost of borrowing, based on the company\u2019s latest bond issues, and (iii) for the debt to equity ratio, through an analysis of these parameters for the main comparable companies operating in the sector; \u2022 for sectors other than Exploration & Production, due to their lower contribution to the overall recoverable amount of the investment and the significant sensitivity of results to long-term forecasts amid the current uncertainty surrounding the expected energy transition process, net invested capital was used as the most reliable estimate of recoverable amount, except for Plenitude and Enilive, for which the values of recent investments by Ares Management Corporation and KKR in the companies were used. The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate, to the EBITDA and to oil prices for the Exploration & Production sector, which indicate that any non-marginal negative changes in these variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the carrying value of the equity investment. In particular, the sensitivity analyses carried out with reference to the main assumptions underlying the evaluation of the Exploration & Production sector showed that in order to align the value in use - thus determined - with the carrying value of the equity investment (assuming a break-even scenario) it would be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce EBITDA by about 20% per year, or (iii) reduce the annual Brent crude price with respect to the base scenario considered by about 22%. In this regard, it should be noted that expectations regarding the results of the Eni group are directly and indirectly linked to those regarding the trend of oil and gas prices at the global level: these are complex scenarios, involving very dynamic and discontinuous markets, on whose future evolutions, especially in the medium to long term, the expectations of operators and analysts may diverge from each other even significantly. The growing tensions in the international geopolitical environment fuelled by the ongoing conflict between Russia and Ukraine and exacerbated by the conflict in the Middle East, which also involved the application of sanctions by Western countries against Russia, with the related impacts on the economy and the oil sector, as well as the intensification of trade relations and the prospect of stronger protectionist policies (tariffs), have created additional complexities, widening the disparity between current market prices and medium-to-long term price expectations for many commodities. Nexi As at 31 December 2025, the recoverable amount of the investment held in Nexi was determined, also with the support of an independent valuer, based on a value in use configuration estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2028, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. It should be noted that the information used to estimate cash flows and the other inputs required to determine value in use were derived from disclosures made to the market by the company and from forecasts prepared by financial analysts covering the stock. Specifically: \u2022 the values for the explicit period from 2026 to 2028 were derived from disclosures made to the market by the company and from publicly available estimates prepared by a selected group of financial analysts; \u2022 the residual value was determined using the perpetuity growth formula by estimating Nexi\u2019s cash flows over the medium to long term based on the final year of the explicit forecast period; \u2022 WACC was estimated (i) for the cost of equity using the Capital Asset Pricing Model methodology and (ii) for the cost of debt and the equity-to-debt ratio through an analysis of the capital structure of the main companies operating in the sector.
However, the impairment test performed as at 31 December 2025, compared with the previous reporting date, reflected
negative changes in certain key assumptions and variables used in estimating value in use, primarily attributable to:
\u2022 a deterioration in projected cash flows, revised following the company\u2019s update of its medium-term financial targets;
\u2022 a reduction in the perpetual growth rate resulting from downward revisions to long-term growth estimates by financial
analysts covering the stock.
Taking the above into account, the recoverable amount of the investment resulting from the impairment test was equal to
1,217 million euro, giving rise to an impairment loss recognised in the consolidated financial statements amounting to 586
million euro.
Open Fiber Holdings
The recoverable amount of the investment in Open Fiber Holdings was determined, also with the support of an independent
valuer, through the estimation of the company\u2019s Net Asset Value (NAV) as at 31 December 2025, by calculating the
recoverable value of the wholly owned interest in Open Fiber through the application of the Dividend Discount Model (DDM)
based on a two-stage model, comprising: (i) an explicit forecast of future cash flows for the period from 2026 to 2044
199
,
derived from financial projections based on estimates reflected in the latest business plan approved by the company\u2019s
Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The
discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific
parameters obtained from an analysis of the key comparable listed companies. An additional risk premium was also
incorporated into the discount rate to reflect certain residual elements of uncertainty embedded in the estimates of future
cash flows.
The impairment test found that the recoverable amount was higher than the carrying value of the equity investment in the
CDP Group Consolidated Financial Statements, and therefore, its carrying amount was confirmed. Since the value in use
is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also
conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the
exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity)
and the EBITDA used to estimate the Terminal Value, which show that any non-marginal negative changes in these
variables would result in a recoverable amount lower than that identified at the reference date, but in any case higher than
the carrying value of the equity investment. The sensitivity analyses carried out with reference to the main assumptions
showed that, in order to align the value in use \u2013 thus determined \u2013 with the carrying value of the equity investment
(assuming a break-even scenario), it would be necessary to (i) increase the cost of equity by approximately 300 bps, or (ii)
reduce the EBITDA used to estimate the Terminal Value by approximately 44%.
Saipem
The recoverable amount of the equity investment in Saipem was measured at fair value less costs to sell.
The fair value of the equity investment was calculated on the basis of the volume-weighted average stock market prices
(\u201cVWAP\u201d method) in December 2025.
Based on the impairment test performed, the fair value was determined to be higher than the carrying amount of the
investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was
confirmed. It should also be noted that, in order to align the fair value, as stated above, with the carrying value of the equity
investment (assuming a break-even scenario), a reduction of approximately 37% in the VWAP would be necessary.
GreenIT
The recoverable amount of the investment held in GreenIT was determined using a Sum of the Parts (SOTP) approach,
based on the individual investment projects held by the company as at 31 December 2025, each valued in turn using the
Dividend Discount Model (DDM) on the basis of projected future cash flows from 2026 until the end of the expected useful
life of each project. The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory,
utilising specific parameters obtained from an analysis of the key comparable listed companies. Each project\u2019s discount
rate further incorporated a differentiated risk premium designed to capture residual uncertainties present in the estimates
of future cash flows.
The impairment test performed indicated a recoverable amount substantially in line with the carrying amount of the
investment in the CDP Group\u2019s consolidated financial statements; accordingly, the carrying value of the investment was
confirmed. Since the value in use is determined through the use of estimates and assumptions that may contain elements
of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main
assumptions and variables underlying the exercise. Specifically, sensitivity analyses were performed with emphasis on the
discount rate (cost of equity), revealing that marginal negative changes in the main assumptions supporting the exercise
could lead to a recoverable amount below the carrying amount of the investment, excluding the potential impact of any corrective measures that management might implement. Sensitivity analyses performed with reference to the key assumptions indicated that, in order to align the value in use - as determined - with the carrying value of the investment (break-even scenario), an increase in the cost of equity for each project type of approximately 6 basis points would be required. Other equity investments With reference to the Snam group, the analyses performed identified impairment indicators and, consequently, the need to test the recoverable amount of the SeaCorridor and Interconnector CGUs; the investment in Terminale GNL Adriatico [LNG Adriatic Terminal] is, instead, among the CGUs subject to impairment testing for the first time as at 31 December 2025. For the impairment test, the recoverable amount of the investments was determined on a value-in-use basis: using the Discounted Cash Flow methodology for SeaCorridor (with deduction of the investee\u2019s net financial position), and the Dividend Discount Model for the investments in Interconnector and Terminale GNL Adriatico. For the purposes of conducting the impairment test, the cash flows and dividend streams used were those included in the forecast plans approved by the respective Boards of the investees. The terminal value was determined using the perpetuity method, applying a growth rate consistent with market evidence regarding the long-term inflation outlook for the relevant area based on IMF indications, or, alternatively, using the annuity method by discounting a finite stream of cash flows reflecting the expected operating horizon. The scope of CGUs represented by investments in joint ventures and associates remains unchanged compared with 31 December 2024, with the exception of the interest in Galaxy, which was disposed of in March 2025. At 31 December 2025, the discount rates estimated by the Snam group and applied in the impairment tests ranged between 6.09% and 9.90% for the CGUs assessed using the DDM, and amounted to 5.41% for the CGU assessed using the DCF method. Lastly, it should be noted that as at 30 June 2025 the Snam group had identified impairment indicators relating to its investment, equal to 21.59%, in Industrie De Nora (held through the subsidiary Asset Company 10), represented by the share price performance, which, particularly during the first six months of 2025, recorded a decrease of approximately 15% compared with 31 December 2024. Accordingly, the company performed an impairment test as at 30 June 2025, recognising an impairment charge of approximately 71 million euro. The impairment was calculated by comparing the carrying value with the recoverable amount, determined as the arithmetic mean of the share\u2019s closing prices over the preceding six-month period. 7.2 Significant equity investments: carrying amount, fair value and dividends received
(thousands of euro)
Company name
Carrying amount
Fair value (*)
Dividends received
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,165,363
2. Holding Reti Autostradali S.p.A.
3,546,793
296,310
B. Companies subject to significant influence
1. ENI S.p.A.
13,112,240
15,109,937
954,903
2. Poste Italiane S.p.A.
4,047,396
9,819,335
525,709
3. Nexi S.p.A.
1,217,322
947,455
56,116
(*)The fair value shown in the table regarding listed securities is calculated by multiplying the number of shares held by the stock market price recorded at the end of 2025 (30 December 2025). 7.3 Significant equity investments: accounting data
Writedow
Income
Income
ns of
(loss)
Income
(loss)
(millions of
property,
before
(loss)
after tax
Other
euro)
Non-
Net
plant and
tax from
after tax
on
compreh
Cash and
Financi
financia
intere
equipmen
continui
on
discontinu
Income
ensive
cash
Non-
al
l
Total
st
t and
ng
continuing
ed
(loss)
income
Comprehensi
Company
equivalen
Financial
financia
liabilitie
liabilitie
revenue
inco
intangible
operatio
operation
operation
for the
net of
ve income (3)
name
ts
assets
l assets
s
s
s
me
assets
ns
s
s
year (1)
taxes (2)
= (1) + (2)
A. Joint
ventures
1. Open
54
556
12,468
6,892
3,023
775
(370)
(632)
(613)
(462)
(462)
2
(460)
Fiber
Holdings
S.p.A.
2.
1,255
381
26,254
12,138
7,496
6,352
(1,869)
332
226
226
(10)
216
Holding
Reti
Autostrad
ali S.p.A.
B.
Compani
es under
significan
t
influence
1. ENI
x
11,810
117,159
34,202
50,080
83,629
x
x
5,778
2,758
2,758
(5,775)
(3,017)
S.p.A.
2. Poste
x
257,784
28,094
100,429
175,899
13,588
x
x
3,236
2,235
2,235
1,555
3,791
Italiane
S.p.A.
3. Nexi
x
2,954
14,312
10,777
2,375
6,273
x
x
(3,146)
(3,372)
(3,372)
87
(3,286)
S.p.A.
The consolidated accounting figures for joint ventures and significant associates were produced based on the information provided by the investees at 31 December 2025.
(thousands of euro)
Net assets
% holding
Net assets held
Goodwill
Other
Book value
Company name
adjustments
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,457,227
60.00%
874,336
609,135
(318,108)
1,165,363
2. Holding Reti Autostradali S.p.A.
6,954,497
51.00%
3,546,793
3,546,793
B. Companies subject to significant
influence
1. ENI S.p.A.
47,940,000
28.50%
13,662,900
(550,660)
13,112,240
2. Poste S.p.A.
13,839,312
35.00%
4,843,759
(796,363)
4,047,396
3. Nexi S.p.A.
7,057,529
19.14%
1,350,811
1,033,351
(1,166,840)
1,217,322
Goodwill and other adjustments include changing arising as a result of the Purchase Price Allocation processes. Other adjustments also include the impact of asymmetrical transactions carried out by listed investees with CDP Group companies. 7.4 Non-significant equity investments: accounting data
Income
Income (loss)
(loss) after
Income
Other
(thousands of
Carrying amount
Total
Total
after tax on
tax on
(loss) for the
comprehensive
Comprehensive
euro)
of the
Total assets
liabilities
revenues
continuing
disposal
year
income after
income (3) =
investments
operations
groups
(1)
tax
(1) + (2)
held for
(2)
Company name
sale
Joint ventures
2,135,976
24,155,858
18,224,775
18,587,466
(239,267)
599,392
(195,896)
158,338
(37,558)
Companies
1,949,728
28,967,090
23,454,285
17,061,169
1,472,607
724,709
750,856
(208,810)
542,046
subject to
significant
influence
The accounting figures for non-significant equity investments in joint ventures and associates were produced based on the information provided by the investees. 7.5 Equity investments: changes for the year
(thousands of euro)
31/12/2025
31/12/2024
A. Opening balance
27,804,401
26,616,572
B. Increases
4,593,391
3,494,623
B.1 Purchases
696,940
370,613
B.2 Writebacks
35,608
B.3 Revaluations
2,117,574
2,032,009
B.4 Other increases
1,778,877
1,056,393
C. Decreases
5,217,997
2,306,794
C.1 Sales
270,107
2,056
C.2 Writedowns
658,080
C3 Impairment
218,135
255,014
C.4 Other decreases
4,071,675
2,049,724
D. Closing balance
27,179,795
27,804,401
E. Total revaluations
15,640,362
13,955,556
F. Total writedowns
3,122,877
2,495,289
7.6 Significant assessments or assumptions made to determine whether there is joint control or significant influence Please refer to the contents of Section 7 \u201cEquity Investments\u201d Part A.2 of these Notes to the Consolidated Financial Statements. 7.7 Commitments relating to joint operations CDP Equity has commitments for a total of 978 million euro in favour of its jointly controlled subsidiaries. 7.8 Commitments relating to companies under significant influence The most significant commitments relating to equity investments in companies under significant influence are attributable to TAP (the investee company managed through Snam) for which, for the time being and until repayment of the loan, a mechanism has been put in place to support the repayment of the outstanding financial debt of the same company (the so-called \u201cDebt Payment Undertaking\u201d), which, unlike a first demand guarantee, released upon reaching the \u201cFinancial Completion Date\u201d on 31 March 2021, would be activated upon the occurrence of specific and determined conditions linked to exceptional events of an extraordinary nature. The maximum pro-rata amount of the guarantee attributable to Snam is equal to 1,129 million euro. Moreover, the financial documentation signed as part of the Project Financing concluded for TAP provides for some restrictions for the shareholders, typical of this type of transaction, such as: (i) the restriction on the sale of TAP shares, according to a certain schedule; (ii) establishment of a pledge for the shares held by Snam in TAP in favour of the lenders for the entire duration of the loan. 7.9 Significant restrictions There are no significant restrictions on equity investments. 7.10 Other information With regard to equity investments in associates or joint ventures, financial statements or reports with a reporting date of up to six months from 31 December 2025 were used in limited cases. The table below shows the reporting date of the year used to apply the equity method:
Company name
Type of relationship
Reporting date
Mozart HoldCo S.p.A.
Significant influence
30/06/2025
GPI S.p.A.
Significant influence
30/06/2025
Diagram S.p.A.
Joint control
30/06/2025
Hotelturist S.p.A.
Joint control
31/10/2025
Furthermore, when the accounting data of an associate or a joint operation used to apply the equity method is different from 31 December 2025, adjustments are made to reflect the effects of the significant transactions or facts that occurred between said date and the reporting date of the Consolidated Financial Statements of the CDP Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-981": { "value": "7.2 Significant equity investments: carrying amount, fair value and dividends received
(thousands of euro)
Company name
Carrying amount
Fair value (*)
Dividends received
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,165,363
2. Holding Reti Autostradali S.p.A.
3,546,793
296,310
B. Companies subject to significant influence
1. ENI S.p.A.
13,112,240
15,109,937
954,903
2. Poste Italiane S.p.A.
4,047,396
9,819,335
525,709
3. Nexi S.p.A.
1,217,322
947,455
56,116
(*)The fair value shown in the table regarding listed securities is calculated by multiplying the number of shares held by the stock market price recorded at the end of 2025 (30 December 2025). 7.3 Significant equity investments: accounting data
Writedow
Income
Income
ns of
(loss)
Income
(loss)
(millions of
property,
before
(loss)
after tax
Other
euro)
Non-
Net
plant and
tax from
after tax
on
compreh
Cash and
Financi
financia
intere
equipmen
continui
on
discontinu
Income
ensive
cash
Non-
al
l
Total
st
t and
ng
continuing
ed
(loss)
income
Comprehensi
Company
equivalen
Financial
financia
liabilitie
liabilitie
revenue
inco
intangible
operatio
operation
operation
for the
net of
ve income (3)
name
ts
assets
l assets
s
s
s
me
assets
ns
s
s
year (1)
taxes (2)
= (1) + (2)
A. Joint
ventures
1. Open
54
556
12,468
6,892
3,023
775
(370)
(632)
(613)
(462)
(462)
2
(460)
Fiber
Holdings
S.p.A.
2.
1,255
381
26,254
12,138
7,496
6,352
(1,869)
332
226
226
(10)
216
Holding
Reti
Autostrad
ali S.p.A.
B.
Compani
es under
significan
t
influence
1. ENI
x
11,810
117,159
34,202
50,080
83,629
x
x
5,778
2,758
2,758
(5,775)
(3,017)
S.p.A.
2. Poste
x
257,784
28,094
100,429
175,899
13,588
x
x
3,236
2,235
2,235
1,555
3,791
Italiane
S.p.A.
3. Nexi
x
2,954
14,312
10,777
2,375
6,273
x
x
(3,146)
(3,372)
(3,372)
87
(3,286)
S.p.A.
The consolidated accounting figures for joint ventures and significant associates were produced based on the information provided by the investees at 31 December 2025.
(thousands of euro)
Net assets
% holding
Net assets held
Goodwill
Other
Book value
Company name
adjustments
A. Joint ventures
1. Open Fiber Holdings S.p.A.
1,457,227
60.00%
874,336
609,135
(318,108)
1,165,363
2. Holding Reti Autostradali S.p.A.
6,954,497
51.00%
3,546,793
3,546,793
B. Companies subject to significant
influence
1. ENI S.p.A.
47,940,000
28.50%
13,662,900
(550,660)
13,112,240
2. Poste S.p.A.
13,839,312
35.00%
4,843,759
(796,363)
4,047,396
3. Nexi S.p.A.
7,057,529
19.14%
1,350,811
1,033,351
(1,166,840)
1,217,322
Goodwill and other adjustments include changing arising as a result of the Purchase Price Allocation processes. Other adjustments also include the impact of asymmetrical transactions carried out by listed investees with CDP Group companies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-896": { "value": "
Section 8 - Insurance activities - Item 80
There are no insurance activities.
Section 11 - Insurance liabilities - Item 110
There are no insurance liabilities.
Section 10 - Insurance service result - Item 160
The Group does not engage in insurance business, so there are no revenues and expenses from insurance services.
Section 11 - Balance of financial income and expenses relating to insurance operations -
Item 170
The Group does not engage in insurance business, so there are no financial revenues and expenses related to insurance
operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-923": { "value": "
Section 9 - Property, plant and equipment - Item 90
9.1 Operating property, plant and equipment: breakdown of assets measured at cost
(thousands of euro)
Prudential
Other entities
31/12/2025
31/12/2024
Items/Values
consolidation
1. Owned
119,196
50,143,142
50,262,338
46,031,595
a) land
62,276
659,091
721,367
623,887
b) buildings
30,227
3,364,025
3,394,252
3,228,114
c) furniture
2,238
9,046
11,284
10,769
d) electrical systems
8,060
748,045
756,105
828,697
e) other
16,395
45,362,935
45,379,330
41,340,128
2. Right of use acquired under leases
14,466
484,981
499,447
393,141
a) land
49,346
49,346
49,151
b) buildings
14,148
231,146
245,294
219,553
c) furniture
d) electrical systems
17
17
8
e) other
301
204,489
204,790
124,429
Total
133,662
50,628,123
50,761,785
46,424,736
of which: obtained via the enforcement of the guarantees received
Other property, plant and equipment refer primarily to the investments in plants instrumental for the performance of the
business activity by groups in the industrial sector, and in particular by Terna, Snam and Fincantieri. In detail, the item
includes mainly:
\u2022 investments by Terna amounting to approximately 20.5 billion euro, relating to transmission lines for 8.9 billion euro,
substations for 5.1 billion euro, other plant and machinery for 1 billion euro, industrial and commercial equipment for
65 million euro, and other assets for 100 million euro;
\u2022 investments by Snam amounting to approximately 24.1 billion euro, relating to transmission activities for 15.5 billion
euro (pipelines for 14.5 billion euro, and compressor stations and gas reduction and regulation activities for
approximately 1 billion euro), storage activities for 3.1 billion euro (treatment and compression plants for 2.1 billion
euro, storage wells for 1 billion euro, and pipelines for 83 million euro), regasification activities for 828 million euro,
other plant and machinery for 1.5 billion euro, industrial and commercial equipment for 111 million euro, and other
assets for 27 million euro;
\u2022 assets under construction and advances amounting to 8.5 billion euro, of which 5.2 billion euro relate to Terna, 2.9
billion euro to Snam, and 225 million euro to Fincantieri.
9.2 Investment property: breakdown of assets measured at cost
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
L3
amount
L2
L3
1. Owned
1,071,285
876,698
198,532
946,855
740,040
212,275
a) land
229,012
173,882
55,130
184,707
129,577
55,130
b) buildings
842,273
702,816
143,402
762,148
610,463
157,145
2. Right of use acquired under
leases
690
690
784
784
a) land
b) buildings
690
690
784
784
Total
1,071,975
876,698
199,222
947,639
740,040
213,059
L1
of which: obtained via the
enforcement of the guarantees
received
Key
L1= Level 1
L2= Level 2
L3= Level 3
9.2 of which: pertaining to the Prudential consolidation
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
amount
L2
L3
1. Owned
196,641
196,641
202,552
202,552
a) land
55,130
55,130
55,130
55,130
b) buildings
141,511
141,511
147,422
147,422
2. Right of use acquired under
leases
690
690
784
784
a) land
b) buildings
690
690
784
784
Total
197,331
197,331
203,336
203,336
L3
L1
of which: obtained via the enforcement of the guarantees received
9.2 of which: pertaining to Other companies
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
L3
amount
L2
L3
1. Owned
874,644
876,698
1,891
744,303
740,040
9,723
a) land
173,882
173,882
129,577
129,577
b) buildings
700,762
702,816
1,891
614,726
610,463
9,723
2. Right of use acquired under
leases
a) land
b) buildings
Total
874,644
876,698
1,891
744,303
740,040
9,723
L1
of which: obtained via the enforcement of the guarantees received
9.3 Operating property, plant and equipment: breakdown of revalued assets This item has a nil balance. 9.4 Investment property: breakdown of assets measured at fair value This item has a nil balance. 9.5 Inventories of property, plant and equipment governed by IAS 2: breakdown
(thousands of euro)
Total
Total
Items/Values
31/12/2025
31/12/2024
1. Inventories of property, plant and equipment from enforcement of the
guarantees received
2. Other inventories of property, plant and equipment
927,632
960,373
Total
927,632
960,373
of which measured at fair value, less costs of disposal The remaining property, plant and equipment mainly consist of properties owned by the real estate funds within the consolidation perimeter, valued at 866 million euro, and by CDP Immobiliare S.r.l. in liquidazione, valued at 48 million euro.
9.6 Operating property, plant and equipment: changes for the year
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
695,312
5,455,393
36,809
1,734,886
70,359,345
78,281,745
A.1 Total net writedowns
(22,274)
(2,007,726)
(26,040)
(906,181)
(28,894,788)
(31,857,009)
A.2 Opening net balance
673,038
3,447,667
10,769
828,705
41,464,557
46,424,736
B. Increases
126,257
613,941
6,926
148,137
8,632,441
9,527,702
B.1 Purchases
23,700
115,084
291
29,107
6,183,371
6,351,553
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
498,152
6,635
118,380
2,448,724
3,174,448
C. Decreases
28,582
422,062
6,411
220,720
4,512,878
5,190,653
C.1 Sales
1,634
5,897
46
6,730
52,498
66,805
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
194,260
2,048
142,779
1,851,848
2,200,089
C.3 Writedowns for impairment
38
57
506
45,901
46,502
recognised in
a) equity
b) income statement
38
57
506
45,901
46,502
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,760
4,226
48,278
2,543,337
2,798,670
D. Closing net balance
770,713
3,639,546
11,284
756,122
45,584,120
50,761,785
D.1 Total net writedowns
(38,731)
(2,193,684)
(31,276)
(992,308)
(31,241,615)
(34,497,614)
D.2 Closing gross balance
809,444
5,833,230
42,560
1,748,430
76,825,735
85,259,399
E. Measurement at cost
9.6 of which: pertaining to the Prudential consolidation
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
62,276
92,688
11,721
26,038
42,394
235,117
A.1 Total net writedowns
(43,522)
(8,893)
(19,616)
(28,932)
(100,963)
A.2 Opening net balance
62,276
49,166
2,828
6,422
13,462
134,154
B. Increases
1,290
700
3,719
7,711
13,420
B.1 Purchases
918
129
3,648
3,606
8,301
- of which: business combinations
B.2 Capitalized improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
X
X
X
B.7 Other changes
372
571
71
4,105
5,119
C. Decreases
6,081
1,290
2,064
4,477
13,912
C.1 Sales
19
19
- of which: business combinations
C.2 Depreciation
5,880
820
1,961
2,950
11,611
C.3 Writedowns for impairment recognised
57
34
2
93
in
a) equity
b) income statement
57
34
2
93
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
X
X
X
b) assets held for sale
C.7 Other changes
201
394
69
1,525
2,189
D. Closing net balance
62,276
44,375
2,238
8,077
16,696
133,662
D.1 Total net writedowns
(49,393)
(9,519)
(21,554)
(31,176)
(111,642)
D.2 Closing gross balance
62,276
93,768
11,757
29,631
47,872
245,304
E. Measurement at cost
9.6 of which: pertaining to Other companies
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
633,036
5,362,705
25,088
1,708,848
70,316,951
78,046,628
A.1 Total net writedowns
(22,274)
(1,964,204)
(17,147)
(886,565)
(28,865,856)
(31,756,046)
A.2 Opening net balance
610,762
3,398,501
7,941
822,283
41,451,095
46,290,582
B. Increases
126,257
612,651
6,226
144,418
8,624,730
9,514,282
B.1 Purchases
23,700
114,166
162
25,459
6,179,765
6,343,252
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
497,780
6,064
118,309
2,444,619
3,169,329
C. Decreases
28,582
415,981
5,121
218,656
4,508,401
5,176,741
C.1 Sales
1,634
5,897
27
6,730
52,498
66,786
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
188,380
1,228
140,818
1,848,898
2,188,478
C.3 Writedowns for impairment
38
472
45,899
46,409
recognised in
a) equity
b) income statement
38
472
45,899
46,409
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,559
3,832
48,209
2,541,812
2,796,481
D. Closing net balance
708,437
3,595,171
9,046
748,045
45,567,424
50,628,123
D.1 Total net writedowns
(38,731)
(2,144,291)
(21,757)
(970,754)
(31,210,439)
(34,385,972)
D.2 Closing gross balance
747,168
5,739,462
30,803
1,718,799
76,777,863
85,014,095
E. Measurement at cost
9.7 Investment property: changes for the year
Prudential consolidation
Other entities
(thousands of euro)
Land
Buildings
Land
Buildings
A. Opening gross balance
55,130
198,117
129,577
762,498
A.1 Total net writedowns
(49,911)
(147,772)
A.2 Opening net balance
55,130
148,206
129,577
614,726
B. Increases
10
47,790
138,215
B.1 Purchases
B.2 Capitalized improvement costs
120,358
B3. Fair value gains
B4. Writebacks
17,857
B.5 Positive exchange rate differences
B.6 Transfers from operating property
B7. Other changes
10
47,790
C. Decreases
6,015
3,485
52,179
C1. Sales
4,900
C.2 Depreciation
6,015
3,215
C3. Fair value losses
C4. Writedowns for impairment
3,485
C.5 Negative exchange rate differences
14
C.6 Transfers to
a) operating property
b) non-current assets and disposal groups held for sale
C.7 Other changes
44,050
D. Closing balance
55,130
142,201
173,882
700,762
D.1 Total net writedowns
(55,924)
(3,485)
(130,448)
D.2 Closing gross balance
55,130
198,125
177,367
831,210
E. Measurement at fair value
55,130
142,201
173,882
704,707
9.8 Inventories of property, plant and equipment governed by IAS 2: changes for the year
Inventories of property, plant and equipment obtained via the enforcement of
Other
Total
the guarantees received
inventories of
property, plant
Electrical
and equipment
Buildings
Furnitures
systems
Other
A. Opening gross balance
960,373
960,373
B. Increase
57,531
57,531
B.1 Purchase
40,254
40,254
B.2 Writebacks
13,465
13,465
B.3 Positive exchange rate
differences
B.4 Other changes
3,812
3,812
C. Decreases
90,272
90,272
C.1 Sales
60,734
60,734
C.2 Writedowns for impairment
25,798
25,798
C.3 Negative exchange rate
differences
C.4 Other changes
3,740
3,740
D. Closing gross balance
927,632
927,632
Land 9.9 Commitments to purchase property, plant and equipment Commitments to purchase property, plant and equipment at 31 December 2025 refer mainly to:
\u2022 the Fincantieri group with commitments for the purchase of property, plant and equipment for approximately 44 million
euro;
\u2022 the Ansaldo Energia group with commitments for purchases of approximately 14 million euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-939": { "value": "Section 9 - Property, plant and equipment - Item 90 9.1 Operating property, plant and equipment: breakdown of assets measured at cost
(thousands of euro)
Prudential
Other entities
31/12/2025
31/12/2024
Items/Values
consolidation
1. Owned
119,196
50,143,142
50,262,338
46,031,595
a) land
62,276
659,091
721,367
623,887
b) buildings
30,227
3,364,025
3,394,252
3,228,114
c) furniture
2,238
9,046
11,284
10,769
d) electrical systems
8,060
748,045
756,105
828,697
e) other
16,395
45,362,935
45,379,330
41,340,128
2. Right of use acquired under leases
14,466
484,981
499,447
393,141
a) land
49,346
49,346
49,151
b) buildings
14,148
231,146
245,294
219,553
c) furniture
d) electrical systems
17
17
8
e) other
301
204,489
204,790
124,429
Total
133,662
50,628,123
50,761,785
46,424,736
of which: obtained via the enforcement of the guarantees received Other property, plant and equipment refer primarily to the investments in plants instrumental for the performance of the business activity by groups in the industrial sector, and in particular by Terna, Snam and Fincantieri. In detail, the item includes mainly: \u2022 investments by Terna amounting to approximately 20.5 billion euro, relating to transmission lines for 8.9 billion euro, substations for 5.1 billion euro, other plant and machinery for 1 billion euro, industrial and commercial equipment for 65 million euro, and other assets for 100 million euro; \u2022 investments by Snam amounting to approximately 24.1 billion euro, relating to transmission activities for 15.5 billion euro (pipelines for 14.5 billion euro, and compressor stations and gas reduction and regulation activities for approximately 1 billion euro), storage activities for 3.1 billion euro (treatment and compression plants for 2.1 billion euro, storage wells for 1 billion euro, and pipelines for 83 million euro), regasification activities for 828 million euro, other plant and machinery for 1.5 billion euro, industrial and commercial equipment for 111 million euro, and other assets for 27 million euro; \u2022 assets under construction and advances amounting to 8.5 billion euro, of which 5.2 billion euro relate to Terna, 2.9 billion euro to Snam, and 225 million euro to Fincantieri. 9.2 Investment property: breakdown of assets measured at cost
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
L3
amount
L2
L3
1. Owned
1,071,285
876,698
198,532
946,855
740,040
212,275
a) land
229,012
173,882
55,130
184,707
129,577
55,130
b) buildings
842,273
702,816
143,402
762,148
610,463
157,145
2. Right of use acquired under
leases
690
690
784
784
a) land
b) buildings
690
690
784
784
Total
1,071,975
876,698
199,222
947,639
740,040
213,059
L1 of which: obtained via the enforcement of the guarantees received Key L1= Level 1 L2= Level 2 L3= Level 3 9.2 of which: pertaining to the Prudential consolidation
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
amount
L2
L3
1. Owned
196,641
196,641
202,552
202,552
a) land
55,130
55,130
55,130
55,130
b) buildings
141,511
141,511
147,422
147,422
2. Right of use acquired under
leases
690
690
784
784
a) land
b) buildings
690
690
784
784
Total
197,331
197,331
203,336
203,336
L3 L1 of which: obtained via the enforcement of the guarantees received 9.2 of which: pertaining to Other companies
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
L3
amount
L2
L3
1. Owned
874,644
876,698
1,891
744,303
740,040
9,723
a) land
173,882
173,882
129,577
129,577
b) buildings
700,762
702,816
1,891
614,726
610,463
9,723
2. Right of use acquired under
leases
a) land
b) buildings
Total
874,644
876,698
1,891
744,303
740,040
9,723
L1 of which: obtained via the enforcement of the guarantees received 9.3 Operating property, plant and equipment: breakdown of revalued assets This item has a nil balance. 9.4 Investment property: breakdown of assets measured at fair value This item has a nil balance. 9.5 Inventories of property, plant and equipment governed by IAS 2: breakdown
(thousands of euro)
Total
Total
Items/Values
31/12/2025
31/12/2024
1. Inventories of property, plant and equipment from enforcement of the
guarantees received
2. Other inventories of property, plant and equipment
927,632
960,373
Total
927,632
960,373
of which measured at fair value, less costs of disposal The remaining property, plant and equipment mainly consist of properties owned by the real estate funds within the consolidation perimeter, valued at 866 million euro, and by CDP Immobiliare S.r.l. in liquidazione, valued at 48 million euro. 9.6 Operating property, plant and equipment: changes for the year
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
695,312
5,455,393
36,809
1,734,886
70,359,345
78,281,745
A.1 Total net writedowns
(22,274)
(2,007,726)
(26,040)
(906,181)
(28,894,788)
(31,857,009)
A.2 Opening net balance
673,038
3,447,667
10,769
828,705
41,464,557
46,424,736
B. Increases
126,257
613,941
6,926
148,137
8,632,441
9,527,702
B.1 Purchases
23,700
115,084
291
29,107
6,183,371
6,351,553
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
498,152
6,635
118,380
2,448,724
3,174,448
C. Decreases
28,582
422,062
6,411
220,720
4,512,878
5,190,653
C.1 Sales
1,634
5,897
46
6,730
52,498
66,805
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
194,260
2,048
142,779
1,851,848
2,200,089
C.3 Writedowns for impairment
38
57
506
45,901
46,502
recognised in
a) equity
b) income statement
38
57
506
45,901
46,502
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,760
4,226
48,278
2,543,337
2,798,670
D. Closing net balance
770,713
3,639,546
11,284
756,122
45,584,120
50,761,785
D.1 Total net writedowns
(38,731)
(2,193,684)
(31,276)
(992,308)
(31,241,615)
(34,497,614)
D.2 Closing gross balance
809,444
5,833,230
42,560
1,748,430
76,825,735
85,259,399
E. Measurement at cost
9.6 of which: pertaining to the Prudential consolidation
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
62,276
92,688
11,721
26,038
42,394
235,117
A.1 Total net writedowns
(43,522)
(8,893)
(19,616)
(28,932)
(100,963)
A.2 Opening net balance
62,276
49,166
2,828
6,422
13,462
134,154
B. Increases
1,290
700
3,719
7,711
13,420
B.1 Purchases
918
129
3,648
3,606
8,301
- of which: business combinations
B.2 Capitalized improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
X
X
X
B.7 Other changes
372
571
71
4,105
5,119
C. Decreases
6,081
1,290
2,064
4,477
13,912
C.1 Sales
19
19
- of which: business combinations
C.2 Depreciation
5,880
820
1,961
2,950
11,611
C.3 Writedowns for impairment recognised
57
34
2
93
in
a) equity
b) income statement
57
34
2
93
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
X
X
X
b) assets held for sale
C.7 Other changes
201
394
69
1,525
2,189
D. Closing net balance
62,276
44,375
2,238
8,077
16,696
133,662
D.1 Total net writedowns
(49,393)
(9,519)
(21,554)
(31,176)
(111,642)
D.2 Closing gross balance
62,276
93,768
11,757
29,631
47,872
245,304
E. Measurement at cost
9.6 of which: pertaining to Other companies
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
633,036
5,362,705
25,088
1,708,848
70,316,951
78,046,628
A.1 Total net writedowns
(22,274)
(1,964,204)
(17,147)
(886,565)
(28,865,856)
(31,756,046)
A.2 Opening net balance
610,762
3,398,501
7,941
822,283
41,451,095
46,290,582
B. Increases
126,257
612,651
6,226
144,418
8,624,730
9,514,282
B.1 Purchases
23,700
114,166
162
25,459
6,179,765
6,343,252
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
497,780
6,064
118,309
2,444,619
3,169,329
C. Decreases
28,582
415,981
5,121
218,656
4,508,401
5,176,741
C.1 Sales
1,634
5,897
27
6,730
52,498
66,786
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
188,380
1,228
140,818
1,848,898
2,188,478
C.3 Writedowns for impairment
38
472
45,899
46,409
recognised in
a) equity
b) income statement
38
472
45,899
46,409
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,559
3,832
48,209
2,541,812
2,796,481
D. Closing net balance
708,437
3,595,171
9,046
748,045
45,567,424
50,628,123
D.1 Total net writedowns
(38,731)
(2,144,291)
(21,757)
(970,754)
(31,210,439)
(34,385,972)
D.2 Closing gross balance
747,168
5,739,462
30,803
1,718,799
76,777,863
85,014,095
E. Measurement at cost
9.7 Investment property: changes for the year
Prudential consolidation
Other entities
(thousands of euro)
Land
Buildings
Land
Buildings
A. Opening gross balance
55,130
198,117
129,577
762,498
A.1 Total net writedowns
(49,911)
(147,772)
A.2 Opening net balance
55,130
148,206
129,577
614,726
B. Increases
10
47,790
138,215
B.1 Purchases
B.2 Capitalized improvement costs
120,358
B3. Fair value gains
B4. Writebacks
17,857
B.5 Positive exchange rate differences
B.6 Transfers from operating property
B7. Other changes
10
47,790
C. Decreases
6,015
3,485
52,179
C1. Sales
4,900
C.2 Depreciation
6,015
3,215
C3. Fair value losses
C4. Writedowns for impairment
3,485
C.5 Negative exchange rate differences
14
C.6 Transfers to
a) operating property
b) non-current assets and disposal groups held for sale
C.7 Other changes
44,050
D. Closing balance
55,130
142,201
173,882
700,762
D.1 Total net writedowns
(55,924)
(3,485)
(130,448)
D.2 Closing gross balance
55,130
198,125
177,367
831,210
E. Measurement at fair value
55,130
142,201
173,882
704,707
9.8 Inventories of property, plant and equipment governed by IAS 2: changes for the year
Inventories of property, plant and equipment obtained via the enforcement of
Other
Total
the guarantees received
inventories of
property, plant
Electrical
and equipment
Buildings
Furnitures
systems
Other
A. Opening gross balance
960,373
960,373
B. Increase
57,531
57,531
B.1 Purchase
40,254
40,254
B.2 Writebacks
13,465
13,465
B.3 Positive exchange rate
differences
B.4 Other changes
3,812
3,812
C. Decreases
90,272
90,272
C.1 Sales
60,734
60,734
C.2 Writedowns for impairment
25,798
25,798
C.3 Negative exchange rate
differences
C.4 Other changes
3,740
3,740
D. Closing gross balance
927,632
927,632
Land 9.9 Commitments to purchase property, plant and equipment Commitments to purchase property, plant and equipment at 31 December 2025 refer mainly to: \u2022 the Fincantieri group with commitments for the purchase of property, plant and equipment for approximately 44 million euro; \u2022 the Ansaldo Energia group with commitments for purchases of approximately 14 million euro. 1.1 Financial liabilities measured at amortised cost: breakdown by type of amounts due to banks
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying amount
Fair value
Types of operations/values
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Due to central banks
503,117
X
X
X
801,343
X
X
X
2. Due to banks
41,423,083
X
X
X
41,110,355
X
X
X
2.1 Current accounts and
demand deposits
26,081
X
X
X
41,807
X
X
X
2.2 Time deposits
365,794
X
X
X
398,799
X
X
X
2.3 Loans
39,220,621
X
X
X
38,590,611
X
X
X
2.3.1 Repurchase
16,696,139
X
X
X
19,681,109
X
X
X
agreements
2.3.2 Other
22,524,482
X
X
X
18,909,502
X
X
X
2.4 Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
2.5 Lease liabilities
37
X
X
X
46
X
X
X
2.6 Other payables
1,810,550
X
X
X
2,079,092
X
X
X
Total
41,926,200
5,420,079
36,006,512
41,911,698
4,069,399
36,955,076
\u201cAmounts due to central banks\u201d, totalling approximately 503 million euro (-298 million euro compared with 2024), mainly relate to refinancing facilities provided by the ECB. Amounts due to banks include loans of 39,221 million euro, mainly related to: \u2022 reverse repurchase transactions entered into by the Parent Company amounting to approximately 16,696 million euro (-2,985 million euro compared with 2024). The decrease is consistent with the strategy to reduce short-term funding from an asset\u2013liability management perspective; \u2022 other financing activities, amounting to approximately 22,525 million euro, include loans granted to the Parent Company (approximately 5,641 million euro, +373 million euro compared with 2024), relating to credit facilities received from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB); loans granted by the banking system to Terna for approximately 7,028 million euro, to SNAM for 4,029 million euro, to Italgas for 2,630 million euro, to Fincantieri for 1,500 million euro, to CDP Reti for 601 million euro, and to Ansaldo Energia S.p.A. for 343 million euro. Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for liquidity risk considerations and an analysis of the maturity of financial liabilities to banks. Time deposits, amounting to approximately 366 million euro (-33 million euro compared with 2024), relate to the balance of passbook savings accounts and postal savings bonds held by banks. Lease liabilities amounting to approximately 37 thousand euro are outstanding and relate to a property lease agreement entered into in 2024 with a banking counterparty, under which CDP acts as lessee. The item Other liabilities as at 31 December 2025 mainly relates to Credit Support Annex (CSA) agreements covering counterparty risk on the Parent Company\u2019s derivatives for 1,012 million euro (+675 million euro compared with 2024), as well as to the contribution of the Terna group for 755 million euro. 1.2 Financial liabilities measured at amortised cost: breakdown by type of amounts due to customers
31/12/2025
31/12/2024
(thousands of euro)
Carrying amount
Fair value
Carrying amount
Fair value
Types of operations/values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Current accounts and
demand deposits
10,819
X
X
X
12,107
X
X
X
2. Time deposits
296,863,034
X
X
X
289,624,226
X
X
X
3. Loans
5,822,939
X
X
X
16,411,197
X
X
X
3.1 Repurchase
4,550,464
X
X
X
14,627,802
X
X
X
agreements
3.2 Other
1,272,475
X
X
X
1,783,395
X
X
X
4. Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
5. Lease liabilities
492,904
X
X
X
414,089
X
X
X
6. Other payables
4,435,132
X
X
X
4,392,170
X
X
X
Total
307,624,828
858,196
306,550,137
310,853,789
1,629,746
309,234,606
Amounts due to customers are mainly represented by time deposits of the Parent Company, including savings passbooks amounting to 200,114 million euro (+4,839 million euro compared with 2024), net of those held by banks, and postal savings bonds amounting to 96,704 million euro (+2,562 million euro compared with 2024), net of those held by banks. The balance related to loans, equal to 5,823 million euro at 31 December 2025, mainly relates to the Parent Company\u2019s reverse repurchase agreements, amounting to approximately 4,550 million euro (-10,077 million euro compared to 2024). The decrease is consistent with the strategy of reducing short-term funding from an asset\u2013liability management perspective. Within the sub-item Other liabilities, the main amounts relate to sums attributable to the Parent Company not yet disbursed at the end of the financial year in respect of loans under amortisation granted to beneficiary entities, the disbursement of which is linked to the progress of the financed investments, amounting to 3,815 million euro (-227 million euro compared with 2024). For the part relating to Postal savings bonds issued by the Parent Company, the fair value reported above is equal to the carrying amount. In theory, for Postal savings bonds it would be possible, using statistical models of redemptions, to apply valuation techniques that incorporate a credit risk premium (spread) in line with that on medium-/long-term government securities. In view of the redemption on demand characteristic of Postal savings bonds and the particular uncertainty on redemption forecasts in a volatile rates market, which could also lead to fair value estimates lower than the amortised cost value, the best estimate of the fair value of postal savings bonds is believed to be the carrying amount. 1.6 Lease liabilities The following table shows the information required by IFRS 16, paragraph 53, letter g and paragraph 58).
Total
Total
(thousands of euro)
31/12/2025
31/12/2024
Time bands
Lease payables
Lease payables
Up to 1 year
125,075
124,147
Between 1 and 2 years
124,976
109,895
Between 2 and 3 years
68,492
45,621
Between 3 and 4 years
54,687
40,339
Between 4 and 5 years
59,974
30,786
Over 5 years
78,973
84,124
Total lease payments to be made
512,177
434,912
Reconciliation with lease liabilities
(19,236)
(20,777)
Unearned finance costs (-)
(19,236)
(20,777)
Unguaranteed residual value (-)
Lease liabilities
492,941
414,135
PART M - DISCLOSURE OF LEASES
This section contains some information indicated by IFRS 16.
SECTION 1 - LESSEE
Qualitative disclosures
The lease agreements within the scope of application of IFRS 16 are mainly referred to the rental contracts of the real
estate properties used by the Group in addition to the lease agreements for machinery (other assets e.g. printers, scanners
etc.) and vehicles.
The CDP Group calculated the duration of the lease for each individual contract, considering the \u201cnon-cancellable\u201d period
during which it has the right of use the underlying asset, evaluating all the contractual aspects that may change the duration,
including, in particular, the possible presence of:
\u2022 any period covered by an option to extend the lease, if it is reasonably certain that the option will be exercised;
\u2022 any period covered by an option to terminate the lease, if it is reasonably certain that the option will not be exercised.
In accordance with the accounting standard which provides that \u201cthe underlying asset can be of low value only if:
- the lessee can benefit from use of the underlying asset on its own or together with other resources that are readily
available to the lessee; and
- the underlying asset is not highly dependent on, or highly interrelated with, other assets\u201d.
The CDP Group applies the exemption for lease contracts when the asset on the purchase date is of low value.
The Standard also specifies that \u201ca contract containing the purchase option cannot be considered a short-term lease\u201d.
The CDP Group considers a lease to be \u201cshort-term\u201d when it has a maximum lease duration of 12 months and does not
include any option to extend (and to purchase) that may be exercised at the discretion of the lessee.
For these contracts, the related payments are recorded in the income statement on a straight-line basis for the
corresponding duration.
Quantitative disclosures
Reported below is the information required by IFRS 16 with regard to contracts where the CDP Group acts as a lessee,
contained in these notes in the following sections:
\u2022 Part B \u2013 Assets, section 9 \u2013 for information on the rights of use acquired under a lease;
\u2022 Part B \u2013 Liabilities, Section 1, table 1.6 \u201cLease liabilities\u201d \u2013 for information on lease liabilities;
\u2022 Part C \u2013 section 1, table 1.3 \u201cInterest expense and similar expense: breakdown\u201d \u2013 for information on interest expense
on the lease liabilities;
\u2022 Part C \u2013 section 14, table 14.1 \u201cNet impairments to property, plant and equipment: breakdown\u201d \u2013 for information on the
amortisation of the rights of use acquired under a lease.
Short-term leases and leases of a low value are accounted for in accordance with paragraph 6 of IFRS 16. The costs are
reported in Part C, section 12, table 12.5 \u201cOther administrative expenses: breakdown\u201d.
SECTION 2 \u2013 LESSOR
Qualitative disclosures
The CDP Group has leases in place as a lessor, which include both finance and operating leases.
Finance leases require the recognition of a receivable corresponding to the net value of the investment in the lease. The
net value is the sum of the minimum payments and the unguaranteed residual value, discounted at the interest rate implicit
in the lease.
Subsequently, financial income is recognised in the income statement for the term of the contract to make the periodic rate
of return on the residual net investment constant.
The estimate of the unguaranteed residual value is periodically reviewed to recognise any impairment losses.
Whereas, lease payments relating to lease contracts that qualify as operating leases are recognised in the income
statement on a straight-line basis over the term of the contract.
Quantitative disclosures
1. Disclosures on the balance sheets and income statements
With reference to finance leases, the carrying value of the finance leases to which the CDP Group is the lessor is shown
in Section 4 \u2013 Financial assets measured at amortised cost \u2013 Item 40 of the Notes to the Consolidated Financial
Statements, Part B.
During the year, these loans resulted in interest income shown in Section 1 \u2013 Interest \u2013 Items 10 and 20 of the Notes to
the Consolidated Financial Statements, Part C.
With reference to operating leases, the fees recognised on an accrual basis during the year in consideration of the lease
are shown in Section 16 \u2013 \u201cOther operating income (costs)\u201d \u2013 Item 230 of the Notes to the Consolidated Financial
Statements, Part C.
2. Finance leases
2.1 Classification by time band of the payments to be received and reconciliation with loans for leases
recognised under assets
For more details see Part B \u2013 Assets, Section 4 \u2013 for information on \u201cClassification by time band of the payments to be
received and reconciliation with finance leases recognised under assets\u201d.
2.2 Other information
There is no additional information to report.
3. Operating leases
3.1 Classification by time band of the payments to be received
Total
(thousands of euro)
31/12/2025
Time bands
Lease payments to be received
Up to 1 year
50,712
Between 1 and 2 years
38,199
Between 2 and 3 years
38,381
Between 3 and 4 years
38,298
Between 4 and 5 years
38,298
Over 5 years
389,721
Total
593,609
3.2 Other information
There is no additional information to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-996": { "value": "Section 9 - Property, plant and equipment - Item 90 9.1 Operating property, plant and equipment: breakdown of assets measured at cost
(thousands of euro)
Prudential
Other entities
31/12/2025
31/12/2024
Items/Values
consolidation
1. Owned
119,196
50,143,142
50,262,338
46,031,595
a) land
62,276
659,091
721,367
623,887
b) buildings
30,227
3,364,025
3,394,252
3,228,114
c) furniture
2,238
9,046
11,284
10,769
d) electrical systems
8,060
748,045
756,105
828,697
e) other
16,395
45,362,935
45,379,330
41,340,128
2. Right of use acquired under leases
14,466
484,981
499,447
393,141
a) land
49,346
49,346
49,151
b) buildings
14,148
231,146
245,294
219,553
c) furniture
d) electrical systems
17
17
8
e) other
301
204,489
204,790
124,429
Total
133,662
50,628,123
50,761,785
46,424,736
of which: obtained via the enforcement of the guarantees received Other property, plant and equipment refer primarily to the investments in plants instrumental for the performance of the business activity by groups in the industrial sector, and in particular by Terna, Snam and Fincantieri. In detail, the item includes mainly: \u2022 investments by Terna amounting to approximately 20.5 billion euro, relating to transmission lines for 8.9 billion euro, substations for 5.1 billion euro, other plant and machinery for 1 billion euro, industrial and commercial equipment for 65 million euro, and other assets for 100 million euro; \u2022 investments by Snam amounting to approximately 24.1 billion euro, relating to transmission activities for 15.5 billion euro (pipelines for 14.5 billion euro, and compressor stations and gas reduction and regulation activities for approximately 1 billion euro), storage activities for 3.1 billion euro (treatment and compression plants for 2.1 billion euro, storage wells for 1 billion euro, and pipelines for 83 million euro), regasification activities for 828 million euro, other plant and machinery for 1.5 billion euro, industrial and commercial equipment for 111 million euro, and other assets for 27 million euro; \u2022 assets under construction and advances amounting to 8.5 billion euro, of which 5.2 billion euro relate to Terna, 2.9 billion euro to Snam, and 225 million euro to Fincantieri. 9.2 Investment property: breakdown of assets measured at cost
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
L3
amount
L2
L3
1. Owned
1,071,285
876,698
198,532
946,855
740,040
212,275
a) land
229,012
173,882
55,130
184,707
129,577
55,130
b) buildings
842,273
702,816
143,402
762,148
610,463
157,145
2. Right of use acquired under
leases
690
690
784
784
a) land
b) buildings
690
690
784
784
Total
1,071,975
876,698
199,222
947,639
740,040
213,059
L1 of which: obtained via the enforcement of the guarantees received Key L1= Level 1 L2= Level 2 L3= Level 3 9.2 of which: pertaining to the Prudential consolidation
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
amount
L2
L3
1. Owned
196,641
196,641
202,552
202,552
a) land
55,130
55,130
55,130
55,130
b) buildings
141,511
141,511
147,422
147,422
2. Right of use acquired under
leases
690
690
784
784
a) land
b) buildings
690
690
784
784
Total
197,331
197,331
203,336
203,336
L3 L1 of which: obtained via the enforcement of the guarantees received 9.2 of which: pertaining to Other companies
31/12/2025
31/12/2024
(thousands of euro)
Carryng
Fair value
Carryng
Fair value
Items/Values
amount
L1
L2
L3
amount
L2
L3
1. Owned
874,644
876,698
1,891
744,303
740,040
9,723
a) land
173,882
173,882
129,577
129,577
b) buildings
700,762
702,816
1,891
614,726
610,463
9,723
2. Right of use acquired under
leases
a) land
b) buildings
Total
874,644
876,698
1,891
744,303
740,040
9,723
L1 of which: obtained via the enforcement of the guarantees received 9.3 Operating property, plant and equipment: breakdown of revalued assets This item has a nil balance. 9.4 Investment property: breakdown of assets measured at fair value This item has a nil balance. 9.5 Inventories of property, plant and equipment governed by IAS 2: breakdown
(thousands of euro)
Total
Total
Items/Values
31/12/2025
31/12/2024
1. Inventories of property, plant and equipment from enforcement of the
guarantees received
2. Other inventories of property, plant and equipment
927,632
960,373
Total
927,632
960,373
of which measured at fair value, less costs of disposal The remaining property, plant and equipment mainly consist of properties owned by the real estate funds within the consolidation perimeter, valued at 866 million euro, and by CDP Immobiliare S.r.l. in liquidazione, valued at 48 million euro. 9.6 Operating property, plant and equipment: changes for the year
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
695,312
5,455,393
36,809
1,734,886
70,359,345
78,281,745
A.1 Total net writedowns
(22,274)
(2,007,726)
(26,040)
(906,181)
(28,894,788)
(31,857,009)
A.2 Opening net balance
673,038
3,447,667
10,769
828,705
41,464,557
46,424,736
B. Increases
126,257
613,941
6,926
148,137
8,632,441
9,527,702
B.1 Purchases
23,700
115,084
291
29,107
6,183,371
6,351,553
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
498,152
6,635
118,380
2,448,724
3,174,448
C. Decreases
28,582
422,062
6,411
220,720
4,512,878
5,190,653
C.1 Sales
1,634
5,897
46
6,730
52,498
66,805
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
194,260
2,048
142,779
1,851,848
2,200,089
C.3 Writedowns for impairment
38
57
506
45,901
46,502
recognised in
a) equity
b) income statement
38
57
506
45,901
46,502
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,760
4,226
48,278
2,543,337
2,798,670
D. Closing net balance
770,713
3,639,546
11,284
756,122
45,584,120
50,761,785
D.1 Total net writedowns
(38,731)
(2,193,684)
(31,276)
(992,308)
(31,241,615)
(34,497,614)
D.2 Closing gross balance
809,444
5,833,230
42,560
1,748,430
76,825,735
85,259,399
E. Measurement at cost
9.6 of which: pertaining to the Prudential consolidation
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
62,276
92,688
11,721
26,038
42,394
235,117
A.1 Total net writedowns
(43,522)
(8,893)
(19,616)
(28,932)
(100,963)
A.2 Opening net balance
62,276
49,166
2,828
6,422
13,462
134,154
B. Increases
1,290
700
3,719
7,711
13,420
B.1 Purchases
918
129
3,648
3,606
8,301
- of which: business combinations
B.2 Capitalized improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
X
X
X
B.7 Other changes
372
571
71
4,105
5,119
C. Decreases
6,081
1,290
2,064
4,477
13,912
C.1 Sales
19
19
- of which: business combinations
C.2 Depreciation
5,880
820
1,961
2,950
11,611
C.3 Writedowns for impairment recognised
57
34
2
93
in
a) equity
b) income statement
57
34
2
93
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
X
X
X
b) assets held for sale
C.7 Other changes
201
394
69
1,525
2,189
D. Closing net balance
62,276
44,375
2,238
8,077
16,696
133,662
D.1 Total net writedowns
(49,393)
(9,519)
(21,554)
(31,176)
(111,642)
D.2 Closing gross balance
62,276
93,768
11,757
29,631
47,872
245,304
E. Measurement at cost
9.6 of which: pertaining to Other companies
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
633,036
5,362,705
25,088
1,708,848
70,316,951
78,046,628
A.1 Total net writedowns
(22,274)
(1,964,204)
(17,147)
(886,565)
(28,865,856)
(31,756,046)
A.2 Opening net balance
610,762
3,398,501
7,941
822,283
41,451,095
46,290,582
B. Increases
126,257
612,651
6,226
144,418
8,624,730
9,514,282
B.1 Purchases
23,700
114,166
162
25,459
6,179,765
6,343,252
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
497,780
6,064
118,309
2,444,619
3,169,329
C. Decreases
28,582
415,981
5,121
218,656
4,508,401
5,176,741
C.1 Sales
1,634
5,897
27
6,730
52,498
66,786
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
188,380
1,228
140,818
1,848,898
2,188,478
C.3 Writedowns for impairment
38
472
45,899
46,409
recognised in
a) equity
b) income statement
38
472
45,899
46,409
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,559
3,832
48,209
2,541,812
2,796,481
D. Closing net balance
708,437
3,595,171
9,046
748,045
45,567,424
50,628,123
D.1 Total net writedowns
(38,731)
(2,144,291)
(21,757)
(970,754)
(31,210,439)
(34,385,972)
D.2 Closing gross balance
747,168
5,739,462
30,803
1,718,799
76,777,863
85,014,095
E. Measurement at cost
9.7 Investment property: changes for the year
Prudential consolidation
Other entities
(thousands of euro)
Land
Buildings
Land
Buildings
A. Opening gross balance
55,130
198,117
129,577
762,498
A.1 Total net writedowns
(49,911)
(147,772)
A.2 Opening net balance
55,130
148,206
129,577
614,726
B. Increases
10
47,790
138,215
B.1 Purchases
B.2 Capitalized improvement costs
120,358
B3. Fair value gains
B4. Writebacks
17,857
B.5 Positive exchange rate differences
B.6 Transfers from operating property
B7. Other changes
10
47,790
C. Decreases
6,015
3,485
52,179
C1. Sales
4,900
C.2 Depreciation
6,015
3,215
C3. Fair value losses
C4. Writedowns for impairment
3,485
C.5 Negative exchange rate differences
14
C.6 Transfers to
a) operating property
b) non-current assets and disposal groups held for sale
C.7 Other changes
44,050
D. Closing balance
55,130
142,201
173,882
700,762
D.1 Total net writedowns
(55,924)
(3,485)
(130,448)
D.2 Closing gross balance
55,130
198,125
177,367
831,210
E. Measurement at fair value
55,130
142,201
173,882
704,707
9.8 Inventories of property, plant and equipment governed by IAS 2: changes for the year
Inventories of property, plant and equipment obtained via the enforcement of
Other
Total
the guarantees received
inventories of
property, plant
Electrical
and equipment
Buildings
Furnitures
systems
Other
A. Opening gross balance
960,373
960,373
B. Increase
57,531
57,531
B.1 Purchase
40,254
40,254
B.2 Writebacks
13,465
13,465
B.3 Positive exchange rate
differences
B.4 Other changes
3,812
3,812
C. Decreases
90,272
90,272
C.1 Sales
60,734
60,734
C.2 Writedowns for impairment
25,798
25,798
C.3 Negative exchange rate
differences
C.4 Other changes
3,740
3,740
D. Closing gross balance
927,632
927,632
Land 9.9 Commitments to purchase property, plant and equipment Commitments to purchase property, plant and equipment at 31 December 2025 refer mainly to: \u2022 the Fincantieri group with commitments for the purchase of property, plant and equipment for approximately 44 million euro; \u2022 the Ansaldo Energia group with commitments for purchases of approximately 14 million euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-873": { "value": "
9.5 Inventories of property, plant and equipment governed by IAS 2: breakdown
(thousands of euro)
Total
Total
Items/Values
31/12/2025
31/12/2024
1. Inventories of property, plant and equipment from enforcement of the
guarantees received
2. Other inventories of property, plant and equipment
927,632
960,373
Total
927,632
960,373
of which measured at fair value, less costs of disposal
The remaining property, plant and equipment mainly consist of properties owned by the real estate funds within the
consolidation perimeter, valued at 866 million euro, and by CDP Immobiliare S.r.l. in liquidazione, valued at 48 million euro.
9.8 Inventories of property, plant and equipment governed by IAS 2: changes for the year
Inventories of property, plant and equipment obtained via the enforcement of
Other
Total
the guarantees received
inventories of
property, plant
Electrical
and equipment
Buildings
Furnitures
systems
Other
A. Opening gross balance
960,373
960,373
B. Increase
57,531
57,531
B.1 Purchase
40,254
40,254
B.2 Writebacks
13,465
13,465
B.3 Positive exchange rate
differences
B.4 Other changes
3,812
3,812
C. Decreases
90,272
90,272
C.1 Sales
60,734
60,734
C.2 Writedowns for impairment
25,798
25,798
C.3 Negative exchange rate
differences
C.4 Other changes
3,740
3,740
D. Closing gross balance
927,632
927,632
Land
Section 13 - Other assets - Item 130
13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items.
With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade
receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure
below presents information on gross amounts and accumulated impairments relating to each of the three stages into which
receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of
8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31
December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency
projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067
million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which
238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax
credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024);
and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024).
Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit
ageing and geographical distribution.
Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the
activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December
2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative
progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net
assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31
December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose
progress has a value lower than what was invoiced to the customer.
Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024)
include:
\u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by
the group
201
, amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of
gas supplies in Italy
202
;
\u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million
euro;
\u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro.
The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives
from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired
from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The
remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group
(through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group
(through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "9.6 Operating property, plant and equipment: changes for the year
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
695,312
5,455,393
36,809
1,734,886
70,359,345
78,281,745
A.1 Total net writedowns
(22,274)
(2,007,726)
(26,040)
(906,181)
(28,894,788)
(31,857,009)
A.2 Opening net balance
673,038
3,447,667
10,769
828,705
41,464,557
46,424,736
B. Increases
126,257
613,941
6,926
148,137
8,632,441
9,527,702
B.1 Purchases
23,700
115,084
291
29,107
6,183,371
6,351,553
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
498,152
6,635
118,380
2,448,724
3,174,448
C. Decreases
28,582
422,062
6,411
220,720
4,512,878
5,190,653
C.1 Sales
1,634
5,897
46
6,730
52,498
66,805
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
194,260
2,048
142,779
1,851,848
2,200,089
C.3 Writedowns for impairment
38
57
506
45,901
46,502
recognised in
a) equity
b) income statement
38
57
506
45,901
46,502
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,760
4,226
48,278
2,543,337
2,798,670
D. Closing net balance
770,713
3,639,546
11,284
756,122
45,584,120
50,761,785
D.1 Total net writedowns
(38,731)
(2,193,684)
(31,276)
(992,308)
(31,241,615)
(34,497,614)
D.2 Closing gross balance
809,444
5,833,230
42,560
1,748,430
76,825,735
85,259,399
E. Measurement at cost
9.6 of which: pertaining to the Prudential consolidation
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
62,276
92,688
11,721
26,038
42,394
235,117
A.1 Total net writedowns
(43,522)
(8,893)
(19,616)
(28,932)
(100,963)
A.2 Opening net balance
62,276
49,166
2,828
6,422
13,462
134,154
B. Increases
1,290
700
3,719
7,711
13,420
B.1 Purchases
918
129
3,648
3,606
8,301
- of which: business combinations
B.2 Capitalized improvement costs
B.3 Writebacks
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
B.6 Transfers from investment property
X
X
X
B.7 Other changes
372
571
71
4,105
5,119
C. Decreases
6,081
1,290
2,064
4,477
13,912
C.1 Sales
19
19
- of which: business combinations
C.2 Depreciation
5,880
820
1,961
2,950
11,611
C.3 Writedowns for impairment recognised
57
34
2
93
in
a) equity
b) income statement
57
34
2
93
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
C.6 Transfers to
a) investment property
X
X
X
b) assets held for sale
C.7 Other changes
201
394
69
1,525
2,189
D. Closing net balance
62,276
44,375
2,238
8,077
16,696
133,662
D.1 Total net writedowns
(49,393)
(9,519)
(21,554)
(31,176)
(111,642)
D.2 Closing gross balance
62,276
93,768
11,757
29,631
47,872
245,304
E. Measurement at cost
9.6 of which: pertaining to Other companies
Land
Buildings
Furnitures
Electrical
Other
Total
systems
(thousands of euro)
A. Opening gross balance
633,036
5,362,705
25,088
1,708,848
70,316,951
78,046,628
A.1 Total net writedowns
(22,274)
(1,964,204)
(17,147)
(886,565)
(28,865,856)
(31,756,046)
A.2 Opening net balance
610,762
3,398,501
7,941
822,283
41,451,095
46,290,582
B. Increases
126,257
612,651
6,226
144,418
8,624,730
9,514,282
B.1 Purchases
23,700
114,166
162
25,459
6,179,765
6,343,252
- of which: business combinations
6,796
36,656
7,389
233,118
283,959
B.2 Capitalized improvement costs
B.3 Writebacks
357
650
333
1,340
B.4 Fair value gains recognised in
a) equity
b) income statement
B.5 Positive exchange rate differences
348
13
361
B.6 Transfers from investment property
X
X
X
B.7 Other changes
102,557
497,780
6,064
118,309
2,444,619
3,169,329
C. Decreases
28,582
415,981
5,121
218,656
4,508,401
5,176,741
C.1 Sales
1,634
5,897
27
6,730
52,498
66,786
- of which: business combinations
6,272
6,662
2,730
15,664
C.2 Depreciation
9,154
188,380
1,228
140,818
1,848,898
2,188,478
C.3 Writedowns for impairment
38
472
45,899
46,409
recognised in
a) equity
b) income statement
38
472
45,899
46,409
C.4 Fair value losses recognised in
a) equity
b) income statement
C.5 Negative exchange rate differences
862
33,931
34
22,427
18,056
75,310
C.6 Transfers to
825
1,214
1,238
3,277
a) investment property
X
X
X
b) assets held for sale
825
1,214
1,238
3,277
C.7 Other changes
16,069
186,559
3,832
48,209
2,541,812
2,796,481
D. Closing net balance
708,437
3,595,171
9,046
748,045
45,567,424
50,628,123
D.1 Total net writedowns
(38,731)
(2,144,291)
(21,757)
(970,754)
(31,210,439)
(34,385,972)
D.2 Closing gross balance
747,168
5,739,462
30,803
1,718,799
76,777,863
85,014,095
E. Measurement at cost
9.7 Investment property: changes for the year
Prudential consolidation
Other entities
(thousands of euro)
Land
Buildings
Land
Buildings
A. Opening gross balance
55,130
198,117
129,577
762,498
A.1 Total net writedowns
(49,911)
(147,772)
A.2 Opening net balance
55,130
148,206
129,577
614,726
B. Increases
10
47,790
138,215
B.1 Purchases
B.2 Capitalized improvement costs
120,358
B3. Fair value gains
B4. Writebacks
17,857
B.5 Positive exchange rate differences
B.6 Transfers from operating property
B7. Other changes
10
47,790
C. Decreases
6,015
3,485
52,179
C1. Sales
4,900
C.2 Depreciation
6,015
3,215
C3. Fair value losses
C4. Writedowns for impairment
3,485
C.5 Negative exchange rate differences
14
C.6 Transfers to
a) operating property
b) non-current assets and disposal groups held for sale
C.7 Other changes
44,050
D. Closing balance
55,130
142,201
173,882
700,762
D.1 Total net writedowns
(55,924)
(3,485)
(130,448)
D.2 Closing gross balance
55,130
198,125
177,367
831,210
E. Measurement at fair value
55,130
142,201
173,882
704,707
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "Section 10 \u2013 Intangible assets \u2013 Item 100 10.1 Intangible assets: breakdown by category
Prudential consolidation
Other entities
31/12/2025
31/12/2024
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
(thousands of euro)
Assets/values
A.1 Goodwill
x
3,189
x
1,962,098
x
1,965,287
x
1,172,733
A.1.1 pertaining to
Group
x
3,189
x
1,278,231
x
1,281,420
x
1,039,559
A.1.2 non-controlling
interests
x
x
683,867
x
683,867
x
133,174
A.2 Other intangible
assets
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
of which: software
925,398
925,398
879,173
A.2.1 Assets carried
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
at cost
a) internally-
generated intangible
assets
669,032
669,032
541,461
b) other assets
88,813
18,314,766
15,106
18,403,579
15,106
12,237,319
17,085
A.2.2 Assets carried
at fair value
a) internally-
generated intangible
assets
b) other assets
Total
88,813
3,189
18,983,798
1,977,204
19,072,611
1,980,393
12,778,780
1,189,818
Other intangible assets valued at cost with finite useful life as of 31 December 2025 amounted to approximately 19,087 million euro and include the valuation of intangibles carried out in connection with business combinations involving various Group companies. They mainly regard: \u2022 infrastructure rights worth 14,718 million euro, of which 14,443 million euro relating to Italgas, and the remainder to Snam and Terna. The item includes the value of the public-private service concession agreements relating to the development, maintenance and operation of infrastructure under concession arrangements. Under the terms of the agreements, the operator holds the right to use the infrastructure in order to provide the public service; \u2022 concessions and licences amounting to 1,374 million euro, which mainly include the valuation of concessions primarily relating to natural gas storage attributable to Snam; \u2022 customer contracts valued at 329 million euro and portfolio order valued at 182 million euro; \u2022 trademarks worth 23 million euro; \u2022 technological know-how worth 285 million euro. Please refer to Part G for more details on \u201cGoodwill\u201d with reference to the contributions from the company\u2019s operations during the period. With reference to the joint communication from the Bank of Italy and Consob dated 6 March 2025 regarding \u201cCrypto-assets and financial statement disclosure,\u201d it is noted that as of 31 December 2025, CDP Group does not hold any crypto currencies or crypto assets and did not carry out any transactions involving crypto currencies or crypto assets during 2025. 10.2 Intangible assets: changes for the year
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,265,129
1,525,328
22,652,856
17,085
25,460,398
A.1 Total net writedowns
(92,396)
(983,867)
(10,415,537)
(11,491,800)
A.2 Opening net balance
1,172,733
541,461
12,237,319
17,085
13,968,598
B. Increases
827,428
355,723
8,514,573
9,697,724
B.1 Purchases
815,158
44,752
7,840,458
8,700,368
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
21,031
21,065
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
324,367
392,234
C. Decreases
34,874
228,152
2,348,313
1,979
2,613,318
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,150,515
1,320,353
- Amortisation
x
166,387
1,138,662
1,305,049
- Impairment
3,451
11,853
15,304
+ equity
x
+ income statement
3,451
11,853
15,304
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
932,845
994,205
D. Closing net balance
1,965,287
669,032
18,403,579
15,106
21,053,004
D.1 Total net writedowns
(80,876)
(1,216,635)
(15,084,724)
(16,382,235)
E. Closing gross balance
2,046,163
1,885,667
33,488,303
15,106
37,435,239
F. Measurement at cost
Key DEF: definite life INDEF: indefinite life 10.2 of which: pertaining to the Prudential consolidation
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
3,189
206,183
209,372
A.1 Total net writedowns
(125,097)
(125,097)
A.2 Opening net balance
3,189
81,086
84,275
B. Increases
40,157
40,157
B.1 Purchases
35,882
35,882
B.2 Increases in internally-
generated intangible assets
x
B.3 Writebacks
x
120
120
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
differences
B.6 Other changes
4,155
4,155
C. Decreases
32,430
32,430
C.1 Sales
C.2 Writedowns
28,593
28,593
- Amortisation
x
28,190
28,190
- Impairment
403
403
+ equity
x
+ income statement
403
403
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
held for sale
C.5 Negative exchange rate
differences
C.6 Other changes
3,837
3,837
D. Closing net balance
3,189
88,813
92,002
D.1 Total net writedowns
(149,733)
(149,733)
E. Closing gross balance
3,189
238,546
241,735
F. Measurement at cost
10.2 of which: pertaining to Other companies
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,261,940
1,525,328
22,446,673
17,085
25,251,026
A.1 Total net writedowns
(92,396)
(983,867)
(10,290,440)
(11,366,703)
A.2 Opening net balance
1,169,544
541,461
12,156,233
17,085
13,884,323
B. Increases
827,428
355,723
8,474,416
9,657,567
B.1 Purchases
815,158
44,752
7,804,576
8,664,486
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
20,911
20,945
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
320,212
388,079
C. Decreases
34,874
228,152
2,315,883
1,979
2,580,888
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,121,922
1,291,760
- Amortisation
x
166,387
1,110,472
1,276,859
- Impairment
3,451
11,450
14,901
+ equity
x
+ income statement
3,451
11,450
14,901
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
929,008
990,368
D. Closing net balance
1,962,098
669,032
18,314,766
15,106
20,961,002
D.1 Total net writedowns
(80,876)
(1,216,635)
(14,934,991)
(16,232,502)
E. Closing gross balance
2,042,974
1,885,667
33,249,757
15,106
37,193,504
F. Measurement at cost
Impairment testing of goodwill Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying value of the CGU is higher than its recoverable amount, the resulting difference is recognised in the profit or loss account, with goodwill reduced first, up to its full impairment. At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU analyses. Specifically, in light of the above, the following should be noted: \u2022 in relation to the matters outlined above, it should be noted that the estimates were based on market quotations and parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue to weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as to the current macroeconomic environment and developments in monetary policy conditions; \u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. Moreover, when performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting aspects relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. For further details, reference should be made to Section 5 \u2013 Other issues of Part A \u2013 Accounting Policies of these consolidated explanatory notes. The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information taken from public sources or of any additional information received by the investee companies. The goodwill recorded in the Consolidated Financial Statements of the CDP Group is allocated to the CGUs identified in the investments in Snam, Terna, Fincantieri, Italgas, Ansaldo Energia, and CDP Venture Capital SGR. It is noted that, with reference to Snam, Terna, Italgas, Ansaldo Energia, and CDP Venture Capital SGR, goodwill is attributable to the higher price paid upon acquiring control of the equity investments, compared to the fair value attributable to the companies\u2019 individual assets 200 and liabilities. Furthermore, the CGUs identified within the investments in Snam, Terna, Fincantieri, and Italgas include goodwill recorded in the consolidated financial statements of the respective CGUs following acquisitions made by these companies, which is reflected in CDP\u2019s consolidated accounts due to the full consolidation of these investments. The following summary table lists the goodwill amounts pertaining to the Group and recognised at consolidated level, with indication of the carrying value and the methods to calculate the recoverable amount determined for the purpose of the impairment test.
(millions of euro)
CGU
Goodwill amount
Recoverable amount
Methodology
Ansaldo Energia
360
Value in use
Discounted Cash Flow
Snam
250
Fair value
Stock market price
Italgas
182
Fair value
Stock market price
Fincantieri
249
Fair value
Stock market price
Terna
236
Fair value
Stock market price
CDP Venture Capital SGR
3
Value in use
Dividend discount model
The recoverable amount of the individual CGUs was determined as described below: \u2022 regarding Ansaldo Energia - for which it is noted that the cash-generating unit (CGU) to which goodwill is allocated coincides with the investee - the recoverable amount was determined, also with the support of an independent valuer, on the basis of value in use estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the years 2026-2030, derived from the multi-year projections contained in the Business Plan approved by the company\u2019s Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is equal to the WACC estimated: (i) for the cost of equity, by applying the Capital Asset Pricing Model theory, and (ii) for the cost of indebtedness and the debt to equity ratio, by analysing these parameters for the main comparable companies operating in the sector. The long-term growth rate in Terminal Value was estimated on the basis of long- term inflation rate forecasts. The impairment test performed resulted in a recoverable amount higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate and the long-term growth rate, which have shown that any non-marginal negative changes in the main assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the value of the net assets including goodwill. The sensitivity analyses carried out with reference to the main assumptions have shown that in order to align the value in use \u2013 thus determined \u2013 with the value of the net assets including goodwill (assuming a break-even scenario) it would be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce the long-term growth rate by about 500 bps; \u2022 for Snam, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 42% in the VWAP would be necessary; \u2022 for Italgas, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 44% in the VWAP would be necessary; \u2022 For Fincantieri - for which it is noted that the goodwill corresponds to that recognised in the company\u2019s own consolidated financial statements at the level of the relevant cash-generating unit (CGU) following the acquisitions carried out, and reflected in the CDP consolidated financial statements as a result of the full consolidation of the investment - the recoverable amount was estimated based on fair value less costs of disposal, determined using stock market prices weighted by trading volumes recorded in December 2025 (the \u201cVWAP\u201d method). The impairment test performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It should be noted that, in order to align the fair value - as determined - with the net assets including goodwill (break-even scenario), a reduction in the VWAP of approximately 81% would be required. \u2022 for Terna, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 57% in the VWAP would be necessary; \u2022 for CDP Venture Capital SGR, the value in use is based on a Dividend Discount Model specifically employing the excess capital variant that considers (i) the dividends distributable to shareholders in the explicit forecast period 2026 2035 and (ii) residual equity at the end of the explicit period (\u201cTerminal Value\u201d). The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. The impairment test performed resulted in a recoverable amount higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity), which showed that any non-marginal negative changes in the main assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reporting date, but still higher than the value of the net assets including goodwill. Sensitivity analyses performed with reference to the key assumptions indicated that, in order to align the value in use - as determined - with the net assets including goodwill (break-even scenario), an increase in the cost of equity of approximately 300 basis points would be required.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-940": { "value": "Section 10 \u2013 Intangible assets \u2013 Item 100 10.1 Intangible assets: breakdown by category
Prudential consolidation
Other entities
31/12/2025
31/12/2024
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
(thousands of euro)
Assets/values
A.1 Goodwill
x
3,189
x
1,962,098
x
1,965,287
x
1,172,733
A.1.1 pertaining to
Group
x
3,189
x
1,278,231
x
1,281,420
x
1,039,559
A.1.2 non-controlling
interests
x
x
683,867
x
683,867
x
133,174
A.2 Other intangible
assets
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
of which: software
925,398
925,398
879,173
A.2.1 Assets carried
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
at cost
a) internally-
generated intangible
assets
669,032
669,032
541,461
b) other assets
88,813
18,314,766
15,106
18,403,579
15,106
12,237,319
17,085
A.2.2 Assets carried
at fair value
a) internally-
generated intangible
assets
b) other assets
Total
88,813
3,189
18,983,798
1,977,204
19,072,611
1,980,393
12,778,780
1,189,818
Other intangible assets valued at cost with finite useful life as of 31 December 2025 amounted to approximately 19,087 million euro and include the valuation of intangibles carried out in connection with business combinations involving various Group companies. They mainly regard: \u2022 infrastructure rights worth 14,718 million euro, of which 14,443 million euro relating to Italgas, and the remainder to Snam and Terna. The item includes the value of the public-private service concession agreements relating to the development, maintenance and operation of infrastructure under concession arrangements. Under the terms of the agreements, the operator holds the right to use the infrastructure in order to provide the public service; \u2022 concessions and licences amounting to 1,374 million euro, which mainly include the valuation of concessions primarily relating to natural gas storage attributable to Snam; \u2022 customer contracts valued at 329 million euro and portfolio order valued at 182 million euro; \u2022 trademarks worth 23 million euro; \u2022 technological know-how worth 285 million euro. Please refer to Part G for more details on \u201cGoodwill\u201d with reference to the contributions from the company\u2019s operations during the period. With reference to the joint communication from the Bank of Italy and Consob dated 6 March 2025 regarding \u201cCrypto-assets and financial statement disclosure,\u201d it is noted that as of 31 December 2025, CDP Group does not hold any crypto currencies or crypto assets and did not carry out any transactions involving crypto currencies or crypto assets during 2025.
10.2 Intangible assets: changes for the year
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,265,129
1,525,328
22,652,856
17,085
25,460,398
A.1 Total net writedowns
(92,396)
(983,867)
(10,415,537)
(11,491,800)
A.2 Opening net balance
1,172,733
541,461
12,237,319
17,085
13,968,598
B. Increases
827,428
355,723
8,514,573
9,697,724
B.1 Purchases
815,158
44,752
7,840,458
8,700,368
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
21,031
21,065
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
324,367
392,234
C. Decreases
34,874
228,152
2,348,313
1,979
2,613,318
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,150,515
1,320,353
- Amortisation
x
166,387
1,138,662
1,305,049
- Impairment
3,451
11,853
15,304
+ equity
x
+ income statement
3,451
11,853
15,304
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
932,845
994,205
D. Closing net balance
1,965,287
669,032
18,403,579
15,106
21,053,004
D.1 Total net writedowns
(80,876)
(1,216,635)
(15,084,724)
(16,382,235)
E. Closing gross balance
2,046,163
1,885,667
33,488,303
15,106
37,435,239
F. Measurement at cost
Key
DEF: definite life
INDEF: indefinite life
10.2 of which: pertaining to the Prudential consolidation
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
3,189
206,183
209,372
A.1 Total net writedowns
(125,097)
(125,097)
A.2 Opening net balance
3,189
81,086
84,275
B. Increases
40,157
40,157
B.1 Purchases
35,882
35,882
B.2 Increases in internally-
generated intangible assets
x
B.3 Writebacks
x
120
120
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
differences
B.6 Other changes
4,155
4,155
C. Decreases
32,430
32,430
C.1 Sales
C.2 Writedowns
28,593
28,593
- Amortisation
x
28,190
28,190
- Impairment
403
403
+ equity
x
+ income statement
403
403
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
held for sale
C.5 Negative exchange rate
differences
C.6 Other changes
3,837
3,837
D. Closing net balance
3,189
88,813
92,002
D.1 Total net writedowns
(149,733)
(149,733)
E. Closing gross balance
3,189
238,546
241,735
F. Measurement at cost
10.2 of which: pertaining to Other companies
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,261,940
1,525,328
22,446,673
17,085
25,251,026
A.1 Total net writedowns
(92,396)
(983,867)
(10,290,440)
(11,366,703)
A.2 Opening net balance
1,169,544
541,461
12,156,233
17,085
13,884,323
B. Increases
827,428
355,723
8,474,416
9,657,567
B.1 Purchases
815,158
44,752
7,804,576
8,664,486
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
20,911
20,945
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
320,212
388,079
C. Decreases
34,874
228,152
2,315,883
1,979
2,580,888
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,121,922
1,291,760
- Amortisation
x
166,387
1,110,472
1,276,859
- Impairment
3,451
11,450
14,901
+ equity
x
+ income statement
3,451
11,450
14,901
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
929,008
990,368
D. Closing net balance
1,962,098
669,032
18,314,766
15,106
20,961,002
D.1 Total net writedowns
(80,876)
(1,216,635)
(14,934,991)
(16,232,502)
E. Closing gross balance
2,042,974
1,885,667
33,249,757
15,106
37,193,504
F. Measurement at cost
Impairment testing of goodwill
Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within
the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite
useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is
performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount
of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying value of the CGU is higher than
its recoverable amount, the resulting difference is recognised in the profit or loss account, with goodwill reduced first, up
to its full impairment.
At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under
IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international
regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the
difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical
tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade
relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and
uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity
have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash
flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU
analyses.
Specifically, in light of the above, the following should be noted:
\u2022 in relation to the matters outlined above, it should be noted that the estimates were based on market quotations and
parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and
volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue
to weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs)
(which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes
in global trade patterns), as well as to the current macroeconomic environment and developments in monetary policy
conditions;
\u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain
in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They
are also based on a set of assumptions linked to future events and actions of management, which may not necessarily
happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event
and in terms of when and to what extent it may happen - the differences between actual values and estimated values
might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more
pronounced in the current situation of uncertainty.
Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical
environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium
term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of
which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be
subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that
are not currently foreseeable or quantifiable.
Therefore, there is still a need to constantly monitor the evolution of these elements in the current context.
Moreover, when performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on
financial reporting aspects relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties
associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to
climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the
macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the
variables determining the recoverable amount.
For further details, reference should be made to Section 5 \u2013 Other issues of Part A \u2013 Accounting Policies of these
consolidated explanatory notes.
The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information
taken from public sources or of any additional information received by the investee companies.
The goodwill recorded in the Consolidated Financial Statements of the CDP Group is allocated to the CGUs identified in
the investments in Snam, Terna, Fincantieri, Italgas, Ansaldo Energia, and CDP Venture Capital SGR. It is noted that, with
reference to Snam, Terna, Italgas, Ansaldo Energia, and CDP Venture Capital SGR, goodwill is attributable to the higher
price paid upon acquiring control of the equity investments, compared to the fair value attributable to the companies\u2019
individual assets
200
and liabilities. Furthermore, the CGUs identified within the investments in Snam, Terna, Fincantieri,
and Italgas include goodwill recorded in the consolidated financial statements of the respective CGUs following acquisitions
made by these companies, which is reflected in CDP\u2019s consolidated accounts due to the full consolidation of these
investments.
The following summary table lists the goodwill amounts pertaining to the Group and recognised at consolidated level, with
indication of the carrying value and the methods to calculate the recoverable amount determined for the purpose of the
impairment test.
(millions of euro)
CGU
Goodwill amount
Recoverable amount
Methodology
Ansaldo Energia
360
Value in use
Discounted Cash Flow
Snam
250
Fair value
Stock market price
Italgas
182
Fair value
Stock market price
Fincantieri
249
Fair value
Stock market price
Terna
236
Fair value
Stock market price
CDP Venture Capital SGR
3
Value in use
Dividend discount model
The recoverable amount of the individual CGUs was determined as described below:
\u2022 regarding Ansaldo Energia - for which it is noted that the cash-generating unit (CGU) to which goodwill is allocated
coincides with the investee - the recoverable amount was determined, also with the support of an independent valuer,
on the basis of value in use estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow
\u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the years 2026-2030,
derived from the multi-year projections contained in the Business Plan approved by the company\u2019s Board of Directors,
and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is
equal to the WACC estimated: (i) for the cost of equity, by applying the Capital Asset Pricing Model theory, and (ii) for
the cost of indebtedness and the debt to equity ratio, by analysing these parameters for the main comparable
companies operating in the sector. The long-term growth rate in Terminal Value was estimated on the basis of long-
term inflation rate forecasts. The impairment test performed resulted in a recoverable amount higher than the net
assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is
determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were
also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables
underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC
discount rate and the long-term growth rate, which have shown that any non-marginal negative changes in the main
assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reference
date, but in any case higher than the value of the net assets including goodwill. The sensitivity analyses carried out
with reference to the main assumptions have shown that in order to align the value in use \u2013 thus determined \u2013 with
the value of the net assets including goodwill (assuming a break-even scenario) it would be necessary to (i) increase
the WACC by about 500 bps, or (ii) reduce the long-term growth rate by about 500 bps;
\u2022 for Snam, the fair value less transaction costs was determined using the volume-weighted stock market prices
recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value
higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s
important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a
break-even scenario), a reduction of approximately 42% in the VWAP would be necessary;
\u2022 for Italgas, the fair value less transaction costs was determined using the volume-weighted stock market prices
recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value
higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s
important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a
break-even scenario), a reduction of approximately 44% in the VWAP would be necessary;
\u2022 For Fincantieri - for which it is noted that the goodwill corresponds to that recognised in the company\u2019s own
consolidated financial statements at the level of the relevant cash-generating unit (CGU) following the acquisitions
carried out, and reflected in the CDP consolidated financial statements as a result of the full consolidation of the
investment - the recoverable amount was estimated based on fair value less costs of disposal, determined using stock
market prices weighted by trading volumes recorded in December 2025 (the \u201cVWAP\u201d method). The impairment test
performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no
impairment adjustment was necessary. It should be noted that, in order to align the fair value - as determined - with
the net assets including goodwill (break-even scenario), a reduction in the VWAP of approximately 81% would be
required.
\u2022 for Terna, the fair value less transaction costs was determined using the volume-weighted stock market prices
recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value
significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was
necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill
(assuming a break-even scenario), a reduction of approximately 57% in the VWAP would be necessary;
\u2022 for CDP Venture Capital SGR, the value in use is based on a Dividend Discount Model specifically employing the excess capital variant that considers (i) the dividends distributable to shareholders in the explicit forecast period 2026
2035 and (ii) residual equity at the end of the explicit period (\u201cTerminal Value\u201d). The discount rate is equal to the
estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an
analysis of the key comparable listed companies. The impairment test performed resulted in a recoverable amount
higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the
value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty,
analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and
variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the
discount rate (cost of equity), which showed that any non-marginal negative changes in the main assumptions
underlying the exercise would result in a recoverable amount lower than that identified at the reporting date, but still
higher than the value of the net assets including goodwill. Sensitivity analyses performed with reference to the key
assumptions indicated that, in order to align the value in use - as determined - with the net assets including goodwill
(break-even scenario), an increase in the cost of equity of approximately 300 basis points would be required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-968": { "value": "Section 10 \u2013 Intangible assets \u2013 Item 100 10.1 Intangible assets: breakdown by category
Prudential consolidation
Other entities
31/12/2025
31/12/2024
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
(thousands of euro)
Assets/values
A.1 Goodwill
x
3,189
x
1,962,098
x
1,965,287
x
1,172,733
A.1.1 pertaining to
Group
x
3,189
x
1,278,231
x
1,281,420
x
1,039,559
A.1.2 non-controlling
interests
x
x
683,867
x
683,867
x
133,174
A.2 Other intangible
assets
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
of which: software
925,398
925,398
879,173
A.2.1 Assets carried
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
at cost
a) internally-
generated intangible
assets
669,032
669,032
541,461
b) other assets
88,813
18,314,766
15,106
18,403,579
15,106
12,237,319
17,085
A.2.2 Assets carried
at fair value
a) internally-
generated intangible
assets
b) other assets
Total
88,813
3,189
18,983,798
1,977,204
19,072,611
1,980,393
12,778,780
1,189,818
Other intangible assets valued at cost with finite useful life as of 31 December 2025 amounted to approximately 19,087 million euro and include the valuation of intangibles carried out in connection with business combinations involving various Group companies. They mainly regard: \u2022 infrastructure rights worth 14,718 million euro, of which 14,443 million euro relating to Italgas, and the remainder to Snam and Terna. The item includes the value of the public-private service concession agreements relating to the development, maintenance and operation of infrastructure under concession arrangements. Under the terms of the agreements, the operator holds the right to use the infrastructure in order to provide the public service; \u2022 concessions and licences amounting to 1,374 million euro, which mainly include the valuation of concessions primarily relating to natural gas storage attributable to Snam; \u2022 customer contracts valued at 329 million euro and portfolio order valued at 182 million euro; \u2022 trademarks worth 23 million euro; \u2022 technological know-how worth 285 million euro. Please refer to Part G for more details on \u201cGoodwill\u201d with reference to the contributions from the company\u2019s operations during the period. With reference to the joint communication from the Bank of Italy and Consob dated 6 March 2025 regarding \u201cCrypto-assets and financial statement disclosure,\u201d it is noted that as of 31 December 2025, CDP Group does not hold any crypto currencies or crypto assets and did not carry out any transactions involving crypto currencies or crypto assets during 2025. 10.2 Intangible assets: changes for the year
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,265,129
1,525,328
22,652,856
17,085
25,460,398
A.1 Total net writedowns
(92,396)
(983,867)
(10,415,537)
(11,491,800)
A.2 Opening net balance
1,172,733
541,461
12,237,319
17,085
13,968,598
B. Increases
827,428
355,723
8,514,573
9,697,724
B.1 Purchases
815,158
44,752
7,840,458
8,700,368
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
21,031
21,065
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
324,367
392,234
C. Decreases
34,874
228,152
2,348,313
1,979
2,613,318
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,150,515
1,320,353
- Amortisation
x
166,387
1,138,662
1,305,049
- Impairment
3,451
11,853
15,304
+ equity
x
+ income statement
3,451
11,853
15,304
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
932,845
994,205
D. Closing net balance
1,965,287
669,032
18,403,579
15,106
21,053,004
D.1 Total net writedowns
(80,876)
(1,216,635)
(15,084,724)
(16,382,235)
E. Closing gross balance
2,046,163
1,885,667
33,488,303
15,106
37,435,239
F. Measurement at cost
Key DEF: definite life INDEF: indefinite life 10.2 of which: pertaining to the Prudential consolidation
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
3,189
206,183
209,372
A.1 Total net writedowns
(125,097)
(125,097)
A.2 Opening net balance
3,189
81,086
84,275
B. Increases
40,157
40,157
B.1 Purchases
35,882
35,882
B.2 Increases in internally-
generated intangible assets
x
B.3 Writebacks
x
120
120
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
differences
B.6 Other changes
4,155
4,155
C. Decreases
32,430
32,430
C.1 Sales
C.2 Writedowns
28,593
28,593
- Amortisation
x
28,190
28,190
- Impairment
403
403
+ equity
x
+ income statement
403
403
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
held for sale
C.5 Negative exchange rate
differences
C.6 Other changes
3,837
3,837
D. Closing net balance
3,189
88,813
92,002
D.1 Total net writedowns
(149,733)
(149,733)
E. Closing gross balance
3,189
238,546
241,735
F. Measurement at cost
10.2 of which: pertaining to Other companies
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,261,940
1,525,328
22,446,673
17,085
25,251,026
A.1 Total net writedowns
(92,396)
(983,867)
(10,290,440)
(11,366,703)
A.2 Opening net balance
1,169,544
541,461
12,156,233
17,085
13,884,323
B. Increases
827,428
355,723
8,474,416
9,657,567
B.1 Purchases
815,158
44,752
7,804,576
8,664,486
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
20,911
20,945
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
320,212
388,079
C. Decreases
34,874
228,152
2,315,883
1,979
2,580,888
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,121,922
1,291,760
- Amortisation
x
166,387
1,110,472
1,276,859
- Impairment
3,451
11,450
14,901
+ equity
x
+ income statement
3,451
11,450
14,901
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
929,008
990,368
D. Closing net balance
1,962,098
669,032
18,314,766
15,106
20,961,002
D.1 Total net writedowns
(80,876)
(1,216,635)
(14,934,991)
(16,232,502)
E. Closing gross balance
2,042,974
1,885,667
33,249,757
15,106
37,193,504
F. Measurement at cost
Impairment testing of goodwill Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying value of the CGU is higher than its recoverable amount, the resulting difference is recognised in the profit or loss account, with goodwill reduced first, up to its full impairment. At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU analyses. Specifically, in light of the above, the following should be noted: \u2022 in relation to the matters outlined above, it should be noted that the estimates were based on market quotations and parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue to weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as to the current macroeconomic environment and developments in monetary policy conditions; \u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. Moreover, when performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting aspects relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. For further details, reference should be made to Section 5 \u2013 Other issues of Part A \u2013 Accounting Policies of these consolidated explanatory notes. The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information taken from public sources or of any additional information received by the investee companies. The goodwill recorded in the Consolidated Financial Statements of the CDP Group is allocated to the CGUs identified in the investments in Snam, Terna, Fincantieri, Italgas, Ansaldo Energia, and CDP Venture Capital SGR. It is noted that, with reference to Snam, Terna, Italgas, Ansaldo Energia, and CDP Venture Capital SGR, goodwill is attributable to the higher price paid upon acquiring control of the equity investments, compared to the fair value attributable to the companies\u2019 individual assets 200 and liabilities. Furthermore, the CGUs identified within the investments in Snam, Terna, Fincantieri, and Italgas include goodwill recorded in the consolidated financial statements of the respective CGUs following acquisitions made by these companies, which is reflected in CDP\u2019s consolidated accounts due to the full consolidation of these investments. The following summary table lists the goodwill amounts pertaining to the Group and recognised at consolidated level, with indication of the carrying value and the methods to calculate the recoverable amount determined for the purpose of the impairment test.
(millions of euro)
CGU
Goodwill amount
Recoverable amount
Methodology
Ansaldo Energia
360
Value in use
Discounted Cash Flow
Snam
250
Fair value
Stock market price
Italgas
182
Fair value
Stock market price
Fincantieri
249
Fair value
Stock market price
Terna
236
Fair value
Stock market price
CDP Venture Capital SGR
3
Value in use
Dividend discount model
The recoverable amount of the individual CGUs was determined as described below: \u2022 regarding Ansaldo Energia - for which it is noted that the cash-generating unit (CGU) to which goodwill is allocated coincides with the investee - the recoverable amount was determined, also with the support of an independent valuer, on the basis of value in use estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the years 2026-2030, derived from the multi-year projections contained in the Business Plan approved by the company\u2019s Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is equal to the WACC estimated: (i) for the cost of equity, by applying the Capital Asset Pricing Model theory, and (ii) for the cost of indebtedness and the debt to equity ratio, by analysing these parameters for the main comparable companies operating in the sector. The long-term growth rate in Terminal Value was estimated on the basis of long- term inflation rate forecasts. The impairment test performed resulted in a recoverable amount higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate and the long-term growth rate, which have shown that any non-marginal negative changes in the main assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the value of the net assets including goodwill. The sensitivity analyses carried out with reference to the main assumptions have shown that in order to align the value in use \u2013 thus determined \u2013 with the value of the net assets including goodwill (assuming a break-even scenario) it would be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce the long-term growth rate by about 500 bps; \u2022 for Snam, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 42% in the VWAP would be necessary; \u2022 for Italgas, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 44% in the VWAP would be necessary; \u2022 For Fincantieri - for which it is noted that the goodwill corresponds to that recognised in the company\u2019s own consolidated financial statements at the level of the relevant cash-generating unit (CGU) following the acquisitions carried out, and reflected in the CDP consolidated financial statements as a result of the full consolidation of the investment - the recoverable amount was estimated based on fair value less costs of disposal, determined using stock market prices weighted by trading volumes recorded in December 2025 (the \u201cVWAP\u201d method). The impairment test performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It should be noted that, in order to align the fair value - as determined - with the net assets including goodwill (break-even scenario), a reduction in the VWAP of approximately 81% would be required. \u2022 for Terna, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 57% in the VWAP would be necessary; \u2022 for CDP Venture Capital SGR, the value in use is based on a Dividend Discount Model specifically employing the excess capital variant that considers (i) the dividends distributable to shareholders in the explicit forecast period 2026 2035 and (ii) residual equity at the end of the explicit period (\u201cTerminal Value\u201d). The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. The impairment test performed resulted in a recoverable amount higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity), which showed that any non-marginal negative changes in the main assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reporting date, but still higher than the value of the net assets including goodwill. Sensitivity analyses performed with reference to the key assumptions indicated that, in order to align the value in use - as determined - with the net assets including goodwill (break-even scenario), an increase in the cost of equity of approximately 300 basis points would be required.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1019": { "value": "Section 10 \u2013 Intangible assets \u2013 Item 100 10.1 Intangible assets: breakdown by category
Prudential consolidation
Other entities
31/12/2025
31/12/2024
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
(thousands of euro)
Assets/values
A.1 Goodwill
x
3,189
x
1,962,098
x
1,965,287
x
1,172,733
A.1.1 pertaining to
Group
x
3,189
x
1,278,231
x
1,281,420
x
1,039,559
A.1.2 non-controlling
interests
x
x
683,867
x
683,867
x
133,174
A.2 Other intangible
assets
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
of which: software
925,398
925,398
879,173
A.2.1 Assets carried
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
at cost
a) internally-
generated intangible
assets
669,032
669,032
541,461
b) other assets
88,813
18,314,766
15,106
18,403,579
15,106
12,237,319
17,085
A.2.2 Assets carried
at fair value
a) internally-
generated intangible
assets
b) other assets
Total
88,813
3,189
18,983,798
1,977,204
19,072,611
1,980,393
12,778,780
1,189,818
Other intangible assets valued at cost with finite useful life as of 31 December 2025 amounted to approximately 19,087 million euro and include the valuation of intangibles carried out in connection with business combinations involving various Group companies. They mainly regard: \u2022 infrastructure rights worth 14,718 million euro, of which 14,443 million euro relating to Italgas, and the remainder to Snam and Terna. The item includes the value of the public-private service concession agreements relating to the development, maintenance and operation of infrastructure under concession arrangements. Under the terms of the agreements, the operator holds the right to use the infrastructure in order to provide the public service; \u2022 concessions and licences amounting to 1,374 million euro, which mainly include the valuation of concessions primarily relating to natural gas storage attributable to Snam; \u2022 customer contracts valued at 329 million euro and portfolio order valued at 182 million euro; \u2022 trademarks worth 23 million euro; \u2022 technological know-how worth 285 million euro. Please refer to Part G for more details on \u201cGoodwill\u201d with reference to the contributions from the company\u2019s operations during the period. With reference to the joint communication from the Bank of Italy and Consob dated 6 March 2025 regarding \u201cCrypto-assets and financial statement disclosure,\u201d it is noted that as of 31 December 2025, CDP Group does not hold any crypto currencies or crypto assets and did not carry out any transactions involving crypto currencies or crypto assets during 2025. 10.2 Intangible assets: changes for the year
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,265,129
1,525,328
22,652,856
17,085
25,460,398
A.1 Total net writedowns
(92,396)
(983,867)
(10,415,537)
(11,491,800)
A.2 Opening net balance
1,172,733
541,461
12,237,319
17,085
13,968,598
B. Increases
827,428
355,723
8,514,573
9,697,724
B.1 Purchases
815,158
44,752
7,840,458
8,700,368
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
21,031
21,065
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
324,367
392,234
C. Decreases
34,874
228,152
2,348,313
1,979
2,613,318
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,150,515
1,320,353
- Amortisation
x
166,387
1,138,662
1,305,049
- Impairment
3,451
11,853
15,304
+ equity
x
+ income statement
3,451
11,853
15,304
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
932,845
994,205
D. Closing net balance
1,965,287
669,032
18,403,579
15,106
21,053,004
D.1 Total net writedowns
(80,876)
(1,216,635)
(15,084,724)
(16,382,235)
E. Closing gross balance
2,046,163
1,885,667
33,488,303
15,106
37,435,239
F. Measurement at cost
Key DEF: definite life INDEF: indefinite life 10.2 of which: pertaining to the Prudential consolidation
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
3,189
206,183
209,372
A.1 Total net writedowns
(125,097)
(125,097)
A.2 Opening net balance
3,189
81,086
84,275
B. Increases
40,157
40,157
B.1 Purchases
35,882
35,882
B.2 Increases in internally-
generated intangible assets
x
B.3 Writebacks
x
120
120
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
differences
B.6 Other changes
4,155
4,155
C. Decreases
32,430
32,430
C.1 Sales
C.2 Writedowns
28,593
28,593
- Amortisation
x
28,190
28,190
- Impairment
403
403
+ equity
x
+ income statement
403
403
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
held for sale
C.5 Negative exchange rate
differences
C.6 Other changes
3,837
3,837
D. Closing net balance
3,189
88,813
92,002
D.1 Total net writedowns
(149,733)
(149,733)
E. Closing gross balance
3,189
238,546
241,735
F. Measurement at cost
10.2 of which: pertaining to Other companies
Goodwill
Other intangible assets: internally
Other intangible assets: other
generated
DEF
DEF
Total
(thousands of euro)
DEF
INDEF
DEF
INDEF
A. Opening gross balance
1,261,940
1,525,328
22,446,673
17,085
25,251,026
A.1 Total net writedowns
(92,396)
(983,867)
(10,290,440)
(11,366,703)
A.2 Opening net balance
1,169,544
541,461
12,156,233
17,085
13,884,323
B. Increases
827,428
355,723
8,474,416
9,657,567
B.1 Purchases
815,158
44,752
7,804,576
8,664,486
of which: business combinations
815,158
30,787
5,897,116
6,743,061
B.2 Increases in internally-
generated intangible assets
x
245,876
322,213
568,089
B.3 Writebacks
x
34
20,911
20,945
B.4 Fair value gains
- equity
x
- income statement
x
B.5 Positive exchange rate
9,351
113
6,504
15,968
differences
B.6 Other changes
2,919
64,948
320,212
388,079
C. Decreases
34,874
228,152
2,315,883
1,979
2,580,888
C.1 Sales
3,846
3,846
C.2 Writedowns
169,838
1,121,922
1,291,760
- Amortisation
x
166,387
1,110,472
1,276,859
- Impairment
3,451
11,450
14,901
+ equity
x
+ income statement
3,451
11,450
14,901
C.3 Fair value losses
- equity
x
- income statement
x
C.4 Transfer to non-current assets
21,950
251,685
273,635
held for sale
C.5 Negative exchange rate
9,696
182
9,422
1,979
21,279
differences
C.6 Other changes
3,228
58,132
929,008
990,368
D. Closing net balance
1,962,098
669,032
18,314,766
15,106
20,961,002
D.1 Total net writedowns
(80,876)
(1,216,635)
(14,934,991)
(16,232,502)
E. Closing gross balance
2,042,974
1,885,667
33,249,757
15,106
37,193,504
F. Measurement at cost
Impairment testing of goodwill Goodwill generated from the acquisition of subsidiaries is allocated to each identified \u201ccash generating unit\u201d (CGU). Within the CDP Group, CGUs correspond to the individual investee companies. Since it is an intangible asset having an indefinite useful life, goodwill is not amortised but tested only for the recoverability of its carrying amount. An impairment test is performed annually on goodwill, or whenever there is evidence of impairment. This involves comparing the carrying amount of the CGU, including goodwill, and the recoverable amount of said CGU. If the carrying value of the CGU is higher than its recoverable amount, the resulting difference is recognised in the profit or loss account, with goodwill reduced first, up to its full impairment. At each reporting date, the CDP Group conducts an assessment to detect the presence of indicators of impairment under IAS 36 and of any additional indicators, where applicable, also considering the indications of national and international regulators on financial reporting relating to risks, uncertainties, estimates, assumptions and assessments, as well as the difficulties related to the current reference scenario, with a combination of factors related to the persisting geopolitical tensions (which continue to weigh on global prospects), the evolution of monetary policy conditions, the worsening of trade relations and the intensification of protectionist policies (tariffs), the overall deterioration of the economic climate, and uncertainties regarding future developments. In this regard, the resulting impacts of these events on economic activity have increased the level of uncertainty, hence making it more complex to make quantitative estimates, for example, cash flows from the CGUs, also due to the increased uncertainty in the assumptions and parameters at the basis of the CGU analyses. Specifically, in light of the above, the following should be noted: \u2022 in relation to the matters outlined above, it should be noted that the estimates were based on market quotations and parameters that are subject to fluctuations, including potentially significant ones, due to the ongoing turbulence and volatility in financial markets, primarily linked to tensions in the international geopolitical environment (which continue to weigh on global prospects), the tightening of trade relations and the intensification of protectionist policies (tariffs) (which have resulted in persistent volatility in energy and commodity prices, disruptions to supply chains and changes in global trade patterns), as well as to the current macroeconomic environment and developments in monetary policy conditions; \u2022 the valuations were also made using forward-looking data. Such forecasts are, by their nature, random and uncertain in that they are sensitive to changes in macroeconomic variables and to events outside the company\u2019s control. They are also based on a set of assumptions linked to future events and actions of management, which may not necessarily happen. In view of the uncertainty surrounding any future event - both as regards the actual occurrence of the event and in terms of when and to what extent it may happen - the differences between actual values and estimated values might be significant, even if the events at the basis of the forecast assumptions were to occur. This limit is even more pronounced in the current situation of uncertainty. Accordingly, it is necessary to reiterate the continuing uncertainty associated with the current instability of the geopolitical environment, the macroeconomic outlook and the complexity of forecasting their effects even in the short and medium term; this results in a high degree of complexity and inherent uncertainty in the estimates performed, the outcomes of which are described in the relevant sections referenced, given that the underlying assumptions and hypotheses may be subject to further revision as developments occur that are beyond the entity\u2019s control, potentially giving rise to impacts that are not currently foreseeable or quantifiable. Therefore, there is still a need to constantly monitor the evolution of these elements in the current context. Moreover, when performing impairment testing, CDP takes into account the guidelines of the supervisory authorities on financial reporting aspects relating to risks, uncertainties, estimates, assumptions and valuations, as well as difficulties associated with the possible impact of climate risks on the entities under analysis. Where relevant, factors relating to climate change, as well as to the reference scenario (plagued by geopolitical risks and uncertainty on the evolution of the macroeconomic situation), have been taken into account, mainly through considerations and/or sensitivity analyses on the variables determining the recoverable amount. For further details, reference should be made to Section 5 \u2013 Other issues of Part A \u2013 Accounting Policies of these consolidated explanatory notes. The indicators of impairment (triggers) and objective evidence of impairment are assessed on the basis of information taken from public sources or of any additional information received by the investee companies. The goodwill recorded in the Consolidated Financial Statements of the CDP Group is allocated to the CGUs identified in the investments in Snam, Terna, Fincantieri, Italgas, Ansaldo Energia, and CDP Venture Capital SGR. It is noted that, with reference to Snam, Terna, Italgas, Ansaldo Energia, and CDP Venture Capital SGR, goodwill is attributable to the higher price paid upon acquiring control of the equity investments, compared to the fair value attributable to the companies\u2019 individual assets 200 and liabilities. Furthermore, the CGUs identified within the investments in Snam, Terna, Fincantieri, and Italgas include goodwill recorded in the consolidated financial statements of the respective CGUs following acquisitions made by these companies, which is reflected in CDP\u2019s consolidated accounts due to the full consolidation of these investments. The following summary table lists the goodwill amounts pertaining to the Group and recognised at consolidated level, with indication of the carrying value and the methods to calculate the recoverable amount determined for the purpose of the impairment test.
(millions of euro)
CGU
Goodwill amount
Recoverable amount
Methodology
Ansaldo Energia
360
Value in use
Discounted Cash Flow
Snam
250
Fair value
Stock market price
Italgas
182
Fair value
Stock market price
Fincantieri
249
Fair value
Stock market price
Terna
236
Fair value
Stock market price
CDP Venture Capital SGR
3
Value in use
Dividend discount model
The recoverable amount of the individual CGUs was determined as described below: \u2022 regarding Ansaldo Energia - for which it is noted that the cash-generating unit (CGU) to which goodwill is allocated coincides with the investee - the recoverable amount was determined, also with the support of an independent valuer, on the basis of value in use estimated using the discounted cash flow method (i.e. unlevered Discounted Cash Flow \u2013 DCF) applying a two-stage model, comprising: (i) an explicit forecast of future cash flows for the years 2026-2030, derived from the multi-year projections contained in the Business Plan approved by the company\u2019s Board of Directors, and (ii) the calculation of the residual value (Terminal Value) using the perpetuity growth formula. The discount rate is equal to the WACC estimated: (i) for the cost of equity, by applying the Capital Asset Pricing Model theory, and (ii) for the cost of indebtedness and the debt to equity ratio, by analysing these parameters for the main comparable companies operating in the sector. The long-term growth rate in Terminal Value was estimated on the basis of long- term inflation rate forecasts. The impairment test performed resulted in a recoverable amount higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the WACC discount rate and the long-term growth rate, which have shown that any non-marginal negative changes in the main assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reference date, but in any case higher than the value of the net assets including goodwill. The sensitivity analyses carried out with reference to the main assumptions have shown that in order to align the value in use \u2013 thus determined \u2013 with the value of the net assets including goodwill (assuming a break-even scenario) it would be necessary to (i) increase the WACC by about 500 bps, or (ii) reduce the long-term growth rate by about 500 bps; \u2022 for Snam, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 42% in the VWAP would be necessary; \u2022 for Italgas, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 44% in the VWAP would be necessary; \u2022 For Fincantieri - for which it is noted that the goodwill corresponds to that recognised in the company\u2019s own consolidated financial statements at the level of the relevant cash-generating unit (CGU) following the acquisitions carried out, and reflected in the CDP consolidated financial statements as a result of the full consolidation of the investment - the recoverable amount was estimated based on fair value less costs of disposal, determined using stock market prices weighted by trading volumes recorded in December 2025 (the \u201cVWAP\u201d method). The impairment test performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It should be noted that, in order to align the fair value - as determined - with the net assets including goodwill (break-even scenario), a reduction in the VWAP of approximately 81% would be required. \u2022 for Terna, the fair value less transaction costs was determined using the volume-weighted stock market prices recorded in December 2025, based on the \u201cVWAP\u201d method. The impairment test performed resulted in a fair value significantly higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. It\u2019s important to highlight that to align the fair value, as stated above, with the net assets including goodwill (assuming a break-even scenario), a reduction of approximately 57% in the VWAP would be necessary; \u2022 for CDP Venture Capital SGR, the value in use is based on a Dividend Discount Model specifically employing the excess capital variant that considers (i) the dividends distributable to shareholders in the explicit forecast period 2026 2035 and (ii) residual equity at the end of the explicit period (\u201cTerminal Value\u201d). The discount rate is equal to the estimated cost of equity using the Capital Asset Pricing Model theory, utilising specific parameters obtained from an analysis of the key comparable listed companies. The impairment test performed resulted in a recoverable amount higher than the net assets including goodwill and, consequently, no impairment adjustment was necessary. Since the value in use is determined through the use of estimates and assumptions that may contain elements of uncertainty, analyses were also conducted to verify the sensitivity of the results obtained to changes in the main assumptions and variables underlying the exercise. Specifically, sensitivity analyses were conducted with particular reference to the discount rate (cost of equity), which showed that any non-marginal negative changes in the main assumptions underlying the exercise would result in a recoverable amount lower than that identified at the reporting date, but still higher than the value of the net assets including goodwill. Sensitivity analyses performed with reference to the key assumptions indicated that, in order to align the value in use - as determined - with the net assets including goodwill (break-even scenario), an increase in the cost of equity of approximately 300 basis points would be required.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-924": { "value": "
10.1 Intangible assets: breakdown by category
Prudential consolidation
Other entities
31/12/2025
31/12/2024
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
Definite life
Indefinite life
(thousands of euro)
Assets/values
A.1 Goodwill
x
3,189
x
1,962,098
x
1,965,287
x
1,172,733
A.1.1 pertaining to
Group
x
3,189
x
1,278,231
x
1,281,420
x
1,039,559
A.1.2 non-controlling
interests
x
x
683,867
x
683,867
x
133,174
A.2 Other intangible
assets
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
of which: software
925,398
925,398
879,173
A.2.1 Assets carried
88,813
18,983,798
15,106
19,072,611
15,106
12,778,780
17,085
at cost
a) internally-
generated intangible
assets
669,032
669,032
541,461
b) other assets
88,813
18,314,766
15,106
18,403,579
15,106
12,237,319
17,085
A.2.2 Assets carried
at fair value
a) internally-
generated intangible
assets
b) other assets
Total
88,813
3,189
18,983,798
1,977,204
19,072,611
1,980,393
12,778,780
1,189,818
Other intangible assets valued at cost with finite useful life as of 31 December 2025 amounted to approximately 19,087
million euro and include the valuation of intangibles carried out in connection with business combinations involving various
Group companies.
They mainly regard:
\u2022 infrastructure rights worth 14,718 million euro, of which 14,443 million euro relating to Italgas, and the remainder to
Snam and Terna. The item includes the value of the public-private service concession agreements relating to the
development, maintenance and operation of infrastructure under concession arrangements. Under the terms of the
agreements, the operator holds the right to use the infrastructure in order to provide the public service;
\u2022 concessions and licences amounting to 1,374 million euro, which mainly include the valuation of concessions primarily
relating to natural gas storage attributable to Snam;
\u2022 customer contracts valued at 329 million euro and portfolio order valued at 182 million euro;
\u2022 trademarks worth 23 million euro;
\u2022 technological know-how worth 285 million euro.
Please refer to Part G for more details on \u201cGoodwill\u201d with reference to the contributions from the company\u2019s operations
during the period.
