Molten Ventures Regulatory News (GROW)

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.

CLICK HERE TO READ THE FULL REPORT  Visit Kepler Trust Intelligence for more high quality independent investment trust research.

Important information

This report has been issued by Kepler Partners LLP. The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.

Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision.

Kepler Partners is not authorised to make recommendations to retail clients. This report has been issued by Kepler Partners LLP, is based on factual information only, is solely for information purposes only and any views contained in it must not be construed as investment or tax advice or a recommendation to buy, sell or take any action in relation to any investment.

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Kepler Partners LLP to any registration requirement within such jurisdiction or country. In particular, this website is exclusively for non-US Persons. Persons who access this information are required to inform themselves and to comply with any such restrictions.

The information contained in this website is not intended to constitute, and should not be construed as, investment advice. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Any views and opinions, whilst given in good faith, are subject to change without notice.

This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell or take any action in relation to any investment mentioned herein. Any prices or quotations contained herein are indicative only.

Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, but will at all times be subject to restrictions imposed by the firm's internal rules. A copy of the firm's Conflict of Interest policy is available on request.

PLEASE SEE ALSO OUR TERMS AND CONDITIONS

Kepler Partners LLP is authorised and regulated by the Financial Conduct Authority (FRN 480590), registered in England and Wales at 70 Conduit Street, London W1S 2GF with registered number OC334771.