Sustainability report
01. MESSAGE FROM THE CEO
A management model oriented towards impact.
In a world shaped by climate urgency, geopolitical instability, social transformation, and rapidly evolving regulatory expectations, we remain committed to integrating Environmental, Social, and Governance (ESG) principles into all dimensions of our business.
As an independent investment firm operating in Portugal, we recognise both the responsibility and the opportunity we have to contribute to more sustainable investment practices and to positively influence the ecosystem in which we operate.
The year was marked by the submission of our application for B Corp certification, reinforcing our ambition to align business performance with a positive social and environmental impact. We also strengthened our social commitment through a partnership with CEDEMA, supporting the institution through financial donations, employee volunteering, pro bono legal support, and social inclusion initiatives through sport.
In parallel, we strengthened our ESG governance and reporting capabilities by obtaining the ESG Reporting Pioneer seal, awarded by SIBS, continuing our complete greenhouse gas emissions inventory in accordance with the GHG Protocol, and implementing several internal governance and people policies.
2025 also marked a significant acceleration in the integration of Artificial Intelligence across the organisation. In an increasingly data-driven context, AI has progressively become embedded in the way we analyse information, support decision-making, and enhance operational efficiency.
In addition to improving responsiveness and analytical capabilities, this technological evolution is also contributing to the decarbonisation of our operations through process digitalisation, dematerialisation, and a more efficient use of resources. It is helping Insula respond faster, with more intelligence, and, above all, in a more human way — allowing our teams to dedicate more time to strategic thinking, proximity, and long-term value creation for investors, partners, and communities.
Looking to the future, we maintain our ambition to strengthen the integration of ESG criteria into our business and the investments we manage. In this regard, we have committed to increasing the percentage of assets under management classified as Article 8 under the SFDR to 30% by the end of 2026, reinforcing our contribution to a more sustainable economy and the creation of lasting value for our investors and other stakeholders.
These developments reflect the evolution of sustainability: from a strategic ambition to an increasingly integrated management model.
Insula's CEO
02. ABOUT THIS REPORT
A more structured and metric-driven approach.
This is Insula's third Sustainability Report and covers the period from 1 January 2025 to 31 December 2025.
For the first time, the report has been prepared in alignment with the Voluntary Sustainability Reporting Standard for SMEs (VSME) – Basic and Comprehensive Module, reflecting the company's commitment to progressively enhancing the quality of ESG disclosure, transparency, and comparability.
The report builds on the foundations established in the two previous Sustainability Reports, prepared in accordance with the Global Reporting Initiative Standards (GRI), while simultaneously introducing a more structured and metrics-driven approach, aligned with emerging European sustainability reporting best practices, such as those reflected in the Corporate Sustainability Reporting Directive (CSRD) (VSME) principles. The report includes both qualitative and quantitative ESG information.
Operation & Governance
Insula's direct operations, governance and management practices, and investment and asset management activities.
Climate monitoring
Climate-related monitoring, including a complete Scope 1, 2, and 3 GHG emissions inventory under the GHG Protocol.
Social & Community
Social initiatives and community involvement, including the 2025 partnership with CEDEMA.
03. INSULA AT A GLANCE
One of the leading independent asset managers in Portugal.
Founded in 1987 and strategically repositioned in 2019, under its current shareholder structure, Insula has evolved into a selective and independent investment firm, combining institutional discipline with entrepreneurial agility and proximity.
+€1.8bn
24
25%
800k
18
The company structures and manages investment vehicles for both institutional and private investors, maintaining a strong focus on governance, transparency, active asset management, and long-term value creation. Insula operates across a diverse range of real estate asset classes.
Featured funds
Offices
Logistics
Hospitality
Residential
Retail
Coworking
Lagoas Park
Office, retail and hotel complex
Oeiras
Brimogal
Properties with Leroy Merlin stores
Portugal
Elegant and Sagrimar
Martinhal Tourist Complex
Lisbon and Sagres
Nenuphar Ocean
Arcaya urban development
Vilamoura
Madadna
Alma Gardens and Alma Hills urban development
Oeiras
Nexponor
Exponor Exhibition Centre
Porto
Foz do Tejo
Urban development
Oeiras
Kostas Capital
Riverline urban development
Setúbal
Alternative Logistics
Logistics assets
Portugal
Flex Space
Coworking asset operations
Portugal
The company's sustainability journey reflects the conviction that financial performance, governance excellence and positive impact are increasingly interconnected. The submission of the application for B Corp certification reinforces this vision, validating the company's commitment to responsible investment, transparency, accountability and long-term sustainable value creation.
