Today it is Maha Capital who has published a report for the first quarter of 2026. Standing beside me is the company's CEO, Roberto Marchiori. Welcome. Welcome, Mike. Thank you very much. Welcome everyone for our Q1 presentation. Yes, you will give the presentation, then afterwards I'll ask some questions. Without further ado, I'll simply hand over the word. Okay, excellent. Thank you very much, Mike. Going to our first page, talking about our main highlights of the quarter and also some subsequent events. First, we completed the relisting process with Nasdaq. It's a very important milestone to prove our governance standards and all the process that we have been working with them. Also, we will talk a little bit more further, but we also keep aiming the U.S. listing plan for the second half of the year or first half of 2027. Regarding PetroUrdaneta, our asset in Venezuela, we exercised the call option finally, and now we are advancing on negotiations on the contracts with PDVSA so then we can be prepared to start operating. Also, we are going to talk a little bit more about the potential separation of the oil and gas assets from the fintech business. One day or two days after the quarter, we just concluded our business combination with KEO World. Remembering, we also concluded a capital raise of $27 million at SEK 16 per share. Now we end up the quarter with $117 million of cash balance and receivables. If you put on top of the additional $13 million of the capital raise we did during April, we end up of pro forma cash balance and receivables of $130 million. This will be very important to support us going through the launch of some programs on Workeo, which we are going to talk a little bit further on the Canadian market and Brazilian market, and also the cross-border solution that we call Global Trade Card. Significant updates during the quarter and some days after the quarter on both business, now we are ready to further develop and also value creation going forward for the shareholders. In this page, we are just showing here a recap on Maha overview, the portfolio. Now we have the fintech business on the left side, the cross-border solution, and also the supply chain finance platform, which we call Workeo. This is the main core business as of now. On the right side, we also have now our stake of 24% in PetroUrdaneta, a large field in Venezuela, in the Maracaibo region. Remember, we also have a call option to acquire up to 40% stake until March 2028, so two years from now. We are going to talk now about the updates related to Workeo, and then we move on to Venezuela. Here we are bringing the footprint. KEO World has growing its footprint across Americas as the main focus, and being a single platform connecting buyers and suppliers and providing B2B payment solutions and credit. If you look at Workeo, the supply chains finance, we already be running in Mexico. That's where KEO World actually started, in Mexico. We have a live operation there, and we intend to launch very soon Canada and also Brazil, which are also very large markets that we intend to grow there. Going to the cross-border solution, what we call Global Trade Card, we already started funding clients in Peru, Bolivia, Chile, and Colombia, and Brazil. Of course, we also intend to expand in further markets across Latin America. Here, bringing an update on the portfolio. If you look, comparing the average of approved credit lines during Q4 to this quarter, we have a slight increase. If you look the outstanding credit amounts, we also have seen on the Workeo side also an increase from $ 30 million-$35 million of outstanding credit with an average yield of 20.6%. If you look for Global Trade Card, the cross-border solution, we also have seen an increase on the outstanding credit average limits with an average yield of 13%. In a combined portfolio, we're seeing our credit lines improving for around $60 million-$62 million on average basis. Also we see here important increase on the outstanding credit from SEK 39 approximately to SEK 44.4 outstanding credit. Remembering, we want to think in our portfolio, think in our balance sheet, we still have more cash to deploy, we intend to start using our cash before looking for alternatives when you look for the senior lender facilities and these sort of things to start boosting even more the outstanding credits and operations. Talking about Venezuela, right, remembering, we now own officially 24% of PetroUrdaneta field after we exercise the call option during the quarter. Just remembering a little bit our field, right, the main highlights, this field as of now it's producing around 1,500 barrels a day. It's a medium to light API, 26-32 degrees. It's a very interesting asset and quality for the region. Remember that Venezuela is very well known for the extra heavy oil, this is a unique asset in the region. It has a very large reserve. If you look to the oil in place, more than 8 billion barrels, which represents around 400 million barrels 2P reserves and also 200 million barrel equivalent 2P remaining gas reserves. A lot of potential to unlock. Also, we are very close to Chevron main asset, Petroboscán, which we see with good eyes also as a potential significant partner in the region. If you look also for the historical field, it's comprised of four fields, La Paz, Mara West, Mara East, and also El Moján. This field reached the peak production around 1915, around 240,000 barrels a day, so it's a very large asset. They basically have around 300 wells. Of course, most part of it is shutting. The business plan is basically reactivating the wells, changing the lifting methods going forward so we can reach our peak production that we agreed already with PDVSA of around 40,000 barrels equivalent per day. Of course, just remembering, everyone, we still have a second call option, so we can increase our ownership up to 40% stake at the field. Here we are just also bringing back the business plan that was concluded last year, which represents accumulated production of more than 110 million barrels of equivalent. Also, it's very important here to note that we intend, time by time, reactivating the wells, changing the lifting methods, which