Kvartalsrapport Q1 2026

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===== SIDA 1 =====

Q1  
Report for the 
THREE MONTHS ENDED   
31 March 2026 
(org number: 559018-9543)

===== SIDA 2 =====

Maha Capital – Interim report for 31 March 2026 
 
2 
 
Highlights 
(All amounts are in thousands of US dollars, unless otherwise noted. Comparisons are made with the same period 
last year.) 
 
First Quarter 2026 
• During the quarter, Maha Capital AB provided bridge financing to subsidiaries of KEO World Inc. totaling 
TUSD 7,110 in principal and TUSD 1,462 in accrued interest, supporting credit portfolio expansion , for more 
detail please check note 4. 
• Following the divestment of the US energy assets, Maha did not record any revenue for continuing 
operations during the period. 
• Maha approved to exercise the call option to acquire 24% indirect equity interest in the Venezuelan oil 
company PetroUrdaneta, with the consequent payment of EUR 4.6 million.  
• Net finance results in the period amounted to TUSD 1,736. 
• The net result in the period from continuing operations amounted to TUSD (820). 
• Total Net Cash balance (including available cash, restricted cash, loan receivables , loan payables and Earn-
out) amounted to TUSD 91,218 (total cash and restricted cash  of TUSD 63, 812, credit net asset of TUSD 
37,835, and earn-out liability of TUSD (10,429)). 
 
Subsequent Events 
• Maha completed the merger with KEO World Inc and its subsidiaries,  for total purchase consideration  of 
TUSD 220,838, followed by a TUSD 27,000 capital raise at SEK 16 per share. Additional details please refer to 
Note 13. 
• At the end of March 2026, the approved credit line volumes for Keo amounted to approximately TUSD 
62,000, with an average quarterly and annual yield of 4.8% and 19%, respectively.  
• Maha received formal approval from Nasdaq Stockholm for continued admission to trading following the 
completion of the merge with KEO World Inc.  
• The board of directors of Maha has instructed management to assess a potential separation of its oil and gas 
business, including its 24% indirect equity interest in PetroUrdaneta, from its fintech operations, following 
the enforcement and settlement of the call option related to the Company’s oil and gas assets. 
 
Financial Summary 
The tables below present the highlights of the continuing operations: 
Financial Summary (TUSD) Q1 2025 Q1 2026 Full year 2025 
EBITDA  (3,517)  (2,537)  (13,772) 
Net Result  1,098   (820)  (19,046) 
Earnings per share (basic & diluted), (USD)  0.01   (0.01)  (0.11) 
Earn-out liability  -     (10,429)   - 
Loan payable - (16,046) (15,596) 
Loan receivable - 53,881 45,308 
Financial assets  97,095   1,107   6,090  
Cash and cash equivalents (incl. restricted cash)  15,335   63,812   63,342

===== SIDA 3 =====

Maha Capital – Interim report for 31 March 2026 
 
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Letter to Shareholders 
Dear Shareholders, 
Fintech Operations 
At the beginning of the second quarter of 2026, we successfully completed the acquisition of Keo World. This 
transaction represents a transformational milestone for Maha and firmly establishes our strategic positioning as 
a fintech-focused company. Through this acquisition, Maha now operates a scalable fintech and credit platform 
supported by high -quality licenses, robust operating infrastructure , and proprietary technology capabilities 
across Mexico, Brazil, Canada and broader Latin America . We believe thi s platform positions us favorably to  
accelerate growth and capitalize on the increasing demand for embedded working capital for supply chain 
finance, B2B payments, and cross-border corporate spend solutions across key markets. 
Simultaneously, we completed capital raises totaling MUSD 27 at SEK 16 per share, with participation from 
several international institution al investors . We are  very pleased with the confidence both old and  new 
shareholders have demonstrated in the long-term potential of our business and strategy. 
Over the past months, our main focus has been on operational execution and on building the foundation 
infrastructure required to support sustainable and disciplined long -term growth. This has included the 
integration of operations and people, enhancement o f governance and internal process, strengthening of our 
credit framework, and continued efforts in high technology standards and scalability.  
We are now entering the next phase of execution and our entire organization, fronted by our strong commercial 
team is now heavily focused delivering accelerated credit and client scaling as we move forward . WorKEO is 
expected to launch in Canada before the end of the second quarter , representing an important milestone in 
expanding our local -currency embedded finance capabilities . WorKEO helps buyers improve their cash flow 
while enabling suppliers to receive payments faster.  During the second half of 2026, we also expect to launch 
WorKEO in Brazil, one of the largest and most strategic fintech markets in Latin America . At the same time, we 
continue onboarding new clients in our GTC program across Latin America.  
Venezuela 
During the  first quarter, we exercised our call option and acquired a 24% indirect equity interest in the 
Venezuelan oil company PetroUrdaneta, for a consideration of MEUR 4.6, which comes in addition to the MEUR 
4.6 which was paid upon signing of the option agreement in March 2024 , and includes a right to increase 
ownership up to 40% in PetroUrdaneta (at additional consideration). 
Since exercising the option, discussions with PDVSA and the relevant Venezuelan authorities regarding the new 
operational and commercial framework for the asset have intensified. We expect these negotiations to progress 
throughout the second half of the year.  
In parallel, w e have engaged an internationally recognized independent reserve auditor to prepare our first 
reserve report covering our fields in Venezuela. We expect the report to be in the second half of 2026 . At the 
same time, we have initiated an assessment of a potential structural separation of the oil and gas business from 
our fintech operations into an independent company. This assessment also includes the possibility of a separate 
public listing and a potential distribution in kind to Maha shareholders. We believe such a structure could unlock 
value by creating two independent companies with distinct operational focuses, differentiated investor profiles, 
and tailored capital allocation strategies. 
SPAC 
As a potential shortcut to a US listing, combined with a further strengthening of our balance sheet, we evaluated 
a merger with a NYSE -listed SPAC during the second quarter. After further evaluation, we concluded that 
maintaining strategic flexibility and focusing on the continued execution of the Group's operating business 
represents the best path forward for shareholders at this stage. Our commitment to pursue a dual listing in the 
US market, including a potential separation and listing of its oil and gas  business, remains intact. 
Financial Performance 
Since the completion of the KEO transaction did not occur until the beginning of April, Maha did not recognize 
revenues from continuing operations in the first quarter. During the period, we continued supporting the

===== SIDA 4 =====

Maha Capital – Interim report for 31 March 2026 
 
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expansion of Keo's credit operations through additional loan receivables financing. In addition to the Venezuela 
acquisition effects, our reported financial results were materially impacted by non -recurring items, primarily 
related to transaction costs and asset divestments associated with the Company’s strategic transformation.  
Closing remarks 
Maha enters this new chapter with a strong balance sheet, a clear strategic focus, and a scalable platform 
positioned for long-term growth. 
We believe we now have the necessary operational foundations, infrastructure, and strategic positioning to 
pursue profitable expansion within our fintech operations while simultaneously working to maximize value from 
our strategic position in Venezuela. 
As we move forward, our priority remains disciplined execution, sustainable growth, and long -term value 
creation for our shareholders. 
Exciting times lie ahead. 
 
