First Equity Modaraba — Interim / Quarterly Report 2026

Feb 27, 2026

Half Yearly and Six Months For the period ended December 31, 2025

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FIRST EQUITY MODARABA

Managed by PREMIER FINANCIAL SERVICES (PVT) LTD

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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 approval)

Audit Committee Hunam Resourse Committee Ms Alizeh Bashir Mr Nadeem Maqbool Mr Nadeem Maqbool Mr Adil A Ghaffar

Registerd and Business address

B-1004 Lakson Square Building # 3 Room No 503-504 Sarwar Shaheed Road Karachi Stock Exchange Building Karachi Karachi Tel : 021-35672815-18 Tel : 021-32446020-3 Fax : 021-35686116 Fax : 021-32446024 e-mail: info@firstequitymodaraba.com.pk website: firstequitymodaraba.com.pk

Contents

Contents
Corporate information	1
Report of the Directors	2
Review Report of Auditors	4
Balance sheet	5
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	16
Equity Textile Ltd - Profit and Loss Accounts	17

Page 2

FIRST EQUITY MODARABA DIRECTORS REPORT

The Directors of Premier Financial Services (Private) Ltd, the management company of FIRST EQUITY MODARABA, are pleased to present their report together with the auditors review on the financial statements of the Modaraba for the half year ended December 31, 2025.

Financial Results

Profit for the half year ended December 31, 2025 amounted to Rs 15.4 million as compared to Rs 2.6 million for the same period last year. The earnings per certificate as at December 31, 2025 stood at Rs 0.294 as against Rs 0.049 last December. The breakup value per modaraba certificate stands at Rs 12.64

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.

As already informed that we are waiting for the appropriate time to divest our investments in shares of listed companies, which are expected to generate good capital gains

The sale of assets by Equity Textiles Limited, a wholly owned subsidiary, has not yet been completed. It is expected that the transaction will be finalized before the end of the current financial year.

The sale of assets by Equity Textiles Limited, a wholly owned subsidiary, has not yet been completed. It is expected that the transaction will 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, we note that during the period under review the stock market performed positively, albeit driven by intermittent factors. We anticipate that once the prevailing political and economic uncertainties are resolved, the capital market will regain stability and demonstrate a sustained bullish trend

Adil A Ghaffar

Karachi February 25 2026

Chief Executive Officer

Page 3

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Page 4

FIRST EQUITY MODARABA AUDITORS’ REPORT TO THE CERTIFICATE HOLDERS ON REVIEW OF UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS

Introduction

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We have reviewed the accompanying unconsolidated condensed interim ststement of financial position of First Equity Modaraba (the Modaraba) as at December 31, 2025 and the related unconsolidated condensed interim statement of profit or loss, unconsolidated condensed interim statement of comprehensive income, unconsolidated condensed interim statement of cash flows, unconsolidated condensed interim statement of changes in equity and notes to the unconsolidated condensed interim financial information for the six months period then ended (here-in-after referred to as the "condensed interim financial information"). The Modaraba Management Company [Premier Financial Services (Private) Limited] is responsible for the preparation and presentation of these unconsolidated condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this uncondensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Qualification

Modaraba has charged unrealized gain of Rs. 32.46 million, in respect of investment classified as financial asset at fair value through profit and loss, in other comprehensive income instead of profit and loss account as required under IFRS 9.

Had the Modaraba charged the unrealized gain to the profit and loss account, its loss for the period would have been decreased by Rs. 32.46 million

Qualified Conclusion

Based on our review, except for the matter referred in the above paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial information as at December 31, 2025 is not prepared, in all material respects, in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting.

Other Matters

Pursuant to the requirement of Section 237 (1) (b) of the Companies Act, 2017, only cumulative figures for the six months, presented in the second quarter accounts are subject to a limited scope review by the statutory auditors of the Modaraba. Accordingly, the figures of the unconsolidated condensed interim statement of profit and loss and unconsolidated condensed interim statement of comprehensive income for the three month period ended December 31, 2025 and December 31, 2024 have not been reviewed by us.

