Read more about Independent auditor’s report .

Our impact goes beyond our investments. To embrace our mission fully, we are committed to doing business in a responsible and sustainable way, guided by global standards and guidelines. Read more about International principles .

At the heart of FMO's strategy lies the commitment to enable entrepreneurs to increase inclusive and sustainable prosperity. Read more about Letter from the MB of the Fund Manager .

Read more about List of abbreviations .

This year the Market Creation Platform financials are consolidated with the MASSIF figures. Read more about MASSIF Market Creation Program (M-MCP) - Financials .

Mercapital de Nicaragua S.A. (Mercapital) is the financial arm of Mercon Coffee Group (MCG) in Nicaragua. MCG is one of the world’s leading coffee merchants. Read more about Mercapital de Nicaragua S.A. .

Read more about MMCP Liquidity Forecast for the year 2025 .

The cash on bank accounts can be freely disposed of. All bank accounts are classified as Stage 1. Read more about Notes to the annual accounts .

Read more about Production .

Read more about Production capacity development .