Hilbert Group (HILB) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked a pivotal transformation into a full-stack digital finance platform, integrating asset management, banking infrastructure (via Nordark), and DeFi (via Syntetika).

• Revenue surged 63% year-over-year in Q3, with nine-month revenues more than doubling versus 2024.

• Major milestones included the Nordark acquisition, Syntetika platform code completion, and a $25B institutional allocation.

• Strategic partnerships, operational milestones, and leadership additions have positioned the business for accelerated institutional adoption and growth.

• Strategic treasury program launched, with significant Bitcoin financing secured.

Financial highlights

• Q3 2025 revenue: KSEK 51,562.6 (up from KSEK 31,551.7 in Q3 2024).

• Nine-month revenue: KSEK 142,764.5 (2024: KSEK 70,786.4), up 102%.

• Q3 EBIT: KSEK -21,433.3; net loss: KSEK -54,330.9; EPS Q3: SEK -0.66.

• Asset management AUM grew 35% quarter over quarter, excluding Byzantine and Syntetika TVL.

• Hilbert Liberty Fund Basis+ Strategy up 30% YTD in USD, Sharpe ratio over 4.

Outlook and guidance

• Syntetika token launch scheduled for Q1 2026, with strong liquidity partnerships in place.

• Focus on converting expanded asset management pipeline into deployed capital and scaling AUM.

• Nordark integration and European banking expansion are key priorities.

• U.S. market entry planned, leveraging new Chairman's networks.

• Positioned for revenue acceleration as institutional adoption of digital assets grows.