 
Roberto Marchiori 
CEO

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Maha Capital – Interim report for 31 March 2026 
 
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Operational Review 
Assets Summary 
Following the expansion of the investment mandate, in July 2025 Maha entered into a Loan Agreement with Keo 
World, Inc. (“Keo World”), to finance its US Dollar denominated suite of Corporate Card products and centralized 
accounts for cross border payments across Latin America.  
After further strategic discussions, the parties agreed to transform the partnership into a business combination 
to accelerate growth and align long-term interest on value creation, providing a one-stop solution for its clients. 
The parties agreed that Maha would acquire Keo World’s entire proprietary technology and credit business, 
which includes also WorKEO platform for local currency and US Dollar denominated payments in Brazil, Mexico 
and Canada. The transaction contemplates the acquisition of Keo World itself and several of its subsidiaries and 
provides for the implementation of the transaction by way of a reverse triangular merger.  
The Transaction was settled by way of a share issue of 141,050,933 newly issued shares in Maha, and a potential 
earn-out of 49,179,686 new shares, payable if specified revenue milestones are met. Both the Consideration 
Shares and any Earn -Out Shares are subject to a lock -up period, commencing on the closing date of the 
Transaction and ending on 31 March 2027 or one year after the Dual Listing (as defined below), whichever occurs 
first. Following the completion of the Transaction, Maha intends to list its  shares in the United States, pursuing 
a dual listing on the Nasdaq Stock Market US. 
In connection with and conditioned to the completion of the Transaction, the following was also be carried out: 
(i) Directed share issue of up to 17,611,028 shares to certain co -investors; and (ii) Implementation of a stock 
option program consisting of up to 26,090,412 stock options for selected key individuals in Maha and the Keo 
World group who have been instrumental in the Transaction.  
To secure the continued financing of Maha, Maha intend ed to raise up to approximately TSEK 329,000 
(corresponding to approximately TUSD 35,000) through three directed share issues which, in aggregate, 
comprise up to approximately 20,580,000 new shares at a subscription price of SEK 16 per share in connection 
with the completion of the Transaction. The first and the second capital raise were executed upon closing of the 
Transaction on 1 st April 2026 , amounting approximately TUSD 27,000,  and the third and las t Capital Raise is 
expected to be completed by the time of the Dual Listing on the Nasdaq Stock Market US.  
In January 2026, Maha published the required information documents in connection with the re -listing process 
and received conditional approval for continued listing on Nasdaq Stockholm in relation to the acquisition of 
KEO World. On January 28, 2026, an extraordinary general meeting approved the transaction.  
Following completion of the transaction, Maha’s operations primarily consist of the technology and credit 
activities currently conducted by KEO World through its subsidiaries. 
Venezuela Call Option  
In January 2026, Venezuela entered a period of significant political transition, marking a pivotal moment in the 
country’s governance and institutional direction. In March 2026, Maha exercised the call option to acquire 24% 
indirect equity interest in the Ve nezuelan oil company PetroUrdaneta, with the consequent payment of TEUR 
4,600. The decision was reinforced by OFAC’s publication of Venezuela-related General License 52. 
The transaction includes an earn -out of up to TEUR 18 ,000, divided into three instalments linked with pre -
defined accumulated production targets, and expected to be settled through cash flows generated by the assets. 
At any time during the two years following the closing, Maha also has a call option for the remaining 40 % of 
Odebrecht E&P (OE&P), that would take Maha’s total stake up to 40% of PetroUrdaneta. The consideration price 
will be decided by a mechanism targeting fair market value. 
After the quarter ended, t he board of directors of Maha instructed the management to assess a potential 
separation of its oil and gas business, including its 24% indirect equity interest in PetroUrdaneta, from its fintech 
operations. As part of this evaluation, the Company is considering several strategic alternatives, including a 
potential listing of the oil and gas business in connection with a dividend in kind to its shareholders.

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Maha Capital – Interim report for 31 March 2026 
 
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Divested Assets  
US Operation – Illinois basin (IB) 
On 1 October 2025, Maha announced the divestment of its working interest in the fields located at the Illinois 
Basin, USA, to Revitalize Resources Operating Inc. The transaction consideration amounted to TUSD 3,500, 
subject to adjustment of ad valorem taxe s, with an additional TUSD 600 contingent upon the successful 
achievement of specified earnout milestones linked to WTI prices. The transaction consideration was received 
in Q4 2025, corresponding to TUSD 3,285 (net of taxes). As part of the upcoming dives tment, Maha recognized 
an impairment charge of TUSD 9,834.

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Maha Capital – Interim report for 31 March 2026 
 
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Financial Results Review first quarter 
Continuing Operations 
As a result of the divestment of its previous energy assets, the Company did not generate any revenue from 
continuing operations during the period, mainly because the remaining assets were not operational entities, 
only carrying costs and expenses. 
EBITDA 
EBITDA in Q1 2026 amounted to TUSD (2,537) (Q1 2025: TUSD (3,517)). The improvement is mainly driven by 
corporate restructuring during the period, which reduced the number of board members and employees, as well 
as higher expenses in Q1 2025. 
EBITDA is a non-IFRS financial measure and is reconciled as follows: 
EBITDA (TUSD) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026  2025 
Operating result (4,089) (2,649) (3,510)  (4,637) (2,556)   (14,885) 
Depreciation 30 14 10  9   16    63  
Foreign currency exchange 542 324 463 (279)  3    1,050  
EBITDA (3,517) (2,311) (3,037)  (4,907) (2,537)   (13,772) 
 
 
 
Net Finance and Changes in Fair Value of Financial Investments 
Net finance amounted to TUSD 1,736 (Q1 2025: TUSD 5,187) and mainly comprised income from financial 
investments and interest in loans granted to Keo World. 
Net Finance result (TUSD) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026   2025 
Interest income 304  306        471  1,234  753    2,315  
Dividends -    209        392        - -      601  
Interest Income from Loan Receivable with KEO -    -          126  550  1,462    676  
Finance income 304 515 989 1,784 2,215  3,592 
Debt interest -             -     (246)  (199) -       (445) 
Other finance costs  (14)  (143)  (80)  (171)  (29)    (423) 
Interest in Co-Investor Financing -    -     (113)  (483)  (450)    (596) 
Finance Cost (14) (143) (439) (853) (479)  (1,464) 
Changes in fair value of investments 4,895  (18,100) 6,916  -    -       (6,289) 
Net finance result 5,170  (17,728) 7,466  931  1,736     (4,161) 
(3 517) (2 311) (3 037) (4 907) (2 537) 
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
EBITDA
TUSD

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Maha Capital – Interim report for 31 March 2026 
 
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Result 
The net result from continuing operations for the First Quarter amounted to TUSD (820) (Q1 2025: TUSD 1,098), 
representing earnings per share of USD (0.01) (Q1 2025: USD 0.01).  
Financial position 
Liquidity and Capital Resources 
The Company presented a total Net Cash balance (including available cash, restricted cash, loan receivables , 
loan payables and Earn-Out) of TUSD 91,218. The total cash and restricted cash  amounted TUSD 63,812, Loan 
net position of TUSD 37,835 and earn-out liability of TUSD (10,429)). 
Net cash (TUSD) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 
Bank Debt (current) -    - (12,521) - - 
Earn-Out Liability (non-current) - - - - (10,429) 
Loan Payable (non-current) - - (15,137)  (15,596)  (16,046) 
Loan Receivable (current) - - 12,763 45,308  53,881  
Restricted Cash  1,317 3,176 24,796  12,343   13,473  
Cash and Cash Equivalents   14,018 13,018 83,947  50,999   50,339  
Total Net Cash Balance with restricted Cash 15,335 16,194 93,848 93,054 91,218 
Brava Shares 88,938  70,838 - - - 
3R Offshore Debentures 1,901  1,009 - - - 
Liquid investments 90,839  71,847 - - - 
Total net cash (with restricted Cash) + Liquid 
investments 106,174  88,041 93,848 93,054 91,218 
The Company’s restricted cash balance refers to certain financial commitments and contingent liabilities 
deposited in an escrow account related to Maha Brazil transaction. 
The movement in the period mainly relates to disbursements of TUSD 7,110 between Maha AB and KEO Mexico, 
with interest of TUSD 1,463, as disclosed in Note 4 , as well as TUSD 14,005 related to the capital raises amount 
received a couple of days before Keo Transaction closing. 
In addition, the Group recognized an earn-out liability related to future oil and gas production of the Venezuelan 
asset, amounting to TUSD (10,429).  
 
