Molten Ventures Plc (GROW) Earnings Call Transcript & Summary

Good morning, and welcome to the Molten Ventures plc Interim Results Presentation. [Operator Instructions] Before we begin, we'd like to submit the following poll. I'd now like to hand over to Ben Wilkinson, CEO. Good morning, sir.

Good morning. Thank you very much, and welcome, everybody. We're pleased to present our 6-month results to the end of September. We'll take you through some of the detail of the numbers and also some more of the detail on our portfolio of companies. You have myself, Ben Wilkinson, CEO of Molten Ventures; and also Andrew Zimmerman, who will take you through this presentation. Before I hand over to Andy, who will take us through the financial highlights, I wanted to give a bit of an overview of Molten Ventures. For those that may be unfamiliar with us, we are a firm that has been almost 20 years in existence and almost 10 years of those have been on the public markets. We have about 80 portfolio companies in our listed plc vehicle, which the ticker is GROW. And we also manage EIS and VCT funds alongside the plc vehicle. We're a generalist technology investor with deep domain expertise amongst our investment team, and we're investing in companies that are born in Europe. And as you'll see through the presentation, that gives exposure to really cutting-edge technology and cutting-edge innovation in the companies that we invest into. Over the years as a public vehicle, we have invested over GBP 1.1 billion. And one of the features of Molten, which is -- makes us stand apart to other vehicles is that we've actually returned over GBP 700 million of that original invested capital. On the right-hand side, we've put an overview of some of our targets. Andrew will go into this in a bit more detail, but we target 20% fair value growth in the portfolio. And as an average, we've delivered over that with 26% delivery. And we also look through the cycle at 10% of realizations on the opening gross portfolio value, and we have been pleased to deliver again ahead of that with 14% delivered. When I took over the role as CEO just over a year ago, having been with the business now over 9 years, I focused on strategic priorities, which were really doubling down on what Molten is very good at and what is our essence as an investor and also aligning that with where the capital need is in the European ecosystem with our skill sets as an investment team. And that really hinges on investing directly into companies at Series A and Series B stage where businesses have commercial traction and where they have proof points in their go-to-market journey and where they will take capital and active management from us to help them scale further on that journey of growth. We are looking to scale the portfolio by running our winners and doubling down on our best companies. And we're also looking to build out third-party institutional capital alongside the plc balance sheet. And this is really to make sure that we have sufficient pools of capital that we can ensure we can consistently invest in the best companies across Europe as they need to raise their capital. There are -- as we'll come to in the market section, there are gaps to capital for this, particularly the Series B stage, which I would consider to be early growth in the European ecosystem. So us being able to deploy capital into that space is obviously differentiated. We've talked to a narrower Fund of Funds program. One of the ways that we invest capital at the stages before we will put direct money into the businesses is to invest as an investor into seed funds. And we started a program in 2017 to do that. And for the next iteration of the program, we're going to narrow that down to a really targeted group of managers, which really ensures that we can target the capital that we have more into those direct investing and where we see opportunities to grow the NAV. Balance sheet strength is another priority, clearly having enough capital, be that working capital for the group, but also investment capital to support our companies and to take advantage of opportunities in the market. This is something that we focus on very acutely. And then as we recycle capital coming back to the balance sheet from realizations, we focus very clearly on the best uses of those funds. and we talk about NAV accretive use of capital, and we'll talk to our capital allocation policy a little more as we go through the presentation. But using some of that capital to buy back our own shares and support the share price relative to the NAV has been an important feature, and we'll update a bit more of that in the presentation as well. So with that, I will hand over to Andrew, who can take us through the financial highlights for the period.

