Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Q1 2026 Earnings Presentation
24 slides from Federal Agricultural Mortgage's earnings presentation, Mar 31, 2026
Slide 1: First Quarter 2026 Presentation
FIRST QUARTER 2026 PRESENTATION March 31, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Farmer Mac's plans, objectives, expectations, beliefs and intentions and ot
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures This presentation is for general informational purposes only, is current only as of March 31, 2026 and should be read in conjunction with Farmer Mac’s Quarterly Report on Form 10-Q filed with the SEC on May 5, 2026. In the
Slide 4: Key Highlights
FARMER MAC | KEY Accelerating Rural Opportunities H IG H LIG HTS
Slide 5: Record-Setting First Quarter 2026 Results
RECORD-SETTING FIRST QUARTER 2026 RESULTS KEY FIRST QUARTER 2026 HIGHLIGHTS • 17% year-over-year growth to $34.8 billion Accelerated Business Volume Growth • Broad-based growth across all five business operating segments • Revenue increased 14% year-over-year to $109.9 million Record Revenue • 99% o
Slide 6: Outstanding Business Volume
OUTSTANDING BUSINESS VOLUME
Slide 7: Diversification in an Evolving Rural Landscape
DIVERSIFICATION IN AN EVOLVING RURAL LANDSCAPE $40.0 2.00% $36.0 $34.8 1.80% $33.4 $32.0 $30.6 $31.1 1.60% $29.8 Business Volume ($ in billions) $28.0 1.40% $24.0 1.20% 1.19% 1.20% 1.22% 1.17% 1.16% NES (%) $20.0 1.00% $16.0 0.80% $12.0 0.60% $8.0 0.40% $4.0 0.20% $0.0 0.00% 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 8: Quarterly Volume Growth: Agricultural Finance
QUARTERLY VOLUME GROWTH: AGRICULTURAL FINANCE • Farm & Ranch portfolio grew by $675 million during FARM & RANCH the first quarter $28.0 1.60% – Robust Farm & Ranch loan purchase activity resulted in net $19.6 $20.2 Business Volume $21.0 $18.1 $18.2 $18.2 1.40% ($ in billions) growth of $384 million
Slide 9: Quarterly Volume Growth: Infrastructure Finance
QUARTERLY VOLUME GROWTH: INFRASTRUCTURE FINANCE • Infrastructure Finance grew $700 million dollars in RENEWABLE ENERGY first quarter 2026, with Renewable Energy $3.0 $2.9 2.00% contributing over $400 million of net growth $2.3 $2.4 Business Volume $1.9 – Sustained momentum in renewable energy projec
Slide 10: Financial Highlights
FARMER MAC FINANCIAL Accelerating Rural Opportun| ities HIGHLIGHTS
Slide 11: High-Quality, Consistent Revenue and Earnings Results
HIGH-QUALITY, CONSISTENT REVENUE AND EARNINGS RESULTS • Record revenue of $109.9M driven by record NES FINANCIAL RESULTS – NES of $102.0 million was fueled by accelerated business $125 2.00% volume growth $108 $110 – Modest NES percentage compression primarily reflects two $105 $101 fewer days in th
Slide 12: Balance Sheet Summary
BALANCE SHEET SUMMARY Quarter-over-Quarter Variance Year-over-Year Variance 1Q26 4Q25 1Q25 $ in billions (except per share amounts) $ % $ % Cash and Cash Equivalents $0.8 $0.9 ($0.2) (17%) $1.05 ($0.3) (26%) Investment Securities $18.2 $17.6 $0.7 4% $16.7 $1.5 9% Loans $17.2 $16.3 $0.9 5% $13.6 $3.6
Slide 13: Funding Levels and Interest Rate Sensitivity
FUNDING LEVELS AND INTEREST RATE SENSITIVITY • Contributing to our NES growth is our effective asset liability management and funding execution • Proactive funding strategies are a strategic lever to drive profitability • Balance sheet positioned with limited sensitivity to higher rates FARMER MAC’S
