S1-5 Targets

The targets in this section were established by HR representatives, taking into account the significant impacts, risks, and opportunities related to our workforce, as well as the disclosure requirements outlined in S1. Additionally, we assessed the Employee Net Promoter Score (see 'S1 Entity specific metrics') concerning key topics. Workforce representatives, such as the HR representatives and the Work council are engaged with setting up and tracking the below targets.

Gender distribution

As established in our DEIB policy, FMO aims to be a diverse and inclusive employer, promoting diversity across gender, identity, culture, age, and disability. This also accounts for those that may not identify strictly as male or female. We strive for equal gender distribution, particularly in management roles (Managers, Directors, Board members), and we aim to have gender balance within FMO (approximately 50-50) in 2025 and any upcoming years using the baseline year 2022. By considering diversity factors in all recruitment processes and addressing the gender pay gap, we foster an inclusive culture that enhances decision making, creativity, and innovation. This commitment aligns with our core values, helping us attract and retain top talent, ultimately benefiting our employees, stakeholders, and customers.

FMO promotes diversity across all levels, and we aim for well-balanced Supervisory and Management Boards by considering members' different perspectives, backgrounds, and experiences. In line with the Act on Gender Balance (‘Wet Ingroeiquotum, 2021) in Management and Supervisory Boards and our internal Diversity Charter, we aim for at least one third of our board members to be men and one third to be women (with ultimate ambition of 40 percent and even most ideally 50 percent of the underrepresented).

As of 2025, our Supervisory Board, consisting of six members, had three women and three men resulting in a 50/50 gender balance in the Supervisory Board. At the end of 2025, the Management Board consisted of three members, included one woman (33.3 percent) and two men (66.7 percent). For the two vacancies, the Selection, Appointment and Remuneration Committee will ensure that gender requirements, suitability and reliability criteria, and the necessary expertise in development banking, as outlined in our Profile and Standing Rules, are taken into account.

Table 31. Minimum Disclosure Requirements for Targets

S1-6 Characteristics of FMO’s employees

FMO employees are individuals with an employment contract with FMO NV or a regional office subsidiary, whether for a definite or indefinite period. This includes the regional offices in South Africa, Kenya, and Costa Rica. All regional offices are included in any following metrics, except those that require specification based on the inclusion of EEA (European Economic Area) countries or as stated otherwise.

Employee data is entered into our Human Capital Management System (HCMS) by FMO’s HR services. FMO compiles employee analytics to report on HR statistics and diversity metrics to the Management Board each quarter.

Employee numbers are reported at the end of each reporting period, quarterly, and annually for December 31, 2025. Employee numbers are reported as head count unless otherwise stated.

Table 32. FMO Employee* head count by gender December 31, 2025

Table 33. Employee head count by country December 31, 2025

Table 34. Employee head count by contract type December 31, 2025

FMO employee turnover is reported at the end of each reporting period, quarterly, and annually for December 31, 2025. The headcount of employees reported in this metric are those counted on December 31, 2025. Employee numbers are reported as head count. Employees leaving on December 31, 2025, are included within the period as head count and are counted as turnover in 2025.

Table 35. Employee turnover December 31, 2025

Average employee headcount in 2025 was 898 based on headcount at the end of each quarter. The FMO employee turnover rate in 2025 (leavers (47)/ average headcount (898)) was 5.23 percent.

A cross-reference of the information reported in this section can be found in the table 'Staff costs' in the section 'Notes to the consolidated statement of profit or loss' in the 'Consolidated Financial Statements' chapter.

S1-7 Characteristics of non-employee workers in FMO’s own workforce

Non-employees include a variety of individuals such as contractors (including self-employed persons), consultants and secondees. Third Party contractors (security, catering, and cleaning) and Interns are excluded.

FMO compiles non-employee analytics quarterly from ADP Workforce (HCMS) to report on HR statistics. This data is checked and presented to the Management Board each quarter.

Non-employee numbers are reported at the end of each reporting period, quarterly, and annually for December 31, 2025. Non-employee numbers are reported as head count unless otherwise stated.

As of 31 December 2025, non‑employees made up 11.7% of our own workforce. On average, there were 136 (headcount) non-employees at FMO during the reporting period.

Table 36. Characteristics of non-employee workers in FMO’s own workforce

S1-8 Collective bargaining coverage and social dialogue

In the Netherlands, all 904 employees (99.2 percent) are covered by collective bargaining agreements and represented by a Work council reflective of the workforce. Outside of the European Economic Area, no employees (0.8 percent) are covered by bargaining agreements. There is no agreement with employees for representation by European Works Council (EWC), Societas Europaea (SE) Works Council, or Societas Cooperativa Europaea (SCE) Works Council as within Europe FMO only operates in the Netherlands.

Table 37. Collective bargaining coverage and social dialogue

S1-9 Diversity metrics

FMO defines senior management (Senior Leadership Team, SLT) as members of the Management Board and Directors. The Extended Leadership Team (ELT) includes also the Managers. Below, you will find FMO's diversity metrics, categorized by management division and gender.

Table 38. Management by gender December 31, 2025

Table 39. Employee age distribution December 31, 2025

S1-10 Adequate wages

As a DFI we strive to stay competitive with our compensation and benefits package and be at least comparable with the median standards of our reference market, being the Dutch financial industry. All employees of FMO, including those working outside of the Netherlands, are paid an adequate wage, in line with applicable benchmarks.

S1-11 Social protection

At FMO, all employees (including those outside of the Netherlands) are protected against loss of income due to sickness, unemployment, injury, and acquired disability through public programs or offered benefits. In the Netherlands, employees are partially covered for parental leave under the Dutch social security system and CLA, and for retirement under the AOW. There are no employees in the Netherlands who lack social protection for sickness, unemployment, injury, disability, maternity leave, or retirement. We are currently investigating the status of social protection in our regional offices. All non-employees in the Netherlands are also covered under the Dutch social security system, which can be supplemented by individual arrangements for sickness, disability, unemployment and retirement.

S1-13 Training and skills development metrics

Career and Performance Management at FMO aims to foster the development of high performing teams to ensure that the right talent is in the right role, at the right time, delivering the optimal performance by enabling our employees to perform, develop and make an impact. FMO aims to provide a supportive environment where feedback is regular through bilateral conversations, is open, and based on trust, providing clarity on expectations and transparency around employee potential and future development opportunities.

All employees participate in the annual appraisal process including goal setting, mid-year, and end-year reviews, except those who join FMO on or after September 1, each year. Employees must have been in their role for at least four months to be appraised and if absent due to illness or for other reasons for longer than eight months, they are not appraised. In 2025, 862 (2024: 796) annual appraisals (out of 911 employees (2024: 866), including local offices) were completed, being 95 percent (2024: 92%) of the total workforce and all employees (100%) who were eligible for an annual assessment for 2025. Out of these 862 employees, 455 (2024: 423) were female and 407 (2024: 373) were male, constituting 53 percent (2024: 53%) and 47 percent (2024: 47%), respectively.

Below is an overview of the distribution of employee training and skills development. The average hours per person represent the total average time spent on training, though individual attendance may cause slight variations.

Table 40. Employee training and skills development distribution December 31, 2025, average number of training hours per employee and by gender

S1-14 Health and safety metrics

The Dutch Working Conditions Act provides the basis for a sound, healthy, and safe work environment. It applies to all employers and employees in The Netherlands. Based on these legal requirements all 904 employees employed by FMO in the Netherlands (99.2 percent) are part of this system. The employees in the regional offices (0.8 percent), as well as our non-employees, are not covered by this system. We have not identified any work-related fatalities or injuries in 2025. Additionally, due to employee privacy and confidentiality regarding illness cases, FMO does not maintain records of ill health attributed to work conditions. Consequently, we do not have records of days lost due work-related-related circumstances, or work-related ill mental health even if we have been notified voluntarily by the person concerned.

S1-15 Work-life balance metrics

At FMO, all employees (100 percent) are entitled to family-related leave in accordance with the respective laws and regulations, the FMO Personnel Guide and/or collective bargaining agreements (in the Netherlands). Non-employees are not included in this metric.

Table 41. Family related leave

Family related leave includes the following categories: Maternity, Birth, Full-time Parental, Bereavement, and Short-term care leave.

S1-16 Compensation metrics (pay gap and total compensation)

FMO conducts periodically - at least once a year - quantitative research to compare men’s and women’s salaries.

The uncorrected gender pay gap based on gross hourly pay levels of all female and male employees is 16.4 percent (reference date April 1, 2025) (2024: 16.4 percent). In 2025 we made some slight adjustments to our methodology and included a few more parameters, but we did not restate the 2024 result, as it was not practical to do so. 

Additionally, FMO performs an analysis to determine the corrected gender pay gap. The adjusted gender pay gap is determined using the Oaxaca-Blinder decomposition and corrects for variables like salary grade, age, type of work (job family), work experience, nationality and tenure to have a fair comparison. The analysis has been performed by an external consultant. The outcome of this analysis showed a pay gap of 1.7 percent for the base salary and for the total cash income (base salary and variable income) the pay gap 1.5 percent, both in male’s advantage (reference date April 1, 2025). The analysis also resulted in a statistically significant difference, which means that men and women at FMO at the reference date were not awarded the same for equal work (same salary bands). In the gender pay gap analysis of April 2025 the local office employees (eight employees at the time of the survey) were not included, which was less than one percent of the total workforce.

Compared to the Dutch corporate sector and the Dutch government, the corrected gender pay gap at FMO is smaller. Data published by Statistics Netherlands (CBS) shows on average a corrected gender pay gap in the private sector in the Netherlands of approx. 6,9 percent and approx. 1.8 percent in the government (Source: ‘Monitor Loonverschillen mannen vrouwen’, 2022).

The pay ratio compares the total remuneration of the CEO, the highest-paid individual, with the median of the total salary of all other FMO employees. At FMO, efforts are made to maintain a moderate pay ratio. The CEO's salary does not fluctuate as it lacks variable elements. The rest of the staff, with exception of the senior management, is eligible for individual discretionary bonuses. The total amount of individual bonuses is less than 1 percent of the sum of all total fixed annual remuneration.

In 2024, the methodology for calculating the ratio was revised to include employees in the regional offices. Additionally, to determine the median total salary of all other employees, the median of the total fixed remuneration was utilized and converted into a total annual remuneration amount. This adjustment was necessary because not all required reports were available at the time of calculating the median of the total remuneration of the entire employee population. We aim to align the methodology with the applicable regulatory requirements.

The pay ratio between the median annual employee remuneration (including employees working outside the Netherlands) and the total annual remuneration of the CEO in 2025 was 3.5 (2024: 3.5).

S1-17 Incidents, complaints and severe human rights impacts

In 2025, no instances of discrimination, including harassment, that resulted in formal complaints or grievances were reported (2024: zero).

During the same reporting period, one employee filed one grievance with the internal Grievance Advisory Committee (GAC), which was considered admissible (2024: three). After further investigation, the grievance was resolved.

Additionally, in 2025, our external confidentiality agency regarding undesired behavior did not receive any complaint regarding undesired behavior by or toward colleagues (2024: one).

The total amount of fines, penalties, and compensation for damages was zero (2024: zero).

S1 FMO entity specific metrics

Employee engagement score and employee Net Promoter score

In 2025, an employee engagement survey gauged the experience of our employees and obtained feedback on inclusion, team leadership, engagement, psychological safety and employership. The average employee engagement score was 7.7 (2023: 7.5). In 2023 we decided to reduce the frequency of the employee engagement survey to once every two years. The next employee engagement will be assessed again in 2027.

The employee engagement survey also focused on the employee-Net Promoter Score (eNPS), showing that the outcome was a further improvement in the employee-NPS score to 43 (2024: 21). The eNPS indicates the extent to which employees are willing to name FMO as an ‘employer of choice’.

Table 42. Minimum disclosure requirements for metrics: Employee engagement score 

Table 43. Minimum disclosure requirements for metrics: employee Net promoter score (eNPS)