APSA: 2025 Financial Statements show stronger Net Assets and continued service to Holy See

A set of financial statements set against a "particular" year: those of the Administration of the Patrimony of the Apostolic See (APSA) for 2025. In the year marked by the death of Pope Francis and the election of Pope Leo XIV, the Administration ensured full continuity and stability of service, confirming its role as an institutional body at the service of the Holy See, as APSA President Archbishop Giordano Piccinotti told Vatican Media.

The operating result for the financial year amounts to €22.8 million. "The comparison with the €62.2 million recorded in 2024 must be viewed in the proper perspective," Archbishop Piccinotti explained. "The previous year was an extraordinary one that cannot be repeated, characterised by proceeds linked to the restructuring of the investment portfolio. By contrast, 2025 represents a return to ordinary operating conditions, and in this context the indicators are positive."

The figure that deserves the closest attention, according to the APSA President, concerns the investment portfolio, which in the financial statements shows an accounting loss of €3.7 million. Here too, however, the figure risks being misunderstood if taken in isolation. "The accounting loss largely reflects the application of the Holy See's new accounting standards—the Vatican Financial Management Policy (VFMP)—which provide for changes in the value of investment portfolios to be recognised directly in Net Assets rather than in the income statement."

In practical terms, the positive returns actually realised by the managed portfolio, amounting to around €16 million, no longer pass through the income statement but are recognised directly among the reserves within Net Assets. This results in a natural divergence between the accounting result (-€3.7 million) and the portfolio's actual result, which remains positive at around €12.6 million. "It is a choice made in the interests of transparency and prudent accounting," the Archbishop said. "Those €16 million have not been lost; they have instead been recognised directly to strengthen the Administration's Net Assets."

This is the key to understanding the financial statements as a whole, because "APSA's purpose is not to generate an annual profit, but rather to preserve and strengthen the patrimony entrusted to it." The investments do not pursue speculative objectives and are never exposed to high levels of risk. The 2025 strategy was guided by the utmost prudence, with limited equity exposure (around 17%), a bond allocation of 32%, an allocation of 29% in physical gold, and an adequate liquidity buffer. The overall return on the proprietary portfolio was 14.37%

This approach of consolidation is borne out by the most significant figure for the financial year: Net Assets rose to €2.686 billion, an increase of around €89 million compared with the €2.597 billion recorded in 2024.

The increase was driven mainly by the revaluation of the physical gold held in the portfolio (+€40.8 million), the increase in the value of real estate (+€39.2 million), and the positive contribution from the valuation of securities (+€16.3 million), only partly offset by other negative components.

The real estate sector was the main driver of ordinary operations, improving by €9.4 million to reach a result of €44.5 million, thanks to more efficient management, higher operating revenues, and the rationalisation of maintenance costs.

In Italy, the Administration manages 4,281 real estate units, to which are added around 1,200 units abroad—in London, Paris, Geneva and Lausanne—through wholly owned companies. During the year, the programme to enhance the value of the property portfolio was strengthened with the launch of a three-year plan (2025–2027) for the disposal of non-strategic properties and the regularisation of planning and cadastral records, in order to release capital for reinvestment in higher-yielding assets.