Slide 14: Disciplined Operating Efficiency
DISCIPLINED OPERATING EFFICIENCY • Operating expenses, excluding regulatory fees, OPERATING EXPENSES increased 8% quarter-over-quarter and 14% year- over-year $36 100.0% $33 – Increased Compensation & Benefits expense related to $30 incremental headcount to support business development and $29 $28 $
Slide 15: Portfolio Performance
PORTFOLIO PERFORMANCE • Portfolio increase in nonaccrual assets driven PORTFOLIO PERFORMANCE entirely by Farm & Ranch operating segment $300 60% – Farm & Ranch nonaccruals increased due to credit downgrades in crops and agricultural storage & processing $261 $254 sectors $250 $238 50% Allowance as a
Slide 16: Loan Portfolio Credit Quality
LOAN PORTFOLIO CREDIT QUALITY • 90-day delinquencies increase reflects typical SUBSTANDARD ASSETS* seasonality tied to annual/semi-annual Farm & Ranch payment dates $750 10.0% $651 • Substandard asset growth concentrated in $596 Agricultural Finance and the result of modest credit $600 $570 8.0% mig
Slide 17: Credit Expenses Reflect Asset-Level Risks
CREDIT EXPENSES REFLECT ASSET-LEVEL RISKS • Credit provisions were primarily related to new volume PROVISION FOR LOSSES growth and portfolio credit migration $18 $16.0 $16 $14 • Increase in allowance for losses reflects cumulative $12 $ in millions impact of portfolio growth $10 $7.7 $7.5 $8 $6 $4.3
Slide 18: Strong Capital Base Supporting Our Growth
STRONG CAPITAL BASE SUPPORTING OUR GROWTH • Capital levels remain well in excess of regulatory CAPITAL thresholds $1,800 25.0% – Exceeds statutory minimum requirements by 62% $1,732 $1,693 $1,706 • Capital Allocation Commitment: Reinvest, Optimize, Return $1,600 $1,562 20.0% $1,527 – Supported $1.5
Slide 19: Liquidity Portfolio
LIQUIDITY PORTFOLIO • Ensures continuity of operations in the event of LIQUIDITY PORTFOLIO & DAYS OF LIQUIDITY temporary disruption in debt capital markets $8.0 400 – Comprised of cash and high-quality investment securities $7.9 – Minimal market volatility exposure $7.8 $7.8 375 – Days of liquidity
Slide 20: Appendix
FARMER MAC APPENDIX Accelerating Rural Opportunities
Slide 21: Quarterly Non-GAAP Performance
QUARTERLY NON-GAAP PERFORMANCE $ in millions except EPS 1Q26 4Q25 3Q25 2Q25 1Q25 Net Effective Spread $102.0 $101.4 $97.8 $93.9 $90.0 Guarantee Fees $6.7 $6.3 $6.1 $5.9 $5.5 Other Income $1.2 $0.2 $1.2 $0.7 $1.3 Total Revenue $109.9 $107.9 $105.1 $100.5 $96.8 Compensation & Benefits $21.3 $18.2 $17.
Slide 22: Reconciliation of Net Income to Core Earnings
RECONCILIATION OF NET INCOME TO CORE EARNINGS Core Earnings by Period Ended $ in millions 2026 YTD* 2025 2024 2023 2022 2021 Net income attributable to $51.8 $182.5 $180.4 $172.8 $151.0 $111.4 common stockholders Less reconciling items: (Losses)/gains on undesignated financial (0.7) (1.9) 3.3 5.1 13
Slide 23: Reconciliation of Net Interest Income to Net Effective Spread
RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 2026 YTD* 2025 2024 2023 2022 2021 $ in millions Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield $101.4 1.13% $390.7 1.19% $353.9 1.16% $327.5 1.15% $270.9 1.04% $222.0 0.94% N
Slide 24: Contact Investor Relations
Contact Investor Relations: Jalpa Nazareth Senior Director – Investor Relations & Finance Strategy Phone: 202.872.5570 Email: jnazareth@farmermac.com
Federal Agricultural Mortgage Corporation (Farmer Mac) — Q1 2026 Earnings Presentation on 6ix