Hilbert Group AB (publ) (HILB_B) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining us. I am Bernali Biswal, Group CEO of Hilbert Group, and I'm pleased to walk you through our Q4 and full year 2025 results. Let me start with the core message up front. 2025 was the year we transformed our business model. 2026 is the year that platform begins to scale. Over the past year, we reshaped Hilbert into a more institutional, more integrated and more scalable business. We're now seeing clear evidence that the model is working in performance, in capital flows, in investor quality and increasingly in earnings trajectory of the business. The best way to understand 2025 is through what we call Hilbert 2.0. The most important change we made was strengthening the core asset management engine through Liberty Road acquisition, and that is now showing up in performance, AUM momentum, and institutional validation. At the same time, Nordark and Enigma extend the platform into strategically complementary areas that can broaden both our capabilities and our future revenue base. These were not standalone acquisitions. 2025 was the year we built a more institutional, more integrated, and more scalable business. Together with Synthetica, we have now created the foundation for a more complete platform, one built around institutional asset management, trading infrastructure, lending, and over time, on-chain distribution. What this slide is really showing is why the changes we made in 2025 are now starting to matter economically. First, on performance. 2025 demonstrated that we can generate repeatable alpha in difficult market conditions. In easy markets, many models look good. In tougher markets, the difference between a well-built and well-managed platform and a less robust one becomes very clear. And that is the clearest test of whethe...