Keo Capital AB (publ) (KEOC) Earnings Call Transcript

Okay. Well, good afternoon. Good morning, everybody. My name is Jay Heller the 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's going on in the land of fintech and of course, KEO Energy. But before we get to that, and I throw it over to Pablo, I also want to take a minute just elected Board of Directors. So myself, Jay Heller, 30 years in the capital market landscape, almost 20 years at Nasdaq, I think we're all familiar with the exchange, leading capital markets responsible for the design of the modern day IPO, along with my former colleagues. I've overseen 3,000 IPOs. So we're talking about capital formation and structure and regulation, which we'll touch on, that's going to be my wheelhouse. Now also today, I have a few of our members here in person, Andreas Rubio. Again, former CEO, major experienced board member here today. On the line, [indiscernible] we have Halvard Eland, we have Alessandro [ Kini. ] Did I get it right? I got it right. On line, which you're going to hear from as well, [ Dabra Tamasani. ] He is the CEO and of team as well. And then Carlos Gomes Lackington. So that is the current Board. We appreciate everybody's support earlier today. And then upcoming, we do have a few different meetings, our first Board meeting will take place upcoming, where we're going to really refine [indiscernible] Audit Committee, renew amortization remuneration, and ESG. So 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. Max maximizing the opportunity that is aware and right in front of our eyes from Q1. And we thank you for those that are watching on the webcast and being here in person. For now, I'd like to turn it over to Pablo Ribas, the CEO of the Fintech and KEO Capital.

Thank you. It's a pleasure being here. What we've done here, we structured our presentation in 2 parts. I'll be walking you through the fintech business, a little view of our products and where we're going, and then we'll be handing off to our energy CEO to go over the energy business. So first, from the management's perspective on the fintech business, I have myself here, along with our CFO, Miles and our CEO, 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've led large businesses, small businesses, fintech business and so forth. And 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. So it's 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's currently the COO. He was actually the CEO and has graciously taken on the CEO role and has helped me in my onboarding and he's been an incredible asset. His knowledge of both the fintech and the energy business is indispensable and his experience in M&A and it's what he's done in terms of private equity investment banking is fantastic, and he's done a fantastic job since I came here to I'm here now in uplifting the entire operation organization. So very happy to have him here. And Miles also joined a couple of weeks before I did. So I've been here about maybe 6 weeks. He's been here about 2 months. Extremely experienced CFO has worked in Germany, has worked with different firms, he's expert private equity and a tremendous asset for me to have in my team as well, and he's helping us take a whole kind of finance and controls and P&L to the next level. So thank you, guys. So if I move forward to the next slide, I thought it would be important just to 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's behind us, and we're focusing on how do we scale. There was a $29 million -- or yes, $29 million raised at SEK 16 per share. That was also completed, and that's helping us in our funding. And as you know, we'll speak more later. There's work going on in terms of U.S. the listing of both our energy business and fitted business, and that's in the road map. What we're -- on the fintech side, just to add, we launched Canada business through a facility that was reported about 2 months ago, and I'll speak a little more about our Canada business, what we're doing there. We renew our contract with American Express which is very important, particularly focusing on Mexico. And 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. So we'll have some thoughts around that. And on the Energy business, as you will hear later on from our energy CEO, our stake has gone up, 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. So that's kind of a high level where we are from a business overview. I'll now go quick more deeper into the fintech business. So 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 the almost $10 trillion in terms of B2B payments are going through and what's happening, a lot of which is still on checks. So our product comes in and helps make them more efficient. When you look at Mexico where we've been operating at least 5 or 6 years, we have a solid brand, a good footprint. COP 25 trillion so still out there of addressable market for us. from a B2B perspective. And on the Brazil side, which we're starting to launch and move forward, again, a massive opportunity in terms of almost BRL 15 billion, BRL 17 trillion in Brazilian of opportunity. The message here is there's a lot, 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 us and provide efficiency on both sides. I'll go over more detail in terms of how our products work and so forth. Our work is basically a local currency product that has a footprint in these 3 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 that are massive. But our product and this unique platform in partnerships allows us 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. So we talked about the opportunity. What is our current footprint right now? And how does that look like? So as I mentioned, Canada's life. 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. And this is working mainly through our work KEO 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 5 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. And then the cross-border product, as I mentioned, this is our global trade product. It's a U.S.-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. And 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. And then I think it's -- some of the questions we've gotten from many investors how do your products work? Help me understand from a FinTech perspective, what's your value problem? So we have basically 2 product categories. We have our supply chain financing work KEO product. This is a local currency sort of 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 of the supplier, and we bring [indiscernible] 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 lower our invoices and brings value across the chain. That's in a simple solution to bring it to life from a work KEO 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 there's a lot of companies in Latin America around the world that are import from the U.S. Currently, this process is very, very inefficient. There's wires that need to be sent, there's currency risk. There's a lot of fees that the banks 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 emanated, there's efficiencies in transactions and makes the whole settlement significantly more faster than it is carrying out in the process. So this is why we're super excited, and we think that's a unique value prop, particularly leveraging MasterCard 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. So the work KEO, as I said, remember, this is a local currency product focus on being buyers and suppliers together to, a, improve the suppliers' terms and get them paid faster and provide the buyer with financing an extra time to generate more revenue as they bring in more material for the production. It's a fast digital approval, particularly compared to how banks underwrite in the process to 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. And as I said before, it's all domestic. So 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 highlight here would be USD 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, facilities, 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 dollarize. So even if you're in a market and you're buying a local airline ticket, it's settling 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. So we have these 2 products live right now. And with MasterCard coming on board and helping us scale the idea is to really penetrate this opportunities across these markets. So just to recap, I'm going to hand it off to Roberto now is a work our product focus 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. So with that, I think I'll hand it off to Roberto, who is going to talk to us about Mastercard.