Thanks for that, Ben. So good morning, everyone. I'm Andrew Zimmermann, and I'm the Molten Ventures CFO. It's been a busy and a productive period, and there's a lot of really positive news to tell you about. So without any further ado, let me get on with presenting our 6-month results to 30th September 2025. Let me start by saying that I'm really pleased to present these financial results. In the 6 months to 30 September, we have delivered a portfolio fair value uplift, continued to generate strong realization proceeds, enhanced NAV per share returns with ongoing share buybacks in the period and maintained new and follow-on investment into our portfolio with a robust balance sheet. Gross portfolio fair value, excluding FX, was 6% up or GBP 86 million, which was comprised of GBP 135 million of valuation uplifts, offset by GBP 49 million of reductions. FX on our portfolio valuations added an additional GBP 11 million in the period with a weakening of GBP against euro, partially offset by strength versus the U.S. dollar. In terms of valuations, market-leading companies still command a premium when raising capital. AI, deep tech and hardware public company multiples strengthened significantly and lifted some of our portfolio valuations, but this was partially offset by some softening of consumer and SaaS public company multiples reducing some of our company valuations. It's pleasing to see that some of the premium holdings in the core like Revolut and ICEYE are showing really strong commercial traction, which support their increased valuations. So our GPV ended the year at GBP 1.4 billion and our NAV at GBP 1.3 billion, both up on the FY '25 year-end position, thanks to that fair value uplift in the portfolio. Realizations exceeded investments with deployment of some of those proceeds flowing out as share buybacks rather than into new investments. So realizations to 30 September were GBP 62 million with an additional GBP 25 million realized since the end of September. So we are ahead of track for the current year. The exits included Free Trade, List and a couple of partial realizations of Revolut and secondary deals led by Revolut. It's worth highlighting once again that these exits were at or above our holding value, providing further proof points of our robust valuation process. During the 6 months, we invested GBP 33 million into our portfolio with more since then, and I will come on to that shortly. We also completed more than GBP 19 million of share buybacks in the first half of the financial year and began a further GBP 10 million program in November, recognizing that the current discount level between our share price and NAV makes buying our own shares an attractive NAV accretive proposition. General admin expenses for the period to 30 September 2025 were GBP 12.1 million, an 8% reduction versus the same period last year. This reflects our ongoing efforts to streamline operations and improve our cost to NAV ratio while maintaining investment in critical areas such as investment team talent. Operating costs net of fee income were 0.1% of NAV, well below the targeted 1% guidance. So we ended the period with our NAV per share at 724p, up nearly 8% from 671p at the year-end. Our cash position was GBP 77 million, with a further GBP 23 million subsequently received post period end from the partial realization of Revolut. In addition, our managed EIS and VCT funds held a further GBP 23 million ready for investment, plus we have an undrawn RCF of GBP 60 million available. So we are in a strong, solid balance sheet position. So we target annual returns of 20% through the cycle, and we have delivered an average annual return of 24% since IPO. However, it's also important that we get back to growth in discrete years. So it's obviously pleasing to see that coming back. You can see from this chart that after the peak in FY '22, we were quick to take valuations down in FY '23, with things starting to stabilize in FY '24 into FY '25, and we're now seeing growth start to come back through in FY '26. We are optimistic that this growth will continue into the second half of the year with us holding at sensible valuation marks and strong tailwinds for a number of our key holdings in the portfolio. Obviously, we never want to call the bottom of any cycle, but we are positive about our portfolio of companies and their prospects moving forward. And it's really encouraging to see that there are some signs of life finally coming back to IPO markets and to corporate activity. The key message of this slide is that our experience and expertise as a firm means that we can balance risk and deliver returns through the cycle by investing in this diversified portfolio of great companies. Okay. So this next slide is a similar story to the previous slide, but around realizations. Obviously, we need the portfolio to grow, but we then need to turn that to cash at the optimal point for each investment. We target annual realizations of 10% of the portfolio through the cycle. And you can see from the chart that since IPO, we have delivered average annual realizations of 14%. It's a similar pattern to the previous slide with strong levels of proceeds peaking in FY '22, followed by a marked slowdown in FY '23 and FY '24 as market conditions changed and exits became difficult. FY '25, however, was an exceptionally productive year for realizations, and it is positive that we've been able to maintain that momentum into FY '26 with GBP 62 million received to the 30th of September from exits in free trade list and one tranche of Revolut. An additional tranche of Revolut in October means that we are at GBP 87 million in exits for the current year already, and we continue to work hard on crystallizing further potential exits in the portfolio. So again, this slide demonstrates our ability to manage through the cycle. This is a key feature of the Molten Ventures model. The evergreen balance sheet allows us to allocate liquidity to fund the next generation of category-leading transformational technology companies, balanced with returning capital to shareholders through our ongoing share buyback program when the share price discount to NAV means that buying our shares is a NAV-accretive proposition. So the plc deployed GBP 33 million into investments during the first half of FY '26. Since then, we've deployed another GBP 17 million, and we continue to work on deal flow of exciting new investments. Ben will talk more about our portfolio companies later, but just to call out one example across each of the different types. In the GBP 6 million of new deals, we invested into General Index, a data-driven energy pricing provider for global commodity markets. In the GBP 5 million of follow-ons to support the scaling of our existing portfolio, we invested into Manna, which is a pioneering drone delivery company in Ireland. And those of you that have heard me speak before know how much I love talking about this