University. report Economic. University of Navarra
University
This report for the 2024–25 academic year sample financial performance of the University andits research centers.
The University of Navarra is a non-profit institution. In financial years with surpluses, these are reinvested in the University's own activities that generated them ( teaching, research attendance ).
The 2024–25 academic year was a success, both in terms of results—which exceeded those achieved in the 2023–24 academic year—and in Issue activity, which continued to grow at a steady pace, with a revenue increase of 60.7 million euros. The University’s result reached 52.4 million euros, 13.3 million more than the previous year.
This surplus—achieved thanks to result and financial result —was driven by an 8.6% increase in revenue, partially offset by a rise in expenses (+6.7%).
The result was positive, reaching €39.9 million, well above the €24.8 million recorded in the previous year. Meanwhile, the result achieved a significant surplus of €12.5 million, slightly lower than the €14.3 million obtained in the previous year.
+34%
The result came to 52.4 million, which is 13.3 million higher than that of the 2024–25 school year.
RESULTS
RESULT OF OPERATION
Difference between income and operating expenses derived from the activities of teaching, research or attendance developed at the University.
+€39.9 million compared to €24.8 million in the previous year (+61%)
RESULT FINANCIAL
Difference between financial income and expenses derived from the financing of the University's ordinary activities and financial investments.
+€12.5 million compared to €14.3 million in the previous academic year.
RESULT OF THE FINANCIAL YEAR
Sum of result operating and result financial.
52.4 million euros compared to 39.2 million in the previous academic year (+34%).
Revenues and expenses
Operating income rose to €765 million,representingan increase of €60 million compared to the 2023/24 academic year (+8.6%).
This growth was driven by the development of all the University's activities (professor, healthcare, and research), i.e., by the growth in revenue from services rendered. In particular, the Clinic's activity stood out , with revenue increasing by €30.2 million (+8.7%) compared to the previous academic year.
In total, revenue from services grew by 7.7% (+€47 million). Subsidies and donations for the activity totaled €12 million more than the previous year, +16.9%.
Revenue from services:
€669.4 million (+7.7%)
Grants and donations received to apply to the activity:
€83.2 million (+16.9%)
Other operating income:
€12.6 million (+8.1%)
Operating expenses also increased by €45 million to €725 million (+6.6%), driven by the needs arising from the increase in activity.
The largest item was staff costs, which amounted to €416.1 million, representing 57.4% of total expenses. This item recorded an increase of €25.4 million compared to the previous year (+6.51%).
Finally, operating expenses rose to €282 million, an increase of €22.2 million compared to the 2023/24 academic year (+7.9%).
REVENUES (IN MILLIONS OF EUROS)
EXPENSES (IN MILLIONS OF EUROS)
EVOLUTION OF RESULT (IN MILLIONS OF EUROS)
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. The financial portfolios of the University are divided into two main groups: on the one hand, the Bursar's OfficeThe University's financial portfolios are divided into two main groups: on the one hand, the Ordinary (T.O.) and Savings Fund (FAHUN), subdivided into the Endowment( Bursar's Office ), and on the other hand, the Endowment.
1. Bursar's Office
Bursar's Office consists of the Bursar's Office (T.O.) and the Savings Fund (FAHUN). The Bursar's Office plans each academic year to always have minimum balances available to allow for the management of collections and payments. In cases where Bursar's Office has surpluses Bursar's Office a period longer than the current fiscal year, these can be allocated to the investment vehicle created for this purpose: FAHUN.
WHAT IS IT?
Bursar's Office Ordinary
Its function is to manage short-term operational collections and payments. Each academic year is planned so that there is always a minimum balance at the end of the month. It is generated with the resources obtained from the activity: tuition fees, patient care, contracts and grants for research, etc. Its purpose is to cover expense : payroll, suppliers, general expenses, equipment, etc. The Bursar's Office balances of Bursar's Office are invested in fixed-income products with minimal risk (bank deposits, bonds, and money market funds) following a very conservative investment policy.
During the 2024–25 academic year, changes in interest leave resulted in a return (2.3%) that was lower than that of the previous academic year (3.4%).
With regard to bank debt, during the 24/25 financial year, no loan were taken out loan the debt balance remained at zero.
