Happy New Year. I hope 2026 begins for you with good health, renewed energy, and portfolios that continue to grow in a fruitful and sustainable way. January is always a special month- not because something new suddenly appears, but because it allows us to see the first real results of the work done quietly and persistently over the year before. 

For TWINO, January truly feels like a month of harvesting. When I stepped into the CEO role not that long ago, I set several clear priorities. They were not the most exciting or visible initiatives, but they were necessary. 2025 was very much a year of home-cleaning: addressing legacy complexity, resolving inherited issues, and strengthening foundations. That inevitably delayed some more ambitious or “fun” developments - but it was the right and responsible step in TWINO’s story. I am pleased that we can now see tangible outcomes of that work.

First, we successfully concluded the sale of Philippine assets. This allowed us to recover all of invested funds through sales proceeds, complemented by TWINO’s own funds. It was a complex and lengthy process, and I sincerely wish it could have happened sooner. Nevertheless, commitment remained strong throughout - and, most importantly, results were delivered. 

Second, last year we announced the phase-out of the Rentals product. This has proven to be another highly complex matter, but I am happy to share that the first concrete step has been completed: the sale of the first rental property. We are now in the process of returning principal and any applicable profit to the investors involved. We expect 2026 to bring further rental sales and continued progress on this front. 

Third, one of the most challenging inherited topics remains Russian claims and related repayments. While this situation is largely outside our control, we have consistently repaid everything that has been possible. I am glad that we have now found a solution to offer investors a special early discounted repayment program. This option does not cover the full outstanding amount, but it provides an opportunity to exit these investments sooner, at a discount. Participation is entirely optional - each investor can choose to stay on the current path if preferred. 

All of these matters are complex. I fully understand investor frustration around the pace at which they can be resolved, and I personally feel responsible that none of them can be solved instantly. What I can clearly commit to - and what the team demonstrates daily - is determination to solve them one by one, using every tool available to us to recover investments wherever possible. 

My hope is that 2026 will not only be the year when we close complex legacy topics, but also the year when we increasingly open new opportunities and continue to develop the TWINO journey forward. 

We have launched several long-awaited enhancements to the platform. These include a refreshed blog design, the re-introduction of the cashflow forecast feature, and a series of usability improvements aimed at making the investment experience clearer and more intuitive. This is only the beginning - and we will continue refining the platform step by step. 

During the holiday season, progress was naturally limited. However, in January our consultants have now submitted and sent all required official communications to move the legal proceedings forward. We will continue to keep investors informed as the process develops. 

2026 will be an important year for the Polish market due to the adoption of the EU Consumer Credit Directive. The local team is closely monitoring how the legislation will be implemented in practice. At this stage, responsible authorities are planning to submit a draft regulation to Parliament in March, after which we expect significantly more clarity.