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HILBERT GROUP · 8 SEPTEMBER 2026 Shareholderbusiness updateNasdaq First North: HILB B · Official information comes from Hilbert Group and its IR channels only FIGURES AS OF 30 JUNE 2026 (SECOND QUARTER) OR 31 AUGUST 2026, AS LABELLED ON EACH SLIDEEdition 1: Regular business update series
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01 · THE BUSINESS EQUATIONCore revenue drivers HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20262 Asset management is the earnings engine: cash income is fee-paying assets times effective fees, with Xapo and the platforms on top. INSTITUTIONAL ASSET MANAGEMENT · HILBERT CAPITAL Funds and separately managed accounts, BTC and USD denominated. Fee-paying assets include those brought via Syntetika. XAPO MANDATE 100% BTC-denominated fund; fees earned in bitcoin. WHAT TO TRACK FEE-PAYING ASSETS USD 79.5mAt 31 August, ex Xapo. EFFECTIVE MANAGEMENT FEE1.14%Annualised, H1 realised. EFFECTIVE PERFORMANCE FEE13.81%Of gross performance, H1 realised. XAPO MANDATE · ASSETS USD 379.1mAt 31 August 2026. XAPO MANDATE · FEE 0.18%Blended share of AUM, annualised. Revenue (cash income) = Management fees + Performance fees + Xapo mandate fees + Other income* Asset management only. * Other income consists of Treasury gains, Hilbert Finance, Enigma and Syntetika related revenue. CONTRACTED AUM USD 110.2mAt 31 August; BTC at the 31 August close.
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02 · THE FEE MODELComponents and growth HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20263 Fee income more than doubled H1 on H1; effective fees move with bitcoin and realised strategy returns.H1 2026 VS H1 2025 · USD (BTC= USD 58,654)H1 2025H1 2026CHANGE Fund feesfunds and SMAs0.07m0.45m6.5xXapo mandate feesin bitcoin0.27m0.29m+6%Fee income0.34m0.73m+116%Other income0.18m0.03m−0.15mCash revenue0.52m0.77m+49% MODEL INPUTS · H1 2026 REALISED, ANNUALISEDEFFECTIVE MANAGEMENT FEE 1.14%of average fee-paying assets EFFECTIVE PERFORMANCE FEE 13.81%of gross performance, H1 realised WHAT LIFTS THE REALISED FEE RATE FROM H1 01Newer mandates are being struck at higher fee levels02Reducing fund operating cost burden. Cost fell from 45% of gross management fees in Q1 to 9% in Q2 as assets grew03Short-term positive effect from bitcoin trading +10% in August versus the Q2 strike. Positive impact on both management and performance fees. Realised H1 fees over average fee-paying assets, annualised. Performance fee as a share of performance before fund opex (standard waterfall).
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03 · AUM AND FEES · H1 2026What bitcoin did to H1: price, assets, fees HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20264 Bitcoin price alone took approx. USD 8.8m off BTC-denominated assets and USD 0.14m off fee income. The opposite effect now inbound for Q3H1 2026 · PRICE EFFECT ONLY, AUM AND RETURNS HELD 1BITCOIN PRICE ~ -25%Bitcoin closed January at USD 78,726. Q2 fees were struck at USD 58,654. That is a 25% fall. 2BTC-DENOMINATED ASSETS ~ USD (8.8m)We held 437.9 BTC at 30 June. Worth USD 34.5m at the January price, USD 25.7m at the June strike. The USD 8.8m gap is price only, about 15% of the book. 