The first Shareholders' Meeting post-merger with Aqua Seprio took place at Villa Gallia.
Como - Today, Friday, January 23, 2026, the’Como Acqua Members' Meeting, comprising the mayors of the member municipalities of the Integrated Water Service Manager. The meeting represented the first session with the representatives of the three new municipalities that joined through the merger by incorporation of Aqua Seprio Services – Carbonate, Locate Varesino, and Mozzate – effective operation since last January 1st, which expanded the aqueduct management by over 86 km of network and 15,876 new users.
“The merger with Aqua Seprio represents a crucial step towards the completion of management aggregation. The integration strengthens the ability to offer a unified service for approximately 600,000 inhabitants, consolidates provincial water resilience, and opens up new synergies for sustainable investments,” explained Laura Santin, president of Como Acqua.
On the agenda, the approval of the Economic and Financial Plan 2026-2030, unanimously approved by the Mayors. The report was presented to the town leaders of the area by Chief Executive Officer of the Integrated Water Service Manager, Enrico Poliero. “The document outlines the Company's development priorities and medium- and long-term strategic directions, with particular attention to water quality, the resilience of the aqueduct network, and technological innovation in its facilities. This is a plan involving €208 million in investments to modernize infrastructure, ensure quality and innovation in service, and maintain full compliance with an ever-evolving and challenging regulatory framework,” explained the CEO.
Key projects for the next five years
Como Acqua plans to allocate, over the next five years, more than 105 million (equivalent to 51%) for water supply projects, 45 million (22%) for the sewer system, and 36 million (18%) for wastewater treatment. In addition to ensuring maintenance, replacement, and upgrades to the technical infrastructure, the plan outlines the long-term growth priorities di Como Acqua. The Plan does not, at this stage, include the effects of the ongoing operation regarding the takeover of the water service management in the Municipalities of Como and Brunate from LeReti Spa – starting January 2027.
Regarding the drinking water quality, one of the main goals is to design and implement specific water treatment plants for PFAS and micro-pollutants. 2 million euros are allocated for the installation of new chlorine and UV disinfection plants – especially in the aqueducts on the western shore of Lake Como, whose high-altitude springs are more vulnerable to meteorological phenomena – and 1.2 million for the construction of new water treatment plants equipped with activated carbon filters – capable of retaining micro-pollutants – in the Municipalities of Albese con Cassano, Tavernerio, Lurate Caccivio, and Merone, where deep aquifers are sensitive to human activity. In addition to these, 325,000 euros are allocated for new filtration plants in Alta Valle Intelvi and Gera Lario, and the upgrading of water treatment plants in Grandate (400,000 euros), Turate, Appiano Gentile, Lurago Marinone, and Cadorago (270,000 euros total).
On the front of resilience and network interconnections., The plan maximizes synergies between water distribution networks and the sharing of supply sources to mitigate qualitative and quantitative emergencies, such as pollution, drought, or floods. Highlights include the implementation of the interconnection between the Como “Doss” aqueduct and the Montano Lucino and Grandate aqueducts (€2.1 million, 2027-2029), the new network connection between Villa Guardia Fontanino and Como “Doss” (€1.7 million, 2028-2030), the reinforcement of the Argegno-Pigra supply pipeline (€2.5 million total, 2026-2030), the new lake intake in the municipality of Bellagio (€460,000), the reinforcement of the lake intake and the construction of a new supply pipeline for lifting to Pognana Lario (€1.2 million). Additionally, there are the construction of new collection wells in Albiolo (€650,000) and Appiano Gentile (€560,000).
For the evolution of sewerage network and sewage treatment segment, The plan includes the completion of the sub-lacustrine collector, which from 2026 will convey the wastewater from Blevio, Torno, and Tavernola to the Como treatment plant (5 million investment, with completion set for 2027). Additionally, the following will be implemented: upgrades to filtration and disinfection treatments at the plants in Cremia, Mariano Comense, Gravedona, Bulgarograsso, Colonno, Porlezza, and Merone (totaling approximately 3 million euros), renewal of coarse screening and grit removal pre-treatments in Limido Comasco, Cagno, and Faggeto Lario (1.75 million), and optimization of the sludge line at the Carimate treatment plant (3.4 million).
On the front Energy efficiency and technological innovation, Acqua plans to install high-efficiency inverters and pumps at pumping stations and treatment plants (with an estimated expenditure of 2.6 million euros), adopt a new SCADA remote control system for water, sewage, and purification (5.5 million euros in total), develop BIM and GIS platforms (700,000 euros), complete the digital mapping of networks (2.4 million euros), and implement the PNRR district system in 40 Municipalities (1.56 million euros, deadline March 2026). In addition, the European Life Cascade project will continue, in collaboration with the Polytechnic University of Milan and other local partners, to test cutting-edge technologies and implement pilot advanced filtration plants using ozone and powdered granular activated carbon to combat PFAS and microplastics.
The economic and financial outlook
From an economic perspective, Como Acqua's 2026-2030 Plan outlines a solid growth trajectory, fully respecting the Company's financial balance and management objectives aimed at ensuring the safety, continuity, and sustainability of the Integrated Water Service: Revenues are expected to grow from 108.7 million in 2026 to 124.2 million in 2030. L’EBITDA is also expected to grow from 27.8 million to 43.5 million over the plan period., supported by streamlined and stable operating costs (from 80.1 to 79.7 million). For net profit, taking the above into consideration, the forecast anticipates growth from 5.3 to 11.6 million, with financial charges decreasing from 4.7 to 2.7 million – due to the rebalancing of the net debt position, which will be reduced from 114.2 to 88.2 million euros – and despite provisions and depreciation increasing significantly (from 15.8 to 24.3 million) as a result of planned massive investments.