means low CapEx in the first year. it means low financial exposure to start developing the field, which was part of our assumption here to have a low exposure in the first years before we see here the production ramping up. We reach this peak production of around 40,000 barrels a day around the next seven to eight years. That's the plan. Of course, we have this approximately 20%-30% on gas associated, and also oil on the dark blue color here on the chart. Just to show a little bit about the potential of PetroUrdaneta. Before coming to the financial highlights, just remember, everyone, since we closed the transaction with the business combination with KEO World, their figures are not being comprised inside our financial statements, only on the second quarter of this year. Of course, this will affect our numbers here. That's why we will put a few slides only to highlight some numbers. Starting here on the financial highlights with the G&A financial income. When you look to the G&A, we see here a stable figure when you compare it to Q1 last year. Of course, we intend to expecting to reduce the non-recurring expenses going forward. These are, of course, related to the transaction with KEO. It shows for us a stabilization on the G&A. We hope to keep this going forward. Also, on the financial income, we made the exercise here to exclude the change on the fair value of Brava just to show here also the trend where we're seeing after we start deploying on Q4 and Q1, the loan agreement disbursements to KEO operations. We're seeing here the increase on the net financial income. Here we are showing the consolidated pro forma net income overview. Basically, we took here the net result of the quarter, which is a negative on $ 800,000. By making some adjustments like excluding non-cash adjustments and also non-recurring G&A expenses, we will be almost profitable with $1.2 million approximately without these expenses and effects. This shows a little bit how we are positioning the platform of the fintech business to start growing and scale its operations and hopefully very soon being a profitable base. Here, like we always like to show the cash flow overview. We started the quarter with $180 million, approximately, a net cash position of $93 million. We end up the quarter with $170.7 million of gross cash plus receivables of the fintech business, meaning a net cash of $91 million. If you consider also the remaining capital increase that we finished on the 2nd of April of almost $30 million, and if you exclude also the net debt provision of the earn-out related to the business with PetroUrdaneta, we reach the pro forma end of balance year of $130 million of cash and a net cash position, excluding, again, the earn-out liability, around $140 million net debt position. This is very important for us considering the fintech business, where we want to also start deploying most part of our available cash inside this operation. Talking about some achievements and next steps. We exercised the call option, so that was a very important milestone for the company. Now we actually own the 24% stake in PetroUrdaneta. We also concluded the business combination with KEO World, also the relisting process in parallel with Nasdaq. I would like to thank you again, ask for all the support and the Maha team also to working very hard to achieve this goal. Also the capital raise of $27 million at SEK 16 per share, everything during the first quarter and the second quarter. Now going forward, I think many questions, right, will rise on this, but on the fintech business, we expect to launch Workeo Canada. Remembering this will be a huge milestone to us. In Canada, we'll use our blockchain technology, which we are very happy with this achievement. We also expect to launch Brazil in the second half of the year. Brazil, it's a huge market. We have many expectations on this. On the oil and gas business, I think the main focus right now is to agree with PDVSA the contract, so we can have not only the governance but also the operational control of the asset. I think we already previous mentioned this. We expect to conclude these agreements during the second half of the year. Also we intend to release our reserve report also in the second half of the year, which will be important for shareholders to understand what's the size of this asset, some main elements here and assumptions on the economical side. As general, like I mentioned already before, we intend also to go to the U.S. listing and also separate the oil and gas assets from the fintech business. We expect to be doing and working on this in the next half of the year or potentially the first half of the year of 2027, depending on the assessment we take. That's a little bit of the next steps that we intend to deliver in this next one year looking forward. I think I concluded my presentation. Thank you, Mike, again for opening here the space, and I'll be happy here to reply some Q&A session with investors. Of course. We have a lot of questions that come in from the viewers and a lot of activity in the chat as well, and I hope we have time for all of them. We will seem to have to see. First of all, we'll talk about the letter of intent that you did in the United States, where there was a SPAC merger with the Blue Water Acquisition Corp. That letter of intent has been terminated. Why? Oh, first of all, this was a non-binding letter of intent, right? This is normally the first step you take towards a transaction like this, right? All of these equity capital markets transactions involves a lot of assessment, not only by advisors but also internally in the company to considering all the pros and cons, right? Of course, this is not so fast, after making some assessments, we decided mutually, jointly agreed not to move forward because of the timing it might take, and also because we didn't reach all terms and conditions that both parties required and was willing to move on. There was nothing major and nothing related to due diligence or anything like this, any findings. It's more about timing and not reaching the same terms and conditions. It wasn't a single factor that, for instance, during the due diligence process that