Molten Ventures - FY25 trading update - key takeaways

Molten's FY25 trading update (to end-March 2025) showed a positive uptick in portfolio valuations in the second half of the company's financial year, resulting in a c 4% increase in NAV per share to 671p in H225, and in turn a marginally positive NAV per share total return for FY25 of 1.4%. Molten delivered a strong level of realisation proceeds in FY25 of c £135m (above original management guidance of £100m) and has seen continued traction in recent months with further expected proceeds of £30m (despite the overall soft European VC exit market in Q125), supporting its share buybacks. Molten's cash balance at end-March 2025 stood at £89m (which further improved to £110m as of 23 April 2025 following the receipt of Freetrade proceeds). Together with its undrawn revolving credit facility of up to £60m and limited near-term funding requirement across its portfolio for FY25 (up to £20m according to management's previous statements), this provides it with a good balance sheet position for new and follow-on investments (Molten invested £73m in FY25).

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