Our approach
Independent management · High governance standards · Rigorous regulatory compliance · Active asset management · Long-term value creation · Close alignment with investors' objectives.
Our philosophy
Rather than chasing scale for its own sake, we privilege the depth of relationships, selectivity in investment, and disciplined execution. This is reflected both in its governance model and in the way that sustainability and ESG considerations are progressively integrated into investment and operational processes.
Our modus operandi
Insula operates under the supervision of the Portuguese Securities Market Commission (CMVM) and is subject to the legal and regulatory frameworks applicable to asset management activities and sustainable finance disclosures, including the Asset Management Regime (RGA) and the Sustainable Finance Disclosure Regulation (SFDR).
VSME B2, C1 and C2
ESG, integrated into decisions.
Sustainability is increasingly embedded in Insula's governance model, investment philosophy, and operational decision-making processes. Our ambition is guided by a long-term vision focused on responsible investment, governance excellence, and positive impact on society.
PROGRESS IN 2025
Governance & reporting
Strengthening of governance and reporting processes across the organisation.
PROGRESS IN 2025
ESG data collection
Consolidation of ESG data collection capabilities and improvement of internal structures.
PROGRESS IN 2025
Risk integration
Greater integration between sustainability, compliance and risk management functions.
PROGRESS IN 2025
Stakeholder Dialogues
Collaborative and transparent relationships through continuous dialogue with investors, employees, service providers, communities, and partners.
Insula's governance model ensures that ESG is integrated at all levels. The Board of Directors, supported by the Sustainability Committee and the Executive Committee, oversees ESG matters and ensures alignment between strategy, risk management, and operations.
05. MATERIALITY ASSESSMENT
The ESG topics that matter most.
During 2023, Insula conducted its first materiality assessment exercise, identifying the ESG topics considered most relevant to the company, its stakeholders and its business context. This exercise represented an important milestone in structuring the company's sustainability strategy and governance approach.
The assessment process took into account stakeholder expectations, regulatory developments, industry trends, ESG risks and opportunities, and strategic business priorities.
This approach considers the impacts of the company's activities on society and the environment, and the financial risks and opportunities associated with ESG topics. And the assessment process considered stakeholder expectations, regulatory developments, industry trends, ESG risks and opportunities, and strategic business priorities.
ESG themes identified as most material
Environmental
For the planet
Insula
Funds
Energy and water efficiency
10%
90%
Greenhouse gas (GHG) emissions
2%
98%
Green and sustainable products
50%
50%
Efficient use of resources
-
100%
Digitisation
100%
-
Social
For the people
Insula
Funds
Diversity, equity and inclusion (DEI)
100%
-
Well-being of employees
100%
-
Training and professional development
100%
-
Community engagement
50%
50%
Social
For the conduct
Insula
Funds
ESG Compliance and Reporting
50%
50%
Ethics and transparency
100%
-
Close relationship with investors
100%
-
Responsible investment
50%
50%
Recognising the evolution of both the organisation and the sustainability landscape, Insula Capital intends to conduct a refreshed double materiality assessment during 2026, aligned with ESG, CSRD and EFRAG (European Financial Reporting Advisory Group) guidelines.
This future exercise will incorporate a more robust stakeholder engagement process, including wider and more structured consultation of internal and external stakeholders, with the aim of further strengthening the relevance, consistency and strategic alignment of the company's ESG priorities and disclosures.
This approach will consider both the impacts of the company's activities on society and the environment (impact materiality) and the financial risks and opportunities associated with ESG topics (financial materiality), with the aim of strengthening the relevance, consistency and strategic alignment of the company's ESG priorities and disclosures.
06. ENVIRONMENTAL INFORMATION
VSME B3, B4, B5, B6, B7, C3 and C4
Discipline as an advantage.
Environmental sustainability continues to be one of the most material topics for Insula, particularly given the company's role as a manager of real estate assets and alternative investments. Insula recognises that a significant part of the environmental impacts associated with its activity occurs at the level of managed assets and investment portfolios, reinforcing the importance of progressively integrating ESG considerations into investment activity and asset management.
Throughout 2025, Insula continued to strengthen its climate reporting and environmental monitoring capabilities by completing its third full inventory of greenhouse gas emissions in accordance with the GHG Protocol.
The inventory covered Scope 1, Scope 2 and Scope 3 emissions, in parallel with operational efficiency initiatives.
The continuity of this exercise reflects the company's commitment to improving the quality of ESG data, strengthening climate transparency, increasing internal ESG maturity, and supporting the future definition of targets.
