FY25 provides evidence of the model in action. Cash proceeds of £201 million were generated during the financial year across the Group, the majority of which was from four realisations (£135 million to the Plc balance sheet and £66 million to the managed EIS/VCT vehicles).
These realisations stand out not only for their scale but also for the calibre of the acquirers:
- SoftBank (Graphcore)
- Nasdaq-listed Hologic (Endomag).
A fifth exit—Freetrade, acquired by LSE-listed IG Group — was announced during the year and completed shortly after the period-end, delivering strong returns and further validating Molten’s strategic approach. In FY26 so far, the realisations of Freetrade and Lyst have generated proceeds of c£30 million to the Plc balance sheet.
The exits validated the Group’s carrying values and the ultimate cash realisations registered a modest aggregate uplift. Multiples on invested capital ranged from 0.9x (Graphcore, reflecting heavy market investment in AI chips) to 7.4x~ (M-Files), demonstrating both the upside potential and capital preservation discipline inherent in a balanced portfolio. By demonstrating the accuracy of net asset values across holdings, the transactions reinforced confidence in the Group’s valuation methodology — providing a clear reference point for shareholders and prospective investors alike.
We seek strategic buyers for our deals, which reflects Molten’s thesis that true value is unlocked when a uniquely positioned start up is combined with a global platform. The “opportunity value” of an asset can far exceed any standalone financial metric. This perspective guides Molten away from EBITDA-based exits and towards transactions where intellectual property and go-to-market synergies can translate into step change growth for the acquirer and the potential for outsized proceeds for Molten’s investors.
Looking forward, more than a dozen portfolio companies are now progressing through Stage 1 workstreams that mirror those behind this year’s successes.
