DJ Interim Results
Molten Ventures Plc (GROW)
Interim Results
25-Nov-2025 / 07:00 GMT/BST
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Molten Ventures Plc
("Molten Ventures", "the Group" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Continuing momentum, with further growth in portfolio value and NAV per share, ongoing strong realisations, and
effective delivery on capital allocation policy
Molten Ventures (LSE: GROW) a leading venture capital firm investing in and developing high-growth digital technology
businesses, today announces its interim results for the six-month period ended 30 September 2025.
Highlights
Financial highlights for the six months ended 30 September 2025
-- 724p NAV per share* up 7.9% last 6 months and 12% last 12 months (unaudited) (30 September 2024: 646p, 31 March
2025: 671p)
-- GBP1,436 million Gross Portfolio Value* ("GPV") up 5% last 6 months and 7% last 12 months (unaudited) (30 September
2024: GBP1,343 million, 31 March 2025: GBP1,367 million)
-- GBP1,289 million Net Assets (30 September 2024: GBP1,205 million, 31 March 2025: GBP1,236 million)
-- 6.3% Gross Portfolio net fair value movement* (30 September 2024: -1%, 31 March 2025: 5%)
-- GBP62 million cash proceeds generated from realisations (30 September 2024: GBP76 million, 31 March 2025: GBP135
million), with a further GBP23 million realised since 30 September 2025
-- GBP33 million invested with a further GBP11 million from managed EIS and VCT funds (30 September 2024: GBP51 million and
GBP12 million, 31 March 2025: GBP73 million and GBP34 million)
-- 0.1% Operating costs as a % of period-end NAV (net of fee income and exceptional items) (31 March 2025: 0.6%) well
below the targeted 1% of year-end NAV*
-- GBP77 million Consolidated Group Cash (31 March 2025: GBP89 million)
-- GBP19 million returned to shareholders via share buyback programme since 31 March 2025, (year to 31 March 2025: GBP17
million) with additional GBP5 million to date post period-end (31 March 2025: GBP17 million)
*The above figures contain alternative performance measures ("APMs") - see Note 23 in the Interim Report for
reconciliation of APMs to IFRS measures.
**EIS and VCT funds are managed by Molten Ventures plc Group but are not consolidated. See accounting policies on pages
23 to 26 of the Interim Report.
Operational and strategic highlights for the six months ended 30 September 2025
-- Core Portfolio value of GBP888 million representing 62% of the Gross Portfolio value across 16 companies. These are
the key value drivers of the portfolio that drive their scale and characteristics, their key attributes include:
-- Average Revenue of over USD500 million, including those that are currently generating over USD1 billion per year
-- Well capitalised with six companies in the Core forecasting profitability for calendar year 2025; 81% of Core
Portfolio companies forecast to be funded for at least 12 months; and 56% of Core Portfolio companies forecast to
be funded for at least 18 months
-- Gross margins averaging 68%, excluding pre-revenue companies (31 March 2025: 70%)
-- The remaining portfolio value of GBP548 million is built up of our exposure in direct emerging companies (the
'Emerging Portfolio') and fund investments. This consists of:
-- Direct emerging companies represent GBP256 million, being 18% of the Gross Portfolio Value, and
-- Total 68 companies, with the Top 15 revenue-generating forecasting revenue growth of 100% (31 March 2025: 100%)
-- Fund investments, which include seed Fund of Funds, Earlybird and Secondaries represent GBP293 million, being 20% of
the Gross Portfolio Value
-- Across the portfolio the value growth is matched by innovation and job creation with tens of thousands employed
across key technical talent pools of science and engineering in the portfolio
-- Strong deal pipeline with recent Series A and B investments including Duel, General Index and Polymodels Hub in
line with stated strategic focus on core investing strength, with GBP20 million committed post period end
-- Continuing our Secondary investment strategy with a majority stake acquisition of GBP15 million in Speedinvest
Continuation Fund I, representing nearer term realisation opportunities
-- A total of GBP50 million committed to share buyback programme following additional GBP10 million commitment in October
2025, supported by the ongoing strong level of realisations and recognising the NAV per share accretive effect of
these buybacks
-- Reduction of 8% in general administrative expenses, reflecting ongoing cost control and operating efficiencies
while also actively hiring talent into the team to drive performance
Ben Wilkinson, CEO, commented:
"HY26 sustained strong momentum, marked by continued growth in our portfolio value and NAV per share, ongoing strong
level of realisations, and effective delivery on our capital allocation policy. We are pleased with the progress we
made on the strategic priorities outlined in February 2025, and remain committed to delivering against these.
"We are also making progress in developing co-investment structures to build further scale; continuing with our NAV per
share accretive buyback programme; and looking forward to further news flow on both realisations and compelling
investments in line with our strategy. As well as nearer-term realisation opportunities in our secondary investments,
top assets in our core portfolio are also moving up the maturity curve, underpinning our confidence in building up a
strong pipeline of future realisation opportunities and returns. We remain focused on the most accretive uses of our
capital to build maximum value across the Group for all our stakeholders."
Results presentation
A presentation for analysts and other registered investment professionals will be held at 09:30am GMT today, both
in-person at Molten's London office and virtually. To register to attend virtually, please visit: https://
stream.brrmedia.co.uk/broadcast/68fb4c429f0c7e00132b04c4
In addition, Molten will also be hosting a presentation on Friday, 5 December 2025 at 10:30am GMT via the Investor Meet
Company platform. The presentation is open to all existing and potential shareholders, with a live Q&A session.
Questions can be submitted pre-event via the Investor Meet Company dashboard or at any time during the presentation.
Investors can sign up for the event for free via this link: https://www.investormeetcompany.com/molten-ventures-plc/
register-investor
Interim Report and Accounts
The Company's Interim Report and Accounts for the six months ended 30 September 2025, will also be available to
download from the Company's website at https://investors.moltenventures.com/investor-relations/plc/reports.
