Connecting Excellence Group Ltd · OTC:XCELF
Connecting Excellence — Investor Presentation (August 2026)
27 slides from Connecting Excellence's investor presentation, August 2026
Slide 1: A scalable operating group designed to grow as a result of a disciplined Bitcoin treasury
CONNECTING EXCELLENCE GROUP PLC A scalable operating group designed to grow as a direct result of a disciplined Bitcoin treasury. AQSE:XCE OTCQB: XCELF
Slide 2: Disclaimer
DISCLAIMER This document, including the accompanying narrative (if applicable), (this "Presentation") does not constitute an offer or invitation or a solicitation of any offer or invitation for the sale or purchase of any securities in the capital of Connecting Excellence Group plc (the "Company").
Slide 3: 2021 to 2025 80% BTC drawdown. 37% revenue CAGR throughout. Buying consistently.
2014 2016-2020 2021-2025 2025 2026 Spencer Riley founded CEO’s Bitcoin Group adopts BTC Creation of XCE the Bitcoin- Executive recruitment Journey balance sheet strategy XCE and powered executive agency established in 2021 AQSE IPO recruitment group 2021 to 2025 80% BTC drawdown. 37% revenue CAGR th
Slide 4: A team connecting excellence
A team connecting excellence Scott Ellam Angus Gladish Richard Byworth Vijay Selvam Sam Roberts Founder & CEO CFO Board Advisor NED and Advisor Non-Exec Chairman Founder and CEO of 15+ years advising AIM and 20+ years' experience across Specialist in digital asset 25+ years advising institutional Sp
Slide 5: Key strategic investor: Adam Back
Key strategic investor: Adam Back Why Adam Back matters Globally respected Bitcoin pioneer and entrepreneur. Inventor of Hashcash, the technology referenced by Satoshi Nakamoto in the Bitcoin whitepaper. Co-founder and CEO of Blockstream, one of the world's leading Bitcoin infrastructure companies.
Slide 6: Why recruitment creates attractive economics
Why recruitment creates attractive economics Asset light Cash-generative Recurring client relationships Highly fragmented acquisition market Strong cash conversion The Asset The individual recruiters. Their network. Their billings. The Result Increasing headcount increases cash generated. Positively
Slide 7: Why XCE wins
Why XCE wins Traditional recruitment firms face XCE addresses each three structural constraints through Hiring & retention Public markets Exit & succession Equity incentives Growth capital Bitcoin treasury XCE provides the solution to every owner and every recruiter. Positively disrupting Executive
Slide 8: A fragmented market ripe for consolidation
A fragmented market ripe for consolidation Thousands of profitable recruitment businesses generate strong cash flow but have limited succession and exit options. Many recruitment businesses are Founder-led with no natural succession plan. Highly profitable but difficult to sell because value sits wi
Slide 9: How XCE creates shareholder value through acquisitions
How XCE creates shareholder value through acquisitions WHAT COMES INTO XCE THE XCE ACQUISITION ENGINE SHAREHOLDER OUTCOMES The target company +15 fee-earners Immediate headcount and revenue ~15 billing recruiters growth Cash for cash — £3m revenue the £1m round-trips into BTC +£3m revenue, +£1m prof
Slide 10: Two ways to fund a deal
Two ways to fund a deal Minimal net cash cost either way. Both grow the operating business. 1 Funded by equity 2 Self funded Raise cash → complete → reserve buys Bitcoin No raise → no dilution → the deal pays for itself Bitcoin per share up No dilution DAY ONE CASH DAY ONE CASH Paid from the equity
Slide 11: Target acquisition profile and scale
Target acquisition profile and scale A highly fragmented market provides a substantial long-term acquisition pipeline. Target acquisition profile Target acquisition profile Initial target businesses Initial target businesses £1m–£15m revenue UK: ~£3.5bn 5–50 employees Global: ~£35bn Profitable and c
Slide 12: How XCE creates shareholder value through hiring
How XCE creates shareholder value through hiring WHAT THE RECRUITER BRINGS THE XCE HIRING ENGINE SHAREHOLDER OUTCOMES The high performer +£200k-£500k+ per hire £200k-£500k+ billings p.a. Bill. Build. Own. Compound. Revenue from day one, no capex BILL A 10+ year billing career 1 Earnings linked to pe
Slide 13: Target hire profile and scale
Target hire profile and scale Executive recruiters self generate revenues and profits with their own network and skillset. Target hire profile (per hire) Hiring opportunity £200-600k revenue Executive recruitment market 50% gross profit ~300 immediate network (~£60m revenue) ~5,000 in the UK Special