 
5 170  
(17 728) 
7 466  
931  1 736  
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Net finance result
TUSD

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Maha Capital – Interim report for 31 March 2026 
 
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Investments  
Net cash flows used in investing activities amounted to TUSD (12,511) (Q1 2025: inflow of TUSD 1,650). This was 
primarily driven by loans receivable by Maha Capital AB from KEO totaling TUSD (7,110) and cash outflows of 
TUSD (5,285) related to the acquisition of an indirect equity interest in PetroUrdaneta, for further details, please 
refer to Note 8. 
Share Buy-back Program 
On 13 June 2025, the Board of Directors decided, based on the authorization granted by the annual general 
meeting on 2 7 May 2025, to initiate a share buy -back program. According to the guidelines for the program, 
purchases could be made on one or several occasions during the period from 13 June 2025 until the next annual 
general meeting (For more information, see note 6). During Q1 2026 Maha did not repurchase any shares under 
the 2024 and 2025 share buy -back programs. Maha’s total holdings of own shares as of 31 December 2025  
amounted to 2,812,922 shares (corresponding to 1.58% of outstanding shares). For the complete repurchase 
authorization, please refer to Maha’s website, www.maha-capital.com 
Governance  
Board of Directors  
Maha’s Board of Directors consist s of five members: Paulo Mendonça  (chairman), Carlos Gomez -Lackington, 
Halvard Idland, Richard Norris and Fabio Vassel. 
For the complete information about Maha’s board of directors and executive management, as well as main 
governance policies, please refer to Maha’s website, www.maha-capital.com. 
Environment, social, and governance (ESG) 
Maha’s ESG initiatives are available on  Maha’s Annual Report alongside its Sustainability Report on Maha’s 
website (www.maha-capital.com), which contains information about Maha’s sustainability strategy.  
 
Corporate Structure 
Corporate structure as of 31 March 2026:

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Maha Capital – Interim report for 31 March 2026 
 
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Financial Statements 
Consolidated Income Statement of Operations 
Consolidated Income Statement (TUSD) Note Q1 2026 Q1 2025 Full year 2025 
Revenue       
Oil and gas sales   - - - 
Royalties  - - - 
Net Revenue   - - - 
      
Cost of sales      
Production costs   -   -   -  
Depreciation and amortization   (16)  (30)  (63) 
Gross profit    (16)  (30)  (63) 
               
General and administration  5  (2,291)  (2,685)  (11,151) 
Other Income   (21)  (278)  (469)  
Other Expense   (228)  (1,096)  (3,202) 
Operating result    (2,556)  (4,089)  (14,885) 
               
Finance income   2,215   304   3,592  
Finance costs    (479)  (12)  (1,464) 
Changes in fair value of financial instruments   -   4,895   (6,289) 
Net Finance items    1,736   5,187   (4,161) 
               
Result before tax    (820)  1,098   (19,046) 
Current and deferred tax   -   -   -  
Net result from continuing operations    (820)  1,098   (19,046) 
               
Discontinued Operations               
Net result from discontinued operations 3  -   4,894   (5,700) 
Net result continuing and discontinued 
operations  
  (820)  5,992   (24,746) 
               
Basic and diluted earnings per share      
From continuing operations   (0.01)  0.01  (0.11) 
From discontinued operations   -   0.03   (0.03) 
    (0.01)  0.04   (0.14) 
Weighted average number of shares:               
Before dilution  175,631,831   176,915,831  175,519,977  
After dilution   175,631,831   176,915,831  175,519,977

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Maha Capital – Interim report for 31 March 2026 
 
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Consolidated Statement of Financial Position 
Consolidated Balance Sheet (TUSD) Note  31-Mar-26 31-Dec-25 
ASSETS        
Non-current assets       
Property, plant and equipment  34       34  
Intangible assets  45    22  
Asset acquisition in joint-venture 8 20,696 - 
Long-term financial assets 7 1,107  1,107  
Total non-current assets   21,882 1,163  
     
Current assets     
Loan receivable 4 53,881 45,308 
Prepaid expenses and deposits  157 121 
Short-term financial assets   -    4,983    
Accounts receivable and other credits  97         575  
Restricted cash  13,473   12,343  
Cash and cash equivalents  50,339  50,999  
Total current assets    117,947   114,329  
      
TOTAL ASSETS    139,829 115,492 
      
EQUITY AND LIABILITIES      
Equity      
Shareholders' equity   112,868 98,807 
      
Liabilities      
Non-current liabilities      
Loan payable 4 16,046 15,596 
Earn-Out liability 8 10,429 - 
Total non-current liabilities    26,475 15,596 
      
Current liabilities      
Accounts payable   204 862  
Accrued liabilities and provisions   282 227  
Total current liabilities    486 1,089 
      
TOTAL LIABILITIES    26,961 16,685 
      
TOTAL EQUITY AND LIABILITIES   139,829 115,492

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Consolidated Statement of Cash Flows  
Cash Flow (TUSD) Notes Q1 2026 Q1 2025 Full year 2025 
Net results (cont. op.)            (820)          1,098       (19,046) 
Net results (disc. cont. op.)  -           4,894         (5,700) 
Depletion, depreciation and amortization (incl. 
Impairments/write-offs) 
              16             714         11,980  
Stock-based compensation             225             554           2,152  
Unrealized investment (income) / expense            -        (4,895)          6,232  
Realized investment (income) / expense               14  -               13  
Unrealized foreign exchange amounts               73             548           1,169  
Interest income/expense            (1,422)             (43)           (415) 
Accrued liabilities and provisions             510              (59)           (245) 
Dividends to receive  -            (200)           (587) 
Other (gain) / loss              (58)            340             518  
Interest paid  -  -            (220) 
Interest received  -             133             252  
Taxes paid  -  -               28  
Changes in working capital 9           (725)             (68)            114  
Cash from operating activities         (2,187)          3,016         (3,755) 
         
Capital expenditures - PPE  -            (175)           (544) 
Capital expenditures - intangible              (34) -  -  
Disposal of subsidiaries  - - 4,373 
Investment in associates 8        (5,285) -           -  
Investments in financial assets   -  -         77,816  
Restricted cash              (82)           (142)      (10,125) 
Dividends received / (paid)  -             200             587  
Debentures received  -           1,767           3,691  
Loan receivable from Keo Group 7        (7,110) -       (42,233) 
Cash from investing activities       (12,511)          1,650         33,565  
         
Lease payments  -              (34)             (48) 
Repayment of bank debt  -  -       (12,500) 
Capital increase  -  -                 5  
Bank debt  -  -         12,500  
Debt cost amortization  -  -            (225) 
Loan Payable to co-investors  -  -         12,600  
Repurchased shares  -  -            (493) 
Advance for capital raise 13        14,005  -  - 
Cash from (used in) financing activities          14,005              (34)        11,839  
Change in cash and cash equivalents             (693)          4,632         41,649  
Cash and cash equivalents at the beginning of the 
period 
        50,999           9,298           9,300  
Currency exchange differences in cash and cash 
equivalents 
              33             453               50  
Cash and cash equivalents at the end of the period          50,339         14,383         50,999  
- of which is included in discontinued operations  -             365  -  
- of which is included in continued operations         50,339         14,018         50,999

