Carlo, nice to see you again. Good afternoon for you.

Yes, here is a cloudy day.

Thank you, Carlo. Thank you everyone.

A nice good morning for you or good afternoon if you are in Sweden. I'm going to start here the third quarter presentation.

Talking about the main highlights of the quarter, we end of the quarter with a very strong balance sheet of more than $108 million in cash. Also in terms of cash balance and looking for the credit operation of Q, we already have more than $52 million of approved lines, credit lines, with an average yield of 18% annualized.

Also very important for the quarter and considering our shift on our strategy, we divested of Brava Energia for $78 million. We also divested of Illinois Basin asset for $3.5 million plus earnouts of up to $600,000.

This will be also important for us going forward to enhance even more our balance sheet and releasing dry powder for us to use in the credit side of our new strategy. Also, I think it's important to mention here that we reduced around 35% year-over-year on our recurring G&A.

We are still working to have a more efficient and leaner structure. Talking here a little bit about Q, right?

On the business combination, we are having, basically acquiring the credit operations and also the technology from Q World. Now we are working and waiting for the EGM to approve this transaction.

On the business side, I think we already mentioned with Paulo in the last two webcasts, but I think it's also very important to remember, right? We have WerkQ, which is basically the local currency credit platform so we can optimize the client's working capital cycles on the buyer and on the seller side.

Also we have, as other main product and core business, the Global Trade Card, where we always called GTC, which is a US-denominated credit card operation to provide B2B and travel and entertainment cross-border payments to optimize these payments in a broader scale. I think the main message of the quarter is we are shifting from the oil and gas to focus on Q credit operations.

Talking a little bit and again about Q, talking about the footprint. The footprint and geography reach, considering the Q multi-market credit issuances, we can provide credit solutions across Latin America and Canada.

In the green marks here, we have the local operations, talking about WerkQ, in Canada, Mexico, and Brazil. We have a Q's head office located in Miami, United States.

Then we have, on the GTC on the blue marks here, their penetration inside Latin America, providing US credit lines on Colombia, Peru, Bolivia, and Chile. Of course, we want to also bring this for other countries in Latin America.

Summing here, we have GTC licenses comprehending the whole Latin America and also Canada, while WerkQ currently has the license to operate in Canada, Mexico, and Brazil. Talking a little bit about what's the difference between WerkQ and GTC, basically, together, they are a very robust suite of corporate finance and payment solutions for our clients, issuing in multiple currencies to help our clients to manage this together with their suppliers and optimize his working capital cycles, B2B and T&E, the travel and entertainment expenses globally.

When we look WerkQ, WerkQ is a working capital and inventory optimization, again, in local currency. We have this solution for Mexican pesos, BRL, Canadian dollars.

We can provide terms from up to 120 days. We can collect both interchange and interest rates depending on the buyer side and the supplier side.

The value proposition here is basically streamline the payments between buyers and suppliers, where we can anticipate suppliers' receivables from the term of their clients, and also give more additional terms for the buyers to pay and accommodate the cash flow necessities. On the Global Trade Card front, is a complementary solution for clients.

I think that's important to mention. Where we can provide this cross-border payments for T&E and B2B.

The currency is US-denominated. We also can extend additional terms, but the normal is to have a credit card solution, it's an average of 45 days considering the invoices.

We also can benefit, on the GTC, the interchange fee and the interest rate if we provide the additional extension of the term. This is basically a very important additional solution for international acquisitions, right?

Where we can accommodate and facilitate the financing payment process across different jurisdictions. This is an enhancement of a very value proposition for our clients.

Both together is a very unique combination, and then we can act as a one-stop shop for the client necessities in the short term. I decided to bring here a little bit about Q credit operational and historical performance.

Since we started our relationship with Q, where we set the loan agreement in July 2025, the portfolio, the outstanding credit has increased around 18%. We started with around $30 million, and now we are with end of October with $36 million in lending outstanding credit.

