Okay. Good afternoon. Good morning, everybody. My name is Jay Heller. I am the newly confirmed and elected Chairman of KEO Capital. It is a great pleasure to be here with everybody today to share the vision, provide a corporate update, and everything that is going on in the land of fintech and, of course, KEO Energy. Before we get to that, and I throw it over to Pablo, I also want to take a minute just to introduce the newly elected Board of Directors. Myself, Jay Heller, 30 years in the capital market landscape, almost 20 years at Nasdaq. I think we are all familiar with the exchange. Leading capital markets, responsible for the design of the modern-day IPO, along with my former colleagues. I have overseen 3,000 IPOs, so when we are talking about capital formation and structure and regulation, which we will touch on, that is going to be my wheelhouse. Now, also today, I have a few of our members here in person. Andrés Rubio, again, former CEO, major experience in private equity. A very valuable board member here today. On the line, Farid Shidfar. We have Halvard Idland. We have Alessandro Ciancchini. Did I get it right? You got it. I got it right. On the line, which you are going to hear from as well, Davide Tomassoni. He is the CEO of KEO Energy, so very excited to hear that portion as well. Carlos Gomez-Lackington. That is the current board. We appreciate everybody's support earlier today. Upcoming, we do have a few different meetings. Our first board meeting will take place upcoming, where we are going to really refine and finalize the key members of the audit committee, remuneration, excuse me, and ESG. That is the standard for where we are going forward. Most importantly, and this is really important, we thank you for your support. What we are here today is provide the vision for everything for KEO Capital, unlocking shareholder value, maximizing the fintech, understanding and maximizing the opportunity that is aware and right in front of our eyes from KEO Energy. We are going to touch on all that for today, and we thank you for those that are watching on the webcast and being here in person. For now, I would like to turn it over to Pablo Ribas, the CEO of the Fintech and KEO Capital. Thank you. It is a pleasure being here. What we have done here, we structured our presentation in two parts. I will be walking you through the fintech business, a little overview of our products and where we are going, and then we will be handing it off to our energy CEO to go over the energy business. First, from the management's perspective on the fintech business, I have myself here along with our CFO, Miles, and our COO, Roberto, which many of you know from before. So a little bit about myself. I spent the majority of my career in payments business, mostly in American Express across different markets. I have led large businesses, small businesses, fintech businesses, so forth. Actually, this is my second round here at KEO. I was part of the original management team from 2022 to 2025, and I actually helped prepare and was an architect of a lot of the products and solutions that we have now. It is a pleasure to come back and see how the company has grown and all the platforms and solutions that we have, which are super exciting. Roberto, as you guys know, he is currently the COO. He was actually the CEO and has graciously taken on the COO role and has helped me in my onboarding and has been an incredible asset. His knowledge of both the fintech and the energy business is indispensable. His experience in M&A and what he has done in terms of private equity and investment banking is fantastic, and he has done a fantastic job since I came here till we are here now in uplifting the entire operation organization. Very happy to have him here. Miles also joined a couple of weeks before I did. I have been here about maybe six weeks. He has been here about two months. Extremely experienced CFO, has worked in Germany, has worked with different firms. He is expert in private equity and tremendous asset for me to have in my team as well, and he is helping us take a whole kind of finance and controls and P&Ls to the next level. Thank you, guys. If I move forward to the next slide, I thought it would be important just to do a quick business overview of what the team has done so far and structured across our kind of corporate fintech and energy. On the corporate side, as you know, the merger was finished in April, and that is behind us, and we are focusing on how do we scale. There was a $29 million or, yeah, $29 million raised at SEK 16 per share. That was also completed, and that's helping us in our funding. As you know, and we'll speak more later, there's work going on in terms of the listing of both our energy business and fintech business, and that's in the roadmap. On the fintech side, just to add, we launched Canada business through a facility that was reported about two months ago, and I'll speak a little more about our Canada business and what we're doing there. We renewed our contract with American Express, which was very important, particularly focusing in Mexico. You'll hear more about our Mastercard agreement that we're all super excited about as it really unlocks the power of our cross-border solution. We'll have some thoughts around that. On the energy business, as you will hear later on from our energy CEO, our stake has gone up 40% in terms of our options, and we're working through that, funding that. The Pilatus agreement was signed, and more to come on operational and business strategies as they go over their strategy. That's kind of a high level where we're at from a business overview. I'll now go more deeper into the fintech business. The first message I would like to just make it very clear and transparent is that opportunity on the B2B space across where we're operating is really, really significant. Taking some publicly available information and looking at the landscape, when you look at the Canada business, it's massive in that almost $10 trillion in terms of B2B payments are going through and what's happening, a lot of which is still on checks. Our product comes in and helps make that more efficient. When you look at Mexico, where we've been operating at least five or six years, we have a solid brand, a good footprint, MXN 25 trillion still out there of addressable market for us from a B2B perspective. On the Brazil side, which we're starting to launch and move forward, again, a massive opportunity in terms of almost BRL 15, BRL 17 trillion of opportunity. The message here is there's a lot of business happening on the B2B spend side in these markets that we're operating that's inefficient, that suppliers and buyers terms don't match, and our product comes in perfectly to address this and provide efficiency on both sides. I'll go over more detail in terms of how our products work and so forth. Our