Notes to the financial statements

1. Current account with FMO

	2025	2024
Current account with FMO	4,665	2,395
Balance at December 31	4,665	2,395

The cash on bank accounts can be freely disposed of. All bank accounts are classified as Stage 1.

The amount relates to balance of the bank account maintained by FMO on behalf of the Fund. This balance was previously recognized and presented as ‘Cash balances with banks’, however, it has been reclassified to ‘Current account with FMO’ in the current year to ensure fair presentation. The current account can freely be disposed of.

2. Short-term deposits

Short-term deposits are liquid accounts and are subject to an insignificant risk of changes in fair value. The Fund has on demand full access to the carrying amounts. Short-term deposits consist of money market funds, which are measured at FVPL. Short-term deposits have a maturity of less than three months.

	2025	2024
Money market funds	13,121	12,931
Balance at December 31	13,121	12,931

3. Loans to the private sector

Loans originated by the Fund include loans to the private sector in developing countries for the account and risk of the Fund.

	Loans to the private sector at AC	Loans to the private sector at FVPL	Total 2025
Balance at January 1	42,422	11,618	54,040
Disbursements	14,681	2,283	16,964
Interest capitalization	-	-4	-4
Repayments	-6,859	-2,052	-8,911
Changes in amortizable fees	-29	-	-29
Changes in fair value	-	-666	-666
Changes in accrued income	142	948	1,090
Exchange rate differences	-1,977	-1,260	-3,237
Movement of impairment charges	-1,015	-	-1,015
Net balance at December 31	47,365	10,867	58,232

	Loans to the private sector at AC	Loans to the private sector at FVPL	Total 2024
Balance at January 1	42,950	13,889	56,839
Disbursements	8,830	-	8,830
Loan consolidation	1,166	-1,166	-
Interest capitalization	-	1,447	1,447
Repayments	-2,846	-2,229	-5,075
Write-offs / disposed	-4,141	-1,438	-5,579
Changes in amortizable fees	18	-	18
Changes in fair value	-	1,015	1,015
Changes in accrued income	122	-610	-488
Exchange rate differences	1,926	710	2,636
Movement of impairment charges	-5,603	-	-5,603
Net balance at December 31	42,422	11,618	54,040

The following tables summarize the loans segmented by sector and geographical area:

	2025
	Stage 1	Stage 2	Stage 3	Fair value	Total 2025	Total 2024
Energy	18,100	19,154	10,111	9,677	57,042	50,648
Multi-Sector Fund Investments	-	-	-	1,190	1,190	3,392
Net balance at December 31	18,100	19,154	10,111	10,867	58,232	54,040


	2025
	Stage 1	Stage 2	Stage 3	Fair value	Total 2025	Total 2024
Africa	18,100	18,157	9,943	7,297	53,497	49,743
Asia	-	997	157	-	1,154	1,493
Non - region specific	-	-	11	3,570	3,581	2,804
Net balance at December 31	18,100	19,154	10,111	10,867	58,232	54,040


	2025	2024
Gross amount of loans to companies in which AEF has equity investments	-	-
Gross amount of subordinated loans	26,746	20,291

For more details on non-performing loans, we refer to section 'Credit Risk' within the Risk Management chapter.

The movements in the gross carrying amounts and ECL allowance for the loans to the private sector measured at AC are as follows:

Changes in loans to the private sector at AC in 2025	Stage 1		Stage 2		Stage 3		Total
	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance
At January 1, 2025	11,125	-185	26,276	-2,951	10,624	-2,467	48,025	-5,603
Additions	14,681	-193	-	-	-	-	14,681	-193
Exposures derecognized or matured / lapsed (excluding write-offs and modifications)¹	-6,859	69	-	5	-	127	-6,859	201
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-	-	-	-	-	-	-	-
Transfers to Stage 3	-	-	-	114	-	-114	-	-
Changes in risk profile not related to transfers	-	87	-	873	-	-2,126	-	-1,166
Changes in amortizable fees	-29	-	-	-	-	-	-29	-
Changes in accrued income	141	-	-	-	-	-	141	-
Foreign exchange adjustments	-1,977	26	-	38	-	79	-1,977	143
At December 31, 2025	17,082	-196	26,276	-1,921	10,624	-4,501	53,982	-6,618

