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  APSA 2025 Financial Summary: Key Highlights Despite a transition year following papal succession, the Administration of the Patrimony of the Apostolic See (APSA) maintained full operational stability, balancing continuous service to the Roman Curia with strong growth in the Holy See’s reserves. 1. Growth in Net Assets Total Net Assets: Reached about $3 billion USD which in Euros is  €2.686 billion (an €89 million increase over 2024's €2.597 billion). Primary Drivers: Gold revaluation: +€40.8M Real estate revaluation: +€39.2M Securities revaluation: +€16.3M 2. Financial Performance & Portfolio Returns Operating Result: €22.8 million (compared to an extraordinary €62.2 million in 2024 driven by portfolio restructuring). Proprietary Portfolio Return: 14.37% total return. Guided by a conservative allocation (32% bonds, 29% physical gold, 17% equity, plus liquidity buffers). Accounting vs. Actual Portfolio Result: Shows an accounting loss of -€3.7 million under new Va...