Workeo is basically a local currency product that has a footprint in these three markets. What we're also super excited about is how we're going to scale up our cross-border product. This is our trade financing product that basically brings suppliers in the U.S. with buyers across Latin America through a Mastercard contract. I won't go over the numbers, they're massive. Our product and this unique platform and partnerships allows that to make a process that's expensive, inefficient, and complicated, very easy to work with our partnerships. We have a slide to go through that and explain how that works. We talked about the opportunity. What is our current footprint right now, and what does that look like? As I mentioned, Canada is live. We have a facility worth of $35 million, and we're quickly scaling the team and quickly working on opportunities in terms of prospects and new clients bringing on. This is working mainly through our Workeo solution and a blockchain platform that we have. Mexico is live. It's our footprint market right now. We've been operating there for the last five years. Solid business, solid brand in the marketplace, and solid opportunity to bring buyers, suppliers together through our products, and that's working quite effectively. Brazil, as was mentioned in previous presentations, it's a product that we're still developing. It's about to launch. As I said before, the opportunity in Brazil is massive and there's unique features and value props our products bring, particularly to Brazil, that provide us a tremendous, I would say, efficiency and platform that many competitors don't have. The cross-border product, as I mentioned, this is our Global Trade Card product. It's a U.S. dollar-denominated solution. We're live in many of the markets in Latin America right now. We're focusing on key markets where we want to expand. The Mastercard partnership is going to help unlock this in a massive way, and Roberto will speak a little more about that. So great footprint for growth currently. Tremendous, I would say, opportunities to take the next level, leveraging our platforms and the recently announced Mastercard partnership. So talked about the opportunity, talked about where we are. Then I think it's some of the questions we've gotten from many investors of, "Well, how do your products work? Help me understand, from a fintech perspective, what's your value prop?" So we have basically two product categories. We have our supply chain financing Workeo product. This is a local currency platform that basically improves buyer terms and provides, sorry, supplier terms and provides buyer financing to accelerate and grow their product. So simple solution is you're a shoe manufacturer in Mexico. We underwrite and we value you as a buyer, we underwrite and value the supplier, and we bring you together to provide better terms for you as a supplier and funding to grow your business as a buyer. It's a unique platform where we load our invoices and brings value across the chain. That's in a simple solution to bring it to life from a Workeo perspective. On the cross-border, similar configuration, but even more powerful in terms of the value prop because it's U.S. dollar denominated. So what that means is there's a lot of companies in Latin America or around the world that import from the U.S. Currently, this process is very inefficient. There's wires that need to be sent, there's currency risks, there's a lot of fees that the bank have, there's underwriting and letters of credit, and those kinds of things. Our cross-border solution, especially now powered by the Mastercard partnership, makes that process seamless. Again, I'll show you a slide that has a little more detail, but basically it takes away the FX risk because it's U.S. dollar denominated. There's efficiencies in transactions and makes the whole settlement significantly more faster than it is currently now in the process. So this is why we're super excited and we think that's a unique value prop, particularly leveraging Mastercard as platform. So this is how these products, in simple terms, work. Again, I'm trying to show many people who have asked, "Hey, help me understand how your fintech products work." The Workeo, as I said, remember, this is a local currency product focused on being buyers and suppliers together to, A, improve the suppliers' terms and get them paid faster and provide the buyer with financing and extra time to generate more revenue as they bring in more material for their production. It's a fast digital approval particularly compared to how banks underwrite and the processes they go through. We have both a card and non-card platform, so we can do both on-card rails and bank-to-bank if we choose to, through different pricing. As I said before, it's all domestic. Our goal is to leverage these products uniquely in markets where we operate in the local currency. If we go to the global trade solution, as I mentioned before, or our Global Trade Card, the highlights here would be it's U.S. dollar denominated, which means we wipe out FX risk depending on what market you're in, because it's all settled in dollars. We have both a B2B and T&E solution. Our B2B solution, as I mentioned, I'm reiterating, it's instant payments, facilitates cross-border transactions, and generally is cheaper than traditional financing using our platforms. We also have a T&E solution that allows many of these markets their T&E expense and travel expenses dollarized. Even if you're in a market and you're buying a local airline ticket, it's settled in dollars. The fact that we have a solution that is dollarized allows these companies to, again, have efficiencies in the way they book their expenses, and not have a situation where you have FX risk or transactions. We have these two products live right now, and with Mastercard coming on board and helping us scale, the idea is to really penetrate these opportunities across these markets. Just to recap, I'm going to hand it off to Roberto now, is a working product focused on local market working capital financing through our unique platform and our Global Trade Card supplier international trade or international importing financing through our platform, bringing suppliers and buyers together through a platform that drives efficiency both on the supplier side and on the buyer side. With that, I think I'll hand it off to Roberto, who's going to talk to us about Mastercard. Thank you, Pablo. Thank you everyone for being here. We just signed in September this year our contract and agreement with Mastercard. Most part of you guys must be asking why this is so important, right? Why we are talking about it so many times. Mastercard brings us a very significant scale potential for the company. As you can see here on the right side of the slide, Mastercard is a huge company. They are transacting more than $1.3 trillion in