On March 24th, we reached an important milestone.

The share capital reduction process for the apartment at Kuģu iela 13–3 in Riga has now been successfully completed. For investors, this means one thing: your invested principal has been returned to your TWINO wallet in full, based on the number of shares you held.

Alongside this, accrued dividends from this property have also been distributed.

You can find updated Individual project performances by logging in, going to My portfolio > Rentals > Find your apartment of interest > Legal Documents > Performance.

All remaining real estate assets in the portfolio reported positive net results in 2025.

As expected, the primary driver of the overall performance was the increase in the estimated market value of the underlying properties. Rental operations generated a moderate positive result for all assets except two. One of these properties was added to the portfolio in March 2025 and therefore did not operate for a full business cycle.

We are currently evaluating optimization measures to improve and ensure sustainable rental profitability across the entire portfolio.

If the portfolio is performing positively, why aren’t dividends being paid out for all properties?

The main reason is that the profit is not cash-based.

Most of the positive results come from increases in estimated property values, not from actual income such as rent or property sales.

This means the gains are not yet realized and no cash has been generated from them.

Because property values can change, paying out these unrealized gains would carry risk. For this reason, we are retaining the profits within the projects for now to maintain stability and protect long-term investor value.