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Consolidated Statement of Comprehensive Earnings 
Consolidated Comprehensive Result (TUSD)   Q1 2026 Q1 2025 Full year 2025 
Net Result for the period    (820)   5,992   (24,746) 
      
Items that may be reclassified to profit or loss:  
 
   
Exchange differences on translation of foreign operations  
 
 651   2,332   2,159  
Comprehensive result for the period     (169)   8,324   (22,587) 
      
Attributable to:      
Shareholders of the Parent Company     (169)   8,324   (22,587) 
 
Consolidated Statement of Changes in Equity  
Consolidated Statement of Changes 
in Equity (TUSD) 
Share 
capital 
Contributed 
surplus 
Contribution 
in advance 
Other 
Reserve 
Retained 
Earnings 
Shareholders’ 
Equity 
Balance on 01 January 2025  208   135,571  -  (17,456)  1,412 119,735  
       
Comprehensive result         
Result for the period  - - - - (24,746) (24,746) 
Currency translation difference  - - - 2,159 - 2,159 
Total comprehensive result   - - - 2,159 (24,746) (22,587) 
        
Transactions with owners        
Stock based compensation  - 2,152 - - - 2,152 
Repurchased shares - (493) - - - (493) 
Balance on 31 December 2025 208 137,230 - (15,297) (23,334) 98,807 
       
Balance on 01 January 2026 208 137,230 - (15,297) (23,334) 98,807 
             
Comprehensive result         
Result for the period  - - - - (820) (820) 
Currency translation difference  - - - 651 - 651 
Total comprehensive result   - - - 651 (820) (169) 
        
Transactions with owners        
Stock based compensation  - 225 - - - 225 
Advance for a capital raise - - 14,005 - - 14,005 
Repurchased shares - - - - - - 
Balance on 31 March 2026 208 137,455 14,005 (14,646) (24,154) 112,868

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Maha Capital AB - Parent Company 
Business activities for Maha Capital AB, focuses on a) management of all group affiliates, subsidiaries , and 
foreign operations; b) management of publicly listed Swedish entity; c) fundraising as required for acquisitions 
and group business growth; and d) business development.  
Net result for the Parent Company for Q1 2026 amounted to TSEK 26,940 (Q1 2025: TSEK 109,107), the variance 
compared to Q1 2025  is mainly explained to the unrealized gain resulting from the fair value of Brava Energia 
shares and due to dividends received from its Luxembourg subsidiary , which were recognized in 2025 . In 
addition, foreign currency exchange gain amounted to TSEK 32,598 and loss in Q1 202 5 amounted TSEK 
(101,471). 
Parent Company Statement of Operations 
Parent Company Statement of Operations (in 
thousands of Swedish Krona)  Q1 2026 Q1 2025 Full year 2025 
Expenses      
General and administrative   (12,729)  (6,620)  (69,123) 
Other Income  32,598   726   51,635  
Other Expense  (2,138)  (107,040)  (307,427) 
Operating result   17,731   (112,934)   (324,915) 
    
 
Finance income   11,843  183,498   283,563  
Finance costs   (2,634)  -     (9,864) 
Changes in fair value, financial instruments  -     38,543   (71,715) 
Result before tax   26,940   109,107   (122,931) 
Group Contribution  -   -   123,305  
Current and deferred tax  -   -   -  
Net result continuing operations   26,940  109,107   374 
    
Net results  26,940  109,107   374

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Parent Company Balance Sheet 
Parent Company Balance Sheet  Note  31-Mar-26 31-Dec-25 
(in thousands of Swedish Krona)       
Assets        
Non-current assets            
Intangible             109  105 
Non-current financial assets        319,510    117,339 
Loans to subsidiaries        172,859   170,655  
Current assets      
Accounts receivable and other              79   202  
Loan receivable 4      512,801   416,785  
Other short-term financial assets         -  52,578 
Cash and cash equivalents       474,990  457,227  
Total Assets     1,480,348  1,214,891 
      
Equity and Liabilities    
 
Share capital  1,963  1,963  
Contributed Surplus    1,230,309   1,228,256  
Contribution in advance  133,295 - 
Retained Earnings      (581,052)  (607,992) 
Total equity        784,515  622,227  
Non-current liabilities    
 
Loan payable 4      152,716 143,467 
Earn-out liability  99,255 - 
Current liabilities            
Accounts payable and accrued liabilities           2,382  7,966  
Loan from subsidiaries        441,480  441,231  
Total Liabilities         695,833  592,664  
Total Equity and Liabilities      1,480,348 1,214,891

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Maha Capital – Interim report for 31 March 2026 
 
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Parent Company Statement of Changes in Equity 
  Restricted 
equity  Unrestricted equity    
Consolidated Statement of Changes 
in Equity (in thousands of Swedish 
Krona) 
Share capital Contributed 
surplus 
Contribution 
in advance 
Retained 
Earnings 
Shareholders’ 
Equity 
Balance on 01 January 2025 1,963  1,212,450     -    (608,366)  606,047  
Total comprehensive income  -  -     -    374  374  
        
Transaction with owners        
Stock based compensation  -  20,616     -     -  20,616  
Repurchased shares -   (4,810)    -     -   (4,810) 
            
Balance on 31 December 2025 1,963 1,228,256     -    (607,992)  622,227  
            
Balance on 01 January 2026 1,963  1,228,256     -    (607,992)  622,227  
Total comprehensive income  -   -     -        26,940  26,940  
        
Transaction with owners        
Stock based compensation  -         2,053  -    -  2,053  
Advance for Capital Raise  -    -  133,295  -  133,295  
Repurchased shares -    -    -    -    -    
Balance on 31 March 2026 1,963  1,230,309  133,295   (581,052)  784,515

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Notes to the Consolidated Financial Statements 
1. Corporate Information  
Maha Capital AB (“Maha (Sweden)” or “Company” or “Parent Company”), formerly known as Maha Energy AB, 
Organization Number 559018 -9543 and its subsidiaries (together “Maha” or the “Group”) , currently focus its 
activities in technology-driven financial solutions , improving liquidity, security, transparency, and efficiency in 
B2B supply chain financing and corporate travel and expense management. Maha operates a unified digital 
ecosystem that enables buyers and suppliers to interact through complementary solut ions designed to address 
the full spectrum of corporate payables. In addition, Maha holds 24 percent indirect equity stake in the 
Venezuelan oil company PetroUrdaneta.  Maha’s head office is located in Stockholm, Sweden. The Company has 
operation office in Rio de Janeiro, Brazil.  
a. Changes in the Group 
During the First Quarter of 2026, the Company exercised its call option to acquire 24% indirect equity interest in 
in the Venezuelan oil company PetroUrdaneta, a joint venture in which P DVSA owns 60% and Odebrecht E&P 
España S.L. owns 40%. The transaction involved the transfer from Novonor to Maha of 60% equity interest in 
Odebrecht E&P España S.L. 
b. Basis of Presentation 
The interim condensed consolidated financial statements have been prepared in accordance with International 
Accounting Standard (IAS) 34, Interim Financial Reporting using accounting policies consistent with International 
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and 
the Swedish Annual Accounts Act.  
The interim condensed consolidated financial statements are stated in thousands of United States Dollars 
(TUSD), unless otherwise noted, which is the Company’s presentation and functional currency. These interim 
consolidated financial statements have been prepared on a historical cost basis, except for certain financial 
instruments which are stated at fair value.  
The financial reporting of the parent Company (Maha Capital AB) has been prepared in accordance with 
accounting principles generally accepted in Sweden, applying RFR 2 Reporting for legal entities, issued by the 
Swedish Corporate Reporting Board and the Annual Accounts Act.  Under Swedish company regulations it is not 
allowed to report the Parent Company results in any other currency than Swedish Krona or Euro and 
consequently the Parent Company’s financial information is reported in Swedish Krona and not th e Group's 
presentation currency of US Dollar. 
c. Significant Accounting Policies 
The accounting principles described in the Annual Report 2025 have been used in the preparation of this report. 
Certain information and disclosures normally included in the notes to the annual consolidated financial 
statements have been condensed or have been disclosed on an annual basis only. Accordingly, these int erim 
condensed consolidated financial statements should be read in conjunction with the annual consolidated 
financial statements for the year ended 31 December 2025.  
d. Exchange Rates 
Currency 31-Mar-26 31-Mar-25 31-Dec-25 
Average Period end Average Period end Average Period end 
USD/BRL          5.199           5.219           5.856           5.740             5.586             5.479  
BRL/SEK          0.570           0.549           0.548           0.571             0.570             0.596  
USD/SEK          9.117           9.517         10.686         10.057             9.793             9.199  
USD/EUR *          0.852           0.870         -  - - - 
* The impact of the USD/EUR exchange rate began in 2026, following the acquisition with Odebrecht E&P España S.L.