Among the identified climate risks, the key highlights are the regulatory evolution associated with sustainable finance, investor expectations regarding ESG transparency, physical risks with an impact on real estate assets, and the transition risks associated with energy efficiency and decarbonisation requirements.
In parallel, the company continues to promote operational efficiency initiatives, namely through the digitalisation and dematerialisation of processes, the monitoring of resource consumption, the promotion of sustainable mobility practices, and the increase in efficiency through technological adoption.
GHG Emissions
Tonnes CO₂e · Scope 1 + 2 + 3 · Market-based
2023
367
2024
136
2025
133
Energy consumption
Electricity MWh · 100% renewable sources
2023
15.8
2024
14.7
2025
12.4
Environmental KPIs
Indicator
2024
2025
1.22
1.47
20%
2.48
2.1
-16%
132.04
129.30
-2%
14.7
12.4
-16%
0.0496
0.0476
-4%
0.005
0.004
-17%
111.9
108.6
-3%
The integration of ESG criteria into investment processes continued to evolve in 2025, reflecting Insula's commitment to a responsible investment approach and long-term value creation. At the end of the financial year, funds classified as Article 8 under the Sustainable Finance Disclosure Regulation (SFDR) represented approximately 25% of the value of assets under management, meeting the strategic objective set for the period.
These funds promote environmental and/or social characteristics and reflect Insula's conviction that sustainability is an increasingly relevant factor in risk management, asset valuation and responding to investor expectations. This milestone reinforces Insula's positioning as a manager committed to the progressive integration of sustainability into its investment offering, with the goal of increasing this proportion to 30% of assets under management by the end of 2026.
07. SOCIAL INFORMATION
VSME B8, B9, B10, C5, C6 and C7
People at the centre
Sustainable growth depends on attracting, retaining and developing highly qualified professionals in a collaborative, inclusive and responsible environment. In 2025, we reinforced several people governance and well-being initiatives.
Well-being
Employee Handbook · Onboarding Manual · Public transport support · Health insurance · Wellbeing initiatives.
Development
Continuity of ESG awareness-raising initiatives and strengthening of internal capacities in sustainability and governance maturity.
Culture
Promotion of diversity, equal opportunities and an inclusive work culture based on collaboration, respect and transparency.
Social KPIs
Indicator
2024
2025*
Total number of employees
21
18
-14.3%
Female employees
12
8
-33.3%
Male employees
9
10
+11.1%
Gender ratio in management positions
2
1
-33.3%
Average hours of training per employee
12.5
19.5
+56%
Work-related fatalities or injuries
0
0
-
*ESRS does not consider members of the Board of Directors as employees. The 2023 and 2024 data included 3 executive directors (women) and 1 non-executive director (man). These directors are not included in the 2025 headcount.
07.1. COMMUNITY ENGAGEMENT
A partnership for inclusion
In 2025, Insula significantly strengthened its community engagement initiatives by establishing a partnership with CEDEMA.
This partnership reflects the company's ambition to generate a positive social impact beyond its direct activities, including financial donations, volunteering by employees during working hours, pro bono legal support and social inclusion initiatives through sport.
The partnership with CEDEMA represents an important step in consolidating Insula's social impact strategy and reinforcing the integration of sustainability principles into its relationship with local communities.
08. GOVERNANCE AND BUSINESS CONDUCT
VSME B11, C8, C9, C10 and C11
Principles of strong governance, ethics and transparency.
Strong governance, ethics, and transparency continue to be key principles guiding Insula's operations.
Insula maintains governance and compliance structures designed to ensure responsible business conduct, regulatory alignment, and effective risk management.
During 2025, Insula continued to strengthen its governance-related processes through the digitalisation of processes, compliance automation initiatives, improvement of ESG reporting, implementation of internal policies, and reinforcement of governance documentation and procedures. Responsible investment also remains a central component of the company's governance approach. Insula continues to progressively integrate ESG criteria into its investment and asset management activities.
KPIs
Indicator
2024
2025
Operations assessed for risks of corruption
526
544
+3%
Convictions or fines
0
0
-
Complaints
0
0
-
Whistleblowing cases
0
0
-
Our commitments and recognition
The company remains a signatory to the Principles for Responsible Investment (PRI) and continues to participate in sustainability-related initiatives and networks, including BCSD Portugal and GRACE. And finally, obtaining the ESG Reporting Pioneer stamp, awarded by SIBS, further reinforced the company's commitment to the transparency and maturity of ESG reporting.
09. ECONOMIC AND ESG PERFORMANCE
Positive performance distributed with responsibility.
Throughout 2025, Insula continued to demonstrate positive financial performance, while at the same time strengthening ESG integration and sustainability governance practices.
