Molten Ventures confirmed the key highlights from its FY25 trading statement published in April, including a positive uptick in portfolio valuations and, in turn, a 4% NAV per share total return in H225 (1.4% in FY25 to end-March 2025), strong cash realisations of c £135m in FY25 (ahead of the original guidance of £100m) and a robust cash balance of £89m at end-March 2025. Molten has collected a further £30m in proceeds so far in FY26 from the exits of Lyst and Freetrade. The company earmarked £30m of its FY25 proceeds for share buybacks amid a continued wide discount to NAV (c 53% at present), of which £24m has been executed to date.

Molten’s FY25 trading update (to end-March 2025) showed a positive uptick in portfolio valuations in the second half of the company’s financial year, resulting in a c 4% increase in NAV per share to 671p in H225, and in turn a marginally positive NAV per share total return for FY25 of 1.4%. Molten delivered a strong level of realisation proceeds in FY25 of c £135m (above original management guidance of £100m) and has seen continued traction in recent months with further expected proceeds of £30m (despite the overall soft European VC exit market in Q125), supporting its share buybacks. Molten’s cash balance at end-March 2025 stood at £89m (which further improved to £110m as of 23 April 2025 following the receipt of Freetrade proceeds). Together with its undrawn revolving credit facility of up to £60m and limited near-term funding requirement across its portfolio for FY25 (up to £20m according to management’s previous statements), this provides it with a good balance sheet position for new and follow-on investments (Molten invested £73m in FY25).

During Molten Ventures’ recent investor day, Ben Wilkinson (who was appointed CEO in October 2024 after serving as Molten’s CFO for eight years) outlined the strategic priorities for the business. These are centred around five initiatives: (1) refocusing on the core business of investing in Series A and B rounds; (2) driving further scale and efficiencies; (3) a selective approach within its fund of funds programme; (4) preserving a strong balance sheet; and (5) narrowing the discount to NAV. Molten announced that it will allocate an additional £15m to share repurchases (on top of the £15m already committed). The total buyback volume is therefore greater than the 10% of realisation proceeds earmarked as part of Molten’s current capital allocation policy. Molten’s board expects to commit further capital for share repurchases if the wide discount to NAV (currently at c 47%) persists.