annual and interim reports

How we apply our investment process

Our investment process consists of the following stages. Through case studies we illustrate how ESG is an integral part of this process.

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Lessons learned

FMO conducts evaluations, reviews and other activities to learn from past investments, help us achieve our impact goals with our customers and ensure accountability to our stakeholders.

Our strategy

In the past few years, global developments and changing stakeholder expectations and regulations have affected FMO’s impact agenda such that we felt the need to review our ambitions and strategic priorities towards 2030. Our Strategy towards 2030: Pioneer - Develop - Scale, derives its name from our progression model. It shows our long-term commitment to companies, supporting them from an initial high-risk phase to the point where commercial investors can (partially) take over from FMO.

Performance against our strategy

In September 2022, FMO launched its updated 2030 strategy. We monitor our results through a set of performance metrics, which allow us to define, steer and track success toward our strategic objectives.

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Factors impacting our portfolio

Travel restrictions, economic uncertainties, and efforts to adjust operations to new regulations hampered our ability to pursue investment opportunities in 2020 and 2021 and to develop our pipeline. This affected our investment results in 2022.

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Contributions towards the SDGs

In line with our strategy, we aim to maximize our impact toward the sectors and SDGs we are most able to influence through our activities. Our contributions are further explained in the following sections.

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Customer and market support

Our customers are central to achieving FMO's impact ambitions.

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Financial performance

We recorded a net profit of €1 million for the financial year ending on 31 December 2022.

2023 Outlook

The outlook for 2023 is shaped by several interconnected economic and non-economic developments.

Priorities in 2023

We will continue to fulfill our mandate as a DFI, investing countercyclically and taking risks that commercial parties are not (yet) willing to take.