[Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Roberto, nice to see you and I believe you are in a cloudy São Paulo. Carlo, nice to see you again. Good afternoon for you. Yes, here is a cloudy day. Well, we have a brilliant sunshine, much colder than you have. Please, without further ado, go ahead. Thank you Carlo. Thank you everyone. A nice good morning for you or good afternoon if you are in Sweden. I am going to start here the third quarter presentation. Talking about the main highlights of the quarter, we end up 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 Keo, we already have more than $52 million of approved 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. I think it is important to mention here that we reduce around 35% year-over-year on our recurring G&A. We are still working to have a more efficient and linear structure. Talking here a little bit about Keo. On the business combination, we are having basically acquiring the credit operations and also the technology from Keo World. Now we are working and waiting for the GM to approve this transaction. On the business side, I think we are in mention with Paolo in the last two webcasts, but I think it is also very important to remember. We have WorKEO, 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 call GTC, which is a U.S. 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 that we are shifting from the oil and gas to focus on Keo credit operations. Talking about a little bit and again about Keo. Talking about the footprint and geography reach, considering the Keo multi-market credit issuance, we can provide credit solutions across Latin America and Canada. In the green marks here, we have the local operations, talking about WorKEO in Canada, Mexico, and Brazil. We have Keo's head office located in Miami, U.S. Then we have on the GTC on the blue marks here, their penetration inside Latin America. Providing U.S. credit lines on Colombia, Peru, Bolivia, and Chile, of course, we want to also bring this for other countries in Latin America. Summary here we have GTC license comprehending the whole Latin America and also Canada, while WorKEO currently has the license to operate in Canada, Mexico, and Brazil. Talking a little bit about what is the difference between WorKEO and GTC. Basically together, they are a very robust suit of corporate financing payment solutions for our clients, issuing in multiple currencies to help our clients to manage this together with their suppliers and optimize these working capital cycles, B2B and T&E, the travel and entertainment expenses globally. When we look WorKEO is our working capital and inventory optimization, again, in local currency. We have this solution for MXN, BRL, CAD. We can provide terms from up to 120 days. We can collect both interchange interest rates, depending on the buyer side and the supplier side. The value proposition here is basically streamline the payment 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 complimentary solution for our clients, I think that is important to mention, where we can provide these cross-border payments for T&E and B2B. The currency is U.S. 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, 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. 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 Keo Credit operational and historical performance. Since we started our relationship with Keo, 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 18%-20%, high 20s, and bringing this monthly revenue, which this will not be comprehended into our financial statements. Of course, after closing, we expect to bring this revenues. We will bring this revenue inside our net income and P&L. During October, both solutions, WorKEO 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 the same annual average and compounded average annual yield of 18% annualized. We have now a balance between GTC and WorKEO around $60 million, which represents around 30% of the portfolio into GTC, and also 70% or $36 million on the WorKEO local currency solutions. As you can see, we have a higher annualized average yield on the WorKEO side and a lower average yield on the GTC side. This is why it's also important to have both solutions, so 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. 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, so we need to accommodate this to approve the transaction and also conclude a $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 $80 million capital raise, which expect to conclude this and also implement the listing process in the U.S. We expect to have everything concluded by next year. Before we walk through the financial highlights, I think it's important to remember, considering that we sold the American operation in 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 U.S. 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 these points 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 the EBITDA. If you see the first portion of the 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 we 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 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, sorry. 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 the 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 raised 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 Keo transaction by the time of July and the loan agreement. We started to also make some loans into the GTC program in the context of the loan agreement. These were the main impacts when you look for the cash flow from financing. We also recognize here the Brava shares realized gain. This, of course, is important because after the sell, this turned into cash. We end up the quarter with a cash plus credits to Keo under the loan agreement structure of around $121 million, being a net cash plus credit of $93.8 million if you discount the bank debt and also the co-investors debt that we collected for the loan agreement. As subsequent events, we fully prepay the debt because this debt was a margin loan. Once we have as collateral Brava shares, we have flexibility to use this cash, but 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. As we mentioned before, we also sell the Illinois Basin assets. We collect the purchase price of $3.5 million. We are still waiting for the additional earn-outs to crystallize. This earn-out is linked to WTI, so we are just going to wait one year after transaction to calculate the