Hilbert Group AB (publ) (HILB_B) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Thank you for joining us. I am Bernali Biswal, Group CEO of Helbert Group, and this is our second quarter 2026 presentation. Let me begin with the central message upfront. This was Bitcoin's hardest half since 2022, yet the platform earned through it. Our strategy stayed positive while the market fell. Management fee revenue rose 74% quarter on quarter. Fee paying AUM grew in five of the first six months. Costs are stable and after the reported period, two new engines went live. That is the quarter in essence. The rest of this presentation is the proof. I will cover five areas today. The market we operated in, how the strategies performed, fee revenue and the assets behind it, capital and the platform, and then what comes after the period and where we go from there. First, the backdrop. Because every number today was earned against it. Bitcoin fell 14% in the quarter and 26% over the first half on a month-end basis. June was its worst month since 2022. The price broke below $60,000. US spot Bitcoin ETFs recorded $4.1 billion of outflow in June, their largest month since the launch, and institutional flows turned defensive. So every number we show you today was earned in a market that was materially more difficult, more selective, and less forgiving. At Q1, I said that in markets like these, what matters is not narrative, but execution. The second quarter reinforced that belief. The evidence is in the numbers. Through June, Basis Plus USD returned 2.36% net year to date. Basis Plus Bitcoin returned 2.11% net on top of Bitcoin and Multistrap returned 26.59% net through the first half. Set that against the backdrop, Bitcoin itself lost more than 25% over the same period. That resilience is design, not luck. It matters because this is not beta pretending to...