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2. Risks and uncertainties 
A detailed analysis of Maha’s operational, financial, and external risks, and the mitigation of those risks through 
risk management is described in Maha’s 2025 Annual Report (pages –52-55). During Q1 2026, the Group’s risk 
profile has changed compared to the prior period. Previously, the main exposure was related to the holding of 
shares in Brava,  subject to market and FX fluctuations . Following the disposal of this investment, the Group’s 
main risk exposure is now related to receivables from KEO, which mainly represent credit and recoverability 
(impairment) risk. No other significant new risks or uncertainties were identified during Q 1 2026. 
3. Discontinued Operations 
Sale of Oman in Q4 2023 
Results of Discontinued Operations 
Oman Discontinued Operations Income 
Statement (TUSD) Q1 2026 Q1 2025 Full year 2025 
Cost of sales    
Depletion, depreciation and amortization - - - 
Gross profit  - - - 
    
General and administration  - - - 
Other Income0F1 - (1,206) (59) 
Operating result  - (1,206) (59) 
    
Net finance income (costs)  - - 4 
Result before tax  - (1,206) (55) 
    
Loss on sale of discontinued operations - -  (726)   
    
Net result from discontinued operations - (1,206) (781) 
Cash Flow of Discontinued Operations 
Cash Flow from Discontinued Operations (TUSD) Q1 2026 Q1 2025 Full year 2025 
Cash from operating activities - - (155) 
Cash used in investment activities  - - (210) 
Cash flows related to the discontinued operations are not presented separately in the consolidated statement 
of cash flows. The cash inflow arising from the divestment of the Oman operations is included in cash flows from 
investing activities of continuing operations. Accordingly, no separate cash flow information for the discontinued 
operations is presented. 
In June 2025, the sale of Maha’s working interest in Block 70’s was completed with the payment of the purchase 
price amounting TUSD 1,300, as described in the table below, net of working capital adjustment. 
Loss on sale of discontinued operations 
(TUSD)    30-Jun-25 
Net assets of discontinued operations sold    2,000 
Total value received from sales    1,300 
Loss on sale of discontinued operations    700 
 
 
 
 
1 Other income reported on full year 2025 pertains to a related-party transaction, which was eliminated from 
the consolidated financial statements.

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Maha Indiana was sold in Q3 2025 
Results of Discontinued Operations 
Indiana Income Statement (TUSD) Q1 2026 Q1 2025 Full year 2025 
Revenue            
Oil and gas sales -  1,898  4,724  
Royalties -  (399)  (1,027) 
Net Revenue  -  1,499      3,697  
    
Cost of sales        
Production expenses -  (414)  (1,452) 
Depletion, depreciation and amortization -  (678)  (1,803) 
Gross profit  -  407         442  
    
General and administration  -  (128)       (285) 
Impairment -  -  (9,834) 
Other Income -  35  (1)  
Other Expenses -  (1) - 
Operating result  -  313   (9,678) 
Finance Income - - 11 
Finance costs  - (6)  (17) 
Net Finance items  - (6)  (6) 
Result before tax - 307 (9,684) 
    
Net result from discontinued operations - 307  (9,684) 
Cash Flow of Discontinued Operations 
Cash Flow from Discontinued Operations (TUSD) Q1 2026 Q1 2025 Full year 2025 
Cash from operating activities  - 1,109  2,110  
Cash used in investment activities  - (175) (388) 
Maha received proceeds of TUSD 3,285 from the sale of its interest in the Illinois Basin, USA. The related cash 
inflow is presented in the consolidated statement of cash flows under investing activities, and it is not included 
in the discontinued operations. 
4.  Loan Receivable and Payable 
Partnership Agreement with Keo World Inc. 
Maha announced in July that the Company has entered into a loan agreement, along with a call option and an 
investor rights agreement (together, the “Partnership Agreement”), with Keo World and its affiliates to finance 
Keo’s corporate credit card program f ocused on Latin America. This program operates in partnership with a 
leading U.S.-based credit card rail provider, providing USD -denominated corporate cards.  Under the terms of 
the Partnership Agreement, Maha established a secured revolving credit facility  of up to TUSD 100,000 for a 
U.S.-based Special Purpose Vehicle (the “Keo SPV”) over a three -year term, bearing an annual interest rate of 
12% to be collected at the end of the three -year term. To optimize returns and manage exposure, Maha has 
syndicated a portion of the facility to certain co-investors. This structure enables Maha to benefit from a positive 
interest rate spread, supporting its objectives of capital efficiency and  shareholder value creation. 
In December 2025, Maha entered into a loan agreement with KEO World S.A. de C.V., SOFOM (“KEO Mexico”), 
pursuant to which Maha provided KEO Mexico with a TUSD 27,500 bridge loan. The loan bears an annual interest 
rate of 12%. The Loan Agreement is secured by a comprehensive collateral package, including all  receivables of 
Keo Mexico, joint liability of Keo World, as well pledge on the shares of Keo Mexico. The bridge loan has  been 
structured in the context of the anticipated closing of Maha’s acquisition of  Keo World’s credit operations. The 
proceeds of the bridge financing are intended to (i) refinance debt, thereby strengthening Keo Mexico’s balance 
sheet, and (ii) support the continued expansion of its credit origination program.

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Prior to the formalization of the bridge loan agreement, Maha had already advanced funds to entities within the 
Keo group starting in August 2025.  
Of the total amount disbursed, TUSD 29,870 was advanced to Keo Mexico, TUSD 12,213 to Keo GTC and TUSD 
2,550 to other subsidiaries within the Keo group. As of 31 December 2025, total interest accrued in these 
advances amounted to TUSD 675.  
The transactions during the period were as follows: 
Loan receivable - KEO (TUSD) TUSD TSEK 
 01 January 2026 45,308  416,785  
 Principal  7,110 63,457 
 Interest  1,463 13,416 
Currency translation adjustment - 19,143 
 31 March 2026 53,881 512,801 
Current 53,881 512,801 
 Non‐current  -  -  
   
Loan payable Co-investor - KEO (TUSD) TUSD TSEK 
 01 January 2026 (15,596) (143,467) 
 Principal  - - 
 Interest  (450) (4,108) 
Currency translation adjustment - (5,140) 
 31 March 2026 (16,046) (152,716) 
Current - - 
 Non‐current  (16,046) (152,716)    
Net Amount 37,835 360,085 
5. General and Administrative expenses (“G&A”) 
General and administrative (“G&A”) expenses are indirect corporate costs that are associated with running a 
business. In Q1 2026, G&A expenses totaled TUSD (2,291), reflecting a -43% decrease when compared with the 
same period (Q1 2025: TUSD (4,019) - including discontinued operations). 
 
