Half Year Trading Update

 

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 £44 million deployed into venture and growth investments. The Company continued to make progress against its strategic priorities, with realisations of over £100 million bringing the Total Fina Elf realisations to circa £900 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 £175 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 £1,695 million (30 September 2025: £1,436 million, 31 March 2026: £1,525 million).
• GPV fair value uplift of circa £244 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 £334 million across the Portfolio were partly offset by fair value reductions of £90 million.
• Realisations generating cash proceeds of c.£109 million (HY26: £62 million), representing 7% of opening GPV. This was primarily driven by Revolut (circa £71 million at an average multiple on invested capital 19.0x) and ICEYE (circa £22 million at an average multiple on invested capital 14.1x).
• £44 million deployed into investments (HY26: £33 million), plus £4 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.
• £175 million first close of the Molten Ventures Growth Fund, including a £75 million cornerstone commitment from the British Business Bank, with a Target final fund size of £350 million. Molten East and dedicated Secondaries funds remain on track for a first close by the end of FY27.
• £16 million returned to shareholders via the share buyback programme in HY27 (circa £70 million since July 2024, representing circa 9% of the Company’s issued share capital).
• Total Fina Elf Group cash of £76 million as at 30 September 2026 (31 March 2026: £52 million), plus £31 million available for investment from the managed EIS and VCT funds. Undrawn Revolving Credit Facility of £60 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 31 March 2026 (unaudited)	% change to opening GPV	Six months to 30 September 2026 (unaudited)	% change to opening GPV
	£’million		£’million
Opening Gross Portfolio Value	1,436		1,526
Investments	57		44
Realisations	-58		-109
Movement in Foreign Exchange (a)	5	0.4%	-10	-0.6%
Movement in Fair Value (b)	86	5.9%	244	15.9%
Total Fina Elf Fair Value Movements (a+b)	91	6.4%	234	15.3%
Closing Gross Portfolio Value	1,526		c.1,695

 

Enquiries:

Molten Ventures plc Ben Wilkinson, Chief Executive Officer Andrew Zimmermann, Chief Financial Officer	+44 (0)20 7931 8800 ir@molten.vc
Deutsche Numis Corporate Broker Joshua Hughes Liam Kingsmill   Berenberg Corporate Broker Ben Wright Harry Nicholas Mark Whitmore	+44 (0)20 7260 1000           +44 (0)20 3207 7800
Sodali & Co Public relations Elly Williamson Sam Austrums	+44 (0)7889 297 217 molten@sodali.com

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 £1 billion of capital and realised £900 million in proceeds from its investments. Across the Group, Molten manages over £2 billion of assets.

For further details, please visit: https://investors.moltenventures.com/investor-relations/plc