The Company has also submitted its Interim Report and Accounts for the six months ended 30 September 2025 to the UK
National Storage Mechanism (available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism).
This announcement constitutes the material required by DTR 6.3.5 to be communicated in unedited full text through a
Regulatory Information Service.
Enquiries:
Molten Ventures plc
+44 (0)20 7931 8800
Ben Wilkinson (Chief Executive Officer)
ir@molten.vc
Andrew Zimmermann (Chief Financial Officer)
Deutsche Numis
Joint Financial Adviser and Corporate Broker
Simon Willis
+44 (0)20 7260 1000
Jamie Loughborough
Iqra Amin
Goodbody Stockbrokers
Joint Financial Adviser and Corporate Broker
Don Harrington
+44 (0) 20 3841 6202
Charlotte Craigie
Tom Nicholson
William Hall
Sodali
+44 (0)7970 246 725/
Public Relations
+44 (0)7443 648 021
Elly Williamson
molten@sodali.com
Sam Austrums
About Molten Ventures
Molten Ventures is a leading venture capital firm in Europe, developing and investing in high growth technology companies.
It invests across four sectors: Enterprise & SaaS; AI, Deeptech & Hardware; Consumer Technology; and Digital Health with highly experienced partners constantly looking for new opportunities in each.
Listed on the London Stock Exchange, Molten Ventures provides a unique opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long-term investments with limited liquidity. Since its IPO in June 2016, Molten has deployed over GBP1bn capital into fast growing tech companies and has realised more than GBP700m to 30 September 2025.
For more information, go to https://investors.moltenventures.com/investor-relations/plc
Management Statement
Chief Executive's review
I am pleased to report a strong first half for Molten, characterised by continued realisation momentum, positive portfolio development, and disciplined execution of the strategic priorities we set out at our Investor Day in February 2025 following my appointment as CEO in October last year. At Molten, our model of investment and active management has been proved over market cycles while our strategy is deep rooted in long-term conviction about the power and value of European technology innovation. Molten continues to be at the forefront of a generational shift in technology. Our portfolio spans all key subsectors including Fintech, Space, Cyber, AI, Climate and Energy, Quantum, Digital Health, and Crypto & Blockchain, and offer considerable potential for value creation, featuring leading technological companies of today and the future.
Strategic update
We continue to be excited by the market opportunity for investing with deep technology expertise in the UK and Europe and have a platform to invest across direct primary, secondaries and fund investments. We have created value through many market cycles and demonstrated the proof of the upside potential of outperforming technology businesses alongside prudent and targeted portfolio management.
Molten will continue to grow by investing in the best investment professionals and building out our third party capital base to complement our listed evergreen balance sheet. There is a compelling opportunity to bridge the gap to capital that exist at the equity growth stages in Europe, combining our company-building expertise alongside the depth of capital required for our businesses to compete globally.
A key strength at Molten is our ability to generate value from our investments, as demonstrated by the over GBP700 million of realisations delivered as a publicly listed vehicle since IPO in 2016.
Returning capital through realisations allows Molten to deliver on its capital allocation policy which focuses on NAV per share accretive uses of capital.
We balance long term value creation with the opportunity to acquire more of our own portfolio of high-growth companies through share buybacks.
Following the update in our full-year results published in June 2025, our focus and priorities remain clear.
-- Core Investing Strength in Series A and B: We are concentrating on our core expertise of leading Series A and B
investments, leveraging differentiated deal flow, a strong brand, and the ability to lead high-quality
transactions. Recent activity includes co-leading a USD16 million Series A funding round in Duel, investing GBP5
million alongside our managed EIS and VCT funds. We also participated and invested USD10 million in General Index's
Series A alongside our managed EIS and VCT funds, reflecting our commitment to high-conviction opportunities at
these stages and a robust pipeline of further investments. Post period end we have committed a further GBP20 million
to Series A and B investments, including leading the GBP7 million Series A investment in Polymodels, and a lead
Series B follow on from within our existing portfolio. -- Scaling Portfolio Development and Institutional Co-Investment: We facilitate institutional co-investment at Series
B+ stages, broadening access to capital and high-quality deal flow. This approach addresses the persistent funding
gap for growth-stage technology companies across Europe and supports consistent capital deployment and portfolio
scale. Our Molten East (a new fund focused on technology companies from the Eastern European region) strategy
continues to progress well and we expect a first close in 2026. -- Narrower Fund of Funds Programme: We continue to concentrate any new Fund of Funds commitments on a smaller, select
group of managers. This tighter focus ensures we preserve more capital for direct investments while working with
those managers who provide the best insights and deal opportunities across the European ecosystem. The programme
remains strategically important as it gives us critical market intelligence and access to emerging companies, but
it is becoming a smaller component of our overall activity as we sharpen our focus on where we can add the most
value. -- Balance Sheet Strength and NAV Accretive Use of Capital: The Company maintains a robust capital base, with GBP77
million in Consolidated Group cash and an undrawn GBP60 million revolving credit facility as of 30 September 2025.
Post period end we have announced a further GBP23 million partial realisation in Revolut. Importantly, the Company
continues to balance capital allocation and prioritise NAV accretive uses of capital, as demonstrated by the
ongoing share buyback programme and targeted reinvestment of realisation proceeds into new investments, focusing on
portfolio developments and delivering shareholder returns. The recent acquisition of a majority stake in
Speedinvest Continuation Fund I is a continuation of our secondary investment strategy and builds on earlier FOF
investment in previous Speedinvest funds, highlighting Molten's ability to acquire high-quality, mature assets with
nearer term realisation opportunities. -- Narrowing Share Price Discount to NAV: We are focused on continuing to narrow the share price discount to NAV. The
share buyback programme, to date, has returned GBP41 million to shareholders since July 2024, significantly above the
minimum 10% of realisation proceeds outlined in the capital allocation policy. We have committed an additional GBP10
million to further support this initiative, taking the total to date to GBP50 million, with the goal of narrowing the
share price discount to NAV while maintaining strong reserves and ensuring that capital deployment remains NAV
accretive.