3FEE INCOME IMPACT ~ USD (0.14m)Bitcoin fees are priced at the quarter-end close. The same fee quantities at the January price would have been USD 0.14m higher. FEE INCOME EARNED IN BITCOIN · H1 ~62%Struck at the Q2 close, 30 June 2026. THE SAME H1 AT BITCOIN USD 80,000 · ILLUSTRATION USD 0.83m (+14%)H1 fee income of USD 0.73m repriced at BTC price of 80,000. Strike price change only; no additional assets. Bitcoin price moves change asset and fee quantities before any change in AUM. Fees on USD-denominated funds do not move with bitcoin.Price effect only, all else equal. Quantities from the fund administrator; fees at the quarter-end strike. Not guidance. → →
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04 · PERFORMANCEA deliberately defensive first half HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20265 Absolute returns were moderated by design, every strategy outperformed its benchmark; normalising returns lift performance fees.GROSS RETURNS · BEFORE FEESH1Annualised+1.57%Basis+ USD+3.93%+7.36%+0.68%Basis+ BTC+3.13%+6.44% SUMMARY•Absolute returns were muted by design in a bear market•Strong relative outperformance underscores the ability to generate alpha•Market turn-around has positive impact on returns RETURN SENSITIVITY · ILLUSTRATION STRATEGYQ2 VisionTrack Quantitative Index—-10.97%-13.9%VisionTrack Market Neutral Index—+2.74%+4.2% Comparator indices: Galaxy VisionTrack Crypto Hedge Fund Indices (visiontrack.galaxy.com). Index figures to 30 June 2026, derived from published fixings as at 31 July 2026.*Estimated Aug returns included, subject to final T+60 fixing. Indices reflect net-of-fee returns contributed by constituent managers; Hilbert strategy returns are shown gross of fees. Basis+ BTC returns measured in BTC terms.Past performance is not indicative of future results. Higher returns mean higher performance fees on the same asset base. August YTD*+4.91%+4.29%— — On the current USD 79.5m book at the current bitcoin price, with fees at 1.14% and 13.81% and Xapo at its H1 run-rate. USD 2.6m to 3.7mIF BASIS+ FY RETURNS, GROSS 10% to 20%FEES, FULL YEAR
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05 · FEE-PAYING ASSETSFee-paying assets HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20266 Fee-paying assets grew 3.4x to USD 79.5m since 1 January; at a constant bitcoin price the growth is higher still.FEE-PAYING ASSETS* AT 31 AUGUST 2026, BTC REFERENCE: USD 78,539 USD 79.5mFEE-PAYING ASSETS, USD m · REPORTED VS CONSTANT PRICE 3.41xVS 1 JAN 2026 BOOK BY DENOMINATION · 31 AUG · USD 79.5m USD-denominated funds and SMAs62.2%BTC-denominated funds and SMAs37.8%Bitcoin-denominated share moves with the bitcoin price. Fee-paying assets, USD m 23.3 1 JAN 29.5 JAN 42.0 FEB 55.0 MAR 59.5 APR 63.1 MAY 59.7 JUN 61.1 JUL 79.5 AUGAugust is struck at the USD 78,539 reference; the bitcoin line runs to July. At a constant bitcoin price, USD m 45.3 59.060.365.268.468.2 H1 AVERAGE FEE-PAYING ASSETS +6%USD 54.6m at a constant price vs 51.4m reported30 JUNE FEE-PAYING ASSETS +15%USD 68.4m at a constant price vs 59.7m reported * Hilbert Capital funds and SMAs. Excludes Enigma, Xapo and other prop capital. 85k 45k CONTRACTED AUM USD 110.2mAt 31 August; BTC at the 31 August close.