The engagement partner on the audit resulting in this independent auditor’s report is Muhammad Aqeel Ashraf Tabani.

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Karachi Dated: February 25, 2026

Page 5

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT DECEMBER 31, 2025

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT DECEMBER 31, 2025
		Unaudited	Audited
		December 31,	June 30,
		2025	2025
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital and reserves
Certificate capital
Authorised capital
60,000,000 (June 30, 2025: 60,000,000) modarabacertificates of Rs. 10 each		600,000,000	600,000,000
Certificate capital	5	524,400,000	524,400,000
Reserves		66,326,016	50,895,891
Remeasurement of define benefit liability - Actuarial gain		4,013,719	4,013,719
Unrealised(loss)on re-measurement of investments		70,136,349	33,504,577
Certificate holders' equity		664,876,084	612,814,187
Non-current liabilities
Deferred liabilities		7,045,403	7,552,903
Secuitydeposit		575,000	575,000
Total non-current liabilities		7,620,403	8,127,903
Current liabilities
Creditors, accrued and other liabilities		31,318,482	13,139,512
Unclaimedprofit distributions		31,113,339	31,116,073
Total current liabilities		62,431,821	44,255,585
Total liabilities		70,052,224	52,383,488
Contingencies & Commitments	6
Total equity and liabilities		734,928,308	665,197,675
ASSETS
Non - current assets
Fixed assets
- tangible	7	1,685,742	1,631,066
- intangible	8	-	-
		1,685,742	1,631,066
Investment property		691,667	751,667
Investments	9	426,292,286	422,119,707
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		432,929,695	428,762,440
Current assets
Short term investments		162,043,907	122,411,132
Advances		13,426,942	13,482,335
Trade deposits and prepayments		15,791,548	15,618,316
Other receivables		66,278,292	65,996,924
Cash and bank balances		44,457,924	18,926,528
Total current assets		301,998,613	236,435,235
Total assets		734,928,308	665,197,675

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Alizeh Bashir Director Director Premier Financial Premier Financial Services (Private) Limited Services (Private) Limited

Page 6

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FIRST EQUITY MODARABA CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2025

					Quarter ended	Quarter ended	Quarter ended
					December 31, 2025 Rupees		December 31,
							2024
							Rupees
Income
	28,557,777		13,734,872		23,364,760		12,043,786
Expenditure
Operating expenses Financial charges	(12,344,583) (9,424)		(10,876,348) (1,275)		(5,256,771) (5,858)		(6,050,629) (1,217)
	(12,354,007)		(10,877,623)		(5,262,629)		(6,051,846)
Operating profit / (loss) Other income	16,203,770 446,356		2,857,249 504,203		18,102,131 223,163		5,991,940 413,875
Profit/(loss) before income tax and levy	16,650,126		3,361,452		18,325,294		6,405,815
Final taxes Minimum taxes	(999,542) (220,459)		(604,059) (201,335)		(998,436) (138,533)		(596,160) (166,708)
Profit/(loss) before income tax
Income tax expense
Current For the period Prior	-		-		-		-
	-		-		-		-
	-		-		-		-
Profit for theperiod	15,430,125		2,556,058		17,188,325		5,642,947
Earnings /(loss) per certificate 10	0.294		0.049		0.328		0.108

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Director Premier Financial Services (Private) Limited

