DJ Full Year Trading Update
Molten Ventures Plc (GROW)
Full Year Trading Update
27-Apr-2026 / 07:00 GMT/BST
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Molten Ventures plc
("Molten Ventures", "Molten", or the "Company")
Full Year Trading Update
Strong portfolio and NAV growth, with continued delivery on realisations and shareholder returns
Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing high-growth digital technology
businesses, is pleased to provide an update on its Net Asset Value ("NAV") and Gross Portfolio Value ("GPV") (both
unaudited) along with performance highlights for the 12 months ended 31 March 2026 ("FY26"), ahead of announcing full
year results on 9 June 2026.
FY26 Overview
During the period, the Company delivered strong growth in GPV and NAV per share, expected to be up 11% and 13%
respectively, building on the solid FY25 performance. This was supported by a combination of positive performance in
key assets, active portfolio management, and the ongoing share buyback programme.
The Company executed effectively across its strategic priorities, including the continued delivery of realisations
(totalling GBP120 million), recycling of capital into compelling new and follow-on investments, upskilling of talent
including a newly established team to scale the secondaries investment strategy, and GBP38 million of shareholder returns
via the share buyback programme, supporting the narrowing of the share price discount to NAV.
Highlights
-- NAV per share expected to be up 13% to circa 760p, building on the 8% growth reported at HY26 (31 March 2025:
671p), and driven by strong performance and funding rounds in the Core Portfolio, with the share buyback programme
contributing 21p to the uplift.
-- GPV expected to be 11% higher at circa GBP1,520 million (31 March 2025: GBP1,367 million), with a GPV fair value growth
of GBP166 million (12%) excluding foreign exchange. While public market comparables in some sectors experienced
pressure, strong performance in the Core Portfolio, including ICEYE, Revolut, Ledger, and Riverlane, more than
offset this. Two companies in the Emerging Portfolio, Modo Energy and Manna, also advanced to the Core Portfolio
following successful funding rounds.
-- Realisations remained strong, building on FY25, with cash proceeds of GBP120 million (FY25: GBP135 million), delivered
at an average multiple of 3x on invested capital. These included partial realisations of Revolut (21.0x) and ICEYE
(12.9x) together with full realisations of Freetrade (1.5x) and Lyst (0.7x), all at or above holding values,
reflecting active portfolio management at higher valuations with significant upside still to be realised.
-- GBP89 million deployed into investments (FY25: GBP73 million), plus a further GBP22 million from the managed EIS and VCT
funds, to support ongoing portfolio development. New investments included General Index, Polymodels, MAIA, and
Duel, with follow-on Series B investments in Modo Energy and Manna to support their continued growth, and a
secondary investment in Speedinvest Continuation Fund I.
-- The Core Portfolio remains well-funded, supported by solid performance, revenue growth, and successful funding
rounds during the period. Revenue across the Core Portfolio grew by 40%, reflecting strong performance in most
businesses. Cash runways remain healthy, with 88% of companies funded for at least 12 months and seven already
profitable.
-- Portfolio companies successfully raised USD3.75 billion during the financial year. Excluding Revolut's USD3 billion
round, USD750 million was raised including notable funding rounds from ICEYE and Manna, along with Molten led rounds
in Modo Energy, Polymodels, General Index and MAIA.
-- GBP38 million returned to shareholders via the share buyback programme (FY25: GBP17 million), with the programme
extended in the period, bringing the total committed since the commencement of the current programme in July 2024
to GBP60 million.
-- Total Group cash of GBP52 million as at 31 March 2026 (31 March 2025: GBP89 million), plus GBP24 million of cash
available for investment from the managed EIS and VCT funds. The Company's undrawn Revolving Credit Facility
("RCF") of up to GBP60 million provides further flexibility.
-- Establishment of a new dedicated team focused on the expansion of the secondary investment strategy to build on
Molten's track record of acquiring companies and portfolios of high-quality assets with nearer-term realisation
opportunities.
There continue to be positive industry tailwinds emerging from the move toward European technology sovereignty and
resilience, and from initiatives such as the Mansion House Accord as well as broader efforts to increase domestic
institutional participation in growth capital.
Molten has a diversified portfolio with a pipeline of investment, growth and realisation opportunities across sectors
such as Fintech, Energy transition, Health tech, AI, and Space, reflecting exposure to areas of tangible demand and
commercial traction.
To receive updates on news and developments across the Company's portfolio, you can subscribe to the Monthly Portfolio
Newsletter here: https://www.moltenventures.com/sign-up
Ben Wilkinson, Chief Executive Officer of Molten Ventures, commented:
"We achieved a significant amount in FY26, with clear progress and good momentum in terms of performance, execution
against our strategic priorities, and strengthening our team. Our clear focus now is on scaling the business and
expanding our third-party co-investment structures."
"The quality and maturity of the portfolio continue to provide Molten with a number of realisation opportunities. Our
well-constructed and actively managed portfolio offers exposure to multiple technology themes, including the
fast-developing areas of space and AI, which are at the forefront of innovation. This, along with European sovereignty,
the resilient, high-growth nature of technology, and positive industry initiatives, positions us well to deliver
long-term growth."
GPV Movement Table:
Six months
to
Six months to 31
March 2026
12 months to 31
30 September March 2026
2025 % change to % change to % change to
opening GPV (unaudited) opening GPV opening GPV
(unaudited)
(unaudited)
GBP'million GBP'million GBP'million
Opening Gross 1,367 1,436 1,367
Portfolio Value
Investments 33 56 89
Realisations (62) (58) (120)
Movement in Foreign 11 0.8% 7 0.5% 18 1.3%
Exchange (a)
Movement in Fair 86 6.3% 80 5.6% 166 12.2%
Value (b)
Total Fair Value 97 7.1% 87 6.1% 184 13.5%
Movements (a+b)
Closing Gross 1,436 c.1,520 c.1,520
Portfolio Value
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
+44 (0)20 7260 1000
Joshua Hughes
Liam Kingsmill
Berenberg
Joint Financial Adviser and Corporate Broker
Ben Wright +44 (0)20 3207 7800
Harry Nicholas
Mark Whitmore
Sodali & Co
Public Relations +44 (0)7889 297 217
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 GBP1 billion capital into fast growing tech companies and has realised more than GBP750 million to 31 March 2026.
For more information, go to https://investors.moltenventures.com/investor-relations/plc
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