Molten Ventures Plc (GROW) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm Andrew Zimmerman, CFO of Molten Ventures. I was appointed in January 2025, having worked alongside Ben Wilkinson since joining Molten Ventures in 2023. Today, I am pleased to provide an overview of our financial results for the year. While global headlines continue to highlight macroeconomic uncertainty and geopolitical tensions, we remain focused and confident in the resilience and the opportunities for our portfolio. During the financial year, the business has delivered a gross portfolio fair value uplift and generated strong realisation proceeds. We did this while maintaining a robust balance sheet, continuing to invest in our portfolio and enhancing shareholder returns with our share buyback programme. Total net fair value growth was 5% or £72 million, comprised of £180 million of valuation uplifts, net of £108 million of reductions. Market leading companies still command a premium when raising capital, but there has been some softening of technology sector public company multiples, reducing some of our portfolio valuations. This overall net fair value uplift was partially offset by adverse FX headwinds of 22 million. Our gross portfolio value ended the year at 1.4 billion and our NAV at 1.2 billion, both very slightly down on 2024, despite the net fair value uplift. This is because of realisations exceeding investments, alongside deployment of cash to share buybacks. The accretive effect of these share buybacks contributed to our NAV per share increase from 662 pence last year to 671 pence this year. Realizations totaled 135 million, far exceeding the 100 million guidance we set last year, and included exits from mFiles, Endomag, PerkBox, Graphcore, and a small partial realization of Revolut in a secondary deal led by Revolut. It is also worth highlighting t...