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Management’s Discussion and Analysis

and

Condensed Consolidated Financial Statements

March 31, 2026

(Unaudited)

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			INTERNATIONAL FINANCE CORPORATION			Page 2
			Management's Discussion and Analysis

March 31, 2026

Contents
SECTION I: SELECTED FINANCIAL DATA			5
SECTION II: EXECUTIVE SUMMARY			6
SECTION III: CLIENT SERVICES			11
SECTION IV: LIQUID ASSETS			18
SECTION V: FUNDING RESOURCES			19
SECTION VI: RISK MANAGEMENT			22
SECTION VII: RESULTS OF OPERATIONS			27
SECTION VIII: GOVERNANCE AND CONTROL			34
SECTION IX: APPENDIX			36

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			INTERNATIONAL FINANCE CORPORATION			Page 3
			Management's Discussion and Analysis

March 31, 2026

List of Tables
Table 1: Financial Data Summary			5
Table 2: Summary of Financial Results			8
Table 3: Key Financial Ratios			9
Table 4: IFC Commitments			11
Table 5: Disbursements of IFC’s Investment Portfolio			12
Table 6: Disbursed Investment Portfolio			12
Table 7: Committed Investment Portfolio			12
Table 8: The Carrying Value of IFC’s Investment Portfolio			12
Table 9: AMC Funds			16
Table 10: Liquid Asset Portfolio Net Asset Value			18
Table 11: Borrowings Outstanding			19
Table 12: IFC's Capital			20
Table 13: IFC's Retained Earnings Composition			20
Table 14: IFC's Debt Portfolio Credit Risk Indicators			23
Table 15: Main Elements of Net Income and Other Comprehensive Income			27
Table 16: Condensed Consolidated Statements of Operations			28
Table 17: Portfolio and Individual Provision (Release of Provision)			29
Table 18: Reserve Against Losses on Loans Disbursed and Loans Committed but not Disbursed and Reserve Coverage Ratio			30
Table 19: Income from Equity Investments, Including Realized and Unrealized Gains and Losses on Equity and Associated Derivatives			31
Table 20: Income from Liquid Asset Trading Activities			31
Table 21 : Other Income			32
Table 22 : Administrative and Other Expenses			32
Table 23 : Foreign Currency Transaction Gains and Losses on Non-Trading Activities			32
Table 24: Net Unrealized Gains on Loans, Debt Securities, Borrowings and Related Derivatives			33

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			INTERNATIONAL FINANCE CORPORATION			Page 4
			Management's Discussion and Analysis

March 31, 2026

List of Figures
Figure 1:			Sources and Uses of Income			7
Figure 2:			Income Measures			10
Figure 3:			Carrying Value of Loan Portfolio			13
Figure 4:			Carrying Value of Equity Investment Portfolio			13
Figure 5:			Carrying Value of Debt Security Portfolio			14
Figure 6:			Borrowings Outstanding			19
Figure 7:			NPLs as Percentage of Disbursed Debt Portfolio			23
Figure 8:			Change in Net Income in FY26 YTD vs FY25 YTD			28
Figure 9:			Non-performing Loans			29
Figure 10:			Reserve against Losses for Disbursed and Undisbursed Loans			30

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			INTERNATIONAL FINANCE CORPORATION			Page 5
			Management's Discussion and Analysis

SECTION I: SELECTED FINANCIAL DATA

This Management’s Discussion and Analysis (MD&A) discusses the financial results of the International Finance Corporation (IFC or the Corporation) for the three months ended March 31, 2026 (FY26 Q3) and the nine months ended March 31, 2026 (FY26 YTD). This document should be read in conjunction with IFC's Consolidated Financial Statements and MD&A issued for the year ended June 30, 2025 (FY25). The MD&A contains forward looking statements which may be identified by such terms as “anticipates”, “believes”, “expects”, “intends”, “plans”, “aims” or words of similar meaning. Such statements involve a number of assumptions and estimates that are based on current expectations, which are subject to risks and uncertainties beyond IFC’s control. Consequently, actual future results could differ materially from those currently anticipated. IFC undertakes no obligation to update any forward-looking statements.

The table below presents selected financial data as of March 31, 2026, June 30, 2025 and for the three and nine months ended March 31, 2026 and March 31, 2025. Certain reclassifications of prior years’ information have been made to conform with the current year’s presentation.

Table 1: Financial Data Summary

			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Statements of Operations
Net (loss) income (Section VII)			$	(46)					$	230					$	1,413					$	1,358
Allocable income (Section II)			564						429						1,462						1,303

(US$ in millions)			March 31, 2026						June 30, 2025
Balance Sheets
Total assets			$	136,052					$	129,740
Liquid assets a (Section IV)			44,905						44,784
Investments (Section III)			73,640						67,520
Loans			46,304						42,229
Equity Investments			12,978						11,777
Debt Securities			14,358						13,514
Borrowings outstanding, including fair value adjustments (Section V)			75,880						71,450
Total capital (Section V)			42,116						40,928
_________
a Net of securities sold under repurchase agreements, payable for cash collateral received and associated derivatives.
Capital Utilization Ratio			March 31, 2026						June 30, 2025
Capital Utilization Ratio (CUR)			63.5%						61.6%

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			INTERNATIONAL FINANCE CORPORATION			Page 6
			Management's Discussion and Analysis

SECTION II: EXECUTIVE SUMMARY

IFC is the largest global development institution focused on the private sector in emerging markets. Established in 1956, IFC is owned by 186 member countries, a group that collectively determines its policies. IFC is a member of the World Bank Group (WBG)1 and is a legal entity separate and distinct from the other WBG institutions, with its own Articles of Agreement, share capital, financial structure, management, and staff. Membership in IFC is open only to member countries of IBRD. IFC is not liable for the obligations of the other WBG institutions.

IFC’s mission – as one of the WBG entities – is to end extreme poverty and boost shared prosperity on a livable planet. Central to this mission is job creation recognized as a key driver of sustainable development. The WBG’s approach to job creation is anchored in three pillars in five high-impact sectors. The three pillars are: establishing critical infrastructure as a foundation for employment, fostering a business-enabling regulatory environment that sets clear, predictable and consistent policies and regulations, and mobilizing private capital to supplement public finance and catalyze investment at scale. The five sectors are: infrastructure and energy, smallholder agriculture and agribusiness, health, tourism, and value-added manufacturing. IFC plays a pivotal role in the third pillar by mobilizing private sector investment, scaling equity financing, deepening local capital markets, and expanding support to Micro, Small, and Medium Enterprises. To achieve these ambitions, IFC is adapting its ways of working by deepening collaboration across the WBG, leveraging data and knowledge solutions through the Knowledge Bank that integrates the WBG's global public and private sector expertise. These efforts include maximizing impact, tailoring approaches to country-specific contexts, strengthening investor engagement, upskilling in key areas, and enhancing its capacity to manage both financial and non-financial risks.

Recent initiatives underscore IFC’s strategic focus on private capital mobilization and job creation. In September 2025, IFC launched the Emerging Markets Securitization Program (EMSP), a new originate-to-distribute model to attract institutional private capital to emerging markets, by repackaging portions of IFC loans into rated securities issued by a special purpose vehicle. The initial $510 million issuance is expected to scale in upcoming years. In February 2026, IFC signed the fourth round of the Managed Co-Lending Portfolio Program (MCPP) Unfunded Program for Financial Institutions, with 19 global insurers pledging $6 billion in unfunded credit capacity for eligible senior loans to commercial banks and Non-Bank Financial Institutions. By transferring a portion of IFC's credit risk to the insurer panel, the program enables IFC to deploy larger volumes of financing to financial institution clients across emerging markets. In addition, during FY25, IFC launched the Concessional Capital Window (CCW), committing its own capital to mobilize investors into low-income and fragile contexts. These efforts complement broader WBG initiatives focused on job-creating sectors, such as Mission 300 and AgriConnect.

Aligned with the objectives of the 2018 capital increase, IFC has continued to grow its footprint in the poorest member countries and fragile areas. IFC remains committed to delivering impact at scale by proactively adapting to the evolving global landscape while leveraging its unique strengths within the WBG to create opportunities and improve living standards for millions worldwide. Ongoing geopolitical conflicts, including those in the Middle East, continue to create a challenging environment for growth and development across emerging markets and developing economies. In response, the WBG is actively engaging with governments, the private sector, development partners, and other stakeholders to address these challenges — and IFC is working to sustain investment flows and support private sector resilience across its member countries.

Financial Business Model

IFC helps developing countries achieve sustainable growth by financing private sector investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. IFC’s principal investment products are loans, equity investments, debt securities and guarantees. IFC also mobilizes private capital for development by attracting private capital to invest in projects through a diverse set of products and initiatives. Unlike most other development institutions, IFC does not accept host government guarantees of repayment. IFC raises virtually all of the funds for its lending activities through the issuance of debt obligations in the international capital markets, while maintaining a small borrowing window with IBRD. Equity investments are funded from capital (net worth). Proceeds of borrowings from market sources or net worth not immediately disbursed for investments are managed internally by IFC in its liquid asset portfolio.

IFC’s capital base and its assets and liabilities, other than its equity investments, are primarily denominated in U.S. dollars ($ or US$) or swapped into U.S. dollars. Overall, IFC seeks to minimize foreign exchange and interest rate risks arising from its loans, debt securities and liquid assets by closely matching the currency and rate basis of its assets in various currencies with liabilities having the same characteristics. IFC generally manages non-equity investment related and certain lending related residual currency and interest rate risks by utilizing currency and interest rate swaps and other derivative instruments.

1 The other institutions of the WBG are the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), collectively the World Bank, the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID).

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			INTERNATIONAL FINANCE CORPORATION			Page 7
			Management's Discussion and Analysis

Sources and Uses of Income

IFC’s primary sources of income are from its loans, debt securities, equity investments and liquid assets. The income generated covers administrative expenses and provisions for losses. For loans, debt securities and liquid assets, income is largely in the form of interest income net of charges on borrowings (figure below), as well as capital gains. IFC’s equity investments generate income through capital gains, as well as dividends.

Figure 1: Sources and Uses of Income

Basis of Preparation of IFC’s Condensed Consolidated Financial Statements

IFC’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), and are independently audited on an annual basis. IFC’s accounting policies are discussed in more detail in Note A to the June 30, 2025 audited consolidated financial statements and IFC’s condensed consolidated financial statements as of and for the nine months ended March 31, 2026 (FY26 YTD condensed consolidated financial statements).

Non-GAAP Measures

Management uses certain non-GAAP financial measures to evaluate the underlying operations and financial performance of IFC. A non-GAAP financial measure is a measure that is adjusted to exclude, include, or reclassify certain items or components from the most directly comparable measure calculated in accordance with U.S. GAAP and reported in the audited financial statements.

Allocable Income

IFC uses allocable income, a non-GAAP measure, as the basis for making net income allocation decisions. IFC defines allocable income as net income after certain adjustments. These adjustments primarily relate to unrealized gains and losses on IFC's loans, debt securities, equity investments and borrowings, income from the Post-retirement Contribution Reserve Fund (PCRF) and expenses related to prior year allocations. See more details in Section V: Funding Resources - Capital and Retained Earnings.

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			INTERNATIONAL FINANCE CORPORATION			Page 8
			Management's Discussion and Analysis

The tables below outline a comparative breakdown of IFC's Statements of Operations, including a reconciliation of IFC’s net income to allocable income for the respective periods ended on March 31, 2026 and March 31, 2025 along with key Balance Sheet components and financial ratios as of March 31, 2026 and June 30, 2025:

Table 2: Summary of Financial Results

			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Consolidated statements of operations highlights
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives			$	762					$	823					$	2,460					$	2,543
Provision for losses on loans, off-balance sheet credit exposures and other receivables			(50)						(30)						(173)						(103)
(Loss) Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives			(41)						6						746						141
Income from debt securities, including realized gains and losses on debt securities and associated derivatives			207						196						611						611
(Provision) release of provision for losses on available-for-sale debt securities			(2)						2						9						5
Income from liquid asset trading activities			386						596						1,563						1,739
Charges on borrowings			(856)						(859)						(2,722)						(2,697)
Other income			122						157						403						397
Administrative and other expenses			(475)						(505)						(1,443)						(1,401)
Foreign currency transaction gains (losses) on non-trading activities			16						1						(55)						(20)
Income before net unrealized gains and losses on non-trading financial instruments accounted for at fair value			69						387						1,399						1,215
Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives			(115)						(157)						14						143
Net income			(46)						230						1,413						1,358
Adjustments to reconcile net income to allocable income
Unrealized losses on loans and debt securitiesa			224						84						152						205
Unrealized losses (gains) on equity investmentsa			220						53						(199)						106
Unrealized (gains) losses on borrowingsa			(109)						73						(166)						(348)
PCRF income			(2)						(11)						(15)						(18)
Expenses funded by prior years’ allocationsb			277						—						277						—
Allocable income			$	564					$	429					$	1,462					$	1,303
_________
a Unrealized gains and losses on loans, debt securities, equity investments and borrowings presented in Table 2 include unrealized gains and losses from associated derivatives.
b Effective March 2026, to better measure income generated by current year activities, the Allocable Income (a non-GAAP performance measure) calculation has been refined by adding back expenses funded by prior years' approved allocations - $106 million for FY26 YTD and a one time adjustment of $171 million relating to FY25.

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			Management's Discussion and Analysis

(US$ in millions)			March 31, 2026						June 30, 2025
Balance Sheets
Total assets			$	136,052					$	129,740
Liquid assets b (Section IV)			44,905						44,784
Investments (Section III)			73,640						67,520
Loans			46,304						42,229
Equity Investments			12,978						11,777
Debt Securities			14,358						13,514
Borrowings outstanding, including fair value adjustments (Section V)			75,880						71,450
Total capital (Section V)			42,116						40,928
of which
General reserve			14,275						12,913
Other reserves			592						350
Accumulated other comprehensive income (AOCI)			1,275						1,617
Paid-in capital			24,126						24,009
_________
b Net of securities sold under repurchase agreements, payable for cash collateral received and associated derivatives.

    

Table 3: Key Financial Ratios

(US$ in billions, except ratios)			March 31, 2026						June 30, 2025
Overall liquidity ratio a			74.5%						71.6%
Debt to equity ratio b			2.1						2.0
Total reserve against losses on loans to total committed portfolio c			2.8%						2.8%
Capital measures:
Capital Available d			$	40.0					$	39.0
Capital Required e			25.4						24.0
CUR f			63.5%						61.6%
_________
a IFC’s overall liquidity ratio is calculated as IFC’s liquidity, plus undrawn borrowing commitments from IBRD, divided by the next three years’ estimated net cash requirements. The ratio stood at 74.5% as of March 31, 2026, above the minimum Board approved requirement of 45%.
b Debt to equity (leverage) ratio is defined as outstanding borrowings plus committed guarantees divided by total capital (comprised of paid-in capital, retained earnings and AOCI). IFC’s debt to equity ratio as of March 31, 2026 was well within the maximum of 4 required by the policy approved by IFC’s Board of Directors.
c Total reserve against losses on loans to total committed portfolio is defined as reserve against losses on loans as a percentage of the total committed loans at amortized cost.
d Capital Available: Resources available to absorb potential losses, calculated as: The sum of IFC's paid-in capital, general reserve, unallocated net income and AOCI, minus the pension surplus of each pension plan, and PCRF assets.
e Capital Required: Aggregate minimum Economic Capital required to maintain IFC’s AAA/Aaa rating.
f CUR is defined as Capital Required divided by Capital Available.

IFC’s Capital Adequacy, as measured by CUR, was 63.5% at March 31, 2026, up from 61.6% as of June 30, 2025. The change is attributable to increases in both Capital Available and Capital Required. Capital Available is primarily driven by the growth in retained earnings and paid-in capital. The increase in Capital Required is mainly driven by the need for additional capital to support the Equity portfolio.

Summary Financial Results

IFC’s financial performance has been influenced by its results from operations, changes in interest rates, foreign exchange rate movements, and the volatility of emerging equity markets in FY26 YTD.

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			INTERNATIONAL FINANCE CORPORATION			Page 10
			Management's Discussion and Analysis

Net income and allocable income

IFC reported net income amounting to $1.41 billion in FY26 YTD, as compared to $1.36 billion in the nine months ended March 31, 2025 (FY25 YTD). Allocable income totaled $1.5 billion in FY26 YTD, as opposed to $1.3 billion in FY25 YTD. The increase in net income was primarily attributable to higher equity income, largely offset by a reduction in treasury income and lower unrealized gains on borrowings. Effective March 2026, to better measure income generated by current year activities, the calculation of Allocable Income has been refined by adding back expenses funded by prior-years' approved allocations totaling $277 million — $106 million for FY26 YTD and a one-time adjustment of $171 million relating to FY25. When excluding this adjustment, allocable income decreased by $118 million compared to FY25 YTD, primarily due to lower treasury income and lower income from loans and debt securities. This decline was partially offset by higher realized equity income from sales.

Figure 2: Income Measures (US$ in millions)

On September 30, 2025, the Board of Directors approved the allocation of $178 million to the Creating Markets Advisory Window (CMAW) reserve, $70 million to the Funding Mechanism for Technical Assistance and Advisory Services (FMTAAS) reserve, and $1,362 million to the General Reserve from IFC's FY25 net income. This approval was noted by the Board of Governors on October 17, 2025. On the same day, the Board of Governors also approved the allocation of $100 million from IFC’s FY25 net income to the Surplus account and delegated to the Board of Directors the authority to approve the transfer of $100 million from the Surplus account to the Frontier Opportunities Fund (FOF). See more details in Section V: Funding Resources – Capital and Retained Earnings.

Investment Operations

Beginning in FY26, IFC’s investment commitments (a non-GAAP performance measure) comprise own account (OA) and private capital mobilization (PCM) commitments. Own account commitments represent investments made by IFC using its own borrowings or capital. PCM commitments reflect the assessed amount of private financial resources committed alongside IFC commitments, whether through financing, guarantees or technical assistance. PCM is included in the WBG's scorecard and is in accordance with the methodology harmonized across Multilateral Development Banks and European Development Financial Institutions. Amounts mobilized are generally not recorded as IFC's financial transactions. Refer to Section IX: Appendix – Glossary of Terms for details.

In FY26 YTD, IFC’s commitments comprised $24.7 billion from its own account ($21.1 billion – FY25 YTD) and $47.2 billion from PCM ($31.7 billion – FY25 YTD). IFC disbursed $18.1 billion in FY26 YTD ($17.3 billion – FY25 YTD) excluding guarantees. See more details in Section III: Client Services.

Investment Portfolio

The carrying value of IFC's outstanding investment portfolio was $73.6 billion as of March 31, 2026, an increase of $6.1 billion compared to June 30, 2025. The portfolio's growth was primarily driven by $6.3 billion of net disbursements (disbursements net of repayments, prepayments, and divestments). See Section III: Client Services Disbursed Investment portfolio section for the definition of carrying value.

Liquid Assets

The Net Asset Value (NAV) of the liquid asset portfolio increased by $121 million to $44.9 billion as of March 31, 2026 from June 30, 2025. The increase reflects an increase of $598 million in the Market Funded portfolio, as net inflows from portfolio income and borrowings exceeded outflows for net loan disbursements, partially offset by a $477 million decrease in the Net Worth Funded portfolio, primarily driven by the net outflows for equity and quasi-equity investments.

Borrowings

Borrowings outstanding (including fair value adjustments) increased by $4.4 billion from $71.5 billion as of June 30, 2025 to $75.9 billion as of March 31, 2026, mainly driven by net issuances of $5.7 billion under the medium and long-term borrowing program and securitized borrowings, an increase of $480 million in short-term borrowings, partially offset by fair value gains of $728 million.

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			INTERNATIONAL FINANCE CORPORATION			Page 11
			Management's Discussion and Analysis

New borrowings in FY26 YTD were $25.9 billion as compared to $24.4 billion in FY25 YTD, including $17.6 billion under the medium and long-term borrowing program, $8.0 billion under the short-term discount note program, and $345 million from securitized borrowings issued through securitization special purpose vehicles.

SECTION III: CLIENT SERVICES

BUSINESS OVERVIEW

For all new investments, IFC articulates the expected impact on sustainable development and, as projects mature, assesses the quality of the development benefits realized. IFC’s strategic focus areas are aligned to advance the WBG’s global priorities.

INVESTMENT SERVICES

IFC’s investments are normally made in its developing member countries. IFC's Articles of Agreement mandate that IFC shall invest in productive private enterprises. The existence of a government or other public interest in such an enterprise does not necessarily preclude IFC from making an investment therein under certain circumstances, such as if such enterprises are organized under local commercial and corporate law, operate free of host government control in a market context and according to profitability criteria, and/or are in the process of being completely or partially privatized.

IFC’s investment products and services are designed to meet the needs of clients in different industries – principally infrastructure, manufacturing, agribusiness, disruptive technologies and funds, services, and financial markets. Investment services product lines include: loans, equity investments, debt securities, trade and commodity finance, guarantees and partial credit guarantees, securitizations, client risk management services, blended finance, and mobilization products.

INVESTMENT PROGRAM

Commitments

IFC’s own account investments supported 313 Long-Term Finance projects in FY26 YTD (249 – FY25 YTD). The table below outlines a comparative breakdown of IFC's commitments in FY26 YTD and FY25 YTD:

Table 4: IFC Commitments

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Long-Term Finance Own Account Commitments a, b
Loans			$	11,661					$	11,488					$	173
Equity Investments			2,637						1,330						1,307
Guarantees			2,260						1,216						1,044
Client Risk Management			41						8						33
Total Long-Term Finance Own Account Commitments			$	16,599					$	14,042					$	2,557
Short-Term Finance Commitments
Short-Term Finance Own Account a			8,052						7,082						970
Total Own Account Commitments			$	24,651					$	21,124					$	3,527
Private Capital Mobilization c
Private Direct Mobilization			$	35,522					$	24,700					$	10,822
Private Indirect Mobilization			11,650						6,991						4,659
Total Private Capital Mobilization			$	47,172					$	31,691					$	15,481
_________
a Starting FY26 Q2 (three months ended December 31, 2025), commitments are presented as net commitments, excluding cancellations relating to commitments approved in the same fiscal year. Prior period information has been updated to conform with the current period presentation. b Debt security commitments are included in loans or equity investments based on their predominant characteristics. c PCM reported represents long-term finance PCM and excludes public direct mobilization of $6.1 billion in FY26 YTD ($2.9 billion – FY25 YTD).

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			INTERNATIONAL FINANCE CORPORATION			Page 12
			Management's Discussion and Analysis

INVESTMENT DISBURSEMENTS

During FY26 YTD, IFC disbursed $18.1 billion for its own account ($17.3 billion – FY25 YTD) as presented in the table below:

Table 5: Disbursements of IFC’s Investment Portfolio

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Loans			$	13,023					$	13,030					$	(7)
Equity Investments			1,904						1,240						664
Debt Securities			3,216						3,023						193
Total Investment Disbursements			$	18,143					$	17,293					$	850

INVESTMENT PORTFOLIO

IFC’s total disbursed investment portfolio (a non-GAAP performance measure) was $74.7 billion as of March 31, 2026 ($68.5 billion – June 30, 2025), as presented in the table below:

Table 6: Disbursed Investment Portfolio

			March 31, 2026												June 30, 2025
(US$ in millions)			Disbursed Investment						As a % of Total						Disbursed Investment						As a % of Total
Loans			$	47,891					64		%				$	43,694					64		%
Equity Investments			12,382						17						11,441						17
Debt Securities			14,402						19						13,414						19
Total Disbursed Investment Portfolio			$	74,675					100		%				$	68,549					100		%

The breakdown of committed investment portfolio (sum of (i) committed but undisbursed balance; and (ii) disbursed and outstanding balance) as of March 31, 2026 and June 30, 2025 is presented in the table below:

Table 7: Committed Investment Portfolio

(US$ in millions)			March 31, 2026						June 30, 2025						Variance
Loans and loan-like debt securities a			$	71,068					$	65,473					$	5,595
Equity and equity-like debt securities a			17,033						15,624						1,409
Guarantees and Client Risk Management			11,452						9,103						2,349
Total Committed Investment Portfolio			$	99,553					$	90,200					$	9,353
_________
a Loan-like and equity-like instruments are reported as debt securities on IFC’s condensed consolidated financial statements.

The carrying value of IFC’s investment portfolio comprises: (i) the disbursed investment portfolio; (ii) less reserve against losses on loans and debt securities; (iii) unamortized deferred loan origination fees; (iv) less disbursed amounts allocated to equity related options reported separately in derivative assets; (v) unrealized gains and losses on equity investments held by consolidated variable interest entities; and (vi) unrealized gains and losses on investments. The breakdown of IFC's investment portfolio as of March 31, 2026 and June 30, 2025 is presented in the table below:

Table 8: The Carrying Value of IFC’s Investment Portfolio

(US$ in millions)			March 31, 2026						June 30, 2025						Variance
Loans			$	46,304					$	42,229					$	4,075
Equity Investments			12,978						11,777						1,201
Debt Securities			14,358						13,514						844
Total Investments			$	73,640					$	67,520					$	6,120

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			INTERNATIONAL FINANCE CORPORATION			Page 13
			Management's Discussion and Analysis

Loans

The carrying value of IFC’s loan portfolio increased by $4.1 billion (9.6%) to $46.3 billion as of March 31, 2026. The increase was primarily driven by disbursements partially offset by repayments, prepayments and cost of sales. See breakdown of the movement in the figure below:

Figure 3: Carrying Value of Loan Portfolio (US$ in millions)

_________

*    Mainly represents capitalized interest, unamortized deferred fees and transfers to debt securities and equity.

The weighted average contractual interest rate on loans as of March 31, 2026 was 6.5%, down from 6.7% as of June 30, 2025.

Equity Investments

The carrying value of IFC’s equity investment portfolio increased by $1.2 billion (10.2%) to $13.0 billion as of March 31, 2026. The increase was mainly due to net purchases (purchases net of sales) and changes in fair value. See breakdown of the movement in the figure below:

Figure 4: Carrying Value of Equity Investment Portfolio (US$ in millions)

_________

*    Mainly represents liquidations, conversions and transfers from loans and debt securities to equity investments.

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			INTERNATIONAL FINANCE CORPORATION			Page 14
			Management's Discussion and Analysis

Debt Securities

The carrying value of IFC’s debt security portfolio increased by $844 million (6.2%) to $14.4 billion at March 31, 2026. The increase was primarily driven by net purchases (purchases net of redemptions, prepayments) partially offset by foreign exchange losses. See breakdown of this movement in the figure below:

Figure 5: Carrying Value of Debt Security Portfolio (US$ in millions)

_________

*    Mainly represents conversions and transfers from loans to debt securities and capitalized interest.

Guarantees and Partial Credit Guarantees

IFC provides guarantees for loans and debt securities, including portfolio risk sharing facilities and trade obligations of clients, covering both commercial and non-commercial risks. Outstanding guarantees (i.e., not called) totaling $8.4 billion were outstanding as of March 31, 2026 ($6.6 billion – June 30, 2025).

MCPP

MCPP creates diversified portfolios of emerging market private sector loans. MCPP builds a loan portfolio for an investor that mirrors the portfolio IFC is creating for its own account. Investors pledge capital upfront and then as IFC identifies eligible projects, investor exposure is allocated alongside IFC’s own investment in accordance with the terms of the managed co-lending agreement.

As of March 31, 2026, twenty-four (eighteen as of June 30, 2025) global investors have pledged $25.2 billion ($19.2 billion as of June 30, 2025) to the MCPP, with certain programs investing across all sectors and others focused on real sector or financial institutions exclusively. Investors have also approved funding for 412 projects totaling $17.0 billion across 73 countries as of March 31, 2026, up from 371 projects totaling $14.4 billion across 72 countries as of June 30, 2025. Of which, $13.0 billion ($11.6 billion – June 30, 2025) has been committed. IFC will continue to deploy the remaining funds raised as IFC identifies projects that meet investors’ investment criteria.

IDA-PSW

The IDA Private Sector Window (PSW) was created under IDA's Eighteenth Replenishment of Resources (IDA18) to mobilize private sector investment in IDA-only member countries and IDA-eligible Fragile and Conflict-affected Situations (FCS). Under IDA21, $3.2 billion has been allocated to the PSW, including $500 million of economic capital that IFC has set aside through its Concessional Capital Window. During FY26 YTD, $281 million was approved under the IDA21 PSW envelope, of which $223 million was approved by IFC’s Board for IFC. In addition, $66 million was approved by IFC’s Board under the Concessional Capital Window.

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			INTERNATIONAL FINANCE CORPORATION			Page 15
			Management's Discussion and Analysis

IFC-managed funds

IFC’s Equity Mobilization Department (AMC) invests third-party capital and IFC capital, enabling outside investors to invest alongside IFC in developing markets. Investors in funds managed by IFC’s Equity Mobilization Department have included sovereign wealth funds, national pension funds, multilateral and bilateral development institutions, national development agencies and international financial institutions (IFIs).

As of March 31, 2026, IFC’s Equity Mobilization Department managed multiple funds (collectively referred to as the AMC Funds), in its capacity as General Partner (GP)/Manager of these funds. However, none of these funds require consolidation by IFC, because the third party limited partners of these funds have a substantive ability to remove IFC as GP/Manager. All of IFC’s Equity Mobilization Department’s Funds are investment companies and are required to report their investment assets at fair value through net income. IFC’s commitment ownership interests in these AMC Funds are shown in the following table:

AMC Funds			IFC’s commitment ownership interest
IFC Capitalization (Equity) Fund, L.P. a			61%
IFC African, Latin American and Caribbean Fund, LP			20%
IFC Catalyst Funds b			18%
IFC Global Infrastructure Fund, LP			17%
IFC Financial Institutions Growth Fund, LP			30%
IFC Global Emerging Markets Fund of Funds c			19%
IFC Middle East and North Africa Fund, LP			37%
IFC Emerging Asia Fund, LP			22%
IFC GEMFOF 2 SMA, LP			—%
IFC Emerging Markets Sustainability Fund of Funds, LP			—%
TfL IFC Growth and Sustainability, LP			—%
_________
a By virtue of certain rights granted to non-IFC limited partner interests, IFC does not control or consolidate this fund.
b The commitment ownership interest of 18% reflects IFC’s ownership interest taking into consideration the overall commitments for the IFC Catalyst Funds, which comprises IFC Catalyst Fund, LP, IFC Catalyst Fund (UK), LP and IFC Catalyst Fund (Japan), LP (collectively, IFC Catalyst Funds). IFC does not have a commitment ownership interest in either the IFC Catalyst Fund (UK), LP or the IFC Catalyst Fund (Japan), LP.
c The commitment ownership interest of 19% reflects IFC’s ownership interest taking into consideration the current committed amounts for the IFC Global Emerging Markets Fund of Funds, which comprises IFC Global Emerging Markets Fund of Funds, LP and IFC Global Emerging Markets Fund of Funds (Japan Parallel), LP. IFC does not have a commitment ownership interest in the IFC Global Emerging Markets Fund of Funds (Japan Parallel), LP.

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			INTERNATIONAL FINANCE CORPORATION			Page 16
			Management's Discussion and Analysis

In FY26 Q1, the IFC Capitalization (Subordinated Debt) Fund, L.P was liquidated. AMC Funds and their activities as of March 31, 2026 and for FY26 YTD and FY25 YTD are summarized as follows:

Table 9: AMC Funds

			Through March 31, 2026												For the nine months ended
			Total funds raised since inception									Cumulative investment commitments a			March 31, 2026						March 31, 2025
(US$ in millions)			Total			From IFC			From other investors						Committed Amount b			Disbursed Amount			Committed Amount b			Disbursed Amount
Current Funds
IFC Capitalization (Equity) Fund, L.P.			$	1,275		$	775		$	500		$	1,214		$	—		$	—		$	—		$	—
IFC African, Latin American and Caribbean Fund, LP			1,000			200			800			863			—			—			—			—
IFC Catalyst Fund, LP, IFC Catalyst Fund (UK), LP and IFC Catalyst Fund (Japan), LP (collectively, Catalyst Funds)			418			75			343			361			—			2			—			4
IFC Global Infrastructure Fund, LP c			1,430			200			1,230			902			—			—			—			—
IFC Global Emerging Markets Fund of Funds, LP and IFC Global Emerging Markets Fund of Funds (Japan Parallel), LP (collectively, GEM Funds)			800			150			650			757			—			23			—			20
IFC Middle East and North Africa Fund, LP			162			60			102			74			—			—			—			—
IFC Financial Institutions Growth Fund, LP			505			150			355			356			—			—			2			2
IFC Emerging Asia Fund, LP			693			150			543			592			—			—			2			2
IFC GEMFOF 2 SMA, LP d			100			—			100			41			—			6			20			6
IFC Emerging Markets Sustainability Fund of Funds, LP d			139			—			139			127			72			29			24			8
TfL IFC Growth and Sustainability, LP d			125			—			125			14			—			2			14			1
Current Funds Total			$	6,647		$	1,760		$	4,887		$	5,301		$	72		$	62		$	62		$	43
Former Funds
Africa Capitalization Fund, Ltd.			$	182		$	—		$	182		$	130		$	—		$	—		$	—		$	—
China-Mexico Fund, LP e			1,200			—			1,200			362			—			—			—			—
IFC Russian Bank Capitalization Fund, LP			550			250			300			82			—			—			—			—
Women Entrepreneurs Debt Fund, LP			115			30			85			110			—			—			—			—
IFC Capitalization (Subordinated Debt) Fund, L.P.			1,725			225			1,500			1,614			—			—			—			—
Former Funds Total			$	3,772		$	505		$	3,267		$	2,298		$	—		$	—		$	—		$	—
Grand Total			$	10,419		$	2,265		$	8,154		$	7,599		$	72		$	62		$	62		$	43
_________
a Net of commitment cancellations.
b Committed amount made by AMC Funds. Excludes commitment cancellations from prior periods.
c Includes co-investment fund managed by AMC on behalf of Fund LPs.
d Fund is in investment period.
e AMC ceased to be the manager of the China-Mexico Fund, LP on September 15, 2023.

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			INTERNATIONAL FINANCE CORPORATION			Page 17
			Management's Discussion and Analysis

UPSTREAM AND ADVISORY SERVICES

In the continuum of development solutions offered by IFC, Advisory plays a crucial early-stage role by laying the groundwork for investment or as a follow-on to enhance its impact. Advisory services may include working in collaboration with the other entities within the World Bank Group to advise governments on improving the enabling environment, assisting industry bodies to promote global standards, and supporting private companies to foster sustainable and responsible private sector investments – contributing to costs and efforts to assess investment feasibility and at times using IFC resources to fund project development. This is especially vital in low-income and fragile contexts, where market creation is necessary before private sector investments can thrive.

At the core of this continuum is Upstream, which encompasses proactive activities designed to stimulate specific opportunities that facilitate the flow of private capital, both domestic and foreign. Upstream activities have a much shorter and clearer line of sight to investment. Together, these functions are essential to advancing IFC’s development ambitions: an Upstream & Advisory-enabled Corporation seeks to expand market size by unlocking, developing, and enabling incremental investment opportunities while generating a long-term pipeline of bankable transactions, focusing on continued scale-up of business development efforts in strategic areas such as climate, inclusive growth, and IDA-FCS development. These efforts aim to enable essential private sector investments at scale to address the world’s most pressing development priorities.

