Molten Ventures plc
Annual Report
for the financial year ended 31 March 2025
REGISTRATION NUMBER: 09799594
We are a leading Venture Capital firm
investing in and developing disruptive,
high-growth technology companies.
We inject visionary companies with energy to help them transform and grow.
This energy comes in many forms — including capital, knowledge, experience and
relationships. We believe it is our role to support the entrepreneurs who will invent
the future, and that future is being built, today, in Europe.
Overview
01 Financial highlights
02 Portfolio and operational highlights
Strategic Report
06 Our business at a glance
08 Our investment case
10 Chair's introduction
11 CEO's statement
14 Market overview
16 Business model
18 Our investment process
20 Portfolio review
40 Meet our investment team
42 How we add value
44 Our strategy in action – realisations
46 Our strategy
47 Our KPIs
48 Financial review
52 Stakeholder engagement and
Section 172 statement
56 Sustainability at Molten
64 Risk management
67 Our principal risks
76 Viability statement
Governance Report
78 Governance at a glance
79 Corporate governance statement
80 Board of Directors
82 Board leadership and corporate
governance
84 Division of responsibilities
85 Role composition and evaluation
88 Nomination Committee Report
91 Sustainability Committee Report
93 Audit, Risk and Valuations
Committee Report
96 Directors’ Remuneration Report
115 Directors’ Report
118 Statement of Directors’ responsibilities
in respect of the financial statements
Financials
120 Independent Auditors’ report
127 Consolidated statement
of comprehensive income
128 Consolidated statement of financial
position
129 Consolidated statement of cash flows
130 Consolidated statement of changes
in equity
131 Notes to the consolidated financial
statements
169 Company statement of financial
position
170 Company statement of changes
in equity
171 Notes to the Company financial
statements
178 Board, management and
administration
179 Glossary
ANNUAL REPORT FY25
Contents
£1,367m
Gross Portfolio Value*
(31 March 2024: £1,379m)
5%
Gross Portfolio net fair value
movement*
(31 March 2024: 0%)
0.6%
Admin expenses (net of fee
income and exceptional items)
(31 March 2024: 0.1%) vs the
targeted 1% of year-end NAV*
£1,236m
Net Assets
(31 March 2024: £1,251m)
£73m
Invested, in addition a further
£34m from the managed
EIS/VCT funds (31 March 2024:
£65m invested and a further
£37m from the managed
EIS/VCT funds)**
£135m
Cash proceeds from
realisations
(31 March 2024: £39m)
*The above figures contain alternative performance measures (“APMs”) – see Note 35 for reconciliation of APMs to IFRS measures.
**EIS and VCT funds are managed by Molten Ventures plc Group but are not consolidated. See accounting policies on page 132 to 142 and Glossary on page 179 to 180 for
defined terms.
671p
NAV per share*
(31 March 2024: 662p)
£89m
Consolidated Group Cash
(31 March 2024: £57m)
Molten Ventures at London Stock Exchange
£17m
Share buybacks completed
during the year, with a
further £7m post period-end
(31 March 2024: £Nil).
MOLTENVENTURES.COM 01
OVERVIEW
Financial highlights
Fair value increase
in the year
£72m Net Fair Value increase, exclusive of the
impact of FX.
Strong Core
average revenue
Average forecast revenue for 2025 of over $400m
in the Core Portfolio, including those that are
currently earning over $1bn a year in revenue.
Increased maturity
in the Core
44% of the Core Portfolio forecasting
profitability for 2025, excluding ISAR Aerospace
as a pre-revenue company.
Well funded
Core Portfolio
88% of Core Portfolio companies forecast to be
funded for at least 12 months. 71% funded for at
least 18 months or operating profitably.
Strong Core gross
margin position
Core Portfolio companies forecasting average
gross margin of 70% for 2025, excluding ISAR
Aerospace as a pre-revenue company.
Strong Emerging
growth
Top 15 revenue-generating direct emerging
companies forecasting revenue growth of 100%
for calendar year 2025.
02 ANNUAL REPORT FY25
Portfolio and operational highlights
£19m
Secondary
Total investments by type in FY25
Breakdown of £73m balance sheet investments.
£20m
Follow-on
£15m
New
£19m
Fund
investments
Molten Ventures hosts Corporate Innovation event in London.
Post period-end
• Following the year-end, we announced Molten’s delisting from Euronext Dublin. Retaining our listing on the London Stock Exchange
will streamline compliance, reduce central costs, and sharpen our operational focus. We remain deeply committed to the Irish market,
having launched the Irish Fund in 2023 in partnership with ISIF to invest in leading Irish technology companies.
• Realisations of c.£30 million received from exits in Lyst and Freetrade.
Our Sustainability Report will be published on 24 June 2025 and will be available on our website: investors.moltenventures.com/sustainability
£19m
Perkbox
Total realisations in FY25
Breakdown of £135m balance sheet realisations
£43m
M-Files
£33m
Endomag
£20m
Graphcore
£7m
Revolut
£13m
Other
£135m
Grand Total
£73m
Grand Total
MOLTENVENTURES.COM 03
OVERVIEW