Good as gold or paper profits? What to make of APSA’s annual report
What does a “return to the ordinary operating conditions” mean for the Holy See’s financial health?
The Administration for the Patrimony of the Apostolic See released its annual report last week, hailing strong and stabilizing results for 2025 and what it called a “return to ordinary operating conditions” after a change in investment strategy yielded extraordinary returns the previous year.
The headline figures present a dramatic …