Segment reporting by operating segments

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 and Forestry, Financial Institutions and Energy, which represent economic sectors. As per December 31, 2025, 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. Each of the four main operating segments (Agribusiness, Food & Forestry, Financial Institutions, Energy and Private Equity) operate with a dedicated investment department, director, mandate and market focus. This structure enables targeted sector expertise, disciplined portfolio management and clear accountability for financial and impact performance.

In 2025, one transaction was partly transferred from Agribusiness, Food and Forestry to Private Equity due to the fact that a loan was converted to equity. The total amount of the transfer was €1 million.

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.

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

Interest income	241,625	129,624	79,334	1,422	54,499	506,504
Interest expenses	-85,886	-41,561	-26,019	-70,025	-58,652	-282,143
Net fee and commission income	-2,460	1,782	-474	816	-1,175	-1,511
Dividend income	-	-	-	39,565	-	39,565
Results from equity investments	-	-	-	64,582	-	64,582
Net results from financial transactions	-538	261	1,119	5,844	2,526	9,212
Remuneration for services rendered	7,094	4,373	4,501	12,282	7,018	35,268
Gains and losses due to derecognition	-10	22	337	-	-	349
Other operating income	-	-	-	-	1,636	1,636
Allocated income	1,219	590	369	995	-3,173	-
Total underlying income	161,044	95,091	59,167	55,481	2,679	373,462

Operating expenses	-52,040	-42,547	-34,653	-60,473	-3,535	-193,248
Total operating expenses	-52,040	-42,547	-34,653	-60,473	-3,535	-193,248

Impairment charges on financial assets, loan commitments and guarantees	-1,157	30,706	9,108	59	35	38,751
Total impairment charges	-1,157	30,706	9,108	59	35	38,751

Profit/(loss) before taxation	107,847	83,250	33,622	-4,933	-821	218,965
Share in the result of associates/joint ventures accounted for using the equity method	-	-	-	48,342	2,467	50,809
Income tax	-24,086	-18,592	-7,509	33,843	-368	-16,712
Underlying net profit/(loss)	83,761	64,658	26,113	77,252	1,278	253,062

Currency effect equity investments	-	-	-	-204,604	-	-204,604
IFRS-reported Net profit/ (loss)	83,761	64,658	26,113	-127,352	1,278	48,458

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

Interest income	243,501	148,841	78,462	4,040	81,501	556,345
Interest expenses	-92,266	-51,635	-27,416	-87,248	-71,663	-330,228
Net fee and commission income	-2,582	3,250	-3,667	266	-1,321	-4,054
Dividend income	-	-	-	29,171	-	29,171
Results from equity investments	-	-	-	22,293	-	22,293
Net results from financial transactions	9,758	-344	1,030	9,699	-9,539	10,604
Remuneration for services rendered	7,612	5,762	5,355	13,082	3,688	35,499
Gains and losses due to derecognition	227	1,191	432	-	13	1,863
Other operating income	-	-	-	-	-	-
Allocated income	-92	-52	-27	-87	258	-
Total underlying income	166,158	107,013	54,169	-8,784	2,937	321,493

Operating expenses	-51,463	-43,563	-32,750	-59,452	-3,467	-190,695
Total operating expenses	-51,463	-43,563	-32,750	-59,452	-3,467	-190,695

Impairment charges on financial assets, loan commitments and guarantees	-16,184	28,628	13,945	-214	5	26,180
Total impairment charges	-16,184	28,628	13,945	-214	5	26,180

Profit/(loss) before taxation	98,511	92,078	35,364	-68,450	-525	156,978
Share in the result of associates/joint ventures accounted for using the equity method	-	-	-	38,641	842	39,483
Income tax	-22,604	-21,128	-8,114	39,457	-71	-12,460
Underlying net profit/(loss)	75,907	70,950	27,250	9,648	246	184,001

Currency effect equity investments	-	-	-	113,233	-	113,233
IFRS-reported Net profit/ (loss)	75,907	70,950	27,250	122,881	246	297,234

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

Loans to the private sector	3,715,626	1,514,593	1,068,362	15,379	355	6,314,315
Equity investments and investments in associates	-	-	-	2,748,199	28,014	2,776,213
Other assets	924,421	376,820	265,801	687,558	7,057	2,261,657
Total assets	4,640,047	1,891,413	1,334,163	3,451,136	35,426	11,352,185
Contingent liabilities – Effective guarantees issued	187,623	15,091	15,499	501	-	218,714
Assets under management (loans and equity investments) managed for the risk of the state	151,785	146,445	150,304	396,017	-	844,551

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

Loans to the private sector	3,211,378	1,580,952	1,016,885	31,418	1,946	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	1,286,433	3,721,505	26,082	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	509,180	-	979,876