REG - Seraphim Space I.T. - Interim Results

Seraphim Space Investment TrustAnnouncement

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RNS Number : 3933V  Seraphim Space Investment Trust PLC  05 March 2026

SERAPHIM SPACE INVESTMENT TRUST PLC

(the "Company" or "SSIT")

Interim Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, announces its results for the six months ended
31 December 2025 (the "Period").

The interim report will shortly be available at the National Storage Mechanism
("NSM") here
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
and can also be found here
(https://investors.seraphim.vc/results/documents/interim-report-full-to-31-december-2025/)
. A summary is set out below.

Financial Summary

                                       31 December 2025  30 June 2025  Change
 NAV                                   £337.5m           £281.1m       20.1%
 NAV per share                         142.30p           118.52p       20.1%
 Portfolio valuation                   £331.6m           £259.8m       27.6%
 Fair value vs. cost                   198.1%            131.9%        6620bp
 Liquid resources                      £22.1m            £21.5m        2.5%
 Market capitalisation                 £284.6m           £203.0m       40.2%
 Share price                           120.0p            85.6p         40.2%
 -Discount/+premium                    -15.7%            -27.8%        1210bp
 Ongoing charges                       1.79%             1.77%         1bp
 Number of shares in issue             237.2m            237.2m        0.0%

Financial Highlights

·      Top five holdings achieved substantial growth during the Period,
primarily fuelled by successful defence contracts and significant new equity
rounds completed at higher valuations.

·      Portfolio valuation increase of 27.6% in the Period of £71.8m to
£331.6m, driven by an increase in unrealised fair value of £101.4m, which
includes reversal of previously booked unrealised fair value losses on the
Arqit and Spire Global holdings, £2.9m of acquisitions and minimal unrealised
FX gain more than offsetting £26.3m of realised fair value loss during the
Period from the Arqit and Spire Global disposals and £6.2m in proceeds from
disposals.

·      NAV increase of 20.1% from £281.1m to £337.5m, due to the
private portfolio fair value gain less performance fee provision and costs in
the Period.

·      Around three-quarters of the portfolio, representing 77% of fair
value, has a robust cash runway, with 70% fully funded and a further 7% funded
for 12 months or more from 31 December 2025.

·      Companies representing more than 85% of fair value, including
seven of the Company's top 10 holdings, are projecting they will be EBITDA
profitable in 2026.

·      As at 31 December 2025, the Company had £22.1m of cash reserves
(30 June 2025: £21.5m), with a potential £3.9m of additional liquidity via
holdings in listed companies.

Transactions Completed During the Period

 Company    Segment   HQ  Type       Cost

(£m)
 ALL.SPACE  Downlink  UK  Follow-on  2.6
 QuadSAT    Downlink  EU  Follow-on  0.3
 Taranis    Analyse   US  Follow-on  0.1
 Total                               2.9

Portfolio Developments During the Period

·      ICEYE (39.0% of NAV): Successfully closed its €150m Series E
financing round led by General Catalyst. The newly formed joint venture with
Rheinmetall was awarded a €1.7bn contract to provide the German Armed Forces
with space-based reconnaissance data via exclusive access to a dedicated
synthetic aperture radar (SAR) satellite constellation. Under the agreement,
the joint venture will deliver full constellation operations, ground station
management and AI-driven image evaluation. ICEYE also signed multiple other
sizeable contracts for the delivery of sovereign SAR satellites for nation
states, including a $168m contract with the Finnish Defence Forces, alongside
an agreement with IHI Corporation in Japan for the delivery of an initial four
satellites and options for up to 20 more.

·      ALL.SPACE (15.9% of NAV): Announced a partnership with Aalyria to
deliver autonomous multi-orbit network orchestration and implementation,
alongside securing $1.1m from the European Space Agency's Navigation
Innovation and Support Program to develop navigation that works when GPS is
jammed, offering reliable positioning and timing as a Software-as-a-Service.

·      D-Orbit (12.4% of NAV): Completed the first close of its Series D
financing round led by Azimut with €110m raised, of which €45m was fresh
capital with the remainder being secondary capital.

