Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q4 2025 Earnings Presentation
21 slides from Maha Capital Ab Class A's earnings presentation, Feb 24, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation 24th February 2026 maha-capital.com
Slide 2: KEO Update
KEO Update | 1 A/ICAPITAL
Slide 3: KEO Transaction Timeline
KEO Transaction Timeline • Business Combination Signing 06/Oct 1Q26E 2H26E • Conclusion of Relisting Process with Nasdaq (concluded on Jan 15th)¹ • Listing on Nasdaq USA • Extraordinary General Meeting to approve the transaction (approved on Jan 28th) • MUSD 27 Capital Raise at SEK 16/share and clos
Slide 4: The Transaction Transforms Maha into a B2B Credit and Payments Platform
The Transaction Transforms Maha into a B2B Credit and Payments Platform Proven fintech platform for Providing robust capital base handling innovative B2B credit for giving credit to business solutions and operates under clients an AMEX issuing license Maha is well-positioned to capture growth in the
Slide 5: A One-Stop Platform for Local and Cross-Border B2B Payments and Financing
A One-Stop Platform for Local and Cross-Border B2B Payments and Financing Client B2B Revolving Credit Platform Cross-border Credit Card B2B Blockchain-Based Infrastructure Advance Receivables & Postpone Travel and Entertainment (T&E) and Real-time transactions settlement Payments B2B payments Domest
Slide 6: KEO's Proprietary Digital B2B Revolving Credit Platform
KEO’s Proprietary Digital B2B Revolving Credit Platform Revolving Credit Platform Supplier Buyer $100 Invoice Local currency Simple setup and workflows $3.00 $1.50 Income $1.50 Online approval & fraud detection Note: Illustrative transaction Source: Maha Capital and KEO World Inc. 6
Slide 7: USD-denominated Solution Designed to Support T&E and B2B Cross-Border Payments
USD-denominated Solution Designed to Support T&E and B2B Cross-Border Payments USD Credit Card Program Supplier Buyer or or “Hotel”¹ $100 Invoice Executive USD denominated Centralized Account for T&E spending control $3.00 $1.50 Income $1.50 Accident and Baggage Delay Insurance Note: 1. It can be an
Slide 8: Proprietary Blockchain-Based Payment Rails for Instant Payments
Proprietary Blockchain-Based Payment Rails for Instant Payments Supplier Buyer Tokenization, Smart Contracts and Compliance Instant Secure Worldwide Proprietary Technology Stablecoin and Tokens Payments Payments Settlement Embedded payments and Smart contract-based No transfer delays, lost wires Tra
Slide 9: As of Jan 2026: USD 64M in Approved Credit Lines; USD 328M Annual Transaction Potential
As of Jan 2026: USD 64M in Approved Credit Lines; USD 328M Annual Transaction Potential USD 18M 13% ~USD 83M Credit Line Avg. Annual Yield Transaction Volume USD 46M 22% ~USD 245M Credit Line Avg. Annual Yield Transaction Volume USD 64M 20% ~USD 328M Total Approved Credit Line Avg. Annual Yield Avg.
Slide 10: Venezuela Update
Venezuela Update | 1 A/ICAPITAL
Slide 11: Assessing strategic pathways to unlock value from our PetroUrdaneta call option
Assessing strategic pathways to unlock value from our PetroUrdaneta call option, exercisable until May/26 • Venezuelan law reform shifting from State control, allowing Venezuela Allowing Private private execution and operational control; Law Reform Control • Existing JVs will have 180 days to negoti
Slide 12: Financial Highlights
Financial Highlights | 1 A/ICAPITAL
Slide 13: Q4 2025 Financial Highlights – SG&A & Financial Income
Q4 2025 Financial Highlights – SG&A & Financial Income TOTAL G&A EXPENSES (TUSD) 5,279 Recurring Non Recurring Discontinued Op. 67 2,777 2,791 3,223 280 128 1,788 1,577 885 1,066 579 641 1,612 1,619 1,989 1,137 897 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ▪ Recurring G&A expenses increased from TUSD
Slide 14: Q4 2025 Financial Highlights – Cash Flow Overview
Q4 2025 Financial Highlights – Cash Flow Overview CASH BUILD-UP (TUSD) MUSD 93.8 ▪ Loan receivable with KEO of (TUSD Net Cash + 32,020) Credit¹ ▪ Disposal of subsidiaries and other of MUSD 93.1 TUSD 3,274 Net Cash + ▪ Funds advanced to KEO Credits¹ (4,124) to fund operations (28,746) ▪ Bank debt pai
Slide 15: 2025 FY Consolidated Pro Forma Net Income Overview
2025 FY Consolidated Pro Forma Net Income Overview TUSD ▪ Non-cash expenses (TUSD): I. 4,649 of Depletion, depreciation and amortization (WorKEO license amortization) II. 21,920 of Stock‐based compensation III. 10,927 of Finance Cost (co-investors share issuance) IV. 3,963 of provision for bad debt
Slide 16: Business Combination Looking Forward
Closing Remarks Business Combination Looking Forward Positioning Maha as a tech-enabled credit ✓Setting the foundations to support substantial platform with a scalable business model and a growth after Closing; robust balance sheet: ✓Maha is well-positioned to pursue disciplined ✓A U.S. listing rema
Slide 17: 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 18: Appendix
Appendix | 1 A/ICAPITAL
Slide 19: Introducing the KPIs
Introducing the KPIs Potential Portfolio Metrics Actual Portfolio Metrics • Maximum amount a client can use (credit line approved by credit committee and considering only • The amount owed by a client (already used the line Outstanding Credit Line signed clients) under predefined terms and yields bu
Slide 20: B2B Lending Teach-In
B2B Lending Teach-In Illustrative Figures Credit Line × Yield (period) = Revenue (period) EXAMPLE PARAMETERS: USD 100M × 3.0% = USD 3.0M ₋ Credit Line: USD 100M Credit Line × 360/Period = Annual Transaction Volume ₋ Avg Period: 60 Days × ₋ Annual Transaction Volume: USD 100M (360/60) = USD 600M USD
Slide 21: 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