REG-Molten Ventures Plc Interim Results
Today 07:02
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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)
• £1,436 million Gross Portfolio Value* (“GPV”) up 5% last 6 months and 7% last 12 months (unaudited) (30 September 2024: £1,343
million, 31 March 2025: £1,367 million)
• £1,289 million Net Assets (30 September 2024: £1,205 million, 31 March 2025: £1,236 million)
• 6.3% Gross Portfolio net fair value movement* (30 September 2024: -1%, 31 March 2025: 5%)
• £62 million cash proceeds generated from realisations (30 September 2024: £76 million, 31 March 2025: £135 million), with a further
£23 million realised since 30 September 2025
• £33 million invested with a further £11 million from managed EIS and VCT funds (30 September 2024: £51 million and £12 million, 31
March 2025: £73 million and £34 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*
• £77 million Consolidated Group Cash (31 March 2025: £89 million)
• £19 million returned to shareholders via share buyback programme since 31 March 2025, (year to 31 March 2025: £17 million) with
additional £5 million to date post period-end (31 March 2025: £17 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 £888 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 $500 million, including those that are currently generating over $1 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 £548 million is built up of our exposure in direct emerging companies (the ‘Emerging Portfolio’) and
fund investments. This consists of:
• Direct emerging companies represent £256 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 £293 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 £20 million committed post period end
• Continuing our Secondary investment strategy with a majority stake acquisition of £15 million in Speedinvest Continuation Fund I,
representing nearer term realisation opportunities
• A total of £50 million committed to share buyback programme following additional £10 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:
1 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: 2 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 3 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: 4 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)
5 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 6 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 £700 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 $16 million Series A funding round in Duel, investing £5 million alongside our managed EIS and VCT funds. We also
participated and invested $10 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 £20 million to Series A and B investments, including leading the £7 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 £77 million in Consolidated
Group cash and an undrawn £60 million revolving credit facility as of 30 September 2025. Post period end we have announced a further
£23 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 £41 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 £10 million to further support this initiative,
taking the total to date to £50 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 £86 million, with favourable currency movements of £11 million, resulting in
gross fair value growth of £97 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, £92 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
£100 million in aggregate fair value growth excluding FX, offset by fair value reductions of £20 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 £539 million, which is built up of our fund investments totalling £293 million and our direct
Emerging companies of £256 million. Our Fund Investments, being our Seed Fund of Funds, Earlybird and Secondary strategy investments,
collectively have delivered fair value growth of 3% or £7 million, excluding FX. Our direct Emerging Portfolio has had a fair value
reduction of £13 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 £62 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 £85 million, keeping us on pace to deliver our internal annual target of 10% of opening GPV through the cycle. This follows
the £135 million realised in FY25, bringing total realisations for the 18 months, to date, to £220 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 £33 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 £20 million, alongside EIS and VCT funds
managed by Molten.
We have continued our Secondary strategy with a £15 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 £20 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 £41 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 £10 million to buybacks in October, bringing our total commitment to £50 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 £33 million in the six months to 30 September and post period end we have committed an additional £20 million as the lead
investor in Series B rounds. We maintain a robust capital position with total consolidated group cash of £77 million as at 30 September
2025, supplemented by £23 million available from managed EIS and VCT funds, and an undrawn revolving credit facility of £60 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 $68 billion for 2025, still significantly below
the $125 billion peak in 2021 and $100 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 £50 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 £1,436 million, a 5% increase from the 31 March 2025 balance of £1,367 million. This
uplift was mainly driven by the net fair value growth for the period of £86 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 £77 million (31 March 2025: £89 million). An undrawn revolving credit
facility (“RCF”) of up to £60 million provides further funding flexibility, subject to certain drawing conditions.