In FY26 YTD, IFC spent $196 million2 ($196 million – FY25 YTD) to support hundreds of Upstream and Advisory engagements across all regions and industries. Of the 827 currently active engagements, 187 were newly recorded in FY26 YTD (196 – FY25 YTD). Upstream-enabled long-term finance commitments in FY26 YTD totaled $14.5 billion ($9.4 billion – FY25 YTD).

2 The program expenditure presented herein is based on the Operational reporting methodology, which includes all project expenditures associated with an Advisory project. This does not include program expenditure associated with IFC’s Upstream project development activities.

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			INTERNATIONAL FINANCE CORPORATION			Page 18
			Management's Discussion and Analysis

SECTION IV: LIQUID ASSETS

All liquid assets are managed in accordance with an investment authority approved by the Board and the Funding and Liquid Asset Management Directive approved by IFC’s Corporate Risk Committee, a subcommittee of IFC’s Management Team.

Liquid assets are funded from two sources: borrowings from the market and capital (net worth), and are managed in several sub-portfolios related to these sources. Proceeds of borrowings from market sources not immediately disbursed for loans and loan-like debt securities are managed internally by IFC against money market benchmarks within the Market Funded portfolio. The portion of IFC’s net worth not invested in equity and equity-like investments is managed internally by IFC against a U.S. Treasury benchmark within the Net Worth Funded portfolio. Refer to Section V: Funding Resources for additional details on borrowings.

IFC generally invests its liquid assets in highly rated fixed and floating rate instruments issued by, or unconditionally guaranteed by, governments, government agencies and instrumentalities, multilateral organizations, and high-quality corporate issuers. These include asset-backed securities (ABS), mortgage-backed securities (MBS), time deposits, and other unconditional obligations of banks and financial institutions. Diversification across multiple dimensions ensures a favorable risk return profile. IFC manages the individual liquid asset portfolios on an aggregate portfolio basis against each portfolio's benchmark within specified risk parameters. In implementing these portfolio management strategies, IFC utilizes derivative instruments, principally currency and interest rate swaps, foreign exchange forward contracts, and futures and options, and it takes positions in various industry sectors and countries.

IFC’s liquid assets are accounted for as trading portfolios. The Net Asset Value of IFC's liquid asset portfolio as of March 31, 2026 and June 30, 2025 is presented in the table below:

Table 10: Liquid Asset Portfolio Net Asset Value

(US$ in millions)			March 31, 2026						June 30, 2025						Variance
Market Funded portfolio			$	27,100					$	26,502					$	598
Net Worth Funded portfolio			17,805						18,282						(477)
Total Liquid Asset portfolio			$	44,905					$	44,784					$	121

The increase in the Market Funded portfolio was primarily due to portfolio income and net inflows from borrowings which exceeded net outflows for loan disbursements in FY26 YTD. The Net Worth Funded portfolio declined, reflecting net outflows for equity and quasi-equity investments.

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			INTERNATIONAL FINANCE CORPORATION			Page 19
			Management's Discussion and Analysis

SECTION V: FUNDING RESOURCES

BORROWINGS

The major source of IFC’s borrowings is the international capital markets. Under IFC's Articles of Agreement, IFC may borrow in the public markets of a member country only with approvals from that member, together with the member in whose currency the borrowing is denominated.

Substantially all borrowings are carried at fair value under the Fair Value Option. The outstanding borrowings (including fair value adjustments) on IFC's condensed consolidated balance sheets as of March 31, 2026 and June 30, 2025 are presented in the table below:

Table 11: Borrowings Outstanding

(US$ in millions)			March 31, 2026						June 30, 2025						Variance
Short-term borrowings under the discount note program			$	2,817					$	2,337					$	480
Medium and long-term borrowings			72,762						69,113						3,649
General market borrowings			75,579						71,450						4,129
Securitized borrowings a			301						—						301
Total outstanding borrowings			$	75,880					$	71,450					$	4,430
_________
a Represents notes issued to the third-party investors by consolidated Variable Interest Entities (VIE) under IFC's EMSP. See the discussion below and Note N to the consolidated financial statements for further details.

The increase in outstanding borrowings was mainly due to net issuances (new issuances net of maturities and repayments) partially offset by fair value gains as shown in the figure below:

Figure 6: Borrowings Outstanding (US$ in millions)

_________

* Total outstanding borrowings include $301 million in securitized borrowings under the EMSP as of March 31, 2026.

General Market Borrowings

IFC’s borrowings are generally swapped into floating-rate obligations denominated in U.S. dollars. On occasion, IFC uses its borrowings as a tool to promote capital markets development or to directly support clients in emerging and frontier markets and this can result in raising local currency funds that are not swapped. As of March 31, 2026, non-U.S. dollar denominated market borrowings without interest rate or currency hedges accounted for 1% of the total borrowings from market sources (1% – June 30, 2025), with outstanding balances amounting to $897 million ($614 million – June 30, 2025). These borrowings were denominated in various currencies, mainly in new Romanian lei, Kenyan shilling, and Georgian lari.

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			INTERNATIONAL FINANCE CORPORATION			Page 20
			Management's Discussion and Analysis

IFC maintains short-term discount note programs in U.S. dollars and Chinese renminbi as a tool to provide additional funding and liquidity management. These programs support IFC’s trade finance and supply chain initiatives and expand the availability of short-term local currency finance. The discount note programs offer issuances with maturities ranging from overnight to one year.

During FY26 YTD, IFC raised $25.6 billion in general market borrowings ($24.4 billion – FY25 YTD), comprising $17.6 billion under the medium and long-term borrowing program ($17.9 billion – FY25 YTD) and $8.0 billion under the short-term discount note program ($6.5 billion – FY25 YTD).

Securitized Borrowings

IFC raised $345 million in September 2025 through its EMSP, ($0 – FY25 YTD), under which, a pool of IFC loan participations are transferred to Special Purpose Vehicles (SPVs) that issue a series of notes to third-party investors. These notes are secured by, and have recourse only to, the assets held within the respective SPVs, and are presented separately from IFC's general market borrowings to reflect their distinct structure and recourse profile. During FY26 YTD, $39 million of EMSP notes were repaid. See Note N to the condensed consolidated financial statements for further details.

CAPITAL AND RETAINED EARNINGS

As of March 31, 2026 and June 30, 2025, IFC's capital comprised the following:

Table 12: IFC's Capital

(US$ in millions)			March 31, 2026						June 30, 2025
Authorized capital			$	25,080					$	25,080
Subscribed capital			24,633						24,511
Less: unpaid portion of subscriptions			(507)						(502)
Paid-in capital			24,126						24,009
AOCI			1,275						1,617
Retained earnings			16,715						15,302
Total Capital			$	42,116					$	40,928

As of April 16, 2026, the subscription and payment periods for the 2018 Selective Capital Increase (SCI) and General Capital Increase (GCI) were closed. As of March 31, 2026, a total of $5.1 billion (GCI – $4.2 billion and SCI – $884 million) was subscribed by 156 member countries and payments of $4.6 billion (GCI – $3.8 billion and SCI – $762 million) were received from 136 member countries. By the end of the subscription and payment period, the total amount subscribed was $5.1 billion, and the payments received amounted to $4.7 billion.

As of March 31, 2026 and June 30, 2025, retained earnings comprised the following:

Table 13: IFC's Retained Earnings Composition

(US$ in millions)			March 31, 2026						June 30, 2025
General Reserve			$	14,275					$	12,913
Other Reserves
FMTAAS Reserve			165						140
CMAW Reserve			218						101
SME Ventures Reserve			9						9
Surplus			100						—
FOF Reserve			100						100
Total Other Reserves			592						350
Cumulative fair value and other adjustmentsa			386						158
Unallocated Net Income			1,462						1,881
Total Retained Earnings			$	16,715					$	15,302
_________
a Other adjustments include income associated with PCRF.

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			INTERNATIONAL FINANCE CORPORATION			Page 21
			Management's Discussion and Analysis

Net Income Allocations

Management recommends allocations of net income to the Board at the end of each fiscal year, to support IFC's operations as well as other developmental activities. Recommendations are based on IFC's allocable income. As discussed previously, effective March 2026, to better measure income generated by current year activities, the Allocable Income calculation has been refined by adding back expenses funded by prior years' approved allocations. Amounts allocated to other developmental activities are determined based on a Board approved income-based (sliding scale) formula and on a principles-based Board-approved financial distribution policy, and are subject to the Board approval. Consistent with the Board-approved framework, no allocations to other developmental activities are made if IFC’s Capital Utilization Ratio exceeds 88%. The framework also prioritizes future net income allocations based on IFC’s CUR to the CMAW, established in fiscal year 2018 to support market creation in IDA-eligible member countries and FCS, and to the FMTAAS up to a specified cushion.

FY25 Net Income Allocations

On September 30, 2025, the Board of Directors approved the allocation of $178 million to the CMAW reserve, $70 million to the FMTAAS reserve, and $1,362 million to the General Reserve from IFC's FY25 net income. This approval was noted by the Board of Governors on October 17, 2025. Additionally, the Board of Governors approved the allocation of $100 million from IFC’s FY25 net income to the Surplus account and delegated to the Board of Directors the authority to approve the transfer of $100 million from the Surplus account to the FOF.

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			INTERNATIONAL FINANCE CORPORATION			Page 22
			Management's Discussion and Analysis

SECTION VI: RISK MANAGEMENT

ENTERPRISE RISK MANAGEMENT

IFC’s enterprise risk management (ERM) framework is designed to enable prudent management of potential financial, non-financial and reputational impacts that originate from the Corporation’s business activities.

IFC has defined three explicit Risk Management Objective Statements at the corporate level which are derived from IFC’s purpose, business scope, strategic objectives, and the risks that it faces.

Key Risk Management Objectives

▪Development Impact – IFC will maximize developmental impact by focusing on the World Bank Group’s mission to end extreme poverty and boost shared prosperity on a livable planet, while maintaining financial sustainability and safeguarding its brand.

▪Financial Sustainability – IFC will generate and maintain sufficient financial resources, conduct its business and manage risk consistent with standards implied by a AAA/Aaa rating.

▪Safeguarding Reputation – In determining what engagements and activities to pursue, IFC will assess whether any potential adverse impact to its reputation is in balance with the potential development impact.

IFC’s Enterprise Risk Management follows the shared-responsibility principle, and IFC’s risk governance structure is built on the “three lines model” as defined below:

▪1st Line – All staff engaged in the business origination, revenue generating and client facing areas of IFC and all associated support functions including Investment, Advisory and Treasury staff which are not risk, control or compliance monitoring functions.

▪2nd Line – Staff in risk, controllers, legal, compliance and communication functions independent of the first line provide oversight and challenge over financial and operational risk activities.

▪3rd Line – Internal Audit provides independent oversight.

IFC has established an enterprise level risk taxonomy to categorize and define various types of risks it faces, to aid in systematic risk identification, assessment, and management across the organization. A summary of IFC’s risk mitigations for each major category of risk is presented below.

CREDIT RISK

IFC defines credit risk as the risk of loss of principal or loss of an expected financial return due to credit events such as a default or downgrade in credit ratings or any other failure to meet a contractual obligation that results in financial loss. IFC is exposed to credit risk in its Debt portfolio3 and to investment and counterparty credit risk in its liquid asset portfolio.

Investment Operations

Credit risk in investment projects is actively managed throughout the project life cycle. Investment teams are responsible for gathering the necessary information from the client and other relevant stakeholders to verify the financial viability of each project, and for assigning a credit rating at defined stages in the project approval process. The credit rating, investment size, product type and other project-related risks determine the authority level required for the approval of each transaction. Projects are subject to independent credit review either at specific project level or at portfolio level under a small project delegation. A credit officer within the independent Risk Management Vice Presidency participates in the specific project level approval process. Projects are approved with reference to a number of operational and prudential limits approved by the Corporate Risk Committee, including limits related to single project or client exposure, single country exposure, and sector concentration.

The credit risk of loans is quantified in terms of the probability of default, loss given default and exposure at risk. These risk parameters are used in the processes such as determining risk-based returns, project-based capital allocation, exposure limits and for establishing the reserve against losses on loans under the Current Expected Credit Losses accounting standard.

3 Debt portfolio herein the section refers to loans and loan-like debt securities.

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			INTERNATIONAL FINANCE CORPORATION			Page 23
			Management's Discussion and Analysis

Selected indicators of credit risk exposure in IFC’s Debt Portfolio, together with the five-year trend of non-performing loans (NPLs), are provided below:

Table 14: IFC's Debt Portfolio Credit Risk Indicators

(US$ in millions, except for %)
INDICATOR			March 31, 2026			June 30, 2025			Variance %
NPLs as % of the debt portfolio			1.4		%	1.5		%	(0.1)		%
Principal amount outstanding on NPLs			$	886		$	871		$	15
Total reserve against losses on loans as % of NPLs			171.7		%	161.8		%	9.9		%

Figure 7: NPLs as a Percentage of Disbursed Debt Portfolio (US$ in millions, except for %)

Additional details are provided in Section VII: Results of Operations (Provision for Losses on Loans, Available-for-sale Debt Securities, Off-balance-sheet Credit Exposures and Other Receivables).

Treasury Operations

IFC manages its exposures to investments and counterparties in its Treasury operations to mitigate potential losses from the failure by a counterparty to fulfill its contractual obligations. Counterparty eligibility criteria are set by Authorizations from the Board of Directors and by Directives approved by IFC’s Corporate Risk Committee. Eligible investments and counterparties are predominantly sovereign governments, government agencies, structured finance instruments, banks, and financial institutions with high-quality credit ratings issued by leading international credit rating agencies.

Treasury operations counterparties remain well diversified by sector and geography. In accordance with its agreements with counterparties, as of March 31, 2026, IFC held $427 million in cash as collateral for changes in mark-to-market exposures on open trades with no securities collateral received as of March 31, 2026 ($346 million in cash – June 30, 2025). In terms of Treasury’s credit profile, IFC invests its U.S. dollar liquid assets in deposits with highly-rated banks and in securities for which the ratings are generally AA- or higher, reflecting the primary objective of principal protection.

MARKET RISK

Market risk is the risk of losses due to movement in market factors such as interest rates, credit spreads, equity, foreign exchange or commodity prices. IFC’s exposure to market risk is mitigated by its matched funding policy, whereby it uses derivative instruments to convert loans funded from market borrowings, and the market borrowings themselves, into floating rate U.S. dollar assets and liabilities with similar duration. Similarly, market risk resulting from derivative transactions with clients, to facilitate clients’ risk management, is typically mitigated by entering into offsetting positions with highly rated market counterparties. IFC’s exposure to unhedged market risk arises primarily from its listed and unlisted equity investments in emerging markets, its quasi-equity loans, and its net worth funded Treasury liquid asset portfolio.

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			INTERNATIONAL FINANCE CORPORATION			Page 24
			Management's Discussion and Analysis

Equity Investments

The risk of loss in value of IFC’s emerging markets equity investments is mitigated primarily by applying the same limits framework, decision-making process and portfolio management methods as described above for its lending operations. IFC has a multi-year horizon for its equity investments and accepts short-term price volatility of these investments, which can be significant.

During FY26 Q3, equity markets experienced significant volatility due to geopolitical events. The S&P 500, representing US markets, fell 5%, while Europe’s largest stocks, as measured by Euro Stoxx 50, declined 4%. Emerging markets, represented by Morgan Stanley Capital International (MSCI) Emerging Market total return index, declined less than 1%. The U.S. dollar strengthened slightly (less than 1%) against a basket of emerging market currencies (JPMorgan EM currency index). IFC remains focused on growing its equity book and rigorous analysis of macroeconomic trends continues to be crucial in guiding business generation as well as informing decision-making throughout the project life cycle.

Liquid Asset Portfolio

Market risk in IFC’s liquid asset portfolio is managed according to the risk appetite chosen by IFC Management using derivatives and other financial instruments such as over-the-counter foreign exchange forward agreements, interest rate and currency swaps, and exchange-traded interest rate futures. Overall market risk exposure is also subject to daily monitoring, based on Directives approved by the Corporate Risk Committee, which limit interest rate, credit spread, and foreign exchange risk.

Interest rate volatility remained the largest driver of market risk in IFC’s Liquid Asset portfolio due to the unhedged investments in U.S. Treasury securities funded from IFC’s net worth. To manage risks associated with interest rate, foreign exchange, and credit spread risks, a system of limits has been employed and closely monitored on a daily basis to ensure ongoing compliance throughout the fiscal year.

LIQUIDITY, FUNDING AND ASSET LIABILITY MANAGEMENT (ALM) RISK

IFC defines liquidity and funding risk as the risk that, over a specific horizon, IFC will be unable to meet the demand for additional funds required to support its operations due to either funding or liquidity issues or both. IFC faces liquidity risk in its core development finance activities because its investments (loans, equity investments and debt securities) are predominantly illiquid in nature due to the lack of capital flows, the infrequency of transactions, and the lack of price transparency in many emerging markets. To offset this risk, IFC maintains appropriate liquid assets funded from its net worth and market borrowings. IFC manages the risk of mismatches in foreign exchange rates, interest rates, and maturity dates between balance sheet assets and liabilities primarily through the use of derivative instruments, such as cross-currency and interest rate swaps, to hedge these exposures.

Liquid Asset Portfolio

Liquidity risk in the liquid asset portfolio is addressed by liquidity coverage ratios and strict investment eligibility criteria defined in Directives approved by the Corporate Risk Committee. Liquidity coverage ratios include time horizons between 30 days and 3 years, and consider both normal and stressed cash flow requirements. Examples of eligibility criteria include minimum issuance sizes required for bond investments, limits on single bond issue concentration, limitations on concentration of exposure to bank counterparts for deposits and limits on the percentage of total bond issuance held by IFC. Consequently, a significant portion of the liquid asset portfolio is invested in highly liquid securities such as high-quality sovereign, sovereign-guaranteed, and supranational fixed income instruments. IFC expects to continue to be able to realize these assets as needed to meet its cash requirements, even in a liquidity crisis.

Funding

IFC’s funding operations ensure that IFC has the funds required for its lending operations, and that it has sufficient liquidity to safeguard its AAA/Aaa rating and fulfill its counter-cyclical role. IFC can access a variety of funding markets, including the U.S. dollar market, British pound market and the Australian dollar market, as well as private placement and retail markets. IFC’s discount note program complements its traditional funding sources by providing swift access to short-term funded liquidity. IFC’s AAA/Aaa rating is critical to the Corporation’s ability to maintain its low cost of funds. Regular issuance in a variety of markets serves to sustain investor confidence and maintain a diversified investor base.

Asset-Liability Management

While IFC’s matched-funding policy helps mitigate currency and interest rate risk, IFC is still exposed to residual market risks in the market borrowings-funded portion of the balance sheet. Residual currency risk arises from factors such as changes in the level of reserve for losses on non-U.S. dollar loans. The aggregate position in each lending currency is monitored and the risk is managed within the limits established for each currency and the total exposure for all currencies. Residual interest rate risk may arise from differing interest rate reset dates on assets and liabilities or from assets that may become mismatched with hedges over time due to write-downs, prepayments, or rescheduling. The residual interest rate risk is managed by measuring the sensitivity of the present value of assets and liabilities in each currency to a one basis point change in interest rates and managing exposures to within the established limits for each currency and the total exposure for all currencies.

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			INTERNATIONAL FINANCE CORPORATION			Page 25
			Management's Discussion and Analysis

OTHER FINANCIAL RISKS

IFC also faces Capital Risk and Pension risk. Capital risk is the risk to IFC’s AAA/Aaa rating resulting from a low capital adequacy position, in which available capital falls below the level of capital required to support IFC’s activities. Pension Risk is the risk that IFC’s defined-benefit pension plan is underfunded, leading to the need for additional financial support by IFC.

OPERATIONAL RISK MANAGEMENT

Consistent with the Basel Framework, IFC defines operational risk as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events, and holds economic capital against such risks. Given IFC’s business model, both financial and non-financial potential impacts are considered for operational risk.

IFC’s Operational Risk Management (ORM) program conforms to a Directive approved by the Corporate Risk Committee (CRC), which defines the management of, and roles and responsibilities for, operational risk management in the Corporation.

IFC’s Operational Risk Management team acts as the second line for operational risk management, in line with the “Three Lines” industry standard model. As the second line, the ORM team develops and implements policies, procedures, guidelines, and tools to identify, assess, mitigate, monitor, and report on operational risks for the Corporation. The team is responsible for quarterly operational risk reporting to IFC’s Corporate Risk Committee and to the Audit Committee of the Board. The team also provides advice and guidance to business stakeholders on operational risk matters and best practices.

STRATEGIC AND BUSINESS RISK

These are risks that are specific to IFC given its mission and strategy, and include Strategic Risk, Environment & Social Risk, Climate Risk, Corporate Governance Risk, Integrity Risk, Anti-Money Laundering/ Combating the Financing of Terrorism (AML/CFT) Risk and External Financing Risk.

Strategic Risk

IFC defines strategic risk as the risk associated with initial strategy selection, execution, or modification over time, resulting in a lack of achievement of overall objectives.

Environment and Social (E&S) Risk

Environment and Social (E&S) risk is the risk that IFC cannot effectively engage with and influence clients to fulfill the requirements of IFC’s E&S Performance Standards, within a reasonable period of time, potentially causing significant or material adverse impacts to people or the environment and lead to negative financial impact or reputational harm to IFC.

In addition to promoting E&S standards and disclosure across emerging markets, IFC builds internal and external capacity to identify, assess and mitigate E&S risks. IFC continuously strengthens its E&S risk management approach by improving its internal E&S systems, procedures and practices, including contextual risk assessment in due diligence and supervision; building capacity through internal and external training and advisory or enhanced client supervision; fostering project-level grievance mechanisms; clarifying the application of IFC’s E&S requirements for clients, including cross-cutting topics such as climate change, gender, human rights and water, which are addressed across multiple Performance Standards. At the project level, IFC manages E&S risks in accordance with its Sustainability Policy and E&S Review Procedures. IFC provides capacity building, guidance, and support to its clients in identifying, assessing and mitigating E&S risks through standards, guidelines, guidance notes, good practice notes, tip sheets, handbooks, tools, training and other knowledge products. In April 2025, IFC together with MIGA launched a multi-year process to update and merge their respective E&S and disclosure policies and standards and to align these with IBRD/IDA’s existing public-sector E&S requirements. The refreshed WBG private sector requirements and existing WBG public sector requirements will become part of a unified WBG E&S Framework under a joint WBG Vision for Sustainable Development.

Corporate Governance Risk

Corporate governance risk is the risk that IFC’s investment clients have inadequate corporate governance which could lead to negative financial impact or reputational harm to IFC.

IFC promotes better standards of corporate governance and disclosures across emerging markets and builds internal and external capacity to identify, assess and mitigate these risks. IFC has integrated its corporate governance offering both in its investment and advisory services, providing internal support for assessing corporate governance risks at the project level; building capacity through internal and external training, practice notes, tip sheets, handbooks, tools, training and other knowledge products; and providing advice to clients and market intermediaries. Cross-cutting themes are integrated into the offering, including governance of E&S, climate governance, women on boards and in business leadership, and sustainability reporting. At the project level, IFC manages corporate governance risks in accordance with its Corporate Governance Directive and Procedures.

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			INTERNATIONAL FINANCE CORPORATION			Page 26
			Management's Discussion and Analysis

Climate Risk

Climate Risk, as defined by IFC, encompasses the actual or potential negative effects of climate-related conditions and events on IFC's investments, corporate operations, reputation or consolidated financial statements. There are two primary climate-related risk categories: (1) physical risks and (2) transition risks.

“Physical risks” include both “acute” and “chronic” physical risks to business operations. Acute physical risks are event-driven, stemming from short-term extreme weather events like hurricanes, floods, tornadoes, wildfires, storms, drought or heatwaves. Chronic physical risks emerge from longer-term shifts in climate patterns, such as progressive changes in precipitation and temperature which could lead to rising sea levels, alteration of ecosystems, desertification, water scarcity, soil degradation, and deterioration of marine ecology.

“Transition risks” are attributable to the global shift towards a lower-carbon economy. These risks are multifaceted and arise from changes in law or regulation, public policies, technological breakthroughs, shifts in investor and public sentiment, and disruptive innovations in business models aimed at addressing climate change.

These risks could carry financial and non-financial implications for IFC.

Integrity, Money Laundering and Terrorist Financing, and Tax Risks

These are interrelated risks that IFC’s Clients may have ineffective governance structures and/or controls to manage exposure to integrity risk, money laundering and terrorist financing (ML/TF) risk and tax risk. Integrity risks are the risks of engaging with external institutions or persons whose background or activities, may have adverse reputational and, often, financial impact on IFC.

IFC works with a wide range of clients and partners in Investment Operations, Upstream and Advisory Services activities, from multinational to small companies, and from government institutions to non-governmental organizations. Thus, each transaction or service opportunity presents unique integrity risks, affected by different factors, including the type of engagement, financial instrument, structure, geography and duration of the engagement. IFC conducts integrity due diligence on clients and partners to manage these risks and to mitigate them where it reasonably can, both before engagement and on an ongoing basis during the engagement.

ML/TF risk is the risk that IFC’s financial intermediary clients may have ineffective controls to manage exposure to money laundering and terrorist financing risk, subjecting IFC to potential integrity, reputational, or financial risk. IFC conducts anti-money laundering (AML) / combating the financing of terrorism (CFT) due diligence on financial institution clients and funds in addition to its integrity due diligence to determine whether:

1.the client’s AML/CFT procedures and controls are structured to comply with relevant AML/CFT standards;

2.the AML/CFT procedures and controls are appropriate for the client’s business and operating environments;

IFC has been strengthening its AML capacity, through in-house training of its business teams and roll out of technical capacity building programs (e.g., to promote the use of technology in managing AML/CFT risks).

Tax risk is the risk that IFC’s clients or projects may be structured to evade taxes or facilitate abusive tax planning. To address this, a systematic approach to tax due diligence (TDD) is applied through the World Bank Group’s Intermediate Jurisdictions policy and IFC’s Tax Due Diligence Procedures. TDD seeks to verify: (i) compliance of intermediate jurisdictions with globally accepted tax standards with primary focus on tax transparency; (ii) the rationale for the use of intermediate jurisdictions; (iii) arm’s length pricing of cross-border inter-group transactions, along with other key tax risk flags that examine the tax guidance of the underlying project company. These established processes apply to all investment projects and ultimately aim to mitigate the risks of abusive tax structuring by IFC’s clients that risk eroding the tax base of project countries. IFC is raising awareness of TDD through targeted trainings for regional and industry teams. In addition, IFC promotes responsible tax practices among its current and prospective clients as well as contributes to global tax policy discussions on topics relevant to its TDD processes.

IFC is currently conducting a review of the World Bank Group’s Intermediate Jurisdictions policy and its implementation, with respect to IFC operations.

External Financing Risk

As well as using its own resources to invest in and provide advice to clients, IFC raises additional funds from public and private sector institutional investors, lenders and donors through several different mechanisms. External financing risk is the risk that when entrusted with oversight of such funds, IFC does not meet its contractual obligations to the third parties involved.

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			INTERNATIONAL FINANCE CORPORATION			Page 27
			Management's Discussion and Analysis

SECTION VII: RESULTS OF OPERATIONS

OVERVIEW

The overall market environment has a significant influence on IFC’s financial performance. The main elements of IFC’s net income and other comprehensive income, and influences on the level and variability of net income and other comprehensive income from period to period are shown below :

Table 15: Main Elements of Net Income and Other Comprehensive Income

ELEMENTS			SIGNIFICANT INFLUENCES
Net income:
Yield on interest earning assets (principally loans)			Market conditions including spread levels and degree of competition. Nonaccruals and recoveries of interest on loans formerly in nonaccrual status, and income from participation notes on individual loans are also included in income from loans.
Liquid asset income			Realized and unrealized gains and losses on the liquid asset portfolio, in particular the portion of the liquid asset portfolio funded by net worth, which are driven by external factors such as the interest rate environment and liquidity of certain asset classes within the liquid asset portfolio.
Income from the equity investment portfolio			Global climate for emerging markets equities, fluctuations in currency markets and company-specific performance for equity investments. Overall performance of the equity portfolio.
Provision for losses on loans, guarantees, and available-for-sale debt securities			Risk assessment of borrowers, probability of default, loss given default, and expected balance at default considering prepayment and disbursement assumptions used to estimate expected utilization rates.
Other income and expenses			Level of advisory services provided by IFC to its clients, the level of expenses from the staff retirement and other benefits plans, the approved and actual administrative expenses, and other budget resources.
Gains and losses on loans, debt securities, borrowings and related derivatives			Principally, differences between changes in fair values of borrowings, excluding issuer’s credit spread, and associated derivative instruments; and unrealized gains or losses associated with the investment portfolio including puts, warrants, and stock options, which in part are dependent on the global climate for emerging markets. These securities may be valued using internally developed models or methodologies, utilizing inputs that may be observable or non-observable.
Other comprehensive income:
Unrealized gains and losses on debt securities accounted for as available-for-sale			Global climate for emerging markets, fluctuations in currency and commodity markets and company-specific performance, and consideration of the extent to which unrealized losses are considered a credit loss. Debt securities may be valued using internally developed models or methodologies, utilizing inputs that may be observable or non-observable.
Unrealized gains and losses attributable to instrument-specific credit risk on borrowings at fair value under the Fair Value Option			Fluctuations in IFC’s own credit spread measured against reference rate, resulting from changes over time in market pricing of credit risk. As credit spreads widen, unrealized gains are recorded, and when credit spreads narrow, unrealized losses are recorded.
Unrecognized net actuarial gains and losses and unrecognized prior service costs on benefit plans			Returns on pension plan assets and the key assumptions underlying projected benefit obligations, including financial market interest rates, staff expenses, past experience, and management’s best estimate of future benefit cost changes and economic conditions.

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			INTERNATIONAL FINANCE CORPORATION			Page 28
			Management's Discussion and Analysis

IFC's net income for FY26 YTD and FY25 YTD is presented below:

Table 16: Condensed Consolidated Statements of Operations

									For the nine months ended March 31,
(US$ in millions)															2026						2025						Variance
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives															$	2,460					$	2,543					$	(83)
Provision for losses on loans, off-balance-sheet credit exposures and other receivables															(173)						(103)						(70)
Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives															746						141						605
Income from debt securities, including realized gains and losses on debt securities and associated derivatives															611						611						0
Release of provision for losses on available-for-sale debt securities															9						5						4
Income from liquid asset trading activities															1,563						1,739						(176)
Charges on borrowings															(2,722)						(2,697)						(25)
Other income															403						397						6
Administrative and other expenses															(1,443)						(1,401)						(42)
Foreign currency transaction losses on non-trading activities															(55)						(20)						(35)
Income before net unrealized gains and losses on loans, debt securities, borrowings and related derivatives															1,399						1,215						184
Net unrealized gains on loans, debt securities, borrowings and related derivatives															14						143						(129)
Net income															$	1,413					$	1,358					$	55

The following paragraphs detail significant variances between FY26 YTD and FY25 YTD covering the periods included in IFC FY26 YTD condensed consolidated financial statements. The $55 million increase in net income was primarily a result of the following:     

Figure 8: Change in Net Income FY26 YTD vs FY25 YTD (US$ in millions)

_________

* Income from loans and debt securities and treasury income are net of allocated charges on borrowings

** Includes associated derivatives

*** Others mainly represents service fees, and net advisory service expenses

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			INTERNATIONAL FINANCE CORPORATION			Page 29
			Management's Discussion and Analysis

A more detailed analysis of the components of IFC’s net income is as follows:

Income from Loans and Guarantees, including Realized Gains and Losses on Loans and Associated Derivatives

Income from loans and guarantees, including realized gains and losses on loans and associated derivatives for FY26 YTD remained stable at $2.5 billion ($2.5 billion for FY25 YTD) since the increase in interest income due to higher outstanding balances was offset by lower interest rates.

NPLs

NPLs increased by $15 million to $886 million4 of the disbursed loan portfolio as of March 31, 2026. The increase was largely due to additions and capitalization of interest that was mostly offset by positive developments. Of the new NPLs recognized in FY26 YTD, the two largest loans accounted for a total of $123 million.

Figure 9: Non-performing Loans (US$ in millions)

_________

*    Mainly represents balance changes due to deferrals, restructuring, disbursements, interest capitalization, conversions and foreign exchange gains/losses.

Provision for Losses on Loans, Off-Balance-Sheet Credit Exposures and Other Receivables, and Available-for-sale Debt Securities

IFC recorded a net provision of $164 million in FY26 YTD ($98 million – FY25 YTD), for losses on loans, off-balance-sheet credit exposures and other receivables, as well as available-for-sale debt securities, analyzed as follows:

Table 17: Portfolio and Individual Provision (Release of Provision)

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Portfolio provision (release)
Disbursed loans			$	121					$	124					$	(3)
Undisbursed loans			9						(47)						56
Off-balance-sheet credit exposures and Other Receivables			56						31						25
Individual provision (release)
Disbursed loans			(14)						(6)						(8)
Undisbursed loans			3						—						3
Off-balance-sheet credit exposures and Other Receivables			(2)						1						(3)
Available-for-sale debt securities			(9)						(5)						(4)
Total			$	164					$	98					$	66

Total portfolio provision increased in FY26 YTD mainly due to net new commitments and disbursements. Individual provision releases were mainly due to project-specific improvements.

4    Includes $117 million reported as debt securities and $89 million reported as loans under Fair Value Option (FVO) on the Balance Sheets as of March 31, 2026 ($142 million Debt securities and $97 million FVO loans – June 30, 2025).

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			INTERNATIONAL FINANCE CORPORATION			Page 30
			Management's Discussion and Analysis

Total reserve against losses on loans disbursed and loans committed but not disbursed increased by $112 million to $1.5 billion as of March 31, 2026 analyzed as follows:

Figure 10: Reserve Against Losses for Disbursed and Undisbursed Loans (US$ in millions)

_________

* Mainly represents balance changes due to deferrals, restructuring, disbursements, interest capitalization, conversions and foreign exchange gains/losses. Graph presents the reserve against losses on disbursed and committed but not disbursed debt portfolio only (without Guarantees).

The breakdown of total reserve against losses on loans disbursed and loans committed but not disbursed and the reserve coverage ratio as of March 31, 2026 and June 30, 2025 are presented in the table below:

Table 18: Reserve Against Losses on Loans Disbursed and Loans Committed but not Disbursed and Reserve Coverage Ratio

			March 31, 2026									June 30, 2025									Variance
(US$ in millions, unless otherwise noted)			Reserve			Reserve coverage ratio a						Reserve			Reserve coverage ratio a						Reserve			Reserve coverage ratio a
Reserve against losses on disbursed loans
Portfolio reserve			$	1,073		2.4		%				$	953		2.4		%				$	120		—		%
Individual reserve			301			29.5						320			21.8						(19)			7.7
			1,374			3.0						1,273			3.1						101			(0.1)
Reserve against losses on loans committed but not disbursed
Portfolio reserve			142			1.8						134			1.7						8			0.1
Individual reserve			5			10.2						2			5.7						3			4.5
			147			1.8						136			1.7						11			0.1
Total reserve			$	1,521		2.8		%				$	1,409		2.8		%				$	112		—		%
_________
a Reserve coverage ratio is calculated as the reserve over related disbursed loans balances or reserve over related loans committed but not disbursed balances.

