Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q1 2025 Earnings Presentation
20 slides from Maha Capital Ab Class A's earnings presentation, May 20, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2025 Earnings Presentation 20th May, 2025 maha-energy.com
Slide 2: Q1 2025 Main Highlights
Q1 2025 Main Highlights Brava Energia Illinois Basin PetroUrdaneta Portfolio Highlights ✓ 70.8 kboe/d ✓ 315 bbl/d ✓ Business Plan Concluded ✓ + 2 wells in Apr/25 -> 81.8 kboe/d ✓ Lowest USD 15 Opex/bbl ✓ 84 mm bbl ✓ 167 bscf of gas Financial ✓ MUSD 4.4 earn-out received ✓ MUSD 1.1 Netback ✓ Strong C
Slide 3: Venezuela Update
Venezuela Update maha-energy.com
Slide 4: PetroUrdaneta Business Plan Concluded in May 2025
PetroUrdaneta Business Plan Concluded in May 2025 Production ~112 License Period MMboe October, 2036 Oil + Gas ~150 Wells ~84 MMbbl ~167 Bscf ~40 kboepd Onstream Oil GAS Peak rate Oil + Gas Mara Oeste Mara Significant potential Associated gas 45,000 Este by changing lifting production presents 40,00
Slide 5: The Way Forward in Venezuela – Limited Cost while Waiting for Authorizations
The Way Forward in Venezuela – Limited Cost while Waiting for Authorizations • Concluded technical discussions with PDVSA Technical (“Mesas Técnicas”); Business 1) Plan Discussions • Updated Business plan signed in May 2025; Concluded • Limited cost until having all licenses and authorizations. • Co
Slide 6: Brava Energia Update
Brava Energia Update maha-energy.com
Slide 7: Brava Updates on Q1 2025
Brava Updates on Q1 2025 Moving in the right direction Production Ramping Up +16% ( Brava WI - kboe/d) +80% 81.8 70.8 Others 18.8 18.8 Papa-Terra 39.4 11.4 8.5 Atlanta 12.1 18.8 27.2 2.4 Potiguar 24.9 24.7 24.4 4T24 1T25 Apr/25 ▪ Offshore Assets: Atlanta first oil in Dec/2024 and Papa Terra restart
Slide 8: Brava Current Valuation
Brava Current Valuation Significant value gap in the stock price, mainly driven by offshore downtime and Brent prices BRAVA PRODUCTION COMPARED TO BRAVA SHARE PRICE AND BRENT PERFORMANCE (29th December 2024 = 100%) Performance % Production halted at Resumption of production Production (29/12/24 = 10
Slide 9: Maha's production (including its indirect share from Brava) matches early 2021 levels
Maha's production (including its indirect share from Brava) matches early 2021 levels MAHA PRODUCTION COMPARED TO MAHA SHARE PRICE AND BRENT PERFORMANCE (4h JANUARY 2021 = 100%) Divested Assets and Illinois Production ¹ Indirect Brava Production² Maha Share Price Performance % Production (04/01/21 =
Slide 10: Illinois Update
Illinois Update maha-energy.com
Slide 11: Illinois Basin Production
Illinois Basin Production Wells drilled last year maintained a steady production rate above 300 bbls/d Production Stabilization: (boepd) 380 334 323 315 276 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 • Production: After the 3 wells from the 2024 drilling campaign came on stream at the end of Q3 2024, p
Slide 12: Financial Highlights
Financial Highlights maha-energy.com
Slide 13: Financial Highlights – Production and Revenue
Q1 2025 Financial Highlights – Production and Revenue Considering only Illinois Basin Daily Production Revenue and Realized Price BOEPD TUSD | USD/BBL (6%) (7%) (17%) 81.7 77.6 77.9 +2% 76.2 74.0 71.5 70.7 71.8 67.4 68.5 380 334 323 315 276 2,193 2,327 2,167 1,805 1,897 Q1 2024 Q2 2024 Q3 2024 Q4 20
Slide 14: Financial Highlights – OPEX and Netback
Q1 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 (14%) (4%) +9% 21.0 (16%) 20.1 40.0 39.0 39.2 17.0 17.3 35.7 35.1 14.6 1,182 1,225 589 603 1,108 1,085 486 506 902 413 Q1 2
Slide 15: Financial Highlights – EBITDA and Net Result
Q1 2025 Financial Highlights – EBITDA and Net Result Considering Maha Energy Group EBITDA Net Result TUSD TUSD 9,757 2,083 5,773 5,992 729 (861) (1,587) (23,118) (24,978) (3,073) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Highlights ▪ EBITDA positively impacted b
Slide 16: Financial Highlights – CAPEX and Balance Sheet
Q1 2025 Financial Highlights – CAPEX and Balance Sheet Considering Maha Energy Group CAPEX Brava Share Price Performance (Q1 2025) TUSD USD 20% USD 10% 6.4% (0%) (10%) (20%) 2,600 (30%) 2-Jan 1-Feb 3-Mar Disclaimer: Stock performance going forward is subject to market volatility and not guaranteed.
Slide 17: Financial Highlights – Cash Flow Overview
Q1 2025 Financial Highlights – Cash Flow Overview Considering Maha Energy Group CASH + LIQUID INVESTMENTS² BUILD-UP (TUSD) MUSD 106.2 MUSD 97.6 Net Cash + Liquid Invest.² Net Cash + Liquid Invest.² (1,071) 4,895 (175) 1,933 3,016 ▪ Debentures received TUSD 1,767 ▪ EBITDA of TUSD 2,083 ▪ Dividends re
Slide 18: Strategy Going Forward
Strategy Going Forward Cost Reduction Looking Initiatives Forward Company is taking initiatives to reduce ✓Contract negotiations with PDVSA cost that will be fully reflected in next during Q2 2025, targeting similar quarters: framework as the one used by other IOCs; ✓Management and team downsizing (
Slide 19: 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 20: maha-energy.com
maha-energy.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