Seraphim Space Investment Trust (SSIT) H1 2026 earnings summary

Executive summary

• NAV rose 20.1% to £337.5m at 31 December 2025; NAV per share increased to a record 142.30p from 118.52p.

• Portfolio fair value increased 27.6% to £331.6m, with gains concentrated in major holdings; private portfolio fair value exceeded 200% of cost.

• Share price rose 40.2% to 120.0p, narrowing the NAV discount to 15.7% from 27.8%.

Financial highlights

• Reported profit after tax was £56.4m versus £11.5m in H1 FY2025; investment fair-value gains were £75.1m.

• Unrealised fair-value gains were £101.4m, including reversals of prior losses on Arqit and Spire Global; disposals realised £26.3m of losses.

• Period-end liquid resources were £22.1m, up from £21.5m; potential additional liquidity from listed holdings was £3.9m.

• A £16.6m performance-fee provision reduced NAV; payment conditions had not been met, and any fee paid is subject to cash and performance conditions.

Outlook and guidance

• Management teams representing over 85% of portfolio value, including seven of the top 10 holdings, project EBITDA profitability in 2026.

• 70% of portfolio fair value was fully funded and a further 7% had at least 12 months of runway; the unfunded private portfolio had a weighted average nine-month runway.

• Continued US and European defence spending is expected to support investor interest; no dividend is anticipated in the foreseeable future.