earn-out and collect. We end up the quarter with $97.3 net cash plus credit, and this shows us the robust and strong balance sheet that we have to provide credits going forward inside the Keo transaction. My final remarks here. I think the business combination itself is a very powerful combination between Maha and Keo 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 enables, establish, a capital-backed credit platform to expand and also accelerate growth across very different regions operating under an American issuance license provided by Keo inside the business combination. Looking forward, the transaction is very important because marks an important milestone inside our new strategy and new positioning to the market. Maha is very well-positioned to capture a very significant growth avenue, and potential finds and benefits 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 enhance with AI-driven the underwriting process, advanced analytics technology, and also data monetization capabilities. I think one very important thing to look for is our U.S. listing next year, we can improve our capital structure. After this final remarks, I end up here my presentation. Again, we made a very quick one, we can have more time on the Q&A. Thank you, Carlo. Well, thank you. We have received a couple of questions ahead, I can see that people are busy here on the chat line as well. I will start with some questions around the legacy business, as I would call it, we have some questions about Venezuela. You have extended your option in Venezuela until May 2025, as I believe. What are your thoughts about this call option? Sure. We extended the call option maturity until May next year, right, at zero cost. I think it is important. 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. A follow-up question here is that, obviously, you're following your call option, but will you consider not only using the option as, let's say, a bargain chip, but will you be able to develop Venezuela, given the fact that you are now very focused on the financial side in Keo? I think considering the current environment and 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 I 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. Time will tell. Thank you. If you could talk us through the investment in Bolivia and in the Bolivia-Brazil pipeline, please. Oh, sure. I think the Bolivia-Brazil pipeline is the kind of transaction that we like very much because if you look at the numbers, last year we collect $1.2 million 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 reach 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. Mm-hmm. If we try to round up the legacy business here, with all the divestments lately, and let's say you're going forward with 0 cost in Venezuela, are you able to give us an update on how's your staff situation? Surely there must be fewer on the employment payroll, when you're moving from, let's say, the heavy oil industry into the financial business. Will we see that later in coming quarters? Sure. No, that's a good question. I think we show that the work has been done, right? We reduce more than 35% of recurring G&A. Of course, we will reduce even more if you're considering the current structure of Maha standalone, because we will not have any more, some no recurring expenses. Once we make the business combination and conclude operation, we will need to see a new G&A going forward because we will bring the credit operation G&A inside. It will not be comparable, but we work as much as hard as now to also keep Keo World in a very slim operation. I will now move on to a couple of comments that we received, or questions on the financial side, and then we will come back and focus on Keo here. If I'm not mistaken, you did raise a $12.5 million loan in the beginning of Q3, and you repaid it in the beginning of Q4 this year. Walk us through that. What happened and why? No, I think I pointed out this point. Basically, when we were working towards the loan agreement to GTC, we didn't at the time want 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 will not have the flexibility and this available liquidity to use into Keo, and also we will have the burden of having the interest rates reducing our cash. Considering this change into the strategy and the sell Brava shares, we decided to prepay the debt, which was more valuable considering the position for us. We have a question about the restricted cash. Even without the margin loan, your restricted cash has increased substantially. Could you elaborate on what your plans are for releasing this cash? No, we have a significant increase on the restricted cash. I will explain why. The first part of it was related to the bank debt, because remember, we prepaid the debt as a subsequent event. This amount was released, which was around SEK 12.5 million, right? Almost half of the restricted cash. The other part was related to the contingencies we have related to PetroRecôncavo sale, in the beginning of 2023. We are also working with Brava shares to collateralize the bank guarantee. After the sale of Brava, we have the same impact into these guarantees. Now we are working with the bank so we can release these cash collaterals next year. We have a couple of questions regarding the Nasdaq relisting. I believe you were giving us a timeline here saying December 2025. You had the AGM, which is in January, February. We should expect the timeline to be, what? The first Q1 2026 for relisting? For the relisting, we expect between Q2 and Q3 next year. Okay. First we need to focus on the business combination, right? 