TPV, which is our main KPI that we are looking and we expect to grow. They have more than 150 million commercial cards to be used through the network. They have more than 100 million merchants acceptance already in place. That means not only the scale by itself, but also instant acceptance for the network. We can instantly have the merchants inside our network, and then our customers, as buyers, can already transact instantly, and also we can see a ramp-up coming through this platform. We have a five-year term U.S. dollar program where we can issue cards for purchases and also T&E cards to customers across Latin America. That means we can benefit from this penetration they have in different markets. Sorry, going to the next page and changing a little bit the topic. Talking about platform and technology. In the last quarters we also have been working internally to create a more efficient structure then we can start ramp-upping also with this partnership. Talking about here about our platform itself, we have a digital onboarding. That means we create a better experience for our customers, documentation, everything in just one place. We also have better controls in terms of know your client. On the other hand, here we have the global customer portal where buyers can see their credit limits real-time, suppliers can see their receivables real-time, so we can connect and give them the interaction real-time. Lastly, we have the Keo Invoice Management, where basically we import the invoices, make all the approval process, then we can also provide one single-shop platform so they can have all these benefits, focusing all the time on the customer experience and enable the company to become more efficient and scalable. By having said that, I will pass now to Miles. Thanks, Roberto. Thank you. Hi, everybody. We have spent a lot of time the last couple of months just drawing on our collective experience to look at the different analytics and metrics of the business to truly understand which ones are reflective of the growth and profitability of the business. While we are not ready to introduce any new metrics today, we do look at a bunch of new ones internally and will ideally, at the end of quarter three, so in 45 days or so, be able to include some of those new metrics we are looking at. But two of the metrics that we have previously published I want to talk about today and tell you a little bit why I think they are either a good indicator of the growth and profitability of the business or not so good indicator. One of those is TPV, your total payment value, which reflects the gross dollars of transactions going through the business in a certain period of time. This is essentially the velocity of the business. Because we get paid both interest and fees, if it is going through our card network based on the number of transactions someone does, a customer who draws $10 million at the beginning of a month and holds it for 90 days is not as profitable as a customer that draws $10 million and repays it three times over that same period of time. TPV I don't know what that was. The TPV reflects that. As you can see in quarter two, that was a growth of 19% over quarter one and 40% year-over-year, which reflects strong growth in the portfolio. I do expect further growth in quarter three. In contrary, if you look at the average outstanding portfolio, that shows the exact opposite effect, right? A contraction quarter-over-quarter from quarter one to quarter two. The reason for that is the average outstanding portfolio in this case takes the average month-end balances. In that case, for Q2 is April, May, and June month-end and averages the three of them. If someone draws throughout the month and pays off on the 30th, their balance is not in there at all. Whereas someone who pays off on the second of every month, you are going to have their balance in there. That is what is reflected in here. One of the metrics we look at internally and ideally will be reporting in the future is an average daily balance, so you can truly see what the portfolio is doing, not at a point in time like at a balance sheet would, but what it does throughout the month and what the average is throughout the month. On the right side here, you can see the different impacts. If you have the person in red here who pays on the second of every month, their balance on the 30th or 31st at the month end is going to be $9, $10 million if they are doing $10 million a month. If there is someone who pays off on the 25th of a month because that is just their payment cycle, you are only getting $1 million of their balance. It looks like the portfolio is going down when the portfolio isn't necessarily going down. Like I said, I do expect to give you guys different metrics and to show you the metrics that we're actually looking at internally over the next couple of quarters. Just wanted to explain why this specific metric is contrary to the other one and has generated a lot of questions. I will hand this back over to Pablo. Yeah. Thank you. Wanted to kind of wrap up the fintech presentation and a couple items looking forward. Of course, we'll take questions at the end. To reiterate, Canada, Mexico is live and we're working to grow that portfolio. We expect Brazil to launch by the next half or faster. The cross-border solution platform is ready, product is ready, our commercial team is ready. We're turning on the Mastercard solution in the next weeks or so, and I expect that to be a fantastic experience and grow that in a significant way across the market. We're currently and actively working, and we have the benefit of Jay here and his experience to continue to raise financing to grow our business. Facilities, debt facilities similar to what we have in Canada. I think the fact that we were able to raise the $35 million in Canada shows the strength of our product, the strength of our platforms, and the partnerships that we have. We're working actively on that to be able to continue to grow the portfolio across our markets. There'll be more discussions towards the end or answer questions, but we are continuing to work on the dual listing in the right way both for the energy business first and then how do we consider the fintech business going forward. I know that's been discussed before and the board is very actively working on that, defining the right capital structure and a lot of oversight as how we proceed with that. I think at this point, we will hand it off to energy. Yeah. Is that you? Yeah, so let me just take it for a second if you don't mind. Thanks, Pablo. I mean, amazing job, guys. The one thing just to realize, this team has been together for a short period of time, and in that short period of time, the one thing in which you're seeing is execution, right? The Mastercard agreement, make no mistake about it, that is an opportunity for the future. You think