Gruppo CAP 2025 Consolidated Financial Statements at a glance
· Turnover: €500.5 million (+8% excluding extraordinary items)
· Net profit: €36.4 million
· EBITDA: €142.2 million (+0.3% excluding extraordinary items)
· Investments: €164.5 million (+19%)
· Shareholders’ Equity: €984.5 million
· Electricity costs: €38.7 million
· GHG emissions (location-based): 236,011 tonnes of CO2 eq.
Gruppo CAP has approved its 2025 economic and financial results, confirming its structural solidity and a trajectory of continuous development. The public green utility managing the Integrated Water Service for the Metropolitan City of Milan recorded total revenues of over €500.5 million. This marks an 8% growth, excluding the extraordinary items (€60 million) that characterised the previous financial year, which included regulatory adjustments and a non-recurring positive accounting effect. Against this backdrop, revenues from other activities amounted to €47.3 million, growing by 20.5% and now accounting for 15.5% of total revenues – which confirms the increasingly significant contribution of non-tariff activities to the Group’s development. The financial year closed with a net profit of €36.4 million, settling at levels above the green utility’s historical average (with the exception of 2024, which benefited from the aforementioned extraordinary items).
The value of local investments saw a further increase compared to the previous year, rising from €137.9 million to €164.5 million; this is the highest value ever recorded by the company, confirming its ongoing commitment to supporting communities in the green transition and improving their resilience. This exceptional milestone brings the investment value per inhabitant to €87.6 – a 19% increase compared to the €73.7 recorded in 2024.
EBITDA stood at €142.2 million, confirming a solid operational performance that is fully in line with expectations. Comparing this result with a 2024 figure adjusted for extraordinary items, the gross operating margin (EBITDA) remained stable (+0.3%), proving the Group’s efficiency and structural resilience. The results achieved in terms of ecology and industrial efficiency also proved fundamental: overall energy consumption was reduced by 2%, while renewable energy production increased by 29% thanks to the activation of new photovoltaic plants and biogas production.
Regarding electricity alone, self-generation from photovoltaics and cogeneration made it possible to further contain electricity costs, which fell to €38.7 million – a 4% drop compared to 2024.
2025 Consolidated Sustainability Report
The decarbonisation strategy and the commitment to the ecological transition remain fundamental pillars for the Group. Fully aware that energy is a key factor in the sustainable management of water services, the company significantly accelerated its renewables efforts in 2025. Indeed, green energy production saw a 29% increase compared to the previous year. This result was made possible by bringing new photovoltaic plants online and by harnessing the biogas produced at the Bresso and Sesto San Giovanni hubs.
Furthermore, the 2025 Sustainability Report provides an accurate and transparent snapshot of the company’s carbon footprint: total emissions stood at 236,011 tonnes of CO2 equivalent (calculated using the location-based method). The analysis shows that 39% is attributable to direct emissions (Scope 1), 18% to energy consumption (Scope 2), and the vast majority – equal to 43% – to indirect impacts along the value chain (Scope 3).
The Group’s commitment to environmental protection is also reflected in two outstanding operational achievements: thanks to the continuous optimisation of plant and network management, the volume of water withdrawn and fed into the network was reduced by 2% (equivalent to a drop of 5,025,088 m³). At the same time, the success of circular economy policies was confirmed, maintaining the goal of sending zero sludge to landfill, with 100% being recovered through diversified supply chains.
Concurrently, Gruppo CAP continues to invest in its human capital, promoting policies focused on stability, safety, and inclusion. In 2025, the workforce reached 977 employees (+29 compared to the previous year), with 99% of staff employed on permanent contracts. The focus on developing human resources is reflected in the provision of 21.8 average training hours per capita. On the gender equity front, confirming and improving on last year’s trend – and bucking the national average – female employees recorded a higher average hourly wage than their male colleagues, with a positive differential growing to +€0.42 (compared to +€0.20 in 2024). This figure reflects the continuity of a corporate vision geared towards social sustainability and equal opportunities.
The draft consolidated financial statements and the 2025 Sustainability Report will be submitted for approval to the Shareholders’ Meeting of CAP Holding S.p.A. on 14 May, in compliance with current regulations. Looking at the summary data for the financial year, the Group recorded total revenues of €500.5 million, a net profit of €36.4 million, and consolidated total assets of €1,577.9 million, with consolidated shareholders’ equity amounting to €984.5 million. This confirms the solid equity and financial base supporting the integrated water service of the Metropolitan City.