Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — Q1 FY25/26 Earnings Presentation
20 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, November 2025
Slide 1: Seraphim Space Investment Trust plc Quarterly Report
seraphim space investment trust plc QUARTERLY REPORT - Quarter ended 30 September 2025 from science fiction to science fact
Slide 2: Headlines: 3 months to 30 September 2025
headlines 3 months to 30 September 2025 • Portfolio valuation rose by £4.9m to £264.7m, with fair value now 133.4% of cost. • Limited investment activity over period £1.5m • HawkEye 360 fair value increased by £9.0m • ICEYE fair value adjusted to £98.5m (from £105.1m) to reflect corporate activity
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 30 September 2025
financial highlights as at 30 September 2025 Share NAV Market Net Portfolio NAV per price per capitalisation assets valuation share share 70.8p 119.55p £ 168m £ 284m £ 265m 175 180 SSIT share price vs. various indices from 30-Sep-24 to 21-Nov-25 (£, total return SSIT NAV per share and share price vs
Slide 5: Attribution analysis 3 months to 30 September 2025
attribution analysis 3 months to 30 September 2025 Attribution analysis of movements in the value of investments (£m) 280 133.4%Portfolio fair value vs. cost 270 (0.4) 3.8 1.5 260 £265m 264.7 Fair value of portfolio as at 250 30-Sep-25 259.8 240 Opening Additions Follow-ons Proceeds from Realised ga
Slide 6: Balance sheet as at 30 September 2025
balance sheet as at 30 September 2025 NAV bridge (£m) £2.5m 300 NAV NAV per 290 per (0.9) (0.2) 0.1 share change in NAV share 3.4 119.56p (0.9% change) 118.52p 280 NAV NAV NAV NAV per per per per 270 share share share share 281.1 1.44p (0.37)p (0.08)p 0.05p 283.6 £19.4m 260 liquid resources 250
Slide 7: Q1 FY25/26 investments
Q1 fy25/26 investments Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on 1.1 QuadSAT Downlink Denmark Follow-on 0.3 Taranis Analyse Israel Follow-on 0.1 Total 1.5 3 0 £1.5m Transactions completed New investment Cash deployed
Slide 8: 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 9: Drilling down into ISR
drilling down into isr Understanding the different satellite payloads and applications optical rf signals sar Infrared Hyper spectral Capabilities: Capabilities: Capabilities: Capabilities: Capabilities: • Visible and near- • Detection and • All-weather, day-and- • Thermal detection • Acquiring chem
Slide 10: Focus on HawkEye: Signals intelligence
focus on hawkeye 360 Signals intelligence
Slide 11: Focus on HawkEye: Signals intelligence
focus on hawkeye 360 Signals intelligence
Slide 12: Recent key portfolio developments
recent key portfolio developments • Signed a $168m contract with the Finnish Defence Forces • Released the fourth-generation satellites, delivering the world's highest-fidelity commercial SAR imagery ICEYE • Launched a deployable 20-foot intelligence, surveillance and reconnaissance (ISR) Cell • Con
Slide 13: Recent key portfolio developments (cont…)
recent key portfolio developments (cont…) all.space Tomorrow.io • Announced partnership with Aalyria to • Announced a strategic partnership deliver autonomous multi-orbit network with Palantir Technologies to orchestration and implementation integrate Tomorrow.io’s proprietary weather intelligence a
Slide 14: Post period developments
post period developments • Arqit: Exited holding on the back of a share price rally in early October 2025, when the price reached levels not seen since February 2023 • Spire Global: Exited holding in Spire Global in October 2025
Slide 15: Portfolio as at 30 September 2025
portfolio as at 30 September 2025 net asset value Summary by value Company FV (£m) % of NAV ICEYE 98.5 34.7% D-Orbit 34.2 12.1% stage2 ecosystem3 ALL.SPACE 29.8 10.5% HawkEye 360 29.6 10.4% Build LeoLabs 12.4 4.4% Seedcorn Launch SatVu 11.2 3.9% Minicorn Platform Downlink Xona Space Systems 10.5 3.7
Slide 16: Q1 FY25/26 review and outlook for rest of CY25 and CY26
Q1 fy25/26 review • SpaceTech investment over the 12 months to Q3 CY25 reached $10.4bn, up from $8.6bn during the same period to Q3 CY24 • 20% year-on-year increase and just shy of the all-time peak of $10.9bn set in 2021 • The US continues to dominate global SpaceTech investment with 55% of total f
Slide 17: Appendix
appendix
Slide 18: 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 19: 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 20: Further information
further information Company Information Key Financials as at 30-Sep-25 Board of Directors Brokers NAV per share 119.55p Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 45 Gresham Street, London, EC2V 7AF Share price 70.8p Sue Inglis (Non-executive Director / Senior Independent Direct
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