Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q3 2024 Earnings Presentation
20 slides from Maha Capital Ab Class A's earnings presentation, Nov 19, 2024
Slide 1: 3Q24 Earnings Presentation
3Q24 Earnings Presentation 19th November, 2024 maha-energy.com
Slide 2: Transformational Events Throughout the Last 12 Months
Transformational Events Throughout in the Last 12 Months Change of control approval for Petrourdaneta’s Sept Partnet B 2024 Roll up of 15% of 3R Aug Offshore and closing of the largest M&A in Brazil 2024 5% of 3R Petroleum in 2024, with Maha as the acquired to launch a 4th largest shareholder consol
Slide 3: Brava Energia Update
Brava Energia Update maha-energy.com
Slide 4: 3R Petroleum + Enauta = Brava Energia
3R Petroleum + Enauta = Brava Energia Merger driven by complementary asset portfolios and capital structure + = New company selected highlights Potiguar & Macau ✓ More than 700mmboe in 2P reserves1 ✓ Balanced risk from onshore / offshore production portfolio (approx. 35% / 65%) Recôncavo & Manati ✓
Slide 5: Brava Energia Update: strong headwinds during the quarter
Brava Energia Update The company faced strong headwinds during the quarter... Papa Terra Temporary Production Stoppage ▪ Papa Terra production was halted on 4th September by ANP due to a life-boat regularity issue vs manning onboard, which is now fixed; ▪ Management has however decided to keep produ
Slide 6: Maha Envisioned Strategy for Brava
Maha Envisioned Strategy for Brava Stable production around 100 kboepd and focus on dividends kboepd As the largest industrial shareholder, Maha 101.6 envisioned strategy for Brava going forward: ✓ Shift from Growth to Harvest - after stark growth through M&As, Brava now to focus on existing portfol
Slide 7: Brava Dividend Potential in next Years: up to USD 3.0 billion
Brava Dividend Potential in next 6 Years: up to USD 3.0 billion During the next 6 years, Brava could pay from 2.3x to 3.1x its current market cap (USD 1.4 billion) BRAVA’S PRODUCTION CURVE ESTIMATES BASED ON PUBLIC INFORMATION ¹ Maha Estimate 1P 140,000 130,000 120,000 boe/d 110,000 100,000 90,000 2
Slide 8: Operations Highlights
Operations Highlights maha-energy.com
Slide 9: Illinois Basin: Drilling new profitable wells adding cash flow to Maha
Illinois Basin Drilling new profitable wells adding cash flow to Maha Production Ramp Up: (boepd) +54% 372 396 334 323 276 179 165 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Sept/24 Oct/24 Production 3Q24 • Production ramp up following 3 new production wells in Q1 2024 276 boe/d • Drilled 3 additional
Slide 10: The Way Forward in Venezuela
The Way Forward in Venezuela • Potential to produce over 20,000 boepd¹ Gathering • Plans with limited capital exposure Business 1) Plan Information • Mobilize project team in March/April next year and Knowledge • Consider changing lift mechanisms • In September 2024, received the change the Venezuel
Slide 11: Financial Highlights
Financial Highlights maha-energy.com
Slide 12: Financial Highlights – Production and Revenue
Q3 2024 Financial Highlights – Production and Revenue Considering only Illinois Basin Daily Production Revenue and Realized Price BOEPD TUSD | USD/BBL (7%) +54% (7%) (14%) 82.3 81.7 78.8 78.4 77.6 77.9 76.0 76.2 74.0 71.5 334 323 276 2,167 2,193 1,805 179 165 1,250 1,165 Q3 2023 Q4 2023 Q1 2024 Q2 2
Slide 13: Financial Highlights – OPEX and Netback
Q3 2024 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 (22.9%) 7.5% (8.4%) (4.5%) 26.0 40.0 39.0 25.0 36.0 35.7 33.2 21.0 20.1 17.0 589 1,182 1,108 486 506 417 902 390 527 552 Q3
Slide 14: Financial Highlights – SG&A and EBITDA
Q3 2024 Financial Highlights – SG&A and EBITDA Considering Maha Energy Group Adjusted SG&A EBITDA TUSD TUSD (16.7%) 5,583 1,162 (42.4%) 729 3,590 2,485 2,948 2,591 1,383 (661) 2,069 (861) 228 507 196 216 (1,587) 1,362 1,068 (1,766) 1,332 1,473 1,657 895 752 1,139 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2
Slide 15: Financial Highlights – Net Financial Result and Net Result
Q3 2024 Financial Highlights – Net Financial Result and Net Result Considering Maha Energy Group Net Financial Result Net Result TUSD TUSD 5,773 952 8,501 (3,406) (533) (20,555) (23,118) (24,978) (41,225) (26,612) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Highli
Slide 16: Financial Highlights – Financial Debt and Balance Sheet
Q3 2024 Financial Highlights – Financial Debt and Balance Sheet Considering Maha Energy Group Financial Debt Amortization Schedule CAPEX TUSD TUSD 3 wells from the 2024 drilling Subsequent campaign in Illinois Event 3,018 2,600 15,158 15,000 428 611 187 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 265 Ba
Slide 17: Financial Highlights – Cash Flow Overview
Q3 2024 Financial Highlights – Cash Flow Overview Considering Maha Energy Group CASH + LIQUID INVESTMENTS² BUILD-UP (TUSD) MUSD 78.5 MUSD 88.2 Net Cash + ▪ CAPEX from new IB drilling (40,582) Net Cash + Liquid Invest.² campaign of (TUSD 2,600); 53,021 Liquid Invest.² (1,356) (2,600) (7,486) (371) 11
Slide 18: Closing Remarks
Q3 2024 Closing Remarks Enhanced Capital Structure Looking Forward ✓ MUSD 88.2 in Net Cash¹ + Liquid Investments¹; ✓ Working on OFAC license and other approvals to start operations in PetroUrdaneta ✓ Repayment of Margin Loan debt of MUSD 15 to (Venezuela); avoid granting additional cash collaterals
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