The first quarter 2025
(compared to first quarter 2024)

• Revenues amounted to KSEK 44,997.7 (KSEK 11,930.7)
• Operating profit/loss (EBIT) totaled KSEK -11,852.7 (KSEK -7,997.8)
• Result for the period was KSEK -24,626.4 (KSEK -3,520.4)
• Net cash flow from operating activities amounted to KSEK -8,253 (KSEK -8,876.8)
• Earnings per share before and after dilution amounted to SEK -0.37 (SEK -0.05)

HILBERT GROUP FINANCIAL REPORTS CAN BE FOUND HERE.

Highlights from the CEO’s address:

Asset management
Performance has been strong across the board:

• BTC Basis+: YTD net return of +17.94% on top of Bitcoin
• USD Basis+: YTD net return of +17.1% in absolute USD terms
• Xapo Byzantine BTC Credit Fund: Current net fund yield of +3.38% on top of Bitcoin

The deal closure and integration of Liberty Road Capital was completed at the end of March 2025 and hence we will see the benefit of this in the Q2 report.

The Xapo’s allocation app for their existing depositors is now completed and they are expecting regulatory approval in June at which point Xapo are aiming to convert roughly 10,000 Bitcoins out of their long-standing depositor base (cornerstone investors) into the Xapo Fund, via the app.

Syntetika
On the innovation front, our tokenization and trading platform, Syntetika, is ahead of schedule. We’ve just completed the first key milestone out of two – the build-out of SyntX, our decentralized exchange for trading tokenized real-world assets (RWAs) such as pre-IPO shares and real estate. The full platform remains on track for a September 2025 launch, with our Bitcoin yield fund as the first tokenized product to be rolled out.

We have started the token sale of the Syntetika token, $SYNT, and we are currently in discussion with 20 VC firms and institutional investors. We expect to close the token seed round of $3-5 million come early July. We already have soft commits for a big part

Leadership & Governance
To support this next chapter, we’ve significantly bolstered our leadership team and Hilbert Group board:

• Steen Jakobsen, former long-time Chief Investment Officer of Saxo Bank, joins the Board
• Russell Thompson appointed Group CIO and Board Member following Liberty Road acquisition. Russell will from now on oversee all investment activity in the firm.
• Ashley Moore, former Copper executive, joins as MD of Hilbert Capital to drive global institutional growth

Looking Ahead
We expect a strong Q2, with several new strategic deals and product milestones on the horizon. Our model – combining performance-focused asset management, proprietary trading, and platform innovation – is designed for long-term value creation.

For further information, please contact:
Barnali Biswal, CEO Hilbert Group AB or
Niclas Sandström, Co-founder Hilbert Group AB
+46 (0)8 502 353 00