K33 delivered 740M SEK in revenue in Q1 2026, up 64% year-over-year and 73% quarter-over-quarter, despite overall spot market volumes declining approximately 15% during the quarter. Trading activity in K33 Markets remained solid throughout the period, reflecting continued operational momentum and increased activity from larger clients and counterparties. During the quarter, K33 launched crypto-backed lending, completed a major platform upgrade with full bank integration, and expanded its Bitcoin exposure through the acquisition of a 46% stake in Sixty Six Capital.

The full report for Q1 2026 is available on k33.com/ir/reports.

Highlights

• Continued growth despite weaker market conditions
  • Group revenue increased to 739,822 kSEK (450,165), driven by higher trading volumes in K33 Markets despite overall spot market volumes declining approximately 15% quarter-over-quarter.
• Strong trading activity into 2026
  • K33 Markets’ 12-month rolling trading volume reached approximately 2.7bn SEK during Q1 2026.
• Launch of crypto-backed lending
  • K33 launched crypto-backed lending, enabling eligible clients to unlock liquidity using digital assets as collateral.
• Expanded strategic Bitcoin exposure
  • K33 entered into an agreement to acquire a 46% stake in Sixty Six Capital, increasing the Group’s effective Bitcoin exposure and strengthening its treasury strategy.
• Result impacted by lower Bitcoin prices
  • The result for the quarter was significantly impacted by realized and unrealized losses related to the Group’s Bitcoin holdings following the decline in Bitcoin prices during the quarter. Since quarter-end, Bitcoin prices have recovered materially, positively impacting the value of the Group’s direct and indirect Bitcoin exposure

First quarter of 2026
-compared to the first quarter of 2025-

• Group revenue increased to 739,822 kSEK (450,165)
• EBITDA amounted to -6,103 kSEK (-2,692)
• Adjusted EBITDA amounted to -3,674 kSEK (-1,844)
• EBIT amounted to -15,468 kSEK (-4,586)
• The result for the period amounted to -35,815 kSEK (-4,033)
• Earnings per share before dilution amounted to SEK -0.0025 (-0.0003)
• Earnings per share after dilution amounted to SEK -0.0024 (-0.0003)

Torbjørn Bull Jenssen, CEO of K33, comments:

“Q1 showed continued progress for K33 in a weaker market. Revenue grew, trading activity remained solid, crypto-backed lending was launched, and a major platform upgrade went live with full bank integration. K33 is now ready for MiCA approval, which we expect by the end of Q2, and our acquired position in Sixty Six Capital strengthens our long-term Bitcoin strategy. The foundation is in place. The next phase is scaling the business.”

Webcast presentation
The company will hold a webcast presentation today at 08:00 CET, during which CEO Torbjørn Bull Jenssen will present the report. Investors, analysts, and media are invited to follow the webcast.

Webcast link: https://qcnl.tv/p/yeDAWbPa8ASiyJiP0178sg

No pre-registration is needed for the webcast. The presentation will be held in English.