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H I L B E R T G R O U P · I N T E R I M R E P O R T Q 2 2 0 2 6 · A U G U S T 2 0 2 6 Q2 2026 Earnings Presentation Barnali Biswal, Group CEO Nasdaq First North: HILB B
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I M P O R TA N T I N F O R M AT I O N Important information and general disclaimer N O I N V E S T M E N T A D V I C E O R O F F E R The 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. F O R W A R D- L O O K I N G S T A T E M E N T S This 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. R I S K W A R N I N G & P A S T P E R F O R M A N C E Investing 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. J U R I S D I C T I O N A L R E S T R I C T I O N S This 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. H I L B E R T G R O U P · Q 2 2 0 2 6 2
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A G E N D A What the quarter proved 01 The market we operated in 02 Investment performance 03 Fee revenue and fee-paying assets 04 Capital, costs and the platform 05 After the period and looking ahead H I L B E R T G R O U P · Q 2 2 0 2 6 3
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0 1 · T H E M A R K E T W E O P E R AT E D I N Bitcoin's hardest stretch since 2022 −14% B I T C O I N · S E C O N D Q U A R T E R month-end basis −26% B I T C O I N · F I R S T H A L F month-end basis $4.1bn U . S . S P O T B I T C O I N E T F O U T F L O W S · J U N E largest month since launch June was Bitcoin's worst month since 2022; the price broke below USD 60,000. Institutional flows turned defensive. H I L B E R T G R O U P · Q 2 2 0 2 6 4
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“In such an environment what matters is not narrative but execution. The evidence is in the numbers.” B A R N A L I B I S WA L · G R O U P C E O , H I L B E R T G R O U P H I L B E R T G R O U P · Q 2 2 0 2 6 5
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H I L B E R T G R O U P · Q 2 2 0 2 6 6
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0 2 · R E L AT I V E P E R F O R M A N C E Growing while the industry contracted T H E I N D U S T R Y · H 1 2 0 2 6 H I L B E R T · H 1 2 0 2 6 −11% What the average crypto hedge fund returned. +2.36% What Basis+ USD returned, net. −20% What fundamental strategies returned. +26.59% What MultiStrat returned, net. Outflows Where industry assets went. 5 of 6 Months our fee-paying AUM grew. The same market, the same six months. H I L B E R T G R O U P · Q 2 2 0 2 6 7
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0 3 · F E E R E V E N U E +74% Management fee revenue, second quarter versus first, in USD. Asset management is cash flow neutral at current AUM and Bitcoin price. ≈ 2× June management fee revenue against the Q1 monthly average, in Bitcoin's worst month since 2022. USD 232,727 Combined management and performance fees, second quarter. H I L B E R T G R O U P · Q 2 2 0 2 6 8
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0 3 · F E E - PAY I N G A S S E T S The market gave us credit, in the form of AUM C O N T R A C T E D H E D G E F U N D A U M · N E T M O N T H L Y C H A N G E +45.0% +28.5% +2.2% +10.5% +2.9% −1.2% B I T C O I N · M O N T H L Y R E T U R N −11.0% −14.9% +1.9% +11.8% −3.5% −20.5% J A N F E B M A R APR MAY J U N +136% Fee-paying AUM growth, first quarter +8.5% Fee-paying AUM growth, second quarter USD 119.5M Contracted hedge fund AUM at 30 June · Byzantine fund 4,679 BTC The growth came in fee-tier hedge fund assets, the AUM with the strongest fee economics. H I L B E R T G R O U P · Q 2 2 0 2 6 9
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0 3 · F E E S E N S I T I V I T Y What Bitcoin price and strategy return do to fees ±6.6% Management fee move for each USD 10,000 in Bitcoin. The exposure runs both ways. ±19.1% Total fee change for each 0.5× move in strategy return, at USD 80K. 47% of H1 management fees are USD-denominated, fixed at any Bitcoin price. T O T A L H 1 F E E S · C H A N G E V E R S U S R E F E R E N C E RETURN $60K $80K ≈ C U R R E N T P R I C E $100K 0.5× −28.8% −19.1% −9.4% 1.0× −11.3% R E F E R E N C E +11.3% 1.5× +6.3% +19.1% +31.9% 2.0× +23.9% +38.2% +52.6% H I L B E R T G R O U P · Q 2 2 0 2 6 10
