Hilbert Group (HILB) Investor update summary

Business transparency and communication

• Intentionally information-heavy presentations and regular KPI/Q&A updates aim to improve transparency and investor understanding.

• Commitment to consistent communication cadence, including monthly shareholder updates.

Core revenue drivers and fee model

• Asset management is the main earnings engine, with Hilbert Capital and Xapo Byzantine as key arms; Xapo mandate is 100% BTC-denominated with $379.1m in assets and a 0.18% fee.

• Fee income more than doubled year-on-year in H1 2026, driven by higher effective fees, new mandates, and bitcoin trading gains.

• Newer AUM is being charged at standard 2%/20% fees, reducing earlier fee waivers as AUM scales.

• 62% of H1 fee income was earned in Bitcoin, making revenue sensitive to Bitcoin price fluctuations.

Asset growth and performance

• Fee-paying assets grew 3.4x to $79.5m since January 2026; contracted AUM reached $110.2m by end of August 2026.

• Market neutral strategies outperformed benchmarks, with Basis+ USD up 7.36% annualized and BTC up 6.44%.

• Eight out of eight up months in USD share class in 2026; risk was deliberately reduced early in the year.

• Defensive strategy in H1 led to moderated absolute returns, but all strategies outperformed benchmarks.