Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — Q3 FY25/26 Earnings Presentation
18 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, May 1, 2026
Slide 1: Seraphim Space Investment Trust plc Quarterly Report – Quarter ended 31 March 2026
seraphim space investment trust plc QUARTERLY REPORT – Quarter ended 31 March 2026 from science fiction to science fact
Slide 2: Headlines: 3 months to 31 March 2026
headlines 3 months to 31 March 2026 • NAV per share up significantly from 142.30p on 31- Dec-25 to 177.63p • Net assets of £421.3m and market capitalisation of £355.8m as at 31-Mar-26 • Portfolio valuation increased by £101.7m to £433.3m • Portfolio fair value increase to 257.8% of cost Will
Slide 3: Seraphim playbook
seraphim playbook investment manager 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 Inve
Slide 4: Financial highlights as at 31 March 2026
financial highlights as at 31 March 2026 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 150.0p 177.63p £ 356m £ 421m £ 433m 525 SSIT share price vs. various indices from 31-Mar-25 to 1-Jun-26 (£, total return 525 SSIT NAV per share and share price vs. AI
Slide 5: Attribution analysis: 3 months to 31 March 2026
attribution analysis 3 months to 31 March 2026 450 (0.0) 5.5 £95.5m 400 95.5 Unrealised fair value increase 350 0.7 433.3 £433m 300 331.6 Fair value of portfolio as at 31-Mar-26 250 200 Opening Additions Follow-ons Unrealised fair value Realised gain/(loss) Proceeds from Unrealised FX Closing £0.7m
Slide 6: Balance sheet as at 31 March 2026
balance sheet as at 31 March 2026 NAV bridge (£m) NAV per 460 share NAV 42.59p (0.0) (1.0) per £83.8m 440 (15.7) share (0.5) 0.1 177.63p NAV NAV 420 per per NAV NAV share share NAV 400 101.0 per per change in NAV (0.00)p (0.43)p share per (24.8% change) share share (6.63)p (0.23)p 380 NAV 0.04p
Slide 7: Portfolio snapshot
portfolio snapshot 95% 111% Portfolio Snapshot £433m 261% Fair value Top 10 investments Private portfolio fair value vs. initial cost Listed portfolio fair value vs. initial cost (31 December 2025: £332m) (31 December 2025: 94%) (31 December 2025: 200%) (31 December 2025: 105%) 73% Percentage o
Slide 8: Q3 FY25/26 investments
q3 fy25/26 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on 0.7 Total 0.7 1 0 £0.7m Transaction completed New investment Cash deployed
Slide 9: Recent key portfolio developments
recent key portfolio developments • Reported 2025 revenue over €250m, • Raised oversubscribed $170m £17.9m EBITDA over €100m and a €1.5bn £66.9m Series C round contracted order backlog • Scaling up production to build a Fair value increase as at • Forecasting >€1bn revenues in 2027 Fair value increa
Slide 10: Recent key portfolio developments (cont…)
recent key portfolio developments (cont…) leolabs satvu • Won significant cross-government • Secured £30m in new funding, contracts for its TraCSS orbital traffic including NATO Innovation Fund and co-ordination platform British Business Bank • Further US Space Force contract win • Scaling its therm
Slide 11: Post period developments
post period developments • Signed binding documents to sell company to York Space Systems (NYSE: YSS), subject to regulatory approvals and closing conditions. • Went public on the New York Stock Exchange on 7 May 2026. The business raised $416m, with the share price opening at $33.80, above the IPO
Slide 12: Portfolio as at 31 March 2026
portfolio as at 31 March 2026 net asset value Summary by value Company FV (£m) % of NAV ICEYE 198.4 47.1% ALL.SPACE 57.4 13.6% stage ecosystem HawkEye 360 41.4 9.8% D-Orbit 41.3 9.8% Seedcorn Build Xona Space Systems 28.4 6.7% Launch LeoLabs 15.8 3.7% Minicorn Platform SatVu 11.2 2.6% Soonicorn Down
Slide 13: Q1 26 review and outlook for rest of 2026
Q1 26 review • Setting all time record for the sector, total private capital investment in SpaceTech in the year to 31st March 2026 reached $18.8bn, up from $8.9bn in the prior period a new all-time high for the sector. • A record $8.0bn deployed in Q1 2026 outlook for rest of 2026 • Space is becomi
Slide 14: Appendix
appendix
Slide 15: Top direct investments
top 10 direct investments 11 2 3 4 5 Global change detection every hour One antenna to connect to any satellite Mapping the world’s In-orbit last mile delivery High precision, secure GPS for the RF signals next era of autonomy Web: iceye.com Web: all.space Web: he360.com Web: dorbit.space Web: xonas
Slide 16: Top direct investments
top 10 direct investments 6 7 8 9 10 Mapping the skies The world’s thermometer Operationalising weather intelligence Never lose coverage Power anywhere Web: leolabs.space Web: satellitevu.com Web: tomorrow.io Web: skylo.tech Web: zenopower.com HQ: US HQ: UK HQ: US HQ: US HQ: US Taxonomy: Product / D
Slide 17: Further information
further information Company Information Key Financials as at 31-Mar-26 Board of Directors Brokers NAV per share 177.63p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 150.0p Sue Inglis (Non-executive Director / Senior Independent Direc
Slide 18: Slide 18
Seraphim Space Investment Trust — Q3 FY25/26 Earnings Presentation on 6ix