Overview

• Sweden fintech solutions provider reported no Q1 revenue after US energy asset divestment

• Q1 net loss and negative EBITDA reported as company transitions to fintech focus

• Company completed KEO World acquisition and raised $27 mln in new capital after quarter-end

Outlook

• Company expects to launch WorKEO in Canada before end of Q2 2026

• Maha plans WorKEO launch in Brazil during second half of 2026

• Company is assessing potential separation of oil and gas business from fintech operations

Result Drivers

• NO OPERATING REVENUE - Co reported no revenue from continuing operations due to divestment of US energy assets and KEO World acquisition closing after Q1

• NON-RECURRING COSTS - Q1 results were materially impacted by non-recurring items, mainly transaction costs and asset divestments related to strategic transformation

• BRIDGE FINANCING - Co provided bridge financing to KEO World subsidiaries to support credit portfolio expansion during the quarter

Company press release: ID:nMFN5slmn7

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "strong buy"

• The average consensus recommendation for the oil & gas exploration and production peer group is "strong buy"

• Wall Street's median 12-month price target for Maha Capital AB is SEK10.00, about 7.2% below its May 25 closing price of SEK10.78

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