Molten Ventures Plc · LSE:GROW
Molten Ventures — FY2025 Earnings Presentation
40 slides from Molten Ventures's earnings presentation, Jun 11, 2025
Slide 1: Molten Ventures plc Annual Results FY25
Molten Ventures plc Annual Results FY25 June 2025
Slide 2: Disclaimer
Molten Ventures Investor Presentation Disclaimer This document has been prepared by Molten Ventures plc ("Molten Ventures" or the "Company") and is for general information purposes only. The information provided in this document pertaining to Molten Ventures, its broader group ("Group"), its portfol
Slide 3: Speakers and Agenda
Molten Ventures FY25 Annual Results 3 Speakers and Agenda 1. Introduction 2. Financial highlights 3. Our model & portfolio Ben Wilkinson Chief Executive Officer 4. Outlook Andrew Zimmermann Chief Financial Officer
Slide 4: Overview
Molten Ventures FY25 Annual Results 4 Overview Clear strategy, Strong realisation Robust portfolio well positioned performance performance to deliver → Exceeded realisations target → Average revenue of $400m in → New CEO and CFO the Core → Continued Share buyback → Defined capital allocation policy
Slide 5: Strategic priorities
Molten Ventures FY25 Annual Results 5 Strategic priorities Enhance shareholder returns and focus on narrowing share price discount to NAV Refocus on Molten’s core business of series A and B investments Fund-of-Fund commitments to narrower cohort of key managers Continue to closely manage and develop
Slide 6: Financial highlights
2. Financial highlights Molten
Slide 7: Financial Performance March 2025
Molten Ventures FY25 Annual Results 7 Financial Performance 31 March 2025 £1,367m £1,236m 671p Gross Portfolio Value* Net Assets NAV per share* (31 March ‘24 £1,379m) (31 March ‘24: £1,251m) (31 March 24: 662p) 5% Gross Portfolio net fair £73m Invested, £34m via EIS/VCT £135m Cash proceeds from real
Slide 8: Delivering strong returns through the cycle
Molten Ventures FY25 Annual Results 8 Delivering strong returns through the cycle £350m £301m 65% 65% £267m 58% £250m 51% 43% 45% 37% £111m Average return 28% £150m 25% £61m Target return 20% £29m £40m £50m 10% 5% 4% 0% £0m -1% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 -£50m (£1m) (£41m) -15% -16
Slide 9: £660m realised since IPO, delivering 15% average Return
Molten Ventures FY25 Annual Results 9 £660m realised since IPO, delivering 15% average Return £250m 50% 45% £206m £200m 40% 35% £150m 29% 30% £135m £126m 25% £100m 20% 14% Cash realisations 15% 15% 13% Target 10% £48m £50m 10% £35m 7% £40m £39m 10% £15m £16m 7% 4% 5% 3% - 0% FY17 FY18 FY19 FY20 FY21
Slide 10: Total investments by type in FY25
Molten Ventures FY25 Annual Results 10 Total investments by type in FY25 £20m £19m Follow-on Secondary £73m Total deployment £15m £19m New Fund investments
Slide 11: Fair value growth, driven by uplifts in specific portfolio companies
Molten Ventures FY25 Annual Results 11 Fair value growth, driven by uplifts in specific portfolio companies Fair value growth of £72m, a 5% uplift excluding the impact of FX. Increase Decrease Total £1,450m £51m £1,430m £1,410m £1,390m £1,379m £20m £1,370m £22m £9m £1,367m £52m £1,350m (£76m) £1,344
Slide 12: Gross Portfolio Value
£1,367m £73m £135m Gross Portfolio Value 12 Gross Portfolio Value Cash invested Cash received from at 31 March 2025 during the year realisations during Core Portfolio breakdown the year FY25 Fair Value Fair value as at FY24 £51m Investments Gross Portfolio fair value movement Realisations during the
Slide 13: Our model and portfolio
3. Our model and portfolio Molten
Slide 14: Our Model
Molten Ventures FY25 Annual Results 14 Our Model Invest in European tech starts ups Grow and scale through support & active management to exit Pools of Capital Invest Grow Realise Direct Portfolio Development Trade sale PLC, EIS, VCT FoF Active Management Buy-out 3rd Party Capital Secondaries Follow
Slide 15: A Proven Track Record
