Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — Q3 FY24/25 Earnings Presentation
24 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, June 2025
Slide 1: Seraphim Space Investment Trust plc Interim Report
seraphim space investment trust plc INTERIM REPORT – Period ended 31 March 2025
Slide 2: Headlines: three months to 31 March 2025
headlines three months to 31 March 2025 • Portfolio valuation increased by £6.5m to £222.7m • Portfolio fair value broadly flat at 111.8% of cost • $6.1m of new and follow-on investments during the quarter • NAV per share slightly down from 101.04p on 31-Dec-24 to 100.78p • Net assets of £239.0m
Slide 3: Seraphim playbook and team
seraphim playbook seraphim team Proprietary Unique Industry Investment Committee Deal flow Model Backing Top Entrepreneurs Investment Fund OPTIONS Accelerator Programme Mark James Sarah Boggett Bruegger Shackleton Information Asymmetry Thought Leaders Global VC Investor Ecosystem Value-add Investors
Slide 4: Since inception of NATO, Europe has lagged behind the US in defence spending
since the inception of nato, europe has lagged behind the us in terms of defence spending NATO Members Defence Spending as % GDP Defence Spending Per Capita GDP Per Capita ($000s) 4% ($) 3% 2,500 75 2% 1% 0% 2,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 US Europe + Canada 50 2.0x 1,50
Slide 5: UK Strategic Defence Review
uk strategic defence review Well aligned with ssit objectives • Space is vital for daily life, the economy and security, enabling modern defence capabilities • Commercial sector drives dual-use and defence-related innovation • Off-the-shelf technologies can transform defence economics • MoD aims to
Slide 6: Illustrative portfolio companies with dual-use applications
illustrative portfolio companies with dual-use applications Transport Logistics Comms Property Defence Maritime Space Agriculture Insurance
Slide 7: Financial highlights as at March 2025
financial highlights as at 31 March 2025 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 55.2p 100.8p £ 131m £ 239m £ 223m Past performance is not a reliable indicator of future results. The value of shares and income from them can go up and down as a res
Slide 8: Performance vs. AIC peer group
performance vs. aic peer group 180 SSIT NAV per share and share price vs. AIC peer group1 31-Mar-24 to 2-Jun-25 (£, total return rebased to 100) 160 140 120 100 80 SSIT NAV per share SSIT share price AIC peer group NAV per share AIC peer group share price Source: Refinitiv Note: 1 AIC peer group is
Slide 9: Performance vs. various indices
performance vs. various indices 175 SSIT share price vs. various indices from 31-Mar-24 to 2-Jun-25 (£, total return rebased to 100) 150 125 100 75 SSIT NAV per share SSIT share price MSCI World Aerospace and Defense Index MSCI World Climate Change Index FTSE All-Share Index NASDAQ Index Source: Ref
Slide 10: Attribution analysis: three months to March 2025
attribution analysis three months to 31 March 2025 Attribution analysis of movements in the value of investments (£m) 230 225 4.1 2.0 4.9 (4.5) 111.8% Portfolio fair value vs. cost 220 215 210 205 216.3 222.7 £223m Fair value of portfolio as at 200 31-Mar-25 195 190 Opening Additions Follow-ons Proc
Slide 11: Balance sheet as at March 2025
balance sheet as at 31 March 2025 260 NAV bridge (£m) 255 NAV NAV 250 per per share share £(0.6)m 245 101.04p 100.78p 0.4 (0.7) (0.4) 0.1 240 NAV NAV NAV NAV Change in NAV 235 per per per per ((0.3)% decrease) share share share share 230 239.7 0.15p (0.31)p (0.15)p 0.05p 239.0 225 220 £16.5m Liq
Slide 12: Q3 FY24/25 investments
q3 fy24/25 investments Investments made during the period Company Segment HQ Type Cost £m Zeno Beyond Earth US New 4.1 Skylo Downlink US Follow-on 1.1 ALL.SPACE Downlink UK Follow-on 1.0 Total 6.1 3 1 £6.1m Transactions completed New investment Cash deployed
Slide 13: Q3 FY24/25 new investment: Zeno
q3 fy24/25 new investment: zeno $5m investment Zeno is developing nuclear batteries to power the future of autonomous systems, defence technologies and off-grid infrastructure.
Slide 14: Q3 FY24/25 follow-on: ALL.SPACE
q3 fy24/25 follow-on: all.space $1.25m investment voyager Next generation ground terminal antenna, capable of connecting to any satellite, in any constellation, in any orbit.
Slide 15: Q3 FY24/25 follow-on: Skylo
q3 fy24/25 follow-on: Skylo $1.3m secondary investment Skylo connects regular cellphones to satellites providing access to emergency services and ability to send texts in areas without cellular connectivity (e.g. 85% of earth)
Slide 16: Recent key portfolio developments
recent key portfolio developments ICEYE HawkEye 360 Signed a memorandum of Had a record quarter for understanding during the quarter commercial bookings. with the Swedish aerospace and defence company Saab AB, Clusters 12 and 13 of its alongside a corporation agreement geolocating microsatellite wit
Slide 17: Recent key portfolio developments (cont.)
recent key portfolio developments (cont…) xona space systems Skylo Spire global Selected by SpaceWERX, the Announced a $30m raise for Completed the $241m sale of its commercial arm of the US Space expansion of its direct-to-cell commercial maritime tracking Force, to receive funding through a connec
Slide 18: Post period developments
post period developments • ICEYE announced a deal worth up to €200m with the Polish Government, the second contract of such magnitude signed since the start of the year. It also announced plans to establish a joint venture with the German technology manufacturing group Rheinmetall to develop SAR sat
Slide 19: Portfolio as at March 2025
portfolio as at 31 March 2025 net asset value Summary by value Company FV (£m) % of NAV ICEYE 61.1 25.5% D-Orbit 32.8 13.7% stage2 ecosystem3 ALL.SPACE 28.7 12.0% HawkEye 360 21.6 9.0% Build LeoLabs 12.7 5.3% Seedcorn Launch SatVu 11.2 4.7% Minicorn Platform AST SpaceMobile 7.8 3.2% Downlink Soonico
Slide 20: Q1 CY25 review and outlook for rest of 2025
Q1 cy25 review • SpaceTech investment was up 17% q-o-q in Q1 CY25 and 13% for the 12 months to March 2025. • Number of deals significantly increased, by over 30% q-o-q to nearly 600, driven by activity at pre-seed and seed stage. • Very large mid-stage rounds (Series B/C) are seemingly back, with 4
Slide 21: Appendix
appendix
Slide 22: Top direct investments
top 10 direct investments 11 2 3 4 5 Global change detection every hour In-orbit last mile delivery One antenna to connect to any satellite Mapping the world’s Mapping the skies RF signals Web: iceye.com Web: dorbit.space Web: all.space Web: he360.com Web: leolabs.space HQ: Finland HQ: Italy HQ: UK
Slide 23: Top direct investments
top 10 direct investments 6 7 8 9 10 The world’s thermometer Connecting the un-connected High precision, secure GPS for the Never lose coverage Power anywhere next era of autonomy Web: satellitevu.com Web: ast-science.com Web: xonaspace.com Web: skylo.tech Web: zenopower.com HQ: UK HQ: US HQ: US HQ:
Slide 24: Further information
further information Company Information Key Financials as at 31-Mar-25 Board of Directors Brokers NAV per share 100.78p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 55.2p Sue Inglis (Non-executive Director / Senior Independent Direct
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