First Equity Modaraba — Interim / Quarterly Report 2026

Apr 30, 2026

==> picture [276 x 127] intentionally omitted <==

FIRST EQUITY MODARABA Managed by PREMIER FINANCIAL SERVICES (PVT) LTD

Quarter and Nine Months Reports For the period ended March 31, 2026

==> picture [63 x 53] intentionally omitted <==

Page 1

FIRST EQUITY MODARABA

CORPORATE INFORMATION

Modaraba Company : Premier Financial Services (Pvt) Ltd

Board of Directors

Mr Nadeem Maqbool Ms Alizeh Bashir Dr Khawaja Masood Raza Mr Adil A Ghaffar - Chief Executive Officer (Subject to Approval )

Audit Committee Ms Alizeh Bashir Mr Nadeem Maqbool

Hunam Resourse Committee Mr Nadeem Maqbool Mr Adil A Ghaffar

Registerd and Business address

Room No 503-504 Karachi Stock Exchange Building Karachi Tel : 021-32446020-3 Fax : 021-32446024 e-mail: info@firstequitymodaraba.com.pk website: firstequitymodaraba.com.pk

Contents
Corporate information	1
Report of the Directors	2
Balance sheet	4
Profit and loss account	6
Statement of comprehensive income	7
Cash flow statement	8
Statement of changes in equity	9
Notes to the financial statements	10
Equity Textile Ltd-Balance Sheet	12
Equity Textile Ltd-Profit & Loss A/c	13

Page 2

FIRST EQUITY MODARABA DIRECTORS REPORT

The Directors of Premier Financial Services (Private) Limited, the Management Company of First Equity Modaraba, are pleased to present their report along with the unaudited financial statements of the Modaraba for the nine months and the quarter ended March 31, 2026.

Financial Results

The Modaraba reported a profit of Rs. 14.77 million for the nine months ended March 31, 2026, as compared to a loss of Rs. 2.65 million for the corresponding period last year. Earnings per certificate (EPC) for the period under review stood at Rs. 0.28 as against a loss of Rs. 0.05 per certificate in the corresponding period of last year. The break-up value per Modaraba certificate was Rs. 11.73 as at March 31, 2026.

Prospects

We have consistently maintained the view that any diminution in the value of investments is temporary in nature and that intrinsic value ultimately prevails. We are pleased to report that the previously recorded unrealised loss on diminution in the value of investments has now reversed into an unrealised gain.

The sale of assets by Equity Textiles Limited, a wholly owned subsidiary, has not yet been completed. However, certain assets were sold, and due to the revenue recognition policy, these losses had to be recorded.

It is a temporary loss that will be converted in gain after the completion of the entire transaction. The transaction is set to be finalized before the end of the current financial year.

Further to the views expressed in our earlier reports for the current financial year regarding the state of the economy, trade, finance, and industry, since then the postion is changed due to war in the gulf region and like other business activities, stock market have also shown a negative performance trend. We anticipate that once the prevailing war, political and economic uncertainties are resolved, the capital market will regain stability and demonstrate a sustained bullish trend.

For and on behalf of Board

Karachi April 29, 2026

Adil A Ghaffar Chief Executive Officer

Page 3

==> picture [404 x 567] intentionally omitted <==

Page 4

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT MARCH 31, 2026

		Audited
	March 31	June 30,
	2026	2025
Note	Rupees	Rupees

EQUITY AND LIABILITIES

Capital & Reserves

Capital & Reserves
Authorised capital
60,000,000 (June 30, 2025: 60,000,000) modaraba
certificates of Rs. 10 each		600,000,000	600,000,000
Certificate capital		524,400,000	524,400,000
Reserves	3	65,664,961	50,895,891
Remeasurement of define benefit liability - Actuarial gain		4,013,719	4,013,719
Unrealised loss on re-measurement of investments		20,849,693	33,504,577
Certificate holders' equity		614,928,373	612,814,187
Non-current liabilities
Deferred liabilities		7,045,403	7,552,903
Securitydeposit		575,000	575,000
Total non-current liabilities		7,620,403	8,127,903
Current liabilities
Creditors, accrued and other liabilities		38,862,338	13,139,512
Unclaimedprofit distributions		31,094,813	31,116,073
Total current liabilities		69,957,151	44,255,585
Total liabilities		77,577,554	52,383,488
Total equity and liabilities		692,505,927	665,197,675