Recurring G&A (General and Administrative Expenses) refers to periodic costs to keep the Company in an 
ongoing process, excluding the one -off or irregular expenses.  This decrease is primarily attributable to the 
corporate reorganization and cost reduction initiatives implemented at the end of 2025 and 2026 , which 
resulted in a leaner cost structure. 
Non-recurring items in Q1 2026 increased mainly due to costs related to the relisting process and the acquisition 
of the KEO Group, including extraordinary consulting and legal fees associated with the evaluation of new 
business opportunities and potential M&A transactions, among others. 
 
Accounting G&A (TUSD)  Q1 2026      Q1 2025 Full year 2025 
Extraordinary Consulting Fees (5) (65)  (198) 
Additional M&A Transactions (4) (252)  (485) 
One-off restructuring costs (88) 1  (28) 
Reduced G&A relocations - -  (88) 
New Project/Business (1,126) (750)  (4,602) 
Non - Recurring G&A (1,223) (1,066)  (5,401) 
Recurring G&A (1,068) (1,619)  (5,750) 
Total G&A of Continuing operations (2,291) (2,685)  (11,151) 
 
Adjusted G&A (TUSD)  Q1 2026      Q1 2025 Full year 2025 
Total G&A of Continuing operations (2,291) (2,685)  (11,151) 
Total G&A of Discontinued operations² - (1,334)  (285) 
Total G&A (2,291) (4,019)  (11,436) 
2 Total G&A of the discontinued operation includes  Maha Indiana and Oman.

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6. Share Capital 
On December 31, 2025, the Company had 178,444,753 issued shares, divided into Class A shares, with a par 
value of SEK 0.011 per share. 
Shares Outstanding  A B A+B 
31 December 2024  176,915,831 - 176,915,831 
Treasury shares (1,284,000) - (1,284,000) 
31 December 2025 175,631,831 - 175,631,831 
Treasury shares  - - - 
31 March 2026 175,631,831 - 175,631,831 
 
Buy-back Program (Repurchased Shares) 
As of December 31, 2025, the company had repurchased a total of 2,812,922 shares (1.58% of outstanding  
shares), with a total disbursement of TSEK 16,799 (approximately TUSD 1,659) related to the 2025 and 2024  
programs. These are the only shares owned by Maha. All remaining outstanding shares are held by external  
investors. 
7. Financial Assets and Liabilities 
For financial instruments measured at fair value in the balance sheet, the following hierarchy is used:  
• Level 1: based on quoted prices in active markets. 
• Level 2: based on inputs other than quoted prices as within level 1, that are either directly or indirectly 
observable. 
• Level 3: based on inputs which are not based on observable market data.  
The Company’s long-term financial assets are carried at amortized cost. For disclosure purposes, the fair value 
of these instruments has been estimated and is classified within Level 3 of the fair value hierarchy, as it is based 
on discounted cash flow mod els using unobservable inputs, including credit risk and contractual terms.  
 
The fair value of loan receivables from KEO has been estimated using a discounted cash flow approach, 
considering a fixed contractual interest rate of 12% and credit risk assumpti ons. Due to the absence of 
observable market data for similar instruments, the valuation is classified within Level 3.  
The long-term financial assets are carried at amortized cost, which approximates the fair value. 
Long-Term Financial Assets and Liability 
(TUSD) Level Amortized 
cost  FVTPL(**) Total 
Investment in Bolivian Pipeline 3 - 1,067 1,067 
Other long-term financial assets 3 - 40 40 
Total Financial Assets  - 1,107 1,107 
     
Earn-out liability (*) 3 - 10,429 10,429 
Total Financial Liability  - 10,429 10,429 
(*) As described in note 8. 
(**) Fair Value Through Profit or Loss 
 
Bolivian Pipeline – GasTransboliviano 
On 6 July 2023, Maha made an investment of TUSD 1,000 in 2B Ametrino AB, through the acquisition of 3,845 
shares, equivalent to approximately 7% interest in said company. Additionally, the Company paid TUSD 67 to 
cover transaction expenses. 2B Ametrino AB holds a 38% interest in GasTransboliviano S.A., a company which 
owns the Bolivian portion of the “Brasil-Bolivia” pipeline. 
8. Asset Acquisition in Joint-venture 
PetroUrdaneta investment

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In January 2026, Venezuela entered a period of significant political and regulatory transition, representing a 
material change in the country’s governance, institutional environment and oil and gas operating framework , 
marking a pivotal moment in the institutional direction. Maha held by year end 2025 a call option to acquire up 
to a 40 percent equity stake in PetroUrdaneta, an O&G joint venture company operating in Venezuela , from 
Novonor Latinvest Energy. 
The option was obtained through the payment of an exclusivity premium amounting of TEUR 4,600, granting 
Maha the exclusive right to acquire the agreed ownership structure indirectly held through Odebrecht E&P 
España S.L. 
In March 2026, Maha exercised the call option and acquired a 24% indirect equity interest in PetroUrdaneta, 
through the payment of an additional exclusivity premium of TEUR 4,600 plus a strike price of EUR 1. Following 
completion of the transaction, the total consideration transferred amounted to TEUR 9,200 (equivalent to TUSD 
10,267). 
Due to the limited availability of observable market inputs, restrictions associated with the Venezuelan market 
environment, geopolitical uncertainties, sanctions -related considerations, and the ongoing definition and 
implementation of the contractual and operational framework with governmental counterparties, management 
concluded that the acquisition price represents the best available estimate at the acquisition date.  
Contingent consideration (earn-out) 
The acquisition includes contingent consideration in the form of an earn -out arrangement with a maximum 
aggregate amount of TEUR 18 ,000, payable in three equal instalments of TEUR 6 ,000 each, subject to the 
achievement of specified accumulated production targets and the absence of a material adverse effect.  
The contractual production milestones are based on aggregate hydrocarbon production volumes formally 
verified through monthly production statements issued by PetroUrdaneta and PDVSA. The instalments become 
payable upon achievement of the following cumulative production thresholds : 
• 3.0 million barrels after 24 months from completion;  
• 5.0 million barrels after 36 months from completion; and  
• 7.7 million barrels after 48 months from completion.  
Under the agreement, if the required production thresholds are not achieved within the originally specified 
periods, but are subsequently achieved, the corresponding instalment may still become payable within the 
contractual extension provisions. In addition, if production targets remain unmet after 60 months from 
completion, the remaining purchase price may become payable in full, subject t o certain extension rights and 
contractual conditions.  
As of March 31, 2026, the contingent consideration liability was recognized at fair value amounting to TUSD 
10,429, at the acquisition date, considering that the earn-out will be payable according to the thresholds detailed 
above. 
The fair value measurement of the earn -out obligation incorporates significant unobservable inputs and 
management assumptions, including timing and probability of achieving contractual production thresholds , 
expected timing of future cash outflows , country and political risk factors  and contractual enforceability 
considerations.  
Given the significant estimation uncertainty associated with the Venezuelan operating environment and the 
contingent nature of the arrangement, changes in assumptions and future circumstances may impact the 
estimated fair value of the earn -out liability. S ubsequent remeasurements of the contingent consideration 
obligation are recognized in profit or loss in the period in which changes in estimates occur.

