Highlights
(All amounts are in thousands of US dollars, unless otherwise noted. Comparisons are made with the same period last year.)
Third Quarter 2025
- Total cash balance amounted to TUSD 108,743 (including restricted cash).
- Maha has divested all its approximately 22 million shares in Brava Energia, resulting in total gross proceeds of approximately TUSD 78,000.
- Restricted cash increased to TUSD 24,796 as a result of divestment of Brava shares, which had served as collateral for the margin loan, and the principal amount of TUSD 12,500 was pledged as the new guarantee.
- As part of the upcoming divestment of Illinois Basin assets, Maha recognized an impairment of TUSD 9,834.
- Net finance results in the period amounted to TUSD 7,466, including a realized net gain on Brava Energia's shares of TUSD 6,916.
- The net result in the period from continuing operations amounted to TUSD 3,956.
Subsequent Events
- In October 2025, Maha announced that the Company had signed a share purchase agreement to acquire KEO World's entire credit operations. The completion of the Transaction is subject to and conditioned upon all required regulatory approvals. To enhance and secure the continued financing of Maha, the Company intends to raise up to approximately TSEK 329,000 (appr. TUSD 35,000) through three directed share issues at a subscription price of SEK 16 per share.
- In October 2025, Maha decided to fully amortize the margin loan using the cash collateral deposited in restricted accounts. As result of the amortization, the Company paid principal of TUSD 12,500 and interest of TUSD 181.
- Maha has decided to divest of its working interest in the Illinois Basin, USA. The transaction consideration amounts to TUSD 3,500, subject to adjustment of ad valorem taxes, with a possible earnout of TUSD 600. The transfer of ownership of all assets is scheduled to be completed in Q4 2025.
Financial Summary
The tables below present the highlights of the continuing operations:
| Financial Summary (TUSD) | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 |
| Average (BOEPD) | - | - | - | - |
| Revenue | - | - | - | - |
| Operating Netback | - | - | - | - |
| EBITDA | (3,037) | (2,518) | (4,180) | (5,177) |
| Net Result | 3,956 | (43,142) | (10,653) | (60,850) |
| Earnings per share (basic & diluted) | 0.02 | (0.25) | (0.06) | (0.35) |
| Financial Liabilities | (27,658) | (14,835) | (27,658) | (14,835) |
| Financial assets | 19,019 | 83,579 | 19,019 | 83,579 |
| Cash flow from operations | (1,727) | (1,356) | 366 | (7,504) |
| Free cash flow | 54,773 | 22,204 | 56,108 | (52,301) |
| Cash and cash equivalents (incl. restricted cash) | 108,743 | 25,673 | 108,743 | 25,673 |
Letter to Shareholders
Dear Shareholders,
The third quarter of 2025 marked the beginning of a new and transformative chapter for Maha. Following our strategic decision to expand into a broader investment scope and pivot from the oil and gas industry toward the credit and fintech sector, we have successfully divested our legacy energy assets and initiated the buildout of a diversified fintech platform through our partnership with Keo World.
This milestone reflects a clear shift from a cyclical, capital-intensive business into a resilient, high-growth sector with strong fundamentals and significant scalability. I am personally very enthusiastic about the opportunities ahead in the fintech and lending space, an industry characterized by solid economics, recurring cash flows, and attractive risk-adjusted returns.
In July, we announced our first transaction in partnership with Keo World, a U.S.-based fintech company providing corporate credit and B2B payment solutions across Latin America, the Global Trade Card program ("GTC"). Under this agreement, Maha established a USD 100 million credit facility to finance Keo's cross-border corporate credit card program. Subsequently, Keo and institutional investors proposed transforming the partnership into an equity-based business combination and raising USD 35 million to accelerate growth. This structure brings together Maha's financial discipline and strong balance sheet with Keo's innovation, robust technology developments like Workeo platform, all required licenses, and deep expertise in lending, creating a powerful foundation for our expansion and long-term value creation.
Keo's operations consist of two integrated products forming a one-stop fintech platform:
- GTC: USD-denominated working capital credit for companies across Latin America, the Caribbean, and Canada; and
- Workeo: a local-currency B2B payment and embedded-credit platform in Brazil, Mexico, and Canada.
Together, these solutions optimize cash management and working capital, connecting clients seeking extended terms with suppliers looking to accelerate receivables, creating efficiency and liquidity for all stakeholders. Within two months after the transaction first was announced, Keo reached an annualized transaction volume above MUSD 250, demonstrating the platform's scalability and robust pipeline.
To support this transaction and strengthen our balance sheet, Maha intends to raise MUSD 35 through directed share issues at SEK 16 per share, conditional upon completion of the acquisition. We have subscription undertakings for an initial amount of approximately MUSD 27, with execution expected at closing. Following completion, Maha also intends to pursue a U.S. dual listing in Nasdaq and raise the remaining MUSD 8. Maha will convene an EGM to resolve on matters required to complete the acquisition and capital raises. We also plan additional senior debt funding to prudently leverage our credit operations at attractive terms, maximizing returns while maintaining a strong capital structure.
Following the divestment of Brava Energia and our oil-producing assets in the Illinois Basin (U.S.), our focus is now fully on expanding Keo's credit portfolio and scaling our fintech operations across key markets. We ended the quarter with a solid cash position of USD 108 million, providing a strong foundation for continued growth.
I thank you, our shareholders, for your trust and support during this exciting transformation. Maha's repositioning into fintech and credit, anchored in disciplined management and focused execution, is a platform for sustainable value creation for years to come.
Roberto Marchiori
CEO
Q3 Webcast 18 November at 14:00 CET
The Company hereby invites all interested parties to a live webcasted presentation on 18 November at 14.00 CET. Roberto Marchiori, CEO, will present the report and recent developments. The webcast will be held in English and will be broadcasted live. An on-demand version will also be available on Maha's website. Questions to the presenters can be emailed in advance to the Company at info@maha-capital.com or be made directly on the day of the presentation in the YouTube Comments/Questions field.
Link to webcast: https://youtube.com/live/EvTbCScjZQU
For more information, please contact:
Roberto Marchiori, CEO & CFO | Jakob Sintring, Head of IR
Phone: +46 8 611 05 11, E-mail: IR@maha-energy.com
About Maha Capital
Maha Capital AB (publ) is a listed investment company focused on deploying capital across high-potential sectors. The Company aims to build a diversified portfolio of investments that deliver long-term value for shareholders. Maha Capital targets opportunities with strong fundamentals, clear paths to monetization, and attractive risk-adjusted returns. The shares are listed on Nasdaq Stockholm (MAHA-A). For more information, please visit the Company's website at www.maha-capital.com.
This information is information that Maha Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-18 07:30 CET.
Contacts
Roberto Marchiori, CEO & CFO | Jakob Sintring, Head of IR
Phone: +46 8 611 05 11, E-mail: IR@maha-capital.com
About Maha Capital
Maha Capital AB (publ) is a listed investment company focused on deploying capital across high-potential sectors. The Company aims to build a diversified portfolio of investments that deliver long-term value for shareholders. Maha Capital targets opportunities with strong fundamentals, clear paths to monetization, and attractive risk-adjusted returns. The shares are listed on Nasdaq Stockholm (MAHA-A). For more information, please visit the Company's website at www.maha-capital.com.
This information is information that Maha Capital is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-18 07:40 CET.