Hilbert Group (HILB) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformation to an institutional, integrated, and scalable business model, driven by acquisitions of Liberty Road, Nordark, Enigma, and Syntetika, shifting the business to a diversified digital financial services platform.

• Institutional validation included allocations from a $25B+ investor and a leading sovereign wealth fund, driving Q4 revenue up 45.5% year-over-year and full-year revenue to KSEK 204,139.1.

• The business is seeing success in performance, capital flows, allocator quality, and earnings trajectory.

• Governance was strengthened with Jonathan Morris appointed Chairman and a new board structure.

Financial highlights

• Q4 2025 revenue: KSEK 61,374.7 (up from KSEK 42,191.1 in Q4 2024); full-year revenue: KSEK 204,139.1 (up from KSEK 112,977.5 in 2024).

• Q4 EBIT: KSEK -118,858.8; full-year EBIT: KSEK -170,213.1.

• Q4 net loss: KSEK -113,061.8; full-year net loss: KSEK -218,289.8.

• Asset management AUM grew 45% in January and 28.5% in February 2026, totaling 86% YTD growth by end of February.

• Multi-strategy platform delivered 30% YTD performance as of February 2026; AUM nearing $400M by mid-March.

Outlook and guidance

• Expectation of stronger Q1 2026 results, with momentum in revenue and AUM growth.

• Focus for 2026 is on scaling asset management and integrating complementary verticals.

• Anticipated reduction in cash burn as one-off integration expenses from 2025 subside.

• Early 2026 saw Bitcoin drop over 35% from its October 2025 peak, but strategies delivered strong risk-adjusted returns.

• Forward pipeline of institutional capital close to $300M, with $20M confirmed for next month.