turned- No out from that. Not at all. Not at all. Yeah. Considering that the letter of intent, even if it is not binding, it is still terminated, has that affected your timeline towards the U.S. listing? If you remember last investors evening, we were looking for these opportunities as a fast-track deal, right? Of course, we will have sort of impact, but as I shown in the last slide here as next steps, we keep the goal to be listed in the U.S. by end of this year or first half of next year. In terms of timing and commitment for us keeps the same. That answers the when, how do you see the listing happening in a similar way to the letter of intent that you initially had? No, we are still assessing all alternatives, so we can also choose the best alternative to unlock value to our shareholders. Once we have more clarity and definitions, we'll be providing this information openly to the market. To also be clear, the listing is to separate the oil business and the fintech business in Maha? This is part of the discussion, right? Of course, we also released the intention of separating this business, potentially listing Venezuela and making a distribution in kind of the shares. All of this package when it comes to U.S. listing is on the same topic and discussions, and once we decide the best path to be also unlocking value to our shareholders, we will properly communicate this to the market. Where are you currently in the process, and is the thought to divest the shares in the new oil company to the shareholders? Sorry? Where are you currently in the process, and is the thought to divest the shares in the new oil company to the shareholders? No. Again, we are still assessing the whole structure, the whole process, right, the pros and cons of the timing. We can be unlocking these oil and gas assets to our shareholders as soon as possible and in the most effective way. Right. Understood. Moving on to the oil business in Venezuela, how soon can you launch production, and how will you finance it? Yeah. As I showed before, nowadays, the field is already producing around 1.5 thousand barrels a day, right? We don't expect much investments, like I said, in the first year. Probably by reactivating wells and a small amount of investment will be enough for the first maybe two years. We expect this, as I showed before, to be first reactivating some wells. As of now, they have around six wells working. We intend to start putting more wells to work, changing the lifting methods with ESPs. We increase the flows of these wells. Expect this to happen very fast. First point, first step here is to have the agreement with PDVSA. That's the major milestone we need to have it as of now. Some question marks as well regarding that in the chat. Before we go there, you have projected 40,000 barrels a day. What are the main obstacles before you get there? Yeah. This is the peak production. Remembering this will take some years. I would say as of now, the main challenge in Venezuela is the lack of power energy. The interesting part is inside our field, we have a lot of associated gas, and one of our ideas is to use this gas to provide power energy so we can avoid these risks and these downturns that they might have there. Nick from the chat asks, "If Maha funds development investments in PetroUrdaneta, how would the cost recovery and revenue sharing work with PDVSA? Yeah. These are the kind of things that we are still discussing under the contract agreement framework. I don't have this answer right now, but once we have definitive these documents, we will provide to this market more information. Also, the certificate of reserves, we also observe this information. Talking about investments, like I said, will be a small amount in the first year, and we don't see here much necessity in the first year of operation to look for funding structures. Correct me if I'm wrong, but the forecast date to that agreement is due in the second half of 2026? Yes. Now, before the year ends, we expect to have this agreement with PDVSA. We are advancing as of now. I think we are being very focused with our team there to advance on these negotiations. Hopefully very soon we'll have more updates to the market on this. There's another question from the chat, and I'm kind of linking that to what you talked about in the presentation. You mentioned that Chevron could be a significant partner due to its proximity to PetroUrdaneta. Where are you currently in that process? Have you talked to them? That's a good question. I think I cannot talk on behalf of Chevron, who I might say that. We already spoke with them a while ago about many opportunities there in the region. They are very close to our field, so they could be a partner not only to export the oil, maybe to share gas. It's a good partner, but I think we need to first focus on achieving these agreements with PDVSA, then exploring more partnerships in the region. Talking about oil then, and discussing recent geopolitical developments and macro events. The higher oil price has gone, and no one buy. Has that affected demand, supply, and your general strategy in Venezuela? For us, as of now, it didn't change anything. I think we are seeing here more exports towards U.S. In that sense, it's good for us. It's all about our thesis of being compliance with U.S. relationship with Venezuela through General License 52. I think for now we are okay and just following how this will develop going forward. There's a question from the chat. Tony asks, "Is there still sanctions on Venezuelan oil? No. Like we explained the last quarters, the U.S. released a couple of General Licenses. Now we are basically using through the General License 52, where through our U.S. entity, we can not only sign these agreements with PDVSA but also deploy capital towards the business plan. We are covered, and we are fully compliant. This was the first assumption by having any exposure in Venezuela. Shifting focus then from Maha Capital's oil leg to its fintech leg. You previously talked about your regular reporting on the fintech operations. When will you start with that, and what KPIs will you report on that? Actually, considering that we only have closed in the first