REG-Molten Ventures Plc Full Year Trading Update

Molten VenturesAnnouncement

Today 07:00

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   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 £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: 
    1 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       %   12 months       %
                 30 September  change        2026  change to 31 March  change
                         2025      to                  to        2026      to
                              opening (unaudited) opening             opening
                  (unaudited)     GPV                 GPV (unaudited)     GPV
                                                 
                             
                    £’million           £’million           £’million     
   Opening Gross
   Portfolio            1,367               1,436               1,367        
   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 Value              86    6.3%          80    5.6%         166   12.2%
   (b)
   Total Fair
   Value                   97    7.1%          87    6.1%         184   13.5%
   Movements
   (a+b)
   Closing Gross
   Portfolio            1,436             c.1,520             c.1,520        
   Value

    

    

   Enquiries:                                    
   Molten Ventures plc
                                                +44 (0)20 7931 8800
   Ben Wilkinson, Chief Executive Officer
                                                 2 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                               3 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 £1 billion
   capital into fast growing tech companies  and has realised more than  £750
   million to 31 March 2026.

    

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

    

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   Dissemination of a Regulatory Announcement, transmitted by  5 EQS Group.
   The issuer is solely responsible for the content of this announcement.

   View original content:  6 EQS News

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   ISIN:          GB00BY7QYJ50
   Category Code: TST
   TIDM:          GROW
   LEI Code:      213800IPCR3SAYJWSW10
   Sequence No.:  425063
   EQS News ID:   2314954


    
   End of Announcement EQS News Service

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