Molten Ventures (GROW) H2 2026 earnings summary

Executive summary

• Achieved 13% gross portfolio net fair value growth year-over-year, driven by core holdings, sector tailwinds, and accelerated realisations.

• Realized significant uplifts from investments in ICEYE and Revolut, with ICEYE's new round at a EUR 10 billion valuation boosting NAV per share by 15%.

• Maintained disciplined portfolio management, focusing on doubling down on winners, narrowing the portfolio to around 60 companies, and scaling asset management.

• Expanded third-party capital strategies, including new cornerstone investors for Growth Fund and Molten East Fund.

• Share price discount to NAV narrowed, reflecting improved market confidence.

Financial highlights

• Gross portfolio value rose to GBP 1.5 billion (£1,525m) as of March 31, with net asset value (NAV) at just over GBP 1.3 billion (£1,324m).

• NAV per share increased to GBP 7.60 (760p), with ICEYE's uplift implying GBP 8.77.

• GBP 250 million+ (£255m) in realizations since March 2024, including GBP 70 million from Revolut and further proceeds expected from ICEYE.

• Operating expenses reduced by 14% year-over-year to just over GBP 24 million, with OpEx at 0.5% of assets.

• Ended the year with GBP 52 million in cash, plus GBP 70 million post-year-end proceeds and an undrawn RCF of GBP 60 million.

Outlook and guidance

• Targeting 20% return through the cycle, with a historical record of 26%.

• Expecting continued NAV growth, driven by core companies and sector tailwinds in space, AI, and fintech.

• Anticipate further capital raising for Growth Fund (GBP 200–300 million), Molten East (EUR 100–150 million), and Secondaries (EUR 150 million+).

• Focused on growing third-party AUM and leveraging pension fund inflows as regulatory momentum builds.

• Positive tailwinds from European tech sovereignty and Mansion House Accord.