Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — H1 FY2025/26 Earnings Presentation
19 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, March 2026
Slide 1: Seraphim Space Investment Trust plc Interim Report
seraphim space investment trust plc INTERIM REPORT – Period ended 31 December 2025 from science fiction to science fact
Slide 2: Headlines: 6 months to 31 December 2025
headlines 6 months to 31 december 2025 • Portfolio valuation increased by £71.8m to £331.6m • Portfolio fair value grown to 198.1% of cost • NAV per share up significantly from 118.52p on 30-Jun-25 to 142.30p • Net assets of £337.5m and market capitalisation of £284.6m as at 31-Dec-25 • Period end
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 December 2025
financial highlights as at 31 december 2025 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 120.0p 142.30p £ 285m £ 338m £ 332m 300 300 SSIT share price vs. various indices from 31-Dec-24 to 3-Mar-26 (£, total SSIT NAV per share and share price vs. AIC pe
Slide 5: Attribution analysis 6 months to 31 December 2025
attribution analysis 6 months to 31 december 2025 380 360 198.1% (26.3) 340 (6.2) 0.0 Portfolio fair value vs. cost 320 101.4 300 280 260 2.9 331.6 £332m Fair value of portfolio as at 240 31-Dec-25 259.8 220 200 Opening Additions Follow-ons Unrealised fair value Realised gain/(loss) Proceeds from Un
Slide 6: Balance sheet as at 31 December 2025
balance sheet as at 31 december 2025 NAV per share 390 42.74p 370 (26.3) NAV per (1.8) share £56.4m 350 NAV 142.30p per NAV (16.6) per share (11.09)p share (0.6) 0.2 change in NAV 330 101.4 (0.75)p NAV per NAV NAV (20.1% change) share per per (6.98)p share share 310 NAV (0.25)p 0.10p per 337.5 s
Slide 7: Portfolio snapshot
portfolio snapshot 94% 105% Portfolio Snapshot £332m 200% Fair value Top 10 investments Private portfolio fair value vs. initial cost Listed portfolio fair value vs. initial cost (30 June 2025: £260m) (30 June 2025: 89%) (30 June 2025: 156%) (30 June 2025: 26%) 70% Percentage of portfolio by fa
Slide 8: H1 FY25/26 investments
h1 fy25/26 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on (2) 2.6 QuadSAT Downlink Denmark Follow-on 0.3 Taranis Analyse Israel Follow-on 0.1 Total 2.9 4 0 £2.9m Transactions completed New investment Cash deployed
Slide 9: ICEYE / Rheinmetall JV German contract win
iceye / rheinmetall jv german contract win the problem the response The outcome # Defence Satellites Launched 140 120 USA China 100 Russia Europe 80 60 40 20 0 2020 2021 2022 2023 2024 • Massive historic underinvestment by • European-wide major increases in • €1.7bn contract award by German Europe i
Slide 10: Public comparables valuation methodology case study: ICEYE
public comparables valuation methodology case study: iceye 1. 2. 3. 4. company public comps public comps calculate maturity selection segmentation implied ev & fv • Determine if portfolio company • Apply relevance (similarity) test • Segment comp set into sub • Apply composite EV/revenue meets crite
Slide 11: NAV drivers within the period
nav drivers within the period • €150m Series E financing round led by • Acquired Innovative Signal Analysis, General Catalyst a provider of high-performance iceye • €1.7bn contract to provide the German hawkeye 360 signal processing technologies (170 people, profitable) Armed Forces with space-based
Slide 12: Post period developments
post period developments • A Pixxel-led consortium signed • £30m funding round from an agreement with IN-SPACe to the Nato Innovation Fund pixxel build India’s national earth satvu and British Business Bank observation constellation • Fully finances next two satellites, plus orders for several furth
Slide 13: H1 FY25/26 divestments
h1 fy25/26 divestments Received £6.2m in proceeds from disposals. • Fully exited Arqit on the back of a share price rally in early October 2025, when the price reached levels not seen since February 2023 • £3.3m proceeds received • Fully exited Spire Global in October 2025 • £2.9m proceeds received
Slide 14: Portfolio as at 31 December 2025
portfolio as at 31 december 2025 net asset value Summary by value Company FV (£m) % of NAV ICEYE 131.6 39.0% ALL.SPACE 53.8 15.9% stage2 ecosystem3 D-Orbit 41.9 12.4% HawkEye 360 34.1 10.1% Build LeoLabs 12.4 3.7% Seedcorn Launch SatVu 11.2 3.3% Minicorn Platform Downlink Xona Space Systems 10.5 3.1
Slide 15: 2025 review and outlook for 2026
2025 review • SpaceTech investment in 2025 reached $12.4bn. • 48% year-on-year increase and surpassing the prior all-time peak of $10.9bn set in 2021. • The US continues to dominate 60% of total funding in 2025. • China remains a major source of capital, accounting for approximately $2.0bn in 2025.
Slide 16: Appendix
appendix
Slide 17: Top 10 direct investments
top 10 direct investments 11 2 3 4 5 Global change detection every hour One antenna to connect to any satellite In-orbit last mile delivery Mapping the world’s Mapping the skies RF signals Web: iceye.com Web: all.space Web: dorbit.space Web: he360.com Web: leolabs.space HQ: Finland HQ: UK HQ: Italy
Slide 18: 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 Operationalising weather intelligence Power anywhere next era of autonomy Web: satellitevu.com Web: xonaspace.com Web: skylo.tech Web: tomorrow.io Web: zenopower.com HQ: UK HQ: US HQ:
Slide 19: Further information
further information Company Information Key Financials as at 31-Dec-25 Board of Directors Brokers NAV per share 142.30p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 120.0p Sue Inglis (Non-executive Director / Senior Independent Direc
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