Hilbert Group (HILB) Q1 2026 earnings summary

Executive summary

• 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.

• The period's net loss was KSEK -43,062.1, shaped by non-cash charges including share-based payments and fair-value adjustments.

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

• Institutional allocations and AUM grew, with strong investment performance despite a 25.6% decline in Bitcoin and weaker market sentiment.

Financial highlights

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

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

• Gross margin remained narrow due to the market-neutral trading strategy.

• Equity increased to KSEK 21,520.0 (Q1 2025: KSEK 7,291.5) after SEK 81 million in new share issuances.

• Cash and cash equivalents at period-end: KSEK 4,501.4.

Outlook and guidance

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

• Forward institutional pipeline exceeds USD 300 million.

• No material adverse changes identified; forward-looking statements remain on track.