Keo Capital (KEOC) Investor update summary

Corporate direction and governance

• Newly elected board and management teams are focused on scaling fintech and energy operations, strengthening governance, and unlocking shareholder value.

• April merger and $29 million financing at SEK 16 per share were completed; separate U.S. listings for energy and fintech remain on the roadmap.

• Energy separation is targeted for 2027; preparations include work with investment banks, auditors, and law firms, with structure and timing still under development.

Fintech update

• Workeo provides local-currency supply-chain financing in Mexico and Canada; Brazil is in development, with launch expected by the next half or sooner.

• Canada launched with a $35 million facility; the team is building its local sales presence and expects customer acquisition to take time in the new market.

• Global Trade Card is a U.S.-dollar B2B and travel-and-expense product; Mastercard signed a five-year program in September to issue cards across Latin America.

• Q2 TPV increased 19% QoQ and 40% YoY; average outstanding portfolio contracted QoQ, which management attributed to month-end balance timing rather than necessarily lower activity.

• Management expects further TPV growth in Q3 and plans to provide more operating metrics and an updated view of fintech profitability in a forthcoming investor update.

Energy operations and assets

• PetroUrdaneta comprises four western Venezuela assets: La Paz, La Paz Sur, Mara, and El Moján; redevelopment is planned in modules, with most of the scope prepared for 18–24 months.

• Current production is 1,600–1,700 barrels per day; the initial La Paz phase targets 10,000–15,000 bpd within 18 months, subject to confirmation.

• The near-term plan includes well reactivation and operational setup; larger tenders, procurement, and CapEx are expected as redevelopment advances, with CapEx deployment planned from early 2027.

• A completed reserves report is awaiting a Venezuelan ministry resolution defining fiscal terms and government take before it can be made public; management said the publication timing is outside its control.

• Gas monetization options include pipelines, compressed natural gas, and small-scale LNG; export arrangements use accumulated production and swaps into Merey 16 cargoes, with no current pipeline-to-port bottleneck reported.