We are pleased to share our final results for the year ended 31 March 2026.
Today we share a strong set of FY26 results, reflecting continued progress across the portfolio, successful realisations and growth in underlying value.
Alongside the results came significant news from portfolio company ICEYE, which announced a €10bn valuation following a Series F funding round. Having first invested in the company in 2018, our holding is now valued at £317m, adding approximately 117p to NAV per share.
The announcement highlights several themes that we have backed for years, including AI infrastructure, space tech and technological sovereignty. As demand grows for sovereign intelligence and critical technology capabilities across Europe, Molten’s results highlight the benefits of long-term investment in emerging technology leaders.
Highlights from our annual results are below, for more information please visit our plc website here or find the full report here.
Financial Highlights
- £1,525m Gross Portfolio Value* (31 March 2025: £1,367m).
- £1,324m Net Assets (31 March 2025: £1,236m).
- 760p NAV per share* (31 March 2025: 671p).
- 13% Gross Portfolio net fair value movement* (31 March 2025: 5%).
- £89m Invested (31 March 2025: £73m), in addition a further £22m from the managed EIS/VCT funds (31 March 2025: £73m invested and a further £34m from the managed EIS/VCT funds)**
- £120m Cash proceeds from realisations (31 March 2025: £135m).
- 0.5% Admin expenses (net of fee income and exceptional items) (31 March 2025: 0.6%) vs the targeted 1% of year-end NAV*.
- £52m Consolidated Group Cash (31 March 2025: £89m).
- £38m Share buybacks completed during the year, with a further £1m completed post period-end (31 March 2025: £17m).
the above figures contain alternative performance measures (“APMs”) – see Note 34 Annual Report for reconciliation of APMs to IFRS measures.
**EIS and VCT funds are managed by Molten Ventures plc Group but are not consolidated. See accounting policies on page 146 to 157 and Glossary on page 192 to 193 of the Annual Report for defined terms. Please refer to the pages in the report here.
Portfolio & Operational Highlights
- Fair value increase in the year £172m Net Fair Value increase, exclusive of the impact of FX.
- Well funded Core Portfolio 88% of Core Portfolio companies funded for at least 12 months.
- Strong Core average revenue Average revenue of over $600 million in the Core Portfolio, including those that are currently earning over $1 billion a year in revenue.
- Strong Core gross margin position Core Portfolio companies average gross margin of 70% for 2026, excluding pre-revenue companies.
- Increased maturity in the Core 7 of the Core Portfolio profitable.
- Strong funding in the Core and Emerging $3.75 billion raised from funding rounds. Over $3.5 billion raised by Core companies and over $200 million for Emerging companies.
Our Sustainability Report will be published on 16 June 2026 and will be available on our new dedicated microsite here: sustainability.moltenventures.com
FY26 marks twenty years since Molten was founded as a venture investor in European technology and ten since our IPO. Over that time, we have built a differentiated platform with the experience, relationships and track record to back Europe’s most ambitious companies through cycles and realise value for shareholders. This year’s results reflect that, with strong NAV growth, realisations at compelling multiples, a strengthened team and costs well below target, as we continue to make progress against our strategic objectives.
Looking ahead, we are pleased with the progress we are making in scaling third-party capital alongside our balance sheet. We have secured a cornerstone commitment for our new growth fund, Molten East is progressing towards a first close later this year and our dedicated Secondaries team is building strong momentum. We also continue to see compelling opportunities in areas such as AI infrastructure, space and dual-use technologies. The opportunity to build Molten into the leading platform for European venture capital has never been clearer, and we enter FY27 with a well-positioned portfolio, growing momentum across our fundraising initiatives and confidence in the path ahead.
The financial information set out in this announcement does not constitute the Company's statutory financial statements for the year ended 31 March 2026 but is derived from those financial statements. For the Annual Report and Financial Statements 2026, or for more information, please visit investors.moltenventures.com/investor-relations/plc.
