Kvartalsrapport Q3 2025

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

Q3  
Report for the 
NINE MONTHS ENDED  
30 SEPTEMBER 2025 
(org number: 559018-9543)

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

Maha Capital – Interim report for 30 September 2025 
 
2 
 
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

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

Maha Capital – Interim report for 30 September 2025 
 
3 
 
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 su ccessfully 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 acce lerate 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 approx imately 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

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

Maha Capital – Interim report for 30 September 2025 
 
4 
 
Operational Review 
Assets Summary 
Pending acquisition 
Following the expansion of the investment mandate, in July 2025 Maha entered into a Loan Agreement with Keo 
World, to finance Keo World’s Global Trade Card Program (“GTC”), a US Dollar denominated suite of Corporate 
Card products and centralized accounts for cross border payments across Latin America.  For additional 
information please refer to Note 5. 
After further strategic discussions, the parties agreed to transform the partnership into a business combination 
to accelerate growth and align long -term incentives, 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 operations are conducted through Keo World’s subsidiaries Keo Latam GTC Program LLC, Keo Puerto Rico 
LLC, Keo World S.A. de C.V., SOFOM, E.N.R., Keo World Brazil Tecnologia Ltda and Keo Canada, Inc. (together, 
the “Keo Subsidiaries”).  
The Transaction will be 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 wi ll be 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 will also be carried out:  
1. directed share issue of up to 17,611,028 shares to certain co-investors; 
2. 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 intends 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 shall be executed upon closing of 
the Transaction, and the third Capital Raise is expected to be completed by the time of th e Dual Listing on the 
Nasdaq Stock Market US. 
The share purchase agreement and the completion of the Transaction and the Capital Raises are subject to and 
conditioned upon all required regulatory approvals, including Nasdaq Stockholm’s approval of the re -listing of 
Maha’s shares. 
Following the Transaction, the operations of Maha will primarily consist of the technology and credit operations 
that are currently conducted by Keo World through its subsidiaries.  
 
Potential new assets 
PetroUrdaneta 
In October 2023, i n the context of the General License 44, issue by the United States Office of Foreign Assets 
Control (“OFAC”), Maha obtained a call option for the potential acquisition of the indirect equity interest in the 
Venezuelan oil company PetroUrdaneta. During the quarter, the call option maturity has been extended until 
May 2026 at zero cost.  
Divested assets 
USA Operation - Illinois Basin (IB)

===== SIDA 5 =====

Maha Capital – Interim report for 30 September 2025 
 
5 
 
Maha announced on 1 October 2025 the divestment of its working interest in the Illinois Basin, USA, to Revitalize 
Resources Operating Inc. The transaction consideration amounts to TUSD 3 ,500, subject to adjustment of ad 
valorem taxes, with an additional TUSD 600 contingent upon the successful achievement of specified earnout 
milestones linked to WTI prices. The transfer of ownership is scheduled to be completed in Q4 2025. 
Maha originally acquired the Illinois Basin assets in 2020. As of year-end 2024, the 2P-reserves amounted to 2.6 
MMBO, with average production in Q3 2025 amounting to 241 BOPD. As part of the upcoming divestment, Maha 
recognized an impairment charge of TUSD 9,834.  
Brazil Investment - Brava Energia S.A. 
In 2024, Maha Energy acquired a 5% stake in 3R Petroleum, a leading independent oil and gas producer. This 
investment marked the start of a consolidation strategy  in the Brazilian O&G industry , and later that year, 3R 
Petroleum and Enauta merged to form Brava Energia. The transaction also included Maha’s 15% stake in 3R 
Offshore being exchanged for additional shares in Brava. In Q3 2025, Maha reported a realized net gain on Brava 
Energia’s shares of TUSD 6,916 and sold its shareholding in Brava Energia.

===== SIDA 6 =====

Maha Capital – Interim report for 30 September 2025 
 
6 
 
Financial Results Review  
Continuing Operations 
On 1 October 2025, Maha announced the divestment of its working interest in the Illinois Basin, USA. The 
transfer of ownership of all assets is scheduled to be completed in Q4 2025. As a result, Illinois Basin assets have 
been classified as assets held for  sale and Illinois Basin operations ha ve been classified as discontinued 
operations (see Note 3 for details).  
EBITDA 
EBITDA decrease to TUSD (3,037) (Q3 2024: TUSD (2,518)). The decline is mainly due to the sale of Illinois assets, 
which are no longer included in the calculation, and to the reversion of previously recognized other incomes. 
EBITDA is a non-IFRS financial measure and is reconciled as follows: 
EBITDA (TUSD) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 
 Nine 
Months 
2025 
Nine 
Months 
2024 
Operating result (3,510) (2,550) 497 (4,385) (3,003)  (5,563) (6,867) 
DD&A 10 14 30 30 33  54 48 
Impairment/Writ
e-off - - - - -  - 551 
Foreign currency 
exchange 463 324 542 124 452  1,329 1,091 
EBITDA (3,037) (2,212) 1,069 (4,231) (2,518)  (4,180) (5,177) 
 
