Gruppo CAP’s Shareholders’ Meeting has approved the 2026 update to the Business and Sustainability Plan, marking a turning point for the Integrated Water Service of the Metropolitan City of Milan. Thanks to the extension of the concession to 2037, the utility is rolling out an unprecedented volume of measures to tackle new regulatory and climate challenges – ranging from the transposition of European drinking water and waste water directives through to cybersecurity. This solid industrial commitment is underpinned by consistent Class A performance across most ARERA indicators and a customer satisfaction rate of 97.7%.

Investment Evolution and the One-Billion-Euro Challenge

The new planning for the 2026-2033 Programme of Measures (PDI) – whose scope also includes the final data for 2025 – reaches a total value of €925.4 million, representing a net increase of €57.3 million.

This update reflects the need to bring forward approximately €43 million of urgent works to 2026: standout projects include allocations for managing emerging micro-pollutants (€23.8 million), upgrading waste water treatment facilities (€8.5 million), and securing water supply networks (€7.4 million).

With the concession extended to 2037, the Plan forecasts total incremental investments of €370 million up to 2033. This will push the value of interventions past the historic one-billion-euro threshold within the decade (€1,065 million), with a further €365 million earmarked for the 2034-2037 period.

Major Strategic Works and Climate Resilience

The 2026 Plan accelerates the Group’s key construction sites: the Sesto San Giovanni BioPlatform, aiming to complete the sludge processing line by 2027; the works for the Cornaredo Well Station (€36 million), which is strategic for the northern Milan area; and the technological revamping programme for the Peschiera, Truccazzano, Parabiago, and Pero treatment plants (€47.9 million). An €83 million share is dedicated specifically to climate adaptation, aimed at upgrading the sewerage system through attenuation tanks and reducing extraneous water infiltration.
 

Energy, Circular Economy, and Digital Transition

This industrial evolution also encompasses the energy and waste sectors.
By 2026, through CAP Evolution, the company aims to self-generate 21% of its electricity and commission the Rozzano liquid waste treatment plant. At the ZeroC hub, the operational integration of the organic waste line with the future integrated hub continues, while the development of ALA and the implementation of Neutalia’s €105 million business plan remain confirmed. This growth is supported by a strong push towards digitisation and the adoption of generative AI for process optimisation, alongside the consolidation of the digital technology hub.

On the sustainability front, the ‘Città Spugna’ NRRP projects are nearing completion, and the Metropolitan Resilience and Regeneration Plan (MRRP) for urban drainage is getting underway, parallel to the electrification of 26% of the company fleet.

Financial Strength and Renewal of the Board Of Directors

The programme is underpinned by the strong results from the 2025 financial year, which recorded revenues of €500.5 million and a net profit of €36.4 million. With an EBITDA of €142.2 million and shareholders’ equity of €984.5 million, Gruppo CAP guarantees the stability needed to support infrastructure development and deliver lasting value to the Milanese area.

At the close of the session, the Shareholders’ Meeting appointed the new Board of Directors for the next three years, confirming Yuri Santagostino as Chairman and Chief Executive Officer. Joining him on the Board will be Karin Eva Imparato as Vice Chair, alongside board members Luciana Dambra, Barbara Mancari, and Ugo Vecchiarelli. The renewal of the governance structure ensures the continuity required to implement the ambitious objectives set out in the 2037 Business Plan.