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06 · THE PLATFORMSThree new lines built and ready to be monetised HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20267 Three lines built and live, each measured on its own numbers.LENDING AND PAYMENTS Hilbert FinanceRevenue = loan book ×net interest spread + (trading fee + platform fee) once licensed AT 31 AUGUST USD 2.0mAverage loan book at 31 August 2026; in the deployment phase and not yet public. Rationale: Keeps fund collateral and client flows inside Hilbert PROPRIETARY TRADING EnigmaRevenue = Net trading gains on the group's own capital +11.18%3 positive months, gross; subject to scaling and market conditions. Rationale: Additional strategies that the funds later scale + proprietary trading income ON-CHAIN DISTRIBUTION SyntetikaHilbert Revenue = strategy fees on the assets it brings + share of platform revenue AT 31 AUGUST 163 cbBTCon the platform, 31 August Rationale: Brings on-chain allocators to Hilbert strategies HOW WE MANAGE THEM Each platform runs on a disciplined budget and is measured on its own numbers; capital follows results.ONE-TIME SYSTEM BUILD-OUT · ALREADY PAID USD 2.0mBuilding out Hilbert Finance, Enigma and Syntetika, including acquisition legal fees. A one-time cost; it does not recur. +9.94%+1.53%JUNJULAUG
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07 · LIQUIDITYLiquidity at 30 June 2026: USD 5.5m HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20268 Cash on hand and readily realisable.WHAT WE HOLD AND WHAT IS ON ITS WAY TO US · 30 JUNE 2026 · USD 1Bank cashAvailable USD 1.0m2Stablecoins on exchangeOur settlement currency; available instantly. Not for trading. USD 1.2m3Investment management fees settled within 20 days of month-endEarned to 30 June, paid the following month after official fund NAV strike.USD 0.4m4Inbound funds from recent capital raiseCommitted funds that were not captured in account at quarter end cut-off USD 2.8m=Available or imminently available liquidityUSD 5.5mThe only receivable in this bridge is investment management fees, which are near-cash: settled within about 20 days of month-end. Lines are rounded individually; the total is struck from the unrounded figures.
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08 · COSTCash operating cost HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 20269 Cash operating costs fall from USD 2.7m in Q2 to USD 1.5 to 1.9m in Q4 2026; Q4 is the first full quarter on the new base.NEW COST BASE MIX · FROM 1 SEPTEMBER · % OF TOTAL COST USD m Q1 26Q2 26Q3 26Q4 26Cash operating costs2.22.72.0 to 2.41.5 to 1.9Non-cash share-based charges1.10.5*N/A*N/AReported operating expenses3.33.22.0 to 2.41.5 to 1.9Q1 and Q2 actuals. September on the new base. Reported = cash + non-cash. *Employee compensation programmes forming part of remuneration packages are still to be approved by the board and are expected to be effective by year-end. People36.8%Professional fees38.5%Platforms12.0%Overheads12.7%New cost base budgeted for September 2026 to February 2027: salaries, professional fees, platform costs (Enigma, Hilbert Finance) and overheads. CASH OPERATING COSTS BY QUARTER · USD m CASH OPERATING COSTS · Q2 2026 TO THE NEW COST BASE FROM 1 SEPTEMBER USD 2.7m to 1.5–1.9mQ2 2026 actual to the new cost base period, Sep 2026 to Feb 2027. BUDGET
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09 · PIPELINE · END AUGUST 2026Pipeline quality and conversion HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202610 A USD 292m gross pipeline, weighted to institutions; the landings would roughly double fee-paying assets by Q1 2027. GROSS PIPELINE · END AUGUST 2026 USD 292mActive book across late, mid and early stage; client and stage mix on the next slide. FEE-PAYING ASSETS BRIDGE · USD m · 1 JANUARY 2026 TO Q1 2027 HISTORY, AS REPORTEDCURRENT EXPECTATION ON PIPELINE CONVERSION 23.3 1 JAN 59.7 JUN 79.5 AUG +5 to 20 Q3 ADD 85 to 100 Q3 2026 +5 to 20 Q4 ADD 90 to 120 Q4 2026 +30 to 70 Q1 ADD 120 to 190 Q1 2027AUM inflow is seasonal, as reflected in the expected pipeline conversionAssuming BTC fixed at current levels, expected addition into fee-paying strategies in the quarter; inflows rounded to USD 5m; about USD 50m to 120m added in total by Q1 2027 end. Subject to market conditions.
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09 · PIPELINE · CLIENT AND STAGE MIXWho is in the pipeline. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202611 WHO IS IN THE ACTIVE PIPELINE · % OF ACTIVE BOOKInstitutional, prime and custody44%Other Funds, allocators and advisers27%Other client types14%Foundations and protocols12%Family offices 3%Client types approximate. Excludes Xapo and Syntetika. WHERE THE GROSS BOOK SITS · % OF USD 292mLATE STAGEContract sent or due diligence underway 29%MID STAGEPresentations and follow-up documents 35%EARLY STAGEFirst contact or firm interest; process not yet begun36% Early stage includes check-back opportunities.