 
 
Net finance and changes in fair value of financial investments 
Net Finance amounted to TUSD 7,466 (Q3 2024: TUSD (41,225)) and included a realized net gain during the 
quarter of TUSD 6,916 from the change in fair value at the divestment of Brava ’s Energia shares that the 
Company held (Q3 2024: (40,587)). 
Result 
The net result from continuing operations for the third quarter amounted to TUSD 3,956 (Q3 2024: TUSD 
(43,142)), representing earnings per share of USD 0.02 (Q3 2024: USD (0.25)).  
(2 518) (4 231) 
1 069  
(2 212) (3 037) 
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
EBITDA
TUSD

===== SIDA 7 =====

Maha Capital – Interim report for 30 September 2025 
 
7 
 
Financial position 
Liquidity and capital resources 
The Company ’s capital structure includes shareholders’ equity of TUSD 104,109 (31 December 202 4: TUSD 
119,735).  
The Company’s restricted cash balance refers to  certain financial commitments and contingent liabilities 
deposited in an escrow account related to Maha Brazil transaction. 
Net cash (TUSD) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024   Full Year 
2024 
Bank Debt (current) (12,521) - -     -   (14,835)    -  
Loan Payable (non-current) (15,137) - - - -   - 
Loan receivable (non-current) 12,763 - - - -   - 
Restricted Cash 24,796 3,176  1,317  1,115  5,774   1,115 
Cash and Cash Equivalents  83,947 13,018  14,018  8,935 19,899    8,935 
Total Net Cash Balance with 
restricted Cash 93,848 16,194  15,335  10,050  10,838    10,050 
Brava Shares - 70,838 88,938  84,043  71,468    84,043  
3R Offshore Debentures - 1,009 1,901  3,483  5,908    3,483  
Liquid investments - 71,847 90,839  87,526  77,376    87,526  
Total net cash (with restricted Cash) 
+ Liquid investments 93,848 88,041 106,174  97,576  88,214    97,576  
 
Restricted cash increased to TUSD 24,796 as a result of divestment of Brava shares, which were partially pledged 
as guarantee for loan and contingent liabilities. 
In October 2025, the margin loan with BTG was fully repaid using restricted cash collateral to offset the 
outstanding balance. The Company repaid a total amount of TUSD 12 ,500 for principal and resulted in 
approximately TUSD 772 of savings on interest for the next quarters. This debt repayment is consistent with the 
operational improvement initiatives defined by management. 
Investments 
Net cash flows used in investing activities totaled TUSD  56,500, primarily  driven by investments in  financial 
assets disposal of TUSD 77,816, associated with the  divestment in Brava , and restricted cash deposits mostly 
related to pledge agreements of TUSD (20,982) and other of TUSD (334). 
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 8). During Q3 2025 Maha did not repurchase any shares under 
the 2024 and 2025 share buy -back programs. Maha’s total holdings of own shares as  of 30 September 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 consists of five members: Paulo Mendonça (chairman), Halvard Idland, Richard Norris, 
Fabio Vassel and Carlos Gomez-Lackington. 
In March 2025, Maha announced that Roberto Marchiori has been appointed as CEO of Maha , effective 
immediately. Roberto has since May 2024 been the CFO of Maha, and since 2022 head of New Business 
Development and M&A Director at Maha.

===== SIDA 8 =====

Maha Capital – Interim report for 30 September 2025 
 
8 
 
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) 
No incidents or oil spills were reported by the company during Q3 2025.  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.

===== SIDA 9 =====

Maha Capital – Interim report for 30 September 2025 
 
9 
 
Financial Statements 
Consolidated Statement of Operations  
Consolidated Income Statement (TUSD) Note Q3 2025 Q3 2024 
Nine 
Months 
2025 
Nine 
Months 
2024 
Revenue        
Oil and gas sales   - - - - 
Royalties   - - - - 
Net Revenue    - - - - 
        
Cost of sales        
Production costs   - - - - 
Depletion, depreciation, and amortization   (10) (33) (54) (48) 
Gross profit    (10) (33) (54) (48) 
        
General and administration  6 (1,538) (1,819) (5,939) (5,578) 
Other Income   (758) (66) 3,696 1,940 
Other Expense   (1,204) (1,085) (3,264) (3,181) 
Operating result    (3,510) (3,003) (5,561) (6,867) 
        
Finance income   989 876 1,808 1,739 
Finance costs    (439) (1,514) (611) (3,721) 
Changes in fair value of financial 
instruments     6,916 (40,587) (6,289) (51,287) 
Net Finance items    7,466 (41,225) (5,092) (53,269) 
        
Result before tax    3,956 (44,228) (10,653) (60,136) 
Current and deferred tax   - 1,086 - (714) 
Net result from continuing operations    3,956 (43,142) (10,653) (60,850) 
       