Alizeh Bashir Director Premier Financial Services (Private) Limited

Page 7

FIRST EQUITY MODARABA CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER AND HALF YEAR ENDED DECEMBER 31, 2025

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	December 31, December 31, 2025 2024 Rupees Rupees 15,430,125 2,556,058 Half Yearly	Quarter ended
		December 31, December 31, 2025 2024 Rupees Rupees 17,188,325 5,642,947
Profit/ (loss) for the period Other comprehensive income / (loss)
Unrealized (loss) /gain on re-measurement of investments fair value through profit and loss	27,905,138 61,402,618 4,554,055 (10,948,845) 4,172,579 2,251,785	(6,553,685) 52,681,618 5,715,419 (5,799,031) 4,172,579 2,251,785
Reversal of unrealised gain on disposal of investments
Unrealized gain on remeasurement of investment held at fair value through other comprehensive income
	36,631,772 52,705,558	3,334,313 49,134,372
Total comprehensive income for the Period	52,061,897 55,261,616	20,522,638 54,777,319

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

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Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Director Premier Financial Services (Private) Limited

Alizeh Bashir Director Premier Financial Services (Private) Limited

Page 8

Page 8
FIRST EQUITY MODARABA
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2025
	December 31,		December 31,
	2025		2024
	Rupees		Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit Before Income Tax	16,650,126		3,361,452
Adjustments for non cash items:
Depreciation	446,712		451,801
Gratuity paid	(507,500)
Dividend income	(6,663,615)		(4,027,063)
	(6,724,403)		(3,575,262)
Operating (loss) before working capital changes	9,925,723		(213,810)
(Increase) / decrease in current assets
Advances	55,393		(860,294)
Trade deposits and prepayments	(173,232)		(779,322)
Other receivables	(281,368)		(4,520,801)
	(399,207)		(6,160,417)
Increase /(Decrease) in current liabilities
Creditors,accrued and other liabilities	18,178,970		12,723,319
	27,705,486		6,349,092
Security deposit	-		375,000
Advance taxpaid	(1,220,001)		(805,393)
Net cash generated from operating activities	26,485,485		5,918,699
CASH FLOW FROM INVESTING ACTIVITIES
Investments - net	(7,173,582)		6,202,425
Dividends received	6,660,881		4,027,063
Addition in tangle assets	(441,388)		(100,500)
Net cash (Used in) / generated from investing activities	(954,089)		10,128,988
Net Increase in cash and cash equivalents	25,531,396		16,047,687
Cash and cash equivalents at the beginning of the period	18,926,528		16,545,521
Cash and cash equivalents at the end of the halfyear	44,457,924		32,593,208
The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Alizeh Bashir Director Director Premier Financial Premier Financial Services (Private) Limited Services (Private) Limited

Page 9

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025

		Reserve	Reserve
	Remeasurement of defined benefit liability Unrealized gain / (loss) on re- measurement of investments Certificate capital Statutory resrve Certificate premium account General reserve Accumulated loss Total Reserve			Total
	Rupees Rupees Rupees Rupees Rupees Rupees Rupees			Rupees
Balance as at July 01, 2024 Profit for the Half year ended December 31, 2024	524,400,000 164,334,210 131,100,000 17,321,036 (253,575,203) 59,180,043 2,873,713 (24,749,991) - - - - 2,556,058 2,556,058 -			561,703,765
	- - - - 2,556,058 2,556,058 -			2,556,058
Other Comprehensive Income	52,705,558			52,705,558
Total Comprehensive Income for the Period	- - - - 2,556,058 2,556,058 - 52,705,558			55,261,616
Balance as at December 31, 2024	524,400,000 164,334,210 131,100,000 17,321,036 (251,019,145) 61,736,101 2,873,713 27,955,567			616,965,381
Balance as at July 01, 2025	524,400,000 164,334,210 131,100,000 17,321,036 (261,859,355) 50,895,891 4,013,719 33,504,577			612,814,187
Profit for the Half year ended December 31, 2025	- - - - 15,430,125 15,430,125 -			15,430,125
Other Comprehensive Income	36,631,772			36,631,772
Total Comprehensive Income for the Period	- - - - 15,430,125 15,430,125 - 36,631,772 .			52,061,897
Balance as at December 31, 2025	524,400,000 164,334,210 131,100,000 17,321,036 (246,429,230) 66,326,016 4,013,719 70,136,349			664,876,084