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9. Changes in Non-Cash Working Capital 
The subsequent table delineates the non-cash working capital: 
Non-cash Working Capital Changes (TUSD) 31-March-26 31-Dec-25 
Change in:    
Accounts receivable  - 1,222 
Inventory  - (43) 
Accounts payable (725) (1,065) 
Total  (725) 114 
10. Pledged Assets, Commitments and Contingent Liabilities 
Pledged Assets 
The Group has restricted cash totaling TUSD 13,473, of which TUSD 1,285 is held in escrow accounts as collateral 
against potential liabilities arising from the sale of Maha Brazil Transaction. The amount retained in escrow shall 
be released, totally or partially, (i) to PetroRecôncavo, to cover any applicable losses, as agreed in the definitive 
documents or (ii) in Maha’s favor, on the closing of the last lawsuit, or within six (6) years from closing date of 
Maha Brazil transaction, as applicable based on the conditions of the relevant agreements.  
In addition, the Group has issued bank guarantees totaling TUSD 12,188 related to potential contingent liabilities 
associated with the Maha Brazil transaction. 
Commitments and Contingent Liabilities 
The Company ha s commitments involving Blocks 117 and 118, which were sold to PetroRecôncavo as part of 
Maha Brazil Transaction.  In addition, the Company coordinates a conciliation procedure with ANP related to 
such minimum exploratory commitments , which Maha will have to indemnify PetroRecôncavo in case of loss 
when it comes to such dispute/ past liability. In Q1 2026, the maximum estimated contingent liability related to 
this dispute is TUSD 6,982. For additional information on the commitments and contingent liabilities, please 
refer to notes 18 of the Annual Report 2025, available at www.maha-capital.com.  
11. Related Party Transactions 
There have been no significant changes in related party transactions in 202 6 when compared to previous 
periods. In relation to the Parent Company, the subsidiaries are considered related parties. The Parent Company 
has provided subsidiaries with intragroup debt and receives interest income on a loan from one of the 
subsidiaries. 
12. Subsequent Events 
• Maha completed the merge with KEO World Inc  and its subsidiaries, for total  purchase consideration of 
TUSD 220,838, followed by a TUSD 27,000 capital raise at SEK 16 per share. 
• At the end of March 2026, the approved credit line volumes for Keo amounted to approximately TUSD 
62,000, with an average quarterly and annual yield of 4.8% and 19%, respectively.  
• Maha received formal approval from Nasdaq Stockholm for continued admission to trading following the 
completion of the acquisition of KEO World Inc.  
• The board of directors of Maha has instructed management to assess a potential separation of its oil and 
gas business, including its 24% indirect equity interest in PetroUrdaneta, from its fintech operations, 
following the enforcement and settlement of the call option related to the Company’s oil and gas assets.

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13. Business Combination 
On April 2, 2026, Maha Capital AB (“Maha” or the “Company”) completed the acquisition of KEO World Inc. 
(“KEO World”), which qualifies as a business combination in accordance with IFRS 3 – Business Combinations, as 
the Company obtained control over the acquiree.  
The transaction was initially agreed on October 6, 2025, pursuant to a Share Purchase Agreement, as 
subsequently amended. The acquisition was executed through a reverse triangular merger, whereby Maha’s 
wholly owned subsidiary, Maha Capital US Inc. (the “M erger Sub”), merged with and into KEO World, with KEO 
World surviving the merger. As a result, KEO World became a wholly owned subsidiary of Maha.  
KEO World is a fintech company operating a digital credit platform focused on B2B payments and embedded 
working capital solutions, with operations across Mexico, Brazil, Canada and broader Latin America. The 
acquisition is aligned with Maha’s strategy to e xpand its presence in the global fintech sector, providing access 
to proprietary technology, regulatory licenses and an established operating platform.  
Consideration Transferred 
The consideration transferred to Keo Aggregator in the transaction consists primarily of equity instruments and 
contingent consideration, and is summarized as follows:  
• The issuance of 141,050,933 ordinary shares of Maha to the seller, KEO Aggregator LP; and  
• A contingent consideration arrangement (earn -out), under which the seller may be entitled to receive 
up to 49,179,686 additional shares, subject to the achievement of specified performance conditions.  
The contingent consideration has been structured through the issuance of warrants and is considered part of 
the total consideration transferred in accordance with IFRS 3. It is measured at fair value at the acquisition date. 
Subsequent changes in the fair value of the contingent consideration classified as financial liability, if any, will 
be recognized in profit or loss in accordance with IFRS 9. 
The total purchase consideration, including earn-out, amounts to TUSD 220,838, calculated through the product 
of (a) 190,230,619 shares and (b) the volume -weighted average price (VWAP) of Maha Capital on Nasdaq 
Stockholm during the ninety (90) trading days immediately preceding the Closing (SEK 10.93), converted by the 
foreign exchange rate on April 02, 2026 (SEK/USD 0.106212). 
Preliminary Purchase Price Allocation 
The identifiable assets acquired and liabilities assumed have been recognized at their preliminary fair values as 
of the acquisition date, in accordance with IFRS 3. The preliminary purchase price allocation is not yet finalized 
and will be disclosed as part of the second quarter interim report.  
As a result of the transaction, Maha expects significant goodwill that primarily represents:  
• expected synergies from the integration of operations; 
• future growth opportunities; 
• the value of the assembled workforce; and 
• other benefits that do not qualify for separate recognition.  
Maha also expects intangible assets primarily relate to the Workeo platform and related technology, with an 
estimated useful life of approximately five years. 
Acquisition Related Costs  
Transaction-related costs amounting to TUSD 1,962 have been recognized as an expense in the consolidated 
statement of profit or loss for the period and are presented within administrative expenses, in accordance with 
IFRS 3.  
Additional disclosure - Equity transactions related to the Business Combination 
In connection with the completion of the acquisition of KEO World, the Company executed a series of equity 
transactions which are considered separate from the business combination under IFRS 3, as they primarily relate 
to financing and capital restructuring activities rather than consideration transferred for the acquiree.  
At the Closing Date, the Company completed directed share issues to certain co -investors (the “Co -investors 
Issue”), whereby a total of 17,611,028 new shares were issued. These shares were subscribed for through the

