Molten Ventures expects a 13% increase in NAV per share in total return terms in FY26 (end-March 2026) and a 12.2% fair value growth of its gross portfolio at constant currency, driven by strong performance of several Core holdings (including ICEYE, @Revolut, Ledger and Riverlane) and a c 3.1% NAV accretion from the £38m share buybacks, which more than offset the impact of lower comparable public multiples. Revenue growth across Molten’s Core portfolio reached 40% in FY26. Mo

HELIOS UNDERWRITING PLC (Helios) released its Q425 quarterly Lloyd’s of London syndicate mid-points for the 2023 and 2024 years of account (YOA) on 9 April 2026. The mid-points, which provide guidance on the ultimate expected underwriting performance of the syndicates, have shown positive development over the past quarter and are supportive of our earnings forecasts for the company in FY25 and FY26. With large 2023 YOA profits expected to be realised in May 2026, Helios has

HgT ’s final FY25 results confirmed the strong underlying last-12-month (LTM) growth in revenue and EBITDA across its portfolio, with final figures at 17% and 19%, respectively (of which 11% and 17% was organic, respectively). This was partly offset by lower comparable multiples and higher net debt across the portfolio used to finance bolt-on M&A, leading to a 4.0% NAV total return (TR) in FY25. HgT’s portfolio companies maintain a healthy average EBITDA margin of 33%, which

HELIOS UNDERWRITING PLC (Helios) is set to benefit from strong cash generation as its syndicate investments start distributing dividends relating to very profitable business written since 2022. Under its new IFRS accounting standard, it is classified as an investment company, and we forecast strong dividend income of £19.9m in FY25, growing to £37.6m in FY26. The cash from syndicates could be used to pay down debt and fund shareholder distributions on top of the recent £7.3m

HELLENiQ ENERGY reported FY25 adjusted EBITDA of €1,132m, up 10% y-o-y, and adjusted net income of €503m, up 25% y-o-y, marking the fourth consecutive year of more than €1bn EBITDA. Management believes that this EBITDA performance can be sustained. Performance was supported by a stronger refining environment, solid operational execution and a rising contribution from international and power activities. Reported net income reached €173m, up from €60m in FY24, with inventory v

MCB Group Ltd (MCBG) is the leading financial services group in Mauritius and a pan-African player. The group launched its Vision 2030 strategy in 2025, which sets out the goals and objectives for the next five years. MCBG has consistently delivered a high-teens return on equity (ROE), generating 16.4% in FY25. Consistent profitability, coupled with a sound capital base (a Tier-1 ratio of 19.6% at end-June 2025), allows MCBG to distribute an attractive dividend, currently yi

Westcon-Comstor has acquired REAL Security, a specialist distributor of cybersecurity products active in eight countries across the Balkans. This represents the division’s first foray into the region, adding to the 17 European countries in which it already operates. Transaction details were not disclosed and Edison Group maintains their forecasts. Edison views this acquisition as creating a foothold for Westcon-Comstor in the region where it can use its scale to accelerate

As Basilea Pharmaceutica enters 2026 with elevated operational momentum ahead of its FY25 results, Edison Group revisit key developments from 2025 and outline their expectations for the year ahead. Given Cresemba’s continued momentum, Edsion expects global in-market sales to approach US$800m in FY26, driving an uplift in royalty and milestone income for Basilea. Further support should come from Zevtera as the year progresses, with US reimbursement in place and a positive

On 2 February, LogicalisUS , a subsidiary within the Logicalis International division, acquired Maple Woods Enterprises (Maple Woods). Maple Woods is a long-term partner of Logicalis USA, providing advanced cybersecurity and compliance services to support Logicalis’ managed security offering. Maple Woods has designed its services to meet the standards of the US defence industry and this acquisition brings Maple Woods’ expertise in-house. It also provides a platform for ex

Sylvania Platinum Limited ’s production in Q226 remained strong at 24,642oz for 4E platinum group metals (PGMs), slightly up on the previous record in Q126. PGM prices started rallying in December 2025, ahead of our expectations. Our new PGM forecasts are between 50% and 90% higher for FY26, driving earnings upgrades. We upgrade FY26 EPS by 52% to 35.2 US cents, FY27 EPS by 133% to 64.8 US cents and FY28 EPS by 143% to 69.0 US cents. Allowing for PGM prices to reverse from FY