Molten Ventures FY25 Annual Results 15 A Proven Track Record Returns track record 2016 IPO to 31 March 2025 Returns Multiple % of Invested Capital Return Proceeds Realised in FY25 3x+ 30% £466m 1x<3x 24% £114m <1x 31% £40m 0x 15% - * Past performance is not a reliable indicator of future performance
Slide 16: Current Core portfolio
Molten Ventures FY25 Annual Results 16 Current Core portfolio Consistent deployment creates vintage diversification 2016 2018 2020 2022 £25m £103m £111m £369m £111m £183m £25m £25m Invested Fair Value Invested Fair Value Invested Fair Value Invested Fair Value 4.1x 3.3x 1.6x 0.9x MOIC MOIC MOIC MOIC
Slide 17: Investment focuses
Molten Ventures FY25 Annual Results Ai Native Investment focuses Molten investment Consumer sub-sectors: technology Fintech Cybersecurity Enterprise & data privacy technology Quantum Ai Enhanced Climate Hardware & Space Deeptech Crypto & blockchain Digital health Healthtech 17
Slide 18: A diversified and well positioned portfolio
Molten Ventures FY25 Annual Results 18 A diversified and well positioned portfolio Gross Portfolio Value Emerging Portfolio Sector by Fair Value Top 15 revenue generating Emerging assets $18m $16m £226m £56m £66m $14m $12m 100% growth $10m £1,367m £302m £39m £302m $8m £838m $6m £141m $4m $2m Consume
Slide 19: Core Portfolio Update
Molten Ventures FY25 Annual Results 19 Core Portfolio Update 70% 44% 11 yr 5 yr Average forecast Forecasting Average age of Average age of Gross Margin for profitability Core portfolio Core portfolio 20251 for 20252 company investment Core Portfolio Average Revenue Core Cash Runway 60% $450m 53% $40
Slide 20: Portfolio update: Revolut
Molten Ventures FY25 Annual Results 2024 20 Molten participate to sell Portfolio update: $10m in Secondary 2024 £10.3m £157m 14.7x Company led Invested Fair value Cost/Nav Secondary 2018 Valuation: $45bn Series C 2020 2021 Revenue: $3.7bn Molten Series D Series E 50000 Investment of Molten sell $6m
Slide 21: Core Portfolio: Case Study
Molten Ventures FY25 Annual Results 21 Core Portfolio: Case Study £29m £76m 2.7x Invested Fair value Cost/Nav HQ: Paris, France Sector: Hardware & Deeptech Subsector: Crypto, Cyber Security Ledger Fair Value Progression £105m Ledger Stax £95m Ledger Nano S, Crypto Life £92m & Flex Card, Staking & NF
Slide 22: Outlook
4 Outlook Molten
Slide 23: Looking ahead
Molten Ventures FY25 Annual Results 23 Looking ahead FY26 started with combined proceeds of £30 million from Lyst and Freetrade exits Ongoing share buybacks, purchased £7 million to date Continued focus on strategic priorities
Slide 24: Why Molten?
Molten Ventures FY25 Annual Results 24 Why Molten? Investment rationale Exposure to a Refocus on our core Multiple and Established track Disciplined Capital private asset class via investment growing sources of record of exits Allocation a FTSE 250 company principles capital to deploy 100+ portfolio
Slide 25: Thank you
Thank you Contact us Investor Portal: https://investors.moltenventures.com/ Email: ir@molten.vc Newsletter Subscription: https://www.moltenventures.com/sign-up/investors
Slide 26: Appendix
Appendix Molten
Slide 27: Gross Portfolio Value Table
Molten Ventures FY25 Annual Results - Appendix Gross Portfolio Value Table As at 31 March 2025 Fair Value of Total Fair value Fair Value of Cost of Multiple of Interest FD Non- Movement Investments Fair value movement Investments Investments Invested Category at investment in cash Foreign Reporting
Slide 28: Consolidated statement of financial position
Molten Ventures FY25 Annual Results - Appendix Consolidated statement of financial position For the year ended 31 March 2025 Audited 31 Mar 2025 Audited 31 Mar 2024 Notes £’m £’m Non-current assets Intangible assets 16 10.4 10.4 Financial assets held at fair value through profit or loss 17 1,279.9 1
Slide 29: Consolidated statement of comprehensive income