Discontinued Operations       
Net result from discontinued operations  3 (9,759) 18,162 (9,349) 18,524 
Net result    (5,803) (24,980) (20,002) (42,326) 
       
Basic and diluted earnings per share       
From continuing operations   0.02 (0.25) (0.06) (0.35) 
From discontinued operations   (0.06) 0.10 (0.05) 0.10 
   (0.04) (0.15) (0.11) (0.25) 
Weighted average number of shares:       
Before dilution  171,372,460 170,650,457 171,372,460 170,650,457 
After dilution    178,444,753 170,650,457 178,444,753 170,650,457

===== SIDA 10 =====

Maha Capital – Interim report for 30 September 2025 
 
10 
 
Consolidated Statement of Financial Position 
Consolidated Balance Sheet (TUSD) Note  30-Sep-25 31-Dec-24 
ASSETS        
Non-current assets       
Property, plant and equipment  44  15,184  
Intangible Assets  18 - 
Loan receivable 5 12,763 - 
Long-term financial assets 8 6,256  6,256  
Total non-current assets   19,081  21,440  
     
Current assets      
Assets held for sale 3 3,317 7,076  
Prepaid expenses and deposits  245 207 
Crude oil inventory  - 186 
Short-term financial assets  8 - 87,526 
Accounts receivable and other credits  868 1,269 
Restricted cash  24,796 1,115 
Cash and cash equivalents  83,947 8,935 
Total current assets    113,173 106,314 
      
TOTAL ASSETS    132,254 127,754 
      
EQUITY AND LIABILITIES      
Equity      
Shareholders' equity   104,109 119,735 
      
Liabilities      
Non-current liabilities      
Loan payable 5 15,137 - 
Decommissioning provision   - 479  
Lease liabilities   -  318  
Total non-current liabilities    15,137  797  
      
Current liabilities      
Liabilities held for sale 3 -  6,039  
Bank Debt 4 12,521 - 
Accounts payable   346  828  
Accrued liabilities and provisions   141  256  
Current portion of lease liabilities   -  99  
Total current liabilities    13,008  7,222  
      
TOTAL LIABILITIES    28,145  8,019  
      
TOTAL EQUITY AND LIABILITIES   132,254  127,754

===== SIDA 11 =====

Maha Capital – Interim report for 30 September 2025 
 
11 
 
Consolidated Statement of Cash Flows  
Cash Flow (TUSD) Note  Q3 2025 Q3 2024 
Nine Months 
2025 
Nine 
Months 
2024 
Net results (cont. op.)   3,956 (43,142) (10,653) (60,850) 
Net results (disc. cont. op.) 3 (9,759) 18,162 (9,349) 18,524 
Depletion, depreciation and amortization 
(incl. Impairments/write-offs) 
 10,466 1,199 11,811 3,787 
Stock-based compensation  741 634 1,937 1,538 
Share of income from investment in 
associate 
 - (148) - (1,302) 
Unrealized investment (income) / expense  (6,973) 40,587 6,232 51,288 
Realized investment (income) / expense  - (17,943) - (17,943) 
Unrealized foreign exchange amounts  2,072 427 2,775 950 
Interest income/expense   82 286 (68) 1,354 
Income tax expense  - (1,093) - 707 
Accrued liabilities and provisions  (8) 326 (249) (1,510) 
Dividends to receive  (387) (95) (587) (883) 
Other (gain) / loss  (713) 20 (1,033) 361 
Interest paid  - (1,463) - (3,410) 
Interest received  46 287 252 689 
Taxes paid   - (3) 71 
Change in working capital 9 (1,250) 600 (699) (875) 
Cash from operating activities   (1,727) (1,356) 366 (7,504) 
Capital expenditures - PPE  (334) (2,600) (533) (3,640) 
Investment in associates  - - 1,088 - 
Investments in financial assets  77,816 - 77,816 (77,724) 
Restricted cash  (20,982) 26,160 (22,629) 36,567 
Cash used in investment activities   56,500 23,560 55,742 (44,797) 
Lease payments  - (38) (48) (115) 
Repayment of bank debt  - (24,000) - (34,500) 
Dividends received / (paid)  387 924 587 924 
Bank Debt 4 12,500 14,850 12,500 14,850 
Debt cost amortization 4 (225) - (225) - 
Loan receivable 5 (12,613) - 2,387 - 
Loan payable  15,000    
Debentures received  988 2,001 3,691 4,155 
Repurchased shares  - (1,166) (493) (1,166) 
Cash from (used in) financing activities   16,037 (7,429) 18,399 (15,852) 
Change in cash and cash equivalents    70,810 14,775 74,507 (68,153) 
Cash and cash equivalents at the beginning 
of the period   13,020 5,542 9,298 88,643 
Currency exchange differences in cash and 
cash equivalents 
 117 (57) 142 (230) 
Cash and cash equivalents at the end of 
the period    83,947 20,260 83,947 20,260 
‐ of which is included in discontinued 
operations 3 - 361 - 361 
‐ of which is included in the continued 
operations   83,947 19,899 83,947 19,899

