Molten Ventures Plc · LSE:GROW
Molten Ventures — Q2 2026 Earnings Presentation
52 slides from Molten Ventures's earnings presentation, Nov 25, 2025
Slide 1: Interim Results FY26
Molten Ventures plc Interim Results FY26 November 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 & Agenda
Molten Ventures FY26 Interim Results 3 Speakers & Agenda 01 Introduction Ben Wilkinson 02 Financial Highlights CEO 03 Our Portfolio 04 Outlook Andrew Zimmerman CFO 05 Appendix
Slide 4: Our Annual Targets
Molten Ventures FY26 Interim Results 4 Our Annual Targets 2006 2016 80+ Listing (AIM), Portfolio 20% 26% Founded now FTSE 250 fair value companies delivered growth Generalist Diversified Evergreen Strong track 10% 14% Tech Investor approach balance sheet record realisations delivered of GPV PLC Over
Slide 5: Strategic Priorities
Molten Ventures FY26 Interim Results 5 Strategic Priorities Core Investing Strength in Series A & B Scaling Portfolio Development and Institutional Co-Investment Narrower Fund of Funds Programme Balance Sheet Strength and NAV Accretive Use of Capital Narrowing Share Price Discount to NAV
Slide 6: Financial Highlights
Financial Highlights Molten
Slide 7: Financial Performance to 30 Sept '25
Molten Ventures FY26 Interim Results Molten Leadership Summit in Chamonix,7France. Financial Performance to 30 Sept ‘25 £1,436m £1,289m 724p Gross Portfolio Value* Net Assets NAV per share* (31 March ’25: £1,367m) (31 March ‘25: £1,236m) (31 March ‘25: 671p) 6% Gross Portfolio net fair £33m Invested
Slide 8: Outperforming 20% target through the cycle
Molten Ventures FY26 Interim Results 8 Outperforming 20% target through the cycle • Strong fair value growth in HY’26 • Prudent portfolio valuation, proven out by realisations £350m 70% 26% £250m 45% 37% 50% Average return through the cycle £150m 30% £301m 6% £50m £102m 4% £75m 10% -1% (£1m) FY17 -
Slide 9: £220m Realisations since March '24
Molten Ventures FY26 Interim Results 9 £220m Realisations since March ‘24 With cash realisations in HY’26 continuing to be at or above the NAV holding value £200m 25% £180m 14% 22% £160m 20% Average £140m return £120m 15% £100m 13% £87m 10% £80m 10% £25m £126m £135m £60m 10% Target £40m £63m 4% £48m
Slide 10: Annual deployment returning to growth
Molten Ventures FY26 Interim Results 10 Annual deployment returning to growth • £33m in the first half of the year, with £5m invested since then and £12m Series B to announce imminently • Investment in Speedinvest continuing our Secondary investment strategy Annual deployment FY23 – forecasted FY26
Slide 11: Core portfolio key driver of total 6% fair value growth
Molten Ventures FY26 Interim Results 11 Core portfolio key driver of total 6% fair value growth • Core portfolio driving fair value growth in the period • Emerging portfolio fair value reduction primarily due to three specific assets Increase Decrease Total £1,600m £1,500m £92m £7m £1,436m £33m (£13
Slide 12: Emerging portfolio: Insights
Molten Ventures FY26 Interim Results 12 Emerging portfolio: Insights • 68 different portfolio companies with value • Diverse range of investment sizes and maturity across the portfolio • The range of smaller initial positions enables us to scale up as conviction in emerging winners grows Cost of Inv
Slide 13: Gross Portfolio Value
Molten Ventures FY26 Interim Results 13 Gross Portfolio Value HY26 Fair Value Fair value as at HY26 Core Portfolio breakdown Investments Realisations Fair Value increase Fair Value decrease *The above figures include FX and contain alternative performance measures Note the left and right sides of th
Slide 14: Our portfolio
Our portfolio Presentation Title Here
Slide 15: Portfolio Overview