Changes in loans to the private sector at AC in 2024	Stage 1		Stage 2		Stage 3		Total
	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance
At January 1, 2024	10,526	-346	21,186	-2,663	11,238	-3,937	42,950	-6,946
Additions	6,296	-178	2,534	-297	-	-	8,830	-475
Exposures derecognized or matured / lapsed (excluding write-offs and modifications)¹	-242	2	-473	247	-2,131	6,946	-2,846	7,195
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	35	-	-35	-	-	-	-	-
Transfers to Stage 3	-5,190	-	-	-	5,190	-	-	-
Modifications of financial assets (including derecognition)	-1,417	-	2,583	-	-	-	1,166	-
Changes in risk profile not related to transfers	-	358	-	-208	-	-9,436	-	-9,286
Amounts written off	-	-	-	-	-4,141	4,141	-4,141	4,141
Changes in amortizable fees	-59	-	29	-	48	-	18	-
Changes in accrued income	180	-	151	-	-209	-	122	-
Foreign exchange adjustments	996	-21	301	-30	629	-181	1,926	-232
At December 31, 2024	11,125	-185	26,276	-2,951	10,624	-2,467	48,025	-5,603

1 Movements in ECL related to partial repayments are included in the row "Changes in risk profile not related to transfers".

Total impairments on loans in the profit and loss account	2025	2024
Additions / exposure derecognized or matured/lapsed (excluding write - offs)	-8	6,720
Changes in risk profile (including changes in accounting estimates)	1,166	-9,286
Recoveries (written off loans)	37	361
Other	-2,314	-656
Balance at December 31	-1,119	-2,861

4. Impairment charges on financial assets and loan commitments

Impairment charges on financial assets and loan commitments are calculated for banks, loan at private sector at AC (including off balance loan commitments) and guarantees given to customers. The movement in impairment charges on financial assets and loan commitments for each of these items is presented in the table below.

Impairment charges on financial assets and loan commitments	2025	2024
Loans	-1,119	-2,861
Loan commitments	-356	54
Guarantees issued	-54	9
Total impairments	-1,529	-2,798

The following table shows the values of the IMF GDP forecasts used in each of the economic scenarios for the ECL calculations for 2024 and 2025. The upside and downside scenario calculations are derived from the base case scenario, adjusted based on an indicator of public debt to GDP in emerging markets.

The macroeconomic scenarios’ model was updated following the publication of the new macroeconomic outlook data by the International Monetary Fund (IMF) in 2025. The updates of the model based on more optimistic GDP forecast, caused new point-in-time adjustments to probability of defaults in the impairment model, leading to a release in combined stage-1 and stage-2 impairment charge.

IMF GDP % Growth Forecasts	2025	2026
Burkina Faso	4.3%	4.5%
Kenya	4.8%	4.9%
Senegal	8.4%	4.1%
Mali	4.9%	5.1%
Uganda	6.1%	7.6%
Pakistan	2.6%	3.6%
India	6.2%	6.3%
Ukraine	2.0%	4.5%

Note that macroeconomic scenarios have been updated by using the latest available information by the IMF, as published in October 2025.

The following tables outline the impact of multiple scenarios on the ECL allowance:

December 31, 2025	Total unweighted amount per ECL scenario	Loans to the private sector	Guarantees
ECL scenario:
PD rating 1 notch up (PD)	-936	-936	-
Prepayment rate decrease 50% (EAD)	153	153	-
Credit conversion rate increase 20% (EAD)	205	165	39

Base case	7,706	7,509	197

PD rating 1 notch down (PD)	1,357	1,357	-
Prepayment rate increase 50% (EAD)	-132	-132	-
Credit conversion rate decrease 20% (EAD)	-205	-165	-39


December 31, 2024	Total unweighted amount per ECL scenario	Loans to the private sector	Guarantees
ECL scenario:
PD rating 1 notch up (PD)	-1,045	-1,000	-45
Prepayment rate decrease 50% (EAD)	205	201	3
Credit conversion rate increase 20% (EAD)	126	98	29

Base case	6,231	6,088	143

PD rating 1 notch down (PD)	1,461	1,412	49
Prepayment rate increase 50% (EAD)	-177	-172	-3
Credit conversion rate decrease 20% (EAD)	-126	-98	-29

5. Equity investments

The equity investments in developing countries are for the Fund's account and risk. The movements in fair value of the equity investments are summarized in the following table. Equity investments are measured at FVPL.