In FY26 YTD, the top ten largest individual provisions and top ten largest individual releases of provision comprised 93% and 84% of the total individual provisions and total individual releases of provision, respectively, for losses on loans.

Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives

IFC divests equity investments where (i) its developmental role has been fulfilled, (ii) pre-determined sales trigger levels have been met, and (iii) where applicable, lock-ups have expired. Gains and losses on equity investments and associated derivatives include both realized and unrealized gains or losses.

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			INTERNATIONAL FINANCE CORPORATION			Page 31
			Management's Discussion and Analysis

Income from equity investments and associated derivatives (consisting of dividends and net capital gains), increased by $605 million, as analyzed below:

Table 19: Income from Equity Investments, Including Realized and Unrealized Gains and Losses on Equity and Associated Derivatives

																								For the nine months ended March 31,
(US$ in millions)																											2026						2025															Variance
Net realized gains																											$	451					$	147														$	304
Net unrealized gains (losses)																											199						(106)															305
Dividend income, custody, fees and other																											96						100															(4)
Total income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives																											$	746					$	141														$	605

In FY26 YTD, due to increase in sales activity driven by strong market momentum, there was higher realized gains from equity sales of $451 million compared to $147 million in FY25 YTD. In FY26 YTD, the top five investments with net capital gains generated gains of $224 million, while the top five investments with net capital losses incurred losses of $152 million. In comparison, in FY25 YTD the top five investments with net capital gains had gains of $180 million and the top five investments with net capital losses recorded losses of $188 million.

Income from Debt Securities and Realized Gains and Losses on Debt Securities, and Associated Derivatives

Income from debt securities and associated derivatives for FY26 YTD remained unchanged at $611 million ($611 million for FY25 YTD).

Income from Liquid Asset Trading Activities

Income from liquid asset trading activities gross of funding costs and net of funding costs are analyzed in the table below:

Table 20: Income from Liquid Asset Trading Activities

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Liquid asset income, gross of funding costs
Market Funded portfolio			$	953					$	893					$	60
Net Worth Funded portfolio			610						846						(236)
Total			$	1,563					$	1,739					$	(176)
Liquid asset income, net of funding costs
Market Funded portfolio			$	75					$	35					$	40
Net Worth Funded portfolio			466						760						(294)
Total			$	541					$	795					$	(254)

The decrease of $254 million (net of funding costs) primarily reflects the decline in mark-to-market in the Net Worth Funded portfolio, driven by rising U.S. Treasury yields in FY26 YTD. Net income was higher on the Market Funded portfolio in FY26 YTD, mainly due to foreign exchange gains on local-currency pools held to fund upcoming disbursements.    

Charges on Borrowings

IFC’s charges on borrowings of $2.7 billion in FY26 YTD were flat compared to $2.7 billion in FY25 YTD.

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			INTERNATIONAL FINANCE CORPORATION			Page 32
			Management's Discussion and Analysis

Other Income

Other income increased by $6 million with its components analyzed in the table below:

Table 21 : Other Income

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Upstream and Advisory Services Income			$	180					$	182					$	(2)
Service Fees			97						102						(5)
Investment gains on PEBP assets			54						31						23
PCRF Income			15						18						(3)
Client Risk Management (CRM) Income			11						10						1
Other Miscellaneous Income			46						54						(8)
Total			$	403					$	397					$	6

Administrative and Other Expenses

Administrative and other expenses increased by $42 million mainly due to higher staff costs, partially offset by increase in income from pension and other post retirement plans due to higher amortization of unrecognized net actuarial gains. The components are analyzed in the table below:

Table 22 : Administrative and Other Expenses

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Administrative expenses a			$	1,227					$	1,171					$	56
Upstream and Advisory services expenses			250						247						3
Income from pension and other postretirement benefit plans			(59)						(18)						(41)
Other Expenses			25						1						24
Total			$	1,443					$	1,401					$	42
a Includes pension service cost of $141 million and $156 million in FY26 YTD and FY25 YTD respectively.

Foreign Currency Transaction Gains and Losses on Non-Trading Activities

Foreign currency transaction gains and losses are recognized in both net income and other comprehensive income. For debt securities classified as available-for-sale, the gains or losses from foreign currency transactions are reported in other comprehensive income, while the impact from the associated derivatives are reported in net income. The net foreign exchange related gains / (losses) are analyzed in the table below:

Table 23 : Foreign Currency Transaction Gains and Losses on Non-Trading Activities

			For the nine months ended March 31,
(US$ in millions)			2026						2025						Variance
Gains (losses) reported in Net Income			$	(55)					$	(20)					$	(35)
Gains reported in Other Comprehensive Income, net of reclassifications to net income upon sale or repayment			10						40						(30)
Total			$	(45)					$	20					$	(65)

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			INTERNATIONAL FINANCE CORPORATION			Page 33
			Management's Discussion and Analysis

Net Unrealized Gains and Losses on Loans, Debt Securities, Borrowings and Related Derivatives

IFC accounts for certain financial instruments at fair value with unrealized gains and losses on such financial instruments being reported in net income, namely: (i) market borrowings with associated currency or interest rate swaps; (ii) certain loans, debt securities and associated derivatives; and (iii) borrowings from IDA.

Table 24: Net Unrealized Gains on Loans, Debt Securities, Borrowings and Related Derivatives

						For the nine months ended March 31,
(US$ in millions)																		March 31, 2026						March 31, 2025						Variance
Unrealized (losses) gains on the loan and debt securities portfolio carried at fair value																		$	(158)					$	177					$	(335)
Unrealized gains (losses) on associated derivatives																		6						(382)						388
Unrealized losses on loans, debt securities and associated derivatives																		$	(152)					$	(205)					53
Unrealized gains (losses) on borrowings from market and IDA																		$	1,035					$	(761)					1,796
Unrealized (losses) gains on associated derivatives																		(869)						1,109						(1,978)
Unrealized gains on borrowings from market, IDA and associated derivatives																		$	166					$	348					(182)
Unrealized gains on loans, debt securities, borrowings and related derivatives																		$	14					$	143					(129)

IFC reported $152 million of unrealized losses on loans, debt securities, net of associated derivatives in FY26 YTD. The change in unrealized losses on loans and debt securities was primarily driven by decrease in fair valuation of loans and debt securities. Changes in the fair value of derivatives are recognized in the condensed consolidated statements of operations, while certain offsetting changes in the fair value of hedged loans are not, as those loans are measured at amortized cost.

IFC reported $166 million of unrealized gains on borrowings from market sources and IDA, net of associated derivatives in FY26 YTD. The $348 million of unrealized gains in FY25 YTD includes a one-time reclassification of $231 million gains from AOCI to net income, due to a refinement of the methodology to calculate changes in IFC's own credit spread.

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			INTERNATIONAL FINANCE CORPORATION			Page 34
			Management's Discussion and Analysis

SECTION VIII: GOVERNANCE AND CONTROL

SENIOR MANAGEMENT

The following is a list of the principal officers of IFC as of March 31, 2026:

President			Ajay Banga
Managing Director			Makhtar Diop
Regional Vice President, Africa			Ethiopis Tafara
Regional Vice President, Europe, Latin America & the Caribbean			Alfonso García Mora
Regional Vice President, Middle East and Central Asia			John Gandolfoa
Regional Vice President, Asia and the Pacific			Sarvesh Surib
Vice President, Strategy and Operations Supportc			Elena Bourganskaia
Vice President and General Counsel, Legal, Institutional Risk and Governance			Ramit Nagpal
Vice President, Products & Clients			Mohamed Gouled
Vice President and Chief Risk Officer			Federico Galizia
Vice President and Chief Financial Officer			John Gandolfo
_________
a John Gandolfo was the acting Regional Vice President, Middle East and Central Asia, effective November 9, 2025. Imad N. Fakhoury was announced as IFC Regional Vice President, Middle East and Central Asia effective July 1, 2026.
b Sarvesh Suri was announced as IFC Regional Vice President, Asia and the Pacific effective January 5, 2026.
c The Corporate Support VPU was changed to Strategy and Operations Support VPU, effective July 1, 2025.

As part of ongoing efforts to scale impact, boost efficiency, and deliver greater value to our clients across the World Bank Group (WBG), IFC is implementing organizational changes to integrate certain functions within WBG Vice Presidencies. IFC will continue to operate as a separate legal entity, with its external obligations unchanged.

Effective October 1, 2025, IFC’s Controllership function has been integrated into the WBG Controllership Vice Presidency, with Zinga Venner appointed as WBG Vice President and Controller.

Effective January 1, 2026, IFC’s Treasury function has been integrated into the WBG Treasury Vice Presidency, with Jorge Familiar Calderon appointed as Vice President and WBG Treasurer, to improve internal efficiencies. Notably, IFC’s market-facing activities–including market funding and investment approaches–continue to operate separately from other WBG entities. In conjunction with this integration, effective the same date, John Gandolfo was appointed as IFC Vice President and Chief Financial Officer, overseeing global investor relationships, debt & equity mobilization solutions, blended finance, IFC-specific treasury solutions, and financial strategy, planning and reporting.

Effective January 1, 2026, the following additional organizational changes took effect:

•The Global Products & Clients Vice Presidency was also created to replace the Industries Vice Presidency, to focus on client relationship management, centrally managed products (including private equity, venture capital, and trade finance), and new product development across regions and sectors.

•The Strategy & Operations Support Vice Presidency links IFC's strategy and resources with operational delivery, including Development Impact Measurement and Operations Management functions.

•The Risk Management Vice Presidency will maintain its core risk management responsibilities of providing independent risk oversight and management across IFC’s operations.

•The Economics and Private Sector Development Vice Presidency has completed its sunset with the Economics & Market Research and Gender & Economic Inclusion departments integrated into the WBG Knowledge Bank.

As part of the ongoing integration of functions within the WBG, a new integrated Environmental & Social Risk structure became effective in January 2026, where “E&S Makers" (frontline operational teams) and "E&S Checkers" (centralized risk monitoring unit) were separated. WBG Chief Risk Officer oversees a global WBG E&S risk department, overseeing WBG E&S risks, associated with projects, which are managed through a dedicated second line of defense to ensure sustainability, accountability, and alignment with WBG standards.

In parallel with these changes, and as part of the WBG’s broader transformation, the Knowledge Bank has been established to unify expertise of each WBG institution in a single structure and strengthen the value proposition for both sovereign and private sector clients. To lead this effort, Paschal Donohoe was appointed as Managing Director and WBG Chief Knowledge Officer effective November 24, 2025. Through the Knowledge Bank, the WBG aims to empower clients with integrated public and private sector solutions that enable impact at scale, accelerate thought leadership and innovation through a unified offering, and equip frontline staff with timely, actionable knowledge to accelerate delivery and impact.

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			INTERNATIONAL FINANCE CORPORATION			Page 35
			Management's Discussion and Analysis

These changes are designed to strengthen synergies, streamline operations, and support delivery of the WBG’s strategic priorities while maintaining IFC’s AAA/Aaa credit rating.

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			INTERNATIONAL FINANCE CORPORATION			Page 36
			Management's Discussion and Analysis

SECTION IX: APPENDIX

GLOSSARY OF TERMS

Allocable income: IFC uses allocable income (a non-GAAP measure) as the basis for making net income allocations. IFC defines allocable income as net income after certain adjustments. These adjustments primarily relate to unrealized gains and losses on IFC's loans, debt securities, equity investments and borrowings, as well as income from the Post-retirement Contribution Reserve Fund and expenses funded by prior years’ allocations.

Board: The Board of Directors as established by IFC’s Articles of Agreement.

Capital Adequacy: A measure of IFC’s ability to withstand unexpected shocks as IFC is required to maintain a minimum level of capital available–calculated as Balance Sheet Capital less Designated Retained Earnings, minus Pension surplus of each pension plan, and minus PCRF assets–equal to total potential losses for all on- and off-balance-sheet exposures estimated at levels consistent with maintaining IFC's AAA/Aaa rating.

Capital Available: Under IFC’s economic capital framework, resources available to absorb potential losses, calculated as: Sum of IFC’s Paid in Capital, General Reserve, Unallocated Net Income and AOCI, minus Pension Surplus of each pension plan and PCRF assets.

Capital Required: Aggregate minimum Economic Capital required to maintain IFC’s AAA/Aaa rating.

Capital Utilization Ratio (CUR): A ratio to measure IFC's capital adequacy expressed as Capital Required divided by Capital Available.

Credit spread: A credit spread is the difference in yield between two bonds of similar maturity but different credit quality.

Economic Capital (EC): Minimum USD amount of capital required to meet expected and unexpected losses. For Financial Product(s), calculated as Exposure at Risk multiplied by Economic Capital Ratio for relevant product/sub-product.

IDA18: IDA's Eighteenth Replenishment of Resources.

IDA21: IDA’s Twenty First Replenishment of Resources.

IDA-eligible countries: Countries eligible to borrow from IDA on concessional terms.

IFC's Equity Mobilization Department: IFC's Equity Mobilization Department (AMC), a division of IFC effective January 31, 2020, invests third-party capital and IFC capital, enabling outside investors to invest alongside IFC in developing markets. Investors in funds managed by AMC have included sovereign wealth funds, national pension funds, multilateral and bilateral development institutions, national development agencies and international financial institutions. These funds collectively are referred to as the AMC Funds.

Private Capital Mobilization (PCM): Amount of private financial resources contributed alongside IFC commitments, whether financing, guarantees or technical assistance, measured as the sum of private direct and private indirect mobilization. Private Direct Mobilization (PDM) is financing from a private entity on commercial terms due to IFC’s active and direct involvement. Private Indirect Mobilization (PIM) is financing from private entities provided in connection with a specific activity for which IFC is providing financing but doesn’t play a direct role that leads to the commitment of the private entity’s finance. PCM is included in the WBG's scorecard.

Upstream: Upstream activities aim to unlock and/or create new, additional investment opportunities for which IFC is both willing and likely to be a financial partner. Upstream activities comprise IFC engagements which aim to (i) Support the creation and realization of specific projects, for which IFC is a likely finance partner (Transaction Upstream); and/or have a wider market or sectoral impact to facilitate private sector investment, for which in turn IFC could be a potential financing partner (Creating Markets Upstream).

U.S. GAAP: Accounting principles generally accepted in the United States of America.

World Bank: The World Bank consists of IBRD and IDA.

World Bank Group (WBG): The World Bank Group consists of IBRD, IDA, IFC, MIGA, and ICSID.

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			INTERNATIONAL FINANCE CORPORATION			Page 37
			Management's Discussion and Analysis

ABBREVIATIONS AND ACRONYMS

ABS			:			Asset-Backed Securities
ALM			:			Asset Liability Management
AMC			:			Asset Management Company
AML/CFT			:			Anti-Money Laundering/ Combating the Financing of Terrorism
AOCI			:			Accumulated Other Comprehensive Income
CCW			:			Concessional Capital Window
CMAW			:			Creating Markets Advisory Window
CRC			:			Corporate Risk Committee
CRM			:			Client Risk Management
CUR			:			Capital Utilization Ratio
E&S			:			Environmental and Social
ERM			:			Enterprise Risk Management Framework
EMSP			:			Emerging Markets Securitization Program
FCS			:			Fragile and Conflict-Affected Situations
FMTAAS			:			Funding Mechanism for Technical Assistance and Advisory Services
FOF			:			Frontier Opportunities Fund
GCI			:			General Capital Increase
GP			:			General Partner
IBRD			:			International Bank for Reconstruction and Development
ICSID			:			International Centre for Settlement of Investment Disputes
IDA			:			International Development Association
IDA-PSW			:			IDA Private Sector Window
IFC or the Corporation			:			International Finance Corporation
IFIs			:			International Financial Institutions
MBS			:			Mortgage-Backed Securities
MCPP			:			Managed Co-Lending Portfolio Program
MD&A			:			Management’s Discussion and Analysis
MIGA			:			Multilateral Investment Guarantee Agency
ML/TF			:			Money Laundering And Terrorist Financing
NAV			:			Net Asset Value
NPLs			:			Non-performing Loans
OA			:			Own Account
ORM			:			Operational Risk Management
PCM			:			Private Capital Mobilization
PEBP			:			Post-Employment Benefit Plan
PSW			:			Private Sector Window
PCRF			:			Post-retirement Contributions Reserve Fund
SCI			:			Selective Capital Increase
SME			:			Small and Medium Enterprise
SPV			:			Special Purpose Vehicles
TDD			:			Tax Due Diligence
VIE			:			Variable Interest Entities

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			INTERNATIONAL FINANCE CORPORATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

March 31, 2026

    

Contents			Page
Independent Auditor's Review Report			39
Condensed Consolidated Balance Sheets			40
Condensed Consolidated Statements of Operations			41
Condensed Consolidated Statements of Comprehensive Income			42
Condensed Consolidated Statements of Changes in Capital			43
Condensed Consolidated Statements of Cash Flows			44
Notes to Condensed Consolidated Financial Statements			46

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						Page 39

INDEPENDENT AUDITOR’S REVIEW REPORT

President and Board of Directors

International Finance Corporation:

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheet of the International Finance Corporation (“IFC”) as of March 31, 2026, and the related condensed consolidated statements of operations and comprehensive income for the three-month and nine-month periods ended March 31, 2026 and 2025, and changes in capital and cash flows for the nine-month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in accordance with accounting principles generally accepted in the United States of America.

Basis for Review Results

We conducted our reviews in accordance with auditing standards generally accepted in the United States of America (GAAS) applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. A review of interim financial information is substantially less in scope than an audit conducted in accordance with GAAS, the objective of which is an expression of an opinion regarding the financial information as a whole, and accordingly, we do not express such an opinion. We are required to be independent of IFC and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our review. We believe that the results of the review procedures provide a reasonable basis for our conclusion.

Responsibilities of Management for the Interim Financial Information

Management is responsible for the preparation and fair presentation of the interim financial information in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of interim financial information that is free from material misstatement, whether due to fraud or error.

Report on Condensed Consolidated Balance Sheet as of June 30, 2025

We have previously audited, in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet as of June 30, 2025, and the related consolidated statements of operations, comprehensive income, changes in capital, and cash flows for the year then ended (not presented herein); and we expressed an unmodified audit opinion on those audited consolidated financial statements in our report dated August 7, 2025. In our opinion, the accompanying condensed consolidated balance sheet of IFC as of June 30, 2025, is consistent, in all material respects, with the audited consolidated financial statements from which it has been derived.

May 15, 2026

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			INTERNATIONAL FINANCE CORPORATION			Page 40

CONDENSED CONSOLIDATED BALANCE SHEETS

as of March 31, 2026 (unaudited) and June 30, 2025 (unaudited)

(US$ in millions)			March 31, 2026						June 30, 2025
Assets
Cash and due from banks – Note C			$	1,020					$	1,232
Investments - Trading – Notes C and L			48,270						47,974
(includes $6,598 and $6,676 securities pledged to creditors under repurchase and collateral agreements as of March 31, 2026 and June 30, 2025, respectively)
Securities purchased under resale agreements and receivable for cash collateral pledged – Notes C, L and P			1,831						2,213
Investments – Notes B, D, E, F, G, L and N
Loans – Notes D, E, L and N			46,304						42,229
(includes $1,878 and $1,947 loans held at fair value as of March 31, 2026 and June 30, 2025, respectively; net of reserve against losses of $1,374 and $1,273 at March 31, 2026 and June 30, 2025, respectively)
Equity investments – Notes B, D, G, L and N			12,978						11,777
Debt securities – Notes D, F, L and N			14,358						13,514
(includes available-for-sale securities of $316 and $560, with associated amortized cost of $354 and $609, and reserve against credit losses of $8 and $16 as of March 31, 2026 and June 30, 2025, respectively)
Total investments			73,640						67,520
Derivative assets – Notes B, C, J, L and P			2,770						3,005
Receivables and other assets – Notes B, C, M and N			8,521						7,796
Total assets			$	136,052					$	129,740
Liabilities and capital
Liabilities
Securities sold under repurchase agreements and payable for cash collateral received – Notes C and P			$	5,341					$	4,893
Borrowings – Notes B, K and L
Borrowings, at amortized cost			3,090						2,657
Borrowings, at fair value			72,790						68,793
Total borrowings			75,880						71,450
Derivative liabilities – Notes B, C, J, L and P			6,125						6,620
Payables and other liabilities – Notes B, C, E, M, N and O			6,590						5,849
Total liabilities			93,936						88,812
Capital
Authorized capital, shares of $1,000 par value each
(25,079,991 shares as of March 31, 2026 and June 30, 2025)
Subscribed capital			24,633						24,511
Less: unpaid portion of subscriptions			(507)						(502)
Paid-in capital			24,126						24,009
Accumulated other comprehensive income – Note H			1,275						1,617
Retained earnings – Note H			16,715						15,302
Total capital			42,116						40,928
Total liabilities and capital			$	136,052					$	129,740

The notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 41

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

for the three and nine months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Income from investments
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives – Note E			$	762					$	823					$	2,460					$	2,543
Provision for losses on loans, off-balance-sheet credit exposures and other receivables – Note E			(50)						(30)						(173)						(103)
(Loss) income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives – Note G			(41)						6						746						141
Income from debt securities, including realized gains and losses on debt securities and associated derivatives – Note F			207						196						611						611
(Provision) release of provision for losses on available-for-sale debt securities – Note F			(2)						2						9						5
Total income from investments			876						997						3,653						3,197
Income from liquid asset trading activities – Note C			386						596						1,563						1,739
Charges on borrowings			(856)						(859)						(2,722)						(2,697)
Income from investments and liquid asset trading activities, after charges on borrowings			406						734						2,494						2,239
Other income
Upstream and Advisory services income – Note M			64						60						180						182
Service fees			38						40						97						102
Other			20						57						126						113
Total other income			122						157						403						397
Other expenses
Administrative expenses – Notes B and O			(404)						(419)						(1,227)						(1,171)
Upstream and Advisory services expenses – Note M			(83)						(90)						(250)						(247)
Other, net – Note O			12						4						34						17
Total administrative and other expenses			(475)						(505)						(1,443)						(1,401)
Foreign currency transaction gains (losses) on non-trading activities			16						1						(55)						(20)
Income before net unrealized gains and losses on loans, debt securities, borrowings and related derivatives			69						387						1,399						1,215
Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives – Note I			(115)						(157)						14						143
Net (loss) income – Note M			$	(46)					$	230					$	1,413					$	1,358

The notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 42

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

for the three and nine months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Net (loss) income – Note M			$	(46)					$	230					$	1,413					$	1,358
Other comprehensive income (loss)
Net unrealized gains (losses) on debt securities arising during the period - Note H			(20)						8						11						36
Net unrealized losses on borrowings arising during the period - Note H			(53)						(38)						(307)						(230)
Net unrecognized actuarial gains and unrecognized prior service cost on benefit plans – Note H and O			(16)						(3)						(46)						(9)
Total other comprehensive loss			(89)						(33)						(342)						(203)
Total comprehensive (loss) income			$	(135)					$	197					$	1,071					$	1,155

The notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 43

CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN CAPITAL

for the nine months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

(US$ in millions)			Retained earnings - Note H						Accumulated other comprehensive income (loss) - Note H						Paid-in capital						Total capital
As of June 30, 2024			$	13,295					$	957					$	23,220					$	37,472
Nine months ended March 31, 2025
Net income			1,358						—						—						1,358
Other comprehensive loss			—						(203)						—						(203)
Payments received for subscribed capital			—						—						467						467
As of March 31, 2025			$	14,653					$	754					$	23,687					$	39,094
As of June 30, 2025			$	15,302					$	1,617					$	24,009					$	40,928
Nine months ended March 31, 2026
Net income			1,413						—						—						1,413
Other comprehensive loss			—						(342)						—						(342)
Payments received for subscribed capital			—						—						117						117
As of March 31, 2026			$	16,715					$	1,275					$	24,126					$	42,116

The notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 44

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

for the nine months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

			For the nine months ended March 31,
(US$ in millions)			2026						2025
Cash flows from investing activities
Loan disbursements			$	(13,029)					$	(12,517)
Investments in equity securities			(1,895)						(1,242)
Investments in debt securities			(3,216)						(3,023)
Loan repayments			8,578						7,621
Debt securities repayments			1,912						1,240
Proceeds from sales of loans			180						44
Proceeds from sales of equity investments and redemptions			1,373						1,066
Proceeds from sales of debt securities			158						19
Loan origination fees received			79						80
Investment in fixed assets, net			(79)						(72)
Net cash used in investing activities			(5,939)						(6,784)
Cash flows from financing activities
Long-term debt
Issuance			19,315						21,466
Retirement			(15,100)						(12,361)
Change in derivatives associated with borrowings, net			239						(647)
Securitized borrowings, net			306						—
Short-term borrowings, net			62						25
Capital subscriptions			117						467
Net cash provided by financing activities			4,939						8,950
Cash flows from operating activities
Net income			1,413						1,358
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized losses on loans, debt securities and associated derivatives, net			3						23
Gains on equity investments and related derivatives, net			(650)						(69)
Provision			164						98
Depreciation expenses, amortization of net discounts, premiums and loan origination fees			62						61
Foreign currency transaction losses on non-trading activities			55						20
Net unrealized gains on loans, debt securities, borrowings and related derivatives			(14)						(143)
Net discounts paid and realized gains on retirement of borrowings			(78)						(99)
Change in accrued income on loans and debt securities (after swaps), net			(203)						(188)
Change in accrued expenses on borrowings (after swaps), net			61						66
Change in liquid asset trading portfolio			(141)						(3,453)
Change in derivatives associated with loans and client risk management, net			86						301
Change in payables and other liabilities			299						173
Change in receivables and other assets			(273)						(336)
Net cash provided by (used in) operating activities			784						(2,188)
Change in cash and due from banks			(216)						(22)
Effect of exchange rate changes on cash and due from banks			4						(3)
Net change in cash and due from banks			(212)						(25)
Beginning cash and due from banks			1,232						781
Ending cash and due from banks			$	1,020					$	756

The notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 45

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

for the nine months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

			For the nine months ended March 31,
(US$ in millions)			2026						2025
Supplemental disclosure
Change in ending balances resulting from currency exchange rate fluctuations:
Loans outstanding			$	56					$	(9)
Debt securities			(248)						(79)
Loan and debt security-related currency swaps			142						123
Borrowings			(228)						795
Borrowing-related currency swaps			237						(785)
Charges on borrowings paid, net			$	2,738					$	2,729
Non-cash items:
Loan and debt security conversion to equity, net			$	64					$	31

The notes to Condensed Consolidated Financial Statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 46

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

PURPOSE

The International Finance Corporation (IFC), an international organization, was established in 1956 to further economic development in its member countries by encouraging the growth of private enterprise. IFC is a member of the World Bank Group (WBG), which also comprises the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). Each member is legally and financially independent. Transactions with other World Bank Group members are disclosed in the notes that follow. IFC’s activities are closely coordinated with and complement the overall development objectives of the other World Bank Group institutions. IFC, together with private investors, assists in financing the establishment, improvement and expansion of private sector enterprises by making loans, equity investments and investments in debt securities where sufficient private capital is not otherwise available on reasonable terms. IFC’s share capital is provided by its member countries. It raises most of the funds for its investment activities through the issuance of notes, bonds and other debt securities in the international capital markets. IFC also plays a catalytic role in mobilizing additional funding from other investors and lenders through parallel loans, loan participations, partial credit guarantees, securitizations, loan sales, risk sharing facilities, fund investments and other IFC crisis initiatives. In addition to project finance and mobilization, IFC offers an array of financial and technical advisory services to private businesses in the developing world to increase their chances of success. It also advises governments on how to create an environment hospitable to the growth of private enterprise and foreign investment.

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These unaudited condensed financial statements and notes should be read in conjunction with the June 30, 2025 audited financial statements and notes included therein. The condensed comparative information that has been derived from the June 30, 2025 audited financial statements, has not been audited. The accounting and reporting policies of IFC conform with accounting principles generally accepted in the United States of America (U.S. GAAP). In the opinion of management, the condensed consolidated financial statements reflect all adjustments necessary for the fair presentation of IFC’s financial position and results of operations.

Certain reclassifications of the prior year’s information have been made to conform with the current year’s presentation.

The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expense during the reporting periods. Actual results could differ from these estimates. A significant degree of judgment has been used in the determination of: the estimated fair values of financial instruments accounted for at fair value (including equity investments, debt securities, loans, trading securities, borrowings and derivative instruments); reserve against losses on loans and off-balance-sheet credit exposures; impairment of debt securities; projected pension benefit obligations, fair value of pension and other postretirement benefit plan assets, and net periodic pension income or expense. There are inherent risks and uncertainties related to IFC’s operations. The possibility exists that changing economic conditions could have an adverse effect on the financial position of IFC.

IFC uses internal models to determine the fair values of derivative and other financial instruments and the aggregate level of the reserve against credit losses on loans, off-balance-sheet credit exposures, and available-for-sale debt securities. IFC undertakes continuous review and analysis of these models with the objective of refining its estimates, consistent with evolving best practices appropriate to its operations. Changes in estimates resulting from refinements in the assumptions and methodologies incorporated in the models are reflected in net income in the period in which the enhanced models are first applied.

Effective July 1, 2025, IFC updated its policy to treat all time deposits as trading investments instead of classifying qualifying time deposits as cash equivalents. Accordingly, time deposits are now presented together with trading securities under “Investments — Trading” on the condensed consolidated balance sheets. IFC believes this change is preferable as it allows more efficient and systematic management of the liquid assets portfolio and enhances accounting alignment and financial statements comparability across the World Bank Group entities. The change has no impact on the condensed consolidated statements of operations, comprehensive income or changes in capital. All periods presented herein reflect this change.

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			INTERNATIONAL FINANCE CORPORATION			Page 47

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

To reflect the change in accounting principle, the condensed consolidated balance sheet as of June 30, 2025 and the condensed consolidated statement of cash flows for the nine months ended March 31, 2025 were adjusted as follows:

Table A1: Impact to Condensed Consolidated Balance Sheet
			June 30, 2025
(US$ in millions)			As previously reported						Adjustment for change in accounting principle						As adjusted
Assets
Time Deposits			$	14,263					$	(14,263)					$	—
Trading Securities			33,711						(33,711)						—
Investments - Trading			—						47,974						47,974

Table A2: Impact to Condensed Consolidated Statement of Cash Flows
			For the nine months ended March 31, 2025
(US$ in millions)			As previously reported						Adjustment for change in accounting principle						As adjusted
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Change in liquid asset trading portfolio			$	(3,343)					$	(110)					$	(3,453)
Net cash (used in) provided by operating activities			(2,078)						(110)						(2,188)
Change in cash and cash equivalents			88						(110)						(22)
Effect of exchange rate changes on cash and cash equivalents			109						(112)						(3)
Net change in cash and cash equivalents			197						(222)						(25)
Beginning cash and due from banks			9,782						(9,001)						781
Ending cash and due from banks			9,979						(9,223)						756

Recently adopted accounting standards

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The ASU adds a scope exception that excludes from derivative accounting certain non-exchange-traded contracts with underlying settlement variables that are based on operations or activities specific to one of the parties to the contract. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. IFC early adopted the ASU prospectively on October 1, 2025, as of July 1, 2025. The adoption did not have a material impact on IFC’s condensed consolidated financial statements.

Accounting standards under evaluation and evaluated

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to improve the navigability of interim reporting requirements by clarifying what disclosures are required for interim periods and specifying the form and content of interim financial statements. For IFC, the ASU will be effective for the quarter ending September 30, 2028. Early adoption is permitted. IFC is currently evaluating the impact of the ASU on its condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, to establish authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities. For IFC, the ASU will be effective for the quarter ending September 30, 2029. Early adoption is permitted. IFC is currently evaluating the impact of the ASU on its condensed consolidated financial statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 48

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans, which expands the use of the gross-up approach to include loans that meet the definition of “purchased seasoned loans”. Under the gross-up approach, an allowance for expected credit losses is recorded at acquisition for the acquired loans by increasing the amortized cost basis rather than through the provision for losses expense. Previously, the gross-up approach was limited to purchased loans with credit deterioration. The ASU aligns the accounting treatment for purchased loans with insignificant credit deterioration and purchased loans with more than insignificant credit deterioration at acquisition. For IFC, the ASU will be effective for the quarter ending September 30, 2027. Early adoption is permitted. IFC is currently evaluating the impact of the ASU on its condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by eliminating consideration of software development stages. Instead, capitalization of software costs would begin when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform its intended function. For IFC, the ASU will be effective for the quarter ending September 30, 2028. Early adoption is permitted. IFC is currently evaluating the impact of the ASU on its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public business entities to disclose disaggregated information about certain applicable specified natural expense categories (i.e., employee compensation, depreciation, intangible asset amortization). For IFC, the ASU will be effective for the annual period ending June 30, 2028 and for interim periods thereafter. Early adoption is permitted. IFC is currently evaluating the impact of the ASU on its condensed consolidated financial statements.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The new guidance is intended to align U.S. GAAP requirements with those of the SEC and to facilitate the application of U.S. GAAP for all entities. The effective date for each amendment in the ASU will be the date on which the SEC’s removal of that related disclosure from Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure requirement, the corresponding amendment in the ASU will not become effective. IFC does not expect the ASU to have a material impact on its financial statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 49

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE B – RELATED PARTY TRANSACTIONS

IFC transacts with related parties including by receiving loans, investment intermediation services, participating in shared service arrangements, as well as through cost sharing of IBRD’s sponsored pension and other post-retirement plans.

IFC's receivables from (payables to) its related parties are presented in the following table:

Table B1: IFC’s receivables from (payables to) related parties
			March 31, 2026																								June 30, 2025
(US$ in millions)			IBRD						IDA						MIGA						Total						IBRD						IDA						MIGA						Total
Services and Support Receivables			$	(1)					$	—					$	3					$	2					$	64					$	—					$	1					$	65
IDA PSW – Local Currency Facility a			—						71						—						71						—						70						—						70
IDA PSW – Blended Finance Facility			—						(151)						—						(151)						—						(128)						—						(128)
Borrowings									(82)						—						(82)						—						(114)						—						(114)
Pension and Other Post-retirement Benefits			913						—						—						913						859						—						—						859
Post-retirement Contribution Reserve Fund (PCRF)			436						—						—						436						502						—						—						502
			$	1,348					$	(162)					$	3					$	1,189					$	1,425					$	(172)					$	1					$	1,254
_________
a Includes other payable of $3 million related to unsettled Local Currency Facility trades that is included in Payables and other liabilities on the condensed consolidated balance sheet as of March 31, 2026.

Services and Support Payments

IFC obtains certain administrative and overhead services from IBRD in those areas where common services can be efficiently provided by IBRD. This includes shared costs of the Boards of Governors and Directors, corporate and security services, and other services such as IT support services, and human resource shared services. IFC makes payments for these services to IBRD based on negotiated fees and chargebacks, and allocated charges. Expenses allocated to IFC for the three and nine months ended March 31, 2026, were $57 million and $168 million, respectively ($51 million and $152 million – the three and nine months ended March 31, 2025). These expenses are included in Administrative expenses on the condensed consolidated statements of operations. The associated net receivables or payables are included in the Receivables and other assets or Payables and other liabilities respectively on the condensed consolidated balance sheets.

