The annual financial report for FBD Trust CLG showed a surplus for the year of €8.275m and other comprehensive income of €17.3m, taking its net asset value to €105.2m at the end of 2025, up from €79.7m a year earlier.

Liabilities, totalling €22.9m included provisions for spending commitments, a deferred tax liability of €8.7m and the €7m outstanding balance on the loan taken by the Trust in 2024, which was used to purchase FBD plc shares.

During 2025 the Trust had investment income of €10.6m and interest income of €0.6m. It purchased investments for just over €6m and make €3m of payments against its outstanding loan. Grants and sponsorships amounted to €2m.

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The Trust’s assets, totalling €126.1m are made up of shares in FBD plc (the stock-market listed insurance company) and shares in Farmer Business Developments plc (the owner of FBD Hotels and Resorts). It also owns bonds issued by FBD plc valued at €13.6m, which are scheduled to be paid by the end of 2028.

On the expenses side, there was a significant drop in administrative spending. Professional fees plunged by more than 90% to €62,092.

Interest expense dropped from €968,898 to €630,732, as the Trust reduced the outstanding balance on its loans during the year.

The Trust started the year with €7m of provisions for payments in relation to corporate ESG initiatives, where commitments for funding had been made, but not yet drawn down. In 2025, €4m of that was moved to accruals in the financial statement, as €1.5m was expected to be paid as the first part of a three-year capital contribution to UCD in 2026. There was also an expected €2.5m capital contribution to Teagasc as part of the commitment to the Padraig Walshe centre this year.

Developments since year end

The financial report states that there have been no events subsequent to the end of 2025, which would have a material impact on the financial statements.

However, it is notable how much the value of its holding in FBD plc shares has increased in value in 2026.

At the end of 2025 the Trust’s holding of ordinary shares in FBD plc amounted to 5,258,730 shares valued at €15.75/share, giving a total value of €82,824,997. The Trust has marginally increased its holding since to 5,383,930 shares.

Those shares are currently trading at €19 each, meaning the value of that holding alone is worth €102,294,670 this week. Obviously, that could change again by the end of this year.

FDB announced a normal dividend of €1 per share and a special dividend of €0.75 per share for 2026, which means the Trust will receive €9,421,877 in dividend payments this year from its FBD shareholsding.

The Trust’s other major investment is in Farmer Business Developments. That company recently completed a share-trading event which saw shares valued at €4.20 each, a huge increase on the €1.91 achieved at the previous event in 2023.

This, however, will should have little effect on the carrying value of the holding for the Trust. This is because the Trust accounts for its shareholding in the hotels group using a “net asset value” measure, rather than referencing the results of infrequent share trades.

Goals

Last year saw the 50th anniversary of the FBD Trust, which was established in 1975 to play a role in funding and promoting various initiatives which benefit the farming industry and rural communities across Ireland.

When FBD initially list on the Irish stock exchange in 1988, shareholders agreed to allocate shares to the Trust to provide a source of income for the company. That shareholding remained unchanged for many years.

In 2023 the Trust amended its constitution to identify itself as a “not-for-profit organisation” and to add “working with FBD Insurance plc, to complement its insurance business”.

That change coincided with the Trust increasing its shareholding in FBD plc, a holding it has added to each year since.

As well as the capital investments in the Padraig Walshe centre and at UCD Lyons farm, the Trust also sponsors the Teagasc/FBD student of the year awards, the young farmer of the year awards, the Nuffield scholarships and other initiatives aimed at farm safety, farmer mental health, and at attracting the next generation to the industry.

The Trust is chaired by Michael Berkery, who has been on the board of the organisation since 1983.