company. The GBP 16 million of secondary was into a SpeedInvest continuation fund. These secondaries complement our direct investments as they give us attractively priced access to some later-stage companies, which we know and which should generate strong realizations in a shorter time horizon. And then finally, we invested GBP 6 million into our early-stage Fund of Funds program in Earlybird, which help us to feed the pipeline of future winners in our portfolio. So you can see from the chart on the right-hand side that we are getting back to more of a normal cadence of investment after a more capital-constrained FY '24 and FY '25. You may also have seen that we've just announced a GBP 12 million Series B lead ticket into Modo, a market data platform redefining benchmarks for batteries and electrification assets. This is a good example of the refocus that Ben was referring to earlier into our Series A and Series B deals and backing our future winners. So it's pleasing to see a stronger overall fair value uplift in the portfolio in the first half, building on that modest return to growth in FY '25, and I'll come on to some of the key drivers in this slide. We've talked about investments in realizations and FX. In terms of the main drivers of fair value growth, the leader was the core portfolio. Again, we'll talk about that in a bit more detail shortly, but a fair value uplift of GBP 92 million or 11% is much more where we want and expect to be. The earlier-stage fund investments were also positive, but there was a slight net down of GBP 13 million in the emerging portfolio, which I'll now come on to in the next slide. So we've listened to feedback from shareholders and analysts and other stakeholders about adding some more visibility in our presentations on the companies outside the core. As these will include the next generation of future winners in the portfolio, we absolutely agree. So we're going to try and shed a bit more light on them now. As well as this slide, there is a lot more material on our website and in the appendix of this presentation. And Ben is going to talk -- come to talk about some of the specific companies later, but I would encourage you to access all that material. So there are 68 portfolios in this emerging cohort. The average age of the investment position is 5 years and the average size of the investment cost is GBP 4 million. However, there's obviously a wide range of investment and sizes and maturities within this. The range of smaller initial positions, which is about 76% of this cohort of companies, enables us to scale up in them as conviction in the emerging winners grow through follow-ons and involvement in further raises. So over time, these ones should become part of the 24%, where there's more than GBP 5 million invested. And then in due course, some of them should grow to become the next generation of the core portfolio. In terms of the fair value movement for the period, you can see that the majority of companies had fair value uplifts, which reflects good progress within these. Although there were less companies within -- with the write-downs, 3 specific ones resulted in the small overall fair value decrease for the period. So as you know, we like this fan as a way to visually represent the core portfolio fair value and the movements in the different holdings. Note that the scales are slightly different left and right with Revolut on the left, obviously having very strong growth and skewing the scale slightly. So we've split it to make it easier to see. So starting on the right-hand side and working towards the largest fair value holdings. SimScale, which is a cloud-native simulation platform has had strong logo acquisition and revenue growth and strong ARR retention. Isar Aerospace, which is space rockets, and hopefully, some of you have seen the videos online. It's a really exciting business. First test launch of their rocket unlocked capital at 1 billion valuation. So that's been a strong growth story. Thought Machine, which is cloud-native core banking software was one that we pulled back the valuation at the interims last year with slower go-live activation of the client base. But since then, there's been really steady improvement with continuing client wins and continuing ARR growth. And so further growth is enabling a gradual continual walk-up in the valuation of this business. ICEYE, which is a synthetic aperture radar satellite. So rather than cameras, they use radar to visualize things. So you can see through cloud, they can see at night, a really interesting business. Market comps have obviously increased strongly with the tailwinds in this sector. And we've been winning a lot of revenue contracts from numerous European governments because of the defense angle as well as the civil angle in terms of the images that they provide. CoachHub, which is an enterprise staff coaching platform was one that we pulled back this period. It was profitable, but the revenue growth in that has stalled, so we've reduced the premium to the market comps for that one accordingly, while that business works on fixing that and getting back to more venture growth rates. Aircall is an AI-powered cloud-based business for communications for enterprises. It's a really good business. It's profitable and consistently growing at more than 20% per annum, and more than 20,000 businesses using it. So a good growth story. Ledger make hardware wallets and accompanying software to store crypto and NFT. Again, market comps have been really positive in that sector with tailwinds, especially from the U.S. and as well as that, the business has had really strong revenue growth and an improving revenue split between hardware and software. And then finally, Revolut, which I'm sure everyone knows, is still growing really strongly with good customer acquisition and revenue growth. We are holding this based on commercial milestone traction. But obviously, with ICEYES the $75 billion round that they just announced the other week, there's room for our valuation to grow further in the second half of the year. So just in general, it's good to observe that visually, there's a lot more green areas across the fan and the breadth of growth, I think, shows the quality of our portfolio with good momentum and maturity for a number of these companies. So looking ahead, we are optimistic. year-end -- built on our year-end results and our exciting and diversified portfolio has delivered a stronger fair value uplift with NAV per share increasing by 8% in the 6 months to 724p. With our evergreen balance sheet model, the ongoing good level of realizations is returning capital to the balance sheet. And we have continued to take a disciplined and balanced approach to capital allocation between new investment and share buybacks. And so with that, I'm going to hand back to Ben to talk to you a bit more about the actual exciting companies in our portfolio and the outlook. Thanks.