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Maha Capital – Interim report for 30 September 2025 
 
12 
 
Consolidated Statement of Comprehensive Earnings 
Consolidated Comprehensive Result (TUSD)   Q3 2025 Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Net Result for the period    (5,803) (24,980) (20,002) (42,326) 
       
Items that may be reclassified to profit or loss:  
 
    
Exchange differences on translation of foreign 
operations  
 
937 757 2,932 (2,584) 
Comprehensive result for the period    (4,866) (24,223) (17,070) (44,910) 
       
Attributable to:       
Shareholders of the Parent Company    (4,866) (24,223) (17,070) (44,910) 
 
Consolidated Statement of Changes in Equity  
Consolidated Statement of Changes in 
Equity (TUSD) 
Share 
capital 
Contributed 
surplus 
Other 
Reserve 
Retained 
Earnings 
Shareholders’ 
Equity 
Balance on 01 January 2024 208  135,067  (14,427) 33,977  154,825  
      
Comprehensive result        
Result for the period   -     -     -    (32,565) (32,565) 
Currency translation difference   -    (506) (3,029) -    (3,535) 
Total comprehensive result   -  (506)   (3,029)  (32,565)  (36,100)  
        
Transactions with owners        
Stock based compensation   -    2,176   -     -     2,176  
Repurchased shares  -    (1,166)  -     -    (1,166) 
Balance on 31 December 2024  208   135,571   (17,456)  1,412 119,735  
      
Balance on 01 January 2025  208   135,571   (17,456)  1,412 119,735  
            
Comprehensive result        
Result for the period  - - - (20,002) (20,002) 
Currency translation difference  - - 2,932 - 2,932 
Total comprehensive result   - - 2,932 (20,002) (17,070) 
       
Transactions with owners       
Stock based compensation  - 1,937 - - 1,937 
Repurchased shares - (493) - - (493) 
Balance on 30 September 2025 208 137,015 (14,524) (18,590) 104,109

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Maha Capital – Interim report for 30 September 2025 
 
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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.  
The net result for the Parent Company for Q3 2025 amounted to TSEK 60,859 (Q3 2024: TSEK 96,838), mainly due 
to the realized gain resulting from the fair value of Brava Energia shares.   
Parent Company Statement of Operations  
Parent Company Statement of 
Operations (in thousands of 
Swedish Krona)  
Q3 2025 Q3 2024 Nine Months 2025 Nine Months 2024 
Revenue          
Expenses       
General and administrative  (6,430)  (10,949)  (29,203)  (24,911) 
Other Income     390  232,406  66,391  236,851  
Other Expense  (43,333)  (60,414)         (287,848)  (108,612) 
Operating result  (49,373) 161,043          (250,660) 103,328  
       
Finance income  49,059  357,252  270,819  372,911  
Finance costs  (3,418)  (6,047)  (3,418)  (29,666) 
Changes in fair value, financial 
instruments 64,591   (415,410)  (71,715)  (529,028) 
Result before tax  60,859    96,838            (54,974)  (82,455) 
Group Contribution -  -  123,305  -  
Current and deferred tax -  -  -  -  
Net result continuing operations  60,859  96,838  68,331   (82,455) 
     
Net results 60,859 96,838 68,331 (82,455)

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Maha Capital – Interim report for 30 September 2025 
 
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Parent Company Balance Sheet 
Parent Company Balance Sheet  Note  30-Sep-25 31-Dec-24 
(in thousands of Swedish Krona)       
Assets        
Non-current assets            
Investments in subsidiaries   169,776 189,375 
Loans to subsidiaries   227,162 337,108 
Loan receivable  120,218  
Current assets     
 
Accounts receivable and other   734 23,965 
Other short-term financial assets  - 930,365 
Restricted cash  117,742 - 
Cash and cash equivalents   756,285 32,929 
Total Assets    1,391,917 1,513,742 
       
Equity and Liabilities       
Share capital   1,963 1,963 
Contributed Surplus   1,226,280 1,212,452 
Retained Earnings   (540,036) (608,368) 
Total equity    688,207 606,047 
Non-current liabilities      
Loan payable 5 142,584 - 
Current liabilities      
Accounts payable and accrued liabilities   1,650 3,251 
Loan from subsidiaries   441,538 904,444 
Bank Debt 4 117,938 - 
Total Liabilities    703,710 907,695 
Total Equity and Liabilities    1,391,917 1,513,742

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Maha Capital – Interim report for 30 September 2025 
 
15 
 
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 
Retained 
Earnings 
Shareholders’ 
Equity 
Balance on 01 January 2024 1,963   1,201,367  (918,028) 285,302  
Total comprehensive income  - - (82,455) (82,455) 
      
Transaction with owners      
Stock based compensation  - 16,009 - 16,009 
Repurchased shares - (11,987) - (11,987) 
     
Balance on 30 September 2024 1,963 1,205,389 (1,000,483) 206,869 
     
Balance on 01 January 2025 1,963   1,212,450  (608,366) 606,047 
Total comprehensive income  - - 68,331 68,331 
      
