Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Q2 2026 Earnings Presentation
23 slides from Federal Agricultural Mortgage's earnings presentation, 2026
Slide 1: Earnings Presentation Second Quarter 2026
EARNINGS PRESENTATION Second Quarter 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 regarding Farmer Mac's plans, objectives, expectations, beliefs, intentions, futu
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures This Presentation includes certain non-GAAP financial measures, including core earnings, core earnings per share, and net effective spread. Farmer Mac uses these measures to evaluate its economic performance, transaction e
Slide 4: Key Highlights
KEY HIGHLIGHTS
Slide 5: Record-Setting Second Quarter 2026 Results
RECORD - SETTING SECOND QUARTER 2026 RESULTS Key Second Quarter 2026 Highlights • 22% year-over-year growth to $37.2 billion Accelerated Business Volume Growth • Broad-based growth across business operating segments • Revenue increased 25% year-over-year to $125.2 million Record Revenue • 99% of tot
Slide 6: Outstanding Business Volume
OUTSTANDING BUSINESS VOLUME
Slide 7: Business Volume: Supporting Growing Liquidity Needs
SUPPORTING GROWING LIQUIDITY NEEDS ACROSS A DYNAMIC RURAL ECONOMY $40.0 2.00% $37.2 $36.0 $34.8 1.80% $33.4 $32.0 $30.6 $31.1 1.60% Business Volume ($ in billions) $28.0 1.40% $24.0 1.26% 1.20% NES (%) 1.19% 1.20% 1.22% 1.16% $20.0 1.00% $16.0 0.80% $12.0 0.60% $8.0 0.40% $4.0 0.20% $0.0 0.00% 2Q25
Slide 8: Quarterly Volume Growth: Agricultural Finance
QUARTERLY VOLUME GROWTH: AGRICULTURAL FINANCE Farm & Ranch portfolio grew by $1.7 billion during the FARM & RANCH second quarter $28.0 1.60% • Net new $1.1 billion increase in AgVantage® securities driven $22.0 $20.2 Business Volume by new business volume from several counterparties, $21.0 $18.2 $18
Slide 9: Quarterly Volume Growth: Infrastructure Finance
QUARTERLY VOLUME GROWTH: INFRASTRUCTURE FINANCE Infrastructure Finance grew $0.6 billion dollars in second RENEWABLE ENERGY quarter 2026, with Power & Utilities contributing nearly $4.0 2.00% $0.3 billion of net growth $2.9 $3.0 Business Volume • All three segments contributed to net growth as broad
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: High-Quality, Consistent Revenue and Earnings Results
HIGH - QUALITY, CONSISTENT REVENUE AND EARNINGS RESULTS Record revenue of $125.2 million driven by FINANCIAL RESULTS record NES $130 32.0% $125 • NES of $117.4 million was fueled by accelerated business volume growth and the collection of $7.4 million of previously unrecognized default interest. $11
Slide 12: Balance Sheet Summary
BALANCE SHEET SUMMARY Quarter-over-Quarter Variance Year-over-Year Variance 2Q26 1Q26 2Q25 $ in billions (except per share amounts) $ % $ % Cash and Cash Equivalents $1.0 $0.8 $0.2 25.0% $1.0 $0.0 0.0% Investment Securities $19.4 $18.2 $1.2 6.6% $17.0 $2.4 14.1% Loans $18.2 $17.2 $1.0 5.8% $14.5 $3.
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 net effective spread performance supporting profitability Deliberate balance sheet structure desig
Slide 14: Disciplined Operating Efficiency
DISCIPLINED OPERATING EFFICIENCY Operating expenses, excluding regulatory fees, OPERATING EXPENSES increased 9% quarter-over-quarter and 24% year-over-year $36 $35 100.0% • Increased compensation & benefits expense related $33 to incremental headcount, higher bonus accruals $29 $30 $28 associated wi
Slide 15: Loan Portfolio Credit Quality
LOAN PORTFOLIO CREDIT QUALITY 90-day delinquencies decrease reflects typical SUBSTANDARD ASSETS* seasonality tied to annual/semi-annual Farm & Ranch payment dates $750 10.0% $651 $635 Substandard assets declined modestly in both $600 $596 $570 8.0% portfolios during the second quarter due to $525 po
Slide 16: Credit Expenses Reflect Asset-Level Risks
CREDIT EXPENSES REFLECT ASSET - LEVEL RISKS Credit provisions were primarily related to new PROVISION FOR LOSSES volume growth and portfolio credit migration $18 $16.0 $16 Increase in allowance for losses reflects cumulative $14 $ in millions impact of portfolio growth $12 $10 $7.7 $7.5 Total nonacc
Slide 17: Strong Capital Base Supporting Our Growth
STRONG CAPITAL BASE SUPPORTING OUR GROWTH Capital levels remain well in excess of regulatory CAPITAL thresholds • Exceeds statutory minimum requirements by 64% $2,000 25.0% $1,873 Capital allocation commitment: Reinvest, optimize, return • Book value growth driven by reinvested earnings $1,800 21.0%
Slide 18: Liquidity Portfolio
LIQUIDITY PORTFOLIO Ensures continuity of operations in the event LIQUIDITY PORTFOLIO & DAYS OF LIQUIDITY of temporary disruption in debt capital markets $10.0 500 • Comprised of cash and high-quality investment securities • Minimal market volatility exposure $7.9 $8.2 $7.7 $7.8 • Days of liquidity
Slide 19: Appendix
APPENDIX
Slide 20: Quarterly Non-GAAP Performance
QUARTERLY NON - GAAP PERFORMANCE $ in millions except EPS 2Q26 1Q26 4Q25 3Q25 2Q25 Net Effective Spread $117.4 $102.0 $101.4 $97.8 $93.9 Guarantee Fees $7.0 $6.7 $6.3 $6.1 $5.9 Other Income $0.7 $1.2 $0.2 $1.2 $0.7 Total Revenue $125.2 $109.9 $107.9 $105.1 $100.5 Compensation & Benefits $23.7 $21.3
Slide 21: Reconciliation of Net Income to Core Earnings
RECONCILIATION OF NET INCOME TO CORE EARNINGS Core Earnings by Period Ended $ in millions 2Q26* 1Q26 4Q25 3Q25 2Q25 Net income attributable to common stockholders $58.9 $51.8 $40.6 $48.7 $49.2 Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair 0.2 (0.7) 0.4 0.9
Slide 22: Reconciliation of Net Interest Income to Net Effective Spread
RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 2Q26* 1Q26 4Q25 3Q25 2Q25 $ in millions Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield $118.1 1.24% $101.4 1.13% $104.5 1.23% $98.5 1.18% $96.8 1.20% Net effects of consolidated trusts (1.0
Slide 23: 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) — Q2 2026 Earnings Presentation on 6ix