Fee Income from MIGA

Transactions with MIGA include marketing fees received for referral and due diligence services on jointly-developed guarantee projects. Fee income received from MIGA for the three and nine months ended March 31, 2026, were $0.5 million and $2 million, respectively ($1 million and $3 million – the three and nine months ended March 31, 2025) and is included in Other Income on the condensed consolidated statements of operations. The associated receivables are included in Receivables and other assets on the condensed consolidated balance sheets.

IDA Private Sector Window (IDA-PSW)

The IDA-PSW was created under IDA's Eighteenth Replenishment of Resources (IDA18) to mobilize private sector investment in IDA-only member countries and IDA-eligible Fragile and Conflict-affected Situations (FCS). Under IDA21, $3.2 billion has been allocated to the PSW, including $500 million of economic capital that IFC has set aside through its Concessional Capital Window.

The PSW is deployed through facilities designed to target critical challenges faced by the private sector, leveraging IFC's business platform and instruments. Under the fee arrangement for the IDA-PSW, IDA receives fee income for transactions executed under this window and reimburses IFC for the related costs incurred in administering these transactions. Under the Blended Finance Facility, IDA offers synthetic equity investments, reported in Payables and other liabilities on IFC's condensed consolidated balance sheets, and guarantees to help mitigate risks associated with IFC's Guarantee Programs in IDA-PSW eligible member countries, reported as Other assets on IFC's condensed consolidated balance sheets. As of March 31, 2026 and June 30, 2025, IFC committed $1.3 billion guarantees. Under the Local Currency Facility, IDA offers currency swaps, reported in derivative assets and liabilities, and payables and other liabilities on IFC's condensed consolidated balance sheets, to support IFC's local currency denominated loans.

Borrowings

In September 2014, IFC issued an amortizing, non-interest bearing promissory note, maturing September 15, 2039, to IDA (the Note) in exchange for $1.2 billion with an effective interest rate of 1.84%. IFC has elected the Fair Value Option for the Note, which is included in the Borrowings at fair value on the condensed consolidated balance sheets. IFC recognized interest expense of $0.5 million and $1 million for the three and nine months ended March 31, 2026 ($1 million and $2 million – three and nine months ended March 31, 2025).

IFC has a Local Currency Loan Facility Agreement with IBRD, which is capped at $300 million. As of March 31, 2026 and June 30, 2025, IFC had no borrowings outstanding under this facility.

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			INTERNATIONAL FINANCE CORPORATION			Page 50

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE B – RELATED PARTY TRANSACTIONS (continued)

Pension and Other Post-retirement Benefits

IFC’s net share of prepaid costs for pension and other post-retirement benefit plans and Post-Employment Benefits Plan (PEBP) assets is included in Receivables and other assets on the condensed consolidated balance sheets. These will be realized over the lives of the plan participants.

Post-Retirement Contribution Reserve Fund (PCRF)

The PCRF was established to stabilize contributions made to the pension and post-retirement benefits plans. PCRF assets are recorded as Investments and included in Investments-Trading on IBRD's Balance Sheet. IFC's share of investments associated with the PCRF is reported in the Receivables and other assets on the condensed consolidated balance sheets. IFC recognized income of $2 million and $15 million for the three and nine months ended March 31, 2026 (income of $11 million and $18 million – the three and nine months ended March 31, 2025). IFC contributed $111 million to the PCRF during the nine months ended March 31, 2026 ($99 million during the nine months ended March 31, 2025). In addition, in February 2026, IFC’s Board of Directors (Board) approved the release of $192 million from the PCRF, which was returned by IBRD to IFC.

IFC-managed AMC Funds

IFC Equity Mobilization Department (AMC), invests third-party capital and IFC capital, enabling outside investors to invest alongside IFC in developing markets. As of March 31, 2026, AMC managed multiple funds (collectively referred to as the AMC Funds), in its capacity as General Partner (GP) / Manager of these funds, none of which require consolidation by IFC. A management fee is charged for the management services provided to the AMC funds. IFC’s commitment ownership interests in these AMC Funds are shown in the following table:

Table B2: IFC’s commitment ownership interests in AMC Funds
AMC Funds			IFC’s commitment ownership interest %
IFC Capitalization (Equity) Fund, L.P. a			61%
IFC African, Latin American and Caribbean Fund, LP			20%
IFC Catalyst Funds b			18%
IFC Global Infrastructure Fund, LP			17%
IFC Financial Institutions Growth Fund, LP			30%
IFC Global Emerging Markets Fund of Funds c			19%
IFC Middle East and North Africa Fund, LP			37%
IFC Emerging Asia Fund, LP			22%
IFC GEMFOF 2 SMA, LP			—%
IFC Emerging Markets Sustainability Fund of Funds, LP			—%
TfL IFC Growth and Sustainability, LP			—%
_________
a By virtue of certain rights granted to non-IFC limited partner interests, IFC does not control or consolidate this fund.
b The commitment ownership interest of 18% reflects IFC’s ownership interest taking into consideration the overall commitments for the IFC Catalyst Funds, which comprises IFC Catalyst Fund, LP, IFC Catalyst Fund (UK), LP and IFC Catalyst Fund (Japan), LP (collectively, IFC Catalyst Funds). IFC does not have a commitment ownership interest in either the IFC Catalyst Fund (UK), LP or the IFC Catalyst Fund (Japan), LP.
c The commitment ownership interest of 19% reflects IFC’s ownership interest taking into consideration the current committed amounts for the IFC Global Emerging Markets Fund of Funds, which comprises IFC Global Emerging Markets Fund of Funds, LP and IFC Global Emerging Markets Fund of Funds (Japan Parallel), LP. IFC does not have a commitment ownership interest in the IFC Global Emerging Markets Fund of Funds (Japan Parallel), LP.

As of March 31, 2026, IFC's investments as a limited partner in funds managed by AMC was $388 million ($434 million – June 30, 2025). These investments are included in Equity investments on the condensed consolidated balance sheets. $6 million and $22 million, respectively, of management fee income was recognized for the three and nine months ended March 31, 2026 ($7 million and $22 million for the three and nine months ended March 31, 2025) which is included in Other Income on the condensed consolidated statements of operations.

The IFC Emerging Markets Sustainability Fund of Funds, LP (EMSF FoF) participates in IFC’s investment in private equity funds, secondaries, and co-investments in emerging markets. As of March 31, 2026, EMSF FoF's participation in IFC’s investment was fair valued at $43 million ($15 million – June 30, 2025). The related liability to EMSF FoF for its share of investment was reported in IFC's Payables and other liabilities and the related receivable from EMSF FoF was reported in Receivables and other assets on IFC's condensed consolidated balance sheets.

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			INTERNATIONAL FINANCE CORPORATION			Page 51

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE C – LIQUID ASSET PORTFOLIO

Composition of Liquid Asset Portfolio

The composition of IFC’s net liquid asset portfolio included in the condensed consolidated balance sheets is as follows:

Table C1: Composition of net liquid asset portfolio
(US$ in millions)			March 31, 2026						June 30, 2025
Assets
Cash and due from banks a			23						42
Investments - Trading			48,270						47,974
Securities purchased under resale agreements and receivable for cash collateral pledged			1,831						2,213
Derivative assets			376						89
Receivables and other assets
Receivables from unsettled security trades			597						711
Accrued interest income on time deposits and securities			308						301
Accrued income on derivative instruments			267						234
Total assets			51,672						51,564
Liabilities
Securities sold under repurchase agreements and payable for cash collateral received b			5,341						4,893
Derivative liabilities			384						885
Payables and other liabilities
Payables for purchase of securities			780						780
Accrued charges on derivative instruments			262						222
Total liabilities			6,767						6,780
Total net liquid asset portfolio			44,905						44,784
_________
a Represents cash and due from banks from the liquid asset portfolio and does not include cash and due from banks from other cash accounts of $997 million and $1,190 million as of March 31, 2026 and June 30, 2025 respectively.
b The weighted average interest rate on IFC's securities sold under repurchase agreements was 4.0% and 4.8% as of March 31, 2026 and June 30, 2025, respectively.

The liquid asset portfolio is primarily denominated in U.S. dollars. Investments in other currencies, net of the effect of associated derivative instruments that convert non-U.S. dollar securities into U.S. dollar securities, represent 1.4% of the portfolio as of March 31, 2026 (0.9% – June 30, 2025).

Income from liquid asset trading activities

Income from liquid asset trading activities, before allocated borrowing costs for the three and nine months ended ended March 31, 2026 and March 31, 2025 comprises:

Table C2: Income from liquid asset trading activities
															For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)																																	2026						2025						2026						2025
Interest income																																	$	427					$	392					$	1,229					$	1,260
Net (losses) gains on asset-backed and mortgage-backed securities																																	(25)						(1)						(19)						11
Net (losses) gains on other trading securities																																	(16)						205						353						468
Net (losses) gains from trading activities (realized and unrealized)																																	(41)						204						334						479
Total income from liquid asset trading activities																																	$	386					$	596					$	1,563					$	1,739

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			INTERNATIONAL FINANCE CORPORATION			Page 52

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE D – INVESTMENTS

The carrying value of investments as of March 31, 2026 and June 30, 2025 comprises:        

Table D1: Carrying value of investments
(US$ in millions)			March 31, 2026						June 30, 2025
Loans
Loans at amortized cost			$	45,800					$	41,555
Less: Reserve against losses on loans			(1,374)						(1,273)
Loans at amortized cost less reserve against lossesa			44,426						40,282
Loans accounted for at fair value under the Fair Value Optionb
(amortized cost $1,921 as of March 31, 2026, $1,985 as of June 30, 2025)			1,878						1,947
Total loans			46,304						42,229
Equity investments
Equity investments accounted for at fair valuec
(cost $12,359 as of March 31, 2026, $11,419 as of June 30, 2025)			12,978						11,777
Total equity investments			12,978						11,777
Debt securities
Debt securities accounted for at fair value as available-for-sale
(amortized cost $354 as of March 31, 2026, $609 as of June 30, 2025)			316						560
Less: Reserve against losses on available-for sale debt securities			(8)						(16)
Debt securities, available-for-sale less reserve against losses			308						544
Debt securities accounted for at fair value under the Fair Value Option
(amortized cost $14,089 as of March 31, 2026, $12,856 as of June 30, 2025)			14,050						12,970
Total debt securities			14,358						13,514
Total carrying value of investments			$	73,640					$	67,520
_________

a Includes $433 million as of March 31, 2026 of loans at amortized cost, net of reserve for losses, that were transferred to a consolidated securitization Variable Interest Entities (VIE).

b Includes $8 million as of March 31, 2026 of loans accounted at Fair Value Option that were transferred to a consolidated securitization VIE.

c Includes $4 million and $5 million, respectively, as of March 31, 2026 and June 30, 2025 of equity investments primarily accounted for under the cost recovery method. As the recovery of invested capital is uncertain, the fair value measurement is not applicable to these investments.

Reconciliation of total disbursed portfolio to carrying value of investments is as follows:

Table D2: Reconciliation of total disbursed portfolio to carrying value
(US$ in millions)			March 31, 2026																								June 30, 2025
			Loans						Equity investments						Debt securities						Total						Loans						Equity investments						Debt securities						Total
Total disbursed investment portfolio			$	47,891					$	12,382					$	14,402					$	74,675					$	43,694					$	11,441					$	13,414					$	68,549
Reserve against losses on loans and debt securities			(1,374)						—						(8)						(1,382)						(1,273)						—						(16)						(1,289)
Unamortized deferred loan origination fees, net and other			(170)						—						—						(170)						(155)						—						—						(155)
Disbursed amounts allocated to equity related options reported separately in derivative assets			—						(18)						—						(18)						—						(18)						—						(18)
Unrealized (losses) on equity investments held by consolidated VIEs			—						(4)						—						(4)						—						(4)						—						(4)
Unrealized gains on investments accounted for at fair value as available-for-sale			—						—						2						2						—						—						1						1
Unrealized (losses) gains on investments accounted for under the Fair Value Option			(43)						618						(38)						537						(37)						358						115						436
Carrying value of investments			$	46,304					$	12,978					$	14,358					$	73,640					$	42,229		0			$	11,777		0			$	13,514		0			$	67,520

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			INTERNATIONAL FINANCE CORPORATION			Page 53

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees

Loans

Income from loans and guarantees, including realized gains and losses on loans and associated derivatives for the three and nine months ended March 31, 2026 and March 31, 2025 comprise the following:

Table E1: Income from loans and guarantees
			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Interest income			$	701					$	733					$	2,242					$	2,308
Commitment fees			11						11						40						39
Guarantee fees			36						31						96						99
Recovery asset income, net			12						43						67						89
Other financial fees			2						5						17						11
Realized losses on loans, guarantees and associated derivatives, net			—						—						(2)						(3)
Income from loans and guarantees, including realized gains (losses) on loans and associated derivatives			$	762					$	823					$	2,460					$	2,543

Reserve against losses on loans and provision for losses on loans

Changes in the reserve against losses on loans disbursed and loans committed but not disbursed for the three and nine months ended March 31, 2026 and March 31, 2025 as well as the related loans at amortized cost evaluated for impairment individually and on a pool basis (portfolio reserve) respectively are summarized below:

Table E2: Changes in the reserve against losses on loans disbursed and loans committed but not disbursed
			For the three months ended March 31, 2026
			Loans Disbursed																		Loans Committed but not Disbursed
(US$ in millions)			Individual reserve						Portfolio reserve						Total reserve						Individual reserve						Portfolio reserve						Total reserve
Beginning balance			$	327					$	1,020					$	1,347					$	4					$	150					$	154
(Release of provision) provision for losses			(6)						56						50						1						(6)						(5)
Write-offs			(17)						—						(17)						—						—						—
Foreign currency transaction adjustments			(2)						(3)						(5)						—						(1)						(1)
Other adjustments a			(1)						—						(1)						—						(1)						(1)
Ending balance			$	301					$	1,073					$	1,374					$	5					$	142					$	147
Total disbursed loans as of March 31, 2026			$	1,022					$	44,948					$	45,970
Loans committed but not disbursed as of March 31, 2026																					$	49					$	8,029					$	8,078
Unamortized deferred loan origination fees, net and other															(170)
Loans at amortized cost															$	45,800
_________
a Other adjustments include items such as a reserve against interest capitalized

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			INTERNATIONAL FINANCE CORPORATION			Page 54

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E2.1:
			For the nine months ended March 31, 2026
			Loans Disbursed																		Loans Committed but not Disbursed
(US$ in millions)			Individual reserve						Portfolio reserve						Total reserve						Individual reserve						Portfolio reserve						Total reserve
Beginning balance			$	320					$	953					$	1,273					$	2					$	134					$	136
(Release of provision) provision for losses			(14)						121						107						3						9						12
Write-offs			(18)						—						(18)						—						—						—
Recoveries of previously written-off loans			2						—						2						—						—						—
Foreign currency transaction adjustments			1						—						1						—						(1)						(1)
Other adjustments a			10						(1)						9						—						—						—
Ending balance			$	301					$	1,073					$	1,374					$	5					$	142					$	147
Total disbursed loans as of March 31, 2026			$	1,022					$	44,948					$	45,970
Loans committed but not disbursed as of March 31, 2026																					$	49					$	8,029					$	8,078
Unamortized deferred loan origination fees, net and other															(170)
Loans at amortized cost															$	45,800
_________
a Other adjustments include items such as a reserve against interest capitalized

Table E2.2:
			For the three months ended March 31, 2025
			Loans Disbursed																		Loans Committed but not Disbursed
(US$ in millions)			Individual reserve						Portfolio reserve						Total reserve						Individual reserve						Portfolio reserve						Total reserve
Beginning balance			$	262					$	940					$	1,202					$	—					$	186					$	186
Provision (release of provision) for losses			—						35						35						—						(19)						(19)
Write-offs			(9)						—						(9)						—						—						—
Recoveries of previously written-off loans			13						—						13						—						—						—
Foreign currency transaction adjustments			2						10						12						—						2						2
Other adjustments a			1						—						1						—						—						—
Ending balance			$	269					$	985					$	1,254					$	—					$	169					$	169
Total disbursed loans as of March 31, 2025			$	1,162					$	39,412					$	40,574
Loans committed but not disbursed as of March 31, 2025																					$	7					$	8,190					$	8,197
Unamortized deferred loan origination fees, net and other															(157)
Loans at amortized cost															$	40,417
_________
a Other adjustments comprise reserve against interest capitalized.

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			INTERNATIONAL FINANCE CORPORATION			Page 55

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E2.3:
			For the nine months ended March 31, 2025
			Loans Disbursed																		Loans Committed but not Disbursed
(US$ in millions)			Individual reserve						Portfolio reserve						Total reserve						Individual reserve						Portfolio reserve						Total reserve
Beginning balance			$	280					$	801					$	1,081					$	—					$	188					$	188
(Release of provision) provision for losses			(6)						124						118						—						(47)						(47)
Write-offs			(35)						—						(35)						—						—						—
Recoveries of previously written-off loans			14						—						14						—						—						—
Foreign currency transaction adjustments			—						(1)						(1)						—						—						—
Other adjustments a			16						61						77						—						28						28
Ending balance			$	269					$	985					$	1,254					$	—					$	169					$	169
Total disbursed loans as of March 31, 2025			$	1,162					$	39,412					$	40,574
Loans committed but not disbursed as of March 31, 2025																					$	7					$	8,190					$	8,197
Unamortized deferred loan origination fees, net and other															(157)
Loans at amortized cost															$	40,417
_________
a Other adjustments include items such as a reserve against interest capitalized and a one-time cumulative adjustment recorded in the quarter ended September 30, 2024, due to separate accounting of freestanding credit enhancements as recovery assets, which includes adjustments to individual and portfolio reserves for loans disbursed amounting to $1 million and $62 million, respectively, and $29 million to portfolio reserve for loans committed but not disbursed.

Reserve for losses and provision for losses on off-balance-sheet guarantees exposures and other receivables

Changes in the reserve against losses (liability) on off-balance-sheet guarantee exposures for the three and nine months ended March 31, 2026 and March 31, 2025 are summarized below:

Table E3: Changes in the reserve against losses on off-balance-sheet guarantee exposures
			For the three months ended March 31, 2026												For the nine months ended March 31, 2026
(US$ in millions)			Outstanding Guarantees a						Issued Guarantees a						Outstanding Guarantees a						Issued Guarantees a
Beginning balance			$	53					$	94					$	35					$	62
Provision for losses on off-balance-sheet credit exposure			—						5						18						36
Guarantee claims paid			—						—						(1)						—
Foreign currency transaction adjustments			—						1						—						1
Other adjustments			(1)						—						—						1
Ending balance			$	52					$	100					$	52					$	100
_________
a Guarantees are considered issued when IFC commits to the guarantee obligation. Guarantees are considered outstanding when the underlying financial obligation of the client is incurred.

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			INTERNATIONAL FINANCE CORPORATION			Page 56

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E3.1:
			For the three months ended March 31, 2025												For the nine months ended March 31, 2025
(US$ in millions)			Outstanding Guarantees a						Issued Guarantees a						Outstanding Guarantees a						Issued Guarantees a
Beginning balance			$	27					$	40					$	19					$	17
Provision for losses on off-balance-sheet credit exposure			1						13						1						30
Foreign currency transaction adjustments			—						—						1						—
Other adjustments b			—						—						7						6
Ending balance			$	28					$	53					$	28					$	53
_________
a Guarantees are considered issued when IFC commits to the guarantee obligation. Guarantees are considered outstanding when the underlying financial obligation of the client is incurred.
b Other adjustments for the nine months ended March 31, 2025 include a one time cumulative adjustment due to the initial separate accounting of freestanding credit enhancements as recovery assets of $6 million for outstanding guarantees and $5 million for issued guarantees.

Reserve against losses on other receivables was $1 million as of March 31, 2026 and June 30, 2025. The outstanding balance of other receivables was $12 million at March 31, 2026, compared to $14 million at June 30, 2025.

Accrued Interest

The accrued interest balances were $1.0 billion and $686 million, as of March 31, 2026 and June 30, 2025, respectively, and are reported within receivables and other assets on the condensed consolidated balance sheets. Accrued interest receivable is excluded from the amortized cost basis for disclosure purposes.

Accrued interest is written-off by reversing interest income during the quarter when the financial asset is moved from an accrual to a nonaccrual status. For the three months ended March 31, 2026 and March 31, 2025, $2 million and $3 million of accrued interest receivables were written off, respectively; $12 million and $6 million for the nine months ended March 31, 2026 and March 31, 2025, respectively.

Nonaccruing loans

Loans on which the accrual of interest has been discontinued amounted to $769 million as of March 31, 2026 ($729 million as of June 30, 2025). The interest income on such loans for the three and nine months ended March 31, 2026 and March 31, 2025 is summarized as follows:

Table E4: Interest income on Nonaccruing loans
			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Interest income not recognized on nonaccruing loans			$	22					$	69					$	103					$	146
Interest income recognized on loans in nonaccrual status related to current and prior years, on cash basis			11						7						47						23

There were no loans in nonaccrual status without an individual reserve against losses as of March 31, 2026 and June 30, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 57

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

The amortized cost of nonaccruing loans as of March 31, 2026 and June 30, 2025 is summarized by geographic region and industry sector as follows:

Table E5: Nonaccruing loans
			March 31, 2026
(US$ in millions)			Manufacturing, agribusiness and services						Financial markets						Infrastructure and natural resources						Disruptive technologies and funds						Total non-accruing loans a
Africa			$	176					$	1					$	242					$	16					$	435
Asia and the Pacific			40						51						74						1						166
Europe, Latin America and the Caribbean			151						42						56						5						254
Middle East and Central Asia			12						—						19						—						31
Total non-accruing loans b			$	379					$	94					$	391					$	22					$	886
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.
b Includes $117 million reported as debt securities and $89 million reported as loans under Fair Value Option on the Balance Sheets as of March 31, 2026.

Table E5.1:
			June 30, 2025
(US$ in millions)			Manufacturing, agribusiness and services						Financial markets						Infrastructure and natural resources						Disruptive technologies and funds						Total non-accruing loans a
Africa			$	158					$	1					$	197					$	14					$	370
Asia and the Pacific			51						4						75						1						131
Europe, Latin America and the Caribbean			152						41						44						6						243
Middle East and Central Asia			90						8						29						—						127
Total non-accruing loans b			$	451					$	54					$	345					$	21					$	871
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.
b Includes $142 million reported as debt securities and $97 million reported as loans under Fair Value Option on the Balance Sheets as of June 30, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 58

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Past due loans

IFC considers a loan past due when payments have not been made according to its contractual terms. An aging analysis, based on contractual terms, of IFC’s loans at amortized cost by geographic region and industry sector follows:

Table E6: Aging analysis
			March 31, 2026
(US$ in millions)			Current						1-30 Days past due						31-60 days past due						61-90 days past due						Greater than 90 days past due						Total loans
Africa
Manufacturing, agribusiness and services			$	3,391					$	78					$	24					$	54					$	85					3,632
Financial markets			3,541						—						—						—						—						3,541
Infrastructure and natural resources			2,796						100						—						—						89						2,985
Disruptive technologies and funds			—						—						—						—						4						4
Total Africa			9,728						178						24						54						178						10,162
Asia and the Pacific
Manufacturing, agribusiness and services			4,007						55						—						—						20						4,082
Financial markets			6,380						105						—						—						47						6,532
Infrastructure and natural resources			1,492						—						—						—						31						1,523
Total Asia and the Pacific			11,879						160						—						—						98						12,137
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services			5,840						227						—						9						65						6,141
Financial markets			6,158						47						—						—						2						6,207
Infrastructure and natural resources			3,287						—						1						—						17						3,305
Total Europe, Latin America and the Caribbean			15,285						274						1						9						84						15,653
Middle East and Central Asia
Manufacturing, agribusiness and services			2,333						41						—						—						12						2,386
Financial markets			1,542						—						—						—						1						1,543
Infrastructure and natural resources			1,686						136						—						—						18						1,840
Total Middle East and Central Asia			5,561						177						—						—						31						5,769
Other
Manufacturing, agribusiness and services			362						—						—						—						—						362
Financial markets			1,387						90						—						—						—						1,477
Infrastructure and natural resources			410						—						—						—						—						410
Total Other			2,159						90						—						—						—						2,249
Total disbursed loans			$	44,612					$	879					$	25					$	63					$	391					$	45,970
Unamortized deferred loan origination fees, net and other																																	(170)
Loans at amortized cost																																	$	45,800

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			INTERNATIONAL FINANCE CORPORATION			Page 59

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E6.1:
			June 30, 2025
(US$ in millions)			Current						1-30 Days past due						31-60 days past due						61-90 days past due						Greater than 90 days past due						Total loans
Africa
Manufacturing, agribusiness and services			$	3,329					$	127					$	1					$	1					$	106					3,564
Financial markets			3,254						184						—						—						—						3,438
Infrastructure and natural resources			2,030						147						75						—						92						2,344
Disruptive technologies and funds			—						—						—						—						4						4
Total Africa			8,613						458						76						1						202						9,350
Asia and the Pacific
Manufacturing, agribusiness and services			3,712						23						—						—						23						3,758
Financial markets			6,458						15						—						—						—						6,473
Infrastructure and natural resources			1,456						—						30						—						—						1,486
Disruptive technologies and funds			1						—						—						—						—						1
Total Asia and the Pacific			11,627						38						30						—						23						11718
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services			5,337						25						47						10						129						5,548
Financial markets			4,932						129						—						—						2						5,063
Infrastructure and natural resources			2,760						—						—						—						19						2,779
Disruptive technologies and funds			17						—						—						—						—						17
Total Europe, Latin America and the Caribbean			13,046						154						47						10						150						13,407
Middle East and Central Asia
Manufacturing, agribusiness and services			1,887						115						—						—						12						2,014
Financial markets			1,344						67						—						—						2						1,413
Infrastructure and natural resources			1,213						50						—						—						30						1,293
Total Middle East and Central Asia			4,444						232						—						—						44						4,720
Other
Manufacturing, agribusiness and services			571						—						—						—						—						571
Financial markets			1,395						—						—						—						—						1,395
Infrastructure and natural resources			549						—						—						—						—						549
Total Other			2,515						—						—						—						—						2,515
Total disbursed loans			$	40,245					$	882					$	153					$	11					$	419					$	41,710
Unamortized deferred loan origination fees, net and other																																	(155)
Loans at amortized cost																																	$	41,555

As of March 31, 2026 and June 30, 2025 there were no loans that are 90 days or more past due and continue to accrue interest.

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			INTERNATIONAL FINANCE CORPORATION			Page 60

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Loan Credit Quality Indicators

IFC utilizes a rating system to classify loans according to credit worthiness and risk. A description of each credit rating and categorization in terms of the attributes of the borrower, the business environment in which the borrower operates or the loan itself under the rating system follows:

Table E7: Credit Quality Indicators
Credit Risk Rating			Indicative External Rating			Category			Description
CR-1			AA+, AA, AA-			Very Strong			An obligor rated CR-1 is the highest rating assigned by IFC. The obligor's ability to meet its financial obligations is very strong.
CR-2			A+, A, A-			Strong			An obligor rated CR-2 is slightly more susceptible to the negative effects of changes in circumstances and economic conditions than obligors rated CR-1. The obligor's ability to meet its financial obligations remains strong.
CR-3			BBB+			Adequate			An obligor rated CR-3 exhibits an adequate financial profile, even though at a weaker level than "CR-1" and "CR-2".
CR-4			BBB						An obligor rated CR-4 exhibits an adequate financial profile. However, adverse economic conditions or changing circumstances are more likely to lead to a deterioration of the obligor’s ability to meet its financial obligations.
CR-5			BBB-						An obligor rated CR-5, as the lowest of the investment grade ratings, exhibits an adequate financial profile. However, adverse economic conditions and/or changing circumstances are more likely to lead to a weaker financial profile and a deterioration of the obligor’s ability to meet its financial obligations.
CR-6			BB+			Moderate			An obligor rated CR-6, as the first non-investment grade rating, is less vulnerable to default than other non-investment obligors.
CR-7			BB						An obligor rated CR-7 can face major uncertainties. Exposure to negative business, financial, or economic conditions could lead to the obligor's insufficient financial profile and a deterioration of the obligor’s ability to meet its financial obligations.
CR-8			BB-						An obligor rated CR-8 faces major ongoing uncertainties. Exposure to negative business, financial, or economic conditions could lead to the obligor's insufficient financial profile and a deterioration of the obligor’s ability to meet its financial obligations.
CR-9			B+			Weak			An obligor rated CR-9 is less vulnerable to default than obligors rated 'CR-10’ or ‘CR-11'. Significantly negative business, financial, or economic conditions will likely weaken the obligor's financial profile and ability to meet its financial obligations.
CR-10			B						An obligor rated CR-10 is more vulnerable to default than obligors rated 'CR-9’ but the obligor still has the capacity to meet its financial obligations. Negative business, financial, or economic conditions will likely weaken the obligor's financial profile and ability to meet its financial obligations.
CR-11			B-						An obligor rated CR-11 is more vulnerable to default than obligors rated 'CR-9’ or ‘CR-10’. The obligor still has the capacity to meet its obligations but slightly negative business, financial, or economic conditions are more likely to weaken the obligor's financial profile and ability to meet its financial obligations than a company rated CR-10.
CR-12			CCC+			Very Weak/ Special Attention			An obligor rated CR-12 faces significant challenges. While such obligors will likely have some positive characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. The obligor is dependent upon favorable business, financial, and economic conditions to meet its financial obligations.
CR-13			CCC			Very Weak/Substandard			An obligor rated CR-13 is currently vulnerable to default, and is dependent upon significantly favorable business, financial, and economic conditions to meet its financial obligations. In the event of negative business, financial, or economic conditions, the obligor is not likely to meet its financial obligations and rescheduling and/or restructuring is likely to be required.
CR-14			CCC-			Extremely Weak/Doubtful			An obligor rated CR-14 is highly vulnerable to default. It is highly likely that a rescheduling and/or restructuring are required without which a default under IFC’s accounting definition would ensue. In some cases, even though default has not occurred yet, cash flow may be insufficient to service debt in full.
CR-15			Worse than CCC- and D			Imminent Default /Default			An obligor rated CR-15 is currently extremely vulnerable to nonpayment and there are indications that the next payment will not be made before meeting IFC’s accounting definition of default.
D									An obligor rated D is in payment default according to IFC’s definition of default.

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			INTERNATIONAL FINANCE CORPORATION			Page 61

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

The following table presents the disbursed loans by credit quality indicator based on risk rating and origination year as of March 31, 2026 and June 30, 2025 and gross write-offs for the nine months ended March 31, 2026 and year ended June 30, 2025. The origination year is based on the commitment date that represents the date that the decision was made to extend credit and IFC entered into a legally binding agreement with the borrower. All subsequent loan disbursements, as well as loan modifications, extensions, and renewals for an associated loan commitment are reported based on the original commitment date:

Table E7: Loans disbursed by credit quality indicator based on risk rating and origination year and gross write-offs
(US$ in millions)			March 31, 2026
			Loans at Amortized cost basis by Risk class																																																									Gross write-offs
Originated during the year ended June 30,			Very Strong						Strong						Adequate						Moderate						Weak						Very Weak/ Special Attention						Very Weak/ Sub-standard						Extremely Weak/ Doubtful						Imminent Default/ Default						Total Contracts
2026			$	—					$	132					$	1,763					$	2,420					$	2,522					$	139					$	—					$	10					$	—					$	6,986		$	—
2025			—						500						3,330						4,913						2,112						182						—						3						1						11,041			—
2024			—						527						4,157						4,344						1,604						130						22						18						5						10,807			1
2023			—						400						1,450						2,682						1,707						107						304						6						18						6,674			—
2022			—						—						771						1,146						622						78						43						37						200						2,897			10
Prior			65						135						1,271						2,434						1,601						497						30						39						231						6,303			7
Total			65						1,694						12,742						17,939						10,168						1,133						399						113						455						44,708			18
Revolving loans			—						—						5						1,165						42						—						—						—						4						1,216			—
Revolving contracts converted to Term contracts			—						—						—						12						—						—						—						—						34						46			—
Total disbursed loans			$	65					$	1,694					$	12,747					$	19,116					$	10,210					$	1,133					$	399					$	113					$	493					$	45,970		$	18
Unamortized deferred loan origination fees, net and other																																																									(170)
Loans at amortized cost																																																									$	45,800

Table E7.1:
			June 30, 2025
(US$ in millions)			Loans at Amortized cost basis by Risk class																																																												Gross write-offs
Originated during the year ended June 30,			Very Strong						Strong						Adequate						Moderate						Weak						Very Weak/ Special Attention						Very Weak/ Sub-standard						Extremely Weak/ Doubtful						Imminent Default/ Default						Total Contracts
2025			$	—					$	391					$	3,042					$	3,721					$	1,866					$	221					$	113					$	—					$	—					$	9,354					$	—
2024			—						332						4,196						4,481						1,740						118						17						23						3						10,910						—
2023			—						26						2,040						2,773						2,207						126						207						128						9						7,516						—
2022			—						220						1,048						1,357						785						39						16						194						142						3,801						—
2021			—						—						741						1,467						513						74						9						2						8						2,814						—
Prior			85						147						1,108						1,677						1,179						503						236						233						334						5,502						35
Total			85						1,116						12,175						15,476						8,290						1,081						598						580						496						39,897						35
Revolving Loans			—						—						—						1,686						72						—						—						—						4						1,762						5
Revolving contracts converted to Term contracts			—						—						17						—						34						—						—						—						—						51						—
Total disbursed loans			$	85					$	1,116					$	12,192					$	17,162					$	8,396					$	1,081					$	598					$	580					$	500					$	41,710					$	40
Unamortized deferred loan origination fees, net and other																																																									(155)
Loans at amortized cost																																																									$	41,555

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			INTERNATIONAL FINANCE CORPORATION			Page 62

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Following is a summary of IFC’s loans at amortized cost by credit quality indicator, geographic region, and industry sector, as of March 31, 2026 and June 30, 2025:

Table E8: Loans at amortized cost by credit quality indicator by geographic region
			March 31, 2026
(US$ in millions)			Very Strong						Strong						Adequate						Moderate						Weak						Very Weak/ Special Attention						Very Weak/ Sub-standard						Extremely Weak/ Doubtful						Imminent Default/ Default						Total
Geographic Region
Africa			$	—					$	171					$	1,061					$	3,838					$	3,931					$	712					$	170					$	66					$	213					$	10,162
Asia and the Pacific			—						470						5,141						4,308						1,992						126						1						—						99						12,137
Europe, Latin America and the Caribbean			—						538						5,332						6,691						2,453						253						200						35						151						15,653
Middle East and Central Asia			—						17						736						3,092						1,812						42						28						12						30						5,769
Other			65						498						477						1,187						22						—						—						—						—						2,249
Total disbursed loans			$	65					$	1,694					$	12,747					$	19,116					$	10,210					$	1,133					$	399					$	113					$	493					$	45,970
Unamortized deferred loan origination fees, net and other																																																									(170)
Loans at amortized cost																																																									$	45,800

Table E8.1 :
			June 30, 2025
(US$ in millions)			Very Strong						Strong						Adequate						Moderate						Weak						Very Weak/ Special Attention						Very Weak/ Sub-standard						Extremely Weak/ Doubtful						Imminent Default/ Default						Total
Geographic Region
Africa			$	—					$	162					$	898					$	3,542					$	3,428					$	675					$	185					$	279					$	181					$	9,350
Asia and the Pacific			—						676						4,851						3,991						2,127						9						4						6						54						11,718
Europe, Latin America and the Caribbean			—						156						4,956						6,024						1,383						175						367						202						144						13,407
Middle East and Central Asia			—						18						331						2,436						1,457						222						42						93						121						4,720
Other			85						104						1,156						1,169						1						—						—						—						—						2,515
Total disbursed loans			$	85					$	1,116					$	12,192					$	17,162					$	8,396					$	1,081					$	598					$	580					$	500					$	41,710
Unamortized deferred loan origination fees, net and other																																																									(155)
Loans at amortized cost																																																									$	41,555

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			INTERNATIONAL FINANCE CORPORATION			Page 63

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E9: Loans at amortized cost by credit quality indicator by Industry sector
			March 31, 2026
(US$ in millions)			Very Strong						Strong						Adequate						Moderate						Weak						Very Weak/ Special Attention						Very Weak/ Substandard						Extremely Weak/ Doubtful						Imminent Default/ Default						Total
Industry Sector
Manufacturing, agribusiness and services			$	65					$	639					$	5,087					$	6,662					$	3,257					$	317					$	252					$	60					$	264					$	16,603
Financial markets			—						1,018						5,019						8,926						3,971						294						2						16						54						19,300
Infrastructure and natural resources			—						37						2,641						3,528						2,982						522						145						37						171						10,063
Disruptive technologies and funds			—						—						—						—						—						—						—						—						4						4
Total disbursed loans			$	65					$	1,694					$	12,747					$	19,116					$	10,210					$	1,133					$	399					$	113					$	493					$	45,970
Unamortized deferred loan origination fees, net and other																																																									(170)
Loans at amortized cost																																																									$	45,800

Table E9.1:
			June 30, 2025
(US$ in millions)			Very Strong						Strong						Adequate						Moderate						Weak						Very Weak/ Special Attention						Very Weak/ Substandard						Extremely Weak/ Doubtful						Imminent Default/ Default						Total
Industry Sector
Manufacturing, agribusiness and services			$	85					$	622					$	4,691					$	6,427					$	2,472					$	315					$	352					$	186					$	305					$	15,455
Financial markets			—						451						5,245						7,875						4,027						130						23						24						7						17,782
Infrastructure and natural resources			—						43						2,256						2,860						1,896						636						206						370						184						8,451
Disruptive technologies and funds			—						—						—						—						1						—						17						—						4						22
Total disbursed loans			$	85					$	1,116					$	12,192					$	17,162					$	8,396					$	1,081					$	598					$	580					$	500					$	41,710
Unamortized deferred loan origination fees, net and other																																																									(155)
Loans at amortized cost																																																									$	41,555

Modifications to Borrowers Experiencing Financial Difficulties

Loans are modified through changes in interest rates, repayment schedules, and maturity dates, in addition to reductions of loan principal and waiver of accrued interest.