Our strategic refocus is delivering tangible results, as demonstrated by continued growth in the Gross Portfolio Value (6% in HY26) and NAV per share (8% in HY26). This is underpinned by our active portfolio management, capital discipline, and a clear focus on NAV per share accretive use of capital. We remain confident in our ability to generate value for shareholders through this renewed focus and operational execution.
Performance and realisations
The Gross Portfolio Value has delivered fair value growth of GBP86 million, with favourable currency movements of GBP11 million, resulting in gross fair value growth of GBP97 million for the first six months. This reflects the quality and maturity of our portfolio, underpinned by effective portfolio management and development.
Of the Gross Portfolio Value, our Core Portfolio companies have generated an 11% fair value uplift, GBP92 million excluding FX, as they continue to demonstrate strong operational metrics. We are seeing robust revenue growth, strong gross margins, and increasing numbers of companies achieving profitability. Aircall, ICEYE, Revolut, Ledger, and ISAR Aerospace have been standout performers, contributing over GBP100 million in aggregate fair value growth excluding FX, offset by fair value reductions of GBP20 million elsewhere. These companies have completed funding rounds at higher valuations, reflecting strong investor demand and positive newsflow during the period. Our consistent valuation approach allows us to recognise upside when companies hit milestones or take reductions quickly where performance falls short.
The remaining portfolio has a fair value of GBP539 million, which is built up of our fund investments totalling GBP293 million and our direct Emerging companies of GBP256 million. Our Fund Investments, being our Seed Fund of Funds, Earlybird and Secondary strategy investments, collectively have delivered fair value growth of 3% or GBP7 million, excluding FX. Our direct Emerging Portfolio has had a fair value reduction of GBP13 million, excluding FX with this being limited to three specific companies. This part of the portfolio continues to show significant promise, with many companies in the early stages of strong growth trajectories and funding rounds, such as BeZero, Deciphex, Manna and Modo Energy.
In our full-year results published in June 2025, we reported strong realisations all at or above holding value, and I am pleased to report that this performance continued in the first half of FY26. Realisations remain a key focus as Molten delivered GBP62 million in cash proceeds during HY26, representing 4.5% of opening GPV. A further partial realisation of Revolut at the September NAV, brings total proceeds to GBP85 million, keeping us on pace to deliver our internal annual target of 10% of opening GPV through the cycle. This follows the GBP135 million realised in FY25, bringing total realisations for the 18 months, to date, to GBP220 million and demonstrating the maturity, depth and breadth of our portfolio. The continuation of realisations allows us to return further capital to shareholders via our share repurchase programme while maintaining investment capacity and capital allocation discipline.
The continued realisations have strengthened our liquidity position, reflecting our focus on active portfolio management and development by our highly experienced team. These exits have been completed at an average multiple of 2.7x invested capital, with all cash realisations at or above holding values, further validating the quality of our portfolio and the robustness of our valuation methodology. The proceeds will be used for NAV per share accretive opportunities, in line with our balanced capital allocation policy, driving shareholder value through strategic deployment into new and existing investments whilst delivering returns to shareholders.
Investment activity
We deployed GBP33 million into new and follow-on investments, including in Secondaries during the period, demonstrating our continued ability to access high-quality exciting opportunities. New investments included Duel, an enterprise brand advocacy platform, General Index, a provider of energy and commodity pricing data, and post period end Polymodels Hub, a pharmaceutical modelling, simulation and workflow management platform. These were all Series A deals, with a combined investment of GBP20 million, alongside EIS and VCT funds managed by Molten.
We have continued our Secondary strategy with a GBP15 million investment in Speedinvest Continuation Fund I, as we leverage our network in the venture capital market to provide liquidity to later-stage funds, with a focus on acquiring portfolios of high-quality mature assets with nearer term realisation opportunities.
These investments reflect our disciplined approach to capital deployment, focusing on companies with clear pathways to value creation while maintaining our strategic emphasis on Series A and B opportunities where we can lead and add meaningful value. We continue to see a strong pipeline of compelling investment opportunities both within our existing portfolio and across the wider European technological ecosystem. Post period end we have invested and committed GBP20 million to Series A and Series B investments, including Polymodels Hub, and a lead Series B follow on from within our existing portfolio.
Capital allocation
Following the commencement of our share buyback programme in July 2024, to date we have returned GBP41 million to shareholders, significantly exceeding our capital allocation policy guidance of a minimum of 10% of realisation proceeds. The programme has been NAV per share accretive, contributing 14p to NAV per share uplift in the period. With improving visibility on further realisations, we committed an additional GBP10 million to buybacks in October, bringing our total commitment to GBP50 million. This underscores our ongoing focus on narrowing the share price discount to NAV while maintaining our balanced capital allocation approach to continue investing in compelling opportunities.
We have deployed GBP33 million in the six months to 30 September and post period end we have committed an additional GBP20 million as the lead investor in Series B rounds. We maintain a robust capital position with total consolidated group cash of GBP77 million as at 30 September 2025, supplemented by GBP23 million available from managed EIS and VCT funds, and an undrawn revolving credit facility of GBP60 million. This provides significant flexibility to pursue compelling investment and NAV accretive opportunities while maintaining our balanced capital allocation approach. We continue to focus on cost control and operating efficiencies to reduce expenses year-on-year while maintaining our focus on investment team talent to drive performance.
Market update
The venture capital and technology sectors demonstrated resilience during the first half of FY26, with improving market sentiment supporting valuations. Listed technology companies showed positive momentum, with many reaching higher valuations that provided supportive comparables for our private portfolio companies.