Page 5

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT MARCH 31, 2026

		Audited
	March 31	June 30,
	2026	2025
Note	Rupees	Rupees

ASSETS

Non - current assets

Non - current assets
Fixed assets
- tangible		1,590,659	1,631,066
- intangible		-	-
		1,590,659	1,631,066
Long term investments	4	426,292,286	422,119,707
Investment property		661,667	751,667
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		432,804,612	428,762,440
Current assets
Short term investments		118,262,722	122,411,132
Advances- Considered goods		13,934,196	13,482,335
Trade deposits and prepayments		15,507,091	15,618,314
Other receivables		62,246,458	65,996,928
Cash and bank balances		49,750,849	18,926,526
Total current assets		259,701,315	236,435,235
Total assets		692,505,927	665,197,675

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

==> picture [300 x 121] intentionally omitted <==

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Officer Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 6

==> picture [91 x 62] intentionally omitted <==

FIRST EQUITY MODARABA CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2026

	March 31 March 31 2026 2025 Rupees Rupees Quarter ended	Nine months ended
		March 31 March 31 2026 2025 Rupees Rupees
Income
	8,512,764 1,791,905	37,070,541 15,526,777
Expenditure
Operating expenses Bank charges	(8,959,190) (7,157,549)	(21,303,773) (18,033,897)
	(3,480) (5,052)	(12,904) (6,327)
	(8,962,670) (7,162,601)	(21,316,677) (18,040,224)
Operating profit/(Loss)	(449,906) (5,370,696)	15,753,864 (2,513,447)
Other Income	228,639 169,030	674,995 671,412
Profit Before Taxation Final Tsx	(221,267) (5,201,666) (327,829) (1,821)	16,428,859 (1,842,035) (1,327,371) (605,880)
Minimum Tax	(111,959) -	(332,418) (201,335)
Current Tax	-	- -
(Loss) /Profit for the period	(661,055) (5,203,487)	14,769,070 (2,649,250)
(Loss)/Earnings per certificate	(0.013) (0.099)	0.282 (0.051)

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Officer Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 7

FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER AND NINE MONTH ENDED MARCH 31, 2026

==> picture [75 x 72] intentionally omitted <==

	March 31 March 31 March 31 March 31 2026 2025 2026 2025 Rupees Rupees Rupees Rupees 19,752,974 (5,203,487) 14,769,070 (2,649,250) Nine Months ended Quarter ended
Profit/ (Loss) for the period Other comprehensive income
Unrealised gain / (loss) on re-measurement investments	(70,296,376) (4,320,914) (25,653,071) 57,081,704 10,723,071 (4,709,114) 3,135,727 (15,657,959)
Gain / (loss) realised on disposal of investments
	(59,573,305) (9,030,028) (22,517,344) 41,423,745 - - 9,862,460 2,251,785
Unrealized gain on remeasurement of investment held at fair value through other comprehensive income
Other comprehensive loss	(59,573,305) (9,030,028) (12,654,884) 43,675,530
Total comprehensive income loss	(39,820,331) (14,233,515) 2,114,186 41,026,280

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Officer Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 8

FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF CASH FLOWS STATEMENTS FOR THE NINE MONTHS ENDED MARCH 31, 2026

	March 31	March 31
	2026	2025
	Rupees	Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/ (Loss) for the period	16,428,859	(1,842,035)
Adjustments for non cash/non operating items:
Depreciation	676,041	673,427
Dividend income	(8,849,139)	(4,039,200)
	(8,173,098)	(3,365,773)
Operating profit/ (loss) before working capital changes	8,255,761	(5,207,808)
(Increase) / decrease in current assets
Advances	14,050	(666,801)
Trade deposits and prepayments	111,223	(1,903,265)
Other receivables	3,750,470	8,417,995
	3,875,743	5,847,929
(Decrease) / increase in current liabilities
Dividend Paid	(21,260)	-
Creditors,accrued and other liabilities	25,215,312	(5,701,903)
	37,325,556	(5,061,782)
Securit Deposit	-	375,000
Advance Tax paid	(2,125,698)	(1,760,330)
Net cash used in operating activities	35,199,858	(6,447,112)
CASH FLOW FROM INVESTING ACTIVITIES
Investments	(12,679,053)	9,862,201
Dividends received	8,849,139	4,039,200
Purchases of tangible assets	(545,621)	(114,500)
Net cash (use in)/generated from investing activities	(4,375,535)	13,786,901
Net increase / (decrease) in cash and cash equivalents	30,824,323	7,339,789
Cash and cash equivalents at the beginningof theperiod	18,926,526	16,545,523
Cash and cash equivalents at the end of the period	49,750,849	23,885,312

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Officer Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

Page 9

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED MARCH 31, 2026

	Certificate Special Certificate General Total Capital reserve premium reserve account Unrealised gain / (loss) on re- measurement of available for sale ~~i~~ Un appropriated profit / accumulated loss Remeasurem ent of define benefit liability
	Rupees Rupees Rupees Rupees Rupees Rupees Rupees ~~nvestments~~
Balance as at July 01, 2025 Total comprehensive income for the period	524,400,000 164,334,210 131,100,000 17,321,036 2,873,713 (24,749,991) (253,575,203) 561,703,765 - - - - - - - 43,675,530 (2,649,250) 41,026,280
Balance as at March 31, 2025	524,400,000 164,334,210 131,100,000 17,321,036 2,873,713 18,925,539 (256,224,453) 602,730,045
Balance as at July 01, 2025 Total comprehensive income for the period	524,400,000 164,334,210 131,100,000 17,321,036 4,013,719 33,504,577 (261,859,355) 612,814,187 - - - - - - - (12,654,884) 14,769,070 2,114,186
Balance as at March 31, 2026	524,400,000 164,334,210 131,100,000 17,321,036 4,013,719 20,849,693 (247,090,285) 614,928,373

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

==> picture [539 x 111] intentionally omitted <==

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Officer Director Director

Page 10

FIRST EQUITY MODARABA NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2026

1 Legal Status and Nature of Business

• First Equity Modaraba (the Modaraba) was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by Premier Financial Services (Private) Limited (Modaraba Management Company), a Company incorporated in Pakistan.

The Modaraba is a perpetual, multi purpose modaraba and is able to undertake a variety of fund and fee based activities. These include trading, manufacturing, equity investment and their financing and facilitation.

The Modaraba is listed on Pakistan Stock Exchanges Ltd

The Modaraba is holding two Trading Right Entitlement certificates of Pakistan Stock Exchange Ltd and is currently operating its brokerage activities in Karachi.

The modaraba is holding Equity Textiles Ltd, Capital Financial Services (Pvt) Ltd and Apex Financial Services (Pvt) Ltd inancial Services (Pvt) Ltd as a wholly owned subsidiary companies

2 General

• 2.1 These financial statements are unaudited and are being submitted to certificate holders as required by Rule 10 of the Modaraba Companies and Modaraba Rules, 1981.

• 2.2 The accounting policies adopted for the preparation of these unaudited financial statements are the same as those applied in preparation of the audited published financial statements of the Modaraba for the year ended June 30, 2025

• 2.3 The Modaraba Company's management fee, statutory reserve @ 20% to 50 %, provisions and profit Distribution will be determined at the year end.

• 2.4 These financial statements are in compliance with the disclosure requirements of International Accounting Standard (IAS)-34 "Interim Financial Reporting".