Insula continued to invest in governance, people development, ESG reporting capabilities and social impact initiatives, reflecting a long-term approach to responsible business growth.
Revenue
Amounts in millions of euros
2.16
2023
2.74
2024
3.27
2025
Economic value retained
Amounts in thousands of euros
152
2023
363
2024
690
2025
The evolution observed between 2023 and 2025 demonstrates a progressive consolidation of the company's ESG governance and reporting maturity.
Notable aspects include the strengthening of ESG governance, the continuity of GHG inventory processes, the improvement of ESG reporting capabilities, the expansion of social impact initiatives and the greater formalisation of governance and people policies and procedures.
KPIs
Values in euros
Indicator
2024
2025
A LOOK AHEAD
The priorities in the continuation of our journey.
Looking ahead, Insula aims to continue strengthening ESG integration in its operations, governance model, and investment activities.
Priorities for 2026
01
02
03
04
05
06
07
To advance along the sustainability path, it is crucial to define the next steps that will allow Insula to continue promoting responsible and innovative practices, reinforcing its commitment to sustainable development and long-term value creation.
As previously mentioned, Insula will conduct a new materiality assessment to reflect the current context and the evolution of priorities for both the organisation and the assets under management. This process will consider the different levels of influence and decision-making power across the portfolio and aims to provide a more refined and actionable tool to guide the sustainability strategy and support future decisions.
These are the seven global priorities identified. To continue the commitments defined in the 2023 Sustainability Strategy and pursue the mission of generating a positive impact on society, a short and medium-term action plan was defined to support the company on its path towards sustainability.
Sustainability Roadmap
Environment
ENERGY AND WATER EFFICIENCY
Send communications to 100% of investors to encourage the transition of their funds to renewable energy sources, aiming for at least half to actually make the switch.
META
2025
2026
STATUS
In progress
To have at least 50% of funds under management with renewable energy.
GOAL
2026
STATUS
In progress
GREENHOUSE GAS EMISSIONS
Carry out at least 2 actions from the defined action plan
GOAL
2026
STATUS
In progress
GREEN AND SUSTAINABLE PRODUCTS
Identify at least 2 investor funds with characteristics to be classified as Article 9.
GOAL
2030
STATUS
In progress
GREENHOUSE GAS EMISSIONS
Measure Insula's Scope 3 emissions with at least 2 funds included.
GOAL
2025/26
STATUS
In progress
GREEN AND SUSTAINABLE PRODUCTS
Ensure that at least 25% of assets under management are classified as Article 8 by 2025, with the goal of increasing to 100% by 2030.
GOAL
2025
STATUS
Implemented
GREEN AND SUSTAINABLE PRODUCTS
Implement the risk matrix to conduct ESG due diligence on 100% of new investments.
META
2025
2026
STATUS
In progress
DIGITISATION
Implement at least 2 technological tools to support investors in ESG decision-making.
GOAL
2025
STATUS
Implemented
Social
DIVERSITY, EQUITY AND INCLUSION (DEI)
Include DEI principles in the recruitment section of the Employee Handbook. Train 100% of employees on DEI principles.
GOAL
2025
STATUS
Implemented
DIVERSITY, EQUITY AND INCLUSION (DEI)
Partner with a social organisation that supports the needs of people with disabilities.
GOAL
2026
STATUS
In progress
COMMUNITY INVOLVEMENT
Create the community engagement plan with objectives, target audience, pillars and goals.
GOAL
2026
STATUS
In progress
DIVERSITY, EQUITY AND INCLUSION (DEI)
Carry out an accessibility analysis of Insula's offices to accommodate people with disabilities.
GOAL
2026
STATUS
Partially implemented
COMMUNITY INVOLVEMENT
Establish at least one partnership with local schools, community organisations, or educational institutions to identify vulnerable young people who can participate in internships at Insula. Develop at least one recruitment process for young people based on this partnership.
GOAL
2026
STATUS
In progress
Governance
ESG COMPLIANCE AND REPORTING
Send communications to 100% of investors regarding Insula's ESG practices.
META
2025
2026
STATUS
In progress
Develop Insula's first TCFD analysis to identify the key risks and opportunities related to climate change
GOAL
2027
STATUS
Not started
TRANSPARENCY AND BUSINESS ETHICS
Apply the risk matrix to conduct ESG due diligence on 100% of investors, partners and suppliers.
GOAL
2025
STATUS
Implemented
TRANSPARENCY AND BUSINESS ETHICS
Send communications to 100% of partners inviting them to adhere to Insula's sustainability policy.
GOAL
2025
2026
STATUS
In progress
