Molten Ventures (GROW) Q2 2026 TU earnings summary

Executive summary

• Achieved 5.5% growth in Gross Portfolio Value (GPV) and 7.2% increase in Net Asset Value (NAV) per share for HY26, driven by portfolio management, market comparables, and share buybacks.

• Realisations of £62m in HY26, following £135m in FY25, highlight portfolio maturity and depth across technology sectors.

• Ongoing focus on narrowing share price discount to NAV with an additional £10m committed to buybacks.

Financial highlights

• NAV per share rose to approximately 719p, up from 646p a year earlier and 671p at March 2025; share buybacks contributed 13p to this uplift since March.

• GPV reached about £1,425m, up from £1,343m a year ago and £1,367m at March 2025.

• GPV fair value uplift of £75m (5.5%) in the first half, excluding FX, led by strong Core portfolio performers and positive funding rounds.

• Exits delivered an average 2.0x multiple on invested capital, with notable exits including Revolut (20.0x), Freetrade (1.5x), and Lyst (0.7x).

• £33m deployed into new investments, with an additional £11m from managed EIS and VCT funds.

Outlook and guidance

• Further realisations are expected in FY26, with active efforts to meet the internal annual target of 10% realisations through the cycle.

• Strong pipeline of investment opportunities anticipated within the existing portfolio and broader market.