Key Takeaways
- • Molten Ventures reported FY26 results (year ended 31 March 2026) with gross portfolio value of £1,525m (up from £1,367m) and net assets of £1,324m (up from £1,236m), per the company's announcement.
- • NAV per share rose to 760p from 671p, driven by a 13% gross portfolio net fair value movement (versus 5% the prior year).
- • Portfolio company ICEYE's Series F round at a €10bn valuation lifted the holding to £317m, adding approximately 117p to NAV per share.
- • Share buybacks totalled £38m during the year, with a further £1m after period-end (versus £17m in FY25), even as the shares continue to trade at a wide discount to NAV.
- • Commentary on the discount is mixed: investor commentary calls the discount attractive and understated, while the headline argues it is still too large.
Summary
Molten Ventures plc reported its final results for the year ended 31 March 2026, showing growth in underlying value. Gross portfolio value rose to £1,525m from £1,367m a year earlier, net assets increased to £1,324m from £1,236m, and NAV per share reached 760p compared with 671p. The company attributed the increase to a 13% gross portfolio net fair value movement, against 5% in FY25. Total fair value increase in the year was £172m, excluding foreign exchange effects, according to the results statement.
The result was supported by ICEYE, a portfolio company in which Molten first invested in 2018. ICEYE announced a €10bn valuation following a Series F funding round, which Molten said values its holding at £317m and adds approximately 117p to NAV per share. Molten linked the development to its focus on AI infrastructure, space technology and technological sovereignty.
Capital deployment and realisations were also reported. Molten invested £89m during the year, plus a further £22m from its managed EIS/VCT funds, and generated £120m in cash proceeds from realisations. Consolidated group cash was £52m, down from £89m. Admin expenses, net of fee income and exceptional items, were 0.5% of NAV against a targeted 1%.
Share buybacks totalled £38m during the year, up from £17m in FY25, with a further £1m completed after the period end. Commentary on the shares' discount to NAV varies. One investor note described the discount as wide and understated, with a low net cost basis supported by third-party management contracts, while the headline assessment argues the discount remains far too large. Molten's chairman-level outlook emphasised scaling third-party capital, a cornerstone commitment for its new growth fund Molten East (first close expected later this year), and its Secondaries team.
The result was supported by ICEYE, a portfolio company in which Molten first invested in 2018. ICEYE announced a €10bn valuation following a Series F funding round, which Molten said values its holding at £317m and adds approximately 117p to NAV per share. Molten linked the development to its focus on AI infrastructure, space technology and technological sovereignty.
Capital deployment and realisations were also reported. Molten invested £89m during the year, plus a further £22m from its managed EIS/VCT funds, and generated £120m in cash proceeds from realisations. Consolidated group cash was £52m, down from £89m. Admin expenses, net of fee income and exceptional items, were 0.5% of NAV against a targeted 1%.
Share buybacks totalled £38m during the year, up from £17m in FY25, with a further £1m completed after the period end. Commentary on the shares' discount to NAV varies. One investor note described the discount as wide and understated, with a low net cost basis supported by third-party management contracts, while the headline assessment argues the discount remains far too large. Molten's chairman-level outlook emphasised scaling third-party capital, a cornerstone commitment for its new growth fund Molten East (first close expected later this year), and its Secondaries team.
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