APSA’s 2025 Financial Report Reveals Stronger Net Assets and Ongoing Support for the Holy See
The Administration of the Patrimony of the Apostolic See (APSA) closed its financial year 2025 with a notable increase in Net Assets, reaching €2.686 billion. This comes amidst a year marked by the transition from Pope Francis to Pope Leo XIV. Despite this significant shift, APSA ensured steady service continuity for the Holy See, upholding its institutional role within the Vatican.
Stable Operations in a Year of Change
APSA’s President, Archbishop Giordano Piccinotti, explained that the operating result for 2025 was a surplus of €22.8 million. This figure stands in contrast to the €62.2 million reported in 2024, which was influenced by exceptional gains from restructuring the investment portfolio. He emphasized that 2025 reflected a return to regular operating conditions with positive indicators.
Investment Portfolio and Net Assets
The report showed an accounting loss of €3.7 million linked to the investment portfolio. Archbishop Piccinotti clarified that this loss results from new Vatican accounting standards (the Vatican Financial Management Policy). These standards require changes in investment values to be recorded directly in Net Assets instead of the income statement.
In reality, the managed portfolio realized positive returns of about €16 million. These returns now boost Net Assets rather than the yearly income statement, creating an apparent difference between an accounting loss and a positive actual result of around €12.6 million. The Archbishop stated that this approach aims at transparency and prudence and does not reflect a loss.
Conservative investment strategies guided APSA’s actions in 2025. The portfolio limited equity exposure to approximately 17%, allocated 32% to bonds, invested 29% in physical gold, and maintained sufficient liquidity. The overall portfolio return was 14.37%.
Growth in Net Assets
Net Assets increased by €89 million compared to 2024. This growth stemmed from the revaluation of physical gold by €40.8 million, real estate value appreciation of €39.2 million, and a €16.3 million gain in securities valuation. The real estate sector contributed €44.5 million through efficient management, increased rental income, and controlled maintenance costs.
APSA manages 4,281 real estate units in Italy and approximately 1,200 units abroad, including locations in London, Paris, Geneva, and Lausanne. The administration began a three-year program (2025–2027) to sell non-strategic properties and update planning and cadastral documentation to free capital for higher-yield investments.
Supporting the Holy See Beyond Finances
Archbishop Piccinotti affirmed that APSA’s priorities include preserving patrimony and guaranteeing services essential to the Holy See’s operation. In 2025, APSA fulfilled a €22.7 million contribution covering the Roman Curia’s needs, reflecting solid institutional support.
He highlighted that many services provided by APSA do not show in financial figures. Approximately 40% of staff assist other Vatican entities without charge. APSA acts as the Holy See’s central purchasing body, handling 4,417 procurement requests, managing accounting for 77 entities, processing over 50,000 payments, and maintaining the entire property portfolio including those used by other Dicasteries. These tasks support Vatican administration but generate no reportable revenue.
A Focus on Building for the Future
Archbishop Piccinotti described 2025 as not only a year of management but also one of development. A key agreement with the Dicastery for the Eastern Churches to manage its properties, launch of the property enhancement plan, and upcoming projects for 2026—including the “Fratello Sole” agrivoltaic initiative and the Domus Paolo VI redevelopment—demonstrate a commitment to sustainable, ethical growth.
He emphasized that prudence, transparency, and service guide every decision. APSA views its patrimony not as an end but as a tool to support the Church’s mission worldwide. The €16 million recognized directly in reserves represents strengthened patrimony to sustain the Holy See’s work now and moving forward.
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