Seraphim Space Investment Trust (SSIT) H2 2026 earnings summary

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.