about transparency, efficiency, and scalability. This is the team. This is the team with the board's support to get us to where we need to be to really unlock shareholder value, which you're going to hear a lot today. Unlocking shareholder value, not only for the fintech, but as we now pivot over to the energy, and I'm going to introduce you to the CEO. We're looking at a dual path track here. Ultimately thinking eye on the prize, what can we do? We're setting the foundation with the teams, management teams of both, and the board that are going to help guide us, really for those that have been invested in this company for a long period of time and for those that will come to the company into the future. With that said, I am pleased to introduce the CEO of KEO Energy, Davide Tomassoni. Davide, are you with us? Yes, I'm with you guys. Okay. Can you guys hear me well? We can hear you. Perfect. Thank you, Jay. Good morning, everyone. First of all, thank you for being here. It's a pleasure to have the opportunity to introduce myself and the leadership team behind KEO Energy. My name is Davide Tomassoni. I'm the CEO of KEO Energy. I have spent more than 24 years building, investing, and scaling business across the United States and Latin America. I have had other opportunities to participate in multiple Nasdaq listings and work closely with institutional investors. Today, what's exciting me the most is the opportunity we have in front of us with KEO Energy. We are building a platform with the potential to become a significant energy player in Latin America. Of course, opportunities of this magnitude require more than capital. They require the right people. That's why I'm particularly proud of the management team we have assembled. Pietro Madonia, our Deputy CEO, brings an extensive experience in international capital market, structured financing, and institutional investment. [Phil Buys], our COO, brings strong operational expertise from companies such as TotalEnergies and Schlumberger with the valuable experience across international oil and gas market. Barbara Bittencourt, our Chief Legal Officer, brings exceptional legal expertise in an energy sector, international transactions, and complex regulatory environment. Together, we combine financial expertise, operational capability, legal experience, and access to international capital market. I'm personally committed to make KEO Energy a company defined by execution and result. We have the asset, we have the team, and we have a clear vision. Now it's about executions. Thank you for the confidence and for being part of this journey. I'm very excited about what we can accomplish together. Phil, I leave the floor to you. Hi, everyone. Pleasure. We will start with an operational update of the asset. The asset, PetroUrdaneta, is comprised of four assets, La Paz, La Paz Sur, Mara, and El Moján. We're talking about high-quality oil and gas assets situated in the west part of Venezuela, in the Maracaibo region. What we will show today is basically a bit of the development plan of the development philosophy we have at this stage. Barbara will discuss a bit about, let's say, the structure of the company that will operate. We're very excited about these four assets. Basically, the bulk of the redevelopment strategy will be redevelopment. We will approach it in a modular way, and we already have most of the scope ready for the 18-24 months. In terms of reservoir families, we will be looking at in these four assets that we will develop in a modular way. We are talking about Eocene, Paleocene, Cretaceous, and the Pre-Saline Basement. Next page, please. This field has been proven. We are talking about one of the oldest fields in Venezuela that used to be extremely prolific. It used to produce over 200,000 barrels a day. It went to then many years of decline and under investments more recently, which is basically the opportunity, right? Given the current technologies and with the right fiscal regime, which is what we managed to negotiate and sign today, we believe in these three recoveries, in these three reservoirs that I mentioned. We can redevelop the field throughout the concession that we signed. That will go on for the next roughly 25 years. I am going to talk a bit about the development concept. We are now in the final phases of confirming the details of this development plan with PDVSA. We already have most of it agreed. I will go and describe to you a bit conceptually what we are looking at. Next slide, please. The current philosophy is going to be to basically restart the production quickly. Once again, we are not talking about the development of a field, but we are talking about the redevelopment of four fields. We are getting ready now in terms of procurement, vendors, assets, drilling and workover assets to mobilize ourselves in the next three months. Of course, there is a series of contracts and governance that must be put in place. We are working already actively with PDVSA. The first phase is going to be reactivation, focusing on La Paz in the next 18 months. That is very important because we want to reach quickly in our development plan a production of between 10,000 and 15,000 barrels per day. Still to be confirmed in an 18-month horizon. Why is that important? Because we consolidate our production to export it, right? So we basically produce, send it to PDVSA, and consolidate cargos every million barrels in Merey 16 cargo. This is actually in the contract. Once we reach the 10,000, 15,000 barrels, let us say, threshold. We can consolidate a load and get cash flow around every two and half months. This is why we will have an important concentration of CapEx in the first two years, because we want to get to this threshold quite quick. And we have a lot of surface infrastructure, to rehabilitate in the surface, at least in La Paz. Then what you see is phase one, two, and three, where basically we are going to attack each field independently in a modular way. We believe this is the best approach. Part of the infrastructure, specifically the EPFs, will be actually reused in different fields. So, the EPF that we may use in La Paz may be afterwards reused in other fields. That is very important. We save some CapEx here. So that is mostly about here, what I mentioned about the oil, about the gas. This is very important, of course. We are actively monitoring and analyzing different gas monetization options. As you can see here on the slide, what we are still discussing, because gas monetization is always a bit more complex than oil monetization. We're looking at options with the El Moján pipeline, options with the export through Colombia pipeline, and also options with compressed natural gas and small-scale liquefied LNG. That will depend a bit on the regulatory framework of Venezuela. Until now, Venezuela didn't have a regulatory framework relative to the