Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q3 2025 Earnings Presentation
14 slides from Maha Capital Ab Class A's earnings presentation, Nov 18, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation 18th November 2025 maha-capital.com
Slide 2: Q3 2025 Main Highlights
Q3 2025 MAIN HIGHLIGHTS ✓ STRONG BALANCE SHEET OF MUSD 108.7 CASH BALANCE¹ ✓ DIVESTMENT OF BRAVA FOR MUSD 78 ✓ RECURRING G&A OPTIMIZATION WITH A ✓ MUSD 52 OF APPROVED CREDIT LINES AT ✓ DIVESTMENT OF ILLINOIS BASIN FOR MUSD 35% Y.O.Y REDUCTION 18% YIELD 3.5 PLUS POTENTIAL EARNOUT OF MUSD 0.6 ✓ BUSINE
Slide 3: Keo Update
Keo Update | 1 A/ICAPITAL
Slide 4: Keo's Credit Operational Footprint
Keo’s Credit Operational Footprint Broad geographic reach with multi-market credit issuance to clients across LATAM and Canada Canada LIVE Miami Mexico HQ LIVE Colombia LIVE Peru LIVE Brazil Bolivia LIVE LIVE Chile LIVE GTC license comprehend whole Latin America and Canada, while WorKEO currently ha
Slide 5: WorKEO and GTC corporate financing and payment solutions
WorKEO and GTC are a robust suite of corporate financing and payment solutions, issued in multiple currencies to help clients manage and optimize B2B & T&E expenses globally Product Working Capital & Inventory Optimization Cross-border Payments & T&E Management Currency MXN, BRL, USD & CAD USD Terms
Slide 6: Operational Historical Highlights
Operational Historical Highlights Outstanding Credit (MUSD) 35,2 36,0 33,4 30,6 Since July/2025 Maha has approved credit lines in GTC using the Loan Agreement Structure Jul-25 Aug-25 Sep-25 Oct-25 Revenues (MUSD) and Annualized Yield (%) 20,7% 21,2% 19,1% 18,4% 0,6 0,6 0,6 0,5 Jul-25 Aug-25 Sep-25 O
Slide 7: Approved credit lines of USD 52M supporting annual transaction volume
During October 2025, WorKEO and GTC presented USD 52M in approved credit lines, supporting an annual potential transaction volume of USD 298M MUSD 16 (31%) 10% ~MUSD 97 Credit Line Avg. Annual Yield Annual Billings USD dollars MUSD 36 (69%) 22% ~MUSD 201 Local Currency Credit Line Avg. Annual Yield
Slide 8: Business Combination and Capital Raise of USD 27M expected Dec/25 – Jan/26
Business Combination and Capital Raise of USD 27M at 16 SEK/share expected to be concluded between dec/25 – jan/26 • Business Combination Signing Dec/25- 06/Oct 2026E Jan/26 • Conclusion of Re-listing Process with Nasdaq • MUSD 8 Capital Raise • Extraordinary General Meeting to approve the transacti
Slide 9: Financial Highlights
Financial Highlights | 1 A/ICAPITAL
Slide 10: Q3 2025 Financial Highlights – SG&A & EBITDA
Q3 2025 Financial Highlights – SG&A & EBITDA Considering Maha Capital Group TOTAL G&A EXPENSES (TUSD) Recurring Non Recurring Discontinued Op. 2.778 2.791 2.069 216 726 1.073 1.788 1.577 250 39 428 695 641 1.391 1.836 1.718 1.093 897 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 ▪ Recurring G&A expenses d
Slide 11: Q3 2025 Financial Highlights – Cash Flow Overview
Q3 2025 Financial Highlights – Cash Flow Overview Considering Maha Capital Group CASH BUILD-UP (TUSD) MUSD 93.8 MUSD 97.3 Net Cash + Credit³ Net Cash + Credit³ MUSD 88.0 Net Cash + (9.021) Liquid Invest.¹ (190) 6.916 16.037 (1.727) (334) ▪ Bank Debt prepayment as subsequent event in ▪ Bank Debt issu
Slide 12: Strategy Going Forward
Strategy Going Forward Business Combination Looking Transaction Forward This combination between Maha and Keo creates a Transition marks an important milestone in the tech-enabled credit operation in a highly scalable Company’s strategic repositioning: platform with robust balance sheet and dry powd
Slide 13: Disclaimer
Disclaimer Future Oriented Financial Information and Notes to the Presentation This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980). Forward-looking statements made and information contained here
Slide 14: Contact: Rio de Janeiro and Stockholm Offices
www.maha-capital.com www.maha-capital.com Rio de Janeiro Office Stockholm Office 190 Dias Ferreira Eriksbergsgatan 10 Street | Room 501 SE-114 30 |Leblon | Rio de Stockholm / Sweden Janeiro, RJ | Brazil