Thank you, Pablo. Thank you, everyone, for being here. So we just signed in September this year, our contract, an agreement with Mastercard. And most part of you guys must be asking why this is so important, why we are talking about it so many times. And 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 to the network. They have more than 100 million merchants acceptance already in place. So that means not only the scale by itself but also instant acceptance for the network. So we can instantly have the merchants inside our network. And so then our customers as buyers can already transact instantly and also, we can see a ramp up coming through this platform. We have a 5-year term U.S. dollar program where we can use so cards for purchases and also T&E cards to customers across Latin America. So 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. So talking about platform technology. So in the last quarters, we also have been working internally to create a more efficient structure, so then we can start to ramp up also with this partnership. So 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 newer clients. On the other hand, here, we have the global customer portal where buyers can see the cradles real-time suppliers can see the receivables real-time. So we can connect and give them the interaction real time. And lastly, we have the key invoice management, where basically we import the invoices, make all the approval process. So 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. So by having said that, I will pass now to Miles.

Thanks, Roberto. Hi, everybody. So we have spent a lot of time in 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. . And while we're not ready to introduce any new metrics today, we do look at a bunch of new ones internally, and we'll ideally at the end of quarter 3. So in 45 days or so, be able to include some of those new metrics we're looking at. But 2 of the metrics that we previously published, I want to talk about today and tell you a little bit why I think they're either a good indicator of the growth and profitability of the business or not so good indicator. And 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. So this is essentially the velocity of the business. And because we get paid both interest and fees, if it's 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 hold it for 90 days is not as profitable as a customer that draws $10 million and repays it 3x over that same period of time. And I don't know what that was. The TPV reflects that. So as you can see in quarter 2, that was a growth of 19% over quarter 1 and 40% year-over-year, which reflects strong growth in the portfolio, and I do expect further growth in quarter 3. In contrary, if you look at the average outstanding portfolio, that shows the exact opposite of factor, a contraction quarter-over-quarter from quarter 1 to quarter 2. And the reason that -- the reason for that is the average outstanding portfolio in this case, takes the average month-end balances. So in that case, for is April, May and June month end and average the 3 of them. So 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 every month, you're going to have their balance in there. So that's what's reflected in here. One of the metrics we look at internally and ideally we'll 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 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 on 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 million, $10 million if they're doing $10 million a month. If there's someone who pays off on the 25th of a month because that's just their payment cycle, you're only getting $1 million of their balance. So it looks like the portfolio is going down when the portfolio isn't necessarily going down. I do expect -- like I said, I do expect to give you guys different metrics and show you the metrics that we're actually looking at internally over the next couple of quarters. But I 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.

