Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Q1 2026 Earnings Presentation
24 slides from Federal Agricultural Mortgage's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Presentation
FIRST QUARTER 2026 PRESENTATION March 31, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS 2 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
Slide 3: Use of Non-GAAP Financial Measures
USE OF NON-GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) FINANCIAL MEASURES 3 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 t
Slide 4: Key Highlights
KEY HIGHLIGHTS
Slide 5: Record-Setting First Quarter 2026 Results
RECORD-SETTING FIRST QUARTER 2026 RESULTS 5 KEY FIRST QUARTER 2026 HIGHLIGHTS •17% year-over-year growth to $34.8 billion •Broad-based growth across all five business operating segments Accelerated Business Volume Growth •Revenue increased 14% year-over-year to $109.9 million •99% of total revenue i
Slide 6: Outstanding Business Volume
OUTSTANDING BUSINESS VOLUME
Slide 7: Diversification in an Evolving Rural Landscape
DIVERSIFICATION IN AN EVOLVING RURAL LANDSCAPE 7 $29.8 $30.6 $31.1 $33.4 $34.8 1.17% 1.19% 1.20% 1.22% 1.16% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 $24.0 $28.0 $32.0 $36.0 $40.0 1Q25 2Q25 3Q25 4Q25 1Q26 N E S (% ) B u s in e s s v o lu m e
Slide 8: Quarterly Volume Growth: Agricultural Finance
QUARTERLY VOLUME GROWTH: AGRICULTURAL FINANCE 8 • Farm & Ranch portfolio grew by $675 million during the first quarter – Robust Farm & Ranch loan purchase activity resulted in net growth of $384 million this quarter – Net new $325 million increase in AgVantage securities more than offset scheduled m
Slide 9: Quarterly Volume Growth: Infrastructure Finance
QUARTERLY VOLUME GROWTH: INFRASTRUCTURE FINANCE 9 • Infrastructure Finance grew $700 million dollars in first quarter 2026, with Renewable Energy contributing over $400 million of net growth – Sustained momentum in renewable energy project finance, rural energy generation and transmission, and data
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: Financial Results: Revenue and Core Earnings
11 • Record revenue of $109.9M driven by record NES – NES of $102.0 million was fueled by accelerated business volume growth – Modest NES percentage compression primarily reflects two fewer days in the quarter • Record core earnings of $51.7 million, or $4.74 per diluted common share, in first quart
Slide 12: Balance Sheet Summary
BALANCE SHEET SUMMARY 12 $ in billions (except per share amounts) 1Q26 4Q25 Quarter-over-Quarter Variance 1Q25 Year-over-Year Variance $ % $ % 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 $
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 13 0.0% -1.3
Slide 14: Operating Expenses and Disciplined Operating Efficiency
14 • Operating expenses, excluding regulatory fees, increased 8% quarter-over-quarter and 14% year- over-year – Increased Compensation & Benefits expense related to incremental headcount to support business development and seasonal factors – Higher year-over-year General & Administrative expenses to
Slide 15: Portfolio Performance
15 • Portfolio increase in nonaccrual assets driven entirely by Farm & Ranch operating segment – Farm & Ranch nonaccruals increased due to credit downgrades in crops and agricultural storage & processing sectors • Corporate AgFinance nonaccruals declined, driven by a $2.2 million charge-off and payd
Slide 16: Loan Portfolio Credit Quality
(1)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. 16 • 90-day delinquencies increase reflects typical seasonality tied to annual/semi-annual Farm & Ranch payment dates • Substandard
Slide 17: Credit Expenses Reflect Asset-Level Risks
$0.0 $2.8 $4.4 $13.6 $2.2 $0 $2 $4 $6 $8 $10 $12 $14 $16 1Q25 2Q25 3Q25 4Q25 1Q26 $ i n m il li o n s CHARGE-OFFS CREDIT EXPENSES REFLECT ASSET-LEVEL RISKS 17 • Credit provisions were primarily related to new volume growth and portfolio credit migration • Increase in allowance for losses reflects cu
Slide 18: Strong Capital Base Supporting Our Growth
18 • Capital levels remain well in excess of regulatory thresholds – Exceeds statutory minimum requirements by 62% • Capital Allocation Commitment: Reinvest, Optimize, Return – Supported $1.5 billion of net new volume growth – Returned capital of $32 million to shareholders through dividends and sha
Slide 19: Liquidity Portfolio & Days of Liquidity
Cash 10% Investment Securities 90% • Ensures continuity of operations in the event of temporary disruption in debt capital markets – Comprised of cash and high-quality investment securities – Minimal market volatility exposure – Days of liquidity exceed regulatory minimum requirement by 206 days as
Slide 20: Appendix
APPENDIX
Slide 21: Quarterly Non-GAAP Performance
QUARTERLY NON-GAAP PERFORMANCE 21 $ 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 $
Slide 22: Core Earnings Reconciliation
$ in millions Core Earnings by Period Ended 2026 YTD(1) 2025 2024 2023 2022 2021 Net income attributable to common stockholders $51.8 $182.5 $180.4 $172.8 $151.0 $111.4 Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes (0.7) (1.9) 3.3 5.1 13.5 (1.
Slide 23: Reconciliation of Net Interest Income to Net Effective Spread
(1)As of March 31, 2026. Table may not sum to total due to rounding. RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 23 2026 YTD(1) 2025 2024 2023 2022 2021 $ in millions Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield $101.
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 — Q1 2026 Earnings Presentation on 6ix