The end of summer usually brings a familiar feeling. Holidays are coming to an end, children are returning to school, and businesses across Europe are preparing for a busier autumn. This year, however, the transition feels somewhat different.

Recent geopolitical developments have once again reminded us how quickly uncertainty can return to the centre of our attention. Across Europe, conversations about security, defence and international relations have become more frequent, and for those of us living and building businesses in the Baltics, these discussions inevitably feel closer than they might elsewhere. I do not want to speculate about what may or may not happen next. If the last ten years in financial services have taught me anything, it is that trying to predict every crisis is usually a losing exercise. What matters much more is being prepared for the things you fail to predict.

Over the past decade, TWINO has experienced events that would have seemed highly unlikely only months before they occurred - a global pandemic, Russia's invasion of Ukraine, rapidly rising interest rates and significant regulatory change. We did not predict all of these events. And I do not think good risk management means pretending that we can. To me, good risk management means building a company that can continue serving its investors when something unexpected happens. It means diversifying exposures, maintaining liquidity, creating operational alternatives and being willing to ask uncomfortable questions before circumstances force you to answer them.

A few months ago, as part of our regular strategic risk review, our management team discussed a question that was uncomfortable even to say out loud - what would we do if Latvia were directly affected by military conflict? We did not discuss this because we believe such a scenario is imminent. We discussed it because responsible risk management means stress-testing the scenarios you most hope never materialize. We reviewed business continuity, liquidity, critical systems, banking access, regulatory obligations, communication and employee safety. Some of these questions were difficult, but that is exactly why they were worth discussing while conditions are calm.

I came away from that session with a simple conclusion - resilience should be built before it is needed. Difficult conversations do not increase risk. They reduce the chance that we are forced to improvise when circumstances become difficult.

Looking back, I realize that none of the defining moments of the last decade appeared in our business plans. COVID-19 didn't. Russia's invasion of Ukraine didn't. Yet every one of those events reinforced the same lesson - good risk management isn't about predicting the future. It's about remaining disciplined when the future surprises you.

That principle matters in investing as well. Every investment carries risk. The real question is not whether uncertainty exists, but whether the risks are understood, diversified and managed with discipline. And over time, I have come to believe that this is also where trust is truly built. Trust is easy to talk about when everything is going according to plan. It becomes meaningful when it isn't.

Based on feedback from our investor community, we have implemented one of the most requested features, allowing you to automatically transfer repayments of principal, interest, or both from fixed-term ABS investment repayments directly into your FLEXI wallet. You can enable this option in your investor profile.

We have also released several updates to the TWINO mobile app, adding new functionality and resolving the login issues experienced by some investors. Please update to the latest version, and stay tuned for our next major release in the coming weeks, which will introduce manual investing in both the Primary and Secondary Markets directly from the app.

Download the TWINO app here: [IOS] [Android]

The real estate market has remained unusually quiet throughout the summer, with transaction activity below our expectations. We are therefore reviewing our sales strategy, including potential price adjustments, and will share more information with investors once the next steps have been agreed.

I am pleased to share that we have now successfully completed the recovery of all Russia-related claims, closing one of the longest and most challenging chapters in TWINO's history. Thank you to all affected investors for your patience and trust throughout this process.

In Vietnam, the legal process continues, although another administrative step has emerged, requiring documentation to be legalized through the Vietnamese Embassy in Sweden. Together with our legal advisors, we are already working to complete this requirement as quickly as possible.

There have been no material developments regarding either the implementation of CCD II in Poland or the ongoing UOKiK proceedings involving Fincard. Meanwhile, Polish business continues to perform in line with plans and is delivering very positive operational results.