monetization of the gas and the terms and conditions to commercialize gas. This is something we're doing as the country is evolving and is defining this regulation. We believe there is a huge upside in terms of gas monetization in this field. Gas is very necessary in this region, both for, let's say, nearby fields, also for export and for Colombia, where it is structurally needed. We are very confident the upside will be present. Next slide please. With that, I conclude the operational update. The bulk of our efforts in the next three months will be set up, let's say, our operations team here, put in place all the processes that we need to be able to deploy the CapEx at the beginning of 2027 together with PDVSA. Let's remember, PDVSA is our partner in this field, so we need to go hand in hand, and collaborate a lot with the authorities and with PDVSA to make it a success. Thank you very much. Good afternoon, everyone. Thank you, Philippe. Pleasure to be here. I'm going to give you a quick overview of the legal and contractual aspects of our project, right? For those who have been with us, you know that we have, in 2023, signed exclusively the agreement with Novonor in order to have the option to acquire equity interest on the PetroUrdaneta asset, right? Since then, we have been working heavily here, not only on the contracts, but also on the operational side with the creation of the new development plan, and waiting, of course, for the best moment to enforce our call option. This was directly linked, of course, with the sanctions policy towards Venezuela. March this year, we have this General License 52 published, and this allowed us to enforce our first call option and conclude the acquisition of our 24% stake in PetroUrdaneta. From there, we started working on the second call option, and we signed in July this year, our binding agreement with Odebrecht, defining a price of $37.5 million for the additional 16% equity interest, right? Then we start working on a corporate reorganization, not only to prepare the company for the U.S. IPO, but also to align our entities to the requirements of the General License 52, and that's where we engage with KEO Energy, former Maha Indiana, within the structure. This entity is nowadays Partner B of PetroUrdaneta, holding 40% equity interest on the fields. In parallel, this is also the entity that signed all the operational contracts with PDVSA. Next slide, please. This here is our contractual framework. This is the famous Chevron model. Basically, it allow us to control the operations itself, the procurement, the finance, and the commercialization of oil and gas. Okay, in a nutshell, this structure was recently confirmed by an amendment on the Hydrocarbons Law of Venezuela. JVs are the companies that can use it. This is a framework that combines equity with contracts, with the operational rights. That is why we understand this is safer and more beneficial for the company. Basically what we do, we have here our credit facility, where we are going to finance the CapEx and OpEx for the operations based on the business plan that we have recently approved. Of course, we are the ones that will control the cash to be deployed. Of course, all the operation and how it will be implemented. We will have our secondees in the field, working side by side with PetroUrdaneta team under a secondment contract. We are going to also control and implement all of the procurement for the operation, and finally, sell to the international market, the oil and gas produced. After that, with the cash, there will be a received from the sale of the oil and gas, we have this, what we call waterfall for payments. Once there is cash flow, we will start repay our credit facility, and in the end, pay dividends. This is the structure that we have in place, and which grants us the necessary security for the operations and to guarantee the implementation of the business plan that was approved. I do not know, Philippe, if you have something to say. Yes. Just want to complement here. Thank you, Barbara. From an operations standpoint, this is absolutely critical, and this is a competitive advantage for KEO. It is called the Chevron model for a very simple reason, is that the only American company that managed to continue producing during, let us say, the previous phase of Venezuela was Chevron. With this contract that basically counterbalances the inefficiencies of the JV model, of the current empresa mixta and JV model. So what Barbara described is very important because this gives us the autonomy to develop our fields, of course, in collaboration with PDVSA, and to control the offtake. So it is the benchmark, and as Barbara says, this has been approved in the recent Hydrocarbons Law. Okay. Next slide, please. So now, an overview of what we are doing now and what we expect to accomplish within the next months. As previously mentioned, we have until the end of the year to close our transaction for the acquisition of the remaining 16% from Novonor, with the payment of $22.5 million. We are working on pre-IPO financing in order to proceed with this payment, and in parallel, of course, use this financing to fund the OpEx and CapEx for the operation. We are also expecting the publication of a ministry resolution in Venezuela. This resolution is a requirement from the Hydrocarbons Law, and it aligns the JVs, in our case, PetroUrdaneta, to the new law, including when it comes to the government take. So when this is published, we will be able to conclude our reserve report and publish, inform to the market. In parallel, we are finalizing the structure that will be in place for the purpose of listing the energy business in the U.S. We are engaging necessary third parties to assist us with that. These structures, of course, the one that will be more beneficial to our shareholders, including when it comes to tax aspects. Finally, we have, for the future here, totally linked with the operations in 2027 is when our operation is going to require more investments. That is why we understand that during the first half of 2027, we will be able to conclude the IPO and move forward and focus on the operations and the results when it comes to the enhancement of the production. Thank you very much. I pass the word to Davide. As a final word, I would like to thank you, everybody, all the shareholders. To make clear that our goal is to create a long-term value for all the shareholders. How we do that is to develop our existing assets with PetroUrdaneta, increase productions, and also pursuing the possibility to acquire new fields in the region. So thank you once again for the trust that all you have with us. Jay, I give the word back to you. Fantastic. Thanks, Davide. So there is the plan, right? Outlining the two units as a whole, unlocking the value. We have the right teams in each category here for success. So we appreciate