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Seraphim Space Investment Trust (SSIT) investor relations material
Seraphim Space Investment Trust H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio fair value rose 133% to £605.5m; NAV reached £704.4m, with NAV per ordinary share at 240.49p and period-end liquid resources of £152.9m.
NAV per ordinary share total return was 102.9% and ordinary share price total return was 119.4% for the year to 30 June 2026; the trust joined the FTSE 250.
Financial highlights
Portfolio fair value increased £374.3m to £605.5m, from £259.8m at 30 June 2025; fair value stood at 359.6% of cost.
Net assets were £704.4m versus £281.1m a year earlier; market capitalisation was £553.3m versus £203m.
NAV per ordinary share rose to 240.49p from 118.52p; NAV per C share was 98.11p at 30 June 2026.
Period-end liquid resources were £152.9m, equal to 21.7% of NAV.
Outlook and guidance
Post-period, £72.5m of C share proceeds had been invested, with deployment resumed across existing portfolio leaders and selected new holdings.
Xona Space Systems’ October financing valued the existing holding at $106.5m (£80.6m); together with a new $15m C share investment, the combined holding was valued at $121.5m (£91.9m).
Xona’s post-period valuation increase was $69.1m (£52.4m), adding 22p per share to NAV; a public-market UCITS/ETF route was also launched.
- NAV rose 0.8%, with 72% of portfolio fair value funded for at least 12 months.SSIT
Q3 2024 - Fair value reached £201.5m; NAV rose to 96.18p, with six holdings targeting 2025 profitability.SSIT
H2 2024 - NAV fell 2.3%, while post-period FX lifted implied portfolio value to £208.2m.SSIT
Q1 2025 - NAV rose 5.1% as portfolio values improved, despite a 46.2% share-price discount.SSIT
H1 2025 - Portfolio value rose 3% as defence demand strengthened and AST sales boosted cash.SSIT
Q3 2025 - Portfolio fair value rose £58.3m as NAV per share gained 23.2%, led by ICEYE.SSIT
H2 2025 - Record NAV contrasts with a 40.8% discount as defense-led portfolio momentum builds.SSIT
Q1 2026 - NAV rose 20.1% as portfolio gains lifted fair value to £331.6m.SSIT
H1 2026 - NAV rose 24.8% as portfolio value climbed 30.7%, alongside major IPO and funding milestones.SSIT
Q3 2026
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