Molten Ventures FY26 Interim Results 15 Portfolio Overview Gross portfolio value is 1.8x cost Gross Portfolio Value Fund investments £36m £293m £120m £56m £1,436m £293m £256m £888m £82m Core Emerging Fund Investments Fund of Funds Earlybird Secondaries SPVs Note the figures above have been subject t
Slide 16: Core Portfolio Update
Core Portfolio Molten Ventures FY26 Interim Results 16 Core Portfolio Update Core portfolio fair value of £888m currently held at ~3x invested capital Core portfolio average revenue* Core cash runway 68% $600m 60% Average forecast Gross Margin for 2025 50% $500m 50% 6 $400m 41% 40% 38% Core companie
Slide 17: Emerging portfolio as at 30 September 2025
Emerging Portfolio Molten Ventures FY26 Interim Results 17 Emerging portfolio as at 30 September 2025 • Emerging portfolio fair value of £256m currently held at ~1x invested capital • 68 emerging portfolio companies with value, ~9% average holding Deployment by vintage* by Revenue 6% 2% 15% 18% 35%
Slide 18: Core Portfolio
Core Portfolio Molten Ventures FY26 Interim Results 18 2-4 years FY 2019 Target exit horizon First invested £8m £152m 18x Invested Fair value Cost/Nav Sector: Consumer Subsector: Fintech • $75bn valuation, following secondary share sale • 65m customers target 50%+ growth to 2027 to 100m • $5bn reven
Slide 19: Core Portfolio
Core Portfolio Molten Ventures FY26 Interim Results 19 2-4 years FY 2019 Target exit horizon First invested £23m £74m 3x Invested Fair value Cost/Nav Sector: Deeptech & Hardware Subsector: Space • Joint venture Rheinmetall forecasting €1bn in revenues • €400m+ of government contracts announced with
Slide 20: Core Portfolio
Core Portfolio Molten Ventures FY26 Interim Results 20 2-4 years FY 2020 Target exit horizon First invested £4m £29m 7x Invested Fair value Cost/Nav Sector: Deeptech & Hardware Subsector: Space • €150m financing agreement in June • First privately funded company in Europe to sign with ESA and the Eu
Slide 21: Core Portfolio
Core Portfolio Molten Ventures FY26 Interim Results 21 2-4 years FY 2018 Target exit horizon First invested £29m £107m 4x Invested Fair value Cost/Nav Sector: Deeptech & Hardware Subsector: Fintech • Forecasting over $100m revenue for 2025 • Secures over $100bn of global Bitcoin being 7% • San Anton
Slide 22: Emerging Portfolio
Emerging Portfolio Molten Ventures FY26 Interim Results 22 Emerging asset update Year of first investment Key update • Raised $32M Series C, total funding $100M • Customers in 30+ countries with ratings service on 40+ platforms FY 2022 including Bloomberg covering over 480 carbon credit projects £8m
Slide 23: Secondaries delivering returns in excess of £200m
Fund Investments Molten Ventures FY26 Interim Results 23 Secondaries delivering returns in excess of £200m 7.0x 6.0x 6.0x £132m Deployed to date 5.0x 4.0x TVPI (x) 6 86% Completed 3.0x 2.5x RVPI (%) Secondaries 2.4x 2.0x DPI (%) 2.0x 1.5x 30% 1.3x 96% 1.0x 100% 1.7x 14% 100% 100% 70% DPI to date 0.0
Slide 24: A Proven Track Record
Molten Ventures FY26 Interim Results 24 A Proven Track Record Returns track record 2016 IPO to 30 September 2025 Returns Multiple % of Invested Capital Return Proceeds 5x+ 12% £306m 3x-5x 16% £184m 1x<3x 26% £134m <1x 32% £49m 0x 14% - Excludes management and any performance related fees. Past perfo
Slide 25: Market Environment
Market Environment Molten
Slide 26: Market environment
Molten Ventures FY26 Interim Results 26 Market environment • European VC deals forecasted to be $68bn for 2025 • Series A & B deals make up 38% of capital invested in 2024 Europe Deals by Round Size ($bns) Europe Deal Count $140.0 14,000 $120.0 12,000 $100.0 10,000 $80.0 8,000 $60.0 6,000 $40.0 4,00
Slide 27: Outlook
Outlook Molten
Slide 28: Continued progress on strategic priorities