Fundraising remains challenging, but the best businesses are still obtaining funding at attractive valuations. Total funding has remained broadly stable over the last 3 years and we expect European deals to be in the region of USD68 billion for 2025, still significantly below the USD125 billion peak in 2021 and USD100 billion in 2022. However, the number of deals being funded has reduced year on year since 2021. We observed particular strength in sectors aligned with our portfolio focus areas, including artificial intelligence, fintech, and deeptech hardware applications.
Exit markets showed encouraging signs of recovery, with strategic acquirers and financial sponsors demonstrating increased appetite for high-quality technology assets. This supported our realisation activity during the period and provides a constructive backdrop for future portfolio realisations.
However, the broader liquidity environment remained constrained, with listings still limited and funding environments for private funds still challenging. Interest rates have begun to stabilise, easing inflationary pressures but global factors such as US tariffs and ongoing uncertainty ahead of the UK budget continue to contribute to stock market volatility.
The UK and Europe face a significant scale-up funding gap. Initiatives like the Mansion House Accord are working to unlock GBP50 billion of UK pension scheme capital into private markets by 2030, a potentially significant source of growth funding. Enhancing domestic institutional participation would fund our own innovation with deeper pools of capital and enable more UK and European-founded companies to scale.
Outlook and post period end
The Board remains committed to maintaining strong and transparent engagement with our shareholder base. In addition to our regular management interactions with shareholders, over recent months, our Chairman has undertaken a programme of meetings with many of our larger shareholders to discuss our strategy, operational performance, and the execution of our business plan. I am pleased to report that the feedback from these meetings has been consistently constructive and supportive, and we remain open to further engagement.
Looking ahead, we remain focused on opportunities to drive further value and returns for shareholders. We continue to see attractive investment opportunities both within our existing portfolio and in the wider market. The portfolio continues to demonstrate strong momentum and we're actively deploying capital into compelling new opportunities, with several funding rounds in progress across our holdings, positioning themselves for their next phase of growth.
Equally, we're working on a pipeline of realisation opportunities through strategic M&A and potential IPO routes, building on the strong exit momentum we delivered in FY25 and HY26. These exit pathways, whether through trade sales, strategic acquisitions, or public listings, represent the natural progression for our most mature holdings and we expect to see continued activity through the cycle.
Our conviction in European technology innovation remains unwavering. The portfolio is well-positioned across transformative sectors, from AI and quantum computing to fintech and climate and energy tech, capturing the generational shift in technology that will define the next decades of how society works. The recognition of venture capital as a compelling asset class for long-term returns is reflected in structural initiatives such as the Mansion House Accord, which is working to unlock significant institutional capital into private markets.
We continue to see attractive investment opportunities both within our existing portfolio and in the wider market. Our disciplined approach ensures we remain selective, focusing on opportunities where we can leverage our expertise and networks to add significant value. The development of co-investment structures, including the new Molten East fund expected to first close in 2026, will enhance our ability to participate in larger opportunities while maintaining capital efficiency.
With clear strategic direction, a proven platform, and reach across Europe's technological ecosystem, Molten is positioned well to execute on our priorities: developing our Core and Emerging portfolios, maintaining capital discipline, and creating long-term shareholder value.
Ben Wilkinson
Chief Executive Officer
Financial Review
Statement of Financial Position
Molten delivered a fair value uplift in the underlying portfolio alongside strong realisations in the period ending 30 September 2025. Gross Portfolio Value as at 30 September 2025 was GBP1,436 million, a 5% increase from the 31 March 2025 balance of GBP1,367 million. This uplift was mainly driven by the net fair value growth for the period of GBP86 million, with a number of companies in the Core making strong contributions to this.
Total consolidated group cash available as at 30 September 2025 was GBP77 million (31 March 2025: GBP89 million). An undrawn revolving credit facility ("RCF") of up to GBP60 million provides further funding flexibility, subject to certain drawing conditions.
During the period, we received cash proceeds from portfolio realisations of GBP62 million, primarily from Lyst, Freetrade, and a partial realisation of our holding in Revolut. We have deployed capital into investments totalling GBP33 million, with GBP1 million to general administrative expenses net of fee income, GBP5 million to net finance expenses, and GBP20 million to share buybacks. Subsequent to the period end, further cash received from realisations in the second half of the year is already at GBP25 million. Molten manages liquidity risk by maintaining adequate reserves and ongoing monitoring of forecast and actual cash flows. Capital resources are managed to ensure that there is sufficient headroom for 18 months' rolling operating expenses.
The Company commenced its share buyback programme in July 2024, with a total of GBP36 million of GBP40 million deployed as at 30 September 2025 and an additional GBP10 million commitment announced in October 2025. The programme was financed through cash resources, acquiring a total of 6,234,261 ordinary shares up to 30 September 2025 (31 March 2025: 4,871,767), which represent approximately 3.3% (31 March 2025: 2.6%) of the Company's issued share capital at period-end. For further information, please see Note 16(i) in the Interim Report.
Net Asset Value
The Gross Portfolio Value is subject to adjustments for the fair value of any accrued carry and deferred tax liabilities, Net assets in the Consolidated Statement of Financial Position at 30 September 2025 increased by GBP53 million (4%) from 31 March 2025, to GBP1,289 million primarily due to the fair value gains.
The share buyback programme contributed 14p of accretion in NAV per share in the period. NAV per share for the period ended 30 September 2025 was 724p (31 March 2025: 671p).
Debt facility
The Group's Extended Debt Facility comprises a fully drawn GBP120 million term loan and an RCF of up to GBP60 million which remains undrawn as at the period end. Both loan facilities are on a three-year tenor, secured against various assets, LP interests, and bank accounts in the Group. The drawn amount is recognised in the consolidated statement of financial position at 30 September 2025, offset by capitalised fees from the setup of the Extended Debt Facility, which are being amortised over its life. For further information, please see Note 15 in the Interim Report.