	2025	2024
Equity measured at FVPL
Net balance at January 1	45,244	53,085
Purchases and contributions	1,324	1,512
Return of Capital	-155	-579
Changes in fair value	-14,324	-8,774
Net results from sales	92	-
Net balance at December 31	32,181	45,244

The following table summarizes the equity investments segmented by sector:

	2025	2024
Energy	32,181	45,244
Net balance at December 31	32,181	45,244

6. Investments in associates

The movements in net book value of the associates are summarized in the following table:

	2025	2024
Net balance at January 1	12,900	12,102
Purchases and contributions	-	6
Share in net results	-9,727	-48
Exchange rate differences	-1,142	840
Net balance at December 31	2,031	12,900

The Fund invested in JCM Salima UK Ltd (“Salima”), a company incorporated in the U.K. and 75% owner of JCM Matswani Solar Corp Ltd, a Malawi Special Purpose Vehicle (the “Project Company”) established for the development of a 60 MWac solar PV plant located in the Salima district of Malawi (the “Project”). Salima is incorporated in the UK and is registered at 3 More London Riverside, London, United Kingdom, SE1 2AQ. AEF's share and voting rights in "Salima" is 31%.

Investments in associates are valued based on the equity accounting method.

The following table summarizes the associates segmented by sector.

	2025	2024
Energy	2,031	12,900
Net balance at December 31	2,031	12,900

The following table summarizes the share in the total assets, liabilities, total income and total net profit/loss of the associates:

Associate	Carrying amount	Economic ownership %	Total assets	Total liabilities	Total income	Total profit/loss
JCM Salima UK Ltd ¹	2,031	31%	2,031	-	-	-

1 Please note that the December 2025 position of JCM Salima UK Ltd is subject to a negative value adjustment due to the negative outlook of the company and macro-economic effects such as local FX impacts. The carrying value is based on the underlying DCF model and if which the total asset value is also based on.

7. Other financial assets

	2025	2024
Other financial assets at FV ¹	9,117	10,939
Balance at December 31	9,117	10,939

1 1 Other financial assets at FV relate to FMO's Venture Program

8. Other receivables

	2025	2024
Fee receivables	105	195
Balance at December 31	105	195

9. Accrued and other liabilities

Accrued and other liabilities consist of accrued costs related to capacity development expenses.

	2025	2024
Bank suspense account	-	-54
Accrued costs capacity development	547	584
VAT 21% payable	-	13
Balance at December 31	547	543

10. Provisions

The amounts recognized in the balance sheet are as follows:

	2025	2024
Allowance for guarantees	196	143
Allowance for loan commitments	797	485
Balance at December 31	993	628

11. Contributed capital and reserves

	2025	2024
Contributed Fund Capital
Contribution DGIS previous years	159,980	150,880
Contribution DGIS current year	12,459	9,100
Balance at December 31	172,439	159,980

Undistributed results	2025	2024
Balance at January 1	-31,641	-19,252
Net profit/(loss)	-30,878	-12,389
Balance at December 31	-62,519	-31,641

12. Net interest income

	2025	2024
Interest income related to banks	63	136
Interest income from financial instruments at AC	3,381	2,598
Total interest income calculated using the effective interest method	3,444	2,734
Interest on loans to the private sector at FVPL	1,230	1,278
Interest on short-term deposits	150	186
Other interest income	1,380	1,464
Net interest income	4,824	4,198

13. Fee and commission income

	2025	2024
Administration fees	28	15
Other fees (like arrangement, cancellation and waiver fees)	9	4
Net fee and commission income	37	19

14. Results from equity investments

	2025	2024
Results from equity investments
Unrealized results from FV movements	-10,144	-11,394
Unrealized results from FX movements	-4,180	2,620
Net results from fair value re-measurements	-14,324	-8,774

Results from sales
Realized results	77	-
Release unrealized results	14	-
Net results from sales	92	-
Total results from equity investments	-14,232	-8,774

The net result on sales represents the reversal of accumulated previously recognized unrealized fair value movements on the instruments sold and the actual realized result on sale of the instrument compared to the initial cost of the investment. Unrealized results from FX differences on non-monetary financial assets (investments in equity instruments) are a component of the change in their entire fair value. This amount is calculated using a spot-spot revaluation of the outstanding FV carrying amount on a daily basis and is presented separately.

