Molten Ventures (GROW) Investor Presentation summary

Financial performance and portfolio development

• Assets under management grew 4.1x since IPO to £1.8bn, with gross portfolio value up 11.3x to £1.3bn and £1.2bn realised as of September 2024.

• Year-to-date 2025 group deployment exceeded £104m, with £70m from PLC and £34m from EIS & VCT; realisations expected to surpass £220m.

• Six realisations achieved at 5x+ MOIC since IPO, with a consistent track record of exits and disciplined capital allocation.

• Share buybacks total £10m completed, £5m ongoing, and an additional £15m announced, bringing total commitment to £30m.

• Core portfolio vintage diversification achieved through consistent deployment, with MOICs ranging from 1.1x to 3.5x.

Market opportunity and European VC landscape

• European VC has delivered 15% annual returns over 10 years, outperforming public markets, with $600bn deployed from 2015–2024.

• Europe boasts 40% more developers than the US and hosts over half of the world’s top science clusters.

• London leads European VC investment, with a 10-year ecosystem value growth from $560bn to $3.2tn and a forecast of $8tn.

• Significant funding gap at the growth stage compared to the US, partially bridged by $50bn in US investor participation.

• Pension fund allocations to VC in Europe remain low, with reforms aiming to unlock substantial new capital.

Strategic focus and investment approach

• Focus on core business of Series A and B investments, with fund-of-fund commitments narrowed to key managers.

• Portfolio spans leading subsectors: AI, automation, quantum computing, climate tech, digital health, fintech, and space.

• Secondary investments and share buybacks used to create near-term value and close the share price discount to NAV.

• Evergreen balance sheet and multiple capital sources (PLC, EIS, VCT, co-invest, FoF, partnerships) support deployment.

• Strategic priorities include portfolio management, capital pool building, and increasing share buybacks.