London · Delayed Price · Currency is GBP · Price in GBX Seraphim Space Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Q3 NAV rose 25% to £421m, driven by strong portfolio revaluations led by ICEYE. A £137m C Share raise and major portfolio IPO and M&A activity strengthened investment capacity, while concentration and transaction approvals remain key risks.
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Portfolio value rose 27.6% to GBP 332m and NAV per share gained 20% to 142.3p, led by major holdings and record fundraising. Defense demand, robust cash runways and new contracts underpin a positive outlook, with more than 85% of portfolio fair value expected to reach EBITDA profitability in 2026.
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NAV per share reached a record 119.55p, while the share discount widened to 41%. Defense-led contract and technology progress at key holdings supports management’s growth outlook, with potential IPOs dependent on market conditions.
Fiscal Year 2025
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NAV per share rose 23.2% to 118.52p as portfolio value increased 28.9%, led by ICEYE. Defense demand supports growth prospects, while concentration, FX exposure and U.S. procurement delays remain key risks.
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Portfolio fair value rose 3% to £223m, while NAV per share remained broadly flat at 100.78p. Defense-led demand and portfolio contract wins supported the outlook, alongside post-period ICEYE deals and Voyager’s planned IPO.
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NAV per share rose above its issue price, while the share price stayed nearly flat and the discount remained wide. Management sees rising European defense spending as a tailwind for the dual-use portfolio, while prioritizing existing holdings and funding needs.
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NAV was 53.7p at 30 September, with post-period FX lifting NAV to £232.9m and portfolio fair value to £208.2m. Management sees defense spending and space-sector growth supporting the outlook, while valuation discounts and FX remain key uncertainties.
Fiscal Year 2024
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NAV per share rose 3.5% and portfolio fair value grew 7.5%, while the share price more than doubled from a low base. Strong portfolio fundraising and revenue growth underpin management’s expectation that six holdings may reach EBITDA profitability in 2025.
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NAV per share held at £0.95, while 61% of NAV was at cash-flow breakeven or funded to reach it. A seed-asset transfer and strong sector financing activity reinforced the focus on mature growth holdings.