Maha Capital (MAHA) Q2 2025 earnings summary

Executive summary

• Transitioned to Maha Capital, marking a strategic shift to an investment platform focused on value creation and diversification beyond energy and minerals.

• Entered a $100 million loan agreement and partnership with Keo World, expanding into fintech and B2B credit solutions in Latin America.

• Streamlined operations, reducing G&A expenses by 50% year-over-year and focusing on operational efficiency.

• Maintained a strong liquidity position with $88 million in cash and liquid investments at quarter-end.

• Completed sale of Block 70 in Oman, securing proceeds of $1.3 million.

Financial highlights

• Brava Energia production reached 85,900 bbls in Q2 2025, up 21% from Q1, and nearly 91,000 bbls in July, a further 6% increase.

• Brava reported Q2 revenue of $554 million, EBITDA of $235 million, and operational cash flow of $238 million.

• Illinois Basin production was 258 bbls/day, with a netback of $30/bbl, but revenue declined 35% year-over-year due to lower oil prices and volumes.

• Q2 2025 group EBITDA was negative $1.57 million, and net loss was $20.2 million, mainly due to an $18.1 million unrealized loss on Brava shares.

• G&A expenses for Q2 2025 were $1.79 million, down 50% year-over-year.

Outlook and guidance

• Focused on executing the Keo partnership, syndicating the $100 million loan facility, and expanding into high-yield, high-growth sectors.

• Plans to reassess dividend policy, with a board commitment to value creation and potential short-term dividends.

• Investment in Illinois Basin postponed until oil prices rebound; targeting projects with IRRs above 20%.

• Awaiting OFAC license and coal option extension in Venezuela, with updates expected in coming weeks.

• Anticipates further reduction in recurring G&A expenses in coming quarters.