Capital B · EURONEXT:ALCPB
Capital B — The Blockchain Group — FY2024 Earnings Presentation
25 slides from Capital B's earnings presentation, Apr 30, 2025
Slide 1: TBG – Europe's First Bitcoin Treasury Company
TBG – Europe’s First Bitcoin Treasury Company Listed on Euronext Growth Paris (ticker: ALTBG) FY24 Annual Results, FY24-25 BTC Strategy April 30, 2025
Slide 2: Disclaimer & Risk Factors
DISCLAIMER & RISK FACTORS This docume nt doe s not constitute an offe r to s ell or a solicitation to purchase se curities in any jurisdic tion. It may not b e regarde d as an offe r, solicitation, or s ale in any jurisdiction where such an offer, solic ita tion, or sale would be unlaw ful be fore r
Slide 3: Important Information About BTC KPIs
IMPORTANT INFORMATION ABOUT BTC KPIs The Blockchain G roup (the “Company”) uses ‘BTC Yie ld’, ‘BTC G ain’ and ‘BTC € Gain’ as Key Pe rfo rmance Indicators (KPIs) to monitor its Bitcoin Tre asu ry Company strategy. These indicato rs illustrate the manne r in which the Company fin ances the acquisitio
Slide 4: Introduction
The Blockchain Group € INTRODUCTION
Slide 5: The Largest Institutions Are Adopting Bitcoin
THE LARGEST INSTITUTIONS ARE ADOPTING BITCOIN > ₿est Performing Asset Over 15Y > ₿est ETF Launch In The History Of All ETFs > ₿est Strategic Reserve For The US Government > The only thing better than Bitcoin is more Bitcoin Copyright @ 2025 ALTBG . All Rig hts Re ser ved . 5
Slide 6: TBG Is Europe's First Bitcoin Treasury Company
TBG IS EUROPE’S FIRST BITCOIN TREASURY COMPANY America 1 Raise capital +2,986% in ~5Y 2 Accumulate ₿ Asia +1,711% in ~1Y 3 Hold ₿ forever Europe 4 Do not lose ₿ +474% in ~6M 5 Do not sell ₿ > Bitcoin Treasury Companies can achieve more Bitcoin Copyright @ 2025 ALTBG . All Rig hts Re ser ved . Note:
Slide 7: TBG Is Focused on Maximizing Bitcoin Per Share Over Time
TBG IS FOCUSED ON MAXIMIZING BITCOIN PER SHARE OVER TIME Q4 2024 Q1 2025 41 Sats Per Share 332 Sats Per Share 141.2% BTC Yield 709.8% BTC Yield + 474% Share price growth from €0.148 to €0.850 5 Nov. 2024 29 Apr. 2025 + 30% BTC/EUR price growth Accumulate as much ₿ as possible, as fast as possible, i
Slide 8: 2024 Financial Results
The Blockchain Group € 2024 FINANCIAL RESULTS
Slide 9: The Blockchain Group's Activities
THE BLOCKCHAIN GROUP’S ACTIVITIES Europe’s First Bitcoin Treasury Company Tailor-Made Web Decentralized Data Intelligence Applications Tech Development & AI Consulting Copyright @ 2025 ALTBG . All Rig hts Re ser ved . 9
Slide 10: TBG's New Governance & Strategic Investors
TBG’S NEW GOVERNANCE & STRATEGIC INVESTORS STRATEGIC LEADERSHIP TEAM INVESTORS Fulgur CHAIRMAN BOARD MEMBER Ventures Jean-François Ludovic Descaves Chechin-Laurans Adam Back CHIEF EXECUTIVE DEPUTY CEO & DIRECTOR UTXO OFFICER OF BITCOIN STRATEGY Management Jean-Philippe Alexandre Casadepax-Soulet Lai
Slide 11: Trimane Is Harnessing Data & AI for Transformation
TRIMANE IS HARNESSING DATA & AI FOR TRANSFORMATION AUDIT & DATA PREDICTIVE INTERACTIVE DIAGNOSIS INTEGRATION ANALYTICS DASHBOARDS STRATEGIC DATA SEMANTIC DYNAMIC ROADMAP ARCHITECTURE PROCESSING REPORTS DATA DATA FLOW VISUAL SELF-SERVICE GOVERNANCE AUTOMATION RECOGNITION BI AI STRATEGY DATA DATA SCIE
Slide 12: Iorga Is Delivering Tailor-Made Digital Applications
IORGA IS DELIVERING TAILOR-MADE DIGITAL APPLICATIONS FRONT & BACK END FRONT & BACK END DESIGN AND DEVELOPMENT APPLICATIVE DEVELOPMENT APPLICATIVE DECENTRALIZED TECH MAINTENANCE SERVICES TAILORED SOLUTIONS IT EXPERTISE BLOCKCHAIN & ADVISORY SERVICES ARCHITECTURE & INFRASTRUCTURE FULL STACK DEVELOPMEN
Slide 13: TBG 2024 Financial Results – Income Statement
TBG 2024 FINANCIAL RESULTS – INCOME STATEMENT kEUR FY2024 FY2023 Var Revenue 13,864 20,408* (6,544) Adjusted EBITDA** 910 (2,445) 3,355 Operating income (3,024) (7,659) 4,636 Financial result 245 (171) 415 Non-recurring income 2,027 (7,733) 9,760 Net income 1,361 (22,746) 24,107 > TBG confirms a suc
