Hilbert Group (HILB) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a pivotal quarter, with the business shifting from platform build-out to monetization amid a challenging crypto market backdrop.

• Revenue surged to KSEK 3,606,045.7 in Q1 2026, up 7,917% year-over-year, mainly due to the Enigma Nordic AB acquisition and its high-frequency trading activity.

• Despite a severe crypto drawdown and weaker sentiment, positive returns, AUM growth, and fee revenue growth were achieved, demonstrating resilience and execution quality.

• Institutional engagement deepened, with more sophisticated allocators progressing through diligence and existing investors increasing allocations.

• The business completed its transformation into an integrated digital financial services platform and is now entering its operating phase.

Financial highlights

• Fund fee revenue reached SEK 3.29 million, up 84.5% year-over-year and 12% sequentially from Q4.

• Revenue: KSEK 3,606,045.7 (Q1 2025: KSEK 44,977.7); proprietary trading contributed KSEK 3,602,420.3.

• 2/20 fee tier hedge fund AUM grew by over 90% in the quarter.

• Asset management business generated SEK 360,000 in revenue against SEK 268,000 in operating costs, yielding a positive contribution of SEK 90,000.

• Operating loss: KSEK -35,589.5 (Q1 2025: KSEK -11,852.7); net loss: KSEK -43,062.1 (Q1 2025: KSEK -24,626.4).

Outlook and guidance

• The group is fully financed for the next phase of growth following a recent equity raise.

• Asset management AUM in the 2/20 fee tier increased by over 90% as of 31 March 2026.

• Priorities include scaling asset management, converting institutional pipeline into funded AUM, and bringing broader platform components into production.

• Forward institutional pipeline exceeds USD 300 million.

• Institutional engagement in digital assets is intensifying, and demand for differentiated yield strategies is rising.