GFDRR is midway through implementation of its strategy 2021-2025 - an opportune point in time to assess progress and identify potential adjustments needed for the second half of the strategy period. This report presents the findings, conclusions, and recommendations of the midterm evaluation. The evaluation’s key objectives were to: (1) assess GFDRR’s progress in implementing its strategy; (2) assess the extent to which GFDRR has contributed or is likely to contribute to client countries’ alignment with the Sendai Framework Principles and disaster risk management results; and (3) provide findings, conclusions, and practical recommendations to strengthen the program and its operations. The evaluation’s scope focused on the GFDRR Umbrella Program and grants approved in FY22 and FY23 (1 July 2021 through 30 June 2023). The evaluation used systematic inquiry and mixed methods to answer the evaluation questions and draw lessons to inform midterm adjustments.