Seraphim Space Investment Trust (SSIT) H2 2025 earnings summary

Executive summary

• FY ended 30 June 2025 saw portfolio fair value rise £58.3m to £259.8m and NAV per share increase 23.2% to 118.52p, led by ICEYE.

• Portfolio companies raised $2.1bn in equity funding, more than double the prior year; defence demand supported portfolio momentum.

Financial highlights

• NAV per share rose from 96.18p to 118.52p; the share price increased from 54.6p to 85.6p, narrowing the discount to NAV from 43% to 27.8%.

• Portfolio value increased 28.9% to £259.8m; £14.2m was invested and £12.5m of disposal proceeds generated a £2.7m realized gain.

• Unrealized fair-value gains included a £57.3m ICEYE uplift; £12.3m of unrealized FX losses partly offset gains as sterling strengthened.

• Period-end liquid resources were £21.5m, or 7.7% of NAV; gearing was nil.

Outlook and guidance

• Top five holdings project collective revenue growth of 101% in 2025 and a further 79% in 2026.

• ICEYE forecast 2025 revenue of up to €250m, more than double 2024; further fair-value gains are anticipated, subject to comparable-company multiples.

• Defence contract awards are expected to support revenue growth; U.S. procurement timing depends on resolution of the federal budget impasse.

• IPO activity is expected to continue, with portfolio businesses preparing for possible listings and defence M&A accelerating.