you spending your time with us today. We look forward to updating you in the future. I am going to throw it over to Jakob, I believe, for some Q&A, if we have any questions. Should we start and see if we have any questions in the audience? Well, yes. Hello. Oh, no. We can hear you. It works. My first question is in Swedish. [Non-English content] You are an analyst. Okay, good. My first question is regarding the energy side of the company. When will we get the new valuation of the total oil reserves in Venezuela? Very good. Davide? This is— Or Barbara? Yeah, this is linked with the resolution that I mentioned. This resolution is going to be published by the oil ministry, and this will define the applicable government take to PetroUrdaneta. Based on that, the DeGolyer team is going to be able to conclude the reserves report and publish, and then we can publish it. Well, as I recall, the work was supposed to be ready in October, and we are in October. Yes. That schedule obviously doesn't hold. Can I take this one? Yes, just to explain the situation. Yes, the reserve reports per se is ready, but the government of Venezuela is going to issue a resolution confirming all basically the fiscal terms of the fields that have been acquired in August. There were several companies. We're not the only one that acquired fields, and this resolution is going to be published for all the companies together. We're waiting on that, and this is a timing which is a bit independent, let's say, from KEO. Go ahead, Davide. Okay. This is not happening. Is there any date you can give us? So— Or like— Let me— Like a deadline. The resolution is just a publication, like a, which is the government of Venezuela. But like us, everybody signed on the 27th and 28th. There is other five largest company, among them is also Chevron. We are all waiting for the resolution to be published. But regardless of the resolutions, we are in production, full mode production. We increased the production. We activate three new fields, wells, and we are increasing production. So every day, this does not stop us for the production every day. Okay, so there is no deadline. There is no deadline. We are expecting this to be in the next few days. That is what we have been told from the Minister of Energy. Oh, okay. Then regarding fintech, my question is, when do you expect to start to show profit? The company is bleeding right now. The fintech side of the business is bleeding. When do you expect to start to show profit? Yeah, I'll take that. We're looking at different scenarios. It's hard for me to give you a date, but we know we are ramping up quickly. I cannot give you a date, it'll be a forward-looking statement, but I think we'll have a better reflection on that in our next investor update in 45 days. You'll have a better sense when that is. Previously, I believe there was some publications around a certain level that was there. That was just a scenario, but I would say that as we continue to grow and ramp up our Mastercard business, hopefully we'll have some more insights for you around that in the investor update or the results update in 40 days or so. Okay. Thank you. Could you say something about the acquisition cost or timing for the difference between your You're very bullish about your agreement with American Express, and now you have Mastercard also on the table. Can you say something about how the vehicle works for acquiring customers different from those two? The model with Mastercard will work very similar to the model that we have in place with American Express. It's a B2B product. We're focusing on larger size clients, where we target lines of certain size. We have a commercial team in place, a very experienced commercial team in place that has relationships and knows each industry. We work together with a partner to identify what's the right ICP and right customer profile. When you think about the B2B business and acquisition costs, it's very different than a B2C business because we don't need to go to Google, we don't go and do advertising and have all those costs. It's more of a referral/industry business where we go and bring larger clients. I don't know if that answers your questions about acquisition cost. What is your timing then? What is your average timing from contact to contract? Depends on the size of the client, but roughly speaking, somewhere between three to four or five months. That's the sales cycle. Hi. Afternoon, guys. Just a little clarification, because the questions that were asked earlier, I had a similar interest. I just want to make sure I'm understanding. Your reserve report is complete, but you are awaiting an approval from the minister before you can release that to the public. If that's the case, if I'm understanding what was said, you are currently operating as of a particular date. Does that mean you're producing oil as we speak? I don't know if you can just clarify those two points because I just want to make sure if it is that KEO can't give a deadline because you don't want to give a deadline, or you're relying on a country who moves at a particular pace to give you that information? In other words, it's not that the company's not doing everything that they can do, or is it that the country is just trying to make sure they do everything properly whenever that comes up? I can answer this one. Yes. This is exactly what the second case, which is the country. The country, Venezuela, will release this resolution. Once again, it will be a resolution for all the companies that concluded the transaction in August. It is not only us. Everyone needs to be ready. The deadline they gave us, as Davide said, was this month. In the beginning of the week, they told us this data, but this is not a timing we control. First. Second, yes, you are correct. As of when we signed the contract in the end of August, we are now de facto partners with PDVSA, and we are starting to mobilize the teams and reactivate some key wells. As I said in the operational update, the bulk of the reactivation is only going to start in January, February, because we need to put in place the tenders, the procurement process, the financial process with PDVSA, and that is a lot of work. Was I clear in my answer? Well, the first one has not been dealt with. Has the reserve report, has it been completed? In other words, do you the management have this report, but for whatever reason, you cannot release it until the Venezuelan government gives you approval? Yes. We have the report, and we have to wait for the Venezuelan government to release it. I mean, one. The point is that the resolution includes the taxation aspect. The government take applicable to PetroUrdaneta, and this of course impacts on the reserves report. That is why in order to make public what we already have, we need first to receive, to have the publication of this resolution. Just adding