Molten Ventures FY26 Interim Results 28 Continued progress on strategic priorities Core Investing Strength in Series A & B Scaling Portfolio Development and Institutional Co-Investment Narrower Fund of Funds Programme Balance Sheet Strength and NAV Accretive Use of Capital Narrowing Share Price Disc
Slide 29: Continued progress on strategic priorities
Molten Ventures FY26 Interim Results 29 Continued progress on strategic priorities £20m invested post period end; Polymodels Hub, General Index, Duel & unannounced follow-on Molten East continues to progress towards a first close Agreed commitments to narrower cohort of FoF managers £23m realisation
Slide 30: Overview of HY'26
Molten Ventures FY26 Interim Results 30 Overview of HY’26 Positive fair Capital returned to Strong value growth balance sheet performance → Fair value growth of 6% → Cash realisations of £85m YTD at → NAV per share up 8% to 724p, or above NAV share buyback contributing 14p → Core portfolio key drive
Slide 31: Appendix
Appendix
Slide 32: Our Model
Molten Ventures FY26 Interim Results 32 Our Model Grow and scale through support Invest in European tech starts ups & active management to exit Pools of Capital Invest Grow Realise PLC, EIS, VCT Direct Portfolio Development Secondary sale 3rd Party Capital FoF Active Management Trade sale Secondarie
Slide 33: Our Diversified Approach
Molten Ventures FY26 Interim Results 33 Our Diversified Approach We invest in breakthrough technology companies across four key verticals, considering the impact of and potential of AI Sectors Consumer Enterprise Hardware & Digital technology technology Deeptech health Sub-sectors Cybersecurity Clim
Slide 34: Molten's Sector Focus
Molten Ventures FY26 Interim Results Molten’s Sector Focus Ai Native Molten investment Enterprise sub-sectors: technology Fintech Cybersecurity Hardware & & data privacy Deeptech Quantum Ai Enhanced Climate Consumer Dual Use & technology Space Crypto & Digital health & blockchain Wellness Healthtech
Slide 35: Our Diversified Approach
Molten Ventures FY26 Interim Results 35 Our Diversified Approach • Key sub-sectors we are excited about represent over £300m (39%) of capital deployed • £790m of fair value represented by these key sub-sectors • Exposure to these sectors spans the core and emerging portfolio Core company Emerging co
Slide 36: Dual-use technologies
Molten Ventures FY26 Interim Results 36 Dual-use technologies • Mission-Critical Requirements & National Security Stakes • Significant R&D Budgets • Performance Over Cost Space & Satellite Autonomous Systems Quantum & Systems & AI Advanced Materials Core company Emerging company Fair Value £104m £19
Slide 37: Gross Portfolio Value Table
Molten Ventures FY26 Interim Results 37 Gross Portfolio Value Table As at 30 September 2025 Fair Non- Movement Fair Fair Multiple value of investment in Fair value value of Cost of of investments cash foreign value movement investments investments invested Ownership 31-Mar-25 Investments Realisation
Slide 38: Consolidated statement of financial position
38 Consolidated statement of financial position As at 30 September 2025 Unaudited 30 Sep 2025 Audited 31 Mar 2025 Notes £’m £’m Non-current assets Intangible assets 10.3 10.4 Financial assets held at fair value through profit or loss 10 1,339.5 1,279.9 Property, plant and equipment 1.7 1.8 Total non
Slide 39: Consolidated statement of comprehensive income
39 Consolidated statement of comprehensive income For the year ended 30 September 2025 Unaudited Unaudited Period ended Period ended 30 Sep 2025 30 Sep 2024 Notes £’m £’m Movements on investments held at fair value through profit or loss6 79.5 (14.9) Fee income 11.0 11.9 Total investment income/(los
Slide 40: A Proven Track Record
Key 40 Molten Ventures FY26 Interim 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 30 September 2025 Multiple £306m 12% 5x+ £184