Slide 14: Designed for scalable growth
Designed for scalable growth Diversified by sector XCE can expand across multiple specialist recruitment markets, reducing dependence on any single industry while increasing acquisition opportunities. Diversified by international regions Executive recruitment is increasingly cross-border. XCE is str
Slide 15: Compounding dual flywheel
Compounding dual flywheel Cash generating acquisitions & hires OPERATING Free cashflow BUSINESSES Executive Recruitment Price appreciation BTC TREASURY VALUE EXPANSION BALANCE SHEET EBITDA + mNAV Actively managed Equity issuance Capital market demand 14
Slide 16: Half results and highlights since IPO
Half 1 results and highlights since IPO including Spencer Riley £1.2m £0.89m 20.3% £0.78m £0.34m Group Revenue Net Fee Income Group Gross Profit Operating Profit – Spencer Riley The period from 14 May – 31 Dec 2025 01 July – 31 December 2025 H1 FY2026 H1 FY2026 Recruitment Operations Growth Platform
Slide 17: Where the fees come from
Spencer Riley – Group Company 1 Where the fees come from BY DIVISION - EXAMPLE CLIENTS GEOGRAPHICAL INCOME Professional Services Asia & ROW PWC · KPMG · Deloitte · International leaders 4% Middle Business Advisory East Alvarez & Marsal · Simon-Kucher · Berkeley Research Group · Global leaders 7% Eng
Slide 18: The mandates we place
Spencer Riley – Group Company 1 The mandates we place Illustrative title and salary ranges by division. Senior and leadership mandates, invoiced on success or retained. DIVISION TYPICAL MANDATE ~SALARY RANGES ~FEE PER PLACE MENT Professional Services C-suite / VP / Head of Function / Partner / Direc
Slide 19: Bitcoin treasury: Progress since Dec 11th 2025 IPO
Bitcoin treasury: Progress since Dec 11th 2025 IPO Pre-IPO Treasury Post-IPO BTC accumulation Current Treasury Holding: Operating cashflow Holding: 9.27 BTC + 1.581 BTC in 2026 62.93* BTC Average Purchase Price: Capital Raises Total value: ~$4m 43.15 BTC ~$50,000 Tranches Ave price: $81,847 Return o
Slide 20: Why XCE holds bitcoin
Why XCE holds bitcoin Preserve purchasing power Rather than allowing surplus capital to sit in cash, XCE allocates part of its The operating business generates cash treasury to what it believes is a superior long-term reserve asset. flow. The treasury strategy determines how that capital is allocate
Slide 21: The opportunity: every capital raise designed to
The opportunity Every capital raise designed to: Build a compounding acquiring-and-hiring business, consolidating a billion-dollar-plus international market. Strengthen the Bitcoin treasury 300+ billing recruiters locally → 5,000+ UK → tens of thousand globally Increase revenue and profit 30+ privat
Slide 22: Scaling revenue and treasury toward an uplisting
THE OPPORTUNITY AND MEDIUM-TERM OBJECTIVES Scaling revenue and treasury toward an uplisting M AR K E T C A P £10m £30m £50m £100m milestone uplisting criteria uplisting executable milestone REVENUE £10m £25m £50m £100m BITCOIN HELD 63 BTC 100 BTC 200 BTC 500 BTC 1,000 BTC At around 200 BTC, the trea
Slide 23: Join us.
Join us. Disrupting global executive recruitment. xce.io| @xceofficial | AQSE: XCE | OTCQB: XCELF XCE – Connecting Excellence Group PLC 22
Slide 24: Appendix
Appendix 23
Slide 25: Key Share Data
Key Share Data Significant Shareholders AQSE: XCE Scott Ellam ~25.1% Exchanges OTCQB: XCELF Market Cap ~£5.5m Adam Back ~22.9% Shares in issue 422,765,687 Pulse Investment Fund ~5.6% % in public hands ~19.7% Zeus Investment Management ~3.4% Share price ~1.30p Premier Fund Managers ~2.8% Options 42,0
Slide 26: Advisers
Advisers AlbR Capital Hill Dickson Yellow Jersey PR Limited Joint Broker and AQSE Adviser Legal Advisers Financial PR and Media 3rd Floor, 80 Cheapside The Broadgate Tower Consultants to the Company London EC2V 6EE 20 Primrose Street 231-232 Strand Tel: +44 (0) 20 7469 0930 London EC2A 2EW London, W
Slide 27: Strategic optionality to acquire and hire next
THE NEXT MANDATE Strategic optionality to acquire and hire next Illustrative target markets - high-value, growth sectors, and strategically aligned with XCE. AI & Data Centres Digital Assets Venture Capital → High-growth build-out of the decade → Aligned with XCE’s principles → High-growth, high-val
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