With reference to the joint communication from the Bank of Italy and Consob dated 6 March 2025 regarding \u201cCrypto-assets
and financial statement disclosure,\u201d it is noted that as of 31 December 2025, CDP Group does not hold any crypto
currencies or crypto assets and did not carry out any transactions involving crypto currencies or crypto assets during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-941": { "value": "
Section 11 - Tax assets and liabilities - Item 110 of assets and Item 60 of liabilities
11.1 Deferred tax assets: breakdown
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
Deferred tax assets recognised in income statement
108,742
1,952,506
2,061,248
1,660,913
- losses carried forward
100,854
100,854
33,292
- grants
98,754
98,754
76,273
- sundry writedowns
188
83,214
83,402
70,969
- financial instruments
120
120
120
- debts
- dismantling and site restoration
115,647
115,647
90,546
- provisions for risks and charges
16,114
203,277
219,391
213,690
- writedowns of receivables
88,658
25,002
113,660
113,757
- property, plant and equipment / intangible assets
3,182
893,116
896,298
598,323
- product guarantee
21,222
21,222
15,904
- employee benefits
13
43,042
43,055
34,644
- technical provisions
- exchange rate differences
- other temporary differences
587
368,258
368,845
413,395
Deferred tax assets recognised in equity
65,498
21,457
86,955
161,627
- financial assets measured at fair value through other
comprehensive income
14,194
14,194
24,194
- cash flow hedge
51,304
6,159
57,463
123,785
- other assets
15,298
15,298
13,648
Total
174,240
1,973,963
2,148,203
1,822,540
11.2 Deferred tax liabilities: breakdown
Insurance
(thousands of euro)
Prudential consolidation
companies
Other entities
31/12/2025
31/12/2024
Deferred tax liabilities recognised
67,473
2,271,691
2,339,164
2,061,399
in income statement
- capital gains taxed in instalments
2,052
2,052
2,769
- staff severance pay
5,525
5,525
2,955
- leasing
1,857
1,857
1,070
- property, plant and equipment
1,728,706
1,728,706
1,687,969
- own securities portfolio
- equity investments
58,267
27,866
86,133
95,466
- other financial instruments
9,206
9,206
6,294
- technical provisions
- exchange rate differences
- other temporary differences
505,685
505,685
264,876
Deferred tax liabilities recognised
124,203
63,934
188,137
160,504
in equity
- financial assets measured at fair
value through other comprehensive
income
73,803
5,658
79,461
63,107
- reserve L. 169/83
20,293
20,293
1,747
- reserve L. 213/98
- other reserves
37,983
37,983
36,514
- other
50,400
50,400
59,136
Total
191,676
2,335,625
2,527,301
2,221,903
11.3 Changes in deferred tax assets (recognised in the income statement)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
153,843
1,507,070
1,660,913
1,638,779
2. Increases
31,681
579,197
610,878
369,623
2.1 Deferred tax assets recognised during the year
22,476
192,578
215,054
288,607
a) in respect of previous periods
b) due to change in accounting policies
c) writebacks
d) other
22,476
192,578
215,054
288,607
2.2 New taxes or increases in tax rates
9,205
97
9,302
2.3 Other increases
386,522
386,522
81,016
- of which: business combinations
303,160
303,160
3,199
3. Decreases
76,782
133,761
210,543
347,489
3.1 Deferred tax assets derecognised during the year
44,200
97,658
141,858
267,447
a) reversals
37,416
87,883
125,299
212,930
b) writedowns for supervening non-recoverability
c) due to change in accounting policies
d) other
3.2 Reduction in tax rates
6,784
9,775
16,559
54,517
3.3 Other decreases
32,582
36,103
68,685
80,042
a) trans formation in tax credits under Law 214/2011
b) other
32,582
36,103
68,685
80,042
4. Closing balance
108,742
1,952,506
2,061,248
1,660,913
11.5 Changes in deferred tax liabilities (recognised in the income statement)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
64,277
1,997,122
2,061,399
2,298,630
2. Increases
28,543
463,802
492,345
111,048
2.1 Deferred tax liabilities recognised during the year
25,096
10,994
36,090
91,746
a) in respect of previous periods
b) due to change in accounting policies
c) other
25,096
10,994
36,090
91,746
2.2 New taxes or increases in tax rates
2,912
2,912
2.3 Other increases
535
452,808
453,343
19,302
- of which: business combinations
434,301
434,301
10,392
3. Decreases
25,347
189,233
214,580
348,279
3.1 Deferred tax liabilities derecognised during the year
25,347
161,702
187,049
275,614
a) reversals
25,347
137,638
162,985
266,751
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
24,064
24,064
8,863
3.3 Other decreases
27,531
27,531
72,665
4. Closing balance
67,473
2,271,691
2,339,164
2,061,399
11.6 Changes in deferred tax assets (recognised in equity)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
118,098
43,529
161,627
311,064
2. Increases
52,117
20,575
72,692
109,448
2.1 Deferred tax assets recognised during the year
48,377
4
48,381
99,205
a) in respect of previous periods
b) due to change in accounting policies
c) other
48,377
4
48,381
99,205
2.2 New taxes or increases in tax rates
3,740
3,740
2.3 Other increases
20,571
20,571
10,243
3. Decreases
104,717
42,647
147,364
258,885
3.1 Deferred tax assets derecognised during the year
104,717
10,110
114,827
256,664
a) reversals
104,717
958
105,675
256,495
b) writedowns for supervening non-recoverability
c) due to changes in accounting policies
d) other
3.2 Reduction in tax rates
9,152
9,152
169
3.3 Other decreases
32,537
32,537
2,221
- of which: business combinations
4. Closing balance
65,498
21,457
86,955
161,627
11.7 Changes in deferred tax liabilities (recognised in equity)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
118,847
41,657
160,504
139,402
2. Increases
64,491
25,883
90,374
105,648
2.1 Deferred tax liabilities recognised during the year
59,355
7,337
66,692
77,735
a) in respect of previous periods
b) due to change in accounting policies
c) other
59,355
7,337
66,692
77,735
2.2 New taxes or increases in tax rates
5,112
5,112
2.3 Other increases
24
18,546
18,570
27,913
3. Decreases
59,135
3,606
62,741
84,546
3.1 Deferred tax liabilities derecognised during the year
59,135
4
59,139
81,335
a) reversals
59,135
4
59,139
72,425
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
8,910
3.3 Other decreases
3,602
3,602
3,211
4. Closing balance
124,203
63,934
188,137
160,504
Section 6 - Tax liabilities - Item 60
For more information concerning this item, please see Section 11 of Assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-997": { "value": "Section 11 - Tax assets and liabilities - Item 110 of assets and Item 60 of liabilities 11.1 Deferred tax assets: breakdown
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
Deferred tax assets recognised in income statement
108,742
1,952,506
2,061,248
1,660,913
- losses carried forward
100,854
100,854
33,292
- grants
98,754
98,754
76,273
- sundry writedowns
188
83,214
83,402
70,969
- financial instruments
120
120
120
- debts
- dismantling and site restoration
115,647
115,647
90,546
- provisions for risks and charges
16,114
203,277
219,391
213,690
- writedowns of receivables
88,658
25,002
113,660
113,757
- property, plant and equipment / intangible assets
3,182
893,116
896,298
598,323
- product guarantee
21,222
21,222
15,904
- employee benefits
13
43,042
43,055
34,644
- technical provisions
- exchange rate differences
- other temporary differences
587
368,258
368,845
413,395
Deferred tax assets recognised in equity
65,498
21,457
86,955
161,627
- financial assets measured at fair value through other
comprehensive income
14,194
14,194
24,194
- cash flow hedge
51,304
6,159
57,463
123,785
- other assets
15,298
15,298
13,648
Total
174,240
1,973,963
2,148,203
1,822,540
11.2 Deferred tax liabilities: breakdown
Insurance
(thousands of euro)
Prudential consolidation
companies
Other entities
31/12/2025
31/12/2024
Deferred tax liabilities recognised
67,473
2,271,691
2,339,164
2,061,399
in income statement
- capital gains taxed in instalments
2,052
2,052
2,769
- staff severance pay
5,525
5,525
2,955
- leasing
1,857
1,857
1,070
- property, plant and equipment
1,728,706
1,728,706
1,687,969
- own securities portfolio
- equity investments
58,267
27,866
86,133
95,466
- other financial instruments
9,206
9,206
6,294
- technical provisions
- exchange rate differences
- other temporary differences
505,685
505,685
264,876
Deferred tax liabilities recognised
124,203
63,934
188,137
160,504
in equity
- financial assets measured at fair
value through other comprehensive
income
73,803
5,658
79,461
63,107
- reserve L. 169/83
20,293
20,293
1,747
- reserve L. 213/98
- other reserves
37,983
37,983
36,514
- other
50,400
50,400
59,136
Total
191,676
2,335,625
2,527,301
2,221,903
11.3 Changes in deferred tax assets (recognised in the income statement)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
153,843
1,507,070
1,660,913
1,638,779
2. Increases
31,681
579,197
610,878
369,623
2.1 Deferred tax assets recognised during the year
22,476
192,578
215,054
288,607
a) in respect of previous periods
b) due to change in accounting policies
c) writebacks
d) other
22,476
192,578
215,054
288,607
2.2 New taxes or increases in tax rates
9,205
97
9,302
2.3 Other increases
386,522
386,522
81,016
- of which: business combinations
303,160
303,160
3,199
3. Decreases
76,782
133,761
210,543
347,489
3.1 Deferred tax assets derecognised during the year
44,200
97,658
141,858
267,447
a) reversals
37,416
87,883
125,299
212,930
b) writedowns for supervening non-recoverability
c) due to change in accounting policies
d) other
3.2 Reduction in tax rates
6,784
9,775
16,559
54,517
3.3 Other decreases
32,582
36,103
68,685
80,042
a) trans formation in tax credits under Law 214/2011
b) other
32,582
36,103
68,685
80,042
4. Closing balance
108,742
1,952,506
2,061,248
1,660,913
11.5 Changes in deferred tax liabilities (recognised in the income statement)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
64,277
1,997,122
2,061,399
2,298,630
2. Increases
28,543
463,802
492,345
111,048
2.1 Deferred tax liabilities recognised during the year
25,096
10,994
36,090
91,746
a) in respect of previous periods
b) due to change in accounting policies
c) other
25,096
10,994
36,090
91,746
2.2 New taxes or increases in tax rates
2,912
2,912
2.3 Other increases
535
452,808
453,343
19,302
- of which: business combinations
434,301
434,301
10,392
3. Decreases
25,347
189,233
214,580
348,279
3.1 Deferred tax liabilities derecognised during the year
25,347
161,702
187,049
275,614
a) reversals
25,347
137,638
162,985
266,751
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
24,064
24,064
8,863
3.3 Other decreases
27,531
27,531
72,665
4. Closing balance
67,473
2,271,691
2,339,164
2,061,399
11.6 Changes in deferred tax assets (recognised in equity)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
118,098
43,529
161,627
311,064
2. Increases
52,117
20,575
72,692
109,448
2.1 Deferred tax assets recognised during the year
48,377
4
48,381
99,205
a) in respect of previous periods
b) due to change in accounting policies
c) other
48,377
4
48,381
99,205
2.2 New taxes or increases in tax rates
3,740
3,740
2.3 Other increases
20,571
20,571
10,243
3. Decreases
104,717
42,647
147,364
258,885
3.1 Deferred tax assets derecognised during the year
104,717
10,110
114,827
256,664
a) reversals
104,717
958
105,675
256,495
b) writedowns for supervening non-recoverability
c) due to changes in accounting policies
d) other
3.2 Reduction in tax rates
9,152
9,152
169
3.3 Other decreases
32,537
32,537
2,221
- of which: business combinations
4. Closing balance
65,498
21,457
86,955
161,627
11.7 Changes in deferred tax liabilities (recognised in equity)
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
1. Opening balance
118,847
41,657
160,504
139,402
2. Increases
64,491
25,883
90,374
105,648
2.1 Deferred tax liabilities recognised during the year
59,355
7,337
66,692
77,735
a) in respect of previous periods
b) due to change in accounting policies
c) other
59,355
7,337
66,692
77,735
2.2 New taxes or increases in tax rates
5,112
5,112
2.3 Other increases
24
18,546
18,570
27,913
3. Decreases
59,135
3,606
62,741
84,546
3.1 Deferred tax liabilities derecognised during the year
59,135
4
59,139
81,335
a) reversals
59,135
4
59,139
72,425
b) due to change in accounting policies
c) other
3.2 Reduction in tax rates
8,910
3.3 Other decreases
3,602
3,602
3,211
4. Closing balance
124,203
63,934
188,137
160,504
Section 13 - Other assets - Item 130 13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items. With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure below presents information on gross amounts and accumulated impairments relating to each of the three stages into which receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of 8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31 December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067 million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which 238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024); and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024). Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit ageing and geographical distribution. Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December 2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31 December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose progress has a value lower than what was invoiced to the customer. Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024) include: \u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by the group 201 , amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of gas supplies in Italy 202 ; \u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million euro; \u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro. The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group (through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group (through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business. Section 8 - Other liabilities - Item 80 8.1 Other liabilities: breakdown
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Type of operations/Values
Items being processed
72,902
72,902
16,978
Amounts due to employees
19,154
256,955
276,109
229,473
Charges for postal funding service
254,948
254,948
202,481
Tax payables
1,147,555
142,586
1,290,141
1,404,533
Construction contracts
3,348,857
3,348,857
2,890,683
Trade payables
77,603
9,893,861
9,971,464
8,760,789
Due to social security institutions
11,947
195,761
207,708
182,011
Accrued expenses and deferred income
113
2,094,459
2,094,572
1,488,782
Equity and net income pertaining to non-controlling interests in funds
298,534
298,534
211,815
Other
84,313
8,277,428
8,361,741
8,138,975
Total
1,668,535
24,508,441
26,176,976
23,526,520
This item reports other liabilities not otherwise classified under the previous items and is broken down as follows. With reference to the prudential consolidation, the item includes the Parent Company\u2019s liability to the Tax Authorities, amounting to approximately 1,142 million euro, mainly relating to the substitute tax applied to interest paid on Postal Savings products. With regard to Other Group entities, the item mainly regards: \u2022 trade payables amount to approximately 9.9 billion euro, mainly attributable to Terna (approximately 3,887 million euro), Fincantieri (approximately 3,511 million euro), SNAM (approximately 913 million euro), Italgas (approximately 856 million euro) and Ansaldo Energia (approximately 396 million euro). Trade payables included liabilities arising from reverse factoring transactions totalling 934 million euro (of which 850 million euro related to Fincantieri, 84 million euro to Ansaldo Energia and 30 million to Snam), relating to payables to suppliers who transferred their credit position to factoring companies. These liabilities are classified among Trade payables since they are related to obligations for the supply of goods and services used during the normal operating cycle. The sale is agreed with the supplier and envisages the possibility for the latter to give further extensions for consideration or not; \u2022 contract work in progress for 3.3 billion euro, deriving mainly from Fincantieri orders and Ansaldo Energia\u2019s business, whose progress has a value lower than what was invoiced to the customer. With regard to the contribution made by the Fincantieri group, please refer to the comments under Item 130 Other assets; \u2022 other items amounting to 8.4 billion euro, primarily relating to SNAM for approximately 5.4 billion euro, mainly in respect of payables for the purchase of goods and services, liabilities relating to investment activities and amounts due to the \u201cCassa per i Servizi Energetici e Ambientali\u201d [Energy and Environmental Services Fund] (CSEA). The latter mainly refer to accessory tariff components pertaining to natural gas transportation and distribution activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-874": { "value": "
Section 12 \u2013 Non-current assets and disposal groups held for sale and associated liabilities
\u2013 Item 120 of the assets and Item 70 of the liabilities
12.1 Non-current assets and disposal groups held for sale: breakdown by category
(thousands of euro)
31/12/2025
31/12/2024
A. Assets held for sale
A.1 Financial assets
103,963
A.2 Equity investments
22,679
107,455
A.3 Property, plant and equipment
5,172
115,365
- of which: obtained via the enforcement of the guarantees received
A.4 Intangible assets
285,740
57,371
A.5 Other non-current assets
7,166
206,644
Total (A)
320,757
590,798
of which carried at cost
16,615
549,030
of which designated at fair value \u2013 level 1
of which designated at fair value \u2013 level 2
145
of which designated at fair value \u2013 level 3
304,142
41,623
B. Groups of assets (discontinued operations)
Total (B)
C. Liabilities associated with individual assets held for sale
C.1 Payables
5,173
155,489
C.2 Securities
C.3 Other liabilities
41,305
243,770
Total (C)
46,478
399,259
of which carried at cost
224
254,223
of which designated at fair value \u2013 level 1
of which designated at fair value \u2013 level 2
of which designated at fair value \u2013 level 3
46,254
145,036
D. Liabilities associated with disposal groups held for sale
Total (D)
The item includes assets and the related liabilities recognised as assets held for sale by Italgas (236 million euro),
Fincantieri (23 million euro), Terna (14 million euro) and Valvitalia (2 million euro). With specific reference to the Italgas
group, the non-current assets and disposal groups held for sale and the associated liabilities mainly relate to the disposal
of a defined number of points of delivery (PdR) in specific ATEM areas identified by the Italian Competition Authority
(AGCM) following the acquisition of 2i Rete Gas.
Section 7 - Liabilities associated with assets held for sale - Item 70
For more information concerning this item, please see Section 12 of Assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-897": { "value": "Section 12 \u2013 Non-current assets and disposal groups held for sale and associated liabilities \u2013 Item 120 of the assets and Item 70 of the liabilities 12.1 Non-current assets and disposal groups held for sale: breakdown by category
(thousands of euro)
31/12/2025
31/12/2024
A. Assets held for sale
A.1 Financial assets
103,963
A.2 Equity investments
22,679
107,455
A.3 Property, plant and equipment
5,172
115,365
- of which: obtained via the enforcement of the guarantees received
A.4 Intangible assets
285,740
57,371
A.5 Other non-current assets
7,166
206,644
Total (A)
320,757
590,798
of which carried at cost
16,615
549,030
of which designated at fair value \u2013 level 1
of which designated at fair value \u2013 level 2
145
of which designated at fair value \u2013 level 3
304,142
41,623
B. Groups of assets (discontinued operations)
Total (B)
C. Liabilities associated with individual assets held for sale
C.1 Payables
5,173
155,489
C.2 Securities
C.3 Other liabilities
41,305
243,770
Total (C)
46,478
399,259
of which carried at cost
224
254,223
of which designated at fair value \u2013 level 1
of which designated at fair value \u2013 level 2
of which designated at fair value \u2013 level 3
46,254
145,036
D. Liabilities associated with disposal groups held for sale
Total (D)
The item includes assets and the related liabilities recognised as assets held for sale by Italgas (236 million euro), Fincantieri (23 million euro), Terna (14 million euro) and Valvitalia (2 million euro). With specific reference to the Italgas group, the non-current assets and disposal groups held for sale and the associated liabilities mainly relate to the disposal of a defined number of points of delivery (PdR) in specific ATEM areas identified by the Italian Competition Authority (AGCM) following the acquisition of 2i Rete Gas. Section 7 - Liabilities associated with assets held for sale - Item 70 For more information concerning this item, please see Section 12 of Assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-942": { "value": "Section 12 \u2013 Non-current assets and disposal groups held for sale and associated liabilities \u2013 Item 120 of the assets and Item 70 of the liabilities 12.1 Non-current assets and disposal groups held for sale: breakdown by category
(thousands of euro)
31/12/2025
31/12/2024
A. Assets held for sale
A.1 Financial assets
103,963
A.2 Equity investments
22,679
107,455
A.3 Property, plant and equipment
5,172
115,365
- of which: obtained via the enforcement of the guarantees received
A.4 Intangible assets
285,740
57,371
A.5 Other non-current assets
7,166
206,644
Total (A)
320,757
590,798
of which carried at cost
16,615
549,030
of which designated at fair value \u2013 level 1
of which designated at fair value \u2013 level 2
145
of which designated at fair value \u2013 level 3
304,142
41,623
B. Groups of assets (discontinued operations)
Total (B)
C. Liabilities associated with individual assets held for sale
C.1 Payables
5,173
155,489
C.2 Securities
C.3 Other liabilities
41,305
243,770
Total (C)
46,478
399,259
of which carried at cost
224
254,223
of which designated at fair value \u2013 level 1
of which designated at fair value \u2013 level 2
of which designated at fair value \u2013 level 3
46,254
145,036
D. Liabilities associated with disposal groups held for sale
Total (D)
The item includes assets and the related liabilities recognised as assets held for sale by Italgas (236 million euro), Fincantieri (23 million euro), Terna (14 million euro) and Valvitalia (2 million euro). With specific reference to the Italgas group, the non-current assets and disposal groups held for sale and the associated liabilities mainly relate to the disposal of a defined number of points of delivery (PdR) in specific ATEM areas identified by the Italian Competition Authority (AGCM) following the acquisition of 2i Rete Gas. Section 7 - Liabilities associated with assets held for sale - Item 70 For more information concerning this item, please see Section 12 of Assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-925": { "value": "Section 13 - Other assets - Item 130 13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items. With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure below presents information on gross amounts and accumulated impairments relating to each of the three stages into which receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of 8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31 December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067 million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which 238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024); and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024). Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit ageing and geographical distribution. Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December 2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31 December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose progress has a value lower than what was invoiced to the customer. Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024) include: \u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by the group 201 , amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of gas supplies in Italy 202 ; \u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million euro; \u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro. The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group (through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group (through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-943": { "value": "Section 13 - Other assets - Item 130 13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items. With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure below presents information on gross amounts and accumulated impairments relating to each of the three stages into which receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of 8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31 December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067 million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which 238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024); and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024). Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit ageing and geographical distribution. Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December 2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31 December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose progress has a value lower than what was invoiced to the customer. Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024) include: \u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by the group 201 , amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of gas supplies in Italy 202 ; \u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million euro; \u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro. The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group (through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group (through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-956": { "value": "Section 13 - Other assets - Item 130 13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items. With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure below presents information on gross amounts and accumulated impairments relating to each of the three stages into which receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of 8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31 December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067 million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which 238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024); and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024). Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit ageing and geographical distribution. Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December 2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31 December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose progress has a value lower than what was invoiced to the customer. Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024) include: \u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by the group 201 , amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of gas supplies in Italy 202 ; \u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million euro; \u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro. The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group (through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group (through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business. 16.2 Other operating income: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Income for company engagements to employees
1,152
615
1,767
1,907
Recovery of expenses
21,741
27,101
48,842
38,654
Rental income and other income from property management
11,875
69,012
80,887
84,985
Revenues from industrial management
22,330,575
22,330,575
19,249,988
Other
12,098
414,135
426,233
338,168
Total
46,866
22,841,438
22,888,304
19,713,702
Other operating income, equal to 22,888 million euro as at 31 December 2025 (19,714 million euro in 2024), includes income that is not attributable to the other items of the bank financial statements, represented almost exclusively by the revenues recorded by the CDP Group companies whose characteristic activity is of an industrial nature, and it is described below. Among other operating income, are included the revenues deriving from the Snam group, equal to 3,857 million euro, related to the transport, regasification and storage of natural gas, and of the Italgas group for 3,568 million euro related to the distribution of natural gas, whose income is governed by the regulatory framework defined by the Energy Networks and Environment Regulator (ARERA), whose financial conditions are defined through regulatory frameworks and not on a negotiated basis. The Terna group contributes to the balance of revenues from industrial operations with revenues of 3,961 million euro, the main component of which derives from the transmission tariff (\u201cCTR\u201d) for the use of the network, which remunerates the ownership and operation of the National Transmission Grid managed by Terna S.p.A. and its subsidiary Rete S.r.l. Transmission revenues represent the most significant portion of the regulated revenues of the Terna group and derive from the monopolistic application of the transmission fee (CTR) billed by Terna to distributors connected to the National Transmission Grid as part of the regulation overseen by ARERA. During the financial year, the Fincantieri group recorded revenues of 8,909 million euro arising from shipbuilding contracts and services delivered across the business sectors in which it operates: Shipbuilding, Offshore and Special Vessels, Underwater and Systems, and Components and Infrastructure. Revenues are progressively recognised over time on the basis of the transfer over time of control of goods and/or services to the customer and as a result of the change in contract work in progress. The contribution of the Ansaldo Energia group amounted to 1,232 million euro in revenues derived from the main business sectors in which it operates, including contracts relating to the production of gas and steam turbines and generators, engineering, procurement and construction (EPC) activities for thermal power plants, and maintenance, repair and spare parts services for existing facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-969": { "value": "Section 13 - Other assets - Item 130 13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items. With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure below presents information on gross amounts and accumulated impairments relating to each of the three stages into which receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of 8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31 December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067 million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which 238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024); and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024). Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit ageing and geographical distribution. Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December 2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31 December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose progress has a value lower than what was invoiced to the customer. Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024) include: \u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by the group 201 , amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of gas supplies in Italy 202 ; \u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million euro; \u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro. The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group (through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group (through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-982": { "value": "Section 13 - Other assets - Item 130 13.1 Other assets: breakdown
Prudential
Other entities
(thousands of euro)
consolidation
31/12/2025
31/12/2024
Other tax receivables
4,504
806,997
811,501
362,783
Leasehold improvements
1,089
11,207
12,296
10,702
Receivables due from investees
1,685
178,152
179,837
167,169
Trade receivables and advances to public entities
111,266
199,628
310,894
278,348
Construction contracts
3,914,642
3,914,642
3,628,315
Advances to suppliers
631
510,134
510,765
441,662
Inventories
4,118,686
4,118,686
3,947,390
Advances to personnel
860
53,932
54,792
52,540
Other trade receivables
8,669
8,210,999
8,219,668
8,069,124
Accrued income and prepaid expenses
56,820
683,099
739,919
618,240
Other items
72,153
577,034
649,187
773,768
Ecobonus tax credits
117,163
1,053,018
1,170,181
1,669,606
Total
374,840
20,317,528
20,692,368
20,019,647
The item includes assets that are not classified under the previous items. With reference to trade receivables, detailed under Trade receivables and advances to public entities and Other trade receivables in the detailed table, totalling 8,351 million euro (8,347 million euro as at 31 December 2024), the disclosure below presents information on gross amounts and accumulated impairments relating to each of the three stages into which receivables are classified according to the associated credit risk, as required by IFRS 9.
Gross value
Accumulated impairment
(thousands of euro)
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Total trade receivables at
31/12/2025
2,927,148
5,362,860
486,965
(48,451)
(21,243)
(176,717)
Total trade receivables at
31/12/2024
2,163,198
5,983,119
484,571
(22,179)
(13,451)
(247,786)
With specific regard to Other trade receivables, arising from the contribution of the Other companies, the balance of 8,220 million euro as at 31 December 2025 mainly relates to SNAM for 2,545 million euro (3,066 million euro as at 31 December 2024), of which 176 million euro relates to receivables from customers connected with energy efficiency projects pending conversion into tax credits under the Super-Ecobonus scheme; Terna for 3,076 million euro (3,067 million euro as at 31 December 2024); Italgas for 1,406 million euro (900 million euro as at 31 December 2024),of which 238 million euro relates to receivables from customers linked to energy efficiency projects awaiting conversion into tax credits under the Super-Ecobonus scheme; Fincantieri for 499 million euro (586 million euro as at 31 December 2024); and Ansaldo Energia for 295 million euro (304 million euro as at 31 December 2024). Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for credit risk considerations and further details on credit ageing and geographical distribution. Contract work in progress, amounting to 3,915 million euro (3,585 million euro at 31 December 2024) mainly refers to the activities deriving from the Fincantieri group\u2019s business, for a total of 3,674 million euro (3,377 million euro at 31 December 2024) and includes orders whose progress has a higher value than what was invoiced to the customer. The relative progress is determined by the costs incurred added to the margins recognised and net of any expected losses. The net assets for contract work in progress of the Fincantieri group, totalling 1,377 million euro (1,366 million euro as at 31 December 2024), are calculated considering also what is represented in Item 80 \u201cOther liabilities\u201d for orders whose progress has a value lower than what was invoiced to the customer. Inventories of semi-finished products and work in progress of 4,119 million euro (3,990 million euro at 31 December 2024) include: \u2022 mandatory stocks of natural gas held at its storage sites by Snam\u2019s subsidiary, Stogit, and other inventories held by the group 201 , amounting to approximately 2,489 million euro, arising from purchases made to ensure the security of gas supplies in Italy 202 ; \u2022 inventories of subsidiary raw materials and consumables of the Ansaldo Energia group, for approximately 686 million euro; \u2022 Fincantieri group\u2019s inventories of semi-finished products, amounting to about 583 million euro. The value of other assets includes 1,170 million euro relating to the so-called \u201cEcobonus\u201d tax credits. This amount derives from the Parent Company\u2019s contribution of 117 million euro, which represents the present value of tax credits acquired from CDP, accrued on building renovation and energy efficiency measures, for the amount deemed recoverable. The remainder derives from the contribution of Other companies and, in particular, from the contribution of the Snam group (through the subsidiaries TEP Energy Solution S.r.l. and Evolve S.p.A.) for 810 million euro and of the Italgas group (through the subsidiary Geoside S.p.A.) for 238 million euro from the energy efficiency business. Section 8 - Other liabilities - Item 80 8.1 Other liabilities: breakdown
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Type of operations/Values
Items being processed
72,902
72,902
16,978
Amounts due to employees
19,154
256,955
276,109
229,473
Charges for postal funding service
254,948
254,948
202,481
Tax payables
1,147,555
142,586
1,290,141
1,404,533
Construction contracts
3,348,857
3,348,857
2,890,683
Trade payables
77,603
9,893,861
9,971,464
8,760,789
Due to social security institutions
11,947
195,761
207,708
182,011
Accrued expenses and deferred income
113
2,094,459
2,094,572
1,488,782
Equity and net income pertaining to non-controlling interests in funds
298,534
298,534
211,815
Other
84,313
8,277,428
8,361,741
8,138,975
Total
1,668,535
24,508,441
26,176,976
23,526,520
This item reports other liabilities not otherwise classified under the previous items and is broken down as follows. With reference to the prudential consolidation, the item includes the Parent Company\u2019s liability to the Tax Authorities, amounting to approximately 1,142 million euro, mainly relating to the substitute tax applied to interest paid on Postal Savings products. With regard to Other Group entities, the item mainly regards: \u2022 trade payables amount to approximately 9.9 billion euro, mainly attributable to Terna (approximately 3,887 million euro), Fincantieri (approximately 3,511 million euro), SNAM (approximately 913 million euro), Italgas (approximately 856 million euro) and Ansaldo Energia (approximately 396 million euro). Trade payables included liabilities arising from reverse factoring transactions totalling 934 million euro (of which 850 million euro related to Fincantieri, 84 million euro to Ansaldo Energia and 30 million to Snam), relating to payables to suppliers who transferred their credit position to factoring companies. These liabilities are classified among Trade payables since they are related to obligations for the supply of goods and services used during the normal operating cycle. The sale is agreed with the supplier and envisages the possibility for the latter to give further extensions for consideration or not; \u2022 contract work in progress for 3.3 billion euro, deriving mainly from Fincantieri orders and Ansaldo Energia\u2019s business, whose progress has a value lower than what was invoiced to the customer. With regard to the contribution made by the Fincantieri group, please refer to the comments under Item 130 Other assets; \u2022 other items amounting to 8.4 billion euro, primarily relating to SNAM for approximately 5.4 billion euro, mainly in respect of payables for the purchase of goods and services, liabilities relating to investment activities and amounts due to the \u201cCassa per i Servizi Energetici e Ambientali\u201d [Energy and Environmental Services Fund] (CSEA). The latter mainly refer to accessory tariff components pertaining to natural gas transportation and distribution activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-983": { "value": "Section 1 - Financial liabilities measured at amortised cost - Item 10 1.1 Financial liabilities measured at amortised cost: breakdown by type of amounts due to banks
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying amount
Fair value
Types of operations/values
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Due to central banks
503,117
X
X
X
801,343
X
X
X
2. Due to banks
41,423,083
X
X
X
41,110,355
X
X
X
2.1 Current accounts and
demand deposits
26,081
X
X
X
41,807
X
X
X
2.2 Time deposits
365,794
X
X
X
398,799
X
X
X
2.3 Loans
39,220,621
X
X
X
38,590,611
X
X
X
2.3.1 Repurchase
16,696,139
X
X
X
19,681,109
X
X
X
agreements
2.3.2 Other
22,524,482
X
X
X
18,909,502
X
X
X
2.4 Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
2.5 Lease liabilities
37
X
X
X
46
X
X
X
2.6 Other payables
1,810,550
X
X
X
2,079,092
X
X
X
Total
41,926,200
5,420,079
36,006,512
41,911,698
4,069,399
36,955,076
\u201cAmounts due to central banks\u201d, totalling approximately 503 million euro (-298 million euro compared with 2024), mainly relate to refinancing facilities provided by the ECB. Amounts due to banks include loans of 39,221 million euro, mainly related to: \u2022 reverse repurchase transactions entered into by the Parent Company amounting to approximately 16,696 million euro (-2,985 million euro compared with 2024). The decrease is consistent with the strategy to reduce short-term funding from an asset\u2013liability management perspective; \u2022 other financing activities, amounting to approximately 22,525 million euro, include loans granted to the Parent Company (approximately 5,641 million euro, +373 million euro compared with 2024), relating to credit facilities received from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB); loans granted by the banking system to Terna for approximately 7,028 million euro, to SNAM for 4,029 million euro, to Italgas for 2,630 million euro, to Fincantieri for 1,500 million euro, to CDP Reti for 601 million euro, and to Ansaldo Energia S.p.A. for 343 million euro. Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for liquidity risk considerations and an analysis of the maturity of financial liabilities to banks. Time deposits, amounting to approximately 366 million euro (-33 million euro compared with 2024), relate to the balance of passbook savings accounts and postal savings bonds held by banks. Lease liabilities amounting to approximately 37 thousand euro are outstanding and relate to a property lease agreement entered into in 2024 with a banking counterparty, under which CDP acts as lessee. The item Other liabilities as at 31 December 2025 mainly relates to Credit Support Annex (CSA) agreements covering counterparty risk on the Parent Company\u2019s derivatives for 1,012 million euro (+675 million euro compared with 2024), as well as to the contribution of the Terna group for 755 million euro. 1.2 Financial liabilities measured at amortised cost: breakdown by type of amounts due to customers
31/12/2025
31/12/2024
(thousands of euro)
Carrying amount
Fair value
Carrying amount
Fair value
Types of operations/values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Current accounts and
demand deposits
10,819
X
X
X
12,107
X
X
X
2. Time deposits
296,863,034
X
X
X
289,624,226
X
X
X
3. Loans
5,822,939
X
X
X
16,411,197
X
X
X
3.1 Repurchase
4,550,464
X
X
X
14,627,802
X
X
X
agreements
3.2 Other
1,272,475
X
X
X
1,783,395
X
X
X
4. Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
5. Lease liabilities
492,904
X
X
X
414,089
X
X
X
6. Other payables
4,435,132
X
X
X
4,392,170
X
X
X
Total
307,624,828
858,196
306,550,137
310,853,789
1,629,746
309,234,606
Amounts due to customers are mainly represented by time deposits of the Parent Company, including savings passbooks amounting to 200,114 million euro (+4,839 million euro compared with 2024), net of those held by banks, and postal savings bonds amounting to 96,704 million euro (+2,562 million euro compared with 2024), net of those held by banks. The balance related to loans, equal to 5,823 million euro at 31 December 2025, mainly relates to the Parent Company\u2019s reverse repurchase agreements, amounting to approximately 4,550 million euro (-10,077 million euro compared to 2024). The decrease is consistent with the strategy of reducing short-term funding from an asset\u2013liability management perspective. Within the sub-item Other liabilities, the main amounts relate to sums attributable to the Parent Company not yet disbursed at the end of the financial year in respect of loans under amortisation granted to beneficiary entities, the disbursement of which is linked to the progress of the financed investments, amounting to 3,815 million euro (-227 million euro compared with 2024). For the part relating to Postal savings bonds issued by the Parent Company, the fair value reported above is equal to the carrying amount. In theory, for Postal savings bonds it would be possible, using statistical models of redemptions, to apply valuation techniques that incorporate a credit risk premium (spread) in line with that on medium-/long-term government securities. In view of the redemption on demand characteristic of Postal savings bonds and the particular uncertainty on redemption forecasts in a volatile rates market, which could also lead to fair value estimates lower than the amortised cost value, the best estimate of the fair value of postal savings bonds is believed to be the carrying amount. 1.3 Financial liabilities measured at amortised cost: breakdown by type of securities issued
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
53,953,194
44,575,407
8,201,880
993,189
44,218,107
36,790,026
6,307,263
885,129
1.1 structured
43,619
44,984
46,022
45,595
1.2 other
53,909,575
44,575,407
8,156,896
993,189
44,172,085
36,790,026
6,261,668
885,129
2. other securities
1,114,349
1,114,478
1,454,033
1,456,221
2.1 structured
2.2 other
1,114,349
1,114,478
1,454,033
1,456,221
Total
55,067,543
44,575,407
9,316,358
993,189
45,672,140
36,790,026
7,763,484
885,129
1.3 of which: pertaining to the Prudential consolidation
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
22,840,092
14,922,753
8,151,653
18,274,512
12,025,724
6,307,263
1.1 structured
43,619
44,984
46,022
45,595
1.2 other
22,796,473
14,922,753
8,106,669
18,228,490
12,025,724
6,261,668
2. other securities
1,114,349
1,114,478
1,454,033
1,456,221
2.1 structured
2.2 other
1,114,349
1,114,478
1,454,033
1,456,221
Total
23,954,441
14,922,753
9,266,131
19,728,545
12,025,724
7,763,484
With respect to the Prudential consolidation, the balance of securities issued at 31 December 2025 refers to the Parent Company and includes: \u2022 bonds issued under the \u201cEuro Medium Term Notes\u201d (EMTN) and \u201cDebt Issuance Programme\u201d (DIP) programmes, wit h a stock of 11,919 million euro (+1,955 million euro compared to the end of 2024). In 2025, bond issuances were carried out under the Debt Issuance Programme (DIP) for a total of 2.7 billion euro. Among these, note should be taken of the public issuance of CDP\u2019s second Green Bond, with a nominal amount of 500 million euro, aimed at supporting initiatives with tangible and positive environmental impacts, including infrastructure investments in the renewable energy and sustainable mobility sectors, as well as investments in companies focused on energy efficiency and the circular economy; \u2022 five bond issues targeted at retail investors were outstanding, with a total carrying amount of 4,982 million euro, representing an increase of approximately 1,521 million euro compared with the balance at the end of 2024, following three new issuances completed in 2025 for a total nominal amount of approximately 1.6 billion euro; \u2022 four bond issues guaranteed by the Italian State, fully subscribed by Poste Italiane, were outstanding with a total carrying amount of 3,012 million euro, unchanged compared with year-end 2024. As at the end of 2025, the following were also outstanding: two bonds issued in December 2017 with a total nominal amount of 1 billion euro, and two bonds issued in March 2018 with a total nominal amount of 2 billion euro; \u2022 three bond issuances denominated in US dollars, the so-called \u201cYankee Bonds\u201d, with a total nominal amount of 4 billion dollars (carrying amount as at 31 December 2025 of approximately 3,455 million euro). The balance increased by approximately 1,040 million euro compared with year-end 2024, reflecting the third issuance completed in 2025 for a nominal amount of 1.5 billion dollars. Through this transaction, CDP continues its strategy of diversifying its sources of funding; \u2022 the stock of commercial paper with a carrying amount of 1,114 million euro (-340 million euro on the 2024 year- end balance), related to the \u201cMulti-Currency Commercial Paper Programme\u201d. 1.3 of which: pertaining to Other companies
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying
Fair value
Types of
securities/Values
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
A. Securities
1. bonds
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
1.1 structured
1.2 other
2. other securities
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
2.1 structured
2.2 other
Total
31,113,102
29,652,654
50,227
993,189
25,943,595
24,764,302
885,129
Debt securities issued by the Other companies mainly relate to bond issuances by SNAM, Italgas and Terna, the majority of which are listed on active markets (Level 1), amounting respectively to 13,784 million euro, 8,464 million euro and 7,852 million euro. The Group has outstanding certain bond loans containing so-called \u201cESG-linked\u201d provisions, i.e. instruments incorporating a reward/penalty mechanism applicable to the payment of accrued interest, linked to the achievement of specific environmental, social and governance (ESG) targets. The Group considers that there may be a risk, albeit not significant, connected to achievement of the ESG objectives. Failure to meet these targets at a contractually defined date would result in a modest increase in the cost of debt. However, the impact of this risk on financial costs would be negligible. 1.4 Breakdown of subordinated debts/securities This item has a nil balance. 1.5 Breakdown of structured debts As at 31 December 2025, structured debts amounted to approximately 661,382 thousand euro (up by -68,843 thousand euro compared to 2024) and refer to the Risparmio Sostenibile postal savings bonds, subscribed by customers, linked to the STOXX Europe 600 ESG-X, an index that considers the European companies with the highest capitalisation compliant with the Sustainable Development Goals of the UN 2030 agenda, for which the embedded derivative has been separated. 1.6 Lease liabilities The following table shows the information required by IFRS 16, paragraph 53, letter g and paragraph 58).
Total
Total
(thousands of euro)
31/12/2025
31/12/2024
Time bands
Lease payables
Lease payables
Up to 1 year
125,075
124,147
Between 1 and 2 years
124,976
109,895
Between 2 and 3 years
68,492
45,621
Between 3 and 4 years
54,687
40,339
Between 4 and 5 years
59,974
30,786
Over 5 years
78,973
84,124
Total lease payments to be made
512,177
434,912
Reconciliation with lease liabilities
(19,236)
(20,777)
Unearned finance costs (-)
(19,236)
(20,777)
Unguaranteed residual value (-)
Lease liabilities
492,941
414,135
Section 3 \u2013 financial liabilities designated at fair value \u2013 Item 30 3.1 Financial liabilities designated at fair value: breakdown by type
31/12/2025
Fair
31/12/2024
Fair
(thousands of euro)
Fair value
Value*
Fair value
Value*
Type of transactions/values
NV
Level 1
Level 2
Level 3
FV *
NV
Level 1
Level 2
Level 3
FV *
1. Due to banks
1.1 Structured
X
X
1.2 Other
of which
X
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
2. Due to customers
8,067
8,067
8,067
9,313
9,313
9,313
2.1 Structured
X
X
2.2 Other
of which
8,067
8,067
X
9,313
9,313
X
- commitments to disburse funds
X
X
X
X
X
X
X
X
- financial guarantees issued
X
X
X
X
X
X
X
X
3. Debt securities
3.1 Structured
X
X
3.2 Other
X
X
Total
8,067
8,067
8,067
9,313
9,313
9,313
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date At 31 December 2025, the balance of the financial liabilities designated at fair value is fully attributable to Fincantieri\u2019s contribution and is represented by the negative fair value of options to purchase equity securities. 3.2 Breakdown of Financial liabilities designated at fair value: subordinated liabilities As at 31 December 2025 the item had a nil balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-970": { "value": "1.1 Financial liabilities measured at amortised cost: breakdown by type of amounts due to banks
31/12/2025
31/12/2024
(thousands of euro)
Carrying
Fair value
Carrying amount
Fair value
Types of operations/values
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Due to central banks
503,117
X
X
X
801,343
X
X
X
2. Due to banks
41,423,083
X
X
X
41,110,355
X
X
X
2.1 Current accounts and
demand deposits
26,081
X
X
X
41,807
X
X
X
2.2 Time deposits
365,794
X
X
X
398,799
X
X
X
2.3 Loans
39,220,621
X
X
X
38,590,611
X
X
X
2.3.1 Repurchase
16,696,139
X
X
X
19,681,109
X
X
X
agreements
2.3.2 Other
22,524,482
X
X
X
18,909,502
X
X
X
2.4 Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
2.5 Lease liabilities
37
X
X
X
46
X
X
X
2.6 Other payables
1,810,550
X
X
X
2,079,092
X
X
X
Total
41,926,200
5,420,079
36,006,512
41,911,698
4,069,399
36,955,076
\u201cAmounts due to central banks\u201d, totalling approximately 503 million euro (-298 million euro compared with 2024), mainly relate to refinancing facilities provided by the ECB. Amounts due to banks include loans of 39,221 million euro, mainly related to: \u2022 reverse repurchase transactions entered into by the Parent Company amounting to approximately 16,696 million euro (-2,985 million euro compared with 2024). The decrease is consistent with the strategy to reduce short-term funding from an asset\u2013liability management perspective; \u2022 other financing activities, amounting to approximately 22,525 million euro, include loans granted to the Parent Company (approximately 5,641 million euro, +373 million euro compared with 2024), relating to credit facilities received from the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB); loans granted by the banking system to Terna for approximately 7,028 million euro, to SNAM for 4,029 million euro, to Italgas for 2,630 million euro, to Fincantieri for 1,500 million euro, to CDP Reti for 601 million euro, and to Ansaldo Energia S.p.A. for 343 million euro. Please refer to Section 4 \u2013 \u201cThe risks of other entities\u201d, Part E for liquidity risk considerations and an analysis of the maturity of financial liabilities to banks. Time deposits, amounting to approximately 366 million euro (-33 million euro compared with 2024), relate to the balance of passbook savings accounts and postal savings bonds held by banks. Lease liabilities amounting to approximately 37 thousand euro are outstanding and relate to a property lease agreement entered into in 2024 with a banking counterparty, under which CDP acts as lessee. The item Other liabilities as at 31 December 2025 mainly relates to Credit Support Annex (CSA) agreements covering counterparty risk on the Parent Company\u2019s derivatives for 1,012 million euro (+675 million euro compared with 2024), as well as to the contribution of the Terna group for 755 million euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-971": { "value": "1.2 Financial liabilities measured at amortised cost: breakdown by type of amounts due to customers
31/12/2025
31/12/2024
(thousands of euro)
Carrying amount
Fair value
Carrying amount
Fair value
Types of operations/values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
1. Current accounts and
demand deposits
10,819
X
X
X
12,107
X
X
X
2. Time deposits
296,863,034
X
X
X
289,624,226
X
X
X
3. Loans
5,822,939
X
X
X
16,411,197
X
X
X
3.1 Repurchase
4,550,464
X
X
X
14,627,802
X
X
X
agreements
3.2 Other
1,272,475
X
X
X
1,783,395
X
X
X
4. Liabilities in respect of
commitments to repurchase
X
X
X
X
X
X
own equity instruments
5. Lease liabilities
492,904
X
X
X
414,089
X
X
X
6. Other payables
4,435,132
X
X
X
4,392,170
X
X
X
Total
307,624,828
858,196
306,550,137
310,853,789
1,629,746
309,234,606
Amounts due to customers are mainly represented by time deposits of the Parent Company, including savings passbooks amounting to 200,114 million euro (+4,839 million euro compared with 2024), net of those held by banks, and postal savings bonds amounting to 96,704 million euro (+2,562 million euro compared with 2024), net of those held by banks. The balance related to loans, equal to 5,823 million euro at 31 December 2025, mainly relates to the Parent Company\u2019s reverse repurchase agreements, amounting to approximately 4,550 million euro (-10,077 million euro compared to 2024). The decrease is consistent with the strategy of reducing short-term funding from an asset\u2013liability management perspective. Within the sub-item Other liabilities, the main amounts relate to sums attributable to the Parent Company not yet disbursed at the end of the financial year in respect of loans under amortisation granted to beneficiary entities, the disbursement of which is linked to the progress of the financed investments, amounting to 3,815 million euro (-227 million euro compared with 2024). For the part relating to Postal savings bonds issued by the Parent Company, the fair value reported above is equal to the carrying amount. In theory, for Postal savings bonds it would be possible, using statistical models of redemptions, to apply valuation techniques that incorporate a credit risk premium (spread) in line with that on medium-/long-term government securities. In view of the redemption on demand characteristic of Postal savings bonds and the particular uncertainty on redemption forecasts in a volatile rates market, which could also lead to fair value estimates lower than the amortised cost value, the best estimate of the fair value of postal savings bonds is believed to be the carrying amount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-972": { "value": "1.4 Breakdown of subordinated debts/securities This item has a nil balance. 2.2 Breakdown of \u201cFinancial liabilities held for trading\u201d: subordinated liabilities This item has a nil balance. 3.2 Breakdown of Financial liabilities designated at fair value: subordinated liabilities As at 31 December 2025 the item had a nil balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-998": { "value": "Section 2 - Financial liabilities held for trading - Item 20 2.1 Financial liabilities held for trading: breakdown by type
31/12/2025
31/12/2024
NV
Fair value
Fair Value *
NV
Fair value
Fair
(thousands of euro)
Value *
Type of operations/Values
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
A. On-balance-sheet
liabilities
1. Due to banks
2. Due to customers
3. Debt securities
3.1 Bonds
3.1.1 Structured
x
x
3.1.2 Other
3.2 Other securities
x
x
3.2.1 Structured
x
x
3.2.2 Other
Total A
B. Derivatives
x
x
1. Financial derivatives
534,862
60,781
397,100
37,212
1.1 Trading
x
534,862
1,461
x
x
397,100
1,631
x
1.2 Associated with fair
value option
x
x
x
x
1.3 Other
2. Credit derivatives
x
59,320
x
x
35,581
x
2.1 Trading
x
x
x
x
2.2 Associated with fair
value option
x
x
x
x
2.3 Other
x
x
x
x
Total B
x
534,862
60,781
x
x
397,100
37,212
x
Total (A+B)
x
534,862
60,781
x
x
397,100
37,212
x
Key NV = nominal or notional value FV* = fair value calculated excluding changes in value due to changes in the issuer's creditworthiness since the issue date The item includes mainly: \u2022 the negative fair value of interest rate derivatives (approximately 181 million euro) and foreign exchange derivatives (approximately 12 million euro) relating to the Parent Company; \u2022 the negative value of the optional component of Risparmio Sostenibile postal saving bonds, indexed to the STOXX Europe 600 ESG-X, which was separated from the host instrument (approximately 59 million euro); \u2022 derivative instruments of Snam amounting to 343 million euro. 2.2 Breakdown of \u201cFinancial liabilities held for trading\u201d: subordinated liabilities This item has a nil balance. 2.3 Breakdown of \u201cFinancial liabilities held for trading\u201d: structured debts This item has a nil balance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-926": { "value": "
Section 8 - Other liabilities - Item 80
8.1 Other liabilities: breakdown
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Type of operations/Values
Items being processed
72,902
72,902
16,978
Amounts due to employees
19,154
256,955
276,109
229,473
Charges for postal funding service
254,948
254,948
202,481
Tax payables
1,147,555
142,586
1,290,141
1,404,533
Construction contracts
3,348,857
3,348,857
2,890,683
Trade payables
77,603
9,893,861
9,971,464
8,760,789
Due to social security institutions
11,947
195,761
207,708
182,011
Accrued expenses and deferred income
113
2,094,459
2,094,572
1,488,782
Equity and net income pertaining to non-controlling interests in funds
298,534
298,534
211,815
Other
84,313
8,277,428
8,361,741
8,138,975
Total
1,668,535
24,508,441
26,176,976
23,526,520
This item reports other liabilities not otherwise classified under the previous items and is broken down as follows.
With reference to the prudential consolidation, the item includes the Parent Company\u2019s liability to the Tax Authorities,
amounting to approximately 1,142 million euro, mainly relating to the substitute tax applied to interest paid on Postal
Savings products.
With regard to Other Group entities, the item mainly regards:
\u2022 trade payables amount to approximately 9.9 billion euro, mainly attributable to Terna (approximately 3,887 million euro),
Fincantieri (approximately 3,511 million euro), SNAM (approximately 913 million euro), Italgas (approximately 856
million euro) and Ansaldo Energia (approximately 396 million euro). Trade payables included liabilities arising from
reverse factoring transactions totalling 934 million euro (of which 850 million euro related to Fincantieri, 84 million euro
to Ansaldo Energia and 30 million to Snam), relating to payables to suppliers who transferred their credit position to
factoring companies. These liabilities are classified among Trade payables since they are related to obligations for the
supply of goods and services used during the normal operating cycle. The sale is agreed with the supplier and
envisages the possibility for the latter to give further extensions for consideration or not;
\u2022 contract work in progress for 3.3 billion euro, deriving mainly from Fincantieri orders and Ansaldo Energia\u2019s business,
whose progress has a value lower than what was invoiced to the customer. With regard to the contribution made by
the Fincantieri group, please refer to the comments under Item 130 Other assets;
\u2022 other items amounting to 8.4 billion euro, primarily relating to SNAM for approximately 5.4 billion euro, mainly in respect
of payables for the purchase of goods and services, liabilities relating to investment activities and amounts due to the
\u201cCassa per i Servizi Energetici e Ambientali\u201d [Energy and Environmental Services Fund] (CSEA). The latter mainly refer
to accessory tariff components pertaining to natural gas transportation and distribution activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-957": { "value": "Section 8 - Other liabilities - Item 80 8.1 Other liabilities: breakdown
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Type of operations/Values
Items being processed
72,902
72,902
16,978
Amounts due to employees
19,154
256,955
276,109
229,473
Charges for postal funding service
254,948
254,948
202,481
Tax payables
1,147,555
142,586
1,290,141
1,404,533
Construction contracts
3,348,857
3,348,857
2,890,683
Trade payables
77,603
9,893,861
9,971,464
8,760,789
Due to social security institutions
11,947
195,761
207,708
182,011
Accrued expenses and deferred income
113
2,094,459
2,094,572
1,488,782
Equity and net income pertaining to non-controlling interests in funds
298,534
298,534
211,815
Other
84,313
8,277,428
8,361,741
8,138,975
Total
1,668,535
24,508,441
26,176,976
23,526,520
This item reports other liabilities not otherwise classified under the previous items and is broken down as follows. With reference to the prudential consolidation, the item includes the Parent Company\u2019s liability to the Tax Authorities, amounting to approximately 1,142 million euro, mainly relating to the substitute tax applied to interest paid on Postal Savings products. With regard to Other Group entities, the item mainly regards: \u2022 trade payables amount to approximately 9.9 billion euro, mainly attributable to Terna (approximately 3,887 million euro), Fincantieri (approximately 3,511 million euro), SNAM (approximately 913 million euro), Italgas (approximately 856 million euro) and Ansaldo Energia (approximately 396 million euro). Trade payables included liabilities arising from reverse factoring transactions totalling 934 million euro (of which 850 million euro related to Fincantieri, 84 million euro to Ansaldo Energia and 30 million to Snam), relating to payables to suppliers who transferred their credit position to factoring companies. These liabilities are classified among Trade payables since they are related to obligations for the supply of goods and services used during the normal operating cycle. The sale is agreed with the supplier and envisages the possibility for the latter to give further extensions for consideration or not; \u2022 contract work in progress for 3.3 billion euro, deriving mainly from Fincantieri orders and Ansaldo Energia\u2019s business, whose progress has a value lower than what was invoiced to the customer. With regard to the contribution made by the Fincantieri group, please refer to the comments under Item 130 Other assets; \u2022 other items amounting to 8.4 billion euro, primarily relating to SNAM for approximately 5.4 billion euro, mainly in respect of payables for the purchase of goods and services, liabilities relating to investment activities and amounts due to the \u201cCassa per i Servizi Energetici e Ambientali\u201d [Energy and Environmental Services Fund] (CSEA). The latter mainly refer to accessory tariff components pertaining to natural gas transportation and distribution activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-973": { "value": "Section 8 - Other liabilities - Item 80 8.1 Other liabilities: breakdown
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Type of operations/Values
Items being processed
72,902
72,902
16,978
Amounts due to employees
19,154
256,955
276,109
229,473
Charges for postal funding service
254,948
254,948
202,481
Tax payables
1,147,555
142,586
1,290,141
1,404,533
Construction contracts
3,348,857
3,348,857
2,890,683
Trade payables
77,603
9,893,861
9,971,464
8,760,789
Due to social security institutions
11,947
195,761
207,708
182,011
Accrued expenses and deferred income
113
2,094,459
2,094,572
1,488,782
Equity and net income pertaining to non-controlling interests in funds
298,534
298,534
211,815
Other
84,313
8,277,428
8,361,741
8,138,975
Total
1,668,535
24,508,441
26,176,976
23,526,520
This item reports other liabilities not otherwise classified under the previous items and is broken down as follows. With reference to the prudential consolidation, the item includes the Parent Company\u2019s liability to the Tax Authorities, amounting to approximately 1,142 million euro, mainly relating to the substitute tax applied to interest paid on Postal Savings products. With regard to Other Group entities, the item mainly regards: \u2022 trade payables amount to approximately 9.9 billion euro, mainly attributable to Terna (approximately 3,887 million euro), Fincantieri (approximately 3,511 million euro), SNAM (approximately 913 million euro), Italgas (approximately 856 million euro) and Ansaldo Energia (approximately 396 million euro). Trade payables included liabilities arising from reverse factoring transactions totalling 934 million euro (of which 850 million euro related to Fincantieri, 84 million euro to Ansaldo Energia and 30 million to Snam), relating to payables to suppliers who transferred their credit position to factoring companies. These liabilities are classified among Trade payables since they are related to obligations for the supply of goods and services used during the normal operating cycle. The sale is agreed with the supplier and envisages the possibility for the latter to give further extensions for consideration or not; \u2022 contract work in progress for 3.3 billion euro, deriving mainly from Fincantieri orders and Ansaldo Energia\u2019s business, whose progress has a value lower than what was invoiced to the customer. With regard to the contribution made by the Fincantieri group, please refer to the comments under Item 130 Other assets; \u2022 other items amounting to 8.4 billion euro, primarily relating to SNAM for approximately 5.4 billion euro, mainly in respect of payables for the purchase of goods and services, liabilities relating to investment activities and amounts due to the \u201cCassa per i Servizi Energetici e Ambientali\u201d [Energy and Environmental Services Fund] (CSEA). The latter mainly refer to accessory tariff components pertaining to natural gas transportation and distribution activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationRelatingToSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1007": { "value": "Section 8 - Other liabilities - Item 80 8.1 Other liabilities: breakdown
Prudential
Other entities
31/12/2025
31/12/2024
(thousands of euro)
consolidation
Type of operations/Values
Items being processed
72,902
72,902
16,978
Amounts due to employees
19,154
256,955
276,109
229,473
Charges for postal funding service
254,948
254,948
202,481
Tax payables
1,147,555
142,586
1,290,141
1,404,533
Construction contracts
3,348,857
3,348,857
2,890,683
Trade payables
77,603
9,893,861
9,971,464
8,760,789
Due to social security institutions
11,947
195,761
207,708
182,011
Accrued expenses and deferred income
113
2,094,459
2,094,572
1,488,782
Equity and net income pertaining to non-controlling interests in funds
298,534
298,534
211,815
Other
84,313
8,277,428
8,361,741
8,138,975
Total
1,668,535
24,508,441
26,176,976
23,526,520
This item reports other liabilities not otherwise classified under the previous items and is broken down as follows. With reference to the prudential consolidation, the item includes the Parent Company\u2019s liability to the Tax Authorities, amounting to approximately 1,142 million euro, mainly relating to the substitute tax applied to interest paid on Postal Savings products. With regard to Other Group entities, the item mainly regards: \u2022 trade payables amount to approximately 9.9 billion euro, mainly attributable to Terna (approximately 3,887 million euro), Fincantieri (approximately 3,511 million euro), SNAM (approximately 913 million euro), Italgas (approximately 856 million euro) and Ansaldo Energia (approximately 396 million euro). Trade payables included liabilities arising from reverse factoring transactions totalling 934 million euro (of which 850 million euro related to Fincantieri, 84 million euro to Ansaldo Energia and 30 million to Snam), relating to payables to suppliers who transferred their credit position to factoring companies. These liabilities are classified among Trade payables since they are related to obligations for the supply of goods and services used during the normal operating cycle. The sale is agreed with the supplier and envisages the possibility for the latter to give further extensions for consideration or not; \u2022 contract work in progress for 3.3 billion euro, deriving mainly from Fincantieri orders and Ansaldo Energia\u2019s business, whose progress has a value lower than what was invoiced to the customer. With regard to the contribution made by the Fincantieri group, please refer to the comments under Item 130 Other assets; \u2022 other items amounting to 8.4 billion euro, primarily relating to SNAM for approximately 5.4 billion euro, mainly in respect of payables for the purchase of goods and services, liabilities relating to investment activities and amounts due to the \u201cCassa per i Servizi Energetici e Ambientali\u201d [Energy and Environmental Services Fund] (CSEA). The latter mainly refer to accessory tariff components pertaining to natural gas transportation and distribution activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-944": { "value": "
Section 9 - Staff severance pay - Item 90
9.1 Staff severance pay: changes for the year
Prudential
(thousands of euro)
consolidation
Other entities
31/12/2025
31/12/2024
A. Opening balance
3,531
158,392
161,923
173,918
B. Increases
356
46,359
46,715
13,900
B.1 Provision for the year
352
10,150
10,502
9,810
B.2 Other increases
4
36,209
36,213
4,090
- of which business combinations
23,599
23,599
267
C. Decreases
343
29,899
30,242
25,895
C.1 Severance payments
223
25,451
25,674
14,112
C.2 Other decreases
120
4,448
4,568
11,783
- of which business combinations
D. Closing balance
3,544
174,852
178,396
161,923
The provisions for staff severance pay relating to the Other companies are mainly attributable to Italgas (57 million euro),
Fincantieri (55 million euro), Terna (26 million euro), Snam (13 million euro), Trevi Finanziaria Industriale (10 million euro)
and Ansaldo Energia (6 million euro).
The table below describes the main actuarial assumptions used by the Group companies for the valuation of the provision
for staff severance pay.
Minimun value
Maximum value
Discount rate
2.36%
4.47%
Expected rate of salary increases
1.00%
4.00%
Inflation rate
1.58%
3.00%
The sensitivity analysis with regard to actuarial assumptions is considered unnecessary due to the insignificant effects on
the estimate of the liability itself, and also in consideration of the negligible amount of the provision for staff severance pay
when compared to the total consolidated liabilities.
10.5 Defined benefit pension funds
This item has a nil balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-907": { "value": "
Section 10 - Provisions for risks and charges - Item 100
10.1 Provisions for risks and charges: breakdown
(thousands of euro)
Prudential
Items/Components
consolidation
Other entities
31/12/2025
31/12/2024
1. Provisions for credit risk relating to commitments and financial
319,993
53,532
373,525
614,994
guarantees issued
2. Provisions on other guarantees issued and other commitments
3. Company pensions and other post-retirement benefit
obligations
4. Other provisions
174,352
2,407,870
2,582,222
2,418,711
4.1 fiscal and legal disputes
47,853
337,025
384,878
393,062
4.2 staff costs
118,636
146,522
265,158
254,538
4.3 other
7,863
1,924,323
1,932,186
1,771,111
Total
494,345
2,461,402
2,955,747
3,033,705
As at 31 December 2025, provisions for risks and charges amounted to approximately 2,945 million euro, representing a
decrease of approximately -78 million euro compared with the 2024 financial year.
1.5 Operational risks
Qualitative disclosures
A. General aspects, management processes, and methods for measurement of operational risk
Definition of operational risk
The CDP Group has adopted the guidelines established by the Basel Committee for the banking industry and incorporated
by Bank of Italy in Circular no. 285 of 17 December 2013 as the benchmark for managing operational risk.
Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from
external events. This definition includes, among others, losses resulting from fraud, human error, business disruption, ICT
system unavailability, breach of contract and natural disasters.
Operational risk includes legal risk, model risk, conduct risk and the risk of money laundering and terrorist financing fall
under operational risk, while strategic and reputational risk are not included.
The legal risk is the risk of incurring losses resulting from violations of laws or regulations, from contractual or tortious
liability or from other disputes.
System for managing operational risks
Apart from adopting best practice in the banking sector as a reference, the CDP Group pays particular attention to industrial
sector benchmarks for the management of operational risks. The methodological and organisational framework
implemented aims to capture the company\u2019s actual risk profile, similarly to what occurs in the most advanced corporates,
which actively manage operational risks even though they are not subject to capital requirements.
The aim is to improve corporate processes and the internal control framework in order to establish a basis both for suitable
mitigation measures and for a more precise assessment of the related economic capital, presently calculated under the
Basic Approach.
The Operational and ICT Risk Organisational Unit, operating within the Risk Management Function, is responsible for
designing, implementing and monitoring the methodological and organizational framework for (i) the assessment of the
exposure to operational risks, (ii) the monitoring of the implementation of the mitigation measures proposed by the Risk
Owners, and (iii) the reporting system designed to ensure that information is made available to the Governing Bodies and
to the managers of the Organisational Units concerned.
The adopted framework involves the inclusion of information on operational losses classified according to specified Loss
Event Types (i.e. a Model of loss events), Loss Effect Types (i.e. a Model of types of losses) and Risk Factors (i.e. a Model
for the classification of risk factors). With particular reference to ICT and information security risk, dedicated libraries of
threats and security countermeasures have also been defined, which CDP considers appropriate to apply within its
perimeter to protect its ICT assets.
This information comprises:
\u2022 internal data on operational losses (Loss Data Collection);
\u2022 external loss data;
\u2022 potential loss data (risk self-assessment);
\u2022 key factors of the business environment and internal control systems.
The CDP Group\u2019s system for managing operational risks is divided into the following stages:
1. Identification and measurement
This stage involves the:
\u2022 structured collection and timely updating of internal data on losses attributable to operational risk events (loss data
collection);
\u2022 identification of potential operational risks associated with business processes and the forward-looking assessment
of the Company\u2019s level of exposure to those risks (risk self-assessment);
\u2022 analysis of operational events received from the Italian database on operational losses (Database Italiano delle Perdite
Operative \u2013 DIPO) (external loss data);
\u2022 identification of potential operational risks arising from the introduction of new products, services and activities.
1.1 Loss Data Collection
Loss data collection is the process designed to collect and manage \u2013 in a structured manner and according to rigorous
criteria \u2013 the internal data on losses attributable to operational risk events occurred in the Company. The data recording
concerns both operational risk events which have negative economic effects recorded in the income statement items
(actual losses) and events that do not generate a loss (near misses).
The loss data collection process is structured as follows:
\u2022 collection and recording of internal loss data, to classify the data on losses attributable to operational risk events;
\u2022 monitoring and management of loss data, to observe the evolution of the Company\u2019s exposure to operational risks
over time, in order to identify appropriate mitigation measures for the most significant events (in terms of impact,
frequency and/or relevance to the strategic company objectives).
The data collection is supported by a network of information sources (an information source is defined as the organisational
unit that can provide information concerning the main features of each loss event recorded and its associated effects).
The prompt availability of uniform, comprehensive and reliable data \u2013 within a dedicated database \u2013 allows the appropriate
mitigation actions to be identified in order to combat the most significant risks and to achieve overall improvements, in
terms of effectiveness and efficiency, of the corporate processes and the internal control system (so-called use test).
1.2 Risk Self-Assessment
This consists of a self-assessment of the potential operational risks inherent in the processes, carried out by the parties
involved in the operations reviewed. The aim is to assess the level of the Company\u2019s vulnerability to these risks and, at the
same time, to establish the necessary corrective actions, if the monitoring system is inadequate. The process consists of
the following activities:
\u2022 mapping of the operational risk events to the corporate processes (risk mapping), in order to understand the origin of
potential losses attributable to operational risks by retracing the events and causes that may generate those losses;
\u2022 assessment of the operational risk events and of the related controls for estimating the residual exposure to each risk.
The aim of the Risk Self-Assessment is to produce a Risk Map, which is a tool designed to dynamically monitor the
evolution of the Company\u2019s risk profile, in order to:
\u2022 ensure an overall view of the main areas of risk of the company by process and by nature of the risk;
\u2022 strengthen the controls;
\u2022 monitor the actions to prevent and mitigate risks.
Based on the risk perception of the officers interviewed (Organizational Unit Managers, Risk owners, other employees who
are \u2019experts\u2019 in the relevant processes, individuals representing specialist and control functions), suitably \u2019weighted\u2019 with
that of Risk Management and supplemented by additional relevant considerations, forward-looking indications are provided
to the Company\u2019s management on events that have not yet occurred but could take place as a result of \u2019latent\u2019 risks in
corporate processes.
Risk Self-Assessment findings, therefore, are used for management purposes (use test): the operational risk management
system, integrated into the Management\u2019s decision-making, aims at strengthening corporate processes and improving the
Internal Control System.
1.3 Stress Testing
As part of stress testing during the strategic planning phase and periodic budgeting exercises, the Operational Risks and
ICT unit identifies specific potential operational risk scenarios with a high impact (in economic terms) and a low frequency
of occurrence. The estimated loss for each of the scenarios depends on (i) the expected frequency and (ii) the potential
economic impact, which are estimated with the support of the main Process Owners and Organisational Units involved in
the scenario.
This activity makes it possible to estimate the potential economic loss under stress as a result of the occurrence of
operational risk events.
1.4 External loss data
CDP subscribes to the Italian database on operational losses (DIPO) managed by ABIServizi S.p.A. in order to be able to
retrieve data on operational risk events that took place in other financial institutions; this enables CDP to improve its
estimates about operational losses and to compare itself against the best practices used by other main Banking Groups.
2. Risk control and mitigation
Based on the findings from the Risk Self-Assessment and any specific further analyses conducted by the other corporate
Control Functions, supported by the trends in operational losses found in the loss data collection, the mitigation process is
activated in order to reduce the Company\u2019s exposure to the most significant operational risks \u2013 in terms of likelihood of
occurrence and/or impact \u2013 through the identification and adoption of appropriate corrective measures.
Corrective actions are defined by the Risk Owners, with the support \u2013 where necessary \u2013 of the other corporate functions
and the Risk Management Area, which verifies the implementation of mitigating actions through periodic follow-ups.
The Operational and ICT Risk Organisational Unit monitors the status of the mitigation actions initiated by periodically
checking their progress with the individuals responsible for the actions taken and/or to be taken.
3. Monitoring and reporting
The results of the activities performed are shared and disseminated through dedicated reports, which detail operational
risk exposures and detected losses. In this way, information on operational risks is provided to the Top Management and
the managers of the business units involved, in order to enable the implementation of the most appropriate mitigation
actions.
The main reports produced cover:
\u2022 Loss Data Collection, in relation to which a report is prepared every six months and sent to the Governing Bodies;
\u2022 Risk Self-Assessment, for which, at the end of each analysis on processes/operational areas a report with the
assessment of individual risks and relevant control centres is produced, with an indication of the most vulnerable areas;
\u2022 follow-up on the mitigation actions, identified for the most significant risks detected by the Loss Data Collection and Risk
Self-Assessment.
Operational Risk Culture
In line with the mission of the Operational and ICT Risk Organisational Unit, which is to develop and disseminate awareness
of operational risks within the Company, during 2025 training initiatives addressed to all the staff involved in the analyses
were organised.
Other periodical actions organised by the Operational and ICT Risk Organisational Unit for the staff concerned include
training, also in the form of on-the-job training. These actions ensure that the contact persons have appropriate knowledge
of the process and of its attendant responsibilities, so as to make the best use of support tools.
The aim is to put in place a coordinated approach at all levels within the Company, which can be achieved by wide
dissemination of operational risk awareness.
Fraud risk
Within the operational risk management model used in CDP, the fraud risk management framework has also been
implemented. The fraud risk is defined as the risk of an illegal act, action or omission, intentionally carried out using
deceptive means consisting of artifices or stratagems, intended to mislead others and harm another\u2019s right in order to
obtain, directly or indirectly, a material or moral advantage, and/or a consent, and/or to elude an obligation of any kind, for
an own benefit or for the benefit of a third party. This model is part of CDP\u2019s Internal Controls System and is divided into
three lines of defence: (i) first-line of defence, carried out by the operational/production units and incorporated into business
processes; (ii) second-line of defence, carried out by a dedicated function in charge of Fraud Risk control (within the
Operational and ICT Risk Organisational Unit) and (iii) third-line of defence, overseen by the Internal Audit Function.
Specifically, the fraud risk control function identifies and assesses the risks of fraud related to corporate processes through
second-level controls. The main tools used by fraud risk control function for these controls are: (i) Fraud Risk Assessment,
updated periodically every three years, unless there are significant changes in the operational context, both within and
outside the Company (ii) Loss Data Collection, updated continuously, and (iii) Effectiveness checks, according to a defined
frequency.
ICT and information security risk The ICT system, consisting of the ICT Assets and the human resources dedicated to their management, is an essential means to achieve the strategic and operational objectives of a company, due to the critical level of the business processes that depend on it. With a view to sound and prudent management, the ICT system allows management to have up-to-date and secure information for timely decision-making and the correct implementation of the risk management process. Therefore, it is essential to guarantee the Confidentiality, Integrity and Availability of the information processed by company IT systems, in line with the identified risk profiles. The ICT and information security risk is the risk of incurring losses due to breaches of confidentiality, failure of integrity of systems and data, inappropriateness or unavailability of systems and data or inability to change information technology (IT) within a reasonable time and with reasonable costs when the environment or business requirements change (i.e. agility). This includes security risks resulting from inadequate or failed internal processes or external events including cyber-attacks or inadequate physical security. To ensure the protection of its corporate assets, CDP has developed and implemented a Framework for measuring and monitoring ICT and information security risk. This Framework incorporates a cyber risk monitoring dashboard, enabling the organisation to manage activities and prioritise actions within its broader security strategies. Quantitative disclosures The chart below gives the breakdown by event type 207 , showing the number and the impact in 2025, based on the event type classification scheme established by the New Basel Capital Accord. % breakdown by number of events (actual and near-miss losses) In 2025, the events identified with greater frequency were of the \u201cExecution, delivery and process management\u201d type, referring to losses arising mainly from executing and completing transactions. % breakdown by accounting amount recorded
During 2025, the most significant type of event, in terms of impact, is attributable to \u201cExecution, Delivery, & Process
Management\u201d.
CDP Real Asset SGR
CDP RA SGR adopts the Group\u2019s operational and fraud risk management framework with the objective of strengthening
risk controls and improving the overall effectiveness and efficiency of processes, in order to reduce earnings volatility for
the period and safeguard equity. In the context of Loss Data Collection, the company collects and records loss data,
considering the key aspects of each identified loss event and its related impacts. The net exposure of CDP RA SGR\u2019s
processes to operational and fraud risks is overall limited, owing to the presence of controls characterised by an adequate
level of effectiveness.
Fondo Italiano di Investimento SGR
FII SGR has set up a proprietary operational risk management system covering (i) risks associated with human error (i.e.
errors, unintentional damage and/or fraudulent situations created by internal and external operators that may be
detrimental to the company), (ii) technology-related risks (i.e., IT procedures and intentional or unintentional damage to
company hardware and software), (iii) process-related risks (i.e., missing or incomplete internal procedures or breaches),
and (iv) risks related to external factors (i.e., events external to the company). FII SGR\u2019s overall exposure to operational
risks is limited and is mainly focused on the areas of internal processes, regulatory compliance and employment
relationships.
CDP Venture Capital SGR
CDP Venture Capital SGR has adopted a framework for managing and overseeing operational risk, providing for: (i) the
evaluation of the Company\u2019s exposure to operational risks, grounded on the assessment of each underlying operational
risk event; (ii) the gathering and examination of internal loss data related to operational risk events (the \u201cLoss Data
Collection\u201d); and (iii) the establishment of mitigation measures for those events measured above the defined risk tolerance.
The net exposure of CDP Venture Capital SGR\u2019s processes to operational risks is overall limited, owing to the presence
of controls characterised by an adequate level of effectiveness.
Legal disputes
Civil and administrative disputes
As at 31 December 2025, 107 civil and administrative proceedings are pending against the Company. Among the cases
for which the risk of an unfavourable outcome is assessed as \u201cpossible\u201d or \u201cprobable\u201d, 52 proceedings involve a total
claimed amount of approximately 496.5 million euro, while 14 proceedings involve claims for an unspecified amount.
With reference to the above-mentioned disputes, there are 12 disputes with a risk of a ruling against the Company
estimated to be probable. Of these: (i) 6 relate to positions concerning Postal Savings products, with a total claimed
amount of approximately 19 thousand euro; (ii) 4 relate to credit exposures, with an aggregate claimed amount of
approximately 419 million euro; and (iii) 2 proceedings concern other civil and administrative law matters, with a claimed
amount of approximately 888 thousand euro.
There are also 54 disputes with a risk of a ruling against the Company estimated to be possible. Of these: (i) 39 relate to
positions concerning Postal Savings products, with a claimed amount of approximately 613 thousand euro; (ii) 5 relate to
credit exposures, with an aggregate claimed amount of approximately 76 million euro; and (iii) 10 relate to other civil and
administrative law matters, with a total claimed amount of approximately 12 thousand euro.
With reference to ongoing disputes, at 31 December 2025 a provision for risks and charges was set up amounting to
approximately 40.5 million euro.
Labour law disputes
At 31 December 2025, there were 7 pending pre-disputes and disputes in labour matters in which CDP is a defendant, for
which provisions were made for a total of about 5 million euro.
SECTION 4 \u2013 THE RISKS OF OTHER ENTITIES
This section analyses the main risks that fully consolidated companies not included in the \u201cprudential consolidation\u201d as
previously described in Sections 2 of part E of the Notes to the Consolidated Financial Statements.
As a result of the variety of businesses carried out by the companies included in this section, specific information is provided
for each of the main entities, in order to better represent their peculiarities in terms of risks and related mitigation actions.
Quantitative information is reported gross of any intragroup eliminations and consolidation adjustments, which is why the
amounts reported in the following paragraphs may not be immediately comparable with those discussed in parts B and C
of the Consolidated Financial Statements.
Risk related to climate change
Given its nature as a holding company, in overall terms, the exposure of CDP RETI S.p.A. to the risks related to climate
change is currently limited. CDP RETI\u2019s objective to reduce its environmental impact is guided by the strategic guidelines
defined at CDP Group level. The CDP Group has long placed sustainable development at the centre of its long-term
strategy by setting environmental, social and governance goals and integrating them with the other objectives of the
Business Plan.
With regard to the main asset item (equity investments in Snam, Terna and Italgas account for more than 90% of assets),
issues related to climate change have so far not impacted the estimation of recoverable amount (equal to the greater of
Fair Value and Value in Use
210
) (nor are they reasonably expected to do so) also in consideration of the fact that as of 31
December 2025 the stock prices of the controlling interests held in the portfolio are well above the book value. With
reference to the main liability item (loans), which is representative of the existing financing sources (Term Loan and Bond),
please note that the contractual financial cash flows are in no way dependent on the achievement of climate-related
objectives.
In terms of transition risk, CDP RETI, as an investment vehicle, is primarily exposed to indirect risks, that is, risks that may
affect the value of the controlling shareholdings held in its portfolio. In this regard, it should be noted that all subsidiaries
are undertaking investments related to energy transition projects in order to meet the emission targets set by the European
Union. These investments may affect the financial indebtedness levels of the subsidiaries. On the other hand, they will
improve the quality and ultimately the value of their networks, with a positive impact on their company profile.
Non-compliance risk
The main risk factors relating to potential non-compliance with applicable regulations for Fintecna are essentially
associated with reputational impacts that may arise from failure to comply with provisions concerning sensitive areas, such
as the management of liquidation activities, litigation and extraordinary administrations, the execution of specific mandates
on behalf of Public Administrations, and the management of real estate assets, including related environmental and safety
matters.
Important in this respect are developments in external regulations, any changes in the scope of the business activity and
in the corporate governance structure and changes at organisational or process level.
To protect itself against legal compliance risk, Fintecna has adopted a model to identify the applicable laws and regulations
and assess the risk of violating them, and specific controls to prevent the potential reputational risks deriving from
relationships with third parties.
The mapping of applicable regulations is an ongoing activity subject to continuous updating.
Legal disputes
During the financial year ended 31 December 2025, active monitoring and management of disputes continued - relating to
Fintecna in various capacities as a result of multiple corporate transactions originally involving entities subsequently
merged into Fintecna, or entities from which the related disputes were later transferred to Fintecna - with the aim of ensuring
the optimal handling of activities through specific and targeted assessments of the risk profiles associated with individual
cases, thereby enabling the most effective defence of Fintecna.
In general terms, with regard to civil, administrative and tax litigation, no significant changes were observed in the number
of pending disputes, while the objective difficulty of reaching a resolution of the remaining proceedings, including through
settlement arrangements, within shorter timeframes persists.
In this regard, disputes with claims made against the company are backed, where a probable adverse outcome is
anticipated, by suitable provisions in consideration of the risks of each case, as well as the specific procedural positions.
The total contingent liabilities as of 31 December 2025 amount to approximately 115 million euro, a decrease compared
to 31 December 2024, when it stood at approximately 155 million euro. This reduction is mainly attributable to the final
settlement of the long-standing dispute with Logistica Sud S.p.A., following the execution of a settlement agreement.
Employment-related litigation, primarily consisting of compensation claims for so-called biological damage associated with
occupational diseases allegedly contracted by former employees and for damages claimed iure proprio by their heirs,
amounted - as at 31 December 2025 - to a total of 379 cases, with an aggregate claimed amount (petitum) of approximately
145 million euro. The total number of cases rose by 39.3% in 2025 (from 272 to 379), driven by a considerable influx of
new lawsuits (320), while 213 cases were resolved, with 186 of them being settled through conciliation.
Finally, the percentage increase in claims relating to more serious conditions, as well as those previously less frequently
recognised as occupational in origin, is confirmed, with particularly high compensation claims. The majority of litigation is
pending before the courts of Taranto, Naples, Genoa, Terni and Torre Annunziata, and, to a lesser extent (in terms of the
number of cases), also before the courts of Piombino, Aosta and Turin.
The overview of the ongoing litigation involving the company is summarised in the following table:
(number of disputes)
31/12/2025
31/12/2024
Change (+ / -)
Change %
Civil/administrative/tax disputes
40
39
1
2,6%
Employment disputes
379
272
107
39,3%
Total
419
311
108
34,7%
Operational risk
It represents for SIMEST the risks of loss resulting from inadequate or malfunctioning internal procedures, people and
systems or from external events. Such risk includes, among others, losses resulting from fraud, human error, business
disruption, system unavailability, breach of contract and natural disasters.
The operational risk control framework requires a set of structured processes, functions and tools for identifying, assessing
and monitoring operational risks. More specifically, in accordance with the Parent Company\u2019s guidelines, the operational
risk control system includes both (i) a process for the collection and retention of data (Loss Data Collection - LDC) and (ii)
the assessment of the company\u2019s level of exposure to operational risks through Risk Self-Assessment (RSA).
Operational risks are managed in partnership with CDP under a service contract.
During the reporting period, the LDC process involved updating the company\u2019s information sources and identifying certain
Near Miss events.
As part of the Risk Self-Assessment, the RSA relating to selected business processes was completed in line with the
planned activities, and mitigation actions were defined in response to the material risks identified.
During the period, monitoring and follow-up activities were also carried out for all Action Plans arising from the RSA or the
LDC.
Operational risks also include fraud risk, the identification and monitoring of which are governed by a specific Group Policy.
In this context, ex-post controls were performed to verify the effectiveness of the safeguards in place for certain processes
considered to be more exposed to such risks.
Operational risks also include cyber risk (ICT), i.e., the risk (current or potential) of economic, reputational, and market
share losses related to the use of information and communication technology (ICT) due to events that could compromise
the Availability, Integrity, and Confidentiality of technical infrastructures and/or data. During the period, an assessment was
carried out on all ICT applications used within the company, and specific mitigation actions were defined to address the
residual risks identified.
Reputational risk
It represents the current or prospective risk of a decline in earnings, sanctions, loss of economic value or damage to the
institutional role of SIMEST, arising from a negative perception of the Company\u2019s image by customers, counterparties,
investors, the regulator or other stakeholders. SIMEST assigns the highest priority to preventing and monitoring the
occurrence of events of a reputational nature and, to this end, in line with the Group\u2019s approach, promotes the adoption of
high ethical and professional standards through policies and procedures aimed at ensuring their observance. Accordingly,
in line with the Group\u2019s approach, internal mitigation controls are carried out and specific safeguards are implemented to
prevent reputational events in both ordinary operations and the management of public funds.
Money laundering risk
The risk arising from the infringement of legal, regulatory and corporate governance provisions aimed at preventing the
use of the financial system for the purpose of money laundering, terrorist financing or crime. In line with the Group\u2019s
approach, SIMEST carries out monitoring and control activities, which also include the reporting of Suspicious Transaction
Reports to the Financial Intelligence Unit for Italy (UIF). These reports, prepared where anomalies are identified and/or
there are reasonable grounds to suspect that money laundering or terrorist financing transactions are underway, have
been carried out or have been attempted, are submitted on the basis of the information available (anomaly indicators),
consultation of internal and external databases and the assessment of both objective and subjective elements of the
transactions. SIMEST has worked in close collaboration and coordination with the Parent Company and the relevant
Authorities, in compliance with current regulations. It should be noted that the strengthening of anti-money laundering
controls, together with the significant volumes of operations, has resulted in a non-negligible number of suspicious
transactions being reported to the UIF.
Compliance risk
The risk of (i) incurring judicial or administrative sanctions and/or (ii) suffering losses or reputational damage as a result of
breaches of mandatory rules (laws and regulations) or self-regulatory provisions (e.g. articles of association, codes of
conduct). These risks are particularly important considering the institutional role of SIMEST, as well as the extensive
volume of transactions performed in managing Public Funds.
SIMEST adopts the Group framework, which provides for specific policies, procedures and processes, as well as dedicated
checks to assess regulatory adequacy (detailed Compliance Risk Assessments) and the effectiveness of existing
safeguards (Compliance Controls), in order to prevent, mitigate and reduce compliance, reputational and sanction risks.
Climate and ESG (Environmental, Social and Governance) risks
Risks deriving from factors attributable to environmental, social and governance issues with an impact on the performance
of counterparties/projects. Climate and sustainability objectives, as defined in the internal policies and in the CDP Group
Code of Ethics, are integrated into the mission and institutional role of SIMEST as a medium- to long-term investor
supporting the international expansion of Italian companies. In line with the Group Sustainability Framework, SIMEST is
committed to guiding its investment activities by taking environmental, social and governance (ESG) factors into account.
In this context, SIMEST has embarked on a process of internal transformation towards a business and operating model
focused on the creation of sustainable value, in line with the Group\u2019s approach and with the 2025\u20132027 Strategic Plan.
In November 2025, the Board of Directors of SIMEST approved the ESG risk assessment model applicable to the portfolio
of equity investments, in line with the guidelines set out in the relevant Group Policy. The model, through a qualitative and
quantitative approach, assigns a level of risk to each component (Environmental, Social and Governance) and also defines
a composite risk indicator that places greater weight on the most material risk component. In addition, SIMEST participated,
among other activities, in the double materiality analysis carried out by the Parent Company.
Capital adequacy
The Risk Policy describes the internal process of assessing the adequacy of available capital resources (represented by
Equity) to meet the economic capital needed to cover existing risks, measured in accordance with methodologies in line
with the CDP Group and the SIMEST business model. Assessment outcomes in 2025 confirmed the full adequacy of
capital.
Management of Public Funds
Specific controls are also in place for the subsidised funds managed by SIMEST in order to monitor and mitigate the main
risks to which they are exposed.
From 1 January 2025, the Venture Capital Fund (FVC) was transferred into the Fund 394/81 through the establishment of
a new section with separate accounting: the Venture Capital and Equity Investments Section (VCIP), which traditionally
supports SIMEST in promoting the international expansion of SMEs through subsidised equity financing. Alongside its
traditional operations, the VCIP section also supports the international expansion of Italian start-ups and innovative SMEs
(start-up operations) through the subscription of equity investments or the subscription of units/shares in investment funds,
in collaboration with CDP Venture Capital SGR. The available public resources are allocated between (i) investments
through the subscription of investment funds and (ii) direct investments in co-investment with CDP Venture Capital SGR.
During 2025, monitoring controls were further strengthened and consolidated, particularly with regard to credit risk (in
relation to traditional operations).
At the beginning of 2025, two new sections of Fund 394/81 were introduced: the \u201cGrowth Section\u201d, supporting the
international expansion of SMEs through co-investment transactions with private equity funds, and the \u201cInfrastructure
Investments Section\u201d, dedicated to investments in companies held by Italian firms involved in international infrastructure
projects. During the year, SIMEST assessed the compliance of the investments under review with the applicable directives
defining the operational scope of the Fund\u2019s Sections. Due to the nature of the investments, the Fund\u2019s Sections are
primarily exposed to equity risk.
With regard to Fund 295/73, monitoring of interest rate risk and foreign exchange risk continued in accordance with the
existing framework, which provides for the quantification of risks in line with prudential regulation. This assessment is
conducted by estimating the present value of lifetime commitments under stress assumptions, alongside scenario analyses
of cash flows (also under stressed conditions) over different time horizons, and through an early warning system that tracks
the absorption of the Fund\u2019s resources to enable the timely identification of potential risk developments.
Furthermore, in line with the most recent regulatory provisions (i.e. the 2024 Budget Law) and with the aim of strengthening
risk controls and stabilising cash flows relating to part of the Fund\u2019s operations, hedging activities for interest rate and
foreign interest rate risks were initiated by the Ministry of Economy and Finance (MEF).
Monitoring activities carried out during the year confirmed the effectiveness of the indicators adopted and of the warning
thresholds introduced, demonstrating the strength and adequacy of the risk control system implemented.
With regard to Fund 394/81, during 2025 the strengthening and consolidation of the integrated control framework
continued, in line and in synergy with the Group approach, particularly with respect to reputational, fraud and anti-money
laundering risks. In addition, with regard to credit risk, monitoring and reporting activities continued - and were further
strengthened - for both the Fund\u2019s ordinary operations and those related to the PNRR, with reporting provided to corporate
bodies and interministerial committees.
As part of SIMEST\u2019s 2025-2027 Strategic Plan, the Risk Department participates in various working groups, contributing
to the roll-out of cross-functional activities.
Litigation
As at 31 December 2025, seven proceedings were pending involving claims against SIMEST, brought by six
counterparties. For six cases, the risk of an adverse outcome was assessed as remote, while for one case it was assessed
as possible. In particular, the risk of an adverse outcome was assessed as possible in relation to the appeal filed by
SIMEST against an unfavourable first-instance judgment. In this case, the risk is limited to the legal costs of the appeal
proceedings in the event that the first-instance judgment is not overturned. Based on these assessments, no provisions
have been recognised.
Operational risks
The operational risk for CDP Immobiliare is the risk of loss resulting from inadequate or failed internal systems, processes
and people or from external events. Operational risk is embedded in the company\u2019s business and is part of every
organisational and production process. The operational risk management system is a set of structured processes, functions
and resources for identifying, assessing and controlling operational risks.
Operational risks include, in addition to those arising from security related to owned properties, those related to
environmental issues of owned assets, as well as those related to ongoing litigations. Given the complexity of these
situations and the degree of uncertainty regarding their evolution, the assessments relating to the adequacy of the
provisions for risks and charges recognised in the financial statements are periodically updated on the basis of the best
available knowledge and prudent judgement.
Default risk and debt covenants This risk relates to the possibility that financing agreements or the terms and conditions of bond issues contain provisions entitling counterparties, upon the occurrence of certain events, to request the immediate repayment of the amounts lent, thereby giving rise to liquidity risk. For more information on the contractual provisions of outstanding loans at 31 December 2025, please see the section \u201cLoans and financial liabilities\u201d in the Notes to the financial statements of the Terna group. Bank guarantees As at 31 December 2025, bank and insurance guarantees issued to third parties in the interest of companies of the Terna group amounted to 509.2 million euro, broken down as follows: 60.4 million euro in the interest of Terna S.p.A.; 162 million euro in the interest of Tamini Trasformatori S.r.l.; 118.5 million euro in the interest of Terna Rete Italia S.p.A.; 19.9 million euro in the interest of Terna Interconnector S.r.l.; 69.9 million euro in the interest of the Brugg group companies; 0.1 million euro in the interest of Terna Plus S.r.l.; 4.3 million euro in the interest of Terna Per\u00fa SAC; 0.8 million euro in the interest of Terna Energy Solutions S.r.l.; 0.1 million euro in the interest of Rete S.r.l.; and 73.2 million euro in the interest of the Altenia group. Litigation Set out below are the main commitments and risks not recognised in the statement of financial position as at 31 December 2025, the outcome of which has been assessed as possible. These relate to Terna S.p.A. and its subsidiary Terna Rete Italia S.p.A., as no significant commitments or risks existed for the other subsidiaries at that date.
Litigation relating to the authorisation, construction and operation of facilities owned by Terna
Part of the pending litigation arises from proceedings brought to obtain the annulment of measures authorising the
construction and operation of facilities owned by Terna, or to seek compensation for damages allegedly caused by the
operation of those facilities. As a general rule, the litigation involves Terna in its capacity as owner of the facilities
concerned; however, the possibility cannot be excluded that the claimants may also initiate proceedings against Terna
Rete Italia S.p.A., since the alleged damages may arise not only from the ownership of the facilities but also from their
operation, performed by Terna Rete Italia S.p.A.
For some of these proceedings, unfavourable outcomes cannot be ruled out, with the potential for charges of highly
uncertain quantification to be borne by Terna S.p.A. or Terna Rete Italia S.p.A.
Disputes concerning activities granted under concession arrangements
As the concessionaire for transmission and dispatching activities since 1 November 2005, Terna is a party to a number of
proceedings brought before the judicial authorities seeking the annulment of measures issued by the Regulatory Authority
for Energy, Networks and Environment (ARERA), and/or by the Ministry of the Environment and Energy Security (MASE),
and/or by Terna itself in relation to those activities. In cases in which the plaintiffs have, in addition to inherent defects in
the contested determinations, alleged violation of the regulations laid down by the aforementioned authorities, or in cases
in which the determination has had an impact on Terna, the company has also taken action to defend its interests through
the legal system. Within the scope of such litigation \u2013 even though some cases have been concluded, at first and/or second
instance, with the annulment of ARERA\u2019s resolutions and, when applicable, of the consequent determinations adopted by
Terna \u2013 any negative outcomes for the Company itself may be deemed unlikely, as these disputes normally relate to pass-
through items.
Strategic risks
Regulatory and legislative risk
Snam\u2019s regulatory and legislative risk concerns the rules applicable to the gas industry. The resolutions of the Energy
Networks and Environment Regulator (ARERA) and the National Regulatory Authorities of the countries where the foreign
affiliates operate, the European and Italian legislation and, more generally, changes to the reference regulatory framework
may have a significant impact on Snam\u2019s operations, earnings and financial stability. It is not possible to predict how future
changes in legislative and tax policies might affect Snam\u2019s business and the industry in which it operates. Considering the
specific nature of its business and the area in which Snam operates, developments in the regulatory context with regard
to criteria for determining reference tariffs are particularly significant. With reference to Snam\u2019s non-regulated activities,
which are currently marginal compared with the EBITDA of regulated activities, it should be noted that they are linked to
developments in incentive-related legislation, with potential impacts on the performance and growth of the related
businesses.
Macroeconomic and geopolitical risk
Due to the specific nature of Snam\u2019s business, the risks associated with political, social, and economic instability in the
countries supplying natural gas, primarily related to the gas transportation sector, remain of primary importance. Most of
the natural gas transported on the Italian national transport network is historically imported from or transits through
countries in the MENA area (Middle East and North Africa, in particular Algeria, Tunisia, Libya and, in light of TANAP-TAP,
Turkey combined with the States which overlook the eastern Mediterranean) and in the former Soviet Bloc, nations
sensitive to political, social and economic instability. The ongoing Russian-Ukrainian conflict, now entering its fourth year,
continues to disrupt global and regional energy dynamics, heightening uncertainty over gas flows from these regions.
Furthermore, in 2024, the escalation of tensions in the Middle East, marked by intensified clashes between armed groups
in Libya and internal conflicts in Tunisia, has further complicated the geopolitical landscape, heightening the risk of
interruptions on natural gas supplies. Such turbulences may not only have a negative impact on the European economy,
but also introduce additional challenges in managing energy supply sources. Snam will continue to monitor the geopolitical
context, including potential consequences and their impact on the Snam group. In response to these developments, Snam
has prioritised security of supply, ensuring greater flexibility and adequate sizing of gas infrastructure. The actions
undertaken include purchasing new floating regasification units (FSRUs) and upgrading the existing infrastructure. In
particular, the \u201cItalis LNG\u201d regasification terminal, acquired in June 2022 and located in Piombino, began operations in July
2023, while the \u201cBW Singapore\u201d regasification terminal, acquired in July 2022 and moored approximately 8 km off the coast
of Ravenna, commenced operations in May 2025. Both provide a storage capacity of 170,000 cubic metres of LNG and
an annual regasification capacity of 5 billion cubic metres of gas.
Furthermore, work has begun on the Adriatic Line, Snam's new gas pipeline along the North-South route in Italy. Should
shippers utilising the transportation service through Snam\u2019s networks be unable to complete the supply or transport of
natural gas from or through these countries due to the occurrence of the aforesaid adverse conditions, or are affected by
them to an extent that causes or worsens the inability to fulfil their contractual obligations towards Snam, this may produce
adverse impacts on the business and on the performance and financial position of the Snam group. In addition, Snam is
exposed to macroeconomic risks arising from displacement or tension in financial markets or situations deriving from
external events, which could affect liquidity and accessibility to financial markets. Given the ongoing geopolitical tensions
and high volatility in energy markets, it is crucial to maintain a diversified and resilient supply strategy.
Climate change risk
Achieving global climate targets will require significant investment in the decarbonisation of the energy sector over the next
30 years.
In recent years, Snam has repositioned itself to benefit from the new opportunities arising from energy integration,
leveraging infrastructure that will be crucial for achieving decarbonisation targets, its presence in energy integration
businesses, international growth and a disciplined investment approach.
Snam has therefore committed to achieving carbon neutrality by 2040 for its Scope 1 and 2 emissions and net zero by
2050 across all Scope 1, 2 and 3 emissions, with interim reduction targets of 25%, 40%, 50% and 65% for Scope 1 and 2
in 2027, 2030, 2032 and 2035, respectively, and reduction targets of 30% and 35% for Scope 3 in 2030 and 2032,
compared with 2022 levels for the regulated business, in line with the global warming mitigation targets set out in the Paris
Agreement adopted at the COP21 climate conference. Snam has also set methane emission reduction targets of -64.5%
by 2027 and -70% by 2030 compared with 2015 levels, in line with the recommendations of OGMP 2.0 (the Oil & Gas
Methane Partnership) of UNEP (United Nations Environment Programme).
Development of decarbonisation-related technologies
The energy sector is undergoing a profound transformation, requiring a balance between the need for energy security and
competitive prices and the achievement of decarbonisation objectives. Without prejudice to its commitment to the core
regulated business of natural gas transmission, storage and regasification, Snam is also investing in the development of
solutions such as carbon capture and storage (CCS), as well as in decarbonised gases (currently biomethane and, in the
future, hydrogen) and in supporting the decarbonisation of consumption through the implementation of energy efficiency
measures. The ability to develop and manage gas transport and storage projects, the new capabilities acquired in
decarbonised gases and energy integration solutions, the geographical presence along key natural gas supply corridors
(and, in the future, hydrogen), together with a strategy focused on ESG factors, represent a key contribution to the
development of a more competitive, secure and carbon-neutral energy system. By entering into new business sectors,
Snam aims to promote the use of low-carbon energy sources, in line with the objectives of the Snam group and with
European decarbonisation targets, including long-term objectives. However, the company remains exposed to market,
regulatory and technological uncertainties that could delay or limit the expected returns from such initiatives.
In this long-term perspective, the 2026-2030 Strategic Plan focuses on CCS technology and the future development of
hydrogen. For CCS, completion of the initial phase of the Ravenna project is expected within the plan horizon, while
hydrogen is considered over the medium to long term. At the same time, the plan sets ambitious innovation targets,
recognising innovation as a key enabler for energy integration. In this context, and with particular reference to the Snam
group\u2019s strategy, the main risk factors include risks associated with infrastructure investments and the carbon capture and
storage (CCS) market (including infrastructure, projects and new acquisitions), which may be delayed or not fully
implemented due to uncertainties relating to operational, economic, regulatory, permitting, competitive and social factors,
as well as delays in the development of the hydrogen market in terms of value chain maturity. Additional risks arise from
technological innovation that may favour a shift towards electrification and/or delays in the development of new
technologies for the production, transport and storage of renewable and low-carbon hydrogen at competitive costs. The
uncertainty of the evolving regulatory framework is also delaying project execution and the financing of hydrogen
production.
Legal and compliance risk
Legal and compliance risk concerns the failure to comply, in full or in part, with laws and regulations at European, national,
regional and local level with which Snam must comply in relation to the activities it performs. Violation of such laws and
regulations may result in criminal, civil, tax and/or administrative penalties as well as financial and non-financial, economic
and/or reputational damage. On the other hand, the violation of specific regulations (by way of example, but not limited to,
infringements of occupational health and safety and environmental protection regulations or anti-corruption rules) may
entail the corporate administrative liability of the company pursuant to Italian Legislative Decree No. 231 of 8 June 2001,
and the consequent application of disqualification measures and/or pecuniary sanctions, including significant penalties.
Snam, which has always been driven by carrying out its business activities with ethical standards and principles of fairness
and transparency, has therefore adopted an adequate internal control and risk management system aimed at enabling the
identification, measurement, management, prevention and monitoring of the main risks relating to the activities carried out.
Snam, which has always been driven by carrying out its business activities with ethical standards and principles of fairness
and transparency, has therefore adopted an adequate internal control and risk management system aimed at enabling the
identification, measurement, management, prevention and monitoring of the main risks relating to the activities carried out.
In 2022, Snam launched a project to implement its \u201cAnti-Corruption Compliance Program\u201d in accordance with ISO
37001:2016 \u201cAnti-Corruption Management System\u201d standards, to both confirm and certify its ongoing commitment to the
fight against corruption. Consequently, in May 2023, Snam obtained the ISO 37001:2016 \u201cAnti-Corruption Management
System\u201d certification from a third-party certification body (DNV Business Assurance Italia S.r.l.), issued with no deficiencies.
This certification was confirmed following the annual control audit conducted by DNV in April 2025. The main reference
documents for the \"Anti-Corruption Compliance Program\" are (i) the Code of Ethics; (ii) the Anti-Corruption Policy \u2013 drafted
in accordance with the UNI ISO 37001:2016 standard and approved by Snam's Board of Directors on 18 January 2023 \u2013
reflecting the commitment of \"Top Management\" in addressing corruption risk prevention, and incorporating the
fundamental elements highlighted by ISO 37001; and (iii) the Anti-Corruption Guidelines, which encompass the
comprehensive regulatory framework for the anti-corruption measures adopted by Snam.
Within a continuous improvement framework, the Anti-Corruption Compliance Programme led to the revision of the Anti-
Corruption Guideline and its annexes, and to the alignment of third-party due diligence with the risk-based approach
adopted under the ISO 37001 Management System. Snam is also a member of the United Nations Global Compact and,
in 2023, strengthened its collaborations and partnerships with institutions and bodies active in the fight against corruption
(i.e. Transparency International, the Organisation for Economic Co-operation and Development (OECD) and the Business
and Industry Advisory Committee (BIAC)). In 2025, Snam also proactively collaborated with Transparency International
Italia, participating in the \u201cBIF Talks - Transparency International Italia\u201d held in Pisa and the \u201cBIF Event\u201d held in Rome.
Through Snam\u2019s active involvement, these events provided a platform to share experiences and insights on the new
challenges of corporate compliance in relation to culture and sustainability, ranging from the CSRD to human rights and
environmental issues. Since 2017, Snam has been collaborating with the OECD (Organisation for Economic Co-operation
and Development), joining the Business at OECD Committee (BIAC), and in October 2019, as the first Italian company, it
became part of the leadership as Vice-Chair of the Anti-Corruption Committee, a role it continues to hold. As part of this
collaboration, Snam actively participated in numerous national and international events. One of the key highlights was
Snam's contribution at the Bureau meeting of the BIAC Anti-Corruption Committee, where strategic topics were explored,
especially addressing the ethical implications of AI technology advancement.
Operational risks
Ownership of storage concessions
For Snam, the risk connected with keeping storage concessions stems from the business operated by its subsidiary Stogit,
on the basis of concessions awarded by the Italian Ministry of Enterprise and Made in Italy. The Snam group (through
Stogit) currently holds the rights to thirteen storage concessions, each corresponding to a storage field, of which twelve
are currently operational. The first ten-year extensions for the concessions in Brugherio, Ripalta, Sergnano, Settala and
Sabbioncello were issued at the end of 2020, with a new expiration date of 31 December 2026, while those for the
concessions in Cortemaggiore and Minerbio were issued in January 2022 also expiring on 31 December 2026. For the
Alfonsine concession, the process for the first extension is still pending with the relevant Ministry. The Company's activities,
as required by the relevant regulations, will continue to be carried out until the completion of the ongoing authorisation
procedures, as provided by the original permit, the expiry of which is to be automatically extended until the completion of
these procedures. For the Collalto concession, which expired in 2024, the process for the initial renewal is underway, and
activities may continue as permitted by regulations until the procedure is finalised. The concession for San Potito and
Cotignola will expire in 2039 and can be renewed only once for a further ten years. For ten concessions, Fiume Treste in
2020 and Alfonsine, Brugherio, Cellino, Cortemaggiore, Minerbio, Ripalta, Sabbioncello, Sergnano, and Settala in 2024,
the company submitted, within the legal deadlines, an application for a second ten-year extension to the Ministry of
Enterprises and Made in Italy. For the Fiume Treste concession, which underwent its first ten-year extension in 2011, the
second ten-year extension was issued on 18 June 2024, with the new expiry date being 20 June 2032. Lastly, the
Bordolano concession will expire in November 2031 and may be extended for an additional ten years. In the event that
Stogit is unable to retain ownership of one or more of its concessions or if, at the time of renewal, concessions are awarded
under terms less favourable than current ones, the company may experience negative effects on its business, financial
position and results.
Failures and sudden outage of the service
Given the current geopolitical context and the central role of gas infrastructure in ensuring Europe\u2019s energy security,
Snam\u2019s network, storage facilities, regasification terminals and related activities represent critical infrastructure for the
country and for the European gas system as a whole. The continuity and reliability of these activities are therefore of
strategic importance, and any malfunction or interruption could have significant repercussions not only on Snam\u2019s
operations but also on the broader security of energy supply. Operational risks mainly consist of malfunctions and
unexpected service interruptions caused by accidental events, including incidents, failures or malfunctions of equipment
or control systems, reduced plant output and extraordinary events such as explosions, fires, earthquakes, landslides or
other similar events beyond Snam\u2019s control. Such events could result in reduced revenues and may also cause significant
harm to people, with potential compensation obligations. In addition to accidental and natural events, the current
international environment also exposes Snam\u2019s assets to the risk of deliberate acts by hostile domestic or international
actors. These may include physical attacks, sabotage or acts of terrorism targeting, without limitation, pipelines,
compression stations, storage wells or regasification terminals. Such events could result in the temporary or prolonged
unavailability of infrastructure, with potentially significant financial, operational and reputational impacts. Although Snam
has implemented robust security measures and taken out specific insurance policies covering certain of these risks, and
although physical protection systems are continuously strengthened in line with national and European directives on the
resilience of critical infrastructure, the related insurance coverage and preventive measures may nevertheless prove
insufficient to fully offset all losses, compensation obligations or cost increases arising from such events.
Delays in infrastructure work progress
Snam may incur delays in infrastructure work progress due to the many unknown factors linked to operational, financial,
regulatory, authorisation, competition, social, health or climate emergency aspects over which it has no control. Snam is
therefore unable to absolutely guarantee that planned works to expand, improve and maintain the infrastructure are
effectively undertaken or, if undertaken, are effectively completed or able to achieve the benefits envisaged by the tariff
system. Furthermore, development projects may involve higher levels of investment or longer timeframes than initially
estimated, thus affecting Snam\u2019s financial position and performance. Investment projects could be stalled or delayed due
to difficulties in obtaining environmental and/or administrative authorisations or due to objections raised by political forces
or other organisations, or could be affected by changes in the price of equipment, material and labour, as well as changes
in the political or regulatory framework during construction, or even by the inability to secure financing at an acceptable
interest rate. Such delays might have adverse impacts on the Snam group\u2019s business, financial position and results. In
addition, changes in the price of commodities, equipment, material and labour could affect Snam\u2019s financial results.
Environmental risks
Snam\u2019s sites are compliant with laws and regulations on pollution, prevention and control, environmental protection, use
of hazardous substances, and waste management. Applying these rules exposes Snam to contingent costs and liabilities
connected with the use of its assets. Snam cannot predict the evolution of environmental legislation over time and whether
and in what way it may eventually become more binding. Nor can assurance be provided that future costs necessary to
ensure compliance with environmental legislation will not increase or that these costs may be recovered within the
applicable tariff mechanisms or regulation. Costs arising from potential environmental remediation obligations at Snam
sites are also subject to significant uncertainty, as they are particularly difficult to estimate both in terms of the extent of
contamination and the appropriate corrective actions to be implemented, as well as the possible sharing of responsibility
with other parties. Although Snam has entered into specific insurance contracts to cover some environmental risks, in line
with industry best practices, substantial increases in costs related to environmental compliance and other associated
aspects cannot be ruled out, nor can the costs of potential penalties, which could negatively impact business, operational
results, and financial and reputational aspects.
Cyber security
Snam adopts a complex technological structure to conduct its business, relying on an integrated model of processes and
solutions able to ensure the efficient management of the gas system nationwide. The development of business and the
adoption of innovative solutions to constantly improve it, however, require continuous attention and adaptability to the
changing needs of cybersecurity protection. Snam has been making significant investments in digitisation for years \u2013 from
the control of activities on a remote basis to the adoption of complex infrastructure enabling the Internet of Things \u2013 through
which Snam aims to become the most technologically advanced gas transmission operator in the world and ensure ever
increasing levels of security and sustainability of its business processes.
Snam\u2019s view, supported by public data and evidence, is that cybersecurity threats should be assessed and managed with
great sensitivity and attention also because they will evolve further in terms of both number and complexity. The digital
channel is increasingly used illicitly by different types of actors with different aims and different methods: cyber criminals,
cyber hacktivists, state-sponsored action groups. The radical changes taking place in the logics and working processes
following the pandemic (including the widespread use of remote working) have exacerbated certain specific types of threat
and have made it necessary to increase the levels of attention to criminal phenomena that are bound to persist over time.
In addition, technological development has made increasingly sophisticated tools available to attackers, enabling them to
increase the effectiveness of existing attack techniques and develop new ones. The increasing digitisation of the network
with the use of new technologies (e.g., Internet of Things, Artificial Intelligence) also poses significant challenges to the
Snam group, broadening the potential attack surface exposed to internal and external threats.
Finally, global geopolitical tensions should not be underestimated, as cyberspace has effectively become a domain of
economic and political competition and conflict. Cyber security plays a very important role in this scenario, because it has
the task of preventing or dealing with a wide variety of events, which can range from the compromising of individual
workstations to the disruption of entire business processes relating to transport, storage and regasification, potentially
affecting the ability to deliver the service. A correct approach to cyber security management is also necessary to ensuring
full compliance with the increasingly strict industry sector regulations, issued both at European and Italian level, aimed at
improving the management and control of companies that provide essential services for Italy.
Employees and personnel in key roles
Snam\u2019s ability to run its business efficiently is dependent on the skills and performance of its personnel. The loss of key
personnel or the inability to attract, train and retain skilled personnel (especially in technical positions for which there may
be limited availability of appropriately skilled personnel), or situations where the ability to implement a long-term business
strategy is negatively affected by significant disputes with employees, could have an adverse impact on the business, the
financial situation and the operating results. The events related to this risk category may also refer to the issues of Diversity
and Inclusion.
Risk linked to foreign equity investments
Snam\u2019s foreign investee companies may be subject to regulatory/legislative risk, political, social and economic instability
risk, market risk, climate change risk, cybersecurity risk, credit and financial risks and all other risks typically affecting
Snam\u2019s business in the natural gas transport and storage sector. These risks could therefore have an adverse impact on
their business, financial position and performance. This could have a negative impact on the investees\u2019 contribution to
Snam\u2019s net income.
Risks linked to future acquisitions/equity investments
Investments made under joint-venture agreements and any future investments in Italian or foreign companies could
increase the complexity of the Snam group\u2019s operations insofar as it cannot be guaranteed that these investments will
generate the expected profitability as part of the acquisition or investment decision and will integrate effectively with Snam\u2019s
other operations in terms of consistency with quality standards, policies and procedures. The integration process may
involve additional outflows and investments. An inadequate management or supervision of the investment could have
negative impacts on business, operating results and financial performance.
Emerging risks
The group\u2019s Risk Management model pays particular attention to identifying changes in the operating environment in order
to detect events or macro-trends originating from outside the organisation that could have a significant medium-to-long-
term impact (3-5 years and more) on Snam\u2019s business or its industry sector. These changes may give rise to new risks in
the long term, but may also have immediate consequences for the company, changing the nature and extent of the potential
impacts and likelihood of occurrence of the risks already identified. The purpose of the process of identifying emerging
risks is to be able to assess their impacts in a timely manner to be able to put in place the necessary strategies and related
mitigation actions to prevent and control those risks. In this area, some of the emerging risks identified by Snam are
exposure to global LNG market dynamics as well as Technological Innovation and Artificial Intelligence (AI).
Exposure to global LNG market dynamics
Description
As a result of the reduction in gas imports from Russia, to compensate for the previously imported volumes, a series of
measures have been introduced to ensure greater diversification of import sources, particularly by integrating increasing
volumes of LNG into the system through the expansion of regasification capacity (new FSRUs). This new configuration of
the gas system calls for further consideration on the security of supplies. Previously, most of the gas imported came from
countries bordering Europe (Russia, Azerbaijan, North Africa) interconnected with the Continent thanks to the presence of
a pipeline network capable of ensuring stability of contractual relations with the interlocutors over time and consequently
favouring continuity of supply from importing countries. Conversely, LNG is a more flexible source whose routes are more
sensitive to global market dynamics.
Impact
The market has therefore evolved from a regional gas market with limited competition to a global one, with the risk that, in
both the short and long term, exogenous factors of various kinds, such as prolonged adverse weather conditions (e.g.
extended shortages of electricity from renewable sources due to reduced solar radiation or insufficient wind) and/or
geopolitical factors, may have direct impacts on both the sustainability of supply and gas storage reserves, with
consequences for national energy security, the stability of the energy system at European level and energy prices.
Moreover, such a scenario could encourage fuel switching measures, as partly occurred with the increase in coal usage
in Europe in 2022, with direct consequences for Snam\u2019s businesses (i.e. reduced gas demand, with currently limited
impacts given the existing regulatory framework, and the management of network operations under more challenging
conditions) and the potential reprioritisation of investment strategies.
Key mitigation actions
To this end, Snam is already taking a number of mitigation actions that result in supporting the development of green and
decarbonised gas. In particular, the growth of biomethane volumes (through new production plants and the construction
of the works to connect these plants to the Snam network) can contribute to the sustainability of the gas system as a
renewable, programmable and locally produced source.
Technological innovation and Artificial Intelligence (AI)
The evolving geopolitical context and the increasing awareness of more complex scenarios make it necessary to identify
more effective solutions to invest consciously in innovation and in the enhancement of technological assets, with the aim
of ensuring the development of new solutions to support and create opportunities for the evolution of the Company\u2019s
businesses in the near future. Technological innovation, and in parallel the development of artificial intelligence, directly
impacts Snam\u2019s businesses and, if not properly managed and leveraged, could, in the long term, have adverse effects on
both regulated activities and those related to energy integration.
Impact
A shift towards a more electrification-driven energy system could lead to a faster-than-expected reduction in natural gas
demand compared with reference scenarios, with potential implications also for carbon capture, transport and storage
technologies and for the development of green gases. This risk may be so significant that it could lead to a revision of the
company's growth strategy and business model. Furthermore, ineffective development and/or failure to adopt innovative
and technological solutions may impact the quality of the service provided, with repercussions on the effectiveness of asset
and infrastructure management.
Key mitigation actions
To mitigate this risk, Snam adopts a series of proactive and continuous monitoring actions aimed at detecting in a timely
manner the evolution of the energy market and the main technological trends across the entire value chain. Specifically,
an integrated process for the development and management of transparent innovation has been launched, involving
different stakeholders and aligned with Snam\u2019s strategic and industrial objectives. The aim is to identify, in a timely manner,
technological pathways that are relevant for Snam in supporting the energy system, reducing the risk that its development
does not adequately consider the fundamental role of molecules in ensuring energy integration. In addition, Snam has
launched the Snam Tomorrow Energy Company (SnamTEC) programme, the main tool for the adoption of proven
innovative technologies and for the testing of the most promising industrial technologies (T-Lab). These are complemented
by the Snaminnova and HyAccelerator programmes, coordinated by the Open Innovation Scientific Committee, made up
of industry experts, which play a crucial role in scouting and evaluating emerging innovative technologies and ideas.
However, despite the aforementioned mitigating actions, a residual risk remains in connection with exogenous factors
mainly associated with the external counterparties that Snam interacts with (research institutions, universities, start-ups)
that, if proved inadequate, can make these risk mitigating actions ineffective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-958": { "value": "Section 10 - Provisions for risks and charges - Item 100 10.1 Provisions for risks and charges: breakdown
(thousands of euro)
Prudential
Items/Components
consolidation
Other entities
31/12/2025
31/12/2024
1. Provisions for credit risk relating to commitments and financial
319,993
53,532
373,525
614,994
guarantees issued
2. Provisions on other guarantees issued and other commitments
3. Company pensions and other post-retirement benefit
obligations
4. Other provisions
174,352
2,407,870
2,582,222
2,418,711
4.1 fiscal and legal disputes
47,853
337,025
384,878
393,062
4.2 staff costs
118,636
146,522
265,158
254,538
4.3 other
7,863
1,924,323
1,932,186
1,771,111
Total
494,345
2,461,402
2,955,747
3,033,705
As at 31 December 2025, provisions for risks and charges amounted to approximately 2,945 million euro, representing a decrease of approximately -78 million euro compared with the 2024 financial year. Provisions for credit risk associated with commitments and financial guarantees issued (arising from the adoption of the prudential consolidation method and to which the Parent Company is a significant contributor), amounted to 320 million euro. This amount decreased by 258 million euro compared to the end of 2024, attributed to the reduction in the value of financial guarantees issued. 10.2 Provisions for risks and charges: changes for the year
Prudential
Other entities
31/12/2025
(thousands of euro)
consolidation
Provisions on
Pensions
Provisions on
Pensions
Provisions on
Pensions
other
and other
other
and other
other
and other
guarantees
post-
Other
guarantees
post-
Other
guarantees
post-
Other
issued and
retirement
provisions
issued and
retirement
provisions
issued and
retirement
provisions
other
benefit
other
benefit
other
benefit
Items/Components
commitments
obligations
commitments
obligations
commitments
obligations
A. Opening balance
179,813
2,238,898
2,418,711
B. Increases
76,958
588,806
665,764
B.1 Provision for the
year
76,958
310,873
387,831
B.2 Changes due to
passage of time
2,527
2,527
B.3 Changes due to
changes in discount
496
496
rate
B.4 Other increases
274,910
274,910
- of which business
74,262
74,262
combinations
C. Decreases
82,419
419,834
502,253
C.1 Use during the
year
82,366
336,553
418,919
C.2 Changes due to
changes in discount
427
427
rate
C.3 Other decreases
53
82,854
82,907
- of which business
combinations
D. Closing balance
174,352
2,407,870
2,582,222
10.3 Provisions for credit risk relating to commitments and financial guarantees issued
Provisions for credit risk relating to commitments and financial guarantees issued
Purchased or
originated credit
impaired financial
(thousands of euro)
Stage 1
Stage 2
Stage 3
assets
Total
Commitments to disburse funds
135,651
592
301
136,544
Financial guarantees issued
183,874
53,107
236,981
Total
319,525
53,699
301
373,525
10.4 Provisions on other guarantees issued and other commitments This item has a nil balance. 10.5 Defined benefit pension funds This item has a nil balance.
10.6 Provisions for risks and charges - other provisions
(thousands of euro)
Prudential
Items/Values
consolidation
Other entities
31/12/2025
31/12/2024
4. Other provisions
174,352
2,407,870
2,582,222
2,418,711
4.1 Legal anf fiscal disputes
47,853
337,025
384,878
393,062
4.2 Staff costs:
118,636
146,522
265,158
254,538
- early retirement
48,762
62,828
111,590
117,062
- loyalty bonus
7,465
7,465
7,406
- electricity discount
1,999
1,999
2,096
- other
69,874
74,230
144,104
127,974
4.3 Other risks and charges
7,863
1,924,323
1,932,186
1,771,111
Item 4.3 \u201cOther risks and charges\u201d, amounting to approximately 1,932 million euro as at 31 December 2025 mainly refers:
\u2022 for approximately 807 million euro relating to the provisions for the dismantling and reclamation of sites, recognised
mainly for liabilities that are likely to be incurred to remove the structures and reclaim natural gas storage and
transportation sites;
\u2022 for about 154 million euro to the provisions for the reclamation and preservation of properties, as well as provisions for
commitments in respect of contracts. The estimate of the liabilities recognised is based both on technical assessments
(relating to the determination of works to be carried out or actions to be taken) and on legal assessments, bearing in
mind contractual provisions in force;
\u2022 for around 106 million euro to liabilities for contractual guarantees issued to customers in line with market practices
and conditions;
\u2022 for approximately 830 million euro to provisions for miscellaneous charges and other risks, mainly relating to Fincantieri
(227 million euro), Ansaldo Energia (164 million euro), Terna (164 million euro), and Snam (138 million euro).
For a more detailed description of the litigation in progress with Group companies, please refer to the information provided
in Part E:
\u2022 Section 2, par. 1.5 Operational risks, as regards litigation of companies included in the scope of prudential
consolidation;
\u2022 Section 4 as regards disputes involving Other companies included in the CDP scope of consolidation.
OTHER INFORMATION
1. Commitments and financial guarantees issued
Nominal value on commitments and financial guarantees issued
Prudential consolidation
Purchased
Other entities
Purchased
or
or
originated
originated
credit
credit
impaired
impaired
financial
Stage
3
financial
(thousands of euro)
Stage 1
Stage 2
Stage 3
assets
Stage 1
Stage 2
assets
31/12/2025
31/12/2024
1. Commitments to
disburse funds
27,388,587
19,901
8,238
5,051,571
8,545,867
41,014,164
39,778,126
a) Central Banks
b) General
6,713,041
12,421
14
6,725,476
6,071,393
Government
c) Banks
1,081,391
1,081,391
825,293
d) Other financial
4,743,844
4,743,844
3,959,002
companies
e) Non-financial
14,793,089
7,480
8,179
5,051,571
8,545,867
28,406,186
28,870,338
companies
f) Households
57,222
45
57,267
52,100
2. Financial
665,833
1,867,479
789,500
3,322,812
3,911,509
guarantees issued
a) Central Banks
b) General
520,438
520,438
1,308,155
Government
c) Banks
1,129,000
1,129,000
1,134,525
d) Other financial
4,126
4,126
4,146
companies
e) Non-financial
141,269
738,479
789,500
1,669,248
1,464,683
companies
f) Households
This table shows the commitments to disburse funds and the financial guarantees that are subject to the rules of impairment
in IFRS 9.
2. Other commitments and other guarantees issued
Nominal value
(thousands of euro)
31/12/2025
31/12/2024
Other guarantees issued
3,670,414
3,490,506
of which: non-performing credit exposure
a) Central Banks
b) General Government
4,560
26,555
c) Banks
d) Other financial companies
8,230
1,923
e) Non-financial companies
3,657,624
3,462,028
f) Households
Other commitments
9,593,299
14,496,749
of which: non-performing credit exposure
a) Central Banks
b) General Government
c) Banks
499,706
541,303
d) Other financial companies
547,723
2,055,563
e) Non-financial companies
8,545,870
11,899,883
f) Households
1.5 Operational risks Qualitative disclosures A. General aspects, management processes, and methods for measurement of operational risk Definition of operational risk The CDP Group has adopted the guidelines established by the Basel Committee for the banking industry and incorporated by Bank of Italy in Circular no. 285 of 17 December 2013 as the benchmark for managing operational risk. Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This definition includes, among others, losses resulting from fraud, human error, business disruption, ICT system unavailability, breach of contract and natural disasters. Operational risk includes legal risk, model risk, conduct risk and the risk of money laundering and terrorist financing fall under operational risk, while strategic and reputational risk are not included. The legal risk is the risk of incurring losses resulting from violations of laws or regulations, from contractual or tortious liability or from other disputes. System for managing operational risks Apart from adopting best practice in the banking sector as a reference, the CDP Group pays particular attention to industrial sector benchmarks for the management of operational risks. The methodological and organisational framework implemented aims to capture the company\u2019s actual risk profile, similarly to what occurs in the most advanced corporates, which actively manage operational risks even though they are not subject to capital requirements. The aim is to improve corporate processes and the internal control framework in order to establish a basis both for suitable mitigation measures and for a more precise assessment of the related economic capital, presently calculated under the Basic Approach. The Operational and ICT Risk Organisational Unit, operating within the Risk Management Function, is responsible for designing, implementing and monitoring the methodological and organizational framework for (i) the assessment of the exposure to operational risks, (ii) the monitoring of the implementation of the mitigation measures proposed by the Risk Owners, and (iii) the reporting system designed to ensure that information is made available to the Governing Bodies and to the managers of the Organisational Units concerned. The adopted framework involves the inclusion of information on operational losses classified according to specified Loss Event Types (i.e. a Model of loss events), Loss Effect Types (i.e. a Model of types of losses) and Risk Factors (i.e. a Model for the classification of risk factors). With particular reference to ICT and information security risk, dedicated libraries of threats and security countermeasures have also been defined, which CDP considers appropriate to apply within its perimeter to protect its ICT assets. This information comprises: \u2022 internal data on operational losses (Loss Data Collection); \u2022 external loss data; \u2022 potential loss data (risk self-assessment); \u2022 key factors of the business environment and internal control systems. The CDP Group\u2019s system for managing operational risks is divided into the following stages: 1. Identification and measurement This stage involves the: \u2022 structured collection and timely updating of internal data on losses attributable to operational risk events (loss data collection); \u2022 identification of potential operational risks associated with business processes and the forward-looking assessment of the Company\u2019s level of exposure to those risks (risk self-assessment); \u2022 analysis of operational events received from the Italian database on operational losses (Database Italiano delle Perdite Operative \u2013 DIPO) (external loss data); \u2022 identification of potential operational risks arising from the introduction of new products, services and activities. 1.1 Loss Data Collection Loss data collection is the process designed to collect and manage \u2013 in a structured manner and according to rigorous criteria \u2013 the internal data on losses attributable to operational risk events occurred in the Company. The data recording concerns both operational risk events which have negative economic effects recorded in the income statement items (actual losses) and events that do not generate a loss (near misses). The loss data collection process is structured as follows: \u2022 collection and recording of internal loss data, to classify the data on losses attributable to operational risk events; \u2022 monitoring and management of loss data, to observe the evolution of the Company\u2019s exposure to operational risks over time, in order to identify appropriate mitigation measures for the most significant events (in terms of impact, frequency and/or relevance to the strategic company objectives). The data collection is supported by a network of information sources (an information source is defined as the organisational unit that can provide information concerning the main features of each loss event recorded and its associated effects). The prompt availability of uniform, comprehensive and reliable data \u2013 within a dedicated database \u2013 allows the appropriate mitigation actions to be identified in order to combat the most significant risks and to achieve overall improvements, in terms of effectiveness and efficiency, of the corporate processes and the internal control system (so-called use test). 1.2 Risk Self-Assessment This consists of a self-assessment of the potential operational risks inherent in the processes, carried out by the parties involved in the operations reviewed. The aim is to assess the level of the Company\u2019s vulnerability to these risks and, at the same time, to establish the necessary corrective actions, if the monitoring system is inadequate. The process consists of the following activities: \u2022 mapping of the operational risk events to the corporate processes (risk mapping), in order to understand the origin of potential losses attributable to operational risks by retracing the events and causes that may generate those losses; \u2022 assessment of the operational risk events and of the related controls for estimating the residual exposure to each risk. The aim of the Risk Self-Assessment is to produce a Risk Map, which is a tool designed to dynamically monitor the evolution of the Company\u2019s risk profile, in order to: \u2022 ensure an overall view of the main areas of risk of the company by process and by nature of the risk; \u2022 strengthen the controls; \u2022 monitor the actions to prevent and mitigate risks. Based on the risk perception of the officers interviewed (Organizational Unit Managers, Risk owners, other employees who are \u2019experts\u2019 in the relevant processes, individuals representing specialist and control functions), suitably \u2019weighted\u2019 with that of Risk Management and supplemented by additional relevant considerations, forward-looking indications are provided to the Company\u2019s management on events that have not yet occurred but could take place as a result of \u2019latent\u2019 risks in corporate processes. Risk Self-Assessment findings, therefore, are used for management purposes (use test): the operational risk management system, integrated into the Management\u2019s decision-making, aims at strengthening corporate processes and improving the Internal Control System. 1.3 Stress Testing As part of stress testing during the strategic planning phase and periodic budgeting exercises, the Operational Risks and ICT unit identifies specific potential operational risk scenarios with a high impact (in economic terms) and a low frequency of occurrence. The estimated loss for each of the scenarios depends on (i) the expected frequency and (ii) the potential economic impact, which are estimated with the support of the main Process Owners and Organisational Units involved in the scenario. This activity makes it possible to estimate the potential economic loss under stress as a result of the occurrence of operational risk events. 1.4 External loss data CDP subscribes to the Italian database on operational losses (DIPO) managed by ABIServizi S.p.A. in order to be able to retrieve data on operational risk events that took place in other financial institutions; this enables CDP to improve its estimates about operational losses and to compare itself against the best practices used by other main Banking Groups. 2. Risk control and mitigation Based on the findings from the Risk Self-Assessment and any specific further analyses conducted by the other corporate Control Functions, supported by the trends in operational losses found in the loss data collection, the mitigation process is activated in order to reduce the Company\u2019s exposure to the most significant operational risks \u2013 in terms of likelihood of occurrence and/or impact \u2013 through the identification and adoption of appropriate corrective measures. Corrective actions are defined by the Risk Owners, with the support \u2013 where necessary \u2013 of the other corporate functions and the Risk Management Area, which verifies the implementation of mitigating actions through periodic follow-ups. The Operational and ICT Risk Organisational Unit monitors the status of the mitigation actions initiated by periodically checking their progress with the individuals responsible for the actions taken and/or to be taken. 3. Monitoring and reporting The results of the activities performed are shared and disseminated through dedicated reports, which detail operational risk exposures and detected losses. In this way, information on operational risks is provided to the Top Management and the managers of the business units involved, in order to enable the implementation of the most appropriate mitigation actions. The main reports produced cover: \u2022 Loss Data Collection, in relation to which a report is prepared every six months and sent to the Governing Bodies; \u2022 Risk Self-Assessment, for which, at the end of each analysis on processes/operational areas a report with the assessment of individual risks and relevant control centres is produced, with an indication of the most vulnerable areas; \u2022 follow-up on the mitigation actions, identified for the most significant risks detected by the Loss Data Collection and Risk Self-Assessment. Operational Risk Culture In line with the mission of the Operational and ICT Risk Organisational Unit, which is to develop and disseminate awareness of operational risks within the Company, during 2025 training initiatives addressed to all the staff involved in the analyses were organised. Other periodical actions organised by the Operational and ICT Risk Organisational Unit for the staff concerned include training, also in the form of on-the-job training. These actions ensure that the contact persons have appropriate knowledge of the process and of its attendant responsibilities, so as to make the best use of support tools. The aim is to put in place a coordinated approach at all levels within the Company, which can be achieved by wide dissemination of operational risk awareness. Fraud risk Within the operational risk management model used in CDP, the fraud risk management framework has also been implemented. The fraud risk is defined as the risk of an illegal act, action or omission, intentionally carried out using deceptive means consisting of artifices or stratagems, intended to mislead others and harm another\u2019s right in order to obtain, directly or indirectly, a material or moral advantage, and/or a consent, and/or to elude an obligation of any kind, for an own benefit or for the benefit of a third party. This model is part of CDP\u2019s Internal Controls System and is divided into three lines of defence: (i) first-line of defence, carried out by the operational/production units and incorporated into business processes; (ii) second-line of defence, carried out by a dedicated function in charge of Fraud Risk control (within the Operational and ICT Risk Organisational Unit) and (iii) third-line of defence, overseen by the Internal Audit Function. Specifically, the fraud risk control function identifies and assesses the risks of fraud related to corporate processes through second-level controls. The main tools used by fraud risk control function for these controls are: (i) Fraud Risk Assessment, updated periodically every three years, unless there are significant changes in the operational context, both within and outside the Company (ii) Loss Data Collection, updated continuously, and (iii) Effectiveness checks, according to a defined frequency.