During the period, we received cash proceeds from portfolio realisations of £62 million, primarily from Lyst, Freetrade, and a partial
realisation of our holding in Revolut. We have deployed capital into investments totalling £33 million, with £1 million to general
administrative expenses net of fee income, £5 million to net finance expenses, and £20 million to share buybacks. Subsequent to the period
end, further cash received from realisations in the second half of the year is already at £25 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 £36 million of £40 million deployed as at 30 September
2025 and an additional £10 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 £53 million (4%) from 31 March 2025, to £1,289 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 £120 million term loan and an RCF of up to £60 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 £75 million in the six-month period ending 30 September 2025, compared to a £38 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 £80 million (30 September 2024: £15 million
decrease). The Group also generated fee income of £11 million in the period (30 September 2024: £12 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 £12.1
million (30 September 2024: £13.1 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.
Fair value Movement Fair Fair value Multiple
of Non-investment in Fair value of Cost of of Ownership
Investments investments Investments Realisations cash movement value movement investments investments invested interest
31-Mar-25 £m £m £m Foreign movement 30-Sep-25 30-Sep-25 30-Sep-25 cost range*
£m exchange £m £m £m £m 30-Sep-25
£m
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 £97 million, net of investments and realisations, to £1,436
million (31 March 2025: £1,367 million).
The fair value increase of £86 million (6.3% of opening GPV) reflects £135 million of uplifts, partially offset by £49 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 $350 million in funding rounds. Foreign
exchange movements contributed an £11 million uplift to GPV, driven primarily by our Euro exposure, offset in part by US Dollar and other
non-Sterling denominated investments.
Molten deployed £11 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 £22 million to our fund investments that are managed
by third party fund managers, of which £15 million was a secondary investment into the Speedinvest Continuation Fund I and £7 million was
funding our existing commitments.
New investments during the period included:
• Duel, a £5 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 £8 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 £15 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 £62 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 £720 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 £20 million delivering a 1.5x multiple on invested capital.
• Lyst exit generated cash proceeds of £9 million delivering a 0.7x multiple on invested capital.
• Revolut partial exit generated cash proceeds of £26 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 £92 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 £112 million offset by fair value reductions of £20 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 £74 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 $4 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 £152 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 £62 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 $500 billion. Ledger
is valued at £107 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 £29 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 £8 million
were offset by reductions of £21 million, resulting in a net fair value reduction of £13 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 $200 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 $32 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 £12 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 €15 million in venture debt and completed a €31 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 £5 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 £13 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 £1 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 £139 million. £103 million of this has been drawn to period
end, £5 million of which during the period (excluding external LPs within our Fund of Funds programme). It is anticipated that the
remaining £36 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 £200 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 Sep 2025 Unaudited Period ended 30 Sep 2024
Notes £’m £’m
Movements on investments held at fair value through profit or 6 79.5 (14.9)
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 option 1.6 (3.2)
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 (pence) 8 42 (20)
Diluted income/(loss) per weighted average share (pence) 8 42 (20)
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
Notes 30 Sep 2025 31 Mar 2025
£’m £’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 Period ended Unaudited Period ended 30 Sep 2024
Notes 30 Sep 2025
£’m £’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 (£’m)
Period ended 30 September 2025 (unaudited) Notes Share capital Share premium Own shares Other reserves Retained earnings Total equity
reserve
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 period – – – – 74.5 74.5
Contributions by, and distributions to,
the owners:
Disposal/(acquisition) of treasury shares 16 – – (19.2) – – (19.2)
Options granted/(lapsed) and awards exercised 14, 16 – – – (2.4) – (2.4)
Total contributions by and distributions to – – (19.2) (2.4) – (21.6)
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 (£’m)
Period ended 30 September 2024 (unaudited) Notes Share capital Share premium Own shares Other reserves Retained earnings Total equity
reserve
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 the period – – – – (37.5) (37.5)
Contributions by, and distributions to,
the owners:
Disposal/(acquisition) of 16 – – (11.6) – – (11.6)
treasury shares
Options granted and awards exercised 14,16 – – – 3.2 – 3.2
Total contributions by and distributions to – – (11.6) 3.2 – (8.4)
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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Dissemination of a Regulatory Announcement, transmitted by 7 EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BY7QYJ50
Category Code: IR
TIDM: GROW
LEI Code: 213800IPCR3SAYJWSW10
Sequence No.: 409253
EQS News ID: 2235240
End of Announcement EQS News Service
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