here to what Philippe said, this resolution not only confirms the government take, but also confirms that Partner B, in our case, KEO Energy, is the operator of the asset, and this is actually effective as of July 28th. Everything is aligned. Actually, it is a matter of formalization and timing for publication. Just to add to that. My name is Andrés Rubio. I am on the board. I am also the Chair of the ESG and Reserves Committee. I can confirm that this reserves report is complete. I have reviewed it. We have debated it at the ESG and Reserves Committee level and at the board level. We just cannot make it public, exactly as the team has said, until the government publicizes the royalty rates and the tax rates for all of these different projects, of which one is ours. That is what we are waiting. It is out of our control. It is the government. It is in their interest to report it, but they need to complete their work before they can report it. When it is reported, the reserve report will be publicized. I can assure you, there is nothing more than what we want to do, is provide that information. But when you think about governance and the way that we are going to operate, we are going to stay in the confines of what we can and what we cannot do. So, great question. Love to give you the answer today, but just know that hopefully today, tomorrow, what they said, but it is out of our control. Well, [Barbara], just one question. Last time, at the last presentation, you talked about a 9.9% extra that to be negotiated with PDVSA above the 40%, so it come up to 49.9%. Can you elaborate on that? Yes. This is something that we are negotiating with the ministry and with PDVSA. It's a right that we have based on the law to achieve until this limit, 49.9%, so it's ongoing. Okay. How would that be financed? We didn't. I think that there are several options here, including a swap for past dividends. We are still discussing and negotiating. We are very optimistic to have a response in the next nine days. In nine days? Yes. Okay. Expectation. Thank you. Yep. There's another question. Hold on. Yes. One more. Of course, I realize there's a limited production of oil, but what's the present rate of production, and what is limiting it at the moment? The current rates of production is 1,600- 1,700 barrels a day. What is basically limiting it is a chronic under-investment as when PDVSA was operating it alone. This is the case of most of the brownfields in Venezuela, chronic under-investment because the corporate and fiscal terms were not attractive anymore for private companies, so it left PDVSA alone in most of the case. Here what we have, and this is actually the value of the asset, we have a huge brownfield with a potential to grow the production quite quickly. Basically reactivating wells, changing production methods, and upgrading or even replacing some of the surface infrastructure. Right now, to be absolutely transparent, in the next three months, we'd be looking at reactivating wells, but without any important investment. That will come later once we confirm the tenders with important oil field services companies such as Schlumberger, Halliburton, Baker, who are in this process. This is when we will get to more sophisticated recovery methods that will demand more CapEx. Right now, we're only focusing on operational continuity together with PDVSA and very simple reactivation. A question from the web audience. How will you differentiate yourself from larger competitors in the competitive blockchain fintech space versus companies like SoFi and Nubank? Well, I think there is definitely a lot of competitors and players in this field. I think what we bring that is different is we are basically a one-stop shop. We do underwriting, we fund through our capital, and we have a unique platform that brings together suppliers and buyers in a way to settle. When I look at some of our competitors and so forth, many don't have that unique configuration. Many are still more focused on the consumer business. When we think about Latin America and where we want to have our initial footprint, this kind of close loop network that we have where we basically control the entire loop on a supplier and buyer side, is unique. Then to top, we have a U.S. dollar-denominated solution that allows, as I mentioned before, to drive efficiencies around the trade financing. Last but not least, we have tremendous partnerships with Mastercard and American Express to leverage and scale. That is a unique set of assets that we have that I think differentiates us a lot from any competitor entering the space. Could you elaborate on the Mastercard agreement? Do you have the same revenue potential as American Express? Well, clearly, I cannot disclose the confidential terms of those kinds of agreements. I would not be able to do that. What I could tell you is the assets that Mastercard brings in place in terms of their focus on B2B, on supplier and buyers together, and the kind of approach and strategies they are putting behind this launch is unique, and we are super excited, and they are super excited to work with us. Again, for the same reasons that I said, we bring a unique model that is very difficult for any partner to replicate. We are launching a series of kickoffs in the next few weeks across our different markets. You will get to see some of that come to life in the social media and different places we advertise. But outside of that, I could not disclose the terms and so forth. Under the financing agreement, KEO Energy is to provide up to $350 million and $22.5 million to Novonor at year-end for the remaining 16%. Where are you at financing, and do you have any valuation you see in front of you? You know better. That's Yeah. As we mentioned in the previous slides with the KEO Energy team, we are working this alternative so we can not only have capital for Novonor payment, but also to fully fund the fuel developments, the program that Philippe will implement. This work is in progress in parallel with the listing of the asset in the United States. This is our ongoing work. In terms of valuation, unfortunately, I do not have anything to say. Hopefully, we will release the reserve report as soon as possible. I do not know, Philippe or Davide, if you want to complement. I guess not. Well done. Davide, go ahead. I can complement you. Please, go ahead. In terms of funding, we're looking at different possible structures. The one I'm looking at least for the operational point of views, are possible prepayments as our asset is well-known and as you well know, already has a contract in place. This is the type of field with a very low geological risk that big trading firms like to prepay. We're in discussion with important global commodity traders to get a prepayment. Basically, they have a right on our first loads that will come in the second semester of 2027. This