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 and Forestry, Financial Institutions and Energy, which represent economic sectors. As per June 30, 2026, 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. FMO presents its operating segments based on servicing units instead of strategic sectors to be more aligned with internal reporting to the Management Board.

The 'Regular income' and 'Regular result before tax' presented in the segmental performance information below excludes the FX currency effects and fair value changes related to the results from equity investments, impairment changes and other results from financial transactions. These two metrics are also alternative performance measures (APMs), which are appropriately identified and reconciled to the most directly comparable subtotal in the consolidated statement of profit or loss. The reconciliations are presented in the latter part of these condensed interim financial statements.

Allocated other income and expenses represent income earned and costs incurred by non-investment departments that are attributed to the investment segments. The expenses allocation is based on three key drivers: the number of FTEs, the number of investment deals, and portfolio size; for income allocation portfolio size is the key driver.

At June 30, 2026	Financial Institutions	Energy	Agribusiness, Food & Forestry	Private Equity	Other	Total
Interest income	143,808	62,639	41,688	881	41,972	290,988
Interest expenses	-48,302	-22,496	-15,188	-30,975	-43,857	-160,818
Net fee and commission income	-1,686	105	-716	798	-713	-2,212
Dividend income on equity investments	-	-	-	17,529	-	17,529
Dividend received from associates and joint ventures				6,862	2,352	9,214
Remuneration for services rendered	2,799	1,739	2,495	6,224	2,029	15,286
Allocated Regular Income	-733	-341	-230	-470	1,774	-
Regular income	95,886	41,646	28,049	849	3,557	169,987
Operating expenses	-28,034	-21,454	-18,279	-28,708	-1,814	-98,289
Regular result before tax	67,852	20,192	9,770	-27,859	1,743	71,698
Regular equity investment results	-677	-228	853	-19,286	-664	-20,002
Equity investment FX results	195	751	460	37,562	-	38,968
IFRS 9 impairments and revaluations	-4,568	-1,831	-6,231	-883	-6	-13,519
Other results from financial transactions	-	-	-	-	7,209	7,209
Other operating income	-	-	-	-	-289	-289
Allocated other income	2,848	1,326	896	1,826	-6,896	-
Total other income	-2,202	18	-4,022	19,219	-646	12,367
Profit before taxation	65,650	20,210	5,748	-8,640	1,097	84,065
Taxation	-14,550	-4,480	-1,274	12,904	-243	-7,643
IFRS-reported Net profit/(loss)	51,100	15,730	4,474	4,264	854	76,422

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 on equity investments	-	-	-	14,086	-	14,086
Dividend received from associates and joint ventures	-			9,183	-	9,183
Remuneration for services rendered	2,326	1,940	2,237	6,360	1,563	14,426
Allocated Regular Income	-1,122	-567	-352	-949	2,990	-
Regular income	85,463	48,245	28,789	-5,775	1,536	158,258
Operating expenses	-23,696	-19,681	-15,989	-28,714	-2,060	-90,140
Regular result before tax	61,767	28,564	12,800	-34,489	-524	68,118
Regular equity investment results	-	-	-	37,338	1,232	38,570
Equity investment FX results	-	-	-	-216,556	-	-216,556
IFRS 9 impairments and revaluations	-6,691	25,900	8,429	-2,452	6	25,192
Other results from financial transactions	-	-	-	188	-5,213	-5,025
Other operating income	-	-	-	-	6	6
Allocated other income	-1,609	-813	-505	-1,359	4,286	-
Total other income	-8,300	25,087	7,924	-182,841	317	-157,813
Profit before taxation	53,467	53,651	20,724	-217,330	-207	-89,695
Taxation	-13,794	-13,841	-5,347	32,938	53	9
IFRS-reported Net profit/(loss)	39,673	39,810	15,377	-184,392	-154	-89,686

The segmental performance information presented in the tables above includes certain line items that are similarly described to those presented in the IFRS consolidated statement of profit or loss. However, the underlying transactions and amounts included may differ slightly. These line items are briefly explained below.

Equity investment FX results comprise unrealized foreign exchange gains and losses resulting from movements in FMO’s equity portfolio.
Regular equity investment results include unrealized gains and losses from fair value movements in FMO’s equity portfolio (excluding foreign exchange effects), realized results on the disposal of equity investments, the share of results from associates and joint ventures (excluding dividends), and movements resulting from venture capital consolidation.
IFRS 9 impairments and revaluations relate to IFRS 9 impairments as included in the condensed consolidated statement of profit or loss, fair value gains/losses on loan portfolio measured at FVTPL and gains and losses due to derecognition.
Other results from financial transactions comprise result from financial transactions less fair value gains/losses on loan portfolio measured at FVTPL.

Segment assets at June 30, 2026	Financial Institutions	Energy	Agribusiness, Food & Forestry	Private Equity	Other	Total

Loans to the private sector	3,959,166	1,664,847	1,191,331	14,944	-2,351	6,827,937
Equity investments and investments in associates	-	-	-	2,710,267	31,075	2,741,342
Other assets	1,102,424	463,574	331,725	758,831	7,998	2,664,552
Total assets	5,061,590	2,128,421	1,523,056	3,484,042	36,722	12,233,831
Contingent liabilities – Effective guarantees issued	188,359	15,061	13,454	515	-	217,389
Assets under management (loans and equity investments) managed for the risk of the state	168,842	153,001	189,461	381,109	-	892,413

Segment assets at December 31, 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	500	-	218,713
Assets under management (loans and equity investments) managed for the risk of the state	151,785	146,445	150,304	396,017	-	844,551