Molten Ventures (LSE:GROW) has reported an impressive set of results for the year ended 31 March 2026, underlining the strength of its portfolio, disciplined capital allocation strategy and ability to identify category-leading technology businesses long before they reach the mainstream investment radar.
The venture capital investor delivered a strong year of growth, with Net Asset Value (NAV) per share increasing by 13% to approximately 760p and Gross Portfolio Value rising to more than £1.5 billion. The performance was driven by a combination of operational progress across the portfolio, successful funding rounds and the continued impact of the company’s share buyback programme.
Importantly, the growth was not driven by accounting adjustments alone. Molten generated £120 million of cash proceeds from realisations during the year at an average multiple of around three times invested capital, demonstrating the ability to convert portfolio value into cash while continuing to recycle capital into the next generation of growth opportunities. The company invested £89 million during FY26 and returned £38 million to shareholders through buybacks, helping to enhance NAV per share and narrow the discount at which the shares trade relative to underlying asset value.
A key driver of the year’s performance was the continued success of several core portfolio holdings, including space technology leader ICEYE, fintech giant Revolut, digital asset security specialist Ledger and quantum computing business Riverlane. These businesses were among the largest contributors to portfolio value growth during the year.
Since the financial year-end, investors have received further evidence of the quality embedded within the portfolio. ICEYE today announced a landmark Series F financing round that raised more than €450 million in primary funding, valuing the company at over €10 billion; including a secondary placement, the total transaction exceeded €1 billion. The funding round was led by major global investors and highlights the growing strategic importance of ICEYE’s satellite intelligence capabilities to governments and commercial customers worldwide.
For Molten Ventures shareholders, the significance extends beyond the headline valuation. Because the round completed after the 31 March year-end, it is not reflected in today’s audited NAV. At the new valuation, Molten’s ICEYE holding rises to £317 million – a £238 million gain – lifting NAV per share from 760p to approximately 877p. As part of the round, Molten also realised a further circa £22 million in secondary proceeds
ICEYE has already been one of the strongest contributors to Molten’s NAV growth and realisation programme, with previous partial exits generating exceptional returns. The latest financing round provides further third-party validation of the company’s long-term value creation potential and demonstrates Molten’s ability to identify transformational businesses at an early stage and support them through multiple phases of growth.
The success of ICEYE also illustrates a broader theme across the Molten portfolio. Many of its core holdings are operating in sectors benefiting from powerful structural growth drivers, including fintech, artificial intelligence, quantum computing, cybersecurity and space technology. As these businesses mature, the opportunity for further valuation uplifts, strategic exits and public market listings remains significant.
Looking ahead, Molten enters FY27 from a position of strength. The company maintains substantial liquidity, a highly diversified portfolio and a growing secondaries investment capability designed to capitalise on opportunities across the European venture ecosystem. Core portfolio revenue growth remained strong during FY26, highlighting the operational progress being achieved by portfolio companies despite a challenging funding environment.
Investors will have the opportunity to hear directly from management when Molten Ventures presents its FY26 results via the Investor Meet Company platform on 12 June 2026 at 10:30am BST. The presentation will provide additional insight into the year’s performance, portfolio developments, capital allocation priorities and outlook for the year ahead, together with a live Q&A session for shareholders.
With NAV growing at a double-digit rate, successful realisations continuing, shareholder returns being enhanced through buybacks and portfolio companies such as ICEYE achieving landmark funding milestones, Molten Ventures appears increasingly well positioned to unlock further value from one of Europe’s most compelling technology investment portfolios. The FY26 results reinforce the view that the company is successfully navigating the venture capital cycle while creating long-term value for shareholders.
For more information visit – https://www.moltenventures.com/
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