Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q2 2025 Earnings Presentation
23 slides from Maha Capital Ab Class A's earnings presentation, Aug 19, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation 19th August, 2025 maha-capital.com
Slide 2: We Are Pleased to Announce That Now We Are Maha Capital AB
We Are Pleased to Announce That Now We Are Maha Capital AB The transition to Maha Capital AB marks an important step in the Company’s strategic repositioning evolving into an investment platform. 2
Slide 3: Q2 2025 Main Highlights
Q2 2025 Main Highlights Brava Energia Illinois Basin PetroUrdaneta ✓ 85.9 kboed, +21% from Q1-25 ✓ 258 bbld ✓ Working in Call Option extension ✓ 90.9 kboed in July, +6% ✓ Low Opex/bbl: USD 17 ✓ 84 mm bbl & 167 bscf of gas Main Highlights ✓ Strategic repositioning into an ✓ Partnership with Keo World
Slide 4: Keo Update
Keo Update | IHAICAPITAL maha-energy.com
Slide 5: Keo's Transaction Rationale
Keo’s Transaction Rationale INVESTMENT THESIS: CAPITAL ALLOCATION: • SOLID BUSINESS • MAHA ‘S SOLID BALANCE FUNDAMENTALS SHEET • ROOM FOR GROWTH VALUE CREATION • CASH MANAGEMENT OPPORTUNITY TO MAHA EFFICIENCY • HIGH RETURN PROFILE • FUNDING OPPORTUNITIES AVAILABLE (SYNDICATION) KEO’S TRANSACTION ALI
Slide 6: Keo GTC (Global Trade Card) Program Overview
Keo GTC (Global Trade Card) Program Overview Combination of Travel & Entertainment and B2B payments solutions for Corporate clients in US dollars GTC PROGRAM OVERVIEW GEOGRAPHIC FOOTPRINT ▪ Partnership with Keo World, a fintech focused on embedded credit, real- Headquarters time payments, and B2B li
Slide 7: How a Credit Card Transaction Works
How a Credit Card Transaction Works Merchants receives ~3% discount (MDR) into their sales to remunerate the value chain Stakeholders Net Amount $ 100 $ 97 $ 1.35 $ 0.15 $ 1.5 Cardholder Merchant Acquirer Card Rail / Credit Issuer Network Buy something Receives instant Send the Issues 30-40 and pay
Slide 8: Keo GTC Simplified Operation Flow
Keo GTC Simplified Operation Flow Short-term credit facility for Clients using leading US Based Credit Card Rail Provider CLIENT MERCHANT RAIL T+0 T+1 T+4 Transaction Rail Provider pays the Keo GTC pays Date Merchant Rail Provider T + 40 KEO GTC Clients pays (United States – Delaware) Keo GTC How Ma
Slide 9: Venezuela Update
Venezuela Update maha-energy.com
Slide 10: The Way Forward in Venezuela – Limited Cost while Waiting for Authorizations
The Way Forward in Venezuela – Limited Cost while Waiting for Authorizations Technical • Updated Business plan signed in May 2025; Business 1) Plan Discussions • Limited cost until having all licenses and Concluded authorizations. Venezuela Getting • Contractual and commercial negotiations started i
Slide 11: Brava Energia Update
Brava Energia Update maha-energy.com
Slide 12: Brava Updates on Q2 2025
Brava Updates on Q2 2025 Lower Leverage & Higher Alignment +6% Production Ramping Up +21% ( Brava WI - kboe/d) 85,9 90,9 +80% 70,8 Others 21,4 19,8 18,8 11,9 12,2 Papa-Terra 39,4 8,5 Atlanta 28,8 29,6 12,1 18,8 2,4 Potiguar 24,9 24,7 24,9 25,2 Q4 24 Q1 25 Q2 25 jul/25 ▪ Strong operational performanc
Slide 13: Illinois Update
Illinois Update maha-energy.com
Slide 14: Illinois Basin Production
Illinois Basin Production Due to current lower Oil price, we postponed for the next quarters new drilling programs Production Overview: (boepd) 380 323 315 276 258 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 • Production: After the 3 wells from the 2024 drilling campaign came on stream at the end of Q3
Slide 15: Financial Highlights
Financial Highlights maha-energy.com
Slide 16: Q2 2025 Financial Highlights – Production and Revenue
Q2 2025 Financial Highlights – Production and Revenue Considering only Illinois Basin Daily Production Revenue and Realized Price BOEPD TUSD | USD/BBL (20%) (21%) (18%) 81,7 77,9 (10%) 76,2 71,5 70,7 71,8 67,4 68,5 380 64,6 323 315 276 258 2.327 60,8 2.193 1.805 1.897 1.433 Q2 2024 Q3 2024 Q4 2024 Q
Slide 17: Q2 2025 Financial Highlights – OPEX and Netback
Q2 2025 Financial Highlights – OPEX and Netback Considering only Illinois Basin Production Expenses and OPEX/BBL Operating Netback and Netback/BBL TUSD | USD/BBL TUSD | USD/BBL (22%) (20%) (23%) 21,0 +16% 20,1 39,0 39,2 17,3 16,8 35,7 35,1 14,6 1.225 30,3 589 603 1.108 1.085 506 902 413 394 715 Q2 2
Slide 18: Q2 2025 Financial Highlights – EBITDA and Net Result
Q2 2025 Financial Highlights – EBITDA and Net Result Considering Maha Energy Group EBITDA Net Result TUSD TUSD 9.757 2.061 5.992 (861) (1.587) (1.568) (20.191) (23.118) (24.978) (3.073) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Highlights ▪ Investment in Brava s
Slide 19: Q2 2025 Financial Highlights – CAPEX and Balance Sheet
Q2 2025 Financial Highlights – CAPEX and Balance Sheet Considering Maha Energy Group CAPEX Adjusted G&A (Q2 2025) TUSD TUSD Expense Reduction Initiatives: 3.590 ✓ Headcount optimized; ✓ Cost Control initiatives; 2.778 2.791 ✓ Legal and other expenses; 1.068 2.069 216 726 1.073 1.788 216 1.627 196 69
Slide 20: Q2 2025 Financial Highlights – Cash Flow Overview
Q2 2025 Financial Highlights – Cash Flow Overview Considering Maha Energy Group CASH + LIQUID INVESTMENTS² BUILD-UP (TUSD) MUSD 106.2 Net Cash + Liquid Invest.² (920) 1.064 434 MUSD 88.0 Net Cash + (18.100) Liquid Invest.² (611) ▪ Debentures received TUSD 1,767 ▪ EBITDA of TUSD 2,083 ▪ Dividends rec
Slide 21: Strategy Going Forward
Strategy Going Forward Diversified Investment Looking Platform Forward Transition to Maha Capital AB marks an ✓Keo GTC credit lines are expected to important milestone in the Company’s increase in coming weeks, with a view strategic repositioning: toward potential syndication of our Loan Agreement;
Slide 22: 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 23: maha-capital.com
maha-capital.com Rio de Janeiro Office Stockholm Office 1165 Ataulfo de Eriksbergsgatan 10 Paiva| Room 501 SE-114 30 |Leblon | Rio de Stockholm / Janeiro, RJ | Brazil SWEDEN