diff --git a/provider-pricing/regolo.md b/provider-pricing/regolo.md
new file mode 100644
index 0000000..1cff49c
--- /dev/null
+++ b/provider-pricing/regolo.md
@@ -0,0 +1,64 @@
+# Regolo pricing: what changed, and where our numbers live
+
+Source: Regolo's announcement email (link goes to their SSO portal, so the tables below are
+entered by hand) plus their public pricing page.
+
+## Effective 2026-11-01 (from the notice email), EUR per 1M tokens
+
+| model | input | output |
+|---|---|---|
+| gpt-oss-20b | €0.10 | €0.20 |
+| qwen3.5-9b | €0.10 | €0.20 |
+| brick-complexity-pro (SEMANTIC SMART ROUTER) | €0.10 | €0.20 |
+| gpt-oss-120b | €0.20 | €0.70 |
+| mistral-small-4-119b | €0.20 | €0.70 |
+| gemma4-31b | €0.40 | €0.60 |
+| qwen3.8-27b | €0.50 | €3.40 |
+| **qwen3.5-122b** | **€0.60** | **€3.40** |
+| **apertus-70b** | **€1.00** | **€3.40** |
+| glm5.2 | €2.30 | €6.90 |
+
+## Before (public pricing page, read 2026-10-31), EUR per 1M tokens
+
+apertus-70b €0.40 / €2.10 · qwen3.5-122b €1.00 / €4.20 · gpt-oss-120b €1.00 / €4.20 ·
+gpt-oss-20b €0.10 / €0.42 · gemma4-31b €0.40 / €2.10 · glm5.2 €2.00 / €5.20 ·
+mistral-small-4-119b €0.50 / €2.10 · qwen3.8-27b €0.50 / €2.10 · qwen3.5-9b €0.07 / €0.35 ·
+brick-complexity-pro €0.10 / €0.40 · brick-v1-beta €0.00 / €0.00
+
+Image generation, unchanged by the notice: **€0.000000015 per pixel** (with the
+subscription note: Qwen-Image is *not included* in any plan).
+
+## What we serve, and the change it needs
+
+Peg: EUR x 1.16 -> USD, the rate our numbers already use.
+
+| our model | old USD/M | new USD/M (from 2026-11-01) | direction |
+|---|---|---|---|
+| regolo/apertus-70b | $0.46 / $2.44 | **$1.16 / $3.94** | input +152%, output +62% |
+| regolo/qwen3.5-122b | $1.16 / $4.87 | **$0.70 / $3.94** | input -40%, output -19% |
+
+**Until the gateway is updated**, apertus bills $0.46/M input while costing ~$1.16/M — a ~70 cent/M
+loss on the co-op — and qwen over-bills members by ~46 cents/M input. Both directions argue for
+updating promptly rather than waiting.
+
+## Where the numbers live
+
+The gateway's per-model costs are the authority, and they are what the response headers
+(`x-litellm-response-cost`, shipped 2026-10-31) and member billing both read. Read them with
+`GET https://gateway.inference.coop/model/info` (master key): as of 2026-10-31,
+`regolo/apertus-70b` = 4.6e-07 / 2.44e-06 and `regolo/qwen3.5-122b` = 1.16e-06 / 4.87e-06
+per token. Member-facing copy is `docs/models.md`.
+
+## Open inconsistency: the image model is priced in EUR-as-USD
+
+`regolo/qwen-image` carries **no** input/output cost, and a live 512x512 call billed
+**$0.00393216** — which is 262,144 px x EUR 0.000000015, i.e. the EUR figure applied as if it
+were dollars. The two chat models convert at 1.16; the image model does not, so it is ~15.5%
+under cost. Small per image (~$0.0007), but it is the same class of error as the chat prices and
+should be fixed in the same pass (x 1.16 -> $0.0000000174 per pixel).
+
+## Process note
+
+Keep a dated section per notice. The next change should be a diff against this file rather than a
+re-derivation — the email link is a login wall, so the numbers only reach us when the operator
+forwards them.