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10 · OUTLOOK · FEE REVENUE · BUDGETAdd assets to the current book; compare fee revenue to the new cost base. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202612 At an 18% gross return, converting the pipeline roughly triples quarterly revenue by Q1 2027 while cash opex falls by about a third.ACTUAL BUDGET · PIPELINE LANDINGS · 18% GROSS RETURN · NOT GUIDANCE Q1 2026Q2 2026Q3 2026Q4 2026Q1 2027 Fee-paying AUM, end of quarter USD m55.059.785 to 10090 to 120120 to 190Fund fees, funds and SMAs USD m0.210.230.68 to 0.730.73 to 0.790.9 to 1.4Xapo mandate fees USD m0.140.150.150.150.15Revenue (cash income) USD mfund fees plus Xapomandate fees; other income excluded0.360.380.83 to 0.870.94 to 1.141.1 to 1.55Cash opexUSD mpersonnel and external expenses, paid in cash2.22.72.0 to 2.41.5 to 1.91.5 to 1.9 PATHTO BREAK EVEN Q1 and Q2 actual. Forward: fees accrue on the average assets in the quarter at the H1 realised rates of effective management fee(1.14%) and effective performance fee (13.81%); performance fees on an 18% gross return a year; a flat bitcoin price; assets atthe pipeline landings; Xapo held at Q2. Excludes additional revenue from Hilbert Finance, Enigma and Syntetika —guidance once visibility improves. Working assumptions, not guidance. USD 165–200mCLIENT ASSETS FOR A FULL YEAR · AT CURRENT FEE LEVELS The pipeline reaches the zone by Q1 2027, with USD 292m behind it; each additional USD 50m of assets adds about USD 0.35m to 0.45m of revenue a quarter.
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11 · THE PROOFSWhere the business stands. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202613 Four proofs; the job from here is to convert the pipeline into fee-paying assets. FEE-PAYING ASSETS 3.41xsince 1 January, to USD 79.5m at 31 August FEE INCOME +116%H1 on H1, including Xapo CASH OPERATING COSTS 2.7 to 1.5–1.9USD m, Q2 2026 to Q4 2026 on the new cost base LIQUIDITY USD 5.5mat 30 June, available or arriving THE JOB FROM HERE Convert the pipeline into fee-paying assets.
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Appendix.A · Platform detail HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202614 B · Why reported revenue fell C · Hilbert Finance D · Enigma
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APPENDIX A · PLATFORM DETAILThe three platforms in more detail. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202615 Segment equations, what is live today and what each line still has to prove. Hilbert FinanceRevenue = loan book ×net interest spread + (trading fee + platform fee) once licensed LIVE TODAYhLEND,the overcollateralised lending vault, is liveInstitutional lending desk launchedMiCA and PSD2applications filed with the Malta Financial Services Authority; currently not regulatedPlatform acquired in sharesand consolidated from 19 May 2026STILL TO SHOWPre-full launch/deployment stage loan book USD 2m at 50 to 100 bps. Counterparties and spread at 31 August: to follow EnigmaNet result = trading gains − trading costs, on the capital deployed LIVE TODAYAcquired in the first quarterof 2026 for USD 7.5m upfront in shares plus an earn-outShown net from Q2;H1 2026 net result USD (47k) in the build phase, before capital was deployedTwo strategies liveon proprietary capital since the second quarter closedJune +11.18%,July +9.94%, August +1.53%, gross STILL TO SHOWCapital deployed USD 1.5m. Net trading result at 31 August: to follow SyntetikaHilbert revenue = strategy fees on the assets Syntetika brings + share of platform revenue LIVE TODAYIndependent platform backedby Hilbert; went live in August 2026 with Basis+ BTCIndependent custodyand third-party NAV attestationMore than USD 10m deposited,as reported by Syntetika; 163 cbBTC on the platform at 31 AugustFunded by its own raise;assets brought sit inside the USD 79.5m of fee-paying assetsSTILL TO SHOWTVL 163 cbBTC at 31 August. Assets brought to Hilbert strategies, in USD: to follow