The annexed notes from 1 to 14 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar Nadeem Maqbool Chief Executive Officer Director Premier Financial Premier Financial Services (Private) Limited

Director Premier Financial Services (Private) Limited

Alizeh Bashir Director Premier Financial Services (Private) Limited

Page 10

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025

• 1 LEGAL STATUS AND OPERATIONS

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

The Modaraba is a perpetual, multipurpose 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 a member of the Pakistan Stock Exchange Limited and is currently operating its brokerage activities in Pakistan Stock Exchange Limited.

The Modaraba is listed on Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated at B-1004, 10th floor, Lakson Square Building 3, Sarwar Shaheed Road, Karachi. The Modaraba has the following wholly owned subsidiary companies.

• Equity Textiles Limited

• Capital Financial Services (Private) Limited

• Apex Financial Services (Private) Limited

2 BASIS OF PREPARATION

The unaudited condensed interim financial information is being presented and submitted to the shareholders as required by Rule 10 of the Modaraba Companies and Modaraba Rules, 1981

These condensed interim financial information has been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Approved accounting standards comprise of such International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board as are notified under the Companies Act, 2017, Islamic Financial Accounting Standards (IFASs) issued by the institute of Chartered Accountants of Pakistan, and the requirements of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange Commission of Pakistan (SECP).

The disclosures made in these condensed interim financial information have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting. These condensed interim financial information does not include all the information required for a full set of financial statements and should be read in conjunction with the annual published financial statements of the Modaraba for the year ended June 30, 2025.

3 MATERIAL ACCOUNTING POLICY INFORMATION

The material accounting policy information adopted by the Modaraba in the preparation of these condensed interim financial information are the same as those applied in preparation of the preceding published financial statements of the Modaraba for the year ended June 30, 2025.

4 USE OF ESTIMATES

Judgments and estimates made by the management in the preparation of the condensed interim financial information was same as those that were applied to the financial statements as at and for the year ended June 30, 2025.

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FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025

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Page 11

5	CERTIFICATE	CAPITAL
	Fully paid modaraba certificates		of Rs. 10 each.
				Unaudited	Audited
	December 31,	June 30,		December 31,	June 30,
	2025	2025		2025	2025
	(Number of	certificates)		Rupees	Rupees
	46,220,000	46,220,000	Issued for cash	462,200,000	462,200,000
	6,220,000	6,220,000	Issued as bonus certificates	62,200,000	62,200,000
	52,440,000	52,440,000		524,400,000	524,400,000

6 CONTINGENCIES AND COMMITMENTS

Modaraba has filed a suit against Samba Bank Ltd. for the recovery of deposit amounting to Rs. 21 million alongwith mark up. The matter is pending before the Honourable High Court of Sindh. Management of the Modaraba and its legal advisor are of the opinion that Modaraba has reasonable chance and it appears unlikely that Modaraba may suffer any loss from the same.

	Unaudited Audited December 31, June 30, 2025 2025
7	TANGIBLE FIXED ASSETS Rupees Rupees
8	Opening WDV 1,631,066 2,288,587 Additions during the period 441,388 114,460 Disposal during the period - - Depreciation for theperiod (386,712) (771,981)
	ClosingWDV 1,685,742 1,631,066
	Unaudited Audited December 31, June 30, 2025 2025 Rupees Rupees
	INTANGIBLE FIXED ASSETS
	Trading right entitlement certificate (TREC) 10,000,000 10,000,000
	Advance against TREC (10,000,000) (10,000,000)
	- -

8.1 The Modaraba has received Rs.10 million against the sale of Trading Right Entitlement Certificate (TREC) to wholly owned subsidiaries (Capital Financial Services (Private) Limited and Apex Financial Services (Private) Limited) in pursuance of the agreement dated April 18, 2017.The process of the sale of TREC is pending with PSX.