Transaction with owners      
Stock based compensation  - 18,641 - 18,641 
Repurchased shares - (4,812) - (4,812) 
Balance on 30 September 2025  1,963  1,226,279 (540,035) 688,207

===== SIDA 16 =====

Maha Capital – Interim report for 30 September 2025 
 
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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”) has transformed into a 
company focused on deploying capital across high -potential sectors. The Company aims to build a diversified 
portfolio of investments that deli ver long -term value for shareholders, targeting opportunities with strong 
fundamentals, clear paths to monetization, and attractive risk -adjusted returns. The head office is located in 
Stockholm, Sweden. The Company has operations offices in Rio de Janeiro, Brazil . 
a. Changes in the Group 
As part of Maha Group’s restructuring plan, i n the third quarter of 2025, the Company formally completed the sale 
of Maha Energy 1 (Brazil) AB and formally dissolved Maha Energy Latam 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 (“IF RS”) 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 Financial 
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 202 4 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 2024.  
d. Exchange Rates 
Currency 
30-Sep-25 30-Sep-24 31-Dec-24 
Average Period end Average Period end Average Period end 
USD/BRL 5.6519 5.3220 5.3638 5.4340 5.8297  6.1851 
BRL/SEK 1.7575 1.7699 2.0048 1.8560 1.8470  1.7898 
USD/SEK 9.9288 9.4194 10.5000 10.0856 10.4611  11.0702

===== SIDA 17 =====

Maha Capital – Interim report for 30 September 2025 
 
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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 202 4 Annual Report (page s 39 - 44). No additional risks or uncertainties have 
been identified during Q3 2025. 
3. Discontinued Operations 
Sale of Oman in Q4 2023 
Results of Discontinued Operations 
Oman Discontinued Operations Income 
Statement (TUSD) Q3 2025 Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Cost of sales     
Depletion, depreciation and amortization - (4) (4) (12) 
Gross profit  - (4) (4) (12) 
     
General and administration  - (240) (268) (760) 
Other Income1 - - 1,206 - 
Operating result  - (244) 934 (772) 
     
Net finance income (costs)  - 23 13 36 
Result before tax  - (221) 947 (736) 
     
Net result from discontinued operations - (221) 947 (736) 
Cash Flow of Discontinued Operations  
Cash Flow from Discontinued Operations 
(TUSD) Q3 2025 Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Cash from operating activities  - (69) (155) 264 
Cash used in investment activities  - (53) (210) (452) 
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 
 
 
 
 
4 Other income reported on Q3 2025 and nine Months 2025 partially pertains to a related-party transaction, which 
was eliminated from the consolidated financial statements.

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Maha Energy Holding Brasil Ltda. was sold in Q3 2024 in the context of 3R Offshore Rollup Transaction 
Results of Discontinued Operations 
Brazil Discontinued Operations Income Statement (TUSD) Q3 2025 Q3 2024 Ful year 2025 Ful year 2024 
Cost of sales                
Production expenses -  -  -  -  
Depletion, depreciation and amortization -  -  -   (50) 
Gross profit        -  -               -                 (50) 
                
General and administration  -  24  -   (1,857) 
Foreign currency enchange gain/loss -   (1) -  94  
Share of income from investment in associate -  145  -  1,299  
Other income/losses -  -  -  71  
Operating result  -  168  -   (443) 
                
Net finance income (costs) -   (6) -  463  
Result before tax  -  162  -  20  
                
Current tax recovery (expense) -  -  -   (3) 
        -  162               -  17  
       
Gain on sale of discontinued operations -  17,943   -   17,943  
                
Net result from discontinued operations -  18,105  -  17,960  
Cash Flow from Discontinued Operations - Brazil 
Cash Flow from Discontinued Operations (TUSD) Q3 2025 Q3 2024 Ful year 2025 Ful year 2024 
Cash from operating activities  -  -  -   (1,762) 
Cash used in investment activities  -  -  -   (721) 
Cash from (used in) financing activities  -  -  -  2,377  
Sale of Maha Energy Holding Brasil Ltda. in the context of 3R Offshore Roll-up Transaction  
On July 31, 2024, the transactions including the merger of Enauta shares into 3R Petroleum and the roll up of Maha’s 
15% holdings in 3R Offshore into the combined entity, Brava Energia, were concluded. As a result, Maha received 
10,081,840 common shares issued by Brava Energia, corresponding to 2.17% of the total voting and share capital. In 
total, Maha holds approximately 22 million shares in Brava Energia, corresponding to 4.76% in the combined entity.  
As per the closing documents of the transaction, the price of Brava Energia shares on 31 July was calculated to be 
BRL 29.78 per share, resulting in a total value of TUSD 53,021. The equity value of Maha Brazil Holding as of the same 
date was TUSD 35,078, recorded as shares in associate under the investment section in Maha Energy AB. The 
difference between the value of the shares received and the equity value of the investment in Maha Energy AB 
amounted to TUSD 17,943 (Q3 2023: TUSD 32) and has been recogni zed as a capital gain under the discontinuing 
operations. 
Gain on sale of discontinued operations (TUSD) 30 September 2024 
Net assets of discontinued operations sold                35,078  
Total value received from sales                53,021  
    
