Maha Energy

Highlights
(All amounts are in thousands of US dollars, unless otherwise noted. Comparisons are made with the same period last year.)

Fourth Quarter 2025

• Maha signed a conditional share purchase agreement to acquire KEO World’s entire credit operations.
• Maha provided TUSD 32,020 bridge financing to KEO World subsidiaries to support credit expansion and balance sheet optimization.
• Maha has received amount of TUSD 3,285, as part of the sale of its interest in the Illinois Basin, USA.
• Following the divestment of the previous energy assets, Maha did not record any revenues for continuing operations during the period.
• Net finance results in the period amounted to TUSD 931.
• The net result in the period from continuing operations amounted to TUSD (3,706).
• Maha fully amortized a margin loan using the cash collateral deposited in restricted accounts. As result, the Company paid principal of TUSD 12,500 and interest of TUSD 220.
• Total cash balance amounted to TUSD 63,342 (including restricted cash TUSD 12,343).
• Total Net Cash Balance (including restricted cash, loan receivables and loan payables) amounted to TUSD 93,054.

Subsequent Events

• In January 2026, Maha published information documents in connection with re-listing process and received a conditional approval for continued listing on Nasdaq Stockholm following the contemplated acquisition of Keo World.
• On January 28, 2026, an extraordinary general meeting in Maha resolved on approving the KEO transaction.
• In January 2026, the approved credit line volumes for WorKEO and Global Trade Card (“GTC”) amounted to approximately TUSD 64,000, with an average annual yield of 20%.

Financial Summary

The tables below present the highlights of the continuing operations:

Letter to Shareholders

Dear Shareholders,
2025 was a transformative year for Maha, marked by a fundamental repositioning of the Company and the initial steps in our transition towards a fintech-driven business model. This strategic shift reflects our focus on scalable, capital-efficient growth opportunities and the development of a differentiated platform in the credit and payment ecosystem.

At the end of January 2026, Maha’s shareholders approved the KEO transaction. We are currently in the final stages of closing the transaction, alongside the first associated capital raisings of USD 27 million at SEK 16 per share. We expect completion to occur during Q1 2026.

The combination of KEO World’s proprietary technology and product capabilities, a card issuer license providing access to world-class payments infrastructure, and Maha Capital’s strong balance sheet, with significant available liquidity and capital markets expertise, creates a compelling platform for scalable growth. This partnership establishes a solid foundation for expansion across Latin America and Canada, while maintaining a disciplined approach to credit underwriting and risk management.

Since entering into the financing agreement in July 2025, Maha and KEO have jointly expanded the Approved Credit Line for the GTC program to approximately USD 18 million by the end of January 2026, reflecting strong demand and execution capabilities. At the end of 2025, Maha provided bridge financing of USD 27.5 million to KEO Mexico, strengthening KEO Mexico’s balance sheet and supporting the continued expansion of its lending activities. As a result, the Approved Credit Line within the WorKEO program increased to USD 46 million by the end of January 2026. On a combined basis, total approved credit portfolio exceeded USD 64 million by the end of January 2026.

Venezuela call option
On January 2026, Venezuela entered a period of significant political transition, marking a pivotal moment in the country’s governance and institutional direction. Maha holds a call option to acquire up to 40 percent equity stake in PetroUrdaneta, an O&G joint venture company operating in Venezuela. US policy toward Venezuela is evolving rapidly, particularly in light of recent OFAC general license issuances allowing certain activities in the O&G industry that were previously subject to sanctions. We continue to closely monitor developments and are evaluating strategic alternatives to monetize our position in a manner that maximizes shareholder value.

Financials
During the period between the divestment of our operated energy assets and the completion of the KEO transaction, the Company did not record revenues from continuing operations, and our reported financial performance in the period was materially impacted by non-recurring items, primarily related to asset disposals and transaction-related costs. These effects limit comparability with prior periods and for the future.

Closing remarks
We are entering a new phase with a clear focus on building a scalable, capital-efficient fintech platform. Following the closing of the transaction, we will be dedicated to integrating KEO’s operations to ensure a solid foundation from which to ramp up the company’s fintech platform going forward. Along the way, we remain committed to disciplined capital allocation, prudent risk management, and the creation of long-term shareholder value.

I would like to thank our shareholders for your continued trust and support throughout this transformation.

Roberto Marchiori
CEO

Q4 Webcast 24 February at 14:00 CET
The Company hereby invites all interested parties to a live webcasted presentation on 24 February 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/Wb_0vZJWQeE?feature=share