Disclosures relating to modifications for borrowers experiencing financial difficulties do not include loan modifications and the effects related to suspension and standstill agreements where principal and interest payments are temporarily suspended. During the three and nine months ended March 31, 2026 amortized cost of these loans amounted to $0 and $8 million, ($0 and $7 million for the three and nine months ended March 31, 2025, respectively).

For loans at amortized cost, the following tables present information related to modifications for borrowers experiencing financial difficulties, per major modification types (including interest rate reduction, other-than-insignificant payment delay, principal forgiveness, and term extension or a combination of these modifications), by geographic region and industry sector during the three and nine months ended March 31, 2026 and March 31, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 64

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E10: Modifications to borrowers experiencing financial difficulties
									For the three months ended March 31, 2026
(US$ in millions)									Payment Delay												Term Extension and Payment Delay						Total Loan Modifications a						% of total loans						Total loans by region and industry
Africa
Manufacturing, agribusiness and services									$	22											$	8					$	30					0.8		%				$	3,632
Other industry sectors									—												—						—						—						6,530
Total Africa									22												8						30						0.3						10,162
Other regions									$	—											—						—						—						$	35,808
Total									$	22											$	8					$	30					0.1		%				$	45,970
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

Table E10.1:
			For the nine months ended March 31, 2026
(US$ in millions)			Interest Rate Reduction, Term Extension and Payment Delay						Payment Delay						Principal Forgiveness						Term Extension and Payment Delay						Total Loan Modifications a						% of total loans						Total loans by region and industry
Africa
Manufacturing, agribusiness and services			$	—					$	22					$	—					$	84					$	106					2.9		%				$	3,632
Infrastructure and natural resources			87						—						—						—						87						2.9						2,985
Other industry sectors			—						—																		—						—						3,545
Total Africa			87						22						—						84						193						1.9						10,162
Asia and the Pacific
Manufacturing, agribusiness and services			—						—						1						—						1						0.02						4,082
Other industry sectors			—						—																		—						—						8,055
Total Asia and the Pacific			—						—						1						—						1						0.01						12,137
Other regions			—						—						—						—						—						—						23,671
Total			$	87					$	22					$	1					$	84					$	194					0.4		%				$	45,970
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

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			INTERNATIONAL FINANCE CORPORATION			Page 65

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E10.2:
																														For the three months ended March 31, 2025
(US$ in millions)																																	Interest Rate Reduction, Term Extension and Payment Delay																		Payment Delay																		Term Extension						Term Extension and Payment Delay																		Total Loan Modifications a						% of total loans						Total loans by region and industry
Africa
Manufacturing, agribusiness and services																																	$	—																	$	—																	$	13					$	4																	$	17					0.5		%				$	3,209
Infrastructure and natural resources																																	—																		8																		—						—																		8						0.4						2,272
Other Industry Sectors																																	—																		—																		—						—																		—						—						3,464
Total Africa																																	—																		8																		13						4																		25						0.3						8,945
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services																																	6																		—																		—						—																		6						0.1						5,231
Other Industry Sectors																																	—																		—																		—						—																		—						—						8,278
Total Europe, Latin America and the Caribbean																																	6																		—																		—						—																		6						0.04						13,509
Other Regions																																	—																		—																		—						—																		—						—		%				$	18,120
Total																																	$	6																	$	8																	$	13					$	4																	$	31					0.1		%				$	40,574
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

Table E10.3:
																																	For the nine months ended March 31, 2025
(US$ in millions)																																	Interest Rate Reduction, Term Extension and Payment Delay																		Payment Delay																		Term Extension						Term Extension and Payment Delay																		Total Loan Modifications a						% of total loans						Total loans by region and industry
Africa
Manufacturing, agribusiness and services																																	$	—																	$	—																	$	13					$	4																	$	17					0.5		%				$	3,209
Infrastructure and natural resources																																	—																		8																		—						—																		8						0.4						2,272
Other Industry Sectors																																	—																		—																		—						—																		—						—						3,464
Total Africa																																	—																		8																		13						4																		25						0.3						8,945
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services																																	$	16																	—																		—						—																		$	16					0.3						$	5,231
Other Industry Sectors																																	—																		—																		—						—																		—						—						8,278
Total Europe, Latin America and the Caribbean																																	16																		—																		—						—																		16						0.1						13,509
Other Regions																																	—																		$	—																	$	—					$	—																	—						—						18,120
Total																																	$	16																	$	8																	$	13					$	4																	$	41					0.1		%				$	40,574
___________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

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			INTERNATIONAL FINANCE CORPORATION			Page 66

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

The following tables summarize the financial effect of loan modifications for borrowers experiencing financial difficulty by geographic region and industry sector for the three and nine months ended March 31, 2026 and March 31, 2025.

Table E11: Financial effect of loan modifications for borrowers experiencing financial difficulties

For the three months ended March 31, 2026

Term Extension

Other than Insignificant Payment Delay

(US$ in millions)

Weighted Average Months Extended

Amount Delayed

Weighted Average Months Delayed

Africa

Manufacturing, agribusiness and services

18

$

6

11

Table E11.1:
			For the nine months ended March 31, 2026
			Interest Rate Reduction						Term Extension						Principal Forgiveness						Other than Insignificant Payment Delay
(US$ in millions)			Weighted Average Interest Rate Reduction %						Weighted Average Months Extended						Sum of Principal Forgiven						Amount Delayed						Weighted Average Months Delayed
Africa
Manufacturing, agribusiness and services			—		%				32						$	—					$	45					12
Infrastructure and natural resources			1.2						67						—						43						62
Asia and the Pacific
Manufacturing, agribusiness and services			—						—						17						—						—
Middle East and Central Asia
Financial markets			—						—						10						—						—

Table E11.2:
			For the three months ended March 31, 2025
			Interest Rate Reduction						Term Extension						Principal Forgiveness						Other than Insignificant Payment Delay
			Weighted Average Interest Rate Reduction %						Weighted Average Month Extended						Sum of Principal Forgiven						Amount Delayed						Weighted Average Months Delayed
Africa
Manufacturing, agribusiness and services			—		%				32						$	—					$	2					18
Infrastructure and natural resources			—						—						—						1						180
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services			5						81						—						7						83
Financial markets			—						—						13						—						—

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			INTERNATIONAL FINANCE CORPORATION			Page 67

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E11.3:
			For the nine months ended March 31, 2025
			Interest Rate Reduction						Term Extension						Principal Forgiveness						Other than Insignificant Payment Delay
			Weighted Average Interest Rate Reduction %						Weighted Average Month Extended						Sum of Principal Forgiven						Amount Delayed						Weighted Average Months Delayed
Africa
Manufacturing, agribusiness and services			—		%				32						$	—					$	2					18
Infrastructure and natural resources			—						—						—						1						180
Asia and the Pacific
Manufacturing, agribusiness and services			—						—						2						—						—
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services			5						70						—						16						73
Financial markets			—						—						12						—						—
Middle East and Central Asia
Financial markets			—						—						39						—						—
Other

For loans at amortized cost, the following tables present an aging analysis of loan modifications made for borrowers experiencing financial difficulties during the twelve months preceding March 31, 2026 and March 31, 2025 presented by geographic region and industry sector.

Table E12: Aging analysis of loan modifications for borrowers experiencing financial difficulty
			March 31, 2026
(US$ in millions)			Current																								Greater than 90 days past due						Total a
Africa
Manufacturing, agribusiness and services			$	107																							$	6					$	113
Infrastructure and natural resources			87																								—						$	87
Total Africa			194																								6						200
Asia and the Pacific
Manufacturing, agribusiness and services			1																								—						1
Total Asia and the Pacific			1																								—						1
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services			11																								—						$	11
Infrastructure and natural resources			70																								—						$	70
Total Europe, Latin America and the Caribbean			81																								—						81
Total			$	276																							6						$	282
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

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			INTERNATIONAL FINANCE CORPORATION			Page 68

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E12.1:
			March 31, 2025
(US$ in millions)			Current						Up to 30 days past due																								Total a
Africa
Manufacturing, agribusiness and services			$	17					$	—																							$	17
Infrastructure and natural resources			39						—																								39
Total Africa			56						—																								56
Europe, Latin America and the Caribbean
Manufacturing, agribusiness and services			16						—																								$	16
Infrastructure and natural resources			—						72																								72
Total Europe, Latin America and the Caribbean			16						72																								88
Middle East and Central Asia
Infrastructure and natural resources			52						—																								52
Total Middle East and Central Asia			52						—																								52
Total			$	124					$	72																							$	196
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

The following tables present loans that had a payment default during the three and nine months ended March 31, 2026 and and nine months ended March 31, 2025 after they had been modified, to borrowers experiencing financial difficulty, within the twelve months preceding the payment default date. There were no such defaults for the three months ended March 31, 2025. Payment default is defined as loans that are 60 or more days past due as of the respective balance sheet date.

Table E13: Loan modifications to borrowers experiencing financial difficulty that had payment default
																																																For the three months ended March 31, 2026
(US$ in millions)																																																			Payment Delay																																										Total Loan Modifications a
Africa
Manufacturing, agribusiness and services																																																			$	5																																									$	5
Total Africa																																																—			5			—																																							5
Total																																																			$	5																																									$	5
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

Table E13.1:
																														For the nine months ended March 31, 2026
(US$ in millions)																																																			Payment Delay																								Term Extension and Payment Delay																		Total Loan Modifications a
Africa
Manufacturing, agribusiness and services																																																			$	5																							$	4																	$	9
Total Africa																																																			5																								4																		9
Total																																																			$	5																							$	4																	$	9
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

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			INTERNATIONAL FINANCE CORPORATION			Page 69

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note E – Loans and Guarantees (Continued)

Table E13.2:
																																																			For the nine months ended March 31, 2025
(US$ in millions)																																																			Payment Delay																																										Total Loan Modifications a
Asia and the Pacific
Manufacturing, agribusiness and services																																																			11																																										11
Total Asia and the Pacific																																																			11																																										11
Total disbursed loans																																																			$	11																																									$	11
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

Collateral-Dependent Loans

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following tables summarize the amortized cost of collateral dependent loans by collateral type, geographic region and industry sector as of March 31, 2026 and June 30, 2025:

Table E14: Collateral dependent loansa by Geographic region
			March 31, 2026																		June 30, 2025
(US$ in millions)			Property, Land and Equipment						Others						Total						Property, Land and Equipment						Others						Total
Geographic Region
Africa			$	2					$	—					$	2					$	5					$	—					$	5
Middle East and Central Asia			5						9						14						10						15						25
Europe, Latin America and the Caribbean			3						—						3						16						—						16
Total			$	10					$	9					$	19					$	31					$	15					$	46
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

Table E15: Collateral dependent loansa by Industry sector
			March 31, 2026																		June 30, 2025
(US$ in millions)			Property, Land and Equipment						Others						Total						Property, Land and Equipment						Others						Total
Industry Sector
Manufacturing, agribusiness and services			$	5					$	—					$	5					$	21					$	—					$	21
Infrastructure and natural resources			5						9						14						10						15						25
Total			$	10					$	9					$	19					$	31					$	15					$	46
_________
a Includes all components of amortized cost except unamortized fees which are considered insignificant.

Guarantees

IFC extends financial guarantee facilities to its clients to provide full or partial credit enhancement for their debt securities and trade obligations. Under the terms of IFC’s guarantees, IFC agrees to assume responsibility for the client’s financial obligations in the event of default by the client, where default is defined as failure to pay when payment is due. Guarantees entered into by IFC generally have maturities consistent with those of the loan portfolio. Guarantees signed as of March 31, 2026 totaled $11.1 billion ($8.7 billion – June 30, 2025). Guarantees of $8.4 billion were outstanding (i.e., not called) as of March 31, 2026 ($6.6 billion – June 30, 2025). These amounts represent the maximum amount of undiscounted future payments that IFC could be required to make under these guarantees and are not included in IFC’s condensed consolidated balance sheets.

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			INTERNATIONAL FINANCE CORPORATION			Page 70

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE F – DEBT SECURITIES

Income from debt securities, including net realized gains (losses) on debt securities and associated derivatives for the three and nine months ended March 31, 2026 and March 31, 2025 comprises the following:

Table F1: Income from Debt Securities
			For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)			2026						2025						2026						2025
Interest income			$	204					$	198					$	614					$	627
Dividends			3						—						3						—
Net realized losses on debt securities and associated derivatives a			—						(2)						(6)						(16)
Total income from debt securities, including realized gains on debt securities and associated derivatives			$	207					$	196					$	611					$	611
_________
a Includes realized gains/(losses) on debt securities under the Fair Value Option. $0 and $2 million gains for the three and nine months ended March 31, 2026 ($0 and $15 million losses for the three and nine months ended March 31, 2025).

Debt securities accounted for as available-for-sale as of March 31, 2026 and June 30, 2025 comprise:

Table F2: Debt securities – available-for-sale
			March 31, 2026
(US$ in millions)			Amortized cost						Unrealized gains a						Unrealized losses a												Reserve for credit losses						Fair value
Corporate debt securities			$	315					$	2					$	(36)											$	(3)					$	278
Preferred shares			18						1						(5)												(5)						9
Asset-backed securities			21						—						—												—						21
Total			$	354					$	3					$	(41)											$	(8)					$	308
_________
a Includes net foreign exchange losses of $39 million as of March 31, 2026.

Table F2.1:
			June 30, 2025
(US$ in millions)			Amortized cost						Unrealized gains a						Unrealized losses a						Reserve for credit losses						Fair value
Corporate debt securities			$	545					$	13					$	(60)					$	(5)					$	493
Preferred shares			28						—						(3)						(11)						14
Asset-backed securities			36						1						—						—						37
Total			$	609					$	14					$	(63)					$	(16)					$	544
_________
a Includes net foreign exchange losses of $49 million as of June 30, 2025.

The notes to consolidated financial statements are an integral part of these statements.

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			INTERNATIONAL FINANCE CORPORATION			Page 71

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE F – DEBT SECURITIES (continued)

The table below presents the amortized cost, unrealized losses, and fair value of available-for-sale debt securities that are in an unrealized loss position without credit losses, aggregated by major security type as of March 31, 2026 and June 30, 2025. The reserve for credit losses is not included herein and is presented separately in the reserve for credit losses on debt securities roll-forward table (Table F5).

Table F3: Available-for-sale debt securities – in an unrealized loss position without credit losses
			March 31, 2026																		June 30, 2025
(US$ in millions)			Amortized Costs						Unrealized Losses a						Fair value						Amortized Costs						Unrealized Losses a						Fair value
Corporate debt securities			$	153					$	(31)					$	122					$	203					$	(55)					$	148
Preferred shares			12						(5)						7						9						(3)						6
Asset-backed securities			—						—						—						1						—						1
Total			$	165					$	(36)					$	129					$	213					$	(58)					$	155
___________
a Includes net foreign exchange losses of $37 million as of March 31, 2026 and $62 million as of June 30, 2025.

The following table shows the unrealized losses and fair value of available-for-sale debt securities as of March 31, 2026 and June 30, 2025 by length of time that individual securities had been in a continuous loss position where the fair value of securities declined below their cost basis:

Table F4: Unrealized losses and fair value of available-for-sale debt securities – by length of time
			March 31, 2026
			Less than 12 months												12 months or greater												Total
(US$ in millions)			Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Corporate debt securities			$	—					$	—					$	122					$	(31)					$	122					$	(31)
Preferred shares			1						(1)						6						(4)						7						(5)
Asset-backed securities			—						—						—						—						—						—
Total			$	1					$	(1)					$	128					$	(35)					$	129					$	(36)

Table F4.1:
			June 30, 2025
			Less than 12 months												12 months or greater												Total
(US$ in millions)			Fair value						Unrealized losses						Fair value						Unrealized losses						Fair value						Unrealized losses
Corporate debt securities			$	—					$	—					$	148					$	(55)					$	148					$	(55)
Preferred shares			—						—						6						(3)						6						(3)
Asset-backed securities			—						—						1						—						1						—
Total			$	—					$	—					$	155					$	(58)					$	155					$	(58)

Corporate debt securities comprise investments in bonds and notes. Fair value associated with corporate debt securities is primarily attributable to movements in the credit default swap spread curve applicable to the issuer, and also impacted by movements in the risk-free rates and foreign exchange rates. Based upon IFC's assessment of expected credit losses, a reserve for credit losses is made for securities where the issuer is not expected to make all contractual principal and interest payments.

Preferred shares comprise investments in preferred equity investments that are redeemable at the option of IFC or mandatorily redeemable by the issuer. Unrealized losses associated with preferred shares are primarily driven by changes in discount rates associated with changes in credit spreads or interest rates, minor changes in exchange rates and comparable market valuations in the applicable sector. Based upon IFC's assessment of expected credit losses, a reserve for credit losses is made for securities where IFC does not expect to recover the cost basis of these securities.

Asset-backed securities comprise investments in bonds and notes that are collateralized by self-liquidating financial assets that allow IFC to receive payments that depend primarily on cash flow from those assets.

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			INTERNATIONAL FINANCE CORPORATION			Page 72

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE F – DEBT SECURITIES (continued)

The tables below present a roll-forward by major security type for the three and nine months ended March 31, 2026 and March 31, 2025 of the reserve for credit losses on debt securities accounted for as available-for-sale held at the period end:

Table F5: Roll-forward of the reserve for credit losses – by security type

			For the three months ended March 31, 2026																					For the nine months ended March 31, 2026
(US$ in millions)			Corporate Debt Securities						Preferred shares						Total																								Corporate Debt Securities						Preferred shares						Total
Beginning balance			$	1					$	5					$	6																							$	5					$	11					$	16
Provision for losses (release of provision)			2						—						2																								(3)						(6)						(9)
Recoveries of previously written-off debt securities			—						—						—																								1						—						1
Ending balance			$	3					$	5		$	—		$	8		$	—																				$	3					$	5					$	8

Table F5.1:
			For the three months ended March 31, 2025																		For the nine months ended March 31, 2025
(US$ in millions)			Corporate Debt Securities						Preferred shares												Total						Corporate Debt Securities						Preferred shares												Total
Beginning balance			$	21					$	10											$	31					$	24					$	10											$	34
(Release of provision) provision for losses			(3)						1												(2)						(6)						1												(5)
Write-offs			(12)						$	—											$	(12)					$	(12)					$	—											$	(12)
Ending balance			$	6					$	11											$	17					$	6					$	11											$	17

Nonaccruing debt securities
The disbursed and outstanding balances of debt securities on which the accrual of interest has been discontinued amounted to $117 million at March 31, 2026 ($142 million – June 30, 2025).

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			INTERNATIONAL FINANCE CORPORATION			Page 73

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE G – EQUITY INVESTMENTS AND ASSOCIATED DERIVATIVES

Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives for the three and nine months ended March 31, 2026 and March 31, 2025 comprises the following:

Table G1: Income from equity investments and associated derivatives
																					For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)																																							2026						2025						2026						2025
Unrealized (losses) gains on equity investments and associated derivatives a																																							$	(220)					$	(53)					$	199					$	(106)
Realized gains on equity investments and associated derivatives, net																																							149						38						451						147
(Losses) gains on equity investments and associated derivatives, net																																							(71)						(15)						650						41
Dividends																																							21						17						80						89
Custody, fees and other																																							9						4						16						11
Total income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives																																							$	(41)					$	6					$	746					$	141
_________
a Includes unrealized gains and losses related to equity securities still held as of March 31, 2026, net gains of $9 million and net gains of $562 million, respectively, for the three and nine months ended March 31, 2026 (net gains of $31 million and $76 million for the three and nine months ended March 31, 2025).

The fair value of equity investments as of March 31, 2026 and June 30, 2025 comprises:

Table G2: Fair value of equity investments
(US$ in millions)			March 31, 2026						June 30, 2025
Investments in common or preferred shares			$	6,189					$	5,641
Equity interests in private equity funds			6,798						6,140
Equity-related options and other financial instruments			(9)						(4)
Total			$	12,978					$	11,777

Equity investments include several private equity funds that invest primarily in emerging markets across a range of sectors and that are accounted for at fair value under the Fair Value Option. The fair values of these funds have been determined using the net asset value of IFC’s ownership interest in partners’ capital as a practical expedient as presented in the table above. These investments cannot be redeemed. Distributions will be received from these funds as the underlying assets are liquidated or distributed, the timing of which is uncertain. As of March 31, 2026, the maximum amount of undisbursed commitments subject to capital calls for these funds were $2.3 billion ($2.4 billion – June 30, 2025). As of March 31, 2026, IFC's investments as a limited partner in funds managed by AMC was $388 million ($434 million – June 30, 2025). Amounts previously distributed by AMC may be callable through the life of the respective fund. The sale of IFC’s limited partner interests in these funds needs prior consent from the other limited partners.

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			INTERNATIONAL FINANCE CORPORATION			Page 74

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE H – RETAINED EARNINGS, NET INCOME ALLOCATIONS, AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Retained Earnings consist of Allocated Amounts and Unallocated Net Income (Loss).

Allocated Amounts:

Management recommends allocations of net income to the Board at the end of each fiscal year, to support IFC's operations as well as other developmental activities. These recommendations are based on IFC's allocable income. Effective March 2026, to better measure income generated by current year activities, the calculation of Allocable Income has been refined by adding back expenses funded by prior-years' approved allocations totaling $277 million — $106 million for nine months ended March 31, 2026 and a one-time adjustment of $171 million relating to the year ended June 30, 2025. Amounts allocated to other developmental activities are determined based on a Board-approved income-based (sliding scale) formula and on a principles-based Board approved financial distribution policy and are approved by the Board.

IFC allocates its net income to support the following programs:

Funding Mechanism for Technical Assistance and Advisory Services (FMTAAS) supports the delivery of Upstream and Advisory related activities, primarily in non-IDA/Fragile and FCS member countries.

Creating Markets Advisory Window (CMAW) supports the delivery of Upstream and Advisory related activities in IDA-eligible member countries and FCS with the aim of addressing the complex challenge of building a pipeline of bankable private sector projects in these markets.

Small and Medium Enterprise (SME) Ventures covers program, administrative, legal, and consulting expenses in connection with IFC’s private equity program for financing of SMEs.

Frontier Opportunities Fund (FOF): This is a fund of concessional finance to spur equity investment mostly targeted to middle-income member countries.

On September 30, 2025, the Board of Directors approved the allocation of $178 million to the CMAW reserve, $70 million to the FMTAAS reserve, and $1,362 million to the General Reserve from IFC's FY25 net income. This approval was noted by the Board of Governors on October 17, 2025. On the same day, the Board of Governors also approved the allocation of $100 million from IFC’s FY25 net income to the Surplus account and delegated to the Board of Directors the authority to approve the transfer of $100 million from the Surplus account to the Frontier Opportunities Fund. The components of retained earnings and related expenditures are summarized below:

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			INTERNATIONAL FINANCE CORPORATION			Page 75

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE H – RETAINED EARNINGS, NET INCOME ALLOCATIONS, AND ACCUMULATED OTHER COMPREHENSIVE INCOME (continued)

Table H1: Components of retained earnings and related expenditures
(US$ in millions)									FMTAAS Reserve						CMAW Reserve												SME Ventures Reserve						Surplus						Frontier Opportunities Fund Reserve						Cumulative Fair value and other adjustments a						General Reserve						Unallocated Net Income						Total Retained Earnings
As of June 30, 2024									$	58					$	93											$	11					$	—					$	—					$	(139)					$	11,595					$	1,677					$	13,295
Nine months ended March 31, 2025
Net income									—						—												—						—						—						—						—						1,358						1,358
Net income allocations									152						107												—						100						—						—						1,318						(1,677)						—
Transfers from surplus									—						—												—						(100)						100						—						—						—						—
Expenditures against reserves									(37)						(55)												(1)						—						—						—						—						93						—
Fair value and other adjustments									—						—												—						—						—						55						—						(55)						—
As of March 31, 2025									$	173					$	145											$	10					$	—					$	100					$	(84)					$	12,913					$	1,396					$	14,653
As of June 30, 2025									$	140					$	101											$	9					$	—					$	100					$	158					$	12,913					$	1,881					$	15,302
Nine months ended March 31, 2026
Net income									—						—												—						—						—						—						—						1,413						1,413
Net income allocations									70						178												—						100						—						—						1,362						(1,710)						—
Expenditures against reserves									(45)						(61)												—						—						—						—						—						106						—
Fair value and other adjustments									—						—												—						—						—						228						—						(228)						—
As of March 31, 2026									$	165					$	218											$	9					$	100					$	100					$	386					$	14,275					$	1,462					$	16,715
_________
a Other adjustments include income associated with PCRF.

Accumulated other comprehensive income

The components of accumulated other comprehensive income as of March 31, 2026 and March 31, 2025 are summarized as follows:

Table H2 : AOCI Components and changes
(US$ in millions)			Net unrealized losses on available-for-sale debt securities						Net unrealized gains (losses) on borrowings						Net unrecognized actuarial gains and unrecognized prior service costs on benefit plans						Total accumulated other comprehensive income
As of June 30, 2024			$	(117)					$	414					$	660					$	957
Nine months ended March 31, 2025
Other comprehensive income before reclassifications			82						(242)						—						(160)
Amounts reclassified from AOCI into net income			(46)						12						(9)						(43)
Other comprehensive income (loss)			36						(230)						(9)						(203)
As of March 31, 2025			$	(81)					$	184					$	651					$	754
As of June 30, 2025			$	(49)					$	146					$	1,520					$	1,617
Nine months ended March 31, 2026
Other comprehensive income before reclassifications			16						(410)						—						(394)
Amounts reclassified from AOCI into net income			(5)						103						(46)						$	52
Other comprehensive income (loss)			11						(307)						(46)						(342)
As of March 31, 2026			$	(38)					$	(161)					$	1,474					$	1,275

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			INTERNATIONAL FINANCE CORPORATION			Page 76

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE I – NET UNREALIZED GAINS AND LOSSES ON LOANS, DEBT SECURITIES, BORROWINGS AND RELATED DERIVATIVES

Net unrealized gains and losses on loans, debt securities, borrowings and related derivatives for the three and nine months ended March 31, 2026 and March 31, 2025 comprise:

Table I1: Net unrealized gains on loans, debt securities, borrowings and related derivatives
															For the three months ended March 31,												For the nine months ended March 31,
(US$ in millions)																																	2026						2025						2026						2025
Unrealized gains and losses on loans, debt securities and associated derivatives
Unrealized losses on loans under the Fair Value Option																																	$	(30)					$	(39)					$	(5)					$	(7)
Unrealized (losses) gains on derivatives associated with loans																																	(65)						(85)						10						(283)
Unrealized (losses) gains on debt securities under the Fair Value Option																																	(102)						93						(153)						184
Unrealized losses on derivatives associated with debt securities																																	(27)						(53)						(4)						(99)
Total net unrealized losses on loans, debt securities and associated derivatives																																	(224)						(84)						(152)						(205)
Unrealized gains and losses on borrowings and associated derivatives
Unrealized gains (losses) on borrowings accounted for at fair value																																	366						(585)						1,035						(761)
Unrealized (losses) gains on derivatives associated with borrowings																																	(257)						512						(869)						1,109
Total net unrealized gains (losses) on borrowings and associated derivatives																																	109						(73)						166						348
Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives																																	$	(115)					$	(157)					$	14					$	143

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			INTERNATIONAL FINANCE CORPORATION			Page 77

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE J – DERIVATIVES

IFC enters into transactions in various derivative instruments for financial risk management purposes in connection with its principal business activities, including lending, investing in debt securities, equity investments, client risk management, borrowing, liquid asset management and asset and liability management. None of these derivative instruments are designated as accounting hedges under ASC Topic 815. The following table summarizes IFC's use of derivatives in its various financial portfolios:

Table J1: Risk Classification of derivative used across various financial portfolios
Portfolio			Derivative instruments used						Purpose / Risk being managed
Risk Management purposes
Liquid assets			Currency swaps, currency forward contracts, interest rate swaps, options, and futures contracts						Manage currency risk and interest rate risk of liquid assets
Loans and debt securities			Currency swaps and interest rate swaps						Manage currency risk and interest rate risk of loans and debt securities
Borrowings			Currency swaps and interest rate swaps						Manage currency risk and interest rate risk of borrowings
Other asset/liability management			Currency swaps, interest rate swaps, put options, call options, and warrant agreements						Manage currency risk and duration of IFC's equity
Other purposes
Client operations			Currency swaps, currency forward contracts, and interest rate swaps						Assist clients in managing their risks

The fair value of derivative instrument assets and liabilities by risk type as of March 31, 2026 and June 30, 2025 is summarized as follows:

Table J2: Derivative fair values and outstanding notional classified by risk type and hedge desk at fair value
			March 31, 2026																		June 30, 2025
(US$ in millions)			Outstanding Notional						Assets						Liabilities						Outstanding Notional						Assets						Liabilities
Interest rate			$	96,000					$	507					$	1,686					$	86,949					$	548					$	1,710
Foreign exchange			18,198						358						213						18,649						85						615
Interest rate and currency			70,842						1,804						4,192						66,950						2,200						4,266
Equity a			—						75						17						—						140						21
Credit and other a			—						26						17						—						32						8
Total			$	185,040					$	2,770					$	6,125					$	172,548					$	3,005					$	6,620
Funding			$	75,700					$	1,073					$	4,292					$	72,022					$	1,557					$	4,245
Investments			61,742						1,026						1,136						54,747						1,063						1,171
Client Risk Management			14,068						295						313						14,683						295						319
Liquid asset Management			33,530						376						384						31,096						90						885
Total			$	185,040					$	2,770					$	6,125					$	172,548					$	3,005					$	6,620
_________
a As of March 31, 2026, there were 101 derivative instrument contracts related to IFC’s equity investment portfolio and 88 other derivative contracts recognized as derivative assets or liabilities under ASC Topic 815 (101 equity related and 33 other derivative contracts – June 30, 2025).

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			INTERNATIONAL FINANCE CORPORATION			Page 78

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE J – DERIVATIVES (Continued)

The effect of derivative instrument contracts on the condensed consolidated statements of operations for the three and nine months ended March 31, 2025 is summarized as follows:

Table J3: Impact of derivative instrument contracts on the condensed consolidated statements of operations
(US$ in millions)																		For the three months ended March 31,												For the nine months ended March 31,
Derivative risk category			Condensed Consolidated Statements of Operations location																																	2026						2025						2026						2025
Interest rate			Income from loans and guarantees, including realized gains and losses on loans and associated derivatives																																	$	5					$	14					$	26					$	52
			Income from debt securities, including realized gains and losses on debt securities and associated derivatives																																	2						5						11						21
			Income (loss) from liquid asset trading activities																																	16						(51)						(19)						(94)
			Charges on borrowings																																	(26)						(91)						(162)						(392)
			Other income																																	4						3						12						8
			Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives																																	(54)						225						(65)						237
Foreign exchange			Income (loss) from liquid asset trading activities																																	213						(188)						634						270
			Foreign currency transaction (losses) gains on non-trading activities																																	(2)						(1)						(3)						—
			Net unrealized gains on loans, debt securities, borrowings and related derivatives																																	3						1						—						2
Interest rate and currency			(Loss) income from loans and guarantees, including realized gains and losses on loans and associated derivatives																																	(58)						(6)						(84)						16
			Loss from debt securities, including realized gains and losses on debt securities and associated derivatives																																	(32)						(27)						(83)						(39)
			Income (loss) from liquid asset trading activities																																	72						(67)						189						30
			Charges on borrowings																																	30						(120)						(114)						(479)
			Foreign currency transaction gains (losses) on non-trading activities																																	292						291						373						(659)
			Other income																																	(2)						1						(1)						3
			Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives																																	(305)						137						(781)						510
Equity related contracts			Gains (losses) from equity investments and associated derivatives																																	8						19						(61)						29
Credit and other			Net unrealized gains (losses) on loans, debt securities, borrowings and related derivatives																																	7						11						(15)						(22)
			Total																																	$	173					$	156					$	(143)					$	(507)

The income related to each derivative risk category includes realized and unrealized gains and losses.

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			INTERNATIONAL FINANCE CORPORATION			Page 79

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE K – BORROWINGS

IFC’s borrowings include general market borrowings and securitized borrowings.

General Market Borrowings

The majority of IFC’s borrowings are raised through issuances in the international capital markets. In accordance with IFC’s asset-liability management policies, market borrowings are generally swapped into floating‑rate U.S. dollar obligations. IFC also maintains short-term discount note programs as a tool to provide additional funding and liquidity management. Additionally, in September 2014, IFC issued a promissory note to IDA, see Note B for further details.

