About this report

This integrated annual report covers activities that took place in or had an effect on the reporting year. The report covers the period from January 1, 2025 to December 31, 2025 and was published on March 24, 2026 on FMO’s website. The Annual General Meeting of Shareholders (AGM) is scheduled to be held on April 22, 2026.

This copy of the annual financial reporting of FMO for the year ended December 31, 2025 is not presented in the Standard Business Reporting (SBR) format in accordance with The Decree on electronic filing Business Register applicable for financial years starting on or after January 1, 2025. The SBR reporting package is available on FMO's website.

Presentation of information

We strive to report transparently on our strategy, the way we implement it to create value for our stakeholders and the dilemmas we face along the way. The report provides a comprehensive overview of our financial and sustainability performance.

This annual report of the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB), as adopted by the European Union, and with Title 9 of Book 2 of the Dutch Civil Code. In addition, the Sustainability statement is prepared on a consolidated basis with Commission Delegated Regulation (EU) 2023/2772 comprising the European Sustainability Reporting Standards (ESRS). Furthermore, we applied the Partnership for Carbon Accounting Financials (PCAF) Standard to report on financed GHG emissions.

The management report in accordance with Part 9 of Book 2 of the Dutch Civil Code consists of the chapters 'At a glance', 'Report of the Management Board', 'Risk management' and the 'Sustainability Statement'.

Sustainability-related matters

The double materiality assessment is a formal process that aids FMO in identifying and assessing our impacts on the economy, environment, and people, and determining the organization’s material sustainability-related matters. The result of the assessment helps us decide what information to disclose in our annual report. The assessment further serves as input for our stakeholder dialogues and strategic plans. A detailed description of the approach and results are provided in the 'Sustainability statement'.

External assurance and audit

We have engaged PricewaterhouseCoopers Accountants N.V. to audit the consolidated and company financial statements and to provide limited assurance on the 'Sustainability statement'. The scope, procedures, findings and conclusions from this engagement are summarized in the 'Independent auditor's report' and 'Limited assurance report of the independent auditor on the sustainability statement'.