ICT and information security risk
The ICT system, consisting of the ICT Assets and the human resources dedicated to their management, is an essential
means to achieve the strategic and operational objectives of a company, due to the critical level of the business processes
that depend on it. With a view to sound and prudent management, the ICT system allows management to have up-to-date
and secure information for timely decision-making and the correct implementation of the risk management process.
Therefore, it is essential to guarantee the Confidentiality, Integrity and Availability of the information processed by company
IT systems, in line with the identified risk profiles.
The ICT and information security risk is the risk of incurring losses due to breaches of confidentiality, failure of integrity of
systems and data, inappropriateness or unavailability of systems and data or inability to change information technology
(IT) within a reasonable time and with reasonable costs when the environment or business requirements change (i.e.
agility). This includes security risks resulting from inadequate or failed internal processes or external events including
cyber-attacks or inadequate physical security.
To ensure the protection of its corporate assets, CDP has developed and implemented a Framework for measuring and
monitoring ICT and information security risk. This Framework incorporates a cyber risk monitoring dashboard, enabling
the organisation to manage activities and prioritise actions within its broader security strategies.
Quantitative disclosures
The chart below gives the breakdown by event type
207
, showing the number and the impact in 2025, based on the event
type classification scheme established by the New Basel Capital Accord.
% breakdown by number of events (actual and near-miss losses)
In 2025, the events identified with greater frequency were of the \u201cExecution, delivery and process management\u201d type,
referring to losses arising mainly from executing and completing transactions.
% breakdown by accounting amount recorded
During 2025, the most significant type of event, in terms of impact, is attributable to \u201cExecution, Delivery, & Process Management\u201d. CDP Real Asset SGR CDP RA SGR adopts the Group\u2019s operational and fraud risk management framework with the objective of strengthening risk controls and improving the overall effectiveness and efficiency of processes, in order to reduce earnings volatility for the period and safeguard equity. In the context of Loss Data Collection, the company collects and records loss data, considering the key aspects of each identified loss event and its related impacts. The net exposure of CDP RA SGR\u2019s processes to operational and fraud risks is overall limited, owing to the presence of controls characterised by an adequate level of effectiveness. Fondo Italiano di Investimento SGR FII SGR has set up a proprietary operational risk management system covering (i) risks associated with human error (i.e. errors, unintentional damage and/or fraudulent situations created by internal and external operators that may be detrimental to the company), (ii) technology-related risks (i.e., IT procedures and intentional or unintentional damage to company hardware and software), (iii) process-related risks (i.e., missing or incomplete internal procedures or breaches), and (iv) risks related to external factors (i.e., events external to the company). FII SGR\u2019s overall exposure to operational risks is limited and is mainly focused on the areas of internal processes, regulatory compliance and employment relationships. CDP Venture Capital SGR CDP Venture Capital SGR has adopted a framework for managing and overseeing operational risk, providing for: (i) the evaluation of the Company\u2019s exposure to operational risks, grounded on the assessment of each underlying operational risk event; (ii) the gathering and examination of internal loss data related to operational risk events (the \u201cLoss Data Collection\u201d); and (iii) the establishment of mitigation measures for those events measured above the defined risk tolerance. The net exposure of CDP Venture Capital SGR\u2019s processes to operational risks is overall limited, owing to the presence of controls characterised by an adequate level of effectiveness. Legal disputes Civil and administrative disputes As at 31 December 2025, 107 civil and administrative proceedings are pending against the Company. Among the cases for which the risk of an unfavourable outcome is assessed as \u201cpossible\u201d or \u201cprobable\u201d, 52 proceedings involve a total claimed amount of approximately 496.5 million euro, while 14 proceedings involve claims for an unspecified amount. With reference to the above-mentioned disputes, there are 12 disputes with a risk of a ruling against the Company estimated to be probable. Of these: (i) 6 relate to positions concerning Postal Savings products, with a total claimed amount of approximately 19 thousand euro; (ii) 4 relate to credit exposures, with an aggregate claimed amount of approximately 419 million euro; and (iii) 2 proceedings concern other civil and administrative law matters, with a claimed amount of approximately 888 thousand euro. There are also 54 disputes with a risk of a ruling against the Company estimated to be possible. Of these: (i) 39 relate to positions concerning Postal Savings products, with a claimed amount of approximately 613 thousand euro; (ii) 5 relate to credit exposures, with an aggregate claimed amount of approximately 76 million euro; and (iii) 10 relate to other civil and administrative law matters, with a total claimed amount of approximately 12 thousand euro. With reference to ongoing disputes, at 31 December 2025 a provision for risks and charges was set up amounting to approximately 40.5 million euro. Labour law disputes At 31 December 2025, there were 7 pending pre-disputes and disputes in labour matters in which CDP is a defendant, for which provisions were made for a total of about 5 million euro. Risk related to climate change Given its nature as a holding company, in overall terms, the exposure of CDP RETI S.p.A. to the risks related to climate change is currently limited. CDP RETI\u2019s objective to reduce its environmental impact is guided by the strategic guidelines defined at CDP Group level. The CDP Group has long placed sustainable development at the centre of its long-term strategy by setting environmental, social and governance goals and integrating them with the other objectives of the Business Plan. With regard to the main asset item (equity investments in Snam, Terna and Italgas account for more than 90% of assets), issues related to climate change have so far not impacted the estimation of recoverable amount (equal to the greater of Fair Value and Value in Use 210 ) (nor are they reasonably expected to do so) also in consideration of the fact that as of 31 December 2025 the stock prices of the controlling interests held in the portfolio are well above the book value. With reference to the main liability item (loans), which is representative of the existing financing sources (Term Loan and Bond), please note that the contractual financial cash flows are in no way dependent on the achievement of climate-related objectives. In terms of transition risk, CDP RETI, as an investment vehicle, is primarily exposed to indirect risks, that is, risks that may affect the value of the controlling shareholdings held in its portfolio. In this regard, it should be noted that all subsidiaries are undertaking investments related to energy transition projects in order to meet the emission targets set by the European Union. These investments may affect the financial indebtedness levels of the subsidiaries. On the other hand, they will improve the quality and ultimately the value of their networks, with a positive impact on their company profile. Non-compliance risk The main risk factors relating to potential non-compliance with applicable regulations for Fintecna are essentially associated with reputational impacts that may arise from failure to comply with provisions concerning sensitive areas, such as the management of liquidation activities, litigation and extraordinary administrations, the execution of specific mandates on behalf of Public Administrations, and the management of real estate assets, including related environmental and safety matters. Important in this respect are developments in external regulations, any changes in the scope of the business activity and in the corporate governance structure and changes at organisational or process level. To protect itself against legal compliance risk, Fintecna has adopted a model to identify the applicable laws and regulations and assess the risk of violating them, and specific controls to prevent the potential reputational risks deriving from relationships with third parties. The mapping of applicable regulations is an ongoing activity subject to continuous updating. Legal disputes During the financial year ended 31 December 2025, active monitoring and management of disputes continued - relating to Fintecna in various capacities as a result of multiple corporate transactions originally involving entities subsequently merged into Fintecna, or entities from which the related disputes were later transferred to Fintecna - with the aim of ensuring the optimal handling of activities through specific and targeted assessments of the risk profiles associated with individual cases, thereby enabling the most effective defence of Fintecna. In general terms, with regard to civil, administrative and tax litigation, no significant changes were observed in the number of pending disputes, while the objective difficulty of reaching a resolution of the remaining proceedings, including through settlement arrangements, within shorter timeframes persists. In this regard, disputes with claims made against the company are backed, where a probable adverse outcome is anticipated, by suitable provisions in consideration of the risks of each case, as well as the specific procedural positions. The total contingent liabilities as of 31 December 2025 amount to approximately 115 million euro, a decrease compared to 31 December 2024, when it stood at approximately 155 million euro. This reduction is mainly attributable to the final settlement of the long-standing dispute with Logistica Sud S.p.A., following the execution of a settlement agreement. Employment-related litigation, primarily consisting of compensation claims for so-called biological damage associated with occupational diseases allegedly contracted by former employees and for damages claimed iure proprio by their heirs, amounted - as at 31 December 2025 - to a total of 379 cases, with an aggregate claimed amount (petitum) of approximately 145 million euro. The total number of cases rose by 39.3% in 2025 (from 272 to 379), driven by a considerable influx of new lawsuits (320), while 213 cases were resolved, with 186 of them being settled through conciliation. Finally, the percentage increase in claims relating to more serious conditions, as well as those previously less frequently recognised as occupational in origin, is confirmed, with particularly high compensation claims. The majority of litigation is pending before the courts of Taranto, Naples, Genoa, Terni and Torre Annunziata, and, to a lesser extent (in terms of the number of cases), also before the courts of Piombino, Aosta and Turin. The overview of the ongoing litigation involving the company is summarised in the following table:
(number of disputes)
31/12/2025
31/12/2024
Change (+ / -)
Change %
Civil/administrative/tax disputes
40
39
1
2,6%
Employment disputes
379
272
107
39,3%
Total
419
311
108
34,7%
Operational risk It represents for SIMEST the risks of loss resulting from inadequate or malfunctioning internal procedures, people and systems or from external events. Such risk includes, among others, losses resulting from fraud, human error, business disruption, system unavailability, breach of contract and natural disasters. The operational risk control framework requires a set of structured processes, functions and tools for identifying, assessing and monitoring operational risks. More specifically, in accordance with the Parent Company\u2019s guidelines, the operational risk control system includes both (i) a process for the collection and retention of data (Loss Data Collection - LDC) and (ii) the assessment of the company\u2019s level of exposure to operational risks through Risk Self-Assessment (RSA). Operational risks are managed in partnership with CDP under a service contract. During the reporting period, the LDC process involved updating the company\u2019s information sources and identifying certain Near Miss events. As part of the Risk Self-Assessment, the RSA relating to selected business processes was completed in line with the planned activities, and mitigation actions were defined in response to the material risks identified. During the period, monitoring and follow-up activities were also carried out for all Action Plans arising from the RSA or the LDC. Operational risks also include fraud risk, the identification and monitoring of which are governed by a specific Group Policy. In this context, ex-post controls were performed to verify the effectiveness of the safeguards in place for certain processes considered to be more exposed to such risks. Operational risks also include cyber risk (ICT), i.e., the risk (current or potential) of economic, reputational, and market share losses related to the use of information and communication technology (ICT) due to events that could compromise the Availability, Integrity, and Confidentiality of technical infrastructures and/or data. During the period, an assessment was carried out on all ICT applications used within the company, and specific mitigation actions were defined to address the residual risks identified. Reputational risk It represents the current or prospective risk of a decline in earnings, sanctions, loss of economic value or damage to the institutional role of SIMEST, arising from a negative perception of the Company\u2019s image by customers, counterparties, investors, the regulator or other stakeholders. SIMEST assigns the highest priority to preventing and monitoring the occurrence of events of a reputational nature and, to this end, in line with the Group\u2019s approach, promotes the adoption of high ethical and professional standards through policies and procedures aimed at ensuring their observance. Accordingly, in line with the Group\u2019s approach, internal mitigation controls are carried out and specific safeguards are implemented to prevent reputational events in both ordinary operations and the management of public funds. Money laundering risk The risk arising from the infringement of legal, regulatory and corporate governance provisions aimed at preventing the use of the financial system for the purpose of money laundering, terrorist financing or crime. In line with the Group\u2019s approach, SIMEST carries out monitoring and control activities, which also include the reporting of Suspicious Transaction Reports to the Financial Intelligence Unit for Italy (UIF). These reports, prepared where anomalies are identified and/or there are reasonable grounds to suspect that money laundering or terrorist financing transactions are underway, have been carried out or have been attempted, are submitted on the basis of the information available (anomaly indicators), consultation of internal and external databases and the assessment of both objective and subjective elements of the transactions. SIMEST has worked in close collaboration and coordination with the Parent Company and the relevant Authorities, in compliance with current regulations. It should be noted that the strengthening of anti-money laundering controls, together with the significant volumes of operations, has resulted in a non-negligible number of suspicious transactions being reported to the UIF. Compliance risk The risk of (i) incurring judicial or administrative sanctions and/or (ii) suffering losses or reputational damage as a result of breaches of mandatory rules (laws and regulations) or self-regulatory provisions (e.g. articles of association, codes of conduct). These risks are particularly important considering the institutional role of SIMEST, as well as the extensive volume of transactions performed in managing Public Funds. SIMEST adopts the Group framework, which provides for specific policies, procedures and processes, as well as dedicated checks to assess regulatory adequacy (detailed Compliance Risk Assessments) and the effectiveness of existing safeguards (Compliance Controls), in order to prevent, mitigate and reduce compliance, reputational and sanction risks. Climate and ESG (Environmental, Social and Governance) risks Risks deriving from factors attributable to environmental, social and governance issues with an impact on the performance of counterparties/projects. Climate and sustainability objectives, as defined in the internal policies and in the CDP Group Code of Ethics, are integrated into the mission and institutional role of SIMEST as a medium- to long-term investor supporting the international expansion of Italian companies. In line with the Group Sustainability Framework, SIMEST is committed to guiding its investment activities by taking environmental, social and governance (ESG) factors into account. In this context, SIMEST has embarked on a process of internal transformation towards a business and operating model focused on the creation of sustainable value, in line with the Group\u2019s approach and with the 2025\u20132027 Strategic Plan. In November 2025, the Board of Directors of SIMEST approved the ESG risk assessment model applicable to the portfolio of equity investments, in line with the guidelines set out in the relevant Group Policy. The model, through a qualitative and quantitative approach, assigns a level of risk to each component (Environmental, Social and Governance) and also defines a composite risk indicator that places greater weight on the most material risk component. In addition, SIMEST participated, among other activities, in the double materiality analysis carried out by the Parent Company. Capital adequacy The Risk Policy describes the internal process of assessing the adequacy of available capital resources (represented by Equity) to meet the economic capital needed to cover existing risks, measured in accordance with methodologies in line with the CDP Group and the SIMEST business model. Assessment outcomes in 2025 confirmed the full adequacy of capital. Management of Public Funds Specific controls are also in place for the subsidised funds managed by SIMEST in order to monitor and mitigate the main risks to which they are exposed. From 1 January 2025, the Venture Capital Fund (FVC) was transferred into the Fund 394/81 through the establishment of a new section with separate accounting: the Venture Capital and Equity Investments Section (VCIP), which traditionally supports SIMEST in promoting the international expansion of SMEs through subsidised equity financing. Alongside its traditional operations, the VCIP section also supports the international expansion of Italian start-ups and innovative SMEs (start-up operations) through the subscription of equity investments or the subscription of units/shares in investment funds, in collaboration with CDP Venture Capital SGR. The available public resources are allocated between (i) investments through the subscription of investment funds and (ii) direct investments in co-investment with CDP Venture Capital SGR. During 2025, monitoring controls were further strengthened and consolidated, particularly with regard to credit risk (in relation to traditional operations). At the beginning of 2025, two new sections of Fund 394/81 were introduced: the \u201cGrowth Section\u201d, supporting the international expansion of SMEs through co-investment transactions with private equity funds, and the \u201cInfrastructure Investments Section\u201d, dedicated to investments in companies held by Italian firms involved in international infrastructure projects. During the year, SIMEST assessed the compliance of the investments under review with the applicable directives defining the operational scope of the Fund\u2019s Sections. Due to the nature of the investments, the Fund\u2019s Sections are primarily exposed to equity risk. With regard to Fund 295/73, monitoring of interest rate risk and foreign exchange risk continued in accordance with the existing framework, which provides for the quantification of risks in line with prudential regulation. This assessment is conducted by estimating the present value of lifetime commitments under stress assumptions, alongside scenario analyses of cash flows (also under stressed conditions) over different time horizons, and through an early warning system that tracks the absorption of the Fund\u2019s resources to enable the timely identification of potential risk developments. Furthermore, in line with the most recent regulatory provisions (i.e. the 2024 Budget Law) and with the aim of strengthening risk controls and stabilising cash flows relating to part of the Fund\u2019s operations, hedging activities for interest rate and foreign interest rate risks were initiated by the Ministry of Economy and Finance (MEF). Monitoring activities carried out during the year confirmed the effectiveness of the indicators adopted and of the warning thresholds introduced, demonstrating the strength and adequacy of the risk control system implemented. With regard to Fund 394/81, during 2025 the strengthening and consolidation of the integrated control framework continued, in line and in synergy with the Group approach, particularly with respect to reputational, fraud and anti-money laundering risks. In addition, with regard to credit risk, monitoring and reporting activities continued - and were further strengthened - for both the Fund\u2019s ordinary operations and those related to the PNRR, with reporting provided to corporate bodies and interministerial committees. As part of SIMEST\u2019s 2025-2027 Strategic Plan, the Risk Department participates in various working groups, contributing to the roll-out of cross-functional activities. Litigation As at 31 December 2025, seven proceedings were pending involving claims against SIMEST, brought by six counterparties. For six cases, the risk of an adverse outcome was assessed as remote, while for one case it was assessed as possible. In particular, the risk of an adverse outcome was assessed as possible in relation to the appeal filed by SIMEST against an unfavourable first-instance judgment. In this case, the risk is limited to the legal costs of the appeal proceedings in the event that the first-instance judgment is not overturned. Based on these assessments, no provisions have been recognised. Operational risks The operational risk for CDP Immobiliare is the risk of loss resulting from inadequate or failed internal systems, processes and people or from external events. Operational risk is embedded in the company\u2019s business and is part of every organisational and production process. The operational risk management system is a set of structured processes, functions and resources for identifying, assessing and controlling operational risks. Operational risks include, in addition to those arising from security related to owned properties, those related to environmental issues of owned assets, as well as those related to ongoing litigations. Given the complexity of these situations and the degree of uncertainty regarding their evolution, the assessments relating to the adequacy of the provisions for risks and charges recognised in the financial statements are periodically updated on the basis of the best available knowledge and prudent judgement. Default risk and debt covenants This risk relates to the possibility that financing agreements or the terms and conditions of bond issues contain provisions entitling counterparties, upon the occurrence of certain events, to request the immediate repayment of the amounts lent, thereby giving rise to liquidity risk. For more information on the contractual provisions of outstanding loans at 31 December 2025, please see the section \u201cLoans and financial liabilities\u201d in the Notes to the financial statements of the Terna group. Bank guarantees As at 31 December 2025, bank and insurance guarantees issued to third parties in the interest of companies of the Terna group amounted to 509.2 million euro, broken down as follows: 60.4 million euro in the interest of Terna S.p.A.; 162 million euro in the interest of Tamini Trasformatori S.r.l.; 118.5 million euro in the interest of Terna Rete Italia S.p.A.; 19.9 million euro in the interest of Terna Interconnector S.r.l.; 69.9 million euro in the interest of the Brugg group companies; 0.1 million euro in the interest of Terna Plus S.r.l.; 4.3 million euro in the interest of Terna Per\u00fa SAC; 0.8 million euro in the interest of Terna Energy Solutions S.r.l.; 0.1 million euro in the interest of Rete S.r.l.; and 73.2 million euro in the interest of the Altenia group. Litigation Set out below are the main commitments and risks not recognised in the statement of financial position as at 31 December 2025, the outcome of which has been assessed as possible. These relate to Terna S.p.A. and its subsidiary Terna Rete Italia S.p.A., as no significant commitments or risks existed for the other subsidiaries at that date. Litigation relating to the authorisation, construction and operation of facilities owned by Terna Part of the pending litigation arises from proceedings brought to obtain the annulment of measures authorising the construction and operation of facilities owned by Terna, or to seek compensation for damages allegedly caused by the operation of those facilities. As a general rule, the litigation involves Terna in its capacity as owner of the facilities concerned; however, the possibility cannot be excluded that the claimants may also initiate proceedings against Terna Rete Italia S.p.A., since the alleged damages may arise not only from the ownership of the facilities but also from their operation, performed by Terna Rete Italia S.p.A. For some of these proceedings, unfavourable outcomes cannot be ruled out, with the potential for charges of highly uncertain quantification to be borne by Terna S.p.A. or Terna Rete Italia S.p.A. Disputes concerning activities granted under concession arrangements As the concessionaire for transmission and dispatching activities since 1 November 2005, Terna is a party to a number of proceedings brought before the judicial authorities seeking the annulment of measures issued by the Regulatory Authority for Energy, Networks and Environment (ARERA), and/or by the Ministry of the Environment and Energy Security (MASE), and/or by Terna itself in relation to those activities. In cases in which the plaintiffs have, in addition to inherent defects in the contested determinations, alleged violation of the regulations laid down by the aforementioned authorities, or in cases in which the determination has had an impact on Terna, the company has also taken action to defend its interests through the legal system. Within the scope of such litigation \u2013 even though some cases have been concluded, at first and/or second instance, with the annulment of ARERA\u2019s resolutions and, when applicable, of the consequent determinations adopted by Terna \u2013 any negative outcomes for the Company itself may be deemed unlikely, as these disputes normally relate to pass- through items. Strategic risks Regulatory and legislative risk Snam\u2019s regulatory and legislative risk concerns the rules applicable to the gas industry. The resolutions of the Energy Networks and Environment Regulator (ARERA) and the National Regulatory Authorities of the countries where the foreign affiliates operate, the European and Italian legislation and, more generally, changes to the reference regulatory framework may have a significant impact on Snam\u2019s operations, earnings and financial stability. It is not possible to predict how future changes in legislative and tax policies might affect Snam\u2019s business and the industry in which it operates. Considering the specific nature of its business and the area in which Snam operates, developments in the regulatory context with regard to criteria for determining reference tariffs are particularly significant. With reference to Snam\u2019s non-regulated activities, which are currently marginal compared with the EBITDA of regulated activities, it should be noted that they are linked to developments in incentive-related legislation, with potential impacts on the performance and growth of the related businesses. Macroeconomic and geopolitical risk Due to the specific nature of Snam\u2019s business, the risks associated with political, social, and economic instability in the countries supplying natural gas, primarily related to the gas transportation sector, remain of primary importance. Most of the natural gas transported on the Italian national transport network is historically imported from or transits through countries in the MENA area (Middle East and North Africa, in particular Algeria, Tunisia, Libya and, in light of TANAP-TAP, Turkey combined with the States which overlook the eastern Mediterranean) and in the former Soviet Bloc, nations sensitive to political, social and economic instability. The ongoing Russian-Ukrainian conflict, now entering its fourth year, continues to disrupt global and regional energy dynamics, heightening uncertainty over gas flows from these regions. Furthermore, in 2024, the escalation of tensions in the Middle East, marked by intensified clashes between armed groups in Libya and internal conflicts in Tunisia, has further complicated the geopolitical landscape, heightening the risk of interruptions on natural gas supplies. Such turbulences may not only have a negative impact on the European economy, but also introduce additional challenges in managing energy supply sources. Snam will continue to monitor the geopolitical context, including potential consequences and their impact on the Snam group. In response to these developments, Snam has prioritised security of supply, ensuring greater flexibility and adequate sizing of gas infrastructure. The actions undertaken include purchasing new floating regasification units (FSRUs) and upgrading the existing infrastructure. In particular, the \u201cItalis LNG\u201d regasification terminal, acquired in June 2022 and located in Piombino, began operations in July 2023, while the \u201cBW Singapore\u201d regasification terminal, acquired in July 2022 and moored approximately 8 km off the coast of Ravenna, commenced operations in May 2025. Both provide a storage capacity of 170,000 cubic metres of LNG and an annual regasification capacity of 5 billion cubic metres of gas. Furthermore, work has begun on the Adriatic Line, Snam's new gas pipeline along the North-South route in Italy. Should shippers utilising the transportation service through Snam\u2019s networks be unable to complete the supply or transport of natural gas from or through these countries due to the occurrence of the aforesaid adverse conditions, or are affected by them to an extent that causes or worsens the inability to fulfil their contractual obligations towards Snam, this may produce adverse impacts on the business and on the performance and financial position of the Snam group. In addition, Snam is exposed to macroeconomic risks arising from displacement or tension in financial markets or situations deriving from external events, which could affect liquidity and accessibility to financial markets. Given the ongoing geopolitical tensions and high volatility in energy markets, it is crucial to maintain a diversified and resilient supply strategy. Climate change risk Achieving global climate targets will require significant investment in the decarbonisation of the energy sector over the next 30 years. In recent years, Snam has repositioned itself to benefit from the new opportunities arising from energy integration, leveraging infrastructure that will be crucial for achieving decarbonisation targets, its presence in energy integration businesses, international growth and a disciplined investment approach. Snam has therefore committed to achieving carbon neutrality by 2040 for its Scope 1 and 2 emissions and net zero by 2050 across all Scope 1, 2 and 3 emissions, with interim reduction targets of 25%, 40%, 50% and 65% for Scope 1 and 2 in 2027, 2030, 2032 and 2035, respectively, and reduction targets of 30% and 35% for Scope 3 in 2030 and 2032, compared with 2022 levels for the regulated business, in line with the global warming mitigation targets set out in the Paris Agreement adopted at the COP21 climate conference. Snam has also set methane emission reduction targets of -64.5% by 2027 and -70% by 2030 compared with 2015 levels, in line with the recommendations of OGMP 2.0 (the Oil & Gas Methane Partnership) of UNEP (United Nations Environment Programme). Development of decarbonisation-related technologies The energy sector is undergoing a profound transformation, requiring a balance between the need for energy security and competitive prices and the achievement of decarbonisation objectives. Without prejudice to its commitment to the core regulated business of natural gas transmission, storage and regasification, Snam is also investing in the development of solutions such as carbon capture and storage (CCS), as well as in decarbonised gases (currently biomethane and, in the future, hydrogen) and in supporting the decarbonisation of consumption through the implementation of energy efficiency measures. The ability to develop and manage gas transport and storage projects, the new capabilities acquired in decarbonised gases and energy integration solutions, the geographical presence along key natural gas supply corridors (and, in the future, hydrogen), together with a strategy focused on ESG factors, represent a key contribution to the development of a more competitive, secure and carbon-neutral energy system. By entering into new business sectors, Snam aims to promote the use of low-carbon energy sources, in line with the objectives of the Snam group and with European decarbonisation targets, including long-term objectives. However, the company remains exposed to market, regulatory and technological uncertainties that could delay or limit the expected returns from such initiatives. In this long-term perspective, the 2026-2030 Strategic Plan focuses on CCS technology and the future development of hydrogen. For CCS, completion of the initial phase of the Ravenna project is expected within the plan horizon, while hydrogen is considered over the medium to long term. At the same time, the plan sets ambitious innovation targets, recognising innovation as a key enabler for energy integration. In this context, and with particular reference to the Snam group\u2019s strategy, the main risk factors include risks associated with infrastructure investments and the carbon capture and storage (CCS) market (including infrastructure, projects and new acquisitions), which may be delayed or not fully implemented due to uncertainties relating to operational, economic, regulatory, permitting, competitive and social factors, as well as delays in the development of the hydrogen market in terms of value chain maturity. Additional risks arise from technological innovation that may favour a shift towards electrification and/or delays in the development of new technologies for the production, transport and storage of renewable and low-carbon hydrogen at competitive costs. The uncertainty of the evolving regulatory framework is also delaying project execution and the financing of hydrogen production. Legal and compliance risk Legal and compliance risk concerns the failure to comply, in full or in part, with laws and regulations at European, national, regional and local level with which Snam must comply in relation to the activities it performs. Violation of such laws and regulations may result in criminal, civil, tax and/or administrative penalties as well as financial and non-financial, economic and/or reputational damage. On the other hand, the violation of specific regulations (by way of example, but not limited to, infringements of occupational health and safety and environmental protection regulations or anti-corruption rules) may entail the corporate administrative liability of the company pursuant to Italian Legislative Decree No. 231 of 8 June 2001, and the consequent application of disqualification measures and/or pecuniary sanctions, including significant penalties. Snam, which has always been driven by carrying out its business activities with ethical standards and principles of fairness and transparency, has therefore adopted an adequate internal control and risk management system aimed at enabling the identification, measurement, management, prevention and monitoring of the main risks relating to the activities carried out. Snam, which has always been driven by carrying out its business activities with ethical standards and principles of fairness and transparency, has therefore adopted an adequate internal control and risk management system aimed at enabling the identification, measurement, management, prevention and monitoring of the main risks relating to the activities carried out. In 2022, Snam launched a project to implement its \u201cAnti-Corruption Compliance Program\u201d in accordance with ISO 37001:2016 \u201cAnti-Corruption Management System\u201d standards, to both confirm and certify its ongoing commitment to the fight against corruption. Consequently, in May 2023, Snam obtained the ISO 37001:2016 \u201cAnti-Corruption Management System\u201d certification from a third-party certification body (DNV Business Assurance Italia S.r.l.), issued with no deficiencies. This certification was confirmed following the annual control audit conducted by DNV in April 2025. The main reference documents for the \"Anti-Corruption Compliance Program\" are (i) the Code of Ethics; (ii) the Anti-Corruption Policy \u2013 drafted in accordance with the UNI ISO 37001:2016 standard and approved by Snam's Board of Directors on 18 January 2023 \u2013 reflecting the commitment of \"Top Management\" in addressing corruption risk prevention, and incorporating the fundamental elements highlighted by ISO 37001; and (iii) the Anti-Corruption Guidelines, which encompass the comprehensive regulatory framework for the anti-corruption measures adopted by Snam. Within a continuous improvement framework, the Anti-Corruption Compliance Programme led to the revision of the Anti- Corruption Guideline and its annexes, and to the alignment of third-party due diligence with the risk-based approach adopted under the ISO 37001 Management System. Snam is also a member of the United Nations Global Compact and, in 2023, strengthened its collaborations and partnerships with institutions and bodies active in the fight against corruption (i.e. Transparency International, the Organisation for Economic Co-operation and Development (OECD) and the Business and Industry Advisory Committee (BIAC)). In 2025, Snam also proactively collaborated with Transparency International Italia, participating in the \u201cBIF Talks - Transparency International Italia\u201d held in Pisa and the \u201cBIF Event\u201d held in Rome. Through Snam\u2019s active involvement, these events provided a platform to share experiences and insights on the new challenges of corporate compliance in relation to culture and sustainability, ranging from the CSRD to human rights and environmental issues. Since 2017, Snam has been collaborating with the OECD (Organisation for Economic Co-operation and Development), joining the Business at OECD Committee (BIAC), and in October 2019, as the first Italian company, it became part of the leadership as Vice-Chair of the Anti-Corruption Committee, a role it continues to hold. As part of this collaboration, Snam actively participated in numerous national and international events. One of the key highlights was Snam's contribution at the Bureau meeting of the BIAC Anti-Corruption Committee, where strategic topics were explored, especially addressing the ethical implications of AI technology advancement. Operational risks Ownership of storage concessions For Snam, the risk connected with keeping storage concessions stems from the business operated by its subsidiary Stogit, on the basis of concessions awarded by the Italian Ministry of Enterprise and Made in Italy. The Snam group (through Stogit) currently holds the rights to thirteen storage concessions, each corresponding to a storage field, of which twelve are currently operational. The first ten-year extensions for the concessions in Brugherio, Ripalta, Sergnano, Settala and Sabbioncello were issued at the end of 2020, with a new expiration date of 31 December 2026, while those for the concessions in Cortemaggiore and Minerbio were issued in January 2022 also expiring on 31 December 2026. For the Alfonsine concession, the process for the first extension is still pending with the relevant Ministry. The Company's activities, as required by the relevant regulations, will continue to be carried out until the completion of the ongoing authorisation procedures, as provided by the original permit, the expiry of which is to be automatically extended until the completion of these procedures. For the Collalto concession, which expired in 2024, the process for the initial renewal is underway, and activities may continue as permitted by regulations until the procedure is finalised. The concession for San Potito and Cotignola will expire in 2039 and can be renewed only once for a further ten years. For ten concessions, Fiume Treste in 2020 and Alfonsine, Brugherio, Cellino, Cortemaggiore, Minerbio, Ripalta, Sabbioncello, Sergnano, and Settala in 2024, the company submitted, within the legal deadlines, an application for a second ten-year extension to the Ministry of Enterprises and Made in Italy. For the Fiume Treste concession, which underwent its first ten-year extension in 2011, the second ten-year extension was issued on 18 June 2024, with the new expiry date being 20 June 2032. Lastly, the Bordolano concession will expire in November 2031 and may be extended for an additional ten years. In the event that Stogit is unable to retain ownership of one or more of its concessions or if, at the time of renewal, concessions are awarded under terms less favourable than current ones, the company may experience negative effects on its business, financial position and results. Failures and sudden outage of the service Given the current geopolitical context and the central role of gas infrastructure in ensuring Europe\u2019s energy security, Snam\u2019s network, storage facilities, regasification terminals and related activities represent critical infrastructure for the country and for the European gas system as a whole. The continuity and reliability of these activities are therefore of strategic importance, and any malfunction or interruption could have significant repercussions not only on Snam\u2019s operations but also on the broader security of energy supply. Operational risks mainly consist of malfunctions and unexpected service interruptions caused by accidental events, including incidents, failures or malfunctions of equipment or control systems, reduced plant output and extraordinary events such as explosions, fires, earthquakes, landslides or other similar events beyond Snam\u2019s control. Such events could result in reduced revenues and may also cause significant harm to people, with potential compensation obligations. In addition to accidental and natural events, the current international environment also exposes Snam\u2019s assets to the risk of deliberate acts by hostile domestic or international actors. These may include physical attacks, sabotage or acts of terrorism targeting, without limitation, pipelines, compression stations, storage wells or regasification terminals. Such events could result in the temporary or prolonged unavailability of infrastructure, with potentially significant financial, operational and reputational impacts. Although Snam has implemented robust security measures and taken out specific insurance policies covering certain of these risks, and although physical protection systems are continuously strengthened in line with national and European directives on the resilience of critical infrastructure, the related insurance coverage and preventive measures may nevertheless prove insufficient to fully offset all losses, compensation obligations or cost increases arising from such events. Delays in infrastructure work progress Snam may incur delays in infrastructure work progress due to the many unknown factors linked to operational, financial, regulatory, authorisation, competition, social, health or climate emergency aspects over which it has no control. Snam is therefore unable to absolutely guarantee that planned works to expand, improve and maintain the infrastructure are effectively undertaken or, if undertaken, are effectively completed or able to achieve the benefits envisaged by the tariff system. Furthermore, development projects may involve higher levels of investment or longer timeframes than initially estimated, thus affecting Snam\u2019s financial position and performance. Investment projects could be stalled or delayed due to difficulties in obtaining environmental and/or administrative authorisations or due to objections raised by political forces or other organisations, or could be affected by changes in the price of equipment, material and labour, as well as changes in the political or regulatory framework during construction, or even by the inability to secure financing at an acceptable interest rate. Such delays might have adverse impacts on the Snam group\u2019s business, financial position and results. In addition, changes in the price of commodities, equipment, material and labour could affect Snam\u2019s financial results. Environmental risks Snam\u2019s sites are compliant with laws and regulations on pollution, prevention and control, environmental protection, use of hazardous substances, and waste management. Applying these rules exposes Snam to contingent costs and liabilities connected with the use of its assets. Snam cannot predict the evolution of environmental legislation over time and whether and in what way it may eventually become more binding. Nor can assurance be provided that future costs necessary to ensure compliance with environmental legislation will not increase or that these costs may be recovered within the applicable tariff mechanisms or regulation. Costs arising from potential environmental remediation obligations at Snam sites are also subject to significant uncertainty, as they are particularly difficult to estimate both in terms of the extent of contamination and the appropriate corrective actions to be implemented, as well as the possible sharing of responsibility with other parties. Although Snam has entered into specific insurance contracts to cover some environmental risks, in line with industry best practices, substantial increases in costs related to environmental compliance and other associated aspects cannot be ruled out, nor can the costs of potential penalties, which could negatively impact business, operational results, and financial and reputational aspects. Cyber security Snam adopts a complex technological structure to conduct its business, relying on an integrated model of processes and solutions able to ensure the efficient management of the gas system nationwide. The development of business and the adoption of innovative solutions to constantly improve it, however, require continuous attention and adaptability to the changing needs of cybersecurity protection. Snam has been making significant investments in digitisation for years \u2013 from the control of activities on a remote basis to the adoption of complex infrastructure enabling the Internet of Things \u2013 through which Snam aims to become the most technologically advanced gas transmission operator in the world and ensure ever increasing levels of security and sustainability of its business processes. Snam\u2019s view, supported by public data and evidence, is that cybersecurity threats should be assessed and managed with great sensitivity and attention also because they will evolve further in terms of both number and complexity. The digital channel is increasingly used illicitly by different types of actors with different aims and different methods: cyber criminals, cyber hacktivists, state-sponsored action groups. The radical changes taking place in the logics and working processes following the pandemic (including the widespread use of remote working) have exacerbated certain specific types of threat and have made it necessary to increase the levels of attention to criminal phenomena that are bound to persist over time. In addition, technological development has made increasingly sophisticated tools available to attackers, enabling them to increase the effectiveness of existing attack techniques and develop new ones. The increasing digitisation of the network with the use of new technologies (e.g., Internet of Things, Artificial Intelligence) also poses significant challenges to the Snam group, broadening the potential attack surface exposed to internal and external threats. Finally, global geopolitical tensions should not be underestimated, as cyberspace has effectively become a domain of economic and political competition and conflict. Cyber security plays a very important role in this scenario, because it has the task of preventing or dealing with a wide variety of events, which can range from the compromising of individual workstations to the disruption of entire business processes relating to transport, storage and regasification, potentially affecting the ability to deliver the service. A correct approach to cyber security management is also necessary to ensuring full compliance with the increasingly strict industry sector regulations, issued both at European and Italian level, aimed at improving the management and control of companies that provide essential services for Italy. Employees and personnel in key roles Snam\u2019s ability to run its business efficiently is dependent on the skills and performance of its personnel. The loss of key personnel or the inability to attract, train and retain skilled personnel (especially in technical positions for which there may be limited availability of appropriately skilled personnel), or situations where the ability to implement a long-term business strategy is negatively affected by significant disputes with employees, could have an adverse impact on the business, the financial situation and the operating results. The events related to this risk category may also refer to the issues of Diversity and Inclusion. Risk linked to foreign equity investments Snam\u2019s foreign investee companies may be subject to regulatory/legislative risk, political, social and economic instability risk, market risk, climate change risk, cybersecurity risk, credit and financial risks and all other risks typically affecting Snam\u2019s business in the natural gas transport and storage sector. These risks could therefore have an adverse impact on their business, financial position and performance. This could have a negative impact on the investees\u2019 contribution to Snam\u2019s net income. Risks linked to future acquisitions/equity investments Investments made under joint-venture agreements and any future investments in Italian or foreign companies could increase the complexity of the Snam group\u2019s operations insofar as it cannot be guaranteed that these investments will generate the expected profitability as part of the acquisition or investment decision and will integrate effectively with Snam\u2019s other operations in terms of consistency with quality standards, policies and procedures. The integration process may involve additional outflows and investments. An inadequate management or supervision of the investment could have negative impacts on business, operating results and financial performance. Emerging risks The group\u2019s Risk Management model pays particular attention to identifying changes in the operating environment in order to detect events or macro-trends originating from outside the organisation that could have a significant medium-to-long- term impact (3-5 years and more) on Snam\u2019s business or its industry sector. These changes may give rise to new risks in the long term, but may also have immediate consequences for the company, changing the nature and extent of the potential impacts and likelihood of occurrence of the risks already identified. The purpose of the process of identifying emerging risks is to be able to assess their impacts in a timely manner to be able to put in place the necessary strategies and related mitigation actions to prevent and control those risks. In this area, some of the emerging risks identified by Snam are exposure to global LNG market dynamics as well as Technological Innovation and Artificial Intelligence (AI). Exposure to global LNG market dynamics Description As a result of the reduction in gas imports from Russia, to compensate for the previously imported volumes, a series of measures have been introduced to ensure greater diversification of import sources, particularly by integrating increasing volumes of LNG into the system through the expansion of regasification capacity (new FSRUs). This new configuration of the gas system calls for further consideration on the security of supplies. Previously, most of the gas imported came from countries bordering Europe (Russia, Azerbaijan, North Africa) interconnected with the Continent thanks to the presence of a pipeline network capable of ensuring stability of contractual relations with the interlocutors over time and consequently favouring continuity of supply from importing countries. Conversely, LNG is a more flexible source whose routes are more sensitive to global market dynamics. Impact The market has therefore evolved from a regional gas market with limited competition to a global one, with the risk that, in both the short and long term, exogenous factors of various kinds, such as prolonged adverse weather conditions (e.g. extended shortages of electricity from renewable sources due to reduced solar radiation or insufficient wind) and/or geopolitical factors, may have direct impacts on both the sustainability of supply and gas storage reserves, with consequences for national energy security, the stability of the energy system at European level and energy prices. Moreover, such a scenario could encourage fuel switching measures, as partly occurred with the increase in coal usage in Europe in 2022, with direct consequences for Snam\u2019s businesses (i.e. reduced gas demand, with currently limited impacts given the existing regulatory framework, and the management of network operations under more challenging conditions) and the potential reprioritisation of investment strategies. Key mitigation actions To this end, Snam is already taking a number of mitigation actions that result in supporting the development of green and decarbonised gas. In particular, the growth of biomethane volumes (through new production plants and the construction of the works to connect these plants to the Snam network) can contribute to the sustainability of the gas system as a renewable, programmable and locally produced source. Technological innovation and Artificial Intelligence (AI) The evolving geopolitical context and the increasing awareness of more complex scenarios make it necessary to identify more effective solutions to invest consciously in innovation and in the enhancement of technological assets, with the aim of ensuring the development of new solutions to support and create opportunities for the evolution of the Company\u2019s businesses in the near future. Technological innovation, and in parallel the development of artificial intelligence, directly impacts Snam\u2019s businesses and, if not properly managed and leveraged, could, in the long term, have adverse effects on both regulated activities and those related to energy integration. Impact A shift towards a more electrification-driven energy system could lead to a faster-than-expected reduction in natural gas demand compared with reference scenarios, with potential implications also for carbon capture, transport and storage technologies and for the development of green gases. This risk may be so significant that it could lead to a revision of the company's growth strategy and business model. Furthermore, ineffective development and/or failure to adopt innovative and technological solutions may impact the quality of the service provided, with repercussions on the effectiveness of asset and infrastructure management. Key mitigation actions To mitigate this risk, Snam adopts a series of proactive and continuous monitoring actions aimed at detecting in a timely manner the evolution of the energy market and the main technological trends across the entire value chain. Specifically, an integrated process for the development and management of transparent innovation has been launched, involving different stakeholders and aligned with Snam\u2019s strategic and industrial objectives. The aim is to identify, in a timely manner, technological pathways that are relevant for Snam in supporting the energy system, reducing the risk that its development does not adequately consider the fundamental role of molecules in ensuring energy integration. In addition, Snam has launched the Snam Tomorrow Energy Company (SnamTEC) programme, the main tool for the adoption of proven innovative technologies and for the testing of the most promising industrial technologies (T-Lab). These are complemented by the Snaminnova and HyAccelerator programmes, coordinated by the Open Innovation Scientific Committee, made up of industry experts, which play a crucial role in scouting and evaluating emerging innovative technologies and ideas. However, despite the aforementioned mitigating actions, a residual risk remains in connection with exogenous factors mainly associated with the external counterparties that Snam interacts with (research institutions, universities, start-ups) that, if proved inadequate, can make these risk mitigating actions ineffective.
The main business risks can be identified as follows:
\u2022 Macroeconomic scenario and geopolitical uncertainty: the group addresses this risk by pursuing the objective of
increasing industrial efficiency and improving contract execution capabilities, while at the same time reducing
overhead costs.
\u2022 Long-term contracts at predetermined prices: the group\u2019s response to this risk consists of applying price escalation
formulas to medium- and long-term contracts and/or requesting the application of the same clauses to project
suppliers. These analyses involve top management and the relevant corporate functions.
\u2022 Liability towards customers: the group is exposed to liability risks towards customers or third parties connected with
the proper performance of contracts, which are generally mitigated through the purchase of insurance policies
available on the market to cover potential damages. The risk that losses may occur which are not covered by insurance
policies, exceed insured limits, or that insurance premiums may increase in the future is continuously monitored by
management.
\u2022 Compliance with local regulations: the group monitors, through dedicated structures, ongoing updates to applicable
regulations, making the launch of commercial activities subject to verification of compliance with restrictions and to
obtaining the required authorisations.
Enterprise risk management
The Trevi group is exposed to uncertainty factors that may generate both favourable and adverse impacts on its operating
activities, financial structure and consolidated financial results. In this context, integrated risk management represents a
key element for safeguarding and creating value in the short, medium and long term. The main types of risk to which the
group is exposed include, but are not limited to:
\u2022 liquidity risk, which affects strategic investment choices and the definition of the order portfolio;
\u2022 sudden changes in the socio-political environments of the geographical areas in which it operates, with potential
immediate repercussions on operating results and financial position;
\u2022 and the deterioration of the international macroeconomic environment.
The adoption of an integrated approach enables the Trevi group to ensure consistent, transparent and effective
management of the main risks and opportunities that may affect value creation, in line with the objectives defined by
individual functions and the current strategic plan.
Contract risks
As part of the risk management process, Trevi\u2019s corporate risk management function aims to support top management
and the respective risk owners from the early stages of business development and commercial negotiation. To this end,
an in-depth bottom-up analysis, both qualitative and quantitative, is carried out to identify and proactively manage events
that could materially affect key portfolio objectives, such as revenues, operating margin and cash flows. This approach
strengthens decision-making and oversight capabilities, fostering an integrated perspective consistent with the group\u2019s
strategy.
For the 2026 financial year, a review of the commercial process of the Soilmec division is planned, which will lead to an
enhancement of the risk management activities related to the division\u2019s contracts. This update will be instrumental in
ensuring even more effective risk management aligned with the governance standards required at consolidated level.
Divisional risks
For Trevi, this category includes events capable of affecting divisional objectives that are not attributable to individual
contracts, as well as the ability to ensure the continuous delivery of high-value products and services to customers.
Particular attention is given to monitoring the key performance indicators (KPIs) of the main departments, in order to ensure
alignment with the qualitative and quantitative standards set out in the current strategic plan. Monitoring activities and
mitigation measures are implemented on an ongoing basis, according to defined timelines and responsibilities, thereby
ensuring a constant and structured oversight of risks and opportunities relevant to each division.
Strategic plan risks
In this area, the Trevi group\u2019s risk management focuses on events that may significantly affect the achievement of the
targets set out in the current strategic plan, with particular reference to revenues, industrial margins and the development
of an adequate order backlog. The adopted approach aims to ensure continuous oversight of key success factors,
promoting a forward-looking and integrated view of corporate performance.
The Trevi risk management function, operating in close synergy with divisional managers and drawing on data provided
by group companies, defines the main risk and opportunity scenarios. This activity is aimed at supporting top management
in strategic decision-making, contributing to the strengthening of governance and promoting a conscious and proactive
management of risks associated with the defined objectives.
ESG Risks
Pending the definition and approval of the sustainability plan, currently under development, Trevi\u2019s Enterprise Risk
Management (ERM) process has already been structured to enable the accurate identification, assessment and
management of ESG (Environmental, Social & Governance) risks. This approach is intended to ensure the organisation\u2019s
ability to effectively oversee risk factors and opportunities related to sustainability objectives, in line with industry best
practices and the requirements set by reporting standards for the consolidated financial statements. The integration of
ESG criteria into the corporate risk management system will therefore represent a key element in ensuring responsible
governance and sustainable long-term growth.
Political and commercial risk
The evolution of economic and geopolitical scenarios significantly affects the financial, industrial and commercial activities
of the Trevi group. The revenue mix shows a strong international footprint, with an established presence in the Middle
East, Far East, the United States and Italy.
A portion of revenues is generated in countries characterised by a medium-to-high level of political and commercial risk,
where operations are influenced by external factors such as institutional stability, regulatory framework, country risk,
currency convertibility risk and insolvency risk associated with both public and private counterparties. This risk may be
defined as the possibility that political, economic or social events adversely affect a counterparty\u2019s ability to fulfil its
obligations, irrespective of its financial soundness.
With specific reference to the markets in which the Trevi group operates, the two geographical areas outlined below present
a particularly high level of political risk, while maintaining relatively limited commercial risk. In such contexts, operations
require enhanced oversight and the adoption of appropriate mitigation instruments.
Tajikistan
Tajikistan became independent in 1991 following the dissolution of the Soviet Union and experienced a civil war between
political, regional and religious factions from 1992 to 1997. The Uzbek ethnic group constitutes a significant minority in
Tajikistan, while the Tajik ethnic group represents an even larger minority in neighbouring Uzbekistan. The country, with a
population of just over 9.2 million, remains the poorest among the former Soviet republics and exhibits a high political and
commercial risk profile, characterised by authoritarian stability, strong dependence on external creditors, geographical
vulnerability and a fragile economic environment. The most recent sources (IMF, GlobalEDGE/Coface, The Diplomat and
SpecialEurasia) confirm that, despite maintaining a degree of institutional stability, the country remains exposed to
significant geopolitical and macroeconomic factors affecting its commercial reliability.
In particular, with regard to political risk, it should be noted that the country has been governed for over 30 years by
President Emomali Rahmon, leading an authoritarian regime characterised by non-competitive elections and centralised
control of power. This \u201cenforced\u201d stability reduces the risk of coups but increases uncertainty related to political succession
and the absence of democratic checks and balances. The country maintains strong political and military dependence on
both Russia (through the presence of military bases and membership of the CSTO) and China, which is increasingly
influential in economic and infrastructure terms. This dual dependence limits the country\u2019s strategic autonomy and amplifies
political risk in the event of tensions between Moscow and Beijing.
With regard to commercial risk, there is a high level of insolvency risk (Country Rating \u201cD\u201d), characterised by a high
probability of counterparty default and limited or unreliable financial information. The most critical factors include: (i) a weak
and unpredictable judicial system; (ii) difficulties in debt recovery procedures; and (iii) the dominant role of state-owned
enterprises and limited competition. Although GDP is growing rapidly (8.2% in the first three quarters of 2025), the country
remains vulnerable due to its strong dependence on remittances (accounting for over one-third of GDP), a limited and
poorly diversified export base, and high exposure to volatile commodities such as gold, metals and cotton.
In conclusion, the country is currently characterised by very high political and commercial risk, further exacerbated by:
\u2022 authoritarian stability without clear succession mechanisms;
\u2022 proximity to Afghanistan and tensions with Kyrgyzstan;
\u2022 strong dependence on Russia and China;
\u2022 a complex and opaque business environment;
\u2022 and significant debt and macroeconomic vulnerability.
Argentina
In terms of political risk, the country is undergoing a significant phase of political transformation under the presidency of
Javier Milei, characterised by a strong pro-market orientation and the implementation of aggressive liberal reforms.
Bloomberg reports that sovereign risk has declined to its lowest level in the past seven years, supported by Milei\u2019s electoral
success and the favourable reception of his policies by international investors. The reforms include:
\u2022 the deregulation of the economy,
\u2022 a review of the tax and labour systems,
\u2022 reductions in public expenditure and the adoption of restrictive monetary policies.
Despite the improvement in market sentiment, the country continues to face longstanding institutional challenges: the
Argentine Congress remains fragmented, the approval of reforms depends on complex political agreements, and social
protests and trade union tensions may delay or hinder the implementation of measures. Accordingly, the sustainability of
the political framework depends on maintaining consensus and on the successful implementation of reforms following the
2025 mid-term elections.
With regard to commercial risk, the country is gradually showing an improvement in the business climate; however, overall
risk remains very high, with a high probability of default, limited availability of reliable financial data and a slow and
unpredictable judicial system.
In conclusion, Argentina currently presents a mixed outlook, with clear signs of financial improvement but still significant
political and commercial vulnerabilities. The positive drivers of this development can be identified in pro-business reforms
and market liberalisation, as well as in the reduction of sovereign risk and the improvement in investor sentiment.
Conversely, high inflation rates, critical exchange rate reserves, domestic instability and social risk continue to persist.
Risks related to the procurement of raw materials
The procurement of raw materials represents a strategic factor for the continuity and competitiveness of the Trevi group\u2019s
activities. The availability, quality and price stability of raw materials may significantly affect production processes, business
planning and, consequently, consolidated financial and economic results. In this context, the group carries out continuous
monitoring and management of procurement activities, with the aim of ensuring the robustness of the supply chain and the
sustainability of its operations, also in light of increasing global market complexities and geopolitical dynamics that may
impact supply chains.
Issues relating to raw material procurement are included within the following categories of the group\u2019s risk model:
\u2022 Supply Chain: risks related to the management and continuity of supply chains, including potential delays, disruptions
or difficulties in sourcing strategic raw materials;
\u2022 Procurement: risks associated with the selection, evaluation and reliability of suppliers, as well as the ability to negotiate
favourable contractual terms for the group;
\u2022 Commodity: risks arising from the volatility of raw material and energy prices, with particular reference to fluctuations
in international markets and inflationary dynamics.
The update of the Trevi risk model, with particular focus on Environment, Social & Governance (ESG) aspects, will be
implemented following the approval of the Sustainability Plan and the related management procedure, currently at an
advanced stage of definition. The objective is to systematically integrate ESG principles into risk management, promoting
a corporate culture oriented towards social responsibility, environmental protection and transparent governance.
With reference to the Soilmec division, during the 2026 financial year, procurement prices for key raw materials and energy
indices (gas and electricity) are expected to remain stable, in line with trends observed in 2025. This outcome has been
achieved through increased attention to supply chain management, including supplier diversification, the execution of multi-
year contracts and the adoption of price risk hedging instruments. These strategies have enabled the reduction of exposure
to market volatility and ensured greater predictability of production costs, thereby supporting the division\u2019s profitability and
financial stability.
With regard to the Trevi division, raw material procurement is of comparable importance; however, given the contract-
based nature of its activities, the risk of fluctuations in raw material costs is carefully managed through contractual
arrangements. This is achieved, on the one hand, through the inclusion of specific adjustment or guarantee clauses in
contracts with customers, or alternatively by excluding the supply of raw materials from the scope of work. It should also
be noted that, based on historical experience, the period between contract award and the commencement of site
operations is generally short, as is the execution period itself. This characteristic allows for the preparation of bids that
reflect up-to-date raw material costs, thereby significantly reducing exposure to market fluctuations and enabling efficient
and transparent management of operating margins.
In conclusion, the Trevi group is committed to maintaining high standards in the control and management of risks related
to raw material procurement, recognising that a robust and reliable supply chain represents a key factor for sustainable
growth and value creation. The adoption of responsible practices, combined with continuous monitoring of market
developments, will enable the group to successfully address future challenges and seize new growth opportunities.
Cyber risk
During 2025, the Trevi group continued its programme of adopting new initiatives, technologies and procedures aimed at
ensuring increasingly high levels of ICT security, thereby enhancing the effectiveness of ICT security processes.
The corporate DI&T (Digital Innovation & Technology) department, which provides IT services to all subsidiaries, has
consolidated the use of infrastructure based on Hybrid Cloud technologies. Together with the adoption of cloud applications
and the implementation of a Disaster Recovery plan, this approach strengthens the group\u2019s overall security posture and
resilience, ensuring business continuity even in the event of cyberattacks or system failures affecting service delivery.
The group continues to deliver specific training programmes aimed at promoting appropriate behaviours to prevent
involvement in malicious cybercrime activities. In addition, the corporate DI&T department continues to issue periodic
\u201cinformation bulletins\u201d and to organise dedicated \u201ccorner\u201d sessions, in both Italian and English, to highlight and illustrate
real-life examples of cyber fraud that users may encounter if proper procedures and instructions are not followed. To
assess the effectiveness of these training initiatives, the corporate DI&T department regularly tests user awareness through
targeted internal phishing campaigns.
Trevi Finanziaria Industriale S.p.A., through its corporate DI&T department, continues to operate in line with the
requirements of ISO 27001:2022 certification, the international standard that defines best practices for an Information
Security Management System (ISMS), and, since the first half of 2025, following the achievement of ISO/IEC 27017:2015
certification, has extended this approach to the Cloud environment.
These certifications demonstrate that the services provided by the company comply with recognised best practices in
information security.
During 2025, in particular from December onwards, the DI&T department entrusted a specialised cyber security company
with the full outsourcing of the Security Operations Centre (SOC) for the entire Trevi group, in order to enhance the
resilience of its systems and infrastructure and strengthen focus on these matters. At the same time, with the introduction
of this new provider, additional system monitoring tools (SIEM) were also implemented.
It is therefore considered that the measures adopted and the controls in place represent adequate mitigation of this risk.
Risks associated with contractual commitments
The Valvitalia group\u2019s activities are mainly carried out on the basis of contracts with consideration determined at the time
of award. This structure implies that expected margins may differ from initial estimates depending on the actual
recoverability of any additional costs incurred during contract execution. The technical complexity of projects, the possible
occurrence of contract variations, as well as external factors such as delays in supplies or changes in raw material costs,
may affect the expected profitability of contracts.
Contracts entered into by the Valvitalia group\u2019s companies generally provide for defined delivery terms and penalty clauses
in the event of delays attributable to the Valvitalia group. Such penalties are generally calculated based on the number of
days of delay and are subject to a contractually agreed maximum cap. The risk of delays in the execution of contracts is
also linked to supply risk, which is associated with the management of supplier relationships and the regularity of supplies.
Any disruptions in the supply chain or delays in payments to suppliers could affect delivery timelines and, consequently,
increase exposure to contractual penalties.
The Valvitalia group manages these risks through continuous monitoring of contract progress, integrated procurement
planning and ongoing control of project costs.
Risks related to international activities and sector-specific investments
As the Valvitalia group operates extensively in international markets, it is exposed to geopolitical and macroeconomic risks
related to the local contexts in which it conducts its business. These risks include, among others, political and social
instability, changes in economic and fiscal policies, the introduction of trade restrictions or tariffs, as well as possible
currency or regulatory limitations. Such factors may have an impact on operational continuity, contract execution timelines,
collection capacity and, more broadly, the profitability of activities carried out in individual countries.
The Valvitalia group therefore adopts a selective approach in determining its geographical footprint, based on an in-depth
prior assessment of political, economic and financial risks, customer reliability and medium to long-term development
prospects. This assessment process represents a key element in the management of country risk and in the group\u2019s
international strategic planning.
Risks associated with the regulatory framework of the sector
The Valvitalia group\u2019s activities may be affected by changes in the regulatory and legislative framework applicable to the
sectors in which it operates, particularly in the energy and petrochemical industries. These sectors are characterised by a
complex regulatory environment that is subject to ongoing updates, with specific reference to regulations on health and
safety at work, environmental protection, and labour relations. Any legislative or regulatory changes may require
adjustments to production processes, technical standards or organisational models, potentially impacting operating costs
and the execution of contracts.
The Valvitalia group manages these risks through ongoing monitoring of regulatory developments and the adoption of
internal procedures designed to ensure compliance with applicable requirements, while maintaining a high level of attention
to compliance and sustainability matters.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-974": { "value": "Section 10 - Provisions for risks and charges - Item 100 10.1 Provisions for risks and charges: breakdown
(thousands of euro)
Prudential
Items/Components
consolidation
Other entities
31/12/2025
31/12/2024
1. Provisions for credit risk relating to commitments and financial
319,993
53,532
373,525
614,994
guarantees issued
2. Provisions on other guarantees issued and other commitments
3. Company pensions and other post-retirement benefit
obligations
4. Other provisions
174,352
2,407,870
2,582,222
2,418,711
4.1 fiscal and legal disputes
47,853
337,025
384,878
393,062
4.2 staff costs
118,636
146,522
265,158
254,538
4.3 other
7,863
1,924,323
1,932,186
1,771,111
Total
494,345
2,461,402
2,955,747
3,033,705
As at 31 December 2025, provisions for risks and charges amounted to approximately 2,945 million euro, representing a decrease of approximately -78 million euro compared with the 2024 financial year. Provisions for credit risk associated with commitments and financial guarantees issued (arising from the adoption of the prudential consolidation method and to which the Parent Company is a significant contributor), amounted to 320 million euro. This amount decreased by 258 million euro compared to the end of 2024, attributed to the reduction in the value of financial guarantees issued. 10.2 Provisions for risks and charges: changes for the year
Prudential
Other entities
31/12/2025
(thousands of euro)
consolidation
Provisions on
Pensions
Provisions on
Pensions
Provisions on
Pensions
other
and other
other
and other
other
and other
guarantees
post-
Other
guarantees
post-
Other
guarantees
post-
Other
issued and
retirement
provisions
issued and
retirement
provisions
issued and
retirement
provisions
other
benefit
other
benefit
other
benefit
Items/Components
commitments
obligations
commitments
obligations
commitments
obligations
A. Opening balance
179,813
2,238,898
2,418,711
B. Increases
76,958
588,806
665,764
B.1 Provision for the
year
76,958
310,873
387,831
B.2 Changes due to
passage of time
2,527
2,527
B.3 Changes due to
changes in discount
496
496
rate
B.4 Other increases
274,910
274,910
- of which business
74,262
74,262
combinations
C. Decreases
82,419
419,834
502,253
C.1 Use during the
year
82,366
336,553
418,919
C.2 Changes due to
changes in discount
427
427
rate
C.3 Other decreases
53
82,854
82,907
- of which business
combinations
D. Closing balance
174,352
2,407,870
2,582,222
10.3 Provisions for credit risk relating to commitments and financial guarantees issued
Provisions for credit risk relating to commitments and financial guarantees issued
Purchased or
originated credit
impaired financial
(thousands of euro)
Stage 1
Stage 2
Stage 3
assets
Total
Commitments to disburse funds
135,651
592
301
136,544
Financial guarantees issued
183,874
53,107
236,981
Total
319,525
53,699
301
373,525
10.4 Provisions on other guarantees issued and other commitments This item has a nil balance. 10.5 Defined benefit pension funds This item has a nil balance. 10.6 Provisions for risks and charges - other provisions
(thousands of euro)
Prudential
Items/Values
consolidation
Other entities
31/12/2025
31/12/2024
4. Other provisions
174,352
2,407,870
2,582,222
2,418,711
4.1 Legal anf fiscal disputes
47,853
337,025
384,878
393,062
4.2 Staff costs:
118,636
146,522
265,158
254,538
- early retirement
48,762
62,828
111,590
117,062
- loyalty bonus
7,465
7,465
7,406
- electricity discount
1,999
1,999
2,096
- other
69,874
74,230
144,104
127,974
4.3 Other risks and charges
7,863
1,924,323
1,932,186
1,771,111
Item 4.3 \u201cOther risks and charges\u201d, amounting to approximately 1,932 million euro as at 31 December 2025 mainly refers: \u2022 for approximately 807 million euro relating to the provisions for the dismantling and reclamation of sites, recognised mainly for liabilities that are likely to be incurred to remove the structures and reclaim natural gas storage and transportation sites; \u2022 for about 154 million euro to the provisions for the reclamation and preservation of properties, as well as provisions for commitments in respect of contracts. The estimate of the liabilities recognised is based both on technical assessments (relating to the determination of works to be carried out or actions to be taken) and on legal assessments, bearing in mind contractual provisions in force; \u2022 for around 106 million euro to liabilities for contractual guarantees issued to customers in line with market practices and conditions; \u2022 for approximately 830 million euro to provisions for miscellaneous charges and other risks, mainly relating to Fincantieri (227 million euro), Ansaldo Energia (164 million euro), Terna (164 million euro), and Snam (138 million euro). For a more detailed description of the litigation in progress with Group companies, please refer to the information provided in Part E: \u2022 Section 2, par. 1.5 Operational risks, as regards litigation of companies included in the scope of prudential consolidation; \u2022 Section 4 as regards disputes involving Other companies included in the CDP scope of consolidation. 1.5 Operational risks Qualitative disclosures A. General aspects, management processes, and methods for measurement of operational risk Definition of operational risk The CDP Group has adopted the guidelines established by the Basel Committee for the banking industry and incorporated by Bank of Italy in Circular no. 285 of 17 December 2013 as the benchmark for managing operational risk. Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. This definition includes, among others, losses resulting from fraud, human error, business disruption, ICT system unavailability, breach of contract and natural disasters. Operational risk includes legal risk, model risk, conduct risk and the risk of money laundering and terrorist financing fall under operational risk, while strategic and reputational risk are not included. The legal risk is the risk of incurring losses resulting from violations of laws or regulations, from contractual or tortious liability or from other disputes. System for managing operational risks Apart from adopting best practice in the banking sector as a reference, the CDP Group pays particular attention to industrial sector benchmarks for the management of operational risks. The methodological and organisational framework implemented aims to capture the company\u2019s actual risk profile, similarly to what occurs in the most advanced corporates, which actively manage operational risks even though they are not subject to capital requirements. The aim is to improve corporate processes and the internal control framework in order to establish a basis both for suitable mitigation measures and for a more precise assessment of the related economic capital, presently calculated under the Basic Approach. The Operational and ICT Risk Organisational Unit, operating within the Risk Management Function, is responsible for designing, implementing and monitoring the methodological and organizational framework for (i) the assessment of the exposure to operational risks, (ii) the monitoring of the implementation of the mitigation measures proposed by the Risk Owners, and (iii) the reporting system designed to ensure that information is made available to the Governing Bodies and to the managers of the Organisational Units concerned. The adopted framework involves the inclusion of information on operational losses classified according to specified Loss Event Types (i.e. a Model of loss events), Loss Effect Types (i.e. a Model of types of losses) and Risk Factors (i.e. a Model for the classification of risk factors). With particular reference to ICT and information security risk, dedicated libraries of threats and security countermeasures have also been defined, which CDP considers appropriate to apply within its perimeter to protect its ICT assets. This information comprises: \u2022 internal data on operational losses (Loss Data Collection); \u2022 external loss data; \u2022 potential loss data (risk self-assessment); \u2022 key factors of the business environment and internal control systems. The CDP Group\u2019s system for managing operational risks is divided into the following stages: 1. Identification and measurement This stage involves the: \u2022 structured collection and timely updating of internal data on losses attributable to operational risk events (loss data collection); \u2022 identification of potential operational risks associated with business processes and the forward-looking assessment of the Company\u2019s level of exposure to those risks (risk self-assessment); \u2022 analysis of operational events received from the Italian database on operational losses (Database Italiano delle Perdite Operative \u2013 DIPO) (external loss data); \u2022 identification of potential operational risks arising from the introduction of new products, services and activities. 1.1 Loss Data Collection Loss data collection is the process designed to collect and manage \u2013 in a structured manner and according to rigorous criteria \u2013 the internal data on losses attributable to operational risk events occurred in the Company. The data recording concerns both operational risk events which have negative economic effects recorded in the income statement items (actual losses) and events that do not generate a loss (near misses). The loss data collection process is structured as follows: \u2022 collection and recording of internal loss data, to classify the data on losses attributable to operational risk events; \u2022 monitoring and management of loss data, to observe the evolution of the Company\u2019s exposure to operational risks over time, in order to identify appropriate mitigation measures for the most significant events (in terms of impact, frequency and/or relevance to the strategic company objectives). The data collection is supported by a network of information sources (an information source is defined as the organisational unit that can provide information concerning the main features of each loss event recorded and its associated effects). The prompt availability of uniform, comprehensive and reliable data \u2013 within a dedicated database \u2013 allows the appropriate mitigation actions to be identified in order to combat the most significant risks and to achieve overall improvements, in terms of effectiveness and efficiency, of the corporate processes and the internal control system (so-called use test). 1.2 Risk Self-Assessment This consists of a self-assessment of the potential operational risks inherent in the processes, carried out by the parties involved in the operations reviewed. The aim is to assess the level of the Company\u2019s vulnerability to these risks and, at the same time, to establish the necessary corrective actions, if the monitoring system is inadequate. The process consists of the following activities: \u2022 mapping of the operational risk events to the corporate processes (risk mapping), in order to understand the origin of potential losses attributable to operational risks by retracing the events and causes that may generate those losses; \u2022 assessment of the operational risk events and of the related controls for estimating the residual exposure to each risk. The aim of the Risk Self-Assessment is to produce a Risk Map, which is a tool designed to dynamically monitor the evolution of the Company\u2019s risk profile, in order to: \u2022 ensure an overall view of the main areas of risk of the company by process and by nature of the risk; \u2022 strengthen the controls; \u2022 monitor the actions to prevent and mitigate risks. Based on the risk perception of the officers interviewed (Organizational Unit Managers, Risk owners, other employees who are \u2019experts\u2019 in the relevant processes, individuals representing specialist and control functions), suitably \u2019weighted\u2019 with that of Risk Management and supplemented by additional relevant considerations, forward-looking indications are provided to the Company\u2019s management on events that have not yet occurred but could take place as a result of \u2019latent\u2019 risks in corporate processes. Risk Self-Assessment findings, therefore, are used for management purposes (use test): the operational risk management system, integrated into the Management\u2019s decision-making, aims at strengthening corporate processes and improving the Internal Control System. 1.3 Stress Testing As part of stress testing during the strategic planning phase and periodic budgeting exercises, the Operational Risks and ICT unit identifies specific potential operational risk scenarios with a high impact (in economic terms) and a low frequency of occurrence. The estimated loss for each of the scenarios depends on (i) the expected frequency and (ii) the potential economic impact, which are estimated with the support of the main Process Owners and Organisational Units involved in the scenario. This activity makes it possible to estimate the potential economic loss under stress as a result of the occurrence of operational risk events. 1.4 External loss data CDP subscribes to the Italian database on operational losses (DIPO) managed by ABIServizi S.p.A. in order to be able to retrieve data on operational risk events that took place in other financial institutions; this enables CDP to improve its estimates about operational losses and to compare itself against the best practices used by other main Banking Groups. 2. Risk control and mitigation Based on the findings from the Risk Self-Assessment and any specific further analyses conducted by the other corporate Control Functions, supported by the trends in operational losses found in the loss data collection, the mitigation process is activated in order to reduce the Company\u2019s exposure to the most significant operational risks \u2013 in terms of likelihood of occurrence and/or impact \u2013 through the identification and adoption of appropriate corrective measures. Corrective actions are defined by the Risk Owners, with the support \u2013 where necessary \u2013 of the other corporate functions and the Risk Management Area, which verifies the implementation of mitigating actions through periodic follow-ups. The Operational and ICT Risk Organisational Unit monitors the status of the mitigation actions initiated by periodically checking their progress with the individuals responsible for the actions taken and/or to be taken. 3. Monitoring and reporting The results of the activities performed are shared and disseminated through dedicated reports, which detail operational risk exposures and detected losses. In this way, information on operational risks is provided to the Top Management and the managers of the business units involved, in order to enable the implementation of the most appropriate mitigation actions. The main reports produced cover: \u2022 Loss Data Collection, in relation to which a report is prepared every six months and sent to the Governing Bodies; \u2022 Risk Self-Assessment, for which, at the end of each analysis on processes/operational areas a report with the assessment of individual risks and relevant control centres is produced, with an indication of the most vulnerable areas; \u2022 follow-up on the mitigation actions, identified for the most significant risks detected by the Loss Data Collection and Risk Self-Assessment. Operational Risk Culture In line with the mission of the Operational and ICT Risk Organisational Unit, which is to develop and disseminate awareness of operational risks within the Company, during 2025 training initiatives addressed to all the staff involved in the analyses were organised. Other periodical actions organised by the Operational and ICT Risk Organisational Unit for the staff concerned include training, also in the form of on-the-job training. These actions ensure that the contact persons have appropriate knowledge of the process and of its attendant responsibilities, so as to make the best use of support tools. The aim is to put in place a coordinated approach at all levels within the Company, which can be achieved by wide dissemination of operational risk awareness. Fraud risk Within the operational risk management model used in CDP, the fraud risk management framework has also been implemented. The fraud risk is defined as the risk of an illegal act, action or omission, intentionally carried out using deceptive means consisting of artifices or stratagems, intended to mislead others and harm another\u2019s right in order to obtain, directly or indirectly, a material or moral advantage, and/or a consent, and/or to elude an obligation of any kind, for an own benefit or for the benefit of a third party. This model is part of CDP\u2019s Internal Controls System and is divided into three lines of defence: (i) first-line of defence, carried out by the operational/production units and incorporated into business processes; (ii) second-line of defence, carried out by a dedicated function in charge of Fraud Risk control (within the Operational and ICT Risk Organisational Unit) and (iii) third-line of defence, overseen by the Internal Audit Function. Specifically, the fraud risk control function identifies and assesses the risks of fraud related to corporate processes through second-level controls. The main tools used by fraud risk control function for these controls are: (i) Fraud Risk Assessment, updated periodically every three years, unless there are significant changes in the operational context, both within and outside the Company (ii) Loss Data Collection, updated continuously, and (iii) Effectiveness checks, according to a defined frequency. ICT and information security risk The ICT system, consisting of the ICT Assets and the human resources dedicated to their management, is an essential means to achieve the strategic and operational objectives of a company, due to the critical level of the business processes that depend on it. With a view to sound and prudent management, the ICT system allows management to have up-to-date and secure information for timely decision-making and the correct implementation of the risk management process. Therefore, it is essential to guarantee the Confidentiality, Integrity and Availability of the information processed by company IT systems, in line with the identified risk profiles. The ICT and information security risk is the risk of incurring losses due to breaches of confidentiality, failure of integrity of systems and data, inappropriateness or unavailability of systems and data or inability to change information technology (IT) within a reasonable time and with reasonable costs when the environment or business requirements change (i.e. agility). This includes security risks resulting from inadequate or failed internal processes or external events including cyber-attacks or inadequate physical security. To ensure the protection of its corporate assets, CDP has developed and implemented a Framework for measuring and monitoring ICT and information security risk. This Framework incorporates a cyber risk monitoring dashboard, enabling the organisation to manage activities and prioritise actions within its broader security strategies. Quantitative disclosures The chart below gives the breakdown by event type 207 , showing the number and the impact in 2025, based on the event type classification scheme established by the New Basel Capital Accord. % breakdown by number of events (actual and near-miss losses) In 2025, the events identified with greater frequency were of the \u201cExecution, delivery and process management\u201d type, referring to losses arising mainly from executing and completing transactions. % breakdown by accounting amount recorded During 2025, the most significant type of event, in terms of impact, is attributable to \u201cExecution, Delivery, & Process Management\u201d. CDP Real Asset SGR CDP RA SGR adopts the Group\u2019s operational and fraud risk management framework with the objective of strengthening risk controls and improving the overall effectiveness and efficiency of processes, in order to reduce earnings volatility for the period and safeguard equity. In the context of Loss Data Collection, the company collects and records loss data, considering the key aspects of each identified loss event and its related impacts. The net exposure of CDP RA SGR\u2019s processes to operational and fraud risks is overall limited, owing to the presence of controls characterised by an adequate level of effectiveness. Fondo Italiano di Investimento SGR FII SGR has set up a proprietary operational risk management system covering (i) risks associated with human error (i.e. errors, unintentional damage and/or fraudulent situations created by internal and external operators that may be detrimental to the company), (ii) technology-related risks (i.e., IT procedures and intentional or unintentional damage to company hardware and software), (iii) process-related risks (i.e., missing or incomplete internal procedures or breaches), and (iv) risks related to external factors (i.e., events external to the company). FII SGR\u2019s overall exposure to operational risks is limited and is mainly focused on the areas of internal processes, regulatory compliance and employment relationships. CDP Venture Capital SGR CDP Venture Capital SGR has adopted a framework for managing and overseeing operational risk, providing for: (i) the evaluation of the Company\u2019s exposure to operational risks, grounded on the assessment of each underlying operational risk event; (ii) the gathering and examination of internal loss data related to operational risk events (the \u201cLoss Data Collection\u201d); and (iii) the establishment of mitigation measures for those events measured above the defined risk tolerance. The net exposure of CDP Venture Capital SGR\u2019s processes to operational risks is overall limited, owing to the presence of controls characterised by an adequate level of effectiveness. Legal disputes Civil and administrative disputes As at 31 December 2025, 107 civil and administrative proceedings are pending against the Company. Among the cases for which the risk of an unfavourable outcome is assessed as \u201cpossible\u201d or \u201cprobable\u201d, 52 proceedings involve a total claimed amount of approximately 496.5 million euro, while 14 proceedings involve claims for an unspecified amount. With reference to the above-mentioned disputes, there are 12 disputes with a risk of a ruling against the Company estimated to be probable. Of these: (i) 6 relate to positions concerning Postal Savings products, with a total claimed amount of approximately 19 thousand euro; (ii) 4 relate to credit exposures, with an aggregate claimed amount of approximately 419 million euro; and (iii) 2 proceedings concern other civil and administrative law matters, with a claimed amount of approximately 888 thousand euro. There are also 54 disputes with a risk of a ruling against the Company estimated to be possible. Of these: (i) 39 relate to positions concerning Postal Savings products, with a claimed amount of approximately 613 thousand euro; (ii) 5 relate to credit exposures, with an aggregate claimed amount of approximately 76 million euro; and (iii) 10 relate to other civil and administrative law matters, with a total claimed amount of approximately 12 thousand euro. With reference to ongoing disputes, at 31 December 2025 a provision for risks and charges was set up amounting to approximately 40.5 million euro. Labour law disputes At 31 December 2025, there were 7 pending pre-disputes and disputes in labour matters in which CDP is a defendant, for which provisions were made for a total of about 5 million euro. SECTION 4 \u2013 THE RISKS OF OTHER ENTITIES This section analyses the main risks that fully consolidated companies not included in the \u201cprudential consolidation\u201d as previously described in Sections 2 of part E of the Notes to the Consolidated Financial Statements. As a result of the variety of businesses carried out by the companies included in this section, specific information is provided for each of the main entities, in order to better represent their peculiarities in terms of risks and related mitigation actions. Quantitative information is reported gross of any intragroup eliminations and consolidation adjustments, which is why the amounts reported in the following paragraphs may not be immediately comparable with those discussed in parts B and C of the Consolidated Financial Statements. Risk related to climate change Given its nature as a holding company, in overall terms, the exposure of CDP RETI S.p.A. to the risks related to climate change is currently limited. CDP RETI\u2019s objective to reduce its environmental impact is guided by the strategic guidelines defined at CDP Group level. The CDP Group has long placed sustainable development at the centre of its long-term strategy by setting environmental, social and governance goals and integrating them with the other objectives of the Business Plan. With regard to the main asset item (equity investments in Snam, Terna and Italgas account for more than 90% of assets), issues related to climate change have so far not impacted the estimation of recoverable amount (equal to the greater of Fair Value and Value in Use 210 ) (nor are they reasonably expected to do so) also in consideration of the fact that as of 31 December 2025 the stock prices of the controlling interests held in the portfolio are well above the book value. With reference to the main liability item (loans), which is representative of the existing financing sources (Term Loan and Bond), please note that the contractual financial cash flows are in no way dependent on the achievement of climate-related objectives. In terms of transition risk, CDP RETI, as an investment vehicle, is primarily exposed to indirect risks, that is, risks that may affect the value of the controlling shareholdings held in its portfolio. In this regard, it should be noted that all subsidiaries are undertaking investments related to energy transition projects in order to meet the emission targets set by the European Union. These investments may affect the financial indebtedness levels of the subsidiaries. On the other hand, they will improve the quality and ultimately the value of their networks, with a positive impact on their company profile. Non-compliance risk The main risk factors relating to potential non-compliance with applicable regulations for Fintecna are essentially associated with reputational impacts that may arise from failure to comply with provisions concerning sensitive areas, such as the management of liquidation activities, litigation and extraordinary administrations, the execution of specific mandates on behalf of Public Administrations, and the management of real estate assets, including related environmental and safety matters. Important in this respect are developments in external regulations, any changes in the scope of the business activity and in the corporate governance structure and changes at organisational or process level. To protect itself against legal compliance risk, Fintecna has adopted a model to identify the applicable laws and regulations and assess the risk of violating them, and specific controls to prevent the potential reputational risks deriving from relationships with third parties. The mapping of applicable regulations is an ongoing activity subject to continuous updating. Legal disputes During the financial year ended 31 December 2025, active monitoring and management of disputes continued - relating to Fintecna in various capacities as a result of multiple corporate transactions originally involving entities subsequently merged into Fintecna, or entities from which the related disputes were later transferred to Fintecna - with the aim of ensuring the optimal handling of activities through specific and targeted assessments of the risk profiles associated with individual cases, thereby enabling the most effective defence of Fintecna. In general terms, with regard to civil, administrative and tax litigation, no significant changes were observed in the number of pending disputes, while the objective difficulty of reaching a resolution of the remaining proceedings, including through settlement arrangements, within shorter timeframes persists. In this regard, disputes with claims made against the company are backed, where a probable adverse outcome is anticipated, by suitable provisions in consideration of the risks of each case, as well as the specific procedural positions. The total contingent liabilities as of 31 December 2025 amount to approximately 115 million euro, a decrease compared to 31 December 2024, when it stood at approximately 155 million euro. This reduction is mainly attributable to the final settlement of the long-standing dispute with Logistica Sud S.p.A., following the execution of a settlement agreement. Employment-related litigation, primarily consisting of compensation claims for so-called biological damage associated with occupational diseases allegedly contracted by former employees and for damages claimed iure proprio by their heirs, amounted - as at 31 December 2025 - to a total of 379 cases, with an aggregate claimed amount (petitum) of approximately 145 million euro. The total number of cases rose by 39.3% in 2025 (from 272 to 379), driven by a considerable influx of new lawsuits (320), while 213 cases were resolved, with 186 of them being settled through conciliation. Finally, the percentage increase in claims relating to more serious conditions, as well as those previously less frequently recognised as occupational in origin, is confirmed, with particularly high compensation claims. The majority of litigation is pending before the courts of Taranto, Naples, Genoa, Terni and Torre Annunziata, and, to a lesser extent (in terms of the number of cases), also before the courts of Piombino, Aosta and Turin. The overview of the ongoing litigation involving the company is summarised in the following table:
(number of disputes)
31/12/2025
31/12/2024
Change (+ / -)
Change %
Civil/administrative/tax disputes
40
39
1
2,6%
Employment disputes
379
272
107
39,3%
Total
419
311
108
34,7%
Operational risk It represents for SIMEST the risks of loss resulting from inadequate or malfunctioning internal procedures, people and systems or from external events. Such risk includes, among others, losses resulting from fraud, human error, business disruption, system unavailability, breach of contract and natural disasters. The operational risk control framework requires a set of structured processes, functions and tools for identifying, assessing and monitoring operational risks. More specifically, in accordance with the Parent Company\u2019s guidelines, the operational risk control system includes both (i) a process for the collection and retention of data (Loss Data Collection - LDC) and (ii) the assessment of the company\u2019s level of exposure to operational risks through Risk Self-Assessment (RSA). Operational risks are managed in partnership with CDP under a service contract. During the reporting period, the LDC process involved updating the company\u2019s information sources and identifying certain Near Miss events. As part of the Risk Self-Assessment, the RSA relating to selected business processes was completed in line with the planned activities, and mitigation actions were defined in response to the material risks identified. During the period, monitoring and follow-up activities were also carried out for all Action Plans arising from the RSA or the LDC. Operational risks also include fraud risk, the identification and monitoring of which are governed by a specific Group Policy. In this context, ex-post controls were performed to verify the effectiveness of the safeguards in place for certain processes considered to be more exposed to such risks. Operational risks also include cyber risk (ICT), i.e., the risk (current or potential) of economic, reputational, and market share losses related to the use of information and communication technology (ICT) due to events that could compromise the Availability, Integrity, and Confidentiality of technical infrastructures and/or data. During the period, an assessment was carried out on all ICT applications used within the company, and specific mitigation actions were defined to address the residual risks identified. Reputational risk It represents the current or prospective risk of a decline in earnings, sanctions, loss of economic value or damage to the institutional role of SIMEST, arising from a negative perception of the Company\u2019s image by customers, counterparties, investors, the regulator or other stakeholders. SIMEST assigns the highest priority to preventing and monitoring the occurrence of events of a reputational nature and, to this end, in line with the Group\u2019s approach, promotes the adoption of high ethical and professional standards through policies and procedures aimed at ensuring their observance. Accordingly, in line with the Group\u2019s approach, internal mitigation controls are carried out and specific safeguards are implemented to prevent reputational events in both ordinary operations and the management of public funds. Money laundering risk The risk arising from the infringement of legal, regulatory and corporate governance provisions aimed at preventing the use of the financial system for the purpose of money laundering, terrorist financing or crime. In line with the Group\u2019s approach, SIMEST carries out monitoring and control activities, which also include the reporting of Suspicious Transaction Reports to the Financial Intelligence Unit for Italy (UIF). These reports, prepared where anomalies are identified and/or there are reasonable grounds to suspect that money laundering or terrorist financing transactions are underway, have been carried out or have been attempted, are submitted on the basis of the information available (anomaly indicators), consultation of internal and external databases and the assessment of both objective and subjective elements of the transactions. SIMEST has worked in close collaboration and coordination with the Parent Company and the relevant Authorities, in compliance with current regulations. It should be noted that the strengthening of anti-money laundering controls, together with the significant volumes of operations, has resulted in a non-negligible number of suspicious transactions being reported to the UIF. Compliance risk The risk of (i) incurring judicial or administrative sanctions and/or (ii) suffering losses or reputational damage as a result of breaches of mandatory rules (laws and regulations) or self-regulatory provisions (e.g. articles of association, codes of conduct). These risks are particularly important considering the institutional role of SIMEST, as well as the extensive volume of transactions performed in managing Public Funds. SIMEST adopts the Group framework, which provides for specific policies, procedures and processes, as well as dedicated checks to assess regulatory adequacy (detailed Compliance Risk Assessments) and the effectiveness of existing safeguards (Compliance Controls), in order to prevent, mitigate and reduce compliance, reputational and sanction risks. Climate and ESG (Environmental, Social and Governance) risks Risks deriving from factors attributable to environmental, social and governance issues with an impact on the performance of counterparties/projects. Climate and sustainability objectives, as defined in the internal policies and in the CDP Group Code of Ethics, are integrated into the mission and institutional role of SIMEST as a medium- to long-term investor supporting the international expansion of Italian companies. In line with the Group Sustainability Framework, SIMEST is committed to guiding its investment activities by taking environmental, social and governance (ESG) factors into account. In this context, SIMEST has embarked on a process of internal transformation towards a business and operating model focused on the creation of sustainable value, in line with the Group\u2019s approach and with the 2025\u20132027 Strategic Plan. In November 2025, the Board of Directors of SIMEST approved the ESG risk assessment model applicable to the portfolio of equity investments, in line with the guidelines set out in the relevant Group Policy. The model, through a qualitative and quantitative approach, assigns a level of risk to each component (Environmental, Social and Governance) and also defines a composite risk indicator that places greater weight on the most material risk component. In addition, SIMEST participated, among other activities, in the double materiality analysis carried out by the Parent Company. Capital adequacy The Risk Policy describes the internal process of assessing the adequacy of available capital resources (represented by Equity) to meet the economic capital needed to cover existing risks, measured in accordance with methodologies in line with the CDP Group and the SIMEST business model. Assessment outcomes in 2025 confirmed the full adequacy of capital. Management of Public Funds Specific controls are also in place for the subsidised funds managed by SIMEST in order to monitor and mitigate the main risks to which they are exposed. From 1 January 2025, the Venture Capital Fund (FVC) was transferred into the Fund 394/81 through the establishment of a new section with separate accounting: the Venture Capital and Equity Investments Section (VCIP), which traditionally supports SIMEST in promoting the international expansion of SMEs through subsidised equity financing. Alongside its traditional operations, the VCIP section also supports the international expansion of Italian start-ups and innovative SMEs (start-up operations) through the subscription of equity investments or the subscription of units/shares in investment funds, in collaboration with CDP Venture Capital SGR. The available public resources are allocated between (i) investments through the subscription of investment funds and (ii) direct investments in co-investment with CDP Venture Capital SGR. During 2025, monitoring controls were further strengthened and consolidated, particularly with regard to credit risk (in relation to traditional operations). At the beginning of 2025, two new sections of Fund 394/81 were introduced: the \u201cGrowth Section\u201d, supporting the international expansion of SMEs through co-investment transactions with private equity funds, and the \u201cInfrastructure Investments Section\u201d, dedicated to investments in companies held by Italian firms involved in international infrastructure projects. During the year, SIMEST assessed the compliance of the investments under review with the applicable directives defining the operational scope of the Fund\u2019s Sections. Due to the nature of the investments, the Fund\u2019s Sections are primarily exposed to equity risk. With regard to Fund 295/73, monitoring of interest rate risk and foreign exchange risk continued in accordance with the existing framework, which provides for the quantification of risks in line with prudential regulation. This assessment is conducted by estimating the present value of lifetime commitments under stress assumptions, alongside scenario analyses of cash flows (also under stressed conditions) over different time horizons, and through an early warning system that tracks the absorption of the Fund\u2019s resources to enable the timely identification of potential risk developments. Furthermore, in line with the most recent regulatory provisions (i.e. the 2024 Budget Law) and with the aim of strengthening risk controls and stabilising cash flows relating to part of the Fund\u2019s operations, hedging activities for interest rate and foreign interest rate risks were initiated by the Ministry of Economy and Finance (MEF). Monitoring activities carried out during the year confirmed the effectiveness of the indicators adopted and of the warning thresholds introduced, demonstrating the strength and adequacy of the risk control system implemented. With regard to Fund 394/81, during 2025 the strengthening and consolidation of the integrated control framework continued, in line and in synergy with the Group approach, particularly with respect to reputational, fraud and anti-money laundering risks. In addition, with regard to credit risk, monitoring and reporting activities continued - and were further strengthened - for both the Fund\u2019s ordinary operations and those related to the PNRR, with reporting provided to corporate bodies and interministerial committees. As part of SIMEST\u2019s 2025-2027 Strategic Plan, the Risk Department participates in various working groups, contributing to the roll-out of cross-functional activities. Litigation As at 31 December 2025, seven proceedings were pending involving claims against SIMEST, brought by six counterparties. For six cases, the risk of an adverse outcome was assessed as remote, while for one case it was assessed as possible. In particular, the risk of an adverse outcome was assessed as possible in relation to the appeal filed by SIMEST against an unfavourable first-instance judgment. In this case, the risk is limited to the legal costs of the appeal proceedings in the event that the first-instance judgment is not overturned. Based on these assessments, no provisions have been recognised. Operational risks The operational risk for CDP Immobiliare is the risk of loss resulting from inadequate or failed internal systems, processes and people or from external events. Operational risk is embedded in the company\u2019s business and is part of every organisational and production process. The operational risk management system is a set of structured processes, functions and resources for identifying, assessing and controlling operational risks. Operational risks include, in addition to those arising from security related to owned properties, those related to environmental issues of owned assets, as well as those related to ongoing litigations. Given the complexity of these situations and the degree of uncertainty regarding their evolution, the assessments relating to the adequacy of the provisions for risks and charges recognised in the financial statements are periodically updated on the basis of the best available knowledge and prudent judgement. Default risk and debt covenants This risk relates to the possibility that financing agreements or the terms and conditions of bond issues contain provisions entitling counterparties, upon the occurrence of certain events, to request the immediate repayment of the amounts lent, thereby giving rise to liquidity risk. For more information on the contractual provisions of outstanding loans at 31 December 2025, please see the section \u201cLoans and financial liabilities\u201d in the Notes to the financial statements of the Terna group. Bank guarantees As at 31 December 2025, bank and insurance guarantees issued to third parties in the interest of companies of the Terna group amounted to 509.2 million euro, broken down as follows: 60.4 million euro in the interest of Terna S.p.A.; 162 million euro in the interest of Tamini Trasformatori S.r.l.; 118.5 million euro in the interest of Terna Rete Italia S.p.A.; 19.9 million euro in the interest of Terna Interconnector S.r.l.; 69.9 million euro in the interest of the Brugg group companies; 0.1 million euro in the interest of Terna Plus S.r.l.; 4.3 million euro in the interest of Terna Per\u00fa SAC; 0.8 million euro in the interest of Terna Energy Solutions S.r.l.; 0.1 million euro in the interest of Rete S.r.l.; and 73.2 million euro in the interest of the Altenia group. Litigation Set out below are the main commitments and risks not recognised in the statement of financial position as at 31 December 2025, the outcome of which has been assessed as possible. These relate to Terna S.p.A. and its subsidiary Terna Rete Italia S.p.A., as no significant commitments or risks existed for the other subsidiaries at that date. Litigation relating to the authorisation, construction and operation of facilities owned by Terna Part of the pending litigation arises from proceedings brought to obtain the annulment of measures authorising the construction and operation of facilities owned by Terna, or to seek compensation for damages allegedly caused by the operation of those facilities. As a general rule, the litigation involves Terna in its capacity as owner of the facilities concerned; however, the possibility cannot be excluded that the claimants may also initiate proceedings against Terna Rete Italia S.p.A., since the alleged damages may arise not only from the ownership of the facilities but also from their operation, performed by Terna Rete Italia S.p.A. For some of these proceedings, unfavourable outcomes cannot be ruled out, with the potential for charges of highly uncertain quantification to be borne by Terna S.p.A. or Terna Rete Italia S.p.A. Disputes concerning activities granted under concession arrangements As the concessionaire for transmission and dispatching activities since 1 November 2005, Terna is a party to a number of proceedings brought before the judicial authorities seeking the annulment of measures issued by the Regulatory Authority for Energy, Networks and Environment (ARERA), and/or by the Ministry of the Environment and Energy Security (MASE), and/or by Terna itself in relation to those activities. In cases in which the plaintiffs have, in addition to inherent defects in the contested determinations, alleged violation of the regulations laid down by the aforementioned authorities, or in cases in which the determination has had an impact on Terna, the company has also taken action to defend its interests through the legal system. Within the scope of such litigation \u2013 even though some cases have been concluded, at first and/or second instance, with the annulment of ARERA\u2019s resolutions and, when applicable, of the consequent determinations adopted by Terna \u2013 any negative outcomes for the Company itself may be deemed unlikely, as these disputes normally relate to pass- through items. Strategic risks Regulatory and legislative risk Snam\u2019s regulatory and legislative risk concerns the rules applicable to the gas industry. The resolutions of the Energy Networks and Environment Regulator (ARERA) and the National Regulatory Authorities of the countries where the foreign affiliates operate, the European and Italian legislation and, more generally, changes to the reference regulatory framework may have a significant impact on Snam\u2019s operations, earnings and financial stability. It is not possible to predict how future changes in legislative and tax policies might affect Snam\u2019s business and the industry in which it operates. Considering the specific nature of its business and the area in which Snam operates, developments in the regulatory context with regard to criteria for determining reference tariffs are particularly significant. With reference to Snam\u2019s non-regulated activities, which are currently marginal compared with the EBITDA of regulated activities, it should be noted that they are linked to developments in incentive-related legislation, with potential impacts on the performance and growth of the related businesses. Macroeconomic and geopolitical risk Due to the specific nature of Snam\u2019s business, the risks associated with political, social, and economic instability in the countries supplying natural gas, primarily related to the gas transportation sector, remain of primary importance. Most of the natural gas transported on the Italian national transport network is historically imported from or transits through countries in the MENA area (Middle East and North Africa, in particular Algeria, Tunisia, Libya and, in light of TANAP-TAP, Turkey combined with the States which overlook the eastern Mediterranean) and in the former Soviet Bloc, nations sensitive to political, social and economic instability. The ongoing Russian-Ukrainian conflict, now entering its fourth year, continues to disrupt global and regional energy dynamics, heightening uncertainty over gas flows from these regions. Furthermore, in 2024, the escalation of tensions in the Middle East, marked by intensified clashes between armed groups in Libya and internal conflicts in Tunisia, has further complicated the geopolitical landscape, heightening the risk of interruptions on natural gas supplies. Such turbulences may not only have a negative impact on the European economy, but also introduce additional challenges in managing energy supply sources. Snam will continue to monitor the geopolitical context, including potential consequences and their impact on the Snam group. In response to these developments, Snam has prioritised security of supply, ensuring greater flexibility and adequate sizing of gas infrastructure. The actions undertaken include purchasing new floating regasification units (FSRUs) and upgrading the existing infrastructure. In particular, the \u201cItalis LNG\u201d regasification terminal, acquired in June 2022 and located in Piombino, began operations in July 2023, while the \u201cBW Singapore\u201d regasification terminal, acquired in July 2022 and moored approximately 8 km off the coast of Ravenna, commenced operations in May 2025. Both provide a storage capacity of 170,000 cubic metres of LNG and an annual regasification capacity of 5 billion cubic metres of gas. Furthermore, work has begun on the Adriatic Line, Snam's new gas pipeline along the North-South route in Italy. Should shippers utilising the transportation service through Snam\u2019s networks be unable to complete the supply or transport of natural gas from or through these countries due to the occurrence of the aforesaid adverse conditions, or are affected by them to an extent that causes or worsens the inability to fulfil their contractual obligations towards Snam, this may produce adverse impacts on the business and on the performance and financial position of the Snam group. In addition, Snam is exposed to macroeconomic risks arising from displacement or tension in financial markets or situations deriving from external events, which could affect liquidity and accessibility to financial markets. Given the ongoing geopolitical tensions and high volatility in energy markets, it is crucial to maintain a diversified and resilient supply strategy. Climate change risk Achieving global climate targets will require significant investment in the decarbonisation of the energy sector over the next 30 years. In recent years, Snam has repositioned itself to benefit from the new opportunities arising from energy integration, leveraging infrastructure that will be crucial for achieving decarbonisation targets, its presence in energy integration businesses, international growth and a disciplined investment approach. Snam has therefore committed to achieving carbon neutrality by 2040 for its Scope 1 and 2 emissions and net zero by 2050 across all Scope 1, 2 and 3 emissions, with interim reduction targets of 25%, 40%, 50% and 65% for Scope 1 and 2 in 2027, 2030, 2032 and 2035, respectively, and reduction targets of 30% and 35% for Scope 3 in 2030 and 2032, compared with 2022 levels for the regulated business, in line with the global warming mitigation targets set out in the Paris Agreement adopted at the COP21 climate conference. Snam has also set methane emission reduction targets of -64.5% by 2027 and -70% by 2030 compared with 2015 levels, in line with the recommendations of OGMP 2.0 (the Oil & Gas Methane Partnership) of UNEP (United Nations Environment Programme). Development of decarbonisation-related technologies The energy sector is undergoing a profound transformation, requiring a balance between the need for energy security and competitive prices and the achievement of decarbonisation objectives. Without prejudice to its commitment to the core regulated business of natural gas transmission, storage and regasification, Snam is also investing in the development of solutions such as carbon capture and storage (CCS), as well as in decarbonised gases (currently biomethane and, in the future, hydrogen) and in supporting the decarbonisation of consumption through the implementation of energy efficiency measures. The ability to develop and manage gas transport and storage projects, the new capabilities acquired in decarbonised gases and energy integration solutions, the geographical presence along key natural gas supply corridors (and, in the future, hydrogen), together with a strategy focused on ESG factors, represent a key contribution to the development of a more competitive, secure and carbon-neutral energy system. By entering into new business sectors, Snam aims to promote the use of low-carbon energy sources, in line with the objectives of the Snam group and with European decarbonisation targets, including long-term objectives. However, the company remains exposed to market, regulatory and technological uncertainties that could delay or limit the expected returns from such initiatives. In this long-term perspective, the 2026-2030 Strategic Plan focuses on CCS technology and the future development of hydrogen. For CCS, completion of the initial phase of the Ravenna project is expected within the plan horizon, while hydrogen is considered over the medium to long term. At the same time, the plan sets ambitious innovation targets, recognising innovation as a key enabler for energy integration. In this context, and with particular reference to the Snam group\u2019s strategy, the main risk factors include risks associated with infrastructure investments and the carbon capture and storage (CCS) market (including infrastructure, projects and new acquisitions), which may be delayed or not fully implemented due to uncertainties relating to operational, economic, regulatory, permitting, competitive and social factors, as well as delays in the development of the hydrogen market in terms of value chain maturity. Additional risks arise from technological innovation that may favour a shift towards electrification and/or delays in the development of new technologies for the production, transport and storage of renewable and low-carbon hydrogen at competitive costs. The uncertainty of the evolving regulatory framework is also delaying project execution and the financing of hydrogen production. Legal and compliance risk Legal and compliance risk concerns the failure to comply, in full or in part, with laws and regulations at European, national, regional and local level with which Snam must comply in relation to the activities it performs. Violation of such laws and regulations may result in criminal, civil, tax and/or administrative penalties as well as financial and non-financial, economic and/or reputational damage. On the other hand, the violation of specific regulations (by way of example, but not limited to, infringements of occupational health and safety and environmental protection regulations or anti-corruption rules) may entail the corporate administrative liability of the company pursuant to Italian Legislative Decree No. 231 of 8 June 2001, and the consequent application of disqualification measures and/or pecuniary sanctions, including significant penalties. Snam, which has always been driven by carrying out its business activities with ethical standards and principles of fairness and transparency, has therefore adopted an adequate internal control and risk management system aimed at enabling the identification, measurement, management, prevention and monitoring of the main risks relating to the activities carried out. Snam, which has always been driven by carrying out its business activities with ethical standards and principles of fairness and transparency, has therefore adopted an adequate internal control and risk management system aimed at enabling the identification, measurement, management, prevention and monitoring of the main risks relating to the activities carried out. In 2022, Snam launched a project to implement its \u201cAnti-Corruption Compliance Program\u201d in accordance with ISO 37001:2016 \u201cAnti-Corruption Management System\u201d standards, to both confirm and certify its ongoing commitment to the fight against corruption. Consequently, in May 2023, Snam obtained the ISO 37001:2016 \u201cAnti-Corruption Management System\u201d certification from a third-party certification body (DNV Business Assurance Italia S.r.l.), issued with no deficiencies. This certification was confirmed following the annual control audit conducted by DNV in April 2025. The main reference documents for the \"Anti-Corruption Compliance Program\" are (i) the Code of Ethics; (ii) the Anti-Corruption Policy \u2013 drafted in accordance with the UNI ISO 37001:2016 standard and approved by Snam's Board of Directors on 18 January 2023 \u2013 reflecting the commitment of \"Top Management\" in addressing corruption risk prevention, and incorporating the fundamental elements highlighted by ISO 37001; and (iii) the Anti-Corruption Guidelines, which encompass the comprehensive regulatory framework for the anti-corruption measures adopted by Snam. Within a continuous improvement framework, the Anti-Corruption Compliance Programme led to the revision of the Anti- Corruption Guideline and its annexes, and to the alignment of third-party due diligence with the risk-based approach adopted under the ISO 37001 Management System. Snam is also a member of the United Nations Global Compact and, in 2023, strengthened its collaborations and partnerships with institutions and bodies active in the fight against corruption (i.e. Transparency International, the Organisation for Economic Co-operation and Development (OECD) and the Business and Industry Advisory Committee (BIAC)). In 2025, Snam also proactively collaborated with Transparency International Italia, participating in the \u201cBIF Talks - Transparency International Italia\u201d held in Pisa and the \u201cBIF Event\u201d held in Rome. Through Snam\u2019s active involvement, these events provided a platform to share experiences and insights on the new challenges of corporate compliance in relation to culture and sustainability, ranging from the CSRD to human rights and environmental issues. Since 2017, Snam has been collaborating with the OECD (Organisation for Economic Co-operation and Development), joining the Business at OECD Committee (BIAC), and in October 2019, as the first Italian company, it became part of the leadership as Vice-Chair of the Anti-Corruption Committee, a role it continues to hold. As part of this collaboration, Snam actively participated in numerous national and international events. One of the key highlights was Snam's contribution at the Bureau meeting of the BIAC Anti-Corruption Committee, where strategic topics were explored, especially addressing the ethical implications of AI technology advancement. Operational risks Ownership of storage concessions For Snam, the risk connected with keeping storage concessions stems from the business operated by its subsidiary Stogit, on the basis of concessions awarded by the Italian Ministry of Enterprise and Made in Italy. The Snam group (through Stogit) currently holds the rights to thirteen storage concessions, each corresponding to a storage field, of which twelve are currently operational. The first ten-year extensions for the concessions in Brugherio, Ripalta, Sergnano, Settala and Sabbioncello were issued at the end of 2020, with a new expiration date of 31 December 2026, while those for the concessions in Cortemaggiore and Minerbio were issued in January 2022 also expiring on 31 December 2026. For the Alfonsine concession, the process for the first extension is still pending with the relevant Ministry. The Company's activities, as required by the relevant regulations, will continue to be carried out until the completion of the ongoing authorisation procedures, as provided by the original permit, the expiry of which is to be automatically extended until the completion of these procedures. For the Collalto concession, which expired in 2024, the process for the initial renewal is underway, and activities may continue as permitted by regulations until the procedure is finalised. The concession for San Potito and Cotignola will expire in 2039 and can be renewed only once for a further ten years. For ten concessions, Fiume Treste in 2020 and Alfonsine, Brugherio, Cellino, Cortemaggiore, Minerbio, Ripalta, Sabbioncello, Sergnano, and Settala in 2024, the company submitted, within the legal deadlines, an application for a second ten-year extension to the Ministry of Enterprises and Made in Italy. For the Fiume Treste concession, which underwent its first ten-year extension in 2011, the second ten-year extension was issued on 18 June 2024, with the new expiry date being 20 June 2032. Lastly, the Bordolano concession will expire in November 2031 and may be extended for an additional ten years. In the event that Stogit is unable to retain ownership of one or more of its concessions or if, at the time of renewal, concessions are awarded under terms less favourable than current ones, the company may experience negative effects on its business, financial position and results. Failures and sudden outage of the service Given the current geopolitical context and the central role of gas infrastructure in ensuring Europe\u2019s energy security, Snam\u2019s network, storage facilities, regasification terminals and related activities represent critical infrastructure for the country and for the European gas system as a whole. The continuity and reliability of these activities are therefore of strategic importance, and any malfunction or interruption could have significant repercussions not only on Snam\u2019s operations but also on the broader security of energy supply. Operational risks mainly consist of malfunctions and unexpected service interruptions caused by accidental events, including incidents, failures or malfunctions of equipment or control systems, reduced plant output and extraordinary events such as explosions, fires, earthquakes, landslides or other similar events beyond Snam\u2019s control. Such events could result in reduced revenues and may also cause significant harm to people, with potential compensation obligations. In addition to accidental and natural events, the current international environment also exposes Snam\u2019s assets to the risk of deliberate acts by hostile domestic or international actors. These may include physical attacks, sabotage or acts of terrorism targeting, without limitation, pipelines, compression stations, storage wells or regasification terminals. Such events could result in the temporary or prolonged unavailability of infrastructure, with potentially significant financial, operational and reputational impacts. Although Snam has implemented robust security measures and taken out specific insurance policies covering certain of these risks, and although physical protection systems are continuously strengthened in line with national and European directives on the resilience of critical infrastructure, the related insurance coverage and preventive measures may nevertheless prove insufficient to fully offset all losses, compensation obligations or cost increases arising from such events. Delays in infrastructure work progress Snam may incur delays in infrastructure work progress due to the many unknown factors linked to operational, financial, regulatory, authorisation, competition, social, health or climate emergency aspects over which it has no control. Snam is therefore unable to absolutely guarantee that planned works to expand, improve and maintain the infrastructure are effectively undertaken or, if undertaken, are effectively completed or able to achieve the benefits envisaged by the tariff system. Furthermore, development projects may involve higher levels of investment or longer timeframes than initially estimated, thus affecting Snam\u2019s financial position and performance. Investment projects could be stalled or delayed due to difficulties in obtaining environmental and/or administrative authorisations or due to objections raised by political forces or other organisations, or could be affected by changes in the price of equipment, material and labour, as well as changes in the political or regulatory framework during construction, or even by the inability to secure financing at an acceptable interest rate. Such delays might have adverse impacts on the Snam group\u2019s business, financial position and results. In addition, changes in the price of commodities, equipment, material and labour could affect Snam\u2019s financial results. Environmental risks Snam\u2019s sites are compliant with laws and regulations on pollution, prevention and control, environmental protection, use of hazardous substances, and waste management. Applying these rules exposes Snam to contingent costs and liabilities connected with the use of its assets. Snam cannot predict the evolution of environmental legislation over time and whether and in what way it may eventually become more binding. Nor can assurance be provided that future costs necessary to ensure compliance with environmental legislation will not increase or that these costs may be recovered within the applicable tariff mechanisms or regulation. Costs arising from potential environmental remediation obligations at Snam sites are also subject to significant uncertainty, as they are particularly difficult to estimate both in terms of the extent of contamination and the appropriate corrective actions to be implemented, as well as the possible sharing of responsibility with other parties. Although Snam has entered into specific insurance contracts to cover some environmental risks, in line with industry best practices, substantial increases in costs related to environmental compliance and other associated aspects cannot be ruled out, nor can the costs of potential penalties, which could negatively impact business, operational results, and financial and reputational aspects. Cyber security Snam adopts a complex technological structure to conduct its business, relying on an integrated model of processes and solutions able to ensure the efficient management of the gas system nationwide. The development of business and the adoption of innovative solutions to constantly improve it, however, require continuous attention and adaptability to the changing needs of cybersecurity protection. Snam has been making significant investments in digitisation for years \u2013 from the control of activities on a remote basis to the adoption of complex infrastructure enabling the Internet of Things \u2013 through which Snam aims to become the most technologically advanced gas transmission operator in the world and ensure ever increasing levels of security and sustainability of its business processes. Snam\u2019s view, supported by public data and evidence, is that cybersecurity threats should be assessed and managed with great sensitivity and attention also because they will evolve further in terms of both number and complexity. The digital channel is increasingly used illicitly by different types of actors with different aims and different methods: cyber criminals, cyber hacktivists, state-sponsored action groups. The radical changes taking place in the logics and working processes following the pandemic (including the widespread use of remote working) have exacerbated certain specific types of threat and have made it necessary to increase the levels of attention to criminal phenomena that are bound to persist over time. In addition, technological development has made increasingly sophisticated tools available to attackers, enabling them to increase the effectiveness of existing attack techniques and develop new ones. The increasing digitisation of the network with the use of new technologies (e.g., Internet of Things, Artificial Intelligence) also poses significant challenges to the Snam group, broadening the potential attack surface exposed to internal and external threats. Finally, global geopolitical tensions should not be underestimated, as cyberspace has effectively become a domain of economic and political competition and conflict. Cyber security plays a very important role in this scenario, because it has the task of preventing or dealing with a wide variety of events, which can range from the compromising of individual workstations to the disruption of entire business processes relating to transport, storage and regasification, potentially affecting the ability to deliver the service. A correct approach to cyber security management is also necessary to ensuring full compliance with the increasingly strict industry sector regulations, issued both at European and Italian level, aimed at improving the management and control of companies that provide essential services for Italy. Employees and personnel in key roles Snam\u2019s ability to run its business efficiently is dependent on the skills and performance of its personnel. The loss of key personnel or the inability to attract, train and retain skilled personnel (especially in technical positions for which there may be limited availability of appropriately skilled personnel), or situations where the ability to implement a long-term business strategy is negatively affected by significant disputes with employees, could have an adverse impact on the business, the financial situation and the operating results. The events related to this risk category may also refer to the issues of Diversity and Inclusion. Risk linked to foreign equity investments Snam\u2019s foreign investee companies may be subject to regulatory/legislative risk, political, social and economic instability risk, market risk, climate change risk, cybersecurity risk, credit and financial risks and all other risks typically affecting Snam\u2019s business in the natural gas transport and storage sector. These risks could therefore have an adverse impact on their business, financial position and performance. This could have a negative impact on the investees\u2019 contribution to Snam\u2019s net income. Risks linked to future acquisitions/equity investments Investments made under joint-venture agreements and any future investments in Italian or foreign companies could increase the complexity of the Snam group\u2019s operations insofar as it cannot be guaranteed that these investments will generate the expected profitability as part of the acquisition or investment decision and will integrate effectively with Snam\u2019s other operations in terms of consistency with quality standards, policies and procedures. The integration process may involve additional outflows and investments. An inadequate management or supervision of the investment could have negative impacts on business, operating results and financial performance. Emerging risks The group\u2019s Risk Management model pays particular attention to identifying changes in the operating environment in order to detect events or macro-trends originating from outside the organisation that could have a significant medium-to-long- term impact (3-5 years and more) on Snam\u2019s business or its industry sector. These changes may give rise to new risks in the long term, but may also have immediate consequences for the company, changing the nature and extent of the potential impacts and likelihood of occurrence of the risks already identified. The purpose of the process of identifying emerging risks is to be able to assess their impacts in a timely manner to be able to put in place the necessary strategies and related mitigation actions to prevent and control those risks. In this area, some of the emerging risks identified by Snam are exposure to global LNG market dynamics as well as Technological Innovation and Artificial Intelligence (AI). Exposure to global LNG market dynamics Description As a result of the reduction in gas imports from Russia, to compensate for the previously imported volumes, a series of measures have been introduced to ensure greater diversification of import sources, particularly by integrating increasing volumes of LNG into the system through the expansion of regasification capacity (new FSRUs). This new configuration of the gas system calls for further consideration on the security of supplies. Previously, most of the gas imported came from countries bordering Europe (Russia, Azerbaijan, North Africa) interconnected with the Continent thanks to the presence of a pipeline network capable of ensuring stability of contractual relations with the interlocutors over time and consequently favouring continuity of supply from importing countries. Conversely, LNG is a more flexible source whose routes are more sensitive to global market dynamics. Impact The market has therefore evolved from a regional gas market with limited competition to a global one, with the risk that, in both the short and long term, exogenous factors of various kinds, such as prolonged adverse weather conditions (e.g. extended shortages of electricity from renewable sources due to reduced solar radiation or insufficient wind) and/or geopolitical factors, may have direct impacts on both the sustainability of supply and gas storage reserves, with consequences for national energy security, the stability of the energy system at European level and energy prices. Moreover, such a scenario could encourage fuel switching measures, as partly occurred with the increase in coal usage in Europe in 2022, with direct consequences for Snam\u2019s businesses (i.e. reduced gas demand, with currently limited impacts given the existing regulatory framework, and the management of network operations under more challenging conditions) and the potential reprioritisation of investment strategies. Key mitigation actions To this end, Snam is already taking a number of mitigation actions that result in supporting the development of green and decarbonised gas. In particular, the growth of biomethane volumes (through new production plants and the construction of the works to connect these plants to the Snam network) can contribute to the sustainability of the gas system as a renewable, programmable and locally produced source. Technological innovation and Artificial Intelligence (AI) The evolving geopolitical context and the increasing awareness of more complex scenarios make it necessary to identify more effective solutions to invest consciously in innovation and in the enhancement of technological assets, with the aim of ensuring the development of new solutions to support and create opportunities for the evolution of the Company\u2019s businesses in the near future. Technological innovation, and in parallel the development of artificial intelligence, directly impacts Snam\u2019s businesses and, if not properly managed and leveraged, could, in the long term, have adverse effects on both regulated activities and those related to energy integration. Impact A shift towards a more electrification-driven energy system could lead to a faster-than-expected reduction in natural gas demand compared with reference scenarios, with potential implications also for carbon capture, transport and storage technologies and for the development of green gases. This risk may be so significant that it could lead to a revision of the company's growth strategy and business model. Furthermore, ineffective development and/or failure to adopt innovative and technological solutions may impact the quality of the service provided, with repercussions on the effectiveness of asset and infrastructure management. Key mitigation actions To mitigate this risk, Snam adopts a series of proactive and continuous monitoring actions aimed at detecting in a timely manner the evolution of the energy market and the main technological trends across the entire value chain. Specifically, an integrated process for the development and management of transparent innovation has been launched, involving different stakeholders and aligned with Snam\u2019s strategic and industrial objectives. The aim is to identify, in a timely manner, technological pathways that are relevant for Snam in supporting the energy system, reducing the risk that its development does not adequately consider the fundamental role of molecules in ensuring energy integration. In addition, Snam has launched the Snam Tomorrow Energy Company (SnamTEC) programme, the main tool for the adoption of proven innovative technologies and for the testing of the most promising industrial technologies (T-Lab). These are complemented by the Snaminnova and HyAccelerator programmes, coordinated by the Open Innovation Scientific Committee, made up of industry experts, which play a crucial role in scouting and evaluating emerging innovative technologies and ideas. However, despite the aforementioned mitigating actions, a residual risk remains in connection with exogenous factors mainly associated with the external counterparties that Snam interacts with (research institutions, universities, start-ups) that, if proved inadequate, can make these risk mitigating actions ineffective. The main business risks can be identified as follows: \u2022 Macroeconomic scenario and geopolitical uncertainty: the group addresses this risk by pursuing the objective of increasing industrial efficiency and improving contract execution capabilities, while at the same time reducing overhead costs. \u2022 Long-term contracts at predetermined prices: the group\u2019s response to this risk consists of applying price escalation formulas to medium- and long-term contracts and/or requesting the application of the same clauses to project suppliers. These analyses involve top management and the relevant corporate functions. \u2022 Liability towards customers: the group is exposed to liability risks towards customers or third parties connected with the proper performance of contracts, which are generally mitigated through the purchase of insurance policies available on the market to cover potential damages. The risk that losses may occur which are not covered by insurance policies, exceed insured limits, or that insurance premiums may increase in the future is continuously monitored by management. \u2022 Compliance with local regulations: the group monitors, through dedicated structures, ongoing updates to applicable regulations, making the launch of commercial activities subject to verification of compliance with restrictions and to obtaining the required authorisations. Enterprise risk management The Trevi group is exposed to uncertainty factors that may generate both favourable and adverse impacts on its operating activities, financial structure and consolidated financial results. In this context, integrated risk management represents a key element for safeguarding and creating value in the short, medium and long term. The main types of risk to which the group is exposed include, but are not limited to: \u2022 liquidity risk, which affects strategic investment choices and the definition of the order portfolio; \u2022 sudden changes in the socio-political environments of the geographical areas in which it operates, with potential immediate repercussions on operating results and financial position; \u2022 and the deterioration of the international macroeconomic environment. The adoption of an integrated approach enables the Trevi group to ensure consistent, transparent and effective management of the main risks and opportunities that may affect value creation, in line with the objectives defined by individual functions and the current strategic plan. Contract risks As part of the risk management process, Trevi\u2019s corporate risk management function aims to support top management and the respective risk owners from the early stages of business development and commercial negotiation. To this end, an in-depth bottom-up analysis, both qualitative and quantitative, is carried out to identify and proactively manage events that could materially affect key portfolio objectives, such as revenues, operating margin and cash flows. This approach strengthens decision-making and oversight capabilities, fostering an integrated perspective consistent with the group\u2019s strategy. For the 2026 financial year, a review of the commercial process of the Soilmec division is planned, which will lead to an enhancement of the risk management activities related to the division\u2019s contracts. This update will be instrumental in ensuring even more effective risk management aligned with the governance standards required at consolidated level. Divisional risks For Trevi, this category includes events capable of affecting divisional objectives that are not attributable to individual contracts, as well as the ability to ensure the continuous delivery of high-value products and services to customers. Particular attention is given to monitoring the key performance indicators (KPIs) of the main departments, in order to ensure alignment with the qualitative and quantitative standards set out in the current strategic plan. Monitoring activities and mitigation measures are implemented on an ongoing basis, according to defined timelines and responsibilities, thereby ensuring a constant and structured oversight of risks and opportunities relevant to each division. Strategic plan risks In this area, the Trevi group\u2019s risk management focuses on events that may significantly affect the achievement of the targets set out in the current strategic plan, with particular reference to revenues, industrial margins and the development of an adequate order backlog. The adopted approach aims to ensure continuous oversight of key success factors, promoting a forward-looking and integrated view of corporate performance. The Trevi risk management function, operating in close synergy with divisional managers and drawing on data provided by group companies, defines the main risk and opportunity scenarios. This activity is aimed at supporting top management in strategic decision-making, contributing to the strengthening of governance and promoting a conscious and proactive management of risks associated with the defined objectives. ESG Risks Pending the definition and approval of the sustainability plan, currently under development, Trevi\u2019s Enterprise Risk Management (ERM) process has already been structured to enable the accurate identification, assessment and management of ESG (Environmental, Social & Governance) risks. This approach is intended to ensure the organisation\u2019s ability to effectively oversee risk factors and opportunities related to sustainability objectives, in line with industry best practices and the requirements set by reporting standards for the consolidated financial statements. The integration of ESG criteria into the corporate risk management system will therefore represent a key element in ensuring responsible governance and sustainable long-term growth. Political and commercial risk The evolution of economic and geopolitical scenarios significantly affects the financial, industrial and commercial activities of the Trevi group. The revenue mix shows a strong international footprint, with an established presence in the Middle East, Far East, the United States and Italy. A portion of revenues is generated in countries characterised by a medium-to-high level of political and commercial risk, where operations are influenced by external factors such as institutional stability, regulatory framework, country risk, currency convertibility risk and insolvency risk associated with both public and private counterparties. This risk may be defined as the possibility that political, economic or social events adversely affect a counterparty\u2019s ability to fulfil its obligations, irrespective of its financial soundness. With specific reference to the markets in which the Trevi group operates, the two geographical areas outlined below present a particularly high level of political risk, while maintaining relatively limited commercial risk. In such contexts, operations require enhanced oversight and the adoption of appropriate mitigation instruments. Tajikistan Tajikistan became independent in 1991 following the dissolution of the Soviet Union and experienced a civil war between political, regional and religious factions from 1992 to 1997. The Uzbek ethnic group constitutes a significant minority in Tajikistan, while the Tajik ethnic group represents an even larger minority in neighbouring Uzbekistan. The country, with a population of just over 9.2 million, remains the poorest among the former Soviet republics and exhibits a high political and commercial risk profile, characterised by authoritarian stability, strong dependence on external creditors, geographical vulnerability and a fragile economic environment. The most recent sources (IMF, GlobalEDGE/Coface, The Diplomat and SpecialEurasia) confirm that, despite maintaining a degree of institutional stability, the country remains exposed to significant geopolitical and macroeconomic factors affecting its commercial reliability. In particular, with regard to political risk, it should be noted that the country has been governed for over 30 years by President Emomali Rahmon, leading an authoritarian regime characterised by non-competitive elections and centralised control of power. This \u201cenforced\u201d stability reduces the risk of coups but increases uncertainty related to political succession and the absence of democratic checks and balances. The country maintains strong political and military dependence on both Russia (through the presence of military bases and membership of the CSTO) and China, which is increasingly influential in economic and infrastructure terms. This dual dependence limits the country\u2019s strategic autonomy and amplifies political risk in the event of tensions between Moscow and Beijing. With regard to commercial risk, there is a high level of insolvency risk (Country Rating \u201cD\u201d), characterised by a high probability of counterparty default and limited or unreliable financial information. The most critical factors include: (i) a weak and unpredictable judicial system; (ii) difficulties in debt recovery procedures; and (iii) the dominant role of state-owned enterprises and limited competition. Although GDP is growing rapidly (8.2% in the first three quarters of 2025), the country remains vulnerable due to its strong dependence on remittances (accounting for over one-third of GDP), a limited and poorly diversified export base, and high exposure to volatile commodities such as gold, metals and cotton. In conclusion, the country is currently characterised by very high political and commercial risk, further exacerbated by: \u2022 authoritarian stability without clear succession mechanisms; \u2022 proximity to Afghanistan and tensions with Kyrgyzstan; \u2022 strong dependence on Russia and China; \u2022 a complex and opaque business environment; \u2022 and significant debt and macroeconomic vulnerability. Argentina In terms of political risk, the country is undergoing a significant phase of political transformation under the presidency of Javier Milei, characterised by a strong pro-market orientation and the implementation of aggressive liberal reforms. Bloomberg reports that sovereign risk has declined to its lowest level in the past seven years, supported by Milei\u2019s electoral success and the favourable reception of his policies by international investors. The reforms include: \u2022 the deregulation of the economy, \u2022 a review of the tax and labour systems, \u2022 reductions in public expenditure and the adoption of restrictive monetary policies. Despite the improvement in market sentiment, the country continues to face longstanding institutional challenges: the Argentine Congress remains fragmented, the approval of reforms depends on complex political agreements, and social protests and trade union tensions may delay or hinder the implementation of measures. Accordingly, the sustainability of the political framework depends on maintaining consensus and on the successful implementation of reforms following the 2025 mid-term elections. With regard to commercial risk, the country is gradually showing an improvement in the business climate; however, overall risk remains very high, with a high probability of default, limited availability of reliable financial data and a slow and unpredictable judicial system. In conclusion, Argentina currently presents a mixed outlook, with clear signs of financial improvement but still significant political and commercial vulnerabilities. The positive drivers of this development can be identified in pro-business reforms and market liberalisation, as well as in the reduction of sovereign risk and the improvement in investor sentiment. Conversely, high inflation rates, critical exchange rate reserves, domestic instability and social risk continue to persist. Risks related to the procurement of raw materials The procurement of raw materials represents a strategic factor for the continuity and competitiveness of the Trevi group\u2019s activities. The availability, quality and price stability of raw materials may significantly affect production processes, business planning and, consequently, consolidated financial and economic results. In this context, the group carries out continuous monitoring and management of procurement activities, with the aim of ensuring the robustness of the supply chain and the sustainability of its operations, also in light of increasing global market complexities and geopolitical dynamics that may impact supply chains. Issues relating to raw material procurement are included within the following categories of the group\u2019s risk model: \u2022 Supply Chain: risks related to the management and continuity of supply chains, including potential delays, disruptions or difficulties in sourcing strategic raw materials; \u2022 Procurement: risks associated with the selection, evaluation and reliability of suppliers, as well as the ability to negotiate favourable contractual terms for the group; \u2022 Commodity: risks arising from the volatility of raw material and energy prices, with particular reference to fluctuations in international markets and inflationary dynamics. The update of the Trevi risk model, with particular focus on Environment, Social & Governance (ESG) aspects, will be implemented following the approval of the Sustainability Plan and the related management procedure, currently at an advanced stage of definition. The objective is to systematically integrate ESG principles into risk management, promoting a corporate culture oriented towards social responsibility, environmental protection and transparent governance. With reference to the Soilmec division, during the 2026 financial year, procurement prices for key raw materials and energy indices (gas and electricity) are expected to remain stable, in line with trends observed in 2025. This outcome has been achieved through increased attention to supply chain management, including supplier diversification, the execution of multi- year contracts and the adoption of price risk hedging instruments. These strategies have enabled the reduction of exposure to market volatility and ensured greater predictability of production costs, thereby supporting the division\u2019s profitability and financial stability. With regard to the Trevi division, raw material procurement is of comparable importance; however, given the contract- based nature of its activities, the risk of fluctuations in raw material costs is carefully managed through contractual arrangements. This is achieved, on the one hand, through the inclusion of specific adjustment or guarantee clauses in contracts with customers, or alternatively by excluding the supply of raw materials from the scope of work. It should also be noted that, based on historical experience, the period between contract award and the commencement of site operations is generally short, as is the execution period itself. This characteristic allows for the preparation of bids that reflect up-to-date raw material costs, thereby significantly reducing exposure to market fluctuations and enabling efficient and transparent management of operating margins. In conclusion, the Trevi group is committed to maintaining high standards in the control and management of risks related to raw material procurement, recognising that a robust and reliable supply chain represents a key factor for sustainable growth and value creation. The adoption of responsible practices, combined with continuous monitoring of market developments, will enable the group to successfully address future challenges and seize new growth opportunities. Cyber risk During 2025, the Trevi group continued its programme of adopting new initiatives, technologies and procedures aimed at ensuring increasingly high levels of ICT security, thereby enhancing the effectiveness of ICT security processes. The corporate DI&T (Digital Innovation & Technology) department, which provides IT services to all subsidiaries, has consolidated the use of infrastructure based on Hybrid Cloud technologies. Together with the adoption of cloud applications and the implementation of a Disaster Recovery plan, this approach strengthens the group\u2019s overall security posture and resilience, ensuring business continuity even in the event of cyberattacks or system failures affecting service delivery. The group continues to deliver specific training programmes aimed at promoting appropriate behaviours to prevent involvement in malicious cybercrime activities. In addition, the corporate DI&T department continues to issue periodic \u201cinformation bulletins\u201d and to organise dedicated \u201ccorner\u201d sessions, in both Italian and English, to highlight and illustrate real-life examples of cyber fraud that users may encounter if proper procedures and instructions are not followed. To assess the effectiveness of these training initiatives, the corporate DI&T department regularly tests user awareness through targeted internal phishing campaigns. Trevi Finanziaria Industriale S.p.A., through its corporate DI&T department, continues to operate in line with the requirements of ISO 27001:2022 certification, the international standard that defines best practices for an Information Security Management System (ISMS), and, since the first half of 2025, following the achievement of ISO/IEC 27017:2015 certification, has extended this approach to the Cloud environment. These certifications demonstrate that the services provided by the company comply with recognised best practices in information security. During 2025, in particular from December onwards, the DI&T department entrusted a specialised cyber security company with the full outsourcing of the Security Operations Centre (SOC) for the entire Trevi group, in order to enhance the resilience of its systems and infrastructure and strengthen focus on these matters. At the same time, with the introduction of this new provider, additional system monitoring tools (SIEM) were also implemented. It is therefore considered that the measures adopted and the controls in place represent adequate mitigation of this risk. Risks associated with contractual commitments The Valvitalia group\u2019s activities are mainly carried out on the basis of contracts with consideration determined at the time of award. This structure implies that expected margins may differ from initial estimates depending on the actual recoverability of any additional costs incurred during contract execution. The technical complexity of projects, the possible occurrence of contract variations, as well as external factors such as delays in supplies or changes in raw material costs, may affect the expected profitability of contracts. Contracts entered into by the Valvitalia group\u2019s companies generally provide for defined delivery terms and penalty clauses in the event of delays attributable to the Valvitalia group. Such penalties are generally calculated based on the number of days of delay and are subject to a contractually agreed maximum cap. The risk of delays in the execution of contracts is also linked to supply risk, which is associated with the management of supplier relationships and the regularity of supplies. Any disruptions in the supply chain or delays in payments to suppliers could affect delivery timelines and, consequently, increase exposure to contractual penalties. The Valvitalia group manages these risks through continuous monitoring of contract progress, integrated procurement planning and ongoing control of project costs. Risks related to international activities and sector-specific investments As the Valvitalia group operates extensively in international markets, it is exposed to geopolitical and macroeconomic risks related to the local contexts in which it conducts its business. These risks include, among others, political and social instability, changes in economic and fiscal policies, the introduction of trade restrictions or tariffs, as well as possible currency or regulatory limitations. Such factors may have an impact on operational continuity, contract execution timelines, collection capacity and, more broadly, the profitability of activities carried out in individual countries. The Valvitalia group therefore adopts a selective approach in determining its geographical footprint, based on an in-depth prior assessment of political, economic and financial risks, customer reliability and medium to long-term development prospects. This assessment process represents a key element in the management of country risk and in the group\u2019s international strategic planning. Risks associated with the regulatory framework of the sector The Valvitalia group\u2019s activities may be affected by changes in the regulatory and legislative framework applicable to the sectors in which it operates, particularly in the energy and petrochemical industries. These sectors are characterised by a complex regulatory environment that is subject to ongoing updates, with specific reference to regulations on health and safety at work, environmental protection, and labour relations. Any legislative or regulatory changes may require adjustments to production processes, technical standards or organisational models, potentially impacting operating costs and the execution of contracts. The Valvitalia group manages these risks through ongoing monitoring of regulatory developments and the adoption of internal procedures designed to ensure compliance with applicable requirements, while maintaining a high level of attention to compliance and sustainability matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-984": { "value": "
Section 13 - Group equity - Items 120, 130, 140, 150, 160, 170 and 180
13.1 \u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown
The share capital of the Parent Company, fully paid up, amounted as at 31 December 2025 to 4,051,143,264 euro and
consists of 342,430,912 ordinary shares with no nominal value.