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APPENDIX B · WHY REPORTED REVENUE FELLA zero-margin line left the print. The fees we keep doubled. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202616 Reported revenue fell from SEK 91.2m to SEK 7.1m because a zero-margin trading line left the print; fee generation doubled. The fees we keep doubled: USD 0.34m to USD 0.73m, +116%, H1 on H1. Reported revenue fell only because the zero-margin line left the print. REPORTED REVENUE · H1 2025 VS H1 2026 · SEK M 91.2 86.3 gross trading turnovercoins bought and sold at the same pricezero margin, no longer booked 4.9 fees and other income7.1fees and otherH1 2025 H1 2026 Dark: revenue we keep. Light: the gross trading line that carried the same amount as cost. WHAT CHANGED, IN TWO STEPS Coins bought and sold by the old trading desk were booked as revenue at full value, with the same amount as cost.In H1 2025 that was USD 8.5m of revenue against USD 8.5m of cost, leaving about USD 30k. Big revenue, no margin. That desk stopped. Enigma took its capital and is booked net: only the trading result counts as revenue.Q1 2026 was re-presented on the same basis (SEK 3.4m). No effect on profit, equity or cash. No fee income was lost.
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APPENDIX C · HILBERT FINANCE · DIGITAL-ASSET LENDINGHow it works. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202617 Hilbert Finance connects institutional capital with digital-asset borrowers and earns a spread on over-collateralised loans. c.$56bnCEFI + DEFI LENDING MARKET¹ c.150%TYPICAL COLLATERAL COVERAGE² 24/7AUTOMATED COLLATERAL MONITORING LivePLATFORM COMMERCIALLY OPERATIONAL CAPITAL PROVIDERS Third-party financing partnersHILBERT FINANCE Originates, underwrites and services the loan book BORROWERS Institutions borrowing against digital assetsFUNDING LOANS DRAWN Hilbert Finance earns the spread between its funding terms and the terms offered to borrowers.OVER-COLLATERALISEDCollateral is eligible liquid digital assets.²INSTITUTIONAL CUSTODYCustodians include BitGo and Anchorage.²AUTOMATED RISK CONTROLSMonitoring runs 24/7 with liquidation thresholds.² BUILT · LIVE · READY TO SCALELegal structure, platform, custody and counterparties onboarded; further agreements in negotiation. 1 Galaxy Research, Q2 2026 crypto lending review (August 2026): total crypto-collateralised borrows c.$56.2bn. Context for the addressable opportunity, not a measure of Hilbert Finance’s activity. 2 Collateral levels, eligible assets and liquidationthresholds are agreed transaction by transaction.
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APPENDIX C · HILBERT FINANCE · THE ECONOMICS OF SCALEA capital-light model with significant operating leverage. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202618 Hilbert Finance earns the spread on its lending book while lending capital is provided principally by third-party financing partners.ANNUALISED GROSS SPREAD INCOME · NET SPREAD RETAINED AFTER THIRD-PARTY FUNDING COST¹ AVERAGE LOAN BOOK50 bps100 bps150 bps200 bps $25m$125k$250k$375k$500k$50m$250k$500k$750k$1.0m$100m$500k$1.0m$1.5m$2.0m$300m$1.5m$3.0m$4.5m$6.0mScenarios are based on the average outstanding lending balance, not originated volume; not a forecast, target or guidance.² CAPITAL-LIGHT · LOW BURN · HIGHLY SCALABLE AT A $100m AVERAGE LOAN BOOK c.$1–2mAnnualised gross spread income at 100–200 bps retained.² WHAT DRIVES THE ECONOMICS VolumeGrows with more counterparties and more funding. Spreadc.50–200 bps are retained.¹ Low fixed cost baseOperating costs do not scale proportionately with lending volume. 1 Net spread is the margin retained by Hilbert Finance after the cost of third-party lending capital, before operating costs, credit losses, collateral shortfalls, fees and tax; it is not a measure of net profit. Spreads are agreed transaction by transaction. 2 Scenario analysis on the average outstanding lending balance rather than originated volume.
