First Equity Modaraba — Interim / Quarterly Report 2026

Apr 30, 2026

First Equity Modaraba

Room #503-504, Pakistan Stock Exchange Building, Stock Exchange Road, Karachi.
Tel: (92-21) 32446020, 32460766, E-mail: info@firstequitymodaraba.com.pk

Managed by Premier Financial Service (Private) Limited Ref. No.: QO-0050/2026

April 30, 2026

$NIL$

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The General Manager Pakistan Stock Exchange Limited Stock Exchange Building Stock Exchange Road Karachi.

FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED MARCH 31, 2026

Dear Sir.

We have to inform you that the Board of Directors of Premier Financial Services (Pvt.) Ltd the management company of FIRST EQUITY MODARABA in their meeting held ON April 29 2026 at Karachi, recommended the following:

CASH DIVIDEND

An Interim Cash Dividend for the Third Quarter and Nine Months Ended March 31, 2026

BONUS SHARES

RIGHT SHARES

The financial results of the Modaraba are enclosed.

Encl: $a/a$

${\bf FIRST \; EQUITY \; MODARABA} \ {\bf CONDENSED \; INTERIM \; BALANCE \; SHEET \; (UN-AUDITED) } \ \ ^{\prime}$ AS AT MARCH 31, 2026

	Note	March 31 2026 Rupees	Audited June 30, 2025 Rupees
EQUITY AND LIABILITIES
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
Security deposit		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
Unclaimed profit 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

$\overline{2}$

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

	Note	March 31 2026 Rupees	June 30, 2025 Rupees
ASSETS
Non - current assets
Fixed assets - tangible		1,590,659	1,631,066
- intangible		1,590,659	1,631,066
Long term investments	$\overline{4}$	426,292,286 661,667	422,119,707 751,667
Investment property Advances Deposits		2,510,000 1,750,000	2,510,000 1,750,000
Total non-current assets		432,804,612	428,762,440
Current assets
Short term investments Advances- Considered goods		118,262,722 13,934,196	122,411,132 13,482,335
Trade deposits and prepayments Other receivables		15,507,091 62,246,458	15,618,314 65,996,928 18,926,526
Cash and bank balances Total current assets		49,750,849 259,701,315	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.

Chall

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

Director Premier Financial Services (Private) Ltd.

3

Audited

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

	Quarter ended		Nine months ended
	March 31	March 31	March 31	March 31
	2026	2025	2026	2025
	Rupees	Rupees	Rupees	Rupees
Income	8,512,764	1,791,905	37,070,541	15,526,777
Expenditure
Operating expenses	(8,959,190)	(7, 157, 549)	(21, 303, 773)	(18,033,897)
Bank charges	(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	(221, 267)	(5,201,666)	16,428,859	(1,842,035)
Final Tsx	(327, 829)	(1,821)	(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)

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

Qazi Obaid Ullah

Adil A Ghaffar Chief Financial Officer Chief Executive Officer Premier Financial Services (Private) Ltd.

Director Premier Financial Services (Private) Ltd.

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	0	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 beginning of the period	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.

${}^{\prime\hspace{-0.1em}\prime}{\hspace{-0.1em}l} \eta{\mathfrak{d}{\mathcal{B}}{\mathcal{B}}{\mathcal{B}}{\mathcal{B}}{\mathcal{B}}{\mathcal{B}}{\mathcal{B}}{\mathcal{B}}$ $\frac{1}{\mathcal{O}}$ Adil NGhaffar Qazı Opaid Ullan Chief Financial Officer Premier Financial Services (Private) Ltd.

Director Premier Financial Services (Private) Ltd.

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

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

godl

Qazi Obaid Ullah

Adil A Ghaffar Chief Financial Officer Chief Executive Officer Premier Financial Services (Private) Ltd.

Director Premier Financial Services (Private) Ltd.

FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED MARCH 31, 2025

Ŀ.

$\overline{5}$

	Certificate Capital	Special reserve	Certificate premium account	General reserve	Remeasurem ent of define benefit liability	Unrealised gain / (loss) on re- measurement of available for sale	Un appropriated profit / accumulated loss	Total
	Rupees	Rupees	Rupees	Rupees		Rupees	Rupees	Rupees
Balance as at July 1, 2024	524,400,000	164,334,210	131,100,000	17,321,036	2,873,713	(24,749,991)	(253, 575, 203)	561,703,765
Total comprehensive income for the period						43,675,530.00	(2,649,250.00)	41,026,280.00
Balance as at March 31, 2026	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	524,400,000	164,334,210	131,100,000	17,321,036	4,013,719	33,504,577	(261, 859, 355)	612,814,187
Total comprehensive income for the period				٠		(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.

Chief Financial Officer

Adil A Ghaffar Chief Executive Officer Premier Financial Services (Private) Ltd.

Director Premier Financial Services (Private) Ltd.

Director Premier Financial Services (Private) Ltd.

$\overline{7}$

FIRST EQUITY MODARABA

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

	Quarter ended		Nine Month ended
	March 31	March 31	March 31	March 31
	2026	2025	2026	2025
	Rupees	Rupees	Rupees	Rupees
Income	(1,052,560)	(39, 383, 633)	(5,025,775)	(119, 727, 079)
Expenditures
Operating expenses	(33,952,063)	(21,898,070)	(75, 964, 074)	(66, 418, 413)
Distribution and selling expenses	(3,562,500)	(20,000)	(3,562,500)	(3,701,181)
	(37, 514, 563)	(21, 918, 070)	(79, 526, 574)	(70, 119, 594)
Operating profit	(38, 567, 123)	(61, 301, 703)	(84, 552, 349)	(189, 846, 673)
Financial charges	(580, 686)	(4,512,033)	(6,634,083)	(20,059,605)
	(39, 147, 809)	(65, 813, 736)	(91, 186, 432)	(209, 906, 278)
Other income	4,438,264	3,616,945	8,276,441	10,042,526
Other charges	(34, 709, 545) (302, 616, 228)	(62, 196, 791)	(82,909,991) (429, 720, 618)	(199, 863, 752)
Profit / (loss) before taxations	(337, 325, 773)	(62, 196, 791)	(512, 630, 609)	(199, 863, 752)
Final Tax	(341, 487)	(29, 029)	(1,410,040)	(705, 337)
Minimum Tax	(519, 526)	(778, 810)	(739, 985)	(4,819,485)
	(338, 186, 786)	(63,004,630)	(514, 780, 634)	(205, 388, 574)
Taxation
- current
- prior	(7,008,008)		(7,008,008) 327,994,008	62, 633, 915
- deferred	316, 335, 889	10,672,406	320,986,000	62,633,915
	309,327,881	10,672,406
Profit / (loss) for the period	(28, 858, 905)	(52, 332, 224)	(193, 794, 634)	(142, 754, 659)
Profit / (loss) Earnings per
certificate	(0.55)	(1.00)	(3.70)	(2.72)

Adil A Ghaffar Qazi Obaid Ullah Chief Financial Officer Chief Executive Officer Premier Financial Services (Private) Ltd.

Director Premier Financial Services (Private) Ltd.