As at 31 December 2025, the Parent Company held 1,114,696 treasury shares (a decrease of 3,336,464 shares compared
with the previous financial year) for a value of approximately 81 million euro (a decrease of approximately 242 million euro
compared with the previous financial year). For further details regarding the change in the number of treasury shares,
reference should be made to the following paragraph.
13.2 Share capital - Number of shares of the Parent Company: changes for the year
Items/Type
Ordinary
Other
A. Shares at start of the year
342,430,912
- fully paid
342,430,912
- partly paid
A.1 Treasury shares (-)
(4,451,160)
A.2 Shares in circulation: opening balance
337,979,752
B. Increases
3,336,464
-
B.1 New issues
- for consideration:
- business combinations
- conversion of bonds
- exercise of warrants
- other
- bonus issues:
- to employees
- to directors
- other
B.2 Sale of treasury shares
3,336,464
B.3 Other changes
C. Decreases
-
-
C.1 Cancellation
C.2 Purchase of own shares
C.3 Disposal of companies
C.4 Other changes
D. Shares in circulation: closing balance
341,316,216
-
D.1 Treasury shares (+)
1,114,696
D.2 Shares at end of the year
342,430,912
- fully paid
342,430,912
- partly paid
13.3 Share capital: other information
There is no other relevant information on the share capital.
13.4 Income reserves: additional information
(thousands of euro)
Items/Types
31/12/2025
31/12/2024
Income reserves:
20,770,840
18,828,213
Legal reserve
810,229
810,229
Other reserves
19,960,611
18,017,984
13.5 Equity instruments: breakdown and changes for the year
There were no equity instruments recorded under Item 140 of the liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-999": { "value": "Section 13 - Group equity - Items 120, 130, 140, 150, 160, 170 and 180 13.1 \u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown The share capital of the Parent Company, fully paid up, amounted as at 31 December 2025 to 4,051,143,264 euro and consists of 342,430,912 ordinary shares with no nominal value. As at 31 December 2025, the Parent Company held 1,114,696 treasury shares (a decrease of 3,336,464 shares compared with the previous financial year) for a value of approximately 81 million euro (a decrease of approximately 242 million euro compared with the previous financial year). For further details regarding the change in the number of treasury shares, reference should be made to the following paragraph. 13.2 Share capital - Number of shares of the Parent Company: changes for the year
Items/Type
Ordinary
Other
A. Shares at start of the year
342,430,912
- fully paid
342,430,912
- partly paid
A.1 Treasury shares (-)
(4,451,160)
A.2 Shares in circulation: opening balance
337,979,752
B. Increases
3,336,464
-
B.1 New issues
- for consideration:
- business combinations
- conversion of bonds
- exercise of warrants
- other
- bonus issues:
- to employees
- to directors
- other
B.2 Sale of treasury shares
3,336,464
B.3 Other changes
C. Decreases
-
-
C.1 Cancellation
C.2 Purchase of own shares
C.3 Disposal of companies
C.4 Other changes
D. Shares in circulation: closing balance
341,316,216
-
D.1 Treasury shares (+)
1,114,696
D.2 Shares at end of the year
342,430,912
- fully paid
342,430,912
- partly paid
13.3 Share capital: other information There is no other relevant information on the share capital. 13.4 Income reserves: additional information
(thousands of euro)
Items/Types
31/12/2025
31/12/2024
Income reserves:
20,770,840
18,828,213
Legal reserve
810,229
810,229
Other reserves
19,960,611
18,017,984
13.5 Equity instruments: breakdown and changes for the year There were no equity instruments recorded under Item 140 of the liabilities. PART F \u2013 INFORMATION ON CONSOLIDATED SHAREHOLDERS\u2019 EQUITY SECTION 1 - CONSOLIDATED SHAREHOLDERS\u2019 EQUITY Qualitative disclosures As indicated in the introduction, CDP is subject to \u201cinformational\u201d supervision only. Therefore, it is not required to indicate own funds, capital adequacy ratios and the related information for the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1020": { "value": "Section 13 - Group equity - Items 120, 130, 140, 150, 160, 170 and 180 13.1 \u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown The share capital of the Parent Company, fully paid up, amounted as at 31 December 2025 to 4,051,143,264 euro and consists of 342,430,912 ordinary shares with no nominal value. As at 31 December 2025, the Parent Company held 1,114,696 treasury shares (a decrease of 3,336,464 shares compared with the previous financial year) for a value of approximately 81 million euro (a decrease of approximately 242 million euro compared with the previous financial year). For further details regarding the change in the number of treasury shares, reference should be made to the following paragraph. 13.2 Share capital - Number of shares of the Parent Company: changes for the year
Items/Type
Ordinary
Other
A. Shares at start of the year
342,430,912
- fully paid
342,430,912
- partly paid
A.1 Treasury shares (-)
(4,451,160)
A.2 Shares in circulation: opening balance
337,979,752
B. Increases
3,336,464
-
B.1 New issues
- for consideration:
- business combinations
- conversion of bonds
- exercise of warrants
- other
- bonus issues:
- to employees
- to directors
- other
B.2 Sale of treasury shares
3,336,464
B.3 Other changes
C. Decreases
-
-
C.1 Cancellation
C.2 Purchase of own shares
C.3 Disposal of companies
C.4 Other changes
D. Shares in circulation: closing balance
341,316,216
-
D.1 Treasury shares (+)
1,114,696
D.2 Shares at end of the year
342,430,912
- fully paid
342,430,912
- partly paid
13.3 Share capital: other information There is no other relevant information on the share capital. 13.4 Income reserves: additional information
(thousands of euro)
Items/Types
31/12/2025
31/12/2024
Income reserves:
20,770,840
18,828,213
Legal reserve
810,229
810,229
Other reserves
19,960,611
18,017,984
13.5 Equity instruments: breakdown and changes for the year There were no equity instruments recorded under Item 140 of the liabilities. PART F \u2013 INFORMATION ON CONSOLIDATED SHAREHOLDERS\u2019 EQUITY SECTION 1 - CONSOLIDATED SHAREHOLDERS\u2019 EQUITY Qualitative disclosures As indicated in the introduction, CDP is subject to \u201cinformational\u201d supervision only. Therefore, it is not required to indicate own funds, capital adequacy ratios and the related information for the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1008": { "value": "Section 13 - Group equity - Items 120, 130, 140, 150, 160, 170 and 180 13.1 \u201cShare capital\u201d and \u201cTreasury shares\u201d: breakdown The share capital of the Parent Company, fully paid up, amounted as at 31 December 2025 to 4,051,143,264 euro and consists of 342,430,912 ordinary shares with no nominal value. As at 31 December 2025, the Parent Company held 1,114,696 treasury shares (a decrease of 3,336,464 shares compared with the previous financial year) for a value of approximately 81 million euro (a decrease of approximately 242 million euro compared with the previous financial year). For further details regarding the change in the number of treasury shares, reference should be made to the following paragraph. 13.2 Share capital - Number of shares of the Parent Company: changes for the year
Items/Type
Ordinary
Other
A. Shares at start of the year
342,430,912
- fully paid
342,430,912
- partly paid
A.1 Treasury shares (-)
(4,451,160)
A.2 Shares in circulation: opening balance
337,979,752
B. Increases
3,336,464
-
B.1 New issues
- for consideration:
- business combinations
- conversion of bonds
- exercise of warrants
- other
- bonus issues:
- to employees
- to directors
- other
B.2 Sale of treasury shares
3,336,464
B.3 Other changes
C. Decreases
-
-
C.1 Cancellation
C.2 Purchase of own shares
C.3 Disposal of companies
C.4 Other changes
D. Shares in circulation: closing balance
341,316,216
-
D.1 Treasury shares (+)
1,114,696
D.2 Shares at end of the year
342,430,912
- fully paid
342,430,912
- partly paid
13.3 Share capital: other information There is no other relevant information on the share capital. 13.4 Income reserves: additional information
(thousands of euro)
Items/Types
31/12/2025
31/12/2024
Income reserves:
20,770,840
18,828,213
Legal reserve
810,229
810,229
Other reserves
19,960,611
18,017,984
13.5 Equity instruments: breakdown and changes for the year There were no equity instruments recorded under Item 140 of the liabilities. PART F \u2013 INFORMATION ON CONSOLIDATED SHAREHOLDERS\u2019 EQUITY SECTION 1 - CONSOLIDATED SHAREHOLDERS\u2019 EQUITY Qualitative disclosures As indicated in the introduction, CDP is subject to \u201cinformational\u201d supervision only. Therefore, it is not required to indicate own funds, capital adequacy ratios and the related information for the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-898": { "value": "
Section 14 - Non-controlling interests - Item 190
14.1 Breakdown of Item 190 \u201cNon-controlling interests\u201d
(thousands of euro)
Company name
31/12/2025
31/12/2024
Equity investments in consolidated companies with significant minority
interests
1. Terna S.p.A.
6,593,826
6,425,436
2. Snam S.p.A.
7,642,056
7,584,653
3. Italgas S.p.A.
3,498,680
2,449,389
Other equity investments
2,069,353
2,088,031
Total
19,803,915
18,547,509
14.2 Equity instruments: breakdown and changes for the year
At 31 December 2025, approximately 2,867 million euro in equity instruments is recorded under Item 190 of liabilities.
The amount mainly refers to:
\u2022 hybrid perpetual bonds (\u201chybrid green bonds\u201d) issued by Terna for a nominal value of 1 billion euro. The subordinate,
non-convertible, perpetual equity instrument, which is non \u201ccallable\u201d for six years, will pay a coupon of 2.375% up to
9 February 2028 (the first \u201creset\u201d date), and then annual interest equal to midswap at five years increased by 212.1
basis points, further increased from 9 February 2033 by 25 basis points and a further 75 from 9 February 2048;
\u2022 a perpetual subordinated hybrid bond of 1 billion euro, issued by Snam in September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1021": { "value": "1. Commitments and financial guarantees issued
Nominal value on commitments and financial guarantees issued
Prudential consolidation
Purchased
Other entities
Purchased
or
or
originated
originated
credit
credit
impaired
impaired
financial
Stage
3
financial
(thousands of euro)
Stage 1
Stage 2
Stage 3
assets
Stage 1
Stage 2
assets
31/12/2025
31/12/2024
1. Commitments to
disburse funds
27,388,587
19,901
8,238
5,051,571
8,545,867
41,014,164
39,778,126
a) Central Banks
b) General
6,713,041
12,421
14
6,725,476
6,071,393
Government
c) Banks
1,081,391
1,081,391
825,293
d) Other financial
4,743,844
4,743,844
3,959,002
companies
e) Non-financial
14,793,089
7,480
8,179
5,051,571
8,545,867
28,406,186
28,870,338
companies
f) Households
57,222
45
57,267
52,100
2. Financial
665,833
1,867,479
789,500
3,322,812
3,911,509
guarantees issued
a) Central Banks
b) General
520,438
520,438
1,308,155
Government
c) Banks
1,129,000
1,129,000
1,134,525
d) Other financial
4,126
4,126
4,146
companies
e) Non-financial
141,269
738,479
789,500
1,669,248
1,464,683
companies
f) Households
This table shows the commitments to disburse funds and the financial guarantees that are subject to the rules of impairment in IFRS 9. 2. Other commitments and other guarantees issued
Nominal value
(thousands of euro)
31/12/2025
31/12/2024
Other guarantees issued
3,670,414
3,490,506
of which: non-performing credit exposure
a) Central Banks
b) General Government
4,560
26,555
c) Banks
d) Other financial companies
8,230
1,923
e) Non-financial companies
3,657,624
3,462,028
f) Households
Other commitments
9,593,299
14,496,749
of which: non-performing credit exposure
a) Central Banks
b) General Government
c) Banks
499,706
541,303
d) Other financial companies
547,723
2,055,563
e) Non-financial companies
8,545,870
11,899,883
f) Households
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-927": { "value": "
Section 1 - Interest - Items 10 and 20
1.1 Interest income and similar income: breakdown
(thousands of euro)
Items/Technical forms
Debt securities
Loans
Other
2025
2024
1. Financial assets measured at fair value through
profit or loss
782
782
2,435
1.1 Financial assets held for trading
1.2 Financial assets designated at fair value
1.3 Other financial assets mandatorily measured at fair
value
782
782
2,435
2. Financial assets measured at fair value thorough
248,627
X
248,627
278,515
other comprehensive income
3. Financial assets measured at amortised cost
2,350,108
8,123,590
10,473,698
11,338,069
3.1 Loans to banks
233,086
703,210
X
936,296
1,005,688
3.2 Loans to customers
2,117,022
7,420,380
X
9,537,402
10,332,381
4. Hedging derivatives
X
X
24,002
24,002
508,125
5. Other assets
X
X
123,252
123,252
101,289
6. Financial liabilities
X
X
X
184
Total
2,598,735
8,124,372
147,254
10,870,361
12,228,617
of which: interest income on non-performing assets
13,580
13,580
10,131
of which: interest income on finance lease
X
10,045
X
10,045
10,241
Interest income accrued in 2025, amounting to approximately 10,870 million euro, representing a decrease of 1,358 million
euro compared with the previous financial year, is primarily attributable to the Parent Company and mainly consists of:
\u2022 interest income on loans and bank accounts amounting to about 7,805 million euro;
\u2022 interest income on debt securities amounting to about 2,350 million euro.
Sub-item \u201c4. Hedging derivatives\u201d includes the (positive or negative) amount of the differentials or margins accrued on
interest rate risk hedging derivatives, which adjust the interest income recognised on the hedged financial instruments. As
at 31 December 2025, this amount is positive for around 24 million euro.
The item includes interest income on non-performing financial assets of approximately 14 million euro.
Interest income accrued on loans on demand, in the form of current accounts and deposits held with banks and Central
banks, recorded under asset Item 10 \u201cCash and cash equivalents\u201d, is conventionally shown in loans to banks.
1.2 Interest income and similar income: additional information
1.2.1 Interest income on financial assets in foreign currency
Interest income on foreign currency financial assets amounted to approximately 347 million euro (428 million euro in 2024),
mainly attributable to the Parent Company.
1.3 Interest expense and similar expense: breakdown
(thousands of euro)
Items/Technical forms
Debt securities
Securities
Other
2025
2024
1. Financial liabilities measured at amortised cost
(6,216,320)
(1,411,228)
(7,627,548)
(8,499,992)
1.1 Due to central banks
(12,436)
X
X
(12,436)
(78,420)
1.2 Due to banks
(1,050,851)
X
X
(1,050,851)
(1,544,785)
1.3 Due to customers
(5,153,033)
X
X
(5,153,033)
(5,778,950)
1.4 Securities issued
X
(1,411,228)
X
(1,411,228)
(1,097,837)
2. Financial liabilities held for trading
3. Financial liabilities designated at fair value
4. Other liabilities and provisions
X
X
(105,872)
(105,872)
(317,032)
5. Hedging derivatives
X
X
(13,766)
(13,766)
55,968
6. Financial assets
X
X
X
(95)
(1,056)
Total
(6,216,320)
(1,411,228)
(119,638)
(7,747,281)
(8,762,112)
of which: interest expense on finance lease
(18,511)
X
X
(18,511)
(13,302)
Interest expense amounted to 7,747 million euro as at 31 December 2025 (a decrease of 1,015 million euro compared
with the previous financial year) and mainly consists of:
\u2022 interest expense on postal savings bonds and passbook savings accounts relating to the Parent Company\u2019s postal
funding, amounting to approximately 4,734 million euro;
\u2022 interest expense on debt securities in issue of the Parent Company for 720 million euro, on issuances by Snam for
356 million euro, by Italgas for 169 million euro, by Terna for 112 million euro, and by CDP Reti for 42 million euro;
\u2022 interest expense payable to banks amounting to 642 million euro for the Parent Company, 118 million euro for Terna,
83 million euro for Fincantieri, 73 million euro for Snam, and 58 million euro for Italgas;
\u2022 interest expenses from credit facilities granted to the Parent Company by the EIB and the CEB amounting to around
107 million euro;
\u2022 interest expenses from the Parent Company\u2019s ECB refinancing facilities, amounting to approximately 12 million euro;
\u2022 interest expenses on deposits related to Credit Support Annex contracts to hedge counterparty risk on derivatives with
the Parent Company, amounting to approximately 20 million euro.
Sub-item 5. \u201cHedging derivatives\u201d includes the (positive or negative) amount of differentials or margins accrued on interest
rate risk hedging derivatives that adjusts the interest expense recognised on the hedged financial instruments. As at 31
December 2025, this amount is negative for around 14 million euro.
The item includes financial expenses accrued on lease liabilities recognised as a consequence of applying the IFRS 16,
equal to about 19 million euro.
1.4 Interest expense and similar expense: additional information
1.4.1 Interest expense on liabilities in foreign currencies
Interest expense on foreign currency financial liabilities amounted to approximately 193 million euro, in line with 2024, and
is mainly attributable to the Parent Company.
1.5 Differentials on hedging transactions
(thousands of euro)
Items
2025
2024
A. Positive differences on hedging transactions
199,715
680,483
B. Negative differences on hedging transactions
(189,479)
(116,390)
C. Balance (A-B)
10,236
564,093
Section 2 - Commissions - Items 40 and 50
2.1 Commission income: breakdown
(thousands of euro)
Type of services/Amounts
2025
2024
a) Financial instruments
298
1. Placement of securities
1.1 Assumed based on a firm commitment
1.2 Without a firm commitment
2. Activity of receiving and sending orders and executing orders on behalf of
customers
2.1 Receiving and sending orders of one or more financial instruments
2.2 Order execution on behalf of customers
3. Others commissions connected with assets linked to financial instruments
298
of which: trading on own behalf
298
of which: management of individual portfolios
b) Corporate Finance
1. Advice on mergers and acquisitions
2. Treasury services
3. Other commissions connected to corporate finance services
c) Advice on investments
d) Offsetting and settlement
269
226
e) Management of collective portfolios
100,016
88,851
f) Custody and administration
1. Custodian bank
2. Other commissions connected to the custody and administration activities
g) Central administrative services to manage collective portfolios
h) Fiduciary activities
i) Payment services
1. Current accounts
2. Credit cards
3. Debit cards and other payment cards
4. Bank transfers and other payment orders
5. Other commissions connected to payment services
j) Distribution of third party services
1. Management of collective portfolios
2. Insurance products
3. Other products
of which: management of individual portfolios
k) Structured finance
1,588
1,850
l) Servicing activities for securitisations
m) Commitments to disburse funds
59,766
55,686
n) Financial guarantees issued
43,180
43,553
of which: credit derivatives
o) Financing transactions
64,694
49,456
of which: factoring
p) Trading of currencies
q) Commodities
r) Other commission income
267,621
342,918
of which: management of multilateral trading systems
of which: management of organised trading systems
Total
537,432
582,540
Fee and commission income as at 31 December 2025 amounted to approximately 537 million euro, representing a
decrease of around 45 million euro compared with 2024, mainly attributable to the contribution of the Parent Company,
which during the year recognised fee and commission income totalling 372 million euro relating to:
\u2022 agreements signed with the Italian Ministry of the Economy and Finance for the management of the assets and liabilities
of the MEF for approximately 173 million euro (of which 170 million euro relating to the management of the MEF Bonds);
\u2022 commitments to disburse funds amounting to around 60 million euro;
\u2022 structuring and disbursement of loans for around 65 million euro;
\u2022 financial guarantees issued of around 43 million euro;
\u2022 commercial guarantees issued of around 19 million euro.
The residual contribution includes, among other commission income, those accrued for: securities lending activities,
management of the Revolving Fund for Development Cooperation, the Kyoto Fund, the Climate Fund, the Revolving Fund
supporting enterprises and research investment (FRI), and other services rendered.
The balance also includes approximately 65 million euro in fees earned by the subsidiary SIMEST for the management of
Public Funds and approximately 100 million euro in fees accrued by the subsidiaries CDP Real Asset SGR, CDP Venture
Capital SGR and Fondo Italiano d\u2019Investimento SGR in connection with their respective portfolio management activities.
2.2 Commission expense: breakdown
(thousands of euro)
Type of services/Amounts
2025
2024
a) Financial instruments
1,505,208
1,534,278
of which: trading of financial instruments
672
811
of which: placement of financial instruments
1,491,274
1,506,445
of which: management of individual portfolios
90
110
- Own
- Delegated to third parties
90
110
b) Offsetting and settlement
2,304
2,904
c) Management of collective portfolios
15
1. Own
2. Delegated to third parties
15
d) Custody and administration
3,736
2,781
e) Collection and payment services
21,919
27,234
of which: credit cards, debit cards and other payment cards
9
6
f) Servicing activities for securitisations
g) Commitments to receive funds
145
26
h) Financial guarantees received
47,310
38,882
of which: credit derivatives
i) Door-to-door selling of financial instruments, products and services
j) Trading of currencies
k) Other commission expense
7,762
5,385
Total
1,588,399
1,611,490
Commission expenses amount to 1,588 million euro, mainly related to the portion of 2025 compensation paid by the Parent
Company to Poste Italiane S.p.A. for the management of Postal Savings, excluding those classified as transaction costs
and therefore included in the recorded value of Postal Savings products, totalling approximately 1,483 million euro (-17
million euro compared to 2024).
Section 3 - Dividends and similar revenues - Item 70
3.1 Dividends and similar revenues: breakdown
(thousands of euro)
2025
2024
Items/Revenues
Dividends
Similar revenues
Dividends
Similar revenues
A. Financial assets held for trading
B. Other financial assets mandatorily measured at fair
value
72
142,546
68
51,169
C. Financial assets measured at fair value through other
comprehensive income
27,488
294
22,993
291
D. Equity investments
Total
27,560
142,840
23,061
51,460
Section 6 - Gains (Losses) on disposal or repurchase - Item 100
6.1 Gains (Losses) on disposal or repurchase: breakdown
(thousands of euro)
2025
Net gain
2024
Net gain
Type of operations/P&L Items
Gains
Losses
(loss)
Gains
Losses
(loss)
Financial assets
1.
Financial assets at amortised cost
13,395
(309,015)
(295,620)
29,745
(368)
29,377
1.1 Loans to banks
14
14
462
462
1.2 Loans to customers
13,381
(309,015)
(295,634)
29,283
(368)
28,915
2.
Financial assets measured at fair value through other
comprehensive income
69,950
(27,275)
42,675
43,900
(211,428)
(167,528)
2.1 Debt securities
69,950
(13,591)
56,359
25,952
(207,386)
(181,434)
2.2 Loans
17,948
(4,042)
13,906
2.3 Equity securities
(13,684)
(13,684)
Total assets
83,345
(336,290)
(252,945)
73,645
(211,796)
(138,151)
Financial liabilities measured at amortised cost
1.
Due to banks
2.
Due to customers
(884)
(884)
3.
Securities issued
Total liabilities
(884)
(884)
The net balance of the item as at 31 December 2025 was negative for approximately 253 million euro (negative for 139
million euro as at 31 December 2024) and mainly consists of the net loss realised by the Parent Company on the disposal
of debt securities and loans included in the portfolio of financial assets measured at amortised cost (approximately -296 million euro), partially offset by the net gain realised on the disposal of securities and loans included in the portfolio of financial assets measured at fair value through other comprehensive income (approximately +43 million euro). The item also includes a negative difference of approximately 13.7 million euro, recognised by the Parent Company at the disposal date in accordance with IFRS 9, paragraph 3.2.1, representing the difference between the consideration received from the sale to Poste Italiane of the equity investment held in TIM, equal to 9.81% of the ordinary shares (approximately 399.8 million euro), and the carrying value of the investment at the time of derecognition (413.5 million euro). For further details, reference should be made to Section 3 \u2013 Financial assets measured at fair value through other comprehensive income \u2013 Item 30 of the notes to the separate financial statements. Section 7 - Profits (Losses) on financial assets and liabilities measured at fair value through profit or loss - Item 110 7.1 Net change in value of financial assets and liabilities measured at fair value through profit or loss: breakdown of financial assets and liabilities designated at fair value
(thousands of euro)
Realised profits
Realised losses
Net gain (loss)
Type of operations/P&L Items
Gains (A)
(B)
Losses (C)
(D)
[(A+B) - (C+D)]
1. Financial assets
2,250
2,250
1.1 Debt securities
1.2 Loans
2,250
2,250
2. Financial liabilities
2.1 Securities issued
2.2 Due to banks
2.3 Due to customers
3. Foreign currency financial assets and liabilities:
X
X
X
X
exchange rate differences
Total
2,250
2,250
7.2Net change in value of financial assets and liabilities measured at fair value through profit or loss: breakdown of financial assets mandatorily measured at fair value
(thousands of euro)
Realised profits
Realised losses
Net gain (loss)
Type of operations/P&L Items
Gains (A)
(B)
Losses (C)
(D)
[(A+B)-(C+D)]
1. Financial assets
218,999
19,627
159,172
36
79,418
1.1 Debt securities
7
7
1.2 Equity securities
6,690
662
6
36
7,310
1.3 Units in collective investment undertakings
210,138
18,477
157,459
71,156
1.4 Loans
2,164
488
1,707
945
2. Financial assets:
X
X
X
X
(2,496)
exchange rate differences
Total
218,999
19,627
159,172
36
76,922
The balance of the item, positive for approximately 77 million euro as at 31 December 2025 (negative for 22 million euro in 2024), mainly reflects the overall positive result arising from the measurement at fair value of the UCI units included in the financial assets mandatorily measured at fair value, as well as the positive result from interest received and the fair value measurement of two hybrid bonds held in the Parent Company\u2019s portfolio (approximately 5 million euro).
16.2 Other operating income: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Income for company engagements to employees
1,152
615
1,767
1,907
Recovery of expenses
21,741
27,101
48,842
38,654
Rental income and other income from property management
11,875
69,012
80,887
84,985
Revenues from industrial management
22,330,575
22,330,575
19,249,988
Other
12,098
414,135
426,233
338,168
Total
46,866
22,841,438
22,888,304
19,713,702
Other operating income, equal to 22,888 million euro as at 31 December 2025 (19,714 million euro in 2024), includes
income that is not attributable to the other items of the bank financial statements, represented almost exclusively by the
revenues recorded by the CDP Group companies whose characteristic activity is of an industrial nature, and it is described
below.
Among other operating income, are included the revenues deriving from the Snam group, equal to 3,857 million euro,
related to the transport, regasification and storage of natural gas, and of the Italgas group for 3,568 million euro related to
the distribution of natural gas, whose income is governed by the regulatory framework defined by the Energy Networks
and Environment Regulator (ARERA), whose financial conditions are defined through regulatory frameworks and not on a
negotiated basis.
The Terna group contributes to the balance of revenues from industrial operations with revenues of 3,961 million euro, the
main component of which derives from the transmission tariff (\u201cCTR\u201d) for the use of the network, which remunerates the
ownership and operation of the National Transmission Grid managed by Terna S.p.A. and its subsidiary Rete S.r.l.
Transmission revenues represent the most significant portion of the regulated revenues of the Terna group and derive
from the monopolistic application of the transmission fee (CTR) billed by Terna to distributors connected to the National
Transmission Grid as part of the regulation overseen by ARERA.
During the financial year, the Fincantieri group recorded revenues of 8,909 million euro arising from shipbuilding contracts
and services delivered across the business sectors in which it operates: Shipbuilding, Offshore and Special Vessels,
Underwater and Systems, and Components and Infrastructure. Revenues are progressively recognised over time on the
basis of the transfer over time of control of goods and/or services to the customer and as a result of the change in contract
work in progress.
The contribution of the Ansaldo Energia group amounted to 1,232 million euro in revenues derived from the main business
sectors in which it operates, including contracts relating to the production of gas and steam turbines and generators,
engineering, procurement and construction (EPC) activities for thermal power plants, and maintenance, repair and spare
parts services for existing facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1009": { "value": "Section 1 - Interest - Items 10 and 20 1.1 Interest income and similar income: breakdown
(thousands of euro)
Items/Technical forms
Debt securities
Loans
Other
2025
2024
1. Financial assets measured at fair value through
profit or loss
782
782
2,435
1.1 Financial assets held for trading
1.2 Financial assets designated at fair value
1.3 Other financial assets mandatorily measured at fair
value
782
782
2,435
2. Financial assets measured at fair value thorough
248,627
X
248,627
278,515
other comprehensive income
3. Financial assets measured at amortised cost
2,350,108
8,123,590
10,473,698
11,338,069
3.1 Loans to banks
233,086
703,210
X
936,296
1,005,688
3.2 Loans to customers
2,117,022
7,420,380
X
9,537,402
10,332,381
4. Hedging derivatives
X
X
24,002
24,002
508,125
5. Other assets
X
X
123,252
123,252
101,289
6. Financial liabilities
X
X
X
184
Total
2,598,735
8,124,372
147,254
10,870,361
12,228,617
of which: interest income on non-performing assets
13,580
13,580
10,131
of which: interest income on finance lease
X
10,045
X
10,045
10,241
Interest income accrued in 2025, amounting to approximately 10,870 million euro, representing a decrease of 1,358 million euro compared with the previous financial year, is primarily attributable to the Parent Company and mainly consists of: \u2022 interest income on loans and bank accounts amounting to about 7,805 million euro; \u2022 interest income on debt securities amounting to about 2,350 million euro. Sub-item \u201c4. Hedging derivatives\u201d includes the (positive or negative) amount of the differentials or margins accrued on interest rate risk hedging derivatives, which adjust the interest income recognised on the hedged financial instruments. As at 31 December 2025, this amount is positive for around 24 million euro. The item includes interest income on non-performing financial assets of approximately 14 million euro. Interest income accrued on loans on demand, in the form of current accounts and deposits held with banks and Central banks, recorded under asset Item 10 \u201cCash and cash equivalents\u201d, is conventionally shown in loans to banks. 1.2 Interest income and similar income: additional information 1.2.1 Interest income on financial assets in foreign currency Interest income on foreign currency financial assets amounted to approximately 347 million euro (428 million euro in 2024), mainly attributable to the Parent Company. 1.3 Interest expense and similar expense: breakdown
(thousands of euro)
Items/Technical forms
Debt securities
Securities
Other
2025
2024
1. Financial liabilities measured at amortised cost
(6,216,320)
(1,411,228)
(7,627,548)
(8,499,992)
1.1 Due to central banks
(12,436)
X
X
(12,436)
(78,420)
1.2 Due to banks
(1,050,851)
X
X
(1,050,851)
(1,544,785)
1.3 Due to customers
(5,153,033)
X
X
(5,153,033)
(5,778,950)
1.4 Securities issued
X
(1,411,228)
X
(1,411,228)
(1,097,837)
2. Financial liabilities held for trading
3. Financial liabilities designated at fair value
4. Other liabilities and provisions
X
X
(105,872)
(105,872)
(317,032)
5. Hedging derivatives
X
X
(13,766)
(13,766)
55,968
6. Financial assets
X
X
X
(95)
(1,056)
Total
(6,216,320)
(1,411,228)
(119,638)
(7,747,281)
(8,762,112)
of which: interest expense on finance lease
(18,511)
X
X
(18,511)
(13,302)
Interest expense amounted to 7,747 million euro as at 31 December 2025 (a decrease of 1,015 million euro compared with the previous financial year) and mainly consists of: \u2022 interest expense on postal savings bonds and passbook savings accounts relating to the Parent Company\u2019s postal funding, amounting to approximately 4,734 million euro; \u2022 interest expense on debt securities in issue of the Parent Company for 720 million euro, on issuances by Snam for 356 million euro, by Italgas for 169 million euro, by Terna for 112 million euro, and by CDP Reti for 42 million euro; \u2022 interest expense payable to banks amounting to 642 million euro for the Parent Company, 118 million euro for Terna, 83 million euro for Fincantieri, 73 million euro for Snam, and 58 million euro for Italgas; \u2022 interest expenses from credit facilities granted to the Parent Company by the EIB and the CEB amounting to around 107 million euro; \u2022 interest expenses from the Parent Company\u2019s ECB refinancing facilities, amounting to approximately 12 million euro; \u2022 interest expenses on deposits related to Credit Support Annex contracts to hedge counterparty risk on derivatives with the Parent Company, amounting to approximately 20 million euro. Sub-item 5. \u201cHedging derivatives\u201d includes the (positive or negative) amount of differentials or margins accrued on interest rate risk hedging derivatives that adjusts the interest expense recognised on the hedged financial instruments. As at 31 December 2025, this amount is negative for around 14 million euro. The item includes financial expenses accrued on lease liabilities recognised as a consequence of applying the IFRS 16, equal to about 19 million euro. 1.4 Interest expense and similar expense: additional information 1.4.1 Interest expense on liabilities in foreign currencies Interest expense on foreign currency financial liabilities amounted to approximately 193 million euro, in line with 2024, and is mainly attributable to the Parent Company. 1.5 Differentials on hedging transactions
(thousands of euro)
Items
2025
2024
A. Positive differences on hedging transactions
199,715
680,483
B. Negative differences on hedging transactions
(189,479)
(116,390)
C. Balance (A-B)
10,236
564,093
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1000": { "value": "1.1 Interest income and similar income: breakdown
(thousands of euro)
Items/Technical forms
Debt securities
Loans
Other
2025
2024
1. Financial assets measured at fair value through
profit or loss
782
782
2,435
1.1 Financial assets held for trading
1.2 Financial assets designated at fair value
1.3 Other financial assets mandatorily measured at fair
value
782
782
2,435
2. Financial assets measured at fair value thorough
248,627
X
248,627
278,515
other comprehensive income
3. Financial assets measured at amortised cost
2,350,108
8,123,590
10,473,698
11,338,069
3.1 Loans to banks
233,086
703,210
X
936,296
1,005,688
3.2 Loans to customers
2,117,022
7,420,380
X
9,537,402
10,332,381
4. Hedging derivatives
X
X
24,002
24,002
508,125
5. Other assets
X
X
123,252
123,252
101,289
6. Financial liabilities
X
X
X
184
Total
2,598,735
8,124,372
147,254
10,870,361
12,228,617
of which: interest income on non-performing assets
13,580
13,580
10,131
of which: interest income on finance lease
X
10,045
X
10,045
10,241
Interest income accrued in 2025, amounting to approximately 10,870 million euro, representing a decrease of 1,358 million euro compared with the previous financial year, is primarily attributable to the Parent Company and mainly consists of: \u2022 interest income on loans and bank accounts amounting to about 7,805 million euro; \u2022 interest income on debt securities amounting to about 2,350 million euro. Sub-item \u201c4. Hedging derivatives\u201d includes the (positive or negative) amount of the differentials or margins accrued on interest rate risk hedging derivatives, which adjust the interest income recognised on the hedged financial instruments. As at 31 December 2025, this amount is positive for around 24 million euro. The item includes interest income on non-performing financial assets of approximately 14 million euro. Interest income accrued on loans on demand, in the form of current accounts and deposits held with banks and Central banks, recorded under asset Item 10 \u201cCash and cash equivalents\u201d, is conventionally shown in loans to banks. 1.2 Interest income and similar income: additional information 1.2.1 Interest income on financial assets in foreign currency Interest income on foreign currency financial assets amounted to approximately 347 million euro (428 million euro in 2024), mainly attributable to the Parent Company. 1.5 Differentials on hedging transactions
(thousands of euro)
Items
2025
2024
A. Positive differences on hedging transactions
199,715
680,483
B. Negative differences on hedging transactions
(189,479)
(116,390)
C. Balance (A-B)
10,236
564,093
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-985": { "value": "1.3 Interest expense and similar expense: breakdown
(thousands of euro)
Items/Technical forms
Debt securities
Securities
Other
2025
2024
1. Financial liabilities measured at amortised cost
(6,216,320)
(1,411,228)
(7,627,548)
(8,499,992)
1.1 Due to central banks
(12,436)
X
X
(12,436)
(78,420)
1.2 Due to banks
(1,050,851)
X
X
(1,050,851)
(1,544,785)
1.3 Due to customers
(5,153,033)
X
X
(5,153,033)
(5,778,950)
1.4 Securities issued
X
(1,411,228)
X
(1,411,228)
(1,097,837)
2. Financial liabilities held for trading
3. Financial liabilities designated at fair value
4. Other liabilities and provisions
X
X
(105,872)
(105,872)
(317,032)
5. Hedging derivatives
X
X
(13,766)
(13,766)
55,968
6. Financial assets
X
X
X
(95)
(1,056)
Total
(6,216,320)
(1,411,228)
(119,638)
(7,747,281)
(8,762,112)
of which: interest expense on finance lease
(18,511)
X
X
(18,511)
(13,302)
Interest expense amounted to 7,747 million euro as at 31 December 2025 (a decrease of 1,015 million euro compared with the previous financial year) and mainly consists of: \u2022 interest expense on postal savings bonds and passbook savings accounts relating to the Parent Company\u2019s postal funding, amounting to approximately 4,734 million euro; \u2022 interest expense on debt securities in issue of the Parent Company for 720 million euro, on issuances by Snam for 356 million euro, by Italgas for 169 million euro, by Terna for 112 million euro, and by CDP Reti for 42 million euro; \u2022 interest expense payable to banks amounting to 642 million euro for the Parent Company, 118 million euro for Terna, 83 million euro for Fincantieri, 73 million euro for Snam, and 58 million euro for Italgas; \u2022 interest expenses from credit facilities granted to the Parent Company by the EIB and the CEB amounting to around 107 million euro; \u2022 interest expenses from the Parent Company\u2019s ECB refinancing facilities, amounting to approximately 12 million euro; \u2022 interest expenses on deposits related to Credit Support Annex contracts to hedge counterparty risk on derivatives with the Parent Company, amounting to approximately 20 million euro. Sub-item 5. \u201cHedging derivatives\u201d includes the (positive or negative) amount of differentials or margins accrued on interest rate risk hedging derivatives that adjusts the interest expense recognised on the hedged financial instruments. As at 31 December 2025, this amount is negative for around 14 million euro. The item includes financial expenses accrued on lease liabilities recognised as a consequence of applying the IFRS 16, equal to about 19 million euro. 1.4 Interest expense and similar expense: additional information 1.4.1 Interest expense on liabilities in foreign currencies Interest expense on foreign currency financial liabilities amounted to approximately 193 million euro, in line with 2024, and is mainly attributable to the Parent Company. 1.5 Differentials on hedging transactions
(thousands of euro)
Items
2025
2024
A. Positive differences on hedging transactions
199,715
680,483
B. Negative differences on hedging transactions
(189,479)
(116,390)
C. Balance (A-B)
10,236
564,093
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-986": { "value": "Section 2 - Commissions - Items 40 and 50 2.1 Commission income: breakdown
(thousands of euro)
Type of services/Amounts
2025
2024
a) Financial instruments
298
1. Placement of securities
1.1 Assumed based on a firm commitment
1.2 Without a firm commitment
2. Activity of receiving and sending orders and executing orders on behalf of
customers
2.1 Receiving and sending orders of one or more financial instruments
2.2 Order execution on behalf of customers
3. Others commissions connected with assets linked to financial instruments
298
of which: trading on own behalf
298
of which: management of individual portfolios
b) Corporate Finance
1. Advice on mergers and acquisitions
2. Treasury services
3. Other commissions connected to corporate finance services
c) Advice on investments
d) Offsetting and settlement
269
226
e) Management of collective portfolios
100,016
88,851
f) Custody and administration
1. Custodian bank
2. Other commissions connected to the custody and administration activities
g) Central administrative services to manage collective portfolios
h) Fiduciary activities
i) Payment services
1. Current accounts
2. Credit cards
3. Debit cards and other payment cards
4. Bank transfers and other payment orders
5. Other commissions connected to payment services
j) Distribution of third party services
1. Management of collective portfolios
2. Insurance products
3. Other products
of which: management of individual portfolios
k) Structured finance
1,588
1,850
l) Servicing activities for securitisations
m) Commitments to disburse funds
59,766
55,686
n) Financial guarantees issued
43,180
43,553
of which: credit derivatives
o) Financing transactions
64,694
49,456
of which: factoring
p) Trading of currencies
q) Commodities
r) Other commission income
267,621
342,918
of which: management of multilateral trading systems
of which: management of organised trading systems
Total
537,432
582,540
Fee and commission income as at 31 December 2025 amounted to approximately 537 million euro, representing a decrease of around 45 million euro compared with 2024, mainly attributable to the contribution of the Parent Company, which during the year recognised fee and commission income totalling 372 million euro relating to: \u2022 agreements signed with the Italian Ministry of the Economy and Finance for the management of the assets and liabilities of the MEF for approximately 173 million euro (of which 170 million euro relating to the management of the MEF Bonds); \u2022 commitments to disburse funds amounting to around 60 million euro; \u2022 structuring and disbursement of loans for around 65 million euro; \u2022 financial guarantees issued of around 43 million euro; \u2022 commercial guarantees issued of around 19 million euro. The residual contribution includes, among other commission income, those accrued for: securities lending activities, management of the Revolving Fund for Development Cooperation, the Kyoto Fund, the Climate Fund, the Revolving Fund supporting enterprises and research investment (FRI), and other services rendered. The balance also includes approximately 65 million euro in fees earned by the subsidiary SIMEST for the management of Public Funds and approximately 100 million euro in fees accrued by the subsidiaries CDP Real Asset SGR, CDP Venture Capital SGR and Fondo Italiano d\u2019Investimento SGR in connection with their respective portfolio management activities. 2.2 Commission expense: breakdown
(thousands of euro)
Type of services/Amounts
2025
2024
a) Financial instruments
1,505,208
1,534,278
of which: trading of financial instruments
672
811
of which: placement of financial instruments
1,491,274
1,506,445
of which: management of individual portfolios
90
110
- Own
- Delegated to third parties
90
110
b) Offsetting and settlement
2,304
2,904
c) Management of collective portfolios
15
1. Own
2. Delegated to third parties
15
d) Custody and administration
3,736
2,781
e) Collection and payment services
21,919
27,234
of which: credit cards, debit cards and other payment cards
9
6
f) Servicing activities for securitisations
g) Commitments to receive funds
145
26
h) Financial guarantees received
47,310
38,882
of which: credit derivatives
i) Door-to-door selling of financial instruments, products and services
j) Trading of currencies
k) Other commission expense
7,762
5,385
Total
1,588,399
1,611,490
Commission expenses amount to 1,588 million euro, mainly related to the portion of 2025 compensation paid by the Parent Company to Poste Italiane S.p.A. for the management of Postal Savings, excluding those classified as transaction costs and therefore included in the recorded value of Postal Savings products, totalling approximately 1,483 million euro (-17 million euro compared to 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-987": { "value": "Section 3 - Dividends and similar revenues - Item 70 3.1 Dividends and similar revenues: breakdown
(thousands of euro)
2025
2024
Items/Revenues
Dividends
Similar revenues
Dividends
Similar revenues
A. Financial assets held for trading
B. Other financial assets mandatorily measured at fair
value
72
142,546
68
51,169
C. Financial assets measured at fair value through other
comprehensive income
27,488
294
22,993
291
D. Equity investments
Total
27,560
142,840
23,061
51,460
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-875": { "value": "
Section 4 - Profits (Losses) on trading activities - Item 80
4.1 Profits (Losses) on trading activities: breakdown
Gains (A)
Profits on trading
Losses (C)
Losses on
Net gain (loss)
(thousands of euro)
(B)
trading (D)
[(A+B) - (C+D)]
Type of operations/P&L Items
1. Financial assets held for trading
81
19,227
8,808
10,500
1.1 Debt securities
1.2 Equity securities
1.3 Units in collective investment undertakings
1.4 Loans
1.5 Other
2. Financial liabilities held for trading
81
19,227
8,808
10,500
3. Other financial assets and liabilities: exchange
x
x
x
x
(352,269)
rate differences
4. Derivatives
75,191
29,682
381,114
18,153
(87,936)
4.1 Financial derivatives:
75,191
29,682
381,114
18,153
(87,936)
- On debt securities and interest rates
17,998
21,996
348,867
18,153
(327,026)
- On equity securities and equity indices
35,476
7,686
24,626
18,536
- On currencies and gold
x
x
x
x
206,458
- Other
4.2 Credit derivatives
21,717
7,621
14,096
Total
75,272
48,909
381,114
26,961
(429,705)
Profits (Losses) on trading activities, negative by about 430 million euro in 2025 (compared to a negative 56 million euro
in 2024), mainly derives from the net negative results recorded by the Snam group for 331 million euro, the Fincantieri
group for 73 million euro, and the Parent Company for 25 million euro.
Section 5 - Fair value adjustments in hedge accounting - Item 90
5.1 Fair value adjustments in hedge accounting: breakdown
(thousands of euro)
Type of
operations/P&L
2025
2024
Items
A.
Income on:
A.1 Fair value hedges
1,755,966
170,617
A.2 Hedged financial assets (fair value)
54,510
391,674
A.3 Hedged financial liabilities (fair value)
26,195
3,693
A.4 Cash flow hedges
111
A.5 Assets and liabilities in foreign currencies
18,118
9,831
Total income on hedging activities (A)
1,854,789
575,926
B.
Expense on:
B.1 Fair value hedges
151,675
528,167
B.2 Hedged financial assets (fair value)
1,541,743
23,947
B.3 Hedged financial liabilities (fair value)
51,056
49,965
B.4 Cash flow hedges
37,570
3,625
B.5 Assets and liabilities in foreign currencies
16,458
9,401
Total expense on hedging activities (B)
1,798,502
615,105
C.
Net gain (loss) on hedging activities
(A-B)
56,287
(39,179)
Section 7 - Profits (Losses) on financial assets and liabilities measured at fair value through
profit or loss - Item 110
7.1 Net change in value of financial assets and liabilities measured at fair value through profit or
loss: breakdown of financial assets and liabilities designated at fair value
(thousands of euro)
Realised profits
Realised losses
Net gain (loss)
Type of operations/P&L Items
Gains (A)
(B)
Losses (C)
(D)
[(A+B) - (C+D)]
1. Financial assets
2,250
2,250
1.1 Debt securities
1.2 Loans
2,250
2,250
2. Financial liabilities
2.1 Securities issued
2.2 Due to banks
2.3 Due to customers
3. Foreign currency financial assets and liabilities:
X
X
X
X
exchange rate differences
Total
2,250
2,250
7.2Net change in value of financial assets and liabilities measured at fair value through profit or loss:
breakdown of financial assets mandatorily measured at fair value
(thousands of euro)
Realised profits
Realised losses
Net gain (loss)
Type of operations/P&L Items
Gains (A)
(B)
Losses (C)
(D)
[(A+B)-(C+D)]
1. Financial assets
218,999
19,627
159,172
36
79,418
1.1 Debt securities
7
7
1.2 Equity securities
6,690
662
6
36
7,310
1.3 Units in collective investment undertakings
210,138
18,477
157,459
71,156
1.4 Loans
2,164
488
1,707
945
2. Financial assets:
X
X
X
X
(2,496)
exchange rate differences
Total
218,999
19,627
159,172
36
76,922
The balance of the item, positive for approximately 77 million euro as at 31 December 2025 (negative for 22 million euro
in 2024), mainly reflects the overall positive result arising from the measurement at fair value of the UCI units included in
the financial assets mandatorily measured at fair value, as well as the positive result from interest received and the fair
value measurement of two hybrid bonds held in the Parent Company\u2019s portfolio (approximately 5 million euro).
1.2.3 Exchange rate risk
Qualitative disclosures
A. General aspects, management processes, and measurement methods of exchange rate risk
Exchange rate risk is the risk whereby changes in exchange rates might have a negative impact on the profitability and/or
the economic value of CDP.
Some activities of CDP can generate exchange rate risk. CDP undertakes such activities only if covered by appropriate
exchange rate hedges.
Specifically, the activities of CDP that can generate exchange rate risk are normally associated with the issue of bonds
denominated in foreign currencies, the purchase of bonds denominated in foreign currencies, and the granting of loans
denominated in currencies other than the Euro, in order to support Italian exporters (Export Finance) or internationalisation.
CDP Real Asset SGR, Fondo Italiano d\u2019Investimento SGR S.p.A. and CDP Venture Capital SGR are not exposed to
exchange rate risk with reference to the carried out activities.
B. Hedging exchange rate risk
With regard to the Parent Company\u2019s exposure to the US Dollar, there was a residual component of unhedged exchange
rate risk as of 31 December 2025. This is mainly associated with refinancing operations of assets denominated in US
Dollars, in the short and medium term.
With regard to the Parent Company\u2019s exposure to the Yen, the exchange rate risk arising from a bond issue denominated
in Yen is fully hedged through a Cross Currency Swap, which makes the net cash flows paid by the Parent Company
equivalent to those of a fixed-rate issue denominated in Euro.
With regard to the Parent Company\u2019s exposure to the offshore Renminbi, the exchange rate risk arising from a bond issue
denominated in Renminbi is fully hedged through a Cross Currency Swap, which makes the net cash flows paid by the
Parent Company equivalent to those of a fixed-rate issue denominated in Euro.
In addition, as of 31 December 2025, the Parent Company shows a residual unhedged exposure to foreign exchange rate
risk associated with currency-denominated balances in current account deposits.
Quantitative disclosures
1. Breakdown by currency of assets, liabilities and derivatives
Currency
(thousands of euros)
Items
US dollar
Renmimbi
Yen
Other currencies
A. Financial assets
5,812,337
5
33
A 1 Debt securities
645,103
A.2 Equity securities
24,003
A 3 Loans to banks
765,102
5
33
A 4 Loans to customers
4,378,129
A 5 Other financial assets
B.Other assets
C. Financial liabilities
4,097,617
87,398
40,885
63
C.1 Due to banks
642,515
C.2 Due to customers
93
63
C.3 Debt securities
3,455,009
87,398
40,885
C.4 Other financial liabilities
D. Other liabilities
E. Financial derivatives
-Options
+ long positions
+ short positions
-Other derivatives
+ long positions
85,094
40,741
+ short positions
1,597,205
Total assets
5,812,337
85,099
40,741
33
Total liabilities
5,694,822
87,398
40,885
63
Difference (+/-)
117,515
(2,299)
(144)
(30)
Exchange rate risk
CDP Immobiliare operates only in Italy; therefore, it is not exposed to exchange rate risk.
Exchange rate risk
Exchange rate risk management for Terna must be carried out with the aim of defending the company\u2019s profitability from
the risks of exchange rate fluctuations through continuous market control and constant monitoring of existing exposure. In
managing this risk, Terna selects, on a case-by-case basis, hedging financial instruments with structural characteristics
and maturities consistent with the Terna group\u2019s exposure to foreign currencies. The instruments used by Terna are of
limited complexity, highly liquid and easy to price, such as forwards and options. Such Terna\u2019s contracts have a notional
amount and maturity date less than or equal to that of the underlying financial liability, or the expected cash flows, so that
any change in the fair value and/or estimated cash flows deriving from a rise or fall in the euro against other currencies is
fully offset by a corresponding change in the fair value and/or estimated cash flows of the underlying position.
At 31 December 2025, the Terna group\u2019s exposure to the impact of exchange rate risk on its profit or loss is residual and
linked to foreign currency cash flows from the subsidiaries, Tamini and Brugg.
Exchange rate risk
With regard to exposure to foreign exchange risk, Snam has in place Cross Currency Swap (CCS) derivative contracts
with a total notional amount of approximately 600 million pound and 2 billion dollar, providing full hedging of exchange rate
risk on a bond denominated in pound sterling and on bonds denominated in dollar, respectively. The remaining exposure,
based on the circumstances currently in place, is limited to the Snam Group with respect to transaction risk, while exposure
to translation risk remains for certain foreign subsidiaries that prepare their financial statements in currencies other than
the euro. For the time being, it has been decided not to adopt specific hedging policies for these exposures. In this regard,
it should be noted that the effects of exchange rate differences arising from the difference in translation into the presentation
currency (euro) of the functional currencies of these companies are recognised in the Statement of comprehensive income.
Set out below are the impacts on equity as at 31 December 2025 of a hypothetical positive and negative change of 5% in
the exchange rate applied during the financial year:
31/12/2025
Other components of the comprehensive income statement
(millions of euro)
Exchange rate +5%
Exchange rate -5%
Foreign currency financing converted into euros via CCS
Effect of exchange rate changes on the fair value of hedging derivatives under
IFRS 9 - effective hedge ratio*:
of which EUR/USD exchange rate
96
(106)
of which EUR/GBP exchange rate
38
(42)
Impacts before tax effect
134
(148)
Tax Effect
(32)
36
Impacts net of tax effect
102
(112)
* The change in the exchange rate affects the change in fair value of hedging derivative instruments which is recognised among other components of the
comprehensive income statement and therefore impacts the result of the income statement
Exchange rate risk
Exposure to foreign exchange risk for Fincantieri group arises in connection with the execution of commercial contracts
denominated in foreign currencies and the procurement of supplies in currencies other than the functional currency.
Foreign exchange risk management transactions, for which forward contracts or option structures are used, are negotiated
based on the expected timing of foreign currency cash flows; where possible, receipts and payments denominated in the
same currency are offset.
Management policy is oriented towards the full hedging of cash inflows, while hedging of payments to suppliers is limited
to those of greater significance.
Foreign exchange risk has been mitigated through the use of the hedging instruments referred to above.
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
USD vs EUR
Including hedging derivatives
Appreciation of the USD vs EUR
5
5
3
4
Depreciation of the USD vs EUR
(4)
(4)
(3)
(4)
Excluding hedging derivatives
Appreciation of the USD vs EUR
73
73
59
59
Depreciation of the USD vs EUR
(63)
(63)
(52)
(52)
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
EUR vs NOK
Including hedging derivatives
Appreciation of the EUR vs NOK
-
(35)
(1)
(37)
Depreciation of the EUR vs NOK
-
41
1
44
Excluding hedging derivatives
Appreciation of the EUR vs NOK
4
(32)
15
(22)
Depreciation of the EUR vs NOK
(4)
37
(17)
26
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
USD vs BRL
Including hedging derivatives
Appreciation of the USD vs BRL
Depreciation of the USD vs BRL
Excluding hedging derivatives
Appreciation of the USD vs BRL
(6)
(6)
(6)
(6)
Depreciation of the USD vs BRL
6
6
6
6
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
Other currencies
Including hedging derivatives
Appreciation of other currencies
7
7
5
5
Depreciation of other currencies
(7)
(7)
(5)
(5)
Excluding hedging derivatives
Appreciation of other currencies
12
12
7
7
Depreciation of other currencies
(12)
(12)
(7)
(7)
Exchange rate risk
Ansaldo group procedures require that, when major contracts are secured, revenues, and, where necessary, costs,
denominated in foreign currency be hedged against exchange rate risk. Regarding costs, the group generally adopts a
policy of predominantly entering into supply contracts in euro. The portion of purchases to be made in local currency is
normally covered by a corresponding revenue value in the same currency.
As of 31 December 2025, the total notional value in euro of the lots covered by derivative instruments on sale amounted
to 3,324 thousand euro while the purchase value amounted to 45,919 thousand euro.
Given the above, and net of the effect of the policy of covering of transactions in currencies other than the euro, the
sensitivity analysis on exchange rate changes appears to be negligible.
Exchange rate risk Exchange rate risk relates to changes in exchange rates that may affect: \u2022 cash flows denominated in foreign currency; \u2022 the value of assets and liabilities denominated in foreign currencies; \u2022 and operating margins generated from international activities. The Trevi group is exposed to the risk that fluctuations in exchange rates may impact its financial results and financial position. Exposure to exchange rate risk may be of a:
\u2022 transactional nature, arising from exchange rate movements occurring between the date on which a financial
commitment between counterparties becomes highly probable and/or certain and the settlement date, resulting in
differences between expected and actual cash flows;
\u2022 translational nature, whereby exchange rate movements lead to changes in the value of balance sheet items
denominated in foreign currencies, following the consolidation of financial data for reporting purposes and their
translation into the functional currency of the parent company Trevi Finanziaria Industriale S.p.A. (euro). Such changes
do not give rise to immediate differences between expected and actual cash flows, but rather to an accounting effect
on consolidated equity.
Exposure to exchange rate risk arises from the Trevi group\u2019s operations in multiple countries and in currencies other than
the euro, in particular the US dollar and currencies correlated to it. As the group carries out significant operations in US
dollar areas, its financial statements may be significantly affected by fluctuations in the EUR/USD exchange rate.
The group does not use speculative instruments for hedging exchange rate risk.
The group assesses its exposure to exchange rate risk and adopts mitigation measures including the matching of cash
flows denominated in the same currency but with opposite signs, as well as the use of trade finance and financial
borrowings in the same currency as the underlying sales contracts.
Foreign exchange risk
The Valvitalia group is exposed to foreign exchange risk due to the fact that a significant share of its revenues is
denominated in US dollars (USD), mainly in relation to supplies to customers operating in markets outside Europe.
Exchange rate fluctuations may have an impact on the Valvitalia group\u2019s economic performance and cash flows,
particularly with respect to the translation of foreign-currency-denominated revenues and trade receivables.
To mitigate this exposure, the Valvitalia group implements a hedging strategy through the use of foreign exchange forward
contracts, entered into in connection with confirmed orders, with the objective of locking in exchange rates and limiting
exposure to currency market volatility. Hedging transactions are carried out in line with expected cash inflows and the
financial policies adopted by the Valvitalia group.
The table below summarises current and non-current financial liabilities/(assets) relating to derivative instruments:
(thousands of euro)
31/12/2025
31/12/2024
Forward on exchange rates
(197)
2,157
Total financial liabilities/(assets) for current derivatives
(197)
2,157
Total financial liabilities/(assets) for non-current derivatives
Total net financial liabilities for derivatives
(197)
2,157
As at 31 December 2025, net financial assets relating to derivative instruments amount to 197 thousand euro. For the
purposes of the CDP Group Consolidated Financial Statements, this amount is recognised under the asset item \u201c50.
Hedging derivatives\u201d, in compliance with the relevant international accounting standards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-928": { "value": "Section 4 - Profits (Losses) on trading activities - Item 80 4.1 Profits (Losses) on trading activities: breakdown
Gains (A)
Profits on trading
Losses (C)
Losses on
Net gain (loss)
(thousands of euro)
(B)
trading (D)
[(A+B) - (C+D)]
Type of operations/P&L Items
1. Financial assets held for trading
81
19,227
8,808
10,500
1.1 Debt securities
1.2 Equity securities
1.3 Units in collective investment undertakings
1.4 Loans
1.5 Other
2. Financial liabilities held for trading
81
19,227
8,808
10,500
3. Other financial assets and liabilities: exchange
x
x
x
x
(352,269)
rate differences
4. Derivatives
75,191
29,682
381,114
18,153
(87,936)
4.1 Financial derivatives:
75,191
29,682
381,114
18,153
(87,936)
- On debt securities and interest rates
17,998
21,996
348,867
18,153
(327,026)
- On equity securities and equity indices
35,476
7,686
24,626
18,536
- On currencies and gold
x
x
x
x
206,458
- Other
4.2 Credit derivatives
21,717
7,621
14,096
Total
75,272
48,909
381,114
26,961
(429,705)
Profits (Losses) on trading activities, negative by about 430 million euro in 2025 (compared to a negative 56 million euro in 2024), mainly derives from the net negative results recorded by the Snam group for 331 million euro, the Fincantieri group for 73 million euro, and the Parent Company for 25 million euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-908": { "value": "
Section 12 - Administrative expenses - Item 190
12.1 Staff costs: breakdown
(thousands of euro)
Prudential
Type of expenses/Sectors
consolidation
Other entities
2025
2024
1) Employees
289,716
3,058,745
3,348,461
3,056,523
a) wages and salaries
200,257
2,110,235
2,310,492
2,085,083
b) social security costs
3,030
182,119
185,149
109,884
c) staff severance pay
818
47,425
48,243
31,920
d) pension costs
39,151
471,347
510,498
498,180
e) allocation to staff severance pay
352
9,986
10,338
9,626
f) allocation to provision for post-employment benefits
g) payments to external supplementary pensions funds:
17,464
100,759
118,223
106,928
- defined contribution
17,464
94,698
112,162
101,475
- defined benefit
6,061
6,061
5,453
h) costs arising from share-based payment
7,466
7,466
7,258
arrangements
i) other employee benefits
28,644
129,408
158,052
207,644
2) Other personnel in service
1,387
38,347
39,734
21,280
3) Board of Directors and Board of Auditors
3,730
30,151
33,881
26,618
4) Retired personnel
Total
294,833
3,127,243
3,422,076
3,104,421
12.2 Average number of employees by category
Prudential
Other entities
(number)
consolidation
2025
2024
Employees
1,888
47,695
49,583
43,343
a) Senior management
181
1,112
1,293
1,130
b) Middle management
1,083
15,107
16,190
14,936
c) Other employees
624
31,476
32,100
27,277
Other personnel
11
362
373
215
12.3 Pensions and other post-retirement benefit obligations: costs and revenues
This item has a nil balance.
12.4 Other employee benefits
(thousands of euro)
Prudential
Other entities
Type of expenses /Values
consolidation
2025
2024
Food coupons
3,905
9,675
13,580
10,707
Insurance policies
12,333
4,126
16,459
16,286
Lump sum repayments
Contributions to mortgage loan interest
1,740
1,740
1,542
Leaving incentives
4,471
10,314
14,785
78,433
Energy bonus
174
174
322
Length of service bonuses
797
797
7,848
Other benefits
6,195
104,322
110,517
92,506
Total
28,644
129,408
158,052
207,644
12.5 Other administrative expenses: breakdown
(thousands of euro)
Prudential
Type of expenses/Values
consolidation
Other entities
2025
2024
IT costs
58,757
207,353
266,110
198,266
General services
15,199
8,912,124
8,927,323
7,945,260
Professional and financial services
32,990
1,250,629
1,283,619
982,256
Publicity and marketing expenses
5,930
59,210
65,140
55,978
Other personnel-related expenses
8,244
73,742
81,986
74,799
Utilities, duties and other expenses
7,919
414,813
422,732
316,345
Information resources and databases
2,211
948
3,159
3,602
Corporate bodies
891
459
1,350
1,159
Total
132,141
10,919,278
11,051,419
9,577,665
Pursuant to Article 149-duodecies of Consob Issuers\u2019 Regulation No. 11971, the fees relating to statutory audit services
and non-audit services pertaining to 2025 are set out below.
Fees for statutory audit services and non-audit services
(thousands of euro)
Type of services
Subject that provided the service
Recipient
Fees
Auditing
Auditor of the parent company
Parent company
411
Subsidiaries
7,879
Network of the auditor of the parent company
Subsidiaries
1,578
Certification services
Auditor of the parent company
Parent company
434
Subsidiaries
2,528
Network of the auditor of the parent company
Subsidiaries
167
580
Other services
Auditor of the parent company
Parent company
27
Subsidiaries
261
Total
13,865
Amounts net of VAT, ancillary expenses and Consob contribution
Section 13 - Net provisions for risks and charges - Item 200
13.1 Net provisions for credit risk relating to commitments to disburse funds and financial
guarantees issued: breakdown
Accruals
Reversal of excees
Purchased or
Purchased or
originated
originated
credit
credit
impaired
impaired
financial
financial
Net income
(thousands of euro)
Stage 1
Stage 2
Stage 3
assets
Stage 1
Stage 2
Stage 3
assets
(loss)
Commitments to disburse
(20,970)
(353)
(167)
(425)
13,287
222
151
(8,255)
funds
Financial guarantees
(139)
23,420
23,281
issued
Total
(21,109)
(353)
(167)
(425)
36,707
222
151
15,026
13.2 Net provisions for other commitments and other guarantees issued: breakdown
During the year, no accruals for other commitments and guarantees were made.
13.3 Net provisions to other provisions for risks and charges: breakdown
(thousands of euro)
Reversal of
Type of transactions/Values
Accruals
excess
2025
2024
Net provisions for legal and fiscal disputes
(51,504)
33,364
(18,140)
(33,950)
Net provisions for sundry expenses for personnel
(28,305)
1,334
(26,971)
(1,123)
Net sundry provisions
(204,756)
47,842
(156,914)
(56,182)
Total
(284,565)
82,540
(202,025)
(91,255)
13.3 of which: pertaining to the Prudential consolidation
(thousands of euro)
Reversal of
Type of transactions/Values
Allocations
excess
2025
2024
Net provisions for legal and fiscal disputes
(2,482)
21,299
18,817
(15,257)
Net provisions for sundry expenses for personnel
(2,358)
(2,358)
(753)
Net sundry provisions
(7,680)
118
(7,562)
(500)
Total
(12,520)
21,417
8,897
(16,510)
13.3 of which: pertaining to Other companies
(thousands of euro)
Reversal of
Type of transactions/Values
Allocations
excess
2025
2024
Net provisions for legal and fiscal disputes
(49,022)
12,065
(36,957)
(18,693)
Net provisions for sundry expenses for personnel
(25,947)
1,334
(24,613)
(370)
Net sundry provisions
(197,076)
47,724
(149,352)
(55,682)
Total
(272,045)
61,123
(210,922)
(74,745)
The item Net provisions to other provisions for risks and charges mainly includes negative contributions of 83 million euro
relating to the Fincantieri group, 53 million euro relating to the Ansaldo Energia group, 27 million euro relating to Terna,
and 23 million euro relating to the Snam group, partially offset by positive impacts arising from excess releases of provisions
relating to Fintecna for 30 million euro and Italgas for 10 million euro.
Section 14 - Net adjustments to/recoveries on property, plant and equipment - Item 210 14.1 Net impairments to property, plant and equipment: breakdown
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(2,200,089)
(46,502)
1,340
(2,245,251)
- Owned
(2,059,609)
(46,502)
983
(2,105,128)
- Right of use acquired under leases
(140,480)
357
(140,123)
2. Investment
(9,230)
(3,485)
17,857
5,142
- Owned
(9,126)
(3,485)
17,857
5,246
- Right of use acquired under leases
(104)
(104)
3. Inventories
X
(25,798)
13,465
(12,333)
Total
(2,209,319)
(75,785)
32,662
(2,252,442)
14.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(11,611)
(93)
(11,704)
- Owned
(7,076)
(93)
(7,169)
- Right of use acquired under leases
(4,535)
(4,535)
2. Investment
(6,015)
(6,015)
- Owned
(5,911)
(5,911)
- Right of use acquired under leases
(104)
(104)
3. Inventories
X
Total
(17,626)
(93)
(17,719)
14.1 of which: pertaining to Other companies
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(2,188,478)
(46,409)
1,340
(2,233,547)
- Owned
(2,052,533)
(46,409)
983
(2,097,959)
- Right of use acquired under leases
(135,945)
357
(135,588)
2. Investment
(3,215)
(3,485)
17,857
11,157
- Owned
(3,215)
(3,485)
17,857
11,157
- Right of use acquired under leases
3. Inventories
X
(25,798)
13,465
(12,333)
Total
(2,191,693)
(75,692)
32,662
(2,234,723)
Section 15 - Net adjustments to/recoveries on intangible assets - Item 220 15.1 Net impairments to intangible assets: breakdown
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(392,992)
120
(392,872)
A.1 Owned
(1,305,049)
(15,304)
21,065
(1,299,288)
- Internally generated by the company
(166,387)
(3,451)
34
(169,804)
- Other
A.2 Right of use acquired under leases
(1,138,662)
(11,853)
21,031
(1,129,484)
Total
(1,305,049)
(15,304)
21,065
(1,299,288)
15.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(27,930)
120
(27,810)
A.1 Owned
(28,190)
(403)
120
(28,473)
- Internally generated by the company
- Other
A.2 Acquired under finance leases
(28,190)
(403)
120
(28,473)
Total
(28,190)
(403)
120
(28,473)
15.1 of which: pertaining to Other companies
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(365,062)
(365,062)
A.1 Owned
(1,276,859)
(14,901)
20,945
(1,270,815)
- Internally generated by the company
(166,387)
(3,451)
34
(169,804)
- Other
A.2 Acquired under finance leases
(1,110,472)
(11,450)
20,911
(1,101,011)
Total
(1,276,859)
(14,901)
20,945
(1,270,815)
Section 16 - Other operating income (costs) - Item 230
16.1 Other operating costs: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Depreciation of leasehold improvements
414
2,143
2,557
2,117
Other
19,386
282,310
301,696
310,090
Total
19,800
284,453
304,253
312,207
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-975": { "value": "Section 12 - Administrative expenses - Item 190 12.1 Staff costs: breakdown
(thousands of euro)
Prudential
Type of expenses/Sectors
consolidation
Other entities
2025
2024
1) Employees
289,716
3,058,745
3,348,461
3,056,523
a) wages and salaries
200,257
2,110,235
2,310,492
2,085,083
b) social security costs
3,030
182,119
185,149
109,884
c) staff severance pay
818
47,425
48,243
31,920
d) pension costs
39,151
471,347
510,498
498,180
e) allocation to staff severance pay
352
9,986
10,338
9,626
f) allocation to provision for post-employment benefits
g) payments to external supplementary pensions funds:
17,464
100,759
118,223
106,928
- defined contribution
17,464
94,698
112,162
101,475
- defined benefit
6,061
6,061
5,453
h) costs arising from share-based payment
7,466
7,466
7,258
arrangements
i) other employee benefits
28,644
129,408
158,052
207,644
2) Other personnel in service
1,387
38,347
39,734
21,280
3) Board of Directors and Board of Auditors
3,730
30,151
33,881
26,618
4) Retired personnel
Total
294,833
3,127,243
3,422,076
3,104,421
12.2 Average number of employees by category
Prudential
Other entities
(number)
consolidation
2025
2024
Employees
1,888
47,695
49,583
43,343
a) Senior management
181
1,112
1,293
1,130
b) Middle management
1,083
15,107
16,190
14,936
c) Other employees
624
31,476
32,100
27,277
Other personnel
11
362
373
215
12.3 Pensions and other post-retirement benefit obligations: costs and revenues This item has a nil balance. 12.4 Other employee benefits
(thousands of euro)
Prudential
Other entities
Type of expenses /Values
consolidation
2025
2024
Food coupons
3,905
9,675
13,580
10,707
Insurance policies
12,333
4,126
16,459
16,286
Lump sum repayments
Contributions to mortgage loan interest
1,740
1,740
1,542
Leaving incentives
4,471
10,314
14,785
78,433
Energy bonus
174
174
322
Length of service bonuses
797
797
7,848
Other benefits
6,195
104,322
110,517
92,506
Total
28,644
129,408
158,052
207,644
12.5 Other administrative expenses: breakdown
(thousands of euro)
Prudential
Type of expenses/Values
consolidation
Other entities
2025
2024
IT costs
58,757
207,353
266,110
198,266
General services
15,199
8,912,124
8,927,323
7,945,260
Professional and financial services
32,990
1,250,629
1,283,619
982,256
Publicity and marketing expenses
5,930
59,210
65,140
55,978
Other personnel-related expenses
8,244
73,742
81,986
74,799
Utilities, duties and other expenses
7,919
414,813
422,732
316,345
Information resources and databases
2,211
948
3,159
3,602
Corporate bodies
891
459
1,350
1,159
Total
132,141
10,919,278
11,051,419
9,577,665
Pursuant to Article 149-duodecies of Consob Issuers\u2019 Regulation No. 11971, the fees relating to statutory audit services and non-audit services pertaining to 2025 are set out below. Fees for statutory audit services and non-audit services
(thousands of euro)
Type of services
Subject that provided the service
Recipient
Fees
Auditing
Auditor of the parent company
Parent company
411
Subsidiaries
7,879
Network of the auditor of the parent company
Subsidiaries
1,578
Certification services
Auditor of the parent company
Parent company
434
Subsidiaries
2,528
Network of the auditor of the parent company
Subsidiaries
167
580
Other services
Auditor of the parent company
Parent company
27
Subsidiaries
261
Total
13,865
Amounts net of VAT, ancillary expenses and Consob contribution ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-959": { "value": "12.1 Staff costs: breakdown
(thousands of euro)
Prudential
Type of expenses/Sectors
consolidation
Other entities
2025
2024
1) Employees
289,716
3,058,745
3,348,461
3,056,523
a) wages and salaries
200,257
2,110,235
2,310,492
2,085,083
b) social security costs
3,030
182,119
185,149
109,884
c) staff severance pay
818
47,425
48,243
31,920
d) pension costs
39,151
471,347
510,498
498,180
e) allocation to staff severance pay
352
9,986
10,338
9,626
f) allocation to provision for post-employment benefits
g) payments to external supplementary pensions funds:
17,464
100,759
118,223
106,928
- defined contribution
17,464
94,698
112,162
101,475
- defined benefit
6,061
6,061
5,453
h) costs arising from share-based payment
7,466
7,466
7,258
arrangements
i) other employee benefits
28,644
129,408
158,052
207,644
2) Other personnel in service
1,387
38,347
39,734
21,280
3) Board of Directors and Board of Auditors
3,730
30,151
33,881
26,618
4) Retired personnel
Total
294,833
3,127,243
3,422,076
3,104,421
12.2 Average number of employees by category
Prudential
Other entities
(number)
consolidation
2025
2024
Employees
1,888
47,695
49,583
43,343
a) Senior management
181
1,112
1,293
1,130
b) Middle management
1,083
15,107
16,190
14,936
c) Other employees
624
31,476
32,100
27,277
Other personnel
11
362
373
215
12.3 Pensions and other post-retirement benefit obligations: costs and revenues This item has a nil balance. 12.4 Other employee benefits
(thousands of euro)
Prudential
Other entities
Type of expenses /Values
consolidation
2025
2024
Food coupons
3,905
9,675
13,580
10,707
Insurance policies
12,333
4,126
16,459
16,286
Lump sum repayments
Contributions to mortgage loan interest
1,740
1,740
1,542
Leaving incentives
4,471
10,314
14,785
78,433
Energy bonus
174
174
322
Length of service bonuses
797
797
7,848
Other benefits
6,195
104,322
110,517
92,506
Total
28,644
129,408
158,052
207,644
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-988": { "value": "12.5 Other administrative expenses: breakdown
(thousands of euro)
Prudential
Type of expenses/Values
consolidation
Other entities
2025
2024
IT costs
58,757
207,353
266,110
198,266
General services
15,199
8,912,124
8,927,323
7,945,260
Professional and financial services
32,990
1,250,629
1,283,619
982,256
Publicity and marketing expenses
5,930
59,210
65,140
55,978
Other personnel-related expenses
8,244
73,742
81,986
74,799
Utilities, duties and other expenses
7,919
414,813
422,732
316,345
Information resources and databases
2,211
948
3,159
3,602
Corporate bodies
891
459
1,350
1,159
Total
132,141
10,919,278
11,051,419
9,577,665
Pursuant to Article 149-duodecies of Consob Issuers\u2019 Regulation No. 11971, the fees relating to statutory audit services and non-audit services pertaining to 2025 are set out below. Fees for statutory audit services and non-audit services
(thousands of euro)
Type of services
Subject that provided the service
Recipient
Fees
Auditing
Auditor of the parent company
Parent company
411
Subsidiaries
7,879
Network of the auditor of the parent company
Subsidiaries
1,578
Certification services
Auditor of the parent company
Parent company
434
Subsidiaries
2,528
Network of the auditor of the parent company
Subsidiaries
167
580
Other services
Auditor of the parent company
Parent company
27
Subsidiaries
261
Total
13,865
Amounts net of VAT, ancillary expenses and Consob contribution ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-989": { "value": "Section 13 - Net provisions for risks and charges - Item 200 13.1 Net provisions for credit risk relating to commitments to disburse funds and financial guarantees issued: breakdown
Accruals
Reversal of excees
Purchased or
Purchased or
originated
originated
credit
credit
impaired
impaired
financial
financial
Net income
(thousands of euro)
Stage 1
Stage 2
Stage 3
assets
Stage 1
Stage 2
Stage 3
assets
(loss)
Commitments to disburse
(20,970)
(353)
(167)
(425)
13,287
222
151
(8,255)
funds
Financial guarantees
(139)
23,420
23,281
issued
Total
(21,109)
(353)
(167)
(425)
36,707
222
151
15,026
13.2 Net provisions for other commitments and other guarantees issued: breakdown During the year, no accruals for other commitments and guarantees were made. 13.3 Net provisions to other provisions for risks and charges: breakdown
(thousands of euro)
Reversal of
Type of transactions/Values
Accruals
excess
2025
2024
Net provisions for legal and fiscal disputes
(51,504)
33,364
(18,140)
(33,950)
Net provisions for sundry expenses for personnel
(28,305)
1,334
(26,971)
(1,123)
Net sundry provisions
(204,756)
47,842
(156,914)
(56,182)
Total
(284,565)
82,540
(202,025)
(91,255)
13.3 of which: pertaining to the Prudential consolidation
(thousands of euro)
Reversal of
Type of transactions/Values
Allocations
excess
2025
2024
Net provisions for legal and fiscal disputes
(2,482)
21,299
18,817
(15,257)
Net provisions for sundry expenses for personnel
(2,358)
(2,358)
(753)
Net sundry provisions
(7,680)
118
(7,562)
(500)
Total
(12,520)
21,417
8,897
(16,510)
13.3 of which: pertaining to Other companies
(thousands of euro)
Reversal of
Type of transactions/Values
Allocations
excess
2025
2024
Net provisions for legal and fiscal disputes
(49,022)
12,065
(36,957)
(18,693)
Net provisions for sundry expenses for personnel
(25,947)
1,334
(24,613)
(370)
Net sundry provisions
(197,076)
47,724
(149,352)
(55,682)
Total
(272,045)
61,123
(210,922)
(74,745)
The item Net provisions to other provisions for risks and charges mainly includes negative contributions of 83 million euro relating to the Fincantieri group, 53 million euro relating to the Ansaldo Energia group, 27 million euro relating to Terna, and 23 million euro relating to the Snam group, partially offset by positive impacts arising from excess releases of provisions relating to Fintecna for 30 million euro and Italgas for 10 million euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-876": { "value": "
Section 14 - Net adjustments to/recoveries on property, plant and equipment - Item 210
14.1 Net impairments to property, plant and equipment: breakdown
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(2,200,089)
(46,502)
1,340
(2,245,251)
- Owned
(2,059,609)
(46,502)
983
(2,105,128)
- Right of use acquired under leases
(140,480)
357
(140,123)
2. Investment
(9,230)
(3,485)
17,857
5,142
- Owned
(9,126)
(3,485)
17,857
5,246
- Right of use acquired under leases
(104)
(104)
3. Inventories
X
(25,798)
13,465
(12,333)
Total
(2,209,319)
(75,785)
32,662
(2,252,442)
14.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(11,611)
(93)
(11,704)
- Owned
(7,076)
(93)
(7,169)
- Right of use acquired under leases
(4,535)
(4,535)
2. Investment
(6,015)
(6,015)
- Owned
(5,911)
(5,911)
- Right of use acquired under leases
(104)
(104)
3. Inventories
X
Total
(17,626)
(93)
(17,719)
14.1 of which: pertaining to Other companies
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(2,188,478)
(46,409)
1,340
(2,233,547)
- Owned
(2,052,533)
(46,409)
983
(2,097,959)
- Right of use acquired under leases
(135,945)
357
(135,588)
2. Investment
(3,215)
(3,485)
17,857
11,157
- Owned
(3,215)
(3,485)
17,857
11,157
- Right of use acquired under leases
3. Inventories
X
(25,798)
13,465
(12,333)
Total
(2,191,693)
(75,692)
32,662
(2,234,723)
Section 15 - Net adjustments to/recoveries on intangible assets - Item 220
15.1 Net impairments to intangible assets: breakdown
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(392,992)
120
(392,872)
A.1 Owned
(1,305,049)
(15,304)
21,065
(1,299,288)
- Internally generated by the company
(166,387)
(3,451)
34
(169,804)
- Other
A.2 Right of use acquired under leases
(1,138,662)
(11,853)
21,031
(1,129,484)
Total
(1,305,049)
(15,304)
21,065
(1,299,288)
15.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(27,930)
120
(27,810)
A.1 Owned
(28,190)
(403)
120
(28,473)
- Internally generated by the company
- Other
A.2 Acquired under finance leases
(28,190)
(403)
120
(28,473)
Total
(28,190)
(403)
120
(28,473)
15.1 of which: pertaining to Other companies
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(365,062)
(365,062)
A.1 Owned
(1,276,859)
(14,901)
20,945
(1,270,815)
- Internally generated by the company
(166,387)
(3,451)
34
(169,804)
- Other
A.2 Acquired under finance leases
(1,110,472)
(11,450)
20,911
(1,101,011)
Total
(1,276,859)
(14,901)
20,945
(1,270,815)
Section 17 - Gains (Losses) on equity investments - Item 250
17.1 Gains (Losses) on equity investments: breakdown
(thousands of euro)
P&L components/Sectors
2025
2024
1. Joint ventures
A. Income
328,441
366,922
1. Writebacks
299,044
332,993
2. Gains on disposal
3. Writebacks
33,556
4. Other
29,397
373
B. Expenses
(205,847)
(255,600)
1. Impairment
(205,847)
(236,628)
2. Writedowns for impairment
3. Losses on disposal
4. Other
(18,972)
Net result
122,594
111,322
2. Enterprises subject to significant influence
A. Income
1,949,129
1,967,416
1. Writebacks
1,818,530
1,699,016
2. Gains on disposal
123,859
260,554
3. Writebacks
2,052
4. Other
6,740
5,794
B. Expenses
(670,416)
(18,390)
1. Impairment
(12,336)
(18,386)
2. Writedowns for impairment
(658,080)
3. Losses on disposal
4. Other
(4)
Net gain (loss)
1,278,713
1,949,026
Total
1,401,307
2,060,348
The result from equity investments, showing a positive balance of approximately 1,401 million euro, reflects the outcome
of applying the equity method to investments subject to significant influence or joint control and is mainly attributable to:
\u2022 the positive effect of the equity method valuation of investments in ENI (807 million euro), Poste Italiane (791 million
euro), Holding Reti Autostradali (110 million euro), SAIPEM (41 million euro) and WeBuild (29 million euro);
\u2022 the net positive effect of equity method valuations of investments held by Snam (355 million euro), including the capital
gain arising from the sale of Galaxy Pipeline Assets HoldCo Limited of approximately 123 million euro;
\u2022 the negative effect of the equity method valuation of Open Fiber Holdings (-201 million euro) and NEXI (-555 million
euro, including the adjustment recognised following the results of the impairment test).
Please refer to Part B \u201cAssets\u201d \u2013 Section 7 \u2013 Investments for more details, also with reference to impairment tests on equity
investments.
Section 19 - Goodwill impairment - Item 270
19.1 Goodwill impairment: breakdown
No impairment losses on goodwill were recognised during the 2025 financial year (in the comparative period, the item
amounted to approximately 10.5 million euro).
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-990": { "value": "Section 14 - Net adjustments to/recoveries on property, plant and equipment - Item 210 14.1 Net impairments to property, plant and equipment: breakdown
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(2,200,089)
(46,502)
1,340
(2,245,251)
- Owned
(2,059,609)
(46,502)
983
(2,105,128)
- Right of use acquired under leases
(140,480)
357
(140,123)
2. Investment
(9,230)
(3,485)
17,857
5,142
- Owned
(9,126)
(3,485)
17,857
5,246
- Right of use acquired under leases
(104)
(104)
3. Inventories
X
(25,798)
13,465
(12,333)
Total
(2,209,319)
(75,785)
32,662
(2,252,442)
14.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(11,611)
(93)
(11,704)
- Owned
(7,076)
(93)
(7,169)
- Right of use acquired under leases
(4,535)
(4,535)
2. Investment
(6,015)
(6,015)
- Owned
(5,911)
(5,911)
- Right of use acquired under leases
(104)
(104)
3. Inventories
X
Total
(17,626)
(93)
(17,719)
14.1 of which: pertaining to Other companies
(thousands of euro)
Impairment
Net result
Assets/P&L items
Depreciation (a)
adjustments (b)
Writebacks (c)
(a + b - c)
A.
Property, plant and equipment
1. Operating
(2,188,478)
(46,409)
1,340
(2,233,547)
- Owned
(2,052,533)
(46,409)
983
(2,097,959)
- Right of use acquired under leases
(135,945)
357
(135,588)
2. Investment
(3,215)
(3,485)
17,857
11,157
- Owned
(3,215)
(3,485)
17,857
11,157
- Right of use acquired under leases
3. Inventories
X
(25,798)
13,465
(12,333)
Total
(2,191,693)
(75,692)
32,662
(2,234,723)
Section 15 - Net adjustments to/recoveries on intangible assets - Item 220 15.1 Net impairments to intangible assets: breakdown
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(392,992)
120
(392,872)
A.1 Owned
(1,305,049)
(15,304)
21,065
(1,299,288)
- Internally generated by the company
(166,387)
(3,451)
34
(169,804)
- Other
A.2 Right of use acquired under leases
(1,138,662)
(11,853)
21,031
(1,129,484)
Total
(1,305,049)
(15,304)
21,065
(1,299,288)
15.1 of which: pertaining to the Prudential consolidation
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(27,930)
120
(27,810)
A.1 Owned
(28,190)
(403)
120
(28,473)
- Internally generated by the company
- Other
A.2 Acquired under finance leases
(28,190)
(403)
120
(28,473)
Total
(28,190)
(403)
120
(28,473)
15.1 of which: pertaining to Other companies
(thousands of euro)
Impairment
Writebacks
Net result
Assets/P&L items
Amortisation (a)
adjustments (b)
(c)
(a + b - c)
A.
Intangible assets
of which: software
(365,062)
(365,062)
A.1 Owned
(1,276,859)
(14,901)
20,945
(1,270,815)
- Internally generated by the company
(166,387)
(3,451)
34
(169,804)
- Other
A.2 Acquired under finance leases
(1,110,472)
(11,450)
20,911
(1,101,011)
Total
(1,276,859)
(14,901)
20,945
(1,270,815)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1010": { "value": "Section 16 - Other operating income (costs) - Item 230 16.1 Other operating costs: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Depreciation of leasehold improvements
414
2,143
2,557
2,117
Other
19,386
282,310
301,696
310,090
Total
19,800
284,453
304,253
312,207
16.2 Other operating income: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Income for company engagements to employees
1,152
615
1,767
1,907
Recovery of expenses
21,741
27,101
48,842
38,654
Rental income and other income from property management
11,875
69,012
80,887
84,985
Revenues from industrial management
22,330,575
22,330,575
19,249,988
Other
12,098
414,135
426,233
338,168
Total
46,866
22,841,438
22,888,304
19,713,702
Other operating income, equal to 22,888 million euro as at 31 December 2025 (19,714 million euro in 2024), includes income that is not attributable to the other items of the bank financial statements, represented almost exclusively by the revenues recorded by the CDP Group companies whose characteristic activity is of an industrial nature, and it is described below. Among other operating income, are included the revenues deriving from the Snam group, equal to 3,857 million euro, related to the transport, regasification and storage of natural gas, and of the Italgas group for 3,568 million euro related to the distribution of natural gas, whose income is governed by the regulatory framework defined by the Energy Networks and Environment Regulator (ARERA), whose financial conditions are defined through regulatory frameworks and not on a negotiated basis. The Terna group contributes to the balance of revenues from industrial operations with revenues of 3,961 million euro, the main component of which derives from the transmission tariff (\u201cCTR\u201d) for the use of the network, which remunerates the ownership and operation of the National Transmission Grid managed by Terna S.p.A. and its subsidiary Rete S.r.l. Transmission revenues represent the most significant portion of the regulated revenues of the Terna group and derive from the monopolistic application of the transmission fee (CTR) billed by Terna to distributors connected to the National Transmission Grid as part of the regulation overseen by ARERA. During the financial year, the Fincantieri group recorded revenues of 8,909 million euro arising from shipbuilding contracts and services delivered across the business sectors in which it operates: Shipbuilding, Offshore and Special Vessels, Underwater and Systems, and Components and Infrastructure. Revenues are progressively recognised over time on the basis of the transfer over time of control of goods and/or services to the customer and as a result of the change in contract work in progress. The contribution of the Ansaldo Energia group amounted to 1,232 million euro in revenues derived from the main business sectors in which it operates, including contracts relating to the production of gas and steam turbines and generators, engineering, procurement and construction (EPC) activities for thermal power plants, and maintenance, repair and spare parts services for existing facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-991": { "value": "16.1 Other operating costs: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Depreciation of leasehold improvements
414
2,143
2,557
2,117
Other
19,386
282,310
301,696
310,090
Total
19,800
284,453
304,253
312,207
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-976": { "value": "16.2 Other operating income: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Income for company engagements to employees
1,152
615
1,767
1,907
Recovery of expenses
21,741
27,101
48,842
38,654
Rental income and other income from property management
11,875
69,012
80,887
84,985
Revenues from industrial management
22,330,575
22,330,575
19,249,988
Other
12,098
414,135
426,233
338,168
Total
46,866
22,841,438
22,888,304
19,713,702
Other operating income, equal to 22,888 million euro as at 31 December 2025 (19,714 million euro in 2024), includes income that is not attributable to the other items of the bank financial statements, represented almost exclusively by the revenues recorded by the CDP Group companies whose characteristic activity is of an industrial nature, and it is described below. Among other operating income, are included the revenues deriving from the Snam group, equal to 3,857 million euro, related to the transport, regasification and storage of natural gas, and of the Italgas group for 3,568 million euro related to the distribution of natural gas, whose income is governed by the regulatory framework defined by the Energy Networks and Environment Regulator (ARERA), whose financial conditions are defined through regulatory frameworks and not on a negotiated basis. The Terna group contributes to the balance of revenues from industrial operations with revenues of 3,961 million euro, the main component of which derives from the transmission tariff (\u201cCTR\u201d) for the use of the network, which remunerates the ownership and operation of the National Transmission Grid managed by Terna S.p.A. and its subsidiary Rete S.r.l. Transmission revenues represent the most significant portion of the regulated revenues of the Terna group and derive from the monopolistic application of the transmission fee (CTR) billed by Terna to distributors connected to the National Transmission Grid as part of the regulation overseen by ARERA. During the financial year, the Fincantieri group recorded revenues of 8,909 million euro arising from shipbuilding contracts and services delivered across the business sectors in which it operates: Shipbuilding, Offshore and Special Vessels, Underwater and Systems, and Components and Infrastructure. Revenues are progressively recognised over time on the basis of the transfer over time of control of goods and/or services to the customer and as a result of the change in contract work in progress. The contribution of the Ansaldo Energia group amounted to 1,232 million euro in revenues derived from the main business sectors in which it operates, including contracts relating to the production of gas and steam turbines and generators, engineering, procurement and construction (EPC) activities for thermal power plants, and maintenance, repair and spare parts services for existing facilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfRegulatoryDeferralAccountsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1022": { "value": "16.2 Other operating income: breakdown
(thousands of euro)
Prudential
Type of costs/Figures
consolidation
Other entities
2025
2024
Income for company engagements to employees
1,152
615
1,767
1,907
Recovery of expenses
21,741
27,101
48,842
38,654
Rental income and other income from property management
11,875
69,012
80,887
84,985
Revenues from industrial management
22,330,575
22,330,575
19,249,988
Other
12,098
414,135
426,233
338,168
Total
46,866
22,841,438
22,888,304
19,713,702
Other operating income, equal to 22,888 million euro as at 31 December 2025 (19,714 million euro in 2024), includes income that is not attributable to the other items of the bank financial statements, represented almost exclusively by the revenues recorded by the CDP Group companies whose characteristic activity is of an industrial nature, and it is described below. Among other operating income, are included the revenues deriving from the Snam group, equal to 3,857 million euro, related to the transport, regasification and storage of natural gas, and of the Italgas group for 3,568 million euro related to the distribution of natural gas, whose income is governed by the regulatory framework defined by the Energy Networks and Environment Regulator (ARERA), whose financial conditions are defined through regulatory frameworks and not on a negotiated basis. The Terna group contributes to the balance of revenues from industrial operations with revenues of 3,961 million euro, the main component of which derives from the transmission tariff (\u201cCTR\u201d) for the use of the network, which remunerates the ownership and operation of the National Transmission Grid managed by Terna S.p.A. and its subsidiary Rete S.r.l. Transmission revenues represent the most significant portion of the regulated revenues of the Terna group and derive from the monopolistic application of the transmission fee (CTR) billed by Terna to distributors connected to the National Transmission Grid as part of the regulation overseen by ARERA. During the financial year, the Fincantieri group recorded revenues of 8,909 million euro arising from shipbuilding contracts and services delivered across the business sectors in which it operates: Shipbuilding, Offshore and Special Vessels, Underwater and Systems, and Components and Infrastructure. Revenues are progressively recognised over time on the basis of the transfer over time of control of goods and/or services to the customer and as a result of the change in contract work in progress. The contribution of the Ansaldo Energia group amounted to 1,232 million euro in revenues derived from the main business sectors in which it operates, including contracts relating to the production of gas and steam turbines and generators, engineering, procurement and construction (EPC) activities for thermal power plants, and maintenance, repair and spare parts services for existing facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1001": { "value": "
Section 21 - Income tax for the year on continuing operations - Item 300
The CDP Group operates in various countries (both European and non-European) that have autonomous tax systems
where the determination of the taxable base, the level of tax rates, the nature, type and timing of formal obligations differ
from one another.
CDP and some Italian Group companies have adopted the so-called \u201cnational fiscal consolidation\u201d under which it is possible
to algebraically offset the income and losses of companies belonging to the same scope of consolidation.
With regard to tax rates, in Italy the corporate income tax (IRES) rate is 24%, to which an additional 3.5% surcharge is
applied exclusively to banks and other financial intermediaries. In addition to IRES, the Regional Tax on Productive
Activities (IRAP) must be added, whose nominal rate is 4.65% for the banking sector and to which each Region can
autonomously add a surcharge. Regional tax on productive activities (IRAP) is calculated on a taxable base that differs
marginally from that used for the calculation of IRES.
With reference to the income taxes of the Parent Company, reference should be made to Part C \u2013 Notes to the Financial
Statements of CDP S.p.A. \u2013 Section 19 \u2013 Income taxes on continuing operations \u2013 item 270, which is deemed to be fully
incorporated herein.
21.1 Income tax for the year on continuing operations: breakdown
(thousands of euro)
Prudential
P&L components/Figures
consolidation
Other entities
2025
2024
1. Current taxes (-)
(884,984)
(1,366,330)
(2,251,314)
(2,092,981)
2. Change in current taxes from previous years (+/-)
2,273
32,169
34,442
30,517
3. Reduction of current taxes for the year (+)
3.bis. Reduction of current income taxes for the year due to tax credits
pursuant to Law 214/2011 (+)
4. Change in deferred tax assets (+/-)
(12,519)
94,689
82,170
20,816
5. Change in deferred tax liabilities (+/-)
(2,661)
150,708
148,047
183,482
6. Taxes for the year (-) (-1+/-2+3+3 bis +/-4+/-5)
(897,891)
(1,088,764)
(1,986,655)
(1,858,166)
For an examination of the dynamics of deferred tax assets and liabilities recorded during the year, with particular regard
to the most significant contributions by Group companies grouped according to the type of activity carried out, please refer
to the tables in Section 11 describing the related changes.
For further details on the indication of the main elements that contributed to determining the estimate of the tax burden
and its changes compared to the previous financial year, please refer to the tables below.
21.2 Reconciliation of theoretical tax liability and actual tax liability recognised
(thousands of euro)
2025
Tax rate
2024
Tax rate
Income (loss) before taxes
7,442,157
7,814,171
IRES theoretical tax liability (rate 27.5%)
2,046,593
27.50%
2,148,897
27.50%
Increases in taxes
- non-deductible interest expense
19,444
0.26%
12,761
0.16%
- writedowns of equity investments
160,269
2.15%
9,256
0.12%
- other non-deductible costs
0.00%
975
0.01%
- adjustments on receivables
3,515
0.05%
3,684
0.05%
- non-deductible temporary differences
146,466
1.97%
231,784
2.97%
- non-deductible permanent differences
124,270
1.67%
45,949
0.59%
- foreign tax rate effects (+)
979
0.01%
427
0.01%
- other changes
118,874
1.60%
71,523
0.92%
Decreases in taxes
- exchange rate differences
-
0.00%
(4,156)
-0.05%
- non-taxable income
(453)
-0.01%
(1,384)
-0.02%
- use of accruals
(38,336)
-0.52%
(46,619)
-0.60%
- 24% rate effect
(96,181)
-1.29%
(6,309)
-0.08%
- other changes
(240,840)
-3.24%
(377,327)
-4.83%
- revaluation of equity investments
(445,266)
-5.98%
(405,999)
-5.20%
IRES Actual tax liability
1,799,334
24.18%
1,683,462
21.54%
(thousands of euro)
2025
Tax rate
2024
Tax rate
IRAP tax amount
9,668,013
8,726,139
IRAP Theoretical tax liability (5.57% rate)
538,508
5.57%
486,046
5.57%
Increases in taxes
- non-deductible interest 4%
46
0.00%
4,108
0.05%
- other non-deductible costs
34,865
0.36%
25,011
0.29%
- different regional rates
15,954
0.17%
8,551
0.10%
Decreases in taxes
- costs deductible in previous years
(995)
-0.01%
(1,975)
-0.02%
- deductible costs for staff costs
(66,473)
-0.69%
(56,158)
-0.64%
- different regional rates
(58,228)
-0.60%
(40,250)
-0.46%
- other decreases
(11,697)
-0.12%
(15,814)
-0.18%
IRAP Actual tax liability
451,980
4.68%
409,519
4.69%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1023": { "value": "
Section 25 - Earnings per share
The necessary conditions for the disclosure required by IAS 33 are not met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1011": { "value": "Section 25 - Earnings per share The necessary conditions for the disclosure required by IAS 33 are not met.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1012": { "value": "
PART E \u2013 INFORMATION ON RISKS AND RELATED HEDGING POLICIES
To ensure an efficient risk management system, the Parent Company and the companies belonging to the prudential
consolidation perimeter have set up rules, procedures, resources (human, technological, and organisational), and control
activities to identify, measure or evaluate all the risks \u2013 assumed or that can be assumed \u2013 in the different segments of
operations, monitoring their performance and implementing appropriate measures aimed at preventing and/or mitigating
the risks identified. The Parent Company and the Companies of the scope of prudential consolidation also communicate
the results and progress of their activities in the field of risk management and control at the appropriate levels, including
the Board of Directors. The risk management system takes into account the specific characteristics of the activity carried
out by each entity of the Group; it is implemented in compliance with the requirements of the internal regulations of each
Company and the Group regulations issued by the Parent Company with regard to companies included in the prudential
consolidation and on which the Parent Company also exercises the Management and Coordination activity.
Within the organisational structure of the Parent Company, the Risk Director, who reports directly to the Chief Executive
Officer (CEO), is responsible for the management of all types of risk and for the clear representation of the overall risk
profile and solidity of the Group to the Board of Directors. Within this mandate, the Risk Director ensures the coordination
of the activities of the Risk Management (hereinafter also \u201cRM\u201d), Risk Governance and Support, Compliance and Anti-
Money Laundering, Credit Assessment and Monitoring, and Equity Risk Assessment and Monitoring (\u201cValutazione e
Monitoraggio Rischi Equity\u201d, hereinafter also \u201cVMRE\u201d) functions. In particular, RM is responsible for supporting the Risk
Director with the management and monitoring of all types of risk, ensuring a clear representation about CDP\u2019s overall risk
profile and capital requirements associated with each category of risk.
All the relevant types of risk are defined in the Risk Policy, initially approved by the Board of Directors in 2010 and constantly
updated subsequently as necessary. The risks can be divided into market risks (which include equity risk, interest rate risk,
inflation risk, and exchange rate risk), liquidity risks, credit risks (which include concentration and counterparty risks),
operational risks, and reputational risks. In addition, when assessing its risks, the Parent Company takes into account the
ESG factors capable of influencing the different types of risks to which the Company is exposed. Since 2023, the CDP
Group has adopted the \u201cESG Risk Assessment and Management\u201d Policy, extended to all Group companies, which sets
out the general guidelines for assessing ESG risks within second-level oversight and control frameworks, as well as the
\u201cESG Risk Assessment and Management\u201d Regulation applicable to CDP, which describes \u2013 in compliance with the
requirements established by the Group Policy \u2013 the methodological criteria adopted by the Parent Company for the
assessment of ESG risks. The Risk Policy, which is subject to updates at least every six months, is divided into the General
Risk Policy and the related documents, each of which addresses a specific category of risks or an area of risk assumption;
in conjunction with the Stress Testing Regulation, it also sets the framework for CDP\u2019s stress testing programme. The Risk
Policy is the key tool used by the Board of Directors to define the risk appetite of CDP, the tolerance thresholds, risk limits,
risk management policies and the framework of the corresponding organisational processes. The documents linked to the
General Risk Policy also specify the quantitative elements of the Risk Appetite Framework (\u201cRAF\u201d) and the RAF in terms
of IT and cyber risks. The Stress Testing Regulation describes the relative framework applied in CDP, comprising stress
tests, which are configured for each of the risks and carried out both in the context of periodic risk monitoring (as described
in the relevant paragraphs), and as part of strategic planning and periodic budgeting exercises (in this case, scenarios
based on all relevant risk factors are defined and evaluated). CDP also uses reverse stress testing exercises.
The guidelines for the risk management of the Parent Company, expressed by the General Risk Policy, set out provisions
about:
\u2022 the separation of roles and responsibilities in the assumption and control of risks;
\u2022 the organisational independence of risk control from the operational management of risks;
\u2022 rigorous risk measurement and control systems.
Since 2023, CDP has sent an annual report to the Bank of Italy (i.e. ICAAP/ILAAP Report) on its current and forward-
looking capital and liquidity situation. This report describes the fundamental characteristics of processes, exposure to risks
and the determination of capital as well as the liquidity risk governance and management system, and is prepared in a
manner consistent with requirements of prudential regulations for banks, taking into account the characteristics of the
supervised entity and special regulations regarding the separate account. RM ensures the preparation of this Report, to
be submitted to the competent Committees prior to approval from the Board of Directors.
The structure of the statutory, board and management committees is established at both Parent Company and Group level.
The specific responsibilities of the committees responsible for risk, in compliance with the principles adopted, are set out
by the internal regulations.
The Risk and Sustainability Committee is established within the Board of Directors of the Parent Company, whose
composition is governed by the Articles of Association and whose operation and organisation are set out in a specific
regulation, which is periodically updated. The Committee (i) carries out control and guidance functions in the field of risk
management and prior assessment of new products, and (ii) provides opinions in support of the Board on matters relating
to risk appetite, the RAF and capital allocation, evidence on the functioning of the internal control system and the
assessment of sustainability policies. The Committee also periodically reviews the results of the risk profile monitoring and
capital adequacy assessment activities as well as the activities of the liquidity risk governance and management system
carried out by the control functions.
At the Parent Company level, two managerial bodies of a technical-advisory nature are established, the Risk Governance
Committee and the Risk Assessment Committee \u2013 whose members\u2019 composition varies depending on the business scope
and the competent decision-making authority \u2013 which support management and the decision-making bodies for each
transaction; for specific, extraordinary or more relevant transactions proposed by subsidiaries, they operate as Group
Committees. The Risk Governance Committee is responsible for: (i) matters relevant to defining and monitoring CDP\u2019s
overall risk profile; (ii) matters relevant to the management of liquidity contingency situations; (iii) analysis of activities
related tothe internal capital and liquidity adequacy assessment , which results are reported in the corresponding reports
submitted to the Regulator
203
; and (iv) relevant aspects to the planning, reporting and monitoring of the integrated internal
control system.
The Risk Assessment Committee is instead responsible for: (i) assessing transactions, activities and business frameworks,
both credit-related and involving equity investments or divestments, analysed, inter alia, from risk, legal, economic and
financial sustainability and ESG perspectives; (ii) evaluating transactions deemed significant in terms of risk for the Parent
Company with respect to the limits set by the RAF and internal regulations safeguarding the reputational risk of
transactions; (iii) assessing proposals for the management of specific non-performing loans and credit litigation; and (iv)
periodically reviewing the risk profile of counterparties in the portfolio.
RM verifies compliance with the limits set by the Board of Directors and the operating limits established by the Chief
Executive Officer, recommending corrective actions to the Risk Governance Committee or the Risk Assessment
Committee, according to their responsibilities, that might be necessary to ensure compliance with the Policies adopted and
the risk appetite expressed by the RAF approved by CDP\u2019s Board of Directors, monitoring the use of economic capital with
respect to capital requirements and contributing to capital management activities.
VMRE, with reference to risks associated with the investment portfolio in equity interests and funds, performs: (i) on a
semi-annual basis, the monitoring of the risk profile of equity investments held directly or indirectly by CDP; (ii) during the
evaluation phase of an investment or divestment transaction, a preliminary analysis for identifying the main risks related
to the transaction and the corresponding mitigation measures; and (iii) second-level control activities related to the
valuation of equity interests held directly or indirectly and subject to impairment test.
Within the companies pertaining to the prudential consolidation perimeter, the risk control and management systems
include, in addition to the top management, the second-level control functions (Risk Management, Compliance, Anti-Money
Laundering) and third-level control functions (Internal Auditing).
SECTION 1 - THE RISKS OF ACCOUNTING CONSOLIDATION Quantitative disclosures A. Credit quality A.1 Non-performing and performing credit exposures: amounts, impairment adjustments, changes and economic distribution A.1.1 Breakdown of financial assets by portfolio and credit quality (carrying amounts)
Non-
Performing
Bad debts
Unlikely to
performing
past-due
Other performing
Total
(thousands of euro)
pay
past-due
exposures
exposures
Portfolios/quality
exposures
1. Financial assets measured at amortised cost
91,367
147,858
26,710
2,690
342,280,763
342,549,388
2. Financial assets measured at fair value through
other comprehensive income
11,779,654
11,779,654
3. Financial assets designated at fair value
193,221
193,221
4. Financial assets mandatorily measured at fair
value
2,370
3,043
61
9,080
14,554
5. Financial assets held for sale
Total 31/12/2025
93,737
147,858
29,753
2,751
354,262,718
354,536,817
Total 31/12/2024
105,294
135,228
28,211
6,215
351,781,514
352,056,462
The following table shows the breakdown of credit exposures for on-balance sheet forborne credit exposures (non- performing and performing loans). Forborne credit exposures: breakdown by portfolio and credit quality
(thousands of euro)
Accumulated
Net exposure
Net exposure
Type of exposition/value
Gross exposure
impairment
31/12/2025
31/12/2024
Forborne loans to customers:
Bad debts
406
(406)
Unlikely to pay
119,374
(55,398)
63,976
47,216
Non-performing past-due exposures
4,823
(140)
4,683
Performing past-due exposures
Other performing exposures
1,756,328
(133,654)
1,622,674
1,453,836
Total forborne exposures at 31/12/2025
1,880,931
(189,598)
1,691,333
X
Total forborne exposures at 31/12/2024
1,675,757
(174,705)
X
1,501,052
A.1.2 Breakdown of financial assets by portfolio and credit quality (gross and net values) (thousands of euro) Portfolios/quality
Non performing assets
Accumulated
Performing assets
Total (net
Gross
Specific
Net
partial write-
Gross
Net exposure
Portfolio
exposure)
exposure
adjustments
exposure
offs *
exposure
adjustments
1. Financial assets measured at
amortised cost
494,441
(228,506)
265,935
343,127,253
342,283,453
(843,800)
342,549,388
2. Financial assets measured at
fair value through other
comprehensive income
11,790,117
11,779,654
(10,463)
11,779,654
3. Financial assets designated at
fair value
X
193,221
X
193,221
4. Financial assets mandatorily
53,934
(48,521)
5,413
X
9,141
X
14,554
measured at fair value
5. Financial assets held for sale
Total 31/12/2025
548,375
(277,027)
271,348
354,917,370
354,265,469
(854,263)
354,536,817
Total 31/12/2024
528,928
(260,195)
268,733
352,444,022
351,787,729
(866,650)
352,056,462
* value to be shown for information purposes
(thousands of euro)
Assets with markedly poor credit quality
Other assets
Portfolios/Quality
Accumulated loss
Net exposure
Net exposure
1. Financial assets held for trading
389,014
2. Hedging derivatives
1,875,780
Total 31/12/2025
2,264,794
Total 31/12/2024
1,339,032
B. Disclosure of structured entities (other than securitisation companies) Not present at 31 December 2025. SECTION 2 \u2013 THE RISKS OF THE PRUDENTIAL CONSOLIDATION In compliance with the national and EU legal framework, the CDP Group is not subject to prudential supervision on a consolidated basis. This section, whose scope is the area of \u201cprudential consolidation\u201d, refers to the Parent Company CDP S.p.A. and to the following companies, subject to supervision on an individual basis: \u2022 CDP Real Asset SGR S.p.A. \u2022 Fondo Italiano di Investimento SGR S.p.A. \u2022 CDP Venture Capital SGR S.p.A. Pursuant to Art. 5, Decree Law no. 269, 30 September 2003, on the transformation of CDP into a joint-stock company, the provisions of Title V, Legislative Decree no. 385, 1 September 1993 for intermediaries in the list referred to in Art. 106 of the same legislative decree, \u201ctaking into account the characteristics of the supervised entity and the special regulations applicable to the separate account [\u2026]\u201d shall apply to CDP. Therefore, the transformation decree provides for a specific set of supervisory regulations for CDP, since the provisions relating to non-banking financial intermediaries cannot be directly applicable to it. On this point, it should be noted that since 2004 the Bank of Italy has been exercising mainly \u201cinformational\u201d supervision over CDP, conducted by using management data based on sectorial legislation, geared to acquiring aspects of knowledge and assessment on the business and organisation of CDP. It should also be noted that: \u2022 CDP is classified in the harmonised statistics of the European System of Central banks as \u201cother monetary financial institution\u201d (MFI), falling into the category of credit institutions and, as such, it is subject to the Eurosystem\u2019s minimum reserve requirement; and \u2022 CDP is one of the counterparties admitted to the Eurosystem monetary policy operations and, as such, quarterly sends to the Bank of Italy figures of a managerial nature on its capital adequacy. 1.1 Credit risk Qualitative disclosures 1. General aspects Credit risk arises primarily in relation to the lending activity \u2013 both under the Separate Account and the Ordinary Account \u2013 and, on a secondary level, in the form of counterparty risk, to hedging operations involving derivatives and treasury activities. The Separate Account, which is prevailing in terms of share of assets, primarily features exposures to the Italian Government and Local Entities. CDP is also authorised to grant treasury advances to local authorities within the treasury service operated by Poste Italiane, an activity whose risk profile is consistent with that of traditional lending; the scope of the service includes Municipalities, Provinces and Metropolitan Cities within predefined resident population thresholds. Exposures under the Separate Account to the main banking groups operating in Italy, through which CDP conveys various kinds of financing, in particular loans in support of SMEs continue to play an important role. Exposures under the Separate Account to private-sector parties involved in public interest projects promoted by Public Entities are also significant. Other exposures arise from the Fondo Rotativo per le Imprese (FRI, the revolving fund for enterprises), which to date are essentially immunized in terms of credit risk (as they are secured by a guarantee of last resort by the State), and those assumed to support the international expansion of companies and exports. With the Separate Account, interventions aimed at increasing energy efficiency and achieving the objectives established in the framework of international agreements on climate and environmental protection are also possible. Financing may also be granted for activities which have most recently started with the use of CDP own funds, in the context of International Cooperation & Development Finance. Under the Ordinary Account, CDP grants corporate and project financing loans on non-government-backed funding, in competition with banks. Loans from the Ordinary Account are mainly aimed at public services provision and at investments in research, development, innovation, protection and enhancement of cultural heritage, promotion of tourism, environment and energy efficiency, the green economy and initiatives for the growth of businesses, both in Italy and abroad. In line with CDP\u2019s strategic guidelines, in recent years operations targeting the small and medium-sized enterprise segment, while continuing to represent a minority share of the credit portfolio in terms of amounts, have gained increasing importance in terms of the number of transactions, driven by CDP\u2019s broader geographical presence across Italy and the strategic objective of supporting the growth of this category of counterparties. In recent years, CDP has supported Italian companies in coordination with the banking system, granting medium-/long- term loans secured from both SACE (for example SupportItalia, Archimede, Growth) and the EIB (through the European Guarantee Fund \u2013 EGF). During 2025, the development of initiatives within investment platforms or programmes funded by EU resources continued (including, in particular, the European Commission\u2019s \u201cInvestEU\u201d investment programme, for which CDP acts as Implementing Partner) or by national resources (such as the Guarantee Fund managed by Mediocredito Centrale), while maintaining alignment with CDP\u2019s typical risk profile. During 2025, CDP established dedicated Credit Lines for \u201cspecial\u201d financing to enable a greater risk appetite for transactions capable of generating significant impact on the country\u2019s priority needs, while maintaining control over the portfolio profitability target and overall financial stability. Specifically, the CDP Strategic Plan 2025\u20132027 identified three key priorities targeting major national needs on which to concentrate its action: i. Innovation: supporting the development of technological and digital solutions to stimulate research and improve corporate competitiveness. ii. ESG: promoting environmental, social and governance initiatives, supporting actions across multiple areas including ecological transition, energy efficiency and social improvement. iii. Southern Italy (and disadvantaged areas): supporting economic growth by financing local enterprises and strengthening development opportunities in regions with the greatest investment needs. Lastly, with regard to risks related to climate change, the impact on CDP\u2019s activities, strategy and financial planning may be reflected mainly through changes in the performance of the equity investments, as well as the loans granted and the bonds held. CDP\u2019s investments and loans include a variety of enterprises operating in different geographical areas and sectors, many of which are exposed to physical risk and/or transition risk. In addition, the impact of risks related to climate change may directly affect CDP\u2019s operations, which are largely conducted in Italy and fall within the financial sector. CDP Real Asset SGR is exposed to credit risk in the sense of counterparty risk, in connection with the fees received as fund manager. This exposure refers to managed funds and, indirectly, to the subscribers of these funds, considering the nature of recall funds. In this regard, it should be noted that the managed funds are mainly subscribed by the Parent Company. With reference to Fondo Italiano d\u2019Investimento SGR S.p.A., the exposure to credit risk is intended as the exposure to counterparty risk in relation to the management fees received by the managed funds. The exposure is nevertheless limited, both as a result of diversification by fund and investor and due to their credit quality; furthermore, it should be considered that the funds are largely subscribed by the Parent Company or by the controlling company. Similarly, CDP Venture Capital SGR S.p.A. is exposed to credit risk mainly in relation to the management fees received by the managed funds. Credit risk is currently considered limited, also in consideration of the diversification of the funds managed and the standing of the subscribers, which include the Parent Company as well as public sector entities. Finally, the exposure to counterparty risk in relation to the financial entities with which the company\u2019s liquidity is deposited is also attributable to credit risk. 2. Credit risk management policies 2.1 Organisational aspects The principles followed by CDP in its lending activities are set out in the Credit Risk Policy, which also defines the lending process and the roles of the involved units. Credit Assessment and Monitoring Area The Credit Assessment and Monitoring Area assesses the proposals advanced by CDP business units, as well as the most significant transactions submitted for a governance opinion by the subsidiaries; it is also responsible for assigning internal ratings and estimating the Loss Given Default (these parameters are used for management and accounting purposes and are determined in accordance with the Risk Policy and the Rating and Recovery Rate Policy 204 ). Credit Assessment and Monitoring is also responsible for the periodic review of the loan portfolio, regarding the evolution of the counterparty\u2019s financial situation and developments in their industry/sector, manages and monitors both exposures in Watch Lists and non-performing, and analyses counterparties for the purposes of internal or regulatory classification. With regard to non-performing counterparties, Credit Assessment and Monitoring reviews any restructuring proposals \u2013 where necessary with the support of other structures for more complex cases. Contractual amendment requests for performing loans (\u201cwaivers\u201d) are managed instead by the transactions-management structures of the business units. Governance and Risk Support Area The Governance and Risk Support Area: i. in relation to risk matters, it manages the technical secretariat activities of the company\u2019s managerial committees and provides support for the technical documentation to be provided to the internal board committees; ii. it is responsible for defining and updating CDP\u2019s internal policies with regard to risk-related matters; iii. it ensures the management and monitoring of internal cross-departmental projects within the Risk Department; iv. it supports the Risk Department in developing strategic proposals for approval by the corporate bodies, related to the risk areas to be implemented at both CDP and Group levels, ensuring their effectiveness is monitored within the Group; v. it oversees important special initiatives related to risk on assets identified by the Risk Department, working closely with other relevant organisational departments. Risk Management Area The Risk Management Area is responsible for the methodologies used to determine the risk-adjusted pricing, for the monitoring of the risk-adjusted return, and for the measurement of portfolio concentration. Risk Management regularly monitors the overall performance of loan portfolio risk, also to identify corrective actions designed to optimise the risk/return profile. With regard to credit risk, the responsibilities of Risk Management also include: \u2022 carrying out second-level controls: (i) to ensure that performance is monitored correctly; (ii) to ensure that the classifications of the individual exposures are consistent; (iii) to ensure that provisioning is adequate; (iv) to ensure that the recovery process is appropriate; (v) in general with regard to the restructuring proposals;formulating opinions on specific loan transactions in the specific cases detailed in the policy; \u2022 the preparation of opinions regarding specific credit transactions, in the cases provided for by the policies in effect from time to time; \u2022 defining, selecting and implementing models, methodologies, and tools (including those related to the internal rating system).
