2026 Q2 -tulosraportti
UUTTA
1 päivä sitten
‧16 min
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 15 048 | - | - | ||
| 4 255 | - | - | ||
| 31 297 | - | - | ||
| 28 700 | - | - | ||
| 3 300 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
·3 t sittenRarely do I care if management buys shares, but if they really want to stand behind their words and guidance, then this is the time to load up heavily.
It's easy to assume that there is current inside info when so much happens that prevents insider buying.
·7 t sittenPerhaps we should make an attempt to use the forum for something constructive: IR was supposed to collect questions for Q&A over the next 24 hours related to the report. What have you asked about here, or what would you like to know? Comment below, and we will review it when this consolidated Q&A round is published next week. From there we can discuss the answers, and jointly send a new email regarding any unanswered questions, or if something was unclear, on behalf of several investors. Then perhaps those with closer contact/network with the company can take the lead in sending on our behalf. Alternatively, I can do it. So comment away, what do you want to know now after the report?
I have 2 questions: 1. Caddie, is their investment in synthetics postponed or completely off the agenda? If it's still on, is there a timeline? 2. The US listing, is it even worth putting money into it now or will it become a delayed affair?- ·8 t sitten · MuokattuToday's repricing is real, and in my opinion, deserved. Hilbert has since 2024 communicated very ambitiously, without the ambitions currently being reflected in the financial statements. In the Q2 presentation, I also heard nothing concrete about the path towards cash break-even, which had previously been highlighted. Revenues are still modest. Hilbert reports 119,5musd in «contracted hedge fund AUM», while the accounting note shows 581,2msek in AUM in funds and SMAs at quarter-end, excluding Byzantine - roughly around 60-62 musd (p32 in the report). If the entire 119,5 musd was paid in and fee bearing at something close to 2/20, a 2 % fixed fee alone would amount to around 2,4musd annually, before performance fees. This poorly aligns with fund income of 3,5msek in Q2. It could admittedly be a time effect. Capital that came in late in Q2 will only yield its full quarterly effect in Q3. But that doesn't explain the difference between two AUM figures reported on the same date. Hilbert should reconcile the terms: How much is actually funded and fee-bearing? How much is signed, but not funded? How much is pipeline? What is the actual blended management fee? CEO still refers to «strong investor interest» and «advanced discussions», and institutional DD processes naturally take time. But sooner or later, interest must turn into funded AUM and revenues. Pipeline doesn't pay the costs, and I therefore place zero value on it until it converts. In July, contracted hedge fund AUM fell from 119,5 to 108musd, while net inflow/outflow was -2,18 %. Certain new allocations are therefore not in themselves proof of strong overall development. Cash flow before working capital was approximately -16msek in Q1 and -23 msek in Q2. Nevertheless, the CEO says: «The burn is easing by design.» That's not what the numbers show(!!!) What she is actually describing is an expectation of lower burn later when the investment phase subsides and Hilbert Finance and Enigma cover their own costs. It's a forecast that sounds fancy, not a result. Then we have the slide with BIG text «within 4%» on cost. Four % of what? Apparently, it just means that H1 costs were within 4 % of an internal budget we don't get to see. We don't know if they were over or under, or which costs are included. An expensive budget doesn't become good just because you hit it. What an incredibly strange thing to report on an entire page in the presentation. The liquidity communication is also unclear. The report shows around 1,1-1,2musd in cash at the end of June, while the presentation shows 5,5 musd in «net available liquidity», based on cash, receivables and payables. There may be a legitimate reconciliation, but it is not shown. Thus, the communication slides from actual cash to a broader, management-defined liquidity measure that looks much stronger. And what is the runway? Perhaps they don't even know themselves. The Byzantine figure as of June 30 also varies between the presentation and previous KPI reporting. It could be a typo, but when the company already uses several AUM and liquidity terms, the key figures should at least be consistent. The CIO says that the company is now «materially different». Yes, Hilbert is larger, has more business areas and more infrastructure. But financially, the group is still far from cash break-even, and costs more per month. Flywheel and inflection are starting to be urgent with respect to CBE. We also received no meaningful figures about the loan book in Hilbert Finance. The market is described as enormous. The same applies to Asset Management, but there Hilbert has so far not converted the opportunities anywhere near the pace shareholders were led to expect. Why should the market automatically price in that the lending part will be more successful? There it was with trust again. There may be little to "catch them on" legally. Words like «target», «pipeline», «interest», «contracted», «working towards» and «by design» give a lot of leeway. But overall, the communication is not very reassuring. To put it mildly! I therefore strongly disagree that «the case has not changed». When AUM, which was supposed to be the main engine, does not convert at the promised pace while the group continues to burn significant capital, both the timeline and the financing risk have changed. Let's discuss.
