Key Points – NAV and portfolio value rose strongly, with gross portfolio fair value up 13% and net asset value per share increasing to £7.60.
The core portfolio drove most of the gains, helped by holdings such as Revolut, Ledger and ICEYE. – ICEYE was a major post-year-end catalyst after a financing round valued it at €10 billion, implying a much higher NAV per share for Molten than the year-end figure
Management also said the space company’s rapid revenue growth underscores the strength of Molten’s defense and space exposure. – Molten is leaning into AI, fintech and third-party capital expansion, while also using buybacks and selective realizations to support returns. The company said it is scaling growth, secondaries and regional funds, with a focus on Europe’s tech sovereignty and structural capital gap. Molten Ventures (LON:GROW) said portfolio fair value growth accelerated during the year, while management pointed to defense, space, artificial intelligence and European technology sovereignty as major structural themes shaping its investment strategy.
Chief Executive Ben Wilkinson told investors that Europe remains a major generator of intellectual property and that a “structural gap to capital” persists in the growth-stage market, particularly for larger investment tickets of £20 million or more. He said Molten’s strategy is to grow both its public company balance sheet and third-party assets to address that gap. Wilkinson also highlighted the growing opportunity in secondary transactions as companies remain private for longer.