The Institute for the Works of Religion (IOR) published its Annual Report for the fiscal year ending December 31, 2025, on May 11, 2026. The report revealed a notable €51 million in net income, marking the highest result in the last decade and a 55.5% increase compared to the previous year.
Supported by improved operational performance and favorable market conditions, the lucrative results came alongside an increase in client asset volumes, which stood at €5.9 billion, up from €5.7 billion in 2024. The report indicated that the IOR's interest margin grew to €32.3 million from €29.4 million in the prior year, while its commission margin remained stable at €26.2 million. Moreover, the intermediation margin rose significantly to €66.3 million, compared to €51.5 million in 2024.
The IOR's financial health was reinforced by a Tier 1 capital ratio that reached 71.9%. Additionally, net assets increased by €83.4 million to €815.3 million. The report emphasized a prudent approach taken by the Institute, aiming to safeguard client interests and ensure long-term sustainability.
Sharing these positive financial results, the Commission of Cardinals approved a €24.3 million dividend to the Holy Father. This dividend represents a 76.1% increase from 2024 and aligns with the IOR’s mission of supporting religious and charitable initiatives. The report also noted an overall positive return on investments for all portfolio management strategies.
Furthermore, the IOR reported a strengthened relationship with religious congregations throughout 2025, marked by an increase in the number of these organizations entrusting their assets through asset management mandates. The financial statements received a clean audit opinion from Deloitte & Touche and received unanimous approval from the Board of Superintendence on April 28, 2026, before being forwarded to the Commission of Cardinals.
In February 2026, the IOR launched two equity indices in collaboration with Morningstar, aimed at serving as benchmarks for Catholic investments worldwide. With the conclusion of the financial statement review, Jean-Baptiste de Franssu completed his term as President of the IOR, and the Institute expressed gratitude for his service, while François Pauly assumed office as the new President.