So thank you. wanted to kind of wrap up the fintech presentation and a couple of items looking forward. And of course, we'll take questions at the end. So to reiterate, Canada, Mexico is live and we're working to grow that portfolio. We expect Brazil to launch in the -- by the next half or faster. And the cross-border solution is 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. We have the benefit of Jay here and his experience to continue to raise financing to grow our business, facilities, debt facilities. Similar to have in Canada, I think the fact that we're were to raise the 35 million Canada shows the strength of our product, the strength of our platforms and the partnerships that we have. So we're working actively on that, to be able to continue to grow the portfolio across our markets. And 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. So I think at this point, we will hand it off to energy.

Yes, let me just take it for a second, if you don't mind. Thanks, Pablo. I mean amazing job, guys. So the 1 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. So if 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 know, we now pivot over to the energy, and I'm going to introduce you to the CEO, we're looking at a dual pet track here. So ultimately, thinking on the price, what can we do? We're setting the foundation with the teams, management teams are 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. So with that said, I'm pleased to introduce the CEO of KEO Energy, Davide Tomassoni. Davide, are you with us?

Yes. I mean, with you guys -- are you guys hear me well? 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 has spent more than 24 years building investing and scaling business across the United States and Latin America. I have a whole site opportunity to participate in multiple NASDAQ listing and work closely with institutional investors. But 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, opportunity 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 investments. Phil Bize, our COO, brings strong operational expertise from companies such as Total Energy and Scholberg with a valuable experience across international oil and gas market. and [ Barbara Bettencourt, ] 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 CIO Energy a company defined by execution and results. We have the assets, we have the team and we have a clear vision. Now it's about execution. 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 assets. So just said, [indiscernible] is comprised of 4 assets, Lapas, La Pastor, Mara and then Mohan we're talking about high-quality oil and gas assets situated in the west part of Venezuela in the Maracaibo region. So 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 the -- let's say, the structure of the company that will operate. We're very excited about this these 4 assets. Basically, the bulk of the development -- the redevelopment strategy will be redevelopment. We will approach it in a modular way. And we already have most of the spot ready for the 18 to 24 months. So in terms of reservoir families, we'll be looking at in these 4 assets that will develop in a modular way. We're talking about [indiscernible] and the pre-statin basement. Next page, please. This field -- Yes. This field has been proven, we're talking about 1 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 the many years of a 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 have -- what we managed to negotiate and sign today, we believe in these 3 recoveries in these 3 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. Okay? So I'm 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 PEDEVEZA. 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. Okay. So the current philosophy is going to be to basically restart the production quickly. Once again, we're not talking about the development of the field, but we're talking about the redevelopment of 4 fields, okay? So we're getting ready now in terms of procurement, vendors, assets, drilling and workover assets to mobilize ourselves in the next 3 months. Of course, there is a series of contracts and governments that must be put in place. We are working already actively with PEDEVEZA. So the first phase is going to be reactivation focusing on a in the next 18 months. That's very important because we want to reach quickly in our development plan 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, and we -- and to export it, right? So we basically produce tend it to PEDEVEZA and consolidate cargoes every million barrels in [indiscernible] okay? So this is in the -- actually in the contract. So once we reach the 10,000, 15,000 barrels, let's say, threshold, we can consolidate a load and get cash flow around every 2.5 months. So this is why we will have an important concentration of CapEx in the first 2 years because we want to get to this threshold quite quick. And we have a lot of infrastructure in surface infrastructure story to rehabilitate in the surface, at least in La Paz. And what you see is Phase 1, 2 and 3 were basically we're going to attack each field independently in a modular way. We believe this is the best approach. Part of the infrastructure, specifically the will be actually reused in different fields. So the EPS that we use in -- that we may use in La Paz, maybe afterwards reduced in other fields as very important. We have some CapEx here. So that's mostly about here what I mentioned about the oil, about the gas. This is very important. Of course, we have -- we are actively monitoring and analyzing different gas monetization