Full Year Trading Update

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 £120 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 £38 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 £1,520 million (31 March 2025: £1,367 million), with a GPV fair value growth of £166 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 £120 million (FY25: £135 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.

• £89 million deployed into investments (FY25: £73 million), plus a further £22 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 $3.75 billion during the financial year. Excluding Revolut’s $3 billion round, $750 million was raised including notable funding rounds from ICEYE and Manna, along with Molten led rounds in Modo Energy, Polymodels, General Index and MAIA.

• £38 million returned to shareholders via the share buyback programme (FY25: £17 million), with the programme extended in the period, bringing the total committed since the commencement of the current programme in July 2024 to £60 million.

• Total Group cash of £52 million as at 31 March 2026 (31 March 2025: £89 million), plus £24 million of cash available for investment from the managed EIS and VCT funds. The Company’s undrawn Revolving Credit Facility (“RCF”) of up to £60 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:

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 £1 billion capital into fast growing tech companies and has realised more than £750 million to 31 March 2026.

For more information, go to https://investors.moltenventures.com/investor-relations/plc