The interest rate composition of IFC's general market borrowings, before the effect of derivatives, is summarized below:

Table K1: Interest rate composition of general market borrowings (before derivatives)
			March 31, 2026												June 30, 2025
(US$ in millions, except for %)			Amount						WAC a (%)						Amount						WAC a (%)
Short-term borrowings – Fixed rate			$	2,818					3.8		%				$	2,337					4.9		%
Medium and long term (MLT) borrowings
Fixed rate			70,221						4.0						67,096						3.7
Variable rate			10,042						5.0						7,415						5.0
Total MLT borrowings			80,263												74,511
IDA borrowings			90						1.8						124						1.8
Total Face Value			83,171												76,972
Fair value adjustments and unamortized discounts, net			(7,592)												(5,522)
Carrying amount of general market borrowings			$	75,579											$	71,450
___________
a WAC refers to weighted average borrowings cost for the reporting period.

As of March 31, 2026, Medium and long term (MLT) borrowings include $273 million carried at amortized cost ($320 million – June 30, 2025). The weighted average effective interest rate on MLT borrowings carried at amortized cost was 10.2% as of March 31, 2026 (8.8% – June 30, 2025). All short-term borrowings are carried at amortized cost.

IFC diversifies its borrowings by currency, country, source, and maturity to provide flexibility and cost-effectiveness. For the nine months ended March 31, 2026, IFC borrowed in 28 currencies (19 currencies – nine months ended March 31, 2025). The currency composition of general market borrowings based on face value, before derivatives, is summarized below:

Table K2: Currency composition of general market borrowings based on face value (before derivatives)
(%)			March 31, 2026						June 30, 2025
U.S. dollar			42.8		%				45.2		%
Australian dollar			16.0						15.9
Pound sterling			15.6						15.5
Others			25.6						23.4
Total			100		%				100		%

IFC uses derivatives, reported at fair value, to manage the currency risk and the interest rate risk on its borrowings. After the effect of interest rate and currency swaps, IFC’s borrowings generally reprice within one year.

The following table summarizes IFC’s general market borrowing portfolio after derivatives:

Table K3: General market borrowings and borrowing-related derivatives
(US$ in millions)			March 31, 2026						June 30, 2025
Borrowings			$	75,579					$	71,450
Currency swaps, net			1,925						1,508
Interest rate swaps, net			1,294						1,180
Total			$	78,798					$	74,138

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			INTERNATIONAL FINANCE CORPORATION			Page 80

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE K – BORROWINGS (continued)

Securitized Borrowings

Starting fiscal year 2026, IFC issues securitized borrowings through special purpose vehicles (SPVs) to transfer portions of the economic risk associated with certain loan portfolios to third-party investors. Securitized borrowings reflect the credit quality of the underlying loan pools, their distinct structure and recourse profile rather than IFC’s general cost of funds. Please refer to Note N Variable Interest Entities for further details.

The interest rate composition of IFC's securitized borrowings is summarized below:

Table K4: Interest rate composition of securitized borrowings
			March 31, 2026
(US$ in millions, except for %)			Amount						WAC a (%)
Securitized borrowings			$	306					5.2		%
Fair value adjustments and unamortized discounts, net			(5)
Carrying amount of securitized borrowings			$	301
___________
a WAC refers to weighted average borrowings cost for the reporting period.

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			INTERNATIONAL FINANCE CORPORATION			Page 81

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS

ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability (i.e., an exit price) in an orderly transaction between independent, knowledgeable and willing market participants at the measurement date assuming the transaction occurs in the entity’s principal (or most advantageous) market. IFC categorizes its financial instruments into three levels based on the established fair value hierarchy. For more information regarding the fair value hierarchy and how IFC measures fair value, see Note A – Summary of Significant Accounting Policies in the June 30, 2025 audited financial statements. Readers are cautioned in using these data for purposes of evaluating the financial condition of IFC as the fair values of the individual financial instruments do not represent the fair value of IFC taken as a whole.

IFC utilized, where available, comparator, sector and country information, in addition to discounted cash flow models, in valuing its equity investment portfolio as of March 31, 2026. Debt securities and loans accounted for at fair value that do not have available market prices were primarily valued using discounted cash flow approaches and reflected spreads as of March 31, 2026.

For the following instruments, the significant unobservable inputs and their relationship to the fair valuation movement are listed below:

Table L1: Significant unobservable inputs and its relationship to the fair valuation movement
Instrument			Significant Unobservable Input			Increase in Unobservable Input Results In
IFC Local Currency Borrowings			IFC Yield Curve			Decrease in Fair Value
Interest Rate Swaps (hedging loans and liquid assets)			Yield Curve Points			Increase in Fair Value
Interest Rate Swaps (hedging borrowings)			Yield Curve Points			Decrease in Fair Value
Currency Swaps (hedging loans and liquid assets)			Yield Curve and Exchange Rates			Increase in Fair Value
Currency Swaps (hedging borrowings)			Yield Curve and Exchange Rates			Decrease in Fair Value
Debt Securities and Loans			Discount Rates, Credit Default Spreads			Decrease in Fair Value
			Valuation Multiple, Recovery Rates			Increase in Fair Value
Equity Securities and Equity Related Derivatives			Cost of equity, discounts for lack of marketability, weighted average cost of capital			Decrease in Fair Value
			Growth rates, return on assets, perpetual growth rates, EV/EBITDA, price to book value and other valuation multiples and volatilities			Increase in Fair Value

The methodologies used and key assumptions made to estimate fair values as of March 31, 2026 and June 30, 2025, are summarized below.

Liquid assets – The primary pricing source for the liquid assets is valuations obtained from external pricing services (vendor prices). The most liquid securities in the liquid asset portfolio are U.S. Treasuries. U.S. Treasuries and sovereign bonds issued by G7 countries are generally classified as Level 1 subject to quarterly leveling validation. The remaining liquid assets valued using vendor prices are classified as Level 2 or Level 3 based on the results of IFC’s evaluation of the vendor’s pricing methodologies and individual security facts and circumstances. Most vendor prices use some form of matrix pricing methodology to derive the inputs for projecting cash flows or to derive prices. When vendor prices are not available, liquid assets are valued internally by IFC using executable or indicative dealer quotes from the market and these are classified as Level 2 or Level 3 depending on the degree that the inputs are observable in the market.

The critical factors in valuing liquid assets in both Level 2 and Level 3 are the estimation of cash flows and yield. Other significant inputs for valuing corporate securities, quasi-government securities and sovereign or sovereign-guaranteed securities include reported trades, broker/dealer quotes, benchmark securities, option adjusted spread curve, volatilities, and other reference data. In addition to these inputs, valuation models for securitized or collateralized securities use collateral performance inputs, such as weighted average coupon rate, weighted average maturity, conditional prepayment rate, constant default rate, vintage, and credit enhancements.

There were no Level 3 liquid assets as of March 31, 2026 or June 30, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 82

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Loans and debt securities – Loans and debt securities in IFC’s investment portfolio that do not have available market prices are primarily valued using discounted cash flow approaches. The majority of loans measured at fair value are classified as Level 3. Certain loans contain embedded conversion and/or income participation features. These features are considered in determining the loans’ fair value based on the quoted market prices or other calculated values of the equity investments into which the loans are convertible and the discounted cash flows of the income participation features. The significant unobservable inputs used in the fair value measurement of loans and debt securities are discount rates, credit default swap spreads, and expected recovery rates. The valuation techniques and significant unobservable inputs for loans and debt securities classified as Level 3 as of March 31, 2026 and as of June 30, 2025 are presented below.

Table L2: Valuation techniques and significant unobservable inputs for loans and debt securities classified as Level 3
March 31, 2026
(US$ in millions)			Valuation technique			Fair value			Significant inputs			Range (%)			Weighted average (%)
Debt securities - preferred shares			Discounted cash flows			$	52		Discount rate			11.5 - 17.3			15.2
			Market comparables			42			Valuation multiples a
			Recent transactions			26
			Other techniques			34
Total preferred shares						154
Other loans and debt securities			Discounted cash flows			10,541			Credit default swap spreads			0.0 - 5.7			2.2
									Expected recovery rates			0.0 - 95.0			46.1
			Recent transactions			644
			Other techniques			227
Total other loans and debt securities						11,412
Total						$	11,566
________
a Includes valuation techniques with multiple significant inputs, therefore the range and weighted average are not provided.

Table L2.1:
June 30, 2025
(US$ in millions)			Valuation technique			Fair value			Significant inputs			Range (%)			Weighted average (%)
Debt securities – preferred shares			Discounted cash flows			$	115		Discount rate			11.5 - 22.1			18.6
			Market comparables			72			Valuation multiples a
			Recent transactions			40
			Other techniques			17
Total preferred shares						244
Other loans and debt securities			Discounted cash flows			8,849			Credit default swap spreads			0.0 - 8.6			2.3
									Expected recovery rates			0.0 - 97.5			45.3
			Recent transactions			804
			Other techniques			413
Total other loans and debt securities						10,066
Total						$	10,310
________
a Includes valuation techniques with multiple significant inputs, therefore the range and weighted average are not provided.

Borrowings – Fair values derived by determining the present value of estimated future cash flows using appropriate discount rates and option specific models where appropriate are classified as Level 2. Fair values derived from market source pricing are also classified as Level 2. The significant inputs used in valuing borrowings classified as Level 2 are presented below:

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			INTERNATIONAL FINANCE CORPORATION			Page 83

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L3: Significant inputs used in valuing borrowings classified as Level 2
Classes			Significant Inputs
Structured bonds			Foreign exchange rate and inter-bank yield curves, issuer’s credit curve and swaption volatility matrix, foreign exchange rate volatility, equity spot price, volatility and dividend yield, and Collateralized Loan Obligations (CLO) performance informed by market research and analysis.
Unstructured bonds			Inter-bank yield curve and issuer’s credit curve.

As of March 31, 2026, IFC had bond issuances with a total fair value of $163 million (including $21 million related to securitized borrowing) classified as level 3 ($216 million – June 30, 2025) in Azerbaijani manat, Bangladeshi taka, Jamaican dollar, Mongolian tugrik, U.S. dollar, and Uzbekistan sum where the significant unobservable inputs were yield curve data and discount rate consistent with market return expectations.

Derivative instruments – The various classes of derivative instruments include interest rate contracts, foreign exchange contracts, interest rate and currency contracts, equity contracts and other derivative contracts. Certain over the counter derivatives in the liquid asset portfolio priced in-house are classified as Level 2, while certain over the counter derivatives priced using external manager prices are classified as Level 3. Fair values for derivative instruments are derived by determining the present value of estimated future cash flows using appropriate discount rates and option specific models where appropriate.

The significant inputs used in valuing the various classes of derivative instruments classified as Level 2 and significant unobservable inputs for derivative instruments classified as Level 3 as of March 31, 2026 and June 30, 2025 are presented below:

Table L4: Significant inputs used in valuing the various classes of derivative instruments classified as Level 2
Level 2 derivatives			Significant Inputs
Interest rate			Inter-bank yield curves, foreign exchange basis curve and yield curves specified to index floating rates.
Foreign exchange			Foreign exchange rate, inter-bank yield curves and foreign exchange basis curve.
Interest rate and currency			Foreign exchange rate, inter-bank yield curves, foreign exchange basis curve and yield curves specified to index floating rates.

Table L5: Significant inputs used in valuing the various classes of derivative instruments classified as Level 3

(US$ in millions)

March 31, 2026

Level 3 derivatives

Type

Fair value

Significant inputs

Range (%)

Weighted average (%)

Equity related derivatives

Variable strike price options

58

Contractual strike price a

Interest rate and currency swap assets

Vanilla swaps

86

Yield curve points, exchange rates a

Interest rate and currency swap liabilities

Vanilla swaps

(29)

Yield curve points, exchange rates a

Total

$

115

_________

a In case of valuation techniques with multiple significant inputs, the range and weighted average are not provided.

Table L5.1:

(US$ in millions)

June 30, 2025

Level 3 derivatives

Type

Fair value

Significant inputs

Range (%)

Weighted average (%)

Equity related derivatives

Fixed strike price options

$

1

Variable strike price options

118

Contractual strike price a

Interest rate swap assets

Vanilla swaps

1

Yield curve points a

Currency swap assets

Vanilla swaps

87

Yield curve points, exchange rates a

Interest rate and currency swap liabilities

Vanilla swaps

(30)

Yield curve points, exchange rates a

Total

$

177

_________

a In case of valuation techniques with multiple significant inputs, the range and weighted average are not provided.

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			INTERNATIONAL FINANCE CORPORATION			Page 84

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Equity investments – Equity investments valued using quoted prices in active markets are classified as Level 1. Equity investments classified as Level 2 are valued using quoted prices in inactive markets. Equity investments classified as Level 3 are primarily valued using discounted cash flow and market comparable approaches. The significant unobservable inputs include cost of equity, weighted average cost of capital, asset growth rate, return on assets, perpetual growth rate, price to book and market multiples. The valuation techniques and significant unobservable inputs used in fair value measurements categorized within Level 3 of the fair value hierarchy for equity investments that were measured at fair value through net income as of March 31, 2026 and June 30, 2025 are presented below.

Table L6: Valuation techniques and significant unobservable inputs for equity securities classified as Level 3
(US$ in millions)						March 31, 2026
Sector			Valuation technique			Fair value			Significant inputs			Range			Weighted average (%)
Banking and other financial			Discounted cash flows			$	479		Cost of equity (%)			10.5 - 32.8			15.2
Institutions									Asset growth rate (%)			(0.4) - 34.0			14.6
									Return on assets (%)			0.5 - 6.2			2.4
									Perpetual growth rate (%)			3.0 - 14.2			6.6
			Market comparables			463			Price to book value			0.3 - 3.2			2.0
									EV/Sales			0.7 - 22.4			5.8
									Other valuation multiples a
			Listed price (adjusted)			135			Discount for lack of marketability (%)			20.0 - 30.0			29.8
			Recent transactions			464
			Other techniques			357
			Associated options b			34
Total banking and other financial institutions						1,932
Funds			Recent transactions			171
			Other techniques			78
Total funds						249
Others			Discounted cash flows			1,013			Weighted average cost of capital (%)			6.2 - 26.5			11.7
									Cost of equity (%)			10.5 - 27.2			16.5
			Market comparables			314			EV/Sales			0.4 - 9.1			3.6
									EV/EBITDA			8.3 - 16.4			12.1
									Price to book value			1.2 - 1.2			1.2
									Other valuation multiples a
			Recent transactions			452
			Other techniques			260
			Associated options b			83
Total others						2,122
Total						$	4,303
_________
a Includes price/earnings ratio and price/sales ratio, the range and weighted average are not provided due to the immaterial amounts.
b Fair values for associated options are derived by determining the present value of estimated future cash flows using appropriate discount rates and option specific models where appropriate.

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			INTERNATIONAL FINANCE CORPORATION			Page 85

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L6.1:
(US$ in millions)						June 30, 2025
Sector			Valuation technique			Fair value			Significant inputs			Range			Weighted average (%)
Banking and other financial			Discounted cash flows			$	292		Cost of equity (%)			12.9 - 34.2			15.7
Institutions									Asset growth rate (%)			(11.3) - 56.6			5.9
									Return on assets (%)			0.5 - 5.3			2.2
									Perpetual growth rate (%)			3.0 - 15.0			5.7
			Market comparables			349			Price to book value			0.3 - 3.7			2.1
									EV/Sales			1.0 - 14.7			6.5
									Other valuation multiples a
			Listed price (adjusted)			174			Discount for lack of marketability (%)			20.0 - 30.0			29.6
			Recent transactions			828
			Other techniques			263
			Associated options b			2
Total banking and other financial institutions						1,908
Funds			Recent transactions			91
			Other techniques			89
Total funds						180
Others			Discounted cash flows			1,150			Weighted average cost of capital (%)			7.7 - 21.4			11.3
									Cost of equity (%)			10.6 - 32.0			17.4
			Market comparables			440			EV/Sales			0.6- 13.9			5.6
									EV/EBITDA			9.8 - 20.2			13.2
									Price to book value			1.0 - 1.7			1.6
									Other valuation multiples a
			Recent transactions			334
			Other techniques			136
			Associated options b			66
Total others						2,126
Total						$	4,214
_________
a Includes price/earnings ratio and price/sales ratio, the range and weighted average are not provided due to the immaterial amounts.
b Fair values for associated options are derived by determining the present value of estimated future cash flows using appropriate discount rates and option specific models where appropriate.

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			INTERNATIONAL FINANCE CORPORATION			Page 86

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Fair value of assets and liabilities

Estimated fair values of IFC’s financial assets and liabilities and off-balance-sheet financial instruments as of March 31, 2026 and June 30, 2025 are summarized below:

Table L7: Estimated fair values of financial assets, financial liabilities, and off-balance-sheet instruments
			March 31, 2026												June 30, 2025
(US$ in millions)			Carrying value						Fair value						Carrying value						Fair value
Financial assets
Cash and due from banks, time deposits, trading securities and securities purchased under resale agreements and receivable for cash collateral pledged			$	51,121					$	51,121					$	51,419					$	51,419
Investments
Loans at amortized cost, net of reserve against losses			44,426						46,188						40,282						41,924
Loans accounted for at fair value under the Fair Value Option			1,878						1,878						1,947						1,947
Total loans			46,304						48,066						42,229						43,871
Equity investments accounted for at fair value			12,978			a			12,974						11,777			a			11,772
Debt securities accounted for at fair value as available-for-sale			308						308						544						544
Debt securities accounted for at fair value under the Fair Value Option			14,050						14,050						12,970						12,970
Total debt securities			14,358						14,358						13,514						13,514
Total investments			$	73,640					$	75,398					$	67,520					$	69,157
Total derivative assets			2,770						2,770						3,005						3,005
Other investment-related financial assets			—						1						—						2
Financial liabilities
Securities sold under repurchase agreements and payable for cash collateral received			$	5,341					$	5,341					$	4,893					$	4,893
Market, IBRD, IDA and other borrowings outstanding			75,880						75,881						71,450						71,453
Total derivative liabilities			6,125						6,125						6,620						6,620
_________
a For $4 million as of March 31, 2026 ($5 million - June 30, 2025) of equity investments primarily accounted for under the cost recovery method, no fair value measurement is provided since the recovery of invested capital is uncertain.

The fair value of loan commitments amounted to $29 million as of March 31, 2026 ($30 million – June 30, 2025). Fair values of loan commitments are based on present value of loan commitment fees.

Fair value hierarchy

As required by ASC 820, financial assets and financial liabilities are classified in their entirety based on the lowest level input that is significant to the fair value measurement: The following tables provide information as of March 31, 2026 and June 30, 2025, about IFC’s financial assets and financial liabilities measured at fair value on a recurring basis.

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			INTERNATIONAL FINANCE CORPORATION			Page 87

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L8: Fair value hierarchy - Financial assets and liabilities
			March 31, 2026
(US$ in millions)			Level 1						Level 2						Level 3						Total
Investments - Trading
Time deposits			$	—					$	13,211					$	—					$	13,211
Asset-backed securities			—						7,186						—						7,186
Corporate debt securities a			—						4,600						—						4,600
Government obligations			17,834						5,439						—						23,273
Total Investments - Trading			17,834						30,436						—						48,270
Securities purchased under resale agreements			—						—						—						—
Loans
Loans			—						75						1,798						1,873
Loans measured at net asset value b																					5
Total Loans (outstanding principal balance $1,921)			—						75						1,798						1,878
Equity investments
Banking and other financial institutions			715						116						1,932						2,763
Funds			—						—						249						249
Others			995						47						2,122						3,164
Equity investments measured at net asset value b																					6,798
Total equity investments			1,710						163						4,303						12,974
Debt securities
Corporate debt securities			—						3,919						8,840						12,759
Preferred shares			—												154						154
Asset-backed securities			—						123						774						897
Debt securities measured at net asset value b																					548
Total debt securities			—						4,042						9,768						14,358
Derivative assets
Interest rate			—						507						—						507
Foreign exchange			—						358						—						358
Interest rate and currency			—						1,718						86						1,804
Equity and other			—						—						75						75
Credit and Other derivative contracts			—						26						—						26
Total derivative assets			—						2,609			$	50,536		161						2,770
Total assets at fair value			$	19,544					$	37,325					$	16,030					$	80,250
Borrowings
Structured bonds (including securitized borrowings)			$	—					$	7,035					$	21					$	7,056
Unstructured bonds			—						65,592						142						65,734
Total borrowings (outstanding principal balance $80,387) c			—						72,627						163						72,790
Securities sold under repurchase agreements			—						4,912						—						4,912
Derivative liabilities
Interest rate			—						1,686						—						1,686
Foreign exchange			—						213						—						213
Interest rate and currency			—						4,163						29						4,192
Equity and other			—						—						17						17
Credit and Other derivative contracts			—						17						—						17
Total derivative liabilities			—						6,079						46						6,125
Total liabilities at fair value			$	—					$	83,618					$	209					$	83,827
_______
a Includes securities priced at par plus accrued interest, which approximates fair value.
b In accordance with ASC 820, investments that are measured at fair value using net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in condensed consolidated balance sheets.
c Includes discount notes (not under the short-term Discount Note Program), with original maturities greater than one year, with principal due at maturity of $7.4 billion, with a fair value of $2.2 billion as of March 31, 2026.

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			INTERNATIONAL FINANCE CORPORATION			Page 88

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L8.1:
			June 30, 2025
(US$ in millions)			Level 1						Level 2						Level 3						Total
Investments - Trading
Time deposits			$	—					$	14,263					$	—					$	14,263
Asset-backed securities			—						5,468						—						5,468
Corporate debt securities a			—						4,972						—						4,972
Government obligations			18,122						5,149						—						23,271
Total Investments - Trading			18,122						29,852						—						47,974
Securities purchased under resale agreements			—						946						—						946
Loans
Loans			—						128						1,814						1,942
Loans measured at net asset value b																					5
Total Loans (outstanding principal balance $1,985)			—						128						1,814						1,947
Equity investments
Banking and other financial institutions			700						3						1,908						2,611
Funds			—						11						180						191
Others			699						5						2,126						2,830
Equity investments measured at net asset value b			—						—						—						6,140
Total equity investments			1,399						19						4,214						11,772
Debt securities
Corporate debt securities			—						4,376						7,667						12,043
Preferred shares			—						—						244						244
Asset-backed securities			—						89						585						674
Debt securities measured at net asset value b																					553
Total debt securities			—						4,465						8,496						13,514
Derivative assets
Interest rate			—						547						1						548
Foreign exchange			—						85						—						85
Interest rate and currency			—						2,113						87						2,200
Equity and other			—						—						140						140
Credit and Other derivative contracts			—						32						—						32
Total derivative assets			—						2,777						228						3,005
Total assets at fair value			$	19,521					$	38,187					$	14,752					$	79,158
Borrowings
Structured bonds			$	—					$	5,425					$	—					$	5,425
Unstructured bonds			—						63,152						216						63,368
Total borrowings (outstanding principal balance $74,313) c			—						68,577						216						68,793
Securities sold under repurchase agreements			—						4,547						—						4,547
Derivative liabilities
Interest rate			—						1,710						—						1,710
Foreign exchange			—						615						—						615
Interest rate and currency			—						4,236						30						4,266
Equity and other			—						—						21						21
Credit and Other derivative contracts			—						8						—						8
Total derivative liabilities			—						6,569						51						6,620
Total liabilities at fair value			$	—					$	79,693					$	267					$	79,960
_________
a Includes securities priced at par plus accrued interest, which approximates fair value.
b In accordance with ASC 820, investments that are measured at fair value using net asset value per share have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in condensed consolidated balance sheets.
c Includes discount notes (not under the short-term Discount Note Program), with original maturities greater than one year, with principal due at maturity of $5.3 billion, with a fair value of $1.8 billion as of June 30, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 89

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

The following tables present the changes in the carrying value of IFC’s Level 3 financial assets and financial liabilities for the three and nine months ended March 31, 2026 and March 31, 2025.

Table L9: Carrying value of Level 3 financial assets and financial liabilities
			For the three months ended March 31, 2026
(US$ in millions)			Balance as of January 1, 2026			Net gains (losses) (realized and unrealized) included in						Purchases, issuances, sales, settlements and others			Transfers into Level 3 a			Transfers out of Level 3 b			Balance as of March 31, 2026			Net unrealized gains (losses) included in net income (loss) related to assets / liabilities held at period end			Net unrealized gains (losses) included in OCI related to assets / liabilities held at period end
						Net Income			Other Comprehensive Income
Loans			1,853			(44)			—			(11)			—			—			1,798			(41)			—
Equity investments
Banking and other financial institutions			1,861			20			—			68			—			(17)			1,932			27			—
Funds			213			(19)			—			55			—			—			249			(19)			—
Others			2,180			(52)			—			25			—			(31)			2,122			(62)			—
Total equity investments			4,254			(51)			—			148			—			(48)			4,303			(54)			—
Debt securities
Corporate debt securities			8,204			(200)			(17)			63			1,270			(480)			8,840			(206)			(1)
Preferred shares			162			(8)			—			—			—			—			154			(7)			—
Asset-backed securities			523			(9)			—			174			86			—			774			(9)			—
Total debt securities			8,889			(217)			(17)			237			1,356			(480)			9,768			(222)			(1)
Derivative assets
Interest rate and currency			84			(7)			—			12			—			(3)			86			11			—
Equity and other			68			7			—			—			—			—			75			12			—
Total derivative assets			152			—			—			12			—			(3)			161			23			—
Total assets at fair value			$	15,148		$	(312)		$	(17)		$	386		$	1,356		$	(531)		$	16,030		$	(294)		$	(1)
Borrowings:
Structured bonds (including securitized borrowings)			$	(21)		$	—		$	—		$	—		$	—		$	—		$	(21)		$	—		$	—
Unstructured bonds			(199)			3			(1)			—			—			55			(142)			3			$	(1)
Total borrowings			(220)			3			(1)			—			—			55			(163)			3			(1)
Derivative liabilities
Interest rate and currency			(36)			9			—			(5)			—			3			(29)			(1)			—
Equity and other			(18)			1			—			—			—			—			(17)			1			—
Total derivative liabilities			(54)			10			—			(5)			—			3			(46)			—			—
Total liabilities at fair value			$	(274)		$	13		$	(1)		$	(5)		$	—		$	58		$	(209)		$	3		$	(1)
_________
a Transfers into Level 3 are due to lack of observable market data resulting from a decrease in market activity for these securities as of March 31, 2026.
b Transfers out of Level 3 are due to availability of observable market data resulting from an increase in market activity for these securities that were part of the January 1, 2026 beginning balance as of March 31, 2026.

        

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			INTERNATIONAL FINANCE CORPORATION			Page 90

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L9.1:
			For the nine months ended March 31, 2026
(US$ in millions)			Balance as of July 1, 2025									Net gains (losses) (realized and unrealized) included in						Purchases, issuances, sales, settlements and others			Transfers into Level 3 a			Transfers out of Level 3 b			Balance as of March 31, 2026			Net unrealized gains (losses) included in net income (loss) related to assets / liabilities held at period end			Net unrealized gains (losses) included in OCI related to assets / liabilities held at period end
									Net Income			Other Comprehensive Income
Investments - Trading
Government obligations			$	—								$	4		$	—		$	50		$	—		$	(54)		$	—		$	—		$	—
Total Investments - Trading			—									4			—			50			—			(54)			—			—			—
Loans			1,814									(11)			—			(56)			51			—			1,798			(7)			—
Equity investments:
Banking and other financial institutions			1,908									143			—			137			15			(271)			1,932			31			—
Funds			180									(31)			—			100			—			—			249			(31)			—
Others			2,126									(20)			—			118			—			(102)			2,122			(69)			—
Total equity investments			4,214									92			—			355			15			(373)			4,303			(69)			—
Debt securities:
Corporate debt securities			7,667									(221)			15			610			2,216			(1,447)			8,840			(257)			13
Preferred shares			244									(102)			(1)			13			—			—			154			(71)			(1)
Asset-backed securities			585									(8)			—			245			86			(134)			774			(9)			(1)
Total debt securities			8,496									(331)			14			868			2,302			(1,581)			9,768			(337)			11
Derivative assets:
Interest rate and currency			87									(9)			—			20			—			(12)			86			13			—
Interest rate			1									(1)			—			—			—			—			—			—			—
Equity and other			140									(65)			—			—			—			—			75			(36)			—
Total derivative assets			228									(75)			—			20			—			(12)			161			(23)			—
Total assets at fair value			$	14,752								$	(321)		$	14		$	1,237		$	2,368		$	(2,020)		$	16,030		$	(436)		$	11
Borrowings:
Structured bonds (including securitized borrowings)			$	—								$	1		$	—		$	(22)		$	—		$	—		(21)			$	1		$	—
Unstructured bonds			(216)									3			(1)			(62)			—			134			(142)			3			(1)
Total borrowings			(216)									4			(1)			(84)			—			134			(163)			4			(1)
Derivative liabilities:
Interest rate and currency			(30)									1			—			(9)			—			9			(29)			(9)			—
Equity and other			(21)									4			—			—			—			—			(17)			4			—
Total derivative liabilities			(51)									5			—			(9)			—			9			(46)			(5)			—
Total liabilities at fair value			$	(267)								$	9		$	(1)		$	(93)		$	—		$	143		$	(209)		$	(1)		$	(1)
_________
a Transfers into Level 3 are due to lack of observable market data resulting from a decrease in market activity for these securities as of March 31, 2026.
b Transfers out of Level 3 are due to availability of observable market data resulting from an increase in market activity for these securities that were part of July 1, 2025 beginning balance as of March 31, 2026.

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			INTERNATIONAL FINANCE CORPORATION			Page 91

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L9.2:
			For the three months ended March 31, 2025
(US$ in millions)			Balance as of January 1,2025			Net gains (losses) (realized and unrealized) included in						Purchases, issuances, sales, settlements and others			Transfers into Level 3 a			Transfers out of Level 3 b			Balance as of March 31, 2025			Net unrealized gains (losses) included in net income (loss) related to assets / liabilities held at period end			Net unrealized gains (losses) included in OCI related to assets / liabilities held at period end
						Net Income			Other Comprehensive Income
Investments - Trading
Asset-backed securities			$	—		$	—		$	—		$	39		$	—		$	—		$	39		$	—		$	—
Total Investments - Trading			—			—			—			39			—			—			39			—			—
Loans			1,787			(19)			—			28			—			—			1,796			(16)			—
Equity investments:
Banking and other financial institutions			1,824			(30)			—			(56)			—			—			1,738			(74)			—
Funds			189			(5)			—			48			—			—			232			(5)			—
Others			2,147			(35)			—			(1)			—			—			2,111			(60)			—
Total equity investments			4,160			(70)			—			(9)			—			—			4,081			(139)			—
Debt securities:
Corporate debt securities			7,708			142			9			414			963			(218)			9,018			164			9
Preferred shares			242			17			(2)			40			—			—			297			17			(2)
Asset-backed securities			614			17			—			(38)			86			—			679			17			—
Total debt securities			8,564			176			7			416			1,049			(218)			9,994			198			7
Derivative assets:
Interest rate and currency			129			(13)			—			10			—			(1)			125			(1)			—
Interest rate			1			—			—			—			—			—			1			—			—
Equity and other			110			14			—			9			—			—			133			24			—
Total derivative assets			240			1			—			19			—			(1)			259			23			—
Total assets at fair value			$	14,751		$	88		$	7		$	493		$	1,049		$	(219)		$	16,169		$	66		$	7
Borrowings:
Unstructured bonds			$	(182)		$	5		$	—		$	(27)		$	—		$	4		$	(200)		$	5		$	—
Total borrowings			(182)			5			—			(27)			—			4			(200)			5			—
Derivative liabilities:
Interest rate and currency			(16)			(2)			—			(2)			—			1			(19)			(6)			—
Equity and other			(12)			5			—			(10)			—			—			(17)			(5)			—
Total derivative liabilities			(28)			3			—			(12)			—			1			(36)			(11)			—
Total liabilities at fair value			$	(210)		$	8		$	—		$	(39)		$	—		$	5		$	(236)		$	(6)		$	—
_________
a Transfers into Level 3 are due to lack of observable market data resulting from a decrease in market activity for these securities as of March 31, 2025.
b Transfers out of Level 3 are due to availability of observable market data resulting from an increase in market activity for these securities that were part of January 1, 2025 beginning balance as of March 31, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 92

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L9.3:
			For the nine months ended March 31, 2025
(US$ in millions)			Balance July 1, 2024			Net gains (losses) (realized and unrealized) included in						Purchases, issuances, sales, settlements and others			Transfers into Level 3 a			Transfers out of Level 3 b			Balance March 31, 2025			Net unrealized gains (losses) included in net income (loss) related to assets / liabilities held at period end			Net unrealized gains (losses) included in OCI related to assets / liabilities held at period end
						Net Income			Other Comprehensive Income
Investments - Trading
Asset-backed securities			$	—		$	—		$	—		$	64		$	—		$	(25)		$	39		$	—		$	—
Government obligations			—			1			—			132			—			(133)			—			—			—
Total Investments - Trading			—			1			—			196			—			(158)			39			—			—
Loans			1,671			1			—			124			—			—			1,796			5			—
Equity investments:
Banking and other financial institutions			1,875			(26)			—			(71)			—			(40)			1,738			(125)			—
Funds			210			(9)			—			31			—			—			232			(9)			—
Others			2,266			(111)			—			(62)			21			(3)			2,111			(208)			—
Total equity investments			4,351			(146)			—			(102)			21			(43)			4,081			(342)			—
Debt securities:
Corporate debt securities			7,170			34			39			1,571			1,418			(1,214)			9,018			76			(1)
Preferred shares			238			18			(2)			43			—			—			297			18			(2)
Asset-backed securities			802			(9)			—			(101)			92			(105)			679			(11)			(1)
Total debt securities			8,210			43			37			1,513			1,510			(1,319)			9,994			83			(4)
Derivative assets:
Interest rate and currency			120			(22)			—			30			—			(3)			125			12			—
Interest rate			—			1			—			—			—			—			1			—			—
Equity and other			96			37			—			—			—			—			133			44			—
Total derivative assets			216			16			—			30			—			(3)			259			56			—
Total assets at fair value			$	14,448		$	(85)		$	37		$	1,761		$	1,531		$	(1,523)		$	16,169		$	(198)		$	(4)
Borrowings:
Unstructured bonds			$	(83)		$	9		$	1		$	(146)		$	—		$	19		$	(200)		$	9		$	1
Total borrowings			(83)			9			1			(146)			—			19			(200)			9			1
Derivative liabilities:
Interest rate and currency			(7)			(7)			—			(8)			—			3			(19)			(15)			—
Equity and other			(10)			(7)			—			—			—			—			(17)			(7)			—
Total derivative liabilities			(17)			(14)			—			(8)			—			3			(36)			(22)			—
Total liabilities at fair value			$	(100)		$	(5)		$	1		$	(154)		$	—		$	22		$	(236)		$	(13)		$	1
_________
a Transfers into Level 3 are due to lack of observable market data resulting from a decrease in market activity for these securities as of March 31, 2025.
b Transfers out of Level 3 are due to availability of observable market data resulting from an increase in market activity for these securities that were part of July 1, 2024 beginning balance as of March 31, 2025.

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			INTERNATIONAL FINANCE CORPORATION			Page 93

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

The following tables present gross purchases, sales, issuances and settlements related to the changes in the carrying value of IFC’s Level 3 financial assets and financial liabilities for the three and nine months ended March 31, 2026 and March 31, 2025.

