Molten Ventures (GROW)

15/06/2026

Results analysis from Kepler Trust Intelligence

Molten Ventures (GROW) has reported a 13% increase in gross portfolio value (GPV) over the year ending 31/03/2026, but this news has been overshadowed by the simultaneous announcement of an even greater post-period end gain, an implied 16% increase to GPV from the revaluation of ICEYE in a new funding round.

The share price return was 79% over FY 2025, as the discount narrowed markedly, from 62% to 38%. Post period end it has narrowed further and sits at 29% at the time of writing, incorporating the gains from the ICEYE revaluation.

In FY 2026, £120m was realized at an average 3x multiple of invested capital. Of this, £38m was spent on share buybacks, contributing 21p to the 89p total NAV per share uplift of 13%.

A partial realization of Revolut at 21x the invested capital was achieved, with a further £63m realized from Revolut after the period end. Some cash was also taken out of ICEYE at 12.9x invested capital.

On 09/06/2026, GROW announced it had realised a further £22m from ICEYE during a bumper Series F funding round which would make ICEYE the largest investment in the portfolio. At the value of the round, Molten's holding value in ICEYE will increase to £317 million, representing an uplift of £238 million (+236%) from the 31 March 2026 holding value. The new implied GPV of £317 million is after the proceeds of the secondary sale. This round is a striking validation of the business, which achieved EBITDA profitability over 2025.

Kepler View

Molten Ventures (GROW) experienced a year of recovery over 2025. A surging share price has been accompanied by an increase in exits in line with or above carrying value, validating the NAV. In the second half of the year, a major revaluation to Revolut was followed by big contract wins to ICEYE. In the new financial year, this has been followed up with a huge uplift to the value of the latter company thanks to a new funding round. However, even after such strong operational performance, the shares still trade on a 29% discount to NAV, which we think makes them look particularly attractive.

We think it is clear that activity at the more mature end of the VC market has picked up, and globally interest in late-stage private companies has risen too, with the US likely to see a number of blockbusting IPOs. Total capital raised in the sector in Europe was at its highest in 2025 since 2022, thanks to an increase in deals in the larger end of the market. This top-heavy nature has been reflected in the core of Molten's portfolio delivering its double digit NAV return for 2025, following on 4% for 2024 and -1% for 2023. The upwards trajectory has continued with ICEYE's funding round leading to an implied 16% increase in GROW's NAV alone this year. Molten's core delivered 26% fair value growth, while the emerging portfolio was written down by 21% and funds were up 17%. The core 17 companies make up 64% of the portfolio, so continued strength here will have the most impact on overall returns.

We think GROW continues to stand out for its exposure to new technology themes at what continues to be a cheap price, i.e. on a wide discount to NAV. With interest in space, defence sovereignty and new tech powered by AI only growing, and with risk appetite returning selectively to these themes, we think there is the potential for a revaluation which would be additive to the potential in the NAV.

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