15. Results from financial transactions

	2025	2024
Results on sales and valuations of loans to the private sector at FVPL	-665	-424
Foreign exchange results	-3,207	2,823
Other changes¹	-2,609	-2,819
Total results from financial transactions	-6,481	-420

1 Other changes relate to results on FMO's Venture Program.

16. Expenses

The amount for Remuneration FMO is the management fee paid by the fund to FMO.

Capacity Development expenses relate to development contributions or contributions paid to beneficiaries in terms of the fund's objectives.

Evaluation costs relate to expenses made during frequent investigations and controls of existing investments and costs for the due diligence of new projects.

	2025	2024
Remuneration FMO	-3,465	-3,624
CD expenses	-206	-711
Evaluation expenses	-103	-125
Other operating expenses	-	-250
Total expenses	-3,774	-4,710

17. Off-Balance Sheet information

To meet the financial needs of borrowers, the Fund enters into various irrevocable commitments (loan commitments, equity and development contributions). Provisions for loan commitments are calculated according to ECL measurement methodology applied for on balance loan portfolio.

Nominal amounts for irrevocable facilities are as follows:

Irrevocable facilities	2025	2024
Contractual commitments for disbursements of:
- Loans commitments	44,319	41,610
- Equity investments and associates	9,885	15,092
Total irrevocable facilities	54,204	56,702

The movement in exposure for the loan commitments and ECL allowance is as follows:

Movement of loans commitments in 2025	Stage 1		Stage 2		Stage 3		Total
	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance
At January 1, 2025	36,640	-485	-	-	1,790	-	38,430	-485
Additions	28,793	-706	-	-	-	-	28,793	-706
Exposures derecognized or matured (excluding write-offs)	-19,252	138	-	-	-1,136	-197	-20,388	-59
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-	-	-	-	-	-	-	-
Transfers to Stage 3	-6,763	170	-	-	6,763	-170	-	-
Changes to models and inputs used for ECL calculations	-	41	-	-	-	170	-	211
Amounts written off	-	-	-	-	-	-	-	-
Foreign exchange adjustments	-2,834	45	-	-	-662	-	-3,496	45
At December 31, 2025	36,584	-797	-	-	6,755	-197	43,339	-994

Movement of loans commitments in 2024	Stage 1		Stage 2		Stage 3		Total
	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance
At January 1, 2024	27,746	-317	2,637	-193	800	-	31,183	-510
Additions	19,827	-229	3,927	-	9,186	-	31,150	-229
Exposures derecognized or matured (excluding write-offs)	-9,786	103	-10,257	187	-8,196	-	-28,239	290
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-3,617	55	3,617	-55	-	-	-	-
Transfers to Stage 3	-	-	-	-	-	-	-	-
Changes to models and inputs used for ECL calculations	-	-68	-	60	-	-	-	-8
Amounts written off	-	-	-	-	-	-	-	-
Foreign exchange adjustments	2,470	-29	76	1	-	-	2,546	-28
At December 31, 2024	36,640	-485	-	-	1,790	-	36,640	-485

18. Analysis of financial assets and liabilities by measurement basis

The summary of accounting policies describes how the classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognized. The following table gives a breakdown of the carrying amounts of the financial assets and financial liabilities by category as defined under IFRS and by statement of financial position heading.

December 31, 2025	FVPL - mandatory	Amortized cost	Total
Financial assets measured at fair value
Short-term deposits	13,121	-	13,121
Loans to the private sector at FVPL	10,867	-	10,867
Equity investments	32,181	-	32,181
Other financial assets at FV	9,117	-	9,117
Total	65,286	-	65,286
Financial assets not measured at fair value
Loans to the private sector at AC	-	47,365	47,365
Current account with FMO	-	4,665	4,665
Other receivables	-	105	105
Total	-	52,135	52,135
Financial liabilities not measured at fair value
Provisions	-	993	993
Accrued and other liabilities	-	547	547
Other liabilities	-	-	-
Total	-	1,540	1,540

December 31, 2024	FVPL - mandatory	Amortized cost	Total
Financial assets measured at fair value
Short-term deposits	12,931	-	12,931
Loans to the private sector at FVPL	11,618	-	11,618
Equity investments	45,244	-	45,244
Other financial assets at FV	10,939	-	10,939
Total	80,732	-	80,732
Financial assets not measured at fair value
Loans to the private sector at AC	-	42,422	42,422
Current account with FMO	-	2,395	2,395
Other receivables	-	195	195
Total	-	45,012	45,012
Financial liabilities not measured at fair value
Provisions	-	628	628
Accrued and other liabilities	-	543	543
Total	-	1,171	1,171

Fair value of financial assets and liabilities

Fair value hierarchy

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, based on lowest level input that is significant to the fair value measurement as a whole, as follows:
Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 – Valuation technique for which the lowest level input that is significant to the fair value measurement is unobservable.

