Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Q3 2026 Earnings Presentation
23 slides from Federal Agricultural Mortgage's earnings presentation, Nov 5, 2026
Slide 1: Earnings Presentation Third Quarter 2026
EARNINGS PRESENTATION Third 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
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 economics, business trends, and financial results. Management believes these me
Slide 4: Key Highlights
KEY HIGHLIGHTS
Slide 5: Key Third Quarter 2026 Highlights
Key Third Quarter 2026 Highlights 5 Accelerated Business Volume Growth • 24% year-over-year growth to $38.5 billion • Broad-based growth across business operating segments Strong Revenue Growth • Revenue increased 17% year-over-year to $122.7 million • 98% of total revenue is recurring net effective
Slide 6: Outstanding Business Volume
OUTSTANDING BUSINESS VOLUME
Slide 7: Supporting Growing Liquidity Needs Across a Dynamic Rural Economy
SUPPORTING GROWING LIQUIDITY NEEDS ACROSS A DYNAMIC RURAL ECONOMY 7 Net effective spread is a non-GAAP measure. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation.
Slide 8: Quarterly Volume Growth: Agricultural Finance
QUARTERLY VOLUME GROWTH: AGRICULTURAL FINANCE 8 Net effective spread is a non-GAAP measure. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. $18.2 $19.6 $20.2 $
Slide 9: Quarterly Volume Growth: Infrastructure Finance
QUARTERLY VOLUME GROWTH: INFRASTRUCTURE FINANCE 9 Net effective spread is a non-GAAP measure. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. $1.3 $1.5 $1.7 $1
Slide 10: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 11: Financial Results: High-Quality, Consistent Revenue and Earnings
Revenue of $122.7 million driven by strong NES of $113.9 million • Year-over-year NES was primarily supported by business volume growth across all product lines and segments. • Excluding a non-recurring benefit recognized in the prior quarter, revenue increased $4.9 million sequentially, driven by h
Slide 12: Balance Sheet Summary
BALANCE SHEET SUMMARY 12Table may not sum to total due to rounding. $ in billions (except per share amounts) 3Q26 2Q26 Quarter-over-Quarter Variance 3Q25 Year-over-Year Variance $ % $ % Cash and Cash Equivalents $1.0 $1.0 $0.0 0.0% $0.9 $0.1 11.1% Investment Securities $19.4 $19.4 $0.0 0.0% $16.6 $2
Slide 13: 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 NES performance supporting profitability Deliberate balance sheet structure designed to be minimally sensitive to interest rate changes 13 FUND
Slide 14: Operating Expenses: Disciplined Operating Efficiency
OPERATING EXPENSES DISCIPLINED OPERATING EFFICIENCY 14 *Adjusted operating efficiency is the summation of compensation & benefits and general & administrative divided by total revenue. Total revenue is defined as a component of core earnings. $29 $30 $33 $35 $34 27.4% 27.9% 29.6% 28.2% 27.5% 10.0% 2
Slide 15: Loan Portfolio Credit Quality
90-day delinquencies increase reflects seasonally elevated levels related to July 1 Farm & Ranch payment cycle Substandard assets growth in Agricultural Finance was diversified by commodity and mostly concentrated in the Northwest and Southwest. Substandard assets growth in Infrastructure Finance wa
Slide 16: Credit Expenses Reflect Asset-Level Risks
Credit provision for losses was primarily related to new volume growth, portfolio credit migration and updated loss estimates associated with a single credit in the Broadband Infrastructure segment Net charge-offs were primarily attributable to the single Broadband Infrastructure credit 16 CREDIT EX
Slide 17: Capital: Strong Capital Base Supporting Our Growth
Capital levels remain well in excess of regulatory thresholds • Exceeds statutory minimum requirements by 62%. Capital allocation commitment: reinvest, optimize, return • Book value growth driven by reinvested earnings. • Quarterly earnings net of dividends funded approximately $1 billion of new bus
Slide 18: Liquidity Portfolio & Days of Liquidity
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 168 days as of September 30, 2026. LIQUIDITY PO
Slide 19: Appendix
APPENDIX
Slide 20: Quarterly Non-GAAP Performance
QUARTERLY NON-GAAP PERFORMANCE 20 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. Table may not s
Slide 21: Reconciliation of Net Income to Core Earnings
RECONCILIATION OF NET INCOME TO CORE EARNINGS 21 Core earnings is a non-GAAP measure. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. $ in millions Core Earnin
Slide 22: Reconciliation of Net Interest Income to Net Effective Spread
RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 22 Net effective spread is a non-GAAP measure. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. *A
Slide 23: Contact
Contact Investor Relations: Eric Estey Director – Capital Markets Phone: 202.872.7700 Email: [email protected]
Federal Agricultural Mortgage — Q3 2026 Earnings Presentation on 6ix