Maha Capital (MAHA) Q4 2025 earnings summary

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.