FMO, the Dutch entrepreneurial development bank, delivered a strong financial and impact performance in the first half of 2026. Net profit reached €76 million as of 30 June 2026, compared with a net loss of €90 million in the same period last year, while investments activity more than doubled. FMO committed €1,740 million in new investments, compared with €832 million during the same period in 2025.
The positive financial result was supported by the strengthening of the US dollar against the euro during the first half of the year. As a significant share of FMO’s private equity portfolio is denominated in US dollars, currency movements had a favorable effect on net profit. These effects contributed positively to net profit in the first half of 2026, whereas similar effects negatively impacted net profit in the same period last year.
Climate-focused investments were a key driver of growth for our investment activity. New investments classified as Green reached €1.02 billion, up from €252 million in the first half of 2025. Investments contributing to Reducing Inequality also increased significantly to €930 million, compared with €627 million a year earlier. Certain investments contribute to both objectives and are therefore included in both categories.
Overall, FMO’s total committed portfolio grew to €16 billion as of 30 June 2026, compared with €13.5 billion a year earlier. In US dollar terms, the portfolio increased to $18.3 billion, from $15.8 billion at the end of the first half of 2025.
To provide a clearer view of underlying business performance, FMO also reports its regular result before tax. Unlike net profit, the regular result before tax excludes significant market-driven valuation movements, such as foreign exchange effects, that can vary considerably between reporting periods. The regular result before tax increased to €71.7 million, compared with €68.1 million in the first half of 2025, reflecting continued progress in income generation, productivity improvements and prudent cost management. Furthermore, FMO’s capital position remained above the minimum levels required by the Dutch Central Bank as well as the requirements of FMO’s own internal Risk Appetite Framework: both the CET-1 ratio and Total Capital Ratio were 21.8%, despite portfolio growth.
“Our customers continued to demonstrate resilience, despite significant uncertainty in many of our markets, including the conflict in the Middle East, and continued pressure from elevated energy and fertilizer prices,” said Michael Jongeneel, FMO’s CEO. “Our portfolio quality remained stable and we continued to support entrepreneurs and businesses that contribute to sustainable economic development.”
We are also reflecting on the progress we have made on our 2030 Strategy: Pioneer–Develop–Scale. 2026 marks the midpoint of the strategy period, creating a natural moment to reflect on our progress and assess whether we remain on track to deliver on our 10-10-10 ambitions: that is, realizing a €10 billion Green portfolio, a €10 billion Reducing Inequalities portfolio, and delivering 10 meaningful innovations by 2030. Our Mid-Term Review is still ongoing, but findings indicate we are largely on track to deliver on our 2030 ambitions, suggesting that no major structural changes are required. At the same time, the context in which FMO operates has evolved substantially, which also affects the external outlook for our portfolio and remains uncertain. We expect to finalize the mid-term review in the second half of 2026.
Access the Interim Report here: https://annualreport.fmo.nl/2025/interim-report-2026
