Draft decision*  1

Annexes  3

Foreword by the Executive Director  4

Executive summary  8

1. Part I: Introduction  12

1.1 Global context in 2025  12

2. Part II: Funding and expenditures  15

2.1 Overview of WFP's funding, financial needs and funding mechanisms  15

2.2 Operational planning and expenditures  23

2.3 Analysis of expenditures per beneficiary  29

3. Part III: Programme performance  31

3.1 WFP's reach: beneficiaries and transfers  31

3.2 Performance by strategic outcome  34

3.3 WFP's emergency preparedness and response  42

3.4 Highlights from key programmatic areas  44

3.5 Cross-cutting priorities  52

3.6 Advances in the humanitarian–development–peace nexus approach  55

3.7 Humanitarian supply chain and delivery services  55

4. Part IV: Management performance  58

4.1 Achievements and expenditures under the management results  59

4.2. Programme support and administrative budget  74

4.3 Utilization of the unearmarked portion of the General Fund  75

4.4 Critical corporate initiatives and the global assurance project  77

4.5 Efficiency gains  78

4.6 Governance highlights for 2025  79

Acronyms  80