Table L10: Gross purchases, sales, issuances and settlements- Level 3 financial assets and financial liabilities
			For the three months ended March 31, 2026
(US$ in millions)			Purchases						Sales						Issuances						Settlements and others						Net
Loans			$	—					$	—					$	9					$	(20)					$	(11)
Equity investments
Banking and other financial institutions			—						(8)						—						76						68
Funds			124						(1)						—						(68)						55
Others			135						(96)						—						(14)						25
Total equity investments			259						(105)						—						(6)						148
Debt securities
Corporate debt securities			491						—						—						(428)						63
Preferred shares			—						—						—						—						—
Asset-backed securities			200						—						—						(26)						174
Total debt securities			691						—						—						(454)						237
Derivative assets
Interest rate and currency			—						—						13						(1)						12
Total derivative assets			—						—						13						(1)						12
Total assets at fair value			$	950					$	(105)					$	22					$	(481)					$	386
Derivative liabilities
Interest rate and currency			$	—					$	—					$	(4)					$	(1)					$	(5)
Total derivative liabilities			—						—						(4)						(1)						(5)
Total liabilities at fair value			$	—					$	—					$	(4)					$	(1)					$	(5)

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			INTERNATIONAL FINANCE CORPORATION			Page 94

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L10.1:
			For the nine months ended March 31, 2026
(US$ in millions)			Purchases						Sales						Issuances						Settlements and others						Net
Trading securities:
Government obligations			$	50					$	—					$	—					$	—					$	50
Total trading securities			50						—						—						—						50
Loans			—						—						87						(143)						(56)
Equity investments:
Banking and other financial institutions			307						(232)						—						62						137
Funds			382						(6)						—						(276)						100
Others			378						(247)						—						(13)						118
Total equity investments			1,067						(485)						—						(227)						355
Debt securities:
Corporate debt securities			1,979						(2)						—						(1,367)						610
Preferred shares			15						(3)						—						1						13
Asset-backed securities			347						—						—						(102)						245
Total debt securities			2,341						(5)						—						(1,468)						868
Derivative assets:
Interest rate and currency			—						—						22						(2)						20
Total derivative assets			—						—						22						(2)						20
Total assets at fair value			$	3,458					$	(490)					$	109					$	(1,840)					$	1,237
Borrowings:
Securitized borrowings			$	—					$	—					$	(22)					$	—					$	(22)
Unstructured Bonds			—						—						(62)						—						(62)
Total Borrowings			—						—						(84)						—						(84)
Derivative liabilities:
Interest rate and currency			—						—						(7)						(2)						(9)
Total derivative liabilities			—						—						(7)						(2)						(9)
Total liabilities at fair value			$	—					$	—					$	(91)					$	(2)					$	(93)

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			INTERNATIONAL FINANCE CORPORATION			Page 95

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L10.2:
			For the three months ended March 31, 2025
(US$ in millions)			Purchases						Sales						Issuances						Settlements and others						Net
Investments - Trading
Asset-backed securities			$	39					$	—					$	—					$	—					$	39
Total Investments - Trading			39						—						—						—						39
Loans			$	—					$	(1)					$	69					$	(39)					$	29
Equity investments
Banking and other financial institutions			18						(76)						—						2						(56)
Funds			86						(1)						—						(37)						48
Others			107						(46)						—						(62)						(1)
Total equity investments			211						(123)						—						(97)						(9)
Debt securities
Corporate debt securities			698						—						—						(284)						414
Preferred shares			37						—						—						3						40
Asset-backed securities			—						—						—						(38)						(38)
Total debt securities			735						—						—						(319)						416
Derivative assets
Interest rate and currency			—						—						11						(1)						10
Equity and other			—						—						—						9						9
Total derivative assets			—						—						11						8						19
Total assets at fair value			$	985					$	(124)					$	80					$	(447)					$	494
Borrowings:
Unstructured Bonds			$	—					$	—					$	(27)					$	—					$	(27)
Total Borrowings			—						—						(27)						—						(27)
Derivative liabilities
Interest rate and currency			—						—						(1)						(1)						(2)
Equity and other			—						—						—						(10)						(10)
Total derivative liabilities			—						—						(1)						(11)						(12)
Total liabilities at fair value			$	—					$	—					$	(28)					$	(11)					$	(39)

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			INTERNATIONAL FINANCE CORPORATION			Page 96

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE L – FAIR VALUE MEASUREMENTS (continued)

Table L10.3:
			For the nine months ended March 31, 2025
(US$ in millions)			Purchases						Sales						Issuances						Settlements and others						Net
Trading securities:
Asset-backed securities			$	64					$	—					$	—					$	—					$	64
Government and agency obligations			132						—						—						—						132
Total trading securities			196						—						—						—						196
Loans			—						(21)						242						(96)						125
Equity investments:
Banking and other financial institutions			212						(283)						—						—						(71)
Funds			170						(2)						—						(137)						31
Others			291						(202)						—						(151)						(62)
Total equity investments			673						(487)						—						(288)						(102)
Debt securities:
Corporate debt securities			2,527						(19)						—						(937)						1,571
Preferred shares			40						—						—						3						43
Asset-backed securities			61						—						—						(162)						(101)
Total debt securities			2,628						(19)						—						(1,096)						1,513
Derivative assets:
Interest rate and currency			—						—						26						4						30
Total derivative assets			—						—						26						4						30
Total assets at fair value			$	3,497					$	(527)					$	268					$	(1,476)					$	1,762
Borrowings:
Unstructured Bonds			$	—					$	—					$	(146)					$	—					$	(146)
Total Borrowings			—						—						(146)						—						(146)
Derivative liabilities:
Interest rate and currency			—						—						(12)						4						(8)
Total derivative liabilities			—						—						(12)						4						(8)
Total liabilities at fair value			$	—					$	—					$	(158)					$	4					$	(154)

The following table summarizes the line items on the condensed consolidated statements of operations where gains and losses are reported by major types of financial assets and financial liabilities:

Table L11: Gains and losses reflected in the condensed consolidated statements of operations
Instruments			Line item on the condensed consolidated statements of operations
Investments - Trading			Income from liquid asset trading activities
Loans			Income from Loans and guarantees including realized gains and losses on loans and associated derivatives
Equity investments			Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives
Debt securities			Income from debt securities and realized gains and losses on debt securities and associated derivatives
Loans, debt securities, borrowings and related derivatives			Net unrealized gains and losses on loans, debt securities, borrowings and related derivatives

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			INTERNATIONAL FINANCE CORPORATION			Page 97

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE M – SEGMENT REPORTING

The President is the Chief Operating Decision Maker (CODM), who regularly reviews operational performance and financial measures of IFC to assess performance and allocate resources.

IFC’s business comprises three segments: investment services, treasury services, and upstream and advisory services. The investment services segment consists primarily of lending and investing in debt (loans and debt securities) and equity securities. Operationally, the treasury services segment consists of the borrowing, liquid asset management, asset and liability management and client risk management activities. Upstream and advisory services includes providing advisory services to government and private sector clients to create markets and mobilize private capital, and engages in early stage project development activities to develop bankable investment projects. Consistent with internal reporting, net income or expense from asset and liability management and client risk management activities in support of investment services is allocated from the treasury segment to the investment services segment.

IFC’s management reporting system and policies are used to determine revenues and expenses attributable to each segment. Consistent with internal reporting, administrative expenses are allocated to each segment based largely upon personnel costs and segment headcounts. Transactions between segments are immaterial and, thus, are not a factor in reconciling to the consolidated data.

The assets of the investment, treasury, and upstream and advisory services segments are detailed in Notes D and C respectively. An analysis of IFC’s major components of income and expense by business segment for the three and nine months ended March 31, 2026 and March 31, 2025, is provided below:

Table M1: Income and expense by business segment
			For the three months ended March 31, 2026
(US$ in millions)			Investment services						Treasury services						Upstream and Advisory services						Total
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives			$	762					$	—					$	—					$	762
Provision for losses on loans, off-balance-sheet credit exposures and other receivables			(50)						—						—						(50)
Loss from equity investments, including realized and unrealized gains and losses on equity and associated derivatives			(41)						—						—						(41)
Income from debt securities, including realized gains and losses on debt securities and associated derivatives			207						—						—						207
Provision for losses on available-for-sale debt securities			(2)						—						—						(2)
Income from liquid asset trading activities			—						386						—						386
Charges on borrowings			(535)						(321)						—						(856)
Upstream and advisory services income			—						—						64						64
Service fees and other income			58						—						—						58
Administrative expenses			(368)						(2)						(34)						(404)
Upstream and advisory services expenses			—						—						(83)						(83)
Other, net			7						(1)						6						12
Foreign currency transaction gains on non-trading activities			16						—						—						16
Income (loss) before net unrealized gains and losses on loans, debt securities, borrowings and related derivatives			54						62						(47)						69
Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives			(224)						109						—						(115)
Net (loss) income			$	(170)					$	171					$	(47)					$	(46)

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			INTERNATIONAL FINANCE CORPORATION			Page 98

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE M – SEGMENT REPORTING (continued)

Table M1.1:
			For the nine months ended March 31, 2026
(US$ in millions)			Investment services						Treasury services						Upstream and Advisory services						Total
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives			$	2,460					$	—					$	—					$	2,460
Provision for losses on loans, off-balance-sheet credit exposures and other receivables			(173)						—						—						(173)
Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives			746						—						—						746
Income from debt securities, including realized gains and losses on debt securities and associated derivatives			611						—						—						611
Release of provision for losses on available-for-sale debt securities			9						—						—						9
Income from liquid asset trading activities			—						1,563						—						1,563
Charges on borrowings			(1,700)						(1,022)						—						(2,722)
Upstream and advisory services income			—						—						180						180
Service fees and other income			223						—						—						223
Administrative expenses			(1,097)						(26)						(104)						(1,227)
Upstream and advisory services expenses			—						—						(250)						(250)
Other, net			18						2						14						34
Foreign currency transaction losses on non-trading activities			(55)						—						—						(55)
Income (loss) before net unrealized gains and losses on loans, debt securities, borrowings and related derivatives			1,042						517						(160)						1,399
Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives			(152)						166						—						14
Net income (loss)			$	890					$	683					$	(160)					$	1,413

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			INTERNATIONAL FINANCE CORPORATION			Page 99

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE M – SEGMENT REPORTING (continued)

Table M1.2:
			For the three months ended March 31, 2025
(US$ in millions)			Investment services						Treasury services						Upstream and Advisory services						Total
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives			$	823					$	—					$	—					$	823
Provision for losses on loans, off-balance-sheet credit exposures and other receivables			(30)						—						—						(30)
Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives			6						—						—						6
Income from debt securities, including realized gains and losses on debt securities and associated derivatives			196						—						—						196
Release of provision for losses on available-for-sale debt securities			2						—						—						2
Income from liquid asset trading activities			—						596						—						596
Charges on borrowings			(558)						(301)						—						(859)
Upstream and advisory services income			—						—						60						60
Service fees and other income			97						—						—						97
Administrative expenses			(370)						(13)						(36)						(419)
Upstream and advisory services expenses			—						—						(90)						(90)
Other, net			2						—						2						4
Foreign currency transaction gains on non-trading activities			1						—						—						1
Income (loss) before net unrealized gains and losses on loans, debt securities, borrowings and related derivatives			169						282						(64)						387
Net unrealized losses on loans, debt securities, borrowings and related derivatives			(84)						(73)						—						(157)
Net income (loss)			$	85					$	209					$	(64)					$	230

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			INTERNATIONAL FINANCE CORPORATION			Page 100

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE M – SEGMENT REPORTING (continued)

Table M1.3:
			For the nine months ended March 31, 2025
(US$ in millions)			Investment services						Treasury services						Upstream and Advisory services						Total
Income from loans and guarantees, including realized gains and losses on loans and associated derivatives			$	2,543					$	—					$	—					$	2,543
Provision for losses on loans, off-balance-sheet credit exposures and other receivables			(103)						—						—						(103)
Income from equity investments, including realized and unrealized gains and losses on equity and associated derivatives			141						—						—						141
Income from debt securities, including realized gains and losses on debt securities and associated derivatives			611						—						—						611
Release of provision for losses on available-for-sale debt securities			5						—						—						5
Income from liquid asset trading activities			—						1,739						—						1,739
Charges on borrowings			(1,753)						(944)						—						(2,697)
Upstream and advisory services income			—						—						182						182
Service fees and other income			215						—						—						215
Administrative expenses			(1,013)						(37)						(121)						(1,171)
Upstream and advisory services expenses			—						—						(247)						(247)
Other, net			11						1						5						17
Foreign currency transaction losses on non-trading activities			(20)						—						—						(20)
Income (loss) before net unrealized gains and losses on loans, debt securities, borrowings and related derivatives			637						759						(181)						1,215
Net unrealized (losses) gains on loans, debt securities, borrowings and related derivatives			(205)						348						—						143
Net income (loss)			$	432					$	1,107					$	(181)					$	1,358

Upstream and advisory segment

IFC continues to address increasingly complex development challenges and is enhancing its creating markets strategy by undertaking both Upstream and Advisory activities. Specifically, IFC provides advisory services to government and private sector clients to create markets and mobilize private capital, and engages in early stage project development activities to develop bankable investment projects. IFC also works in collaboration with the IBRD and IDA to provide policy advice and develop activities that help create markets and support future transactions in multiple industries, especially in IDA eligible member countries and FCS. IFC funds this business line by a combination of cash received from IFC shareholders’ development agencies and other development partners, IFC’s operations via retained earnings and operating budget allocations, as well as fees received from the recipients of the services.

As of March 31, 2026, undisbursed donor funds of $508 million ($519 million – June 30, 2025) were included in other assets. As the undisbursed donor funds are refundable, a corresponding liability is recorded in other liabilities. IFC’s advisory services funding of $282 million ($315 million – June 30, 2025) was included in other assets.

Upstream and advisory service expenses include $50 million and $153 million sourced from government and other development partners, respectively for the three and nine months ended March 31, 2026 ($48 million and $157 million – for the three and nine months ended March 31, 2025). The funds received from government and other development partners were also recognized as advisory services income in IFC’s condensed consolidated statements of operations.

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			INTERNATIONAL FINANCE CORPORATION			Page 101

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE N – VARIABLE INTEREST ENTITIES

Non-Consolidated VIEs

IFC has identified investments in 254 VIEs which are not consolidated by IFC but in which it is deemed to hold significant variable interests as of March 31, 2026 (238 investments – June 30, 2025). The majority of these VIEs do not involve securitizations or other types of structured financing. IFC is usually the minority investor in these VIEs. These VIEs are mainly: (a) investment funds, where the general partner or fund manager does not have substantive equity at risk, which IFC does not consolidate because it does not have the power to direct the activities of the VIEs that most significantly impact their economic performance and (b) entities whose total equity investment is considered insufficient to permit such entity to finance its activities without additional subordinated financial support or whose activities are so narrowly defined by contracts that equity investors are considered to lack decision making ability, which IFC does not consolidate because it does not have the power to control the activities that most significantly impact their economic performance. IFC’s involvement with these VIEs includes investments in equity interests and senior or subordinated interests, guarantees and risk management arrangements.

IFC’s maximum exposure to loss as a result of its investments in these VIEs was $6.6 billion as of March 31, 2026 ($6.9 billion – June 30, 2025). IFC’s maximum exposure to loss is based on the unlikely event that all of the assets in the VIEs become worthless and incorporates not only potential losses associated with assets recorded on IFC’s condensed consolidated balance sheets (maximum funded exposure) but also potential losses associated with undisbursed commitments (maximum unfunded exposure). The maximum funded exposure represents the balance sheet carrying value of IFC’s investment in the VIE and reflects the initial amount of cash invested in the VIE, adjusted for principal payments received, increases or declines in fair value and any impairment in value recognized in earnings. The maximum exposure of unfunded positions represents the remaining committed but not disbursed amount.

The carrying values and the maximum exposure of IFC’s investment in these VIEs as of March 31, 2026 and June 30, 2025 are as follows:

Table N1: Carrying values and the maximum exposure of IFC’s investment in nonconsolidated VIEs
Nonconsolidated VIEs			March 31, 2026												June 30, 2025
(US$ in millions)			Carrying Value						Maximum Exposure						Carrying Value						Maximum Exposure
Assets
Investments
Loans a			$	1,074					$	1,244					$	1,015					$	1,091
Equity Investments			2,494						3,746						2,829						3,964
Debt Securities			1,550						1,584						1,658						1,838
Derivative Assets b			1						1						1						1
Total Assets			$	5,119					$	6,575					$	5,503					$	6,894
Liabilities
Derivative Liabilities b			$	(52)					$	(52)					$	(51)					$	(51)
Other Off-Balance-Sheet Arrangements
Guarantees			Not Applicable						$	28					Not Applicable						$	38
_________

a The presented carrying value of the loans does not include the associated loan loss reserve of $68 million and $48 million as of March 31, 2026 and June 30, 2025, respectively.

b Represents Client Risk Management arrangements.

Consolidated VIEs

Starting fiscal year 2026, IFC securitizes originated loans from companies in emerging markets through the special purpose vehicles or VIEs to generate funding and transfers a portion of the associated economic risk to third-party investors. IFC’s continuing involvement in the securitization transaction includes servicing the underlying loans and retaining interests in the mezzanine and junior tranches. The principal risks associated with this ongoing involvement relate to the performance of the underlying loans, IFC’s position within the capital structure of the securitization vehicle, and prevailing market yields on the securities. Creditors of the VIEs have legal recourse only to the VIEs’ assets and not IFC’s general credit. The VIEs’ assets, primarily loans, are restricted from being sold or pledged as collateral, with their cash flows solely servicing the non-recourse liabilities. IFC has controlling financial interest in the VIEs due to (1) the power to direct the activities of the VIEs through servicing and the right to direct redemption of the securities under certain circumstances, and (2) the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIE. As the primary beneficiary, IFC consolidates the assets and liabilities of these VIEs.

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			INTERNATIONAL FINANCE CORPORATION			Page 102

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE N – VARIABLE INTEREST ENTITIES (continued)

The table summarizes consolidated VIE’s assets and liabilities on IFC’s condensed consolidated balance sheets as of March 31, 2026, excluding intercompany balances which are eliminated during consolidation.

Table N2: Carrying values of IFC’s investment in consolidated VIEs
(US$ in millions)									March 31, 2026
Assets
Cash and due from banks									$	13
Loans at amortized cost									445
Less: Reserve against losses on loans									(12)
Loans at amortized cost less reserve against losses									433
Loans accounted for at fair value under the Fair Value Option									8
Other receivables									7
Total Assets									$	461
Liabilities
Securitized borrowings									$	301
Payables and Other Liabilities									2
Total Liabilities									$	303

Separately, IFC is the primary beneficiary of a VIE for the building and the land at 2100 K Street. The building and land, with a combined value of $101 million as of March 31, 2026 ($104 million – June 30, 2025), are reported under “Receivables and other assets” on IFC's condensed consolidated balance sheets.

NOTE O – PENSION AND OTHER POSTRETIREMENT BENEFITS

IBRD, IFC and MIGA participate in the defined benefit Staff Retirement Plan (SRP), a Retired Staff Benefits Plan (RSBP) and a Post-Employment Benefits Plan (PEBP) (collectively “the Pension Plans”) that cover all WBG employees, retirees and their beneficiaries. The SRP provides pension benefits and includes a cash balance plan. The RSBP provides certain health and life insurance benefits to eligible retirees. The PEBP provides certain pension benefits administered outside the SRP.

IFC uses a June 30th measurement date for its pension and other post-retirement benefit plans. All costs, assets, and liabilities associated with the Pension Plans are allocated among IBRD, IFC, and MIGA based upon their employees’ respective participation in the Pension Plans. IDA, IFC, and MIGA reimburse IBRD for their proportionate share of any contributions made to the Plans by IBRD. Contributions to the Pension Plans are calculated as a percentage of salary.

The following table summarizes the benefit costs associated with the SRP, RSBP, and PEBP allocated to IFC for the three and nine months ended March 31, 2026 and March 31, 2025. For the three and nine months ended March 31, 2026 and March 31, 2025, the service costs of $47 million, and $141 million ($52 million and $156 million) are included in “Administrative expenses”, respectively. The components of net periodic pension cost, other than the service cost component, are included in “Other, net” in the condensed consolidated statements of operations.

Table O1: Net periodic pension Cost - SRP, RSBP & PEBP
			For the three months ended March 31,
			2026																								2025
(US$ in millions)			SRP						RSBP						PEBP						Total						SRP						RSBP						PEBP						Total
Pension Plan Benefit costs
Service cost			$	34					$	6					$	7					$	47					$	38					$	8					$	6					$	52
Other components
Interest cost			74						8						10						92						72						10						10						92
Expected return on plan assets			(80)						(16)						—						(96)						(80)						(15)						—						(95)
Amortization of unrecognized prior service cost			—						(1)						—						(1)						—						—						1						1
Amortization of net unrecognized actuarial gains			(8)						(7)						—						(15)						—						(4)						—						(4)
Sub total			(14)						(16)						10						(20)						(8)						(9)						11						(6)
Net periodic pension cost			$	20					$	(10)					$	17					$	27					$	30					$	(1)					$	17					$	46

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			INTERNATIONAL FINANCE CORPORATION			Page 103

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note O – PENSION AND OTHER POSTRETIREMENT BENEFITS (continued)

Table O1.1:
			For the nine months ended March 31,
			2026																								2025
(US$ in millions)			SRP						RSBP						PEBP						Total						SRP						RSBP						PEBP						Total
Pension Plan Benefit costs
Service cost			$	103					$	18					$	20					$	141					$	111					$	25					$	20					$	156
Other components
Interest cost			222						26						30						278						217						31						29						277
Expected return on plan assets			(242)						(49)						—						(291)						(239)						(47)						—						(286)
Amortization of unrecognized prior service cost			—						—						—						—						—						—						2						2
Amortization of net unrecognized actuarial gains			(23)						(22)						(1)						(46)						—						(11)						—						(11)
Sub total			(43)						(45)						29						(59)						(22)						(27)						31						(18)
Net periodic pension cost			$	60					$	(27)					$	49					$	82					$	89					$	(2)					$	51					$	138

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			INTERNATIONAL FINANCE CORPORATION			Page 104

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE P – OFFSETTING ASSETS AND LIABILITIES

IFC does not present derivative assets and liabilities or amounts due or owed under resale, repurchase and securities lending transactions related to contracts entered into with the same counterparty under a legally enforceable netting agreement on a net basis on its condensed consolidated balance sheets. The following table provides the gross and net positions of IFC’s derivative contracts, resale, repurchase and securities lending agreements considering amounts and collateral held or pledged in accordance with enforceable counterparty credit support and netting agreements described below. The gross and net positions include derivative assets of $173 million and derivative liabilities of $347 million as of March 31, 2026, related to derivative contracts that are not subject to counterparty credit support or netting agreements. Collateral amounts are included only to the extent of the related net derivative fair values or net resale, repurchase and securities lending agreements amounts.

Table P1: Gross a and net positions of derivative contracts
			March 31, 2026
			Gross amount presented in the condensed consolidated balance sheets						Amounts subject to legally enforceable master netting agreements						Collateral received/pledged						Net amount
(US$ in millions)
Derivative assets			$	4,575		a			$	2,412					$	410					$	1,753
Resale agreements			—						—						—						—
Total assets			$	4,575					$	2,412					$	410					$	1,753
Derivative liabilities			$	7,673		a			$	2,412					$	3,239					$	2,022
Repurchase and securities lending agreements			4,946						—						4,925						21
Total liabilities			$	12,619					$	2,412					$	8,164					$	2,043

    

Table P1.1:
			June 30, 2025
			Gross amount presented in the condensed consolidated balance sheets						Amounts subject to legally enforceable master netting agreements						Collateral received/pledged						Net amount
(US$ in millions)
Derivative assets			$	4,702		a			$	2,828					$	310		b			$	1,564
Resale agreements			946						204						742						—
Total assets			$	5,648					$	3,032					$	1,052					$	1,564
Derivative liabilities			$	7,901		a			$	2,828					$	3,288					$	1,785
Repurchase and securities lending agreements			4,586						204						4,382						—
Total liabilities			$	12,487					$	3,032					$	7,670					$	1,785
_________
a Gross amount presented herein comprises of derivatives and accrued interest income/expenses. Accrued income of $1,805 million ($1,697 million - June 30, 2025) is reported in “receivables and other assets” and accrued expenses of $1,548 million ($1,281 million - June 30, 2025) are reported “payables and other liabilities” in IFC’s condensed consolidated balance sheets.
b Includes cash collateral only as of June 30, 2025.

IFC’s derivative contracts with market counterparties are entered into under standardized master agreements published by the International Swaps and Derivatives Association (ISDA). ISDA Agreements provide for a single lump sum settlement amount upon the early termination of transactions following a default or termination event whereby amounts payable by the non-defaulting party to the other party may be applied to reduce any amounts that the other party owes the non-defaulting party. This setoff effectively reduces any amount payable by the non-defaulting party to the defaulting party.

IFC’s ISDA Agreements are appended by a Credit Support Annex (CSA) that provides for the receipt or posting of collateral in the form of cash, U.S. Treasury securities or U.K. gilts to reduce mark-to-market exposure among derivative market counterparties. Cash collateral received is recorded as an asset with a corresponding liability for the obligation to return it. For cash collateral posted, a corresponding receivable is recorded on IFC’s condensed consolidated balance sheets. Securities received as collateral are not recognized on IFC’s condensed consolidated balance sheets, while securities posted as collateral remain on the balance sheets and are disclosed as securities pledged.

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			INTERNATIONAL FINANCE CORPORATION			Page 105

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE P – OFFSETTING ASSETS AND LIABILITIES (continued)

In accordance with the CSAs, IFC may rehypothecate securities received as collateral, subject to the obligation to return such collateral and any related distributions received. In the event of a counterparty default, IFC may exercise certain rights and remedies, including the right to set off any amounts payable by the counterparty against any collateral held by IFC and the right to liquidate any collateral held. As of March 31, 2026 and June 30, 2025, no collateral received was rehypothecated under securities lending agreements.

The table below summarizes IFC's collateral pledged and received under CSAs as of March 31, 2026, and June 30, 2025:

Table P2: Collateral pledged and received under CSA
(US$ in millions)			March 31, 2026			June 30, 2025
Cash collateral received			$	427		$	346
Cash collateral pledged			1,827			1,263
Trading securities pledged (fair value)			1,705			2,126

Under certain CSA’s IFC is not required to pledge collateral unless its credit rating is downgraded from its current AAA/Aaa. The aggregate fair value of derivatives containing such a credit risk-linked contingent feature in a net liability position was $5 million as of March 31, 2026 ($93 million – June 30, 2025). As of March 31, 2026, IFC had no collateral posted under these agreements. If IFC’s credit rating were to be downgraded from its current AAA/Aaa to AA+/Aa1 or below, then collateral in the amount of $4 million would be required to be posted against net liability positions with counterparties as of March 31, 2026 ($48 million – June 30, 2025).

IFC’s resale, repurchase and securities lending transactions are entered into with counterparties under industry standard master netting agreements which generally provide the right to offset amounts owed one another with respect to multiple transactions under such master netting agreement and to liquidate the purchased or borrowed securities in the event of counterparty default. The estimated fair value of all securities received and held as collateral under these master netting agreements by IFC was $0 as of March 31, 2026 ($946 million – June 30, 2025).

The following table presents an analysis of IFC’s repurchase agreements by (1) class of collateral pledged and (2) their remaining contractual maturity as of March 31, 2026 and June 30, 2025:

Table P3: Repurchase agreements - Categorized by remaining contractual maturity
			Remaining Contractual Maturity of the Agreements – March 31, 2026
(US$ in millions)			Overnight and Continuous						Up to 30 days						30-90 days						Greater than 90 days						Total
Repurchase agreements
U.S. Treasury securities			$	—					$	1,470					$	2,945					$	531					$	4,946
Total Repurchase agreements			$	—					$	1,470					$	2,945					$	531					$	4,946
			Plus: cash collateral payable																								427
			Less: accrued interest on cash collateral and repos, net.																								(32)
Securities sold under repurchase agreements and payable for cash collateral received																											$	5,341

Table P3.1:
			Remaining Contractual Maturity of the Agreements – June 30, 2025
(US$ in millions)			Overnight and Continuous						Up to 30 days						30-90 days						Greater than 90 days						Total
Repurchase agreements
U.S. Treasury securities			$	—					$	995					$	1,764					$	1,827					$	4,586
Total Repurchase agreements			$	—					$	995					$	1,764					$	1,827					$	4,586
			Plus: cash collateral payable																								346
			Less: accrued interest on cash collateral and repos, net.																								(39)
Securities sold under repurchase agreements and payable for cash collateral received																											$	4,893

As of both March 31, 2026 and June 30, 2025, IFC has no repurchase-to-maturity transactions nor securities lending transactions outstanding.

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			INTERNATIONAL FINANCE CORPORATION			Page 106

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE Q – CONTINGENCIES

From time to time, IFC may be named as a defendant or co-defendant in legal actions on different grounds in various jurisdictions. The outcome of any existing legal action, in which IFC has been named as a defendant or co-defendant, as of and for the nine months ended March 31, 2026, is not expected to have a material adverse effect on IFC's financial position, results of operations or cash flows.

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			INTERNATIONAL FINANCE CORPORATION			Page 107

Reporting to SEC on New and Matured Borrowings

Quarter Ending Date
September 30, 2025
New Medium and Long-Term Market Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_10XXXXX			AUD			300,000,000			195,690,000			4.50			18-Jul-25
			26_14XXXXX			AUD			200,000,000			130,210,000			4.90			22-Jul-25
			26_18XXXXX			AUD			125,000,000			81,381,250			4.90			22-Jul-25
			26_25XXXXX			AUD			100,000,000			65,105,000			4.90			29-Jul-25
			26_27XXXXX			AUD			100,000,000			64,910,000			4.60			30-Jul-25
			26_43XXXXX			AUD			30,000,000			19,969,500			5.05			15-Sep-25
			26_44XXXXX			AUD			20,000,000			13,341,000			5.05			17-Sep-25
			26_55XXXXX			AUD			100,000,000			65,630,000			4.50			29-Sep-25
						Sum Of Notional			975,000,000			636,236,750
			26_20XXXXX			AZN			17,000,000			10,000,000			8.00			23-Jul-25
			26_39XXXXX			AZN			10,000,000			5,882,353			7.80			08-Sep-25
						Sum Of Notional			27,000,000			15,882,353
			26_01XXXXX			BRL			75,000,000			13,766,267			10.75			09-Jul-25
			26_06XXXXX			BRL			150,000,000			26,840,354			11.50			15-Jul-25
			26_11XXXXX			BRL			200,000,000			36,041,556			11.75			18-Jul-25
			26_17XXXXX			BRL			100,000,000			17,919,541			11.50			21-Jul-25
			26_19XXXXX			BRL			150,000,000			26,954,420			12.75			23-Jul-25
			26_32XXXXX			BRL			50,000,000			9,149,382			—			22-Aug-25
			26_34XXXXX			BRL			75,000,000			13,807,831			11.50			27-Aug-25
			26_45XXXXX			BRL			150,000,000			28,327,809			—			17-Sep-25
			26_47XXXXX			BRL			75,000,000			14,163,905			11.50			17-Sep-25
			26_51XXXXX			BRL			250,000,000			47,326,525			11.50			24-Sep-25
						Sum Of Notional			1,275,000,000			234,297,590
			26_07XXXXX			CHF			115,000,000			142,662,201			0.76			07-Aug-25
						Sum Of Notional			115,000,000			142,662,201
			26_29XXXXX			COP			75,000,000,000			18,633,540			10.00			12-Aug-25
			26_46XXXXX			COP			120,000,000,000			30,951,767			8.25			18-Sep-25
						Sum Of Notional			195,000,000,000			49,585,307
			26_05XXXXX			GBP			650,000,000			874,640,000			4.00			15-Jul-25
			26_26XXXXX			GBP			80,000,000			106,812,000			4.00			29-Jul-25
			26_40XXXXX			GBP			50,000,000			67,887,500			4.00			09-Sep-25
			26_48XXXXX			GBP			50,000,000			68,252,500			4.00			18-Sep-25
			26_53XXXXX			GBP			25,000,000			33,363,750			4.00			26-Sep-25
						Sum Of Notional			855,000,000			1,150,955,750
			26_502XXXX			GEL			40,000,000			14,713,997			8.16			17-Sep-25
						Sum Of Notional			40,000,000			14,713,997
			26_28XXXXX			HKD			300,000,000			38,216,804			2.69			01-Aug-25
			26_52XXXXX			HKD			200,000,000			25,707,932			2.86			26-Sep-25
						Sum Of Notional			500,000,000			63,924,736
			26_04XXXXX			KRW			8,600,000,000			6,257,367			2.01			11-Jul-25
						Sum Of Notional			8,600,000,000			6,257,367

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			INTERNATIONAL FINANCE CORPORATION			Page 108

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_35XXXXX			KZT			12,500,000,000			23,144,077			15.00			02-Sep-25
						Sum Of Notional			12,500,000,000			23,144,077
			26_503YYYY			MNT			105,000,000,000			29,190,992			10.25			29-Sep-25
						Sum Of Notional			105,000,000,000			29,190,992
			26_41XXXXX			PEN			50,000,000			14,368,848			—			11-Sep-25
						Sum Of Notional			50,000,000			14,368,848
			25_505XXXX			RON			253,200,000			59,019,603			7.29			03-Jul-25
			26_15XXXXX			RON			35,500,000			8,193,222			6.25			22-Jul-25
			26_30XXXXX			RON			54,075,000			12,484,704			6.96			18-Aug-25
						Sum Of Notional			342,775,000			79,697,529
			26_501XXXX			RWF			24,000,000,000			16,608,997			10.50			15-Jul-25
						Sum Of Notional			24,000,000,000			16,608,997
			26_02XXXXX			USD			390,000,000			390,000,000			4.62			10-Jul-25
			26_03XXXXX			USD			15,000,000			15,000,000			5.32			11-Jul-25
			26_08XXXXX			USD			45,000,000			45,000,000			3.90			17-Jul-25
			26_09XXXXX			USD			250,000,000			250,000,000			4.62			17-Jul-25
			26_12XXXXX			USD			100,000,000			100,000,000			4.33			21-Jul-25
			26_13XXXXX			USD			50,000,000			50,000,000			4.92			23-Jul-25
			26_16XXXXX			USD			30,000,000			30,000,000			4.91			23-Jul-25
			26_21XXXXX			USD			125,000,000			125,000,000			4.62			24-Jul-25
			26_22XXXXX			USD			20,000,000			20,000,000			4.92			25-Jul-25
			26_23XXXXX			USD			20,000,000			20,000,000			4.90			28-Jul-25
			26_24XXXXX			USD			20,000,000			20,000,000			4.90			30-Jul-25
			26_31XXXXX			USD			30,000,000			30,000,000			5.02			22-Aug-25
			26_36XXXXX			USD			15,000,000			15,000,000			4.28			28-Aug-25
			26_37XXXXX			USD			30,000,000			30,000,000			5.00			02-Sep-25
			26_38XXXXX			USD			100,000,000			100,000,000			3.58			05-Sep-25
			26_42XXXXX			USD			35,000,000			35,000,000			5.27			15-Sep-25
			26_49XXXXX			USD			100,000,000			100,000,000			4.30			26-Sep-25
			26_50XXXXX			USD			38,500,000			38,500,000			4.60			24-Sep-25
						Sum Of Notional			1,413,500,000			1,413,500,000
			26_33XXXXX			UZS			125,000,000,000			10,157,812			10.90			26-Aug-25
						Sum Of Notional			125,000,000,000			10,157,812
			TOTAL NEW MARKET BORROWINGS									3,901,184,306
NEW SECURITIZED BORROWINGS
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			—			USD			320,000,000			320,000,000			5.45			10-Sep-25
			—			USD			25,000,000			25,000,000			—			10-Sep-25
						Sum Of Notional			345,000,000			345,000,000
			TOTAL NEW SECURITIZED BORROWINGS									345,000,000

