APSA Reports Stronger Net Assets and Ongoing Support to Holy See in 2025
The Administration of the Patrimony of the Apostolic See (APSA) presented its financial statements for the year 2025, revealing a growth in Net Assets and reaffirming its role in serving the Holy See. The year included the passing of Pope Francis and the election of Pope Leo XIV, yet APSA maintained steady operations, as stated by Archbishop Giordano Piccinotti, APSA’s President.
Financial Performance Reflects Stability
APSA closed the year with an operating result of €22.8 million. This figure contrasts with the €62.2 million from 2024, a year marked by exceptional income linked to restructuring the investment portfolio. Archbishop Piccinotti noted that 2025 represented a return to normal operating conditions, where the positive outcomes indicate stable financial health.
Accounting Standards Impact Investment Figures
The investment portfolio showed an accounting loss of €3.7 million for 2025. However, this figure requires context. Under the Holy See’s new Vatican Financial Management Policy (VFMP), changes in investment values feed directly into Net Assets rather than the income statement. Accordingly, though the portfolio’s accounting shows a loss, its actual positive return amounts to roughly €16 million. This return bypassed the income statement and was recorded within reserves under Net Assets.
APSA’s investment approach prioritizes transparency and prudence. The €16 million increase strengthens the patrimony APSA manages, rather than reflecting a loss. The portfolio’s mix included about 17% equities, 32% bonds, 29% physical gold, and held a liquidity buffer. Overall, it yielded a 14.37% return.
Net Assets Rise by €89 Million
Net Assets grew to €2.686 billion, rising approximately €89 million from the €2.597 billion in 2024. Key contributions came from the revaluation of physical gold (+€40.8 million), real estate (+€39.2 million), and securities (+€16.3 million), partially offset by other negative items.
Within ordinary operations, the real estate segment showed improvement with a result of €44.5 million, an increase of €9.4 million. This reflected more efficient management, higher operating income, and cost rationalization. APSA oversees over 4,200 real estate units in Italy and about 1,200 units abroad in cities such as London, Paris, Geneva, and Lausanne.
In 2025, APSA intensified the enhancement of its property portfolio. The Administration launched a three-year plan covering 2025–2027 to sell non-strategic properties and update planning and cadastral records. This effort aims to free capital for investment in assets with higher returns.
Supporting the Holy See Beyond Finances
Archbishop Piccinotti emphasized that safeguarding patrimony is APSA’s principal goal, but servicing the Holy See is inseparable from this mission. In 2025, APSA fulfilled the full financial contribution requested by the Roman Curia, amounting to €22.7 million. This payment demonstrates the Administration’s structural support for the Church’s work.
The financial statements show a small operating surplus of €155,000, which was added to Net Assets. However, financial support extends beyond these numbers. Around 40% of APSA personnel work for other Holy See entities, offering many services free of charge. APSA acts as the central purchasing office, handling 4,417 procurement requests in 2025, most serving other bodies rather than its own needs.
In addition, it manages accounting for 77 Entities, processed more than 50,000 payments, and oversees real estate maintenance, including properties used by other Dicasteries. These important services form the administration core of the Roman Curia and do not appear as revenue in the financial reports.
Looking Ahead with Prudence and Commitment
Archbishop Piccinotti described 2025 as not just a year of management but also one of building for the future. Notable steps included signing an agreement with the Dicastery for the Eastern Churches concerning its real estate management and advancing the property enhancement plan.
Projects slated for 2026 reflect a focus on sustainable, ethical development. For example, the "Fratello Sole" agrivoltaic initiative at Santa Maria di Galeria, inspired by Pope Francis’ encyclical Laudato si’, and the redevelopment of the Domus Paolo VI highlight APSA’s commitment to responsible stewardship.
The guiding principles underlying APSA’s actions remain prudence, transparency, and service. The patrimony entrusted to it functions as a tool supporting the Church’s global mission. The €16 million recognized directly in Net Assets should be viewed accordingly—not as lost income but as reinforced resources enabling APSA to continue its support today and into the future.
The Administration of the Patrimony of the Apostolic See continues to balance preserving the Church’s heritage with the practical demands of serving the Holy See, ensuring stability during a year of significant transition.
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