Drawdown of the RCF component of the Extended Debt Facility is subject to a maximum loan to value ratio of 12.5%, while the interest rate remains at SONIA plus a margin of 5.5% per annum. The value of the portfolio continues to be subject to periodic independent third-party valuation at the discretion of our lenders. We have been compliant with all relevant financial covenants throughout the period and at period-end.
Statement of Profit and Loss
We recognised a profit after tax of GBP75 million in the six-month period ending 30 September 2025, compared to a GBP38 million loss after tax in 30 September 2024.
Net profit in the period was mainly driven by a positive fair value movement in investments of GBP80 million (30 September 2024: GBP15 million decrease). The Group also generated fee income of GBP11 million in the period (30 September 2024: GBP12 million), principally comprised of priority profit share ("PPS"), management fees from the managed EIS and VCT funds, performance fees, and promoter fees. PPS is generated from management fees charged on the underlying plc funds.
We anticipate that future potential income generated from management of third-party funds will provide a further positive contribution to offset our cost base and enhance future profitability.
Operating Costs
Molten continues to focus on cost discipline and operational efficiency. General administrative expenses for 30 September 2025 were GBP12.1 million (30 September 2024: GBP13.1 million), representing a 8% reduction year-on-year. This reflects our ongoing efforts to streamline operations and improve our cost-to-NAV ratio, keeping our operating costs (net of fee income) at 0.1% as at 30 September 2025 (31 March 2025: 0.6%) which continue to be below the targeted 1% guidance, while maintaining investment in critical areas such as investment team talent.
The reduction in operating costs has been achieved through various efficiency measures including process improvements, technology investments, and organisational optimisation. We remain committed to operating leverage as the business scales, with operating costs growing more slowly than portfolio value and investment activity.
Gross Portfolio Value Movement
The table below sets out the movement in Gross Portfolio Value for the six months ended 30 September 2025 compared to the prior period.
Movement
Fair value in Fair Fair value Multiple
of Non-investment Fair value of Cost of of Ownership
Investments investments Investments Realisations cash movement value movement investments investments invested interest
31-Mar-25 GBPm GBPm GBPm movement 30-Sep-25 30-Sep-25 30-Sep-25 cost range*
GBPm Foreign GBPm GBPm GBPm GBPm 30-Sep-25
exchange
GBPm
Revolut 157.1 - (26.3) - (5.9) 27.0 21.1 151.9 8.4 18.1x A
Ledger 75.6 - - - 3.3 28.5 31.8 107.4 28.5 3.8x B
Aircall 70.7 - - - (2.7) 14.2 11.5 82.2 14.3 5.7x B
Coachhub 86.9 - - - 3.8 (14.0) (10.2) 76.7 31.3 2.5x C
ICEYE 43.2 - - - (1.6) 32.0 30.4 73.6 22.5 3.3x B
Thought 70.1 - - - - 1.9 1.9 72.0 36.5 2.0x A
Machine
Aiven 71.8 - - - 3.1 (3.5) (0.4) 71.4 4.5 15.9x B
Form3 59.4 - - - - - - 59.4 30.1 2.0x B
RavenPack 39.2 - - - (1.5) 1.1 (0.4) 38.8 7.5 5.2x D
Fintech OS 29.0 - - - 1.3 - 1.3 30.3 29.6 1.0x D
ISAR Aerospace 22.3 - - - 1 5.9 6.9 29.2 4.0 7.3x A
HiveMQ 24.9 - - - 1.1 - 1.1 26.0 20.2 1.3x C
Schuttflix 24.2 - - - 1.1 (0.7) 0.4 24.6 22.1 1.1x B
Riverlane 19.8 - - - - - - 19.8 5.1 3.9x B
Simscale 11.3 - - - 0.5 1.8 2.3 13.6 10.5 1.3x B
N26 11.9 - - - 0.5 (1.8) (1.3) 10.6 10.6 1.0x A
Remaining 550.0 32.8 (35.2) - 7.3 (6.3) 1.0 548.6 574.7 1.0x
Gross
portfolio 1,367.4 32.8 (61.5) - 11.3 86.1 97.4 1,436.1 860.4
value
Carry external (87.5) - 0.2 - - (9.3) (9.3) (96.6) - - -
Non-investment - - - 8.6 - (8.6) (8.6) - - - -
cash movement
Net portfolio 1,279.9 32.8 (61.3) 8.6 11.3 68.2 79.5 1,339.5 - -
value
* Fully diluted interest categorised as follows: Cat A: 0-5%, Cat B: 6-10%, Cat C: 11-15%, Cat D: 16-25%, Cat E: > 25%.
Andrew Zimmermann
Chief Financial Officer
Portfolio Update
Overview
The portfolio demonstrated strong performance during the period, with the Core Portfolio companies showing robust growth and profitability metrics. The Gross Portfolio Value as at 30 September 2025 increased by GBP97 million, net of investments and realisations, to GBP1,436 million (31 March 2025: GBP1,367 million).
The fair value increase of GBP86 million (6.3% of opening GPV) reflects GBP135 million of uplifts, partially offset by GBP49 million of reductions. The fair value gain was primarily driven by strong performances from Core Portfolio companies and favourable market developments. Higher recent funding rounds and positive commercial news flow, particularly in companies such as Aircall, ICEYE, Revolut, Ledger and ISAR Aerospace, have supported increased valuations. These gains were partially offset by more modest performance in certain other holdings. For the 12 months to 30 September portfolio companies have raised in excess of USD350 million in funding rounds. Foreign exchange movements contributed an GBP11 million uplift to GPV, driven primarily by our Euro exposure, offset in part by US Dollar and other non-Sterling denominated investments.
