HILBERT GROUP PUBLISHES INTERIM REPORT FOR THE FIRST QUARTER 2024

The first quarter 2024

(compared to first quarter 2023)

• Revenues amounted to kSEK 11,930.7 (kSEK 5,979.2)
• Operating loss (EBIT) totaled kSEK -7,997.8 (kSEK -8,038.8)
• Result for the period was kSEK -3,520.3 (kSEK -8,831.7)
• Net cash flow from operating activities amounted to kSEK 8,876.8 (kSEK 4,945.2)
• Earnings per share before and after dilution amounted to SEK -0.05 (SEK -0.16)

A PRESENTATION OF THE Q1 2024 REPORT AND THE BUSINESS OUTLOOK FOR HILBERT GROUP CAN BE FOUND HERE.

Highlights from the CEO’s address

Substantial Increase in Income

• Fund management generated 155% of 2023 full year income in Q1 2024 alone. Compared to Q4 of 2023, that represents a 298% increase.
• Advertising income in COIN360.com came in at 40% of 2023 full year income in Q1 2024 alone. Compared to Q4 of 2023, that represents a 153% increase.
• Total revenue in Q1 2024 was 49% of full year revenue in 2023.

3iQ SMA Platform, Competitor to Coinbase SMA, Launched early May and Hilbert receiving a day 1 Investment

As was press released in the beginning of May, 3iQ SMA (separately managed account) has now launched. The asset allocation platform was delayed by a year and Hilbert received the first inflow at the beginning of May this year. 3iQ vetted over a 100 hedge funds and Hilbert was selected out of a handful for day 1 investment at the launch. 3iQ is a $1 billion Canada based institutional investor with which we have a close partnership and their SMA platform has the potential to become one of the largest in the world. The platform caters to institutions, family offices and high net worth individuals globally that want exposure to digital assets.

Coinbase SMA to Launch as Soon as Possible

As has also been press released earlier, Hilbert has been selected as one of 7 asset managers on Coinbase’s institutional asset allocation platform, Coinbase SMA. This platform is also about 1 year delayed in its launch. Such delays are normal in the institutional space where there are higher hurdles for regulatory, compliance and procedural requirements. Currently, no definite launch date has been set by Coinbase. We have been working closely with Coinbase as one of their design partners and pilot customers for the SMA platform. It is clear, that Coinbase is devoting a lot of resources to make the launch happen as soon as possible – it is not about if, but when. Some of the world’s biggest family offices have already signed up for investment once they go live. Coinbase is already the custodian for Blackrock’s $20 billion Bitcoin ETF, and they are very well positioned to become the world’s largest SMA platform for digital assets. We expect Coinbase SMA to be a large funnel of capital into our

The Asset Management Business is all about being Investable

The Hilbert brand is strong. Many institutions consider Hilbert to be 1 out of around 15 investable asset managers globally. Investable means we have the right people, the right experience, the right internal processes and risk management, the right operational setup and the right corporate governance. Unless you tick all the boxes, you will not attract institutional capital and the fact that we now have 13 institutions with a good geographical spread among our investor base, is a testament to our sound and competitive foundations.

For further information, please contact:

Niclas Sandström
CEO Hilbert Group AB
+46 (0)8 502 353 00
[email protected]