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set-off of outstanding receivables held by the co-investors against the Company. The transaction formed part of 
a broader restructuring of existing financial arrangements and was undertaken to strengthen the Company’s 
capital structure.  
The receivables settled through the Co -investors Issue relate to preexisting financing arrangements with the 
Company and not with the acquiree , that were connected to the original credit facility provided to Keo in July, 
2025, prior to the merger agreement. 
In addition, the Company carried out two directed share issues (the “Capital Raises”), raising gross proceeds of 
approximately TUSD 27,000 before transaction costs. A total of 14,885,175 new shares were issued at a 
subscription price of SEK 16.00 per share , which management considers to be in line with market conditions 
based on  discussions with institutional investors. These capital raises were undertaken to support the 
Company’s growth strategy, strengthen its balance sheet and provide funding for future lending activities.  
In connection with Capital Raises, the Company also issued warrants free of charge to investors, with each share 
subscribed entitling the holder to one warrant. These warrants provide the right to subscribe for additional 
shares at an exercise price of SEK  16.00 per share within a period of two years. The warrants will classify as 
equity instruments, as they will be issued as part of the overall financing transaction.  
Furthermore, the Company implemented stock option programs for key management personnel and employees 
of both Maha and the KEO World group. A total of up to 26,090,412 stock options were granted. The fair value 
on the grant date will be recognized as an ex pense over the vesting period, with a corresponding increase in 
equity.  
As a result of the transactions described above, including the issuance of consideration shares, co -investor 
shares and shares in the Capital Raises, the total number of shares outstanding increased from 178,444,753 to 
351,991,889 shares, representing a si gnificant change in the Company’s capital structure. The share capital 
increased from SEK 1,962,892.283 to SEK 3,871,910.779. 
Upon full exercise of all outstanding warrants, including those related to the earn -out mechanism, the directed 
warrant issues and the stock option programs, the number of the outstanding shares will increase by a further 
90,155,273 shares to 442,147,162 shares. This resulted in an additional dilution of approximately 20.39 per cent, 
calculated based on the total number of shares and votes in the Company after completion of said issuances. 
The share capital will increase by a further SEK 991,708.003 to SEK 4,863,618.782.  
These transactions will be accounted separately from the business combination, except for those instruments 
that form part of the consideration transferred, in accordance with the requirements of IFRS 3.  
In March 2026, the Company received proceeds amounting to approximately TUSD 14,005 related to the 
previously announced Capital Raises carried out in connection with the Transaction.

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Financial summary 
Regarding the discontinued operations of Maha Indiana and Oman 
Financial Summary (TUSD)      Q1 2025  Q1 2026 Full year 2025 
Average (BOEPD)  315  -  409  
Revenue  1,898  -  4,724  
Operating Netback  1,085  -  2,245  
EBITDA  (215)  - 1,900  
Net Result  4,894  -  (5,700) 
Earnings per share (basic & diluted)  0.03  -  (0.03) 
Earn-out liabilities  -    -  -    
Loan payable - - - 
Loan receivable - - - 
Financial Assets  -    -  -    
Cash flow from operations  1,109  -  1,955  
Free cash flow  934  -  1,357  
Cash and cash equivalent (incl. restricted cash)  365  -  -    
Continued and discontinued operations combined: 
Financial Summary (TUSD)      Q1 2025  Q1 2026 Full year 2025 
Average (BOEPD)  315   -     409  
Revenue  1,898   -     4,724  
Operating Netback  1,085   -     2,245  
EBITDA  (3,732)  (2,537)  (11,872) 
Net Result  5,992   (820)  (24,746) 
Earnings per share (basic & diluted)  0.04   (0.01)  (0.14) 
Earn-out Liabilities  -     (10,429)   - 
Loan payable - (16,046) (15,596) 
Loan receivable - 53,881 45,308 
Financial Assets  97,095   1,107   6,090  
Cash flow from operations  4,125   (2,187)  (1,800) 
Free cash flow  5,600   (14,698)   31,167 
Cash and cash equivalent (incl. restricted cash)  15,700   63,812   63,342

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Maha Capital – Interim report for 31 March 2026 
 
27 
 
Glossary 
Key Ratio Definition 
Cash flow from operations: Cash flow from operating activities in accordance with the consolidated statement 
of cash flow.  
Free cash flow : Is defined as cash flow from operating activities less cash flow from investing activities, as 
presented in the consolidated statement of cash flows. 
EBITDA ( Earnings before interest, taxes, depreciation, and amortization and impairment) : Operating profit 
before depletion of oil and gas properties, depreciation of tangible assets, impairment, foreign currency 
exchange adjustments, interest and taxes.  
Earnings per share: Net result is attributable to shareholders of the Parent Company divided by the weighted 
average number of shares. 
Earnings per share fully diluted: Net results attributable to shareholders of the Parent Company divided by the 
weighted average number of shares after considering any dilution effect for the period. 
Operating netback: Operating netback is defined as revenue less royalties and operating expenses.  
Weighted average number of shares: The number of shares at the beginning of the period with changes in the 
number of shares weighted for the proportion of the period they are in issue. 
Total Net Cash balance : Defined as cash and cash equivalents, including restricted cash, loan receivables and 
loan payables. 
Currency Definitions 
SEK Swedish Krona   
BRL Brazilian Real   
USD US Dollar   
EUR European Euro   
TSEK Thousand SEK   
TUSD Thousand USD   
TEUR Thousand EUR   
Other Related Terms 
2B Ametrino AB previously named EIG Bolivia Pipeline AB. Refers to a Bolivian company that holds a 38% interest 
in GasTransboliviano S.A., a company which owns the Bolivian parcel of the pipeline “Brasil -Bolivia” or “GTB”. 
Brava Energia Refers to the  new corporate name of 3R Petroleum after the merge with Enauta Participações 
S.A., under which Maha holds shares. 
Block 70   Refers to Block 70, located in Oman, operated by Maha Oman which holds 65% working interests.  
Illinois Basin   Refers to the Company’s Light oil field in Illinois/Indiana, USA.  
Maha or the Company    Refers to, depending on the context, Maha Capital AB (registration number  
559018-9543), formerly known as Maha Capital AB, a Swedish public limited company, the group which the 
Company is the parent company, or any subsidiary in the Maha’s group. 
Maha Brazil Transaction  refers to the divestment of Maha’s Brazilian subsidiary (Maha Brazil) to 
PetroRecôncavo. 
PetroUrdaneta Refers an O&G mixed capital company operating in Venezuela , and which shares are held by 
PDVSA (60%) and OE&P (40%). The field’s last reported production is over 1,000 bopd.  
PetroRecôncavo Refers to PetroRecôncavo S.A., which on 28 February 2023 acquired Maha’s Brazilian subsidiary 
which had working interest on Tie field and Tartaruga field.

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Maha Capital – Interim report for 31 March 2026 
 
28 
 
 
 
 
 
 
 
 
Approved by  
Maha Capital AB (publ) 
Org. No. 559018-9543 
 
Stockholm, 26 May 2026 
 
 
 
 
       
Roberto Marchiori 
CEO   
 
 
 
 
 
  
 
 
  
This report has not been subject to review by Maha’s auditors

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Maha Capital – Interim report for 31 March 2026 
 
29 
 
Financial Calendar  
• The Annual General Meeting 2026 is to be held in Stockholm on 26 May 2026 
• Report for the second quarter 2026 (January- June 2026) on 25 August 2026 
• Report for third quarter 2026 (January – September 2026) on 24 November 2026 
 
Contact Information 
For more information, please contact: 
Roberto Marchiori, CEO & CFO | Jakob Sintring, Head of IR 
Phone: +46 8 611 05 11, E-mail: IR@maha-capital.com 
 
 
Maha Capital AB 
Head Office 
 
Eriksbergsgatan 10, SE-114 30 Stockholm, Sweden 
+46 8 611 05 11 
  
Technical Office Rua Sete de Setembro 92, suite 2207, 
20050-002 Centro, Rio de Janeiro 
Brazil+46 8 611 05 11   
  
Email: info@maha-capital.com 
  
 
 
 
 
 
 
  
 
Forward-Looking Statements in this report relating to future status or circumstances, including statements regarding future performance, 
growth and other trend projections are forward-looking statements. These statements may generally, but not always, be identified by the 
use of words such as “anticipate”, “believe ”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, 
forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the 
future. There can be no assurance that actual results will not differ materially from those expressed or implied by these for ward-looking 
statements due to several factors, many of which are outside the company’s contr ol. Any forward-looking statements in this report speak 
only as of the date on which the statements are made , and the company has no obligation (and undertakes no obligation) to update or 
revise any of them, whether as a result of new information, future events or otherwise.