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APPENDIX D · ENIGMA · PROPRIETARY TRADINGHow Enigma trades.Market-neutral digital-asset strategies on the group’s own capital; eleven strategies from two families share one risk and routing layer. 20k+ORDERS A DAY, EVERY VENUE 24/7TRADING, NO SESSION CLOSE 3 venuesROUTED TO AVAILABLE DEPTH 11STRATEGIES, TWO FAMILIES CAPTURE TO FILL CAPTUREStreaming books, prints and rates from the major venues. NORMALISEOne clock, one symbol space; gap-repaired and reconciled. SIGNALSIndependent engines, each with its own horizon and gate. SIZINGPortfolio-level risk, correlation-aware and capacity-capped. EXECUTIONPassive-first orders, revised continuously through the session. ONE RISK GATENothing reaches an exchange without passing the same capacity and cost gates, whichever engine asked for it. SIMULATIONEvery order is re-run against the book as it actually stood, tick by tick; impact and slippage are fitted per venue, instrument and size. CAPACITYClip size, ladder depth and venue split are priced against the order book, then re-fitted as the book changes. WITHIN THE GROUPTrades the group’s own capital; results are reported net within the Enigma line, subject to scaling and market conditions.Platform and execution characteristics as described by Enigma from live system metadata. Track record: next page.HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202619
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APPENDIX D · ENIGMA · TRACK RECORD BEFORE THE INTEGRATIONEnigma’s book, January 2023 to July 2026.The record below is Enigma’s combined book prior to and independent of the Hilbert integration; it is not Hilbert Group performance. 4.00SHARPE, NET Over 1,285 trading days.+70%RETURN, ANNUALISED Net of financing and transaction cost.−8.1%MAXIMUM DRAWDOWN Peak to trough over the period. 13.4%VOLATILITY, ANNUALISED With returns positive on 60.5% of days.8.6CALMAR RATIO Return over maximum drawdown.7.51T-STATISTIC On the daily mean return. RETURN BY CALENDAR YEAR · NET +32%2023 +85%2024 +80%2025 +103%2026 TO 24 JULY Figures are Enigma’s combined book 2023-01-01 to 2026-07-24, net of financing and transaction cost, compounded at the target risk level of the book and assuming full reinvestment; 40 of 43 calendar months were positive. Past performance is not a guide to future returns and capital is at risk. Within Hilbert Group, Enigma trades the group’s own capitaland is reported net; results are subject to scaling and market conditions. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202620
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DISCLOSURESImportant information. HILBERT GROUP · SHAREHOLDER UPDATE · 8 SEPTEMBER 202621 NO INVESTMENT ADVICE OR OFFERThe information contained in this report and on this website is for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. Nothing in this report constitutes a solicitation, recommendation, endorsement, or offer by Hilbert Group AB (publ) or any third-party service provider to buy or sell any securities, cryptocurrencies, or other financial instruments. FORWARD-LOOKING STATEMENTSThis publication contains forward-looking statements regarding Hilbert Group’s operations, performance, market opportunities, and strategic initiatives. These statements reflect current views and assumptions but are inherently subject to significant business, economic, regulatory, and competitive risks and uncertainties. Actual results, performance, or events may differ materially from those expressed or implied. Hilbert Group undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by law. RISK WARNING & PAST PERFORMANCEInvesting in digital assets, cryptocurrencies, and algorithmic trading strategies involves a high degree of risk, including the loss of principal. Past performance is not indicative of future results. Financial projections and performance metrics are provided without warranty. JURISDICTIONAL RESTRICTIONSThis document is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation or which would subject Hilbert Group AB (publ) to any registration requirement within such jurisdiction.