Valuation processes

For recurring and non-recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund uses the valuation processes to decide its valuation policies and procedures and analyze changes in fair value measurement from period to period.

The fair value methodology and governance over its methods includes a number of controls and other procedures to ensure appropriate safeguards are in place to ensure its quality and adequacy. The responsibility of ongoing measurement resides with the relevant departments. Once submitted, fair value estimates are also reviewed and challenged by the IRC. The IRC approves the fair values measured including the valuation techniques and other significant input parameters used.

Valuation techniques

When available, the fair value of an instrument is measured by using the quoted price in an active market for that instrument (level 1). A market is regarded as active if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, valuation techniques are used that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. These valuation techniques applied by FMO to determine the fair value of its financial instruments are described below.

Financial instruments measured at fair value

Debt Instruments

TYPE OF LOANS	VALUATION METHODOLOGY
Fixed rate loans at FVTPL(Level 3)	Performing fixed‑rate loans are valued using a discounted cash flow (DCF) approach, where contractual cash flows— including any performance‑related additional cash flows—are discounted using a curve built from a risk‑free base curve (Reuters zero‑curve) and an individual credit spread reflecting client‑specific credit quality.
Floating rate loans at FVTPL(Level 3)	Floating‑rate loans are valued using a method that approximates an amortised‑cost–based approach, because changes in risk‑free rates are neutralised at each interest reset. Fair value is defined as gross outstanding minus the change in lifetime expected credit losses (LECL) between current and initial ratings, reflecting credit‑spread‑driven market value changes. Embedded options, if any, are priced separately and added to the loan’s value.
Debt funds at FVTPL (Level 3)	The Net Asset Value from investee's financial statements and investor reports prepared by fund manager
Non‑performing Fixed/ floating loans at FVTPL, debt funds at FVTPL (Level 3)	Non‑performing loans are valued at gross outstanding minus a specific impairment, reflecting the best estimate of recoverable value. The valuation incorporates all relevant qualitative and quantitative factors, including restructuring prospects, collateral realisation, or firm offers, and follows the standard Investment Review Committee impairment process used for amortised‑cost loans.
Loans with MarginAdjustments (Level 3)	Loans containing EBITDA-, ROAE- or profit‑linked margin features require additional inputs beyond standard fixed or floating loan valuation. Forward‑looking financial forecasts must be considered to determine whether additional margin components (e.g., interest step‑ups) are expected to apply. These expected adjustments are reflected in the cash flow schedule and discounted. For loans without outstanding balances, the value of the margin adjustment is set to zero.
Loans at FVPL with OtherFeatures (Level 3)	Some loans are designated at FVPL due to unique or complex contractual features that do not fit the standard valuation models. Where none of the prescribed fair value methodologies apply, these loans are valued at amortised cost plus impairment, effectively approximating nominal value unless material differences exist.

Derivatives

FMO uses internal valuation models to value derivative financial instruments. Valuation inputs include valuation curves provided by specialized price-makers for emerging markets currencies. Consequently, derivatives involving emerging market currencies are classified as level 2.

Equity Investments

Equity investments are measured at fair value when a quoted market price in an active market is available or when fair value can be estimated reliably by using a valuation technique. The main part of the fair value measurement related to equity investments (level 3) is based on net asset values of investment funds as reported by the fund manager and are based on advanced valuation methods and practices. When available, these fund managers value the underlying investments based on quoted prices, if not, multiples are applied as input for the valuation. For the valuation process of the equity investments we further refer to the accounting policies and related notes within these financial statements. The determination of the timing of transfers is embedded in the quarterly valuation process, and therefore recorded at the end of each reporting period.

Firm offer

When a credible firm offer exists, the fair value should be based on the firm offer price minus all transaction costs. This
method reflects the most concrete and observable market-based exit price available at the valuation date.

Value Based on Recent Transactions

Recent arm’s‑length transactions (typically within 12 months) are often the best indication of fair value. Adjustments must be
made if the company’s performance or market conditions have materially changed since the transaction.

