if it says 125ml condensed is a serving, it means a serving is 125ml condensed (no water).
kind of shady since you need to add water to really make a '1 cup' serving size, even though the water adds no calories or nutrients, its needed to make the right volume.
Now if it was a cream of 'soup' that you add milk to, I can see that being 'condensed' nutrients since they don't know if you use skim, whole, 1% milk...etc