Below, in the chart, we also show the potential revenues that we are talking about, where we see here yields, annualized yields ranging between 18s to 20s, high 20s, and bringing this monthly revenue, which this would not be comprehended into our financial statements, but of course after closing, we'll bring these revenues inside our net income and P&L. During October, both solutions, WerkQ and GTC, we have approved around $52 million in lines.

Of course, this can present us a potential transaction volume of around $300 million. Since September, we increased not only the approved credit line, but also the potential of annual transactions.

We have compounded average annual yield of 18% annualized. We have now a balance between GTC and WerkQ around $16 million, which represents around 30% of the portfolio into GTC, and also 70% or $36 million on the WerkQ local currency solutions.

As you can see, we have a higher annualized average yield on the WerkQ side and a lower average yield on the GTC side. This is why it's also important to have both solutions, we can have a combined yield of 18% per year.

Talking about timeline and when we expect to conclude the business combination and also the capital raise, we signed the business combination documents during October. Now we are still working on the relisting process together with Nasdaq.

We've been working hard, and we expect to have a conclusion this during December. Then, of course, we expect to have the EGM, the extraordinary general meeting, between December and January.

Of course, we have Christmas Eve and New Year's Eve, we need to accommodate this to approve the transaction and also conclude the $27 million capital raise in the same timing. Next year, we expect also to conclude, I don't know if everyone remember, we also have additional tranche of $8 million capital raise, which expect to conclude this and also implement the listing process in the US.

We expect to have everything concluded by next year. Before we walk into the financial highlights, I think is important to remember, considering that we sold the American operation in the Illinois and also Brava, you can see that our financial statements now are a little bit different from the previous ones because we classified the US operation as asset held for sale.

Just pointing and highlighting this because now we are not showing revenues anymore, basically expenses and financial incomes. Just to highlight this point so everyone can better understand why we are changing a little bit the structure of our presentation.

Here, talking about our financial highlights, we are focusing in this slide on the G&A and EBITDA. If you see the first portion of this slide here, we can show here the decrease on the G&A side quarter-over-quarter.

I think the important message is we are totally focused on keep this very stream and very lean structure going forward. We can see a reduction of 35% if you compare to Q3 last year, and around 18% if you compare to last quarter, which show us is a very good news considering the hard work we've been doing inside of Maha.

In terms of EBITDA, even though we still have this negative impact mainly because of the G&A, the lack of revenues, and also some additional non-cash expenses, we end up the quarter with around $3 million of negative EBITDA. The positive news, we have the realized gain on Brava shares before we sell the position of around $7 million, and we end up the quarter with a net income of around $3 million $4 million.

I think this is the positive news of the quarter. Again, I think looking for the future, we can expect some changes in the figures.

Going to the cash flow build-up that we like to show and show here this strong balance sheet and dry powder, we started the quarter with $88 million of net cash plus Brava shares. We have basically the main deviations during the quarter was the cash flow from financing.

We raise a $12.5 million debt by the time because we were holding Brava shares as collateral, even though it was a liquid position, we want to bring more cash to start operating the Q transaction by the time of July and the loan agreement. Then we started to also make some loans into the GTC program in the context of the loan agreement.

These were the main impacts when we look for the cash flow from financing. We also recognize here the Brava shares realized gains.

This, of course, is important because after the sell, this turned into cash. We end up the quarter with a cash plus credits to Q under the loan agreement structure of around $121 million, being a net cash plus credits of $93.8 million if you discount the bank debt and also the co-investors' debt that we collected for the loan agreement.

Then, as subsequent events, we fully prepaid the debt because this debt was a margin loan. Once we have as collateral Brava shares, we have flexibility to use this cash.

After we decided to sell Brava shares, we need to fulfill the collateral with cash, we didn't have the flexibility anymore. We were just going to pay interest going forward, we decided to fully prepay this debt because by this time now, it didn't make sense to hold it.

Then, as we mentioned before, we also sell the Illinois Basin asset, we collect the purchase price of $3.5 million. We are still waiting for the additional earnouts to crystallize.

This earnout is linked to WTI, we're just going to wait one year after transaction to calculate the earnout and collect. We end up the quarter with $97.3 net cash plus credits, and this shows us the robust and strong balance sheet that we have to provide credits going forward inside the Q transaction.

