SERAPHIM SPACE INVESTMENT TRUST PLC - Third quarter results for the three-month period ended 31 March 2025

Seraphim Space Investment Trust (SSIT) reported a record quarter for the period ended 31 March 2026, driven by strong portfolio performance and growing investor interest in the space technology sector. Net asset value (NAV) per share increased 25% to £1.78, while the share price rose from £1.20 to £2.00, making SSIT the best-performing investment trust over the past year. Portfolio value grew 31% quarter-on-quarter to £433 million, supported by significant valuation gains in key holdings including ICEYE, HawkEye 360, and Xona Space Systems. ICEYE delivered exceptional financial results, reporting revenue exceeding €250 million, EBITDA above €100 million, and a contracted order backlog of €1.5 billion, highlighting strong growth, profitability, and cash generation. HawkEye 360 successfully completed its NYSE listing, while Xona Space Systems raised an oversubscribed $170 million funding round. Post-period, SSIT strengthened its balance sheet through a £137 million C-share issuance, providing additional capital to pursue a growing pipeline of investment opportunities. Management highlighted increasing demand for space-based infrastructure, defence technology, Earth observation, and AI-enabled satellite services, positioning the trust to benefit from long-term structural growth trends. With a concentrated portfolio of late-stage, revenue-generating space technology companies and multiple potential liquidity events ahead, SSIT remains focused on delivering sustained NAV growth, shareholder value creation, and exposure to one of the fastest-growing sectors in the global innovation economy.