Zak Mir talks to Alexander Selegenev, Executive Director, TMT Investments

Zak Mir talks to Alexander Selegenev, Executive Director, TMT Investments, in the wake of the venture capital company investing in high-growth technology companies, announcing its audited final results for the year ended 31 December 2025.

TMT Investments PLC has reported a strong set of audited results for 2025, marked by a return to profitability and growth in asset value.

Net Asset Value (NAV) per share increased to $7.13, up from $6.55 the previous year, with total NAV rising to $220.8 million.

The company delivered a profit of $16.6 million, a significant turnaround from a $2.2 million loss in 2024, supported in part by gains from investments, including a notable uplift from its stake in Scale AI.

Investment activity slowed during the year, with $1.5 million deployed compared to $5.9 million in 2024, while $5.5 million was realised through disposals and dividends.

TMT also completed a $1.7 million share buyback programme, and ended the year with $5.0 million in cash, maintaining liquidity for future opportunities.

Alexander Selegenev, Executive Director of TMT, commented:

"In 2025, TMT's net asset value increased 8.9%, mainly as a result of the significant positive currency exchange impact on the Company's Pound Sterling and Euro-denominated investments and the continued growth of TMT's investment in Scentbird. This was a period of continuing macroeconomic and political instability, as well as of subdued venture capital, IPO, and M&A activity outside the AI segment.

TMT's portfolio benefited from positive revaluations of seven of its investee companies (Bolt, Scentbird, Global Work AI, Spin.ai, Scale AI, Rhino, and Whizz), which have been partly offset by full and partial write-downs in the value of nine of the Company's investments (Backblaze, Mobilo, SOAX, MTL Financial, Prodly, Sonic Jobs, Aurabeat, Qumata, and Go X), in line with TMT's highly prudent valuation approach.

The majority of TMT's portfolio companies continue to demonstrate good business progress and have adapted well to the challenges of the current environment. Despite reduced revenue growth rates for some investees in this environment, many of them have managed to reach either profitability or positive operating cash flow levels.

TMT successfully disposed of partial stakes in some of its portfolio companies (most notably, Backblaze and Bolt) at NAV-enhancing valuation levels.

Given the continued high level of market uncertainty and volatility in 2025, TMT maintained its cautious investment approach during the period, and made only four new and follow-on investments. Two new companies were added to TMT's portfolio, Spendbase Inc. and Leasy Holdings Limited.

In 2025, TMT's shares often traded at a 60%+ discount to NAV, and at this valuation it was hard for management to identify a better investment opportunity than TMT's current investment portfolio itself. Accordingly, the Company successfully completed a share buyback programme, in which a total of 651,688 TMT shares were bought at a weighted average price of US$2.65 per share for a total consideration of US$1,729,657.

With no financial debt and strong cash reserves, TMT is well positioned to not only ride out the current market volatility, but also to continue making investments and realising full and partial disposals when the right opportunities present themselves.

We look forward to keeping shareholders updated on relevant developments in due course."