My final remarks here, I think the business combination itself is a very powerful combination between Maha and Q, because now we create a tech-enabled credit solution with a very high scalable platform, with robust balance sheet and dry powder to provide credit going forward. This transaction establish a capital-backed credit platform to expand and also accelerate growth across very different regions, operating under an American issuance license provided by Q inside the business combination.

Looking forward, the transaction is very important because marks an important milestone inside our new strategy and positioning to the market. Maha is very well-positioned to capture a very significant growth avenue and potential find and benefit from these attractive high yields that we can find across Latin America on the B2B credit segment.

We also benefit from the unique stamp provided by American Express network, while we also, going forward, we will enhance with AI-driven the underwriting process, advanced analytics technology, and also data monetization capabilities. Also, I think one very important thing to look forward is our US listing next year so we can improve our capital structure.

After this final remarks, I end up here my presentation. Again, we made a very quick one so we can have more time on the Q&A.

Thank you, Carlo.

We extended the call option maturity until May next year, right, at zero cost. I think this is important, and we also reduce at zero, we don't have any costs related to Venezuela anymore.

I think my opinion is the geopolitical situation, it's very unpredictable. It's very tough when you look what's going on there.

Of course, we hope things improve very soon there, not only because of this business, but also because of the people there. I believe once things get better, I think we will bring more updates to the market and what we plan as an alternative for the call option.

I think considering the current environment and this geopolitical situation, it's very tough to try to make this call option and start operating this asset. Once we have a better situation there, and we hope this will come very soon, then we will reevaluate what can we do considering the new strategy, and also what can we bring more value considering the call.

No, sure. I think the Bolivian pipelines is a kind of transaction that we like very much, because if you look the numbers, last year, we collect $1,200,000 out of $1 million investment, this is around 20% yield.

This year, we collect around $400,000, the double of last year. Now, we already reached almost 60% dividend yield.

I think we are very happy to keep it. It's a cash cow portfolio generation company.

I think the idea is to keep this and keep milking the cow, if I say.

Yeah. No, that's a good question.

I think we showed that the work has been done, right, when we reduce more than 35% the recurring G&A. Of course, we will reduce even more if you're considering the current structure of Maha stand-alone, because we will not have anymore some nonrecurring expenses.

Once we make the business combination and conclude the operation, we will need to see a new G&A going forward because we bring the credit operation G&A inside. It will not be comparable, but we will work as much as hard as now to also keep Q World in a very lean operation.

No, I think I pointed out these points. Basically, when we were working towards the loan agreement to GTC, we didn't, at the time, wanted to sell Brava shares, and we increased our liquidity by raising a margin loan using Brava shares as collateral.

Once we sell the Brava shares, of course, the bank will lose its guarantee, right? We need to bring all this cash and invest as collateral for the bank, we'll not have the flexibility and this available liquidity to using to Q.

Also we have the burden of having the interest rates reducing our cash. Considering this change into the strategy and the sell of Brava shares, we decided to prepay the debt, which was more valuable considering the position for us.

No, perfect. No, we have a significant increase on restricted cash.

I will explain why. The first part of it was related to the bank debt, because remember we prepaid that debt as a subsequent event, this amount was released, which was around $12.5 million, right, almost half of the restricted cash.

The other part was related to the contingencies we have related to PetroReconcavo sale in the beginning of 2023. We are also working with Brava shares to collateralize the bank guarantee.

Then, after the sell-off Brava, we have the same impact into this guarantees. Now, we are working with the bank so we can release this cash collaterals next year.

Right.

For the relisting, we can expect between Q2 and Q3 next year,

first we need to focus on the business combination, right? We, as I mentioned early before, we are working together with Nasdaq to complete the relisting process.

We expect to conclude this between end of December, and then we have the process of calling the EGM. Then we need to wait one month or so, we can have the EGM and approve the transaction with our shareholders.

