Seraphim Space Investment Trust (SSIT) Q1 2026 earnings summary

Executive summary

• Portfolio fair value rose £4.9m to £264.7m and NAV per share reached a record 119.55p at 30 September 2025.

• The share price fell 17.3% to 70.8p, widening the discount to NAV to 40.8% from 27.8%; net assets were £283.6m.

• Defense-related contract and technology progress at ICEYE and HawkEye 360 supported management’s growth outlook; potential IPOs over 1–2 years remain subject to company readiness and market conditions.

Financial highlights

• Net assets were £283.6m and portfolio fair value was £264.7m at 30 September 2025; portfolio value increased £4.9m during the quarter.

• Fair value was 133.4% of cost, up from 131.9%; the £4.9m increase included £1.5m of follow-on investment, a £0.4m unrealised fair-value decrease and £3.8m of FX gains.

• Liquid resources were £19.4m, or 6.8% of NAV, and listed holdings were £8.7m at period-end.

• Arqit and Spire Global disposals generated £3.3m and £2.9m, respectively; sale prices were 15% and 29% of initial sterling cost.

Outlook and guidance

• Government procurement and demand for sovereign space capabilities, alongside commercial satellite-network growth, are expected to create opportunities for dual-use technologies.

• Management expects progress in portfolio scale, profitability and performance visibility over the next 12 months; further IPOs are possible over 1–2 years, subject to readiness and market conditions.

• Investments representing 69% of portfolio fair value had a robust cash runway: 58% were fully funded and 11% funded for at least 12 months.

• ICEYE and HawkEye 360 are expected to return to market-multiples valuation within six months under valuation policy.