Gain on sale of discontinued operations                17,943

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Sale of Maha Indiana in Q3 2025 
Results of Discontinued Operations 
Consolidated Income Statement (TUSD) Note  Q3 2025 Q3 2024 
Nine 
Months 
2025 
Nine 
Months 
2024 
Revenue                  
Oil and gas sales  1,345  1,805  4,675  6,165  
Royalties    (292) (396)  (1,016) (1,392) 
Net Revenue    1,053    1,409      3,659   4,773  
      
Cost of sales                  
Production expenses    (392) (506)  (1,198) (1,581) 
Depletion, depreciation and amortization   (541) (652)  (1,801) (2,146) 
Gross profit    120   251         660   1,046  
      
General and administration    (39)   (34)       (218)     (56) 
Impairment  (9,834) - (9,834) - 
Other Income     -    64           36      321  
Other Expenses      -     (2)    (4)       (9) 
Operating result     (9,753) 279   (9,360) 1,302  
Finance costs    (6)  (1)  (17)  (11) 
Net Finance items     (6)     (1)        (17)     (11) 
Net result from discontinued operations    (9,759) 278   (9,377) 1,291  
Cash Flow of Discontinued Operations 
Cash Flow from Discontinued Operations (TUSD) Q3 2025 Q3 2024 Nine Months 2025 Nine Months 2024 
Cash from operating activities  489  2,246  2,170  1,858  
Cash used in investment activities   (339)  (2,598)  (538)  (3,601) 
Assets Held for Sale 
In the Third quarter of 2025, the account receivable and other in the table above refers to the discontinued operation 
in Maha Indiana, which was reclassified as an asset held for sale on the balance sheet. 
Assets Held for Sale - Maha Indiana (TUSD) 30-Sep-25 
Accounts receivable and other credits 3,317  
4. Bank Debt 
On July 23, 2025, the Company entered into a margin loan agreement of TUSD 12,500 with Banco BTG Pactual S.A. 
(“BTG”), with one-year term, and an interest rate of 3.45% per annum and increase the variation interest on Term 
SOFR 3M, to be paid on  an annual basis. A 1.8% commission on the total amount was paid by Maha to BTG on the 
signing date, totaling TUSD 225. As a condition for this loan, the Company provided a guarantee corresponding to 
300% of the main amount. The guarantee was performed through the pledge of Company’s shares in Brava Energia. 
In October 2025, after the reporting period, Maha decided to fully amortize th is bank debt as it was necessary to 
restrict TUSD 12,500 in cash reducing the company’s flexibility in terms of capital allocation.

===== SIDA 20 =====

Maha Capital – Interim report for 30 September 2025 
 
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Bank Debt TUSD TSEK 
 01 January 2025         -            -    
 Bank debt   12,500    118,982  
 Deferred financing costs      (225)   (2,142) 
 Interest monthly        180     1,706  
 Amortization costs          66        622  
 Currency translation adjustment          -      (1,230) 
 30 September 2025  12,521    117,938  
Current portion  12,521    117,938  
 Non‐current         -           -    
5. 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, with Keo World Inc. and its affiliates (“Keo”) to finance Keo’s corporate credit card 
program focused 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 establish ed a secured revolving credit facility of up to USD 
100 million 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. In addition, Maha holds an option to acquire 
up to 50% equity ownership of Keo SPV through the conversion of interest payments owed by Keo SPV.  
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. 
The transactions during the period were as follows: 
Loan receivable - KEO (TUSD) TUSD TSEK 
 01 January 2025 -    -    
 Principal  12,613  120,717  
 Interest  150  1,422  
Currency translation adjustment -     (1,921) 
 30 September 2025 12,763  120,218  
Current portion -    -    
 Non‐current  12,763  120,218  
   
Loan payable Co-investor - KEO (TUSD) TUSD TSEK 
 01 January 2025 -    -    
 Principal   (15,000)  (141,213) 
 Interest   (137)  (1,292) 
Currency translation adjustment -     (79) 
 30 September 2025     (15,137)  (142,584) 
Current portion -    -    
 Non‐current   (15,137)  (142,584)    
Net Amount  (2,374)  (22,366)

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Maha Capital – Interim report for 30 September 2025 
 
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6. General and Administrative expenses (“G&A”) 
General and administrati ve (“G&A”) expenses are indirect corporate costs that are associated with running a 
business. In Q3 2025, G&A expenses totaled TUSD (1,577), reflecting a 24% decrease when compared with the same 
period (Q3 2024: TUSD (2,069)) (including discontinued operations).  
This decrease is a result of the Company ongoing efforts to reduce costs, including the liquidation of certain dormant 
entities that were part of its corporate structure and to adopt a leaner structure.  
Non-recurring G&A expenses were mainly related to extraordinary consultants and legal fees related to the 
exploration of new business opportunities, and potential M&A Transactions, among others.   
 