days of Q2, in Q2, we intend to provide more data and information related to the fintech business, of course, and this will be also reflected inside our financial statement. This will be very helpful in the next quarter. Of course, we intend also to provide quarterly informations, more data to everyone to be following the trend and the company in this new business. What KPIs are relevant to measure the success of the fintech business from an investor's point of view? I think there are several. I think the most important is how you are scaling up your platform. As of now, by releasing and launching Canada and Brazil, this will be important going forward for the next quarters. It will support a lot this growth story. Also looking at a credit risk perspective, I think the default rate is also very important to follow to see how much profitability you're generating out of this portfolio. For the fintech business, what is the primary focus right now? Our main focus now is the operational execution. We have been very dedicated on launching Canada. Remember, Canada will have the blockchain technology, so we have been working a lot on this couple of months to be everything ready very soon. We expect to launch it. Also Brazil. I think that's our main target right now for the next months. We are focused now after these launches on the commercial side and scaling up the platform. Does that mean that you're expanding more in fintech and the lending business, or how should we interpret that? I think both, right. Because for instance, in Canada, we have this blockchain technology developed inside KEO. Of course, we can start thinking and planning to use this in other markets, right. It makes sense. It's a combination of both, if I may say. In accelerating the fintech business, do you see yourself needing more capital injections? Viewers are also curious what sort of funding mix does that entail. Sure on equity, debt, et cetera. Sure. Nowadays, we still have plenty of cash to deploy. That will be a nice work that we are going to do in the next quarters across these many regions. Of course, we already provide this analysis with hypothetical numbers to the investors, which we intend to scale up the platform also by bringing lending facilities with senior debts at attractive costs, so we can leverage up the portfolio through this. That's a target we have, but as of now, the most important thing is the execution and launching the products, so we have all the tools available. Also deploying our capital first and then bringing the senior lenders to provide to our operations. Another question from the chat, the approved credit line for KEO World was approximately $62 million at the end of March. What is the current level today, and what is management targets towards the end of 2026? I know. For sure, we will provide this update to the market as soon as possible. Like I mentioned, by having the launch of Canada and Brazil, this will be very important, mainly to Q3, right? Because we'll have these other markets to start increasing market share and so on. Of course, we at least intend here to use our capital or balance sheet first and then start leveraging this in the next 12 months. Moving on to investor relations then. There has been research from Pareto that has been published very recently. How do you view the research coverage moving forward for Maha Capital? Yeah. Well, this has been a discussion we have, right? To try to be more, not only transparent, but also to bring more data to the market because all of this transitioning, of course, is not so common, right? We need to have these assessments and these research coverages to help investors to fully understand the fintech business, right? We expect, yes, to have more research reports. For sure, this will help a lot investors to understand the scale platform that we have. That covers the fintech business. When you eventually list the oil business in the U.S., will you also have research coverage there? Yeah, we will work on that for sure. All right. Are you planning to host any capital market day moving forward? Yeah. We think on this right now, but I think the focus should be on the execution again of the operations, and then once we have all the products launched and we start seeing some growth, we can then go to the market and explain more about each product, where we are, the portfolio size in each market, these kind of things, yeah. For sure, this is a plan of ours to start working in the next months. If you could decide, how would you like the market to view Maha Capital? Well, that's a good question. In my personal opinion, I would say we have here a nice portfolio with two amazing assets. Of course, the fintech business is a different risk profile. I really love the business itself, the technology, the credit operation, and also I really love how it could be scalable with the size it could reach. I think we already showed to the market the potential, right? We are talking here about a market of multi-billion dollars. When you think of this, it's a fixed income risk, like a bank, but also with the tech side. It's a very nice investment thesis. On the other hand, you have also Venezuela, which we just paid $10 million, but can have a huge potential upside by unlocking this value. I think it's an amazing combination. The viewer also asked if you could place yourself in the shoes of an external investor looking at Maha today. What would you consider to be the single biggest risk to the investment case over the next 12-24 months? I know you spoke of fixed income risks, for instance. Yeah. I think that in Venezuela, the agreements is the most important topic right now. I would say this would be the main risk to Venezuela. The asset itself is very large, very profitable. I would say on the fintech business, it's maybe some laws, some stuff like this, which could have impacts on the interest rates across the markets and potentially default rates across companies. Maybe this is the main risk we see here on the thesis. Roberto Marchiori, you are the CEO of Maha Capital. Thank you very much for being here. Thank you, Mike presenting and answering our questions. Thank you, Mike. Nice to see you