Molten Ventures FY25 Annual Results - Appendix Consolidated statement of comprehensive income As at 31 March 2025 Year ended 31 March Year ended 31 March 2025 2024 Notes £’m £’m Movements on investments held at fair value through profit or loss 6 22.7 (67.6) Gain on bargain purchase 14 – 38.6 Total
Slide 30: NAV progression vs Share Price discount to NAV
Molten Ventures FY25 Annual Results - Appendix 30 NAV progression vs Share Price discount to NAV NAV Progression £1,600m 1000 p 937 p £1,434m 900 p £1,400m 808 p 780 p 776 p £1,251m £1,236m £1,236m 800 p £1,194m £1,200m 743 p 671 p 671 p 700 p £1,033m Year-end NAV per share £1,000m 662 p 555 p 600 p
Slide 31: Emerging Portfolio
Molten Ventures FY25 Annual Results - Appendix 31 Emerging Portfolio OneData helps enterprises create trusted, governed data products for internal and external consumption. Its platform transforms scattered datasets into reusable, compliant, and high-value data assets. Latest round: Hardware & deept
Slide 32: A Proven Track Record
Key 32 Molten Ventures FY25 Annual Results - Appendix Fully realised A Proven Track Record Partially realised Accessed via strategic relationships with Earlybird or Seedcamp % of Returns Invested Returns Proceeds Capital Returns track record 2016 IPO to 31 March 2025 Multiple world 0x - 15% stores £
Slide 33: Market environment
Molten Ventures FY25 Annual Results - Appendix 33 Market environment Private Capital, such as VC, is critical to economic growth. UK's £50bn Mansion House reforms highlighting strong government support for private capital allocation. Europe Deals by Round Size ($bns) Europe Deal Count 150 12,000 130
Slide 34: Our Portfolio: Core Company Updates
Molten Ventures FY25 Annual Results - Appendix 34 Our Portfolio: Core Company Updates £14m 4.9x £31m 2.8x Invested Cost/Nav Invested Cost/Nav £71m C £87m C Fair value Fair value Aircall is a cloud-based communications platform designed CoachHub is a global digital coaching and talent development for
Slide 35: Our Portfolio: Core Company Updates
35 Our Portfolio: Core Company Updates £30m 1.0x £14m 1.5x Invested Cost/Nav Invested Cost/Nav £29m LR £20m LR Fair value Fair value FintechOS is a global leader in high productivity fintech Freetrade is a UK-based investment platform offering infrastructure (HPFI) and aims to simplify and accelerat
Slide 36: Our Portfolio: Core Company Updates
36 Our Portfolio: Core Company Updates £25m 1.0x £4m 5.4x Invested Cost/Nav Invested Cost/Nav £25m LR £22m LR Fair value Fair value HiveMQ’s messaging platform (MQTT) is designed for the Isar Aerospace develops and builds launch vehicles to fast, efficient and reliable bi-directional movement of dat
Slide 37: Our Portfolio: Core Company Updates
Molten Ventures FY25 Annual Results - Appendix 37 Our Portfolio: Core Company Updates £29m 2.7x £8m 5.2x Invested Cost/Nav Invested Cost/Nav £76m C £39m LR Fair value Fair value Ledger is a growing company developing a variety of RavenPack is a leading provider of insights and technology products an
Slide 38: Our Portfolio: Core Company Updates
Molten Ventures FY25 Annual Results - Appendix 38 Our Portfolio: Core Company Updates £11m 14.7x £24m 1.0x Invested Cost/Nav Invested Cost/Nav £157m LR £24m C Fair value Fair value Revolut is a global financial services company that specialises Schuttflix is Europe’s leading logistics platform and B
Slide 39: Our Portfolio: Core Company Updates
Molten Ventures FY25 Annual Results - Appendix 39 Our Portfolio: Core Company Updates £11m 1.1x £37m 1.9x Invested Cost/Nav Invested Cost/Nav £11m LR £70m C Fair value Fair value SimScale is a cloud-native engineering simulation platform Enabling service of customers in a real-time ecosystem, that p
Slide 40: Sustainability at Molten
Molten Ventures FY25 Annual Results - Appendix 40 Sustainability at Molten FY25 ESG KPIs Completion update Status 79% of In-Scope Portfolio Companies* tabled and 6 Discussion of ESG opportunities and risks in at Sustainability topics have been discussed in at new or follow-on climate least one board