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025

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9	INVESTMENT Wholy Owned Subsidaries 350,000,000 350,000,000 Un-listed securities 76,292,286 72,119,707
	426,292,286 422,119,707

9.1 Breakup value of wholly owned subsidiary is Rs. 27.29 (June 30 2025: Rs. 34.24) per share as per unaudited accounts as at December 31, 2025.

		(Unaudited	(Unaudited
		December 31,	December 31,
		2025	2023
10	EARNINGS PER CERTIFICATE- BASIC	Rupees	Rupees
	AND DILITED
	Profit / (Loss) for the period	15,430,125	2,556,058
		Number	Number
	Weighted average number of certificates
	outstanding during the period	52,440,000	52,440,000
		Rupees	Rupees
	Earnings per certificate - basic and diluted	0.294	0.049

10.1 There is no dilution effect on the basic earnings per share of the modaraba as the modaraba has no such commitments.

Page 13

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025

11 SEGMENT INFORMATION

The modaraba determines the operating segments based on the services provided by it, further their segment analysis

are used internally by the management to make strategic decision.

The modaraba has three primary source of revenue i.e. musharaka facility, brokerage operations and capital market based on the nature of business and related risk associated with each type of business segment which are not deemed by the management to be sufficiently significant to disclose as separate items are reported.

Segment assets and liabilities include all assets and liabilities related to the segment relevant proportion of the assets and liabilities allocated to the segment on reasonable basis.

Segment revenue and expenses include all revenue and expenses related to the segment and relevant proportion of the revenue and expenses allocated to the segment on reasonable basis.

December 31, 2024 Brokerage Capital Others TOTAL TOTAL operation market ---Rupees--- Segment revenues 2,197,058 25,155,622 1,651,453 29,004,133 14,239,073 December 31, 2025 --------------------------------------------Rupees------------------------------------------	December 31, 2025	December 31, 2024
	Brokerage Capital Others TOTAL operation market	TOTAL
Segment result Unallocated cost Operating expenses	(958,513) 25,155,622 1,651,453 25,848,562 (9,198,436)	11,226,508 (7,865,056)
Loss before income Income tax & Levy	tax 16,650,126 (1,220,001)	3,361,452 (805,394)
Loss for theperiod	15,430,125	2,556,058
June 30 2025 Brokerage Capital Others TOTAL TOTAL operation market ---Rupees--- Other information Segment assets 23,302,676 238,336,193 - 261,638,869 215,421,575 Unallocated assets 473,289,439 449,776,100 December 31, 2025 --------------------------------------------Rupees------------------------------------------	December 31, 2025	June 30 2025
	Brokerage Capital Others TOTAL operation market	TOTAL
Total assets 23,302,676 238,336,193 734,928,308 665,197,675
Segment liabilities - 27,341,677 - - 27,341,677 9,267,833 Unallocated liabilities 42,710,547 43,115,655
Total liabilities - 27,341,677 - 70,052,224 52,383,488

Page 14

FIRST EQUITY MODARABA

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2025

12 TRANSACTIONS WITH RELATED PARTIES

	The related parties of the modaraba comprise management company, staff retirement funds, directors of	The related parties of the modaraba comprise management company, staff retirement funds, directors of	The related parties of the modaraba comprise management company, staff retirement funds, directors of	The related parties of the modaraba comprise management company, staff retirement funds, directors of	the management
	company and	key management personnel. Transactions with related parties other than remuneration			and benefits to
	officers and employees under the terms of their		employment are as follows:
12.1	Balance payable at end of the period / year			Unaudited	Audited
				December 31	June
				2025	2025
				Rupees	Rupees
	Modaraba management Company			42,630	58,053
12.2	Transactions during the period		Relationship	December 31,	December 31,
				2025	2024
				Rupees	Rupees
	Services acquired		Associated company	288,267	147,127
	Brokerage commission		Associated company	761,648	1,087,091

13 AUTHORIZATION FOR ISSUE

The condensed interim financial information was authorized for issue in accordance with a resolution of the Board of Directors on February 25 2026.

