Molten Ventures (GROW) Q2 2027 TU earnings summary

NAV and portfolio performance

• NAV per share expected at 869p, up 14% YoY from 724p and from 760p at 31 March 2026.

• GPV expected at £1,695m, up 11% YoY from £1,436m and from £1,525m at 31 March 2026.

• GPV fair value uplift £244m, or 16% excluding FX; £334m of portfolio uplifts were partly offset by £90m of reductions.

• Core Portfolio growth was primarily driven by ICEYE and Revolut, alongside the Fund of Funds programme.

Realisations and investment activity

• Realisations generated £109m of cash proceeds, up from £62m in HY26 and equal to 7% of opening GPV.

• Revolut generated c.£71m of proceeds at 19.0x average MOIC; ICEYE generated c.£22m at 14.1x average MOIC.

• £44m deployed into investments, up from £33m in HY26, plus £4m from managed EIS and VCT funds.

• Period investments included Isar Aerospace’s Series D; in September 2026, it became the first European commercial space company to deliver satellites into orbit.

Capital and shareholder returns

• Molten Ventures Growth Fund reached a £175m first close, including a £75m British Business Bank cornerstone commitment; target final fund size £350m.

• Molten East and dedicated Secondaries funds remained on track for first closes by FY27-end.

• £16m returned through the share buyback in HY27; c.£70m returned since July 2024, equal to c.9% of issued share capital.

• Cash was £76m at 30 September 2026, versus £52m at 31 March 2026; managed EIS and VCT funds had £31m available for investment, plus a £60m undrawn RCF.