Hilbert Group (HILB) Q2 2026 earnings summary

Executive summary

• Navigated a challenging crypto market, with Bitcoin down 14% in Q2 and 26% in H1 2026, yet delivered positive net returns in flagship strategies and completed transformation into an integrated digital financial services platform.

• Fee-paying AUM grew in five of the first six months, reaching USD 119.5 million by June 30, with strong institutional support and new product launches post-period.

• Management fee revenue increased 74% quarter-on-quarter in USD terms, with recurring revenue lines strengthening despite industry-wide outflows.

• Launched new business lines, including HLend and Syntetika, and completed key acquisitions and platform integrations.

• Q2 and H1 results were heavily impacted by non-cash accounting charges, not underlying cash performance.

Financial highlights

• Management and performance fees totaled USD 232,727 for Q2.

• Fee-paying AUM rose 136% in Q1 and an additional 8.5% in Q2, reaching USD 119.5 million by June 30, plus 4,679 Bitcoin in a credit fund.

• Net available liquidity at June 30 was approximately USD 5.5 million, up from USD 3.1 million at year-end.

• Q2 2026 revenue: KSEK 3,679.7; H1 2026: KSEK 7,125.5.

• Q2 net loss: KSEK -44,559.2; H1 net loss: KSEK -87,621.3.

Outlook and guidance

• Focus on converting platform growth into recurring fee revenue and scalable earnings, with cost discipline and new distribution rails.

• Institutional pipeline remains strong, with many allocators in advanced due diligence.

• Syntetika and lending vaults expected to scale further, with over USD 10 million in deposits at launch.

• Priorities include integrating and scaling Enigma and Nordark, advancing regulated digital asset strategy, and preparing for U.S. listing.

• Syntetika went live after the period, expanding on-chain access to flagship strategies.