Molten deployed GBP11 million into new investments and follow-on capital to several existing portfolio companies to support their growth plans and maintain our ownership positions. Further, we have invested and committed GBP22 million to our fund investments that are managed by third party fund managers, of which GBP15 million was a secondary investment into the Speedinvest Continuation Fund I and GBP7 million was funding our existing commitments.
New investments during the period included:
-- Duel, a GBP5 million Series A investment alongside our managed EIS and VCT funds, an enterprise brand advocacy
platform that enables companies to harness the power of their advocate networks for brand building, recruitment,
and growth. The platform provides brands with tools to recruit, co-ordinate and incentivise large numbers of
advocates. -- General Index, an GBP8 million Series A investment alongside our managed EIS and VCT funds, a provider of energy and
commodity pricing data and analytics. The company delivers critical market intelligence to participants in energy
and commodity markets, supporting pricing decisions and risk management. -- Speedinvest Continuation Fund I, a GBP15 million investment, continuing our Secondary strategy that is providing
exposure to a diversified portfolio of high-quality technology companies in Central Europe, managed by Speedinvest.
Realisations remained strong during HY26, generating cash proceeds from direct and fund investments of GBP62 million, representing 4.5% of opening GPV, and positions us well to continue meeting our annual target of 10% through the cycle. Total cash realisations since inception to 30 September 2025 now exceed GBP720 million, demonstrating our ability to generate liquidity and returns for shareholders from investments.
Exits completed during the period delivered an average 2.0x multiple on invested capital. Importantly, all cash realisations were completed at or above our holding value, validating our valuation methodology and the approach we take to portfolio valuations.
-- Freetrade exit generated cash proceeds of GBP20 million delivering a 1.5x multiple on invested capital. -- Lyst exit generated cash proceeds of GBP9 million delivering a 0.7x multiple on invested capital. -- Revolut partial exit generated cash proceeds of GBP26 million delivering a 20.0x multiple on invested capital.
The strong realisation activity reflects the increased maturity of our portfolio companies, improving exit market conditions, and our proactive approach to portfolio management. We are actively working on further potential realisations during the remainder of FY26, with improving visibility on the pipeline.
Core Portfolio
The Core Portfolio, which is made up of 16 companies representing 62% of GPV, are forecasting revenue growth of 41% with average gross margins of approximately 68% for 2025 (excluding ISAR Aerospace as a pre-revenue company), demonstrating strong unit economics. Cash runway also remains consistent with our full-year results published in June with 81% of companies funded for at least 12 months and 56% for 18 months of runway, and six of these companies are now profitable, underpinning the maturity and scale of these companies. The Core Portfolio has remained the dominant fair value growth driver, contributing GBP92 million of the total fair value movement. This was driven by the Core's continued ability to achieve premium valuations in capital raises and strong operational performance in the period. Core Portfolio fair value uplifts amounted to GBP112 million offset by fair value reductions of GBP20 million, which were limited to specific companies.
Several Core Portfolio companies achieved significant milestones during the period which resulted in significant fair value growth.
-- ICEYE, a satellite radar imaging company, continued its expansion with positive commercial traction as they have
won multiple government contracts for services relating to space-based intelligence and surveillance capabilities,
as it demonstrates its market leading technological advancements. ICEYE is valued at GBP74 million delivering fair
value growth in the period of 74% and currently reflects a 3.3x multiple of investment capital. -- Revolut, one of Europe's leading fintechs, maintained its strong growth momentum with customer numbers exceeding 65
million and forecasting revenues of over USD4 billion. Revolut has recently secured full banking approvals in Mexico
and Colombia and is set to onboard over 350,000 waitlisters in India as part of an expansion targeting 20 million
Indian users by 2030, as they continue their target of 100 million users by mid-2027. Revolut is valued at GBP152
million delivering fair value growth in the period of 17% and currently reflects an 18x multiple of investment
capital. To date we have partially realised a total of GBP62 million. -- Ledger, a crypto digital asset security company, benefited from commercial traction in sales with a full suite of
hardware wallets having sold over 8 million devices. They have further broadened their global presence through a
global partnership with NBA team, San Antonio Spurs, in the United States. Ledger now secures 20% of the world's
total crypto value being in excess of USD500 billion. Ledger is valued at GBP107 million delivering fair value growth
in the period of 38% and currently reflects a 3.8x multiple of investment capital. -- ISAR Aerospace, a launch service provider, completed its first test flight launch and is progressing towards its
commercial launch in the space launch services market following signed contracts. ISAR is valued at GBP29 million
delivering fair value growth in the period of 26% and currently reflects a 7.4x multiple of investment capital.
Emerging Portfolio
The direct Emerging Portfolio spans a broad range of early to growth-stage technology companies that our investment team actively support and manage. This part of the portfolio includes companies showing strong potential, where we're continuing to invest and support, alongside others where we've taken valuations down as commercial or product traction is yet to stabilise. Fair value uplifts of GBP8 million were offset by reductions of GBP21 million, resulting in a net fair value reduction of GBP13 million.
