• Appointed Gannet Capital as external investment manager, strengthening access to high-quality opportunities
• Completed investments in Mari and Tixel, reflecting focus on quality over quantity
• Reported net loss of $4.6M, driven by non-cash fair value adjustments and FX impacts rather than cash performance

Touch Ventures Limited (ASX:TVL) reported its results for the year ended 31 December 2025. The company reported a net loss after tax of $4.6 million, a significant improvement from the $24.9 million loss in the prior year. The loss was primarily driven by non-cash fair value adjustments of $2.8 million and an unrealized foreign exchange loss of $1.5 million on investments, rather than underlying cash performance. During the year, the company appointed Gannet Capital Pty Ltd as its external investment manager, a significant strategic turning point. Gannet Capital's global network and disciplined approach has provided Touch Ventures access to high-quality, often off-market investment opportunities that are typically unavailable to Australian listed investment vehicles. The company completed two notable investments during the year - a US$10 million stake in AE EventsCo Holdings LLC (Mari), a global events and experiences platform, and a follow-on investment in Tixel, reflecting continued conviction in its long-term growth potential. Despite these achievements, the company's legacy portfolio continued to face valuation pressure, resulting in the reported net loss. However, Touch Ventures closed the year with a strong balance sheet, holding $29.6 million in cash and no debt, providing resilience and flexibility to pursue future opportunities.Looking ahead, the company's priorities include actively managing the legacy portfolio, selectively deploying capital into high-conviction opportunities sourced through Gannet Capital's global network, and building a portfolio capable of delivering long-term compounding returns for shareholders.

The company expects to continue pursuing two parallel priorities: 1) actively managing and realizing value from the legacy portfolio, and 2) selectively deploying capital into new investments aligned with its return objectives, with a focus on exceptional founders, meaningful markets, and scalable, capital-efficient growth.