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. We have the process of calling the AGM. We need to wait one month or so we can have the AGM and approve the transaction with our shareholders. Mm-hmm. I have a viewer question here, which is perhaps a little bit tricky to answer, but it's an easy one to ask. That is, have you any indication about the Nasdaq viewing of the relisting as you are, let's say, a new co combined with Keo? Have you received any feedback? Yeah, I made a conference in Brazil to talk about challenges in our experience related to listing Brazilian companies in Nasdaq avenues, right? Even though we are listed in Sweden, as we intend to list in the U.S., they invited us to make some comments and share our experience with the audience. I talk with Nasdaq team, 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 very happy to share here the next steps and the plans for the U.S. listing. I think we are on the right path, and hopefully during Q2 or Q3, we can conquer Manhattan as well. Okay. Let's move on to Keo here. We have a couple of questions here. One is, if you can give us some sort of feel for the operations to improve and grow services in LATAM, and what would that mean when you expand your work regarding, let's say, workforce and location and so on? If we start with geographical on LATAM. You had one slide where you went through the geographical areas, but if you could, you remind us there. Perfect. The commercial and sales team is a very important element here to bring clients, but we need to think on the WorKEO and also on the GTC, right? WorKEO, 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 we have several jurisdictions, we also need to find senior executives, which they already know the right path to the clients. We don't need to actually to have a very significant and huge amount of individuals. I think we can have a short commercial team spread between the several products. At the end of the day, this will be important going forward for our growth. If we tie that into the previous questions about the, let's say, the old company's workforce and the new workforce, could you give us a feel in the market for, let's say, salary costs going forward? Would that be equal to the old company, or would it be lesser because you have fewer people, or would it be higher because you have more skilled people, if I could be so bold? Sure. No, I think in terms of cost per person would 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 I can execute between now and closing. Once we have the conclusion of the transaction, I will show more information for the market. Also I have one question here, if you could just repeat that. The cooperation with American Express, if you explain that to a layman like myself, how does it work? Basically, Keo World, I think is the first or even the unique fintech that has American Express license to issue credit- not only in local currencies, but also on the GTC program. Having these licenses is a very powerful tool 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. Also this proves that the operational side of technology are also robust. It's not everyone that can have American Express license. I think it's important step here for the investment thesis and also to provide us this scalable avenue towards the goal that we imagine that we can have. We have a couple of questions about the capital raise already, so maybe we could just clarify that. Are both the $25 million and the $8 million agreed with the financiers, or will we need more information and decisions from the financiers? For now, the plan is to stick with this $35 million capital raise. The $27 at closing of the business combination, we'll have the $8 million additionally between now and the releasing on the U.S. 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. We can leverage our structure and benefit from lower cost of debt going forward. This equity is very important for these early stages of the growth of the portfolio. Oh. Then we will work, not only to think on liquidity strategy, but also on these senior facilities to provide low costs and attractive terms credits senior lenders. I will tie your answer into one question here. When and if are you forecasting to be self-finance? How much sorry, credit do you need to have lent out to earn your upkeep? Will you continue to have a leverage on your capital, as it were, to increase your portfolio? 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 the yields that we are mentioning, but also on the other side, we will still have also the track record to show for these senior lenders what's the key stats, the credit stats from this portfolio. Once we prove that these stats are good in terms of default and delinquency and so on, so 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 billion-$10 billion in total annualized billings. Mm-hmm. Another question. As you had various geographical areas with various, let's say, interest rates here, are you considering, let's say, borrowing in low interest rates countries like Canada and the U.S., and then lending out to high interest rates countries like Brazil or any Latin American countries, or will you mitigate the loans so you don't have to worry about the currency effects? Oh, that's a very good question. I think once the time comes, we are going to provide this information to the market. I think, again, first we need to grow the portfolio, show the stats, then, of course, we are going to evaluate the best strategy depending on the balance between the portfolio. Remember, we have a license to operate in Brazil and 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 average jurisdiction or even apparent insurance level, we will decide what's the best for us in terms of cost. For sure, if there is a loan availability so we can provide credit among several jurisdictions and hedge the FX exposure will be something that we are going to evaluate and, of course, choose the best option for us. It will be a dynamic process. I will round off with a couple of share related questions here. When it comes to any sort of coverage of you now, do you have any plans on initiating coverage or indeed, are there any broker firms looking at you since you have transformed from an oil service company into a financial company? Are you able to answer that question? No, this is a very good question. 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 on to this and hopefully soon we will have more news to be published to the market. We have another final question here that came in. Are you considering a dividend now or in the future? Do you have a policy there for the new co? 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. Well, Roberto, thank you for that. I'm conscious of the time here. There are a couple of questions about the offering price on Nasdaq, I'm sure that you will be communicating that via press releases and other channels. With that, I will thank you. Invigorating, and nice to see you again. Thank you for that, Roberto. Thank you very much, Carlo, thank you everyone for watching us. We thank you who have asked questions. Let's say thank you to all of you who asked questions. If you have any further questions, we will refer you to the Maha Capital site. With that, thank you and see you later. Bye.