**Summary of Molten Ventures Plc Interim Results for the Six Months Ended 30 September 2025**
Molten Ventures Plc, a leading venture capital firm investing in high-growth digital technology businesses, reported strong interim results for the six months ended 30 September 2025, highlighting continued momentum in portfolio value growth, robust realizations, and effective capital allocation.
**Key Financial Highlights**
**NAV per Share** Increased by 7.9% to 724p in the last six months and 12% over the last 12 months (from 646p in September 2024 and 671p in March 2025).
**Gross Portfolio Value (GPV)** Rose by 5% to £1,436 million in the last six months and 7% over the last 12 months (from £1,343 million in September 2024 and £1,367 million in March 2025).
**Net Assets:** Increased to £1289 million (from £1205 million in September 2024 and £1236 million in March 2025).
**Realizations** Generated £62 million in cash proceeds, with an additional £23 million realized post-period end.
**Investments** Deployed £33 million, with an additional £11 million from managed EIS and VCT funds.
**Operating Costs** Remained well-controlled at 0.1% of period-end NAV, <mark style="background-color:yellow">below</mark> the targeted 1%.
**Share Buyback** Returned £19 million to shareholders via the share buyback program since March 2025, with an additional £5 million post-period end.
**Operational and Strategic Highlights**
**Core Portfolio** Valued at £888 million (62% of GPV), with 16 companies averaging over $500 million in revenue, strong gross margins (68%), and six companies forecasting profitability for 2025.
**Emerging Portfolio** Valued at £256 million (18% of GPV), comprising 68 companies with the top 15 forecasting 100% revenue growth.
**Fund Investments** Valued at £293 million (20% of GPV), including seed Fund of Funds, Earlybird, and Secondaries.
**Strategic Investments** Recent investments in Series A and B companies like Duel, General Index, and Polymodels Hub, aligning with the focus on core investing strengths.
**Secondary Strategy** Acquired a majority stake in Speedinvest Continuation Fund I for £15 million, enhancing near-term realization opportunities.
**Share Buyback Program** Committed £50 million to the share buyback program, supported by strong realizations and aimed at narrowing the share price discount to NAV.
**Cost Control** Achieved an 8% reduction in general administrative expenses, reflecting operational efficiencies.
**CEO Commentary**
Ben Wilkinson, CEO, emphasized the sustained momentum, strategic progress, and commitment to delivering value for stakeholders. He highlighted the focus on core investing strengths, scaling portfolio development, and maintaining a disciplined approach to capital allocation.
**Outlook**
Molten Ventures remains confident in its ability to generate value through its diversified portfolio, strategic investments, and active portfolio management. The company is well-positioned to capitalize on emerging opportunities in the European technology ecosystem, supported by a robust capital base and a clear strategic direction.
**Conclusion**
Molten Ventures Plc demonstrated strong financial and operational performance in the first half of FY26, with significant growth in portfolio value, effective capital allocation, and a commitment to shareholder returns. The company’s strategic focus on high-growth technology sectors and disciplined investment approach positions it well for continued success in the dynamic venture capital landscape.
| Metric | 30 Sep 2025 | 30 Sep 2024 | 31 Mar 2025 | Change (Sep 25 vs Sep 24) | Change (Sep 25 vs Mar 25) |
|---|---|---|---|---|---|
| Financial Highlights | |||||
| NAV per share (pence) | 724 | 646 | 671 | +7.9% | +7.9% |
| Gross Portfolio Value (£m) | 1,436 | 1,343 | 1,367 | +7% | +5% |
| Net Assets (£m) | 1,289 | 1,205 | 1,236 | +7% | +4% |
| Gross Portfolio net fair value movement (%) | 6.3% | -1% | 5% | +7.3% | +1.3% |
| Cash proceeds from realisations (£m) | 62 | 76 | 135 | -18% | -54% |
| Investments (£m) | 33 | 51 | 73 | -35% | -55% |
| Consolidated Group Cash (£m) | 77 | – | 89 | – | -13% |
| Debt and Liquidity | |||||
| Term Loan (£m) | 120 | – | 120 | – | 0% |
| Revolving Credit Facility (£m) | 60 (undrawn) | – | 60 (undrawn) | – | 0% |
| Profitability | |||||
| Profit/(Loss) after tax (£m) | 74.5 | (37.5) | – | +303% | – |
| Operating expenses (£m) | 10.7 | 16.4 | – | -35% | – |