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Maha Capital (MAHA) investor relations material
Maha Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Maintained a strong cash balance of $108.7M and approved credit lines of $52M at 18% yield, reflecting robust liquidity and credit capacity.
Completed divestments of Brava for $78M and Illinois Basin for $3.5M plus a potential $0.6M earnout, marking a strategic shift away from oil & gas.
Business combination with Keo World's credit operations and technology underway, pending EGM approval and a planned capital raise of up to $35M, to focus on scalable B2B credit solutions.
Q3 2025 marked a strategic pivot from oil and gas to credit and fintech, highlighted by the divestment of legacy energy assets and the initiation of a fintech platform partnership with Keo World.
Financial highlights
Recurring G&A expenses reduced by 35% year-over-year and 18% quarter-over-quarter, demonstrating ongoing cost optimization.
EBITDA declined to $(3,037)K in Q3 2025 from $(2,518)K in Q3 2024, mainly due to asset sales and reversion of other incomes.
Net result from continuing operations was $3.96M in Q3 2025, compared to a loss of $43.14M in Q3 2024.
Cash and cash equivalents (including restricted cash) totaled $108.7M at quarter-end, up from $25.67M a year earlier.
Free cash flow for the nine months was $56.1M, a significant improvement from negative $52.3M in the prior year period.
Outlook and guidance
Strategic repositioning to capture growth in high-yield B2B credit segment, leveraging AMEX issuing license and AI-driven underwriting.
US listing planned for next year to enhance capital structure and growth potential, with additional senior debt funding planned.
Post-KEO acquisition ownership structure
Rationale for planned US Nasdaq dual listing
Remaining O&G asset exposure post-divestments?
Keo's growth beyond initial capital raise
Future G&A for combined Maha-Keo entity
Amex license impact on Keo's market position
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Next Maha Capital earnings date
Q4 202527 Feb, 2026
Next Maha Capital earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Maha Energy is a Sweden-based oil and gas exploration and production company. The company focuses on the acquisition and development of underperforming hydrocarbon assets in international markets, including South America and the Middle East. It engages in reservoir management, enhanced oil recovery, and drilling operations. Maha Energy is headquartered in Stockholm, Sweden, and its shares are listed on the NASDAQ First North Growth Market.
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