**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 ยฃ1,425 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**
ยฃ62 million in cash proceeds from realisations, following ยฃ135 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**
ยฃ33 million deployed into new and follow-on investments, including Duel and General Index, with an additional ยฃ11 million from managed EIS and VCT funds.
4. **Capital Allocation**
ยฃ38 million returned to shareholders via the share buyback programme, exceeding the 10% of realisation proceeds target.
An additional ยฃ10 million committed to buybacks to narrow the share price discount to NAV.
5. **Financial Position**
Robust capital base with ยฃ76 million in Group cash and ยฃ23 million available from managed funds.
Undrawn Revolving Credit Facility of ยฃ60 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 portfolioโs 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.
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> ### Key Notes:
1. **NAV per share** increased by 7.2% from HY25 to HY26.
2. **GPV** grew by 5.5%, driven by strong performers and higher funding rounds.
3. **Realisations** increased slightly by 5.1%, reflecting portfolio maturity.
4. **Investments Deployed** decreased by 35.3%, indicating a more cautious approach in HY26.
5. **Movement in Fair Value** increased significantly by 44.2%, highlighting improved portfolio performance.
6. **Total Group Cash** and **Share Buyback Programme** details were only available for HY26. This table provides a clear comparison of key financial metrics between the two periods.