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. 
 
Accounting G&A (TUSD)  Q3 2025      Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Extraordinary Consulting Fees (48) (76) (123) (398) 
One-off restructuring costs (6) (34) (28) (93) 
Reduced G&A relocations (86) 288 (88) (286) 
New Project/Business (501) (606) (1,939) (1,930) 
Non - Recurring G&A (641) (428) (2,178) (2,707) 
Recurring G&A (897) (1,391) (3,761) (2,871) 
Total G&A of Continuing operations (1,538) (1,819) (5,939) (5,578) 
 
Adjusted G&A (TUSD)  Q3 2025      Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Total G&A of Continuing operations (1,538) (1,819) (5,939) (5,578) 
Total G&A of Discontinued operations² (39) (250) (486) (2,673) 
Total G&A (1,577) (2,069) (6,425) (8,251) 
2 Total G&A of the discontinued operation includes  Maha Indiana, Oman and Maha Energy Holding Brazil Ltda., sold to Petroreconcavo. 
7. Share Capital 
Shares Outstanding  A B A+B 
31 December 2023  178,444,753 - 178,444,753 
Share subscription  - - - 
31 December 2024 178,444,753 - 178,444,753 
Share subscription  - - - 
30 September 2025 178,444,753 - 178,444,753 
 
 Buy-back Program (Repurchased Shares) 
As of September 30, 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 2024 and 2025 programs. 
8. 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.

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• Level 3: based on inputs which are not based on observable market data.  
The Company’s cash and cash equivalents, short-term and liquid financial investments, accounts receivable, 
accounts payable and accrued liabilities are assessed as per the fair value hierarchy described above. The fair value 
of these items approximates their carrying value due to their short maturity term.  
The long-term financial assets are carried at amortized cost, which approximates the fair value.  
Long-Term Financial Assets (TUSD) Level Amortized 
cost  FVTPL Total 
Investment in Bolivian Pipeline 3 - 1,067 1,067 
Call option PetroUrdaneta 3 - 4,983 4,983 
Performance Bonds  3 - 206 206 
Total   - 6,256 6,256 
Bolivian Pipeline – GasTransboliviano 
In 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.  
9. Changes in Non-Cash Working Capital 
The subsequent table delineates the non-cash working capital: 
Non-cash Working Capital Changes (TUSD) 30-September-25 31-Dec-24 
Change in:    
Accounts receivable  39 (203) 
Inventory  (13) (29) 
Accounts payable (1,276) (1,307) 
Total  (1,250) (1,539) 
 
10. Pledged Assets, Commitments and Contingent Liabilities 
Pledged Assets 
The Group has TUSD 3,176 funds deposited in escrow accounts as collateral against potential liabilities arising from 
the sale of Maha Brazil  Transaction. In addition, the Group has TUSD 11,120 in bank guarantee s for potential 
contingent liabilities related to Maha Brazil Transaction, which was guaranteed through the pledge of a parcel of the 
Company’s shares in Brava Energia. 
Commitments and Contingent Liabilities 
The Company has 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 Q3 2025, 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 25 and 26 of the 
Annual Report 2024 , available at www.maha-capital.com. In the Illinois Basin, the Company has commitments to 
drill four (4) operated wells from 2025 to 2027 and three (3) wells in 2028.

===== SIDA 23 =====

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11. Earn-out 
In December 2022, Maha announced the divestment of its Brazilian subsidiary (Maha Brazil) to PetroRecôncavo . In 
addition to the purchase price Maha could also receive an  earn‐out ranging from MUSD 3.9 to 7.2 for 2025. It will 
start to be payable from USD 80 per barrel with a maximum to be reached if the price is above USD 90 per barrel.  
12. Related Party Transactions 
There have been no significant changes in related party transactions this quarter compared to previous years. 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 . 
13. Subsequent Event 
• In October 2025, Maha announced that the Company had signed a share purchase agreement to acquire K eo 
World’s entire credit operations.  The completion of the Transaction is subject to and conditioned upon all 
required regulatory approvals . To 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 bank debt using the remaining 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.

