**SummarySeraphim Space Investment Trust PLC Interim Results (H1 2025/26)**
Seraphim Space Investment Trust PLC (LSESSIT), the world’s first listed SpaceTech investment company, reported strong interim results for the six months ended 31 December 2025. Key highlights include
1. **Financial Performance**
**Net Asset Value (NAV)** increased by 20.1% to £337.5 million, driven by private portfolio fair value gains.
**Portfolio valuation** rose by 27.6% to £331.6 million, fueled by unrealised fair value gains, particularly in top holdings like ICEYE, ALL.SPACE, and HawkEye 360.
**NAV per share** grew by 20.1% to 142.30p, while the **share price** increased by 40.2% to 120.0p.
**Cash reserves** stood at £22.1 million, with potential additional liquidity of £3.9 million from listed holdings.
2. **Portfolio Highlights**
**Top five holdings** achieved significant growth, supported by defence contracts and equity rounds at higher valuations.
**ICEYE** (39% of NAV) secured major contracts, including a €1.7 billion deal with the German Armed Forces and a $168 million contract with the Finnish Defence Forces.
**ALL.SPACE** (15.9% of NAV) partnered with Aalyria and secured ESA funding for navigation technology.
**HawkEye 360** (10.1% of NAV) acquired Innovative Signal Analysis, completed a $150 million Series E round, and launched new satellite clusters.
3. **Post-Period Developments**
**ICEYE** won additional contracts with Sweden and expanded its partnership with Ukraine.
**ALL.SPACE** and **HawkEye 360** saw valuation uplifts and continued satellite launches.
**Tomorrow.io** secured $175 million in new equity financing to accelerate its weather satellite constellation.
4. **Strategic Outlook**
**77% of the portfolio** has a robust cash runway, with 70% fully funded.
**85% of portfolio value**, including seven of the top 10 holdings, is projected to be EBITDA profitable in 2026.
Management highlighted a strong pipeline of investment opportunities and confidence in delivering long-term returns.
**Management Commentary**
Chair Will Whitehorn and CEO Mark Boggett emphasized the portfolio’s broad-based performance, with top holdings driving outperformance and validating the investment strategy. The fair value of the private portfolio exceeded 200% of cost for the first time, positioning SSIT as a top-performing UK investment trust.
**Conclusion**
Seraphim Space Investment Trust demonstrated robust financial and operational progress, underpinned by strategic investments in high-growth SpaceTech companies. The company remains well-positioned to capitalize on the expanding SpaceTech sector, with a focus on delivering attractive returns for shareholders.
Seraphim Space Investment Trust PLC Financials Comparison
| Metric | 31 December 2025 | 30 June 2025 | Change |
|---|---|---|---|
| NAV (£m) | 337.5 | 281.1 | 20.1% |
| NAV per share (p) | 142.30 | 118.52 | 20.1% |
| Portfolio valuation (£m) | 331.6 | 259.8 | 27.6% |
| Fair value vs. cost (%) | 198.1 | 131.9 | 6620bp |
| Liquid resources (£m) | 22.1 | 21.5 | 2.5% |
| Market capitalisation (£m) | 284.6 | 203.0 | 40.2% |
| Share price (p) | 120.0 | 85.6 | 40.2% |
| -Discount/+premium (%) | -15.7 | -27.8 | 1210bp |
| Ongoing charges (%) | 1.79 | 1.77 | 1bp |
| Number of shares in issue (m) | 237.2 | 237.2 | 0.0% |
Fair Value Change (£m)
| Company | 30 June 2025 fair value (£m) | 31 December 2025 additions/(disposals) (£m) | 31 December 2025 fair value movement (£m) | 31 December 2025 fair value (£m) | 31 December 2025 % of NAV | 31 December 2025 cost (£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 |
| Total investments | 259.8 | (29.6) | 101.4 | 331.6 | 98.2% | 167.4 |