Q3 2026 Investors update

During Q3 2026, investors funded EUR 23.49 million in real estate projects through InRento, 76.4% more than the EUR 13.31 million funded in the same quarter last year. Over the same period, we returned EUR 4.25 million in principal and paid EUR 2.08 million in earnings.

This is my first quarterly update as CEO. Having previously led InRento’s day-to-day operations as COO, I am stepping into this role with a clear priority: to strengthen the execution of our existing strategy. That means maintaining sound credit decisions, monitoring projects closely, and communicating clearly throughout the life of each investment. Founder of InRento Gustas Germanavičius remains as Chairman of the Credit Committee.

Q3 results

Q3 and 2026 year-to-date figures are from the company’s 30 September reporting snapshot; investor earnings include interest and capital gains paid.

A strong summer, and realised investments

Summer was particularly active: from June to the end of August, cumulative funding increased by more than EUR 23 million to EUR 124 million. July exceeded EUR 10 million in funding - a platform record at that time. Approximately half of summer financing was in Poland, while our first Finnish project, Noa Villas, attracted EUR 5 million.

Four projects were also fully realised during Q3, returning a total of EUR 2.45 million in principal to investors, alongside interest and fixed capital gains where applicable:

Projected and actual returns are project-level averages; results for individual tranches and investors may differ.

For A32, Katowice, the final repayment was delayed due to the notarial process. As a result, investors received EUR 10,658.60 in contractual late-payment penalties. While the project delivered its expected return, we recognise that receiving your principal on time matters just as much.

Our markets: Romania and Finland

Romania continues to be a growing part of our European portfolio. Our focus there is on established properties in strong locations where financing can support their repositioning and create additional value. Project Royal Palace, Bucharest is a good example of this approach. Bucharest’s broader economic development also provides useful context. The Bucharest-Ilfov region’s nominal GDP grew from approximately EUR 44.1 billion in 2015 to EUR 104.4 billion in 2024, an increase of around 137%. While this historical growth helps illustrate the region’s development, it should not be viewed as a forecast of future property values or investment returns.

We entered Finland for different, but complementary reasons: established property rights and a transparent legal environment, a recovering real estate transaction market, and opportunities in existing tourism-related rental assets. CBRE reports that Finnish real estate investment volume increased by more than 71% in 2025 to EUR 4.4 billion. In Lapland, tourism supports demand for accommodation across more than one season. In light of this, and as part of our broader efforts to provide investors with more opportunities for portfolio diversification, we launched our first Finnish project, Noa Villas, raising EUR 5 million to finance an operating resort in Lapland. While diversification helps spread risk across markets, we recognise that it does not in itself guarantee investment security.

Delayed payments and recovery actions

Two projects in Poland - Harfowa 10, Warsaw and J48, Lodz - have experienced delays in interest payments. We are actively taking steps to recover the outstanding amounts and protect investors’ interests. These situations remind us that investments carry risks and we always recommend diversifying the investments.

Harfowa 10, Warsaw: following an unsuccessful property sale, the project owner was unable to meet its interest obligations. In September, InRento issued a notice regarding termination of the loan agreement and demanded repayment of the outstanding debt. We are pursuing further recovery measures, including potential mortgage enforcement.

J48, Lodz: the project owner’s planned property sale, intended to cover overdue interest, was delayed. After the payment deadline was missed, we initiated formal recovery measures for overdue interest and penalties on 1 October.

Both investments are secured by first-rank mortgages. However, recovery can take time, and mortgage security does not guarantee repayment or fully eliminate the risk of capital loss.

We remain focused on protecting investors’ interests and will continue providing project-specific updates as the situations develop.

Beyond financial returns

Sustainability also plays a role in our investment approach, particularly through financing the conversion and reuse of existing buildings. Beyond real estate projects, InRento became the main patron of Sengirės fondas’ Miškobank campaign, which helped preserve 15.81 hectares of mature forest. We also continued our partnership with the InRento Trakai Triathlon, supporting sport and an active lifestyle.

Priorities for the months ahead

With InRento operating in eight European markets, my priority is to improve execution rather than expand for its own sake. We will focus on obtaining project information from borrowers earlier, monitoring milestones and repayment plans more consistently, escalating problems promptly, and giving investors clearer project updates. Better technology and automation will support these routines, while credit quality and realistic repayment sources remain central to every decision.

Strong local teams are an important part of delivering this. We are therefore continuing to build our team in Italy, Finland, Romania and Poland. If you’re interested in joining InRento in any of these markets, feel free to reach out.

As we continue growing, my commitment is to ensure that every step forward is supported by stronger processes, responsible decisions and the trust of our investors.

Thank you for being part of InRento’s journey!