Risk Assessment Committee
The Risk Assessment Committee is a technical and advisory body supporting the decision-making bodies. One of its duties
is to give mandatory, non-binding opinions on financing transactions and operational frameworks, with regard to both the
creditworthiness and the adequacy of the applied contractual terms and conditions. The structure of the Risk Assessment
Committee varies according to the type and significance of the operations. To monitor the risks at group level, a specific
governance process is foreseen for the most significant transactions in terms of risk. In these cases, a non-binding opinion
must be obtained from the Parent Company, which is prepared by the Group Risk Assessment Committee. Specifically,
the Committee provides opinions on significant Group operations.
2.2 Management, measurement and control systems
With regard to the credit risk management and control policies of the Separate Account, CDP has adopted a system for
approving loans to local authorities. This system is used to classify each loan in homogeneous risk categories, by
adequately defining the risk level associated with the individual entities, with the aid of quantitative parameters that are
differentiated by type and size of entity.
This system of granting loans makes it possible to identify, through qualitative and quantitative criteria, cases for which an
in-depth analysis of the debtor\u2019s creditworthiness is necessary.
When setting the terms of financing in the case of Ordinary Account and for private entities within Separate Account, CDP
relies on a proprietary, validated model for the calculation of portfolio credit risk, consistent with the particular characteristics
of its business model. Using the same CDP portfolio model, it also calculates the economic capital associated with the
entire credit portfolio, excluding only positions related to sovereign risk, and helps determine risk-adjusted pricing according
to the marginal impacts on the portfolio\u2019s risks.
Risk Management Function monitors compliance with the system of limits and the guidelines for composition of the loan
portfolio, which are an integral part of the Risk Policy. The limits are set according to the credit rating of each counterparty
and become stricter as the rating and recovery rate decrease, according to proportions in line with the economic capital.
Risk Management also conducts stress tests on the level of risk in the loan portfolio, based on assumptions of generalised
deterioration in the portfolio\u2019s creditworthiness, increased probability of default, decreased recovery rates and increased
correlation parameters.
The methodologies adopted for the assignment of internal ratings aim to ensure compliance with an adequate level of
transparency and consistency, including auditability of the process of evaluation.
The benchmark rating models applied in the internal rating allocation process, whether developed in-house or supplied by
specialised external providers, are structured by reference to the characteristics of CDP\u2019s principal client segments,
including counterparties\u2019 size, legal status and industry sector. In particular, benchmark rating tools have been developed
internally for Small and Mid Corporate counterparties, local authorities (Metropolitan Cities, Provinces and Municipalities)
and for Italian banks. The internal benchmark rating tools include independent modules (quantitative, qualitative, payment
performance and group-based), which are integrated according to the information available. CDP constantly updates the
architecture of these models based on the results of their monitoring activities.
In line with the practice of the rating agencies, the rating scale adopted by CDP is divided into 21 classes, 10 of which are
for \u201cinvestment grade\u201d positions and 11 for \u201cspeculative grade\u201d. A class is also used for counterparties in default.
Given the limited number of historical defaults in the CDP portfolio, also considering the type of borrowers, default
probabilities are calibrated on the basis of long-term default rates (through-the-cycle) calculated using data acquired from
a specialised provider. Since 2018, as part of the implementation of IFRS 9, CDP defined a methodology to calculate point-
in-time default probabilities.
The internal estimates of Loss Given Default take into account the different types of guarantees, as well as recovery times,
and are differentiated by category of customer.
The internal rating system is applied at the lending stage (also to define risk-adjusted pricing for private entities), for
performance monitoring, for the calculation of collective provisions, within the limit framework, and for assessing portfolio
capital absorption. The risk assessment assigned to the counterparty is updated at least annually. However, it is reviewed
at any time during the year whenever events occur, or information is acquired, that have the potential to significantly affect
the creditworthiness.
In order to manage concentration risk, Risk Management regularly monitors the net current and potential future exposure
to banks arising from derivatives transactions. Risk Management checks compliance with the minimum internal rating limits
and the limits associated with the notional amount and maximum exposure value, by counterparty or group of related
counterparties. Similarly, Risk Management ensures the monitoring of exposures to counterparties in treasury activities,
checking compliance with the limits and criteria set out in the Risk Policy.
Risk Management monitors the management and regulatory classifications, the internal ratings assigned according to the procedure described above and the collective and analytical provisions, on a quarterly basis. Monitoring includes, in particular, verifying the correct functioning of the credit quality monitoring system (early warning). 2.3 Measurement methods of expected credit losses Since 1 January 2018, the new International Financial Reporting Standard 9 (IFRS 9, or the \u201cStandard\u201d), issued by the International Accounting Standards Board (IASB) on 24 July 2014 and endorsed by the European Commission through EU Regulation 2016/2067, has replaced IAS 39, and prescribes the classification and measurement of financial assets. The Standard has introduced numerous new aspects regarding scope, loan bucketing, a holding period for estimating expected credit loss, and in general certain characteristics of the basic components of credit risk: Probability of Default (PD), Exposure at Default (EAD) and Loss Given Default (LGD). The main changes, introduced since 2018, concern the presence of a single impairment model, to be applied to all financial assets not measured at fair value through income statement, based on the concept of expected credit loss, compared with the previous concept of incurred loss. The aim of this new approach to impairment is to ensure more timely recognition of losses compared to the previous IAS 39-compliant model, in which the losses were recognised if objective evidence of impairment losses after initial recognition of the asset was found. Conversely, the new model prescribes that the financial assets are allocated in three distinct \u201cstages\u201d (Stage Allocation): \u2022 stage 1: this stage refers to performing financial assets for which no significant credit impairment was recognised in comparison with the date of initial recognition. These assets are measured based on the expected loss over a time horizon of up to one year; \u2022 stage 2: this stage involves performing financial assets whose credit quality has significantly deteriorated since initial recognition. These financial assets are measured based on their expected credit loss, calculated over a time horizon corresponding to the residual life of the financial asset; \u2022 stage 3: this stage involves non-performing financial assets: having suffered a significant increase in their credit risk since initial recognition, they are measured accordingly based on the expected credit loss over the residual life of the financial asset. Any financial assets classified as POCI (purchased or originated credit impaired) that do not have a significant impact on CDP are classified separately and, in accordance with the accounting standards, cannot be transferred to another classification. CDP has defined its policies and methods of Stage Allocation and calculation of expected losses in compliance with the Standard and appropriate to the specific characteristics of the CDP Group, while taking into consideration the characteristics of the Parent Company\u2019s loan portfolio, whose main exposures are traditionally towards Public Entities and were originated in a timespan of more than one decade; consequently, that portfolio has recorded an extremely limited number of default events. The credit rating assigned to each counterparty includes, inter alia and to the extent relevant, assessments, also on a forward-looking basis, related to climate change and energy transition. As a result, the measurement of the ECL associated with each position may be affected, where there is a significant impact, by the exposure to risks related to these issues. Stage Allocation CDP has long since set up a series of internal processes and models for assessing creditworthiness, focused on the typical multi-year horizon of CDP\u2019s business and used in the ex-ante assessment phase, as well as in risk monitoring and risk calculation. The results of these processes and models are summed up in a scale of internal ratings to which a term structure on the probability of default is associated. The internal rating integrates all the key available information, including information on trends, since the structure of the internal rating system is forward-looking and takes into account the duration of the exposure. Stage Allocation is, therefore, mainly based on the use of these methods, that are considered appropriate for managing the CDP assets. In particular, the classification in the various stages involves verifying a series of relative and absolute conditions. The adoption of the new Standard does not lead to changes in the identification of non-performing assets, which are classified within stage 3. Conversely, with regard to performing assets, it is necessary to define criteria for assigning them to stage 1 or stage 2. The first element for identifying a significant impairment in creditworthiness is a change in the internal rating attributed to each operation between the initial date and the measurement date. The adopted method involves defining the staging criteria based on the number of notches that separate the two ratings: the threshold that causes the shift from stage 1 to stage 2 takes into account, among other things, the age of the individual operation and its rating on the reporting date. The first element allows CDP\u2019s expectations regarding changes in PD to be grasped (shifts in ratings over time), while, with regard to the second element, the threshold takes account of the fact that the probabilities of default increase in an uneven manner as the rating worsens (trends of the PD in line with the ratings). The decision to use the internal ratings as a benchmark was taken due, among other things, to the lack of significant past default events as mentioned above, which is a characteristic of CDP\u2019s loan portfolio and does not allow thresholds to be calibrated based on PD. Additional criteria specified by the Stage Allocation policy are of an absolute and not relative nature: all operations are classified in stage 2 if they relate to counterparties for which the following conditions apply: \u2022 they belong to specific monitoring classes (\u201cwatchlists\u201d, which highlight the need for particularly careful monitoring, even for exposures that are performing, because of specific levels of risk); \u2022 there are overdue amounts whose age and relative amount provide evidence of a possible deterioration of creditworthiness; \u2022 classification of positions as forborne. The existence of these elements ensures a gradual approach in classification, in order to reduce the likelihood of an operation being classified to stage 3 without having been classified to stage 2. In accordance with the Standard, one notes that when the conditions that led to a position being attributed to stage 2, in line with the Stage Allocation policy, hold no more, it may return to stage 1 with the consequent reduction in the associated expected loss. With regard to debt securities, it was necessary to develop certain additional considerations because, in contrast with loans, these types of exposures may involve acquisitions subsequent to the first purchase, performed on a case-by-case basis in accordance with the business models identified by CDP. In particular, it is necessary to take account of the time sequence of purchases and sales of the same security, so as to enable differentiated staging, where necessary, between two tranches purchased at different times when the corresponding creditworthiness may have been different. In the event of tranches of securities classified in stage 2, which require the calculation of the expected losses over the lifetime, the time profile of the EAD would be determined according to the actual redemption schedule of the individual tranches in line with their accounting measurement. The staging policy developed by CDP does not envisage the use of the \u201clow credit risk exemption\u201d (LCRE) for the portfolio of loans or for the portfolio of debt securities, even though this is an option allowed by IFRS 9. This exemption would involve classifying all positions with \u201clow\u201d credit risk (substantially similar to the \u201cinvestment grade\u201d threshold, i.e. from the \u201cBBB-\u201d rating upwards) in Stage 1, regardless of any changes in credit rating since origination. CDP has decided not to opt for this exemption, taking account of the recommendations of the Basel Committee, even though they are not binding for CDP, which state that banks authorised to use internal models for credit risk should not apply this exception to their loan portfolio. The approach chosen by CDP enables exposures to be treated in a uniform way, regardless of their technical form: in particular, one of the undesirable effects would have been the application of the LCRE to the securities portfolio, which would have led to differences in the classification of loans and securities issued by the same issuer and originated in the same period. As mentioned above, financial assets classified as POCI remain in that classification throughout their life. Elements for the calculation of expected loss The accounting standard specifies that after identifying the appropriate stage for each operation, to calculate the expected loss one must use all reasonable and sustainable information (that is available without excessive costs or effort), which might influence the credit risk of a financial asset. The available information must include: \u2022 specific attributes of the debtor, and \u2022 general economic conditions and the assessment of both current and forecast conditions (\u201cforward-looking information\u201d). With regard to the estimation of expected loss, IFRS 9 requires the adoption of the Point-in-Time (PIT) PD instead of the Through-the-Cycle (TTC) PD which CDP uses in measuring risks, also due to the nature of long-term investor which characterises its activity. Therefore, CDP has developed a method for determining the PIT PD starting from the TTC PD which are estimated using a sample of past external data, with methods that take into account possible future trends. In order to achieve the aims of the Standard, the TTC PD are made contingent upon macroeconomic scenarios; a short- term, forward-looking element is, therefore, added to the medium-to-long term forward-looking component already present in the TTC PD, through the introduction of an appropriate scale factor allowing the maintenance of the current forward- looking system, combined with a greater sensitivity towards the expected short-term trends. Within its own credit assessment and management methods, CDP has defined certain recovery values (and correspondingly Loss Given Defaults \u2013 LGD) based on expert opinions, adopting a conservative approach aimed at identifying the characteristic features of each position (i.e. existence of collateral or a \u201csecurity package\u201d), since it is unable to make use of a statistical approach due to the scarcity of events in its own portfolio. In those cases where an explicit value is not already provided for, reference was made to the instructions included in Regulation no. 2013/575/EU (CRR). The calculation of the expected loss over the time horizon that is consistent with the staging of each operation is based on the discounting of the expected cash flows according to the probability of default corresponding to the creditworthiness at the reporting date and to the LGD. Governance aspects The methodological framework was developed by Risk Management, in collaboration with Accounting. The adoption of key choices on the implementation of the Standard was discussed in the relevant committees (Internal Risk Committee, at managerial level, and the Board Committee) and was finally approved by the Board of Directors. Organisational and process adjustments were also developed to meet the increased data needs with respect to IAS 39. Changes due to escalation of ongoing conflicts and tariffs The escalation of ongoing conflicts and the adoption of protectionist measures in international trade, together with the resulting impacts on economic activity, have increased uncertainty, making it more difficult to formulate estimates relating to items such as potential future credit losses on assets measured at amortised cost and cash flows arising from equity or real estate assets. For CDP, the areas in which there is an increased level of uncertainty are mainly: \u2022 regulatory changes linked to measures adopted to respond to the economic situation, which might result in significant changes to the business model of one or more investee companies; \u2022 a possible acceleration in the energy transition dynamics, in particular with effects on investee companies that operate in the Oil & Gas industry or in related sectors; \u2022 a possible increase in the insolvency risk in the loan portfolio, in terms of both rating transitions and the higher probability of short-term default. With particular regard to this latter area \u2013 and to the application of IFRS 9 \u2013 no additional changes were deemed necessary in the valuation and measurement models for financial assets related to the economic situation. Assessment of the significant increase in credit risk (SICR) CDP has not made changes to its methodology for assessing the significant increase in credit risk, either as a result of Covid-19 or due to other factors, as it considers this methodology to be sufficiently broad and therefore adequate in the current context. Consistent with the characteristics of its loan portfolio, mainly including exposures with public counterparties, banks operating in Italy, large corporations and special-purpose vehicles operating in the infrastructure sector, CDP has noted, as at 31 December 2025, that changes in internal ratings are limited, even including the impacts of the economic situation on a forward-looking basis. Specifically, the phenomena observed, however limited, were mainly related to idiosyncratic factors and not directly consequent to geopolitical and economic events. Measurement of expected credit losses In measuring Expected Credit Losses, CDP applies the internally-developed methodology, which considers: \u2022 a reliable estimate of through-the-cycle probability of default, which incorporates not only historical data but also forward- looking information to ensure the reliability of the estimates even in situations of severe crisis, across the entire life of the financial instruments; \u2022 an internal model for estimating the cyclical component of probability of default, to produce forward-looking estimates of Point-In-Time parameters. The model applied to estimate the cyclical component is based on the main macroeconomic drivers including GDP and employment rate forecasts, with reference to the Eurozone and the USA. The quantitative model adopted internally has not changed and, in particular, no sector-based adjustments were made since it was deemed that alternative methods would not be more reliable in the current phase, also in light of the composition of CDP\u2019s loan portfolio, and might, at least potentially, introduce higher risks of arbitrariness. Despite the joint direct or indirect effects of the economic situation on counterparties in the portfolio being moderate so far, CDP has considered it necessary to apply a management overlay when quantifying the ECL, aimed at compensating for the effect of decreasing the Point-in-Time Probabilities of Default which would otherwise be connected to the trend recorded by the macroeconomic and credit indicators observed in the model. The application of this overlay, which is consistent with the recommendations of the Banking Regulators aimed at limiting excessive volatility in the measurement of reserves, refers to the contingent situation. CDP will assess developments in the economic environment and remove it when there is a return to a situation with fewer anomalies. 2.4 Credit risk mitigation techniques CDP mitigates the credit risk with respect to lending operations by using techniques commonly adopted in the banking industry. A significant number of CDP credit exposures in the Separate Account consists of special-purpose cash loans with adequate security framework (e.g., exposures with public local entities supported by payment orders to the Treasurers or an irrevocable mandate for collection). Financing under the Ordinary Account and the financing of non-Public Entities under the Separate Account can be secured by collateral or unsecured guarantees. Specifically, some of the products in support of the economy, which are channelled through the banking system and targeted at SMEs, and in support of the housing market, are secured through the pledge of the underlying loans to CDP and the creation of pledges on government bonds in favour of CDP. The portfolio of transferred receivables provides for mechanisms of alignment with respect to the direct exposures to banks and has an adequate quality level of customers transferred as a guarantee, including in terms of distribution by risk classes according to the system average values. Lastly, with regard to concentration risk, a system of limits has been defined according to the overall exposure to the bank (and of the group that it might belong to) in relation to the Equity of CDP and the Regulatory Capital of the bank (or its group). Aside from the acquisition of guarantees, typically in transactions under the Ordinary Account and in those with non-Public Entities under the Separate Account, it is possible to include clauses in the loan agreements, obligating the counterparty to satisfy appropriate financial covenants and other contractual clauses, typical for these types of transactions, that allow CDP to monitor its credit risk more effectively over the life of the transaction. With reference to loans to private-sector parties, in order to reduce the risk of an excessive incidence in the total debt, CDP takes part in financing alongside the banking system, assuming a share that does not usually exceed 50% of the entire transaction. With regard to project finance transactions, particular importance is placed on sponsor support for the initiative during the construction phase, both in terms of the commitment to inject additional resources if required and to remain in the shareholder structure until completion and start of operations. In terms of credit risk management and measurement, the Group as a whole adopts procedures to assess the quality of credit assets both at the initial assignment/concession and throughout the credit\u2019s duration, by monitoring the trends of performing positions in the portfolio. In particular, the system implemented ensures, through an early warning system, the prompt flagging up of credit events that indicates potential problems (based on information from both internal and external sources), and to assigns the counterparty a specific internal Bonis-Watch List class depending on the level of importance of the identified signals, also triggering the assessment process for regulatory classification purposes. In addition, this calculation engine, leveraging specific indicators, generates proposals for regulatory classification, with a focus on \u201cUnlikely to Pay\u201d. Regarding derivatives transactions performed for hedging purposes with banking counterparties, exposure is reduced due to netting carried out thanks to the use of ISDA agreements. Credit Support Annexes, which involve the periodic exchange of collateral, are also systematically used to strengthen CDP credit risk mitigation. The arrangement is based on the standard format recommended by the ISDA. In executing its hedging strategies, CDP relies on clearing houses. Securities financing transactions utilise framework netting arrangements such as GMRAs (Global Master Repurchase Agreement, ICMA formats). In addition, CDP has long since joined the Euronext Clearing House (previously called Cassa di Compensazione e Garanzia), through which it transacts in repo agreements while benefiting from robust protections against counterparty risk. CDP conducts its securities lending activities under the framework of the Global Master Securities Lending Agreement (GMSLA). 3. Non-performing credit exposures 3.1 Management strategies and policies In the 2025 financial year, gross non-performing credit exposures remain marginal in relation to the overall credit portfolio. Credit exposures are classified in order to identify \u2013 based on information about the counterparty\u2019s financial position, the age of the past-due amounts, the materiality thresholds indicated by supervisory regulations, and any debt restructuring authorised by CDP \u2013 the non-performing positions to be reported in the non-performing portfolio. In this regard, the classification of CDP\u2019s credit exposures is based on a substantial alignment between the definition of \u201cnon-performing exposures\u201d contained in the Implementing Technical Standards issued by the EBA in 2014, the definition of \u201cdefault\u201d contained in the EBA Guidelines on the application of the definition of default under Article 178 of EU Regulation 575/2013 and the definition of \u201ccredit-impaired\u201d governed by IFRS 9, with the consequent recognition of all the non-performing exposures as part of stage 3. Non-performing financial assets are measured and classified in accordance with the accounting standards and the provisions of Bank of Italy Circular No. 272/2008. On the basis of the current regulatory framework, non-performing financial assets are classified in one of the following categories: \u2022 non-performing past-due exposures: on-balance sheet exposures, other than those defined as bad debts or unlikely to pay, that have been continuously past-due for more than 90 days for an amount that exceeds both the materiality thresholds (absolute and relative) provided for by the aforementioned regulations; \u2022 unlikely to pay: on- and off-balance sheet exposures for which the conditions for the classification as bad debts are not met and for which it is considered unlikely that, without actions such as the enforcement of guarantees, the debtor will fully meet (principal and/or interest) its credit obligations. This assessment is made regardless of the presence of any overdue and unpaid amounts (or instalments); \u2022 bad debts: exposures to an entity in a state of insolvency (even if not judicially ascertained) or in substantially comparable situations, regardless of any forecasts of loss on the exposure. Those exposures for which the anomalous situation is attributable to country risk are excluded. In identifying non-performing exposures, CDP assesses the overall situation of the counterparty and not of the individual credit lines granted to the same, therefore adopting a \u201cper individual debtor\u201d approach. The main events monitored in analysing the financial soundness of counterparties and the consequent valuation of the credit exposure in the financial statements regard failure to make payments (or other contractual breaches), declarations of financial distress by local authorities, the activation of crisis and insolvency resolution tools for other financed entities, the review of key financial indicators, and the analysis of information from the Central Credit Register. Non-performing assets are recognised in the financial statements on the basis of discounting expected cash flows over the asset\u2019s entire lifetime, calculated using the original effective interest rate of the specific loan. The amount of the adjustments is equal to the difference between the carrying value of the asset and the discounted value of the expected future cash flows. The estimate of the cash flows and the consequent adjustment of the value of loans considers any collateral or unsecured guarantees received. In particular, it considers the amounts granted but not disbursed on special purpose loans, for which disbursements are made in several instalments according to the work progress reports on the financed project. Borrowers with substantial arrears are disqualified from accessing new CDP financing and any remaining amounts to be disbursed on problem loans are frozen. In order to estimate future cash flows and related collection times, the loans in question of a significant unit value are subject to an analytical assessment process. For some consistent categories of non-performing loans of non-significant unit value, the assessment processes envisage that impairments must be determined with a lump-sum/statistical calculation method, to be analytically attributed to each individual position. The assessment is reviewed whenever new information is received on events that might modify the outlook for recovery of the credit exposure. In order for these events to be promptly recorded, available information on the financial position and earnings of the debtors is periodically monitored and the progress of any extra-judicial agreements being made and the evolution of any lawsuits with customers are constantly checked, while the information available from the Central Credit Register is verified. CDP has structures dedicated to the monitoring and management of non-performing exposures, which cover all phases of the life cycle of non-performing loans, from careful monitoring of the performing portfolio through to credit recovery. The monitoring, carried out by the Credit Monitoring function with the aid of the other organisational units involved, is aimed at detecting the first signs of deterioration in the counterparty\u2019s credit quality, as well as identifying the corrective measures needed to manage the potential deterioration of the exposures. The recovery of non-performing exposures, carried out by the \u201cCredit Restructuring and Problem loans\u201d and \u201cCredit Recovery\u201d structures, is aimed at maximising earnings and financial results, by pursuing extra-judicial solutions as deemed appropriate. These may include restructuring arrangements or settlement agreements having a positive impact on recovery times and the level of costs incurred. The return to performing status of credit exposures is subject to verification that the problem conditions or insolvency have been eliminated and can take place only after at least 3 months (or 12 months for exposures subject to forbearance measures) have passed since they no longer meet the conditions for being classified as such. Both the classification and valuation processes of the individual financial assets are based on a system of delegations of powers to various decision-making bodies, depending on the asset class of the debtor and the amount of the credit exposure. The consistent placement of an exposure in the appropriate risk class, as mandated by supervisory regulations, is also ensured by the presence of second-level controls, aimed at verifying not only the fairness of the classifications but also the fairness of the accruals. Finally, non-performing exposures include individual forborne exposures that meet the definition of \u201cNon-performing exposures with forbearance measures\u201d envisaged by the EBA ITS (European Banking Authority Implementing Technical Standards), which do not form a separate category of non-performing assets but constitute a subset thereof. In the same way, performing exposures with forbearance measures are included in performing loans. 3.2 Write-offs Credit exposures are written off, i.e. derecognised, when there is no longer any reasonable expectation of recovering the financial asset, including in cases of surrender of the asset. The write-off may relate to a financial position in its entirety or part of it and may even occur before the end of any legal actions that have been brought, without necessarily entailing waiver of the legal right to recover the debt. In such cases, the gross nominal value of the loan remains the same, but the gross carrying amount is reduced by the amount being written off. Any recoveries from collection after derecognition of the asset are recognised through profit or loss under recoveries. In assessing the recoverability of non-performing loans, the following points, in particular, are taken into consideration: \u2022 the age of past due positions, which could make any expectation of recovery substantially inexistent; \u2022 the amount of the loan, in order to assess the cost-effectiveness of any credit recovery measures; \u2022 the value of the guarantees that secure the exposure; \u2022 the negative outcome of any action taken in and out of court. 3.3. Purchased or Originated Credit-Impaired financial assets \u201cPurchased or Originated Credit-Impaired (POCI) financial assets\u201d are credit exposures that are impaired at the time of initial recognition. Considering CDP\u2019s business operations, these exposures originated exclusively within the scope of restructuring operations for impaired exposures where new funds are disbursed, to a significant extent with respect to the amount of the original exposure. For the purposes of interest calculation, for POCI exposures the credit-adjusted effective interest rate is used, which, in estimating future cash flows, considers the expected credit losses over the residual maturity of the asset. 4. Renegotiated financial assets and forborne exposures Over the maturity of financial assets, and specifically for financial assets measured at amortised cost, it is possible that they are subject to renegotiation of the contract terms. In that case, one needs to check whether or not the intervening contractual changes give rise to derecognition of the original instrument and the recognition of a new financial instrument. The analysis required to assess which changes give rise to derecognition rather than modification may sometimes entail significant elements of valuation. In general, changes to a financial asset result in its derecognition and the recognition of a new asset when such changes are substantial in nature. However, in the absence of specific instructions in the IFRS to which one can refer, a list of major changes has been drawn up which led to a substantial change in the terms of the existing contract, by introducing a different nature of risks and entailing, therefore, derecognition. The list is as follows: \u2022 change of the counterparty; \u2022 change in the reference currency; \u2022 replacement of debt to equity; \u2022 acceptance in lieu, whose repayment depends on the fair value of an asset; \u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that expose the debtor to new risk components; \u2022 changes granted to performing customers, who do not show any economic and financial difficulties (thus not falling into the series of so-called \u201cforborne\u201d exposures) and which involve the use of market parameters for the restatement of the financial conditions of the loan agreement, also with the aim of retaining the customer. With specific reference to the granting of loans to Public Entities, which is one of the main activities historically performed by the Parent Company, over the last few years the latter has put several loan renegotiation transactions in place, with the aim of meeting specific needs expressed by the entities and releasing financial resources that the entities can use for new investments as well.
These renegotiations are carried out according to the principle of financial equivalence and are aimed at entities other than
defaulting ones and, for local authorities, entities that are not in financial crisis.
The renegotiation transactions proposed by the Parent Company, executed in compliance with the regulations in force at
the time, are particularly relevant in public sector finance, to the point that the transactions carried out in recent years have
involved multiple positions and a considerable total amount of renegotiated loans. Therefore, these renegotiations
represent \u201cmassive renegotiations\u201d.
Their aims, the reference regulatory framework, their scope and the involvement, historically, of multiple renegotiated
positions for a considerable total amount represent their qualitative and quantitative characteristics that further emphasise
the existence of key elements from which the \u201csubstantial\u201d nature emerges of the contractual changes they made to the
loans involved, therefore entailing derecognition.
On the other hand, in the event of changes not deemed significant (modification), the gross value is re-determined through
the calculation of the current value of the cash flows resulting from the renegotiation, at the original exposure rate.
The difference between the gross value of the financial instrument before and after the renegotiation of contract terms, is
recognised through profit or loss as a gain or loss from contractual changes without derecognition.
Quantitative disclosures
A. Credit quality
A.1 Non-performing and performing credit exposures: amounts, impairment adjustments, changes and
economic distribution
A.1.1 Prudential consolidation - Breakdown of financial assets by past-due bands (carrying amounts)
Purchased or originated
Stage 1
Stage 2
Stage 3
assets
credit impaired financial
more
more
more
more
than 30
more
than 30
more
than 30
than 30
more
(thousands of euro)
up to 30
days to
than 90
up to 30
days to
than 90
up to 30
days to
more than
up to 30
days to
than 90
Portfolios/risk stages
days
90 days
days
days
90 days
days
days
90 days
90 days
days
90 days
days
1. Financial assets
1,203
287
205,103
measured at amortised
cost
2. Financial assets
measured at fair value
through other
comprehesinve income
3. Financial assets held
for sale
Total 31/12/2025
1,203
-
287
-
-
-
-
-
205,103
-
-
-
Total 31/12/2024
199
777
23
2,464
195,086
Accumulated impairment
accumulated impairment and provisions
Accumulated impairment
Assets in stage 1
Assets in stage 2
Financial assets
Financial assets
Financial
measured
Financial
measured
Loans to
assets
at fair value
Loans to
assets
at fair value
banks and
measured at
through other
Financial
of which:
of which:
banks and
measured at
through other
Financial
of which:
of which:
A.1.2 Prudential consolidation \u2013 Financial assets, commitments to disburse funds and financial guarantees issued: changes in
(thousands of euros)
Central banks
amortised
comprehensive
assets held
individual
collective
Central banks
amortised
comprehensive
assets held
individual
collective
Items/risk stages
on demand
cost
income\"
for sale
impairment
impairment
on demand
cost
income\"
for sale
impairment
impairment
Opening accumulated impairment
18
386,757
9,676
33
396,418
410,231
410,231
and provisions
Changes in opening balance
Increases resulting from financial
54,323
5,027
59,350
4,721
4,721
assets purchased or originated
Derecognitions other than write-offs
(1)
(17,132)
(1,314)
(18,447)
(2,164)
(2,164)
Net adjustments/recoveries for credit
(37,935)
(3,178)
(41,113)
(34,427)
(34,427)
risk (+/-)
Contractual amendments without
(172)
(172)
3,590
3,590
derecognition
Changes in estimation method
Write-offs not recognised directly
through profit or loss
Other changes
(6)
(1,166)
(1,172)
(922)
(922)
CLOSING ACCUMULATED
11
384,675
10,211
33
394,864
381,029
381,029
IMPAIRMENT AND PROVISIONS
Recoveries from collection on financial
assets subject to write-off
Write-offs recognised directly through
profit or loss
(continued) Accumulated impairment
Accumulated impairment
Total provisions for commitments to disburse
Assets in stage 3
Purchased or originated credit impaired financial assets
funds and financial guarantees issued
Commitments
Financial
Financial
to disburse
Financial
assets
Financial
assets
funds and fin.
Loans to
assets
measured
assets
measured
guarantees
banks and
measured
at fair value
Financial
measured
at fair value
Financial
issued
Central
at
through other
assets
of which:
of which:
at
through other
assets
of which:
of which:
purchased
(thousands of euros)
banks on
amortised
comprehensive
held for
individual
collective
amortised
comprehensive
held for
individual
collective
or originated
Items/risk stages
demand
cost
income\"
sale
impairment
impairment
cost
income\"
sale
impairment
impairment
Stage 1
Stage 2
Stage 3
impaired
31/12/2025
Opening accumulated
172,621
172,607
14
493,167
462
286
1,473,218
impairment and
provisions
Changes in opening
balance
Increases resulting
11,514
11,514
X
X
X
X
X
28,670
457
104,712
from financial assets
purchased or originated
Derecognitions other
than write-offs
(11,513)
(11,513)
(18,100)
(362)
(73)
(50,659)
Net adjustments/
4,186
4,090
96
(60,365)
35
88
(131,596)
recoveries for credit
risk (+/-)
Contractual
140
140
(205,617)
(202,059)
amendments without
derecognition
Changes in estimation
method
Write-offs not
recognised directly
(128)
(128)
(128)
through profit or loss
Other changes
(440)
(2,534)
CLOSING
176,820
176,710
110
237,315
592
301
1,190,954
ACCUMULATED
IMPAIRMENT AND
PROVISIONS
Recoveries from
collection on financial
assets subject to
write-off
Write-offs recognised
(136)
directly through profit
or loss
Gross exposure / nominal value
Transfers between stage 1
Transfers between stage 2
Transfers between stage 1
and stage 2
between credit risk stages (gross and nominal values)
and stage 3
and stage 3
(thousands of euros)
From stage
From stage
From stage
From stage
From stage
From stage
A.1.3 Prudential consolidation \u2013 Financial assets, commitments to disburse funds and financial guarantees issued: transfers
Items/risk stages
1 to stage 2
2 to stage 1
2 to stage 3
3 to stage 2
1 to stage 3
3 to stage 1
1. Financial assets measured at amortised cost
291,923
78,463
2,526
424
31,868
731
2. Financial assets measured at fair value through other
comprehensive income
3. Financial assets held for sale
4. Commitments to disburse funds and financial
4,057
2,061
5,557
887
guarantees issued
TOTAL 31/12/2025
295,980
80,524
2,526
424
37,425
1,618
Total 31/12/2024
83,590
417,197
21,864
3,068
92,324
11,135
Gross exposure
New liquidity provided via public guarantee schemes rolled out during the Covid-19 pandemic
Transfers between stage 1
Transfers between stage 1
Transfers between stage 1
and stage 2
and stage 2
and stage 3
(thousands of euros)
From stage
From stage
From stage
From stage
From stage
From stage
Items/risk stages
1 to stage 2
2 to stage 1
2 to stage 3
3 to stage 2
1 to stage 3
3 to stage 1
This table represents the gross value of loans measured at amortised cost, as of the balance sheet date, representing the new liquidity
provided through public guarantee mechanisms issued during the Covid-19 pandemic. This includes cases where the risk stage of the
LOANS MEASURED AT AMORTISED COST 31/12/2025
7,554
885
8,390
Loans measured at amortised cost 31/12/2024
21,379
47,286
exposures at the end of the year differs from their stage at the beginning of the year (or initial recognition date if later).
Gross value
Accumulated impairment and provisions
Purchased
Purchased
or
or
originated
originated
credit
credit
impaired
impaired
Accumulated
A.1.4 Prudential consolidation \u2013 On-balance-sheet and off-balance-sheet credit exposures to banks: gross and net amounts
(thousands of euros)
financial
financial
Net
partial write-
Type of exposures / values
Total
Stage 1
Stage 2
Stage 3
assets
Total
Stage 1
Stage 2
Stage 3
assets
exposure
off
(*)
A. On-balance-sheet
credit exposures
A.1 On demand
2,512,007
2,512,007
(11)
(11)
2,511,996
a) Non-performing
X
X
b) Performing
2,512,007
2,512,007
X
(11)
(11)
X
2,511,996
A.2 Others
30,260,400
30,242,291
18,109
(42,004)
(39,102)
(2,902)
30,218,396
a) Bad debts
X
X
- of which: forborne
X
X
exposures
b) Unlikely to pay
X
X
- of which: forborne
X
X
exposures
c) Non-performing past
X
X
due positions
- of which: forborne
X
X
exposures
d) Performing past due
73
73
X
X
73
positions
- of which: forborne
X
X
exposures
e) Other performing
30,260,327
30,242,218
18,109
X
(42,004)
(39,102)
(2,902)
X
30,218,323
positions
- of which: forborne
X
X
exposures
Total (A)
32,772,407
32,754,298
18,109
(42,015)
(39,113)
(2,902)
32,730,392
B. Off-balance-sheet
credit exposures
a) Non-performing
X
X
b) Others
3,183,112
1,081,391
X
(2,059)
(2,059)
X
3,181,053
Total (B)
3,183,112
1,081,391
(2,059)
(2,059)
3,181,053
TOTAL (A+B)
35,955,519
33,835,689
(*) value to be shown for information purposes.
18,109
(44,074)
(41,172)
(2,902)
35,911,445
Gross value
Accumulated impairment and provisions
Purchased
Purchased
or
or
originated
originated
credit
credit
impaired
impaired
Accumulated
A.1.5 Prudential consolidation \u2013 On-balance sheet and off-balance sheet credit exposures to customers: gross and net amounts
(thousands of euros)
financial
financial
Net
partial write-
Type of exposures / values
Total
Stage 1
Stage 2
Stage 3
assets
Total
Stage 1
Stage 2
Stage 3
assets
exposure
off
(*)
A. On-balance-sheet
credit exposures
a) Bad debts
151,027
X
151,027
(72,564)
X
(72,564)
78,463
- of which: forborne
406
X
406
(406)
X
(406)
exposures
b) Unlikely to pay
249,144
X
249,144
(101,286)
X
(101,286)
147,858
- of which: forborne
119,374
X
119,374
(55,398)
X
(55,398)
63,976
exposures
c) Non-performing past
29,554
X
29,554
(2,970)
X
(2,970)
26,584
due positions
- of which: forborne
4,823
X
4,823
(140)
X
(140)
4,683
exposures
d) Performing past due
1,421
1,421
X
(4)
(4)
X
1,417
positions
- of which: forborne
X
X
exposures
e) Other performing
319,734,006
309,599,339
10,134,667
X
(733,907)
(355,780)
(378,128)
X
319,000,098
positions
- of which: forborne
1,756,328
1,756,328
X
(133,654)
(133,654)
X
1,622,674
exposures
Total (A)
320,165,152
309,600,760
10,134,667
429,725
(910,731)
(355,784)
(378,128)
(176,820)
319,254,420
B. Off-balance-sheet
credit exposures
a) Non-performing
8,238
X
8,238
(301)
X
(301)
7,937
b) Others
35,319,238
27,450,420
19,901
X
(319,545)
(318,953)
(592)
X
34,999,693
Total (B)
35,327,476
27,450,420
19,901
8,238
(319,846)
(318,953)
(592)
(301)
35,007,630
TOTAL (A + B)
355,492,628
337,051,180
10,154,568
(*) value to be shown for information purposes.
437,963
(1,230,577)
(674,737)
(378,720)
(177,121)
354,262,050
Gross value
Accumulated impairment
New liquidity provided via public guarantee schemes rolled out during the Covid-19 pandemic
Purchased
Purchased
or originated
or originated
credit
credit
impaired
impaired
Accumulated
(thousands of euros)
financial
financial
Net
partial write-
Type of exposures / values
Total
Stage 1
Stage 2
Stage 3
assets
Total
Stage 1
Stage 2
Stage 3
assets
exposure
off
(*)
A. Bad debts
445
445
(445)
(445)
B. Unlikely to pay credit
85,323
85,323
(10,463)
(10,463)
74,860
exposures
C. Non-performing past-
due credit exposures
D. Performing past due
positions
E. Other performing
150,055
140,061
9,994
(508)
(428)
(80)
149,547
positions
This table represents the outstanding loans as of the balance sheet date, reflecting the newly provided liquidity through public gua-
rantee mechanisms issued in response to the COVID-19 pandemic. Furthermore, it provides a breakdown of the gross value and
TOTAL (A+B+C+D+E)
235,823
140,061
(*) value to be shown for information purposes.
9,994
85,768
There are no forborne credit exposures to banks.
(11,416)
No impaired credit exposures towards banks have been recorded.
(428)
(80)
(10,908)
accumulated impairment adjustments for different categories of performing and non-performing assets.
224,407
A.1.6 Prudential consolidation \u2013 On-balance sheet exposures to banks: changes in gross non-performing positions
A.1.6-bis Prudential consolidation \u2013 On-balance-sheet exposures to banks: changes in gross forborne exposures by credit quality
A.1.7 Prudential consolidation - On-balance sheet exposures to customers: changes in gross non-performing positions
(thousands of euro) Impaired past-due
Items/Categories
Bad debts
Unlikely to pay
exposures
A.Opening gross exposure
156,747
229,347
28,577
- of which: exposures assigned but not derecognised
B. Increases
6,224
46,184
15,759
B.1 transfers from performing loans
499
B.2 transfers from purchased or originated credit impaired
30,681
14,067
financial assets
B.3 transfers from other categories of impaired exposures
54
9,593
B.4 changes in contracts without derecognition
B.5 other increases
6,170
5,910
1,193
C. Decreases
11,944
26,387
14,782
C.1 to performing loans
1,174
C.2 write-offs
128
136
C.3 collections
11,758
23,043
3,465
C.4 gains on disposal
258
C.5 losses on disponsal
C.6 transfers to other categories of impaired exposures
35
9,612
C.7 changes in contracts without derecognition
181
C.8 other decreases
58
2,734
531
D. Closing gross exposure
151,027
249,144
29,554
- of which: exposures assigned but not derecognised
A.1.7-bis Prudential consolidation - On-balance sheet exposures to customers: changes in gross forborne exposures by credit quality
Forborne
Forborne
(thousands of euros) exposures: exposures:
Items/Quality
non-performing
performing
A. Opening gross exposure
90,661
1,585,096
- of which: exposures assigned but not derecognised
B. Increase
41,724
388,225
B.1 transfers from performing loans not forborne
4,823
334,575
B.2 transfers from forborne performing loans
8,852
X
B.3 transfers from forborne non-performing loans
X
B.4 transfers from non-forborne non-performing loans
25,682
53,650
B.5 other increases
2,367
C. Decreases
7,782
216,993
C.1 Transfers to non-forborne performing loans
X
C.2 Transfers to forborne performing loans
X
C.3 Transfers to forborne non-performing loans
X
8,852
C.4 write-off
C.5 collections
7,686
144,569
C.6 gains on disposal
C.7 losses on disposal
C.8 other decreases
96
63,572
D. Closing gross exposure
124,603
1,756,328
- of which: exposures assigned but not derecognised
A.1.8 Prudential consolidation - On-balance sheet non-performing credit exposures to banks: changes in accumulated impairment There are no impaired cash credit exposures to banks. A.1.9 Prudential consolidation - On-balance sheet non-performing credit exposures to customers: changes in accumulated impairment
Impaired past-due
Bad debts
Unlikely to pay
exposures
of which of which of which
(thousands of euros) forborne forborne forborne
Items/Categories Total
exposures
Total
exposures
Total
exposures
A. Opening accumulated impairment
75,370
440
94,119
43,005
3,132
- of which: exposures assigned but not derecognised
B. Increases
45
86
10,464
13,781
522
140
B.1 writedowns on purchased or originated credit
X
X
X
impaired financial assets
B.2 other writedowns
11
9,274
3,703
449
138
B.3 losses on disposal
B.4 transfers to other categories of impaired positions
30
160
B.5 changes in contracts without derecognition
B.6 other increases
4
86
1,030
10,078
73
2
C. Decreases
2,851
120
3,297
1,388
684
C.1 writebacks from valuations
C.2 writebacks from collection
2,723
120
1,611
1,350
523
C.3 gains on disposal
259
C.4 writeoffs
128
136
C.5 transfers to other categories of impaired positions
29
161
C.6 changes in contracts without derecognition
C.7 other decreases
1,262
38
D. CLOSING ACCUMULATED IMPAIRMENT
72,564
406
101,286
55,398
2,970
140
- of which: exposures assigned but not derecognised
External rating grades
(thousands of euros)
Type of exposures
Class 1
Class 2
external rating classes (gross amounts)
Class 3
Class 4
A.2 Classification of exposures based on external and internal ratings
Class 5
Class 6
Not rated
Total
A.2.1 Prudential consolidation - Breakdown of financial assets, commitments to disburse funds and financial guarantees issued by
A.
Financial assets measured at
3,692,738
15,077,495
256,606,525
4,037,273
396,233
18,109
59,441,152
339,269,525
amortised cost
- Stage 1
3,692,738
15,077,495
251,604,497
4,037,273
396,233
53,878,788
328,687,024
- Stage 2
5,002,028
18,109
5,132,639
10,152,776
- Stage 3
429,725
429,725
-
Purchased or
originated credit
impaired financial assets
B.
Financial assets measured
231,748
603,786
10,317,293
3,199
11,156,026
at fair value through other
comprehensive income
- Stage 1
231,748
603,786
10,317,293
3,199
11,156,026
- Stage 2
- Stage 3
-
Purchased or
originated credit
impaired financial assets
C.
Financial assets held for sale
- Stage 1
- Stage 2
- Stage 3
-
Purchased or
originated credit
impaired financial assets
Total (A + B + C)
3,924,486
15,681,281
266,923,818
4,040,472
396,233
18,109
59,441,152
350,425,551
D.
Commitments to disburse
funds and financial guarantees
issued
- Stage 1
1,836
1,311,285
9,179,310
864,098
85,043
17,090,238
28,531,810
- Stage 2
19,901
19,901
- Stage 3
8,238
8,238
-
Purchased or
originated credit
impaired financial assets
Total (D)
1,836
1,311,285
9,179,310
864,098
85,043
17,118,377
28,559,949
Total (A + B + C + D)
3,926,322
16,992,566
276,103,128
4,904,570
The following table maps the rating grades and the agency ratings used.
481,276
18,109
76,559,529
378,985,500
ECAI
Rating grades
Moody's
Fitch
Standard & Poor's
Class 1
from Aaa to Aa3
from AAA to AA-
from AAA to AA-
Class 2
from A1 to A3
from A+ to A-
from A+ to A-
Class 3
from Baa1 to Baa3
from BBB+ to BBB-
from BBB+ to BBB-
Class 4
from Ba1 to Ba3
from BB+ to BB-
from BB+ to BB-
Class 5
from B1 to B3
from B+ to B-
from B+ to B-
Class 6
Caa1 and lower
CCC+ and lower
CCC+ and lower
Personal guarantees (2)
Collateral (1)
Credit derivatives
Commitments
A.3.1 Prudential consolidation - On-balance sheet and off-balance sheet secured credit exposures to banks
Other derivatives
Land
and bu-
Land and
Other
Other
ildings
buildings
Central
financial
General
financial
Gross
Net
- mort-
- finance
Other
A.3 Breakdown of secured exposures by type of guarantee
counter-
compa-
govern-
compa-
Total
(thousands of euros)
exposure
exposure
gages
leases Securities
assets
CLN
parties
Banks
nies
Other
ment
Banks
nies
Other
(1) + (2)
1. Secured on-balance-
sheet credit exposures:
1.1 fully secured
17,151,012
17,126,026
497,817
4,912,919
11,715,290
17,126,026
of which: non-
performing
1.2 partially secured
454,788
453,290
353,532
15,000
368,532
of which: non-
performing
2.
Secured off-balance-
sheet credit exposures:
2.1 fully secured
1,003,306
1,002,341
1,002,341
1,002,341
of which: non-
performing
2.2 partially secured
13,723
13,709
13,561
13,561
of which: non-
performing
Personal guarantees (2)
Collateral (1)
Credit derivatives
Commitments
A.3.2 Prudential consolidation - On-balance sheet and off-balance sheet secured credit exposures to customers
Other derivatives
Land
and bu-
Land and
Other
Other
ildings
buildings
Central
financial
General
financial
Gross
Net
- mort-
- finance
Other
counter-
compa-
govern-
compa-
Total
(thousands of euros)
exposure
exposure
gages
leases Securities
assets
CLN
parties
Banks
nies
Other
ment
Banks
nies
Other
(1) + (2)
1. Secured on-balance-
sheet credit exposures:
1.1 fully secured
17,036,368
16,974,278
450,438
8,012,577
460,030
5,599,115
3,269
244,202
1,495,611
16,265,242
of which: non-
performing
193,877
162,333
6,384
147,793
7,994
162,171
1.2 partially secured
14,847,425
14,788,558
10,327
390,385
9,607,386
520,281
2,492
384,272
10,915,143
of which: non-
performing
43,171
33,763
31,658
903
32,561
2.
Secured off-balance-
sheet credit exposures:
2.1 fully secured
9,892,979
9,857,197
268,152
3,756
68,587
7,972,926
269,283
65,603
1,182,604
9,830,911
of which: non-
performing
8,238
7,936
85
7,852
7,937
2.2 partially secured
5,521,786
5,270,986
112,993
3,088,262
246,027
303,679
3,750,961
of which: non-
performing
A.4 Financial and non-financial assets obtained through the enforcement of guarantees received There are no financial and non-financial assets obtained through the enforcement of collateral. It should be noted that the prudential Group holds equity instruments that were not previously granted by the debtor as collateral for loans disbursed but originate from the conversion of impaired financial assets, recognised in the financial statements at zero value under \u201cFinancial assets measured at fair value through other comprehensive income\u201d when they were initially recognised and maintained at this value at 31 December 2025. B. Breakdown and concentration of credit exposures B.1 Prudential consolidation - On-balance-sheet and off-balance-sheet credit exposures to customers by sector
Financial companies
(of which: insurance
General Government
Financial companies
undertakings)
Non financial companies
Households
Accumu Accumu Accumu Accumu Accumu
lated lated lated lated lated
Net Net Net Net
Net exposure impairment
impairment
impairment impairment impairment
exposure exposure exposure exposure
and and and and and
(thousands of euro) provisions provisions provisions provisions provisions
Exposure/counterparties
A. On-balance-
sheet credit
exposures
A.1 Bad debts
(23,575)
77,749
(48,935)
714
(54)
- of which: forborne
(406)
exposures
A.2 Unlikely to pay
2,388
(28,819)
145,090
(72,431)
380
(36)
- of which: forborne
2,213
(5,331)
61,763
(50,067)
exposures
A.3 Non-performing
18,352
(2,721)
8,094
(245)
138
(4)
past-due positions
- of which: forborne
4,683
(140)
exposures
A.4 Performing
279,011,358
(497,362)
13,227,003
(19,946)
26,687,397
(216,274)
75,757
(329)
exposures
- of which: forborne
21,075
1,530
1,601,599
(132,124)
exposures
Total (A)
279,032,098
(552,477)
13,227,003
(19,946)
26,918,330
(337,885)
76,989
(423)
B. Off-balance-
sheet credit
exposures
B.1 Non-performing
13
(1)
7,880
(299)
44
1
exposures
B.2 Performing
7,111,167
(280,232)
9,893,584
(6,611)
17,496,222
(32,412)
56,931
(290)
exposures
Total (B)
7,111,180
(280,233)
9,893,584
(6,611)
17,504,102
(32,711)
56,975
(289)
Total (A+B)
286,143,278
(832,710)
23,120,587
(26,557)
44,422,432
(370,596)
133,964
(712)
31/12/2025
Total (A+B)
294,336,278
(1,116,852)
17,044,930
(23,940)
42,397,304
(359,614)
86,794
(437)
31/12/2024
Italy
Other European countries
Americas
Asia
Rest of the world
Accumulated
Accumulated
Accumulated
Accumulated
Accumulated
B.2 Prudential consolidation - On-balance-sheet and off-balance-sheet credit exposures to customers by geographical area
(thousands of euros)
impairment
impairment
impairment
impairment
impairment
Exposures/Geographical
Net
and
Net
and
Net
and
Net
and
Net
and
area
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
A. On-balance-sheet credit
exposures
A.1 Bad debts
78,463
(72,564)
A.2 Unlikely to pay
147,858
(101,286)
A.3 Non-performing past-
due positions
26,584
(2,970)
A.4 Performing exposures
302,065,304
(705,142)
4,287,082
(7,384)
7,940,743
(13,262)
2,418,494
(2,613)
2,289,893
(5,510)
Total (A)
302,318,209
(881,962)
4,287,082
(7,384)
7,940,743
(13,262)
2,418,494
(2,613)
2,289,893
(5,510)
B. Off-balance sheet
exposures
B.1 Non-performing
7,937
(301)
exposures
B.2 Performing exposures
23,474,490
(306,243)
2,648,209
(2,123)
7,801,426
(8,453)
449,162
(478)
184,616
(2,247)
Total (B)
23,482,427
(306,544)
2,648,209
(2,123)
7,801,426
(8,453)
449,162
(478)
184,616
(2,247)
TOTAL (A + B) 31/12/2025
325,800,636
(1,188,506)
6,935,291
(9,507)
15,742,169
(21,715)
2,867,656
(3,091)
2,474,509
(7,757)
Total (A + B) 31/12/2024
325,854,651
(1,456,660)
6,821,207
(9,333)
15,308,908
(21,723)
3,287,761
(3,546)
2,592,778
(9,580)
Italy
Other European countries
Americas
Asia
Rest of the world
Accumulated
Accumulated
Accumulated
Accumulated
Accumulated
B.3 Prudential consolidation \u2013 On-balance sheet and off-balance sheet credit exposures to banks by geographical area
impairment
impairment
impairment
impairment
impairment
(thousands of euros)
Net
and
Net
and
Net
and
Net
and
Net
and
Exposures/Geographical area
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
A. On-balance-sheet
credit exposures
A.1 Bad debts
A.2 Unlikely to pay
A.3 Non-performing
past-due positions
A.4 Performing
31,489,195
(35,649)
545,289
(348)
239,384
717
221,867
1,233
234,657
(4,058)
exposures
Total (A)
31,489,195
(35,649)
545,289
(348)
239,384
717
221,867
1,233
234,657
(4,058)
B. Off-balance sheet
exposures
B.1 Non-performing
exposures
B.2 Performing
1,172,151
(966)
1,729,899
600
14,841
478
91,908
(15)
exposures
Total (B)
1,172,151
(966)
1,729,899
600
14,841
478
91,908
(15)
TOTAL (A + B) 31/12/2025
32,661,346
(36,615)
2,275,188
252
239,384
717
236,708
1,711
326,565
(4,073)
Total (A + B) 31/12/2024
32,080,928
(46,489)
1,859,041
(431)
255,454
1,545
372,641
(7,598)
C. Securitisation transactions
At the balance sheet date, there are no securitization transactions of own assets.
C.2 Exposures arising from the main third-party securitisation transactions, broken down by type of securitised assets and by type of
exposure
In relation to securitisation transactions involving third-party assets, the Parent Company holds exposures to issuing special purpose
vehicles relating to senior tranches of Asset-Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS) and Basket
Bonds, for which it acts as an investor, recognised among financial assets measured at amortised cost.
On-balance-sheet exposures
Guarantees issued
Credit lines
Senior
Mezzanine
Junior
Senior
Mezzanine
Junior
Senior
Mezzanine
Junior
Net im-Net im-Net im-Net im-Net im-Net im-Net im-Net im-Net im-
pairment pairment pairment pairment pairment pairment pairment pairment pairment
(thousands of euros)adjust-adjust-adjust-adjust-adjust-adjust-adjust-adjust-adjust-
ments ments ments ments ments ments ments ments ments
Type of underlying Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit
assets/Exposuresamountriskamountriskamountriskamountriskamountriskamountriskamountriskamountriskamountrisk
Debt Securities
327,109
908
Residential
50,880
4
mortagage loans
Finance leases
284,343
3
Factoring
41,389
28
TOTAL 31/12/2025
703,721
943
D. Asset disposals
A. Financial assets transferred and not fully derecognised
Qualitative disclosures
Financial assets transferred and not derecognised consist of debt securities, primarily government securities, underlying repurchase
agreement liabilities.
Quantitative disclosures
D.1 Prudential consolidation - Financial assets assigned recognised in full and associated financial liabilities:
carrying amount
Financial assets assigned recognised in full
liabilities associated
Financial
of which: subject
of which: subject
to sales
to sales
of which:
agreements with
agreements with
of which:
subject to
repurchase
of which
subject to
repurchase
(thousands of euro)
Carrying amount
securisation
arrangements
impaired
arrangements
Carrying amount
securisation
A. Financial assets held for trading
X
B. Other financial assets
52,987
52,987
42,578
42,578
mandatorily measured at fair value
C. Financial assets designated at
fair value
D. Financial assets measured at fair
value through other comprehensive
215,117
215,117
215,065
215,065
income
215,117
215,117
215,065
215,065
1. Debt securities
X
2. Equity securities
3. Loans
E. Financial assets measured at
20,947,053
20,947,053
19,602,166
19,602,166
amortised cost
20,947,053
20,947,053
19,602,166
19,602,166
1. Debt securities
2. Loans
Total 31/12/2025
21,215,157
21,215,157
19,859,809
19,859,809
Total 31/12/2024
36,679,920
36,679,920
34,117,186
34,117,186
D.2 Prudential consolidation - Financial assets assigned partially recognised and associated financial liabilities:
carrying amount
There are no financial assets assigned partially recognised.
D.3 Prudential consolidation - Disposals with liabilities with recourse only on divested assets but not
derecognised: fair value
Total
(thousands of euro)
Fully recognised
Partially recognised
31/12/2025
31/12/2024
A. Financial assets held for trading
B. Other financial assets mandatorily measured at fair
value
52,987
C. Financial assets designated at fair value
D. Financial assets measured at fair value through other
comprehensive income
215,117
215,117
107,630
1. Debt securities
215,117
215,117
107,630
2. Equity securities
3. Loans
E. Financial assets measured at amortised cost (fair
value)
20,402,648
20,402,648
34,648,835
1. Debt securities
20,402,648
20,402,648
34,648,835
2. Loans
Total financial assets
20,670,752
20,617,765
34,756,465
Total financial liabilities associated
19,859,809
19,859,809
34,117,186
Net value 31/12/2025
810,943
810,943
X
Net value 31/12/2024
639,279
X
639,279
B. Financial assets assigned and derecognised with recognition of continuing involvement
There were no transactions in the portfolio of financial assets sold and derecognised in full at the balance sheet date from
companies included in the Prudential Group.
C. Financial assets transferred and fully derecognised At the reporting date, there were no transactions involving the assignment of credit exposures through the issue of financial instruments partially subscribed by Prudential Group companies. D. Covered bond transactions At the reporting date, no covered bond transactions have been carried out by Prudential Group companies. 1.2 Market risk 1.2.1 Interest rate risk and price risk \u2013 Supervisory trading book In 2025, the prudential consolidation companies did not undertake any transactions qualifying for allocation to the supervisory trading book. 1.2.2 Interest rate risk and price risk \u2013 Banking book Qualitative disclosures A. General aspects, management and measurement methods of interest rate risk and price risk As a result of its operations, the Parent Company is exposed to interest rate risk under all its forms: repricing, yield curve, basis and option risk. CDP also monitors inflation risk within the same conceptual and analytical framework as interest rate risk in the banking book. CDP faces a substantial exposure to interest rate risk due to the presence of large unhedged volumes of assets and liabilities pre-existing before its transformation into a joint-stock company and to its balance sheet structure: a considerable portion of CDP\u2019s liabilities consists of Ordinary fixed-rate bonds with an early redemption option, while the asset side mainly comprises fixed-rate loans. Other types of postal savings bonds also embed an early redemption option, whose value is highly sensitive to fluctuations in interest rates and inflation. Interest rate risk and inflation risk can impact both the profitability and economic value of CDP. Therefore, the reference approach taken by CDP to measure and manage interest rate risk is an \u201ceconomic value\u201d approach, which complements the \u201cearnings-based\u201d approach. The economic value approach corresponds to the long-term representation of the earnings-based approach, as the economic value of the firm is essentially equal to the discounted cash flows of future net interest income. From this perspective, CDP analyses its exposure and risk profile by assessing balance sheet items that are sensitive to interest rates, quantifying their reaction to small changes (sensitivity analysis) and to major shocks (stress testing) to the risk factors. The transition from exposure metrics (derived from the sensitivity analyses and stress testing) to risk metrics is carried out by assigning a probability to possible market scenarios. This makes it possible to arrive at a statistical distribution of the value of the balance sheet items considered, as well as summary measures representative of the economic capital necessary for the risk. This monitoring approach is translated into the calculation of value at risk (VaR), which CDP measures using historical simulations methods. To quantify and monitor the interest rate risk in the banking book, CDP measures VaR both over short time horizons \u2013 such as over one day or ten days \u2013 and annually, which is more suited to the internal capital adequacy assessment process in particular regarding risks in the banking book. The short-term and annual measures of VaR share the same combination of models for valuing balance sheet items and measuring sensitivity, and they use the same input data. The daily VaR is then used for backtesting, thanks to its larger sample dataset available over that interval. VaR summarises in a single figure the results of the simulation of many scenarios generated in accordance with the statistical characteristics of the risk factors. Despite the limits of any composite metric based on historical scenarios, VaR also has two significant strengths: \u2022 it captures the consequences of complex characteristics of the markets and products (volatility, correlation, optionality and asymmetry); \u2022 it makes it possible, through the backtesting process, to check the hypotheses underpinning not only the calculation of the daily VaR but also the entire simulation. CDP\u2019s Risk Policy sets specific limits to manage the exposure to interest rate and inflation risks. More specifically, limits have been established on the impact on the economic value of parallel shifts (+/- 100 basis points) in the yield curve and the inflation curve. Furthermore, more granular limits set by the Chief Executive Officer are in place. CDP also assesses the impact of interest rate risk on earnings for shorter horizons using internal planning and ALM systems, specifically quantifying the impact of parallel shifts of the yield curve on net interest income. CDP\u2019s ALM approach seeks to limit the volume of hedging derivatives by exploiting \u201cnatural hedges\u201d between fixed-rate assets and liabilities. Hedging therefore regards subsets of those items, depending on the sign of the net exposure, with a view to containing the overall risk exposure. Managing interest rate risk at an operational level falls under the responsibility of the Finance function. The measurement and the monitoring of interest rate risk are performed by Risk Management and discussed within the Risk Governance Committee. The Board of Directors approves risk management policies and the associated monitoring methodology and receives periodic reporting on the achieved results. Price risk regards the possibility that the net economic value, profitability or the book value of equity of CDP could be adversely affected by variables associated with equity investments, in particular the market prices of such securities and related derivatives, or changes in the current and future profitability of the investment in such instruments. In line with the net economic value approach, equity risk is quantified in terms of VaR (with a one-year time horizon). The VaR provides a proxy of the risk that the listed and liquid securities \u2013 even when they are not reported at their current fair value \u2013 do not recover any potential loss over time. It is calculated based on hypotheses about the statistical distribution of the prices of shares, the related derivatives (where present) and the fair value of unlisted securities. Risk is quantified by assuming continuity in the business model of CDP, which expects to hold most of its stock investments in the long term. Risk Management also carries out stress tests on the risk measures of the equity portfolio, considering sensitivity analyses on the portfolio model parameters and scenario analysis on sector concentration. The criteria for assessing the risks associated with equity investments and funds are set out in the General Risk Policy, which includes, among other things, specific stress tests designed to evaluate the adequacy of prudential capital absorption in relation to adverse scenarios. With reference to the overall equity investment portfolio, Equity Risk Assessment and Monitoring (\u201cValutazione e Monitoraggio Rischi Equity\u201d, VMRE) carries out, on a semi-annual basis, monitoring of the risk profile assumed by the equity interests through the application of the Equity Risk Analysis Methodology (\u201cMetodologia di Analisi del Rischio Equity\u201d, MARE), as well as monitoring of the overall portfolio through the application of the Portfolio Risk Analysis Methodology (\u201cMetodologia di Analisi del Rischio di Portafoglio\u201d, MARP) and certain ad hoc analyses, for example in terms of portfolio concentration. Similarly, VMRE monitors the risk profile of investments in the Group\u2019s fund units through the application of the Fund Risk Analysis Methodology (\u201cMetodologia di Analisi del Rischio Fondi\u201d, MARF). Furthermore, during the assessment of an investment transaction (e.g. acquisition of a direct or indirect equity stake in a corporate not currently in the portfolio, subscription of fund units not already held, or increase in an existing investee), as well as in the case of a partial or total divestment, VMRE analyses, as part of the relevant due diligence process, the main risk characteristics associated with the transaction and the related mitigating factors to support the decision-making process. The outcomes of these analyses are described in the supporting investigation documentation submitted to the Risk Assessment Committee and to the Board of Directors. Finally, VMRE plays a role in the evaluation of directly or indirectly held equity interests that are subject to impairment testing within the framework of second-level controls. In this context, VMRE analyses the valuation proposals put forward by the responsible teams and expresses an opinion regarding the consistency of the valuation approaches adopted, with a focus on the methodological elements and the assumptions underpinning each assessment. A further source of CDP\u2019s exposure to price risk arises from funding raised through the \u201cRisparmio Sostenibile\u201d Postal Savings Bonds, the return on which is linked to the performance of the \u201cSTOXX Europe 600 ESG-X\u201d index. In relation to this risk, RM monitors the net exposure resulting from the implemented hedging strategies. CDP Real Asset SGR has no direct (i.e. resulting from its primary activity) exposure to interest rate risk and inflation risk; an indirect exposure arises from the investment of available liquidity (usually in fixed-rate or zero-coupon securities issued by the Italian Government and postal savings bonds guaranteed by the Parent Company). At present, liquidity is fully invested in current accounts, a postal savings account, government securities and a deposit with the Parent Company. With regard to price risk, any fluctuations in the valuation of units in collective investment undertakings and/or of the assets in which the managed funds invest would have an \u201cindirect\u201d effect on management fees received, but would not impact the assets of CDP RA, which does not hold units in collective investment undertakings (whether proprietary or third-party). Fondo Italiano d\u2019Investimento SGR S.p.A. is not directly exposed to interest rate risk or price risk, as it operates as the manager of closed-end funds. During 2025 the liquidity stock was held in liquid market instruments (short-term time deposits) or deposited into bank accounts. The company is not directly exposed to inflation risk. CDP Venture Capital SGR is not directly exposed to price risk or interest rate risk on income and costs arising from operating activities, as it acts as the manager of closed-end funds. Currently, the liquidity stock is mainly held in bank accounts or managed through short- term deposits with leading financial institutions. In 2025, CDP RA SGR, FII SGR and CDP Venture Capital SGR had not set up any interest-rate-hedging strategy. Quantitative disclosures 1. Banking book: breakdown of financial assets and liabilities by residual maturity (repricing date) The following figure shows an analysis of the interest rate risk sensitivity of the Parent Company based on internal models, in line with the economic value approach. Sensitivity to zero-coupon rates by maturity (increase of 1 bps) Market figures as of 31/12/2025 Sensitivity to zero-coupon rates: parallel increase/decrease of 100 basis points Market figures as of 31/12/2025
Variation of zero coupon rates
Effect on economic value
Increase of 100 bps
EUR -983 million
Decrease of 100 bps
EUR +721 million
1.2.3 Exchange rate risk Qualitative disclosures A. General aspects, management processes, and measurement methods of exchange rate risk Exchange rate risk is the risk whereby changes in exchange rates might have a negative impact on the profitability and/or the economic value of CDP. Some activities of CDP can generate exchange rate risk. CDP undertakes such activities only if covered by appropriate exchange rate hedges. Specifically, the activities of CDP that can generate exchange rate risk are normally associated with the issue of bonds denominated in foreign currencies, the purchase of bonds denominated in foreign currencies, and the granting of loans denominated in currencies other than the Euro, in order to support Italian exporters (Export Finance) or internationalisation. CDP Real Asset SGR, Fondo Italiano d\u2019Investimento SGR S.p.A. and CDP Venture Capital SGR are not exposed to exchange rate risk with reference to the carried out activities. B. Hedging exchange rate risk With regard to the Parent Company\u2019s exposure to the US Dollar, there was a residual component of unhedged exchange rate risk as of 31 December 2025. This is mainly associated with refinancing operations of assets denominated in US Dollars, in the short and medium term. With regard to the Parent Company\u2019s exposure to the Yen, the exchange rate risk arising from a bond issue denominated in Yen is fully hedged through a Cross Currency Swap, which makes the net cash flows paid by the Parent Company equivalent to those of a fixed-rate issue denominated in Euro. With regard to the Parent Company\u2019s exposure to the offshore Renminbi, the exchange rate risk arising from a bond issue denominated in Renminbi is fully hedged through a Cross Currency Swap, which makes the net cash flows paid by the Parent Company equivalent to those of a fixed-rate issue denominated in Euro. In addition, as of 31 December 2025, the Parent Company shows a residual unhedged exposure to foreign exchange rate risk associated with currency-denominated balances in current account deposits. Quantitative disclosures 1. Breakdown by currency of assets, liabilities and derivatives
Currency
(thousands of euros)
Items
US dollar
Renmimbi
Yen
Other currencies
A. Financial assets
5,812,337
5
33
A 1 Debt securities
645,103
A.2 Equity securities
24,003
A 3 Loans to banks
765,102
5
33
A 4 Loans to customers
4,378,129
A 5 Other financial assets
B.Other assets
C. Financial liabilities
4,097,617
87,398
40,885
63
C.1 Due to banks
642,515
C.2 Due to customers
93
63
C.3 Debt securities
3,455,009
87,398
40,885
C.4 Other financial liabilities
D. Other liabilities
E. Financial derivatives
-Options
+ long positions
+ short positions
-Other derivatives
+ long positions
85,094
40,741
+ short positions
1,597,205
Total assets
5,812,337
85,099
40,741
33
Total liabilities
5,694,822
87,398
40,885
63
Difference (+/-)
117,515
(2,299)
(144)
(30)
1.3 The financial derivatives and hedging policies 1.3.1 Financial derivatives held for trading A. Financial derivatives A.1 Financial derivatives held for trading: period-end notional values
(thousands of euro)
Underlying assets/Types of
derivatives
31/12/2025
31/12/2024
Over the counter
Over the counter
(thousands of euro)
Without central
Underlying assets/Type of
counterparties
Without central counterparties
derivatives
Without
Without
Central
With netting
netting
Organised
Central
With netting
netting
Organised
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Debt securities and
interest rates
2,848,000
40,000
500,000
2,923,000
40,275
a) Options
b) Swaps
2,848,000
40,000
500,000
2,923,000
40,000
c) Forwards
d) Futures
e) Other
275
2. Equity securities and
equity indices
306,622
334,203
351,450
377,103
a) Options
306,622
333,578
351,450
377,103
b) Swaps
625
c) Forwards
d) Futures
e) Other
3. Foreign currencies and
gold
1,504,670
2,229,959
a) Options
b) Swaps
1,390,202
1,807,589
c) Forwards
114,468
422,370
d) Futures
e) Other
4. Commodities
5. Other underlyings
Total
4,659,292
374,203
500,000
5,504,409
417,378
A.2 Financial derivatives held for trading: gross positive and negative fair value \u2013 breakdown by product
31/12/2025
31/12/2024
Over the counter
Over the counter
Without central counterparties
Without central counterparties
(thousands of euro)
Central
With netting
Without netting
Organised
Central
With netting
Without netting
Organised
Type of derivatives
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Positive fair value
a) Options
88,067
60,378
b) Interest rate swap
181,988
67
169,354
1,809
c) Cross currency
78,024
7,054
swap
d) Equity swap
426
e) Forward
1,466
f) Futures
g) Other
142
Total
349,545
426
67
236,786
1,951
2. Negative fair
value
a) Options
59,320
35,581
b) Interest rate swap
181,088
174
168,981
c) Cross currency
11,932
163,478
swap
d) Equity swap
e) Forward
13,408
f) Futures
g) Other
Total
193,020
59,494
345,867
35,581
A.3 OTC financial derivatives held for trading: notional values, gross positive and negative fair values by counterparty
(thousands of euro)
Central
Banks
Other financial
Other
Underlying assets
counterparties
companies
Contracts not covered by netting arrangements
1) Debt securities and interest rates
- notional value
X
40,000
- positive fair value
X
- negative fair value
X
174
2) Equity securities and equity indices
- notional value
X
334,203
- positive fair value
X
426
- negative fair value
X
59,320
3) Foreign currencies and gold
- notional value
X
- positive fair value
X
- negative fair value
X
4) Commodities
- notional value
X
- positive fair value
X
- negative fair value
X
5) Other
- notional value
X
- positive fair value
X
- negative fair value
X
Contracts covered by netting arrangements
1) Debt securities and interest rates
- notional value
1,155,000
889,000
804,000
- positive fair value
5,284
31,631
145,073
- negative fair value
135,108
15,250
30,730
2) Equity securities and equity indices
- notional value
258,097
48,525
- positive fair value
75,109
12,959
- negative fair value
3) Foreign currencies and gold
- notional value
1,160,133
344,537
- positive fair value
55,871
23,618
- negative fair value
11,932
4) Commodities
- notional value
- positive fair value
- negative fair value
5) Other
- notional value
- positive fair value
- negative fair value
A.4 Residual life of OTC financial derivatives: notional values
(thousands of euro)
From 1 year to 5
Underlyings/Residual maturity
To 1 year
years
More than 5 years
Total
A.1 Financial derivatives on debt securities and interest rates
762,000
1,536,000
590,000
2,888,000
A.2 Financial derivatives on equity securities and equity
489,736
151,089
640,825
indices
A.3 Financial derivatives on exchange rates and gold
1,504,670
1,504,670
A.4 Financial derivatives on commodities
A.5 Financial derivatives on other
Total 31/12/2025
2,266,670
2,025,736
741,089
5,033,495
Total 31/12/2024
3,566,959
1,744,753
1,110,075
6,421,787
B. Credit derivatives held for trading There were no credit derivatives. 1.3.2 Accounting hedges Qualitative disclosures Within the scope of its Asset Liability Management policies, the Parent Company, where possible, makes use of \u201cnatural hedges\u201d between assets and liabilities exposed to the same risks, also with a view to minimising the recourse to hedging through derivatives. CDP\u2019s transactions in derivatives have the sole purpose of risk hedging, mainly for interest and exchange rate risk, usually designated as accounting hedges under IAS 39. In residual cases, CDP uses derivatives designated as operational hedges, monitored according to a framework established under the provisions of the EMIR. In this context, at the end of 2025 CDP had in place hedges for: \u2022 liquidity, interest rate and exchange rate risks associated with managing the portfolio of assets denominated in US Dollars (granting of loans and purchase of bonds), through Cross Currency Swaps, Repos and Forex Swaps; \u2022 equity risk resulting from the issue of postal savings bonds indexed to the Stoxx Europe 600 ESG-X, through the purchase of call options with financial characteristics and payoff that mirror those embedded in the issued bonds. A. Fair value hedges Fair value hedges are applied when the exposure to a specific risk leads to a change in fair value of assets or liabilities which impacts on profits and losses. CDP implements both micro and macro fair value hedges. In the micro fair value hedge, the hedged item consists of one or more individually selected contracts, exposed proportionately to the same risk and hedged with one or more derivatives. In some cases, the hedged item is a subset of the cash flows of these contracts, specifically selected according to duration and/or amount (partial term hedge). CDP applies micro hedges in the Separate Account and Ordinary Account, to: \u2022 fixed-rate loans (loans/mortgages); \u2022 fixed-rate asset securities, possibly inflation-linked; \u2022 bonds and repurchase agreements classified as liabilities, either at fixed rates or indexed to swap rates. In the macro fair value hedge, the hedged item consists of portfolios of homogeneous loans in Separate Account exposed to interest rate risk. These hedges differ from micro hedges since the hedged item does not match the flows (or part of the flows) of a specific loan that is being hedged (or an aggregate of similar loans), and the explicit relationship between hedged loan and hedging derivative loses significance. Fair value hedges are put in place through the use of Interest Rate and Asset Swap derivatives, which provide for the exchange of the interest payments of the hedged item with floating-rate interest payments, usually linked to the 6-month Euribor or to Euro overnight rates (EuroSTR). For specific ALM purposes, CDP also uses indexation to Euribor on different tenors (3M) and to rates in US Dollar (SOFR Compounded and SOFR Term). Within the scope of prudential consolidation, no further fair value hedges have been undertaken. B. Cash flow hedges Cash flow hedges are risk hedges associated with the variability of cash flows, whose objective is the stabilisation of expected flows. CDP implements the following cash flow accounting hedges in relation to: \u2022 EUR/USD exchange rate risk of asset securities in the Separate Account; \u2022 EUR/JPY exchange rate risk of liability bonds in the Separate Account; \u2022 EUR/CNH exchange rate risk of liabilities bonds in the Ordinary Account; \u2022 interest rate risk of liability bonds and repos in the Separate Account and Ordinary Account; \u2022 inflation rate risk of asset securities in the Separate Account; \u2022 sale or purchase price fluctuation risk of asset securities in the Separate Account. Exchange rate risk hedges are put in place through the use of Cross Currency Swaps, which exchange the foreign currency flows of the securities with fixed-rate cash flows in euro. Interest-rate risk hedges are performed by using Interest Rate and Asset Swaps, which exchange cash flows indexed to the Euribor (3M or 6M) or the European inflation index with fixed-rate cash flows in euro. Price fluctuation risk hedges are performed by using Bond Forward instruments. Within the scope of prudential consolidation, no further cash flow hedges have been undertaken. C. Foreign investment hedging activities Currently there are no foreign investment hedges. D. Hedging instruments The hedging instruments used by CDP for fair value hedge strategies are mainly vanilla Interest Rate Swaps which exchange fixed-rate flows for variable-rate flows (linked to Euribor, EuroSTR or SOFR), plus any market spread. It is also likely that the derivatives provide for the collection or payment of upfront premiums. The hedging swaps of loans in micro fair value hedging relationships have amortising profiles that mirror those of the loans/securities or groups of similar loans hedged, generally with spot starting date. Swaps originated as macro hedges typically have bullet or amortizing profiles, also typically with a spot starting date. Where there is a need to hedge specific time segments, both in the micro (partial term hedge) and in the macro fair value hedge, it is possible to use derivatives with a forward starting date. All swaps have payment frequency that is the same as the refixing frequency, except in some cases for any initial or final periods. The hedge of cash flow variability due to the exchange rate, interest rate and inflation rate risks is obtained by using Interest Rate, Asset and Cross Currency Swaps which have amortising profiles and payment frequencies that mirror those of securities hedged. Bond Forward instruments are used to hedge the price risk. All hedge derivatives are traded Over the Counter (OTC), and include netting provision to mitigate exposure, together with the high frequency exchange of collateral; this occurs both under bilateral agreements entered into with market counterparties and through clearing with central counterparties. E. Hedged items The existing accounting hedges at the end of 2025 were carried out on asset and liability items, such as loans, receivables, bonds and repos. Within the scope of fair value hedges, hedged items are typically represented by dummy instruments with cash flows representing the hedged risk, namely only the part of the cash flows at market level at the time of the hedge. This results in an item that presents: \u2022 capital flows of the hedged bond/loan; \u2022 interest flows of the hedged bond/loan net of the hedge spread; \u2022 in the event of IRS with forward starting date, an initial capital outflow, equal to the nominal value of the swap on the starting date. In cash flow hedges, the hedged items are generally represented by using the hypothetical derivative method, i.e. the derivative that is the ideal hedging instrument for the risks being hedged and whose main terms are aligned with those of the hedged item, regardless of the hedge actually implemented and net of the counterparty risk inherent in the derivative closed on the market. Quantitative disclosures A. Financial derivatives held for hedging A.1 Financial derivatives held for hedging: period-end notional values
Total 31/12/2025
Total 31/12/2024
Over the counter
Without central
Over the counter
Without central
counterparties
counterparties
Without
Without
(thousands of euro)
Central
With netting
arrangements
netting
Organised
Central
With netting
netting
Organised
Underlying assets/Type of derivatives
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Debt securities and interest
18,119,402
25,154,232
17,564,340
24,189,430
rates
a) Options
b) Swaps
18,119,402
23,551,576
17,564,340
23,178,671
c) Forwards
1,602,656
1,010,759
d) Futures
e) Other
2. Equity securities and equity
indices
a) Options
b) Swaps
c) Forwards
d) Futures
e) Other
3. Foreign currencies and gold
210,941
142,251
a) Options
b) Swaps
210,941
142,251
c) Forwards
d) Futures
e) Other
4. Commodities
5. Other underlyings
Total
18,119,402
25,365,173
17,564,340
24,331,681
A.2 Financial derivatives held for hedging: gross positive and negative fair value \u2013 breakdown by product
Positive and negative Fair valure
31/12/2025
31/12/2024
Over the counter
Over the counter
Without central counterparties
Without central counterparties
(thousands of euro)
Central
With netting
Without netting
Organised
Central
With netting
Without netting
Organised
Type of derivatives
counterparties
arrangements
arrangements
markets
counterparties
arrangements
arrangements
markets
1. Positive fair value
a) Options
b) Interest rate swap
185,873
1,612,954
46,184
950,724
c) Cross currency swap
2,708
d) Equity swap
e) Forward
37
13,789
f) Futures
g) Other
Total
185,873
1,615,699
46,184
964,513
2. Negative fair value
a) Options
b) Interest rate swap
177,302
740,336
516,742
1,034,298
c) Cross currency swap
24,293
17,198
d) Equity swap
e) Forward
6,038
f) Futures
g) Other
Total
177,302
770,667
516,742
1,051,496
A.3 Financial derivatives held for hedging: notional values, gross positive and negative fair values by counterparty
(thousands of euro)
Central
Banks
Other financial
Other
Underlying assets
counterparties
companies
Contracts not covered by netting arrangements
1) Debt securities and interest rates
- notional value
X
- positive fair value
X
- negative fair value
X
2) Equity securities and equity indices
- notional value
X
- positive fair value
X
- negative fair value
X
3) Foreign currencies and gold
- notional value
X
- positive fair value
X
- negative fair value
X
4) Commodities
- notional value
X
- positive fair value
X
- negative fair value
X
5) Other
- notional value
X
- positive fair value
X
- negative fair value
X
Contracts covered by netting arrangements
1) Debt securities and interest rates
- notional value
18,119,402
19,882,814
5,271,418
- positive fair value
185,873
1,290,788
322,203
- negative fair value
177,302
421,476
324,898
2) Equity securities and equity indices
- notional value
- positive fair value
- negative fair value
3) Foreign currencies and gold
- notional value
210,941
- positive fair value
2,708
- negative fair value
24,293
4) Commodities
- notional value
- positive fair value
- negative fair value
5) Other
- notional value
- positive fair value
- negative fair value
A.4 Residual life of OTC financial derivatives held for hedging: notional values
(thousands of euro)
From 1 year to 5
Underlyings/Residual maturity
To 1 year
years
More than 5 years
Total
A.1 Financial derivatives on debt securities and interest rates
7,750,457
7,388,750
28,134,427
43,273,634
A.2 Financial derivatives on equity securities and equity
indices
A.3 Financial derivatives on exchange rates and gold
170,200
40,741
210,941
A.4 Financial derivatives on commodities
A.5 Financial derivatives on other
Total 31/12/2025
7,750,457
7,558,950
28,175,168
43,484,575
Total 31/12/2024
3,756,403
11,775,729
26,363,889
41,896,021
B. Credit derivatives held for hedging purposes There were no credit derivatives. 1.3.3 Other information on derivatives (held trading and hedging) A. Financial credit derivatives A.1 OTC financial and credit derivatives: net fair value by counterparty
Central
Banks
Other financial
Other
(thousands of euro)
counterparties
companies
A. Financial derivatives
1) Debt securities and interest rates
- notional value
18,119,402
21,037,814
6,160,418
844,000
- positive fair value
185,873
1,296,072
353,834
145,073
- negative fair value
177,302
556,583
340,148
30,904
2) Equity securities and equity indices
- notional value
258,097
48,525
334,203
- positive fair value
75,109
12,959
426
- negative fair value
59,320
3) Foreign currencies and gold
- notional value
1,371,074
344,537
- positive fair value
58,579
23,618
- negative fair value
36,226
4) Commodities
- notional value
- positive fair value
- negative fair value
5) Other
- notional value
- positive fair value
- negative fair value
B. Credit derivatives
1) Protection purchases
- notional value
- positive fair value
- negative fair value
2) Protection sales
- notional value
- positive fair value
- negative fair value
1.4 Liquidity risk Qualitative disclosures A. General aspects, management processes, and methods for measurement of liquidity risk Liquidity risk arises in the form of \u201casset liquidity risk\u201d 205 and \u201cfunding liquidity risk\u201d 206 . Since the banking group does not engage in trading activities, the exposure to liquidity risk in the sense of asset liquidity risk is limited. Given the dominant weight of demand deposits (savings accounts) and bonds redeemable on demand (postal savings bonds) on the liability side of the Separate Account, for the Parent Company, liquidity risk becomes significant mainly in the form of funding liquidity risk. In order to ensure that any uncontrolled run-off scenario remains remote, CDP benefits from the mitigating effect originating from the state guarantee on postal savings. In addition to the key function of that guarantee, the ability of CDP to ensure that such a scenario does in fact remain remote is based on its capital strength, on the protection and promotion of postal savings reputation with the public, on safeguarding CDP\u2019s reputation in the market and on liquidity management. With regard to the latter, CDP adopts a series of specific measures to prevent the emergence of unexpected funding needs and to be able to meet them if it should prove necessary. To this end, Risk Management monitors a lower limit on the stock of liquid assets together with a set of indicators that represent the capacity of CDP to cope with potential crisis. Among the operational safeguards for liquidity risk, CDP has adopted a Contingency Funding Plan (CFP) that describes the processes and intervention strategies adopted to manage any liquidity crises, whether systemic - due to a sudden deterioration in the money and financial markets - or caused by the institution\u2019s idiosyncratic difficulties. As regards the Ordinary Account, CDP raises funds through the market or the EIB, adopting approaches, opportunities and constraints more similar to those of ordinary banks. CDP prevents the emergence of unexpected liquidity requirements by developing effective loan disbursement forecasting systems, setting structural limits on maturity transformation, monitoring the short-term liquidity position, carried out on a continuous basis by the Finance function, and monitoring liquidity gaps at short, medium and long term, which is performed by Risk Management. Management of treasury activities by the Finance department enables CDP to raise funds using repos, for both the Separate and Ordinary Accounts. CDP can also take part in European Central Bank refinancing operations, as it holds a significant stock of eligible negotiable and non-negotiable assets. As a further control, for both the Separate and the Ordinary Account, RM monitors the incremental liquidity available in a stress scenario through transactions with the European Central bank and by refinancing liquid assets with market counterparts. In addition to the described monitoring tools, RM performs a stress test to assess the potential effects of an extremely unfavourable scenario on the liquidity position. As far as liquidity risk is concerned, CDP Real Asset SGR is potentially exposed to a cash shortfall risk, caused by, among others, lower management fees received from the funds under management, calculated as a percentage of either the Net Asset Value or the Gross Asset Value. Any fluctuations in the valuation of units in collective investment undertakings and/or of the assets in which the managed funds invest would therefore have an impact on the management fees earned; this risk is currently considered not significant. From an operational point of view, liquidity risk is monitored through a careful planning of Company cash flows (\u201cfinancial forecast\u201d). With reference to Fondo Italiano d\u2019Investimento SGR, the increased exposure to liquidity risk consists of asset liquidity risk. In fact, the SGR manages closed-end funds with underlyings that have low liquidity and a long-term time horizon. The possible need for readily convertible assets, even though with a limited probability of occurrence, could have significant effects on the price level of such assets. In terms of funding risk, FII SGR has limited exposure due to the type and standing of its counterparties, which are periodically monitored, and the operating procedures of the individual funds (in addition to the possibility of using funding facilities in its operations). Also, with respect to CDP Venture Capital SGR, there is a potential exposure to a cash shortfall risk, caused by, among others, lower management fees received on the funds under management, calculated as a percentage of either the Net Asset Value or the Gross Asset Value. This liquidity risk for CDP Venture Capital SGR remains residual, given the closed- end nature of the funds (which are callable) and the fact that the investors are predominantly institutional. Given that the exposure in currencies other than the euro is not significant compared to the overall exposure, the following breakdown by residual maturity refers only to assets and liabilities in euro. Quantitative disclosures Breakdown of financial assets and liabilities by residual maturity
more
more
more
more than
more
than 1
than 7
than 15
more than
3 months
than 6
more than 1
(thousands of euro)
day to 7
days to
days to 1
1 month to
to 6
months to
year to 5
More than 5
Indefinite
Items/Maturities
on demand
days
15 days
month
3 months
months
1 year
years
years
life
On-balance-sheet
127.688.036
8.605.044
280.764
643.944
3.392.792
4.474.256
9.551.493
64.668.043
130.758.028
4.755.832
assets
A.1
28.643
54.554
90.796
2.477.263
3.772.386
4.467.092
20.674.384
52.082.099
Government
securities
A.2 Other debt
2.500
5.878
17.155
31.113
252.256
393.606
951.636
10.609.591
3.243.714
securities
A.3 Units in
collective
3.966.780
investment
undertakings
A .4 Loans
123.718.756
8.570.523
209.055
522.035
663.273
308.264
4.132.765
33.384.068
75.432.215
4.755.832
- Banks
2.472.993
195.975
214.206
2.874
21.377
1.072.420
5.589.627
10.964.935
4.755.832
-
Customers
121.245.763
8.570.523
13.080
307.829
660.399
286.887
3.060.345
27.794.441
64.467.280
On-balance-sheet
104.459.218
1.386.160
2.387.519
2.672.826
12.929.506
13.963.540
4.507.344
182.703.091
30.419.756
liabilities
B.1 Deposits
104.108.394
503.560
1.025.347
1.759.176
7.214.977
10.523.496
4.305.166
161.267.035
11.338.247
and current
accounts
- Banks
4.128
288.615
45.414
314
30.557
-
Customers
104.104.266
503.560
1.025.347
1.759.176
7.214.977
10.234.881
4.259.752
161.266.721
11.307.690
B.2 Debt
45.000
300.000
1.740.000
2.836.064
100.000
12.692.285
6.692.580
securities
B.3 Other
liabilities
350.824
837.600
1.362.172
613.650
3.974.529
603.980
102.178
8.743.771
12.388.929
Off-balance sheet
transactions
C.1 Financial
derivatives with
exchange of capital
- long
1.602.656
159.049
382.918
1.057.762
175.813
40.741
positions
- short
134.043
722.811
1.009.222
927.454
928.259
positions
C.2 Financial
derivatives without
exchange of capital
- long
115.213
847
459
54.801
142.639
339.107
positions
- short
8.902
78
87
34.115
269.627
309.349
positions
C.3 Deposits
and loans to
receive
- long
positions
- short
positions
C.4 Irrevocable
commitments to
disburse funds
- long
24.437.867
2.501.768
3.050.000
positions
- short
24.437.867
2.501.768
3.050.000
positions
C.5 Financial
guarantees issued
C.6 Financial
guarantees
received
C.7 Credit
derivatives with
exchange of capital
- long
positions
- short
positions
C.8 Credit
derivatives without
exchange of capital
- long
positions
- short
positions
CDP EQUITY SPA During 2025, the Risk Department at CDP Equity carried out its operations in adherence to the risk management principles outlined in internal regulations, following three main guidelines: (i) assessing risks to the invested portfolio, both during investment and divestment decisions and periodically by monitoring the risk profile of the portfolio, (ii) assessing risks to which CDP Equity is exposed as part of its core business, and, lastly (iii) checks in the area of assessing company activities as part of the accounting process. In particular, in the period indicated, the Risk Department expressed an opinion on (i) new direct investments, (ii) investments in investee companies and (iii) indirect investments in funds. As part of the aforementioned operations, the Risk Department worked with the business functions on an analysis of those functions. With reference to the monitoring of the portfolio risk profile, the activity was carried out on an ongoing basis by the Risk Department, also on the basis of periodic reporting received from portfolio companies and asset managers, meetings held with the risk management representatives of investee companies and with the managers of the funds included in the portfolio, as well as publicly available information. In addition, the Department performed specific in-depth analyses on investee companies (e.g. assessments of the main impacts arising from the introduction of tariffs by the United States administration) and on the subscribed funds. In addition, the Risk Department has undertaken a targeted analysis of ESG risks associated with direct investments and funds. These analyses facilitated the effective monitoring of the portfolio\u2019s risk profile. Within the scope of its quarterly reporting, the Risk Department carried out monitoring activities relating to CDP Equity\u2019s exposure to liquidity risk and interest rate risk, as well as its exposure to non-financial risks, with particular reference to operational risks and ICT and information security risks. In addition, the Risk Department introduced the Loss Data Collection process, which represents an ex-post control phase and provides for the systematic collection of data relating to operational losses arising from risk events occurring within CDP Equity. Such data contribute to providing a representation of the Company\u2019s risk profile through an ex-post assessment of the robustness of corporate practices and processes. Lastly, during the period and in compliance with the existing risk policies, the Risk Department carried out checks (i) on the impairment testing of equity investments, (ii) on loans outstanding, and (iii) on the accounting valuations of the optional components related to investments in the portfolio. In this context, the Risk Department worked with the AFCS Department in the accounting process. The valuations of these optional components were carried out, with a view to fair value, with the support of an independent expert. CDP RETI SPA With regard to the disclosure of risks and uncertainties relating to CDP RETI, it should be noted, as a preliminary matter, that, as a holder of significant equity investments, the Company is exposed to the risk profiles affecting its investee companies Such risks are monitored through a rigorous risk measurement and control process, which is carried out in first instance by the Directors as part of their assessment of the recoverability of the investments made. Their assessment is then reflected in the carrying amount shown in the financial statements for the related equity investments. Moreover, risk profiles are measured constantly on the basis of market price volatility of the related shares. CDP RETI also benefits from the support of its parent company, CDP, pursuant to the service agreements currently in place. In particular, risk management is coordinated at group-level in synergy with the competent structures of CDP. The main risks identified and the processes for managing them in order to minimise potential adverse impact on the financial and economic performance of CDP RETI S.p.A. are listed below. Market risk In conducting its business, CDP RETI is exposed to the market risk and, in particular, to the interest rate risk, which is the risk that the fair value or the cash flows of financial instruments may fluctuate due to changes in market interest rates or may lead to unexpected changes in net financial charges in relation to the portion of debt with floating rate. Exposure to interest rate risk mainly arises from the variability of financing conditions in the event of new borrowings and from fluctuations in the cash flows relating to interest generated by the portion of debt at a variable rate. CDP RETI, in carrying out its business, is not, on the other hand, exposed to the risk of exchange rate fluctuations.
The optimal balance between fixed-rate and floating-rate components within the debt structure is defined in coordination
with the relevant departments of the parent company CDP. CDP RETI\u2019s policy for managing interest rate risk is primarily
implemented through the definition of an optimal financial structure, with the dual objective of stabilising financial expenses
and containing funding costs. In particular, CDP RETI seeks to limit financial expenses and their volatility through the
execution of Over-the-Counter derivative financial contracts (Interest Rate Swaps \u2014 so-called plain vanilla \u2014 converting
variable rates into fixed rates) with its parent company CDP, in order to modify the original interest rate risk exposure profile
of the Term Loan, with maturity dates and reference notional amounts
208
aligned with those of the underlying financial
liability. As a result, any change in the expected cash flows of these contracts is offset by a corresponding change in the
expected cash flows of the underlying position. Additionally, with regard to the two IRS hedging derivatives entered into to
convert the 2024 Term Loan rate from floating to fixed, in accordance with hedge accounting principles as per international
accounting standards, the fair value (mark to market) of these instruments is booked in a specific and restricted reserve
account (\u201cCFH Swap valuation reserve\u201d) within Equity.
The table below shows the breakdown of financial debt for loans in place by fixed-rate and floating-rate type, as at 31
December 2025 and as at 31 December 2024:
(thousands of euros
31/12/2024
31/12/2025
Items/Vaues
Total debt
%
Total debt
%
Fixed rate
1,103,858
64.7%
1,102,043
64.7%
Variable rate
601,146
35.3%
600,227
35.3%
Total
1,705,004
100.0%
1,702,270
100.0%
Since November 2024, CDP RETI has entered into two Interest Rate Swap
209
(IRS) derivative contracts relating to the
hedging of the entire 2024 Term Loan (nominal amount of 600 million euro), used to convert the variable-rate financing
into fixed-rate financing. The two derivatives outstanding have a total notional amount equal to the total 2024 Term Loan
and a positive mark-to-market (fair value) of 5,284 thousand euro as at 31 December 2025 (positive for 1,196 thousand
euro at year-end 2024). As at 31 December 2025, as a result of entering into these IRS derivatives, the entire variable-
rate debt exposure is hedged against interest rate risk.
Risk related to the financial performance and the profit or loss of Snam, Terna and Italgas
Given its nature as a financial holding company, the performance and cash liquidity of CDP RETI are influenced not only
by the market values of its investee companies, but also by the ability of subsidiaries to pay dividends (and by their dividend
policies), which is in turn influenced by the financial performance and the profit or loss of the Snam group, the Terna group
and the Italgas group. Consequently, any material change in the two parameters above could have negative effects on the
financial performance and profit or loss of CDP RETI.
Through its subsidiaries, CDP RETI is active in the gas transport, regasification and storage and energy transition sector
(Snam), in the electricity dispatching and transmission sector (Terna) and in the gas distribution sector (Italgas). Therefore,
CDP RETI is exposed to the risks typical of those markets and sectors in which its investees operate. Furthermore, in line with its mission, CDP RETI has an undiversified equity investment portfolio, though concentrated in terms of country (Italy) and regulatory authority (ARERA). The dividend policies of the investee companies, which are based on the provisions of the respective strategic plans, are outlined below. \u2022 Terna (Update 2024-2028 Plan presented on 25/03/2025): over the Plan period, the new dividend policy foresees a minimum level (floor) equal to the 2024 dividend (39.62 euro cents per share) for the entire period of the 2024-28 Business Plan Update. Over the Plan period, the new dividend policy foresees the distribution of a dividend equal to the higher between (i) the value of the 2024 dividend per share (39.62 euro cents per share) and (ii) an annual growth of the dividend per share equal to 4%, assuming 2023 as the reference year (33.96 euro cents per share). \u2022 Snam (2026\u20132030 Plan presented on 4 March 2026): the dividend policy has been confirmed, with annual dividend growth of 4% over the period 2026\u20132030 and a maximum payout ratio of 80%. Snam expects to distribute in 2026 a total dividend of 0.3021 euro per share for the 2025 financial year, of which 40% has already been paid in January 2026 as an interim dividend. The remaining 60%, amounting to 0.1813 euro per share (pending approval by the Shareholders' Meeting that will approve the 2025 Separate financial statements), will be paid on 24 June 2026. \u2022 Italgas (2025\u20132031 Plan presented on 30 October 2025): the dividend policy has been extended until 2028, with an improvement in the base used to calculate the guaranteed annual growth of 5%, now set at the 2024 DPS. Under the new policy, the dividend will be equal to the higher of: (i) the 2024 DPS of 0.406 euro increased by 5% annually, excluding the effects of IAS 33, and (ii) a DPS equal to 65% of adjusted net profit per share 211 . The new floor implies dividend per share growth, based on 2025 earnings, of at least 11.7% compared with the 2024 dividend adjusted for the application of IAS 33. Risk related to restrictions on the transfer of financial resources from Snam, Terna and Italgas As previously mentioned, the financial position and operating results of CDP RETI are dependent on the flow of funds received, in the form of dividends, from Snam, Terna and Italgas. This availability depends not only on the ability of Snam, Terna and Italgas to generate sufficient cash flow, but also on the ability of the three groups to overcome any legal and contractual restrictions on the distribution of dividends. By way of an example, such restrictions might include: i) regulatory restrictions on increasing tariffs, ii) requests for significant investments on the infrastructure managed by the three groups, iii) the requirement to comply with the covenants of loan agreements. Another restriction, generally speaking, could be the extent of future taxation. These restrictions, and the resulting fall in inflows, could have significant negative effects on the Parent Company\u2019s ability to make the required payments on the bonds and the existing loan agreement. Liquidity and credit risk In relation to its business activities, CDP RETI is exposed to liquidity risk, namely the risk that, due to the inability to obtain new funding or to dispose of assets in the market, it may be unable to meet its payment obligations, or may only be able to do so under unfavourable economic conditions, including as a result of situations of market stress or systemic crisis (e.g. a sovereign debt crisis), thereby affecting profit or loss if the company is required to incur additional costs to meet its obligations or, in extreme circumstances, leading to a situation of insolvency that could jeopardise business continuity. Although CDP RETI aims to maintain a financial structure that ensures an adequate level of liquidity and an appropriate balance in terms of the maturity and composition of its debt, exogenous factors cannot be ruled out, such as an adverse market environment or significant restrictions on access to bank credit. In such a scenario, CDP RETI could encounter difficulties in meeting financial outflows related to outstanding bond loans and financing arrangements. The ability to access capital markets and other sources of financing, as well as the related costs, depends, among other factors, on the credit rating assigned to CDP RETI. Any downgrade by rating agencies could limit access to capital markets and increase funding costs, with potential adverse effects on the Company\u2019s economic, financial and equity position. During 2025, CDP RETI maintained a long-term credit rating at an investment grade level. In this regard, on 11 February 2025 Moody\u2019s completed its periodic review of the company\u2019s rating, confirming the long-term rating of Baa3 with a stable outlook; the same assessment was confirmed following the periodic review completed on 3 February 2026. In addition, on 30 September 2025 Fitch Ratings upgraded the company\u2019s long-term rating from BBB to BBB+, with a stable outlook. CDP RETI\u2019s current policy is to keep available liquidity invested in demand bank deposits or very short-term deposits, or in other readily liquid instruments, diversifying investments across an appropriate number of counterparties. The management of the CDP RETI liquidity risk is also aimed at maintaining cash and cash equivalents sufficient to meet expected commitments over a given time horizon (especially in light of the financial covenants under the existing loan agreements), as well as maintaining prudent liquidity reserves, sufficient to cope with any unexpected commitments. Where possible, debt management also provides for a diversified structure of funding sources (Term Loan and Bond) and a balanced maturity profile (2029 for the Term Loan 2024, 2027 and 2031 for the 2022 and 2024 Bonds). The company\u2019s cash flows, financing needs and liquidity requirements are generally monitored and managed in coordination with the parent company CDP S.p.A., with the aim of ensuring effective and efficient management of financial resources. With reference to the impairment of its financial assets, the introduction of IFRS 9 required the transition from the incurred loss model under IAS 39 to the expected credit loss model. More specifically, impairment on financial assets classified as cash and cash equivalents is measured in accordance with the general model, which recognises expected credit losses over the following 12 months or over the entire remaining lifetime in the event of a significant increase in credit risk. The expected credit loss is calculated using the default probability (probability that the default event will occur) and the percentage of credit that will not be recovered in the event of default (loss given default). In the short term, liquidity risk is mitigated by ensuring an adequate level of cash and cash equivalents. In the medium/long term, liquidity risk is mitigated by maintaining a balanced debt maturity profile and a diversified range of financing instruments (e.g., Term Loan and Bond). In view of its current business, CDP RETI is not significantly exposed to credit risk, i.e. the possibility of a deterioration in creditworthiness of counterparties that might lead to adverse effects on the expected value of the credit position and/or an increase in collection times. For CDP RETI, exposure to credit risk primarily arises from the collection of dividends declared by subsidiaries and from derivative trading activities (for which the exchange of cash collateral is required), as well as from bank deposits and irregular deposits with its parent company CDP. Credit exposures and associated credit risk are periodically monitored by the risk control department of the parent company CDP, in accordance with the Group\u2019s defined risk governance policies and procedures. Since all of CDP RETI\u2019s debt is bullet in nature, there are no refinancing risks until October 2027, when the 500 million euro bond issued in October 2022 will mature. The table below shows the undiscounted contractual cash flows (with regard to loans as at 31 December 2025) of the gross financial debt at the nominal repayment amounts, and the related interest flows. Interest flows are calculated in accordance with the following terms and interest rates: \u2022 regarding the 2022 bond 212 , the annual coupon is 5.875%, with payment made in October; \u2022 regarding the 2024 bond 213 , the annual coupon is 3.875%, with payment made in September; \u2022 as regards the Term Loan 2024 totalling 600 million euro, the floating interest rate (payment in May and November) is indexed to the 6-month Euribor (value as at 31 December 2025) and increased by the contractually-agreed margin. Contractual flows were calculated using estimated forward rates at the balance sheet date. Financial liabilities - Analysis by due date of the contractually agreed payments.
2026
2027
2028
2029
2030
2031
Capital share
(500,000)
(600,000)
Bond loans
Interest rate
(52,625)
(52,625)
(23,250)
(23,250)
(23,250)
(23,250)
Capital share
(600,000)
Loans (*)
Interest rate
(19,996)
(20,944)
(22,607)
(23,547)
(*) Excluding flows from hedging derivatives The cash flows related to the Term Loan do not take into account receipts and payments linked to the derivative hedging instruments, which are analysed in the table hereunder. (thousands of euros)
2026
2027
2028
2029
Disbursement
(20,357)
(20,357)
(20,357)
(20,357)
Hedging derivatives
Receipts
19,996
20,944
22,607
23,547
Net cash flows
(361)
588
2,250
3,190
Default risk and debt covenants Default risk and debt covenants relate to the possibility that loan agreements or bond rules to which CDP RETI is a party may contain provisions that entitle the counterparty to call in such loans immediately upon the occurrence of certain events, thereby generating a liquidity risk
CDP RETI\u2019s loans include covenants that are common in international practice. Such covenants refer to:
\u2022 the company\u2019s bond debt, entered into in October 2022 for a nominal amount of 500 million euro, falling due in 2027;
\u2022 the company\u2019s bond debt, entered into in September 2024 for a nominal amount of 600 million euro, falling due in 2031;
\u2022 the bank debt, contracted in November 2024 for a nominal value of 600 million euro, as part of the Term Loan
established with a pool of banks.
The main covenants related to the bond issuances completed in October 2022 and September 2024 can be summarised
as follows:
\u2022 \u201cnegative pledge\u201d clauses, under which the issuing entity is subject to limitations on the creation or maintenance of
restrictions on all or part of its assets or on its revenues in order to guarantee current or future borrowing, except for
specifically permitted circumstances;
\u2022 \u201cchange of control\u201d clauses, under which bondholders have the option of requiring the issuing entity to redeem their
securities in the event that Cassa Depositi e Prestiti no longer has control over the company;
\u2022 \u201cevent of default\u201d clauses, under which, on the occurrence of certain predetermined events (such as, for example,
failure to pay, failure to fulfil contractual obligations, etc.), an event of default occurs and the loan in question becomes
immediately due; in addition, under the \u201ccross default\u201d clauses, if an \u201cevent of default\u201d occurs on any financial borrowing
(above certain amounts) issued by the issuer, an event of default also occurs on the loan in question, which becomes
immediately due.
The main covenants outlined in the financing agreement signed by CDP RETI in November 2024 with a pool of banks are
summarised below:
\u2022 \u201cpari passu\u201d clauses, pursuant to which CDP RETI undertakes, for the entire duration of the loans, to ensure that its
payment obligations rank equally with those owed to all other unsecured and unsubordinated creditors, without
prejudice to statutory preferences;
\u2022 disclosure obligations, on both a periodic and an occasional basis, upon the occurrence of certain predetermined
events;
\u2022 mandatory cancellation or early repayment of the financing in the event of, inter alia: (i) illegality; (ii) a change of control;
or (iii) disposal by CDP RETI of an equity investment in its significant subsidiaries exceeding the threshold of 10%.
\u2022 observance of the following financial covenants to avoid an event of default:
o Loan to Value: ratio, expressed as a percentage, between (i) Financial Debt (net of Cash and cash equivalents)
and (ii) the market value (in the 180 days prior to the measurement date) of Snam, Terna and Italgas shares held
by CDP Reti. This ratio must not exceed 50%;
o Dividend Interest Coverage Ratio (DICR): ratio, with reference to the 12 months prior to the measurement date,
between (i) the cash deriving from dividends received and (ii) interest paid on the Financial Debt. This ratio must
not be less than 1.25;
o Total Debt Service Amount (TDSA): at all times, CDP RETI must have cash or cash equivalents in an amount not
less than interest, fees, commissions and other costs related to the Financial Debt to be paid in the following six
months.
During the financial year, CDP RETI complied with the capital and financial covenants arising from its financing
agreements.
CDP RETI mitigates the foregoing risks by monitoring any aspects that might have negative effects on its financial position
and performance, also with a view to ensuring compliance with the covenants envisaged in the existing loans. With regard
to the subsidiaries Terna, Snam and Italgas, CDP RETI closely monitors their market values and economic and financial
performance, with particular attention to all aspects that might have an impact on their dividend distribution policies.
With regard to liquidity, discussions are held periodically with the parent CDP to assess the need to apply for credit lines.
In any event, as at 31 December 2025 no liquidity pressures were identified, as CDP RETI collected dividends from its
subsidiaries during the period amounting to 629 million euro and held cash and cash equivalents of 96 million euro as at
31 December 2025.
FINTECNA GROUP
Risk monitoring was ensured during 2025 through the operating tools employed by the Fintecna group, in line with the
methods adopted by the CDP Group.
The risk profile of the Fintecna group, did not undergo any significant changes during the period and is still mainly linked
to the management of liquidation processes and a major pending dispute (operational risk) relating to a large number of
companies incorporated over the years.
Among operational risks, particular relevance is also attributed to those associated with the management of environmental
remediation activities relating to sites owned by the EFIM Separate Asset Pool and properties belonging to the IGED
Separate Asset Pool and to CDP Immobiliare in Liquidazione, the provision of group real estate services, as well as the
performance by Fintecna of liquidation functions and, starting from the current financial year, the role of Extraordinary Administration Commissioner. Given the complexity characterising these situations and the degree of uncertainty surrounding their future development, the Directors periodically update, based on their best knowledge and prudent judgement, their assessments regarding the adequacy of the provisions for risks and charges recognised in the financial statements, which are currently considered appropriate and sufficient to cover the probable costs to be borne by the group companies. Financial risks Regarding the types of financial risks to which the group is exposed, the following points are specifically highlighted. Liquidity risk According to assessments conducted by the Fintecna management, the current financial resources are sufficient to meet the payment obligations. Liquidity commitments are mainly related, in addition to costs associated with the management of the group\u2019s real estate assets, to the management of litigation, the coverage of liquidation costs and cash outflows connected with environmental issues and remediation activities. Liquidity effectively represents the natural asset-side counterpart of the \u201cProvisions for risks and charges\u201d recognised under liabilities in the Statement of Financial Position. Accordingly, any inaccurate forecasting of the evolution of such provisions, particularly in relation to the core business areas mentioned above, together with inefficient management of liquidity, constitutes an additional risk factor. In this regard, the Directors, as part of their assessments concerning provisions for risks and charges, also update forecasts regarding the utilisation of such provisions and take these into account when defining their liquidity management policies. Finally, almost all the cash and cash equivalents are deposited with CDP Group, with the remainder being deposited on a short-term basis with other banks. A further risk factor, with specific reference to the IGED Separate Asset Pool and to CDP Immobiliare in Liquidazione, relates to potential difficulties in disposing of the assets owned, consisting mainly of real estate properties located throughout Italy, which are also exposed to market risk linked to macroeconomic factors affecting the relevant property market that may result in a decline in the value of such assets. In measuring and managing market risk, the value of the property portfolio is periodically monitored through assessments conducted by Independent Experts. Such assessments are subject, in addition to first-level operational checks, to second-level controls aimed at verifying any significant variances, the accuracy of the calculations performed and the consistency of the valuation criteria over time. Credit risk and counterparty risk The credit risk for Fintecna is linked to the risk of impairment of the outstanding trade receivables. These receivables mainly comprise positions dating back years, which are often subject to litigation and have been almost entirely written down. Within this framework, specific organisational safeguards are in place, designed to ensure proactive management of the receivables portfolio and to mitigate related risks. There is also a limited counterparty risk associated with the investment of residual short-term liquidity deposited with banks. Available liquidity is managed in accordance with the \u201cPolicy for investing available liquidity\u201d issued by CDP, which, among other things, sets the minimum ratings criteria that banking counterparties must meet. Other financial risks Fintecna\u2019s investment in the separate estates is recognised among Fintecna\u2019s \u201cFinancial assets measured at fair value\u201d, and the related risk profile is linked to the progress of the liquidation of those estates; their management and valuation form part of the broader monitoring and management activities relating to the liquidation processes. SIMEST With regard to the identification of the risks characterising the activities of SIMEST, the company - although not subject to prudential supervision - has drawn inspiration from the current supervisory regulations applicable to banks and from the principles adopted by the Basel Committee on Banking Supervision. The identification and classification of the different types of risk are set out in the Risk Policy of SIMEST; this document provides a comprehensive overview of the risk areas relevant to SIMEST, in line with the company\u2019s operational developments and with the Group framework, and refers to the specific policies and applicable regulations in force for the technical aspects relating to the assessment, management and monitoring of individual risks. The most significant risks to which SIMEST is exposed are reported below. Financial risks Credit risk Credit risk for SIMEST is the risk of incurring losses due to a debtor\u2019s total or partial failure to meet its contractual obligations. The credit risk profile of SIMEST is closely associated with its institutional mission of supporting, as a partner, the international expansion and growth of companies operating in strategic sectors and value chains characterised by sustainability and impact investing. In this regard, SIMEST has adopted an internal regulatory framework that establishes guidelines and control safeguards within the credit process, both ex ante (during the origination phase) and ex post (during the credit monitoring phase), through the adoption of specific processes for the assessment, monitoring and management of individual exposures and of the portfolio as a whole, supported by models, operational tools and reporting designed to assist Management and the functions responsible for safeguarding assets. In particular, the SIMEST Credit Risk Policy provides specific guidance on the structuring, monitoring and management of transactions from a risk-sensitive perspective, differentiating them according to maturity, repayment schedule and collateral framework depending on the rating assigned. With particular reference to the credit origination phase, the Policy aims to direct equity investment transactions towards counterparties with stronger credit standing, in order to progressively reduce the cost of risk and the significance of the non-performing component of the portfolio. In measuring the cost of risk, an essential element in the assessment, management and monitoring of credit risk, the key component is the estimation of Expected Credit Loss (ECL), which reflects the level of exposure (Exposure at Default - EAD), the borrowers\u2019 risk profile (Probability of Default - PD) and the expected loss in the event of default (Loss Given Default - LGD). The valuation of Expected Credit Loss determines the amount of provisions recognised on performing exposures (collective provisions) and complements the analysis of non-performing exposures (through the determination of specific provisions), using methodologies aligned with the international accounting standard IFRS 9. Within this process, the rating system, used as an indicator of counterparties\u2019 probability of default (PD), is updated periodically (at least annually) based on: (i) the availability of financial and economic information concerning the counterparties; and/or (ii) the occurrence of adverse events or warning signals identified through internal and external data sources. In line with the operational model and credit policies of SIMEST, in addition to the standard contractual commitment of the partner to repurchase the equity investment, the portfolio includes risk mitigation instruments such as guarantees issued by leading financial and insurance institutions (33 million euro) and collateral guarantees (8 million euro). From a quantitative perspective, credit risk assessments covered a gross portfolio of receivables relating to equity investments amounting to 563 million euro as at 31 December 2025, in addition to 54 million euro of contracted commitments. The control framework and assessment processes resulted in impairments (provisions) on performing exposures of 9.6 million euro (including 0.4 million euro relating to commitments to be disbursed) and on non-performing exposures of 92.3 million euro.
(thousands of euros and
%)
Gross
Impairment
Net
Total
Credits for equity
Interest and
Interest and
Interest and
investments
Capital exposure
accrued credits
Capital exposure
accrued credits
Capital exposure
accrued credits
Financial assets
508,890
3,616
(56,787)
(2,532)
452,103
1,084
453,187
measured at
amortized cost
of which Bonis
448,399
820
(9,061)
-
439,338
820
440,158
of which
Deteriorated
60,491
2,796
(47,726)
(2,532)
12,765
264
13,029
Financial assets
54,535
4,597
(44,624)
(3,992)
9,911
605
10,516
measured at fair
value
of which Bonis
5,118
80
(95)
-
5,023
80
5,103
of which
Deteriorated
49,417
4,517
(44,529)
(3,992)
4,888
525
5,413
Total Bonis
453,517
900
(9,156)
-
444,361
900
445,261
Total Deteriorated
109,908
7,313
(92,255)
(6,524)
17,653
789
18,442
Total
563,425
8,213
(101,411)
(6,524)
462,014
1,689
463,703
Commitments to be
disbursed
54,026
-
(424)
-
-
-
-
As part of its credit risk monitoring framework and in line with the Strategic Plan, SIMEST has initiated a project aimed at defining an approach for monitoring and classifying credit exposures, consistent with the taxonomy and tools adopted at Group level (i.e. an early warning system model). The pricing methodology, in line with the Group\u2019s approach in this area and with market practices, determines risk-based returns in relation to the characteristics of the investment (e.g. maturity and the collateral framework provided) and the creditworthiness of the counterparties, with the aim of estimating the reference value required to achieve a risk-adjusted level of profitability consistent with the value creation objectives set out in the Strategic Plan. In addition, to support the Business, the Risk Management unit periodically prepares pricing grids showing the spread values applicable to each transaction depending on parameters such as rating, duration and the security package, corresponding to different levels of expected shareholder return (expressed through the RAROC - Risk Adjusted Return on Capital measure). During 2025, with a view to improving the efficiency and strengthening the monitoring processes relating to the profitability of equity investment transactions, an automated tool was developed to verify profitability indicators (i.e. RAROC). Market risk It represents the risk arising from transactions in financial markets involving financial instruments, currencies and commodities. As regards SIMEST, the price risk and foreign exchange risk are marginal and almost entirely mitigated by contractual clauses which as a rule guarantee that the investment will be recovered at the historic price paid in euro for acquisition of the equity investment. Fair value measurement under IFRS 9 exposes part of the equity investment portfolio, which is gradually declining, to potential changes in value resulting from fluctuations in market factors such as interest rates and credit spreads. Liquidity risk It represents the risk that SIMEST may fail to meet its payment obligations and includes two forms of risk that are often closely related: (i) funding liquidity risk (the inability or difficulty in obtaining funding, resulting in the risk of not being able to meet payment commitments) and (ii) market liquidity risk (the difficulty in liquidating assets and other positions in order to settle financial obligations when due, within a short timeframe and without incurring losses). Liquidity risk is monitored constantly through analysis of expected cash flows, especially for equity investments. The liquidity risk management framework is based on two indicators: (i) a short-term liquidity indicator and (ii) a structural liquidity indicator, which respectively aim to verify and ensure the Company\u2019s ability to meet cash outflows in the short term and to maintain an appropriate balance between the average maturity of funding sources and uses, while monitoring and limiting reliance on maturity transformation. These indicators are subject to periodic measurement, monitoring and reporting by the relevant corporate functions. If the defined limits are exceeded, the Contingency Funding Plan is activated as a remediation action, as part of the relevant process. The monitoring activities carried out during 2025 confirmed the effectiveness of the liquidity indicators and the warning thresholds introduced. Interest rate risk It is defined for SIMEST as the risk of losses arising from adverse movements in interest rates in terms of economic value and/or the reinvestment of cash flows. The interest rate risk management framework, as outlined in the relevant Policy, provides for the adoption of the Repricing Gap methodology, which measures interest rate risk through the calculation of
the \u201cgap\u201d between interest rate\u2013sensitive assets and liabilities, differentiated by predetermined time buckets. The Repricing
Gap across the different maturities, combined with an assumed change in interest rates, makes it possible to quantify the
potential impacts on the income statement and to identify the related limits (hard limits) and warning thresholds (soft limits).
Monitoring activities carried out during 2025 confirmed the effectiveness of the interest rate risk indicator and the warning
thresholds introduced.
Concentration risk
In cases of \u201csingle name\u201d and \u201cgeo-sector\u201d risk, this is the risk arising from the concentration of exposures towards
counterparties and/or groups of related counterparties and towards debtors belonging to the same economic sector or
exercising the same activity or located in the same geographical area. Over the course of 2025, operating limits per
counterparty/group were periodically monitored with reference to SIMEST\u2019s equity and sectoral concentrations, with
findings reported to corporate bodies.
CDP IMMOBILIARE GROUP Set out below is a description of the risks to which CDP Immobiliare in liquidazione is exposed, together with the related monitoring actions, which continued during 2025 in line with the methodologies adopted by the CDP Group. Market risk Real Estate Risks The market risk is for CDP Immobiliare the risk of unexpected losses resulting from macroeconomic factors linked to the performance of the property market, which cause property prices to fall. The market risk has to be assessed in the context of the overall and the specific market, examining the local context and the offering of competitors, taking also into account the underlying reference legislation. In measuring and managing the market risk, the value of the property portfolio is monitored by means of six-monthly assessments conducted by independent experts. Such assessments are subject, in addition to first-level operational checks, to second-level controls aimed at verifying any significant variances, the accuracy of the calculations performed and the consistency of the valuation criteria over time. In the context of disposal transactions, an assessment is also performed to verify the consistency of the sale conditions with the most recent valuation prepared by the independent expert, with the carrying amount and with the forecasts set out in the company\u2019s budget. Interest rate risk The interest rate risk is for CDP Immobiliare the risk of losses resulting from unfavourable changes in interest rates. The negative impact is essentially an increase in financial expenses, which may also be such that the cost of servicing the debt exceeds the returns generated by the investments it contributes to finance. The exposure to interest rate risk is limited to the medium-to-long-term financial liabilities of the investee company Quadrifoglio Brescia in liquidazione, for which debt restructuring activities are currently underway with the creditor companies. It should be noted that the company holds liquidity investments in deposits with CDP or banking institutions, either on demand or subject to short-term restrictions, bearing interest at a variable rate linked to Euribor. Exchange rate risk CDP Immobiliare operates only in Italy; therefore, it is not exposed to exchange rate risk. Liquidity risk From a general point of view, for CDP Immobiliare the liquidity risk is the risk of not being able to meet short-term cash needs, mainly due to factors such as: \u2022 the illiquidity of the real estate market, or inability to disinvest and liquidate real estate assets at a value close to fair value; \u2022 cash flow mismatches due to loss of revenues, higher costs or, more generally, errors in forecasting receipts and payments; \u2022 the illiquidity of financial markets. CDP Immobiliare S.r.l. in liquidazione has not made any medium to long term investments for liquidity management. Cash and cash equivalents are deposited with the Shareholder CDP, as well as with Banking Institutions, in short-term transactions. Therefore, there is no risk linked to the recovery of capital invested in investment instruments. Conversely, liquidity risk related to the ability to meet obligations and management activities must be weighted appropriately. On this basis, the assessment of liquidity risk relates primarily to the company completing its liquidation procedures within the agreed time frame. Based on management\u2019s assessments, cash and cash equivalents are adequate to meet the proposed liquidation plan and disbursements related to asset management. Since cash and cash equivalents are the most effective assets to mitigate risk against liabilities for provisions and charges, an inaccurate forecast of the latter, with particular reference to the timing of liquidation, could represent a significant risk factor. In this regard, as part of the assessments relating to provisions for risks and charges, forecasts regarding the utilisation of such provisions are also updated and taken into account in defining liquidity management policies.
TERNA GROUP
In the course of its operations, the Terna group is exposed to different financial risks: market risk, liquidity risk and credit
risk.
In this section information is provided on the Terna group\u2019s exposure to each of the risks listed above, the aims, policies
and processes for managing these risks and the methods used to measure them, also including further quantitative
information on the 2025 financial statements.
Terna group\u2019s risk management policies seek to identify and analyse the risks that group companies are exposed to,
establishing appropriate limits and controls and monitoring the risks and compliance with such limits. These policies and
the related systems are reviewed on a regular basis, in order to take account of any changes in market conditions or in the
companies\u2019 operations.
Terna group\u2019s exposure to the aforementioned risks is substantially represented by the exposure of Terna S.p.A.
As a part of the financial risk management policies approved by the Board of Directors, Terna has established the
responsibilities and operating procedures for financial risk management, specifically with respect to the instruments to be
used and the precise operating limits in managing them.
The following table shows the main financial statement items exposed to the above mentioned risks.
(millions of euro)
31/12/2025
31/12/2024
Amortized cost
Fair value
Total
Amortized cost
Fair value
Total
Assets
Derivative financial instruments
1,3
1,3
-
-
-
Cash and equivalent and
government bonds
1,932.70
631,4
2,564.10
2,511.5
226.5
2,738.0
Trade receivables
3,190.60
3,190.60
3,194.8
3,194.8
Total
5,123.3
632.7
5,756.0
5,706.3
226.5
5,932.8
(millions of euro)
31/12/2025
31/12/2024
Amortised cost
Fair value
Total
Amortised cost
Fair value
Total
Liabilities
Long-term debt
15,382.8
15,382.8
13,748.5
13,748.5
Derivative financial instruments
52.3
52.3
60.5
60.5
Trade payables
4,030.3
4,030.3
3,524.5
3,524.5
Total
19,413.1
52.3
19,465.4
17,273.0
60.5
17,333.5
Financial Risks
Market risk
Market risk is for Terna the risk that the fair value or future cash flows of a financial instrument may fluctuate as a result of
changes in financial market conditions. Market risk relates to interest rate risk, foreign exchange risk and inflation risk.
