Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — FY2025 Earnings Presentation
31 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, October 2025
Slide 1: Seraphim Space Investment Trust plc Annual Report
seraphim space investment trust plc ANNUAL REPORT – Period ended 30 June 2025 from science fiction to science fact
Slide 2: Headlines: Year to 30 June 2025
headlines Year to 30 June 2025 • Portfolio valuation increased by £ 58.3 m to £259.8 m • Portfolio fair value up to 131.9% of cost • $14.2m invested in one new investment and six existing portfolio companies as follow -ons during the Period • NAV per share up from 96.18 p on 30 -Jun -24 to 118.52
Slide 3: Seraphim playbook
seraphim playbook headlines 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 on
Slide 4: FY24/25 tracking performance
Fy24/25 tracking performance portfolio fund raising activity fy24/25 private portfolio deal complexion fy24/25 $m 10 deals 10 deals 10 deals 2500 $ 2.1bn 100% New SSIT 2000 Not 80% Internal Participate Unpriced 1500 60% Public Other 1000 Investors 40% Down External Participate 500 20% Up Private 0 0
Slide 5: Financial highlights as at 30 June 2025
financial highlights as at 30 June 2025 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 85.6p 118.52p £ 203m £ 281m £ 260m 175 180 1 30 -Jun -24 to 16-Oct -25 (£, SSIT share price vs. various indices from 30 -Jun -24 to 16 -Oct -25 (£, total SSIT NAV per
Slide 6: Attribution analysis year to 30 June 2025
attribution analysis year to 30 June 2025 Attribution analysis of movements in the value of investments (£m) 280 270 260 (12.3) 131.9% Portfolio fair value vs. cost 250 66.2 240 £ 260m 230 259.8 220 10.2 (12.5) Fair value of portfolio as at 210 4.1 2.7 30 -Jun -25 200 201.5 190 £ 14.2m Opening Addit
Slide 7: Balance sheet as at 30 June 2025
balance sheet as at 30 June 2025 NAV NAV bridge (£m) NAV £ 53.0m per per 290 share share 22.71p 2.7 0.4 (2.9) 118.52p 280 (1.6) 0.5 NAV NAV NAV NAV NAV increase in NAV per per (23% increase) 270 share share per per per share share share 1.16p 0.15p (1.22)p (0.67)p 260 0.23p 53.9 250 281.2 NAV £
Slide 8: Sector overview
Sector overview Investment booming Record $ and # deals Seraphim S paceTech investment tracker (TTM) 500 450 400 350 300 250 200 150 100 50 Global VC Index $bn Global VC Index # Deals SpaceTech Index $bn SpaceTech Index # Deals - 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021
Slide 9: Europe in crisis
europe in crisis Urgent need to boost sovereign defence capabilities, governments responding “Europe is at “This is a “Europe is “This is really crossroads in watershed entering a five minutes history.” moment for new era.” to midnight Europe.” for Europe.” €1tn+ committed to European defence NATO m
Slide 10: Golden Dome
golden dome R ecord US government defence budget, central role for space $1tn annual defence budget Golden Dome estimates: $250bn - $3tn 1
Slide 11: Space's role in defence
space’s role in defence Dual use is integral to global security launch intelligence / isr secure comms navigation in-space capability
Slide 12: ICEYE spotlight
iceye spotlight Fundraising • Closed $65m extension to bring Series E round led by Solidium to $158m revenue growth • CEO on record predicting annual revenue of €250m for 2025, which is more than double the previous year’s figure major contract announcements • Portuguese Air Force (June 2025) • Roya
Slide 13: Portfolio snapshot
portfolio snapshot £ 260m Fair value 89% Top 10 investments 30 June 156% Private portfolio fair value vs. initial cost 26% Listed portfolio fair value vs. initial cost (30 June 2024 : £201m) 2024 : 84% ) (30 June 2024 : 127% ) (30 June 2024 : 27% ) 58% Percentage of portfolio by fair value 66%
Slide 14: Portfolio as at 30 June 2025
portfolio as at 30 June 2025 net asset value Summary by value Company FV (£m) % of NAV ICEYE 105.1 37.4% D-Orbit 33.5 11.9% stage2 ecosystem3 ALL.SPACE 28.1 10.0% HawkEye 360 20.6 7.3% Build LeoLabs 12.0 4.3% Seedcorn Launch Platform SatVu 11.2 4.0% Minicorn Downlink Xona Space Systems 10.3 3.7% Soo
Slide 15: Top holdings revenues (anonymised)
Top Holdings Year-on-year change year-on-year change revenues: top companies (anonymised)] 2024A 2025E 1 2026F 24 -25E 1 25 -26F A 122% 59% B 112% 324% C 57% 48% D 239% 90% E 44% 51% Average $48m $96m $172m 101% 79% Notes: 1 based on latest estimates for FY25 Source: Porftolio company estimates
Slide 16: FY24/25 investments
