Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — H1 FY2024/25 Earnings Presentation
21 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, March 2025
Slide 1: Seraphim Space Investment Trust plc Interim Report
seraphim space investment trust plc INTERIM REPORT – Period ended 31 December 2024
Slide 2: Headlines: six months to 31 December 2024
headlines six months to 31 december 2024 • Portfolio valuation increased by £14.8m to £216.3m • Portfolio fair value up at 112.0% of cost • $5.1m of follow-on investments during the period • NAV per share up from 96.18p on 30 June 2024 to 101.04p • Net assets of £239.7m and market capitalisation of
Slide 3: Europe in crisis: urgent need to boost sovereign defence capabilities
Europe in crisis urgent need to boost sovereign defence capabilities “Europe is at crossroads “This is a watershed “Europe is entering a “This is really five minutes in history.” moment for Europe.” new era.” to midnight for Europe.”
Slide 4: Space's role in defence integral to global security
Space’s role in defence integral to global security Intelligence / ISR Secure comms navigation
Slide 5: Ukraine conflict: the growing importance of spacetech
Ukraine conflict the growing importance of spacetech 1. Cyber warfare 3. drone warfare 2. Commercial space 4. Electronic warfare
Slide 6: Financial highlights as at 31 December 2024
financial highlights as at 31 december 2024 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 54.4p 101.04p £ 129m £ 240m £ 216m 250 250 SSIT share price vs. various indices from 31-Dec-23 to 11-Mar-25 (£, total SSIT NAV per share and share price vs. AIC pe
Slide 7: Attribution analysis six months to 31 December 2024
attribution analysis six months to 31 december 2024 Attribution analysis of movements in the value of investments (£m) 220 112.0% 1.2 215 12.9 Portfolio fair value vs. cost 210 5.1 (3.5) 205 (1.0) 200 £216m 216.3 195 Fair value of portfolio as at 190 201.5 31-Dec-24 185 180 Opening Additions Follow-
Slide 8: Balance sheet as at 31 December 2024
balance sheet as at 31 december 2024 260 NAV bridge (£m) 255 NAV NAV 250 per share per 5.96p share (1.0) £12m 245 (1.4) 101.04p (0.5) 0.3 240 NAV 14.1 NAV NAV per NAV NAV per increase in NAV 235 share share per per per (5% increase) 96.18p share share share (0.41)p (0.60)p 230 (0.20)p 0.12p 239.
Slide 9: Portfolio snapshot
portfolio snapshot 84% 37% Portfolio Snapshot £216m 130% Fair value Top 10 investments as % of fair value Private portfolio fair value vs. initial cost Listed portfolio fair value vs. initial cost (30 June 2024: £201m) (30 June 2024: 84%) (30 June 2024: 127%) (30 June 2024: 27%) 61% Percentage of
Slide 10: H1 FY24/25 investments
h1 fy24/25 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on 3.8 Xona Space Systems Platform US Follow-on 0.8 ChAI Product UK Follow-on 0.3 Skylo Downlink US Follow-on 0.2 Total 5.1 4 0 £5.1m Transactions completed New investments Cash dep
Slide 11: Post period developments
post period developments • Voyager filed for IPO on NASDAQ. • Pixxel launched its first three hyperspectral satellites. • Verizon launched the first mobile phones with Skylo satellite connectivity in the US market. • Astroscale signed $78m contract to develop its in-space refuelling capabilities. •
Slide 12: Portfolio as at 31 December 2024
portfolio as at 31 december 2024 net asset value Summary by value Company FV (£m) % of NAV ICEYE 52.4 21.9% D-Orbit 32.4 13.5% stage2 ecosystem3 ALL.SPACE 28.5 11.9% HawkEye 360 22.0 9.2% Build LeoLabs 13.1 5.5% Seedcorn Launch SatVu 11.2 4.7% Minicorn Platform Downlink AST SpaceMobile 7.4 3.1% Soon
Slide 13: World's largest SAR constellation for intelligence gathering
world’s largest sar constellation for intelligence gathering
Slide 14: World's most advanced satcoms antenna for resilient comms
world’s most advanced satcoms antenna for resilient comms
Slide 15: World's no. 1 multi purpose space logistics platform
world’s no. 1 multi purpose space logistics platform
Slide 16: 2024 review and outlook for 2025
2024 review • Globally 601 deals completed in the year, setting a new record and representing 50% increase y-o-y. • Total investments for the year reached $8.6bn, marking a 25% y-o-y growth from $6.9bn in 2023 outlook for 2025 • Influenced by US policies, particularly concerning tariffs and European
Slide 17: Appendix
appendix
Slide 18: Top 10 investments
top 10 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 HQ: US
Slide 19: Top 10 investments
top 10 investments 6 7 8 9 10 The world’s thermometer Connecting the un-connected High precision, secure GPS for the Insuring the uninsurable next era of autonomy Web: satellitevu.com Web: ast-science.com Web: xonaspace.com Web: planetwatchers.com Web: seraphim.vc/seraphi HQ: UK HQ: US HQ: US HQ: UK
Slide 20: Further information
further information Company Information Key Financials as at 31-Dec-24 Board of Directors Brokers NAV per share 101.04p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 54.4p Sue Inglis (Non-executive Director / Senior Independent Direct
Slide 21: Slide 21
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