is what we're looking at from an operational perspective. We're looking at other funding as well. Then I let Davide comment on that. Considering that we'll be able to scale our productions, we have attracted a lot of interest from a lot of funds. Actually, we have a good problem that we can oversubscribe, and we want to honestly don't receive a lot of investment at this moment, and we try to be very selective to what type of quality of investment we're receiving, especially from people in the industry. Our idea is, as Phil mentioned, we have our first gear up in the three, four months will not require huge investment. We will probably start pushing for an investment in the first quarter of next year, where our necessity of OpEx, CapEx will increase. I think we are very good as we are in this moment, the prepayment probably is the easiest and fastest way to guarantee us the full operations and incremental the productions. On the crude and on the gas, which is probably PetroUrdaneta has a great advantage logistically because we are only 73 km to Colombia, and there's a pipeline that's been built. There is a tremendous opportunity coming in a region about the production of LNG. You launched Workeo Canada a couple of months ago. Can you elaborate on where you are in the progress? Sure. I think the facility was approved about two months ago. We're in the process of building the team. We've already hired some people. We're about to hopefully bring on a person, kind of country manager, sales VP. We're progressing well. As I said before, the sales cycle could be three to six months. We're brand new. We're coming in fresh, so it's going well. It's a great market, mature market, and a market where I think our product fits very, very nicely. Hopefully, we'll be able to get some results going in the next couple of months. I would say it's good, but it's going to be a process because it's brand new market, brand new team. It's our blockchain solution. We'll have to gear all that up in the coming months. I have another question related to the oil, and it's about the exporting. What are the restrictions on export regarding pipelines and the status of them and the ports of export of the oil, which can be expected to The area production must be expected to increase greatly, and the infrastructure parts of it, the ports and so on, will they be able to expand in the necessary— Yes. —pace? Thank you. Excellent question. Here, to understand a bit here, I'm going to talk about the export, let's say, mechanism. We need to understand a bit how Venezuela oil infrastructure is structured. In Venezuela, and sorry, I'm going to go around a bit so that we understand a bit the exports in PetroUrdaneta. In Venezuela, you have a mix of light and medium oil reserves, which are situated in great part in the west, in our region, and partly in the east as well. You have what is called Faja, which is basically a lot of heavy oil. Among many, many years and many decades, the system to export at the country level, to export this oil, was basically structured around mixing these two kind of oil so that the very heavy oil from Faja in the east, in Oriente, can actually be transported and exported in the form of a grade that you might know, which is called Merey 16. What we have today in our offtake agreement is that we produce our light and medium oil. Most of it, we have a small part of heavy oil, but most of it is light and medium oil. We export it to a port which is nearby. Currently, there is no bottleneck in terms of production, in terms of pipeline to this port. It's already in place, and it was in place in the past as well. Based on our production, we accumulate it until a million barrels, and then we swap it. This is in the offtake agreement. We swap it for Merey 16. Why do we swap it? Because it is used by the Venezuelan petroleum system to dilute it with heavier oil from the Faja. Of course, we get a ratio for this swap, so it is around 1.2. It is still being discussed, but this is public information. Of course, I get a bit more of Merey 16 because Merey 16 is heavier, and you extract a lower price from it. This is what the export strategy will look like. We consolidate a load every time we get to about around a million barrels. We can swap it for a load of Merey 16 in one of the export ports of Venezuela. This is how it works for most of the light oil fields in Venezuela. It is the same system. Sorry, I had to take a step back, but just to explain you how it works. Just to show the commitment, that this is not managing this operation from far away. Davide has built an amazing team, and people are on the ground there. Philippe, where are you located? Bring them back up. Where are you located? Caracas I did not need you to tell me. Caracas as we speak. I want Philippe to tell us. Where are you located, Philippe? Caracas as we speak. Okay. He is building a team and operations and offices. This is boots on the ground. This is high level. Going to be high CapEx. There is a long-term vision here. This is not a short-term vision. This is a very long-term vision led by this team to truly, again, unlock the value of the asset in which they have. Thank you, sir. Hu Hu. Yes. Hu Hu. Do you already now have a time schedule for the separation of the energy sector? Well, that's a great question. I'll jump to that. The one thing I can promise you in life is death and taxes. Ultimately, what we're going to be doing is we are going to separate the assets to unlock the value. Remember, when you do unlock these assets, there's regulatory framework that's put into play. When you're dealing with whether it's going to be a traditional IPO, whether it's going to be direct listing, regardless of the structure, it's going to take time. We have eyes on the prize. This is a 2027 iteration, and that is the goal and the framework. I can't tell you exactly when, I can't tell exactly why, but we're doing everything in our power right now to put all the pieces of the puzzle together, from speaking with investment banks, obviously the auditors, from the law firms. Everything is building that foundation for the separation so they can both really unlock the value from the fintech and the energy asset. Hopefully that helps. We'll have more to update when we can. Jakob, anymore? Are we good? I think we're good. Okay. Well, we're here. First and foremost, thank you again for those that are watching and those that actually made the trip to be here with us today. The team is built, the Board is built. We have the utmost confidence in returning shareholder value for all of you today. We look forward to providing you with more updates as time goes by. Again, governance, framework, disclosing what we can. Just know these teams are operating as hard as they can for all of you here today. We thank you for showing up. Thank you. Thank you. Thank you, everybody. [Mullen]?