I greatly appreciate your constructive and informative posts @Danlars_1982. You are a very important counterweight both with knowledge and a realistic approach to the case. Hope the engagement continues 😊
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 3 436 361 | 3 436 361 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 3 436 361 | 3 436 361 | 0 | 0 |
2026 Q2 -tulosraportti
UUTTA
1 päivä sitten
‧16 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·3 t sittenRarely do I care if management buys shares, but if they really want to stand behind their words and guidance, then this is the time to load up heavily.It's easy to assume that there is current inside info when so much happens that prevents insider buying.
- ·7 t sittenPerhaps we should make an attempt to use the forum for something constructive: IR was supposed to collect questions for Q&A over the next 24 hours related to the report. What have you asked about here, or what would you like to know? Comment below, and we will review it when this consolidated Q&A round is published next week. From there we can discuss the answers, and jointly send a new email regarding any unanswered questions, or if something was unclear, on behalf of several investors. Then perhaps those with closer contact/network with the company can take the lead in sending on our behalf. Alternatively, I can do it. So comment away, what do you want to know now after the report?I have 2 questions: 1. Caddie, is their investment in synthetics postponed or completely off the agenda? If it's still on, is there a timeline? 2. The US listing, is it even worth putting money into it now or will it become a delayed affair?
- ·8 t sitten · MuokattuToday's repricing is real, and in my opinion, deserved. Hilbert has since 2024 communicated very ambitiously, without the ambitions currently being reflected in the financial statements. In the Q2 presentation, I also heard nothing concrete about the path towards cash break-even, which had previously been highlighted. Revenues are still modest. Hilbert reports 119,5musd in «contracted hedge fund AUM», while the accounting note shows 581,2msek in AUM in funds and SMAs at quarter-end, excluding Byzantine - roughly around 60-62 musd (p32 in the report). If the entire 119,5 musd was paid in and fee bearing at something close to 2/20, a 2 % fixed fee alone would amount to around 2,4musd annually, before performance fees. This poorly aligns with fund income of 3,5msek in Q2. It could admittedly be a time effect. Capital that came in late in Q2 will only yield its full quarterly effect in Q3. But that doesn't explain the difference between two AUM figures reported on the same date. Hilbert should reconcile the terms: How much is actually funded and fee-bearing? How much is signed, but not funded? How much is pipeline? What is the actual blended management fee? CEO still refers to «strong investor interest» and «advanced discussions», and institutional DD processes naturally take time. But sooner or later, interest must turn into funded AUM and revenues. Pipeline doesn't pay the costs, and I therefore place zero value on it until it converts. In July, contracted hedge fund AUM fell from 119,5 to 108musd, while net inflow/outflow was -2,18 %. Certain new allocations are therefore not in themselves proof of strong overall development. Cash flow before working capital was approximately -16msek in Q1 and -23 msek in Q2. Nevertheless, the CEO says: «The burn is easing by design.» That's not what the numbers show(!!!) What she is actually describing is an expectation of lower burn later when the investment phase subsides and Hilbert Finance and Enigma cover their own costs. It's a forecast that sounds fancy, not a result. Then we have the slide with BIG text «within 4%» on cost. Four % of what? Apparently, it just means that H1 costs were within 4 % of an internal budget we don't get to see. We don't know if they were over or under, or which costs are included. An expensive budget doesn't become good just because you hit it. What an incredibly strange thing to report on an entire page