The top performers of the Emerging Portfolio are maintaining higher revenue growth rate metrics, when compared to the Core of 100% (31 March 2025: 100%). Demonstrating the strength of the Emerging companies, they have continued to raise in excess of USD200 million. The best performing emerging companies will become the new Core Portfolio of Molten as they rapidly grow and scale. We are excited by the future potential of this part of the portfolio, illustrated by:
-- BeZero, a climate technology carbon credit ratings agency, strengthened its global impact through government
mandates, most notably being appointed by the Swiss government to independently assess and rate carbon credits for
national climate targets. In January 2025, Molten participated in the USD32 million Series C funding round as it
looks to grow globally with customers in over 30 countries and ratings available on over 40 platforms, including
Bloomberg. BeZero is valued at GBP12 million delivering fair value growth in the period of 6% and currently reflects
a 1.4x multiple of investment capital. -- Deciphex, a leader in AI-powered digital pathology, the company secured EUR15 million in venture debt and completed a
EUR31 million Series C round led by Molten, fuelling expansion in the US, UK, EU, Canada, and Japan. Deciphex
extended its partnership with Charles River Laboratories and continued to innovate with its Diagnexia and
Patholytix platforms, significantly reducing diagnostic turnaround times and cementing its position as a global
leader in AI-driven digital pathology. Deciphex is valued at GBP5 million, held at the recent funding round and
currently reflects a 1.0x multiple of investment capital. -- Manna, a pioneering drone delivery service, is scaling with strong consumer interest and investments, as they seek
to make drone delivery mainstream. Manna delivers in Dublin, Texas and Helsinki with partnerships including
Deliveroo, Just Eat and Wolt, as they look to establish themselves as a global drone delivery operator. Manna is
valued at GBP13 million, held at the recent funding round and currently reflects a 1.0x multiple of investment
capital. -- Modo Energy is building the global standard for benchmarking and forecasting electrification assets. The business
has established a strong market position with Modo's battery and solar forecasts used by major asset owners,
operators and financiers across Europe, North America and APAC. Billions of dollars of assets have been
underwritten, operated, and valued using Modo's data and intelligence. The structural opportunity remains
compelling as renewable deployment continues to accelerate globally. Modo is valued at GBP1 million, held at the
recent funding round and currently reflects a 1.0x multiple of investment capital.
Fund Investments
Our Fund Investments captures our exposure to Fund of Funds, Earlybird and our Secondary investment strategy. We have built a diversified seed Fund of Funds programme since 2017, now 79 funds. We are making progress to narrow that list to a new community of select managers who provide the best insight and breadth across the European ecosystem for the next phase, having already committed to three new funds. Molten's commitments to new and existing seed funds at 30 September 2025 are GBP139 million. GBP103 million of this has been drawn to period end, GBP5 million of which during the period (excluding external LPs within our Fund of Funds programme). It is anticipated that the remaining GBP36 million will be drawn over the next three to five years.
Our Secondary strategy investment in Speedinvest Continuation Fund I provides attractively priced exposure to a portfolio of high-quality, later-stage Central European technology companies with a shorter timeline to liquidity. Molten has previously acquired secondary positions in Seedcamp Funds I, II and III, Earlybird DWES Funds IV and Earlybird Digital East Fund I and Connect Ventures Fund I. Leveraging our extensive network in the European venture capital market, the secondary strategy is primarily focused on acquiring high-quality assets with nearer-term realisation opportunities and attractive discounts, while also providing liquidity to later life funds. Up to 30 September 2025 Molten has realised over GBP200 million from these secondaries, with a distribution-to-paid in capital multiple of over 1.6x and a total value to paid-in ("TVPI") multiple of over 2.4x.
Principal risks and uncertainties
A detailed explanation of the principal risks and uncertainties faced by the Group, the management and mitigation of those risks and uncertainties, and the Group's governance of risk management is disclosed in the Risk Management and Principal Risks sections (on pages 64 to 75) of the Annual Report and Accounts for the year ended 31 March 2025.
The Audit, Risk and Valuations Committee has assessed the principal risks and uncertainties included in the Annual Report and determined that for the remaining six months of the financial year, the risks to which the Group will be exposed are expected to be substantially the same as described.
Statement of Directors' Responsibilities
The Directors confirm that these unaudited condensed interim financial statements for the six months ended 30 September 2025 have been prepared in accordance with UK-adopted IAS 34, the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the Interim Management report includes a fair review of the information required by the Disclosure Guidance and Transparency Rules ("DTR") 4.2.7R and 4.2.8R, namely:
-- An indication of important events that have occurred during the first six months and their impact on the condensed
set of financial statements, and a description of the principal risks and uncertainties for the remaining six
months of the financial year; and -- Material related-party transactions in the first six months and any material changes in the related-party
transactions described in the last annual report.
This responsibility statement was approved by the Board on 24 November 2025 and signed on its behalf by:
Ben Wilkinson
Chief Executive Officer
Independent review report to Molten Ventures plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Molten Ventures plc's condensed consolidated interim financial statements (the "interim financial statements") in the Interim Report FY26 of Molten Ventures plc for the 6 month period ended 30 September 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
The interim financial statements comprise:
-- the Condensed consolidated interim statement of financial position as at 30 September 2025; -- the Condensed consolidated interim statement of comprehensive income for the period then ended; -- the Condensed consolidated interim statement of cash flows for the period then ended; -- the Condensed consolidated interim statement of changes in equity for the period then ended; and -- the explanatory notes to the interim financial statements.
The interim financial statements included in the Interim Report FY26 of Molten Ventures plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Interim Report FY26 and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Interim Report FY26, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Report FY26 in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Interim Report FY26, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial statements in the Interim Report FY26 based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
24 November 2025
Condensed Consolidated Interim Statement of Comprehensive Income
For the six months ended 30 September 2025
Unaudited Period ended 30 Unaudited Period ended 30
Sep 2025 Sep 2024
Notes GBP'm GBP'm
Movements on investments held at fair value through 6 79.5 (14.9)
profit or loss
Fee income 11.0 11.9
Total investment income/(loss) 90.5 (3.0)
Operating expenses
General administrative expenses (12.1) (13.1)
Depreciation and amortisation (0.2) (0.1)
Share-based payments - resulting from Company share 1.6 (3.2)
option scheme
Total operating expenses (10.7) (16.4)
Profit/(loss) from operations 79.8 (19.4)
Finance income 7 1.2 1.0
Finance expense 7 (6.6) (6.8)
Profit/(loss) before tax 74.4 (25.2)
Tax benefit/(expense) 0.1 (12.3)
Profit/(loss) for the period 74.5 (37.5)
Other comprehensive income - -
Total comprehensive income/(expense) for the period 74.5 (37.5)
Profit/(loss) per share attributable to owners of
the parent:
Basic income/(loss) per weighted average share 8 42 (20)
(pence)
Diluted income/(loss) per weighted average share 8 42 (20)
(pence)
The condensed consolidated interim financial statements were approved by the Board of Directors for issue on 24 November 2025.