===== SIDA 24 =====

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24 
 
Financial summary 
Regarding the discontinued operations of Maha Brazil and Oman 
Financial Summary (TUSD) Q3 2025 Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Average (BOEPD)  241     276     409     328    
Revenue  1,345    1,805     4,675     6,165    
Operating Netback  661     902     2,461     3,193    
EBITDA 623   1,821  5,427  6,159 
Net Result  (9,759)     18,162   (9,349)   18,524  
Earnings per share (basic & diluted)  (0.06)     0.10   (0.05)     0.10  
Financial Liabilities  -     -     -     -    
Financial Assets  -     -     -     -    
Cash flow from operations  489     2,177  2,015  2,122 
Free cash flow  150     (474)  1,267  (1,931) 
Cash and cash equivalent (incl. restricted cash)  -     361   -     361  
Continuing and discontinuing operation combined: 
Financial Summary (TUSD) Q3 2025 Q3 2024 Nine Months 
2025 
Nine Months 
2024 
Average (BOEPD)  241   276   409   328  
Revenue  1,345   1,805   4,675   6,165  
Operating Netback  661   902   2,461   3,193  
EBITDA (2,414)  (697)  1,247  982 
Net Result  (5,803)  (24,980)  (20,002)  (42,326) 
Earnings per share (basic & diluted)  (0.04)  (0.15)  (0.11)  (0.25) 
Financial Liabilities  (27,658)     (14,835)  (27,658)     (14,835) 
Financial Assets  19,019   83,579  19,019  83,579  
Cash flow from operations  (1,238)  821 2,381  (5,382) 
Free cash flow  54,923   21,730   57,375   (54,232) 
Cash and cash equivalent (incl. restricted cash)  108,743   26,034   108,743   26,034

===== SIDA 25 =====

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Glossary 
Key Ratio Definition 
Cash flow from operations: Cash flow from operating activities in accordance with the consolidated statement of 
cash flow.  
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 for the year.  
Earnings per share fully diluted: Net result attributable to shareholders of the Parent Company divided by the 
weighted average number of shares after considering any dilution effect for the year.  
Operating netback: Operating netback is defined as revenue less royalties and operating expenses.  
Weighted average number of shares for the year: The number of shares at the beginning of the year with changes 
in the number of shares weighted for the proportion of the year they are in issue.  
 
Currency Definitions 
SEK Swedish Krona   
BRL Brazilian Real   
USD US Dollar   
TSEK Thousand SEK   
TUSD Thousand USD   
Oil Measurements    
BOE or boe Barrels of Oil Equivalents   
BBL or bbl Barrel   
Mboe Thousand barrels of oil equivalents   
MMBoe Millions of barrels of oil equivalents   
    
Other Related Terms 
 
2P   Refers to proven reserves (P90) plus probable reserves (P50). 
3R Offshore Refers to 3R Petroleum Offshore S.A., entity which issued the debentures was held by Maha BRZ.  
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.

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Maha Capital – Interim report for 30 September 2025 
 
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Mafraq   Refers to Mafraq Energy LLC. 
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. 
Working Interest   Refers to a percentage ownership of the drilling and extraction operation, providing the owner(s) 
with a right to participate in such activities and a right to the resources produced from that activity.  
 
 
 
 
 
 
 
Approved by  
Maha Capital AB (publ) 
Org. No. 559018-9543 
 
Stockholm, 18 November 2025 
 
 
 
 
      
Paulo Mendonça  
Chairman   
Roberto Marchiori 
CEO   
Carlos Gomez-Lackington 
Director  
 
 
 
 
Halvard Idland  
Director  
 
 
 
 
Fabio Vassel  
Director  
 
 
 
 
Richard Norris  
Director

===== SIDA 27 =====

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Review Report  
Independent Auditor’s  Report on the review of the quarterly report as of September 30, 2025 and the nine -month 
period then ended. 
To the board of Directors of Maha Capital AB (publ) Corp. Reg.No. 559018 -9543. 
Introduction 
We have reviewed the interim report for Maha Capital AB (publ) for the period January 1 - September 30, 2025. The 
Board of Directors and the President are responsible for the preparation and presentation of this interim report in 
accordance with IAS 34 and  the Annual Accounts Act. Our responsibility is to express a conclusion on this interim 
report based on our review. 
Scope of Review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review 
of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making 
inquiries, primarily of persons r esponsible for financial and accounting matters, and applying analytical and other 
review procedures. A review has a different focus and is substantially less in scope than an audit conducted in 
accordance with ISA and other generally accepted auditing pra ctices. The procedures performed in a review do not 
enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified 
in an audit. Therefore, the conclusion expressed based on a review does not give the s ame level of assurance as a 
conclusion expressed based on an audit. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in 
all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the 
Parent Company in accordance with the Annual Accounts Act.  
 
 
Stockholm, November 18, 2025 
 
Deloitte AB 
 
Signature on the Swedish original 
 
 
Andreas Frountzos 
Authorized Public Accountant 
 
This is a translation of the Swedish language original. In the events of any differences between this translation and 
the Swedish original the latter shall prevail.

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Financial Calendar  
• Report for fourth quarter 2025 (October – December 2025) on 26 February 2026 
• Annual report 2025 is expected to be published on the week starting on 13 April 2026 
• Report for first quarter 2026 (January – March 2026) on 20 May 2026 
• 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 
  
 
 
 
 
 
 
  
This information is information that Maha Capital AB is required to make public pursuant to the EU Market Abuse 
Regulation and the Securities Markets Act . The information was submitted for publication, through contact people 
set out above at 07:40 CET on 18 November 2025.  
 
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 forward -looking statements due to several 
factors, many of which are outside the company’s control. 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.