Put Option

Where FMO holds an exercisable put option, the fair value may be based on its strike value, considering also the
counterparty’s ability to execute the option. This method relies on counterparty risk assessment and contractual clarity.

Multiples (Book, Earnings, Market/Industry, Anchored)

Multiples apply when comparable financial or market data can be used to estimate value. Book multiples are applied to
reflect equity performance. Earnings multiples (EV/EBITDA, EV/EBIT, P/E) are applied for companies with maintainable
earnings. Market/industry multiples rely on peer benchmarks. Anchored multiples use the post‑money valuation at investment
entry, performance are subsequently assessed.

Discounted Cash Flow (DCF)

DCF values an investment based on the present value of expected future cash flows or earnings, discounted using a
risk‑adjusted rate.

Net Asset Value (NAV)

Net asset value involves the application of the reported NAV. This is directly applied as the valuation input for fund
investment. And it could also be applied to direct investments of which the value is indirectly derived from a fund’s NAV.

Cost as Best Estimate

If no reliable valuation inputs are available—typically during the first 12 months of an investment—the cost of FMO’s
investment may serve as the best estimate of fair value.

Other Methods

When none of the standard methodologies are applicable, other valuation methods may be used, but only with clear,
enhanced justification explaining why all typical alternatives are unsuitable.

Dutch government program liabilities

Dutch government program liabilities carried at FVPL represent amounts attributable to the Dutch Government in return for
their co-investment in the FMO Ventures Program (refer to the 'Group accounting and consolidation section' of the
'Accounting policy' chapter). The management of FMO's Ventures Program has the mandate to engage in transactions and
also to realize any positions at a given time and call out the Program at reporting date. The amount attributable to co-
investors is based on a predefined value sharing waterfall which utilizes the values of the underlying investments in the
program. The underlying investments in the program are valued using the existing equity investment fair valuation
techniques described in the paragraphs above. The waterfall calculation defines the timing and amount of distributions to
respective co-investors and is therefore applied to estimate the fair values of the related financial liabilities.

IFRS 9 requires adjustments in the valuation of FVPL financial liabilities related to FMO's own credit risk to be recorded in the
statement of other comprehensive income. The impact of this treatment is however negligible due to the Support Agreement
between the Dutch Government and FMO.

Financial instruments not measured at fair value

The table below presents the carrying value and estimated fair value of the financial assets and liabilities that are not measured at fair value.

The carrying values of the financial asset and liability categories in the table below are measured at AC. The underlying changes to the fair value of these assets and liabilities are therefore not recognized in the balance sheet.

The valuation technique we use for the fair value determination of these financial instruments is the discounted cash-flow method. The discount rate we apply is a spread curve based on the average spread of the portfolio. The fair value calculation is mainly based on level 3 inputs.

	2025		2024
At December 31	Carrying value	Fair value	Carrying value	Fair value
Current account with FMO	4,665	4,665	2,395	2,395
Loans to the private sector at AC	47,365	43,813	42,422	38,827
Total non fair value financial assets	52,030	48,478	44,817	41,222

The following table gives an overview of the financial instruments measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

December 31, 2025	Level 1	Level 2	Level 3	Total
Financial assets at fair value
Short-term deposits mandatory at FVPL	13,121	-	-	13,121
Loans to the private sector at FVPL	-	-	10,867	10,867
Equity investments	-	-	32,181	32,181
Other financial assets at FV¹	-	-	9,117	9,117
Total financial assets at fair value	13,121	-	52,165	65,286

1 The valuation of the Other financial assets is related to VC and the valuation is derived from the waterfall.

December 31, 2024	Level 1	Level 2	Level 3	Total
Financial assets at fair value
Short-term deposits mandatory at FVPL	12,931	-	-	12,931
Loans to the private sector at FVPL	-	-	11,618	11,618
Equity investments	-	-	45,244	45,244
Other financial assets at FV¹	-	-	10,939	10,939
Total financial assets at fair value	12,931	-	67,801	80,732

The following table shows the movements of financial assets measured at fair value based on level 3.

