After closing 2024 with total investments of €137.87 million, Gruppo CAP is preparing to reach an all-time peak in investments in the two-year period 2025-2026, with a total of €291 million earmarked for strategic infrastructure works. In 2025 alone, investment is expected to reach €167.6 million, the highest figure ever recorded in the company's history.

At the Shareholders' Meeting held on 12 June, the 2025 update of the business plan was presented, reaffirming the centrality of the investment policy within Gruppo CAP's strategy, with a Programme of Interventions that envisages around €1,001 million investments in the 2024-2033 period.
 

The strategic projects of the IWS over the next two years

Among the main projects planned for the next two years is the completion of the sludge line at the BioPlatform in Sesto San Giovanni, scheduled for 2026 and worth €60 million. It is an innovative plant for the treatment of sewage sludge and OFMSW which will produce energy and reduce waste.

Equally important is the new well field in Cornaredo, where a €36 million investment will ensure water supply to the municipalities north of Milan, thanks to a 15 kilometre long aqueduct backbone.

Regarding water leaks, the goal is to reduce them from the current 19% to 15% by 2033, by continuing the investments already undertaken which will ensure upgrading and replacement of networks for an even more efficient service.

On the wastewater front, the revamping of the treatment plants in Truccazzano, Parabiago, Pero and Peschiera will continue. These plants, managed by CAP Evolution—the Group’s entity operating in the Waste, Wastewater and Energy sectors—will benefit from targeted investments totalling €24 million.

In addition, the Sewerage System Reorganisation Plan, worth €197 million in total, includes measures for flood attenuation, the construction of first-flush and balancing tanks—critical infrastructures to prevent flooding and adapt the sewer system to increasingly extreme weather events.

To support this plan, Gruppo CAP will leverage diversified sources of financing, such as public contributions of around €60 million, including funds from the National Recovery and Resilience Plan, €100 million of new debt planned for 2025, and a sustainable tariff strategy that keeps the Group’s tariffs among the lowest in Italy.
 

Circular economy: future challenges

As part of its sustainability strategy, Gruppo CAP strengthens its commitment to the circular economy and the energy transition. Between 2025 and 2026, self-generated energy from renewable sources will grow by +108% compared to 2024, for an estimated total of 24,190 MWh more than last year. At the same time, the Lombardy-based green utility Gruppo CAP also aims to treat all liquid waste delivered, corresponding to about 80,000 tonnes per year, with a view to full circularity. In addition, thanks to its anaerobic digestion plants, Gruppo CAP aims to produce 2.6 million m³ biomethane per year, making a substantial contribution to the replacement of fossil fuels with renewable energy. Over the next two years, development in the urban hygiene sector will also continue, with €3.4 million invested to expand services with an integrated and sustainable perspective.

Gruppo CAP confirmed its role as a green utility and joined the Science Based Target initiative, committing to reducing direct emissions under Scope 1 and indirect emissions under Scope 2 by 42% and reducing Scope 3 indirect emissions by 25% by 2030 compared to 2021. In 2024, total emissions decreased by 7.4% (location based) and 6.3% (market based) to 221,520 and 164,004 tonnes of CO₂ equivalent, respectively; furthermore, in 2024, Gruppo CAP obtained its inventory verification declaration in accordance with ISO 14064-1, reconfirming the validity of its emission calculation.
 

Gruppo CAP 2024 Consolidated Financial Statements

The Consolidated Financial Statements, including the Management Report and the Consolidated Sustainability Report, were approved, together with the parent company's annual financial statements, on 12 June by the shareholders' meeting of CAP Holding Spa, pursuant to Legislative Decree no. 125/2024. In detail, total revenue in 2024 is €525,073,305, net profit is €83,082,775, and net assets are €1,499,941,322.