Thank you, Andy, and it's very helpful to have that overview of the highlights, but also a bit of the detail of what's driving those numbers. What I'll try and capture here in the portfolio overview is a bit more detail on how the value of the portfolio breaks down, some of the sort of key drivers in terms of the metrics that drive the growth, and then we'll get into some of the specifics of the portfolio companies as well. In the left-hand side of this chart, you can see the gross portfolio total value of GBP 1.4 billion and that the top 16 companies that we call the core are the majority of that value with GBP 888 million. And then in the remaining portfolio, we have a split between the direct holdings, which we call the emerging, there's GBP 256 million of value there. And then in our fund investments, we have GBP 293 million of value. So substantial value below the core, even though, of course, we focus on those businesses, and we'll try and give a little bit more detail on how that breaks down. On the right-hand side, you can see from the fund investment perspective, we have the Fund of Funds, which is the seed investments that we've made into seed funds. There's about 80 funds across Europe that we've invested into, and that gives us quarterly reporting on about 3,000 underlying companies. So this is very helpful for us to look at future pipeline. It gives us geographical reach beyond the U.K. market and also gives us insights into which of the companies and subsectors are performing very strongly. We have about GBP 82 million investment into early growth funds, which are those remaining value outside of the assets that are held within the core. And then we've invested into secondaries, which is a topic we'll touch on in more detail. From the core portfolio perspective, we're seeing strong growth. Andy has outlined quite a bit of this in terms of 40% growth of the revenue, and it's the commercial traction in those businesses, which is driving the fair value growth in our underlying portfolio. I point you to the average holding period that we've had with those companies of about 6 years versus the age of those businesses at 11 years. which suggests that on average, we've had about 5 years of traction in those companies building out their profile, building out their products and their teams and getting their commercial traction before we will put in a direct investment into those businesses. On the emerging portfolio, so this is the direct 68 companies where we have GBP 256 million of value. We've shown on the left-hand side the years that we first invested in those businesses, and you can see that there's a real spread of the vintage of those investments going back to 2017. And then on the right-hand side, you can see the split between the quantum of revenues in those companies with 44% of those businesses having over GBP 10 million of revenue. So a degree of maturity even within what we consider to be the emerging portfolio. So coming to some of the specifics. We have our largest holding in Revolut is $152 million of fair value. Revolut is a business that's been scaling and growing very strongly. As Andy said, they announced their latest investment round just the day before we put out our interim results at a $75 billion valuation. We're holding it based on the commercial traction of the business and helpfully, Revolut put out that their revenue for 2024 was $4 billion and showing about a 30% EBITDA margin. So it demonstrates the growth with 72% growth in their revenue just in that year and now above 65 million customers and roughly targeting to 50% growth for the coming year. So it gives you a real sense of, one, the scale of the business, but two, that they continue to grow at very high rates. And now with over 65 million customers, they're adding about 2 million customers a month. So that growth continues, and it's very much on the growth path to eventually IPO-ing seems to be their stated aim as a business, and that's been targeted within the next 2 years. We put here an exit horizon of 2 to 4 years. But clearly, the company has stated a target to IPO of around 2 years. And that just demonstrates the maturity that we have in a lot of those core portfolio companies where there is now a horizon to seeing them turning into cash. The next business that I'll point out is ICEYE. ICEYE is a Finnish company, which has low earth orbit satellites that can take images of the earth. Those satellites have a synthetic aperture radar technology, which allows them to take images through cloud cover and at night. and they're imaging areas of about 400 kilometers, but it can also get down to granularity of centimeter detail. So it's very strong technology, and it's had over GBP 400 million of contracts from governments, leaning on security and military applications, but there's also an application for monitoring of wildfires and floods and selling that data into environmental agencies, but also into governments and to insurance. So it has a real mix of selling hardware products, the actual satellites themselves and the data alongside them. So very strong traction within this business. Looking at Isar Aerospace, Andy touched on this a little. They had their rocket launch earlier this year, and it was their first test launch of the full rocket bringing together over 100,000 different component parts. They had a technical success in terms of reaching the milestones they wanted to achieve with about 30 seconds of time in the air and a safe landing of the rocket, but also clearing the launch pad. And that delivered for them