Molten Ventures: Significant ICEYE uplift follows strong FY26

Research evidence excerpt

Molten Ventures: Significant ICEYE uplift follows strong FY26

Equity Research

European Investment Companies

9 June 2026

Molten Ventures

Significant ICEYE uplift follows

strong FY26 First Look

13% FY26 NAV return superseded by additional 15% NAV gain GROW.L/GROW LN OVERWEIGHT

NEUTRALfrom ICEYE's latest funding round. FY26 performance EuropeanCompaniesInvestment

demonstrates broad portfolio progress. Steady realisation Price Target GBp 575

activity leaves the balance sheet in a strong place. Scaled Price (08-Jun-26) GBp 538 Potential Upside/Downside +6.9%

Source: Bloomberg, Barclays Researchinvestments offer near-term catalyst potential

13% FY26 NAV TR: Molten Ventures reported a NAV per share of 760p as at 31 March 2026, European Investment Companies

reflecting a 13.3% total return for FY26. Portfolio valuation gains drove performance with a 13% Conor Finn, CFA

+44 (0)20 7116 6066portfolio return on a constant currency basis with a further 3% from buybacks. Gains were

conor.finn@barclays.com

broad-based across the portfolio with Revolut, Ledger, ICEYE and Riverlane in particular having

Barclays, UK

a strong period (Figure 1). Revenue growth across the core portfolio (64% of portfolio value)

remains robust at 41% for FY26 (FY25: 45%). Rishikesh Panathuparambil Suresh

+91 (0)22 6175 4071

ICEYE funding round implies additional 15% NAV gain: : ICEYE and Revolut have driven a rishikesh.suresh@barclays.com

considerable amount of both exit activity and valuation gains in the period. ICEYE (7% of Mar-26 Barclays, UK

portfolio value) has today announced a Series F funding round raising €450m of primary capital

(total transaction of €1bn including secondary) at a value of over €10bn. The round was led by

General Atlantic and is due to close in Q3 2026.