·      HawkEye 360 (10.1% of NAV): Acquired Innovative Signal Analysis,
a provider of high-performance signal processing technologies, to bring
advanced algorithms, edge and cloud-based processing solutions into HawkEye
360's rapidly evolving radio frequency (RF) platform. HawkEye 360 completed
$150m Series E financing round, co-led by existing investors NightDragon and
Center15 Capital. In addition, it successfully launched its 12th satellite
cluster in July 2025, strengthening its leadership in RF signals intelligence
for defence customers globally. It also established a multi-year data access
agreement worth $100m+ with a strategic partner for access to HawkEye 360's
advanced RF data and analytics.

·      Skylo (2.0% of NAV): Launched a new voice gateway enabling
satellite-based voice calling via a Non-Terrestrial Network (NTN). This means
voice calls can be made directly through satellites, without relying on
traditional cell towers, following the successful completion of end-to-end
satellite voice calls.

·      Tomorrow.io (1.3% of NAV): Announced a strategic partnership with
Palantir Technologies to integrate Tomorrow.io's proprietary weather
intelligence and satellite data into Palantir's platforms.

·      AST SpaceMobile (0.4% of NAV): Announced commercial agreements
with Verizon to provide its customers with AST SpaceMobile service across
continental US starting in 2026 and with STC Group to enable direct-to-device
satellite mobile connectivity across Saudi Arabia and key regional markets for
10-years. AST SpaceMobile also announced the successful orbital launch of
BlueBird 6, the largest commercial communications array ever deployed in LEO,
with more than 10 times the capacity of its six other satellites currently in
orbit.

Post Period Highlights

·      ICEYE (39.0% of NAV): Won additional contracts with the Swedish
Armed Forces and expanded its partnership with Ukraine for space-based
intelligence.

·      ALL.SPACE (15.9% of NAV): Valuation uplift as at 31 December 2025
is partially reflective of recent corporate activity, which completed shortly
following the end of the Period. In line with the company's valuation policy,
the 31 December 2025 valuation reflects 95% of the implied value relating to
this corporate activity.

·      HawkEye 360 (10.1% of NAV): Successfully launched another
satellite trio, Cluster 13, to continue providing critical RF insights to its
partners.

·      SatVu (3.3% of NAV): Announced final close on a £30m funding
round, with new investment from the Nato Innovation Fund and British Business
Bank. The additional funding fully finances the launch of SatVu's next two
satellites, plus orders for several further satellites.

·      Tomorrow.io (1.3% of NAV): Announced $175m in new equity
financing led by Stonecourt Capital and HarbourVest. This funding aims to
accelerate the deployment of its AI-native 'DeepSky' weather satellite
constellation for enhanced global forecasting.

·      Pixxel (1.0% of NAV): A Pixxel-led consortium signed an agreement
with IN-SPACe to build India's national earth observation constellation.

·      Seraphim Space Ventures II LP (1.2% of NAV): Closes more than
target $100m.

Fair Value Change (£m)

 

 Company                               30 June 2025    31 December 2025         31 December 2025                      31 December 2025            31 December 2025  31 December 2025

                                       fair value(1)   additions/ (disposals)   fair value movement over Period £m    fair value                  % of NAV          cost(2)

                                       £m              over Period £m                                                 £m
 ICEYE                                 105.1           -                        26.4                                  131.6                       39.0%             39.6
 ALL.SPACE                             28.1            2.6                      23.1                                           53.8               15.9%             30.6
 D-Orbit                               33.5            -                        8.4                                            41.9               12.4%             11.6
 HawkEye 360                           20.6            -                        13.5                                           34.1               10.1%             18.6
 LeoLabs                               12.0            -                        0.4                                            12.4               3.7%              11.7
 SatVu                                 11.2            -                        (0.0)                                          11.2               3.3%              7.0
 Xona Space Systems                    10.3            -                        0.2                                   10.5                        3.1%              7.0
 Skylo                                 4.4             -                        2.3                                               6.8             2.0%              2.8
 Tomorrow.io                           3.6             -                        0.6                                               4.3             1.3%              4.2
 Zeno                                  3.6             -                        0.1                                               3.7             1.1%              4.1
 Other investments(3)                  27.4            (32.2)                   26.3                                  21.4                        6.4%              30.1
 Total investments                     259.8           (29.6)                   101.4                                 331.6                       98.2%             167.4
 Cash                                  21.5                                                                           22.1                        6.5%
 Performance fee accrual/provision(4)  -                                                                              (16.6)                      (4.9)%
 Net current assets/(liabilities)      (0.2)                                                                          0.4                         0.1%
 Net asset value                       281.1                                                                                   337.5              100.0%

(1)       30 June 2025 fair value includes assets disposed of during the
six months to 31 December 2025.