in the presentation. The liquidity communication is also unclear. The report shows around 1,1-1,2musd in cash at the end of June, while the presentation shows 5,5 musd in «net available liquidity», based on cash, receivables and payables. There may be a legitimate reconciliation, but it is not shown. Thus, the communication slides from actual cash to a broader, management-defined liquidity measure that looks much stronger. And what is the runway? Perhaps they don't even know themselves. The Byzantine figure as of June 30 also varies between the presentation and previous KPI reporting. It could be a typo, but when the company already uses several AUM and liquidity terms, the key figures should at least be consistent. The CIO says that the company is now «materially different». Yes, Hilbert is larger, has more business areas and more infrastructure. But financially, the group is still far from cash break-even, and costs more per month. Flywheel and inflection are starting to be urgent with respect to CBE. We also received no meaningful figures about the loan book in Hilbert Finance. The market is described as enormous. The same applies to Asset Management, but there Hilbert has so far not converted the opportunities anywhere near the pace shareholders were led to expect. Why should the market automatically price in that the lending part will be more successful? There it was with trust again. There may be little to "catch them on" legally. Words like «target», «pipeline», «interest», «contracted», «working towards» and «by design» give a lot of leeway. But overall, the communication is not very reassuring. To put it mildly! I therefore strongly disagree that «the case has not changed». When AUM, which was supposed to be the main engine, does not convert at the promised pace while the group continues to burn significant capital, both the timeline and the financing risk have changed. Let's discuss.I greatly appreciate your constructive and informative posts @Danlars_1982. You are a very important counterweight both with knowledge and a realistic approach to the case. Hope the engagement continues 😊
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 15 048 | - | - | ||
| 4 255 | - | - | ||
| 31 297 | - | - | ||
| 28 700 | - | - | ||
| 3 300 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 3 436 361 | 3 436 361 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 3 436 361 | 3 436 361 | 0 | 0 |
2026 Q2 -tulosraportti
UUTTA
1 päivä sitten
‧16 min
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Datan lähde: Quartr| Seuraava tapahtuma | |
|---|---|
2026 Q3 -tulosraportti 30.11. |
| Menneet tapahtumat | ||
|---|---|---|
2026 Q2 -tulosraportti 31.8. | ||
2026 Q1 -tulosraportti 29.5. | ||
2025 Q4 -tulosraportti 31.3. | ||
2025 Q3 -tulosraportti 28.11.2025 | ||
2025 Q2 -tulosraportti 29.8.2025 |
Foorumi
Liity keskusteluun Nordnet Socialissa
Kirjaudu
- ·3 t sittenRarely do I care if management buys shares, but if they really want to stand behind their words and guidance, then this is the time to load up heavily.It's easy to assume that there is current inside info when so much happens that prevents insider buying.
- ·7 t sittenPerhaps we should make an attempt to use the forum for something constructive: IR was supposed to collect questions for Q&A over the next 24 hours related to the report. What have you asked about here, or what would you like to know? Comment below, and we will review it when this consolidated Q&A round is published next week. From there we can discuss the answers, and jointly send a new email regarding any unanswered questions, or if something was unclear, on behalf of several investors. Then perhaps those with closer contact/network with the company can take the lead in sending on our behalf. Alternatively, I can do it. So comment away, what do you want to know now after the report?I have 2 questions: 1. Caddie, is their investment in synthetics postponed or completely off the agenda? If it's still on, is there a timeline? 2. The US listing, is it even worth putting money into it now or will it become a delayed affair?