fy24/25 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow -on 5.8 Zeno Beyond Earth US New 4.0 Xona Space Systems Platform US Follow -on 1.5 Skylo Downlink US Follow -on 1.3 AST SpaceMobile Platform US Follow -on 1.1 ChAI Product UK Follow -o
Slide 17: FY24/25 new investment: Zeno Power ($5m)
fy24/25 new investment: Zeno power ($5m) Zeno is developing radioisotope power systems that provide continuous, long -lasting energy in the most extreme and inaccessible environments . By converting heat from radioactive decay into electricity, Zeno enables critical missions where solar and battery
Slide 18: FY24/25 follow-on: ALL.SPACE & Xona Space Systems
fy24/25 follow-on: all.space & xona space systems voyager $7.5m investment $2m investment ALL .SPACE sells proprietary terminal antennas that Xona Space Systems is building a network of satellites connect to satellites across constellations in any orbit, capable of delivering centimeter -level preci
Slide 19: FY24/25 follow-on: AST SpaceMobile & Skylo
fy24/25 follow-on: ast spacemobile & skylo $1.5m option exercise $1.6m across primary and secondary investments AST SpaceMobile is deploying a satellite network to Skylo offers reliable satellite connectivity for android provide direct -to-cell broadband across the 90 % of mobile phones, enabling ac
Slide 20: FY24/25 follow-on: ChAI & PlanetWatchers
fy24/25 follow-on: chai & planetwatchers $250k investment $250k investment ChAI is an expert in AI-powered raw material market PlanetWatchers is developing an AI-powered crop intelligence, commodity pricing forecasts and insurance . insurance agent that automates quoting, reporting and The company e
Slide 21: Recent key portfolio developments
recent key portfolio developments • Completed second close to bring • Successfully launched its 11th • Successfully launched and Series C round led by Marubeni to cluster of satellites, further commissioned the second batch of €150m. building its sector leadership in its two microwave sounder satell
Slide 22: Recent key portfolio developments (cont…)
recent key portfolio developments (cont…) pixxel voyager spire global • Closed $24m Series B extension • Successfully completed an • Sold its commercial maritime from new investors including oversubscribed IPO on New York tracking business for $241m to M&G Investments and Glode Stock Exchange in Jun
Slide 23: Recent key portfolio developments (cont…)
recent key portfolio developments (cont…) xona space systems skylo ast spacemobile • Raised $92m Series B round led • Closed $30m Series B led by NGP • Completed the redemption of existing by Craft Ventures with Capital and Westly Group, warrants and two at -the-market equity participation from SSIT
Slide 24: FY24/25 divestments and post period divestments
fy24/25 divestments In the year, the Company received £12.5m in proceeds from disposals. • During the period, SSIT sold down a further 47% of its total Astroscale holding. The average sale price was approximately 78% of the original cost. • In total, SSIT has exited 88% of its holding. • On 10 April
Slide 25: Post period developments
post period developments • ICEYE : launched high -performance Gen4 commercial satellite • Xona Space Systems : raised $92m in Series B funding to develop a private GPS constellation in LEO • Voyager (VOYG) : acquired ElectroMagnetic Systems • QuadSAT : announced a €5m extension to its Series A round
Slide 26: 2024/25 review and outlook for next year
2024/25 review outlook next year • Portfolio companies raised $2.1bn • Significant capital is being equity funding (>100% y -o-y) mobilised by nation states and the EU to bolster defence capabilities, • NAV per share, share price and critically including SpaceTech discount all heading in the right d
Slide 27: Appendix
appendix
Slide 28: Top 10 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 29: Top 10 direct investments
top 10 direct investments 6 7 8 9 10 The world’s thermometer High precision, secure GPS for the Never lose coverage Power anywhere Operationalising weather intelligence next era of autonomy Web: satellitevu.com Web: xonaspace.com Web: skylo.tech Web: zenopower.com Web: tomorrow.io HQ: UK HQ: US HQ:
Slide 30: Further information
further information Company Information Key Financials as at 30 -Jun -25 Board of Directors Brokers NAV per share 118.52p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, Winchester House, 1 Great Winchester Street, London, Share price 85.6 p Sue Inglis (Non-executive Director / Senio
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