Maha Energy — M&A Activity 2025

Sep 19, 2025

Maha divests its equity interest in Brava

Maha Capital AB (publ) ("Maha" or the "Company") announces that Maha's Board of Directors has decided to divest the Company's equity interest in Brava Energia and has today completed the sale of all the Company's shares in Brava Energia.

Maha held approximately 22 million shares of Brava Energia, representing 4.76% of its total share capital. The average sale price amounted to BRL 19.12 per share, giving the divestment a total value of around MUSD 78.

"We highly value Brava Energia and its notable achievements over the past year. However, we see substantial potential in our proposed business combination with Keo. The Keo Global Trade Card Program is expected to become our core business line going forward, and our focus is on substantially increasing the credit portfolio," says Roberto Marchiori, CEO, Maha Capital.

Contacts

Roberto Marchiori, CEO & CFO | Jakob Sintring, Head of IR Phone: +46 8 611 05 11, E-mail: IR@maha-capital.com

About Maha Capital

Maha Capital AB (publ) is a listed investment company focused on deploying capital across highpotential sectors. The Company aims to build a diversified portfolio of investments that deliver long-term value for shareholders. Maha Capital targets opportunities with strong fundamentals, clear paths to monetization, and attractive risk-adjusted returns. The shares are listed on Nasdaq Stockholm (MAHA-A). For more information, please visit the Company's website at www. maha-energy.com.

This information is information that Maha Capital is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-09-19 19:10 CEST.