Slide 41: A Proven Track Record cont'd
Key 41 Molten Ventures FY26 Interim Results - Appendix Fully realised A Proven Track Record cont’d Partially realised Accessed via strategic relationships with Earlybird or Seedcamp % of Returns Invested Returns Proceeds Capital Returns track record 2016 IPO to 30 September 2025 Multiple £134m 26% 1
Slide 42: Year-end NAV versus share price discount to NAV
Molten Ventures FY26 Interim Results - Appendix 42 NAV progression vs share price discount to NAV NAV Progression £1,600m 937 p 1000 p £1,434m 900 p £1,400m 780 p £1,289m £1,289m 808 p £1,251m £1,236m 800 p 743 p 776 p £1,194m 724 p 724 p £1,200m 671 p 700 p Year-end NAV per share £1,033m 662 p £1,0
Slide 43: Our Portfolio
Our Portfolio Molten
Slide 44: Core Company Updates
Molten Ventures FY26 Interim Results 44 Core Company Updates Revolut is a British fintech company Ledger is a global leader in security solutions revolutionizing personal and business for digital assets and Web3, trusted by banking. With a single app, users can hold millions of users worldwide. Its
Slide 45: Core Company Updates
Molten Ventures FY26 Interim Results 45 Core Company Updates Aircall is a leading cloud-based phone CoachHub is the world’s leading digital system, trusted by over 20,000 businesses coaching platform, enabling organizations to globally. Their AI-powered platform create personalized, measurable, and
Slide 46: Core Company Updates
Molten Ventures FY26 Interim Results 46 Core Company Updates ICEYE is transforming industries’ response to Thought Machine is on a mission to rid the natural catastrophes with its unique SAR world’s banks of legacy technology through satellite constellation, offering persistent, its Vault Core and V
Slide 47: Core Company Updates
Molten Ventures FY26 Interim Results 47 Core Company Updates Aiven is an AI-ready open source data Form3 is revolutionizing payments platform that empowers organizations to infrastructure for financial institutions with its stream, store, and serve data across major fully managed, cloud-native Payme
Slide 48: Core Company Updates
Molten Ventures FY26 Interim Results 48 Core Company Updates RavenPack has developed powerful analytics FintechOS is the world’s most advanced solutions that extract value from vast amounts product engine for financial services, of unstructured data, such as news, social combining no-code/low-code,
Slide 49: Core Company Updates
Molten Ventures FY26 Interim Results 49 Core Company Updates Isar Aerospace is engineering the future of HiveMQ is the proven MQTT IoT data spaceflight by developing launch vehicles streaming platform for secure, real-time data that open up space for small and medium connectivity, enabling smarter d
Slide 50: Core Company Updates
Molten Ventures FY26 Interim Results 50 Core Company Updates Schuttflix is revolutionizing the construction Riverlane is a global leader in quantum error industry with a digital platform that correction technology, building the streamlines the supply and disposal of bulk foundational software needed
Slide 51: Core Company Updates
Molten Ventures FY26 Interim Results 51 Core Company Updates SimScale is transforming engineering N26 is a leading European neobank simulation by making it accessible, scalable, empowering millions of customers to and collaborative through the cloud. manage their money digitally. With an Engineers,
Slide 52: FY26 Sustainability KPIs
Molten Ventures FY26 Interim Results 52 FY26 Sustainability KPIs Active portfolio Investment decision making process Internal operations management Conduct internal Deliver the next Introduce Ensure consistent assessment of phase of the assessment of tracking and sustainability-related Company’s Cul