	Loans to the privat sector at FVPL	Equity investments	Total
Balance at January 1, 2025	11,618	45,244	56,862
Total gains or losses
-In profit and loss (changes In fair value)	-666	-10,144	-10,810
Purchases/disbursements	2,283	1,324	3,607
Conversion from loan to development contributions	-	-	-
Sales/repayments	-2,052	-63	-2,115
Interest Capitalization	-4	-	-4
Write-offs	-	-	-
Accrued income	948	-	948
Exchange rate differences	-1,260	-4,180	-5,440
Other	-	-	-
Balance at December 31, 2025	10,867	32,181	43,048

	Loans to the privat sector at FVPL	Equity investments	Total
Balance at January 1, 2024	13,889	53,085	66,974
Total gains or losses			-
-In profit and loss (changes In fair value)	1,015	-11,394	-10,379
Purchases/disbursements	-	1,512	1,512
Conversion from loan to development contributions	-	-	-
Sales/repayments	-2,229	-579	-2,808
Interest Capitalization	783	-	783
Write-offs	-1,438	-	-1,438
Accrued income	54	-	54
Exchange rate differences	710	2,620	3,330
Other	-1,166	-	-1,166
Balance at December 31, 2024	11,618	45,244	56,862

Type of loan investment	Fair value at December 31, 2025	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs

Loans to the private sector at FVPL	5,951	Discounted cash flow model	Based on client spread	A decrease/increase of the used spreads with 1% will result is a higher/lower fair value of approx €0.1m.
	4,916	Credit impairment	n/a	n/a
Total	10,867

Type of equity investment	Fair value at December 31, 2025	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity based on the significant unobservable inputs

Private equity fund investments	3,520	Net Asset Value	Discounts applied ranging from 20% to 50%	Changes in the discounts applied would result in a lower / higher fair value of approximately €0.1 million.
Private equity direct investments	533	Recent transactions	Discounts applied ranging from 5% to 50% Book multiple applied 1.0	Changes in the discounts applied would result in a lower / higher fair value of approximately €0.1 million.
	1,578	Firm offers	n/a	n/a
	703	Earning Multiples	No discounts applied. Book multiple applied in range 1.0 to 2.0	Changes in the discounts are not applicable Changes in the applied multiple with 10% would result in a lower / higher fair value of approximately €0.2 million.
	13,236	Discounted Cash Flow (DCF)	Discounts applied ranging from 0 to 50% DCF model inputs: Discount rates applied ranging from 13% to 14.8% Expected monthly cash flows ranging from €0.3 million to €2.7 million	Changes in the discounts applied would result in a lower / higher fair value of approximately €1.8 million. Changes in the DCF model by lowering the discount rate and increasing expected cash flows would result in a positive change in fair value of approximately €1.3 million.
	11,481	Net Asset Value	No discounts applied. Book multiple applied 1.0	n/a
	1,125	Other	Discounts applied ranging from 2.5% to 25% Book multiple applied 0	Changes in the discounts applied would result in a lower / higher fair value of approximately €0.1 million.
	5	Cost	n/a	n/a
Total	32,181

19. Related party information

The Fund defines the Dutch Government, FMO and its Management Board and Supervisory Board as related parties.

Dutch Government

The Dutch Ministry of Foreign Affairs, Directoraat-Generaal Internationale Samenwerking (DGIS) sets up and administers the Access to Energy Fund, according to the Dutch Government’s development agenda. DGIS is the contributor to AEF, providing funding upon FMO’s request (2025: €12.5 million; 2024: €9.1 million).

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”)

FMO, the Dutch entrepreneurial development bank, creates development impact by being additional in financing the private sector in low- and middle-income countries. It enables entrepreneurs to increase inclusive and sustainable prosperity. FMO focuses on three sectors: Agribusiness, Food &Forestry, Energy and Financial Institutions.

FMO is a public-private partnership, with 51% of FMO’s shares held by the Dutch State and 49% held by commercial banks, trade unions and other members of the private sector. FMO has a triple A rating from both Fitch and Standard & Poor’s.

FMO has been entrusted by the Dutch Government to execute the mandates of the State Funds: Currently MASSIF, Building Prospects, Access to Energy – I, and the Dutch Fund for Climate and Development's Land Use Facility are under FMO’s direct management.

The execution of CIO-AEF-II and the other facilities of DFCD are performed by third parties under FMO’s supervision.

FMO charges a management fee to the Dutch Ministry of Foreign Affairs and it is reimbursed accordingly from the subsidy amount of AEF. The management fee amounts up to €3.5 million in 2025 (2024: €3.6 million).

20. Subsequent events

There have been no significant subsequent events between the balance sheet date and the date of authorization of these accounts which would be reported by the Fund.