		March	June
		2026	2025
		Rupees	Rupees
**3 **	Reserves
	Capital reserve	295,434,210	295,434,210
	Revenue reserve	(229,769,249)	(244,538,319)
		65,664,961	50,895,891
**4 **	Investments
	Unlisted Securities	76,292,286	72,119,707
	Whollyowned subsidiary	350,000,000	350,000,000
		426,292,286	422,119,707

• 5 These financial statements were authorized for issue in accordance with a resolution of the Board of Directors on April 29, 2026.

Qazi Obaid Ullah Adil A Ghaffar Nadeem Maqbool Alizeh Bashir Chief Financial Officer Chief Executive Officer Director Director Premier Financial Premier Financial Premier Financial Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.

EQUITY TEXTILES LIMITED

Wholly Owned Subsidiary of First Equity Modaraba nine months ended March 31, 2026

Page 12

EQUITY TEXTILES LIMITED BALANCE SHEET AS AT MARCH 31, 2026

ASSETS NON CURRENT ASSETS Property, plant and equipment Intangibles Long Term Investment Advance agsinst office Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Short term investment Other receivables Tax refund due from government Tax - net Deferred Taxation Cash and bank balances Assets classified as held for sale TOTAL ASSETS Authorized share capital 25,000,000 shares of Rs. 10/- each Issued, subscribed and paid-up share capital Unrealized Loss on Remeasurement of investment Unappropriated Profit Surplus on revaluation of fixed assets Deferred taxation Trade and other payables Current portion of GIDC Payable Accrued Markup Short term borrowings Current portion of lease liability TOTAL EQUITY AND LIABILITIES CURRENT LIABILITIES SHARE CAPITAL AND RESERVES CURRENT ASSETS EQUITY AND LIABILITIES NON CURRENT LIABILITIES	Un-Audited March 2026 Rupees 12,483,863 6,820,760 11,658,548 62,667,452 93,630,623 28,254,865 3,766,996 110,858 5,788,603 82,324,688 643,387,185 78,999,348 39,377,887 7,900,269 223,298,600 13,602,518 1,126,811,817 815,137,031 2,035,579,471 250,000,000 250,000,000 (584,508) 13,228,893 12,644,385 262,644,385 379,425,125 - - 1,098,398,098 294,911,570 200,293 - - 1,393,509,961 2,035,579,471	Audited June 2025 Rupees
		71,896,414 7,373,793 10,600,116 -
		89,870,323
		38,896,486 42,633,230 - 3,014,060 59,331,605 - 115,930,697 34,014,098 5,873,711 - 7,050,244
		306,744,131 1,371,951,175
		1,768,565,629
		250,000,000
		250,000,000
		(1,642,940) (67,060,743)
		(68,703,683)
		181,296,317 674,639,525
		104,695,413
		104,695,413
		441,538,396 294,911,570 14,804,653 52,883,889 3,795,866
		807,934,374
		1,768,565,629

CHIEF EXECUTIVE

DIRECTOR

Page 13

EQUITY TEXTILES LIMITED PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED MARCH 31, 2026

Sales Cost of Sales Gross profit Administrative and general expenses ` Distribution and selling expenses Operating Profit / (loss) Financial charges Other Charges Other income Profit / (Loss) before taxation Provision for taxation Current - Minimum tax differental Prior Deferred Profit / (Loss) after taxation Profit / (Loss) per share - basic and diluted	March 2026 Rupees 32,605,348 (81,951,542) (49,346,194) (53,831,381) (3,562,500) (106,740,075) (6,621,179) (429,720,618) (436,341,797) (543,081,872) 7,578,675 (535,503,197) (407,567) (7,008,008) 327,994,008 320,578,433 (214,924,763) (8.597)	March 2025 Rupees 369,803,353 (509,302,955)
		(139,499,602) (47,187,892) (3,701,181)
		(190,388,675)
		(20,059,605) -
		(20,059,605)
		(210,448,280) 10,024,205
		(200,424,075)
		(4,618,148) - 62,633,913
		58,015,765
		(142,408,309)
		(5.696)

CHIEF EXECUTIVE

DIRECTOR