14 GENERAL

• 14.1 Figures in the condensed interim financial information have been rounded off to the nearest of rupee.

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) Limited	Services (Private) Limited	Services (Private) Limited

Page 15

EQUITY TEXTILES LIMITED

Wholly Owned Subsidiary of First Equity Modaraba

half yearly ended December 31, 2025

Page 16

EQUITY TEXTILES LIMITED BALANCE SHEET AS AT DECEMBER 31 2025

ASSETS NON CURRENT ASSETS Property, plant and equipment Intangibles Long Term Investment Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Tax refund due from government Tax net Cash and bank balances TOTAL ASSETS Authorized share capital 25,000,000 shares of Rs. 10/- each Issued, subscribed and paid-up share capital Unappropriated profit Unrealized loss on investments Surplus on revaluation of property, plant and equipment Surplus on revaluation of fixed assets Deferred taxation Trade and other payables Accrued Markup Short term borrowings GIDC Payable Current portion of lease liability TOTAL EQUITY AND LIABILITIES EQUITY AND LIABILITIES Assets clasified as held for sale CURRENT LIABILITIES SHARE CAPITAL AND RESERVES NON CURRENT LIABILITIES CURRENT ASSETS	UN-AUDITED Dec 2025 Rupees	UN-AUDITED Dec 2025 Rupees	AUDITED June 2025 Rupees
	14,384,079 7,005,104 16,476,782		71,896,414 7,373,793 10,600,116
	37,865,965		89,870,323
	36,012,729 36,372,344 250,000,000 44,456,476 5,402,104 81,203,871 93,768,390 38,106,891 4,630,464 48,613,584		38,896,486 42,633,230 - - 3,014,060 59,331,605 115,930,697 34,014,098 5,873,711 7,050,244
	638,566,853 1,118,249,555 1,794,682,373 250,000,000 250,000,000 (102,403,467) 4,233,726 526,248,034 678,078,293		306,744,131 1,371,951,175
			1,768,565,629
			250,000,000
			250,000,000 (67,060,743) (1,642,940) 674,639,525
			855,935,842
	93,037,289		- 104,695,413
	93,037,289		104,695,413
	728,454,928 200,293 - 294,911,570 -		441,538,395 14,804,653 52,883,889 294,911,570 3,795,867
	1,023,566,791 1,794,682,373		807,934,374
			1,768,565,629

CHIEF EXECUTIVE Page 17

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EQUITY TEXTILES LIMITED PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED DECEMBER 31, 2025

Sales Cost of Sales Gross profit Administrative and general expenses Distribution and selling expenses Operating profit/(loss) Financial charges Other charges Operating Profit/ (loss) Other income Profit / (Loss) before taxation and Levy Minimum Tax Fixed Tax Profit / (Loss) before taxation and Levy Provision for taxation Current Prior Deferred Profit / (Loss) after taxation Loss per share - basic and diluted	UN-AUDITED Dec 2025 Rupees - (36,350,705) (36,350,705) (29,270,348) - (65,621,053)	UN-AUDITED Dec 2025 Rupees - (36,350,705) (36,350,705) (29,270,348) - (65,621,053)	UN-AUDITED Dec 2024 Rupees 307,927,031 (404,867,518)
			(96,940,487) (33,074,905) (3,681,181)
			(133,696,573)
	(6,043,973) (127,104,390)		(15,546,397)
	(133,148,363) (198,769,416) 3,377,082 (195,392,334) - - (195,392,334)		(15,546,397)
			(149,242,970) 5,909,664
			(143,333,306) (3,839,338)
			(147,172,644)
	- - 11,658,119		- - 51,961,506
	11,658,119 (183,734,215) (7.349)		51,961,506
			(95,211,138)
			(3.808)

CHIEF EXECUTIVE

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