DJ Half Year Trading Update
Molten Ventures Plc (GROW)
Half Year Trading Update
26-Oct-2026 / 07:00 GMT/BST
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Molten Ventures plc
("Molten Ventures", "Molten", or the "Company")
Half Year Trading Update
Strong NAV growth and realisations, progress in scaling third-party capital
Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing disruptive high-growth
technology companies, provides an update on its Gross Portfolio Value ("GPV") and Net Asset Value ("NAV") (both
unaudited) along with performance highlights for the six months ended 30 September 2026 ("HY27"), ahead of announcing
its half year results on 24 November 2026.
HY27 Overview
During the period, the Company delivered strong growth, with GPV and NAV per share, expected to be up 11% and 14%
respectively, building on the FY26 performance. This was supported by disciplined capital allocation, with GBP44 million
deployed into venture and growth investments. The Company continued to make progress against its strategic priorities,
with realisations of over GBP100 million bringing the total realisations to circa GBP900 million since inception, and
building scale through third-party capital, with the first close of the Molten Ventures Growth Fund, our venture and
growth fund targeting Series B+, at GBP175 million.
Highlights
-- NAV per share expected to be up 14% to circa 869p (30 September 2025: 724p, 31 March 2026: 760p).
-- GPV expected to be up 11% to circa GBP1,695 million (30 September 2025: GBP1,436 million, 31 March 2026:
GBP1,525 million).
-- GPV fair value uplift of circa GBP244 million (16%), excluding foreign exchange. Growth generated by strong
performance in the Core Portfolio, primarily driven by ICEYE, and Revolut, and the Fund of Funds programme. Fair
value uplifts of GBP334 million across the Portfolio were partly offset by fair value reductions of GBP90 million.
-- Realisations generating cash proceeds of c.GBP109 million (HY26: GBP62 million), representing 7% of opening
GPV. This was primarily driven by Revolut (circa GBP71 million at an average multiple on invested capital 19.0x) and
ICEYE (circa GBP22 million at an average multiple on invested capital 14.1x).
-- GBP44 million deployed into investments (HY26: GBP33 million), plus GBP4 million from the managed EIS and VCT
funds. Deals in the period included a direct investment in Isar Aerospace's Series D in June 2026. In September
2026, Isar Aerospace became the first commercial space company from Europe to successfully deliver satellites into
orbit.
-- GBP175 million first close of the Molten Ventures Growth Fund, including a GBP75 million cornerstone
commitment from the British Business Bank, with a target final fund size of GBP350 million. Molten East and dedicated
Secondaries funds remain on track for a first close by the end of FY27.
-- GBP16 million returned to shareholders via the share buyback programme in HY27 (circa GBP70 million since
July 2024, representing circa 9% of the Company's issued share capital).
-- Total Group cash of GBP76 million as at 30 September 2026 (31 March 2026: GBP52 million), plus GBP31 million
available for investment from the managed EIS and VCT funds. Undrawn Revolving Credit Facility of GBP60 million.
Molten is a venture and growth investor building a diversified portfolio and pipeline spanning investment in Growth,
Secondaries and Funds across technology sectors including Fintech, Energy transition, Healthtech, AI, Quantum and
Space. These sectors combine sovereign importance with tangible demand and commercial traction. Our knowledge and
experience, early access through the Fund of Funds programme and UK ecosystem relationships allow us to originate and
lead the next stage of financing.
The drivers behind the tailwinds in the European technology landscape are increasingly structural. Europe's push for
technology sovereignty and resilience, supported by initiatives such as the Mansion House Accord, is strengthening the
case for UK and European companies to be financed and scaled by domestic capital that preserves ownership and builds
global champions.
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 have made strong progress in the first half of the financial year, building on our FY26 performance, with continued
growth, a strong level of realisations, and importantly ongoing momentum.
"In addition to positive portfolio performance, we successfully broadened Molten's capital base. The first close of our
Growth Fund, with the British Business Bank as cornerstone investor, is an important step as we scale third-party
capital alongside our balance sheet.
"Against a backdrop of a generational shift in the technology landscape and growing demand for capital to support the
UK and Europe's most ambitious technology companies, Molten is increasingly well positioned to support a highly
attractive pipeline of the strongest opportunities in venture and growth at Series B+ to create further value.
"With the UK budget due in two days, we will be looking for measures that target growth not just redistribution. As UK
Private Capital highlighted last week, we have seen only a minor uptick in new investment in private capital by Mansion
House Compact signatories - meaning we are still well short of what is needed to realise the potential benefits for
savers and the growth stage economy. Our Growth Fund is one of the ways to help to deliver those benefits."
GPV Movement Table:
Six months to Six months to
31 March 2026 % change to opening GPV 30 September 2026 % change to opening GPV
(unaudited) (unaudited)
GBP'million GBP'million
Opening Gross Portfolio Value 1,436 1,526
Investments 57 44
Realisations -58 -109
Movement in Foreign Exchange 5 0.4% -10 -0.6%
(a)
Movement in Fair Value (b) 86 5.9% 244 15.9%
Total Fair Value Movements 91 6.4% 234 15.3%
(a+b)
Closing Gross Portfolio Value 1,526 c.1,695
Enquiries:
Molten Ventures plc
+44 (0)20 7931 8800
Ben Wilkinson, Chief Executive Officer
ir@molten.vc
Andrew Zimmermann, Chief Financial Officer
Deutsche Numis
Corporate Broker
+44 (0)20 7260 1000
Joshua Hughes
Liam Kingsmill
Berenberg
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 investing in and supporting rapidly growing technology companies across the UK and Europe. Its team of experienced investment professionals focuses on businesses with significant potential at the forefront of innovation and growth.
Listed on the London Stock Exchange (LSE: GROW), Molten Ventures plc gives public market investors access to a diversified portfolio of exciting, privately held technology businesses. Since 2016, Molten has deployed more than GBP1 billion of capital and realised GBP900 million in proceeds from its investments. Across the Group, Molten manages over GBP2 billion of assets.
For further details, please visit: https://investors.moltenventures.com/investor-relations/plc
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October 26, 2026 03:00 ET (07:00 GMT)
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