I made a conference in Brazil to talk about challenges and in part experience related to listing Brazilian companies in Nasdaq avenues, right? Even though we are listed in Sweden, as we intend to list on the US, they invited us to make some comments and share our experience with the audience.

Then I talked with Nasdaq team, and basically they totally support us. They are giving some ideas.

Of course, I cannot mention this right now, but once the time comes, I'll be fully very happy to share here the next steps and the plans for the US listing. I think we are on the right path, and hopefully, during Q2 or Q3, we can conquer Manhattan as well.

perfect. No, the commercial and sales team is a very important element here to bring clients.

We need to think on the WerkQ and also on the GTC, right? WerkQ, basically, we can have a sales team spread between Mexico, Brazil, and Canada, they can work together, because again, it's a local currency program.

GTC program, considering have several jurisdictions, we also need to find senior executives which they already know the right path to the clients. We don't need actually to have a very significant and a huge amount of individuals.

I think we can have a short commercial team spread between these several products, but the end of the day, this will be important going forward for our growth.

Sure. No, I think in terms of costs per person will be similar or even lower.

I don't want to show these numbers right now. We are still reevaluating all the new organization.

There's some work so I can execute between now and closing. Once we have the conclusion of the transaction, I will show more information for the market.

Yeah.

basically, Q World, I think is the first or even the unique fintech that has American Express license to issue credit, not only in local currency, but also on the GTC program. Having this license, it's a very powerful to get access to a very robust network from American Express, right?

They have very well and unique suppliers, which can indirectly bring you robust corporate clients, but also this proves that the operational side, the technology, are also robust. It's not everyone that can has American Express license, I think it's a important stamp here for the investment thesis and also to provide us this scalable avenue towards the growth that we imagine that we can have.

for now, the plan is to stick with this $35 million capital raise, right, the 27 at closing of the business combination, then we'll have the $8 million additionally between now and the relisting on the US. Of course, this is a very important thing to mention, because remember, we want to deploy our capital so we can have the benefit of the track record of the portfolio, and then we can bring senior lenders to the perimeter here of this operation, and we can leverage our structure and benefit from lower cost of debts going forward.

This equity is very important for these early stages of the growth of the portfolio,

then we will work not only to think on liquidity strategy, but also on this senior facilities to provide low costs and attractive terms credit senior lenders.

again, I think what we are thinking in terms of strategies, once we grow the portfolio, not only we are going to start to benefit from these revenues out of these yields, right, that we are mentioning, but also, on the other side, we will still have also the track record to show for the senior lenders what's the credit stats from this portfolio. Once we prove that these stats are good in terms of default and delinquency and so on, they are good corporate clients, then we will have access on the debt capital markets to raise senior lender loans with a very attractive cost of debt, term, and other terms and conditions, which will be important on this growth story, this equity story that we are showing, to reach this from $6 to $10 billion in total annualized billings.

No, that's a very good question. I think once the time come, we are going to provide this information to the market, right?

I think, again, first we need to grow the portfolio, show these stats, and then, of course, we are going to evaluate the best strategy depending on the balance between the portfolio. Remember, we have licenses to operate in Brazil, in Canada.

They have different interest rates, different cost of debts for sure. I think once we grow the portfolio, once we know the cost between every jurisdiction or even a parent issuance level, we will decide what's the best for us in terms of cost.

For sure, if there's a loan availability so we can provide credit among several jurisdictions and hedge the FX exposure, this is something we are going to evaluate and, of course, choose the best option for us.

This is a very good question, right? I think our investors knew us from the oil and gas operations.

Now we are doing this very significant shifting in terms of investment thesis. What I can say is, of course, we are working to provide more intel to the market.

We are working to have this assessment and also this teach and lessons for the shareholders to better understand our going-forward business plan or what's behind, what can we provide in terms of potential revenues, costs, and so on. We are working to this, and hopefully soon we will have more news to be published to the market.

No, again, I think we need to reconvene this after the business combination inside the board. This is up to the board to decide.

Of course, once we have a better view on the future, on the cash flow projections, this will be for sure reconsidered by the board.

Thank you very much, Carlo, and thank everyone for watching us.