IOR releases 2025 Sustainability Report

Vatican News

The Institute for the Works of Religion (IOR) has published its 2025 Sustainability Report.

According to a press release issued by the Institute on Tuesday, the report outlines the IOR’s contribution to promoting sustainable finance and an economy that serves the human person, upholds human dignity, and advances the common good. It also highlights the progress made during the year in integrating environmental, social and governance (ESG) factors into the Institute’s activities.

As the only institution authorized to carry out professional financial activities in Vatican City State, the IOR serves more than 12,000 clients belonging to the Catholic Church or working in its service in over 110 countries.

Through an operating model developed over time, the Institute invests in financial markets using an active investment approach that combines careful selection of investments with clients’ investment objectives and risk profiles.

‘Double materiality’ assessment

As in the previous edition, the report was prepared using a “double materiality” assessment inspired by the principles of the European Corporate Sustainability Reporting Directive (CSRD) and with reference to the Global Reporting Initiative (GRI) Standards, one of the leading international frameworks for sustainability reporting.

This approach is also reflected in the Institute’s investment policy, which seeks to protect and grow the assets entrusted by clients while ensuring that investments remain consistent with the principles of the Catholic faith. Financial instruments linked to companies engaged in activities considered harmful to human life, the environment, society or good governance are excluded.

In 2025, all Asset Management products remained fully compliant with Catholic ethical principles while recording positive gross returns. During the year, the IOR generated €67.6 million in economic value, up from €50 million in 2024, with a net profit of €51 million.

The value created was distributed among the Holy Father (36%), employees (23%) and suppliers (14%), while the remaining share was retained to strengthen the Institute’s capital, supporting its long-term stability and sustainability.

The management of entrusted assets also generated approximately €142.5 million in value, contributing to the IOR’s mission in service of the universal Church.

Commitment to people and the environment

The report also highlights the Institute’s commitment to investing in its personnel.

During 2025, employees received more than 2,700 hours of technical and specialist training, including over 300 hours dedicated to compliance, risk management and audit, as well as religious formation.

The Institute also continued its structured financial education programme for around 300 clients, promoting a financial culture rooted in Catholic ethical principles and social responsibility.

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From an environmental perspective, the IOR continued efforts to reduce its environmental impact through energy-efficiency measures, the use of renewable energy sources and initiatives aimed at reducing the consumption of raw materials.

During the year, the Institute also accelerated its digitalisation and dematerialisation process through the continued development of the IORPortal online banking service and the complete digitalisation of archived documents.

These initiatives contributed to a 37% reduction in paper purchases, while all waste generated by the Institute was directed to recovery processes.

With the publication of its 2025 Sustainability Report, the IOR highlights its ongoing efforts to combine sound financial stewardship with care for people and the environment, in keeping with the Church’s social doctrine and its mission of serving the common good.