Molten Ventures (GROW) Q4 2026 TU earnings summary

Executive summary

• Achieved strong growth in Gross Portfolio Value (GPV) and Net Asset Value (NAV) per share for FY26, with GPV up 11% and NAV per share up 13% year-over-year, supported by robust performance in key assets and active portfolio management.

• Delivered £120 million in realisations at an average multiple of 3x invested capital, with notable exits and partial realisations at or above holding values.

• Deployed £89 million into new and follow-on investments, plus £22 million from managed EIS and VCT funds, supporting ongoing portfolio development.

• Returned £38 million to shareholders via an expanded share buyback programme, narrowing the share price discount to NAV.

• Established a new team to scale the secondary investment strategy, enhancing future realisation opportunities.

Financial highlights

• NAV per share expected to reach approximately 760p, up from 671p a year earlier, with the buyback programme contributing 21p to the uplift.

• GPV expected to be around £1,520 million, up from £1,367 million, with fair value growth of £166 million (12%) excluding FX.

• Realisations generated £120 million in cash proceeds, including high-multiple exits in Revolut (21.0x) and ICEYE (12.9x).

• Total group cash at year-end was £52 million, with an additional £24 million available for investment from managed funds.

• Portfolio companies raised $3.75 billion during the year, excluding a $3 billion round by Revolut, with significant rounds from ICEYE and Manna.

Outlook and guidance

• Focus remains on scaling the business and expanding third-party co-investment structures.

• Well-constructed, actively managed portfolio offers exposure to high-growth technology themes, positioning for long-term growth.