Molten Ventures (GROW) H1 2026 earnings summary

Executive summary

• Gross portfolio value increased to £1,436 million as of 30 September 2025, with net assets rising to £1,289 million and NAV per share up 8% to 724p, driven by strong core portfolio performance and disciplined execution of strategic priorities.

• Strategic priorities include scaling the portfolio, focusing on Series A and B investments, expanding co-investment pools, and leveraging a public balance sheet alongside EIS and VCT funds.

• Robust capital base maintained, with active share buyback programme enhancing NAV per share and supporting capital discipline.

• Realisations of £85 million year-to-date, with realisations at or above NAV, and £19 million in share buybacks completed, plus £5 million post-period end.

• Profit after tax of £75 million for the six months, compared to a £38 million loss in the prior year.

Financial highlights

• Gross portfolio value grew 6% to £1,436 million, with net assets at £1,289 million and NAV per share up 8% to 724p.

• £62 million in cash proceeds from realisations in H1, with an additional £23-25 million post-period, outpacing investments.

• £33 million invested in H1, with £11 million via EIS/VCT, and £19 million in share buybacks, plus £5 million post-period.

• Operating costs at 0.1% of NAV, well below the 1% target, and OpEx reduced by 8% year-on-year.

• Profit after tax of £75 million for the period.

Outlook and guidance

• Targeting £100-150 million in capital deployment for the year, with a focus on Series B and select Series A deals.

• Expectation of continued fair value growth and realisations, with a two- to four-year exit horizon for core assets.

• Ongoing buybacks and secondary investments to drive NAV accretion and narrow share price discount.

• Board remains committed to strong shareholder engagement and transparent communication.

• Molten East progressing towards first close, and commitments agreed to a narrower cohort of Fund of Funds managers.