Keo Capital (KEOC) Investor update summary

Corporate direction and governance

• Merger closed and relisting completed in April 2026; USD 28M raised at SEK 16 per share in March–June 2026.

• Proposed board includes independent and related directors with listing, credit, technology, banking and M&A experience; audit, remuneration and ESG committees proposed.

• CEO, COO and CFO appointments in 2026 brought experience in payments, restructuring, investment banking, private equity and finance.

• Strategic plan separates fintech and energy, with potential U.S. listings targeted for 2027, subject to approvals and market conditions; energy separation preparations involve investment banks, auditors and law firms.

Fintech operations

• Workeo is live in Mexico and Canada; Canada has a CAD 50M revolving facility at ~6.5% p.a. and an 80% advance rate, with local sales presence being built.

• Brazil local-currency launch is planned for 2H 2026; the U.S.-dollar Global Trade Card serves B2B and travel-and-expense use, with Mastercard’s five-year program signed in September and launch expected in Q4 2026.

• Q2 2026 TPV was USD 51.4M, up 39% YoY and 19% QoQ; cross-border volume was USD 94.5M in 1H 2026 and USD 180M LTM.

• Average outstanding portfolio was USD 49.8M in Q2 2026, up 88% YoY and down 8% QoQ; month-end balances shift with client repayment timing.

• In-house onboarding, customer portal and invoice-management tools aim to accelerate funding, reduce servicing and retain platform fees.

Energy assets and development

• PetroUrdaneta comprises La Paz, La Paz Sur, Mara and El Moján in the western Maracaibo Basin; current production is 1,600–1,700 bpd.

• An 18-month La Paz-led reactivation phase targets 10,000–15,000 bpd, subject to confirmation; the plan then expands fields and tie-backs, with a conceptual ~40 kbbl/d plateau from 2032 subject to funding, approvals and field conditions.

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

• Completed reserves report awaits a Venezuelan ministry resolution defining fiscal terms and government take before publication; timing is outside management’s 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.