Risk management must pursue the objective of minimising the risks in question by selecting counterparties and instruments
compatible with the corporate Risk Management policy. Speculative activity is not envisaged in the corporate mission.
The Terna group intends to adopt a dynamic approach to financial risk management. This approach is characterised by
risk aversion, aiming at minimising risk through continuous monitoring of financial markets in order to execute planned
recourse to new debt and hedging transactions in favourable market conditions. The dynamic approach enables the group
to intervene in order to improve existing hedges should there be a change in market conditions or changes in the hedged
item, making the hedges inappropriate or excessively costly.
The fair value of financial instruments is determined in accordance with the fair value hierarchy envisaged under IFRS 7
(Level 2), by means of appropriate valuation techniques for each category of financial instrument, using market data at the
closing date (such as interest rates, exchange rates and volatility) and discounting projected cash flows on the basis of the
market yield curve at the reporting date.
Interest rate risk
Interest rate risk is represented for Terna by the uncertainty associated with changes in interest rates. It is the risk that a
change in market interest rates could have an impact on the fair value or future cash flows of financial instruments.
In the course of its operations, the Terna group is exposed to the risk of fluctuations in interest rates. Its main source of
interest rate risk is associated with its net financial debt and the related hedges in the form of derivative instruments that
generate financial expenses. The borrowing strategy generally focuses on long-term borrowings, whose term reflects the useful life of the group\u2019s assets. It pursues an interest rate risk hedging policy that aims to guarantee that percentage of debt represented by fixed rate liabilities is at least 40%, as provided for in the relevant policies. At the end of 2025, 78% of the Terna group\u2019s debt was at a fixed interest rate. As at 31 December 2025, interest rate derivatives are represented by fair value hedge derivatives and cash flow hedge derivatives, used to hedge the risk of changes in the fair value of loans and associated cash flows, respectively. The following table shows the notional amounts and the fair value of derivatives entered into by the Terna group:
31/12/2025
31/12/2024
Change (+ / -)
(millions of euro)
Notional
Fair value
Notional
Fair value
Notional
Fair value
FVH derivatives
1,400.0
(52.3)
950.0
(47.0)
450.0
(5.3)
CFH derivatives
1,368.5
0.7
1,886.6
11.8
(518.1)
(11.1)
The notional amount of outstanding cash flow hedges at 31 December 2025, amounting to 1,368.5 million euro, breaks down as follows: \u2022 518.5 million euro (fair value of -0.3 million euro) maturing 2027; \u2022 650.0 million euro (fair value of -5.5 million euro) maturing 2029; \u2022 100.0 million euro (fair value of 2.7 million euro) maturing 2033; \u2022 100.0 million euro (fair value of 3.8 million euro) maturing 2035. The notional amount of fair value hedges at 31 December 2025, amounting to \u20ac1,400.0 million euro, breaks down as follows: \u2022 850.0 million euro (fair value of -44.3 million euro) maturing 2030; \u2022 150.0 million euro (fair value of -0.7 million euro) maturing 2045; \u2022 400.0 million euro (fair value of -7.3 million euro) maturing 2046. Sensitivity to interest rate risk Terna has interest rate swaps in place through which it manages the interest rate fluctuation risk. Since the hedging relationship between the derivative and the hedged item is formally documented and the effectiveness of the hedge, as verified initially and periodically over its life, is high, Terna has elected to use hedge accounting to ensure a perfect match between the maturities of the hedge and the hedged item. The purpose of hedge accounting is to recognise simultaneously the income statement effects of the hedges and the hedged item. As a result, for CFH derivatives, the fair value changes of the derivative must be recognised in \u201cOther comprehensive income\u201d (immediately recognising any ineffective portion in profit or loss) and then derecognised from Equity and recognised in profit or loss in the same period in which the cash flows relating to the hedged item have an impact on income. The characteristics of the CFH derivative contracts in place mirror those of the underlying hedged items; therefore, the related cash flows shall occur at the same maturities as the interest on debt, with no impact of fair value changes on the income statement. The following table shows: the amounts recognised through profit or loss and in \u201cOther comprehensive income\u201d in respect of positions sensitive to changes in interest rates; the theoretical value of those positions following a positive or negative shift in the market yield curve; and the differential impact of those changes recognisable in the income statement and in \u201cOther comprehensive income\u201d. A hypothetical 10% movement in interest rates with respect to market interest rates at the reporting date was assumed.
Net income or loss
Equity
Current rates
Current values
Current rates
Current rates
Current values
Current rates
(millions of euro)
+10%
-10%
+10%
-10%
31 December 2025
Positions sensitive to changes in interest rates
(1.1)
(1.2)
(1.3)
24.7
13.4
1.9
(FVH, bonds, CFH)
Hypothetical change
0.1
0.0
(0.1)
11.3
0.0
(11.5)
31 December 2024
Positions sensitive to changes in interest rates
(0.2)
(0.6)
(1.0)
(4.8)
(29.1)
(53.8)
(FVH, bonds, CFH)
Hypothetical change
0.4
0.0
(0.4)
24.3
0.0
(24.8)
Regulators around the world have launched a reform of IBOR (Interbank Offered Rates), which are used as the benchmark
for most financial instruments sold throughout the world, with the aim of restoring confidence in the benchmark. The
transition from EONIA to ESTR took place in 2022 without any significant impact. The Terna group is continuing to closely
monitor the market and the results produced by the various working groups overseeing the transition to the new benchmark
rates for the other maturities (EURIBOR). Management is aware of the associated risks and, for this reason, the group
plans to complete the transition in step with the change in the related legislation. In addition, all new financial agreements include fallback clauses governing the transition period. Inflation risk As regards inflation rate risk, the rates established by the Regulator to remunerate Terna S.p.A.\u2019s activities are determined so as to allow coverage of the sector\u2019s recognised costs. Such cost components are updated on an annual basis to take into account the impact of inflation. Exchange rate risk Exchange rate risk management for Terna must be carried out with the aim of defending the company\u2019s profitability from the risks of exchange rate fluctuations through continuous market control and constant monitoring of existing exposure. In managing this risk, Terna selects, on a case-by-case basis, hedging financial instruments with structural characteristics and maturities consistent with the Terna group\u2019s exposure to foreign currencies. The instruments used by Terna are of limited complexity, highly liquid and easy to price, such as forwards and options. Such Terna\u2019s contracts have a notional amount and maturity date less than or equal to that of the underlying financial liability, or the expected cash flows, so that any change in the fair value and/or estimated cash flows deriving from a rise or fall in the euro against other currencies is fully offset by a corresponding change in the fair value and/or estimated cash flows of the underlying position. At 31 December 2025, the Terna group\u2019s exposure to the impact of exchange rate risk on its profit or loss is residual and linked to foreign currency cash flows from the subsidiaries, Tamini and Brugg. Liquidity risk Liquidity risk is the risk that the Terna group might experience difficulties in discharging its obligations in respect of its financial liabilities and operational cycle. Liquidity risk management seeks to ensure adequate coverage of borrowing requirements by obtaining adequate credit lines and appropriate management of any surplus liquidity. As at 31 December 2025, the Terna group had short-term credit lines available of approximately 897.2 million euro (out of a total committed amount of approximately 1,223.7 million euro), revolving credit facilities of 4,055.0 million euro (out of a total of 4,305.0 million euro), and a bank loan not yet drawn down amounting to 299.0 million euro. Finally, Terna has a Euro Commercial Paper (ECP) programme, amounting to up to 2,000 million euro, including 1,605.0 million euro still available at 31 December 2025. With specific regard to the bonds reported in Item 10 c of liabilities of the CDP Group\u2019s Consolidated Financial Statements and other loans, the table below provides a breakdown by maturity:
Portion
Portion
Avarage
falling
falling
Avarage
net
due
due after
interest
interest
within 12
12
rate
rate
(million of euro)
Maturity
31/12/2024
31/12/2025
months
months
2027
2028
2029
2030
2031
After
2025
2025
2025
499.5
2026
499.5
499.9
499.9
1.00%
1.28%
2026
79.8
80.0
80.0
1.60%
1.80%
2027
991.3
994.6
994.6
994.6
1.38%
1.92%
2027
99.9
99.9
99.9
99.9
3.44%
2.77%
2028
720.5
728.1
728.1
728.1
1.00%
1.30%
2029
598.0
598.5
598.5
598.5
0.38%
1.71%
Bonds
2029
744.0
745.3
745.3
745.3
3.63%
3.70%
2030
450.0
453.5
453.5
453.5
0.38%
2.35%
2031
842.6
843.7
843.7
843.7
3.50%
3.63%
2031
0.0
744.8
744.8
744.8
3.00%
3.10%
2032
379.5
393.3
393.3
393.3
0.75%
3.19%
2032
0.0
747.0
747.0
747.0
3.13%
2.54%
2033
643.2
643.8
643.8
643.8
3.88%
3.78%
EIB
2046
3,270.4
3,228.3
58.5
3,282.2
117.1
156.0
192.1
192.1
192.1
2,320.4
2.68%
3.04%
Total fixed rate
9,818.2
10,800.7
638.4
10,274.7
1,211.6
884.1
1,535.9
645.6
1780.6
4104.5
EIB
2047
721.0
1,355.5
115.3
1,240.4
115.3
115.3
96.0
145.0
54.7
713.9
2.99%
2.16%
Terna borrowing
2032
1,498.5
2,445.8
0.0
2,451.0
1,500.0
201.0
0.0
744.8
2.98%
4.81%
STE borrowing
2028
0.0
3.9
2.2
1.7
1.3
0.4
3.74%
Total variable
2,219.5
3,805.2
117.5
3,693.1
116.6
115.7
1,596.0
346.0
54.7
1,458.7
rate
Total
12,037.7
14,605.9
756.0
14,175.3
1,333.7
1,021.7
3,138.1
1,038.1
1,846.8
5,471.5
Bonds fair value is 7,572.4 million euro and is based on prices at the reporting date. Borrowings fair value equals carrying amount for a total of 7,027.7 million euro as at 31 December 2025, and it is measured by discounting expected cash flows based on the market interest rate curve at the reporting date. Credit risk Credit risk is for Terna the risk that a customer or a counterparty to a financial instrument causes a financial loss by failing to fulfil an obligation and arises primarily from trade receivables, assets arising from contracts with customers and the Terna group\u2019s financial investments. The credit risk originated by open positions on transactions in financial derivatives is considered to be marginal since, in compliance with financial risk management policies, the counterparties are leading international credit institutions with high ratings. Terna essentially renders its services to counterparties considered solvent by the market and hence with a high credit standing, and avoids concentrations of credit risk. Credit risk management is also compliant with Resolution no. 111/06 of the Italian Regulatory Authority for Energy, Networks and the Environment (Autorit\u00e0 di Regolazione per Energia Reti e Ambiente, ARERA), which, at Article 49, introduced instruments to limit the risks linked to the insolvency of dispatching customers, both on a preventive basis and in the event of actual insolvency. In particular, the Resolution establishes three instruments to safeguard the electricity market: a guarantee system (bank guarantees provided by individual dispatching customers, based on their turnover); the option of terminating dispatching contracts (in the event of insolvency or failure to replace enforced guarantees); and, finally, the possibility of recovering uncollected debts, after having taken all other possible collection actions, through a specific fee to be fixed by ARERA. The following table summarises the exposure to such risk at the reporting date:
(million of euro)
31/12/2025
31/12/2024
Change (+ / -)
FVH derivatives
1.3
1.3
Cash and cash equivalents and other financial assets
2,564.1
2,738.0
(173.9)
Trade receivables
3,190.6
3,194.8
(4.2)
Total
5,756.0
5,932.8
(176.8)
The total amount of exposure to credit risk as at 31 December 2025 is represented by the carrying value of trade receivables, assets arising from contracts with customers, CFH derivatives and cash and cash equivalents, securities and deposits. The following tables provide qualitative disclosures on loans to customers in terms of geographical distribution and type of customer. Geographical distribution
(million of euro)
31/12/2025
31/12/2024
Italy
2,864.7
2,795.0
Euro-area countries
276.9
346.9
Other countries
49.0
52.9
Total
3,190.6
3,194.8
Type of customer
(million of euro)
31/12/2025
31/12/2024
Distributors
632.1
682.0
CSEA
102.3
34.5
Dispatching customers for injections
701.3
465.9
Dispatching customers for withdrawals (not distributors)
1,392.1
1,673.5
Parties which have signed virtual import contracts and virtual import
10.8
12.2
services (interconnectors and shippers)
Sundry receivables
352.0
326.7
Total
3,190.6
3,194.8
The following table breaks down trade receivables by past-due band, with the related impairment:
31/12/2025
31/12/2024
(million of euro)
Impairment
Gross
Impairment
Gross
Current
(1.2)
3,082.8
(3.7)
3,023.0
0-30 days past due
(0.7)
18.5
(0.8)
20.7
31-120 days past due
(0.4)
10.1
(3.2)
19.6
Over 120 days past due
(87.7)
169.2
(86.4)
225.6
Total
(90.1 )
3,280.6
(94.1)
3,288.9
Movements in the allowance for doubtful accounts in the course of the year were as follows.
(million of euro)
31/12/2025
31/12/2024
Balance at 1st January
(94.1)
(34.2)
Release of provisions
6.0
19.4
0.5
Provision under resolution no. 5/2024
(1.4)
(73.6)
Impairments for the year
(1.0)
(5.7)
Balance
(90.1 )
(94.1)
During the period, an impairment loss of 1.4 million euro was recognised in respect of dispatching receivables deemed unrecoverable and for which a compensation claim has been submitted, as provided for under ARERA Resolution No. 5/2024 214 . The value of guarantees received from eligible electricity market operators is illustrated below.
(million of euro)
31/12/2025
31/12/2024
Dispatching - Injections
2,739.1
1,965.9
Trasmission charges due from distributors
480.1
426.8
Virtual imports
209.1
125.4
Capacity market
274.2
197.1
Balance
3,702.5
2,715.2
In view of the launch of the TIDE consolidation phase, scheduled for 1 February 2026, the new BRP (Balance Responsible Party) and BSP (Balancing Service Provider) contracts will come into force. Consequently, the guarantees associated with the current dispatching contracts for withdrawal and injection, which are in the process of being phased out, will have to be replaced by a single new guarantee for each counterparty. The guarantee will apply to all new BRP and BSP contracts and will be subject to centralised monitoring by Terna. In addition, Non-Regulated activities are exposed to \u201ccounterparty risk\u201d, in particular in relation to the entities with which sales contracts are entered into, in consideration of the credibility and solvency of the parties in question and the impact that their possible insolvency could have on the financial strength of the business. Counterparty risk is mitigated by implementing specific procedures for the assessment of counterparties, which evaluate both the economic and financial standing as well as the reputational profile of the entities concerned Default risk and debt covenants This risk , for the Terna group, relates to the possibility that financing agreements or the terms and conditions of bond issues contain provisions entitling counterparties, upon the occurrence of certain events, to request the immediate repayment of the amounts lent, thereby giving rise to liquidity risk. For more information on the contractual provisions of outstanding loans at 31 December 2025, please see the section \u201cLoans and financial liabilities\u201d in the Notes to the financial statements of the Terna group.
SNAM GROUP
The main factors of uncertainty that characterise the ordinary management of the Snam group\u2019s activities are illustrated
below, as well as the emerging risks. The risks identified and managed within the Group\u2019s Risk Management (RM)
framework are classified into the following categories:
\u2022 Strategic;
\u2022 Legal and Compliance;
\u2022 Operational;
\u2022 Financial;
\u2022 Emerging.
Financial risks
Within the framework of corporate risks, the main financial risks identified, monitored, and, as specified below, managed
by Snam, are as follows:
\u2022 risk arising from exposure to fluctuations in interest rates;
\u2022 credit risk arising from the possibility of default by a counterparty;
\u2022 liquidity risk arising from a lack of financial resources to meet short-term commitments;
\u2022 risk arising from exposure to fluctuations in foreign exchange rates;
\u2022 risk arising from exposure to fluctuations in commodity prices.
Snam manages and controls financial risks through a specialised vertical approach, focused on defining an appropriate
financial structure and monitoring the corresponding risk limits, in order to preserve financial sustainability and maintain its
credit rating. Accordingly, Snam develops - also through the use of Key Risk Indicators (KRIs) - strategies for the
optimisation and control of its risk profile, duly taking into account the context in which it operates, the Risk Appetite
Framework (RAF) and the overall value system generated by the businesses of the Snam group. In particular, the RAF
defines the level of risk that the Snam group is willing to assume in pursuing its strategic objectives, providing a consistent
reference framework for business and control decisions. Specifically, in Snam, financial risk management and control
activities are organised according to the following process:
\u2022 definition of appropriate KRIs and their limits;
\u2022 management;
\u2022 monitoring and reporting.
Interest rate risk
Interest rate risk for Snam group relates to fluctuations in interest rates, which may affect the market value of the company\u2019s
financial assets and liabilities and the level of net financial charges, as well as, specifically, the level of revenue recognised
with respect to the regulated businesses. Snam\u2019s objective is to minimise the interest rate risk while pursuing the goals defined and approved in the Strategic Plan. Snam has adopted a centralised organisational model. Under this model, Snam\u2019s business units cover their financial requirements through recourse to the financial markets and use funds in line with the approved objectives, ensuring that the risk profile is kept within set limits. The composition of the gross financial indebtedness between fixed-rate and variable-rate debt as of 31 December 2025, compared to 31 December 2024, is detailed in the following table.
31/12/2024
31/12/2025
(millions of euro)
Amount
%
Amount
%
Fixed rate
14,728
79
16,423
79
Variable rate
3,854
21
3,391
21
As at 31 December 2025, Snam makes use of external financial resources in the form of bonds, Commercial Paper, bilateral and syndicated loan agreements with banks and other lending institutions, in the form of financial debt and bank credit facilities. Such borrowings are entered into at interest rates indexed to market benchmark rates, in particular the Euro Interbank Offered Rate (Euribor), as well as at fixed rates. As at 31 December 2025, exposure to interest rate risk, taking into account hedging transactions in place, amounted to approximately 17% of the company\u2019s total exposure (21% as at 31 December 2024). On 31 December 2025, Snam holds Interest Rate Swap (IRS) contracts with a total notional value of approximately 3,440 million euro, to hedge against the risk of interest rate changes on variable-rate bank loans and bond issuances. While the Snam group has put in place a proactive risk management policy, in accordance with the revenue recognition mechanism, the rise in interest rates relating to floating-rate debt not hedged might have adverse impacts on the Snam group\u2019s financial position. Notwithstanding the limited exposure to interest rate fluctuations - representing approximately 17% of the Group\u2019s total exposure and mainly linked to the Euribor rate - any potential change in the methodology used to calculate this benchmark, together with any related fallback clauses that may be introduced, could require the Snam Group to amend financial contracts affected by such changes and/or adjust the management of its projected cash flows. Set out below are the impacts on net profit for the year as at 31 December 2025 of a hypothetical positive and negative change of 25 basis points (bps) in the interest rates actually applied during the financial year.
31/12/2025
Income (loss) for the period
Equity
Interest +10
Interest -10
Interest +10
Interest -10
(millions of euro)
bps
bps
bps
bps
Floating-rate loans not hedged
Effect of the change in interest rate
(9)
9
-
-
Floating-rate loans converted into fixed-rate loans through IRS
Effect of the change in interest rate on the fair value of hedging derivatives
-
-
(4)
4
pursuant to IAS 39 - effective portion
Effect on the pre-tax result
(9)
9
(4)
4
Tax effect
2
-2
1
(1)
(7)
7
(3)
3
Interest rate changes affect the fair value of hedging derivatives. For instruments designated as cash flow hedges (CFH), these effects are recognized among other comprehensive income and, therefore, do not impact the financial year's profit or loss. It should also be noted that for derivatives designated as fair value hedges (FVH), the overall effect of interest rate changes is neutral, as changes in interest rates do not generate a net impact on the income statement, consistent with the purpose of hedging, which is to neutralize fluctuations in the fair value of the hedged item. Credit risk Credit risk represents Snam group\u2019s exposure to potential losses arising from the failure of counterparties to fulfil their contractual obligations. Failure or delay in the payment of amounts due could adversely affect Snam\u2019s operating results and financial position. With regard to the risk of counterparty default under commercial contracts, credit management is entrusted to the responsibility of the business units, together with Snam\u2019s central functions responsible for debt collection activities and, where necessary, the management of legal proceedings. For trade receivables, provisions for impairment reflect the value of expected losses over the life of the receivable and are determined on a collective basis according to the expected credit loss model, in line with the requirements of the reference accounting standards, or on the basis of individual and analytical assessments for credit exposures that present specific elements of risk (e.g. litigation or in the presence of available detailed information on the recoverability of the exposure). For further details, reference should be made to Note 5 \u201cRelevant accounting policies\u201d - 5.7 \u201cFinancial instruments - Non- derivative financial assets - Receivables and debt securities\u201d. With regard to regulated activities, which currently represent the Group\u2019s core operations, Snam provides its services to approximately 660 operators in the gas sector, with the top 10 operators accounting for approximately 62% of the overall market (Edison, Eni and Enel Global Trading ranking in the first three positions). Customer access to the services provided is governed by rules established by the Authority and set out in the relevant Codes, i.e. documents that define, for each type of service, the provisions governing the rights and obligations of the parties involved in the sale and delivery of those services and establish contractual clauses that significantly mitigate the risk of customer default. The Service Codes provide for the issue of guarantees covering the obligations undertaken. In specific cases, the issue of said guarantees can be mitigated when the customer has a credit rating issued by a major international rating agency. The regulatory framework also provides for specific clauses to guarantee the neutrality of the balancing activity operator, a role held by Snam Rete Gas as a major transmission service operator since 1 December 2011. More specifically, the current balancing rules require that, on a cost-effective basis, Snam focuses primarily on purchases and sales on the Energy Market Operator (GME) balancing platform to guarantee the resources needed for safe and efficient transport of gas from the feed points to the draw points, to ensure the constant balance of the network. For regulated activities, the expected loss determination model enhances the guarantee and coverage mechanisms described above. Set out below is the ageing analysis of trade receivables and other receivables, indicating the value net of the allowance for impairment:
Trade
Trade
(millions of euro)
receivables*
Other
31/12/2024
receivables*
Other
31/12/2025
Non-overdue and non-impaired receivables
2,774
399
3,173
2,064
358
2,422
Overdue and non-impaired receivables:
291
19
310
481
18
499
- 0-3 months overdue
83
8
91
152
16
168
- 3-6 months overdue
37
1
38
90
90
- 6-12 months overdue
26
5
31
152
152
- more than 12 months overdue
145
5
150
87
2
89
Total
3,065
418
3,483
2,545
376
2,921
*The exposure is net of receivables and write-downs for an amount equal to 42 million euros (107 million at 31 December 2024) The net carrying amount of past-due trade receivables as at 31 December 2025 that have not been impaired, amounting to 481 million euro, mainly relates to trade receivables of companies operating in regulated businesses. In particular, these amounts relate to: (i) the transmission segment (320 million euro), primarily relating to receivables from network users associated with balances connected to the default service. Coverage mechanisms are in place for these receivables under the current regulatory framework. Coverage mechanisms are in place for these receivables under the current regulatory framework; (ii) the storage segment (74 million euro), in particular relating to VAT invoiced to users for the use of strategic gas improperly withdrawn and not reinstated within the time limits established by the Storage Code during the 2010 and 2011 financial years. Under current regulations, VAT adjustment notes may be issued at the start or completion of insolvency proceedings, depending on the specific case. Liquidity risk Liquidity risk refers for Snam to the risk that, due to the inability to obtain new funds (funding liquidity risk) or liquidate assets on the market (asset liquidity risk), the company may fail to meet its payment obligations. This risk can have an impact on the economic result if the company is forced to incur additional costs to meet its obligations, or it can lead, in extreme cases, to insolvency, threatening the continuity of the business. The goal of Snam\u2019s risk management is to implement a well-defined financial policy that, in accordance with business goals and the Risk Appetite Framework, guarantees an appropriate liquidity level for the Snam group, consistent with its business profile and the regulatory environment in which it operates. Hence, the goal is to implement a policy that minimises the associated opportunity cost while maintaining a balance in the debt\u2019s duration and composition. The financial market is characterised by a steady increase in financing sources tied to meeting specific sustainability goals. With a view to ensuring the proper management of the liquidity risk, the diversification of sources of funding, including through use of sustainable financial instruments, is therefore vital to ensure that companies have wide access to financial markets at competitive conditions, with resulting positive effects on their financial position and performance of operations. For Snam, failing to achieve certain ESG targets within the group\u2019s sustainability strategy in the medium to long term could, in the future, result in higher financing costs or the inability to access certain funding sources. Snam addresses this risk by placing great emphasis on ESG issues, which have been a significant part of the company\u2019s strategy. Consistent with this strategy, Snam has made greater use of sustainable finance instruments, reaching approximately 85% of the total \u201ccommitted\u201d sources in 2025. Furthermore, the Sustainable Finance target set out in the 2025\u201329 Plan (90% by 2029) has been increased to more ambitious levels for the 2026\u201330 Plan, reaching 95% with a 1% flexibility margin. To this end, Snam relies on its Sustainable Finance Framework. The Sustainable Finance Framework has been designed with a dual structure, combining the issuance of Green and Sustainability-Linked financial instruments, with the objective of strengthening the Snam Group\u2019s ongoing commitment to energy integration. In particular, during 2025, Snam issued on the bond market: (i) in May, a multi-tranche Sustainability-Linked bond (SLB) for a total of 2 billion dollar, representing the first Sustainability-Linked issuance with GHG emission targets covering Scope 1, 2 and 3; and (ii) in July, a European Green Bond of 1 billion euro. During the year, Snam also finalised with its main relationship banks: (i) bank facilities (Term Loans) amounting to 500 million euro, comprising a Green Term Loan of 150 million euro and a Sustainability-Linked Term Loan of 350 million euro; and (ii) a Revolving Credit Facility (RCF) of 250 million euro. Furthermore, as at 31 December 2025, Snam has committed long-term unused credit lines amounting to 5.7 billion euro, of which: Revolving Credit Facilities (RCF) for 5.5 billion euro and EIB loans for 240 million euro. As at 31 December 2025, Snam has a Euro Medium Term Notes (EMTN) programme with a maximum total nominal amount of 15 billion, of which approximately 12.2 billion euro has been utilised, and a Euro Commercial Paper (ECP) programme with a maximum nominal amount of 3.5 billion euro, of which approximately 0.8 billion euro has been utilised. Snam\u2019s liquidity, made up of cash and cash equivalents and other current financial assets, mainly includes current accounts and deposits held with banks of high credit quality. The Snam group\u2019s main long-term financial liabilities include covenants in line with international market practice, including, inter alia, negative pledge and pari passu clauses. Failure to comply with these clauses or the occurrence of other events, e.g. cross-default events, may result in Snam\u2019s failure to comply and could trigger the early repayment of the related loan, resulting in additional costs and/or problems of liquidity. The commitments do not contain any covenants that mandate adherence to economic and/or financial ratios. Among the factors that determine the risk perceived by the market, the credit rating, assigned to Snam by the rating agencies, plays a decisive role because it affects the company\u2019s ability to access sources of funding and the related financial conditions. A deterioration of this credit rating could therefore limit access to the capital market and/or result in an increase in the cost of sources of funding, with consequent adverse effects on the Group\u2019s earnings, cash flows and financial position. Snam\u2019s long-term credit ratings are as follows: (i) Baa2 with a Positive outlook, updated on 17 December 2025 by Moody\u2019s Investors Service; (ii) A- with a Negative outlook, updated on 15 April 2025 by Standard & Poor\u2019s Global Ratings (\u201cS&P\u201d); (iii) BBB+ with a Stable outlook, confirmed on 13 February 2026 by Fitch Ratings (\u201cFitch\u201d). Snam\u2019s long-term rating assigned by Standard & Poor\u2019s is positioned one notch above that of the Republic of Italy. Based on the methodology adopted by Moody\u2019s and S&P, the downgrade by one notch of the Italian Republic\u2019s current rating would trigger a likely equivalent downgrade of Snam\u2019s current rating. Although the Snam group enters into transactions with diversified counterparties of high credit standing based on a risk management policy and the constant monitoring of their credit risk, the default by any counterparty or the difficulty of liquidating assets on the market may have adverse impacts on the Snam group\u2019s business and financial position and performance. Snam has entered into Supply Chain Finance (SCF) arrangements with leading banks aimed at supporting its suppliers in the efficient management of liquidity. These agreements stipulate that Snam will reimburse the credit institution according to the original payment terms of the invoices, without providing any guarantees or paying any fees to the institution. The liabilities arising from these agreements meet the criteria for classification under the category \u201cTrade and other payables\u201d. The aforementioned agreements have no impact on the company\u2019s cash flows. The table below presents the schedule of contractually agreed repayments relating to financial liabilities, including interest payments, as well as liabilities arising from derivative instruments:
Portion
within 12
Portion over
(millions of euro)
31/12/2024
31/12/2025
months
12 months
2027.00
2028.00
2029.00
2030.00
Over
Bank loans
3,566
4,029
1,834
2,195
1,291
113
152
109
530
Bonds (*)
12,461
13,949
2,300
11,649
552
1,600
1,500
1,667
6,330
Euro Commercial Paper
1,570
822
822
-
-
-
-
-
-
(ECP)
Lease liabilities
59
97
3
7
2
2
1
1
1
Interest on loans
2,007
3,257
452
2,805
363
315
281
287
1,559
Financial liabilities
19,663
22,154
5,411
16,656
2,208
2,030
1,934
2,064
8,420
Derivative liabilities
-
-
-
-
-
-
-
-
-
19,663
22,154
5,411
16,656
2,208
2,030
1,934
2,064
8,420
(*) Future payments include the cash flow generated by hedging derivatives The financial liabilities in the above table contribute to the CDP Group\u2019s Consolidated Financial Statements in Item of liability (financial liabilities measured at amortized cost). Exchange rate risk With regard to exposure to foreign exchange risk, Snam has in place Cross Currency Swap (CCS) derivative contracts with a total notional amount of approximately 600 million pound and 2 billion dollar, providing full hedging of exchange rate risk on a bond denominated in pound sterling and on bonds denominated in dollar, respectively. The remaining exposure, based on the circumstances currently in place, is limited to the Snam Group with respect to transaction risk, while exposure to translation risk remains for certain foreign subsidiaries that prepare their financial statements in currencies other than the euro. For the time being, it has been decided not to adopt specific hedging policies for these exposures. In this regard, it should be noted that the effects of exchange rate differences arising from the difference in translation into the presentation currency (euro) of the functional currencies of these companies are recognised in the Statement of comprehensive income. Set out below are the impacts on equity as at 31 December 2025 of a hypothetical positive and negative change of 5% in the exchange rate applied during the financial year:
31/12/2025
Other components of the comprehensive income statement
(millions of euro)
Exchange rate +5%
Exchange rate -5%
Foreign currency financing converted into euros via CCS
Effect of exchange rate changes on the fair value of hedging derivatives under
IFRS 9 - effective hedge ratio*:
of which EUR/USD exchange rate
96
(106)
of which EUR/GBP exchange rate
38
(42)
Impacts before tax effect
134
(148)
Tax Effect
(32)
36
Impacts net of tax effect
102
(112)
* The change in the exchange rate affects the change in fair value of hedging derivative instruments which is recognised among other components of the comprehensive income statement and therefore impacts the result of the income statement ITALGAS GROUP The main risks subject to analysis and monitoring by the Italgas group are detailed below. Financial risks Interest rate risk Interest rate fluctuations affect the market value of Italgas\u2019s financial assets and liabilities and the level of net financial charges. Any increase in interest rates not included wholly or partly in the regulatory WACC could have negative effects on the business, financial position and results of the Italgas group for the variable component of the outstanding debt and for future loans. Italgas\u2019 aim is to maintain a fixed-to-floating rate debt ratio that minimises the risk of a rise in interest rates. On 31 December 2025, 20.2% of the financial debt is at a variable rate, while 79.8% is at a fixed rate. Credit risk Credit risk is for Italgas the exposure to potential losses arising from a counterparty defaulting on its obligations. The non- payment or delayed payment of any amounts due may negatively impact the performance and financial situation of Italgas. The rules governing user access to the gas distribution service in Italy are established by the relevant regulatory Authority and are provided for in Network Codes, i.e. in documents that set out, for each type of service, the rules that govern the rights and obligations of the parties providing the services and specify the contractual clauses that reduce the risk of non- compliance by customers, such as the issue of demand bank or insurance guarantees. In addition, in order to manage credit risk, the Italgas group has set forth procedures for the monitoring and assessment of its customer portfolio. The reference markets are the Italian and Greek markets. To mitigate credit risk in the energy efficiency sector, incentive instruments such as the Superbonus are primarily used, however these instruments are subject to the risk of managing the requirements needed for tax credit recognition, which ensures financial coverage for significant portions of the intervention amounts. To address this, the contracts signed by Italgas contain clauses that allow for recourse against customers in the event that the incentive cannot be secured or is withdrawn. Despite having recourse to customers, there remains continued exposure to credit risk. As at 31 December 2025, no significant credit risks had been identified. It is noted that on average: (i) in Italy, 97.4% of trade receivables related to gas distribution are settled on the due date and 99.6% within the next four days, (ii) in Greece, on average 95.0% of trade receivables related to gas distribution are settled within the due date and almost all within the next four days, demonstrating the high reliability of its customers. It cannot be ruled out that Italgas could incur liabilities and/or losses due to its customers\u2019 failure to discharge their payment obligations. Trade receivables (1,217.5 million euro as at 31 December 2025 and 752.0 million euro as at 31 December 2024), which are included under Other assets in the Consolidated Financial Statements of the CDP Group (Asset item 130), comprise balances originating from the companies of 2i Rete Gas and increased by 465.5 million euro. The increase is mainly attributable to (i) higher receivables from sales companies relating to the gas distribution service in Italy (346.8 million euro), (ii) receivables from CSEA for gas equalisation (42.3 million euro), and (iii) Superbonus tax receivables amounting to 67,136 thousand euro, linked to regulatory changes in the residential sector (extension of the 110% tax incentive for non-profit organisations and buildings located in seismic areas), which made it possible to launch new projects during the year. Receivables are shown net of the bad debt provision (25.7 million euro as at 31 December 2025 and 18.7 million euro as at 31 December 2024). Changes in the bad debt provision during the year are shown below:
Provision for impairment losses
Changes in
consolidation
(thousands of euro)
31/12/2024
area
Provisions
Utilisation
Other changes
31/12/2025
Trade receivables
17,311
4,826
2,810
(205)
(276)
24,466
Other receivables
1,363
1,074
(1,166)
1,271
18,674
5,900
2,810
(205)
(1,442)
25,737
The maturities of trade receivables and other receivables are shown below:
Other
Trade
Other
(thousands of euro)
Trade receivables
receivables
31/12/2025
receivables
receivables
31/12/2024
Non-overdue receivables
1,145,892
189,753
1,335,645
684,109
153,123
837,232
Overdue receivables:
71,620
71,620
67,860
67,860
- 0-3 months overdue
16,171
16,171
25,440
25,440
- 3-6 months overdue
7,769
7,769
3,240
3,240
- 6-12 months overdue
25,334
25,334
10,323
10,323
- more than 12 months overdue
22,345
22,345
28,857
28,857
1,217,512
189,753
1,407,265
751,969
153,123
905,092
Past-due receivables, amounting to 71.6 million euro, mainly relate to receivables from the gas and water sectors (65.1 million euro) and from ESCo service customers (6.5 million euro). Liquidity risk Liquidity risk is for Italgas the risk that, due to the inability to raise new funds (funding liquidity risk) or to liquidate assets on the market (asset liquidity risk), the company may be unable to fulfil its payment commitments, resulting in an impact on income if the company is forced to sustain additional costs to meet such commitments or, as an extreme consequence, in a condition of insolvency that puts the continuation of company business at risk. In light of its current investment plans and the transactions expected in the short term, Italgas does not anticipate any significant adverse impacts on liquidity risk, taking into account the following factors: (i) as at 31 December 2025, the Company holds cash deposits with leading banking institutions amounting to 531.933 million euro; (ii) on 16 May 2025, Italgas entered into two variable-rate bank loans with leading credit institutions, each for 300 million euro (for a total amount of 600 million euro) with a maturity of three years; (iii) on 17 June 2025, Italgas entered into an additional variable-rate bank loan with a leading banking institution for a total amount of 300 million euro and a three-year maturity; and (iv) as at
31 December 2025, Italgas has an Euro Medium Term Notes (EMTN) programme which, in addition to and in support of
bank funding, allows for the issuance of up to 5.0 billion euro in residual nominal value to be placed with institutional
investors.
The financial objective of Italgas is to set up a financial structure that, consistently with its business goals, will guarantee
an adequate level for the Italgas group in terms of duration and composition of the debt. That financial structure will be
realised by monitoring certain key indicators, such as the ratio between debt and RAB, the ratio between short-term and
medium-long-term debt, the ratio between fixed-rate and floating-rate debt, and the ratio between firm commitment bank
credit and used bank credit.
The following table sets out the schedule of contractually agreed repayments relating to financial liabilities, lease liabilities
and IFRIC 12 liabilities, including interest payments, as well as trade payables and other liabilities:
Share
within 12
Share after
(thousands of euro)
31/12/2024
31/12/2025
months
12 months
2026
2027
2028
2029
Over
Bank loans
983,391
2,628,354
322,847
2,529,291
322,847
221,756
1,495,904
99,062
389,722
Bonds
5,818,260
8,607,895
550,864
7,515,167
550,864
1,468,618
497,541
1,870,600
3,127,544
Short term liabilities
250,334
2,069
71,290
2,069
2,069
Interest on bond loans
797,919
167,436
159,823
135,845
135,845
198,970
Interest on loans
336,321
251,916
26,814
26,728
26,643
4,220
Lease liabilities
90,483
132,704
30,297
123,734
54,922
20,397
17,362
14,504
16,549
Interest on lease liabilities
5,937
2,567
1,527
1,004
558
281
Financial liabilities
7,142,468
11,371,022
975,298
11,310,438
1,352,621
1,898,935
2,174,384
2,147,212
3,737,286
With regard to interest rate sensitivity, given that 79.8% of the group\u2019s financial debt is at a fixed rate, any changes in interest rates would not have a material impact. Loans from banks and bonds of Italgas contribute to the balances related to financial liabilities measured at amortised cost in the CDP Group\u2019s Consolidated Financial Statements, under items 10a and 10c of liabilities. Rating risk On 1 July 2025, the rating agency S&P assigned a long-term credit rating of 'BBB+' with a Stable Outlook to both Italgas and Italgas Reti. On 4th July 2025, the rating agency Moody\u2019s confirmed Italgas\u2019 long-term credit rating at 'Baa2', with a Stable Outlook. On 16 December 2025 Fitch confirmed the long-term rating of Italgas S.p.A as BBB+, with Stable outlook. Based on the methodologies adopted by the rating agencies, a downgrade by one notch of the Italian Republic\u2019s current rating could trigger a downgrade in Italgas\u2019 current rating, which in turn could have impacts on the future cost of debt. Default risk and debt covenants At 31 December 2025 there were no loan agreements containing financial covenants and/or secured by collateral, except for the EIB loan taken out by Toscana Energia, which require compliance with particular financial covenants. Some of these contracts provide, inter alia, for the following: (i) negative pledge commitments pursuant to which Italgas and its subsidiaries are subject to limitations on pledging as collateral or placing other restrictions on all or part of the respective assets, shares or merchandise; (ii) pari passu and change-of-control clauses; and (iii) limitations on certain non-recurring transactions that the company and its subsidiaries may carry out. At 31 December 2025, these commitments had been met. The bonds issued by Italgas as at 31 December 2025 as part of the Euro Medium Term Notes programme provided for compliance with covenants that reflect international market practices regarding, inter alia, negative pledge and pari passu clauses. The failure to meet the commitments accompanying these loans, and in certain cases only when that default is not remedied by the stipulated deadlines, and the occurrence of other events such as, for example, cross-default events, some of which are subject to specific materiality thresholds, result in defaults by Italgas and could cause the related loan to become immediately due. As concerns EIB financing, the contracts contain a clause whereby, in the event of a significant loss of concessions, this must be notified to the EIB, leading to a consultation period after which the EIB may demand early repayment of the loan.
These cases are carefully monitored by the Italgas group in the context of financial management and business
performance.
FINCANTIERI GROUP
Financial risk management
The main financial risks to which the Fincantieri group is exposed are credit risk, liquidity risk and market risk (in particular
foreign exchange, interest rate and commodity risks).
The management of the aforementioned risks is co-ordinated by Fincantieri, which assesses the implementation of suitable hedges in close cooperation with its operating units. Credit risk The Fincantieri group\u2019s receivables consist largely of receivables from private shipowners typically related to ongoing construction contracts, as well as from the Italian government, including both receivable contributions and supplies to military bodies, and from the US Navy, for projects under construction. The Fincantieri group carries out checks on the financial soundness of its customers, including through information from the main credit risk assessment agencies, and constantly monitors counterparty risk, including during the order construction phase, reporting any issues to top management and assessing the actions to be taken on a case-by-case basis. The Fincantieri group also engages in constant dialogue with its customers, undertaking customer support actions where deemed useful for maintaining or increasing the order book. Moreover, to place their orders, the Fincantieri group\u2019s customers often take out loans, which are guaranteed by a national export credit agency. This financing structure enables the Fincantieri group to ensure that the customer will have the necessary funds to meet its contractual obligations during the construction phase and upon delivery of the vessels. Furthermore, in recent years, the support provided by Export Credit Agencies has allowed shipowners to obtain the flexibility required to meet their commitments to shipyards even in situations of systemic crisis (for example, the \u201cdebt holiday\u201d initiative implemented during the COVID-19 pandemic). With reference to credit risk, it should also be noted that during the execution of the order, the Fincantieri group retains availability of the ship at its shipyards and under the contracts Fincantieri can retain the ship and the advances received in the case of default by the shipowner. The ship under construction provides de facto collateral up to the delivery date when payment is made; moreover, said payment is often guaranteed by export credit agencies. In the event of agreements with shipowners that depart from the arrangements described above, even where appropriate guarantees are in place, the Fincantieri group monitors counterparty risk and reports to senior management in order to assess any actions to be taken and to reflect any accounting impacts in the measurement of the exposure to the customer, taking into account the probability of default. Provision for onerous contracts is made when the order is acquired or when the costs expected to be incurred are updated when it becomes apparent that the costs required to complete the order exceed the economic benefit to be received under the contract. The provision for onerous contracts is recognised in the financial statements under the provisions for risks and charges. The tables below show receivables by risk class and nominal value at 31 December 2025 and 2024, without considering any impairment for estimated losses.
31/12/2025
Past due
4 \u2013 12
beyond 1
Provision for
(thousands of euro)
Not yet due
0 \u2013 1 month
1 \u2013 4 months
months
year
Gross Total
impairment
Net Total
Trade receivables:
- from public entities
3,757
1,579
3,255
1,077
6,327
15,995
15,995
- indirectly from public
3,311
1,136
3,820
4,281
20,379
32,927
32,927
entities (*)
- from private customers
287,459
70,770
39,158
29,587
84,673
511,647
(66,823)
444,824
- from associates and
joint ventures
24,842
32,871
28,626
7,848
11,123
105,310
105,310
Total trade receivables
319,369
106,356
74,859
42,793
122,502
665,879
(66,823)
599,056
Other receivables:
- form associates
- from the government
116,937
1,321
50,779
169,037
169,037
and public entities for
other grants
- from others
307,754
9,101
(3)
32
28,972
345,856
(22,937)
322,919
- from controlling
8,389
295
8,684
8,684
companies (fiscal
consolidation)
- from related parties
- direct and indirect tax
78,731
16,148
38
162
95,079
(1,216)
93,863
assets
Total other receivables
511,811
26,865
35
32
79,913
618,656
(24,153)
594,503
Contract work in
progress
3,647,434
3,647,434
3,647,434
Financial receivables:
- from associates and
joint ventures
2,481
360
2,841
2,841
- from others
637,203
1,065
36
638,304
(72,860)
565,444
Total financial
639,684
1,065
396
641,145
(72,860)
568,285
receivables
Total
5,118,298
134,286
74,894
42,825
202,811
5,573,114
(163,836)
5,409,278
Advances, prepayment
116,162
and accrued income
TOTAL
5,525,440
(*) This item includes receivables from customers that manage contracts ordered by Public Entities, which are thus the substantial debtors.
31/12/2024
Past due
4 \u2013 12
beyond 1
Provision for
(thousands of euro)
Not yet due
0 \u2013 1 month
1 \u2013 4 months
months
year
Gross Total
impairment
Net Total
Trade receivables:
- from public entities
9,366
957
2,070
2,075
6,363
20,831
20,831
- indirectly from public
24,328
2,809
5,926
14,997
48,060
48,060
entities (*)
- from private customers
285,167
107,804
47,761
53,158
81,733
575,623
(63,019)
512,604
- from associates and
joint ventures
48,183
1,522
1,173
15,457
23,480
89,815
89,815
Total trade receivables
367,044
113,092
51,004
76,616
126,573
734,329
(63,019)
671,310
Other receivables:
- form associates
741
741
741
- from the government
101,938
2,120
104,058
104,058
and public entities for
other grants
- from others
154,252
5
433
312
28,316
183,318
(25,814)
157,504
- from controlling
31,625
31,625
31,625
companies (fiscal
consolidation)
- from related parties
- direct and indirect tax
121,675
22
629
894
123,220
(1,216)
122,004
assets
Total other receivables
409,490
27
433
3,061
29,951
442,962
(27,030)
415,932
Contract work in
progress
3,377,306
3,377,306
3,377,306
Financial receivables:
- from associates and
joint ventures
827
360
1,187
1,187
- from others
688,383
1,252
37
689,672
(51,771)
637,901
- Government grants
financed by BIIS
Total financial
689,210
1,612
37
690,859
(51,771)
639,088
receivables
Total
4,843,050
113,119
51,437
81,289
156,561
5,245,456
(141,820)
5,103,636
Advances, prepayment
106,080
and accrued income
TOTAL
5,209,716
(*) This item includes receivables from customers that manage contracts ordered by Public Entities, which are thus the substantial debtors. Trade receivables, other receivables, assets for contract work in progress and advances, prepayments and accrued income of the Fincantieri group contribute to the balance of the other assets in the CDP Group\u2019s Consolidated Financial Statements (asset Item 130). Financial receivables measured at amortised cost are included under item 40 of the assets section in the CDP Group\u2019s consolidated financial statements, relating to financial assets measured at amortised cost. The receivables are shown net of bad debt provisions. These bad debt provisions are made by estimating the write-downs on doubtful receivables such as those subject to litigation and judicial and extra-judicial proceedings related to insolvency of the debtors. In addition, a \u201cProvision for impairment of receivables for default interest\u201d has been established for interest charged for payment delays on past-due receivables. The amount and changes in the provisions are detailed below:
Provision for
impairment of
Provision for
Provision for impairment of
receivables for default
impairment of different
(thousands of euro)
receivables
interest
receivables
Total
1.1.2024
58,552
225
15,370
74,147
Change in the scope of consolidation
514
7
(2,173)
Direct uses
(855)
-
(1,318)
(2,173)
Provisions/(absorptions)
4,864
(129)
1,913
6,648
Exchange rate differences
(152)
(152)
31.12.2024
62,923
96
15,972
78,991
Change in the scope of consolidation
4,623
-
4,623
Direct uses
(2,365)
(1,823)
(4,188)
Provisions/(absorptions)
1,629
-
1,423
3,052
Exchange rate differences
(83)
(1)
(84)
31.12.2025
66,727
96
15,571
82,394
Liquidity risk Liquidity risk is associated with the inability of the Fincantieri group to repay its current financial and trade liabilities or to meet unexpected cash requirements arising from lower-than-expected collections or higher-than-expected cash outflows. In 2025, the Fincantieri group reported a net financial position, presented in accordance with ESMA guidelines, negative for 1,872 million euro (negative for 1,281 million euro in 2024). The main debt items consist of outstanding loans with banks, current bank debt and commercial papers relating to working capital requirements and other current financial debts. The Fincantieri group can rely on a solid financial capacity with sufficient liquidity and credit lines that are adequately diversified in terms of duration, counterparty and technical form to meet its current financial needs. The net financial position referred to above does not include trade payables subject to reverse factoring arrangements. These relate to agreements designed to facilitate suppliers\u2019 access to credit and are based on contractual structures under which suppliers may assign receivables due from the Fincantieri group to a financing institution and receive payment prior to the contractual maturity date. Moreover, the supplier may grant further extensions, agreed between the supplier and the Fincantieri group, with respect to the payment terms established in the invoice. Trade payables subject to reverse factoring as at 31 December 2025 amounted to 850 million euro and represent the value of invoices assigned by suppliers and formally acknowledged as due and payable by the Fincantieri group, which remain outstanding at the reporting date on the basis of extended payment terms granted by suppliers beyond normal contractual payment terms. The arrangements currently in place are available to all suppliers of Fincantieri S.p.A. and certain subsidiaries and provide for generally consistent terms and conditions. The only differing condition relates to the overall maximum payment extension, which may reach up to 365 days, whereas the payment terms agreed with suppliers typically range from 0 to 90 days. The table below outlines the key time bands for additional deferrals, along with the related balance of reverse factoring payables.
Payables for reverse factoring as of
Further days of dilation
31/12/2025
% of the total
Less than 215
42,415
5%
Between 215 and 245
71,183
8%
Between 245 and 275
113,642
13%
Between 275 and 305
334,923
39%
Between 305 and 335
202,663
24%
Between 335 and 365
84,904
10%
Total
849,729
100%
Of which collected by the supplier
815,045
96%
Based on its liquidity requirements and in line with its financial planning, the Fincantieri group retains the option to settle the related payables in advance of the maximum contractual extension. Regarding this, the additional deferrals that the Fincantieri group has actually utilised throughout the year are within a range of 0 to 266 extra days. Liquidity risk associated with reverse factoring is considered to be low, taking into account, inter alia: (i) the contractual arrangements, which provide that, in the event of termination of one or more agreements, such arrangements shall, by formal agreement between the parties, continue to apply to contracts outstanding at that date. Therefore, in addition to not being able to request immediate payment of the deferred amounts, the factors will also have to maintain the contractual relationships in place with the suppliers until their natural expiry date; (ii) the diversification achieved with the involvement of 10 different operators and with a concentration that does not exceed 33% of the total reverse factoring liabilities as of that date. The table below shows the contractual maturities of trade and financial liabilities, excluding derivatives, calculated on a gross basis including interest, which, depending on the financing arrangements, may be at fixed or variable rates.
31/12/2025
On demand
Within 1 year
Between 1 and 5
Beyond 5 years
Contractual
Carrying
(thousands of euro)
years
cash flows
amount
Liabilities included in \u201cCurrent and
non-current financial liabilities\u201d (*)
Financing and loans (**)
210,958
282,152
1,385,479
68,002
1,946,591
1,792,143
BIIS loans
-
858
-
3,804
4,662
4,662
Bonds and commercial papers
-
312,488
53,776
-
366,264
360,600
IFRS 16 lease liabilities
572
33,979
69,521
42,461
146,533
129,563
Other financial liabilities
140
22,148
6,172
39
28,499
28,488
Liabilities included in \u201cTrade
-
-
-
-
-
-
payables and other current liabilities\u201d
Payables to suppliers
690,650
1,949,210
24,487
516
2,664,863
2,664,863
Payables to suppliers for reverse
6
849,723
-
-
849,729
849,729
factoring
Indirect tax liabilities
716
6,596
3
-
7,315
7,315
Other payables
57,806
510,700
14,778
5,502
588,786
588,786
Advances, accrued expenses and
deferred income
-
57,048
-
-
57,048
57,048
Direct tax liabilities
-
-
-
-
-
-
Direct tax liabilities
10,065
38,569
25
-
48,659
48,659
Total
970,913
4,063,471
1,554,241
120,324
6,708,949
6,531,856
(*) Does not include the item \u201cderivative liabilities\u201d (**) This item includes medium/long-term financial payables, on-demand amounts due to banks and construction loans
31/12/2024
On demand
Within 1 year
Between 1 and 5
Beyond 5 years
Contractual
Carrying
(thousands of euro)
years
cash flows
amount
Liabilities included in \u201cCurrent and
non-current financial liabilities\u201d (*)
Financing and loans (**)
148,050
303,264
1,484,315
86,542
2,022,171
1,849,203
BIIS loans
1,252
3,804
5,056
5,056
Bonds and commercial papers
261,888
55,664
317,552
310,000
IFRS 16 lease liabilities
768
31,057
71,600
50,269
153,694
128,555
Other financial liabilities
1,280
37,983
3,575
77
42,915
42,896
Liabilities included in \u201cTrade
payables and other current
liabilities\u201d
Payables to suppliers
668,583
1,742,311
12,494
245
2,423,633
2,422,064
Payables to suppliers for reverse
650,081
650,081
650,081
factoring
Indirect tax liabilities
7,290
23,108
30,398
30,396
Other payables
30,080
481,595
2,918
4,715
519,308
517,898
Advances, accrued expenses and
deferred income
69,287
Direct tax liabilities
Direct tax liabilities
6,320
24,513
30,833
30,446
Total
862,371
3,557,052
1,634,370
141,848
6,195,641
6,055,882
(*) Does not include the item \u201cderivative liabilities\u201d (**) This item includes medium/long-term financial payables, on-demand amounts due to banks and construction loans Market risk The financial risks of the Fincantieri group specifically relate to the risk that the fair value or future cash flows of assets and liabilities may fluctuate as a result of changes in the exchange rates of the currencies in which the group\u2019s commercial or financial transactions are denominated, changes in market interest rates or changes in commodity prices. In pursuing corporate objectives, the Fincantieri group does not intend to take on any financial risks. Where this is not possible, the Fincantieri group assumes such risks only when they are directly related to the group\u2019s core business activities, mitigating their impact (where feasible) through the use of hedging instruments. In order to hedge exchange rate risk, apart from resorting to financial instruments, it may enter into loan agreements in the same currency as that of the sales agreement or establish cash deposits in the same currency as that used in supply agreements. Commodity Risk There is also the risk that fluctuations in commodity prices may affect the production costs of the Fincantieri group Such risk may arise, for example, as a result of catastrophic events affecting the supply chain, changes in customs policies or international import/export agreements, or temporary or structural imbalances between supply and demand. In order to prevent and protect against the impact of changes in commodity prices on production costs, risk exposure is continuously reviewed by monitoring price trends and implementing commercial (steel, gas and electricity) or financial (copper and diesel and LNG) hedging policies where necessary and possible. The Fincantieri group takes into consideration foreseeable increases in the components of contract costs when determining the offer price and assesses the feasibility of risk sharing with customers. At the time of signing the contract, fixed-price purchase options will already have been defined for some of the vessel\u2019s principal components. In addition, the market and the Authority\u2019s resolutions on electricity and gas continue to be monitored. Interest Rate Risk Interest rate risk is defined as: \u2022 uncertainty as to the cash flows relating to the Fincantieri group\u2019s assets and liabilities due to interest rate fluctuations; this risk is mitigated through cash flow hedge transactions; \u2022 variability of the fair value of the Fincantieri group\u2019s assets and liabilities linked to the change in the interest rate market value; this risk is mitigated through fair value hedge instruments. Assets and liabilities exposed to exchange rate variances are subject to the first risk, while fixed-rate assets and liabilities are subject to the second risk. As at 31 December 2025, derivative financial instruments hedging interest rate risk were outstanding for a total notional amount of 5,338 million euro. At the end of 2025, more than 90% of debt generating finance costs was either at fixed rates or hedged through derivatives; this percentage is expected to average approximately 70% in respect of debt forecast for the period 2026\u20132030. Exchange rate risk Exposure to foreign exchange risk for Fincantieri group arises in connection with the execution of commercial contracts denominated in foreign currencies and the procurement of supplies in currencies other than the functional currency. Foreign exchange risk management transactions, for which forward contracts or option structures are used, are negotiated based on the expected timing of foreign currency cash flows; where possible, receipts and payments denominated in the same currency are offset. Management policy is oriented towards the full hedging of cash inflows, while hedging of payments to suppliers is limited to those of greater significance. Foreign exchange risk has been mitigated through the use of the hedging instruments referred to above.
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
USD vs EUR
Including hedging derivatives
Appreciation of the USD vs EUR
5
5
3
4
Depreciation of the USD vs EUR
(4)
(4)
(3)
(4)
Excluding hedging derivatives
Appreciation of the USD vs EUR
73
73
59
59
Depreciation of the USD vs EUR
(63)
(63)
(52)
(52)
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
EUR vs NOK
Including hedging derivatives
Appreciation of the EUR vs NOK
-
(35)
(1)
(37)
Depreciation of the EUR vs NOK
-
41
1
44
Excluding hedging derivatives
Appreciation of the EUR vs NOK
4
(32)
15
(22)
Depreciation of the EUR vs NOK
(4)
37
(17)
26
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
USD vs BRL
Including hedging derivatives
Appreciation of the USD vs BRL
Depreciation of the USD vs BRL
Excluding hedging derivatives
Appreciation of the USD vs BRL
(6)
(6)
(6)
(6)
Depreciation of the USD vs BRL
6
6
6
6
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
Other currencies
Including hedging derivatives
Appreciation of other currencies
7
7
5
5
Depreciation of other currencies
(7)
(7)
(5)
(5)
Excluding hedging derivatives
Appreciation of other currencies
12
12
7
7
Depreciation of other currencies
(12)
(12)
(7)
(7)
ANSALDO ENERGIA GROUP The Ansaldo Energia group is exposed to a range of business and financial risks associated with its operations. The main business risks can be identified as follows: \u2022 Macroeconomic scenario and geopolitical uncertainty: the group addresses this risk by pursuing the objective of increasing industrial efficiency and improving contract execution capabilities, while at the same time reducing overhead costs. \u2022 Long-term contracts at predetermined prices: the group\u2019s response to this risk consists of applying price escalation formulas to medium- and long-term contracts and/or requesting the application of the same clauses to project suppliers. These analyses involve top management and the relevant corporate functions. \u2022 Liability towards customers: the group is exposed to liability risks towards customers or third parties connected with the proper performance of contracts, which are generally mitigated through the purchase of insurance policies available on the market to cover potential damages. The risk that losses may occur which are not covered by insurance policies, exceed insured limits, or that insurance premiums may increase in the future is continuously monitored by management. \u2022 Compliance with local regulations: the group monitors, through dedicated structures, ongoing updates to applicable regulations, making the launch of commercial activities subject to verification of compliance with restrictions and to obtaining the required authorisations. Financial risks can be described as follows: \u2022 Liquidity risk: namely the risk that available financial resources may not be sufficient to meet obligations within the agreed terms and deadlines; \u2022 Market risks, related to exposure to interests generating positions (interest rate risks) and operations in currency areas other than denomination areas (exchange rate risks); \u2022 Credit risks, arising from normal commercial transactions or from financing activities. The group specifically monitors each of the aforementioned financial risks, taking prompt action with the objective of minimising them, including through the use of derivative hedging instruments. The following paragraphs analyse the potential impact on the final results deriving from hypothetical fluctuations of the reference parameters. These analyses are based, as provided for in IFRS 7, on simplified scenarios applied to the balance sheet data of the periods taken as reference and, by their very nature, they cannot be considered as indicators of the real effects of future changes in bench-marks in relation to a different capital and financial structure and market conditions, nor can they reflect the interrelations and the complexity of the reference markets. Liquidity risk As previously noted, liquidity risk represents the risk that, due to an inability to obtain new funding or to realise assets on the market, the group may be unable to meet its payment obligations, resulting in a negative impact on operating results if it were required to incur additional costs to meet its commitments or in the event of insolvency. The group\u2019s objective is to implement a financial structure that, in line with business objectives and defined limits, (i) ensures an adequate level of liquidity while minimising the related opportunity cost, and (ii) maintains an appropriate balance in terms of the maturity profile and composition of debt. The table below shows an analysis of maturities, based on contractual repayment obligations, relating to the capitalised values of the bond loan, trade payables and other liabilities outstanding as of 31 December 2025 and 2024. The first column represents the year-end carrying amount recognised in the financial statements, while the subsequent columns show the expected cash outflows, mainly financial in nature, at the indicated maturities, including interest.
balance at
Within 1 year
From 1 year to 5
More than 5 years
Total
(thousands of euro)
31/12/2025
years
Bond loan
Other current and non-current financial liabilities
767,284
121,592
814,259
31,153
967,004
Trade payables
398,813
398,813
398,813
Other current and non-current liabilities
230,300
196,177
34,123
230,300
balance at
Within 1 year
From 1 year to 5
More than 5 years
Total
(thousands of euro)
31/12/2024
years
Bond loan
Other current and non-current financial liabilities
865,481
180,935
835,909
10,031
1,026,875
Trade payables
391,361
391,361
391,361
Other current and non-current liabilities
220,838
184,597
36,241
220,838
Other financial liabilities of the Ansaldo Energia group are included in the consolidated balance sheet of the CDP Group under Liabilities (Item 10), which relates to financial liabilities measured at amortised cost. Trade payables and other liabilities contribute to liability Item 80 \u201cOther liabilities\u201d. Interest rate risk The group is exposed to interest rate fluctuations with respect to the investment of its liquidity. As reported in the paragraph dedicated to ESMA disclosures, the European Central Bank (ECB) confirmed the levels of the deposit facility rate and the main refinancing operations rate, which remain at 2% and 2.15%, respectively, levels lower than those recorded in 2024. This allowed the parent company, with regard to the variable-rate debt component, to benefit from favourable stabilisation of finance costs. The variable-rate portion mainly relates to the Term Loan, the Revolving Credit Facility and the SACE Supporto Italia financing entered into in 2023 as part of the financial restructuring, as well as the SACE \u201cArchimede\u201d credit line. In addition, a further benefit was recorded from the reduction in the spread applied by lending institutions on the aforementioned loans, following the outcome of the Leverage Ratio testing as at 30 June 2025, which resulted in a reduction of the margin in line with the margin ratchets envisaged under the relevant contractual agreements. The residual portion of gross indebtedness is not exposed to interest rate risk, also due to the presence of fixed-rate hedging instruments currently in force (Interest Rate Swaps \u2013 IRS). Exchange rate risk Ansaldo group procedures require that, when major contracts are secured, revenues, and, where necessary, costs, denominated in foreign currency be hedged against exchange rate risk. Regarding costs, the group generally adopts a policy of predominantly entering into supply contracts in euro. The portion of purchases to be made in local currency is normally covered by a corresponding revenue value in the same currency. As of 31 December 2025, the total notional value in euro of the lots covered by derivative instruments on sale amounted to 3,324 thousand euro while the purchase value amounted to 45,919 thousand euro. Given the above, and net of the effect of the policy of covering of transactions in currencies other than the euro, the sensitivity analysis on exchange rate changes appears to be negligible. Credit risk Ansaldo group is exposed to credit risk, namely the risk of potential losses arising from counterparties\u2019 failure to fulfil their contractual obligations. In order to mitigate exposure to this risk, the group has established an appropriate organisational structure and adopted specific procedural rules. In particular, depending on the potential contractual amount, the type of customer, its creditworthiness and the country of reference, appropriate safeguards are implemented both in structuring payment terms, with the aim of limiting and, where possible, eliminating financial exposure related to cash flows, and in negotiating and structuring dedicated Trade and Export Finance instruments, where appropriate involving Export Credit Agencies, including SACE as the national Export Credit Agency. The following table provides a breakdown of trade receivables, categorised by overdue status and geographical region, before the bad debt provision:
Other customers
Total at
Europe CIS
31/12/2025
Africa Middle
(thousands of euro)
Italy
East
Americas
Asia
Receivables not past due
47,653
74,164
4,631
26,273
152,722
Receivables less than 6 months past due
5,895
70,292
791
10,769
87,747
Receivables 6 months to 1 year past due
6,781
31,820
6
1,944
40,551
Receivables 1 to 5 years past due
2,038
44,457
10,587
57,081
Receivables more than 5 years past due
6,216
6,156
2,824
656
15,852
Total
68,583
226,889
8,252
50,230
353,954
Trade receivables of the Ansaldo group contribute, in the CDP Group\u2019s Consolidated Financial Statements, to asset Item 130, Other assets. The group also incorporates any increased risk of customer default into its assessments by reflecting country risk in the valuation of its contracts and the related receivables through the measurement of expected credit losses (ECL). The allowance for impairment losses amounted to 5.2 million euro as at 31 December. TREVI GROUP Enterprise risk management The Trevi group is exposed to uncertainty factors that may generate both favourable and adverse impacts on its operating activities, financial structure and consolidated financial results. In this context, integrated risk management represents a key element for safeguarding and creating value in the short, medium and long term. The main types of risk to which the group is exposed include, but are not limited to: \u2022 liquidity risk, which affects strategic investment choices and the definition of the order portfolio; \u2022 sudden changes in the socio-political environments of the geographical areas in which it operates, with potential immediate repercussions on operating results and financial position; \u2022 and the deterioration of the international macroeconomic environment. The adoption of an integrated approach enables the Trevi group to ensure consistent, transparent and effective management of the main risks and opportunities that may affect value creation, in line with the objectives defined by individual functions and the current strategic plan. Financial risks Liquidity risks Liquidity risk arises when Trevi group is unable to obtain, under economically sustainable conditions, the financial resources required to support current operations, meet obligations as they fall due and finance planned investments. This risk may stem both from tensions in the credit market and from inefficiencies in the generation or allocation of internal cash flows. Liquidity is primarily influenced by two factors: \u2022 cash flows generated or absorbed by operating and investing activities; \u2022 and the maturity profile and degree of renewability of debt, together with the liquidity readily available in active financial accounts. To ensure adequate oversight of the financial position, the Trevi group\u2019s central functions continuously monitor liquidity requirements, with the aim of ensuring efficient sourcing of financial resources and/or optimal allocation of excess available liquidity. For this purpose, rolling and forecast cash flows are prepared periodically by all group companies; such information is then consolidated and analysed. It should also be noted that a portion of cash and cash equivalents is subject to exchange rate controls or regulatory restrictions in certain countries in which the group operates. Such restrictions limit the full transferability of these funds. Market risk For Trevi, market risk is the risk that the fair value or future cash flows of a financial instrument may be adversely affected by movements in market prices. This category of risk primarily includes: \u2022 Interest rate risk; \u2022 Exchange rate risk \u2022 Credit risk; \u2022 Political and commercial risks; \u2022 Risk related to the procurement of raw materials. Interest rate risk Exposure to interest rate risk is associated with both short- and long-term financing arrangements bearing variable interest rates. In particular, interest rate risk arises from the possibility that changes in market interest rates may affect: \u2022 the cost of funding (for variable-rate debt); \u2022 the market value of fixed-rate instruments; \u2022 and the returns on short- and medium-term financial investments. As at 31 December 2025, following the signing of the Restructuring Agreement on 30 November 2022, a significant portion of the Trevi group\u2019s financing is at variable rates, with the exception of the bond issue and certain residual financing of Italian and foreign subsidiaries, as well as lease contracts. Following the execution of the restructuring agreement, the Trevi group obtained a moratorium on the principal of medium- and long-term cash facilities and \u2013 subject to compliance with certain covenants \u2013 a moratorium on related interest. Upon the effectiveness of the restructuring agreement, interest rates on medium- and long-term cash facilities were changed from fixed rates to variable rates, updated every six months (6-month Euribor). Short-term facilities granted and governed by the restructuring agreement retained pricing consistent with the nature of the underlying transactions, maintaining the interest rates set out in the original financing documentation, as provided for in the restructuring agreement. Exchange rate risk Exchange rate risk relates to changes in exchange rates that may affect: \u2022 cash flows denominated in foreign currency; \u2022 the value of assets and liabilities denominated in foreign currencies; \u2022 and operating margins generated from international activities. The Trevi group is exposed to the risk that fluctuations in exchange rates may impact its financial results and financial position. Exposure to exchange rate risk may be of a: \u2022 transactional nature, arising from exchange rate movements occurring between the date on which a financial commitment between counterparties becomes highly probable and/or certain and the settlement date, resulting in differences between expected and actual cash flows; \u2022 translational nature, whereby exchange rate movements lead to changes in the value of balance sheet items denominated in foreign currencies, following the consolidation of financial data for reporting purposes and their translation into the functional currency of the parent company Trevi Finanziaria Industriale S.p.A. (euro). Such changes do not give rise to immediate differences between expected and actual cash flows, but rather to an accounting effect on consolidated equity. Exposure to exchange rate risk arises from the Trevi group\u2019s operations in multiple countries and in currencies other than the euro, in particular the US dollar and currencies correlated to it. As the group carries out significant operations in US dollar areas, its financial statements may be significantly affected by fluctuations in the EUR/USD exchange rate. The group does not use speculative instruments for hedging exchange rate risk. The group assesses its exposure to exchange rate risk and adopts mitigation measures including the matching of cash flows denominated in the same currency but with opposite signs, as well as the use of trade finance and financial borrowings in the same currency as the underlying sales contracts. Credit risk Credit risk is the risk that a counterparty, whether financial or commercial, is unable to fulfil its obligations, resulting in a financial loss for the group. This risk relates to both commercial transactions and financial instruments held, including trade receivables, bank deposits, securities, guarantees and derivative instruments. Credit risk associated with the Trevi group\u2019s commercial activities is managed through continuous monitoring carried out both by the individual operating companies and by the finance function. The diversity of the sectors in which Trevi operates, together with the significant geographical diversification of its production units and end markets, results in the absence of a significant concentration of risk on a limited number of customers or specific countries. Credit exposure is in fact distributed across a broad range of counterparties. The objective of credit risk management is to minimise counterparty risk by maintaining exposure within limits consistent with the creditworthiness assigned to customers. Assessments are carried out by credit managers on the basis of: \u2022 historical data on counterparties\u2019 default rates; \u2022 up-to-date qualitative and quantitative information; \u2022 and periodic reviews of collection performance. The group mainly conducts sales abroad and makes use of risk mitigation instruments provided by the market such as letters of credit, advance payments and additional forms of protection adopted in contracts of higher strategic value. Political and commercial risk The evolution of economic and geopolitical scenarios significantly affects the financial, industrial and commercial activities of the Trevi group. The revenue mix shows a strong international footprint, with an established presence in the Middle East, Far East, the United States and Italy. A portion of revenues is generated in countries characterised by a medium-to-high level of political and commercial risk, where operations are influenced by external factors such as institutional stability, regulatory framework, country risk, currency convertibility risk and insolvency risk associated with both public and private counterparties. This risk may be defined as the possibility that political, economic or social events adversely affect a counterparty\u2019s ability to fulfil its obligations, irrespective of its financial soundness. With specific reference to the markets in which the Trevi group operates, the two geographical areas outlined below present a particularly high level of political risk, while maintaining relatively limited commercial risk. In such contexts, operations require enhanced oversight and the adoption of appropriate mitigation instruments. Tajikistan Tajikistan became independent in 1991 following the dissolution of the Soviet Union and experienced a civil war between political, regional and religious factions from 1992 to 1997. The Uzbek ethnic group constitutes a significant minority in Tajikistan, while the Tajik ethnic group represents an even larger minority in neighbouring Uzbekistan. The country, with a population of just over 9.2 million, remains the poorest among the former Soviet republics and exhibits a high political and commercial risk profile, characterised by authoritarian stability, strong dependence on external creditors, geographical vulnerability and a fragile economic environment. The most recent sources (IMF, GlobalEDGE/Coface, The Diplomat and SpecialEurasia) confirm that, despite maintaining a degree of institutional stability, the country remains exposed to significant geopolitical and macroeconomic factors affecting its commercial reliability. In particular, with regard to political risk, it should be noted that the country has been governed for over 30 years by President Emomali Rahmon, leading an authoritarian regime characterised by non-competitive elections and centralised control of power. This \u201cenforced\u201d stability reduces the risk of coups but increases uncertainty related to political succession and the absence of democratic checks and balances. The country maintains strong political and military dependence on both Russia (through the presence of military bases and membership of the CSTO) and China, which is increasingly influential in economic and infrastructure terms. This dual dependence limits the country\u2019s strategic autonomy and amplifies political risk in the event of tensions between Moscow and Beijing. With regard to commercial risk, there is a high level of insolvency risk (Country Rating \u201cD\u201d), characterised by a high probability of counterparty default and limited or unreliable financial information. The most critical factors include: (i) a weak and unpredictable judicial system; (ii) difficulties in debt recovery procedures; and (iii) the dominant role of state-owned enterprises and limited competition. Although GDP is growing rapidly (8.2% in the first three quarters of 2025), the country remains vulnerable due to its strong dependence on remittances (accounting for over one-third of GDP), a limited and poorly diversified export base, and high exposure to volatile commodities such as gold, metals and cotton. In conclusion, the country is currently characterised by very high political and commercial risk, further exacerbated by: \u2022 authoritarian stability without clear succession mechanisms; \u2022 proximity to Afghanistan and tensions with Kyrgyzstan; \u2022 strong dependence on Russia and China; \u2022 a complex and opaque business environment; \u2022 and significant debt and macroeconomic vulnerability. Argentina In terms of political risk, the country is undergoing a significant phase of political transformation under the presidency of Javier Milei, characterised by a strong pro-market orientation and the implementation of aggressive liberal reforms. Bloomberg reports that sovereign risk has declined to its lowest level in the past seven years, supported by Milei\u2019s electoral success and the favourable reception of his policies by international investors. The reforms include: \u2022 the deregulation of the economy, \u2022 a review of the tax and labour systems, \u2022 reductions in public expenditure and the adoption of restrictive monetary policies. Despite the improvement in market sentiment, the country continues to face longstanding institutional challenges: the Argentine Congress remains fragmented, the approval of reforms depends on complex political agreements, and social protests and trade union tensions may delay or hinder the implementation of measures. Accordingly, the sustainability of the political framework depends on maintaining consensus and on the successful implementation of reforms following the 2025 mid-term elections. With regard to commercial risk, the country is gradually showing an improvement in the business climate; however, overall risk remains very high, with a high probability of default, limited availability of reliable financial data and a slow and unpredictable judicial system. In conclusion, Argentina currently presents a mixed outlook, with clear signs of financial improvement but still significant political and commercial vulnerabilities. The positive drivers of this development can be identified in pro-business reforms and market liberalisation, as well as in the reduction of sovereign risk and the improvement in investor sentiment. Conversely, high inflation rates, critical exchange rate reserves, domestic instability and social risk continue to persist. VALVITALIA GROUP The Valvitalia group, acting through the board of directors of the parent company, oversees the risk monitoring framework and periodically assesses the adequacy, effectiveness and proper functioning of the internal control and risk management system supporting the group\u2019s operations. Outlined below are the principal risk factors identified with reference to the operating environment and the markets in which the Valvitalia group operates. Financial risks Credit risk Despite the high creditworthiness of its customer base and the quality of its receivables portfolio, the Valvitalia group is exposed to credit risk, which is continuously monitored through structured assessment and control procedures. For customers operating in geographical areas characterised by higher risk, the Valvitalia group adopts risk mitigation measures such as the use of letters of credit, partial advance payments or other forms of contractual guarantees. These instruments make it possible to reduce the risk of losses on trade receivables arising from non-payment or significant delays in collection. As at 31 December 2025, trade receivables amount to 88.8 million euro and are broken down by geographical area as shown in the table below.
(thousands of euro)
31/12/2025
31/12/2024
Italy
(10,126)
(9,377)
Europe
(10,492)
(12,728)
Africa
(2,265)
(3,188)
North America
(25,188)
(20,594)
South America
(8,472)
(13,086)
Middle East
(18,525)
(7,281)
Central Asia
(3,084)
(8,884)
Far East
(10,635)
(8,975)
Total
(88,787)
(84,112)
Trade receivables are shown net of provisions for bad debts and include the translation of foreign currency balances at the period-end exchange rate. As at the reporting date, there are no trade receivables with a maturity exceeding 12 months. During the year, movements in provisions for bad debts are detailed in the table below.
(thousands of euro)
Amounts
Amount as 31/12/2024
8,019
Provisions
3,342
Uses
(132)
Releases
(462)
Exchange rate effect on foreign companies
(203)
Total
10,564
The allowance is deemed appropriate in light of the estimated risk of default and has been determined based on a detailed assessment of receivables subject to litigation and positions for which objective indicators of uncollectability exist. Reversals, amounting to 0.5 million euro, relate to amounts collected during the year on receivables that had previously been impaired. The use of the allowance during the period mainly relates to losses on trade receivables considered definitively uncollectable. In 2025, the Valvitalia group also entered into receivables factoring transactions with leading financial counterparties. Accordingly, trade receivables recognised in the statement of financial position are presented net of receivables transferred under such transactions. In accordance with IFRS 7, the tables below present information on the ageing analysis of trade receivables and the related allowance for credit losses:
(thousands of euro)
31/12/2025
31/12/2024
Credits expired within 30 days
(10,355)
(8,429)
Credits expired more than 30 days
(4,066)
(7,409)
Credits expired more than 60 days
(3,905)
(3,656)
Credits expired more than 90 days
(22,906)
(20,578)
Total expired credits
(41,232)
(40,072)
Unexpired credits
(58,119)
(52,060)
Bad Debts provisions
10,564
8,019
Total receivables net of the Bad Debts provision
(88,787)
(84,112)
For the purposes of the CDP Group Consolidated Financial Statements, the Valvitalia group\u2019s trade receivables are included under the asset line item \u201c130 \u2013 Other Assets.\u201d Liquidity risk The Valvitalia group is exposed to liquidity risk, which may materialise if difficulties arise in obtaining, on a timely basis, the financial resources necessary to support operating activities, or in the event of a breach of the financial parameters provided for under certain outstanding financing agreements. In such cases, lenders may be entitled to revoke the benefit of the term and require early repayment of the related borrowings. In addition, specific obligations related to the Restructuring Agreement executed in 2023 remain in force, and compliance with these commitments continues to represent a key aspect of the Valvitalia group\u2019s financial management. Cash flows, financial requirements and liquidity levels are continuously monitored and centrally managed by the finance function, with the objective of ensuring an efficient allocation of available resources and adequate control of financial risks. Management maintains a strong focus on the management of liquidity, the optimisation of credit lines and compliance with contractual obligations, implementing appropriate measures to ensure that the Valvitalia group has sufficient resources to meet needs arising from operating activities, investments, working capital requirements and the repayment of financial indebtedness. The breakdown of financial liabilities by maturity is set out below:
(thousands of euro)
Within 12 months
Over 12 months
Over 5 years
Total
Debts to banks
3,835
28,854
-
32,689
Debts for financing from members
3,778
68,600
-
72,378
Financial leasing debts
2,768
4,877
-
7,645
Debts to other lenders
90
90
-
180
Total financial liabilities
10,470
102,421
-
112,892
For the purposes of the CDP Group Consolidated Financial Statements, the Valvitalia group\u2019s financial liabilities are classified under the liability line item \u201c10. Financial liabilities measured at amortised cost\u201d, in compliance with the relevant international accounting standards. Intercompany balances with the shareholder CDP Equity are eliminated during the consolidation process and, accordingly, are not presented in the CDP Group consolidated financial statements. Foreign exchange risk The Valvitalia group is exposed to foreign exchange risk due to the fact that a significant share of its revenues is denominated in US dollars (USD), mainly in relation to supplies to customers operating in markets outside Europe. Exchange rate fluctuations may have an impact on the Valvitalia group\u2019s economic performance and cash flows, particularly with respect to the translation of foreign-currency-denominated revenues and trade receivables. To mitigate this exposure, the Valvitalia group implements a hedging strategy through the use of foreign exchange forward contracts, entered into in connection with confirmed orders, with the objective of locking in exchange rates and limiting exposure to currency market volatility. Hedging transactions are carried out in line with expected cash inflows and the financial policies adopted by the Valvitalia group. The table below summarises current and non-current financial liabilities/(assets) relating to derivative instruments:
(thousands of euro)
31/12/2025
31/12/2024
Forward on exchange rates
(197)
2,157
Total financial liabilities/(assets) for current derivatives
(197)
2,157
Total financial liabilities/(assets) for non-current derivatives
Total net financial liabilities for derivatives
(197)
2,157
As at 31 December 2025, net financial assets relating to derivative instruments amount to 197 thousand euro. For the purposes of the CDP Group Consolidated Financial Statements, this amount is recognised under the asset item \u201c50. Hedging derivatives\u201d, in compliance with the relevant international accounting standards. Interest rate risk The Valvitalia group may be exposed to interest rate risk in relation to any variable-rate financial liabilities. The Valvitalia group\u2019s financial policy provides for the ongoing monitoring of expected movements in interest rate curves and, where appropriate, the evaluation of hedging instruments designed to mitigate exposure to interest rate volatility. As at the date of this report, there are no variable-rate financing agreements in place; accordingly, the Valvitalia group\u2019s exposure to interest rate risk is currently limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1002": { "value": "
SECTION 1 - THE RISKS OF ACCOUNTING CONSOLIDATION
Quantitative disclosures
A. Credit quality
A.1 Non-performing and performing credit exposures: amounts, impairment adjustments, changes and
economic distribution
A.1.1 Breakdown of financial assets by portfolio and credit quality (carrying amounts)
Non-
Performing
Bad debts
Unlikely to
performing
past-due
Other performing
Total
(thousands of euro)
pay
past-due
exposures
exposures
Portfolios/quality
exposures
1. Financial assets measured at amortised cost
91,367
147,858
26,710
2,690
342,280,763
342,549,388
2. Financial assets measured at fair value through
other comprehensive income
11,779,654
11,779,654
3. Financial assets designated at fair value
193,221
193,221
4. Financial assets mandatorily measured at fair
value
2,370
3,043
61
9,080
14,554
5. Financial assets held for sale
Total 31/12/2025
93,737
147,858
29,753
2,751
354,262,718
354,536,817
Total 31/12/2024
105,294
135,228
28,211
6,215
351,781,514
352,056,462
The following table shows the breakdown of credit exposures for on-balance sheet forborne credit exposures (non-
performing and performing loans).
Forborne credit exposures: breakdown by portfolio and credit quality
(thousands of euro)
Accumulated
Net exposure
Net exposure
Type of exposition/value
Gross exposure
impairment
31/12/2025
31/12/2024
Forborne loans to customers:
Bad debts
406
(406)
Unlikely to pay
119,374
(55,398)
63,976
47,216
Non-performing past-due exposures
4,823
(140)
4,683
Performing past-due exposures
Other performing exposures
1,756,328
(133,654)
1,622,674
1,453,836
Total forborne exposures at 31/12/2025
1,880,931
(189,598)
1,691,333
X
Total forborne exposures at 31/12/2024
1,675,757
(174,705)
X
1,501,052
A.1.2 Breakdown of financial assets by portfolio and credit quality (gross and net values) (thousands of euro) Portfolios/quality
Non performing assets
Accumulated
Performing assets
Total (net
Gross
Specific
Net
partial write-
Gross
Net exposure
Portfolio
exposure)
exposure
adjustments
exposure
offs *
exposure
adjustments
1. Financial assets measured at
amortised cost
494,441
(228,506)
265,935
343,127,253
342,283,453
(843,800)
342,549,388
2. Financial assets measured at
fair value through other
comprehensive income
11,790,117
11,779,654
(10,463)
11,779,654
3. Financial assets designated at
fair value
X
193,221
X
193,221
4. Financial assets mandatorily
53,934
(48,521)
5,413
X
9,141
X
14,554
measured at fair value
5. Financial assets held for sale
Total 31/12/2025
548,375
(277,027)
271,348
354,917,370
354,265,469
(854,263)
354,536,817
Total 31/12/2024
528,928
(260,195)
268,733
352,444,022
351,787,729
(866,650)
352,056,462
* value to be shown for information purposes
(thousands of euro)
Assets with markedly poor credit quality
Other assets
Portfolios/Quality
Accumulated loss
Net exposure
Net exposure
1. Financial assets held for trading
389,014
2. Hedging derivatives
1,875,780
Total 31/12/2025
2,264,794
Total 31/12/2024
1,339,032
B. Disclosure of structured entities (other than securitisation companies) Not present at 31 December 2025.
It should also be noted that:
\u2022 CDP is classified in the harmonised statistics of the European System of Central banks as \u201cother monetary financial
institution\u201d (MFI), falling into the category of credit institutions and, as such, it is subject to the Eurosystem\u2019s minimum
reserve requirement; and
\u2022 CDP is one of the counterparties admitted to the Eurosystem monetary policy operations and, as such, quarterly sends
to the Bank of Italy figures of a managerial nature on its capital adequacy.
1.1 Credit risk
Qualitative disclosures
1. General aspects
Credit risk arises primarily in relation to the lending activity \u2013 both under the Separate Account and the Ordinary Account
\u2013 and, on a secondary level, in the form of counterparty risk, to hedging operations involving derivatives and treasury
activities.
The Separate Account, which is prevailing in terms of share of assets, primarily features exposures to the Italian
Government and Local Entities. CDP is also authorised to grant treasury advances to local authorities within the treasury
service operated by Poste Italiane, an activity whose risk profile is consistent with that of traditional lending; the scope of
the service includes Municipalities, Provinces and Metropolitan Cities within predefined resident population thresholds.
Exposures under the Separate Account to the main banking groups operating in Italy, through which CDP conveys various
kinds of financing, in particular loans in support of SMEs continue to play an important role.
Exposures under the Separate Account to private-sector parties involved in public interest projects promoted by Public
Entities are also significant. Other exposures arise from the Fondo Rotativo per le Imprese (FRI, the revolving fund for
enterprises), which to date are essentially immunized in terms of credit risk (as they are secured by a guarantee of last
resort by the State), and those assumed to support the international expansion of companies and exports. With the
Separate Account, interventions aimed at increasing energy efficiency and achieving the objectives established in the
framework of international agreements on climate and environmental protection are also possible. Financing may also be
granted for activities which have most recently started with the use of CDP own funds, in the context of International
Cooperation & Development Finance.
Under the Ordinary Account, CDP grants corporate and project financing loans on non-government-backed funding, in
competition with banks. Loans from the Ordinary Account are mainly aimed at public services provision and at investments
in research, development, innovation, protection and enhancement of cultural heritage, promotion of tourism, environment
and energy efficiency, the green economy and initiatives for the growth of businesses, both in Italy and abroad.
In line with CDP\u2019s strategic guidelines, in recent years operations targeting the small and medium-sized enterprise
segment, while continuing to represent a minority share of the credit portfolio in terms of amounts, have gained increasing
importance in terms of the number of transactions, driven by CDP\u2019s broader geographical presence across Italy and the
strategic objective of supporting the growth of this category of counterparties.
In recent years, CDP has supported Italian companies in coordination with the banking system, granting medium-/long-
term loans secured from both SACE (for example SupportItalia, Archimede, Growth) and the EIB (through the European
Guarantee Fund \u2013 EGF).
During 2025, the development of initiatives within investment platforms or programmes funded by EU resources continued
(including, in particular, the European Commission\u2019s \u201cInvestEU\u201d investment programme, for which CDP acts as
Implementing Partner) or by national resources (such as the Guarantee Fund managed by Mediocredito Centrale), while
maintaining alignment with CDP\u2019s typical risk profile.
During 2025, CDP established dedicated Credit Lines for \u201cspecial\u201d financing to enable a greater risk appetite for
transactions capable of generating significant impact on the country\u2019s priority needs, while maintaining control over the
portfolio profitability target and overall financial stability. Specifically, the CDP Strategic Plan 2025\u20132027 identified three
key priorities targeting major national needs on which to concentrate its action:
i. Innovation: supporting the development of technological and digital solutions to stimulate research and improve
corporate competitiveness.
ii. ESG: promoting environmental, social and governance initiatives, supporting actions across multiple areas including
ecological transition, energy efficiency and social improvement.
iii. Southern Italy (and disadvantaged areas): supporting economic growth by financing local enterprises and
strengthening development opportunities in regions with the greatest investment needs.
Lastly, with regard to risks related to climate change, the impact on CDP\u2019s activities, strategy and financial planning may
be reflected mainly through changes in the performance of the equity investments, as well as the loans granted and the
bonds held. CDP\u2019s investments and loans include a variety of enterprises operating in different geographical areas and
sectors, many of which are exposed to physical risk and/or transition risk. In addition, the impact of risks related to climate
change may directly affect CDP\u2019s operations, which are largely conducted in Italy and fall within the financial sector.
CDP Real Asset SGR is exposed to credit risk in the sense of counterparty risk, in connection with the fees received as
fund manager. This exposure refers to managed funds and, indirectly, to the subscribers of these funds, considering the
nature of recall funds. In this regard, it should be noted that the managed funds are mainly subscribed by the Parent
Company.
With reference to Fondo Italiano d\u2019Investimento SGR S.p.A., the exposure to credit risk is intended as the exposure to
counterparty risk in relation to the management fees received by the managed funds. The exposure is nevertheless limited,
both as a result of diversification by fund and investor and due to their credit quality; furthermore, it should be considered
that the funds are largely subscribed by the Parent Company or by the controlling company.
Similarly, CDP Venture Capital SGR S.p.A. is exposed to credit risk mainly in relation to the management fees received
by the managed funds. Credit risk is currently considered limited, also in consideration of the diversification of the funds
managed and the standing of the subscribers, which include the Parent Company as well as public sector entities. Finally,
the exposure to counterparty risk in relation to the financial entities with which the company\u2019s liquidity is deposited is also
attributable to credit risk.
2. Credit risk management policies
2.1 Organisational aspects
The principles followed by CDP in its lending activities are set out in the Credit Risk Policy, which also defines the lending
process and the roles of the involved units.
Credit Assessment and Monitoring Area
The Credit Assessment and Monitoring Area assesses the proposals advanced by CDP business units, as well as the
most significant transactions submitted for a governance opinion by the subsidiaries; it is also responsible for assigning
internal ratings and estimating the Loss Given Default (these parameters are used for management and accounting
purposes and are determined in accordance with the Risk Policy and the Rating and Recovery Rate Policy
204
). Credit
Assessment and Monitoring is also responsible for the periodic review of the loan portfolio, regarding the evolution of the
counterparty\u2019s financial situation and developments in their industry/sector, manages and monitors both exposures in
Watch Lists and non-performing, and analyses counterparties for the purposes of internal or regulatory classification. With
regard to non-performing counterparties, Credit Assessment and Monitoring reviews any restructuring proposals \u2013 where
necessary with the support of other structures for more complex cases. Contractual amendment requests for performing
loans (\u201cwaivers\u201d) are managed instead by the transactions-management structures of the business units.
Governance and Risk Support Area
The Governance and Risk Support Area:
i. in relation to risk matters, it manages the technical secretariat activities of the company\u2019s managerial committees
and provides support for the technical documentation to be provided to the internal board committees;
ii. it is responsible for defining and updating CDP\u2019s internal policies with regard to risk-related matters;
iii. it ensures the management and monitoring of internal cross-departmental projects within the Risk Department;
iv. it supports the Risk Department in developing strategic proposals for approval by the corporate bodies, related to
the risk areas to be implemented at both CDP and Group levels, ensuring their effectiveness is monitored within
the Group;
v. it oversees important special initiatives related to risk on assets identified by the Risk Department, working closely
with other relevant organisational departments.
Risk Management Area
The Risk Management Area is responsible for the methodologies used to determine the risk-adjusted pricing, for the
monitoring of the risk-adjusted return, and for the measurement of portfolio concentration. Risk Management regularly
monitors the overall performance of loan portfolio risk, also to identify corrective actions designed to optimise the risk/return
profile.
With regard to credit risk, the responsibilities of Risk Management also include:
\u2022 carrying out second-level controls: (i) to ensure that performance is monitored correctly; (ii) to ensure that the
classifications of the individual exposures are consistent; (iii) to ensure that provisioning is adequate; (iv) to ensure that
the recovery process is appropriate; (v) in general with regard to the restructuring proposals;formulating opinions on
specific loan transactions in the specific cases detailed in the policy;
\u2022 the preparation of opinions regarding specific credit transactions, in the cases provided for by the policies in effect from
time to time;
\u2022 defining, selecting and implementing models, methodologies, and tools (including those related to the internal rating
system).
Risk Assessment Committee The Risk Assessment Committee is a technical and advisory body supporting the decision-making bodies. One of its duties is to give mandatory, non-binding opinions on financing transactions and operational frameworks, with regard to both the creditworthiness and the adequacy of the applied contractual terms and conditions. The structure of the Risk Assessment Committee varies according to the type and significance of the operations. To monitor the risks at group level, a specific governance process is foreseen for the most significant transactions in terms of risk. In these cases, a non-binding opinion must be obtained from the Parent Company, which is prepared by the Group Risk Assessment Committee. Specifically, the Committee provides opinions on significant Group operations. 2.2 Management, measurement and control systems With regard to the credit risk management and control policies of the Separate Account, CDP has adopted a system for approving loans to local authorities. This system is used to classify each loan in homogeneous risk categories, by adequately defining the risk level associated with the individual entities, with the aid of quantitative parameters that are differentiated by type and size of entity. This system of granting loans makes it possible to identify, through qualitative and quantitative criteria, cases for which an in-depth analysis of the debtor\u2019s creditworthiness is necessary. When setting the terms of financing in the case of Ordinary Account and for private entities within Separate Account, CDP relies on a proprietary, validated model for the calculation of portfolio credit risk, consistent with the particular characteristics of its business model. Using the same CDP portfolio model, it also calculates the economic capital associated with the entire credit portfolio, excluding only positions related to sovereign risk, and helps determine risk-adjusted pricing according to the marginal impacts on the portfolio\u2019s risks. Risk Management Function monitors compliance with the system of limits and the guidelines for composition of the loan portfolio, which are an integral part of the Risk Policy. The limits are set according to the credit rating of each counterparty and become stricter as the rating and recovery rate decrease, according to proportions in line with the economic capital. Risk Management also conducts stress tests on the level of risk in the loan portfolio, based on assumptions of generalised deterioration in the portfolio\u2019s creditworthiness, increased probability of default, decreased recovery rates and increased correlation parameters. The methodologies adopted for the assignment of internal ratings aim to ensure compliance with an adequate level of transparency and consistency, including auditability of the process of evaluation. The benchmark rating models applied in the internal rating allocation process, whether developed in-house or supplied by specialised external providers, are structured by reference to the characteristics of CDP\u2019s principal client segments, including counterparties\u2019 size, legal status and industry sector. In particular, benchmark rating tools have been developed internally for Small and Mid Corporate counterparties, local authorities (Metropolitan Cities, Provinces and Municipalities) and for Italian banks. The internal benchmark rating tools include independent modules (quantitative, qualitative, payment performance and group-based), which are integrated according to the information available. CDP constantly updates the architecture of these models based on the results of their monitoring activities. In line with the practice of the rating agencies, the rating scale adopted by CDP is divided into 21 classes, 10 of which are for \u201cinvestment grade\u201d positions and 11 for \u201cspeculative grade\u201d. A class is also used for counterparties in default. Given the limited number of historical defaults in the CDP portfolio, also considering the type of borrowers, default probabilities are calibrated on the basis of long-term default rates (through-the-cycle) calculated using data acquired from a specialised provider. Since 2018, as part of the implementation of IFRS 9, CDP defined a methodology to calculate point- in-time default probabilities. The internal estimates of Loss Given Default take into account the different types of guarantees, as well as recovery times, and are differentiated by category of customer. The internal rating system is applied at the lending stage (also to define risk-adjusted pricing for private entities), for performance monitoring, for the calculation of collective provisions, within the limit framework, and for assessing portfolio capital absorption. The risk assessment assigned to the counterparty is updated at least annually. However, it is reviewed at any time during the year whenever events occur, or information is acquired, that have the potential to significantly affect the creditworthiness. In order to manage concentration risk, Risk Management regularly monitors the net current and potential future exposure to banks arising from derivatives transactions. Risk Management checks compliance with the minimum internal rating limits and the limits associated with the notional amount and maximum exposure value, by counterparty or group of related counterparties. Similarly, Risk Management ensures the monitoring of exposures to counterparties in treasury activities, checking compliance with the limits and criteria set out in the Risk Policy.
Risk Management monitors the management and regulatory classifications, the internal ratings assigned according to the
procedure described above and the collective and analytical provisions, on a quarterly basis. Monitoring includes, in
particular, verifying the correct functioning of the credit quality monitoring system (early warning).
2.3 Measurement methods of expected credit losses
Since 1 January 2018, the new International Financial Reporting Standard 9 (IFRS 9, or the \u201cStandard\u201d), issued by the
International Accounting Standards Board (IASB) on 24 July 2014 and endorsed by the European Commission through
EU Regulation 2016/2067, has replaced IAS 39, and prescribes the classification and measurement of financial assets.
The Standard has introduced numerous new aspects regarding scope, loan bucketing, a holding period for estimating
expected credit loss, and in general certain characteristics of the basic components of credit risk: Probability of Default
(PD), Exposure at Default (EAD) and Loss Given Default (LGD).
The main changes, introduced since 2018, concern the presence of a single impairment model, to be applied to all financial
assets not measured at fair value through income statement, based on the concept of expected credit loss, compared with
the previous concept of incurred loss. The aim of this new approach to impairment is to ensure more timely recognition of
losses compared to the previous IAS 39-compliant model, in which the losses were recognised if objective evidence of
impairment losses after initial recognition of the asset was found. Conversely, the new model prescribes that the financial
assets are allocated in three distinct \u201cstages\u201d (Stage Allocation):
\u2022 stage 1: this stage refers to performing financial assets for which no significant credit impairment was recognised in
comparison with the date of initial recognition. These assets are measured based on the expected loss over a time
horizon of up to one year;
\u2022 stage 2: this stage involves performing financial assets whose credit quality has significantly deteriorated since initial
recognition. These financial assets are measured based on their expected credit loss, calculated over a time horizon
corresponding to the residual life of the financial asset;
\u2022 stage 3: this stage involves non-performing financial assets: having suffered a significant increase in their credit risk
since initial recognition, they are measured accordingly based on the expected credit loss over the residual life of the
financial asset.
Any financial assets classified as POCI (purchased or originated credit impaired) that do not have a significant impact on
CDP are classified separately and, in accordance with the accounting standards, cannot be transferred to another
classification.
CDP has defined its policies and methods of Stage Allocation and calculation of expected losses in compliance with the
Standard and appropriate to the specific characteristics of the CDP Group, while taking into consideration the
characteristics of the Parent Company\u2019s loan portfolio, whose main exposures are traditionally towards Public Entities and
were originated in a timespan of more than one decade; consequently, that portfolio has recorded an extremely limited
number of default events.
The credit rating assigned to each counterparty includes, inter alia and to the extent relevant, assessments, also on a
forward-looking basis, related to climate change and energy transition. As a result, the measurement of the ECL associated
with each position may be affected, where there is a significant impact, by the exposure to risks related to these issues.
Stage Allocation
CDP has long since set up a series of internal processes and models for assessing creditworthiness, focused on the typical
multi-year horizon of CDP\u2019s business and used in the ex-ante assessment phase, as well as in risk monitoring and risk
calculation. The results of these processes and models are summed up in a scale of internal ratings to which a term
structure on the probability of default is associated.
The internal rating integrates all the key available information, including information on trends, since the structure of the
internal rating system is forward-looking and takes into account the duration of the exposure.
Stage Allocation is, therefore, mainly based on the use of these methods, that are considered appropriate for managing
the CDP assets. In particular, the classification in the various stages involves verifying a series of relative and absolute
conditions.
The adoption of the new Standard does not lead to changes in the identification of non-performing assets, which are
classified within stage 3.
Conversely, with regard to performing assets, it is necessary to define criteria for assigning them to stage 1 or stage 2.
The first element for identifying a significant impairment in creditworthiness is a change in the internal rating attributed to
each operation between the initial date and the measurement date. The adopted method involves defining the staging
criteria based on the number of notches that separate the two ratings: the threshold that causes the shift from stage 1 to
stage 2 takes into account, among other things, the age of the individual operation and its rating on the reporting date. The
first element allows CDP\u2019s expectations regarding changes in PD to be grasped (shifts in ratings over time), while, with
regard to the second element, the threshold takes account of the fact that the probabilities of default increase in an uneven
manner as the rating worsens (trends of the PD in line with the ratings).
The decision to use the internal ratings as a benchmark was taken due, among other things, to the lack of significant past
default events as mentioned above, which is a characteristic of CDP\u2019s loan portfolio and does not allow thresholds to be
calibrated based on PD.
Additional criteria specified by the Stage Allocation policy are of an absolute and not relative nature: all operations are
classified in stage 2 if they relate to counterparties for which the following conditions apply:
\u2022 they belong to specific monitoring classes (\u201cwatchlists\u201d, which highlight the need for particularly careful monitoring, even
for exposures that are performing, because of specific levels of risk);
\u2022 there are overdue amounts whose age and relative amount provide evidence of a possible deterioration of
creditworthiness;
\u2022 classification of positions as forborne.
The existence of these elements ensures a gradual approach in classification, in order to reduce the likelihood of an
operation being classified to stage 3 without having been classified to stage 2.
In accordance with the Standard, one notes that when the conditions that led to a position being attributed to stage 2, in
line with the Stage Allocation policy, hold no more, it may return to stage 1 with the consequent reduction in the associated
expected loss.
With regard to debt securities, it was necessary to develop certain additional considerations because, in contrast with
loans, these types of exposures may involve acquisitions subsequent to the first purchase, performed on a case-by-case
basis in accordance with the business models identified by CDP. In particular, it is necessary to take account of the time
sequence of purchases and sales of the same security, so as to enable differentiated staging, where necessary, between
two tranches purchased at different times when the corresponding creditworthiness may have been different.
In the event of tranches of securities classified in stage 2, which require the calculation of the expected losses over the
lifetime, the time profile of the EAD would be determined according to the actual redemption schedule of the individual
tranches in line with their accounting measurement.
The staging policy developed by CDP does not envisage the use of the \u201clow credit risk exemption\u201d (LCRE) for the portfolio
of loans or for the portfolio of debt securities, even though this is an option allowed by IFRS 9. This exemption would
involve classifying all positions with \u201clow\u201d credit risk (substantially similar to the \u201cinvestment grade\u201d threshold, i.e. from the
\u201cBBB-\u201d rating upwards) in Stage 1, regardless of any changes in credit rating since origination. CDP has decided not to opt
for this exemption, taking account of the recommendations of the Basel Committee, even though they are not binding for
CDP, which state that banks authorised to use internal models for credit risk should not apply this exception to their loan
portfolio. The approach chosen by CDP enables exposures to be treated in a uniform way, regardless of their technical
form: in particular, one of the undesirable effects would have been the application of the LCRE to the securities portfolio,
which would have led to differences in the classification of loans and securities issued by the same issuer and originated
in the same period.
As mentioned above, financial assets classified as POCI remain in that classification throughout their life.
Elements for the calculation of expected loss
The accounting standard specifies that after identifying the appropriate stage for each operation, to calculate the expected
loss one must use all reasonable and sustainable information (that is available without excessive costs or effort), which
might influence the credit risk of a financial asset. The available information must include:
\u2022 specific attributes of the debtor, and
\u2022 general economic conditions and the assessment of both current and forecast conditions (\u201cforward-looking information\u201d).
With regard to the estimation of expected loss, IFRS 9 requires the adoption of the Point-in-Time (PIT) PD instead of the
Through-the-Cycle (TTC) PD which CDP uses in measuring risks, also due to the nature of long-term investor which
characterises its activity.
Therefore, CDP has developed a method for determining the PIT PD starting from the TTC PD which are estimated using
a sample of past external data, with methods that take into account possible future trends.
In order to achieve the aims of the Standard, the TTC PD are made contingent upon macroeconomic scenarios; a short-
term, forward-looking element is, therefore, added to the medium-to-long term forward-looking component already present
in the TTC PD, through the introduction of an appropriate scale factor allowing the maintenance of the current forward-
looking system, combined with a greater sensitivity towards the expected short-term trends.
Within its own credit assessment and management methods, CDP has defined certain recovery values (and
correspondingly Loss Given Defaults \u2013 LGD) based on expert opinions, adopting a conservative approach aimed at
identifying the characteristic features of each position (i.e. existence of collateral or a \u201csecurity package\u201d), since it is unable
to make use of a statistical approach due to the scarcity of events in its own portfolio. In those cases where an explicit
value is not already provided for, reference was made to the instructions included in Regulation no. 2013/575/EU (CRR).
The calculation of the expected loss over the time horizon that is consistent with the staging of each operation is based on
the discounting of the expected cash flows according to the probability of default corresponding to the creditworthiness at
the reporting date and to the LGD.
Governance aspects
The methodological framework was developed by Risk Management, in collaboration with Accounting. The adoption of
key choices on the implementation of the Standard was discussed in the relevant committees (Internal Risk Committee, at
managerial level, and the Board Committee) and was finally approved by the Board of Directors.
Organisational and process adjustments were also developed to meet the increased data needs with respect to IAS 39.
Changes due to escalation of ongoing conflicts and tariffs
The escalation of ongoing conflicts and the adoption of protectionist measures in international trade, together with the
resulting impacts on economic activity, have increased uncertainty, making it more difficult to formulate estimates relating
to items such as potential future credit losses on assets measured at amortised cost and cash flows arising from equity or
real estate assets. For CDP, the areas in which there is an increased level of uncertainty are mainly:
\u2022 regulatory changes linked to measures adopted to respond to the economic situation, which might result in significant
changes to the business model of one or more investee companies;
\u2022 a possible acceleration in the energy transition dynamics, in particular with effects on investee companies that operate
in the Oil & Gas industry or in related sectors;
\u2022 a possible increase in the insolvency risk in the loan portfolio, in terms of both rating transitions and the higher probability
of short-term default.
With particular regard to this latter area \u2013 and to the application of IFRS 9 \u2013 no additional changes were deemed necessary
in the valuation and measurement models for financial assets related to the economic situation.
Assessment of the significant increase in credit risk (SICR)
CDP has not made changes to its methodology for assessing the significant increase in credit risk, either as a result of
Covid-19 or due to other factors, as it considers this methodology to be sufficiently broad and therefore adequate in the
current context.
Consistent with the characteristics of its loan portfolio, mainly including exposures with public counterparties, banks
operating in Italy, large corporations and special-purpose vehicles operating in the infrastructure sector, CDP has noted,
as at 31 December 2025, that changes in internal ratings are limited, even including the impacts of the economic situation
on a forward-looking basis. Specifically, the phenomena observed, however limited, were mainly related to idiosyncratic
factors and not directly consequent to geopolitical and economic events.
Measurement of expected credit losses
In measuring Expected Credit Losses, CDP applies the internally-developed methodology, which considers:
\u2022 a reliable estimate of through-the-cycle probability of default, which incorporates not only historical data but also forward-
looking information to ensure the reliability of the estimates even in situations of severe crisis, across the entire life of
the financial instruments;
\u2022 an internal model for estimating the cyclical component of probability of default, to produce forward-looking estimates
of Point-In-Time parameters.
The model applied to estimate the cyclical component is based on the main macroeconomic drivers including GDP and
employment rate forecasts, with reference to the Eurozone and the USA. The quantitative model adopted internally has
not changed and, in particular, no sector-based adjustments were made since it was deemed that alternative methods
would not be more reliable in the current phase, also in light of the composition of CDP\u2019s loan portfolio, and might, at least
potentially, introduce higher risks of arbitrariness. Despite the joint direct or indirect effects of the economic situation on
counterparties in the portfolio being moderate so far, CDP has considered it necessary to apply a management overlay
when quantifying the ECL, aimed at compensating for the effect of decreasing the Point-in-Time Probabilities of Default
which would otherwise be connected to the trend recorded by the macroeconomic and credit indicators observed in the
model. The application of this overlay, which is consistent with the recommendations of the Banking Regulators aimed at
limiting excessive volatility in the measurement of reserves, refers to the contingent situation. CDP will assess
developments in the economic environment and remove it when there is a return to a situation with fewer anomalies.
2.4 Credit risk mitigation techniques CDP mitigates the credit risk with respect to lending operations by using techniques commonly adopted in the banking industry. A significant number of CDP credit exposures in the Separate Account consists of special-purpose cash loans with adequate security framework (e.g., exposures with public local entities supported by payment orders to the Treasurers or an irrevocable mandate for collection). Financing under the Ordinary Account and the financing of non-Public Entities under the Separate Account can be secured by collateral or unsecured guarantees. Specifically, some of the products in support of the economy, which are channelled through the banking system and targeted at SMEs, and in support of the housing market, are secured through the pledge of the underlying loans to CDP and the creation of pledges on government bonds in favour of CDP. The portfolio of transferred receivables provides for mechanisms of alignment with respect to the direct exposures to banks and has an adequate quality level of customers transferred as a guarantee, including in terms of distribution by risk classes according to the system average values. Lastly, with regard to concentration risk, a system of limits has been defined according to the overall exposure to the bank (and of the group that it might belong to) in relation to the Equity of CDP and the Regulatory Capital of the bank (or its group). Aside from the acquisition of guarantees, typically in transactions under the Ordinary Account and in those with non-Public Entities under the Separate Account, it is possible to include clauses in the loan agreements, obligating the counterparty to satisfy appropriate financial covenants and other contractual clauses, typical for these types of transactions, that allow CDP to monitor its credit risk more effectively over the life of the transaction. With reference to loans to private-sector parties, in order to reduce the risk of an excessive incidence in the total debt, CDP takes part in financing alongside the banking system, assuming a share that does not usually exceed 50% of the entire transaction. With regard to project finance transactions, particular importance is placed on sponsor support for the initiative during the construction phase, both in terms of the commitment to inject additional resources if required and to remain in the shareholder structure until completion and start of operations. In terms of credit risk management and measurement, the Group as a whole adopts procedures to assess the quality of credit assets both at the initial assignment/concession and throughout the credit\u2019s duration, by monitoring the trends of performing positions in the portfolio. In particular, the system implemented ensures, through an early warning system, the prompt flagging up of credit events that indicates potential problems (based on information from both internal and external sources), and to assigns the counterparty a specific internal Bonis-Watch List class depending on the level of importance of the identified signals, also triggering the assessment process for regulatory classification purposes. In addition, this calculation engine, leveraging specific indicators, generates proposals for regulatory classification, with a focus on \u201cUnlikely to Pay\u201d. Regarding derivatives transactions performed for hedging purposes with banking counterparties, exposure is reduced due to netting carried out thanks to the use of ISDA agreements. Credit Support Annexes, which involve the periodic exchange of collateral, are also systematically used to strengthen CDP credit risk mitigation. The arrangement is based on the standard format recommended by the ISDA. In executing its hedging strategies, CDP relies on clearing houses. Securities financing transactions utilise framework netting arrangements such as GMRAs (Global Master Repurchase Agreement, ICMA formats). In addition, CDP has long since joined the Euronext Clearing House (previously called Cassa di Compensazione e Garanzia), through which it transacts in repo agreements while benefiting from robust protections against counterparty risk. CDP conducts its securities lending activities under the framework of the Global Master Securities Lending Agreement (GMSLA). 3. Non-performing credit exposures 3.1 Management strategies and policies In the 2025 financial year, gross non-performing credit exposures remain marginal in relation to the overall credit portfolio. Credit exposures are classified in order to identify \u2013 based on information about the counterparty\u2019s financial position, the age of the past-due amounts, the materiality thresholds indicated by supervisory regulations, and any debt restructuring authorised by CDP \u2013 the non-performing positions to be reported in the non-performing portfolio. In this regard, the
classification of CDP\u2019s credit exposures is based on a substantial alignment between the definition of \u201cnon-performing
exposures\u201d contained in the Implementing Technical Standards issued by the EBA in 2014, the definition of \u201cdefault\u201d
contained in the EBA Guidelines on the application of the definition of default under Article 178 of EU Regulation 575/2013
and the definition of \u201ccredit-impaired\u201d governed by IFRS 9, with the consequent recognition of all the non-performing
exposures as part of stage 3.
Non-performing financial assets are measured and classified in accordance with the accounting standards and the
provisions of Bank of Italy Circular No. 272/2008. On the basis of the current regulatory framework, non-performing financial
assets are classified in one of the following categories:
\u2022 non-performing past-due exposures: on-balance sheet exposures, other than those defined as bad debts or unlikely to
pay, that have been continuously past-due for more than 90 days for an amount that exceeds both the materiality
thresholds (absolute and relative) provided for by the aforementioned regulations;
\u2022 unlikely to pay: on- and off-balance sheet exposures for which the conditions for the classification as bad debts are not
met and for which it is considered unlikely that, without actions such as the enforcement of guarantees, the debtor will
fully meet (principal and/or interest) its credit obligations. This assessment is made regardless of the presence of any
overdue and unpaid amounts (or instalments);
\u2022 bad debts: exposures to an entity in a state of insolvency (even if not judicially ascertained) or in substantially
comparable situations, regardless of any forecasts of loss on the exposure. Those exposures for which the anomalous
situation is attributable to country risk are excluded.
In identifying non-performing exposures, CDP assesses the overall situation of the counterparty and not of the individual
credit lines granted to the same, therefore adopting a \u201cper individual debtor\u201d approach.
The main events monitored in analysing the financial soundness of counterparties and the consequent valuation of the
credit exposure in the financial statements regard failure to make payments (or other contractual breaches), declarations
of financial distress by local authorities, the activation of crisis and insolvency resolution tools for other financed entities,
the review of key financial indicators, and the analysis of information from the Central Credit Register.
Non-performing assets are recognised in the financial statements on the basis of discounting expected cash flows over
the asset\u2019s entire lifetime, calculated using the original effective interest rate of the specific loan. The amount of the
adjustments is equal to the difference between the carrying value of the asset and the discounted value of the expected
future cash flows.
The estimate of the cash flows and the consequent adjustment of the value of loans considers any collateral or unsecured
guarantees received. In particular, it considers the amounts granted but not disbursed on special purpose loans, for which
disbursements are made in several instalments according to the work progress reports on the financed project. Borrowers
with substantial arrears are disqualified from accessing new CDP financing and any remaining amounts to be disbursed
on problem loans are frozen.
In order to estimate future cash flows and related collection times, the loans in question of a significant unit value are
subject to an analytical assessment process. For some consistent categories of non-performing loans of non-significant
unit value, the assessment processes envisage that impairments must be determined with a lump-sum/statistical
calculation method, to be analytically attributed to each individual position.
The assessment is reviewed whenever new information is received on events that might modify the outlook for recovery
of the credit exposure. In order for these events to be promptly recorded, available information on the financial position
and earnings of the debtors is periodically monitored and the progress of any extra-judicial agreements being made and
the evolution of any lawsuits with customers are constantly checked, while the information available from the Central Credit
Register is verified.
CDP has structures dedicated to the monitoring and management of non-performing exposures, which cover all phases of
the life cycle of non-performing loans, from careful monitoring of the performing portfolio through to credit recovery. The
monitoring, carried out by the Credit Monitoring function with the aid of the other organisational units involved, is aimed at
detecting the first signs of deterioration in the counterparty\u2019s credit quality, as well as identifying the corrective measures
needed to manage the potential deterioration of the exposures. The recovery of non-performing exposures, carried out by
the \u201cCredit Restructuring and Problem loans\u201d and \u201cCredit Recovery\u201d structures, is aimed at maximising earnings and
financial results, by pursuing extra-judicial solutions as deemed appropriate. These may include restructuring
arrangements or settlement agreements having a positive impact on recovery times and the level of costs incurred.
The return to performing status of credit exposures is subject to verification that the problem conditions or insolvency have
been eliminated and can take place only after at least 3 months (or 12 months for exposures subject to forbearance
measures) have passed since they no longer meet the conditions for being classified as such.
Both the classification and valuation processes of the individual financial assets are based on a system of delegations of
powers to various decision-making bodies, depending on the asset class of the debtor and the amount of the credit
exposure.
The consistent placement of an exposure in the appropriate risk class, as mandated by supervisory regulations, is also
ensured by the presence of second-level controls, aimed at verifying not only the fairness of the classifications but also the
fairness of the accruals.
Finally, non-performing exposures include individual forborne exposures that meet the definition of \u201cNon-performing
exposures with forbearance measures\u201d envisaged by the EBA ITS (European Banking Authority Implementing Technical
Standards), which do not form a separate category of non-performing assets but constitute a subset thereof. In the same
way, performing exposures with forbearance measures are included in performing loans.
3.2 Write-offs
Credit exposures are written off, i.e. derecognised, when there is no longer any reasonable expectation of recovering the
financial asset, including in cases of surrender of the asset. The write-off may relate to a financial position in its entirety or
part of it and may even occur before the end of any legal actions that have been brought, without necessarily entailing
waiver of the legal right to recover the debt. In such cases, the gross nominal value of the loan remains the same, but the
gross carrying amount is reduced by the amount being written off. Any recoveries from collection after derecognition of the
asset are recognised through profit or loss under recoveries.
In assessing the recoverability of non-performing loans, the following points, in particular, are taken into consideration:
\u2022 the age of past due positions, which could make any expectation of recovery substantially inexistent;
\u2022 the amount of the loan, in order to assess the cost-effectiveness of any credit recovery measures;
\u2022 the value of the guarantees that secure the exposure;
\u2022 the negative outcome of any action taken in and out of court.
3.3. Purchased or Originated Credit-Impaired financial assets
\u201cPurchased or Originated Credit-Impaired (POCI) financial assets\u201d are credit exposures that are impaired at the time of
initial recognition.
Considering CDP\u2019s business operations, these exposures originated exclusively within the scope of restructuring
operations for impaired exposures where new funds are disbursed, to a significant extent with respect to the amount of the
original exposure.
For the purposes of interest calculation, for POCI exposures the credit-adjusted effective interest rate is used, which, in
estimating future cash flows, considers the expected credit losses over the residual maturity of the asset.
4. Renegotiated financial assets and forborne exposures
Over the maturity of financial assets, and specifically for financial assets measured at amortised cost, it is possible that
they are subject to renegotiation of the contract terms.
In that case, one needs to check whether or not the intervening contractual changes give rise to derecognition of the
original instrument and the recognition of a new financial instrument.
The analysis required to assess which changes give rise to derecognition rather than modification may sometimes entail
significant elements of valuation.
In general, changes to a financial asset result in its derecognition and the recognition of a new asset when such changes
are substantial in nature. However, in the absence of specific instructions in the IFRS to which one can refer, a list of major
changes has been drawn up which led to a substantial change in the terms of the existing contract, by introducing a
different nature of risks and entailing, therefore, derecognition.
The list is as follows:
\u2022 change of the counterparty;
\u2022 change in the reference currency;
\u2022 replacement of debt to equity;
\u2022 acceptance in lieu, whose repayment depends on the fair value of an asset;
\u2022 other cases of substantial change in the nature of the contract, such as the introduction of contractual clauses that
expose the debtor to new risk components;
\u2022 changes granted to performing customers, who do not show any economic and financial difficulties (thus not falling into
the series of so-called \u201cforborne\u201d exposures) and which involve the use of market parameters for the restatement of the
financial conditions of the loan agreement, also with the aim of retaining the customer.
With specific reference to the granting of loans to Public Entities, which is one of the main activities historically performed
by the Parent Company, over the last few years the latter has put several loan renegotiation transactions in place, with the
aim of meeting specific needs expressed by the entities and releasing financial resources that the entities can use for new
investments as well.
These renegotiations are carried out according to the principle of financial equivalence and are aimed at entities other than defaulting ones and, for local authorities, entities that are not in financial crisis. The renegotiation transactions proposed by the Parent Company, executed in compliance with the regulations in force at the time, are particularly relevant in public sector finance, to the point that the transactions carried out in recent years have involved multiple positions and a considerable total amount of renegotiated loans. Therefore, these renegotiations represent \u201cmassive renegotiations\u201d. Their aims, the reference regulatory framework, their scope and the involvement, historically, of multiple renegotiated positions for a considerable total amount represent their qualitative and quantitative characteristics that further emphasise the existence of key elements from which the \u201csubstantial\u201d nature emerges of the contractual changes they made to the loans involved, therefore entailing derecognition. On the other hand, in the event of changes not deemed significant (modification), the gross value is re-determined through the calculation of the current value of the cash flows resulting from the renegotiation, at the original exposure rate. The difference between the gross value of the financial instrument before and after the renegotiation of contract terms, is recognised through profit or loss as a gain or loss from contractual changes without derecognition. Quantitative disclosures A. Credit quality A.1 Non-performing and performing credit exposures: amounts, impairment adjustments, changes and economic distribution A.1.1 Prudential consolidation - Breakdown of financial assets by past-due bands (carrying amounts)
Purchased or originated
Stage 1
Stage 2
Stage 3
assets
credit impaired financial
more
more
more
more
than 30
more
than 30
more
than 30
than 30
more
(thousands of euro)
up to 30
days to
than 90
up to 30
days to
than 90
up to 30
days to
more than
up to 30
days to
than 90
Portfolios/risk stages
days
90 days
days
days
90 days
days
days
90 days
90 days
days
90 days
days
1. Financial assets
1,203
287
205,103
measured at amortised
cost
2. Financial assets
measured at fair value
through other
comprehesinve income
3. Financial assets held
for sale
Total 31/12/2025
1,203
-
287
-
-
-
-
-
205,103
-
-
-
Total 31/12/2024
199
777
23
2,464
195,086
Accumulated impairment
accumulated impairment and provisions
Accumulated impairment
Assets in stage 1
Assets in stage 2
Financial assets
Financial assets
Financial
measured
Financial
measured
Loans to
assets
at fair value
Loans to
assets
at fair value
banks and
measured at
through other
Financial
of which:
of which:
banks and
measured at
through other
Financial
of which:
of which:
A.1.2 Prudential consolidation \u2013 Financial assets, commitments to disburse funds and financial guarantees issued: changes in
(thousands of euros)
Central banks
amortised
comprehensive
assets held
individual
collective
Central banks
amortised
comprehensive
assets held
individual
collective
Items/risk stages
on demand
cost
income\"
for sale
impairment
impairment
on demand
cost
income\"
for sale
impairment
impairment
Opening accumulated impairment
18
386,757
9,676
33
396,418
410,231
410,231
and provisions
Changes in opening balance
Increases resulting from financial
54,323
5,027
59,350
4,721
4,721
assets purchased or originated
Derecognitions other than write-offs
(1)
(17,132)
(1,314)
(18,447)
(2,164)
(2,164)
Net adjustments/recoveries for credit
(37,935)
(3,178)
(41,113)
(34,427)
(34,427)
risk (+/-)
Contractual amendments without
(172)
(172)
3,590
3,590
derecognition
Changes in estimation method
Write-offs not recognised directly
through profit or loss
Other changes
(6)
(1,166)
(1,172)
(922)
(922)
CLOSING ACCUMULATED
11
384,675
10,211
33
394,864
381,029
381,029
IMPAIRMENT AND PROVISIONS
Recoveries from collection on financial
assets subject to write-off
Write-offs recognised directly through
profit or loss
(continued) Accumulated impairment
Accumulated impairment
Total provisions for commitments to disburse
Assets in stage 3
Purchased or originated credit impaired financial assets
funds and financial guarantees issued
Commitments
Financial
Financial
to disburse
Financial
assets
Financial
assets
funds and fin.
