Latvian high-tech company Tet expects to increase its value to more than €1 billion by 2030, Tet CEO Uldis Tatarčuks said at the Tet Vision event on Thursday.
Tatarčuks explained that Tet has prepared eight development lines that will help turn this ambition – to become a “unicorn” by 2030 – into reality.
He noted that the company’s transformation is already underway and expressed hope that the memorandum of understanding signed with the Latvian government, Latvenergo, and the Latvian State Radio and Television Centre (LVRTC) on the sale of all shares in fixed network operator Tet and mobile operator LMT will provide momentum for further growth.
According to Tatarčuks, Tet has evolved from a telecommunications services provider into a multi-branch enterprise.
The Top 101 of Latvia’s Most Valuable Companies, compiled by Nasdaq Riga and Prudentia, shows that Tet’s value was €380.62 million in 2024, €429.32 million in 2023, €452.81 million in 2022, and €438.06 million in 2021.
Edgars Grandāns, CCO and Member of the Board of Tet, said that data centers will be one of the company’s key future business lines.
He stressed that demand for data is growing exponentially, with current consumption twice as high as before the Covid-19 pandemic.
Tet currently operates six data centers and will soon open its seventh, DC7, located in Salaspils. According to Grandāns, the company’s data center turnover is growing by around 15 percent annually, with exports accounting for 62 percent of the total.
Tet also plans to build more resilient global connections, for example by developing 5G infrastructure along the Via Baltica motorway. The company also intends to test fiber optic infrastructure to enable data analytics for motorways.
Tet CTO Dmitrijs Nikitins highlighted the company’s work in cybersecurity. He said that since the Russian military invasion of Ukraine, cyber incidents in Latvia have increased by 40 percent, including a four-fold increase in attacks on state institutions and critical infrastructure.
Nikitins explained that IT security requires a complex set of measures, and Tet is working on future-proofing its network against denial-of-service (DDoS) attacks. Efforts are also underway to increase network capacity and resilience, strengthen protection across all levels, and develop AI-based protection algorithms. He added that future challenges will require advanced systems based on quantum algorithms, and Tet has already conducted several tests using quantum technologies.
Tet is also contributing to national security by participating in the Locked Shields 2025 cyber defense exercise, and it plans to co-host the exercise in 2026.
In addition, Nikitins noted that Tet is actively developing AI solutions, with 25 projects completed so far. The company will soon launch Tet GPT, an AI assistant for business developed with internal data security in mind and planned for future customer use.
Guna Soloveja, Head of Research and Business at Tet, said the company has invested €300 million over the past decade.
Inese Kalveite, Director of Marketing and Corporate Communications at Tet, added that the company will continue to support initiatives promoting children’s growth, education, and well-being. Tet will also continue investing in the Latvian film industry and supporting individuals who represent Latvia internationally.
As reported, Tet Group posted a turnover of €321.365 million last year, up 10.2 percent year-on-year, while profit grew 63.2 percent to €18.027 million. Meanwhile, Tet’s standalone turnover was €185.389 million, down 1 percent compared to 2023, while profit dropped 35.3 percent to €12.288 million.
Tet is owned by the Latvian state, represented by Possessor Public Asset Manager (51 percent), and Tilts Communications, a subsidiary of Telia Company (49 percent).
Source: BNS
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