The notes on pages 21 to 56 of the Interim Report are an integral part of these condensed consolidated interim financial statements.
Condensed Consolidated Interim Statement of Financial Position
As at 30 September 2025
Unaudited Audited
30 Sep 2025 31 Mar 2025
Notes
GBP'm GBP'm
Non-current assets
Intangible assets 10.3 10.4
Financial assets held at fair value through profit or loss 10 1,339.5 1,279.9
Property, plant and equipment 1.7 1.8
Total non-current assets 1,351.5 1,292.1
Current assets
Trade and other receivables 1.4 1.9
Cash and cash equivalents 77.0 89.0
Total current assets 78.4 90.9
Current liabilities
Trade and other payables (7.3) (13.1)
Current Financial liabilities 15 (0.3) (0.3)
Total current liabilities (7.6) (13.4)
Non-current liabilities
Deferred tax 12 (12.6) (12.7)
Provisions (0.1) (0.1)
Non-current financial liabilities 15 (120.9) (121.0)
Total non-current liabilities (133.6) (133.8)
Net assets 1,288.7 1,235.8
Equity
Share capital 13 1.9 1.9
Share premium account 13 671.2 671.2
Own shares reserve 16(i) (47.0) (27.8)
Other reserves 16(ii) 77.2 79.6
Retained earnings 585.4 510.9
Total equity 1,288.7 1,235.8
Net assets per share (pence) 8 724 671
Diluted net assets per share (pence) 8 723 669
The condensed consolidated interim financial statements were approved by the Board of Directors for issue on 24 November 2025.
The notes on pages 21 to 56 of the Interim Report are an integral part of these condensed consolidated interim financial statements.
Andrew Zimmermann
Chief Executive Officer
Molten Ventures plc (registered number 09799594)
Condensed Consolidated Interim Statement of Cash Flows
for the period ended 30 September 2025
Unaudited Unaudited Period ended 30
Period ended Sep 2024
Notes 30 Sep 2025
GBP'm GBP'm
Cash flows from operating activities
Profit/(loss) after tax 74.5 (37.5)
Adjustments to reconcile profit/(loss) after tax to net cash 17 (80.9) 33.5
(outflow)/inflow in operating activities
Purchase of investments 10 (32.8) (50.5)
Proceeds from disposals in underlying investment vehicles 10 61.5 75.8
Non-investment cash movements to underlying investment vehicles 10 (8.8) (8.5)
Share options exercised and paid to employees (0.7) -
Interest received 1.2 1.0
Net cash inflow from operating activities 14.0 13.8
Cash flows from investing activities
Purchase of property, plant and equipment (0.1) (0.2)
Net cash outflow from investing activities (0.1) (0.2)
Cash flows from financing activities
Loan proceeds 15 - 30.0
Fees paid on issuance of loan 15 - (0.8)
Interest paid (6.3) (5.0)
Acquisition of own shares 16 (20.3) (11.6)
Proceeds from disposal of own shares 16 1.1 -
Cost of acquisition of own shares - (0.1)
Repayments of leasing liabilities 15 (0.2) (0.1)
Net cash (outflow)/inflow from financing activities (25.7) 12.4
Net (decrease)/increase in cash and cash equivalents (11.8) 26.0
Cash and cash equivalents at the beginning of the period 89.0 57.0
Exchange differences on cash and cash equivalents (0.2) (0.8)
Cash and cash equivalents at the end of the period 77.0 82.2
The notes on pages 21 to 56 of the Interim Report are an integral part of these condensed consolidated interim financial statements.
Condensed Consolidated Interim Statement of Changes in Equity
for the period ended 30 September 2025
Attributable to equity holders of the parent (GBP'm)
Period ended 30 September 2025 Notes Share Share Own shares Other Retained Total
(unaudited) capital premium reserve reserves earnings equity
Brought forward as at 1 April 2025 1.9 671.2 (27.8) 79.6 510.9 1,235.8
Comprehensive income for the
period
Profit for the period - - - - 74.5 74.5
Total comprehensive income for the - - - - 74.5 74.5
period
Contributions by, and
distributions to, the owners:
Disposal/(acquisition) of treasury 16 - - (19.2) - - (19.2)
shares
Options granted/(lapsed) and 14, 16 - - - (2.4) - (2.4)
awards exercised
Total contributions by and - - (19.2) (2.4) - (21.6)
distributions to the owners
Balance as at 30 September 2025 1.9 671.2 (47.0) 77.2 585.4 1,288.7
Attributable to equity holders of the parent (GBP'm)
Period ended 30 September 2024 Notes Share Share Own shares Other Retained Total
(unaudited) capital premium reserve reserves earnings equity
Brought forward as at 1 April 2024 1.9 671.2 (8.8) 74.7 511.7 1,250.7
Comprehensive expense for the
period
Loss for the period - - - - (37.5) (37.5)
Total comprehensive expense for - - - - (37.5) (37.5)
the period
Contributions by, and
distributions to, the owners:
Disposal/(acquisition) of 16 - - (11.6) - - (11.6)
treasury shares
Options granted and awards 14,16 - - - 3.2 - 3.2
exercised
Total contributions by and - - (11.6) 3.2 - (8.4)
distributions to the owners
Balance as at 30 September 2024 1.9 671.2 (20.4) 77.9 474.2 1,204.8
The notes on pages 21 to 56 of the Interim Report are an integral part of these condensed consolidated interim
financial statements.
Status of announcement
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
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