Loans to
assets
measured
assets
measured
guarantees
banks and
measured
at fair value
Financial
measured
at fair value
Financial
issued
Central
at
through other
assets
of which:
of which:
at
through other
assets
of which:
of which:
purchased
(thousands of euros)
banks on
amortised
comprehensive
held for
individual
collective
amortised
comprehensive
held for
individual
collective
or originated
Items/risk stages
demand
cost
income\"
sale
impairment
impairment
cost
income\"
sale
impairment
impairment
Stage 1
Stage 2
Stage 3
impaired
31/12/2025
Opening accumulated
172,621
172,607
14
493,167
462
286
1,473,218
impairment and
provisions
Changes in opening
balance
Increases resulting
11,514
11,514
X
X
X
X
X
28,670
457
104,712
from financial assets
purchased or originated
Derecognitions other
than write-offs
(11,513)
(11,513)
(18,100)
(362)
(73)
(50,659)
Net adjustments/
4,186
4,090
96
(60,365)
35
88
(131,596)
recoveries for credit
risk (+/-)
Contractual
140
140
(205,617)
(202,059)
amendments without
derecognition
Changes in estimation
method
Write-offs not
recognised directly
(128)
(128)
(128)
through profit or loss
Other changes
(440)
(2,534)
CLOSING
176,820
176,710
110
237,315
592
301
1,190,954
ACCUMULATED
IMPAIRMENT AND
PROVISIONS
Recoveries from
collection on financial
assets subject to
write-off
Write-offs recognised
(136)
directly through profit
or loss
Gross exposure / nominal value
Transfers between stage 1
Transfers between stage 2
Transfers between stage 1
and stage 2
between credit risk stages (gross and nominal values)
and stage 3
and stage 3
(thousands of euros)
From stage
From stage
From stage
From stage
From stage
From stage
A.1.3 Prudential consolidation \u2013 Financial assets, commitments to disburse funds and financial guarantees issued: transfers
Items/risk stages
1 to stage 2
2 to stage 1
2 to stage 3
3 to stage 2
1 to stage 3
3 to stage 1
1. Financial assets measured at amortised cost
291,923
78,463
2,526
424
31,868
731
2. Financial assets measured at fair value through other
comprehensive income
3. Financial assets held for sale
4. Commitments to disburse funds and financial
4,057
2,061
5,557
887
guarantees issued
TOTAL 31/12/2025
295,980
80,524
2,526
424
37,425
1,618
Total 31/12/2024
83,590
417,197
21,864
3,068
92,324
11,135
Gross exposure
New liquidity provided via public guarantee schemes rolled out during the Covid-19 pandemic
Transfers between stage 1
Transfers between stage 1
Transfers between stage 1
and stage 2
and stage 2
and stage 3
(thousands of euros)
From stage
From stage
From stage
From stage
From stage
From stage
Items/risk stages
1 to stage 2
2 to stage 1
2 to stage 3
3 to stage 2
1 to stage 3
3 to stage 1
This table represents the gross value of loans measured at amortised cost, as of the balance sheet date, representing the new liquidity
provided through public guarantee mechanisms issued during the Covid-19 pandemic. This includes cases where the risk stage of the
LOANS MEASURED AT AMORTISED COST 31/12/2025
7,554
885
8,390
Loans measured at amortised cost 31/12/2024
21,379
47,286
exposures at the end of the year differs from their stage at the beginning of the year (or initial recognition date if later).
Gross value
Accumulated impairment and provisions
Purchased
Purchased
or
or
originated
originated
credit
credit
impaired
impaired
Accumulated
A.1.4 Prudential consolidation \u2013 On-balance-sheet and off-balance-sheet credit exposures to banks: gross and net amounts
(thousands of euros)
financial
financial
Net
partial write-
Type of exposures / values
Total
Stage 1
Stage 2
Stage 3
assets
Total
Stage 1
Stage 2
Stage 3
assets
exposure
off
(*)
A. On-balance-sheet
credit exposures
A.1 On demand
2,512,007
2,512,007
(11)
(11)
2,511,996
a) Non-performing
X
X
b) Performing
2,512,007
2,512,007
X
(11)
(11)
X
2,511,996
A.2 Others
30,260,400
30,242,291
18,109
(42,004)
(39,102)
(2,902)
30,218,396
a) Bad debts
X
X
- of which: forborne
X
X
exposures
b) Unlikely to pay
X
X
- of which: forborne
X
X
exposures
c) Non-performing past
X
X
due positions
- of which: forborne
X
X
exposures
d) Performing past due
73
73
X
X
73
positions
- of which: forborne
X
X
exposures
e) Other performing
30,260,327
30,242,218
18,109
X
(42,004)
(39,102)
(2,902)
X
30,218,323
positions
- of which: forborne
X
X
exposures
Total (A)
32,772,407
32,754,298
18,109
(42,015)
(39,113)
(2,902)
32,730,392
B. Off-balance-sheet
credit exposures
a) Non-performing
X
X
b) Others
3,183,112
1,081,391
X
(2,059)
(2,059)
X
3,181,053
Total (B)
3,183,112
1,081,391
(2,059)
(2,059)
3,181,053
TOTAL (A+B)
35,955,519
33,835,689
(*) value to be shown for information purposes.
18,109
(44,074)
(41,172)
(2,902)
35,911,445
Gross value
Accumulated impairment and provisions
Purchased
Purchased
or
or
originated
originated
credit
credit
impaired
impaired
Accumulated
A.1.5 Prudential consolidation \u2013 On-balance sheet and off-balance sheet credit exposures to customers: gross and net amounts
(thousands of euros)
financial
financial
Net
partial write-
Type of exposures / values
Total
Stage 1
Stage 2
Stage 3
assets
Total
Stage 1
Stage 2
Stage 3
assets
exposure
off
(*)
A. On-balance-sheet
credit exposures
a) Bad debts
151,027
X
151,027
(72,564)
X
(72,564)
78,463
- of which: forborne
406
X
406
(406)
X
(406)
exposures
b) Unlikely to pay
249,144
X
249,144
(101,286)
X
(101,286)
147,858
- of which: forborne
119,374
X
119,374
(55,398)
X
(55,398)
63,976
exposures
c) Non-performing past
29,554
X
29,554
(2,970)
X
(2,970)
26,584
due positions
- of which: forborne
4,823
X
4,823
(140)
X
(140)
4,683
exposures
d) Performing past due
1,421
1,421
X
(4)
(4)
X
1,417
positions
- of which: forborne
X
X
exposures
e) Other performing
319,734,006
309,599,339
10,134,667
X
(733,907)
(355,780)
(378,128)
X
319,000,098
positions
- of which: forborne
1,756,328
1,756,328
X
(133,654)
(133,654)
X
1,622,674
exposures
Total (A)
320,165,152
309,600,760
10,134,667
429,725
(910,731)
(355,784)
(378,128)
(176,820)
319,254,420
B. Off-balance-sheet
credit exposures
a) Non-performing
8,238
X
8,238
(301)
X
(301)
7,937
b) Others
35,319,238
27,450,420
19,901
X
(319,545)
(318,953)
(592)
X
34,999,693
Total (B)
35,327,476
27,450,420
19,901
8,238
(319,846)
(318,953)
(592)
(301)
35,007,630
TOTAL (A + B)
355,492,628
337,051,180
10,154,568
(*) value to be shown for information purposes.
437,963
(1,230,577)
(674,737)
(378,720)
(177,121)
354,262,050
Gross value
Accumulated impairment
New liquidity provided via public guarantee schemes rolled out during the Covid-19 pandemic
Purchased
Purchased
or originated
or originated
credit
credit
impaired
impaired
Accumulated
(thousands of euros)
financial
financial
Net
partial write-
Type of exposures / values
Total
Stage 1
Stage 2
Stage 3
assets
Total
Stage 1
Stage 2
Stage 3
assets
exposure
off
(*)
A. Bad debts
445
445
(445)
(445)
B. Unlikely to pay credit
85,323
85,323
(10,463)
(10,463)
74,860
exposures
C. Non-performing past-
due credit exposures
D. Performing past due
positions
E. Other performing
150,055
140,061
9,994
(508)
(428)
(80)
149,547
positions
This table represents the outstanding loans as of the balance sheet date, reflecting the newly provided liquidity through public gua-
rantee mechanisms issued in response to the COVID-19 pandemic. Furthermore, it provides a breakdown of the gross value and
TOTAL (A+B+C+D+E)
235,823
140,061
(*) value to be shown for information purposes.
9,994
85,768
There are no forborne credit exposures to banks.
(11,416)
No impaired credit exposures towards banks have been recorded.
(428)
(80)
(10,908)
accumulated impairment adjustments for different categories of performing and non-performing assets.
224,407
A.1.6 Prudential consolidation \u2013 On-balance sheet exposures to banks: changes in gross non-performing positions
A.1.6-bis Prudential consolidation \u2013 On-balance-sheet exposures to banks: changes in gross forborne exposures by credit quality
A.1.7 Prudential consolidation - On-balance sheet exposures to customers: changes in
gross non-performing positions
(thousands of euro) Impaired past-due
Items/Categories
Bad debts
Unlikely to pay
exposures
A.Opening gross exposure
156,747
229,347
28,577
- of which: exposures assigned but not derecognised
B. Increases
6,224
46,184
15,759
B.1 transfers from performing loans
499
B.2 transfers from purchased or originated credit impaired
30,681
14,067
financial assets
B.3 transfers from other categories of impaired exposures
54
9,593
B.4 changes in contracts without derecognition
B.5 other increases
6,170
5,910
1,193
C. Decreases
11,944
26,387
14,782
C.1 to performing loans
1,174
C.2 write-offs
128
136
C.3 collections
11,758
23,043
3,465
C.4 gains on disposal
258
C.5 losses on disponsal
C.6 transfers to other categories of impaired exposures
35
9,612
C.7 changes in contracts without derecognition
181
C.8 other decreases
58
2,734
531
D. Closing gross exposure
151,027
249,144
29,554
- of which: exposures assigned but not derecognised
A
.1.7-bis Prudential consolidation - On-balance sheet exposures to customers: changes in
gross forborne exposures by credit quality
Forborne
Forborne
(thousands of euros) exposures: exposures:
Items/Quality
non-performing
performing
A. Opening gross exposure
90,661
1,585,096
- of which: exposures assigned but not derecognised
B. Increase
41,724
388,225
B.1 transfers from performing loans not forborne
4,823
334,575
B.2 transfers from forborne performing loans
8,852
X
B.3 transfers from forborne non-performing loans
X
B.4 transfers from non-forborne non-performing loans
25,682
53,650
B.5 other increases
2,367
C. Decreases
7,782
216,993
C.1 Transfers to non-forborne performing loans
X
C.2 Transfers to forborne performing loans
X
C.3 Transfers to forborne non-performing loans
X
8,852
C.4 write-off
C.5 collections
7,686
144,569
C.6 gains on disposal
C.7 losses on disposal
C.8 other decreases
96
63,572
D. Closing gross exposure
124,603
1,756,328
- of which: exposures assigned but not derecognised
A.1.8 Prudential consolidation - On-balance sheet non-performing credit exposures to banks: changes in accumulated impairment
There are no impaired cash credit exposures to banks.
A.1.9 Prudential consolidation - On-balance sheet non-performing credit exposures to customers: changes in accumulated
impairment
Impaired past-due
Bad debts
Unlikely to pay
exposures
of which of which of which
(thousands of euros) forborne forborne forborne
Items/Categories Total
exposures
Total
exposures
Total
exposures
A. Opening accumulated impairment
75,370
440
94,119
43,005
3,132
- of which: exposures assigned but not derecognised
B. Increases
45
86
10,464
13,781
522
140
B.1 writedowns on purchased or originated credit
X
X
X
impaired financial assets
B.2 other writedowns
11
9,274
3,703
449
138
B.3 losses on disposal
B.4 transfers to other categories of impaired positions
30
160
B.5 changes in contracts without derecognition
B.6 other increases
4
86
1,030
10,078
73
2
C. Decreases
2,851
120
3,297
1,388
684
C.1 writebacks from valuations
C.2 writebacks from collection
2,723
120
1,611
1,350
523
C.3 gains on disposal
259
C.4 writeoffs
128
136
C.5 transfers to other categories of impaired positions
29
161
C.6 changes in contracts without derecognition
C.7 other decreases
1,262
38
D. CLOSING ACCUMULATED IMPAIRMENT
72,564
406
101,286
55,398
2,970
140
- of which: exposures assigned but not derecognised
External rating grades
(thousands of euros)
Type of exposures
Class 1
Class 2
external rating classes (gross amounts)
Class 3
Class 4
A.2 Classification of exposures based on external and internal ratings
Class 5
Class 6
Not rated
Total
A.2.1 Prudential consolidation - Breakdown of financial assets, commitments to disburse funds and financial guarantees issued by
A.
Financial assets measured at
3,692,738
15,077,495
256,606,525
4,037,273
396,233
18,109
59,441,152
339,269,525
amortised cost
- Stage 1
3,692,738
15,077,495
251,604,497
4,037,273
396,233
53,878,788
328,687,024
- Stage 2
5,002,028
18,109
5,132,639
10,152,776
- Stage 3
429,725
429,725
-
Purchased or
originated credit
impaired financial assets
B.
Financial assets measured
231,748
603,786
10,317,293
3,199
11,156,026
at fair value through other
comprehensive income
- Stage 1
231,748
603,786
10,317,293
3,199
11,156,026
- Stage 2
- Stage 3
-
Purchased or
originated credit
impaired financial assets
C.
Financial assets held for sale
- Stage 1
- Stage 2
- Stage 3
-
Purchased or
originated credit
impaired financial assets
Total (A + B + C)
3,924,486
15,681,281
266,923,818
4,040,472
396,233
18,109
59,441,152
350,425,551
D.
Commitments to disburse
funds and financial guarantees
issued
- Stage 1
1,836
1,311,285
9,179,310
864,098
85,043
17,090,238
28,531,810
- Stage 2
19,901
19,901
- Stage 3
8,238
8,238
-
Purchased or
originated credit
impaired financial assets
Total (D)
1,836
1,311,285
9,179,310
864,098
85,043
17,118,377
28,559,949
Total (A + B + C + D)
3,926,322
16,992,566
276,103,128
4,904,570
The following table maps the rating grades and the agency ratings used.
481,276
18,109
76,559,529
378,985,500
ECAI
Rating grades
Moody's
Fitch
Standard & Poor's
Class 1
from Aaa to Aa3
from AAA to AA-
from AAA to AA-
Class 2
from A1 to A3
from A+ to A-
from A+ to A-
Class 3
from Baa1 to Baa3
from BBB+ to BBB-
from BBB+ to BBB-
Class 4
from Ba1 to Ba3
from BB+ to BB-
from BB+ to BB-
Class 5
from B1 to B3
from B+ to B-
from B+ to B-
Class 6
Caa1 and lower
CCC+ and lower
CCC+ and lower
Personal guarantees (2)
Collateral (1)
Credit derivatives
Commitments
A.3.1 Prudential consolidation - On-balance sheet and off-balance sheet secured credit exposures to banks
Other derivatives
Land
and bu-
Land and
Other
Other
ildings
buildings
Central
financial
General
financial
Gross
Net
- mort-
- finance
Other
A.3 Breakdown of secured exposures by type of guarantee
counter-
compa-
govern-
compa-
Total
(thousands of euros)
exposure
exposure
gages
leases Securities
assets
CLN
parties
Banks
nies
Other
ment
Banks
nies
Other
(1) + (2)
1. Secured on-balance-
sheet credit exposures:
1.1 fully secured
17,151,012
17,126,026
497,817
4,912,919
11,715,290
17,126,026
of which: non-
performing
1.2 partially secured
454,788
453,290
353,532
15,000
368,532
of which: non-
performing
2.
Secured off-balance-
sheet credit exposures:
2.1 fully secured
1,003,306
1,002,341
1,002,341
1,002,341
of which: non-
performing
2.2 partially secured
13,723
13,709
13,561
13,561
of which: non-
performing
Personal guarantees (2)
Collateral (1)
Credit derivatives
Commitments
A.3.2 Prudential consolidation - On-balance sheet and off-balance sheet secured credit exposures to customers
Other derivatives
Land
and bu-
Land and
Other
Other
ildings
buildings
Central
financial
General
financial
Gross
Net
- mort-
- finance
Other
counter-
compa-
govern-
compa-
Total
(thousands of euros)
exposure
exposure
gages
leases Securities
assets
CLN
parties
Banks
nies
Other
ment
Banks
nies
Other
(1) + (2)
1. Secured on-balance-
sheet credit exposures:
1.1 fully secured
17,036,368
16,974,278
450,438
8,012,577
460,030
5,599,115
3,269
244,202
1,495,611
16,265,242
of which: non-
performing
193,877
162,333
6,384
147,793
7,994
162,171
1.2 partially secured
14,847,425
14,788,558
10,327
390,385
9,607,386
520,281
2,492
384,272
10,915,143
of which: non-
performing
43,171
33,763
31,658
903
32,561
2.
Secured off-balance-
sheet credit exposures:
2.1 fully secured
9,892,979
9,857,197
268,152
3,756
68,587
7,972,926
269,283
65,603
1,182,604
9,830,911
of which: non-
performing
8,238
7,936
85
7,852
7,937
2.2 partially secured
5,521,786
5,270,986
112,993
3,088,262
246,027
303,679
3,750,961
of which: non-
performing
A.4 Financial and non-financial assets obtained through the enforcement of guarantees
received
There are no financial and non-financial assets obtained through the enforcement of collateral.
It should be noted that the prudential Group holds equity instruments that were not previously granted by the debtor as
collateral for loans disbursed but originate from the conversion of impaired financial assets, recognised in the financial
statements at zero value under \u201cFinancial assets measured at fair value through other comprehensive income\u201d when they
were initially recognised and maintained at this value at 31 December 2025.
B. Breakdown and concentration of credit exposures
B.1 Prudential consolidation - On-balance-sheet and off-balance-sheet credit exposures to
customers by sector
Financial companies
(of which: insurance
General Government
Financial companies
undertakings)
Non financial companies
Households
Accumu Accumu Accumu Accumu Accumu
lated lated lated lated lated
Net Net Net Net
Net exposure impairment
impairment
impairment impairment impairment
exposure exposure exposure exposure
and and and and and
(thousands of euro) provisions provisions provisions provisions provisions
Exposure/counterparties
A. On-balance-
sheet credit
exposures
A.1 Bad debts
(23,575)
77,749
(48,935)
714
(54)
- of which: forborne
(406)
exposures
A.2 Unlikely to pay
2,388
(28,819)
145,090
(72,431)
380
(36)
- of which: forborne
2,213
(5,331)
61,763
(50,067)
exposures
A.3 Non-performing
18,352
(2,721)
8,094
(245)
138
(4)
past-due positions
- of which: forborne
4,683
(140)
exposures
A.4 Performing
279,011,358
(497,362)
13,227,003
(19,946)
26,687,397
(216,274)
75,757
(329)
exposures
- of which: forborne
21,075
1,530
1,601,599
(132,124)
exposures
Total (A)
279,032,098
(552,477)
13,227,003
(19,946)
26,918,330
(337,885)
76,989
(423)
B. Off-balance-
sheet credit
exposures
B.1 Non-performing
13
(1)
7,880
(299)
44
1
exposures
B.2 Performing
7,111,167
(280,232)
9,893,584
(6,611)
17,496,222
(32,412)
56,931
(290)
exposures
Total (B)
7,111,180
(280,233)
9,893,584
(6,611)
17,504,102
(32,711)
56,975
(289)
Total (A+B)
286,143,278
(832,710)
23,120,587
(26,557)
44,422,432
(370,596)
133,964
(712)
31/12/2025
Total (A+B)
294,336,278
(1,116,852)
17,044,930
(23,940)
42,397,304
(359,614)
86,794
(437)
31/12/2024
Italy
Other European countries
Americas
Asia
Rest of the world
Accumulated
Accumulated
Accumulated
Accumulated
Accumulated
B.2 Prudential consolidation - On-balance-sheet and off-balance-sheet credit exposures to customers by geographical area
(thousands of euros)
impairment
impairment
impairment
impairment
impairment
Exposures/Geographical
Net
and
Net
and
Net
and
Net
and
Net
and
area
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
A. On-balance-sheet credit
exposures
A.1 Bad debts
78,463
(72,564)
A.2 Unlikely to pay
147,858
(101,286)
A.3 Non-performing past-
due positions
26,584
(2,970)
A.4 Performing exposures
302,065,304
(705,142)
4,287,082
(7,384)
7,940,743
(13,262)
2,418,494
(2,613)
2,289,893
(5,510)
Total (A)
302,318,209
(881,962)
4,287,082
(7,384)
7,940,743
(13,262)
2,418,494
(2,613)
2,289,893
(5,510)
B. Off-balance sheet
exposures
B.1 Non-performing
7,937
(301)
exposures
B.2 Performing exposures
23,474,490
(306,243)
2,648,209
(2,123)
7,801,426
(8,453)
449,162
(478)
184,616
(2,247)
Total (B)
23,482,427
(306,544)
2,648,209
(2,123)
7,801,426
(8,453)
449,162
(478)
184,616
(2,247)
TOTAL (A + B) 31/12/2025
325,800,636
(1,188,506)
6,935,291
(9,507)
15,742,169
(21,715)
2,867,656
(3,091)
2,474,509
(7,757)
Total (A + B) 31/12/2024
325,854,651
(1,456,660)
6,821,207
(9,333)
15,308,908
(21,723)
3,287,761
(3,546)
2,592,778
(9,580)
Italy
Other European countries
Americas
Asia
Rest of the world
Accumulated
Accumulated
Accumulated
Accumulated
Accumulated
B.3 Prudential consolidation \u2013 On-balance sheet and off-balance sheet credit exposures to banks by geographical area
impairment
impairment
impairment
impairment
impairment
(thousands of euros)
Net
and
Net
and
Net
and
Net
and
Net
and
Exposures/Geographical area
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
exposure
provisions
A. On-balance-sheet
credit exposures
A.1 Bad debts
A.2 Unlikely to pay
A.3 Non-performing
past-due positions
A.4 Performing
31,489,195
(35,649)
545,289
(348)
239,384
717
221,867
1,233
234,657
(4,058)
exposures
Total (A)
31,489,195
(35,649)
545,289
(348)
239,384
717
221,867
1,233
234,657
(4,058)
B. Off-balance sheet
exposures
B.1 Non-performing
exposures
B.2 Performing
1,172,151
(966)
1,729,899
600
14,841
478
91,908
(15)
exposures
Total (B)
1,172,151
(966)
1,729,899
600
14,841
478
91,908
(15)
TOTAL (A + B) 31/12/2025
32,661,346
(36,615)
2,275,188
252
239,384
717
236,708
1,711
326,565
(4,073)
Total (A + B) 31/12/2024
32,080,928
(46,489)
1,859,041
(431)
255,454
1,545
372,641
(7,598)
C. Securitisation transactions At the balance sheet date, there are no securitization transactions of own assets. C.2 Exposures arising from the main third-party securitisation transactions, broken down by type of securitised assets and by type of exposure In relation to securitisation transactions involving third-party assets, the Parent Company holds exposures to issuing special purpose vehicles relating to senior tranches of Asset-Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS) and Basket Bonds, for which it acts as an investor, recognised among financial assets measured at amortised cost.
On-balance-sheet exposures
Guarantees issued
Credit lines
Senior
Mezzanine
Junior
Senior
Mezzanine
Junior
Senior
Mezzanine
Junior
Net im-Net im-Net im-Net im-Net im-Net im-Net im-Net im-Net im-
pairment pairment pairment pairment pairment pairment pairment pairment pairment
(thousands of euros)adjust-adjust-adjust-adjust-adjust-adjust-adjust-adjust-adjust-
ments ments ments ments ments ments ments ments ments
Type of underlying Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit Carrying for credit
assets/Exposuresamountriskamountriskamountriskamountriskamountriskamountriskamountriskamountriskamountrisk
Debt Securities
327,109
908
Residential
50,880
4
mortagage loans
Finance leases
284,343
3
Factoring
41,389
28
TOTAL 31/12/2025
703,721
943
D. Asset disposals A. Financial assets transferred and not fully derecognised Qualitative disclosures Financial assets transferred and not derecognised consist of debt securities, primarily government securities, underlying repurchase agreement liabilities. Quantitative disclosures D.1 Prudential consolidation - Financial assets assigned recognised in full and associated financial liabilities: carrying amount
Financial assets assigned recognised in full
liabilities associated
Financial
of which: subject
of which: subject
to sales
to sales
of which:
agreements with
agreements with
of which:
subject to
repurchase
of which
subject to
repurchase
(thousands of euro)
Carrying amount
securisation
arrangements
impaired
arrangements
Carrying amount
securisation
A. Financial assets held for trading
X
B. Other financial assets
52,987
52,987
42,578
42,578
mandatorily measured at fair value
C. Financial assets designated at
fair value
D. Financial assets measured at fair
value through other comprehensive
215,117
215,117
215,065
215,065
income
215,117
215,117
215,065
215,065
1. Debt securities
X
2. Equity securities
3. Loans
E. Financial assets measured at
20,947,053
20,947,053
19,602,166
19,602,166
amortised cost
20,947,053
20,947,053
19,602,166
19,602,166
1. Debt securities
2. Loans
Total 31/12/2025
21,215,157
21,215,157
19,859,809
19,859,809
Total 31/12/2024
36,679,920
36,679,920
34,117,186
34,117,186
D.2 Prudential consolidation - Financial assets assigned partially recognised and associated financial liabilities: carrying amount There are no financial assets assigned partially recognised. D.3 Prudential consolidation - Disposals with liabilities with recourse only on divested assets but not derecognised: fair value
Total
(thousands of euro)
Fully recognised
Partially recognised
31/12/2025
31/12/2024
A. Financial assets held for trading
B. Other financial assets mandatorily measured at fair
value
52,987
C. Financial assets designated at fair value
D. Financial assets measured at fair value through other
comprehensive income
215,117
215,117
107,630
1. Debt securities
215,117
215,117
107,630
2. Equity securities
3. Loans
E. Financial assets measured at amortised cost (fair
value)
20,402,648
20,402,648
34,648,835
1. Debt securities
20,402,648
20,402,648
34,648,835
2. Loans
Total financial assets
20,670,752
20,617,765
34,756,465
Total financial liabilities associated
19,859,809
19,859,809
34,117,186
Net value 31/12/2025
810,943
810,943
X
Net value 31/12/2024
639,279
X
639,279
B. Financial assets assigned and derecognised with recognition of continuing involvement There were no transactions in the portfolio of financial assets sold and derecognised in full at the balance sheet date from companies included in the Prudential Group. C. Financial assets transferred and fully derecognised At the reporting date, there were no transactions involving the assignment of credit exposures through the issue of financial instruments partially subscribed by Prudential Group companies. D. Covered bond transactions At the reporting date, no covered bond transactions have been carried out by Prudential Group companies. Liquidity and credit risk In relation to its business activities, CDP RETI is exposed to liquidity risk, namely the risk that, due to the inability to obtain new funding or to dispose of assets in the market, it may be unable to meet its payment obligations, or may only be able to do so under unfavourable economic conditions, including as a result of situations of market stress or systemic crisis (e.g. a sovereign debt crisis), thereby affecting profit or loss if the company is required to incur additional costs to meet its obligations or, in extreme circumstances, leading to a situation of insolvency that could jeopardise business continuity. Although CDP RETI aims to maintain a financial structure that ensures an adequate level of liquidity and an appropriate balance in terms of the maturity and composition of its debt, exogenous factors cannot be ruled out, such as an adverse market environment or significant restrictions on access to bank credit. In such a scenario, CDP RETI could encounter difficulties in meeting financial outflows related to outstanding bond loans and financing arrangements. The ability to access capital markets and other sources of financing, as well as the related costs, depends, among other factors, on the credit rating assigned to CDP RETI. Any downgrade by rating agencies could limit access to capital markets and increase funding costs, with potential adverse effects on the Company\u2019s economic, financial and equity position. During 2025, CDP RETI maintained a long-term credit rating at an investment grade level. In this regard, on 11 February 2025 Moody\u2019s completed its periodic review of the company\u2019s rating, confirming the long-term rating of Baa3 with a stable outlook; the same assessment was confirmed following the periodic review completed on 3 February 2026. In addition, on 30 September 2025 Fitch Ratings upgraded the company\u2019s long-term rating from BBB to BBB+, with a stable outlook. CDP RETI\u2019s current policy is to keep available liquidity invested in demand bank deposits or very short-term deposits, or in other readily liquid instruments, diversifying investments across an appropriate number of counterparties. The management of the CDP RETI liquidity risk is also aimed at maintaining cash and cash equivalents sufficient to meet expected commitments over a given time horizon (especially in light of the financial covenants under the existing loan agreements), as well as maintaining prudent liquidity reserves, sufficient to cope with any unexpected commitments. Where possible, debt management also provides for a diversified structure of funding sources (Term Loan and Bond) and a balanced maturity profile (2029 for the Term Loan 2024, 2027 and 2031 for the 2022 and 2024 Bonds). The company\u2019s cash flows, financing needs and liquidity requirements are generally monitored and managed in coordination with the parent company CDP S.p.A., with the aim of ensuring effective and efficient management of financial resources. With reference to the impairment of its financial assets, the introduction of IFRS 9 required the transition from the incurred loss model under IAS 39 to the expected credit loss model. More specifically, impairment on financial assets classified as cash and cash equivalents is measured in accordance with the general model, which recognises expected credit losses over the following 12 months or over the entire remaining lifetime in the event of a significant increase in credit risk. The expected credit loss is calculated using the default probability (probability that the default event will occur) and the percentage of credit that will not be recovered in the event of default (loss given default). In the short term, liquidity risk is mitigated by ensuring an adequate level of cash and cash equivalents. In the medium/long term, liquidity risk is mitigated by maintaining a balanced debt maturity profile and a diversified range of financing instruments (e.g., Term Loan and Bond). In view of its current business, CDP RETI is not significantly exposed to credit risk, i.e. the possibility of a deterioration in creditworthiness of counterparties that might lead to adverse effects on the expected value of the credit position and/or an increase in collection times. For CDP RETI, exposure to credit risk primarily arises from the collection of dividends declared by subsidiaries and from derivative trading activities (for which the exchange of cash collateral is required), as well as from bank deposits and irregular deposits with its parent company CDP. Credit exposures and associated credit risk are periodically monitored by the risk control department of the parent company CDP, in accordance with the Group\u2019s defined risk governance policies and procedures. Since all of CDP RETI\u2019s debt is bullet in nature, there are no refinancing risks until October 2027, when the 500 million euro bond issued in October 2022 will mature. The table below shows the undiscounted contractual cash flows (with regard to loans as at 31 December 2025) of the gross financial debt at the nominal repayment amounts, and the related interest flows. Interest flows are calculated in accordance with the following terms and interest rates: \u2022 regarding the 2022 bond 212 , the annual coupon is 5.875%, with payment made in October; \u2022 regarding the 2024 bond 213 , the annual coupon is 3.875%, with payment made in September; \u2022 as regards the Term Loan 2024 totalling 600 million euro, the floating interest rate (payment in May and November) is indexed to the 6-month Euribor (value as at 31 December 2025) and increased by the contractually-agreed margin. Contractual flows were calculated using estimated forward rates at the balance sheet date. Financial liabilities - Analysis by due date of the contractually agreed payments.
2026
2027
2028
2029
2030
2031
Capital share
(500,000)
(600,000)
Bond loans
Interest rate
(52,625)
(52,625)
(23,250)
(23,250)
(23,250)
(23,250)
Capital share
(600,000)
Loans (*)
Interest rate
(19,996)
(20,944)
(22,607)
(23,547)
(*) Excluding flows from hedging derivatives The cash flows related to the Term Loan do not take into account receipts and payments linked to the derivative hedging instruments, which are analysed in the table hereunder. (thousands of euros)
2026
2027
2028
2029
Disbursement
(20,357)
(20,357)
(20,357)
(20,357)
Hedging derivatives
Receipts
19,996
20,944
22,607
23,547
Net cash flows
(361)
588
2,250
3,190
Credit risk and counterparty risk The credit risk for Fintecna is linked to the risk of impairment of the outstanding trade receivables. These receivables mainly comprise positions dating back years, which are often subject to litigation and have been almost entirely written down. Within this framework, specific organisational safeguards are in place, designed to ensure proactive management of the receivables portfolio and to mitigate related risks. There is also a limited counterparty risk associated with the investment of residual short-term liquidity deposited with banks. Available liquidity is managed in accordance with the \u201cPolicy for investing available liquidity\u201d issued by CDP, which, among other things, sets the minimum ratings criteria that banking counterparties must meet.
Credit risk
Credit risk for SIMEST is the risk of incurring losses due to a debtor\u2019s total or partial failure to meet its contractual
obligations.
The credit risk profile of SIMEST is closely associated with its institutional mission of supporting, as a partner, the
international expansion and growth of companies operating in strategic sectors and value chains characterised by
sustainability and impact investing.
In this regard, SIMEST has adopted an internal regulatory framework that establishes guidelines and control safeguards
within the credit process, both ex ante (during the origination phase) and ex post (during the credit monitoring phase),
through the adoption of specific processes for the assessment, monitoring and management of individual exposures and
of the portfolio as a whole, supported by models, operational tools and reporting designed to assist Management and the
functions responsible for safeguarding assets.
In particular, the SIMEST Credit Risk Policy provides specific guidance on the structuring, monitoring and management of
transactions from a risk-sensitive perspective, differentiating them according to maturity, repayment schedule and collateral
framework depending on the rating assigned.
With particular reference to the credit origination phase, the Policy aims to direct equity investment transactions towards
counterparties with stronger credit standing, in order to progressively reduce the cost of risk and the significance of the
non-performing component of the portfolio.
In measuring the cost of risk, an essential element in the assessment, management and monitoring of credit risk, the key
component is the estimation of Expected Credit Loss (ECL), which reflects the level of exposure (Exposure at Default -
EAD), the borrowers\u2019 risk profile (Probability of Default - PD) and the expected loss in the event of default (Loss Given
Default - LGD). The valuation of Expected Credit Loss determines the amount of provisions recognised on performing
exposures (collective provisions) and complements the analysis of non-performing exposures (through the determination
of specific provisions), using methodologies aligned with the international accounting standard IFRS 9.
Within this process, the rating system, used as an indicator of counterparties\u2019 probability of default (PD), is updated
periodically (at least annually) based on: (i) the availability of financial and economic information concerning the
counterparties; and/or (ii) the occurrence of adverse events or warning signals identified through internal and external data
sources.
In line with the operational model and credit policies of SIMEST, in addition to the standard contractual commitment of the
partner to repurchase the equity investment, the portfolio includes risk mitigation instruments such as guarantees issued
by leading financial and insurance institutions (33 million euro) and collateral guarantees (8 million euro).
From a quantitative perspective, credit risk assessments covered a gross portfolio of receivables relating to equity
investments amounting to 563 million euro as at 31 December 2025, in addition to 54 million euro of contracted
commitments. The control framework and assessment processes resulted in impairments (provisions) on performing
exposures of 9.6 million euro (including 0.4 million euro relating to commitments to be disbursed) and on non-performing
exposures of 92.3 million euro.
(thousands of euros and
%)
Gross
Impairment
Net
Total
Credits for equity
Interest and
Interest and
Interest and
investments
Capital exposure
accrued credits
Capital exposure
accrued credits
Capital exposure
accrued credits
Financial assets
508,890
3,616
(56,787)
(2,532)
452,103
1,084
453,187
measured at
amortized cost
of which Bonis
448,399
820
(9,061)
-
439,338
820
440,158
of which
Deteriorated
60,491
2,796
(47,726)
(2,532)
12,765
264
13,029
Financial assets
54,535
4,597
(44,624)
(3,992)
9,911
605
10,516
measured at fair
value
of which Bonis
5,118
80
(95)
-
5,023
80
5,103
of which
Deteriorated
49,417
4,517
(44,529)
(3,992)
4,888
525
5,413
Total Bonis
453,517
900
(9,156)
-
444,361
900
445,261
Total Deteriorated
109,908
7,313
(92,255)
(6,524)
17,653
789
18,442
Total
563,425
8,213
(101,411)
(6,524)
462,014
1,689
463,703
Commitments to be
disbursed
54,026
-
(424)
-
-
-
-
As part of its credit risk monitoring framework and in line with the Strategic Plan, SIMEST has initiated a project aimed at
defining an approach for monitoring and classifying credit exposures, consistent with the taxonomy and tools adopted at
Group level (i.e. an early warning system model).
The pricing methodology, in line with the Group\u2019s approach in this area and with market practices, determines risk-based
returns in relation to the characteristics of the investment (e.g. maturity and the collateral framework provided) and the
creditworthiness of the counterparties, with the aim of estimating the reference value required to achieve a risk-adjusted
level of profitability consistent with the value creation objectives set out in the Strategic Plan. In addition, to support the
Business, the Risk Management unit periodically prepares pricing grids showing the spread values applicable to each
transaction depending on parameters such as rating, duration and the security package, corresponding to different levels
of expected shareholder return (expressed through the RAROC - Risk Adjusted Return on Capital measure). During 2025,
with a view to improving the efficiency and strengthening the monitoring processes relating to the profitability of equity
investment transactions, an automated tool was developed to verify profitability indicators (i.e. RAROC).
Credit risk and counterparty risk
Credit risk is linked to a counterparty\u2019s ability to fulfil the obligations entered into with the CDP Immobiliare S.r.l. in
liquidazione.
In view of its operational business management methods, credit risk essentially consists of the risks linked to its trade
receivables by CDP Immobiliare S.r.l. in liquidazione from the investee companies. In any case, these receivables were
subject to suitable write-down in the Company\u2019s financial statements once they became potentially uncollectable.
With regard to counterparty risk, for the most significant credit facilities, an analysis is carried out on the financial strength
of the counterparty, using information contained in specialised databases.
There is also a limited counterparty risk linked to the investment of short-term liquidity held at banks. Available liquidity is
managed in accordance with the policies followed by the liquidator Fintecna S.p.A., which, among other things, outlines
the minimum rating criteria that bank counterparties must meet, within the framework of the CDP Group Guidelines.
Credit risk Credit risk is the risk that a customer or a counterparty to a financial instrument causes a financial loss by failing to fulfil an obligation and arises primarily from trade receivables, assets arising from contracts with customers and the Terna group\u2019s financial investments. The credit risk originated by open positions on transactions in financial derivatives is considered to be marginal since, in compliance with financial risk management policies, the counterparties are leading international credit institutions with high ratings. Terna essentially renders its services to counterparties considered solvent by the market and hence with a high credit standing, and avoids concentrations of credit risk. Credit risk management is also compliant with Resolution no. 111/06 of the Italian Regulatory Authority for Energy, Networks and the Environment (Autorit\u00e0 di Regolazione per Energia Reti e Ambiente, ARERA), which, at Article 49, introduced instruments to limit the risks linked to the insolvency of dispatching customers, both on a preventive basis and in the event of actual insolvency. In particular, the Resolution establishes three instruments to safeguard the electricity market: a guarantee system (bank guarantees provided by individual dispatching customers, based on their turnover); the option of terminating dispatching contracts (in the event of insolvency or failure to replace enforced guarantees); and, finally, the possibility of recovering uncollected debts, after having taken all other possible collection actions, through a specific fee to be fixed by ARERA. The following table summarises the exposure to such risk at the reporting date:
(million of euro)
31/12/2025
31/12/2024
Change (+ / -)
FVH derivatives
1.3
1.3
Cash and cash equivalents and other financial assets
2,564.1
2,738.0
(173.9)
Trade receivables
3,190.6
3,194.8
(4.2)
Total
5,756.0
5,932.8
(176.8)
The total amount of exposure to credit risk as at 31 December 2025 is represented by the carrying value of trade
receivables, assets arising from contracts with customers, CFH derivatives and cash and cash equivalents, securities and
deposits.
The following tables provide qualitative disclosures on loans to customers in terms of geographical distribution and type of
customer.
Geographical distribution
(million of euro)
31/12/2025
31/12/2024
Italy
2,864.7
2,795.0
Euro-area countries
276.9
346.9
Other countries
49.0
52.9
Total
3,190.6
3,194.8
Type of customer
(million of euro)
31/12/2025
31/12/2024
Distributors
632.1
682.0
CSEA
102.3
34.5
Dispatching customers for injections
701.3
465.9
Dispatching customers for withdrawals (not distributors)
1,392.1
1,673.5
Parties which have signed virtual import contracts and virtual import
10.8
12.2
services (interconnectors and shippers)
Sundry receivables
352.0
326.7
Total
3,190.6
3,194.8
The following table breaks down trade receivables by past-due band, with the related impairment:
31/12/2025
31/12/2024
(million of euro)
Impairment
Gross
Impairment
Gross
Current
(1.2)
3,082.8
(3.7)
3,023.0
0-30 days past due
(0.7)
18.5
(0.8)
20.7
31-120 days past due
(0.4)
10.1
(3.2)
19.6
Over 120 days past due
(87.7)
169.2
(86.4)
225.6
Total
(90.1 )
3,280.6
(94.1)
3,288.9
Movements in the allowance for doubtful accounts in the course of the year were as follows.
(million of euro)
31/12/2025
31/12/2024
Balance at 1st January
(94.1)
(34.2)
Release of provisions
6.0
19.4
0.5
Provision under resolution no. 5/2024
(1.4)
(73.6)
Impairments for the year
(1.0)
(5.7)
Balance
(90.1 )
(94.1)
During the period, an impairment loss of 1.4 million euro was recognised in respect of dispatching receivables deemed
unrecoverable and for which a compensation claim has been submitted, as provided for under ARERA Resolution No.
5/2024
214
.
The value of guarantees received from eligible electricity market operators is illustrated below.
(million of euro)
31/12/2025
31/12/2024
Dispatching - Injections
2,739.1
1,965.9
Trasmission charges due from distributors
480.1
426.8
Virtual imports
209.1
125.4
Capacity market
274.2
197.1
Balance
3,702.5
2,715.2
In view of the launch of the TIDE consolidation phase, scheduled for 1 February 2026, the new BRP (Balance Responsible
Party) and BSP (Balancing Service Provider) contracts will come into force. Consequently, the guarantees associated with
the current dispatching contracts for withdrawal and injection, which are in the process of being phased out, will have to
be replaced by a single new guarantee for each counterparty. The guarantee will apply to all new BRP and BSP contracts
and will be subject to centralised monitoring by Terna.
In addition, Non-Regulated activities are exposed to \u201ccounterparty risk\u201d, in particular in relation to the entities with which
sales contracts are entered into, in consideration of the credibility and solvency of the parties in question and the impact
that their possible insolvency could have on the financial strength of the business. Counterparty risk is mitigated by
implementing specific procedures for the assessment of counterparties, which evaluate both the economic and financial
standing as well as the reputational profile of the entities concerned
Credit risk
Credit risk represents Snam group\u2019s exposure to potential losses arising from the failure of counterparties to fulfil their
contractual obligations. Failure or delay in the payment of amounts due could adversely affect Snam\u2019s operating results
and financial position. With regard to the risk of counterparty default under commercial contracts, credit management is
entrusted to the responsibility of the business units, together with Snam\u2019s central functions responsible for debt collection
activities and, where necessary, the management of legal proceedings.
For trade receivables, provisions for impairment reflect the value of expected losses over the life of the receivable and are
determined on a collective basis according to the expected credit loss model, in line with the requirements of the reference
accounting standards, or on the basis of individual and analytical assessments for credit exposures that present specific
elements of risk (e.g. litigation or in the presence of available detailed information on the recoverability of the exposure).
For further details, reference should be made to Note 5 \u201cRelevant accounting policies\u201d - 5.7 \u201cFinancial instruments - Non-
derivative financial assets - Receivables and debt securities\u201d. With regard to regulated activities, which currently represent
the Group\u2019s core operations, Snam provides its services to approximately 660 operators in the gas sector, with the top 10
operators accounting for approximately 62% of the overall market (Edison, Eni and Enel Global Trading ranking in the first three positions). Customer access to the services provided is governed by rules established by the Authority and set out in the relevant Codes, i.e. documents that define, for each type of service, the provisions governing the rights and obligations of the parties involved in the sale and delivery of those services and establish contractual clauses that significantly mitigate the risk of customer default. The Service Codes provide for the issue of guarantees covering the obligations undertaken. In specific cases, the issue of said guarantees can be mitigated when the customer has a credit rating issued by a major international rating agency. The regulatory framework also provides for specific clauses to guarantee the neutrality of the balancing activity operator, a role held by Snam Rete Gas as a major transmission service operator since 1 December 2011. More specifically, the current balancing rules require that, on a cost-effective basis, Snam focuses primarily on purchases and sales on the Energy Market Operator (GME) balancing platform to guarantee the resources needed for safe and efficient transport of gas from the feed points to the draw points, to ensure the constant balance of the network. For regulated activities, the expected loss determination model enhances the guarantee and coverage mechanisms described above. Set out below is the ageing analysis of trade receivables and other receivables, indicating the value net of the allowance for impairment:
Trade
Trade
(millions of euro)
receivables*
Other
31/12/2024
receivables*
Other
31/12/2025
Non-overdue and non-impaired receivables
2,774
399
3,173
2,064
358
2,422
Overdue and non-impaired receivables:
291
19
310
481
18
499
- 0-3 months overdue
83
8
91
152
16
168
- 3-6 months overdue
37
1
38
90
90
- 6-12 months overdue
26
5
31
152
152
- more than 12 months overdue
145
5
150
87
2
89
Total
3,065
418
3,483
2,545
376
2,921
*The exposure is net of receivables and write-downs for an amount equal to 42 million euros (107 million at 31 December 2024) The net carrying amount of past-due trade receivables as at 31 December 2025 that have not been impaired, amounting to 481 million euro, mainly relates to trade receivables of companies operating in regulated businesses. In particular, these amounts relate to: (i) the transmission segment (320 million euro), primarily relating to receivables from network users associated with balances connected to the default service. Coverage mechanisms are in place for these receivables under the current regulatory framework. Coverage mechanisms are in place for these receivables under the current regulatory framework; (ii) the storage segment (74 million euro), in particular relating to VAT invoiced to users for the use of strategic gas improperly withdrawn and not reinstated within the time limits established by the Storage Code during the 2010 and 2011 financial years. Under current regulations, VAT adjustment notes may be issued at the start or completion of insolvency proceedings, depending on the specific case. Credit risk Credit risk is the exposure to potential losses arising from a counterparty defaulting on its obligations. The non- payment or delayed payment of any amounts due may negatively impact the performance and financial situation of Italgas. The rules governing user access to the gas distribution service in Italy are established by the relevant regulatory Authority and are provided for in Network Codes, i.e. in documents that set out, for each type of service, the rules that govern the rights and obligations of the parties providing the services and specify the contractual clauses that reduce the risk of non- compliance by customers, such as the issue of demand bank or insurance guarantees. In addition, in order to manage credit risk, the Italgas group has set forth procedures for the monitoring and assessment of its customer portfolio. The reference markets are the Italian and Greek markets. To mitigate credit risk in the energy efficiency sector, incentive instruments such as the Superbonus are primarily used, however these instruments are subject to the risk of managing the requirements needed for tax credit recognition, which ensures financial coverage for significant portions of the intervention amounts. To address this, the contracts signed by
Italgas contain clauses that allow for recourse against customers in the event that the incentive cannot be secured or is
withdrawn. Despite having recourse to customers, there remains continued exposure to credit risk.
As at 31 December 2025, no significant credit risks had been identified. It is noted that on average: (i) in Italy, 97.4% of
trade receivables related to gas distribution are settled on the due date and 99.6% within the next four days, (ii) in Greece,
on average 95.0% of trade receivables related to gas distribution are settled within the due date and almost all within the
next four days, demonstrating the high reliability of its customers.
It cannot be ruled out that Italgas could incur liabilities and/or losses due to its customers\u2019 failure to discharge their payment
obligations.
Trade receivables (1,217.5 million euro as at 31 December 2025 and 752.0 million euro as at 31 December 2024), which
are included under Other assets in the Consolidated Financial Statements of the CDP Group (Asset item 130), comprise
balances originating from the companies of 2i Rete Gas and increased by 465.5 million euro. The increase is mainly
attributable to (i) higher receivables from sales companies relating to the gas distribution service in Italy (346.8 million
euro), (ii) receivables from CSEA for gas equalisation (42.3 million euro), and (iii) Superbonus tax receivables amounting
to 67,136 thousand euro, linked to regulatory changes in the residential sector (extension of the 110% tax incentive for
non-profit organisations and buildings located in seismic areas), which made it possible to launch new projects during the
year.
Receivables are shown net of the bad debt provision (25.7 million euro as at 31 December 2025 and 18.7 million euro as
at 31 December 2024). Changes in the bad debt provision during the year are shown below:
Provision for impairment losses
Changes in
consolidation
(thousands of euro)
31/12/2024
area
Provisions
Utilisation
Other changes
31/12/2025
Trade receivables
17,311
4,826
2,810
(205)
(276)
24,466
Other receivables
1,363
1,074
(1,166)
1,271
18,674
5,900
2,810
(205)
(1,442)
25,737
The maturities of trade receivables and other receivables are shown below:
Other
Trade
Other
(thousands of euro)
Trade receivables
receivables
31/12/2025
receivables
receivables
31/12/2024
Non-overdue receivables
1,145,892
189,753
1,335,645
684,109
153,123
837,232
Overdue receivables:
71,620
71,620
67,860
67,860
- 0-3 months overdue
16,171
16,171
25,440
25,440
- 3-6 months overdue
7,769
7,769
3,240
3,240
- 6-12 months overdue
25,334
25,334
10,323
10,323
- more than 12 months overdue
22,345
22,345
28,857
28,857
1,217,512
189,753
1,407,265
751,969
153,123
905,092
Past-due receivables, amounting to 71.6 million euro, mainly relate to receivables from the gas and water sectors (65.1
million euro) and from ESCo service customers (6.5 million euro).
Credit risk
The Fincantieri group\u2019s receivables consist largely of receivables from private shipowners typically related to ongoing
construction contracts, as well as from the Italian government, including both receivable contributions and supplies to
military bodies, and from the US Navy, for projects under construction.
The Fincantieri group carries out checks on the financial soundness of its customers, including through information from
the main credit risk assessment agencies, and constantly monitors counterparty risk, including during the order
construction phase, reporting any issues to top management and assessing the actions to be taken on a case-by-case
basis. The Fincantieri group also engages in constant dialogue with its customers, undertaking customer support actions
where deemed useful for maintaining or increasing the order book.
Moreover, to place their orders, the Fincantieri group\u2019s customers often take out loans, which are guaranteed by a national
export credit agency. This financing structure enables the Fincantieri group to ensure that the customer will have the
necessary funds to meet its contractual obligations during the construction phase and upon delivery of the vessels.
Furthermore, in recent years, the support provided by Export Credit Agencies has allowed shipowners to obtain the
flexibility required to meet their commitments to shipyards even in situations of systemic crisis (for example, the \u201cdebt
holiday\u201d initiative implemented during the COVID-19 pandemic).
With reference to credit risk, it should also be noted that during the execution of the order, the Fincantieri group retains
availability of the ship at its shipyards and under the contracts Fincantieri can retain the ship and the advances received in
the case of default by the shipowner. The ship under construction provides de facto collateral up to the delivery date when
payment is made; moreover, said payment is often guaranteed by export credit agencies. In the event of agreements with
shipowners that depart from the arrangements described above, even where appropriate guarantees are in place, the
Fincantieri group monitors counterparty risk and reports to senior management in order to assess any actions to be taken
and to reflect any accounting impacts in the measurement of the exposure to the customer, taking into account the
probability of default.
Provision for onerous contracts is made when the order is acquired or when the costs expected to be incurred are updated
when it becomes apparent that the costs required to complete the order exceed the economic benefit to be received under
the contract. The provision for onerous contracts is recognised in the financial statements under the provisions for risks
and charges.
The tables below show receivables by risk class and nominal value at 31 December 2025 and 2024, without considering
any impairment for estimated losses.
31/12/2025
Past due
4 \u2013 12
beyond 1
Provision for
(thousands of euro)
Not yet due
0 \u2013 1 month
1 \u2013 4 months
months
year
Gross Total
impairment
Net Total
Trade receivables:
- from public entities
3,757
1,579
3,255
1,077
6,327
15,995
15,995
- indirectly from public
3,311
1,136
3,820
4,281
20,379
32,927
32,927
entities (*)
- from private customers
287,459
70,770
39,158
29,587
84,673
511,647
(66,823)
444,824
- from associates and
joint ventures
24,842
32,871
28,626
7,848
11,123
105,310
105,310
Total trade receivables
319,369
106,356
74,859
42,793
122,502
665,879
(66,823)
599,056
Other receivables:
- form associates
- from the government
116,937
1,321
50,779
169,037
169,037
and public entities for
other grants
- from others
307,754
9,101
(3)
32
28,972
345,856
(22,937)
322,919
- from controlling
8,389
295
8,684
8,684
companies (fiscal
consolidation)
- from related parties
- direct and indirect tax
78,731
16,148
38
162
95,079
(1,216)
93,863
assets
Total other receivables
511,811
26,865
35
32
79,913
618,656
(24,153)
594,503
Contract work in
progress
3,647,434
3,647,434
3,647,434
Financial receivables:
- from associates and
joint ventures
2,481
360
2,841
2,841
- from others
637,203
1,065
36
638,304
(72,860)
565,444
Total financial
639,684
1,065
396
641,145
(72,860)
568,285
receivables
Total
5,118,298
134,286
74,894
42,825
202,811
5,573,114
(163,836)
5,409,278
Advances, prepayment
116,162
and accrued income
TOTAL
5,525,440
(*) This item includes receivables from customers that manage contracts ordered by Public Entities, which are thus the substantial debtors.
31/12/2024
Past due
4 \u2013 12
beyond 1
Provision for
(thousands of euro)
Not yet due
0 \u2013 1 month
1 \u2013 4 months
months
year
Gross Total
impairment
Net Total
Trade receivables:
- from public entities
9,366
957
2,070
2,075
6,363
20,831
20,831
- indirectly from public
24,328
2,809
5,926
14,997
48,060
48,060
entities (*)
- from private customers
285,167
107,804
47,761
53,158
81,733
575,623
(63,019)
512,604
- from associates and
joint ventures
48,183
1,522
1,173
15,457
23,480
89,815
89,815
Total trade receivables
367,044
113,092
51,004
76,616
126,573
734,329
(63,019)
671,310
Other receivables:
- form associates
741
741
741
- from the government
101,938
2,120
104,058
104,058
and public entities for
other grants
- from others
154,252
5
433
312
28,316
183,318
(25,814)
157,504
- from controlling
31,625
31,625
31,625
companies (fiscal
consolidation)
- from related parties
- direct and indirect tax
121,675
22
629
894
123,220
(1,216)
122,004
assets
Total other receivables
409,490
27
433
3,061
29,951
442,962
(27,030)
415,932
Contract work in
progress
3,377,306
3,377,306
3,377,306
Financial receivables:
- from associates and
joint ventures
827
360
1,187
1,187
- from others
688,383
1,252
37
689,672
(51,771)
637,901
- Government grants
financed by BIIS
Total financial
689,210
1,612
37
690,859
(51,771)
639,088
receivables
Total
4,843,050
113,119
51,437
81,289
156,561
5,245,456
(141,820)
5,103,636
Advances, prepayment
106,080
and accrued income
TOTAL
5,209,716
(*) This item includes receivables from customers that manage contracts ordered by Public Entities, which are thus the substantial debtors.
Trade receivables, other receivables, assets for contract work in progress and advances, prepayments and accrued
income of the Fincantieri group contribute to the balance of the other assets in the CDP Group\u2019s Consolidated Financial
Statements (asset Item 130).
Financial receivables measured at amortised cost are included under item 40 of the assets section in the CDP Group\u2019s
consolidated financial statements, relating to financial assets measured at amortised cost.
The receivables are shown net of bad debt provisions. These bad debt provisions are made by estimating the write-downs
on doubtful receivables such as those subject to litigation and judicial and extra-judicial proceedings related to insolvency
of the debtors. In addition, a \u201cProvision for impairment of receivables for default interest\u201d has been established for interest
charged for payment delays on past-due receivables. The amount and changes in the provisions are detailed below:
Provision for
impairment of
Provision for
Provision for impairment of
receivables for default
impairment of different
(thousands of euro)
receivables
interest
receivables
Total
1.1.2024
58,552
225
15,370
74,147
Change in the scope of consolidation
514
7
(2,173)
Direct uses
(855)
-
(1,318)
(2,173)
Provisions/(absorptions)
4,864
(129)
1,913
6,648
Exchange rate differences
(152)
(152)
31.12.2024
62,923
96
15,972
78,991
Change in the scope of consolidation
4,623
-
4,623
Direct uses
(2,365)
(1,823)
(4,188)
Provisions/(absorptions)
1,629
-
1,423
3,052
Exchange rate differences
(83)
(1)
(84)
31.12.2025
66,727
96
15,571
82,394
it risk Ansaldo group is exposed to credit risk, namely the risk of potential losses arising from counterparties\u2019 failure to fulfil their contractual obligations. In order to mitigate exposure to this risk, the group has established an appropriate organisational structure and adopted specific procedural rules. In particular, depending on the potential contractual amount, the type of customer, its creditworthiness and the country of reference, appropriate safeguards are implemented both in structuring payment terms, with the aim of limiting and, where possible, eliminating financial exposure related to cash flows, and in negotiating and structuring dedicated Trade and Export Finance instruments, where appropriate involving Export Credit Agencies, including SACE as the national Export Credit Agency. The following table provides a breakdown of trade receivables, categorised by overdue status and geographical region, before the bad debt provision:
Other customers
Total at
Europe CIS
31/12/2025
Africa Middle
(thousands of euro)
Italy
East
Americas
Asia
Receivables not past due
47,653
74,164
4,631
26,273
152,722
Receivables less than 6 months past due
5,895
70,292
791
10,769
87,747
Receivables 6 months to 1 year past due
6,781
31,820
6
1,944
40,551
Receivables 1 to 5 years past due
2,038
44,457
10,587
57,081
Receivables more than 5 years past due
6,216
6,156
2,824
656
15,852
Total
68,583
226,889
8,252
50,230
353,954
Trade receivables of the Ansaldo group contribute, in the CDP Group\u2019s Consolidated Financial Statements, to asset Item 130, Other assets. The group also incorporates any increased risk of customer default into its assessments by reflecting country risk in the valuation of its contracts and the related receivables through the measurement of expected credit losses (ECL). The allowance for impairment losses amounted to 5.2 million euro as at 31 December. Credit risk Credit risk is for Trevi the risk that a counterparty, whether financial or commercial, is unable to fulfil its obligations, resulting in a financial loss for the group. This risk relates to both commercial transactions and financial instruments held, including trade receivables, bank deposits, securities, guarantees and derivative instruments. Credit risk associated with the Trevi group\u2019s commercial activities is managed through continuous monitoring carried out both by the individual operating companies and by the finance function. The diversity of the sectors in which Trevi operates, together with the significant geographical diversification of its production units and end markets, results in the absence of a significant concentration of risk on a limited number of customers or specific countries. Credit exposure is in fact distributed across a broad range of counterparties. The objective of credit risk management is to minimise counterparty risk by maintaining exposure within limits consistent with the creditworthiness assigned to customers. Assessments are carried out by credit managers on the basis of: \u2022 historical data on counterparties\u2019 default rates; \u2022 up-to-date qualitative and quantitative information; \u2022 and periodic reviews of collection performance. The group mainly conducts sales abroad and makes use of risk mitigation instruments provided by the market such as letters of credit, advance payments and additional forms of protection adopted in contracts of higher strategic value.
Credit risk
Despite the high creditworthiness of its customer base and the quality of its receivables portfolio, the Valvitalia group is
exposed to credit risk, which is continuously monitored through structured assessment and control procedures. For
customers operating in geographical areas characterised by higher risk, the Valvitalia group adopts risk mitigation
measures such as the use of letters of credit, partial advance payments or other forms of contractual guarantees. These
instruments make it possible to reduce the risk of losses on trade receivables arising from non-payment or significant
delays in collection.
As at 31 December 2025, trade receivables amount to 88.8 million euro and are broken down by geographical area as
shown in the table below.
(thousands of euro)
31/12/2025
31/12/2024
Italy
(10,126)
(9,377)
Europe
(10,492)
(12,728)
Africa
(2,265)
(3,188)
North America
(25,188)
(20,594)
South America
(8,472)
(13,086)
Middle East
(18,525)
(7,281)
Central Asia
(3,084)
(8,884)
Far East
(10,635)
(8,975)
Total
(88,787)
(84,112)
Trade receivables are shown net of provisions for bad debts and include the translation of foreign currency balances at the
period-end exchange rate. As at the reporting date, there are no trade receivables with a maturity exceeding 12 months.
During the year, movements in provisions for bad debts are detailed in the table below.
(thousands of euro)
Amounts
Amount as 31/12/2024
8,019
Provisions
3,342
Uses
(132)
Releases
(462)
Exchange rate effect on foreign companies
(203)
Total
10,564
The allowance is deemed appropriate in light of the estimated risk of default and has been determined based on a detailed
assessment of receivables subject to litigation and positions for which objective indicators of uncollectability exist.
Reversals, amounting to 0.5 million euro, relate to amounts collected during the year on receivables that had previously
been impaired. The use of the allowance during the period mainly relates to losses on trade receivables considered
definitively uncollectable.
In 2025, the Valvitalia group also entered into receivables factoring transactions with leading financial counterparties.
Accordingly, trade receivables recognised in the statement of financial position are presented net of receivables transferred
under such transactions.
In accordance with IFRS 7, the tables below present information on the ageing analysis of trade receivables and the related
allowance for credit losses:
(thousands of euro)
31/12/2025
31/12/2024
Credits expired within 30 days
(10,355)
(8,429)
Credits expired more than 30 days
(4,066)
(7,409)
Credits expired more than 60 days
(3,905)
(3,656)
Credits expired more than 90 days
(22,906)
(20,578)
Total expired credits
(41,232)
(40,072)
Unexpired credits
(58,119)
(52,060)
Bad Debts provisions
10,564
8,019
Total receivables net of the Bad Debts provision
(88,787)
(84,112)
For the purposes of the CDP Group Consolidated Financial Statements, the Valvitalia group\u2019s trade receivables are
included under the asset line item \u201c130 \u2013 Other Assets.\u201d
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1024": { "value": "
A.1.2 Breakdown of financial assets by portfolio and credit quality (gross and net values)
(thousands of euro)
Portfolios/quality
Non performing assets
Accumulated
Performing assets
Total (net
Gross
Specific
Net
partial write-
Gross
Net exposure
Portfolio
exposure)
exposure
adjustments
exposure
offs *
exposure
adjustments
1. Financial assets measured at
amortised cost
494,441
(228,506)
265,935
343,127,253
342,283,453
(843,800)
342,549,388
2. Financial assets measured at
fair value through other
comprehensive income
11,790,117
11,779,654
(10,463)
11,779,654
3. Financial assets designated at
fair value
X
193,221
X
193,221
4. Financial assets mandatorily
53,934
(48,521)
5,413
X
9,141
X
14,554
measured at fair value
5. Financial assets held for sale
Total 31/12/2025
548,375
(277,027)
271,348
354,917,370
354,265,469
(854,263)
354,536,817
Total 31/12/2024
528,928
(260,195)
268,733
352,444,022
351,787,729
(866,650)
352,056,462
* value to be shown for information purposes
(thousands of euro)
Assets with markedly poor credit quality
Other assets
Portfolios/Quality
Accumulated loss
Net exposure
Net exposure
1. Financial assets held for trading
389,014
2. Hedging derivatives
1,875,780
Total 31/12/2025
2,264,794
Total 31/12/2024
1,339,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1025": { "value": "
Personal guarantees (2)
Collateral (1)
Credit derivatives
Commitments
A.3.1 Prudential consolidation - On-balance sheet and off-balance sheet secured credit exposures to banks
Other derivatives
Land
and bu-
Land and
Other
Other
ildings
buildings
Central
financial
General
financial
Gross
Net
- mort-
- finance
Other
A.3 Breakdown of secured exposures by type of guarantee
counter-
compa-
govern-
compa-
Total
(thousands of euros)
exposure
exposure
gages
leases Securities
assets
CLN
parties
Banks
nies
Other
ment
Banks
nies
Other
(1) + (2)
1. Secured on-balance-
sheet credit exposures:
1.1 fully secured
17,151,012
17,126,026
497,817
4,912,919
11,715,290
17,126,026
of which: non-
performing
1.2 partially secured
454,788
453,290
353,532
15,000
368,532
of which: non-
performing
2.
Secured off-balance-
sheet credit exposures:
2.1 fully secured
1,003,306
1,002,341
1,002,341
1,002,341
of which: non-
performing
2.2 partially secured
13,723
13,709
13,561
13,561
of which: non-
performing
Personal guarantees (2)
Collateral (1)
Credit derivatives
Commitments
A.3.2 Prudential consolidation - On-balance sheet and off-balance sheet secured credit exposures to customers
Other derivatives
Land
and bu-
Land and
Other
Other
ildings
buildings
Central
financial
General
financial
Gross
Net
- mort-
- finance
Other
counter-
compa-
govern-
compa-
Total
(thousands of euros)
exposure
exposure
gages
leases Securities
assets
CLN
parties
Banks
nies
Other
ment
Banks
nies
Other
(1) + (2)
1. Secured on-balance-
sheet credit exposures:
1.1 fully secured
17,036,368
16,974,278
450,438
8,012,577
460,030
5,599,115
3,269
244,202
1,495,611
16,265,242
of which: non-
performing
193,877
162,333
6,384
147,793
7,994
162,171
1.2 partially secured
14,847,425
14,788,558
10,327
390,385
9,607,386
520,281
2,492
384,272
10,915,143
of which: non-
performing
43,171
33,763
31,658
903
32,561
2.
Secured off-balance-
sheet credit exposures:
2.1 fully secured
9,892,979
9,857,197
268,152
3,756
68,587
7,972,926
269,283
65,603
1,182,604
9,830,911
of which: non-
performing
8,238
7,936
85
7,852
7,937
2.2 partially secured
5,521,786
5,270,986
112,993
3,088,262
246,027
303,679
3,750,961
of which: non-
performing
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1026": { "value": "
1.2 Market risk
1.2.1 Interest rate risk and price risk \u2013 Supervisory trading book
In 2025, the prudential consolidation companies did not undertake any transactions qualifying for allocation to the
supervisory trading book.
1.2.2 Interest rate risk and price risk \u2013 Banking book
Qualitative disclosures
A. General aspects, management and measurement methods of interest rate risk and price risk
As a result of its operations, the Parent Company is exposed to interest rate risk under all its forms: repricing, yield curve,
basis and option risk. CDP also monitors inflation risk within the same conceptual and analytical framework as interest rate
risk in the banking book.
CDP faces a substantial exposure to interest rate risk due to the presence of large unhedged volumes of assets and
liabilities pre-existing before its transformation into a joint-stock company and to its balance sheet structure: a considerable
portion of CDP\u2019s liabilities consists of Ordinary fixed-rate bonds with an early redemption option, while the asset side mainly
comprises fixed-rate loans. Other types of postal savings bonds also embed an early redemption option, whose value is
highly sensitive to fluctuations in interest rates and inflation.
Interest rate risk and inflation risk can impact both the profitability and economic value of CDP. Therefore, the reference
approach taken by CDP to measure and manage interest rate risk is an \u201ceconomic value\u201d approach, which complements
the \u201cearnings-based\u201d approach. The economic value approach corresponds to the long-term representation of the
earnings-based approach, as the economic value of the firm is essentially equal to the discounted cash flows of future net
interest income.
From this perspective, CDP analyses its exposure and risk profile by assessing balance sheet items that are sensitive to
interest rates, quantifying their reaction to small changes (sensitivity analysis) and to major shocks (stress testing) to the
risk factors. The transition from exposure metrics (derived from the sensitivity analyses and stress testing) to risk metrics
is carried out by assigning a probability to possible market scenarios. This makes it possible to arrive at a statistical
distribution of the value of the balance sheet items considered, as well as summary measures representative of the
economic capital necessary for the risk.
This monitoring approach is translated into the calculation of value at risk (VaR), which CDP measures using historical
simulations methods.
To quantify and monitor the interest rate risk in the banking book, CDP measures VaR both over short time horizons \u2013
such as over one day or ten days \u2013 and annually, which is more suited to the internal capital adequacy assessment process
in particular regarding risks in the banking book. The short-term and annual measures of VaR share the same combination
of models for valuing balance sheet items and measuring sensitivity, and they use the same input data. The daily VaR is
then used for backtesting, thanks to its larger sample dataset available over that interval.
VaR summarises in a single figure the results of the simulation of many scenarios generated in accordance with the
statistical characteristics of the risk factors. Despite the limits of any composite metric based on historical scenarios, VaR
also has two significant strengths:
\u2022 it captures the consequences of complex characteristics of the markets and products (volatility, correlation, optionality
and asymmetry);
\u2022 it makes it possible, through the backtesting process, to check the hypotheses underpinning not only the calculation of
the daily VaR but also the entire simulation.
CDP\u2019s Risk Policy sets specific limits to manage the exposure to interest rate and inflation risks. More specifically, limits
have been established on the impact on the economic value of parallel shifts (+/- 100 basis points) in the yield curve and
the inflation curve. Furthermore, more granular limits set by the Chief Executive Officer are in place.
CDP also assesses the impact of interest rate risk on earnings for shorter horizons using internal planning and ALM
systems, specifically quantifying the impact of parallel shifts of the yield curve on net interest income.
CDP\u2019s ALM approach seeks to limit the volume of hedging derivatives by exploiting \u201cnatural hedges\u201d between fixed-rate
assets and liabilities. Hedging therefore regards subsets of those items, depending on the sign of the net exposure, with a
view to containing the overall risk exposure.
Managing interest rate risk at an operational level falls under the responsibility of the Finance function.
The measurement and the monitoring of interest rate risk are performed by Risk Management and discussed within the
Risk Governance Committee. The Board of Directors approves risk management policies and the associated monitoring
methodology and receives periodic reporting on the achieved results.
Price risk regards the possibility that the net economic value, profitability or the book value of equity of CDP could be
adversely affected by variables associated with equity investments, in particular the market prices of such securities and
related derivatives, or changes in the current and future profitability of the investment in such instruments.
In line with the net economic value approach, equity risk is quantified in terms of VaR (with a one-year time horizon). The
VaR provides a proxy of the risk that the listed and liquid securities \u2013 even when they are not reported at their current fair
value \u2013 do not recover any potential loss over time. It is calculated based on hypotheses about the statistical distribution
of the prices of shares, the related derivatives (where present) and the fair value of unlisted securities. Risk is quantified
by assuming continuity in the business model of CDP, which expects to hold most of its stock investments in the long term.
Risk Management also carries out stress tests on the risk measures of the equity portfolio, considering sensitivity analyses
on the portfolio model parameters and scenario analysis on sector concentration.
The criteria for assessing the risks associated with equity investments and funds are set out in the General Risk Policy,
which includes, among other things, specific stress tests designed to evaluate the adequacy of prudential capital absorption
in relation to adverse scenarios.
With reference to the overall equity investment portfolio, Equity Risk Assessment and Monitoring (\u201cValutazione e
Monitoraggio Rischi Equity\u201d, VMRE) carries out, on a semi-annual basis, monitoring of the risk profile assumed by the
equity interests through the application of the Equity Risk Analysis Methodology (\u201cMetodologia di Analisi del Rischio
Equity\u201d, MARE), as well as monitoring of the overall portfolio through the application of the Portfolio Risk Analysis
Methodology (\u201cMetodologia di Analisi del Rischio di Portafoglio\u201d, MARP) and certain ad hoc analyses, for example in terms
of portfolio concentration. Similarly, VMRE monitors the risk profile of investments in the Group\u2019s fund units through the
application of the Fund Risk Analysis Methodology (\u201cMetodologia di Analisi del Rischio Fondi\u201d, MARF).
Furthermore, during the assessment of an investment transaction (e.g. acquisition of a direct or indirect equity stake in a
corporate not currently in the portfolio, subscription of fund units not already held, or increase in an existing investee), as
well as in the case of a partial or total divestment, VMRE analyses, as part of the relevant due diligence process, the main
risk characteristics associated with the transaction and the related mitigating factors to support the decision-making
process. The outcomes of these analyses are described in the supporting investigation documentation submitted to the
Risk Assessment Committee and to the Board of Directors.
Finally, VMRE plays a role in the evaluation of directly or indirectly held equity interests that are subject to impairment
testing within the framework of second-level controls. In this context, VMRE analyses the valuation proposals put forward
by the responsible teams and expresses an opinion regarding the consistency of the valuation approaches adopted, with
a focus on the methodological elements and the assumptions underpinning each assessment.
A further source of CDP\u2019s exposure to price risk arises from funding raised through the \u201cRisparmio Sostenibile\u201d Postal
Savings Bonds, the return on which is linked to the performance of the \u201cSTOXX Europe 600 ESG-X\u201d index. In relation to
this risk, RM monitors the net exposure resulting from the implemented hedging strategies.
CDP Real Asset SGR has no direct (i.e. resulting from its primary activity) exposure to interest rate risk and inflation risk;
an indirect exposure arises from the investment of available liquidity (usually in fixed-rate or zero-coupon securities issued
by the Italian Government and postal savings bonds guaranteed by the Parent Company). At present, liquidity is fully
invested in current accounts, a postal savings account, government securities and a deposit with the Parent Company.
With regard to price risk, any fluctuations in the valuation of units in collective investment undertakings and/or of the assets
in which the managed funds invest would have an \u201cindirect\u201d effect on management fees received, but would not impact the
assets of CDP RA, which does not hold units in collective investment undertakings (whether proprietary or third-party).
Fondo Italiano d\u2019Investimento SGR S.p.A. is not directly exposed to interest rate risk or price risk, as it operates as the
manager of closed-end funds. During 2025 the liquidity stock was held in liquid market instruments (short-term time
deposits) or deposited into bank accounts. The company is not directly exposed to inflation risk. CDP Venture Capital SGR
is not directly exposed to price risk or interest rate risk on income and costs arising from operating activities, as it acts as
the manager of closed-end funds. Currently, the liquidity stock is mainly held in bank accounts or managed through short-
term deposits with leading financial institutions.
In 2025, CDP RA SGR, FII SGR and CDP Venture Capital SGR had not set up any interest-rate-hedging strategy.
Quantitative disclosures
1. Banking book: breakdown of financial assets and liabilities by residual maturity (repricing date)
The following figure shows an analysis of the interest rate risk sensitivity of the Parent Company based on internal models,
in line with the economic value approach.
Sensitivity to zero-coupon rates by maturity (increase of 1 bps)
Market figures as of 31/12/2025
Sensitivity to zero-coupon rates: parallel increase/decrease of 100 basis points Market figures as of 31/12/2025
Variation of zero coupon rates
Effect on economic value
Increase of 100 bps
EUR -983 million
Decrease of 100 bps
EUR +721 million
1.2.3 Exchange rate risk Qualitative disclosures A. General aspects, management processes, and measurement methods of exchange rate risk Exchange rate risk is the risk whereby changes in exchange rates might have a negative impact on the profitability and/or the economic value of CDP. Some activities of CDP can generate exchange rate risk. CDP undertakes such activities only if covered by appropriate exchange rate hedges. Specifically, the activities of CDP that can generate exchange rate risk are normally associated with the issue of bonds denominated in foreign currencies, the purchase of bonds denominated in foreign currencies, and the granting of loans denominated in currencies other than the Euro, in order to support Italian exporters (Export Finance) or internationalisation. CDP Real Asset SGR, Fondo Italiano d\u2019Investimento SGR S.p.A. and CDP Venture Capital SGR are not exposed to exchange rate risk with reference to the carried out activities. B. Hedging exchange rate risk With regard to the Parent Company\u2019s exposure to the US Dollar, there was a residual component of unhedged exchange rate risk as of 31 December 2025. This is mainly associated with refinancing operations of assets denominated in US Dollars, in the short and medium term. With regard to the Parent Company\u2019s exposure to the Yen, the exchange rate risk arising from a bond issue denominated in Yen is fully hedged through a Cross Currency Swap, which makes the net cash flows paid by the Parent Company equivalent to those of a fixed-rate issue denominated in Euro. With regard to the Parent Company\u2019s exposure to the offshore Renminbi, the exchange rate risk arising from a bond issue denominated in Renminbi is fully hedged through a Cross Currency Swap, which makes the net cash flows paid by the Parent Company equivalent to those of a fixed-rate issue denominated in Euro. In addition, as of 31 December 2025, the Parent Company shows a residual unhedged exposure to foreign exchange rate risk associated with currency-denominated balances in current account deposits. Quantitative disclosures 1. Breakdown by currency of assets, liabilities and derivatives
Currency
(thousands of euros)
Items
US dollar
Renmimbi
Yen
Other currencies
A. Financial assets
5,812,337
5
33
A 1 Debt securities
645,103
A.2 Equity securities
24,003
A 3 Loans to banks
765,102
5
33
A 4 Loans to customers
4,378,129
A 5 Other financial assets
B.Other assets
C. Financial liabilities
4,097,617
87,398
40,885
63
C.1 Due to banks
642,515
C.2 Due to customers
93
63
C.3 Debt securities
3,455,009
87,398
40,885
C.4 Other financial liabilities
D. Other liabilities
E. Financial derivatives
-Options
+ long positions
+ short positions
-Other derivatives
+ long positions
85,094
40,741
+ short positions
1,597,205
Total assets
5,812,337
85,099
40,741
33
Total liabilities
5,694,822
87,398
40,885
63
Difference (+/-)
117,515
(2,299)
(144)
(30)
CDP EQUITY SPA During 2025, the Risk Department at CDP Equity carried out its operations in adherence to the risk management principles outlined in internal regulations, following three main guidelines: (i) assessing risks to the invested portfolio, both during investment and divestment decisions and periodically by monitoring the risk profile of the portfolio, (ii) assessing risks to which CDP Equity is exposed as part of its core business, and, lastly (iii) checks in the area of assessing company activities as part of the accounting process. In particular, in the period indicated, the Risk Department expressed an opinion on (i) new direct investments, (ii) investments in investee companies and (iii) indirect investments in funds. As part of the aforementioned operations, the Risk Department worked with the business functions on an analysis of those functions. With reference to the monitoring of the portfolio risk profile, the activity was carried out on an ongoing basis by the Risk Department, also on the basis of periodic reporting received from portfolio companies and asset managers, meetings held with the risk management representatives of investee companies and with the managers of the funds included in the portfolio, as well as publicly available information. In addition, the Department performed specific in-depth analyses on investee companies (e.g. assessments of the main impacts arising from the introduction of tariffs by the United States administration) and on the subscribed funds. In addition, the Risk Department has undertaken a targeted analysis of ESG risks associated with direct investments and funds. These analyses facilitated the effective monitoring of the portfolio\u2019s risk profile. Within the scope of its quarterly reporting, the Risk Department carried out monitoring activities relating to CDP Equity\u2019s exposure to liquidity risk and interest rate risk, as well as its exposure to non-financial risks, with particular reference to operational risks and ICT and information security risks. In addition, the Risk Department introduced the Loss Data Collection process, which represents an ex-post control phase and provides for the systematic collection of data relating to operational losses arising from risk events occurring within CDP Equity. Such data contribute to providing a representation of the Company\u2019s risk profile through an ex-post assessment of the robustness of corporate practices and processes. Lastly, during the period and in compliance with the existing risk policies, the Risk Department carried out checks (i) on the impairment testing of equity investments, (ii) on loans outstanding, and (iii) on the accounting valuations of the optional components related to investments in the portfolio. In this context, the Risk Department worked with the AFCS Department in the accounting process. The valuations of these optional components were carried out, with a view to fair value, with the support of an independent expert.
Market risk
In conducting its business, CDP RETI is exposed to the market risk and, in particular, to the interest rate risk, which is the
risk that the fair value or the cash flows of financial instruments may fluctuate due to changes in market interest rates or
may lead to unexpected changes in net financial charges in relation to the portion of debt with floating rate. Exposure to
interest rate risk mainly arises from the variability of financing conditions in the event of new borrowings and from
fluctuations in the cash flows relating to interest generated by the portion of debt at a variable rate. CDP RETI, in carrying
out its business, is not, on the other hand, exposed to the risk of exchange rate fluctuations.
The optimal balance between fixed-rate and floating-rate components within the debt structure is defined in coordination with the relevant departments of the parent company CDP. CDP RETI\u2019s policy for managing interest rate risk is primarily implemented through the definition of an optimal financial structure, with the dual objective of stabilising financial expenses and containing funding costs. In particular, CDP RETI seeks to limit financial expenses and their volatility through the execution of Over-the-Counter derivative financial contracts (Interest Rate Swaps \u2014 so-called plain vanilla \u2014 converting variable rates into fixed rates) with its parent company CDP, in order to modify the original interest rate risk exposure profile of the Term Loan, with maturity dates and reference notional amounts 208 aligned with those of the underlying financial liability. As a result, any change in the expected cash flows of these contracts is offset by a corresponding change in the expected cash flows of the underlying position. Additionally, with regard to the two IRS hedging derivatives entered into to convert the 2024 Term Loan rate from floating to fixed, in accordance with hedge accounting principles as per international accounting standards, the fair value (mark to market) of these instruments is booked in a specific and restricted reserve account (\u201cCFH Swap valuation reserve\u201d) within Equity. The table below shows the breakdown of financial debt for loans in place by fixed-rate and floating-rate type, as at 31 December 2025 and as at 31 December 2024:
(thousands of euros
31/12/2024
31/12/2025
Items/Vaues
Total debt
%
Total debt
%
Fixed rate
1,103,858
64.7%
1,102,043
64.7%
Variable rate
601,146
35.3%
600,227
35.3%
Total
1,705,004
100.0%
1,702,270
100.0%
Since November 2024, CDP RETI has entered into two Interest Rate Swap 209 (IRS) derivative contracts relating to the hedging of the entire 2024 Term Loan (nominal amount of 600 million euro), used to convert the variable-rate financing into fixed-rate financing. The two derivatives outstanding have a total notional amount equal to the total 2024 Term Loan and a positive mark-to-market (fair value) of 5,284 thousand euro as at 31 December 2025 (positive for 1,196 thousand euro at year-end 2024). As at 31 December 2025, as a result of entering into these IRS derivatives, the entire variable- rate debt exposure is hedged against interest rate risk.
Market risk
It represents the risk arising from transactions in financial markets involving financial instruments, currencies and
commodities. As regards SIMEST, the price risk and foreign exchange risk are marginal and almost entirely mitigated by
contractual clauses which as a rule guarantee that the investment will be recovered at the historic price paid in euro for
acquisition of the equity investment. Fair value measurement under IFRS 9 exposes part of the equity investment portfolio,
which is gradually declining, to potential changes in value resulting from fluctuations in market factors such as interest
rates and credit spreads.
Interest rate risk It is defined for SIMEST as the risk of losses arising from adverse movements in interest rates in terms of economic value and/or the reinvestment of cash flows. The interest rate risk management framework, as outlined in the relevant Policy, provides for the adoption of the Repricing Gap methodology, which measures interest rate risk through the calculation of the \u201cgap\u201d between interest rate\u2013sensitive assets and liabilities, differentiated by predetermined time buckets. The Repricing Gap across the different maturities, combined with an assumed change in interest rates, makes it possible to quantify the potential impacts on the income statement and to identify the related limits (hard limits) and warning thresholds (soft limits). Monitoring activities carried out during 2025 confirmed the effectiveness of the interest rate risk indicator and the warning thresholds introduced. Market risk Real Estate Risks The market risk is for CDP Immobiliare the risk of unexpected losses resulting from macroeconomic factors linked to the performance of the property market, which cause property prices to fall. The market risk has to be assessed in the context of the overall and the specific market, examining the local context and the offering of competitors, taking also into account the underlying reference legislation. In measuring and managing the market risk, the value of the property portfolio is monitored by means of six-monthly assessments conducted by independent experts. Such assessments are subject, in addition to first-level operational checks, to second-level controls aimed at verifying any significant variances, the accuracy of the calculations performed and the consistency of the valuation criteria over time. In the context of disposal transactions, an assessment is also performed to verify the consistency of the sale conditions with the most recent valuation prepared by the independent expert, with the carrying amount and with the forecasts set out in the company\u2019s budget. Interest rate risk The interest rate risk is for CDP Immobiliare the risk of losses resulting from unfavourable changes in interest rates. The negative impact is essentially an increase in financial expenses, which may also be such that the cost of servicing the debt exceeds the returns generated by the investments it contributes to finance. The exposure to interest rate risk is limited to the medium-to-long-term financial liabilities of the investee company Quadrifoglio Brescia in liquidazione, for which debt restructuring activities are currently underway with the creditor companies. It should be noted that the company holds liquidity investments in deposits with CDP or banking institutions, either on demand or subject to short-term restrictions, bearing interest at a variable rate linked to Euribor. Exchange rate risk CDP Immobiliare operates only in Italy; therefore, it is not exposed to exchange rate risk. Market risk Market risk is for Terna the risk that the fair value or future cash flows of a financial instrument may fluctuate as a result of changes in financial market conditions. Market risk relates to interest rate risk, foreign exchange risk and inflation risk. Risk management must pursue the objective of minimising the risks in question by selecting counterparties and instruments compatible with the corporate Risk Management policy. Speculative activity is not envisaged in the corporate mission. The Terna group intends to adopt a dynamic approach to financial risk management. This approach is characterised by risk aversion, aiming at minimising risk through continuous monitoring of financial markets in order to execute planned recourse to new debt and hedging transactions in favourable market conditions. The dynamic approach enables the group to intervene in order to improve existing hedges should there be a change in market conditions or changes in the hedged item, making the hedges inappropriate or excessively costly. The fair value of financial instruments is determined in accordance with the fair value hierarchy envisaged under IFRS 7 (Level 2), by means of appropriate valuation techniques for each category of financial instrument, using market data at the closing date (such as interest rates, exchange rates and volatility) and discounting projected cash flows on the basis of the market yield curve at the reporting date. Interest rate risk Interest rate risk is represented for Terna by the uncertainty associated with changes in interest rates. It is the risk that a change in market interest rates could have an impact on the fair value or future cash flows of financial instruments. In the course of its operations, the Terna group is exposed to the risk of fluctuations in interest rates. Its main source of interest rate risk is associated with its net financial debt and the related hedges in the form of derivative instruments that generate financial expenses. The borrowing strategy generally focuses on long-term borrowings, whose term reflects the useful life of the group\u2019s assets. It pursues an interest rate risk hedging policy that aims to guarantee that percentage of debt represented by fixed rate liabilities is at least 40%, as provided for in the relevant policies. At the end of 2025, 78% of the Terna group\u2019s debt was at a fixed interest rate. As at 31 December 2025, interest rate derivatives are represented by fair value hedge derivatives and cash flow hedge derivatives, used to hedge the risk of changes in the fair value of loans and associated cash flows, respectively. The following table shows the notional amounts and the fair value of derivatives entered into by the Terna group:
31/12/2025
31/12/2024
Change (+ / -)
(millions of euro)
Notional
Fair value
Notional
Fair value
Notional
Fair value
FVH derivatives
1,400.0
(52.3)
950.0
(47.0)
450.0
(5.3)
CFH derivatives
1,368.5
0.7
1,886.6
11.8
(518.1)
(11.1)
The notional amount of outstanding cash flow hedges at 31 December 2025, amounting to 1,368.5 million euro, breaks down as follows: \u2022 518.5 million euro (fair value of -0.3 million euro) maturing 2027; \u2022 650.0 million euro (fair value of -5.5 million euro) maturing 2029; \u2022 100.0 million euro (fair value of 2.7 million euro) maturing 2033; \u2022 100.0 million euro (fair value of 3.8 million euro) maturing 2035. The notional amount of fair value hedges at 31 December 2025, amounting to \u20ac1,400.0 million euro, breaks down as follows: \u2022 850.0 million euro (fair value of -44.3 million euro) maturing 2030; \u2022 150.0 million euro (fair value of -0.7 million euro) maturing 2045; \u2022 400.0 million euro (fair value of -7.3 million euro) maturing 2046. Sensitivity to interest rate risk Terna has interest rate swaps in place through which it manages the interest rate fluctuation risk. Since the hedging relationship between the derivative and the hedged item is formally documented and the effectiveness of the hedge, as verified initially and periodically over its life, is high, Terna has elected to use hedge accounting to ensure a perfect match between the maturities of the hedge and the hedged item. The purpose of hedge accounting is to recognise simultaneously the income statement effects of the hedges and the hedged item. As a result, for CFH derivatives, the fair value changes of the derivative must be recognised in \u201cOther comprehensive income\u201d (immediately recognising any ineffective portion in profit or loss) and then derecognised from Equity and recognised in profit or loss in the same period in which the cash flows relating to the hedged item have an impact on income. The characteristics of the CFH derivative contracts in place mirror those of the underlying hedged items; therefore, the related cash flows shall occur at the same maturities as the interest on debt, with no impact of fair value changes on the income statement. The following table shows: the amounts recognised through profit or loss and in \u201cOther comprehensive income\u201d in respect of positions sensitive to changes in interest rates; the theoretical value of those positions following a positive or negative shift in the market yield curve; and the differential impact of those changes recognisable in the income statement and in \u201cOther comprehensive income\u201d. A hypothetical 10% movement in interest rates with respect to market interest rates at the reporting date was assumed.
Net income or loss
Equity
Current rates
Current values
Current rates
Current rates
Current values
Current rates
(millions of euro)
+10%
-10%
+10%
-10%
31 December 2025
Positions sensitive to changes in interest rates
(1.1)
(1.2)
(1.3)
24.7
13.4
1.9
(FVH, bonds, CFH)
Hypothetical change
0.1
0.0
(0.1)
11.3
0.0
(11.5)
31 December 2024
Positions sensitive to changes in interest rates
(0.2)
(0.6)
(1.0)
(4.8)
(29.1)
(53.8)
(FVH, bonds, CFH)
Hypothetical change
0.4
0.0
(0.4)
24.3
0.0
(24.8)
Regulators around the world have launched a reform of IBOR (Interbank Offered Rates), which are used as the benchmark for most financial instruments sold throughout the world, with the aim of restoring confidence in the benchmark. The transition from EONIA to ESTR took place in 2022 without any significant impact. The Terna group is continuing to closely monitor the market and the results produced by the various working groups overseeing the transition to the new benchmark rates for the other maturities (EURIBOR). Management is aware of the associated risks and, for this reason, the group plans to complete the transition in step with the change in the related legislation. In addition, all new financial agreements include fallback clauses governing the transition period. Inflation risk As regards inflation rate risk, the rates established by the Regulator to remunerate Terna S.p.A.\u2019s activities are determined so as to allow coverage of the sector\u2019s recognised costs. Such cost components are updated on an annual basis to take into account the impact of inflation. Exchange rate risk Exchange rate risk management for Terna must be carried out with the aim of defending the company\u2019s profitability from the risks of exchange rate fluctuations through continuous market control and constant monitoring of existing exposure. In managing this risk, Terna selects, on a case-by-case basis, hedging financial instruments with structural characteristics and maturities consistent with the Terna group\u2019s exposure to foreign currencies. The instruments used by Terna are of limited complexity, highly liquid and easy to price, such as forwards and options. Such Terna\u2019s contracts have a notional amount and maturity date less than or equal to that of the underlying financial liability, or the expected cash flows, so that any change in the fair value and/or estimated cash flows deriving from a rise or fall in the euro against other currencies is fully offset by a corresponding change in the fair value and/or estimated cash flows of the underlying position. At 31 December 2025, the Terna group\u2019s exposure to the impact of exchange rate risk on its profit or loss is residual and linked to foreign currency cash flows from the subsidiaries, Tamini and Brugg. Market risk Lastly, as to the risk linked to gas demand for the Snam group, under the current tariff system applied by the Energy Networks and Environment Regulator (ARERA or the Authority) to natural gas transport, Snam\u2019s revenues, through its directly controlled transport subsidiaries, are partly correlated to volumes redelivered. However, with Resolution 139/2023/R/gas for the sixth regulatory period (2024-2027), ARERA confirmed the guarantee mechanism covering the share of revenues correlated with redelivered volumes already introduced in the fourth regulatory period on volumes transported. This mechanism reconciles higher or lower revenues exceeding \u00b1 4% of the reference revenue correlated with output volumes. This mechanism guarantees about 99.5% of the authorised overall revenues from transmission activities. Under the current tariff system applied by ARERA to natural gas storage, Snam\u2019s revenues, through Stogit, are correlated to the use of infrastructure. However, ARERA has introduced a guarantee mechanism covering reference revenues, which allows companies to cover a main share of the recognised revenues. With the fifth regulatory period (2020-2025), Resolution no. 419/2019/R/gas increased the guarantee level to cover 100% of the recognised revenues. The same resolution also introduced an enhanced incentive mechanism (defined by subsequent Resolution 232/2020/R/gas) through voluntary participation, which provides for a 50% increase in the profit-sharing of revenues from short-term services against a reduction in the portion of recognised revenue subject to a hedging factor. Finally, with reference to the tariff regulatory criteria for the LNG regasification service for the fifth regulatory period (2020-2023), Resolution 474/2019/R/gas confirmed the mechanism to cover reference revenue at a guaranteed minimum level of 64%. Resolution 196/2023/R/gas relating to the tariff regulation criteria for the sixth regulatory period (2024-2027) confirmed the mechanism and established a fund for the new regasifiers pursuant to Legislative Decree 50/2022 (Art. 5), earmarked to cover the portion of revenues for the regasification service, including the cost of purchase and/or construction of new plants, with priority placed on the portion exceeding the application of the revenue coverage factor. In general, the changes in the current regulatory framework might have adverse impacts on the Snam group\u2019s business, financial position and results. In foreign markets, protections against market risk are provided by the French, Greek, and Austrian regulations. Another type of protection comes from long-term contracts with TAP (expiring in 2045), GCA (with gradual expirations until 2031), Ter\u00e9ga (with gradual expirations of long-term contracts at the interconnection point with Spain starting from 2023), and Adnoc Gas Pipeline (20 years tariff- based with a minimum ship-or-pay). The UK regulation does not guarantee coverage from volume risk, but the current capacity bookings of the Interconnector subsidiary already exceed the regulatory cap for the period 2023-2026. With reference to the subsidiary SeaCorridor, a joint venture that manages the international pipelines linking Algeria to Italy, although operating in an unregulated context and exposed to volume risk, the company can benefit from medium- to long-term contracts already in place and a prospect of utilization close to maximum capacity given that it represents one of the main sources of imports to replace Russian gas. In addition, the contractual arrangements of the purchase and sale with Eni, provide protection to Snam toward volume fluctuations from pre-set estimates. With reference to the macroeconomic context of the market and consumption, in pricing terms, 2025 opened with an upward trend, with average prices in January and February of approximately 52 \u20ac/MWh. Regarding gas, Snam has continued to mitigate this risk through measures implemented in recent years, including: \u2022 investments in new import capacity and supply routes, such as the EastMed pipeline and increased liquefied natural gas (LNG) imports from the United States, which have improved the diversification of supply sources and reduced dependence on Russian supplies; \u2022 significant availability of gas storage capacity, covering more than 25% of current gas demand, which has enhanced the system\u2019s resilience to supply disruptions; \u2022 efficient network management through coordination with other infrastructure operators and, where necessary, the adoption of innovative tools to address extraordinary emergencies, such as peak shaving through regasification terminals and demand interruption services on the transmission network.
These measures, included in the national emergency plan (managed by the Italian Environment and Energy Security
Ministry - MASE), have proven effective, ensuring the continuity of supplies even during periods of high demand. In certain
sectors, especially among private consumers, there could be a growing perception that high prices are a structural issue,
leading to the risk of gas supply reductions or interruptions in favour of alternative energy sources like electricity.
Interest rate risk Interest rate risk for Snam group relates to fluctuations in interest rates, which may affect the market value of the company\u2019s financial assets and liabilities and the level of net financial charges, as well as, specifically, the level of revenue recognised
with respect to the regulated businesses. Snam\u2019s objective is to minimise the interest rate risk while pursuing the goals
defined and approved in the Strategic Plan. Snam has adopted a centralised organisational model. Under this model,
Snam\u2019s business units cover their financial requirements through recourse to the financial markets and use funds in line
with the approved objectives, ensuring that the risk profile is kept within set limits. The composition of the gross financial
indebtedness between fixed-rate and variable-rate debt as of 31 December 2025, compared to 31 December 2024, is
detailed in the following table.
31/12/2024
31/12/2025
(millions of euro)
Amount
%
Amount
%
Fixed rate
14,728
79
16,423
79
Variable rate
3,854
21
3,391
21
As at 31 December 2025, Snam makes use of external financial resources in the form of bonds, Commercial Paper,
bilateral and syndicated loan agreements with banks and other lending institutions, in the form of financial debt and bank
credit facilities. Such borrowings are entered into at interest rates indexed to market benchmark rates, in particular the
Euro Interbank Offered Rate (Euribor), as well as at fixed rates. As at 31 December 2025, exposure to interest rate risk,
taking into account hedging transactions in place, amounted to approximately 17% of the company\u2019s total exposure (21%
as at 31 December 2024). On 31 December 2025, Snam holds Interest Rate Swap (IRS) contracts with a total notional
value of approximately 3,440 million euro, to hedge against the risk of interest rate changes on variable-rate bank loans
and bond issuances.
While the Snam group has put in place a proactive risk management policy, in accordance with the revenue recognition
mechanism, the rise in interest rates relating to floating-rate debt not hedged might have adverse impacts on the Snam
group\u2019s financial position. Notwithstanding the limited exposure to interest rate fluctuations - representing approximately
17% of the Group\u2019s total exposure and mainly linked to the Euribor rate - any potential change in the methodology used to
calculate this benchmark, together with any related fallback clauses that may be introduced, could require the Snam Group
to amend financial contracts affected by such changes and/or adjust the management of its projected cash flows.
Set out below are the impacts on net profit for the year as at 31 December 2025 of a hypothetical positive and negative
change of 25 basis points (bps) in the interest rates actually applied during the financial year.
31/12/2025
Income (loss) for the period
Equity
Interest +10
Interest -10
Interest +10
Interest -10
(millions of euro)
bps
bps
bps
bps
Floating-rate loans not hedged
Effect of the change in interest rate
(9)
9
-
-
Floating-rate loans converted into fixed-rate loans through IRS
Effect of the change in interest rate on the fair value of hedging derivatives
-
-
(4)
4
pursuant to IAS 39 - effective portion
Effect on the pre-tax result
(9)
9
(4)
4
Tax effect
2
-2
1
(1)
(7)
7
(3)
3
Interest rate changes affect the fair value of hedging derivatives. For instruments designated as cash flow hedges (CFH), these effects are recognized
among other comprehensive income and, therefore, do not impact the financial year's profit or loss. It should also be noted that for derivatives designated
as fair value hedges (FVH), the overall effect of interest rate changes is neutral, as changes in interest rates do not generate a net impact on the income
statement, consistent with the purpose of hedging, which is to neutralize fluctuations in the fair value of the hedged item.
Exchange rate risk With regard to exposure to foreign exchange risk, Snam has in place Cross Currency Swap (CCS) derivative contracts with a total notional amount of approximately 600 million pound and 2 billion dollar, providing full hedging of exchange rate risk on a bond denominated in pound sterling and on bonds denominated in dollar, respectively. The remaining exposure, based on the circumstances currently in place, is limited to the Snam Group with respect to transaction risk, while exposure to translation risk remains for certain foreign subsidiaries that prepare their financial statements in currencies other than the euro. For the time being, it has been decided not to adopt specific hedging policies for these exposures. In this regard, it should be noted that the effects of exchange rate differences arising from the difference in translation into the presentation currency (euro) of the functional currencies of these companies are recognised in the Statement of comprehensive income. Set out below are the impacts on equity as at 31 December 2025 of a hypothetical positive and negative change of 5% in the exchange rate applied during the financial year:
31/12/2025
Other components of the comprehensive income statement
(millions of euro)
Exchange rate +5%
Exchange rate -5%
Foreign currency financing converted into euros via CCS
Effect of exchange rate changes on the fair value of hedging derivatives under
IFRS 9 - effective hedge ratio*:
of which EUR/USD exchange rate
96
(106)
of which EUR/GBP exchange rate
38
(42)
Impacts before tax effect
134
(148)
Tax Effect
(32)
36
Impacts net of tax effect
102
(112)
* The change in the exchange rate affects the change in fair value of hedging derivative instruments which is recognised among other components of the comprehensive income statement and therefore impacts the result of the income statement ITALGAS GROUP The main risks subject to analysis and monitoring by the Italgas group are detailed below. Financial risks Interest rate risk Interest rate fluctuations affect the market value of Italgas\u2019s financial assets and liabilities and the level of net financial charges. Any increase in interest rates not included wholly or partly in the regulatory WACC could have negative effects on the business, financial position and results of the Italgas group for the variable component of the outstanding debt and for future loans. Italgas\u2019 aim is to maintain a fixed-to-floating rate debt ratio that minimises the risk of a rise in interest rates. On 31 December 2025, 20.2% of the financial debt is at a variable rate, while 79.8% is at a fixed rate. Market risk The financial risks of the Fincantieri group specifically relate to the risk that the fair value or future cash flows of assets and liabilities may fluctuate as a result of changes in the exchange rates of the currencies in which the group\u2019s commercial or financial transactions are denominated, changes in market interest rates or changes in commodity prices. In pursuing corporate objectives, the Fincantieri group does not intend to take on any financial risks. Where this is not possible, the Fincantieri group assumes such risks only when they are directly related to the group\u2019s core business activities, mitigating their impact (where feasible) through the use of hedging instruments. In order to hedge exchange rate risk, apart from resorting to financial instruments, it may enter into loan agreements in the same currency as that of the sales agreement or establish cash deposits in the same currency as that used in supply agreements. Commodity Risk There is also the risk that fluctuations in commodity prices may affect the production costs of the Fincantieri group Such risk may arise, for example, as a result of catastrophic events affecting the supply chain, changes in customs policies or international import/export agreements, or temporary or structural imbalances between supply and demand. In order to prevent and protect against the impact of changes in commodity prices on production costs, risk exposure is continuously reviewed by monitoring price trends and implementing commercial (steel, gas and electricity) or financial (copper and diesel and LNG) hedging policies where necessary and possible. The Fincantieri group takes into consideration foreseeable increases in the components of contract costs when determining the offer price and assesses the feasibility of risk sharing with customers. At the time of signing the contract, fixed-price purchase options will already have been defined for some of the vessel\u2019s principal components. In addition, the market and the Authority\u2019s resolutions on electricity and gas continue to be monitored. Interest Rate Risk Interest rate risk is defined as: \u2022 uncertainty as to the cash flows relating to the Fincantieri group\u2019s assets and liabilities due to interest rate fluctuations; this risk is mitigated through cash flow hedge transactions; \u2022 variability of the fair value of the Fincantieri group\u2019s assets and liabilities linked to the change in the interest rate market value; this risk is mitigated through fair value hedge instruments. Assets and liabilities exposed to exchange rate variances are subject to the first risk, while fixed-rate assets and liabilities are subject to the second risk. As at 31 December 2025, derivative financial instruments hedging interest rate risk were outstanding for a total notional amount of 5,338 million euro. At the end of 2025, more than 90% of debt generating finance costs was either at fixed rates or hedged through derivatives; this percentage is expected to average approximately 70% in respect of debt forecast for the period 2026\u20132030. Exchange rate risk Exposure to foreign exchange risk for Fincantieri group arises in connection with the execution of commercial contracts denominated in foreign currencies and the procurement of supplies in currencies other than the functional currency. Foreign exchange risk management transactions, for which forward contracts or option structures are used, are negotiated based on the expected timing of foreign currency cash flows; where possible, receipts and payments denominated in the same currency are offset. Management policy is oriented towards the full hedging of cash inflows, while hedging of payments to suppliers is limited to those of greater significance. Foreign exchange risk has been mitigated through the use of the hedging instruments referred to above.
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
USD vs EUR
Including hedging derivatives
Appreciation of the USD vs EUR
5
5
3
4
Depreciation of the USD vs EUR
(4)
(4)
(3)
(4)
Excluding hedging derivatives
Appreciation of the USD vs EUR
73
73
59
59
Depreciation of the USD vs EUR
(63)
(63)
(52)
(52)
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
EUR vs NOK
Including hedging derivatives
Appreciation of the EUR vs NOK
-
(35)
(1)
(37)
Depreciation of the EUR vs NOK
-
41
1
44
Excluding hedging derivatives
Appreciation of the EUR vs NOK
4
(32)
15
(22)
Depreciation of the EUR vs NOK
(4)
37
(17)
26
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
USD vs BRL
Including hedging derivatives
Appreciation of the USD vs BRL
Depreciation of the USD vs BRL
Excluding hedging derivatives
Appreciation of the USD vs BRL
(6)
(6)
(6)
(6)
Depreciation of the USD vs BRL
6
6
6
6
31/12/2025
31/12/2024
(millions of euro)
Effect on pre-tax profit
Pre-tax effect on equity
Effect on pre-tax profit
Pre-tax effect on equity
Other currencies
Including hedging derivatives
Appreciation of other currencies
7
7
5
5
Depreciation of other currencies
(7)
(7)
(5)
(5)
Excluding hedging derivatives
Appreciation of other currencies
12
12
7
7
Depreciation of other currencies
(12)
(12)
(7)
(7)
Interest rate risk The group is exposed to interest rate fluctuations with respect to the investment of its liquidity.
As reported in the paragraph dedicated to ESMA disclosures, the European Central Bank (ECB) confirmed the levels of
the deposit facility rate and the main refinancing operations rate, which remain at 2% and 2.15%, respectively, levels lower
than those recorded in 2024.
This allowed the parent company, with regard to the variable-rate debt component, to benefit from favourable stabilisation
of finance costs. The variable-rate portion mainly relates to the Term Loan, the Revolving Credit Facility and the SACE
Supporto Italia financing entered into in 2023 as part of the financial restructuring, as well as the SACE \u201cArchimede\u201d credit line. In addition, a further benefit was recorded from the reduction in the spread applied by lending institutions on the aforementioned loans, following the outcome of the Leverage Ratio testing as at 30 June 2025, which resulted in a reduction of the margin in line with the margin ratchets envisaged under the relevant contractual agreements. The residual portion of gross indebtedness is not exposed to interest rate risk, also due to the presence of fixed-rate hedging instruments currently in force (Interest Rate Swaps \u2013 IRS). Exchange rate risk Ansaldo group procedures require that, when major contracts are secured, revenues, and, where necessary, costs, denominated in foreign currency be hedged against exchange rate risk. Regarding costs, the group generally adopts a policy of predominantly entering into supply contracts in euro. The portion of purchases to be made in local currency is normally covered by a corresponding revenue value in the same currency. As of 31 December 2025, the total notional value in euro of the lots covered by derivative instruments on sale amounted to 3,324 thousand euro while the purchase value amounted to 45,919 thousand euro. Given the above, and net of the effect of the policy of covering of transactions in currencies other than the euro, the sensitivity analysis on exchange rate changes appears to be negligible. Market risk For Trevi, market risk is the risk that the fair value or future cash flows of a financial instrument may be adversely affected by movements in market prices. This category of risk primarily includes: \u2022 Interest rate risk; \u2022 Exchange rate risk \u2022 Credit risk; \u2022 Political and commercial risks; \u2022 Risk related to the procurement of raw materials. Interest rate risk Exposure to interest rate risk is associated with both short- and long-term financing arrangements bearing variable interest rates. In particular, interest rate risk arises from the possibility that changes in market interest rates may affect: \u2022 the cost of funding (for variable-rate debt); \u2022 the market value of fixed-rate instruments; \u2022 and the returns on short- and medium-term financial investments. As at 31 December 2025, following the signing of the Restructuring Agreement on 30 November 2022, a significant portion of the Trevi group\u2019s financing is at variable rates, with the exception of the bond issue and certain residual financing of Italian and foreign subsidiaries, as well as lease contracts. Following the execution of the restructuring agreement, the Trevi group obtained a moratorium on the principal of medium- and long-term cash facilities and \u2013 subject to compliance with certain covenants \u2013 a moratorium on related interest. Upon the effectiveness of the restructuring agreement, interest rates on medium- and long-term cash facilities were changed from fixed rates to variable rates, updated every six months (6-month Euribor). Short-term facilities granted and governed by the restructuring agreement retained pricing consistent with the nature of the underlying transactions, maintaining the interest rates set out in the original financing documentation, as provided for in the restructuring agreement. Exchange rate risk Exchange rate risk relates to changes in exchange rates that may affect: \u2022 cash flows denominated in foreign currency; \u2022 the value of assets and liabilities denominated in foreign currencies; \u2022 and operating margins generated from international activities. The Trevi group is exposed to the risk that fluctuations in exchange rates may impact its financial results and financial position. Exposure to exchange rate risk may be of a: \u2022 transactional nature, arising from exchange rate movements occurring between the date on which a financial commitment between counterparties becomes highly probable and/or certain and the settlement date, resulting in differences between expected and actual cash flows; \u2022 translational nature, whereby exchange rate movements lead to changes in the value of balance sheet items denominated in foreign currencies, following the consolidation of financial data for reporting purposes and their translation into the functional currency of the parent company Trevi Finanziaria Industriale S.p.A. (euro). Such changes do not give rise to immediate differences between expected and actual cash flows, but rather to an accounting effect on consolidated equity. Exposure to exchange rate risk arises from the Trevi group\u2019s operations in multiple countries and in currencies other than the euro, in particular the US dollar and currencies correlated to it. As the group carries out significant operations in US dollar areas, its financial statements may be significantly affected by fluctuations in the EUR/USD exchange rate. The group does not use speculative instruments for hedging exchange rate risk. The group assesses its exposure to exchange rate risk and adopts mitigation measures including the matching of cash flows denominated in the same currency but with opposite signs, as well as the use of trade finance and financial borrowings in the same currency as the underlying sales contracts. Foreign exchange risk The Valvitalia group is exposed to foreign exchange risk due to the fact that a significant share of its revenues is denominated in US dollars (USD), mainly in relation to supplies to customers operating in markets outside Europe. Exchange rate fluctuations may have an impact on the Valvitalia group\u2019s economic performance and cash flows, particularly with respect to the translation of foreign-currency-denominated revenues and trade receivables. To mitigate this exposure, the Valvitalia group implements a hedging strategy through the use of foreign exchange forward contracts, entered into in connection with confirmed orders, with the objective of locking in exchange rates and limiting exposure to currency market volatility. Hedging transactions are carried out in line with expected cash inflows and the financial policies adopted by the Valvitalia group. The table below summarises current and non-current financial liabilities/(assets) relating to derivative instruments:
(thousands of euro)
31/12/2025
31/12/2024
Forward on exchange rates
(197)
2,157
Total financial liabilities/(assets) for current derivatives
(197)
2,157
Total financial liabilities/(assets) for non-current derivatives
Total net financial liabilities for derivatives
(197)
2,157
As at 31 December 2025, net financial assets relating to derivative instruments amount to 197 thousand euro. For the purposes of the CDP Group Consolidated Financial Statements, this amount is recognised under the asset item \u201c50. Hedging derivatives\u201d, in compliance with the relevant international accounting standards. Interest rate risk The Valvitalia group may be exposed to interest rate risk in relation to any variable-rate financial liabilities. The Valvitalia group\u2019s financial policy provides for the ongoing monitoring of expected movements in interest rate curves and, where appropriate, the evaluation of hedging instruments designed to mitigate exposure to interest rate volatility.
As at the date of this report, there are no variable-rate financing agreements in place; accordingly, the Valvitalia group\u2019s
exposure to interest rate risk is currently limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-992": { "value": "
1.4 Liquidity risk
Qualitative disclosures
A. General aspects, management processes, and methods for measurement of liquidity risk
Liquidity risk arises in the form of \u201casset liquidity risk\u201d
205
and \u201cfunding liquidity risk\u201d
206
.
Since the banking group does not engage in trading activities, the exposure to liquidity risk in the sense of asset liquidity
risk is limited.
Given the dominant weight of demand deposits (savings accounts) and bonds redeemable on demand (postal savings
bonds) on the liability side of the Separate Account, for the Parent Company, liquidity risk becomes significant mainly in
the form of funding liquidity risk.
In order to ensure that any uncontrolled run-off scenario remains remote, CDP benefits from the mitigating effect originating
from the state guarantee on postal savings. In addition to the key function of that guarantee, the ability of CDP to ensure
that such a scenario does in fact remain remote is based on its capital strength, on the protection and promotion of postal
savings reputation with the public, on safeguarding CDP\u2019s reputation in the market and on liquidity management. With
regard to the latter, CDP adopts a series of specific measures to prevent the emergence of unexpected funding needs and
to be able to meet them if it should prove necessary.
To this end, Risk Management monitors a lower limit on the stock of liquid assets together with a set of indicators that
represent the capacity of CDP to cope with potential crisis. Among the operational safeguards for liquidity risk, CDP has
adopted a Contingency Funding Plan (CFP) that describes the processes and intervention strategies adopted to manage
any liquidity crises, whether systemic - due to a sudden deterioration in the money and financial markets - or caused by
the institution\u2019s idiosyncratic difficulties.
As regards the Ordinary Account, CDP raises funds through the market or the EIB, adopting approaches, opportunities
and constraints more similar to those of ordinary banks.
CDP prevents the emergence of unexpected liquidity requirements by developing effective loan disbursement forecasting
systems, setting structural limits on maturity transformation, monitoring the short-term liquidity position, carried out on a
continuous basis by the Finance function, and monitoring liquidity gaps at short, medium and long term, which is performed
by Risk Management.
Management of treasury activities by the Finance department enables CDP to raise funds using repos, for both the
Separate and Ordinary Accounts.
CDP can also take part in European Central Bank refinancing operations, as it holds a significant stock of eligible negotiable
and non-negotiable assets.
As a further control, for both the Separate and the Ordinary Account, RM monitors the incremental liquidity available in a
stress scenario through transactions with the European Central bank and by refinancing liquid assets with market
counterparts.
In addition to the described monitoring tools, RM performs a stress test to assess the potential effects of an extremely
unfavourable scenario on the liquidity position.
As far as liquidity risk is concerned, CDP Real Asset SGR is potentially exposed to a cash shortfall risk, caused by, among
others, lower management fees received from the funds under management, calculated as a percentage of either the Net
Asset Value or the Gross Asset Value. Any fluctuations in the valuation of units in collective investment undertakings and/or
of the assets in which the managed funds invest would therefore have an impact on the management fees earned; this
risk is currently considered not significant. From an operational point of view, liquidity risk is monitored through a careful
planning of Company cash flows (\u201cfinancial forecast\u201d).
With reference to Fondo Italiano d\u2019Investimento SGR, the increased exposure to liquidity risk consists of asset liquidity
risk. In fact, the SGR manages closed-end funds with underlyings that have low liquidity and a long-term time horizon. The
possible need for readily convertible assets, even though with a limited probability of occurrence, could have significant
effects on the price level of such assets. In terms of funding risk, FII SGR has limited exposure due to the type and standing
of its counterparties, which are periodically monitored, and the operating procedures of the individual funds (in addition to
the possibility of using funding facilities in its operations).
Also, with respect to CDP Venture Capital SGR, there is a potential exposure to a cash shortfall risk, caused by, among
others, lower management fees received on the funds under management, calculated as a percentage of either the Net
Asset Value or the Gross Asset Value. This liquidity risk for CDP Venture Capital SGR remains residual, given the closed-
end nature of the funds (which are callable) and the fact that the investors are predominantly institutional.
Given that the exposure in currencies other than the euro is not significant compared to the overall exposure, the following
breakdown by residual maturity refers only to assets and liabilities in euro.
Quantitative disclosures
Breakdown of financial assets and liabilities by residual maturity
more
more
more
more than
more
than 1
than 7
than 15
more than
3 months
than 6
more than 1
(thousands of euro)
day to 7
days to
days to 1
1 month to
to 6
months to
year to 5
More than 5
Indefinite
Items/Maturities
on demand
days
15 days
month
3 months
months
1 year
years
years
life
On-balance-sheet
127.688.036
8.605.044
280.764
643.944
3.392.792
4.474.256
9.551.493
64.668.043
130.758.028
4.755.832
assets
A.1
28.643
54.554
90.796
2.477.263
3.772.386
4.467.092
20.674.384
52.082.099
Government
securities
A.2 Other debt
2.500
5.878
17.155
31.113
252.256
393.606
951.636
10.609.591
3.243.714
securities
A.3 Units in
collective
3.966.780
investment
undertakings
A .4 Loans
123.718.756
8.570.523
209.055
522.035
663.273
308.264
4.132.765
33.384.068
75.432.215
4.755.832
- Banks
2.472.993
195.975
214.206
2.874
21.377
1.072.420
5.589.627
10.964.935
4.755.832
-
Customers
121.245.763
8.570.523
13.080
307.829
660.399
286.887
3.060.345
27.794.441
64.467.280
On-balance-sheet
104.459.218
1.386.160
2.387.519
2.672.826
12.929.506
13.963.540
4.507.344
182.703.091
30.419.756
liabilities
B.1 Deposits
104.108.394
503.560
1.025.347
1.759.176
7.214.977
10.523.496
4.305.166
161.267.035
11.338.247
and current
accounts
- Banks
4.128
288.615
45.414
314
30.557
-
Customers
104.104.266
503.560
1.025.347
1.759.176
7.214.977
10.234.881
4.259.752
161.266.721
11.307.690
B.2 Debt
45.000
300.000
1.740.000
2.836.064
100.000
12.692.285
6.692.580
securities
B.3 Other
liabilities
350.824
837.600
1.362.172
613.650
3.974.529
603.980
102.178
8.743.771
12.388.929
Off-balance sheet
transactions
C.1 Financial
derivatives with
exchange of capital
- long
1.602.656
159.049
382.918
1.057.762
175.813
40.741
positions
- short
134.043
722.811
1.009.222
927.454
928.259
positions
C.2 Financial
derivatives without
exchange of capital
- long
115.213
847
459
54.801
142.639
339.107
positions
- short
8.902
78
87
34.115
269.627
309.349
positions
C.3 Deposits
and loans to
receive
- long
positions
- short
positions
C.4 Irrevocable
commitments to
disburse funds
- long
24.437.867
2.501.768
3.050.000
positions
- short
24.437.867
2.501.768
3.050.000
positions
C.5 Financial
guarantees issued
C.6 Financial
guarantees
received
C.7 Credit
derivatives with
exchange of capital
- long
positions
- short
positions
C.8 Credit
derivatives without
exchange of capital
- long
positions
- short
positions
CDP EQUITY SPA
During 2025, the Risk Department at CDP Equity carried out its operations in adherence to the risk management principles
outlined in internal regulations, following three main guidelines: (i) assessing risks to the invested portfolio, both during
investment and divestment decisions and periodically by monitoring the risk profile of the portfolio, (ii) assessing risks to
which CDP Equity is exposed as part of its core business, and, lastly (iii) checks in the area of assessing company activities
as part of the accounting process.
In particular, in the period indicated, the Risk Department expressed an opinion on (i) new direct investments, (ii)
investments in investee companies and (iii) indirect investments in funds. As part of the aforementioned operations, the
Risk Department worked with the business functions on an analysis of those functions.
With reference to the monitoring of the portfolio risk profile, the activity was carried out on an ongoing basis by the Risk
Department, also on the basis of periodic reporting received from portfolio companies and asset managers, meetings held
with the risk management representatives of investee companies and with the managers of the funds included in the
portfolio, as well as publicly available information. In addition, the Department performed specific in-depth analyses on
investee companies (e.g. assessments of the main impacts arising from the introduction of tariffs by the United States
administration) and on the subscribed funds. In addition, the Risk Department has undertaken a targeted analysis of ESG
risks associated with direct investments and funds. These analyses facilitated the effective monitoring of the portfolio\u2019s risk
profile.
Within the scope of its quarterly reporting, the Risk Department carried out monitoring activities relating to CDP Equity\u2019s
exposure to liquidity risk and interest rate risk, as well as its exposure to non-financial risks, with particular reference to
operational risks and ICT and information security risks. In addition, the Risk Department introduced the Loss Data
Collection process, which represents an ex-post control phase and provides for the systematic collection of data relating
to operational losses arising from risk events occurring within CDP Equity. Such data contribute to providing a
representation of the Company\u2019s risk profile through an ex-post assessment of the robustness of corporate practices and
processes.
Lastly, during the period and in compliance with the existing risk policies, the Risk Department carried out checks (i) on
the impairment testing of equity investments, (ii) on loans outstanding, and (iii) on the accounting valuations of the optional
components related to investments in the portfolio. In this context, the Risk Department worked with the AFCS Department
in the accounting process. The valuations of these optional components were carried out, with a view to fair value, with the
support of an independent expert.
Liquidity and credit risk
In relation to its business activities, CDP RETI is exposed to liquidity risk, namely the risk that, due to the inability to obtain
new funding or to dispose of assets in the market, it may be unable to meet its payment obligations, or may only be able
to do so under unfavourable economic conditions, including as a result of situations of market stress or systemic crisis
(e.g. a sovereign debt crisis), thereby affecting profit or loss if the company is required to incur additional costs to meet its
obligations or, in extreme circumstances, leading to a situation of insolvency that could jeopardise business continuity.
Although CDP RETI aims to maintain a financial structure that ensures an adequate level of liquidity and an appropriate
balance in terms of the maturity and composition of its debt, exogenous factors cannot be ruled out, such as an adverse
market environment or significant restrictions on access to bank credit. In such a scenario, CDP RETI could encounter
difficulties in meeting financial outflows related to outstanding bond loans and financing arrangements.
The ability to access capital markets and other sources of financing, as well as the related costs, depends, among other
factors, on the credit rating assigned to CDP RETI. Any downgrade by rating agencies could limit access to capital markets
and increase funding costs, with potential adverse effects on the Company\u2019s economic, financial and equity position. During
2025, CDP RETI maintained a long-term credit rating at an investment grade level. In this regard, on 11 February 2025
Moody\u2019s completed its periodic review of the company\u2019s rating, confirming the long-term rating of Baa3 with a stable
outlook; the same assessment was confirmed following the periodic review completed on 3 February 2026. In addition, on
30 September 2025 Fitch Ratings upgraded the company\u2019s long-term rating from BBB to BBB+, with a stable outlook.
CDP RETI\u2019s current policy is to keep available liquidity invested in demand bank deposits or very short-term deposits, or
in other readily liquid instruments, diversifying investments across an appropriate number of counterparties. The
management of the CDP RETI liquidity risk is also aimed at maintaining cash and cash equivalents sufficient to meet
expected commitments over a given time horizon (especially in light of the financial covenants under the existing loan
agreements), as well as maintaining prudent liquidity reserves, sufficient to cope with any unexpected commitments. Where
possible, debt management also provides for a diversified structure of funding sources (Term Loan and Bond) and a
balanced maturity profile (2029 for the Term Loan 2024, 2027 and 2031 for the 2022 and 2024 Bonds). The company\u2019s
cash flows, financing needs and liquidity requirements are generally monitored and managed in coordination with the
parent company CDP S.p.A., with the aim of ensuring effective and efficient management of financial resources. With
reference to the impairment of its financial assets, the introduction of IFRS 9 required the transition from the incurred loss
model under IAS 39 to the expected credit loss model. More specifically, impairment on financial assets classified as cash
and cash equivalents is measured in accordance with the general model, which recognises expected credit losses over
the following 12 months or over the entire remaining lifetime in the event of a significant increase in credit risk. The expected
credit loss is calculated using the default probability (probability that the default event will occur) and the percentage of
credit that will not be recovered in the event of default (loss given default). In the short term, liquidity risk is mitigated by
ensuring an adequate level of cash and cash equivalents. In the medium/long term, liquidity risk is mitigated by maintaining
a balanced debt maturity profile and a diversified range of financing instruments (e.g., Term Loan and Bond).
In view of its current business, CDP RETI is not significantly exposed to credit risk, i.e. the possibility of a deterioration in
creditworthiness of counterparties that might lead to adverse effects on the expected value of the credit position and/or an
increase in collection times. For CDP RETI, exposure to credit risk primarily arises from the collection of dividends declared
by subsidiaries and from derivative trading activities (for which the exchange of cash collateral is required), as well as from
bank deposits and irregular deposits with its parent company CDP. Credit exposures and associated credit risk are
periodically monitored by the risk control department of the parent company CDP, in accordance with the Group\u2019s defined
risk governance policies and procedures.
Since all of CDP RETI\u2019s debt is bullet in nature, there are no refinancing risks until October 2027, when the 500 million
euro bond issued in October 2022 will mature.
The table below shows the undiscounted contractual cash flows (with regard to loans as at 31 December 2025) of the
gross financial debt at the nominal repayment amounts, and the related interest flows. Interest flows are calculated in
accordance with the following terms and interest rates:
\u2022 regarding the 2022 bond
212
, the annual coupon is 5.875%, with payment made in October;
\u2022 regarding the 2024 bond
213
, the annual coupon is 3.875%, with payment made in September;
\u2022 as regards the Term Loan 2024 totalling 600 million euro, the floating interest rate (payment in May and November) is
indexed to the 6-month Euribor (value as at 31 December 2025) and increased by the contractually-agreed margin.
