Maha Capital
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Maha Capital (MAHA) investor relations material

Maha Capital Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Completed regulatory and shareholder approvals for the KEO acquisition, with closing and a $27 million capital raise at SEK 16 per share expected in Q1 2026.

  • Transformed into a Nasdaq-listed B2B credit and payments fintech platform, leveraging KEO technology and American Express licenses, with a strategic focus on scalable growth in Latin America and Canada.

  • Ongoing evaluation of the PetroUrdaneta call option in Venezuela, with new legal reforms enabling private operational control and evolving US policy impacting potential monetization.

  • Completed divestment of US and Brazilian oil assets, with no revenues from continuing operations post-divestment and financial results impacted by non-recurring items.

  • Shareholders approved the KEO transaction and relisting on Nasdaq USA and Stockholm.

Financial highlights

  • Ended Q4 2025 with net cash of $93.1 million after debt repayment, asset sale proceeds, and advances to KEO operations.

  • Adjusted pro forma net result for 2025 was $4 million, excluding non-cash and non-recurring items; net result from continuing operations for Q4 2025 was $(3,706) thousand.

  • G&A expenses increased due to M&A, integration, and KEO transaction activities; recurring G&A rose from TUSD 1,612 in Q4 2024 to TUSD 1,989 in Q4 2025.

  • Net financial income increased from TUSD 286 in Q1 2025 to TUSD 942 in Q4 2025.

  • No dividend proposed for 2025.

Outlook and guidance

  • Expect to close KEO transaction and raise $27 million at SEK 16 per share in Q1 2026.

  • Targeting dual listing on Nasdaq USA by year-end to enhance liquidity and capital access.

  • Focus on integrating KEO’s operations, scaling the fintech platform, and disciplined capital allocation.

  • Anticipate scalable growth in credit portfolio and improved profitability as capital is deployed.

  • Venezuela call option decision expected before May deadline, with contract negotiations underway.

KEO bridge loan conversion to equity details
New primary risk exposure post-Brava divestment
Venezuela call option monetization strategy
Venezuela: Impact of new law on operational control
KEO: Capital deployment strategy for growth
KEO: Key KPIs for portfolio performance
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Frequently asked questions

Maha Energy is a Sweden-based oil and gas exploration and production company. The company focuses on the acquisition and development of underperforming hydrocarbon assets in international markets, including South America and the Middle East. It engages in reservoir management, enhanced oil recovery, and drilling operations. Maha Energy is headquartered in Stockholm, Sweden, and its shares are listed on the NASDAQ First North Growth Market.

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