Molten Ventures (GRW) Q4 2026 Earnings Report

The call highlighted clear momentum: accelerating fair value growth (13%), NAV per share uplift to 760p with a significant ICEYE-driven post-period uplift, strong core performance (3.3x MOIC), disciplined realizations (>GBP 250m since March 2024) and active initiatives to scale third‑party capital. Offsetting items include emerging‑portfolio write‑downs (~GBP 50m), isolated core weaknesses (CoachHub), ongoing valuation reductions (~GBP 120m) and a persistent share price discount to NAV. Overall the positive operational and portfolio developments — notably the ICEYE re‑rating, cash generation, buybacks and cost reduction — outweigh the contained negatives, suggesting constructive momentum but continued execution risk in earlier-stage holdings and exit timing.

The call guided that Molten is focused on accelerating NAV and fair‑value growth and scaling third‑party AUM, targeting c.20% returns through the cycle (record 26%); near‑term uplift from ICEYE (NAV per share 760p, +13% y/y, with the ICEYE round implying ≈+120p to ~877p, ~+15% into FY27). FY26 metrics cited include gross portfolio fair‑value movement +13% (≈£300m write‑ups vs ≈£120m write‑downs), gross portfolio ≈£1.5bn (core ≈£1.0bn across ~16 companies, ~65% of value), NAV ≈£1.3bn, MOIC 3.3x (≈4x incl. ICEYE), realized proceeds >£250m since Mar‑24 (plus ~£70m Revolut post‑period), year‑end cash £52m (plus ≈£70m post‑period), £24m EIS/VCT cash un‑deployed, undrawn RCF £60m, £89m invested in the year, £38m of buybacks (≈£4m remaining), OpEx ≈£24m (‑14% y/y) and an OpEx ratio ~0.5%. Strategic guidance: continue £20m+ Series‑B tickets, concentrate the portfolio toward ~60 companies with ~20 core winners, and grow third‑party funds (growth fund first close target ~£200–300m; Molten East sub‑€100m then €100–150m; secondaries initial target ~€150m).