Contractual flows were calculated using estimated forward rates at the balance sheet date.
Financial liabilities - Analysis by due date of the contractually agreed payments.
2026
2027
2028
2029
2030
2031
Capital share
(500,000)
(600,000)
Bond loans
Interest rate
(52,625)
(52,625)
(23,250)
(23,250)
(23,250)
(23,250)
Capital share
(600,000)
Loans (*)
Interest rate
(19,996)
(20,944)
(22,607)
(23,547)
(*) Excluding flows from hedging derivatives
The cash flows related to the Term Loan do not take into account receipts and payments linked to the derivative hedging
instruments, which are analysed in the table hereunder.
(thousands of euros)
2026
2027
2028
2029
Disbursement
(20,357)
(20,357)
(20,357)
(20,357)
Hedging derivatives
Receipts
19,996
20,944
22,607
23,547
Net cash flows
(361)
588
2,250
3,190
Liquidity risk
According to assessments conducted by the Fintecna management, the current financial resources are sufficient to meet
the payment obligations. Liquidity commitments are mainly related, in addition to costs associated with the management
of the group\u2019s real estate assets, to the management of litigation, the coverage of liquidation costs and cash outflows
connected with environmental issues and remediation activities. Liquidity effectively represents the natural asset-side
counterpart of the \u201cProvisions for risks and charges\u201d recognised under liabilities in the Statement of Financial Position.
Accordingly, any inaccurate forecasting of the evolution of such provisions, particularly in relation to the core business
areas mentioned above, together with inefficient management of liquidity, constitutes an additional risk factor.
In this regard, the Directors, as part of their assessments concerning provisions for risks and charges, also update forecasts
regarding the utilisation of such provisions and take these into account when defining their liquidity management policies.
Finally, almost all the cash and cash equivalents are deposited with CDP Group, with the remainder being deposited on a
short-term basis with other banks.
A further risk factor, with specific reference to the IGED Separate Asset Pool and to CDP Immobiliare in Liquidazione,
relates to potential difficulties in disposing of the assets owned, consisting mainly of real estate properties located
throughout Italy, which are also exposed to market risk linked to macroeconomic factors affecting the relevant property
market that may result in a decline in the value of such assets. In measuring and managing market risk, the value of the
property portfolio is periodically monitored through assessments conducted by Independent Experts. Such assessments
are subject, in addition to first-level operational checks, to second-level controls aimed at verifying any significant
variances, the accuracy of the calculations performed and the consistency of the valuation criteria over time.
Liquidity risk
It represents the risk that SIMEST may fail to meet its payment obligations and includes two forms of risk that are often
closely related: (i) funding liquidity risk (the inability or difficulty in obtaining funding, resulting in the risk of not being able
to meet payment commitments) and (ii) market liquidity risk (the difficulty in liquidating assets and other positions in order
to settle financial obligations when due, within a short timeframe and without incurring losses). Liquidity risk is monitored
constantly through analysis of expected cash flows, especially for equity investments.
The liquidity risk management framework is based on two indicators: (i) a short-term liquidity indicator and (ii) a structural
liquidity indicator, which respectively aim to verify and ensure the Company\u2019s ability to meet cash outflows in the short term
and to maintain an appropriate balance between the average maturity of funding sources and uses, while monitoring and
limiting reliance on maturity transformation. These indicators are subject to periodic measurement, monitoring and
reporting by the relevant corporate functions. If the defined limits are exceeded, the Contingency Funding Plan is activated
as a remediation action, as part of the relevant process. The monitoring activities carried out during 2025 confirmed the
effectiveness of the liquidity indicators and the warning thresholds introduced.
Liquidity risk
From a general point of view, for CDP Immobiliare the liquidity risk is the risk of not being able to meet short-term cash
needs, mainly due to factors such as:
\u2022 the illiquidity of the real estate market, or inability to disinvest and liquidate real estate assets at a value close to fair
value;
\u2022 cash flow mismatches due to loss of revenues, higher costs or, more generally, errors in forecasting receipts and
payments;
\u2022 the illiquidity of financial markets.
CDP Immobiliare S.r.l. in liquidazione has not made any medium to long term investments for liquidity management. Cash
and cash equivalents are deposited with the Shareholder CDP, as well as with Banking Institutions, in short-term
transactions. Therefore, there is no risk linked to the recovery of capital invested in investment instruments.
Conversely, liquidity risk related to the ability to meet obligations and management activities must be weighted
appropriately.
On this basis, the assessment of liquidity risk relates primarily to the company completing its liquidation procedures within
the agreed time frame. Based on management\u2019s assessments, cash and cash equivalents are adequate to meet the
proposed liquidation plan and disbursements related to asset management.
Since cash and cash equivalents are the most effective assets to mitigate risk against liabilities for provisions and charges,
an inaccurate forecast of the latter, with particular reference to the timing of liquidation, could represent a significant risk
factor. In this regard, as part of the assessments relating to provisions for risks and charges, forecasts regarding the
utilisation of such provisions are also updated and taken into account in defining liquidity management policies.
Liquidity risk
Liquidity risk is the risk that the Terna group might experience difficulties in discharging its obligations in respect of its
financial liabilities and operational cycle. Liquidity risk management seeks to ensure adequate coverage of borrowing
requirements by obtaining adequate credit lines and appropriate management of any surplus liquidity. As at 31 December
2025, the Terna group had short-term credit lines available of approximately 897.2 million euro (out of a total committed
amount of approximately 1,223.7 million euro), revolving credit facilities of 4,055.0 million euro (out of a total of 4,305.0
million euro), and a bank loan not yet drawn down amounting to 299.0 million euro. Finally, Terna has a Euro Commercial
Paper (ECP) programme, amounting to up to 2,000 million euro, including 1,605.0 million euro still available at 31
December 2025.
With specific regard to the bonds reported in Item 10 c of liabilities of the CDP Group\u2019s Consolidated Financial Statements
and other loans, the table below provides a breakdown by maturity:
Portion
Portion
Avarage
falling
falling
Avarage
net
due
due after
interest
interest
within 12
12
rate
rate
(million of euro)
Maturity
31/12/2024
31/12/2025
months
months
2027
2028
2029
2030
2031
After
2025
2025
2025
499.5
2026
499.5
499.9
499.9
1.00%
1.28%
2026
79.8
80.0
80.0
1.60%
1.80%
2027
991.3
994.6
994.6
994.6
1.38%
1.92%
2027
99.9
99.9
99.9
99.9
3.44%
2.77%
2028
720.5
728.1
728.1
728.1
1.00%
1.30%
2029
598.0
598.5
598.5
598.5
0.38%
1.71%
Bonds
2029
744.0
745.3
745.3
745.3
3.63%
3.70%
2030
450.0
453.5
453.5
453.5
0.38%
2.35%
2031
842.6
843.7
843.7
843.7
3.50%
3.63%
2031
0.0
744.8
744.8
744.8
3.00%
3.10%
2032
379.5
393.3
393.3
393.3
0.75%
3.19%
2032
0.0
747.0
747.0
747.0
3.13%
2.54%
2033
643.2
643.8
643.8
643.8
3.88%
3.78%
EIB
2046
3,270.4
3,228.3
58.5
3,282.2
117.1
156.0
192.1
192.1
192.1
2,320.4
2.68%
3.04%
Total fixed rate
9,818.2
10,800.7
638.4
10,274.7
1,211.6
884.1
1,535.9
645.6
1780.6
4104.5
EIB
2047
721.0
1,355.5
115.3
1,240.4
115.3
115.3
96.0
145.0
54.7
713.9
2.99%
2.16%
Terna borrowing
2032
1,498.5
2,445.8
0.0
2,451.0
1,500.0
201.0
0.0
744.8
2.98%
4.81%
STE borrowing
2028
0.0
3.9
2.2
1.7
1.3
0.4
3.74%
Total variable
2,219.5
3,805.2
117.5
3,693.1
116.6
115.7
1,596.0
346.0
54.7
1,458.7
rate
Total
12,037.7
14,605.9
756.0
14,175.3
1,333.7
1,021.7
3,138.1
1,038.1
1,846.8
5,471.5
Bonds fair value is 7,572.4 million euro and is based on prices at the reporting date. Borrowings fair value equals carrying
amount for a total of 7,027.7 million euro as at 31 December 2025, and it is measured by discounting expected cash flows
based on the market interest rate curve at the reporting date.
Liquidity risk
Liquidity risk refers for Snam to the risk that, due to the inability to obtain new funds (funding liquidity risk) or liquidate
assets on the market (asset liquidity risk), the company may fail to meet its payment obligations. This risk can have an
impact on the economic result if the company is forced to incur additional costs to meet its obligations, or it can lead, in
extreme cases, to insolvency, threatening the continuity of the business.
The goal of Snam\u2019s risk management is to implement a well-defined financial policy that, in accordance with business
goals and the Risk Appetite Framework, guarantees an appropriate liquidity level for the Snam group, consistent with its
business profile and the regulatory environment in which it operates. Hence, the goal is to implement a policy that minimises
the associated opportunity cost while maintaining a balance in the debt\u2019s duration and composition.
The financial market is characterised by a steady increase in financing sources tied to meeting specific sustainability goals.
With a view to ensuring the proper management of the liquidity risk, the diversification of sources of funding, including
through use of sustainable financial instruments, is therefore vital to ensure that companies have wide access to financial
markets at competitive conditions, with resulting positive effects on their financial position and performance of operations.
For Snam, failing to achieve certain ESG targets within the group\u2019s sustainability strategy in the medium to long term could,
in the future, result in higher financing costs or the inability to access certain funding sources.
Snam addresses this risk by placing great emphasis on ESG issues, which have been a significant part of the company\u2019s
strategy. Consistent with this strategy, Snam has made greater use of sustainable finance instruments, reaching
approximately 85% of the total \u201ccommitted\u201d sources in 2025. Furthermore, the Sustainable Finance target set out in the
2025\u201329 Plan (90% by 2029) has been increased to more ambitious levels for the 2026\u201330 Plan, reaching 95% with a 1%
flexibility margin.
To this end, Snam relies on its Sustainable Finance Framework. The Sustainable Finance Framework has been designed
with a dual structure, combining the issuance of Green and Sustainability-Linked financial instruments, with the objective
of strengthening the Snam Group\u2019s ongoing commitment to energy integration.
In particular, during 2025, Snam issued on the bond market: (i) in May, a multi-tranche Sustainability-Linked bond (SLB)
for a total of 2 billion dollar, representing the first Sustainability-Linked issuance with GHG emission targets covering Scope
1, 2 and 3; and (ii) in July, a European Green Bond of 1 billion euro. During the year, Snam also finalised with its main
relationship banks: (i) bank facilities (Term Loans) amounting to 500 million euro, comprising a Green Term Loan of 150
million euro and a Sustainability-Linked Term Loan of 350 million euro; and (ii) a Revolving Credit Facility (RCF) of 250
million euro. Furthermore, as at 31 December 2025, Snam has committed long-term unused credit lines amounting to 5.7
billion euro, of which: Revolving Credit Facilities (RCF) for 5.5 billion euro and EIB loans for 240 million euro. As at 31
December 2025, Snam has a Euro Medium Term Notes (EMTN) programme with a maximum total nominal amount of 15
billion, of which approximately 12.2 billion euro has been utilised, and a Euro Commercial Paper (ECP) programme with a
maximum nominal amount of 3.5 billion euro, of which approximately 0.8 billion euro has been utilised.
Snam\u2019s liquidity, made up of cash and cash equivalents and other current financial assets, mainly includes current accounts
and deposits held with banks of high credit quality.
The Snam group\u2019s main long-term financial liabilities include covenants in line with international market practice, including,
inter alia, negative pledge and pari passu clauses. Failure to comply with these clauses or the occurrence of other events,
e.g. cross-default events, may result in Snam\u2019s failure to comply and could trigger the early repayment of the related loan,
resulting in additional costs and/or problems of liquidity. The commitments do not contain any covenants that mandate
adherence to economic and/or financial ratios.
Among the factors that determine the risk perceived by the market, the credit rating, assigned to Snam by the rating
agencies, plays a decisive role because it affects the company\u2019s ability to access sources of funding and the related
financial conditions. A deterioration of this credit rating could therefore limit access to the capital market and/or result in an
increase in the cost of sources of funding, with consequent adverse effects on the Group\u2019s earnings, cash flows and
financial position.
Snam\u2019s long-term credit ratings are as follows: (i) Baa2 with a Positive outlook, updated on 17 December 2025 by Moody\u2019s
Investors Service; (ii) A- with a Negative outlook, updated on 15 April 2025 by Standard & Poor\u2019s Global Ratings (\u201cS&P\u201d);
(iii) BBB+ with a Stable outlook, confirmed on 13 February 2026 by Fitch Ratings (\u201cFitch\u201d). Snam\u2019s long-term rating
assigned by Standard & Poor\u2019s is positioned one notch above that of the Republic of Italy. Based on the methodology
adopted by Moody\u2019s and S&P, the downgrade by one notch of the Italian Republic\u2019s current rating would trigger a likely
equivalent downgrade of Snam\u2019s current rating.
Although the Snam group enters into transactions with diversified counterparties of high credit standing based on a risk
management policy and the constant monitoring of their credit risk, the default by any counterparty or the difficulty of
liquidating assets on the market may have adverse impacts on the Snam group\u2019s business and financial position and
performance. Snam has entered into Supply Chain Finance (SCF) arrangements with leading banks aimed at supporting
its suppliers in the efficient management of liquidity. These agreements stipulate that Snam will reimburse the credit
institution according to the original payment terms of the invoices, without providing any guarantees or paying any fees to
the institution. The liabilities arising from these agreements meet the criteria for classification under the category \u201cTrade
and other payables\u201d. The aforementioned agreements have no impact on the company\u2019s cash flows.
The table below presents the schedule of contractually agreed repayments relating to financial liabilities, including interest
payments, as well as liabilities arising from derivative instruments:
Portion
within 12
Portion over
(millions of euro)
31/12/2024
31/12/2025
months
12 months
2027.00
2028.00
2029.00
2030.00
Over
Bank loans
3,566
4,029
1,834
2,195
1,291
113
152
109
530
Bonds (*)
12,461
13,949
2,300
11,649
552
1,600
1,500
1,667
6,330
Euro Commercial Paper
1,570
822
822
-
-
-
-
-
-
(ECP)
Lease liabilities
59
97
3
7
2
2
1
1
1
Interest on loans
2,007
3,257
452
2,805
363
315
281
287
1,559
Financial liabilities
19,663
22,154
5,411
16,656
2,208
2,030
1,934
2,064
8,420
Derivative liabilities
-
-
-
-
-
-
-
-
-
19,663
22,154
5,411
16,656
2,208
2,030
1,934
2,064
8,420
(*) Future payments include the cash flow generated by hedging derivatives
The financial liabilities in the above table contribute to the CDP Group\u2019s Consolidated Financial Statements in Item of
liability (financial liabilities measured at amortized cost).
Liquidity risk
Liquidity risk is for Italgas the risk that, due to the inability to raise new funds (funding liquidity risk) or to liquidate assets
on the market (asset liquidity risk), the company may be unable to fulfil its payment commitments, resulting in an impact
on income if the company is forced to sustain additional costs to meet such commitments or, as an extreme consequence,
in a condition of insolvency that puts the continuation of company business at risk.
In light of its current investment plans and the transactions expected in the short term, Italgas does not anticipate any
significant adverse impacts on liquidity risk, taking into account the following factors: (i) as at 31 December 2025, the
Company holds cash deposits with leading banking institutions amounting to 531.933 million euro; (ii) on 16 May 2025,
Italgas entered into two variable-rate bank loans with leading credit institutions, each for 300 million euro (for a total amount
of 600 million euro) with a maturity of three years; (iii) on 17 June 2025, Italgas entered into an additional variable-rate
bank loan with a leading banking institution for a total amount of 300 million euro and a three-year maturity; and (iv) as at
31 December 2025, Italgas has an Euro Medium Term Notes (EMTN) programme which, in addition to and in support of bank funding, allows for the issuance of up to 5.0 billion euro in residual nominal value to be placed with institutional investors. The financial objective of Italgas is to set up a financial structure that, consistently with its business goals, will guarantee an adequate level for the Italgas group in terms of duration and composition of the debt. That financial structure will be realised by monitoring certain key indicators, such as the ratio between debt and RAB, the ratio between short-term and medium-long-term debt, the ratio between fixed-rate and floating-rate debt, and the ratio between firm commitment bank credit and used bank credit. The following table sets out the schedule of contractually agreed repayments relating to financial liabilities, lease liabilities and IFRIC 12 liabilities, including interest payments, as well as trade payables and other liabilities:
Share
within 12
Share after
(thousands of euro)
31/12/2024
31/12/2025
months
12 months
2026
2027
2028
2029
Over
Bank loans
983,391
2,628,354
322,847
2,529,291
322,847
221,756
1,495,904
99,062
389,722
Bonds
5,818,260
8,607,895
550,864
7,515,167
550,864
1,468,618
497,541
1,870,600
3,127,544
Short term liabilities
250,334
2,069
71,290
2,069
2,069
Interest on bond loans
797,919
167,436
159,823
135,845
135,845
198,970
Interest on loans
336,321
251,916
26,814
26,728
26,643
4,220
Lease liabilities
90,483
132,704
30,297
123,734
54,922
20,397
17,362
14,504
16,549
Interest on lease liabilities
5,937
2,567
1,527
1,004
558
281
Financial liabilities
7,142,468
11,371,022
975,298
11,310,438
1,352,621
1,898,935
2,174,384
2,147,212
3,737,286
With regard to interest rate sensitivity, given that 79.8% of the group\u2019s financial debt is at a fixed rate, any changes in
interest rates would not have a material impact.
Loans from banks and bonds of Italgas contribute to the balances related to financial liabilities measured at amortised cost
in the CDP Group\u2019s Consolidated Financial Statements, under items 10a and 10c of liabilities.
Rating risk
On 1 July 2025, the rating agency S&P assigned a long-term credit rating of 'BBB+' with a Stable Outlook to both Italgas
and Italgas Reti.
On 4th July 2025, the rating agency Moody\u2019s confirmed Italgas\u2019 long-term credit rating at 'Baa2', with a Stable Outlook.
On 16 December 2025 Fitch confirmed the long-term rating of Italgas S.p.A as BBB+, with Stable outlook.
Based on the methodologies adopted by the rating agencies, a downgrade by one notch of the Italian Republic\u2019s current
rating could trigger a downgrade in Italgas\u2019 current rating, which in turn could have impacts on the future cost of debt.
Liquidity risk Liquidity risk is associated with the inability of the Fincantieri group to repay its current financial and trade liabilities or to meet unexpected cash requirements arising from lower-than-expected collections or higher-than-expected cash outflows. In 2025, the Fincantieri group reported a net financial position, presented in accordance with ESMA guidelines, negative for 1,872 million euro (negative for 1,281 million euro in 2024). The main debt items consist of outstanding loans with banks, current bank debt and commercial papers relating to working capital requirements and other current financial debts. The Fincantieri group can rely on a solid financial capacity with sufficient liquidity and credit lines that are adequately diversified in terms of duration, counterparty and technical form to meet its current financial needs. The net financial position referred to above does not include trade payables subject to reverse factoring arrangements. These relate to agreements designed to facilitate suppliers\u2019 access to credit and are based on contractual structures under which suppliers may assign receivables due from the Fincantieri group to a financing institution and receive payment prior to the contractual maturity date. Moreover, the supplier may grant further extensions, agreed between the supplier and the Fincantieri group, with respect to the payment terms established in the invoice. Trade payables subject to reverse factoring as at 31 December 2025 amounted to 850 million euro and represent the value of invoices assigned by suppliers and formally acknowledged as due and payable by the Fincantieri group, which remain outstanding at the reporting date on the basis of extended payment terms granted by suppliers beyond normal contractual payment terms. The arrangements currently in place are available to all suppliers of Fincantieri S.p.A. and certain subsidiaries and provide for generally consistent terms and conditions. The only differing condition relates to the overall maximum payment extension, which may reach up to 365 days, whereas the payment terms agreed with suppliers typically range from 0 to 90 days. The table below outlines the key time bands for additional deferrals, along with the related balance of reverse factoring payables.
Payables for reverse factoring as of
Further days of dilation
31/12/2025
% of the total
Less than 215
42,415
5%
Between 215 and 245
71,183
8%
Between 245 and 275
113,642
13%
Between 275 and 305
334,923
39%
Between 305 and 335
202,663
24%
Between 335 and 365
84,904
10%
Total
849,729
100%
Of which collected by the supplier
815,045
96%
Based on its liquidity requirements and in line with its financial planning, the Fincantieri group retains the option to settle the related payables in advance of the maximum contractual extension. Regarding this, the additional deferrals that the Fincantieri group has actually utilised throughout the year are within a range of 0 to 266 extra days. Liquidity risk associated with reverse factoring is considered to be low, taking into account, inter alia: (i) the contractual arrangements, which provide that, in the event of termination of one or more agreements, such arrangements shall, by formal agreement between the parties, continue to apply to contracts outstanding at that date. Therefore, in addition to not being able to request immediate payment of the deferred amounts, the factors will also have to maintain the contractual relationships in place with the suppliers until their natural expiry date; (ii) the diversification achieved with the involvement of 10 different operators and with a concentration that does not exceed 33% of the total reverse factoring liabilities as of that date. The table below shows the contractual maturities of trade and financial liabilities, excluding derivatives, calculated on a gross basis including interest, which, depending on the financing arrangements, may be at fixed or variable rates.
31/12/2025
On demand
Within 1 year
Between 1 and 5
Beyond 5 years
Contractual
Carrying
(thousands of euro)
years
cash flows
amount
Liabilities included in \u201cCurrent and
non-current financial liabilities\u201d (*)
Financing and loans (**)
210,958
282,152
1,385,479
68,002
1,946,591
1,792,143
BIIS loans
-
858
-
3,804
4,662
4,662
Bonds and commercial papers
-
312,488
53,776
-
366,264
360,600
IFRS 16 lease liabilities
572
33,979
69,521
42,461
146,533
129,563
Other financial liabilities
140
22,148
6,172
39
28,499
28,488
Liabilities included in \u201cTrade
-
-
-
-
-
-
payables and other current liabilities\u201d
Payables to suppliers
690,650
1,949,210
24,487
516
2,664,863
2,664,863
Payables to suppliers for reverse
6
849,723
-
-
849,729
849,729
factoring
Indirect tax liabilities
716
6,596
3
-
7,315
7,315
Other payables
57,806
510,700
14,778
5,502
588,786
588,786
Advances, accrued expenses and
deferred income
-
57,048
-
-
57,048
57,048
Direct tax liabilities
-
-
-
-
-
-
Direct tax liabilities
10,065
38,569
25
-
48,659
48,659
Total
970,913
4,063,471
1,554,241
120,324
6,708,949
6,531,856
(*) Does not include the item \u201cderivative liabilities\u201d (**) This item includes medium/long-term financial payables, on-demand amounts due to banks and construction loans
31/12/2024
On demand
Within 1 year
Between 1 and 5
Beyond 5 years
Contractual
Carrying
(thousands of euro)
years
cash flows
amount
Liabilities included in \u201cCurrent and
non-current financial liabilities\u201d (*)
Financing and loans (**)
148,050
303,264
1,484,315
86,542
2,022,171
1,849,203
BIIS loans
1,252
3,804
5,056
5,056
Bonds and commercial papers
261,888
55,664
317,552
310,000
IFRS 16 lease liabilities
768
31,057
71,600
50,269
153,694
128,555
Other financial liabilities
1,280
37,983
3,575
77
42,915
42,896
Liabilities included in \u201cTrade
payables and other current
liabilities\u201d
Payables to suppliers
668,583
1,742,311
12,494
245
2,423,633
2,422,064
Payables to suppliers for reverse
650,081
650,081
650,081
factoring
Indirect tax liabilities
7,290
23,108
30,398
30,396
Other payables
30,080
481,595
2,918
4,715
519,308
517,898
Advances, accrued expenses and
deferred income
69,287
Direct tax liabilities
Direct tax liabilities
6,320
24,513
30,833
30,446
Total
862,371
3,557,052
1,634,370
141,848
6,195,641
6,055,882
(*) Does not include the item \u201cderivative liabilities\u201d (**) This item includes medium/long-term financial payables, on-demand amounts due to banks and construction loans Liquidity risk As previously noted, liquidity risk represents for Ansaldo the risk that, due to an inability to obtain new funding or to realise assets on the market, the group may be unable to meet its payment obligations, resulting in a negative impact on operating results if it were required to incur additional costs to meet its commitments or in the event of insolvency. The group\u2019s objective is to implement a financial structure that, in line with business objectives and defined limits, (i) ensures an adequate level of liquidity while minimising the related opportunity cost, and (ii) maintains an appropriate balance in terms of the maturity profile and composition of debt. The table below shows an analysis of maturities, based on contractual repayment obligations, relating to the capitalised values of the bond loan, trade payables and other liabilities outstanding as of 31 December 2025 and 2024. The first column represents the year-end carrying amount recognised in the financial statements, while the subsequent columns show the expected cash outflows, mainly financial in nature, at the indicated maturities, including interest.
balance at
Within 1 year
From 1 year to 5
More than 5 years
Total
(thousands of euro)
31/12/2025
years
Bond loan
Other current and non-current financial liabilities
767,284
121,592
814,259
31,153
967,004
Trade payables
398,813
398,813
398,813
Other current and non-current liabilities
230,300
196,177
34,123
230,300
balance at
Within 1 year
From 1 year to 5
More than 5 years
Total
(thousands of euro)
31/12/2024
years
Bond loan
Other current and non-current financial liabilities
865,481
180,935
835,909
10,031
1,026,875
Trade payables
391,361
391,361
391,361
Other current and non-current liabilities
220,838
184,597
36,241
220,838
Other financial liabilities of the Ansaldo Energia group are included in the consolidated balance sheet of the CDP Group under Liabilities (Item 10), which relates to financial liabilities measured at amortised cost. Trade payables and other liabilities contribute to liability Item 80 \u201cOther liabilities\u201d.
Liquidity risks
Liquidity risk arises when Trevi group is unable to obtain, under economically sustainable conditions, the financial
resources required to support current operations, meet obligations as they fall due and finance planned investments. This
risk may stem both from tensions in the credit market and from inefficiencies in the generation or allocation of internal cash
flows.
Liquidity is primarily influenced by two factors:
\u2022 cash flows generated or absorbed by operating and investing activities;
\u2022 and the maturity profile and degree of renewability of debt, together with the liquidity readily available in active financial
accounts.
To ensure adequate oversight of the financial position, the Trevi group\u2019s central functions continuously monitor liquidity
requirements, with the aim of ensuring efficient sourcing of financial resources and/or optimal allocation of excess available
liquidity.
For this purpose, rolling and forecast cash flows are prepared periodically by all group companies; such information is then
consolidated and analysed.
It should also be noted that a portion of cash and cash equivalents is subject to exchange rate controls or regulatory
restrictions in certain countries in which the group operates. Such restrictions limit the full transferability of these funds.
Liquidity risk The Valvitalia group is exposed to liquidity risk, which may materialise if difficulties arise in obtaining, on a timely basis, the financial resources necessary to support operating activities, or in the event of a breach of the financial parameters provided for under certain outstanding financing agreements. In such cases, lenders may be entitled to revoke the benefit of the term and require early repayment of the related borrowings. In addition, specific obligations related to the Restructuring Agreement executed in 2023 remain in force, and compliance with these commitments continues to represent a key aspect of the Valvitalia group\u2019s financial management. Cash flows, financial requirements and liquidity levels are continuously monitored and centrally managed by the finance function, with the objective of ensuring an efficient allocation of available resources and adequate control of financial risks. Management maintains a strong focus on the management of liquidity, the optimisation of credit lines and compliance with contractual obligations, implementing appropriate measures to ensure that the Valvitalia group has sufficient resources to meet needs arising from operating activities, investments, working capital requirements and the repayment of financial indebtedness. The breakdown of financial liabilities by maturity is set out below:
(thousands of euro)
Within 12 months
Over 12 months
Over 5 years
Total
Debts to banks
3,835
28,854
-
32,689
Debts for financing from members
3,778
68,600
-
72,378
Financial leasing debts
2,768
4,877
-
7,645
Debts to other lenders
90
90
-
180
Total financial liabilities
10,470
102,421
-
112,892
For the purposes of the CDP Group Consolidated Financial Statements, the Valvitalia group\u2019s financial liabilities are classified under the liability line item \u201c10. Financial liabilities measured at amortised cost\u201d, in compliance with the relevant international accounting standards. Intercompany balances with the shareholder CDP Equity are eliminated during the consolidation process and, accordingly, are not presented in the CDP Group consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-960": { "value": "
The net financial position referred to above does not include trade payables subject to reverse factoring arrangements.
These relate to agreements designed to facilitate suppliers\u2019 access to credit and are based on contractual structures under
which suppliers may assign receivables due from the Fincantieri group to a financing institution and receive payment prior
to the contractual maturity date. Moreover, the supplier may grant further extensions, agreed between the supplier and the
Fincantieri group, with respect to the payment terms established in the invoice.
Trade payables subject to reverse factoring as at 31 December 2025 amounted to 850 million euro and represent the value
of invoices assigned by suppliers and formally acknowledged as due and payable by the Fincantieri group, which remain
outstanding at the reporting date on the basis of extended payment terms granted by suppliers beyond normal contractual
payment terms. The arrangements currently in place are available to all suppliers of Fincantieri S.p.A. and certain
subsidiaries and provide for generally consistent terms and conditions. The only differing condition relates to the overall
maximum payment extension, which may reach up to 365 days, whereas the payment terms agreed with suppliers typically
range from 0 to 90 days. The table below outlines the key time bands for additional deferrals, along with the related balance
of reverse factoring payables.
Payables for reverse factoring as of
Further days of dilation
31/12/2025
% of the total
Less than 215
42,415
5%
Between 215 and 245
71,183
8%
Between 245 and 275
113,642
13%
Between 275 and 305
334,923
39%
Between 305 and 335
202,663
24%
Between 335 and 365
84,904
10%
Total
849,729
100%
Of which collected by the supplier
815,045
96%
Based on its liquidity requirements and in line with its financial planning, the Fincantieri group retains the option to settle
the related payables in advance of the maximum contractual extension. Regarding this, the additional deferrals that the
Fincantieri group has actually utilised throughout the year are within a range of 0 to 266 extra days. Liquidity risk associated
with reverse factoring is considered to be low, taking into account, inter alia: (i) the contractual arrangements, which provide
that, in the event of termination of one or more agreements, such arrangements shall, by formal agreement between the
parties, continue to apply to contracts outstanding at that date. Therefore, in addition to not being able to request immediate
payment of the deferred amounts, the factors will also have to maintain the contractual relationships in place with the
suppliers until their natural expiry date; (ii) the diversification achieved with the involvement of 10 different operators and
with a concentration that does not exceed 33% of the total reverse factoring liabilities as of that date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfPaymentDueDatesOfFinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-977": { "value": "The net financial position referred to above does not include trade payables subject to reverse factoring arrangements. These relate to agreements designed to facilitate suppliers\u2019 access to credit and are based on contractual structures under which suppliers may assign receivables due from the Fincantieri group to a financing institution and receive payment prior to the contractual maturity date. Moreover, the supplier may grant further extensions, agreed between the supplier and the Fincantieri group, with respect to the payment terms established in the invoice. Trade payables subject to reverse factoring as at 31 December 2025 amounted to 850 million euro and represent the value of invoices assigned by suppliers and formally acknowledged as due and payable by the Fincantieri group, which remain outstanding at the reporting date on the basis of extended payment terms granted by suppliers beyond normal contractual payment terms. The arrangements currently in place are available to all suppliers of Fincantieri S.p.A. and certain subsidiaries and provide for generally consistent terms and conditions. The only differing condition relates to the overall maximum payment extension, which may reach up to 365 days, whereas the payment terms agreed with suppliers typically range from 0 to 90 days. The table below outlines the key time bands for additional deferrals, along with the related balance of reverse factoring payables.
Payables for reverse factoring as of
Further days of dilation
31/12/2025
% of the total
Less than 215
42,415
5%
Between 215 and 245
71,183
8%
Between 245 and 275
113,642
13%
Between 275 and 305
334,923
39%
Between 305 and 335
202,663
24%
Between 335 and 365
84,904
10%
Total
849,729
100%
Of which collected by the supplier
815,045
96%
Based on its liquidity requirements and in line with its financial planning, the Fincantieri group retains the option to settle the related payables in advance of the maximum contractual extension. Regarding this, the additional deferrals that the Fincantieri group has actually utilised throughout the year are within a range of 0 to 266 extra days. Liquidity risk associated with reverse factoring is considered to be low, taking into account, inter alia: (i) the contractual arrangements, which provide that, in the event of termination of one or more agreements, such arrangements shall, by formal agreement between the parties, continue to apply to contracts outstanding at that date. Therefore, in addition to not being able to request immediate payment of the deferred amounts, the factors will also have to maintain the contractual relationships in place with the suppliers until their natural expiry date; (ii) the diversification achieved with the involvement of 10 different operators and with a concentration that does not exceed 33% of the total reverse factoring liabilities as of that date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplanatoryInformationAboutRangesOfPaymentDueDatesThatAreWideExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-899": { "value": "
PART F \u2013 INFORMATION ON CONSOLIDATED SHAREHOLDERS\u2019 EQUITY
SECTION 1 - CONSOLIDATED SHAREHOLDERS\u2019 EQUITY
Qualitative disclosures
As indicated in the introduction, CDP is subject to \u201cinformational\u201d supervision only.
Therefore, it is not required to indicate own funds, capital adequacy ratios and the related information for the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1027": { "value": "
PART G - BUSINESS COMBINATIONS
SECTION 1 - BUSINESS COMBINATIONS COMPLETED DURING THE YEAR
1.1 Business combinations
Date of
(1)
(2)
(3)
(4)
(thousands of euro)
transaction
Company name
WASS Submarine Systems S.r.l.
14/01/2025
448,300
100%
-
-
Stogit Adriatica S.p.A.
03/03/2025
565,021
100%
37,591
10,497
Gruppo 2i Rete Gas
01/04/2025
2,071,935
99.94%
322,907
50,026
Trevi Finanziaria Industriale S.p.A.
13/05/2025
21,653
21.27%
663,263
5,508
STE Energy
29/05/2025
15,271
100%
231,976
5,123
Rete 2 S.r.l.
30/09/2025
229,254
100%
7,622
3,166
Key
(1) = Cost of transaction
(2) = Percentage of voting rights in the Ordinary Shareholder's Meeting
(3) = Total Group revenues
(4) = Group net Profit (Loss)
Acquisition of control over WASS Systems S.r.l.
On 14 January 2025, the deal was finalised whereby the Fincantieri group took over the \u201cUnderwater Armaments &
Systems\u201d business line from Leonardo S.p.A. via the acquisition of all the share capital of WASS Systems S.r.l., a newly
established company into which the business line had previously been transferred.
As a result of the transaction, Fincantieri acquired not only the production technologies of torpedoes but also control of
underwater acoustic technologies, which will be a key element in the group\u2019s growth strategy in the underwater sector,
focusing on new applications in the military field, innovative solutions for the security of underwater civil infrastructures, as
well as new products in the civil sector.
The purchase price allocation remains provisional as at the date of these financial statements and will be finalised within
12 months from the acquisition date.
The preliminary allocation of the purchase price resulted in the recognition of intangible assets amounting to 234 million
euro, in particular customer relationships of 157 million euro and order backlog of 43.6 million euro. On a residual basis,
goodwill was recognised in the amount of 194.5 million euro.
The table below shows the consideration paid for the acquisition of the company, and gives a breakdown of the assets
acquired and liabilities assumed at the date of the transaction (amounts in thousands of euro).
Assets
Book value
Adjustment
Fair value
10. Cash and cash equivalents
90
90
90. Property, plant and equipment
20,726
20,726
100. Intangible assets
33,412
200,604
234,016
110. Tax assets
12,691
12,691
130. Other assets
201,763
201,763
Total acquired assets
268,682
200,604
469,286
Liabilities
10. Financial liabilities measured at amortised cost
9,049
9,049
60. Tax liabilities
55,968
55,968
80. Other liabilities
134,190
134,190
90. Staff severance pay
2,182
2,182
100. Provisions for risks and charges
14,070
14,070
Total liabilities assumed
159,491
55,968
215,459
Net acquired assets
109,191
144,636
253,827
Goodwill
194,473
194,473
Cost of business combination
109,191
339,109
448,300
Acquisition of control over Stogit Adriatica S.p.A.
Snam, through its subsidiary Stogit, completed on 3 March 2025 the acquisition from Edison of 100% of the share capital
of Edison Stoccaggio, whose name was subsequently changed to Stogit Adriatica S.p.A. The transaction had a total
consideration of approximately 565 million euro, including the adjustments provided for under the sale and purchase
agreement and the ticking fee.
As at the date of these financial statements, the Snam group carried out a preliminary allocation of the purchase price,
which resulted in the recognition of intangible assets amounting to 338 million euro, mainly relating to the valuation of
storage concessions, property, plant and equipment of 286 million euro, primarily relating to wells and gas pipelines, and
other assets of 34 million euro, relating to mandatory strategic inventories recognised as non-current assets. With reference
to the net liabilities acquired, a dismantling and site restoration provision relating to three storage facilities was recognised
in the amount of 62 million euro.
The table below shows the consideration paid for the acquisition of the company, and gives a breakdown of the assets
acquired and liabilities assumed at the date of the transaction (amounts in thousands of euro).
Assets
Book value
Adjustment
Fair value
10. Cash and cash equivalents
1,190
1,190
90. Property, plant and equipment
288,650
(2,781)
285,869
100. Intangible assets
1,573
336,218
337,791
110. Tax assets
28,313
28,313
130. Other assets
152,841
(86,405)
66,436
Total acquired assets
472,567
247,032
719,599
Liabilities
10. Financial liabilities measured at amortised cost
70
70
60. Tax liabilities
1,885
70,295
72,180
80. Other liabilities
19,337
668
20,005
90. Staff severance pay
904
(83)
821
100. Provisions for risks and charges
63,264
(1,762)
61,502
Total liabilities assumed
85,390
69,188
154,578
Net acquired assets
387,177
177,844
565,021
Cost of business combination
387,177
177,844
565,021
Acquisition of control over the 2i Rete Gas group
On 1 April 2025, the Italgas group completed the acquisition of 99.94% of the share capital of 2i Rete Gas, thereby obtaining
control. Following the acquisition, Italgas became the leading gas distribution operator in Europe.
The main identifiable assets acquired consist of concessions for the natural gas distribution service, which fall within the
scope of IFRIC 12 - Service Concession Arrangements. For the purposes of the Purchase Price Allocation (PPA), the fair
value of the concessions was determined by assuming a value equal to the local Regulatory Asset Base (RAB) at the
reference date.
As at the date of these financial statements, the PPA process has been completed; however, the Italgas group reserves
the right to finalise the recognition of its effects within 12 months from the acquisition date, and therefore by 31 March
2026. The preliminary allocation of the acquisition price resulted in the recognition of goodwill amounting to 523 million
euro.
The table below shows the consideration paid for the acquisition of the company, and gives a breakdown of the assets
acquired and liabilities assumed at the date of the transaction (amounts in thousands of euro).
Assets
Book value
Adjustment
Fair value
10. Cash and cash equivalents
9,134
9,134
70. Equity investments
3,588
(113)
3,475
90. Property, plant and equipment
59,463
(2,065)
57,398
100. Intangible assets
4,750,241
543,774
5,294,015
110. Tax assets
268,497
17,307
285,804
120. Non-current assets and disposal groups held for sale
268
268
130. Other assets
572,317
(1,129)
571,188
Total acquired assets
5,663,508
557,774
6,221,282
Liabilities
10. Financial liabilities measured at amortised cost
3,103,932
(26,183)
3,077,749
60. Tax liabilities
171,387
163,697
335,084
70. Liabilities associated with assets held for sale
33
33
80. Other liabilities
792,730
368,006
1,160,736
90. Staff severance pay
21,349
21,349
100. Provisions for risks and charges
76,315
(2,052)
74,263
190. Non-controlling interests (+/-)
2,664
2,664
Total liabilities assumed
4,168,410
503,468
4,671,878
Net acquired assets
1,495,098
54,306
1,549,404
Goodwill
522,531
522,531
Cost of business combination
1,495,098
576,837
2,071,935
Assessment of de facto control over Trevi Finanziaria Industriale S.p.A.
Following the determination of de facto control by CDPE Investimenti over the Trevi group, as described in Part A.1 \u2013
Section 3 \u2013 Area and Methods of Consolidation, to which reference is made, the status of the investment in Trevi
Finanziaria Industriale S.p.A. changes from under significant influence to a controlled entity.
In the absence of a transfer price for the investment, as provided for under IFRS 3, reference was made to the fair value
of the investee at the acquisition date (share price as at 13 May 2025) in order to identify the effects to be recognised in
the CDP Group\u2019s consolidated financial statements. The process of allocating fair value (Purchase Price Allocation - PPA)
has been completed and resulted in the revaluation of intangible assets for 52 million euro, mainly attributable to the value
of trademarks, customer relationships and the order backlog. With regard to liabilities, an analysis was carried out on
financial liabilities measured at amortised cost, for which fair value was determined in order to reflect market conditions,
resulting in a net positive adjustment of 17 million euro.
The PPA process also led to the recognition of a gain from a bargain purchase of 11.7 million euro, recognised in the
income statement, as the fair value of the investment initially determined on the basis of the market price (21.6 million
euro) was lower than the value attributable to the net assets acquired.
The following table provides details of the assets acquired and liabilities assumed at the transaction date (amounts in
thousands of euro).
Assets
Book value
Adjustment
Fair value
10. Cash and cash equivalents
95,018
95,018
20. Financial assets designated at fair value through profit or loss
440
440
40. Financial assets measured at amortised cost
22,240
22,240
90. Property, plant and equipment
174,405
174,405
100. Intangible assets
16,225
52,253
68,478
110. Tax assets
36,841
4,783
41,624
130. Other assets
405,271
405,271
Total acquired assets
750,440
57,036
807,476
Liabilities
10. Financial liabilities measured at amortised cost
311,823
17,143
328,966
60. Tax liabilities
23,865
14,579
38,444
80. Other liabilities
221,259
221,259
90. Staff severance pay
11,384
11,384
100. Provisions for risks and charges
22,282
22,282
190. Non-controlling interests
125,378
26,495
151,873
Total liabilities assumed
715,991
58,217
774,208
Net acquired assets
34,449
(1,181)
33,268
Badwill
(11,615)
(11,615)
Cost of business combination
34,449
(12,796)
21,653
Acquisition of control over STE Energy
On 29 May 2025, the Terna group, through its subsidiary Altenia, finalised the acquisition of control over STE Energy, a
company with 30 years of experience in the design, construction, and maintenance of renewable energy plants and
electrical infrastructure.
All system integrator activities with specialised and diversified expertise in the design, construction, maintenance, and
optimisation of medium- and high-voltage electrical systems, renewable energy plants, and storage systems are now
consolidated within Altenia.
As at the date of these financial statements, the accounting effects of the acquisition have been recognised on a provisional
basis and resulted in the recognition of goodwill amounting to 2.4 million euro.
The table below shows the consideration paid for the acquisition of the company, and gives a breakdown of the assets
acquired and liabilities assumed at the date of the transaction (amounts in thousands of euro).
Assets
Book value
Adjustment
Fair value
10. Cash and cash equivalents
10,932
10,932
40. Financial assets measured at amortised cost
1
1
90. Property, plant and equipment
351
351
100. Intangible assets
7,030
7,030
110. Tax assets
453
453
130. Other assets
20,937
20,937
Total acquired assets
39,704
39,704
Liabilities
10. Financial liabilities measured at amortised cost
5,487
5,487
60. Tax liabilities
1,942
1,942
80. Other liabilities
18,241
18,241
100. Provisions for risks and charges
1,140
1,140
Total liabilities assumed
26,810
26,810
Net acquired assets
12,894
12,894
Goodwill
2,377
2,377
Cost of business combination
15,271
15,271
Acquisition of control over Rete 2 S.r.l.
On 30 September 2025, Terna S.p.A. acquired 100% of Rete 2 S.r.l., a company operating in the electricity transmission
sector, whose remuneration is derived from the consideration recognised for the return on the following National
Transmission Grid assets owned by the company:
\u2022 the Cinecitt\u00e0 substation with 9 bays and a 220 kV section;
\u2022 the Magliana substation with 8 bays and a 150 kV section;
\u2022 the Smistamento Est substation with 12 bays and a 150 kV section;
\u2022 a transformer (220/150 kV) at the Cinecitt\u00e0 substation; and
\u2022 481 km of transmission line circuits with a total of 97 new technical sites.
As at the date of these financial statements, the Terna group performed a preliminary allocation of the purchase price,
resulting in the provisional recognition of goodwill amounting to 89 million euro.
The table below shows the consideration paid for the acquisition of the company, and gives a breakdown of the assets
acquired and liabilities assumed at the date of the transaction (amounts in thousands of euro).
Assets
Book value
Adjustment
Fair value
10. Cash and cash equivalents
10
10
90. Property, plant and equipment
132,929
132,929
110. Tax assets
7,550
7,550
Total acquired assets
140,489
140,489
Liabilities
80. Other liabilities
142
142
100. Provisions for risks and charges
578
578
Total liabilities assumed
720
720
Net acquired assets
139,769
139,769
Goodwill
89,485
89,485
Cost of business combination
229,254
229,254
SECTION 2 - BUSINESS COMBINATIONS COMPLETED AFTER THE END OF THE YEAR
2.1 Business combinations
H Tech Servi\u00e7os e Manuten\u00e7\u00e3o Ltda
On 5 March 2026, Remazel, part of the Fincantieri group, announced that it had completed the acquisition of 100% of the
quotas of H Tech Servi\u00e7os e Manuten\u00e7\u00e3o Ltda., a Brazilian company specialised in inspection and maintenance services
for offshore facilities. The transaction represents a strategic step in Remazel\u2019s growth and consolidation path and further
strengthens its positioning in the offshore support and maintenance services market, with a particular focus on Brazil and
neighbouring regions.
Offshore LNG Toscana S.p.A.
On 2 March 2026, Snam completed the acquisition of the 48.24% stake held by Igneo Infrastructure Partners (\u201cIgneo
Transaction\u201d) in OLT \u2013 Offshore LNG Toscana S.p.A. (\u201cOLT\u201d), which operates the FSRU Toscana offshore Livorno.
Furthermore, on 4 March 2026, Snam entered into an agreement with Golar Offshore Toscana Ltd for the acquisition of
the remaining 2.69% stake held by the latter in OLT (\u201cGolar Transaction\u201d and, together with the Igneo Transaction, the
\u201cTransactions\u201d). The total consideration for the Transactions, including the stakes held by Igneo and Golar and the residual
portion of the shareholder loan granted by Igneo to OLT, amounts to approximately 129 million euro. The closing of the
Igneo Transaction, following the receipt of the relevant regulatory approvals, enabled Snam to increase its shareholding in
OLT to 97.31%, resulting in its consolidation in Snam\u2019s financial statements. With regard to the Golar Transaction, closing
is expected during March.
SECTION 3 - RETROSPECTIVE ADJUSTMENTS
No adjustments have been recorded in the current financial year related to business combinations from previous years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1013": { "value": "
PART H - TRANSACTIONS WITH RELATED PARTIES
INTRODUCTION
The financial statements disclose related-party transactions in accordance with IAS 24, ensuring they provide a
comprehensive description of how the financial position of the reporting entity could be influenced by related parties as
well as transactions, outstanding balances and commitments with such parties.
IAS 24 is applied in identifying the related parties of an entity and in determining the disclosures to be made about the
entity\u2019s relationships with them.
In accordance with IAS 24, related parties of the CDP Group include:
\u2022 the Italian Ministry of Economy and Finance;
\u2022 companies of the CDP Group: associates and jointly controlled entities, and their subsidiaries; companies and
investment funds controlled but not consolidated, and the companies controlled or participated in by them;
\u2022 direct and indirect subsidiaries and associates of the Italian Ministry of Economy and Finance;
\u2022 key management personnel of CDP and their close family members, as well as businesses controlled by them,
whether individually or jointly;
\u2022 post-employment benefit plans for employees of the Group.
In the preparation of the CDP Group\u2019s consolidated financial statements, transactions and outstanding intercompany
balances with related parties are eliminated.
1. INFORMATION ON THE REMUNERATION OF KEY MANAGEMENT PERSONNEL
The table below sets out the total remuneration, relating to 2025, paid to members of the management and supervisory
bodies and to key management personnel of the Parent Company and its wholly owned subsidiaries.
Directors\u2019 and Statutory Auditors\u2019 remuneration
Key management
(thousands of euro)
Directors
Board of Auditors
personnel
a) short-term benefits
22,056
3,927
38,011
b) post-employment benefits
559
1,557
c) other long-term benefits
894
4,073
d) severance benefits
3,356
e) share-based payments
3,089
6,021
Total
29,954
3,927
49,662
2. INFORMATION ON TRANSACTIONS WITH RELATED PARTIES
Certain transactions among the CDP Group and related parties, notably those with the Italian Ministry of Economy and
Finance and Poste Italiane S.p.A., arise as a result of legislative provisions.
In any event, it should be noted that atypical or unusual transactions with related parties whose size could have an impact
on the assets and liabilities or performance of the company, have not been carried out. All transactions with related parties
were carried out on an arm\u2019s length basis and form part of the Group\u2019s ordinary operations.
The following table shows assets, liabilities, revenues and costs in respect of the CDP Group\u2019s transactions in 2025 with:
\u2022 the Italian Ministry of Economy and Finance;
\u2022 CDP Group companies: this category includes companies within the Group that are subject to significant influence or
jointly controlled, along with their subsidiaries, as well as directly and indirectly controlled but unconsolidated entities;
\u2022 the subsidiaries and direct and indirect associates of the Italian Ministry of Economy and Finance;
\u2022 other counterparties (mainly included are post-employment benefit plans for CDP Group employees and social,
environmental and cultural development promotion foundations set up by CDP Group companies and CDP\u2019s key
management personnel).
(thousands of euro)
Total
Ministry of
Associates and
Direct and indirect
transactions
Economy and
joint operations of
MEF subsidiaries
with related
Items/Related parties
Finance (MEF)
the CDP Group
and associates
Others
parties
Assets
Financial assets measured at fair value through profit
10
145,073
145,083
and loss
Financial assets measured at fair value through other
comprehensive income
9,565,381
211,512
9,776,893
Financial assets measured at amortised cost:
loans to banks
2,160,212
2,160,212
loans to customers
213,889,756
1,394,794
3,577,721
218,862,271
Other assets
120,048
789,135
904,651
1,512
1,815,346
Liabilities
Financial liabilities measured at amortised cost:
due to banks
215,784
215,784
due to customers
1,167,481
379,987
118,276
1,665,744
securities issued
3,011,950
3,011,950
Other liabilities
273,090
737,097
263,005
37,762
1,310,954
Off-balance sheet
4,167,965
8,882,756
708,982
13,759,703
Income statements
Interest income and similar income
6,717,302
57,998
162,744
6,938,044
Interest expense and similar expense
(41,056)
(75,276)
(8,366)
(124,698)
Commission income
223,885
63,493
3,711
291,089
Commission expense
(8,400)
(1,483,140)
(9,855)
(1,501,395)
Profits (losses) on trading and hedging activities
(11,230)
(8,959)
(20,189)
Gains (losses) on disposal or repurchase
(65)
6
(59)
Net adjustments/recoveries for credit risk
(49,755)
(1,017)
4,320
(46,452)
Administrative expenses
(3,370)
(41,389)
(138,866)
(43,852)
(227,477)
Other operating income (costs)
41,588
1,675,249
2,831,785
(24,143)
4,524,479
With regard to financial liabilities measured at amortised cost, and in particular securities issued, it should be noted that
only securities issued by the parent company CDP and held by associates or companies jointly controlled by the CDP
Group are reported. In particular, they include bond loans issued by CDP and guaranteed by the Italian government,
subscribed by Poste Italiane S.p.A. with a total value of 3 billion euro.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-877": { "value": "PART H - TRANSACTIONS WITH RELATED PARTIES INTRODUCTION The financial statements disclose related-party transactions in accordance with IAS 24, ensuring they provide a comprehensive description of how the financial position of the reporting entity could be influenced by related parties as well as transactions, outstanding balances and commitments with such parties. IAS 24 is applied in identifying the related parties of an entity and in determining the disclosures to be made about the entity\u2019s relationships with them. In accordance with IAS 24, related parties of the CDP Group include: \u2022 the Italian Ministry of Economy and Finance; \u2022 companies of the CDP Group: associates and jointly controlled entities, and their subsidiaries; companies and investment funds controlled but not consolidated, and the companies controlled or participated in by them; \u2022 direct and indirect subsidiaries and associates of the Italian Ministry of Economy and Finance; \u2022 key management personnel of CDP and their close family members, as well as businesses controlled by them, whether individually or jointly; \u2022 post-employment benefit plans for employees of the Group. In the preparation of the CDP Group\u2019s consolidated financial statements, transactions and outstanding intercompany balances with related parties are eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1028": { "value": "PART H - TRANSACTIONS WITH RELATED PARTIES INTRODUCTION The financial statements disclose related-party transactions in accordance with IAS 24, ensuring they provide a comprehensive description of how the financial position of the reporting entity could be influenced by related parties as well as transactions, outstanding balances and commitments with such parties. IAS 24 is applied in identifying the related parties of an entity and in determining the disclosures to be made about the entity\u2019s relationships with them. In accordance with IAS 24, related parties of the CDP Group include: \u2022 the Italian Ministry of Economy and Finance; \u2022 companies of the CDP Group: associates and jointly controlled entities, and their subsidiaries; companies and investment funds controlled but not consolidated, and the companies controlled or participated in by them; \u2022 direct and indirect subsidiaries and associates of the Italian Ministry of Economy and Finance; \u2022 key management personnel of CDP and their close family members, as well as businesses controlled by them, whether individually or jointly; \u2022 post-employment benefit plans for employees of the Group. In the preparation of the CDP Group\u2019s consolidated financial statements, transactions and outstanding intercompany balances with related parties are eliminated. 1. INFORMATION ON THE REMUNERATION OF KEY MANAGEMENT PERSONNEL The table below sets out the total remuneration, relating to 2025, paid to members of the management and supervisory bodies and to key management personnel of the Parent Company and its wholly owned subsidiaries. Directors\u2019 and Statutory Auditors\u2019 remuneration
Key management
(thousands of euro)
Directors
Board of Auditors
personnel
a) short-term benefits
22,056
3,927
38,011
b) post-employment benefits
559
1,557
c) other long-term benefits
894
4,073
d) severance benefits
3,356
e) share-based payments
3,089
6,021
Total
29,954
3,927
49,662
2. INFORMATION ON TRANSACTIONS WITH RELATED PARTIES Certain transactions among the CDP Group and related parties, notably those with the Italian Ministry of Economy and Finance and Poste Italiane S.p.A., arise as a result of legislative provisions. In any event, it should be noted that atypical or unusual transactions with related parties whose size could have an impact on the assets and liabilities or performance of the company, have not been carried out. All transactions with related parties were carried out on an arm\u2019s length basis and form part of the Group\u2019s ordinary operations. The following table shows assets, liabilities, revenues and costs in respect of the CDP Group\u2019s transactions in 2025 with: \u2022 the Italian Ministry of Economy and Finance; \u2022 CDP Group companies: this category includes companies within the Group that are subject to significant influence or jointly controlled, along with their subsidiaries, as well as directly and indirectly controlled but unconsolidated entities; \u2022 the subsidiaries and direct and indirect associates of the Italian Ministry of Economy and Finance; \u2022 other counterparties (mainly included are post-employment benefit plans for CDP Group employees and social, environmental and cultural development promotion foundations set up by CDP Group companies and CDP\u2019s key management personnel).
(thousands of euro)
Total
Ministry of
Associates and
Direct and indirect
transactions
Economy and
joint operations of
MEF subsidiaries
with related
Items/Related parties
Finance (MEF)
the CDP Group
and associates
Others
parties
Assets
Financial assets measured at fair value through profit
10
145,073
145,083
and loss
Financial assets measured at fair value through other
comprehensive income
9,565,381
211,512
9,776,893
Financial assets measured at amortised cost:
loans to banks
2,160,212
2,160,212
loans to customers
213,889,756
1,394,794
3,577,721
218,862,271
Other assets
120,048
789,135
904,651
1,512
1,815,346
Liabilities
Financial liabilities measured at amortised cost:
due to banks
215,784
215,784
due to customers
1,167,481
379,987
118,276
1,665,744
securities issued
3,011,950
3,011,950
Other liabilities
273,090
737,097
263,005
37,762
1,310,954
Off-balance sheet
4,167,965
8,882,756
708,982
13,759,703
Income statements
Interest income and similar income
6,717,302
57,998
162,744
6,938,044
Interest expense and similar expense
(41,056)
(75,276)
(8,366)
(124,698)
Commission income
223,885
63,493
3,711
291,089
Commission expense
(8,400)
(1,483,140)
(9,855)
(1,501,395)
Profits (losses) on trading and hedging activities
(11,230)
(8,959)
(20,189)
Gains (losses) on disposal or repurchase
(65)
6
(59)
Net adjustments/recoveries for credit risk
(49,755)
(1,017)
4,320
(46,452)
Administrative expenses
(3,370)
(41,389)
(138,866)
(43,852)
(227,477)
Other operating income (costs)
41,588
1,675,249
2,831,785
(24,143)
4,524,479
With regard to financial liabilities measured at amortised cost, and in particular securities issued, it should be noted that only securities issued by the parent company CDP and held by associates or companies jointly controlled by the CDP Group are reported. In particular, they include bond loans issued by CDP and guaranteed by the Italian government, subscribed by Poste Italiane S.p.A. with a total value of 3 billion euro. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1029": { "value": "
PART I \u2013 SHARE-BASED PAYMENTS
MEDIUM/LONG-TERM INCENTIVE PLAN OF FINCANTIERI
2019-2021 Performance Share Plan
The plan, structured in three cycles, was completed on 14 June 2024.
2022-2024 Performance Share Plan
On 8 April 2021, the Shareholders\u2019 Meeting of Fincantieri S.p.A. approved the new medium/long-term management share-
based incentive plan called 2022-2024 Performance Share Plan (the \u201cPlan\u201d), as well as the relative Regulation, the outline
of which was defined and approved by the Board of Directors at its meeting held on 25 February 2021.
The Plan, in keeping with the previous 2019\u20132021 incentive plan, is structured into three cycles, each with a three-year
duration, and provides for the free allocation, in favour of beneficiaries identified by the Board of Directors, of rights to
receive up to a maximum of 64,000,000 ordinary shares of Fincantieri S.p.A., with no nominal value, subject to the
achievement of specific performance targets relating to the three-year periods 2022\u20132024 (first cycle), 2023\u20132025 (second
cycle) and 2024\u20132026 (third cycle).
The vesting period for all beneficiaries will be three years, from the date the rights are granted to the date the shares are
assigned to the beneficiaries. Therefore, on meeting the performance targets and satisfying the other conditions set out in
the plan\u2019s Regulation, the shares accrued in relation to the first cycle will be vested and assigned to the beneficiaries by
31 July 2025, while those accrued in relation to the second and third cycles will be vested and assigned respectively by 31
July 2026 and 31 July 2027.
The incentive plan also provides for a lock-up period applicable to a portion of the shares that may be delivered to
beneficiaries who are members of the Board of Directors or key management personnel with strategic responsibilities of
Fincantieri S.p.A.
With reference to the first cycle of the Plan, 1,228,202 ordinary shares of Fincantieri S.p.A. were granted to beneficiaries
identified by the Board of Directors on 26 July 2022. With reference to the second cycle of the Plan, 1,517,809 ordinary
shares of Fincantieri S.p.A. were granted to beneficiaries identified by the Board of Directors on 13 June 2023. With
reference to the third cycle of the Plan, 1,953,728 ordinary shares of Fincantieri S.p.A. (post share consolidation) were
granted to beneficiaries identified by the Board of Directors on 23 July 2024.
In addition to the EBITDA and TSR parameters, already included in the 2019-2021 Performance Share Plan, the Fincantieri
group has also introduced among the Plan\u2019s targets a further parameter, the sustainability index, which measures the
achievement of the sustainability targets the Fincantieri group has set to align itself with European best practices and the
financial community\u2019s increasing expectations regarding sustainable development.
The references for testing the achievement of the sustainability target are based on the percentage of achievement of the
Sustainability Plan targets that Fincantieri S.p.A. has set for itself for the three-year period 2023-2025. An access gate was
also introduced, the achievement of which is required for receiving the bonus. The access gate is linked to the following
rating targets that Fincantieri S.p.A. has set itself: obtaining at least a B rating in the \u201cCarbon Disclosure Project\u201d (CDP)
index and inclusion in the highest level (Advanced) of the \u201cVigeo Eiris\u201d index.
The table below shows the fair value of each cycle of the Plan, as determined at the grant date of the rights to the
beneficiaries.
Grant date
n\u00b0 of shares assigned
Fair value (euro)
First cycle of the Plan
26/07/2022
1,228,202
5,738,776
Second cycle of the Plan
13/06/2023
1,517,809
6,204,500
Third cycle of the Plan
23/07/2024
1,953,728
8,624,712
With reference to the first cycle of the 2022-2024 Performance Share Plan, it should be noted that the Board of Directors,
at its meeting of 25 June 2025, resolved to close the cycle by granting, free of charge, to the beneficiaries a total of
1,078,852 ordinary shares of Fincantieri, of which 837,406 newly issued shares and 241,446 treasury shares held in
portfolio. The delivery of the shares took place on 14 July 2025. Following the allocation, 416,697 shares were repurchased
from the beneficiaries in order to meet the employees\u2019 tax obligations (sell to cover), for a total consideration of 7,040
thousand euro.
The features of the plan, as illustrated above, are described in further detail in the information document prepared by
Fincantieri S.p.A. pursuant to article 84-bis of Regulation 11971 issued by Consob on 14 May 1999. The information
document has been published in the section of the website www.fincantieri.it in the section \u201cEthics and Governance \u2013
Shareholders\u2019 Meetings \u2013 Shareholders\u2019 Meeting 2021\u201d.
2025-2027 Performance Share Plan
On 14 May 2025, the Shareholders\u2019 Meeting of Fincantieri S.p.A. approved a new medium- to long-term share-based
management incentive plan, named the 2025-2027 Performance Share Plan (the \u201cPlan\u201d), together with its related
Regulation, the structure of which had previously been defined and approved by the Board of Directors on 24 March 2025.
The Plan, in continuity with previous incentive plans, is structured into three cycles, each with a three-year duration, and
provides for the free allocation, to beneficiaries identified by the Board of Directors, of rights to receive up to a maximum
of 9,700,000 ordinary shares of Fincantieri S.p.A., with no nominal value, subject to the achievement of specific
performance targets relating to the three-year periods 2025-2027 (first cycle), 2026-2028 (second cycle) and 2027-2029
(third cycle).
The vesting period for all beneficiaries will be three years, from the date the rights are granted to the date the shares are
assigned to the beneficiaries. Therefore, on meeting the performance targets and satisfying the other conditions set out in
the plan\u2019s Regulation, the shares accrued in relation to the first cycle will be vested and assigned to the beneficiaries by
31 July 2028, while those accrued in relation to the second and third cycles will be vested and assigned respectively by 31
July 2029 and 31 July 2030.
The incentive plan also provides for a lock-up period applicable to a portion of the shares that may be delivered to
beneficiaries who are members of the Board of Directors or key management personnel with strategic responsibilities of
Fincantieri S.p.A.
With reference to the first cycle of the Plan, 748,771 ordinary shares of Fincantieri S.p.A. were granted to beneficiaries
identified by the Board of Directors at its meeting of 21 July 2025.
In addition to the EBITDA and Total Shareholder Return (TSR) metrics, the Fincantieri group has defined a further
performance indicator for the Plan, the sustainability index, which measures the achievement of the sustainability
objectives established by the Fincantieri group in order to align with European best practices and the increasing
expectations of the financial community regarding sustainable development.
The benchmarks used to assess the achievement of the sustainability objective are based on the percentage level of
attainment of the targets set out in the Sustainability Plan that Fincantieri S.p.A. aims to achieve over the three-year period
2025-2027.
The table below shows the fair value of each cycle of the Plan, as determined at the grant date of the rights to the
beneficiaries.
Grant date
n\u00b0 of shares assigned
Fair value (euro)
First cycle of the Plan
21/07/2025
748,771
10,081,743
The features of the Plan described above are set out in detail in the information document prepared by Fincantieri S.p.A.
pursuant to Article 114-bis of the Consolidated Law on Finance (TUF) and Article 84-bis of the Regulation issued by
Consob by resolution No. 11971 of 14 May 1999, which is made available to the public on the company\u2019s website
(www.fincantieri.com ) in the section \u201cGovernance and Ethics \u2013 Shareholders\u2019 Meetings \u2013 Shareholders\u2019 Meeting 2025\u201d.
2024-2025 Dispersed Ownership Structure Plan
With the aim of promoting alignment with strategic objectives and encouraging employee participation in the value creation
process, Fincantieri S.p.A. launched an Employee Share Ownership Plan in 2024.
The plan, aimed at all employees, approved by the Board of Directors on 7 March 2024 and by the Shareholders\u2019 Meeting
on 23 April 2024, offered Fincantieri S.p.A. employees, as well as those of its Italian subsidiaries and subsidiaries based
in Norway and the United States, the opportunity to purchase Fincantieri shares either with their own savings or through
the conversion of all or part of their performance bonus. Fincantieri employees participated in the plan from 14 October to
10 November, using a dedicated platform to select the amount to be allocated for purchasing shares. Employees
participating in the plan will be granted free shares, at a rate of 1 share for every 5 purchased (so-called Matching Share),
immediately upon purchase. After 12 months from the allocation date, they will receive additional shares, at the same ratio
of 1 share for every 5 purchased, provided the shares are still held by the beneficiary (so-called Bonus Share). Beneficiaries
who are employed at the time of the share allocation (Matching Share and Bonus Share) have the right to receive the
shares.
The shares and free Matching Shares were granted on 15 November 2024.
Furthermore, during November 2025, Fincantieri S.p.A. granted Bonus Shares to participants in the Plan who maintained
ownership of the shares purchased.
For the shares allocated free of charge, a three-year Lock-up Period is required; in particular, the Matching Shares will be
subject to a 3-year lock-up period, starting from the Date of Allocation. The Bonus Shares are also subject to a 3-year
Lock-up Period, which starts from the Date of Allocation.
The table below outlines the fair value, determined on the grant date, of the Matching Shares and Bonus Shares allocated
to the beneficiaries:
Grant date
n\u00b0 of shares assigned
Fair value (euro)
Matching share
15/11/2024
103,545
598,684
Bonus share
15/11/2024
103,545
598,684
On 15 November 2025, a total of 82,507 Bonus Shares were granted free of charge to employees of the Fincantieri group
participating in the Employee Share Ownership Plan (PAD) who retained ownership of the shares purchased, for a total
value of 477 thousand euro.
2025-2026 Dispersed Ownership Structure Plan
In keeping with the previous plan, Fincantieri S.p.A. launched a new Employee Share Ownership Plan (hereinafter also
referred to as the \u201cNew PAD\u201d) in 2025.
The New PAD, addressed to the general employee population and approved by the Board of Directors on 24 March 2025
and by the Shareholders\u2019 Meeting on 14 May 2025, provides employees of Fincantieri S.p.A., its Italian subsidiaries and
subsidiaries based in Romania, Norway and the United States with the opportunity to purchase Fincantieri shares either
using their own savings or by converting all or part of their Performance Bonus. Employees of Fincantieri may enrol in the
New PAD from 1 July to 25 July and, through a dedicated platform, may select the amount to be allocated to the purchase
of shares. The New PAD involves, for participating employees, the free allocation of shares in a ratio of 1 share for every
4 shares purchased (so-called Matching Shares) at the time of purchase, and the subsequent allocation - after 12 months
from the initial grant date - of additional shares in the same ratio of 1 share for every 4 shares purchased and still held by
the beneficiary (so-called Bonus Shares). Beneficiaries who are employed at the time of the share allocation (Matching
Share and Bonus Share) have the right to receive the shares.
On 31 July 2025, the purchased shares and the related Matching Shares were granted free of charge.
Furthermore, during August 2026, Fincantieri S.p.A. will grant Bonus Shares to participants in the PAD who have
maintained ownership of the shares purchased.
As with the previous PAD, a three-year lock-up period applies to the shares granted free of charge; specifically, the
Matching Shares are subject to a lock-up period of three years starting from the date of their allocation. The Bonus Shares
are also subject to a 3-year Lock-up period, which starts from the date of allocation.
The table below outlines the fair value, determined on the grant date, of the Matching Shares and Bonus Shares allocated
to the beneficiaries:
Grant date
n\u00b0 of shares assigned
Fair value (euro)
Matching share
31/07/2025
56,331
945,635
Bonus share
31/07/2025
56,331
945,635
SNAM INCENTIVE PLANS FOR EXECUTIVES BASED ON SHARES
2020-2022 and 2023-2025 Long-term Performance Share Plan
At the Snam shareholders\u2019 meetings held on 18 June 2020 and 4 May 2023, the shareholders approved the 2020-2022
and 2023-2025 long-term performance share plans, granting the board of directors of Snam, and through it the chief
executive officer of Snam, with express power of sub-delegation, all powers necessary to implement the plans.
The incentive plans are designed to reward senior executives, identified by Snam\u2019s chief executive officer, such as Snam\u2019s
management team and that of its subsidiaries as well as those employees who hold roles with the greatest impact on the
achievement of medium-long term business results or with strategic relevance for the achievement of Snam\u2019s multi-year
objectives. Additionally, the plans are aimed at rewarding any other positions identified, in relation to the performance
achieved, the skills possessed or with a view to staff retention. The maximum number of beneficiaries per three-year cycle
is 100.
The plans provide for three allocations of ordinary shares each in the years 2020-2021-2022 and 2023-2024-2025, respectively. Each allocation is subject to a three-year vesting period, ending respectively in the years 2023-2024-2025 and 2026-2027-2028, at the end of which the shares may be effectively allocated, as illustrated in the table below.
Award
Performance period
End of vesting period
Share award
Attributed shares (*)
2022
2022-2024
2025
2025
1,032,626
2023
2023-2025
2026
2026
1,272,141
2024
2024-2026
2027
2027
1,633,592
2025
2025-2027
2028
2028
1,443,823
(*) The number of shares refers to the target value (performance = 100) of rights attributed each year The board of directors of Snam set the maximum number of shares backing each three-year period of the plans to 3,500,000. The 2023-2025 plan includes free shares granted in variable numbers in relation to the individual assignment and the degree to which the performance targets of the plan are met. The actual vesting of the shares assigned is subject to the achievement of specific performance targets, which are reviewed for all beneficiaries at the end of each three-year vesting period, and is subject to a timely review by the Snam\u2019s appointments and compensation committee of the actual achievement of the targets, in support of the resolutions passed in this regard by the board of directors of Snam. The plan\u2019s performance targets, are linked to the following parameters: \u2022 accumulated adjusted net income in the three-year period corresponding to the performance period, with a weighting of 40%; \u2022 value Added generated in the three-year period corresponding to the performance period, with a weighting of 20%; \u2022 Energy Transition Readiness metric, with an overall weighting of 20%, in respect of the following parameters: 1. Kilometres of \u201cH2 ready\u201d network (weighting 10%); 2. installed MW in biomethane projects (weighting 5%); 3. CSS - H2 projects and market design (weighting 5%); \u2022 ESG Metric, with a weighting of 20%, measured through performance against two indicators over a three-year period, aiming to: 1. reduce natural gas emissions over the next three years (weighting 10%); 2. ensure fair representation of the less-represented gender in Snam's management team (10% weight), measured as the percentage of the underrepresented gender among executives and managers relative to the total number of managerial positions within the Snam group. An additional number of shares, known as a dividend equivalent, is also planned to be granted based on the shares actually allocated at the end of the vesting period. The number of additional shares to be assigned is determined by dividing the sum of the dividends distributed during the vesting period by the average share price recorded in the month preceding the allocation. For the Chief Executive Officer of Snam and the other beneficiaries of the plan, 20% of the shares granted, before deduction of those required to meet tax obligations, are subject to a lock-up period. At the meeting held on 14 May 2025, the Snam Shareholders\u2019 Meeting approved the first broad-based share ownership plan (PAD), called \u201cNoi Snam\u201d, aimed at strengthening employee engagement and sense of belonging within the Group by promoting their long-term participation in the company\u2019s share capital. The first broad-based share ownership plan launched by Snam exceeded expectations, with 55% of the workforce choosing to participate and thereby investing in the company\u2019s future. The Plan is open to all employees of Snam and its subsidiaries and provides for three annual grants of ordinary shares relating to the years 2025-2027. In particular, the plan offers the opportunity to purchase Snam shares either with personal financial contributions or by converting part of the Performance-Related Bonus (PdR). Employees taking part in the plan will receive free Matching Shares and, upon their initial subscription to Snam shares, Welcome Shares (granted exclusively to white-collar workers, blue-collar workers, and managers). A 36-month lock-up period applies to the subscribed and allocated shares, after which the employee will be entitled to receive additional free shares (Loyalty Shares), provided they commit to holding all their shares for a further 36 months following the lock-up period. During the lock-up period, participants retain all rights associated with owning Snam shares, including the right to receive dividends. For further information, please refer to the \u201c2023\u20132025 Long-term Performance Share Plan Information Document\u201d prepared pursuant to Article 84-bis of the Issuers\u2019 Regulation, available on Snam\u2019s website. Consistent with the substantial nature of remuneration, in accordance with International Accounting Standards, the plan\u2019s costs are determined by reference to the fair value of the instruments granted and the forecast of the number of shares to be granted at the end of the vesting period; the cost is recognised in proportion to the time over the vesting period.
The costs relating to the 2025 financial year were recognised as part of personnel expenses, on a pro rata temporis basis
over the vesting period or immediately, in the case of equity instruments that vest entirely on the grant date, with a
corresponding entry to equity reserves, and amount in total to 1 million euro.
INCENTIVE PLANS OF TERNA
The Regulations of the new Performance Share Plan 2025-2029 were approved by the Board of Directors on 24 June
2025, implementing the terms set by the Ordinary Shareholders\u2019 Meeting held on 21 May 2025.
This plan involves granting the right to allocate a certain number of Terna S.p.A. shares (performance share) free of charge
at the end of the performance period, provided that the performance targets linked to the plan are met.
In line with Terna\u2019s commitment to sustainability and socio-environmental responsibility, the share buyback programme
supporting the 2025-2029 Performance Share Plan was completed in September with a total investment of roughly 9 million
euro and the purchase of 1,060,499 treasury shares (representing around 0.053% of the share capital). The Program
incorporates a framework that ties the company\u2019s progress to achieving ESG goals.
As at 31 December 2025, Terna S.p.A. held a total of 4,294,627 treasury shares (equal to 0.214% of the share capital).
The total number of shares held by the Company results from the aggregate of purchases made under six separate share
buy-back programmes, respectively serving the following purposes:
(i) 2020-2023 Performance Share Plan, in the period from 29 June 2020 to 6 August 2020;
(ii) 2021-2025 Performance Share Plan, in the period from 31 May 2021 to 23 June 2021;
(iii) 2022-2026 Performance Share Plan, in the period from 27 May 2022 to 9 June 2022;
(iv) 2023-2027 Performance Share Plan, in the period from 22 June 2023 to 6 July 2023;
(v) 2024-2028 Performance Share Plan, in the period from 4 September 2024 to 20 September 2024;
(vi) 2025-2029 Performance Share Plan, in the period from 8 September 2025 to 16 September 2025.
after deducting: (a) 1,079,860 treasury shares granted by the Company between 9 May 2023 and 1 June 2023 to the
beneficiaries of the Performance Share Plan 2020-2023; (b) 1,060,240 treasury shares granted by the Company between
10 May 2024 and 3 June 2024 to the beneficiaries of the 2021-2025 Performance Share Plan; and (c) 917,720 treasury
shares granted by the Company between 21 May 2025 and 3 June 2025 to the beneficiaries of the 2022-2026 Performance
Share Plan.
Terna does not hold any additional treasury shares other than those purchased under the above programmes, including
through subsidiaries.
Terna has neither owned nor bought or sold, directly or indirectly, shares of CDP Reti S.p.A. or Cassa Depositi e Prestiti
S.p.A. during 2025.
LONG-TERM PERFORMANCE SHARE PLANS OF ITALGAS S.P.A.
On 12 February 2025, pursuant to the 2021-2023 Co-investment Plan approved by the Ordinary and Extraordinary
Shareholders' Meeting of 20 April 2021, the Board of Directors resolved to allocate a total of 511,604 new ordinary shares
of the Company to the Plan's beneficiaries (the second cycle of the Plan) and resolved to carry out the second tranche of
the capital increase approved by the aforementioned Meeting, amounting to a nominal 634,388.96 euro, funded from
retained earnings.
On 10 April 2025, the Italgas Shareholders\u2019 Meeting, held in extraordinary session, approved the proposal for a paid rights
issue capital increase, for a maximum total amount of 1.02 billion euro. The share capital increase was finalised with the
issue of 202,938,478 new shares. Furthermore, on the same date, the Shareholders\u2019 Meeting, in extraordinary session,
approved the proposal to increase the share capital free of charge, in one or more tranches, for a maximum nominal
amount of 558,000.00 euro, through the allocation pursuant to Article 2349 of the Italian Civil Code of a corresponding
maximum amount drawn from retained earnings reserves, with the issuance of no more than 450,000 ordinary shares to
be granted to the beneficiaries of the Stock Grant Plan approved by the Ordinary Shareholders\u2019 Meeting of 10 April 2025.
In addition, the Shareholders\u2019 Meeting of Italgas S.p.A., held on 10 April 2025, approved in ordinary session the 2025\u2013
2027 broad-based share ownership plan called the \u201cIGrant Plan 2025\u20132027\u201d, which provides for the allocation of ordinary
shares to employees of the Group through the use of shares deriving from two related share capital increases pursuant to
Article 2349 of the Italian Civil Code. The approval of this plan aims to encourage the direct involvement of Group
employees in the creation of value over the medium to long term. The initiative proved highly successful, with more than
60% of eligible employees participating. Starting from September 2025, Italgas proceeded with the implementation of the
planned transactions, resulting in the issuance of new ordinary shares in October and December through share capital
increases carried out both free of charge and for consideration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1014": { "value": "
PART L - CONSOLIDATED INFORMATION ON OPERATING SEGMENTS
OPERATING SEGMENTS
This section of the Notes to the financial statements has been prepared in compliance with IFRS 8 \u2013 \u201cOperating Segments\u201d.
Consolidated operating segment disclosures are presented by showing separately the contribution given by four sectors
to the consolidated Group\u2019s results:
\u2022 Support for the economy: represented by the Parent Company\u2019s financial data;
\u2022 Companies subject to management and coordination, which include:
o International expansion: represented by the financial data of the subsidiary Simest;
o Other sectors: represented by the financial data of companies subject, directly or indirectly, to management and
coordination, excluding those included in the previous segment and excluding their equity investments, which are
instead included in the segment Companies not subject to management and coordination. This segment therefore
includes CDP Reti, Fintecna, CDP Equity, CDP Real Asset SGR and the managed controlled funds
215
, CDP
Immobiliare in liquidazione and its subsidiaries;
\u2022 Companies not subject to management and coordination: represented by the financial data of companies fully
consolidated (Snam, Terna, Italgas, Fincantieri, Ansaldo Energia, Fondo Italiano di Investimento Sgr, the FoF Private
Debt Fund, FoF Private Equity Italia and FoF Private Debt Italia, Trevi Finanziaria Industriale, Valvitalia and CDP
Venture Capital SGR) and by financial data arising from consolidation using the equity method for companies subject
to significant influence or joint control by the CDP Group.
The reported financial data were prepared considering the contribution of the four sectors already net of the effects of
consolidation entries, but without the elimination of dividends, which has instead been performed in the column aggregating
the three sectors \u201cSupport for the economy\u201d, \u201cInternational expansion\u201d and \u201cOther sectors\u201d.
Thus, the contribution of the three segments taken together, for which profit before tax amounts to 2.3 billion euro, is
represented by the Parent Company and the companies subject to management and coordination.
This aggregate figure is impacted significantly by the weight of the financial data of the \u201cSupport for the economy\u201d segment
in terms of Net interest income.
Companies not subject to management and coordination report a profit before tax of 5.1 billion euro. Within the
intermediation margin, a reduction is observed in net interest income and, above all, a lower contribution arising from the
valuation of equity investments accounted for using the equity method. This item mainly includes the positive results of
ENI (0.8 billion euro), Poste Italiane (0.8 billion euro) and Holding Reti Autostradali (0.1 billion euro), while negative
contributions were recorded by Nexi (0.6 billion euro) and Open Fiber Holdings (0.2 billion euro).
Profit before tax benefited from a significant contribution from the core revenues of industrial companies recognised under
Other net operating income, amounting to 22.5 billion euro, of which more than 91% is attributable to Snam, Terna, Italgas
and Fincantieri. Based on the country of residence of customers, these companies generate 61% of their revenues in Italy,
equal to approximately 12.4 billion euro, while the remaining portion derives from foreign customers, including 7.2 billion
euro generated by Fincantieri. Revenues generated from transactions with customers representing more than 10% of total
revenues amount to 5.1 billion euro.
Administrative expenses for the segment amount to 14 billion euro, while depreciation and amortisation for the period,
relating to technical investments as well as the effects of purchase price allocation on such assets, total 3.5 billion euro.
Balance sheet figures too show the significant weight of the \u201cSupport for the economy\u201d segment, in particular under
property, plant and equipment and in funding for \u201cCompanies not subject to management and coordination\u201d.
The income statement data and the main reclassified balance sheet figures for 2025 and for the comparative financial year
presented below relate to the Group as a whole. The item \u201cProperty, plant and equipment/technical investments\u201d
corresponds to item 90 \u201cProperty, plant and equipment\u201d of the consolidated financial statements, while the item \u201cOther
assets (including inventories)\u201d corresponds to item 130 \u201cOther assets\u201d of the consolidated financial statements. For the
reconciliation of the other items with those of the consolidated financial statements, see Annex 2.1 \u201cReconciliation between
the reclassified income statement and balance sheet and the financial statements \u2013 CDP Group\u201d.
215
Reclassified consolidated balance sheet \u2013 2025
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total
coordination
Total
252,665,522
466,544
822,003
253,954,069
6,622,451
260,576,520
Loans and cash and cash equivalents
-
45
27,922
27,967
27,151,828
27,179,795
Equity investments
Debt and equity securities and units in collective
100,378,346
5,175
2,171,234
102,554,755
1,649,467
104,204,222
investment undertakings
Property, plant and equipment/technical
330,108
851
1,811,074
2,142,033
50,619,359
52,761,392
investments
360,437
33,350
115,705
509,492
20,186,150
20,695,642
Other assets (including Inventories)
354,041,601
140,036
1,915,536
356,097,173
48,529,465
404,626,638
Funding
23,954,441
-
877,029
24,831,470
30,236,073
55,067,543
- of which bonds
Reclassified consolidated balance sheet \u2013 2024
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total
coordination
Total
264,977,742
474,830
665,080
266,117,652
7,674,354
273,792,006
Loans and cash and cash equivalents
-
-
22,145
22,145
27,782,256
27,804,401
Equity investments
Debt and equity securities and units in collective
89,447,661
5,187
1,786,336
91,239,184
613,235
91,852,419
investment undertakings
Property, plant and equipment/technical
336,266
9,712
1,714,671
2,060,649
46,272,099
48,332,748
investments
356,281
30,289
112,135
498,705
19,521,830
20,020,535
Other assets (including Inventories)
354,884,524
173,861
1,906,005
356,964,390
41,482,550
398,446,940
Funding
19,728,545
-
875,541
20,604,086
25,068,054
45,672,140
- of which bonds
Reclassified consolidated income statement \u2013 2025
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total(*)
coordination
Total
2,635,824
20,133
(51,881)
2,604,076
(794,136)
1,809,940
Net interest income
2,120,170
1,083,697
154,718
15,682
170,400
Dividends
(6,955)
(6,955)
1,408,262
1,401,307
Gains (losses) on equity investments
168,333
65,450
10,502
244,285
17,888
262,173
Net commission income (expense)
(188,268)
(602)
(11,123)
(199,993)
(347,198)
(547,191)
Other net revenues (costs)
Gross income
4,736,059
84,981
1,024,240
2,796,131
300,498
3,096,629
(12,063)
(10,302)
(11)
(22,376)
(40,484)
(62,860)
Net recoveries (impairment)
(348,482)
(56,359)
(117,299)
(522,140)
(13,951,355)
(14,473,495)
Administrative expenses
27,383
117
60,552
88,052
22,495,999
22,584,051
Other net operating income (costs)
Operating income
4,402,897
18,437
967,482
2,339,667
8,804,658
11,144,325
13,617
6,985
20,602
(222,627)
(202,025)
Net Provisions for risks and charges
Net adjustment to property, plant and
equipment and intangible assets
(45,244)
(5,674)
(3,106)
(54,024)
(3,497,706)
(3,551,730)
Goodwill impairment
Other
28,776
8,770
37,546
14,041
51,587
Income (loss) for the year before tax
4,400,046
12,763
980,131
2,343,791
5,098,366
7,442,157
(1,986,655)
Income taxes
Income (loss) for the year
5,455,502
(*) Total of the segments \"Support for the economy\" and \"Companies subject to management and coordination \", net of elimination of dividends
Reclassified consolidated income statement \u2013 2024
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total(*)
coordination
Total
2,930,452
19,002
(26,700)
2,922,754
(698,518)
2,224,236
Net interest income
1,702,382
1,012,673
68,945
5,576
74,521
Dividends
(3,696)
(3,696)
2,064,044
2,060,348
Gains (losses) on equity investments
149,601
57,514
9,991
217,106
(3,787)
213,319
Net commission income (expense)
(204,026)
2,962
(29,965)
(231,029)
(26,742)
(257,771)
Other net revenues (costs)
Gross income
4,578,409
79,478
962,303
2,974,080
1,340,573
4,314,653
(6,424)
(12,039)
(10)
(18,473)
(4,116)
(22,589)
Net recoveries (impairment)
(354,843)
(53,406)
(105,424)
(513,673)
(12,168,413)
(12,682,086)
Administrative expenses
28,186
333
56,999
85,518
19,315,977
19,401,495
Other net operating income (costs)
Operating income
4,245,328
14,366
913,868
2,527,452
8,484,021
11,011,473
(15,257)
1,129
27,338
13,210
(104,465)
(91,255)
Net Provisions for risks and charges
Net adjustment to property, plant and
equipment and intangible assets
(43,820)
(4,473)
(13,680)
(61,973)
(3,081,846)
(3,143,819)
Goodwill impairment
(10,503)
(10,503)
Other
(10)
830
820
47,455
48,275
Income (loss) for the year before tax
4,186,241
11,022
928,356
2,479,509
5,334,662
7,814,171
(1,858,166)
Income taxes
Income (loss) for the year
5,956,005
(*) Total of the segments \"Support for the economy\" and \"Companies subject to management and coordination \", net of elimination of dividends
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1030": { "value": "PART L - CONSOLIDATED INFORMATION ON OPERATING SEGMENTS OPERATING SEGMENTS This section of the Notes to the financial statements has been prepared in compliance with IFRS 8 \u2013 \u201cOperating Segments\u201d. Consolidated operating segment disclosures are presented by showing separately the contribution given by four sectors to the consolidated Group\u2019s results: \u2022 Support for the economy: represented by the Parent Company\u2019s financial data; \u2022 Companies subject to management and coordination, which include: o International expansion: represented by the financial data of the subsidiary Simest; o Other sectors: represented by the financial data of companies subject, directly or indirectly, to management and coordination, excluding those included in the previous segment and excluding their equity investments, which are instead included in the segment Companies not subject to management and coordination. This segment therefore includes CDP Reti, Fintecna, CDP Equity, CDP Real Asset SGR and the managed controlled funds 215 , CDP Immobiliare in liquidazione and its subsidiaries; \u2022 Companies not subject to management and coordination: represented by the financial data of companies fully consolidated (Snam, Terna, Italgas, Fincantieri, Ansaldo Energia, Fondo Italiano di Investimento Sgr, the FoF Private Debt Fund, FoF Private Equity Italia and FoF Private Debt Italia, Trevi Finanziaria Industriale, Valvitalia and CDP Venture Capital SGR) and by financial data arising from consolidation using the equity method for companies subject to significant influence or joint control by the CDP Group. The reported financial data were prepared considering the contribution of the four sectors already net of the effects of consolidation entries, but without the elimination of dividends, which has instead been performed in the column aggregating the three sectors \u201cSupport for the economy\u201d, \u201cInternational expansion\u201d and \u201cOther sectors\u201d. Thus, the contribution of the three segments taken together, for which profit before tax amounts to 2.3 billion euro, is represented by the Parent Company and the companies subject to management and coordination. This aggregate figure is impacted significantly by the weight of the financial data of the \u201cSupport for the economy\u201d segment in terms of Net interest income. Companies not subject to management and coordination report a profit before tax of 5.1 billion euro. Within the intermediation margin, a reduction is observed in net interest income and, above all, a lower contribution arising from the valuation of equity investments accounted for using the equity method. This item mainly includes the positive results of ENI (0.8 billion euro), Poste Italiane (0.8 billion euro) and Holding Reti Autostradali (0.1 billion euro), while negative contributions were recorded by Nexi (0.6 billion euro) and Open Fiber Holdings (0.2 billion euro). Profit before tax benefited from a significant contribution from the core revenues of industrial companies recognised under Other net operating income, amounting to 22.5 billion euro, of which more than 91% is attributable to Snam, Terna, Italgas and Fincantieri. Based on the country of residence of customers, these companies generate 61% of their revenues in Italy, equal to approximately 12.4 billion euro, while the remaining portion derives from foreign customers, including 7.2 billion euro generated by Fincantieri. Revenues generated from transactions with customers representing more than 10% of total revenues amount to 5.1 billion euro. Administrative expenses for the segment amount to 14 billion euro, while depreciation and amortisation for the period, relating to technical investments as well as the effects of purchase price allocation on such assets, total 3.5 billion euro. Balance sheet figures too show the significant weight of the \u201cSupport for the economy\u201d segment, in particular under property, plant and equipment and in funding for \u201cCompanies not subject to management and coordination\u201d. The income statement data and the main reclassified balance sheet figures for 2025 and for the comparative financial year presented below relate to the Group as a whole. The item \u201cProperty, plant and equipment/technical investments\u201d corresponds to item 90 \u201cProperty, plant and equipment\u201d of the consolidated financial statements, while the item \u201cOther assets (including inventories)\u201d corresponds to item 130 \u201cOther assets\u201d of the consolidated financial statements. For the reconciliation of the other items with those of the consolidated financial statements, see Annex 2.1 \u201cReconciliation between the reclassified income statement and balance sheet and the financial statements \u2013 CDP Group\u201d. 215 Reclassified consolidated balance sheet \u2013 2025
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total
coordination
Total
252,665,522
466,544
822,003
253,954,069
6,622,451
260,576,520
Loans and cash and cash equivalents
-
45
27,922
27,967
27,151,828
27,179,795
Equity investments
Debt and equity securities and units in collective
100,378,346
5,175
2,171,234
102,554,755
1,649,467
104,204,222
investment undertakings
Property, plant and equipment/technical
330,108
851
1,811,074
2,142,033
50,619,359
52,761,392
investments
360,437
33,350
115,705
509,492
20,186,150
20,695,642
Other assets (including Inventories)
354,041,601
140,036
1,915,536
356,097,173
48,529,465
404,626,638
Funding
23,954,441
-
877,029
24,831,470
30,236,073
55,067,543
- of which bonds
Reclassified consolidated balance sheet \u2013 2024
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total
coordination
Total
264,977,742
474,830
665,080
266,117,652
7,674,354
273,792,006
Loans and cash and cash equivalents
-
-
22,145
22,145
27,782,256
27,804,401
Equity investments
Debt and equity securities and units in collective
89,447,661
5,187
1,786,336
91,239,184
613,235
91,852,419
investment undertakings
Property, plant and equipment/technical
336,266
9,712
1,714,671
2,060,649
46,272,099
48,332,748
investments
356,281
30,289
112,135
498,705
19,521,830
20,020,535
Other assets (including Inventories)
354,884,524
173,861
1,906,005
356,964,390
41,482,550
398,446,940
Funding
19,728,545
-
875,541
20,604,086
25,068,054
45,672,140
- of which bonds
Reclassified consolidated income statement \u2013 2025
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total(*)
coordination
Total
2,635,824
20,133
(51,881)
2,604,076
(794,136)
1,809,940
Net interest income
2,120,170
1,083,697
154,718
15,682
170,400
Dividends
(6,955)
(6,955)
1,408,262
1,401,307
Gains (losses) on equity investments
168,333
65,450
10,502
244,285
17,888
262,173
Net commission income (expense)
(188,268)
(602)
(11,123)
(199,993)
(347,198)
(547,191)
Other net revenues (costs)
Gross income
4,736,059
84,981
1,024,240
2,796,131
300,498
3,096,629
(12,063)
(10,302)
(11)
(22,376)
(40,484)
(62,860)
Net recoveries (impairment)
(348,482)
(56,359)
(117,299)
(522,140)
(13,951,355)
(14,473,495)
Administrative expenses
27,383
117
60,552
88,052
22,495,999
22,584,051
Other net operating income (costs)
Operating income
4,402,897
18,437
967,482
2,339,667
8,804,658
11,144,325
13,617
6,985
20,602
(222,627)
(202,025)
Net Provisions for risks and charges
Net adjustment to property, plant and
equipment and intangible assets
(45,244)
(5,674)
(3,106)
(54,024)
(3,497,706)
(3,551,730)
Goodwill impairment
Other
28,776
8,770
37,546
14,041
51,587
Income (loss) for the year before tax
4,400,046
12,763
980,131
2,343,791
5,098,366
7,442,157
(1,986,655)
Income taxes
Income (loss) for the year
5,455,502
(*) Total of the segments \"Support for the economy\" and \"Companies subject to management and coordination \", net of elimination of dividends Reclassified consolidated income statement \u2013 2024
Companies subject to
Companies not
management and coordination
subject to
Support for the
International
Other
management
economy
expansion
segments
and
(thousands of euro)
Total(*)
coordination
Total
2,930,452
19,002
(26,700)
2,922,754
(698,518)
2,224,236
Net interest income
1,702,382
1,012,673
68,945
5,576
74,521
Dividends
(3,696)
(3,696)
2,064,044
2,060,348
Gains (losses) on equity investments
149,601
57,514
9,991
217,106
(3,787)
213,319
Net commission income (expense)
(204,026)
2,962
(29,965)
(231,029)
(26,742)
(257,771)
Other net revenues (costs)
Gross income
4,578,409
79,478
962,303
2,974,080
1,340,573
4,314,653
(6,424)
(12,039)
(10)
(18,473)
(4,116)
(22,589)
Net recoveries (impairment)
(354,843)
(53,406)
(105,424)
(513,673)
(12,168,413)
(12,682,086)
Administrative expenses
28,186
333
56,999
85,518
19,315,977
19,401,495
Other net operating income (costs)
Operating income
4,245,328
14,366
913,868
2,527,452
8,484,021
11,011,473
(15,257)
1,129
27,338
13,210
(104,465)
(91,255)
Net Provisions for risks and charges
Net adjustment to property, plant and
equipment and intangible assets
(43,820)
(4,473)
(13,680)
(61,973)
(3,081,846)
(3,143,819)
Goodwill impairment
(10,503)
(10,503)
Other
(10)
830
820
47,455
48,275
Income (loss) for the year before tax
4,186,241
11,022
928,356
2,479,509
5,334,662
7,814,171
(1,858,166)
Income taxes
Income (loss) for the year
5,956,005
(*) Total of the segments \"Support for the economy\" and \"Companies subject to management and coordination \", net of elimination of dividends ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1031": { "value": "
1.2 Disclosure pursuant to Law 124 of 4 August 2017, Article 1, paragraphs 125-129
This section is dedicated to the fulfilment of the disclosure obligations introduced, starting from 2018, by Law no. 124 of 4
August 2017, whose rules have been reformulated by Article 35 of Decree-Law no. 34 of 30 April 2019, relating to the
disclosure obligations connected to public funds, and amended for updates last introduced with Law 160 of 2023.
The reformulation of the original regulatory provisions clarified some significant interpretation issues raised by the previous
formulation, confirming the interpretation guidance shared during the first application of the disclosure obligations, and
contained in Assonime circular no. 5 of 22 February 2019 regarding \u201cTransparency in the system of public funding: analysis
of the rules and interpretation guidance\u201d.
According to the contents of Article 35 of Decree no. 34/2019:
\u2022 companies publish in the notes to the separate financial statements and to the consolidated financial statements, if any,
the amounts and information relating to subsidies, subventions, benefits, contributions or aid, paid in cash or in kind,
not of a general nature and with no consideration, remuneration or compensation, effectively granted to them by
government agencies and from companies controlled, directly or indirectly, on a legal or de facto basis, by government
agencies, including listed companies and their subsidiaries;
\u2022 the publication obligations established for government agencies by Article 26 of Legislative Decree no. 33 of 2013 apply
also to entities and companies controlled, directly or indirectly, on a legal or de facto basis by government agencies,
with the publication in the notes to their annual accounting reports.
According to the amendments introduced by Law no. 160 of 27 October 2023, paragraph 125-quinquies of Law no.
124/2017, as modified by the aforementioned law, currently stipulates that \u201cin the case of State aid and de minimis aid
listed in the National Register of State Aid referred to in Article 52 of Law no. 234 of 24 December 2012, the registration of
aid in the said system, along with its subsequent publication in the transparency section provided therein, carried out by
the entities granting or managing such aid in accordance with the relevant regulations, shall fulfil the publication obligations
imposed on beneficiary companies as outlined in Article 1, paragraphs 125 and 125 bis.\u201d
Consequently, the requirement to disclose in the footnotes to the financial statements the details of any State aid and de
minimis aid received by the entities specified in paragraph 125-quinquies of Article 1 of Law No. 124 of 4 August 2017, is
no longer applicable.
The disclosure obligations established by Law no. 124 of 2017, in continuity with what was represented during the first
application, are thus limited to transactions that provide the beneficiary a direct or indirect economic benefit through the
provision of incentives or concessions that have the effect of providing relief, savings or the acquisition of resources, and
that are in the nature of gifts or donations.
The disbursements, unless otherwise specified, are recognised on a cash basis. With reference to any disbursements not
in cash, the cash criterion is understood in a substantial sense, allocating the economic benefit to the financial year in
which it is received.
In accordance with the guidance provided by the Assonime circular no. 5/2019, the information provided in application of
Law 124/2017 is provided in table form, indicating:
\u2022 the identification details of the granting entity and the beneficiary;
\u2022 the amount of the economic benefit awarded or received;
\u2022 a brief description of the type of benefit (reason for payment).
The tables below show the public funding received and disbursed in 2025 by the subsidiaries of the CDP Group,
consolidated on a line-by-line basis, that fall within the subjective scope of application of the law in question, as presented
in the respective separate or sub-Consolidated Financial Statements.
Public funding received pursuant to Article 1, paragraph 125, of Law No. 124/2017
(thousands of euro)
Beneficiary
Grantor
Motive
Amount
Department for Cohesion Policies of the
Project implemented in partnership with third-sector
Prime Minister\u2019s Office (previously
organizations and schools, aimed at combating
SNAM S.p.A.
responsible for guidance programs at
educational poverty through the establishment of
24
three schools in southern Milan through
educational centers, STEM training workshops, and
the Agency for Territorial Cohesion)
related services
Department for Cohesion Policies of the
Prime Minister\u2019s Office (previously
Structured socio-educational initiatives to combat
SNAM S.p.A.
responsible for guidance programs at
educational poverty in Southern Italy, in support of the
11
three schools in southern Milan through
third sector in local schools in the municipality of Bari
the Agency for Territorial Cohesion)
Methane detector System: Installation of an IoT (Internet
of Things) sensor in the booster and compression
SNAM RETE GAS S.p.A.
ARERA
stations to detect and quantify natural gas leaks. The
327
amount received in 2025 corresponds to the second
progress payment made during construction.
As part of the supplementary chapter to the PNRR
(REPowerEU), the project involves the construction of a
compressor station in Sulmona and a gas pipeline
SNAM RETE GAS S.p.A.
Ministry of the Environment and Energy
connecting the hubs at Sestine (AR) and Minerbio (BO)
121,138
Security
along the Adriatic coast. The funds received in 2025 for
the construction of the Sestino-Minerbio gas pipeline
were disbursed following the submission of the first
reimbursement request.
Fincantieri S.p.A.
Ministry of Universities and Research
Project TRIM
11
Fincantieri S.p.A.
Ministry of Universities and Research
Project RIMA
241
Fincantieri S.p.A.
Ministry of Universities and Research
Project ARES
80
and Ministry of Economy and Finance
Fincantieri S.p.A.
NAVARM
Project EDF - MMPC EU contribution
2,112
Fincantieri S.p.A.
Invitalia SpA
Development Contract (CDS000944)
1,247
Fincantieri S.p.A.
SIMEST SPA
Market Entry/Brazil
50
Fincantieri S.p.A.
Ministry of Enterprise and Made in Italy
Project TEC-BIA
194
Fincantieri S.p.A.
Liguria Region
Project DEEP SEE PROBE
20
Fincantieri S.p.A.
Ministry of Defense
Project MURENA
31
Fincantieri S.p.A.
Ministry of Defense
Project TARAS
45
Fincantieri S.p.A.
Ministry of Defense
Project OPTIMUS
48
Fincantieri S.p.A.
Ministry of Defense
EPC
216
Fincantieri S.p.A.
Ministry of Universities and Research
Project TESEO
26
Fincantieri S.p.A.
Ministry of Universities and Research
Project MOST
174
Fincantieri S.p.A.
Ministry of Enterprise and Made in Italy
Project GreenCruise
195
Fincantieri S.p.A.
Sicilia Region
Project SI-MARE
274
Fincantieri S.p.A.
Ministry of Universities and Research
Project THALASSA
287
Fincantieri S.p.A.
Ministry of Defense
EPC
298
Fincantieri S.p.A.
Ministry of Infrastructure and
Project MY
471
Transportation
Fincantieri S.p.A.
Ministry of Universities and Research
Project CLUSTER
481
Fincantieri S.p.A.
Ministry of Universities and Research
Project TRIM
507
Fincantieri S.p.A.
Ministry of Infrastructure and
Project Polar
596
Transportation
Fincantieri S.p.A.
Ministry of Infrastructure and
Project XL
706
Transportation
Fincantieri S.p.A.
Ministry of Infrastructure and
Project Virgin
740
Transportation
Fincantieri S.p.A.
Ministry of Infrastructure and
Project Agor\u00e0
745
Transportation
Fincantieri S.p.A.
Ministry of Infrastructure and
Project LT
748
Transportation
Fincantieri S.p.A.
Ministry of Defense
Project MINERVA
80
Fincantieri S.p.A.
Ministry of Enterprise and Made in Italy
Project IPCEI CLOUD
9,254
Fincantieri S.p.A.
Ministry of Defense
Project SIMILARS
77
Fincantieri S.p.A.
Ministry of Enterprise and Made in Italy
Project IPCEI IDROGENO
3,248
Fincantieri S.p.A.
Puglia Region
Project Ifuture 1
6,637
Fincantieri S.p.A.
50% Ministry of Defence 50% Ministry
Project EPC Corvette
463
of Economy and Finance
Fincantieri S.p.A.
Fondazione Fondirigenti
Formazione Fondirigenti
334
Fincantieri S.p.A.
Ministry of Enterprise and Made in Italy
Project IPCEI
311
Fincantieri S.p.A.
Fondimpresa
2022
Technical and Management Skills Course
273
Schedule
Fincantieri S.p.A.
Fondimpresa
Maestri del Mare
235
Fincantieri S.p.A.
Fondimpresa
Maestri del Mare 2
210
Fincantieri S.p.A.
Ministry of Defense
Project MINERVA
84
Fincantieri S.p.A.
FILSE
Project DEEP SEE PROBE
71
Fincantieri S.p.A.
Fondimpresa
Piano Formativo Remazel
16
Fincantieri S.p.A.
Ministry of Education, Universities, and
Project Teorema
11
Research
Italgas Reti S.p.A.
Municipality of Procida
Grants related to plants - see note (1)
2,339
Italgas Reti S.p.A.
ARERA
P2G Sestu
157
Italgas Reti S.p.A.
Ministry of Education, Universities, and
Project NIMBUS
2,996
Research
Development of Italy\u2019s first hydrogen (H2) demonstration
Snam 4 Mobility S.p.A.
National Center for Sustainable Mobility
platform, where engine and vehicle technologies operate
101
in close collaboration with the energy sector
Development of Italy\u2019s first hydrogen (H2) demonstration
Cubogas S.r.l.
National Center for Sustainable Mobility
platform, where engine and vehicle technologies operate
480
in close collaboration with the energy sector
Medea S.p.A.
BACINO 26
Grants related to plants - see note (1)
4
Medea S.p.A.
Municipality of Porto Torres
Grants related to plants - see note (1)
1,453
Medea S.p.A.
Municipality of Orune
Grants related to plants - see note (1)
1,136
Societ\u00e0 Agricola Carignano Biogas
GSE
Conversion of biogas plants
1,935
S.r.l.
Emiliana Agroenergia Societ\u00e0
GSE
Conversion of biogas plants
1,905
Agricola S.r.l.
Cilento Reti Gas S.r.l.
Municipality of Tortorella
Grants related to plants - see note (1)
10
Cilento Reti Gas S.r.l.
Municipality of San Giovanni a Piro
Grants related to plants - see note (1)
860
Cilento Reti Gas S.r.l.
Municipality of Roccagloriosa
Grants related to plants - see note (1)
121
Cilento Reti Gas S.r.l.
Municipality of Morigerati
Grants related to plants - see note (1)
12
Cilento Reti Gas S.r.l.
Municipality of Casaletto Spartani
Grants related to plants - see note (1)
279
Cilento Reti Gas S.r.l.
Municipality of Caselle in Pittari
Grants related to plants - see note (1)
42
Cilento Reti Gas S.r.l.
Municipality of Camerota
Grants related to plants - see note (1)
351
Altenia S.r.l.
Fondimpresa
Donation
20
Tamini Trasformatori Srl
Fondimpresa
Donation
36
Terna S.p.A.
Ministry of Enterprise and Made in Italy
Non-repayable public fund
3,416
Terna S.p.A.
Ministry of Enterprise and Made in Italy
Non-repayable public fund
5,811
Terna S.p.A.
Sicilia Region
Non-repayable public fund
192
(1) Grants related to plants - Regional Law of 3 April
1995,
no. 25 and Regional Law of 27 December 2001, no. 84
Public funding received pursuant to Article 1, paragraph 126, of Law No. 124/2017
(thousands of euro)
Beneficiary
Grantor
Motive
Amount
CDP S.p.A.
Fondazione CDP
Charitable donations for project grants
14,173
CDP S.p.A.
Municipality of Accumoli
Central Italy earthquake - see note (1)
97
CDP S.p.A.
Municipality of Acquasanta Terme
Central Italy earthquake - see note (1)
167
CDP S.p.A.
Municipality of Amandola
Central Italy earthquake - see note (1)
123
CDP S.p.A.
Municipality of Amatrice
Central Italy earthquake - see note (1)
45
CDP S.p.A.
Municipality of Antrodoco
Central Italy earthquake - see note (1)
90
CDP S.p.A.
Municipality of Apiro
Central Italy earthquake - see note (1)
177
CDP S.p.A.
Municipality of Appignano Del Tronto
Central Italy earthquake - see note (1)
58
CDP S.p.A.
Municipality of Arquata Del Tronto
Central Italy earthquake - see note (1)
57
CDP S.p.A.
Municipality of Arrone
Central Italy earthquake - see note (1)
190
CDP S.p.A.
Municipality of Ascoli Piceno
Central Italy earthquake - see note (1)
1,092
CDP S.p.A.
Municipality of Barete
Central Italy earthquake - see note (1)
61
CDP S.p.A.
Municipality of Belforte Del Chienti
Central Italy earthquake - see note (1)
39
CDP S.p.A.
Municipality of Belmonte Piceno
Central Italy earthquake - see note (1)
39
CDP S.p.A.
Municipality of Bolognola
Central Italy earthquake - see note (1)
23
CDP S.p.A.
Municipality of Borbona
Central Italy earthquake - see note (1)
42
CDP S.p.A.
Municipality of Caldarola
Central Italy earthquake - see note (1)
52
CDP S.p.A.
Municipality of Camerino
Central Italy earthquake - see note (1)
608
CDP S.p.A.
Municipality of Campli
Central Italy earthquake - see note (1)
226
CDP S.p.A.
Municipality of Camporotondo di Fiastrone
Central Italy earthquake - see note (1)
19
CDP S.p.A.
Municipality of Campotosto
Central Italy earthquake - see note (1)
31
CDP S.p.A.
Municipality of Cantalice
Central Italy earthquake - see note (1)
132
CDP S.p.A.
Municipality of Cascia
Central Italy earthquake - see note (1)
84
CDP S.p.A.
Municipality of Castel Castagna
Central Italy earthquake - see note (1)
27
CDP S.p.A.
Municipality of Castel di Lama
Central Italy earthquake - see note (1)
336
CDP S.p.A.
Municipality of Castel Sant'angelo
Central Italy earthquake - see note (1)
20
CDP S.p.A.
Municipality of Castelli
Central Italy earthquake - see note (1)
125
CDP S.p.A.
Municipality of Castelraimondo
Central Italy earthquake - see note (1)
593
CDP S.p.A.
Municipality of Castelsantangelo Sul Nera
Central Italy earthquake - see note (1)
114
CDP S.p.A.
Municipality of Castignano
Central Italy earthquake - see note (1)
13
CDP S.p.A.
Municipality of Castorano
Central Italy earthquake - see note (1)
68
CDP S.p.A.
Municipality of Cerreto D'esi
Central Italy earthquake - see note (1)
523
CDP S.p.A.
Municipality of Cerreto di Spoleto
Central Italy earthquake - see note (1)
61
CDP S.p.A.
Municipality of Cessapalombo
Central Italy earthquake - see note (1)
43
CDP S.p.A.
Municipality of Cingoli
Central Italy earthquake - see note (1)
943
CDP S.p.A.
Municipality of Cittaducale
Central Italy earthquake - see note (1)
556
CDP S.p.A.
Municipality of Cittareale
Central Italy earthquake - see note (1)
27
CDP S.p.A.
Municipality of Civitella Del Tronto
Central Italy earthquake - see note (1)
272
CDP S.p.A.
Municipality of Colledara
Central Italy earthquake - see note (1)
151
CDP S.p.A.
Municipality of Colli Del Tronto
Central Italy earthquake - see note (1)
124
CDP S.p.A.
Municipality of Colmurano
Central Italy earthquake - see note (1)
94
CDP S.p.A.
Municipality of Comunanza
Central Italy earthquake - see note (1)
256
CDP S.p.A.
Municipality of Corridonia
Central Italy earthquake - see note (1)
377
CDP S.p.A.
Municipality of Cortino
Central Italy earthquake - see note (1)
125
CDP S.p.A.
Municipality of Cossignano
Central Italy earthquake - see note (1)
25
CDP S.p.A.
Municipality of Crognaleto
Central Italy earthquake - see note (1)
115
CDP S.p.A.
Municipality of Esanatoglia
Central Italy earthquake - see note (1)
282
CDP S.p.A.
Municipality of Fabriano
Central Italy earthquake - see note (1)
1,685
CDP S.p.A.
Municipality of Falerone
Central Italy earthquake - see note (1)
142
CDP S.p.A.
Municipality of Fano Adriano
Central Italy earthquake - see note (1)
39
CDP S.p.A.
Municipality of Farindola
Central Italy earthquake - see note (1)
47
CDP S.p.A.
Municipality of Ferentillo
Central Italy earthquake - see note (1)
137
CDP S.p.A.
Municipality of Fiastra
Central Italy earthquake - see note (1)
77
CDP S.p.A.
Municipality of Fiuminata
Central Italy earthquake - see note (1)
158
CDP S.p.A.
Municipality of Folignano
Central Italy earthquake - see note (1)
486
CDP S.p.A.
Municipality of Force
Central Italy earthquake - see note (1)
88
CDP S.p.A.
Municipality of Gagliole
Central Italy earthquake - see note (1)
70
CDP S.p.A.
Municipality of Gualdo
Central Italy earthquake - see note (1)
89
CDP S.p.A.
Municipality of Leonessa
Central Italy earthquake - see note (1)
80
CDP S.p.A.
Municipality of Loro Piceno
Central Italy earthquake - see note (1)
194
CDP S.p.A.
Municipality of Macerata
Central Italy earthquake - see note (1)
2,078
CDP S.p.A.
Municipality of Massa Fermana
Central Italy earthquake - see note (1)
71
CDP S.p.A.
Municipality of Matelica
Central Italy earthquake - see note (1)
735
CDP S.p.A.
Municipality of Micigliano
Central Italy earthquake - see note (1)
26
CDP S.p.A.
Municipality of Mogliano
Central Italy earthquake - see note (1)
264
CDP S.p.A.
Municipality of Monsampietro Morico
Central Italy earthquake - see note (1)
52
CDP S.p.A.
Municipality of Montalto Delle Marche
Central Italy earthquake - see note (1)
148
CDP S.p.A.
Municipality of Montappone
Central Italy earthquake - see note (1)
156
CDP S.p.A.
Municipality of Monte Cavallo
Central Italy earthquake - see note (1)
41
CDP S.p.A.
Municipality of Monte Rinaldo
Central Italy earthquake - see note (1)
25
CDP S.p.A.
Municipality of Monte San Martino
Central Italy earthquake - see note (1)
56
CDP S.p.A.
Municipality of Monte Vidon Corrado
Central Italy earthquake - see note (1)
43
CDP S.p.A.
Municipality of Montefalcone Appennino
Central Italy earthquake - see note (1)
25
CDP S.p.A.
Municipality of Montefortino
Central Italy earthquake - see note (1)
17
CDP S.p.A.
Municipality of Montefranco
Central Italy earthquake - see note (1)
27
CDP S.p.A.
Municipality of Montegallo
Central Italy earthquake - see note (1)
61
CDP S.p.A.
Municipality of Montegiorgio
Central Italy earthquake - see note (1)
269
CDP S.p.A.
Municipality of Monteleone di Fermo
Central Italy earthquake - see note (1)
29
CDP S.p.A.
Municipality of Monteleone di Spoleto
Central Italy earthquake - see note (1)
13
CDP S.p.A.
Municipality of Montorio al Vomano
Central Italy earthquake - see note (1)
290
CDP S.p.A.
Municipality of Muccia
Central Italy earthquake - see note (1)
39
CDP S.p.A.
Municipality of Norcia
Central Italy earthquake - see note (1)
312
CDP S.p.A.
Municipality of Offida
Central Italy earthquake - see note (1)
191
CDP S.p.A.
Municipality of Ortezzano
Central Italy earthquake - see note (1)
34
CDP S.p.A.
Municipality of Palmiano
Central Italy earthquake - see note (1)
2
CDP S.p.A.
Municipality of Penna San Giovanni
Central Italy earthquake - see note (1)
151
CDP S.p.A.
Municipality of Petriolo
Central Italy earthquake - see note (1)
87
CDP S.p.A.
Municipality of Pietracamela
Central Italy earthquake - see note (1)
57
CDP S.p.A.
Municipality of Pieve Torina
Central Italy earthquake - see note (1)
281
CDP S.p.A.
Municipality of Pioraco
Central Italy earthquake - see note (1)
104
CDP S.p.A.
Municipality of Pizzoli
Central Italy earthquake - see note (1)
154
CDP S.p.A.
Municipality of Poggio Bustone
Central Italy earthquake - see note (1)
34
CDP S.p.A.
Municipality of Poggiodomo
Central Italy earthquake - see note (1)
29
CDP S.p.A.
Municipality of Polino
Central Italy earthquake - see note (1)
52
CDP S.p.A.
Municipality of Pollenza
Central Italy earthquake - see note (1)
232
CDP S.p.A.
Municipality of Posta
Central Italy earthquake - see note (1)
7
CDP S.p.A.
Municipality of Preci
Central Italy earthquake - see note (1)
18
CDP S.p.A.
Municipality of Rieti
Central Italy earthquake - see note (1)
1.970
CDP S.p.A.
Municipality of Ripe San Ginesio
Central Italy earthquake - see note (1)
36
CDP S.p.A.
Municipality of Rivodutri
Central Italy earthquake - see note (1)
42
CDP S.p.A.
Municipality of Rocca Santa Maria
Central Italy earthquake - see note (1)
87
CDP S.p.A.
Municipality of Roccafluvione
Central Italy earthquake - see note (1)
55
CDP S.p.A.
Municipality of San Ginesio
Central Italy earthquake - see note (1)
281
CDP S.p.A.
Municipality of San Severino Marche
Central Italy earthquake - see note (1)
429
CDP S.p.A.
Municipality of Santa Vittoria In Matenano
Central Italy earthquake - see note (1)
26
CDP S.p.A.
Municipality of Sant'anatolia di Narco
Central Italy earthquake - see note (1)
35
CDP S.p.A.
Municipality of Sant'angelo In Pontano
Central Italy earthquake - see note (1)
109
CDP S.p.A.
Municipality of Sarnano
Central Italy earthquake - see note (1)
400
CDP S.p.A.
Municipality of Scheggino
Central Italy earthquake - see note (1)
42
CDP S.p.A.
Municipality of Sefro
Central Italy earthquake - see note (1)
61
CDP S.p.A.
Municipality of Serravalle di Chienti
Central Italy earthquake - see note (1)
97
CDP S.p.A.
Municipality of Servigliano
Central Italy earthquake - see note (1)
71
CDP S.p.A.
Municipality of Smerillo
Central Italy earthquake - see note (1)
20
CDP S.p.A.
Municipality of Spoleto
Central Italy earthquake - see note (1)
1,328
CDP S.p.A.
Municipality of Teramo
Central Italy earthquake - see note (1)
1,685
CDP S.p.A.
Municipality of Tolentino
Central Italy earthquake - see note (1)
1,551
CDP S.p.A.
Municipality of Torricella Sicura
Central Italy earthquake - see note (1)
49
CDP S.p.A.
Municipality of Tossicia
Central Italy earthquake - see note (1)
49
CDP S.p.A.
Municipality of Treia
Central Italy earthquake - see note (1)
317
CDP S.p.A.
Municipality of Urbisaglia
Central Italy earthquake - see note (1)
244
CDP S.p.A.
Municipality of Ussita
Central Italy earthquake - see note (1)
745
CDP S.p.A.
Municipality of Valfornace
Central Italy earthquake - see note (1)
189
CDP S.p.A.
Municipality of Valle Castellana
Central Italy earthquake - see note (1)
92
CDP S.p.A.
Municipality of Venarotta
Central Italy earthquake - see note (1)
96
CDP S.p.A.
Municipality of Visso
Central Italy earthquake - see note (1)
177
CDP S.p.A.
Province of Ancona
Central Italy earthquake - see note (1)
821
CDP S.p.A.
Province of Ascoli Piceno
Central Italy earthquake - see note (1)
1,198
CDP S.p.A.
Province of Fermo
Central Italy earthquake - see note (1)
1,395
CDP S.p.A.
Province of Macerata
Central Italy earthquake - see note (1)
1,140
CDP S.p.A.
Province of Pescara
Central Italy earthquake - see note (1)
2,733
CDP S.p.A.
Province of Rieti
Central Italy earthquake - see note (1)
987
CDP S.p.A.
Province of Teramo
Central Italy earthquake - see note (1)
1,019
CDP S.p.A.
Province of Terni
Central Italy earthquake - see note (1)
1,168
Fincantieri S.p.A.
ASPEN Istitute Italia
Charitable contribution
40
Fincantieri S.p.A.
American Academy in Rome
Donation
12
Fincantieri S.p.A.
ASUGI - Azienda Sanitaria Universitaria Giuliano-
Donation
Isontina
13
Fincantieri S.p.A.
Politecnico di Torino
Charitable contribution
40
Fincantieri S.p.A.
Universit\u00e0 Cattolica del Sacro Cuore
Charitable contribution
10
Fincantieri S.p.A.
Camera di Commercio
Charitable contribution
10
Fincantieri S.p.A.
Istituto Andrea Doria Marina Militare - Ente Morale
Donation
32
Fincantieri S.p.A.
Universit\u00e0 Commerciale \u201cLuigi Bocconi\u201d
Charitable contribution
di Milano
59
Fincantieri S.p.A.
Residenza Universitaria delle Peschiere della
Charitable contribution
Fondazione Rui
10
FIV Comparto Extra
FlashBack
Loan for free use
see note (2)
FIV Comparto Extra
5\u00b0 Regimento Carabinieri Emilia Romagna
Loan for free use
see note (2)
FIV Comparto Extra
Human Foundation
Loan for free use
see note (2)
FIV Comparto Extra
Municipality of Bologna
Loan for free use
see note (2)
FIV Comparto Plus
Prefettura di Genova
Loan for free use
see note (2)
FIV Comparto Plus
Istituto G. Gaslini
Loan for free use
see note (2)
FIV Comparto Plus
Azienda Sociosanitaria Ligure 3
Loan for free use
see note (2)
FIV Comparto Plus
Municipality of Milano
Loan for free use
see note (2)
FT1 Fondo Turismo
Societ\u00e0
Concession in free use of potions of the Thermae
see note (3)
1
di Salsomaggiore Srl in liquidazione
Berzieri property
FT1 Fondo Turismo
Municipality of Salsomaggiore Terme
Granting free use of perimeter strips of land
see note (3)
1
Fondazione Istituto Tecnologico Superiore per Energia
Terna S.p.A.
Donation
Ambiente ed edilizia sostenibile
40
Terna S.p.A.
Politecnico di Torino
Donation
20
Terna S.p.A.
Fondazione Intercultura Onlus
Donation
45
Terna S.p.A.
Municipality of LAMPEDUSA E LINOSA
Donation
30
Terna S.p.A.
FONDAZIONE TEATRO DELL'OPERA DI ROMA
Donation
100
Terna S.p.A.
Fondazione Intercultura Onlus
Donation
55
Terna S.p.A.
Fondazione Accademia Nazionale S. Cecila
Donation
160
Terna S.p.A.
ARNAS (Azienda di Rilievo Nazionale ed Alta
Donation
Specializzazione)
20
Terna S.p.A.
Fondazione Terna
Donation
800
Terna S.p.A.
SOCIETA' BOTANICA ITALIANA ONLUS
Donation
56
Terna S.p.A.
POLITECNICO DI MILANO
Donation
72
Terna S.p.A.
Associazione FUKYO O.d.V.
Donation
36
(1) In relation to emergencies caused by earthquakes or other calamitous events, the Parent company CDP decided the loan instalments in favour of
local authorities, as a result of which to debtors have been offered the possibility of deferring payment of the instalments, in terms of principal and
interest, at a future date. The benefits shown in the table are therefore represented by the amounts of the instalments due in 2025, in terms of principal
and interest, the collection of which has been deferred to the future date.
(2) For both segments of the Investment Fund for Development (FIV Extra and FIV Plus) the spaces granted on free loan are mainly former barracks
characterized by the presence of multiple buildings often without systems. This building situation makes it impossible to identify benchmarks, in the real
estate markets of reference, for the determination of a reasonable economic consideration. In particular, in the case of the Plus segment, the spaces
have been granted on loan for free use for the purpose of building public utility services such as schools and public transport.
(3)The economic benefit granted is not determinable due to the lack of reference bechmarks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:81560029E2CE4D14F425", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }