18 Related parties

FMO defines the Dutch Government, FMO's subsidiaries, joint ventures, associates, the Management Board (MB), and Supervisory Board (SB) as related parties.

Dutch Government

The Dutch Government holds 51 percent of FMO’s share capital. The remaining 49 percent is held by commercial banks, state unions and other members of the private sector. FMO received its last contribution to the development fund from the Dutch Government in 2005.

FMO has a support agreement with the Dutch Government which is detailed in the ‘Additional Information’ section. This agreement sets out the conditions for when the Dutch Government is obliged to support FMO in meeting its obligations. The agreement includes an arm’s length amount that is payable by FMO annually. This amount is not material to the financial results of FMO. The agreement includes a limitation on the amount that can be borrowed by FMO in financial markets. This limitation is currently set at an amount that is 2.5 times FMO’s current total debt. In accordance with the agreement, the next calculation of the debt limitation is in 2028.

FMO manages several government programs at the risk and expense of the Dutch Government. Refer to the "Corporate information" section in this annual report for the description of FMO's role with the various programs and the impact on FMO's financial reporting.

The details of the fixed remuneration earned for the management of MASSIF, Building Prospects, Access to Energy Fund I and II, and Mobilising Finance for Forests (MFF) are disclosed in Note 13, Note 13 Remuneration for services rendered. Other transactions with these entities, as well as with the Dutch Fund for Climate and Development (DFCD) and the Ventures programmes, during the year are presented below:

1. MASSIF: FMO has a 2.04 percent (June 2025: 2.04 percent) stake in this program. No loans were transferred (2025: no transfers)

2. Building Prospects: In the first half of 2026, no loans and private equity investment positions were transferred from Building Prospects to FMO (2025: no transfers).

3. Access to Energy Fund (I and II): In the first half of 2026 no loans and private equity positions were transferred from Access to Energy Fund I and II to FMO (2025: no transfers).

4. Mobilising Finance for Forests (MFF): In the first half of 2026, no loans and private equity positions were transferred from MFF to FMO (2025: no transfers).

5. Dutch Fund for Climate and Development: In the first half of 2026, FMO received a fixed remuneration for services rendered of €0.8 million (June 2025: €0.8 million).

As of June 30, 2026, the loans disbursed by FMO to LUF of the €240 million committed by FMO was €53.1 million (2025: €47.6 million). In 2025, no loans and private equity positions were transferred from LUF to FMO (2025: no transfers).

6. Ventures Program: As of June 30, 2026, FMO's investment participation is €139.0 million (2025: €145.0 million). FMO receives no remuneration for managing the program but instead participates directly in the program.

Management Board

In the first half of 2026 the following changes in the composition of the Management Board of FMO have occurred. Effective May 1, 2026, Ayşe Idil Kural joined the Management Board as Chief Finance & Operations Officer, succeeding Fatoumata Bouaré, who left FMO as per April 1, 2025. In addition, Juan Jose Dada was appointed as Co-Chief Investment Officer per the same date, succeeding Peter Maila who left FMO as per July 1, 2025. On April 22, 2026, during the Annual Meeting of shareholders of FMO the re-appointment of Franca Vossen as CRO was confirmed. All current Management Board members have been (re-)appointed for four years.

Supervisory Board

In the first half of 2026 the following changes in the composition of the Supervisory Board of FMO have occurred. On April 22, 2026 at the end of the Annual General Meeting of shareholders of FMO, Koos Timmermans, member and vice-chair of the Supervisory Board and chair of the Audit & Risk Committee of FMO completed his second and final term. During the same Annual General Meeting of shareholders Annemarie Straathof was appointed as a new member of the Supervisory Board and chair of the Audit & Risk Committee. She is appointed for a term of four years. Reintje van Haeringen, a current member of the Supervisory Board, has assumed the role of vice-chair.