options. So as you can see here on the slide, what we're still discussing because gas monetization is always a bit more complex than oil monetization. We're looking at options to -- with the [indiscernible] pipeline options with the export through Colombia pipeline and also options with compressed natural gas and small-scale liquefied LNG -- so that will depend a bit on the regular framework of Venezuela. Until now Venezuela didn't have a regulatory framework to -- related to the monetization of the gas and the terms and condition to commercialize gas. So 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. So we're very confident the upside will be present. Next slide, please. Yes. So with that, I conclude the operational update. So the bulk of the -- our efforts in the next 3 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. An together with PEDEVEZA. Let's remember, PEDEVEZA is our partner in this field. So we need to go hand-in-hand and collaborate a lot with the authorities and we pay the beta 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 exclusivity agreement with [indiscernible] in order to acquire to have the option to acquire equity interest on the [indiscernible] 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 development plan. and waiting, of course, for the best moment to enforce our call option. This was directly linked, of course, with the sanctions poles towards Venezuela. So 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 [indiscernible] From there, we start working on the second call option, and we signed in July this year, our billing agreement with [ Odebresh, ] 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 engaged KEO Energy former [indiscernible] within the structure. This entity is nowadays partner B of Petro done holding 40% equity interest on the fields. And in parallel, this is also the entity that signed all the operational contracts with the division. Next slide, please. So this here is our contractual framework. This is the famous right, several model. basically, it allows us to control the operations itself, the procurement, the finance and the commercialization of oils, okay? So in a nutshell, this structure was recently confirmed by an amendment on the hydrocarbon law of Venezuela. JVs are the companies that can use it. This is a framework that combines the equity with contracts, right, with the operations right -- and that's why we understand this is safer and more beneficial for the company. So 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 and, of course, all the operation and how it will be implemented, we will have our second lease in the field working side-by-side with [indiscernible] under a condiment 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 fruits. So after that, with the cash, there will be received from the sale of the oil and gas, we have this, what we call, waterfall, right, for payments. And once there is cash flow, we will start to repay our facility -- our credit facility and in the end, pay dividends, right? So this is the structure that we have in place. and which grant us didn't necessarily security for the operations and for to guarantee our -- the implementation of the business plan that was approved. I don't know, Philippe, if you have something to say.

Yes. I just want to complement here. Thank you, Barbara. From an operations standpoint, this is absolutely critical, and this is a competitive advantage for KEO is called the severe model for a very simple reason is that the only company that managed to American company that managed to continue producing during, let's say, the previous phase of Venezuela was on with this contract that basically counterbalances the inefficiencies of the JV model of the current implemented. What Barbara described is very important because this gives us the autonomy to develop our fields, of course, in collaboration with PEDEVEZA and to control the offtake. So it's the benchmark and as Barbara has said, this has been approved in the recent hydrocarbon loan.

Okay. Next slide, please. So now an overview of what we are doing now and what we to accomplish within the next month. As previously mentioned, we have until the end of the year to close our transaction for the acquisition of the remaining 16% from [indiscernible] with the payment of $22.5 million. We are working on a pre-IPO financing in order to proceed with this payment and in parallel, of course, use this financing for the fund OpEx and CapEx for the operation. We are also expecting the publication of ministry resolution in Venezuela. This resolution is a requirement from the hydrocarbons law, and it aligns the JVs in our case, [indiscernible] done 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 informed 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. And these structures, of course, the one that will be more beneficial to our shareholders, including when it comes to tax aspects. And finally, we have, for the future here, totally linked with the operations in 2027 is where is when we -- our operation is going to require more investments and that's why we understand that during the first half of 2027, we'll be able to conclude the IPO when we 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 be clear that our goal is to create a long-term value for all the shareholders. And how we do that is to develop our existing assets with [indiscernible] increased productions and also pursuing the possibility of acquiring fields in the region. So thank you once again for the trust. The all you have with us. Jay? I give the word back to you.

