Molten Ventures Ord

Reported figures for the year included 13% gross portfolio net fair value growth, up from 5% previously, driven by almost GBP 300 million of write-ups and about GBP 120 million of valuation reductions. Gross portfolio value was GBP 1.5 billion and NAV was just over GBP 1.3 billion at 31 March; NAV per share finished at 760p, up 13%. Cash proceeds from realizations were ahead of the prior year’s GBP 135 million, with more than GBP 250 million of realizations since March 2024. General and admin expenses were just over GBP 24 million, down 14% year over year. Cash at year-end was GBP 52 million, plus about GBP 24 million of undeployed EIS/VCT cash and an undrawn GBP 60 million RCF. Management said post-year-end Revolut proceeds added about GBP 70 million, and ICEYE’s round implies nearly 120p per share of additional NAV uplift, taking implied NAV to 877p per share. For the core portfolio, management cited around GBP 1 billion of value, 3.3x MOIC, forecast growth of about 30%, and gross margins above 70%, with 7 of 17 core companies profitable. Forward commentary was constructive but not formal guidance: management expects continued portfolio growth, more NAV-accretive reinvestment, further capital raised for the growth fund, Molten East, and secondaries, and additional upside from the ICEYE and Isar announcements.

Ben Wilkinson framed the business as a platform built to capture structural shifts in AI, space, fintech, defense resilience, and other tech themes rather than cyclical moves. He emphasized that Molten’s three strategies—direct, funds, and secondaries—feed each other through network effects, improving deal flow, access, and pricing. His tone was upbeat and confident, repeatedly pointing to a larger opportunity set, more selective follow-on investing, and third-party capital as the next growth driver.

Andrew Zimmermann highlighted accelerating portfolio fair value growth, strong realizations, and a tighter cost base. He cited 13% gross portfolio net fair value movement, GBP 16 million of FX benefit, just over GBP 24 million of G&A expense down 14%, and year-end cash of GBP 52 million, with additional post-year-end Revolut proceeds of about GBP 70 million, GBP 24 million of undeployed EIS/VCT cash, and an undrawn GBP 60 million RCF. He also stressed that the core portfolio is doing the heavy lifting, with about GBP 1 billion of value, 3.3x MOIC, over 70% gross margins, and 7 profitable companies, while realizing capital at an average 15% return over the cycle versus a 10% target.

Analysts focused on space valuation upside, future realizations, capital raising, portfolio concentration, pension flows into venture, and how management decides when to sell down winners. Management said the space opportunity is being driven by government spending, sovereign resilience needs, and strong commercial traction, with incumbents like ICEYE and Isar benefiting first; they also said 85% of realizations are through trade sales and that IPO timing remains market-dependent. On fundraising, Ben said a first growth fund could target roughly GBP 200 million to GBP 300 million, Molten East may initially close below EUR 100 million and grow beyond that, and the secondaries strategy is targeting EUR 150 million initially. He also said pension money could eventually be meaningful but is still moving slowly, and that more third-party AUM would let Molten create more liquidity and recycle capital more flexibly.