Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q1 2026 Earnings Presentation
16 slides from Maha Capital Ab Class A's earnings presentation, May 26, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation 26th May 2026 maha-capital.com
Slide 2: Q1 2026 Main Highlights
Q1 2026 Main Highlights ✓ Completion of Nasdaq Relisting ✓ Exercise of PetroUrdaneta Call Option ✓ Business Combination closing on April ✓ US listing planned for 2H26/1H27 ✓ Negotiating contracts with PDVSA to start 2nd, with a total Capital Raise of Main operations MUSD 27M @16 SEK / Share Highligh
Slide 3: Maha Capital Overview | Access to scaling fintech business and energy asset in Venezuela
Maha Capital Overview | Access to scaling fintech business and energy asset in Venezuela 100% 100% O&G business 100% 100% Maha has paid ~USD 10M for the 24% stake in PetroUrdaneta (B2B Cross Border Solution) (Supply-chain Finance Platform) (O&G field in Venezuela) Maha has a call option to buy an ad
Slide 4: KEO Update
KEO Update | 1 A/ICAPITAL
Slide 5: KEO has a growing footprint across the Americas
KEO has a growing footprint across the Americas Single platform connecting buyers and suppliers providing b2b payment & credit solutions SUPPLY CHAIN FINANCE WorKEO Canada B2B Revolving Credit Platform Expected Q2 2026E Advance Receivables & Postpone Payments Domestic Transactions WorKEO Mexico Live
Slide 6: Portfolio Overview: Consistent and controlled growth ready to scale post closing
Portfolio Overview Consistent and controlled growth ready to scale post closing Product Metric Q4 2025 Q1 2026 Avg. Credit Line 47.2M 49.4M USD M Avg. Outstanding Credit 30.4M 35.1M USD M Avg. Annual Yield1 22.0% 20.6% % Avg. Credit Line 12.5M 12.5M USD M Avg. Outstanding Credit 8.5M 9.3M USD M Avg.
Slide 7: Venezuela Update
Venezuela Update | 1 A/ICAPITAL
Slide 8: Maha Capital owns 24% of PetroUrdaneta's field after exercising the call option
Maha Capital owns 24% of PetroUrdaneta’s field after exercising the call option in mar/2026 PetroUrdaneta Onshore Oil Asset Located in the Maracaibo Basin Key Operational Highlights 1.5 k bbls/d 26 - 32° • 4 Fields: La Paz, Mara West, Mara East and El Mojan Current Production API La Paz Oil • Peak p
Slide 9: Business Plan was concluded in May 2025 and presents a production of more than 112mm BOE
Business Plan was concluded in May 2025 and presents a production of more than 112mm BOE Business plan forecasts 112mmboe production through license expiry in Oct-2036, comprising 84mm bbl of oil and 28mm boe of gas 40k boe/d Associated gas 45,000 Peak Production production presents an interesting 4
Slide 10: Financial Highlights
Financial Highlights | 1 A/ICAPITAL
Slide 11: Q1 2026 Financial Highlights | SG&A & Financial Income
Q1 2026 Financial Highlights | SG&A & Financial Income TOTAL G&A EXPENSES (TUSD) Recurring Non Recurring Discontinued Op. 5,279 4,019 67 1,334 1,788 1,577 3,223 2,291 1,066 39 1,223 695 641 1,989 1,619 1,093 897 1,068 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ▪ Total G&A of TUSD 2,291 reduced 43% yoy
Slide 12: Q1 2026 Financial Highlights | Consolidated Pro Forma Net Income Overview
Q1 2026 Financial Highlights | Consolidated Pro Forma Net Income Overview TUSD Without non-recurring, net income could be positive 1500 ▪ Non-cash expenses (TUSD): I. 510 of Accrued Liabilities and Provisions 1,223 1,183 1000 II. 225 of Stock Based Compensation III. 16 of Depreciation and Amortizati
Slide 13: Q1 2026 Financial Highlights | Cash Flow Overview
Q1 2026 Financial Highlights | Cash Flow Overview CASH BUILD-UP (TUSD) MUSD 114.6 Net Cash + ▪ Considers (i) FX; (ii) Restricted cash MUSD 91.2 Credits (-) Earn-out ▪ Loan receivable with KEO of (TUSD 7,110) accrued interests and principal; (iii) Loan Net Cash + Liability 4 MUSD 93.1 ▪ Investment in
Slide 14: Recent Updates and Next Steps
Recent Updates and Next Steps To 1H26 Come • PetroUrdaneta Call Option Exercise • Fintech: (Mar/2026) ₋ Launch of WorKEO Canada (1H26) / Launch of WorKEO Brazil (2H26) • O&G: • Business Combination Closing: ₋ Relisting Process with Nasdaq (Jan/2026) ₋ Agreements with PDVSA (2H26) ₋ EGM to approve th
Slide 15: 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 16: www.maha-capital.com
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