(2)       Includes new and follow-on investments and excludes disposals,
where relevant, made since 30 June 2025, representing a net cost of -£29.6m.

(3)       Fair value movement includes the reversal of previously booked
unrealised fair value movements for the assets disposed of in the Period,
which is offset by the disposals and results in realised losses.

(4)       The calculation period for a performance fee is the 12 months
to 30 June 2026. Timing of the payout of any performance fee is subject to
various conditions, including sufficient cash being available and the
aggregate of net realised gains, unrealised IPO gains, listed holding fair
value change and investment income exceeding the amount to be paid out. In
addition, 15% of any performance fee paid must be re-invested by the
Investment Manager in SSIT shares.

Quarterly valuation changes in the three months ended 31 December 2025

During the quarter ended 31 December 2025, the portfolio fair value increased
by £66.9m, increasing fair value to 198.1% vs. cost (200.1% excluding FX
losses). Fair value increases during the quarter were mostly attributable to
ICEYE, ALL.SPACE, D-Orbit and HawkEye 360. The Q2 FY2025/26 NAV Factsheet can
be found here
(https://investors.seraphim.vc/results/documents/factsheet-q2-fy2025-26-as-at-31-december-2025/)
.

Will Whitehorn OBE, Chair of Seraphim Space Investment Trust plc, commented:
"Our guidance on portfolio development is now increasingly substantiated by
the Company's robust financial results. This strong performance is not only
broad-based across our portfolio, but is particularly evident in our largest
holdings, which are delivering outperformance and validating the Investment
Manager's focused strategy.

The Company continues to see a strong pipeline of compelling investment
opportunities, both within the existing portfolio and among a broader group of
companies, demonstrating significant commercial momentum with key government
and institutional customers and reinforcing our confidence in the Company's
long-term objective of delivering attractive returns for shareholders."

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "We
are pleased with the portfolio's strong progress over recent periods. Key
holdings, ICEYE, ALL.SPACE, HawkEye 360 and D-Orbit, have seen meaningful
valuation uplifts, while the top 10 holdings achieved fair value weighted
average year-on-year revenue growth of 79%. This in turn has translated into
the Company achieving a key milestone, namely the fair value of the current
private portfolio (after disposals) exceeding 200% of cost for the first time.
Management teams representing over 85% of portfolio value, including seven of
the top 10, project EBITDA profitability in 2026, underscoring the strength of
our strategy and the quality of the businesses we back.

These factors underpin the portfolio's strong performance, positioning SSIT as
one of the top performing UK investment trusts. Our focus on the top ten
holdings continues to drive value creation, and we anticipate further positive
developments and valuation growth in the coming quarters."

Analyst and Investor Presentations

There will be a webinar for equity analysts at 09.45 (UK time) today. To
register for the event, please contact SEC Newgate by email
at seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk) .

A further presentation for retail investors will be provided at 11.00 (UK
time) on the same day. Investors can register for the event by
emailing seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk) .

- Ends -

Media Enquiries

 Seraphim Space Manager LLP (via SEC Newgate)
 Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough
 SEC Newgate (Communications advisers)                             seraphim@secnewgate.co.uk (mailto:seraphim@secnewgate.co.uk)
 Clotilde Gros / George Esmond / Harry Handyside / Olivia Snaith   +44 (0) 20 3757 6767
 Deutsche Numis
 Nathan Brown / Vicki Paine                                        +44 (0) 20 7545 8000
 J.P. Morgan Cazenove
 William Simmonds / Rupert Budge                                   +44 (0) 20 3493 8000
 Ocorian Administration (UK) Limited                               seraphimteam@ocorian.com (mailto:seraphimteam@ocorian.com)
 Lorna Zimny                                                       +44 (0) 28 9078 5880

Notes to Editors

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (the "Company") is the world's first
listed investment company focused on SpaceTech. The Company seeks exposure
predominantly to growth stage private financed SpaceTech businesses that have
the potential to dominate globally and that are sector leaders with first
mover advantages in areas such as climate, communications, mobility and cyber
security.

The Company is listed on the Main Market of the London Stock Exchange.

Further information is available at: https://investors.seraphim.vc
(https://investors.seraphim.vc) .

About Seraphim Space Manager LLP

Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the
UK and manages Seraphim Space Investment Trust plc.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

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