- ·8 t sitten · MuokattuToday's repricing is real, and in my opinion, deserved. Hilbert has since 2024 communicated very ambitiously, without the ambitions currently being reflected in the financial statements. In the Q2 presentation, I also heard nothing concrete about the path towards cash break-even, which had previously been highlighted. Revenues are still modest. Hilbert reports 119,5musd in «contracted hedge fund AUM», while the accounting note shows 581,2msek in AUM in funds and SMAs at quarter-end, excluding Byzantine - roughly around 60-62 musd (p32 in the report). If the entire 119,5 musd was paid in and fee bearing at something close to 2/20, a 2 % fixed fee alone would amount to around 2,4musd annually, before performance fees. This poorly aligns with fund income of 3,5msek in Q2. It could admittedly be a time effect. Capital that came in late in Q2 will only yield its full quarterly effect in Q3. But that doesn't explain the difference between two AUM figures reported on the same date. Hilbert should reconcile the terms: How much is actually funded and fee-bearing? How much is signed, but not funded? How much is pipeline? What is the actual blended management fee? CEO still refers to «strong investor interest» and «advanced discussions», and institutional DD processes naturally take time. But sooner or later, interest must turn into funded AUM and revenues. Pipeline doesn't pay the costs, and I therefore place zero value on it until it converts. In July, contracted hedge fund AUM fell from 119,5 to 108musd, while net inflow/outflow was -2,18 %. Certain new allocations are therefore not in themselves proof of strong overall development. Cash flow before working capital was approximately -16msek in Q1 and -23 msek in Q2. Nevertheless, the CEO says: «The burn is easing by design.» That's not what the numbers show(!!!) What she is actually describing is an expectation of lower burn later when the investment phase subsides and Hilbert Finance and Enigma cover their own costs. It's a forecast that sounds fancy, not a result. Then we have the slide with BIG text «within 4%» on cost. Four % of what? Apparently, it just means that H1 costs were within 4 % of an internal budget we don't get to see. We don't know if they were over or under, or which costs are included. An expensive budget doesn't become good just because you hit it. What an incredibly strange thing to report on an entire page in the presentation. The liquidity communication is also unclear. The report shows around 1,1-1,2musd in cash at the end of June, while the presentation shows 5,5 musd in «net available liquidity», based on cash, receivables and payables. There may be a legitimate reconciliation, but it is not shown. Thus, the communication slides from actual cash to a broader, management-defined liquidity measure that looks much stronger. And what is the runway? Perhaps they don't even know themselves. The Byzantine figure as of June 30 also varies between the presentation and previous KPI reporting. It could be a typo, but when the company already uses several AUM and liquidity terms, the key figures should at least be consistent. The CIO says that the company is now «materially different». Yes, Hilbert is larger, has more business areas and more infrastructure. But financially, the group is still far from cash break-even, and costs more per month. Flywheel and inflection are starting to be urgent with respect to CBE. We also received no meaningful figures about the loan book in Hilbert Finance. The market is described as enormous. The same applies to Asset Management, but there Hilbert has so far not converted the opportunities anywhere near the pace shareholders were led to expect. Why should the market automatically price in that the lending part will be more successful? There it was with trust again. There may be little to "catch them on" legally. Words like «target», «pipeline», «interest», «contracted», «working towards» and «by design» give a lot of leeway. But overall, the communication is not very reassuring. To put it mildly! I therefore strongly disagree that «the case has not changed». When AUM, which was supposed to be the main engine, does not convert at the promised pace while the group continues to burn significant capital, both the timeline and the financing risk have changed. Let's discuss.I greatly appreciate your constructive and informative posts @Danlars_1982. You are a very important counterweight both with knowledge and a realistic approach to the case. Hope the engagement continues 😊
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Nordnet Socialin käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Määrä
Osto
-
Myynti
Määrä
-
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 15 048 | - | - | ||
| 4 255 | - | - | ||
| 31 297 | - | - | ||
| 28 700 | - | - | ||
| 3 300 | - | - |
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Rahastot ja ETF:t, joilla on osaketta
Mikään rahasto ei ilmoita osaketta kymmenen suurimman omistuksensa joukossa.
Asiakkaat katsoivat myös
Välittäjätilasto
Ostaneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 3 436 361 | 3 436 361 | 0 | 0 |
Myyneet eniten
| Välittäjä | Ostettu | Myyty | Netto | Sisäinen |
|---|---|---|---|---|
| Anonyymi | 3 436 361 | 3 436 361 | 0 | 0 |