an uplift in their valuation, unlocking additional capital. So they are now looking to do a second launch, which we believe will probably be either towards the end of this year, but clearly, we're getting pretty close to that or potentially into Q1. So certainly, we'll be in the next few months that we'll see something coming through here. What is very attractive for us is not only the fantastic technology of this business, but the commercial traction that's already happening in the company. If they get that rocket launch, there's a really strong pipeline of demand to use the rocket to reach low earth orbit. Ledger is another company in our portfolio that we invested in around the 2018 period. This is a hardware wallet for cryptocurrency and blockchain and digital assets. And it also has a signature layer that allows for the customers to do in-wallet trading. And so it has a blend of hardware sales, but also some of the reoccurring revenue that comes from the trading of the underlying assets. Also performing very well, strong business, has over 8 million devices sold and roughly 20% of the cryptocurrency market on its devices. And we're seeing a lot of institutional traction now as blockchain and cryptocurrency become much more mainstream, particularly in the U.S. market. And then we wanted to show a little more on some of our emerging companies, those that sit within that GBP 256 million of value. Starting with BeZero, which is a carbon rating agency. They assess carbon offset projects and have a database of getting on to 500 projects that they sell into customers as a software product. That's a business that's also been growing very strongly, been in our portfolio for about 3 years and last raised a Series C in the year with a GBP 32 million raise, taking our total funding to over GBP 100 million, again, demonstrates a degree of scale into these companies. The next business we invested in over the prior year is called Deciphex, which is an Irish company that focuses on AI-enabled and powered pathology, and it's looking at AI models, which are improving the pathology workflows efficiency and accuracy. So this is selling into large pharma principally. Staying on the space theme, we have a company next called SatVu, which is thermal imaging of buildings from space in a similar way to some of the other space companies. This has a very strong pipeline of customers and demand once they have their satellite -- their next satellite, which will be HotSat-2 up and launched in low earth orbit and operational. And then finally, Manna, Andy mentioned already is a business that's delivering food delivery in Ireland by their drones, and they have already over 200,000 deliveries. So it's substantially ahead of a lot of its competition in terms of the data and the accuracy that they're able to demonstrate. And they're currently in Dublin and 3 to 4 sites in Ireland, but they're going to expand that to roughly 11 sites and expanding also into Europe and the Middle East. So a lot of activity and traction in those companies. And as Andy mentioned, Modo Energy is a business that we've just invested more capital into, which is focusing on the electrification market and the data and analytics that go with that and selling that product into customers that need to assess those underlying battery storage and wind and solar assets that are powering that electrification. So you can see there's a real breadth in terms of what we have invested into, but also a maturity to these companies, and they're all in those exciting sub-technology areas of the market that you would like us to be giving our shareholders exposure to. [indiscernible] touch a little more on secondaries. Secondaries is one of our strategies for creating value in a primary investment, we'll invest directly into the business. And the average age of -- or average hold period for those companies tends to be around 7 years. We sit on the Board. We're very active with those companies. We help them scale and grow. With secondaries, we're looking at companies that are already at a more mature stage and quite often will transact in secondaries by buying out fund positions from existing LPs that may already have made some money, but those funds will be beyond their 10-year life and that allows us to get direct access to those underlying mature companies and usually turning them to cash through realizations in a shorter time horizon, much more akin to 3 years versus the 7 years of a primary investment. And you can see here that we've had very strong returns from that strategy with a 2.4x average combined secondary return across the 6 investments that we've made over the last 9 years as a public company. And this last slide demonstrates the returns and the spread of those returns from a multiple perspective and a percentage of invested capital across those realizations of over GBP 700 million that we've had since we've been listed. And what this really demonstrates is the importance of portfolio construction. We are in the risk business. We are taking risk on these underlying assets. And I would argue if we weren't seeing some zeros in those companies and some less than 1 return, we wouldn't be taking enough risk. But you can see in venture capital, the strength of the returns is really determined by how many of those winners in the 3x plus brackets that you're able to get value into and to ride those winners over the long term and support those companies as they scale. So it's very much a business that requires risk taking. It's very much an asset class that's skewed to the winners