Fantastic. Thanks, Davide. So here is the plan, right, outlining the 2 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'm going to throw it over to Jacob, I believe, for some Q&A, if we have any questions.

We start and see if we have any questions in the audience.

Well, yes, Hello?

We can hear you.

My first question is in Swedish, since the non-analytics may has a fairly bold aged. analytical Okay. Good. Okay. My first question is regarding the energy side, energy side of the company. When do we get when will we get the new valuation of the total oil reserves in Venezuela.

Davide? For Barbara?

Yes, this is linked with the resolution that I mentioned, right? This resolution is going to be published by the Oil Ministry. And this will define the applicable government take to [indiscernible] and based on that, the Golar team is going to be able to conclude the reserves report and published and then we can publish it.

Well, as I recall, that the work was supposed to be ready in October, and we are in October. So that's schedule obviously doesn't hold.

Can I take this one. So yes, just to explain the situation. So yes, the reserve reports per se is ready. But the government of Venezuela is going to issue a resolution confirming all the -- 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 resumption is going to be published for all the companies together. So we're waiting on that. And this is a timing which is a bit independent, let's say, from here. Go ahead, Davide.

Is there any date you can give us. So like a deadline.

So the resolutions is just a publication like [indiscernible] which is the government of Venezuela, but like us, everybody designing a '27 and '28, results of 5 largest company among them is also [ Chevron. ] We're all waiting for the resolution to be published. But regardless of the resolutions, we are in production for not production. We increased the production we activated 3 new fields wells, and then we are increasing production. So every day, this doesn't stop us to -- 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's what we've been told for the Minister of Energy.

Okay. And then regarding fintech, my question is, when do you expect to start to show profit that the company is bleeding right now, the fintech side of the business is bleeding. When do you expect to start to show profit?

Yes. So I'll take that. we'll look at different scenarios. It's hard for me to give you a date but we are ramping up quickly. I cannot give you a data be forward-looking statement, but I think we'll have a better reflection on that in our next investor update in 45 days and you have a better sense when that is. Previously, I believe there were some publications around a certain level that was there. So 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 a few weeks in 40 days or so.

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?

So the model with Mastercard, will work very similar to the model that we have in place with them merging Express. It's basically -- it's a B2B product. We're focusing on larger sized 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. And we work together with the partner to identify what's the right ICP and right customer profile. So when you think about the B2B business and acquisition cars, it's not -- 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 those costs. It's more of a preferral/industry business where we go and bring larger clients. So I don't know if that answers your questions about acquisition costs.

No. But what is your timing then? What is your average timing from contract to contract.

It depends on the size of the client, but roughly speaking, somewhere between to 4 or 5 months, that's the sales cycle.

Just a little clarification because the questions that were asked earlier had a similar interest. So 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. And if that's the case, if I'm understanding what was said, you are currently operating as of a particular date. So does that mean you're producing oil as we speak. And I don't know if you can just clarify those 2 points because it's -- 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 piece to give you that information. So in other words, it's not that the company is not doing everything that they can do. Or is it that the country is us trying to make sure they do everything properly whenever that comes out.

I can answer this one. Yes. This is exactly what the second case, which is the country, right? The country, Venezuela will release this resolution. But again, it will be a resolution for all the companies that concluded the transaction in August. It's not only us, right? So everyone needs to be ready. And the deadline they gave us, as Davide said, was this month in beginning of the week, they told us this data, but this is not a timing we control. So 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 [indiscernible] 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 it in place the tenders, the procurement process, the financial process with PEDEVEZA and that's a lot of work, okay? Was I clear in my answer?