Seraphim Space Investment Trust Plc Class C · LSE:SSIC
Seraphim Space Investment Trust Plc Class C — FY2025/26 Earnings Presentation
21 slides from Seraphim Space Investment Trust Plc Class C's earnings presentation, Jun 30, 2026
Slide 1: Seraphim Space Investment Trust plc Annual Report - 12 months ended 30 June 2026
seraphim space investment trust plc ANNUAL REPORT - 12 months ended 30 June 2026 from science fiction to science fact
Slide 2: 12 months to 30 June 2026
12 months to 30 June 2026 • Portfolio valuation increased by £374.3m to £605.5m1 • Portfolio fair value stands at 359.6% of cost • £4.0m invested in three existing portfolio companies as follow-ons during the period • NAV per ordinary share up significantly from 118.52p on 30- Jun-25 to 240.49p; NAV
Slide 3: A unique ecosystem, a structural advantage
A unique ecosystem, a structural advantage ACCELERATOR VENTURE GROWTH Mark James Sarah Boggett Bruegger Shackleton Chief Chief Chief UK Executive Investment Operating Officer Officer Officer US EU
Slide 4: Exceptional growth translated into strong shareholder returns
annual ordinary shares NaV and share price total returns to 30 June Exceptional growth translated into strong shareholder returns Chart shows long term performance – ordinary shares since IPO 140% 119.4% 120% 102.9% 102.2% 100% FY2025/26 80% 56.8% 60% +102.9% NAV per ordinary share total 40% 23.2% 2
Slide 5: Financial highlights as at 30 June 2026
financial highlights as at 30 June 2026 Share NAV per price Net share Market NAV assets Portfolio capitalisation per valuation 187.80p (ord) 240.49p (ord) share (30 June 2025 - 85.6p) (30 June 2025 - 118.52p) £ 553m £ 704m £ 605m 79.00p (C) 98.11p (C) (30 June 2025 - £203m) (30 June 2025 - £281m) (3
Slide 6: NAV per share and share price from 30 June 2025
Nav per share and share price from 30 June 2025 400 125 SSIT NAV per C share and C share price vs. various indices from 11-May-26 SSIT NAV per ordinary share and ordinary share price vs. various indices from 30-Jun-25 to 13-Oct-26 (£, total return rebased to 100) to 13-Oct-26 (£, total return rebase
Slide 7: Attribution analysis 12 months to 30 June 2026
attribution analysis 12 months to 30 June 2026 700 650 (26.3) 600 (6.2) 2.4 550 500 359.6% Portfolio fair value vs. cost 450 371.9 400 605.5 350 300 £605.5m 250 4.0 259.8 200 Fair value of portfolio as at 30-Jun-26 £4.0m Aggregate cost of investments during period Past performance is not a reliable
Slide 8: Balance sheet as at 30 June 2026
balance sheet as at 30 June 2026 900 800 0.3 (26.3) (4.0) 700 (54.0) (1.6) 0.6 £423.2m 600 374.3 500 change in NAV 400 704.4 (150.6% change) 133.9 300 200 281.1 100 £152.9m liquid resources (21.7% of NAV) Past performance is not a reliable indicator of future results. The value of shares and income
Slide 9: Portfolio snapshot
portfolio snapshot A portfolio scaling rapidly, creating value and funded for growth Scale and value creation £605m 3.9x 1.9x Fair value +133% Y-O-Y Private portfolio fair value vs. initial cost Listed portfolio fair value vs. initial cost (30 June 2025: £260m) (30 June 2025: 1.6x) (30 June 20
Slide 10: FY25/26 investments: disciplined deployment during the year
fy25/26 investments Disciplined deployment during the year Investments made during the period Company Segment HQ Type Cost £m ALL.SPACE Downlink UK Follow-on 3.6 QuadSAT Downlink Denmark Follow-on 0.3 Taranis Analyse Israel Follow-on 0.1 Total 4.0 Consistent with strategy before the C share issue, l
Slide 11: Recent key portfolio developments: portfolio leaders scaling rapidly
recent key portfolio developments Portfolio leaders scaling rapidly iceye Xona space systems Tomorrow.io piXXEL • Transitioned from a fast-growing SAR • Successfully validated the performance • Completed deployment of its first Transformed from a hyperspectral start- company into a highly profitable
Slide 12: Recent key portfolio developments (cont.)
recent key portfolio developments (cont…) Momentum continues as leadership positions strengthen skylo Hawkeye 360 all.space Leolabs • Proved product-market fit, expanded • Cluster 12, 13 and 14 launched, acquired • Certified the industry's first multi-orbit • Established itself as a critical US oper
Slide 13: Top 10 holdings' EV changes
Top 10 holdings’ EV Changes The chart below shows, on an anonymised basis, the percentage change in the EV of the private companies in the top 10 holdings over the Period 300% +190.9% Fair value-weighted 250% average EV increase 250% 200% 168% 8 of 9 companies 150% increased in value Demonstrating m
Slide 14: Portfolio fair value attribution: year to June 2026
portfolio Fair Value attribution: YEar to 30 June 2026 Fair value more than doubled with gains extending beyond ICEYE 680 +133% 630 18 5 3 (7) increase in portfolio fair 4 605 16 7 (0) value £259.8m to 580 8 17 £605.5m 275 530 Fair value (£m) 480 430 £274.6m 380 from ICEYE 330 280 260 £71.1m net inc
Slide 15: Portfolio as at 30 June 2026
portfolio as at 30 June 2026 net asset value Summary by value Company FV (£m) % of NAV ICEYE 379.7 53.9% ALL.SPACE 45.4 6.4% stage ecosystem D-Orbit 41.1 5.8% HawkEye 360 37.0 5.3% Build Xona Space Systems 28.2 4.0% Seedcorn Launch LeoLabs 18.8 2.7% Minicorn Platform SatVu 11.2 1.6% Downlink Soonico
Slide 16: Post period developments: momentum has continued since the year end
post period developments Momentum has continued since the year end xona space C share Ucits/Etf systems capital launched raise deployed Significantly higher priced round Investments across existing A new public-market route into the leaders and selected new holdings SpaceTech opportunity FV increase
Slide 17: Conclusion
Conclusion • A portfolio of proven winners • Portfolio fair value more than doubled to £605m • ICEYE emerged as one of Europe's most valuable private technology companies • HawkEye 360 completed a successful NYSE IPO • ALL.SPACE delivered SSIT's first strategic M&A exit • Stronger than ever • Portfo
Slide 18: Appendix
appendix
Slide 19: 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 High precision, secure GPS for the RF signals next era of autonomy Web: iceye.com Web: all.space Web: dorbit.space Web: he360.com Web: xonas
Slide 20: Top 10 direct investments
top 10 direct investments 6 7 8 9 10 Mapping the skies The world’s thermometer Operationalising weather intelligence Never lose coverage Global spectrometer to reveal the invisible Web: leolabs.space Web: satellitevu.com Web: tomorrow.io Web: skylo.tech Web: pixxel.space HQ: US HQ: UK HQ: US HQ: US
Slide 21: Further information
further information Company Information Key Financials as at 30-Jun-26 Board of Directors Brokers NAV per share 240.49p (ordinary shares) / 98.11p (C shares) Will Whitehorn (Non-executive Director / Chair) Deutsche Numis, 21 Moorfields, London, EC2Y 9DB Share price 187.8p (ordinary shares) / 79.0p (
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