Molten Ventures Plc (GROW) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody. Thanks for joining us for Molson Ventures interim results. This is the results for the six months to the end of September. And we'll take you through key movements in the portfolio. We've moved with the trading statement at the end of October and then now giving you the final numbers here. Today, you will be spoken to by myself, CEO Ben Wilkinson, and also our CFO, Andrew Zimmerman, who will take you through the financial highlights. I'll just give us a quick introduction, a reminder to Moulton, and then we'll get into the numbers. So Molten Ventures actually next year celebrating our 20th anniversary as a firm and been listed since 2016. The benefit of that is obviously that we can get to show the model working over time and I think here in these results you'll see the breadth of the portfolio and the demonstration of that vintage creation that's been happening over these many years. 80 plus portfolio companies in the portfolio and when we look at the PLC numbers here today, that's what we'll be talking to, but also we manage EIS and VCT funds alongside. So the capital pool is an important function and driver of our model and how we address the market. On the right hand side you can see the important factors we've targeted 20% annual growth in the portfolio fair value and that's we call that through the cycle because obviously these things tend to be up and down somewhat but actually delivered 26% when you take into account this six months growth. And then in realizations, the important factor is turning that value into cash. And we've delivered 14% versus our 10% target. And again, I think that's a differentiated point from us versus some other firms and something that we've been able to demonstrate through many years. So we'll touch on tho...