REG-Molten Ventures Plc Half Year Trading Update

Molten VenturesAnnouncement

Thu 07:02

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   Molten Ventures Plc (GROW)
   Half Year Trading Update

   23-Oct-2025 / 07:00 GMT/BST

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   23 October 2025

                              Molten Ventures plc
                ("Molten Ventures", "Molten", or the "Company")

                            Half Year Trading Update

     Continuing strong momentum with positive GPV and NAV per share growth,
       ongoing realisations, and delivering on capital allocation policy

   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’)  (unaudited) and  Gross
   Portfolio Value  (‘GPV’)  (unaudited) along  with  performance  highlights
   ahead of announcing  its half  year results for  the six  months ended  30
   September 2025 (‘HY26’) on 25 November 2025.

   Overview

   HY26 demonstrated further  growth in  both GPV  (5.5%) and  NAV per  share
   (7.2%), supported  by  a  combination of  hands-on  portfolio  management,
   improved market comparables, and the ongoing share buyback programme.

   There was a strong level of  £62m realisations in HY26, following on  from
   the £135m of cash proceeds realised in FY25. This underscores the maturity
   and depth of the portfolio,  providing exposure to multiple growth  themes
   across technology.

   Highlights

     • NAV per share (unaudited),  expected to be up  7.2% to circa 719p  (30
       September 2024:  646p, 31  March 2025:  671p) with  the share  buyback
       programme contributing 13p to the uplift since 31 March 2025.

    

     • GPV (unaudited)  expected to  be circa  £1,425 million  (30  September
       2024: £1,343 million, 31 March 2025: £1,367 million).

    

     • GPV fair  value  uplift  of  £75  million  (5.5%),  excluding  foreign
       exchange, for the first half of the year, driven by strong  performers
       in the Core portfolio and  higher recent funding rounds with  positive
       newsflow from portfolio companies such  as ICEYE, Revolut, Ledger  and
       ISAR Aerospace.

    

     • Realisations generating  cash proceeds  of £62  million, with  further
       potential realisations  during FY26  being  actively worked  on.  HY26
       realisation proceeds  represent 4.5%  of opening  GPV, progressing  in
       line with the internal annual target of 10% through the cycle.

    

     • Exits delivering on average a 2.0x multiple on invested capital,  with
       Freetrade (1.5x), Lyst  (0.7x) and  Revolut (20.0x), all  at or  above
       holding  values,  continuing  to   validate  the  valuations  of   the
       portfolio.

    

     • £33 million  deployed into  investments (HY25:  £51 million),  with  a
       further £11 million from the managed  EIS and VCT funds. Deals in  the
       period included  new investments  in Duel  (enterprise brand  advocacy
       platform)  and  General  Index  (energy  and  commodity  pricing  data
       provider), and a secondary investment in Speedinvest Continuation Fund
       I.  We  continue  to  see  a  good  pipeline  of  exciting  investment
       opportunities both within the existing portfolio and the wider market.

    

     • Portfolio remains robust and resilient, both in terms of funding
       requirements and revenue growth, with the Core portfolio demonstrating
       strong growth and profitability metrics. 

    

     • To date total  of £38  million now  returned to  shareholders via  the
       share  buyback  programme  commenced   in  July  2024,   significantly
       exceeding the capital allocation policy  guidance of a minimum of  10%
       of realisation  proceeds,  recognising  the NAV  per  share  accretive
       effect of these buybacks.

    

     • With  improving  visibility  on   further  realisations  we  are   now
       committing an  additional  £10  million to  buybacks  to  support  the
       ongoing focus  on narrowing  the share  price discount  to NAV,  while
       maintaining our  balanced capital  allocation  policy to  continue  to
       invest in exciting new opportunities and support the continued  growth
       of the portfolio.

    

     • Robust capital base  with total  Group cash of  £76 million  as at  30
       September 2025 plus £23 million of cash available for investment  from
       the managed  EIS  and VCT  funds.  Undrawn Revolving  Credit  Facility
       (‘RCF’) of  up  to £60  million  providing the  Company  with  further
       flexibility.

    

     • Ongoing cost control  and operating efficiencies  to reduce  operating
       expenses year-on-year,  while  maintaining focus  on  actively  hiring
       investment team talent to drive performance.

    

    

   Ben Wilkinson, Chief Executive Officer, commented:

   "I am  confident  in the  good  progress that  we  have made  against  the
   strategic priorities that I outlined in February.

   “We have had  a strong  first half of  the financial  year continuing  the
   recent upward trends in  portfolio value and NAV  per share, supported  by
   our focus  on  portfolio  management and  development,  and  our  balanced
   capital allocation policy.

   “We are also pleased that we have  been able to deliver an ongoing  strong
   level of  realisations following  on from  last year,  which reflects  the
   maturity, depth and breadth of our portfolio. 

   “We invest at the  forefront of a generational  shift in technology,  with
   Molten’s portfolio covering key subsectors such as Fintech, Space,  Cyber,
   AI, Climate,  Quantum,  Digital  Health,  and  Crypto  &  Blockchain.  The
   portfolio offers considerable  potential to deliver  some of the  category
   winners of the future.

   “We continue to  be highly active  and focused on  opportunities to  drive
   further value and returns for shareholders.”

   GPV Movement Table 

                       Six months to              Six months to
                                     % change to                  % change to
                       31 March 2025 opening GPV   30 September   opening GPV
                                                 2025 (unaudited)
                        unaudited)
                           £’million                    £’million  
   Opening Gross               1,343                        1,367            
   Portfolio Value
   Investments                    22                           33            
   Realisations                 (59)                         (62)            
   Movement in Foreign             9       0.67%               11       0.83%
   Exchange (a)
   Movement in Fair               52       3.87%               75       5.49%
   Value (b)
   Total Fair Value               61       4.54%               86       6.32%
   Movements (a+b)
   Closing Gross               1,367                     c. 1,425            
   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

   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 £1bn
   capital into fast growing tech companies and has realised more than £700m
   to 30 September 2025.

   For more information, go
   to  1 https://investors.moltenventures.com/investor-relations/plc

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   ISIN:           GB00BY7QYJ50
   Category Code:  TST
   TIDM:           GROW
   LEI Code:       213800IPCR3SAYJWSW10
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   405914
   EQS News ID:    2217196


    
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