Molten Ventures (GROW) H2 2025 earnings summary

Executive summary

• Exceeded annual realization targets with GBP 135 million, demonstrating strong portfolio management, enhanced liquidity, and disciplined capital allocation including share buybacks.

• Strategic priorities include focusing investments at Series A/B, narrowing Fund-of-Fund commitments, leveraging co-investment pools, and supporting portfolio companies' growth.

• Maintained a robust balance sheet with GBP 1.2 billion NAV and undrawn GBP 60 million revolving credit facility.

• Leadership changes with Ben Wilkinson appointed CEO and Andrew Zimmermann as CFO.

• Robust portfolio performance with fair value uplift of GBP 72 million and top 15 emerging companies growing over 100% year-over-year.

Financial highlights

• Gross portfolio value at GBP 1.4 billion as of 31 March 2025, with a 5% net fair value movement and GBP 135 million in realizations, surpassing guidance.

• NAV per share increased to 671p from 662p, supported by over GBP 15 million in share buybacks.

• Cash position at year-end was GBP 89 million, with an additional GBP 30 million received post-year-end.

• Average annual return since IPO is 28%, above the 20% target.

• Loss after tax of GBP 1 million for FY25, a significant improvement from a GBP 41 million loss in FY24.

Outlook and guidance

• Targeting annual returns of 20% through the cycle, with a focus on compounding NAV per share growth.

• FY26 began with GBP 30 million proceeds from Lyst and Freetrade exits.

• Continued disciplined approach to capital allocation, with ongoing share buybacks and selective new investments.

• Optimistic about portfolio prospects despite ongoing macro and geopolitical uncertainties.