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0 3 · I N S T I T U T I O N A L S U P P O R T Institutional capital kept coming The institutional pipeline deepened through the period, with allocators who apply the highest due-diligence standards. T H E P R O O F · F I R S T A L L O C A T I O N I N T O B A S I S + T H R O U G H A N E W D I G I T A L- A S S E T Y I E L D S T R U C T U R E 01 Collateral in A crypto-native institution places altcoin collateral into the Basis+ strategy, without dilution. 02 Yield earned The passive coin position earns the strategy's yield. 03 Ownership kept Full ownership of the coins is retained, with their price exposure intact. H I L B E R T G R O U P · Q 2 2 0 2 6 11
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0 4 · C A P I TA L A N D G O V E R N A N C E Capital raised, governance reinforced SEK 46M Directed share issue, May 2026. Proceeds: growth, platform integration, U.S. listing readiness. ≈ USD 5.5M Net available liquidity at 30 June: cash plus receivables, net of payables. Excludes Syntetika funding. Board Fahad Khan, CEO of Plurimi Wealth, appointed to the Board. General meetings Resolutions passed at the Extraordinary and Annual General Meetings. Consolidation Nordark in the Group accounts for the first time, following completion of the acquisition. H I L B E R T G R O U P · Q 2 2 0 2 6 12
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0 4 · T H E P L AT F O R M One platform, led by asset management Hilbert Capital A S S E T M A N A G E M E N T · T H E C O R E E N G I N E Basis+ USD and BTC, MultiStrat, the fund range and SMA mandates. The business that earns the fee revenue today. Enigma M A R K E T - N E U T R A L T R A D I N G Part of the revenue scale model; systematic return streams that complement Basis+. Hilbert Finance T R A D I N G · O T C · L E N D I N G Part of the revenue scale model; lending is its first commercial capability. Syntetika P L A T F O R M H I L B E R T B A C K S The independent platform Hilbert backs; final launch preparation completed in May. H I L B E R T G R O U P · Q 2 2 0 2 6 13
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0 4 · C O S T S within 4% Despite continuing to fund Nordark and Enigma, H1 Group operating costs remained within plan. The burn is easing by design. Near self-funding Asset management cash flow neutral; Syntetika draws no Group funding. Building to earn Hilbert Finance and Enigma live, working to cover their own costs. The result Investment stepping down; no imminent cash need. What remains is a business that earns. H I L B E R T G R O U P · Q 2 2 0 2 6 14
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0 5 · A F T E R T H E P E R I O D Two engines went live hLEND H I L B E R T F I N A N C E · L E N D I N G V A U L T Overcollateralised lending vault, now live Institutions borrow against digital-asset collateral Professional lenders deploy into the same loan book Syntetika T H E I N D E P E N D E N T P L A T F O R M H I L B E R T B A C K S · B A S I S + B T C O N- C H A I N Deposits open for the Basis+ BTC strategy Independent custody, third-party NAV attestation More than USD 10 million deposited (per Syntetika) H I L B E R T G R O U P · Q 2 2 0 2 6 15
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0 5 · L O O K I N G A H E A D Convert the platform into recurring fee revenue F I R S T The base is earning +74% Management fees in the quarter, costs on target. When conditions ease, conversion follows. S E C O N D Syntetika scales Deposits above USD 10 million at launch, per Syntetika. On-chain, the path from interest to allocation is shorter. T H I R D The pipeline converts Institutional allocators in advanced diligence. Their quality is why conversion slowed, and why it holds. The platform is built. What comes next is conversion. H I L B E R T G R O U P · Q 2 2 0 2 6 16
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H I L B E R T G R O U P · I N T E R I M R E P O R T Q 2 2 0 2 6 · A U G U S T 2 0 2 6 Thank you for your continued support. Barnali Biswal, Group CEO Hilbert Group AB (Nasdaq First North: HILB B) · For information only. Not investment advice and not an offer. Views are theauthor’s at the date shown and can change without notice. Past performance is not indicative of future results.