Molten Ventures Plc (GROW) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.938 I'm Andrew Zimmerman, CFO of Molten Ventures. 00:00:03.938 -- 00:00:09.267 I was appointed in January 2025, having worked alongside Ben Wilkinson 00:00:09.267 -- 00:00:14.697 since joining Molten Ventures in 2023. Today, I am pleased to provide 00:00:14.697 -- 00:00:18.560 an overview of our financial results for the year. 00:00:18.560 -- 00:00:24.048 While global headlines continue to highlight macroeconomic uncertainty and geopolitical 00:00:24.048 -- 00:00:29.715 tensions, we remain focused and confident in the resilience and the opportunities 00:00:29.715 -- 00:00:32.056 for our portfolio. 00:00:32.179 -- 00:00:37.947 During the financial year, the business has delivered a gross portfolio fair value uplift 00:00:37.947 -- 00:00:41.324 and generated strong realisation proceeds. 00:00:41.324 -- 00:00:46.412 We did this while maintaining a robust balance sheet, continuing to invest in 00:00:46.412 -- 00:00:51.840 our portfolio and enhancing shareholder returns with our share buyback programme. 00:00:51.840 -- 00:00:56.847 Total net fair value growth was 5% or £72 million, 00:00:56.847 -- 00:01:01.995 comprised of £180 million of valuation uplifts, net of £108 00:01:01.995 -- 00:01:04.398 million of reductions. 00:01:04.398 -- 00:01:09.203 Market leading companies still command a premium when raising capital, but there has 00:01:09.203 -- 00:01:14.453 been some softening of technology sector public company multiples, reducing some 00:01:14.453 -- 00:01:16.738 of our portfolio valuations. 00:01:16.738 -- 00:01:21.748 This overall net fair value uplift was partially offset by adverse FX 00:01:21.748 -- 00:01:27.050 headwinds of 22 million. Our gross portfolio value ended the year at 00:01:27.050 -- 00:01:32.401 1.4 billion and our NA...