Slide 14: TBG 2024 Financial Results – Balance Sheet
TBG 2024 FINANCIAL RESULTS – BALANCE SHEET kEUR FY2024 FY2023 Var % Non-Current Assets 20,891 20,850 0% Current Assets 13,167 12,734 3% Assets 34,058 33,584 1% Equity (Group share) 12,182 7,420 64% Non-controlling interests - -5 -100% Provisions 2,864 4,187 -32% Liabilities 19,012 21,982 -14% Equity
Slide 15: TBG 2024 Annual Results – Key Takeaways
TBG 2024 ANNUAL RESULTS – KEY TAKEAWAYS FY24 still impacted by the restructuring started in Dec. 2023 Continuation plan validated in July 2024 Confirmed return to profitability since half year 2024 Launch of BTC strategy supporting TBG’s recapitalization Stronger financial structure due to BTC acqui
Slide 16: Bitcoin Treasury Company
The Blockchain Group € BITCOIN TREASURY COMPANY
Slide 17: TBG Is at a Turning Point of Its History
TBG IS AT A TURNING POINT OF ITS HISTORY 2008-2023 2023-2024 2024-2025 Origins Restructuring ₿ Treasury Company #1 BTC #1 Stock 709.8 % Company Performer BTC Yield In Europe in Europe out of out of all all stocks stocks traded traded in in Paris Paris achieved YTD over (+530% 6 monthsover as of 29 A
Slide 18: Key Milestones Since Bitcoin Treasury Company Strategy
KEY MILESTONES SINCE BITCOIN TREASURY COMPANY STRATEGY 0.85€ BTC Treasury Company Validation Of ~€300m Capital Raising Capacity Strategy Launch By Extraordinary General Meeting (05/11/2024) €2.5m (21/02/2025) Equity Raise (04/12/2024) €48.6m €1m BTC-Denominated Convertible Bonds Equity Raise (06/03/
Slide 19: Mobilizing Financial Instruments to Maximize BTC Yield
MOBILIZING FINANCIAL INSTRUMENTS TO MAXIMIZE BTC YIELD Started Equity in Private Placement Bitcoin convertible bonds Share subscription warrants Maximize BTC Yield Authorized Public Offering Increasing the number of BTC per fully diluted share over time Fiat convertible bonds … > TBG is focused on i
Slide 20: Bitcoin Treasury Companies' Valuation Relies on Pillars
BITCOIN TREASURY COMPANIES’ VALUATION RELIES ON 3 PILLARS March 2025 €2bn Asset Manager TOBAM mathematically demonstrated how Bitcoin Treasury Companies can outperform BTC SSRN Paper 709.8% 1 BTC Yield Increase in the number of BTC per share over time TBG BTC Yield YTD 60-90% 2 BTC Performance Incre
Slide 21: The Blockchain Group Is Focused on BTC Yield
THE BLOCKCHAIN GROUP IS FOCUSED ON BTC YIELD 2024 Q4: 41 sats / share 2025 Q1: 332 sats / share +1,450% 620 BTC +100% 186M Shares 95M Shares 40 BTC Fully Diluted Shares YTD Total BTC Holdings YTD > TBG has delivered record 709% BTC Yield YTD Note: BTC Yield is a KPI that reflects the percentage chan
Slide 22: TBG Has Adopted Key BTC KPIs Invented by Strategy
TBG HAS ADOPTED KEY BTC KPIs INVENTED BY STRATEGY ₿ Bitcoin Per Share 332 Sats (Sats Per Fully Diluted Share) 17 Sats 41 Sats Key BTC KPIs Nov. 2024 Dec. 2024 Q1 2025 BTC Yield YTD - 141.2% 709.8% BTC Gain YTD - ₿21.2 ₿283.9 BTC € Gain YTD - €1.9m €23.2m > TBG has generated €23.2m BTC € Gain YTD Not
Slide 23: TBG Follows the Steps of Top Bitcoin Treasury Companies
TBG FOLLOWS THE STEPS OF TOP BITCOIN TREASURY COMPANIES As of 29/04/2025, cumulated share price growth since adoption of Bitcoin Treasury Company strategy ~1M ~3M ~6M ~Y1 ~Y5 +13% +51% +688% +507% +2,986% Adopted ₿ on 10/08/2020 +58% +321% +421% +1,711% Adopted ₿ on 08/04/2024 +120% +265% +474% Adop
Slide 24: TBG Ambitions to Acquire ~1% of Total BTC Supply Over 8Y
TBG AMBITIONS TO ACQUIRE ~1% OF TOTAL BTC SUPPLY OVER 8Y 8Y Plan FYE25 FY26-27 FY28-29 FY30-31 FY32-33 Potential Capital €150-300 €1-2 €5-10 €15-30 €50-100 Raising million billion billion billion billion Capacity Potential Total BTC ₿1-3K ₿7-15K ₿21-42K ₿70K-100K ₿170K-260K Holdings Potential % of B
Slide 25: The Blockchain Group
The Blockchain Group