**Summary**
Molten Ventures Plc (LSEGROW) released a half-year trading update for the six months ended 30 September 2025 (HY26), highlighting continued strong momentum in its venture capital portfolio. Key achievements include
1. **Portfolio Growth**
Gross Portfolio Value (GPV) increased by 5.5% to £1,425 million, driven by strong performers like ICEYE, Revolut, Ledger, and ISAR Aerospace.
Net Asset Value (NAV) per share rose by 7.2% to circa 719p, supported by portfolio management, improved market comparables, and a share buyback programme.
2. **Realisations**
£62 million in cash proceeds from realisations, following £135 million in FY25, reflecting portfolio maturity and depth.
Exits delivered an average 2.0x multiple on invested capital, with notable exits including Revolut (20.0x) and Freetrade (1.5x).
3. **Investments**
£33 million deployed into new and follow-on investments, including Duel and General Index, with an additional £11 million from managed EIS and VCT funds.
4. **Capital Allocation**
£38 million returned to shareholders via the share buyback programme, exceeding the 10% of realisation proceeds target.
An additional £10 million committed to buybacks to narrow the share price discount to NAV.
5. **Financial Position**
Robust capital base with £76 million in Group cash and £23 million available from managed funds.
Undrawn Revolving Credit Facility of £60 million provides further flexibility.
6. **Strategic Focus**
Portfolio covers key tech sectors like Fintech, Space, AI, Climate, and Digital Health, positioning Molten to capitalize on generational technology shifts.
Ongoing cost control and investment in talent to drive performance.
CEO Ben Wilkinson expressed confidence in the progress made, emphasizing the portfolio’s potential to deliver future category winners and the commitment to driving shareholder value. Molten Ventures remains active in pursuing new opportunities while maintaining a balanced capital allocation policy. Full half-year results will be announced on 25 November 2025.