Maha Capital-Lower OpEx than expected, KEO consolidation starts in Q2-05/26/2026

Research evidence excerpt

Maha Capital-Lower OpEx than expected, KEO consolidation starts in Q2-05/26/2026

Maha Capital

SPONSORED RESEARCH NEWSFLASH | 26 MAY 2026

Lower OpEx than expected, KEO consolidation starts in Q2

Maha Capital's Q1 report was broadly in line with expectations, with the quarter largely a transition period ahead of KEO's

consolidation from Q2. As the KEO transaction was completed after quarter-end, it was not reflected in the Q1 financials,

and Maha reported no revenues from continuing operations, as expected. EBITDA came in at USD -2.5m, vs. our forecast of

USD -4.2m, mainly driven by lower G&A costs than expected following corporate restructuring and a reduced organisation.

Net finance amounted to USD 1.7m, mainly reflecting income from financial investments and interest on loans granted to

KEO, of which USD 1.5m related to interest income from KEO loan receivables. Net result from continuing operations

reached USD -0.8m, above our expected loss of USD -3.7m. Reported results were also affected by non-recurring items,

with non-recurring G&A of USD 1.2m in Q1, mainly related to new projects/business and the company’s strategic

transformation. The cash position remains solid, with USD 63.8m in cash & cash equivalents (incl. restricted cash). Focus is

now on KEO integration, credit portfolio ramp-up and any additional guidance from management during the earnings call

later this morning. We currently have a valuation range of SEK 13.0-19.1 per share.

Pareto Securities AB has been paid by the issuer to produce this research report. This material is considered by Pareto Securities to qualify as

an acceptable minor non-monetary benefit according to the EU MIFID 2 directive.

Conclusion for the share

• We expect to make minor estimate changes

• Conference call at CET 11:00 LINK