(All amounts are in thousands of US dollars, unless otherwise noted. Comparisons are made with the same period last year.)

First Quarter 2026

• During the quarter, Maha Capital AB provided bridge financing to subsidiaries of KEO World Inc. totaling TUSD 7,110 in principal and TUSD 1,462 in accrued interest, supporting credit portfolio expansion, for more detail please check note 4.
• Following the divestment of the US energy assets, Maha did not record any revenue for continuing operations during the period.
• Maha approved to exercise the call option to acquire 24% indirect equity interest in the Venezuelan oil company PetroUrdaneta, with the consequent payment of EUR 4.6 million.
• Net finance results in the period amounted to TUSD 1,736.
• The net result in the period from continuing operations amounted to TUSD (820).
• Total Net Cash balance (including available cash, restricted cash, loan receivables, loan payables and Earn-out) amounted to TUSD 91,218 (total cash and restricted cash of TUSD 63,812, credit net asset of TUSD 37,835, and earn-out liability of TUSD (10,429)).

Subsequent Events

• Maha completed the merger with KEO World Inc and its subsidiaries, for total purchase consideration of TUSD 220,838, followed by a TUSD 27,000 capital raise at SEK 16 per share. Additional details please refer to Note 13.
• At the end of March 2026, the approved credit line volumes for Keo amounted to approximately TUSD 62,000, with an average quarterly and annual yield of 4.8% and 19%, respectively.
• Maha received formal approval from Nasdaq Stockholm for continued admission to trading following the completion of the merge with KEO World Inc.
• The board of directors of Maha has instructed management to assess a potential separation of its oil and gas business, including its 24% indirect equity interest in PetroUrdaneta, from its fintech operations, following the enforcement and settlement of the call option related to the Company’s oil and gas assets.

Financial Summary

The tables below present the highlights of the continuing operations:

Letter to Shareholders

Dear Shareholders,

Fintech Operations
At the beginning of the second quarter of 2026, we successfully completed the acquisition of Keo World. This transaction represents a transformational milestone for Maha and firmly establishes our strategic positioning as a fintech-focused company. Through this acquisition, Maha now operates a scalable fintech and credit platform supported by high-quality licenses, robust operating infrastructure, and proprietary technology capabilities across Mexico, Brazil, Canada and broader Latin America. We believe this platform positions us favorably to accelerate growth and capitalize on the increasing demand for embedded working capital for supply chain finance, B2B payments, and cross-border corporate spend solutions across key markets.

Simultaneously, we completed capital raises totaling MUSD 27 at SEK 16 per share, with participation from several international institutional investors. We are very pleased with the confidence both old and new shareholders have demonstrated in the long-term potential of our business and strategy.

Over the past months, our main focus has been on operational execution and on building the foundation infrastructure required to support sustainable and disciplined long-term growth. This has included the integration of operations and people, enhancement of governance and internal process, strengthening of our credit framework, and continued efforts in high technology standards and scalability.

We are now entering the next phase of execution and our entire organization, fronted by our strong commercial team is now heavily focused delivering accelerated credit and client scaling as we move forward. WorKEO is expected to launch in Canada before the end of the second quarter, representing an important milestone in expanding our local-currency embedded finance capabilities. WorKEO helps buyers improve their cash flow while enabling suppliers to receive payments faster. During the second half of 2026, we also expect to launch WorKEO in Brazil, one of the largest and most strategic fintech markets in Latin America. At the same time, we continue onboarding new clients in our GTC program across Latin America.

Venezuela
During the first quarter, we exercised our call option and acquired a 24% indirect equity interest in the Venezuelan oil company PetroUrdaneta, for a consideration of MEUR 4.6, which comes in addition to the MEUR 4.6 which was paid upon signing of the option agreement in March 2024, and includes a right to increase ownership up to 40% in PetroUrdaneta (at additional consideration).

Since exercising the option, discussions with PDVSA and the relevant Venezuelan authorities regarding the new operational and commercial framework for the asset have intensified. We expect these negotiations to progress throughout the second half of the year.

In parallel, we have engaged an internationally recognized independent reserve auditor to prepare our first reserve report covering our fields in Venezuela. We expect the report to be in the second half of 2026. At the same time, we have initiated an assessment of a potential structural separation of the oil and gas business from our fintech operations into an independent company. This assessment also includes the possibility of a separate public listing and a potential distribution in kind to Maha shareholders. We believe such a structure could unlock value by creating two independent companies with distinct operational focuses, differentiated investor profiles, and tailored capital allocation strategies.

SPAC
As a potential shortcut to a US listing, combined with a further strengthening of our balance sheet, we evaluated a merger with a NYSE-listed SPAC during the second quarter. After further evaluation, we concluded that maintaining strategic flexibility and focusing on the continued execution of the Group's operating business represents the best path forward for shareholders at this stage. Our commitment to pursue a dual listing in the US market, including a potential separation and listing of its oil and gas business, remains intact.

Financial Performance
Since the completion of the KEO transaction did not occur until the beginning of April, Maha did not recognize revenues from continuing operations in the first quarter. During the period, we continued supporting the expansion of Keo's credit operations through additional loan receivables financing. In addition to the Venezuela acquisition effects, our reported financial results were materially impacted by non-recurring items, primarily related to transaction costs and asset divestments associated with the Company’s strategic transformation.

Closing remarks
Maha enters this new chapter with a strong balance sheet, a clear strategic focus, and a scalable platform positioned for long-term growth.

We believe we now have the necessary operational foundations, infrastructure, and strategic positioning to pursue profitable expansion within our fintech operations while simultaneously working to maximize value from our strategic position in Venezuela.

As we move forward, our priority remains disciplined execution, sustainable growth, and long-term value creation for our shareholders.

Exciting times lie ahead.

Roberto Marchiori
CEO

Q1 Webcast 26 May at 11:00 CEST
The Company hereby invites all interested parties to a live webcasted presentation on 26 May 2026 at 11.00 CEST. Roberto Marchiori, CEO, will present the report and recent developments. The webcast will be held in English and will be broadcasted live. An on-demand version will also be available on Maha’s website. Questions to the presenters can be emailed in advance to the Company at info@maha-capital.com or be made directly on the day of the presentation in the YouTube Comments/Questions field.

Link to webcast: https://youtube.com/live/7wZCTQV2ZAg?feature=share