INVERSIÓN CORTO PLAZO
(<12 MESES)
· Immediate availability
· Minimal risk
· Fixed income (Investment grade)
AVERAGE BALANCE 24/25: €55.8 million
WHAT IS IT?
Savings Fund (FAHUN)
This is a fund for investing surpluses from Bursar's Office. It was set up to manage more efficiently the Bursar's Office, which can be considered as the "university's savings" and is earmarked for projects whose payments are not expected in the current fiscal year but in the following years. The fund's investment policy is conservative, although to a lesser extent than Bursar's Office Ordinary. It invests primarily in fixed income products, with a small portion in equities (maximum 15%) and alternative products (maximum 10%). It has a currency limit of 10% for exhibition and the maximum volatility allowed is 3%.
The management is carried out with a time horizon of 3 to 5 years and seeks to preserve capital and obtain a return at least one point above the Bursar's Office Ordinary. The most important reference letter for the profitability analysis are the annualized figures for average periods such as 3 and 5 years.
In the 2024–25 fiscal year, the Savings Fund generated a return of 4.0%, compared with 6.7% in the previous fiscal year.
During the 24/25 financial year, all types of assets performed well, and the fund's equity weighting helped to boost its returns for the year. The fund's return (4.0%) exceeded that of its benchmark (3.7%).
By subject , equities generated 10.9% (9.7% benchmark) and fixed income generated 3.5% (2.6% benchmark).
MEDIUM INVESTMENT HORIZON deadline
(3-5 YEARS)
· Available in 3 months
· Moderate risk (15% equities, 3% maximum volatility, 10% high-yield fixed income)
· All treasuries participate (teaching, CUN, Invest., IESE, etc.)
CLOSING BALANCE 24/25: 84.3 million euros
Portfolio composition as of August 31, 2025:
WHAT IS IT?
Endowment
Long-term financial portfolio deadline, constituted mainly thanks to donations, which allocates the returns obtained to support the purposes for which it was endowed (scholarship programs, research, Chairs, etc.). There are two internal endowments: Academic Centers/Clinical and IESE. In addition, several collaborating foundations have endowments that allocate funds to various University scholarship programs and research through annual contributions.
The University’s endowment closed the 2024–25 academic year with a return of 9.3%, following a 12.0% return in the previous academic year. The value at the end of the academic year totaled €102.85 million , and €0.92 million was distributed . New contributions to the endowment totaled €15.5 million. The return on the benchmark ( comparable investable portfolio) for the same period was 6.9%.
By subject , equities generated 11.8% (benchmark 8.1%), fixed income -27.4% (benchmark -3.6%), alternatives -4.7% (benchmark 1.8%), and private equity 6.2% ( benchmark 5.2%). Monetary assets contributed 2.3% (1.9% benchmark).
24/25
· Initial value: €79,570,683
· Net contributions: €15,500,000
· Return: €8,705,875
· Distribution at year-end: €923,376
· Initial value: €102,853,183
Portfolio composition as of August 31, 2025
The University of Navarra Foundation manages its own endowment, which amounted to €132 million in August 2025 . During the academic year, it distributed €4 million to fulfill the University's objectives.
| ENDOWMENT | Value 08/25/31 | Ends 24-25 |
| University Foundation | 132.197 | 4.091 |
| UN Endowment | 102.853 | 923 |
| UN IESE | 77.334 | 2.501 |
| Foundation business UN | 623 | 19 |
| Fundac. M. Usatorre | 12.233 | 430 |
| FIMA | 7.267 | 0 |
| TOTAL | 332.508 | 7.964 |
Destination of funds
The University allocated 49.3 million euros to new projects. The Clínica Universidad de Navarra 21.8 million euros in medical equipment for attendance research its locations in Pamplona and Madrid. Teaching spaces were also modernized, the sports facilities campus were renovated, and investments were made in technology and infrastructure projects at IESE, including the renovation of the Master's Degree building Master's Degree Madrid.
Investments in facilities
Renovation of animal facilities
Renovation of animal facilities
place
Changing rooms and basement back office, Clínica Universidad de Navarra
Replacement of cooling unit at the Clínica Universidad de Navarra
Gamma Camera Clínica Universidad de Navarra
Renovation of halls in the Master's Degree Building
Accessible ramp and renovation of entrance the chapel
Renovation of classroom IESE classroom halls