in terms of the returns, but it requires a lot of private market management skills of those underlying companies in the portfolio. So that portfolio construction point is very, very important to how we deliver over several market cycles and how we deliver these underlying returns to shareholders. Touching briefly on the market environment here. We have seen in Europe that the investment capital on the left-hand side has been fairly consistent over the last few years, coming down from the peaks in 2021, 2022, and that's been overlaid with technology valuations and interest rates, which are factors that come into how much capital is deployed. We're seeing that on the right-hand side, that's been going into fewer companies. So the number of deals has reduced over time, even though the amount of capital -- that quantum of capital has remained rather stable. In the areas where we invest, the cohorts will be in that GBP 10 million to GBP 20 million, which is sort of the pink bars you can see on the left-hand side, and that's remained fairly stable in terms of numbers of deals and the quantum of capital. But you can see that as companies start to scale, there is a narrowing of the capital that's available for those businesses. So coming to the outlook. I said at the outset of this presentation, and I won't dwell on them too much what our strategic priorities that we set out are. You can see through the results that we've been delivering on those with our investments in the period into PolyModels, General Index and Duel plus what is now announced as Modo Energy, a follow-on investment in Series B. So very much sticking to the areas that we want to be deploying capital into the right balance of risk and upside. Scaling the portfolio and bringing in third-party capital, we have a strategy Molten East, which will be a fund that's looking at the Eastern European part of the ecosystem and particularly the engineers and the talent that comes out of those regions, and that's moving towards the first close into next year. And then narrowing our Fund of Funds program, we've already spoken to a lot of the managers in the ecosystem and new commitments are going to a much narrower cohort of managers, but we are still very active in that part of the market in terms of supporting the companies in the ecosystem that we already invested into, and there's a lot of value there, as we described earlier, GBP 120 million of value in those Fund of Funds already. Balance sheet strength is a key focus for us, continues to be realizations obviously support that. And as we've seen the scaling of companies like Revolut, we've been taking some of our value off the table as they continue to grow, leaving enough for the upside, but making sure we're sensible about our portfolio management and then recycling that capital into new opportunities to continue the growth of the NAV and looking at the growth of those companies over the coming cycles as well. And then with that return of capital, we've had GBP 41 million up to September that we've put into share buybacks, so reducing down the number of shares that we have in circulation by buying them where the share price is attractive. We're effectively buying our portfolio at discounts. And then we've announced an additional GBP 10 million to that program to ensure that while that elevated discount persists, we can make sure we're supporting the share price and driving that NAV per share return. So I think in terms of the overview, we've covered quite a lot of the positive fair value growth in the portfolio. Certainly seeing the breadth of that growth has been important and growth of 6% in the portfolio, leading to 8% growth in the NAV with those -- the benefit of those share buybacks. So I would say, a strong first half of the year performance. Capital return to the balance sheet. We've talked to the GBP 85 million now post year-end. I think that's even slightly higher than the GBP 85 million that's come through. And that's clearly supportive of future investments and us going through our capital allocation policy and looking at the most NAV accretive beneficial use of those funds as they return back to us. And then that strong performance, that 8% that we touched on and that continued deployment really strengthening our brand in the market and taking advantage of our existing networks and our existing proprietary opportunities that we have to put capital to work and to see the uplift in those NAV numbers as we see the growth in the fair value of those underlying companies. So I think that we will pause. There's a lot more in the presentation that's available on our website, and we will, at this stage, go to questions. But of course, I do encourage you all to sign up for our newsletters, which give a lot more detail on the assets as we travel through the year and then making sure that you can spend some time on the appendices in these presentations because we do give a lot more detail on the underlying companies and the shape of the portfolio.

Fantastic. Then Andrew, thank you very much indeed for the presentation. [Operator Instructions] I'd like to remind you recording of the presentation along with a copy of the slides and the published Q&A can be accessed via your investor dashboard. And then Andrew, as you can see, we've had a number of questions throughout today's presentation, and thank you to all the investors for submitting those. If I may just ask you just to click on that tab and just where appropriate to do so, read out the question and give your response and I'll pick up from you at the end.