3 Segment information

The Management Board sets performance targets, approves and monitors the budgets prepared by servicing units. Servicing units are not identical to the strategic sectors.

FMO's strategic sectors represent the economic sectors in which FMO operates. The three strategic sectors are Agribusiness Food & Forestry, Financial Institutions and Energy, which also represent economic sectors. FMO's Management Board steers on the following five operating segments: Agribusiness, Food & Forestry, Financial Institutions, Energy, Private Equity and Other. The segment "Other" relates to the internal funding and operational activities of FMO.

FMO presents the results of the operating segments using a financial performance measure called underlying profit. Underlying profit excludes the EUR/USD currency effects related to the results from equity investments. All fair value changes including currency effects are recorded in the profit and loss account.

Underlying profit as presented below is an alternative performance measure. The table below shows a reconciliation of the underlying net profit to the IFRS-reported net profit.

At June 30, 2025	Financial Institutions	Energy	Agribusiness, Food & Forestry	Private Equity	Other	Total

Interest income	128,607	67,991	41,446	1,306	31,644	270,994
Interest expenses	-42,955	-21,705	-13,484	-36,293	-34,070	-148,507
Net fee and commission income	-1,393	586	-1,058	532	-591	-1,924
Dividend income	-	-	-	14,086	-	14,086
Results from equity investments	-	-	-	-2,560	-	-2,560
Net results from financial transactions	-4,044	338	-853	13,887	-5,214	4,114
Remuneration for services rendered	2,326	1,940	2,237	6,360	1,563	14,426
Gains and losses due to recognition	-10	22	-	-	-	12
Other operating income	-	-	-	-	6	6
Allocated income	-2,731	-1,380	-857	-2,308	7,276	-
Total underlying income	79,800	47,792	27,431	-4,990	614	150,647

Operating expenses	-23,696	-19,681	-15,989	-28,714	-2,060	-90,140
Total operating expenses	-23,696	-19,681	-15,989	-28,714	-2,060	-90,140

Impairments on loans and guarantees	-2,637	25,540	9,282	10	7	32,202
Total impairments	-2,637	25,540	9,282	10	7	32,202

Profit/(loss) before taxation	53,467	53,651	20,724	-33,694	-1,439	92,709
Share of the profit or loss of associates and joint ventures	-	-	-	32,920	1,232	34,152
Taxation	-13,794	-13,841	-5,347	27,525	53	-5,404
Underlying net profit/(loss)	39,673	39,810	15,377	26,751	-154	121,457

Currency effect equity investments				-211,143	-	-211,143
IFRS-reported Net profit/(loss)	39,673	39,810	15,377	-184,392	-154	-89,686

At June 30, 2024	Financial Institutions	Energy	Agribusiness, Food & Forestry	Private Equity	Other	Total

Interest income	118,663	74,736	36,608	1,982	38,349	270,338
Interest expenses	-43,627	-26,003	-13,063	-43,342	-34,967	-161,002
Net fee and commission income	-1,247	-255	-2,393	218	-667	-4,344
Dividend income	-	-	-	10,151	-	10,151
Results from equity investments	-	-	-	-1,283	-	-1,283
Net results from financial transactions	4,751	1,128	1,133	-2,066	1,791	6,737
Remuneration for services rendered	2,128	2,703	1,883	6,624	1,673	15,011
Gains and losses due to recognition	-	764	222	-	-	986
Other operating income	-	-	-	-	1	1
Allocated income	1,631	972	489	1,621	-4,713	-
Total underlying income	82,299	54,045	24,879	-26,095	1,467	136,595

Operating expenses	-22,740	-19,434	-14,773	-26,499	-1,349	-84,795
Total operating expenses	-22,740	-19,434	-14,773	-26,499	-1,349	-84,795

Impairments on loans and guarantees	-1,813	13,946	12,248	-46	78	24,413
Total impairments	-1,813	13,946	12,248	-46	78	24,413

Profit/(loss) before taxation	57,746	48,557	22,354	-52,640	196	76,213
Share of the profit or loss of associates and joint ventures	-	-	-	14,450	51	14,501
Taxation	-12,239	-10,291	-4,738	18,023	-52	-9,297
Underlying net profit/(loss)	45,507	38,266	17,616	-20,167	195	81,417

Currency effect equity investments	-	-	-	52,850	-	52,850
IFRS-reported Net profit/(loss)	45,507	38,266	17,616	32,683	195	134,267

Segment assets at June 30, 2025	Financial Institutions	Energy	Agribusiness, Food & Forestry	Private Equity	Other	Total

Loans to the private sector	2,931,483	1,425,131	874,550	22,369	812	5,254,345
Equity investments and investments in associates	-	-	-	2,584,168	22,037	2,606,205
Other assets	1,018,741	495,258	303,921	905,817	7,941	2,731,678
Total assets	3,950,224	1,920,389	1,178,471	3,512,354	30,790	10,592,228
Contingent liabilities – Effective guarantees issued	159,912	15,531	10,674	500	-	186,617
Assets under management (loans and equity investments) managed for the risk of the state	168,187	146,814	144,402	438,243	-	897,646

Segment assets at December 31, 2024	Financial Institutions	Energy	Agribusiness, Food & Forestry	Private Equity	Other	Total

Loans to the private sector	3,211,378	1,580,952	1,016,886	31,418	1,945	5,842,579
Equity investments and investments in associates	-	-	-	2,910,315	18,671	2,928,986
Other assets	851,247	419,066	269,548	779,772	5,465	2,325,098
Total assets	4,062,625	2,000,018	1,286,434	3,721,505	26,081	11,096,663
Contingent liabilities – Effective guarantees issued	150,493	18,120	23,995	568	-	193,176
Assets under management (loans and equity investments) managed for the risk of the state	146,616	155,442	168,638	545,016	-	1,015,712