August 29, 2025
The second quarter 2025
(compared to second quarter 2024)

• Revenues amounted to KSEK 46,224.2 (KSEK 27,304.1)
• Operating profit/loss (EBIT) totalled KSEK -18,068.2 (KSEK -13,736.7)
• Results for the period were KSEK -26,270.8 (KSEK -14,996.8)
• Net Cash flow from operating activities amounted to KSEK -2,790.4 (KSEK -5,191)
• Earnings per share before and after dilution amounted to SEK -0.36 (SEK -0.23)

Year to date January – June 2025
(compared to January - June 2024)

• Revenues amounted to KSEK 91,201.9 (KSEK 39,234.8)
• Operating profit/loss (EBIT) totaled KSEK -29,920.9 (KSEK -21,734.5)
• Results for the period were KSEK -50,897.2 (KSEK -18,517.1)
• Cash flow from operating activities amounted to KSEK -11,043.3 (KSEK -14,067.8)
• Earnings per share before and after dilution amounted to SEK -0.73 (SEK -0.29)

HILBERT GROUP FINANCIAL REPORTS CAN BE FOUND HERE.

A VIDEO PRESENTATION OF THE Q2 2025 REPORT AND THE BUSINESS OUTLOOK FOR HILBERT GROUP CAN BE FOUND HERE.

Highlights from the CEO’s address

Xapo Partnership Milestone
A significant development this quarter was Xapo securing the requisite licensing required for their banking app launch. With the app going live on 1st of September, Xapo is positioned to convert approximately 10,000 Bitcoins from their existing depositor base. This represents a cornerstone opportunity for our asset management division and validates our strategic partnership approach.

Syntetika: Platform Innovation Accelerating
We’re on track for our full platform launch in September 2025, with SyntX – our decentralized exchange for tokenized real-world assets – already completed as the first of two key development milestones. Our $SYNT token seed round exceeded all expectations, achieving 6x oversubscription and ultimately expanding to $2.5 million to accommodate strategic partner participation. This overwhelming market response validates investor confidence in Syntetika’s revolutionary mission to seamlessly integrate decentralized finance with institutional-grade asset management.

Treasury Strategy
On July 4th, Hilbert unveiled our differentiated digital assets treasury program, representing a paradigm shift in corporate treasury management. We are implementing an advanced capital allocation framework designed to optimize balance sheet efficiency while creating distinctive shareholder value through alpha creation and strategic ecosystem partnerships.
Unlike conventional crypto treasury approaches, Hilbert will actively manage our treasury capital to generate additional alpha while prudently managing downside volatility exposure. Beyond our LDA financing facility, we are currently in advanced negotiations with multiple institutions regarding additional strategic financing arrangements.

Market Outlook and Strategic Vision
We remain exceptionally well-positioned in an increasingly favorable market environment. Bitcoin’s continued strength, accelerating institutional adoption, and improving regulatory clarity – particularly in the US – create tailwinds for our entire business model.

The tremendous progress made across our underlying business fundamentals – from our expanding asset management pipeline to the exceptional traction of our Syntetika platform – demonstrates the strength of our strategic execution. With our comprehensive financing arrangements now in place, we are fully funded to execute our operational roadmap for the foreseeable future, providing us with the strategic flexibility to capitalize on market opportunities without capital constraints.

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