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			INTERNATIONAL FINANCE CORPORATION			Page 109

Reporting to SEC on New and Matured Borrowings

Medium and Long-Term Matured Market Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			23_600_1XX			AZN			4,372,740			2,572,200			6.00			15-Jul-25
			23_600_2XX			AZN			4,129,810			2,429,300			6.00			15-Jul-25
						Sum Of Notional			8,502,550			5,001,500
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			24_656XXXX			BDT			82,500,000			677,897			10.50			08-Sep-25
						Sum Of Notional			82,500,000			677,897
			21_04XXXXX			BRL			30,000,000			5,396,703			4.25			16-Jul-25
			21_61XXXXX			BRL			170,000,000			30,581,315			4.25			16-Jul-25
			21_115XXXX			BRL			40,000,000			7,572,244			—			24-Sep-25
			21_32XXXXX			BRL			30,000,000			5,679,183			—			24-Sep-25
			21_59XXXXX			BRL			10,100,000			1,911,992			—			24-Sep-25
			21_90XXXXX			BRL			40,000,000			7,572,244			—			24-Sep-25
						Sum Of Notional			320,100,000			58,713,681
			21_31XXXXX			CAD			500,000,000			363,279,689			0.63			16-Sep-25
						Sum Of Notional			500,000,000			363,279,689
			22_120XXXX			CLP			20,000,000,000			20,631,318			5.25			04-Aug-25
						Sum Of Notional			20,000,000,000			20,631,318
			23_22XXXXX			CNY			300,000,000			42,124,774			2.75			15-Sep-25
						Sum Of Notional			300,000,000			42,124,774
			22_27XXXXX			HKD			300,000,000			38,514,619			0.54			10-Sep-25
						Sum Of Notional			300,000,000			38,514,619
			16_28XXXXX			JPY			350,000,000			2,371,515			5.60			26-Aug-25
						Sum Of Notional			350,000,000			2,371,515
			22_156XXXX			KRW			10,600,000,000			7,736,802			2.35			08-Jul-25
			24_11XXXXX			KRW			8,300,000,000			6,007,745			2.90			07-Aug-25
			24_16XXXXX			KRW			49,700,000,000			35,974,087			2.90			07-Aug-25
			24_23XXXXX			KRW			49,000,000,000			35,467,410			2.90			07-Aug-25
						Sum Of Notional			117,600,000,000			85,186,044
			19_519XXXX			KZT			659,769,257			1,237,551			8.30			18-Jul-25
						Sum Of Notional			659,769,257			1,237,551
			18_174_B1X			MXN			3,920,000,000			209,495,154			—			06-Aug-25
						Sum Of Notional			3,920,000,000			209,495,154
			21_30XXXXX			NZD			400,000,000			237,580,000			0.38			10-Sep-25

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			INTERNATIONAL FINANCE CORPORATION			Page 110

Reporting to SEC on New and Matured Borrowings

			21_41XXXXX			NZD			425,000,000			252,428,750			0.38			10-Sep-25
						Sum Of Notional			825,000,000			490,008,750
			18_718_1XX			PHP			165,641,920			2,902,943			6.34			18-Sep-25
						Sum Of Notional			165,641,920			2,902,943
			23_536XXXX			RON			89,000,000			20,548,103			7.94			18-Aug-25
			23_537XXXX			RON			50,400,000			11,636,229			7.92			18-Aug-25
						Sum Of Notional			139,400,000			32,184,332
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			24_49XXXXX			USD			150,000,000			150,000,000			5.33			1-Jul-25
			21_01XXXXX			USD			4,700,000			4,700,000			0.25			14-Jul-25
			21_03XXXXX			USD			29,950,000			29,950,000			0.38			15-Jul-25
			21_06XXXXX			USD			2,000,000,000			2,000,000,000			0.38			16-Jul-25
			21_21XXXXX			USD			18,940,000			18,940,000			0.25			15-Aug-25
			23_17XXXXX			USD			25,000,000			25,000,000			3.33			25-Aug-25
			25_26XXXXX			USD			12,000,000			12,000,000			3.92			29-Aug-25
			21_28XXXXX			USD			15,000,000			15,000,000			0.35			08-Sep-25
			21_29XXXXX			USD			20,000,000			20,000,000			0.20			15-Sep-25
			23_35XXXXX			USD			2,000,000,000			2,000,000,000			3.63			15-Sep-25
						Sum Of Notional			4,275,590,000			4,275,590,000
			TOTAL MATURED MARKET BORROWINGS									5,627,919,767
Matured IBRD and IDA Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			15_30XXXXX			USD			27,459,150			27,459,150			1.84			15-Sep-25
						Sum Of Notional			27,459,150			27,459,150
			TOTAL MATURED IBRD AND IDA BORROWINGS									27,459,150
Net increase in Short-term Borrowings for the quarter ended September 30, 2025												205,024,250
* Bonds where the stated interest rate is zero includes zero coupon bond issues where the contractual interest rate is zero, and structured notes where the contractual interest rate is initially zero.

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			INTERNATIONAL FINANCE CORPORATION			Page 111

Reporting to SEC on New and Matured Borrowings

Quarter Ending Date
December 31, 2025
New Medium and Long-Term Market Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_61XXXXX			AUD			100,000,000.00			65,935,000			4.50			07-Oct-25
			26_66XXXXX			AUD			100,000,000.00			65,510,000			3.64			10-Oct-25
			26_67XXXXX			AUD			100,000,000.00			65,510,000			3.15			10-Oct-25
			26_69XXXXX			AUD			100,000,000.00			64,450,000			4.45			14-Oct-25
			26_76XXXXX			AUD			100,000,000.00			64,900,000			3.64			20-Oct-25
			26_78XXXXX			AUD			50,000,000.00			32,450,000			3.64			20-Oct-25
			26_86XXXXX			AUD			40,000,000.00			26,020,000			5.00			23-Oct-25
			26_89XXXXX			AUD			20,000,000.00			13,111,000			4.98			27-Oct-25
			26_91XXXXX			AUD			30,000,000.00			19,696,500			4.98			30-Oct-25
			26_99XXXXX			AUD			100,000,000.00			64,790,000			4.45			05-Nov-25
			26_120XXXX			AUD			25,000,000.00			16,317,500			4.93			28-Nov-25
			26_123XXXX			AUD			30,000,000.00			19,767,000			5.35			03-Dec-25
			26_117XXXX			AUD			20,000,000.00			13,229,000			4.92			04-Dec-25
			26_122XXXX			AUD			20,000,000.00			13,229,000			5.03			04-Dec-25
						Sum Of Notional			835,000,000.00			544,915,000
			26_87XXXXX			BRL			50,000,000.00			9,257,888			—			23-Oct-25
			26_88XXXXX			BRL			75,000,000.00			13,886,832			11.50			23-Oct-25
			26_98XXXXX			BRL			250,000,000.00			46,431,722			11.50			31-Oct-25
			26_114XXXX			BRL			75,000,000.00			14,079,748			11.50			18-Nov-25
			26_115XXXX			BRL			100,000,000.00			18,770,178			—			19-Nov-25
			26_119XXXX			BRL			75,000,000.00			13,934,563			11.50			26-Nov-25
			26_126XXXX			BRL			75,000,000.00			13,806,307			10.75			09-Dec-25
			26_129XXXX			BRL			125,000,000.00			23,083,600			—			16-Dec-25
			26_134XXXX			BRL			75,000,000.00			13,530,579			10.75			22-Dec-25
			26_135XXXX			BRL			200,000,000.00			35,768,577			—			23-Dec-25
						Sum Of Notional			1,100,000,000.00			202,549,993
			26_94XXXXX			CAD			600,000,000.00			428,219,677			2.55			31-Oct-25
						Sum Of Notional			600,000,000.00			428,219,677
			26_125XXXX			CNY			200,000,000.00			28,336,439			1.70			11-Dec-25
						Sum Of Notional			200,000,000.00			28,336,439
			26_60XXXXX			COP			100,000,000,000.00			25,841,129			9.00			06-Oct-25
			26_63XXXXX			COP			300,000,000,000.00			77,523,386			—			06-Oct-25
						Sum Of Notional			400,000,000,000.00			103,364,515
			26_105XXXX			DKK			1,250,000,000.00			193,899,157			2.25			18-Nov-25
						Sum Of Notional			1,250,000,000.00			193,899,157
			26_77XXXXX			DOP			640,000,000.00			10,093,045			8.90			20-Oct-25
			26_133XXXX			DOP			960,000,000.00			15,325,670			8.85			19-Dec-25
						Sum Of Notional			1,600,000,000.00			25,418,716
			26_59XXXXX			GBP			45,000,000			60,538,500			4.00			03-Oct-25
			26_65XXXXX			GBP			750,000,000			1,005,900,000			4.25			08-Oct-25
			26_70XXXXX			GBP			100,000,000			132,625,000			4.00			10-Oct-25

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			INTERNATIONAL FINANCE CORPORATION			Page 112

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_81XXXXX			GBP			25,000,000.00			33,285,000			3.88			22-Oct-25
			26_84XXXXX			GBP			125,000,000.00			166,712,500			4.25			23-Oct-25
			26_93XXXXX			GBP			100,000,000.00			132,180,000			3.88			29-Oct-25
			26_96XXXXX			GBP			75,000,000.00			98,820,000			4.25			30-Oct-25
			26_100XXXX			GBP			100,000,000.00			130,350,000			3.88			05-Nov-25
			26_106XXXX			GBP			75,000,000.00			98,610,000			3.88			13-Nov-25
			26_113XXXX			GBP			25,000,000.00			32,852,500			3.88			18-Nov-25
						Sum Of Notional			1,420,000,000.00			1,891,873,500
			26_504XXXX			GEL			220,000,000.00			81,300,813			8.63			17-Nov-25
						Sum Of Notional			220,000,000.00			81,300,813
			26_54XXXXX			HKD			700,000,000.00			89,966,777			2.90			02-Oct-25
						Sum Of Notional			700,000,000.00			89,966,777
			26_79XXXXX			KZT			8,250,000,000.00			15,325,457			15.50			23-Oct-25
						Sum Of Notional			8,250,000,000.00			15,325,457
			26_128XXXX			MNT			35,000,000,000.00			9,864,713			9.95			15-Dec-25
			26_131XXXX			MNT			35,000,000,000.00			9,861,933			9.95			18-Dec-25
						Sum Of Notional			70,000,000,000.00			19,726,645
			26_137XXXX			MXN			500,000,000.00			27,857,481			—			23-Dec-25
						Sum Of Notional			500,000,000.00			27,857,481
			26_112XXXX			NGN			15,000,000,000.00			10,308,216			12.50			20-Nov-25
			26_136XXXX			NGN			15,000,000,000.00			10,342,402			—			24-Dec-25
						Sum Of Notional			30,000,000,000.00			20,650,618
			26_110XXXX			RON			40,000,000.00			9,126,482			5.80			17-Nov-25
			26_505XXXX			RON			124,800,000.00			28,718,374			6.65			19-Dec-25
						Sum Of Notional			164,800,000.00			37,844,855
			26_85XXXXX			SEK			1,000,000,000.00			106,133,452			2.19			23-Oct-25
						Sum Of Notional			1,000,000,000.00			106,133,452
			26_56XXXXX			USD			20,000,000.00			20,000,000			4.53			2-Oct-25
			26_57XXXXX			USD			20,000,000.00			20,000,000			4.53			2-Oct-25
			26_58XXXXX			USD			30,000,000.00			30,000,000			4.56			3-Oct-25
			26_62XXXXX			USD			20,000,000.00			20,000,000			4.56			6-Oct-25
			26_64XXXXX			USD			150,000,000.00			150,000,000			3.63			7-Oct-25
			26_68XXXXX			USD			800,000,000.00			800,000,000			4.36			9-Oct-25
			26_71XXXXX			USD			50,000,000.00			50,000,000			4.36			15-Oct-25
			26_73XXXXX			USD			30,000,000.00			30,000,000			4.50			16-Oct-25
			26_74XXXXX			USD			30,000,000.00			30,000,000			4.50			17-Oct-25
			26_80XXXXX			USD			50,000,000.00			50,000,000			4.26			22-Oct-25
			26_82XXXXX			USD			20,000,000			20,000,000			4.42			22-Oct-25
			26_83XXXXX			USD			20,000,000			20,000,000			4.40			22-Oct-25
			26_95XXXXX			USD			30,000,000			30,000,000			3.44			29-Oct-25
			26_92XXXXX			USD			15,000,000.00			15,000,000			5.13			30-Oct-25
			26_90XXXXX			USD			90,000,000.00			90,000,000			3.70			03-Nov-25
			26_97XXXXX			USD			100,000,000.00			100,000,000			3.70			03-Nov-25
			26_101XXXX			USD			50,000,000.00			50,000,000			3.51			05-Nov-25

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			INTERNATIONAL FINANCE CORPORATION			Page 113

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_103XXXX			USD			20,000,000.00			20,000,000			3.76			06-Nov-25
			26_107XXXX			USD			50,000,000.00			50,000,000			4.59			14-Nov-25
			26_102XXXX			USD			20,000,000.00			20,000,000			4.44			14-Nov-25
			26_104XXXX			USD			20,000,000.00			20,000,000			4.80			17-Nov-25
			26_109XXXX			USD			30,000,000.00			30,000,000			4.47			17-Nov-25
			26_111XXXX			USD			30,000,000.00			30,000,000			5.23			24-Nov-25
			26_116XXXX			USD			120,000,000.00			120,000,000			4.50			26-Nov-25
			26_121XXXX			USD			30,000,000.00			30,000,000			5.19			03-Dec-25
			26_124XXXX			USD			25,000,000.00			25,000,000			4.46			09-Dec-25
			26_127XXXX			USD			50,000,000.00			50,000,000			3.50			11-Dec-25
			26_130XXXX			USD			50,000,000.00			50,000,000			4.55			17-Dec-25
			26_132XXXX			USD			25,000,000.00			25,000,000			4.53			19-Dec-25
						Sum Of Notional			1,995,000,000.00			1,995,000,000
			26_75XXXXX			UZS			200,000,000,000.00			16,348,324			10.00			16-Oct-25
			26_108XXXX			UZS			130,000,000,000.00			10,857,446			11.00			13-Nov-25
			26_118XXXX			UZS			180,000,000,000.00			15,079,304.58			11.00			26-Nov-25
						Sum Of Notional			510,000,000,000.00			42,285,074
			26_72XXXXX			ZAR			2,750,000,000.00			157,190,463			—			14-Oct-25
						Sum Of Notional			2,750,000,000.00			157,190,463
			TOTAL NEW MARKET BORROWINGS									6,011,858,632
Medium and Long-Term Matured Market Borrowings
			External Id			Currency Code			Currency Amt			USD Amt			Interest Rate			Maturity Date
			23_58XXXXX			CNY			300,000,000			42,422,314			2.44			01-Dec-25
			23_542XXXX			CNY			340,000,000			48,267,002			2.80			17-Dec-25
						Sum Of Notional			640,000,000			90,689,316
			96_19XXXXX			EUR			75,126,513			87,360,866			9.83			01-Dec-25
						Sum Of Notional			75,126,513			87,360,866
			23_62XXXXX			GBP			600,000,000			792,990,000			4.13			28-Nov-25
			21_46XXXXX			GBP			1,000,000,000			1,338,400,000			0.25			15-Dec-25
						Sum Of Notional			1,600,000,000			2,131,390,000
			96_11XXXXX			JPY			20,000,000,000			126,972,034			4.70			20-Nov-25
						Sum Of Notional			20,000,000,000			126,972,034
			24_653XXXX			KZT			1,304,706,480			2,529,114			13.65			15-Dec-25
			24_654XXXX			KZT			822,294,000			1,593,979			13.90			15-Dec-25
						Sum Of Notional			2,127,000,480			4,123,093
			21_45XXXXX			NOK			1,500,000,000			150,198,262			0.50			08-Oct-25
			23_46XXXXX			NOK			500,000,000			50,066,087			0.50			08-Oct-25
						Sum Of Notional			2,000,000,000			200,264,349
			23_540XXXX			RON			53,500,000			12,206,808			7.57			02-Dec-25
						Sum Of Notional			53,500,000			12,206,808
			16_151XXXX			TRY			25,000,000			586,598			—			11-Dec-25
			16_190XXXX			TRY			25,000,000			586,598			—			11-Dec-25
			16_82XXXXX			TRY			18,000,000			422,351			—			11-Dec-25

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			INTERNATIONAL FINANCE CORPORATION			Page 114

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			17_10XXXXX			TRY			30,000,000			703,918			—			11-Dec-25
			17_179XXXX			TRY			20,000,000			469,279			—			11-Dec-25
			17_189XXXX			TRY			32,000,000			750,846			—			11-Dec-25
			17_198XXXX			TRY			50,000,000			1,173,197			—			11-Dec-25
			17_206XXXX			TRY			50,000,000			1,173,197			—			11-Dec-25
			17_227XXXX			TRY			25,000,000			586,598			—			11-Dec-25
			17_242XXXX			TRY			25,000,000			586,598			—			11-Dec-25
			17_257XXXX			TRY			25,000,000			586,598			—			11-Dec-25
			18_02XXXXX			TRY			25,000,000			586,598			—			11-Dec-25
						Sum Of Notional			350,000,000			8,212,377
			23_143XXXX			USD			150,000,000			150,000,000			4.17			01-Oct-25
			21_58XXXXX			USD			27,000,000			27,000,000			0.25			15-Oct-25
			21_47XXXXX			USD			25,000,000			25,000,000			0.25			15-Oct-25
			23_70XXXXX			USD			25,000,000			25,000,000			4.25			17-Oct-25
			21_51XXXXX			USD			100,000,000			100,000,000			0.50			20-Oct-25
			21_81XXXXX			USD			15,000,000			15,000,000			0.25			17-Nov-25
			23_76XXXXX			USD			100,000,000			100,000,000			4.25			17-Nov-25
			23_74XXXXX			USD			25,000,000			25,000,000			4.05			22-Dec-25
						Sum Of Notional			467,000,000			467,000,000
			23_59XXXXX			UZS			200,000,000,000			16,717,893			16.00			05-Dec-25
			25_501XXXX			UZS			22,801,890,000			1,871,351			16.95			15-Oct-25
						Sum Of Notional			222,801,890,000			18,589,244
			24_652XXXX			ZMW			32,200,000			1,423,204			11.50			20-Dec-25
			24_655XXXX			ZMW			39,000,000			1,723,757			18.00			20-Dec-25
						Sum Of Notional			71,200,000			3,146,961
			22_549XXXX			LKR			90,918,180			294,043			8.00			15-Dec-25
						Sum Of Notional			90,918,180			294,043
			25_503XXXX			AZN			4,857,000			2,857,059			7.55			15-Dec-25
						Sum Of Notional			4,857,000			2,857,059
			TOTAL MATURED MARKET BORROWINGS									3,153,106,150
Net increase in Short-term Borrowings for the quarter ended December 31, 2025												46,264,086
* Bonds where the stated interest rate is zero includes zero coupon bond issues where the contractual interest rate is zero, and structured notes where the contractual interest rate is initially zero.

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			INTERNATIONAL FINANCE CORPORATION			Page 115

Reporting to SEC on New and Matured Borrowings

Quarter Ending Date
March 31, 2026
New Medium and Long-Term Market Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_183XXXX			AUD			200,000,000			142,580,000			4.60			12-Feb-26
			26_201XXXX			AUD			50,000,000			35,425,000			5.45			17-Mar-26
			26_202XXXX			AUD			50,000,000			35,425,000			5.45			17-Mar-26
			26_204XXXX			AUD			50,000,000			35,517,500			5.45			18-Mar-26
						Sum Of Notional			350,000,000			248,947,500
			26_139XXXX			BRL			200,000,000			37,238,747			11.25			13-Jan-26
			26_140XXXX			BRL			200,000,000			37,238,747			—			13-Jan-26
			26_143XXXX			BRL			75,000,000			13,950,893			10.75			14-Jan-26
			26_145YYYY			BRL			175,000,000			32,552,083			11.50			14-Jan-26
			26_141XXXX			BRL			200,000,000			37,256,089			11.50			16-Jan-26
			26_160XXXX			BRL			100,000,000			18,903,949			11.50			26-Jan-26
			26_164XXXX			BRL			75,000,000			14,422,661			10.75			29-Jan-26
			26_165XXXX			BRL			100,000,000			19,230,215			11.50			29-Jan-26
			26_171XXXX			BRL			200,000,000			38,009,807			—			2-Feb-26
			26_174YYYY			BRL			55,000,000			10,450,413			11.25			3-Feb-26
			26_175XXXX			BRL			200,000,000			38,001,501			11.75			3-Feb-26
			26_185XXXX			BRL			150,000,000			28,800,737			12.75			13-Feb-26
			26_186XXXX			BRL			75,000,000			14,359,426			11.50			18-Feb-26
			26_194XXXX			BRL			125,000,000			23,892,807			—			5-Mar-26
			26_195XXXX			BRL			150,000,000			28,671,369			11.50			5-Mar-26
			26_206XXXX			BRL			75,000,000			14,449,893			10.75			18-Mar-26
			26_220XXXX			BRL			135,000,000			25,765,080			11.50			30-Mar-26
						Sum Of Notional			2,290,000,000			433,194,417
			26_151XXXX			CHF			110,000,000			141,306,442			0.79			3-Feb-26
						Sum Of Notional			110,000,000			141,306,442
			26_144XXXX			CNY			100,000,000			14,348,437			1.70			16-Jan-26
			26_177YYYY			CNY			200,000,000			28,886,706			1.70			9-Feb-26
						Sum Of Notional			300,000,000			43,235,143
			26_150XXXX			COP			180,000,000,000			48,837,266			8.25			16-Jan-26
			26_154XXXX			COP			400,000,000,000			108,932,462			—			21-Jan-26
			26_155XXXX			COP			375,000,000,000			102,040,816			—			22-Jan-26
			26_172XXXX			COP			100,000,000,000			27,170,886			10.00			2-Feb-26
			26_178XXXX			COP			200,000,000,000			54,914,882			—			5-Feb-26
						Sum Of Notional			1,255,000,000,000			341,896,312
			26_149XXXX			CZK			200,000,000			9,572,584			3.15			16-Jan-26
						Sum Of Notional			200,000,000			9,572,584
			26_153XXXX			EUR			30,000,000			35,143,500			2.11			21-Jan-26
			26_184XXXX			EUR			150,000,000			178,267,500			2.33			12-Feb-26
			26_192XXXX			EUR			10,000,000			11,800,000			2.86			27-Feb-26
			26_205XXXX			EUR			100,000,000			115,400,000			2.50			18-Mar-26
						Sum Of Notional			290,000,000			340,611,000

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			INTERNATIONAL FINANCE CORPORATION			Page 116

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_162XXXX			GBP			50,000,000			68,850,000			4.25			28-Jan-26
			26_163XXXX			GBP			50,000,000			68,850,000			3.88			28-Jan-26
			26_180XXXX			GBP			150,000,000			204,562,500			3.88			09-Feb-26
			26_189YYYY			GBP			50,000,000			67,527,500			3.88			25-Feb-26
			26_193XXXX			GBP			50,000,000			66,797,500			3.88			05-Mar-26
			26_203XXXX			GBP			75,000,000			99,543,750			3.88			16-Mar-26
						Sum Of Notional			425,000,000			576,131,250
			26_506XXXX			GEL			53,360,000			19,810,655			8.19			26-Jan-26
						Sum Of Notional			53,360,000			19,810,655
			26_147XXXX			HKD			250,000,000			32,051,077			2.7			16-Jan-26
			26_148XXXX			HKD			250,000,000			32,060,530			2.7			20-Jan-26
			26_198XXXX			HKD			775,000,000			99,013,063			2.48			12-Mar-26
			26_212XXXX			HKD			250,000,000			31,912,585			2.6			27-Mar-26
			26_213XXXX			HKD			250,000,000			31,912,585			2.62			27-Mar-26
			26_214XXXX			HKD			200,000,000			25,530,068			2.62			27-Mar-26
						Sum Of Notional			1,975,000,000			252,479,908
			26_170XXXX			KRW			20,000,000,000			13,724,199			2.75			04-Feb-26
			26_216XXXX			KRW			15,000,000,000			9,892,991			2.75			30-Mar-26
						Sum Of Notional			35,000,000,000			23,617,190
			26_138XXXX			MXN			10,000,000,000			562,782,622			0			15-Jan-26
			26_176XXXX			MXN			7,500,000,000			432,494,774			0			03-Feb-26
			26_182XXXX			MXN			250,000,000			14,539,322			7.75			11-Feb-26
			26_188XXXX			MXN			5,000,000,000			292,326,716			0			18-Feb-26
			26_196XXXX			MXN			750,000,000			42,036,000			0			06-Mar-26
						Sum Of Notional			23,500,000,000			1,344,179,434
			26_152XXXX			NGN			15,000,000,000			10,572,128			12.5			20-Jan-26
			26_200XXXX			NGN			30,000,000,000			21,768,707			15			16-Mar-26
			26_208XXXX			NGN			30,000,000,000			21,735,901			15			25-Mar-26
						Sum Of Notional			75,000,000,000			54,076,736
			26_159XXXX			SEK			550,000,000			61,496,833			2.31			26-Jan-26
						Sum Of Notional			550,000,000			61,496,833
			26_507XXXX			TRY			4,366,016,000			100,037,600			27.5			11-Feb-26
						Sum Of Notional			4,366,016,000			100,037,600
			26_142XXXX			USD			150,000,000			150,000,000			3.71			14-Jan-26
			26_146XXXX			USD			75,000,000			75,000,000			4.35			15-Jan-26
			26_156XXXX			USD			2,000,000,000			2,000,000,000			3.5			22-Jan-26
			26_157XXXX			USD			50,000,000			50,000,000			4.05			22-Jan-26
			26_158XXXX			USD			100,000,000			100,000,000			3.55			26-Jan-26
			26_161XXXX			USD			20,000,000			20,000,000			4.47			27-Jan-26
			26_166XXXX			USD			150,000,000			150,000,000			3.72			29-Jan-26

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			INTERNATIONAL FINANCE CORPORATION			Page 117

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Settle Date
			26_167XXXX			USD			90,000,000			90,000,000			4.05			29-Jan-26
			26_168XXXX			USD			50,000,000			50,000,000			3.64			29-Jan-26
			26_169XXXX			USD			50,000,000			50,000,000			3.7			29-Jan-26
			26_173XXXX			USD			100,000,000			100,000,000			4.12			02-Feb-26
			26_179XXXX			USD			85,000,000			85,000,000			4.05			05-Feb-26
			26_181XXXX			USD			100,000,000			100,000,000			3.94			10-Feb-26
			26_187XXXX			USD			25,000,000			25,000,000			3.47			23-Feb-26
			26_190XXXX			USD			25,000,000			25,000,000			3.72			25-Feb-26
			26_191XXXX			USD			50,000,000			50,000,000			4.12			26-Feb-26
			26_197XXXX			USD			100,000,000			100,000,000			3.46			10-Mar-26
			26_199XXXX			USD			100,000,000			100,000,000			4.1			12-Mar-26
			26_207XXXX			USD			16,000,000			16,000,000			4.5			20-Mar-26
			26_209XXXX			USD			50,000,000			50,000,000			4.01			25-Mar-26
			26_210XXXX			USD			50,000,000			50,000,000			4.53			26-Mar-26
			26_211XXXX			USD			50,000,000			50,000,000			4.13			26-Mar-26
			26_218XXXX			USD			10,000,000			10,000,000			3.84			30-Mar-26
			26_219XXXX			USD			50,000,000			50,000,000			4.65			31-Mar-26
						Sum Of Notional			3,546,000,000			3,546,000,000
			26_508XXXX			ZAR			1,599,344,000			93,252,132			7.15			31-Mar-26
						Sum Of Notional			1,599,344,000			93,252,132
			TOTAL NEW MARKET BORROWINGS									7,629,845,136
Medium and Long-Term Matured Market Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			23_600_1XX			AZN			4,369,680			2,570,400			6			15-Jan-26
			23_600_2XX			AZN			4,126,920			2,427,600			6			15-Jan-26
						Sum Of Notional			8,496,600			4,998,000
			23_12XXXXX			AUD			500,000,000			352,350,000			3.6			24-Feb-26
			23_21XXXXX			AUD			50,000,000			35,235,000			3.6			24-Feb-26
			23_33XXXXX			AUD			50,000,000			35,235,000			3.6			24-Feb-26
			23_50YYYYY			AUD			150,000,000			105,705,000			3.6			24-Feb-26
			23_56XXXXX			AUD			250,000,000			176,175,000			3.6			24-Feb-26
			23_67XXXXX			AUD			50,000,000			35,235,000			3.6			24-Feb-26
			23_96XXXXX			AUD			400,000,000			281,880,000			3.6			24-Feb-26
						Sum Of Notional			1,450,000,000			1,021,815,000
			24_656XXXX			BDT			82,500,000			674,570			10.5			09-Mar-26
						Sum Of Notional			82,500,000			674,570
			19_222XXXX			BRL			100,000,000			19,093,079			6.5			27-Mar-26
			21_129XXXX			BRL			50,000,000			9,546,539			6.5			27-Mar-26

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			INTERNATIONAL FINANCE CORPORATION			Page 118

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			21_210XXXX			BRL			50,000,000			9,546,539			6.5			27-Mar-26
			22_77XXXXX			BRL			150,000,000			28,639,618			6.5			27-Mar-26
						Sum Of Notional			350,000,000			66,825,776
			18_217XXXX			CNY			18,600,000			2,686,464			3.78			09-Feb-26
						Sum Of Notional			18,600,000			2,686,464
			21_162XXXX			COP			180,000,000,000			48,640,892			3.59			26-Feb-26
						Sum Of Notional			180,000,000,000			48,640,892
			25_96XXXXX			DOP			250,000,000			4,132,231			7.5			26-Feb-26
						Sum Of Notional			250,000,000			4,132,231
			24_89_B1XX			EUR			75,000,000			86,700,000			3.36			09-Mar-26
						Sum Of Notional			75,000,000			86,700,000
			23_116XXXX			HKD			200,000,000			25,587,063			4.04			09-Mar-26
			23_117XXXX			HKD			200,000,000			25,587,063			4.04			09-Mar-26
			25_97XXXXX			HKD			100,000,000			12,781,023			3.67			27-Feb-26
						Sum Of Notional			500,000,000			63,955,149
			23_119XXXX			KRW			13,000,000,000			8,727,468			3.05			09-Mar-26
						Sum Of Notional			13,000,000,000			8,727,468
			19_519XXXX			KZT			659,768,914			1,298,566			8.3			20-Jan-26
						Sum Of Notional			659,768,914			1,298,566
			18_174_B2X			MXN			1,230,000,000			71,912,372			0			18-Feb-26
			18_174_B3X			MXN			420,000,000			24,431,389			0			26-Feb-26
						Sum Of Notional			1,650,000,000			96,343,761
			18_718_1XX			PHP			165,641,920			2,778,039			6.34			18-Mar-26
			18_718_BXX			PHP			2,319,371,200			38,898,986			6.34			18-Mar-26
						Sum Of Notional			2,485,013,120			41,677,025
			21_111XXXX			RSD			480,000,000			4,788,985			0.65			21-Jan-26
						Sum Of Notional			480,000,000			4,788,985
			19_170XXXX			RUB			2,500,000,000			32,569,046			6.5			04-Feb-26
			21_141XXXX			RUB			700,000,000			9,119,333			6.5			04-Feb-26
			21_147XXXX			RUB			1,850,000,000			24,148,284			4.5			24-Feb-26
						Sum Of Notional			5,050,000,000			65,836,663
			21_109XXXX			USD			50,000,000			50,000,000			0.58			15-Jan-26
			21_116XXXX			USD			25,000,000			25,000,000			0.45			05-Feb-26
			21_119XXXX			USD			25,000,000			25,000,000			0.45			05-Feb-26
			21_158XXXX			USD			25,000,000			25,000,000			0.5			26-Feb-26
			21_164XXXX			USD			15,000,000			15,000,000			0.5			16-Mar-26
			21_165XXXX			USD			25,000,000			25,000,000			0.75			23-Mar-26
			23_106XXXX			USD			150,000,000			150,000,000			4.25			02-Mar-26
			23_107XXXX			USD			150,000,000			150,000,000			3.98			16-Mar-26
			23_109XXXX			USD			50,000,000			50,000,000			4.46			02-Feb-26

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			INTERNATIONAL FINANCE CORPORATION			Page 119

Reporting to SEC on New and Matured Borrowings

			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			23_126XXXX			USD			50,000,000			50,000,000			4.64			09-Mar-26
			23_130XXXX			USD			20,000,000			20,000,000			4.75			16-Mar-26
			23_166XXXX			USD			50,000,000			50,000,000			4.55			07-Jan-26
			23_75XXXXX			USD			25,000,000			25,000,000			4.03			20-Mar-26
			23_78XXXXX			USD			50,000,000			50,000,000			4.14			20-Jan-26
			23_85XXXXX			USD			150,000,000			150,000,000			3.9			26-Jan-26
			23_88XXXXX			USD			100,000,000			100,000,000			4.02			26-Jan-26
			23_91XXXXX			USD			600,000,000			600,000,000			3.98			16-Mar-26
			24_108XXXX			USD			150,000,000			150,000,000			3.98			16-Mar-26
			24_22XXXXX			USD			100,000,000			100,000,000			3.98			16-Mar-26
			24_67_B1XX			USD			25,000,000			25,000,000			4.5			12-Jan-26
			24_71_B1XX			USD			5,000,000			5,000,000			4.6			29-Jan-26
			24_84XXXXX			USD			25,000,000			25,000,000			4.65			26-Feb-26
			25_115XXXX			USD			9,000,000			9,000,000			3.92			24-Mar-26
						Sum Of Notional			1,874,000,000			1,874,000,000
TOTAL MATURED MARKET BORROWINGS												3,393,100,550
Matured IBRD and IDA Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			15_30XXXXX			USD			6,338,497			6,338,497			1.84			16-Mar-26
						Sum Of Notional						6,338,497
TOTAL MATURED IBRD AND IDA BORROWINGS												6,338,497
Matured Securitized Borrowings
			External Id			Currency Code			Currency Amount			USD Amount			Interest Rate			Maturity Date
			—			USD			38,843,151			38,843,151			5.14			29-Jan-26
						Sum Of Notional			38,843,151			38,843,151
TOTAL Matured SECURITIZED BORROWINGS												38,843,151
Net increase in Short-term Borrowings for the quarter ended March 31, 2026												149,747,001
* Bonds where the stated interest rate is zero includes zero coupon bond issues where the contractual interest rate is zero, and structured notes where the contractual interest rate is initially zero.