First Equity Modaraba — Interim / Quarterly Report 2026

Feb 26, 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-0035/2026

February 26, 2026

NIL

NIL

NIL

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

FINANCIAL RESULTS FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2025

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 February 25 2026 at Karachi, recommended the following:

CASH DIVIDEND

An Interim Cash Dividend for the half year and six months ended December 31, 2025

BONUS SHARES

RIGHT SHARES

The financial results of the Modaraba and auditors report are enclosed.

Yours truly

$\text{End}$ : $a/a$

Adil A Ghaffar Chief Executive Officer & Director

FIRST EQUITY MODARABA UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2025

$\frac{1}{2}$

	Note	Unaudited December 31, 2025 Rupees	Audited June 30, 2025 Rupees
EQUITY AND LIABILITIES
Capital and reserves Authorised Certificate capital
60,000,000 Modaraba certificates of Rs. 10 each		600,000,000	600,000,000
Certificate holders' equity
Certificate capital	5	524,400,000	524,400,000
Reserves		66,326,016	50,895,891
Remeasurement of defined benefit liability - actuarial gain		4,013,719	4,013,719
Unrealized gain on re-measurement of investment		70,136,349	33,504,577
Total Certificate holders' equity		664,876,084	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		31,318,482	13,139,512
Unclaimed profit 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 and Commitments	6
Total equity and liabilities		734,928,308	665,197,675

Qazi Obaid Ullah

Adil A. Ghaffar

FIRST EQUITY MODARABA UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2025

	Unaudited	Augited
	December 31,	June 30,
	2025	2025
Note	Rupees	Rupees
		1,631,066
		751,667
		422,119,707
		2,510,000
		1,750,000
		428,762,440
		122,411,132
		13,482,335
		15,618,316
		65,996,924
		18,926,528
		236,435,235
		665,197,675
	$\overline{z}$ 8. 9	1,685,742 691,667 426,292,286 2,510,000 1,750,000 432,929,695 162,043,907 13,426,942 15,791,548 66,278,292 44,457,924 301,998,613 734,928,308

Total assets

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

Qazi Obaid Ullah

Adil A. Ghaffar

nte-فأبحرك

FIRST EQUITY MODARABA

UNCONSOLIDATED CONDENSED INTERIM STATEMETN OF PROFIT OR LOSS (UN-AUDITED) FOR THE QUARTER AND SIX MONTHS PERIOD ENDED DECEMBER 31, 2025 $\mathcal{C}_{\mathcal{A}^{\mathcal{A}}}$

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

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

j

Qazi Obaid Ullah Chief Financial Officer

Adil A. Ghaffar

Chief Executive Officer Premier Financial $100 - 200 + 100$

Dire Premier Financial Annual Ince Veal

Director Premier Financial Camilan Ining 1144.

FIRST EQUITY MODARABA

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UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER AND SIX MONTHS PERIOD ENDED DECEMBER 31, 2025

		Six months period ended	Quarter ended
	2025	December 31, December 31, December 31, December 31, 2024 -------------------------- Rupees ------------	2025	2024
Profit for the period	15,430,125	2,556,058	17,188,325	5,642,947
Other comprehensive income
Unrealized gain / (loss) on re-measurement of investments fair value through profit and loss	27,905,138	61,402,618	(6,553,685)	52,681,618
Reversal of unrealized gain / (loss) on disposal of investments	4,554,055	(10,948,845)	5,715,419	(5,799,031)
Unrealized gain on remeasurment of investment held at fair value through other
comprehensive income Other comprehensive income	$-4,172,579$ 36,631,772	2,251,785 52,705,558	4,172,579 3,334,313	2,251,785 49,134,372
Total comprehensive income	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 unconsolidated condensed interim financial informatior

Qazi Obaid Ullah Aliak Hannald Aktions

Adil A. Ghaffar Chine Evenwhich Officer

م.
ال

NCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) RST EQUITY MODARABA

JR THE QUARTER AND SIX MONTHS PERIOD ENDED DECEMBER 31, 2025

				---- Kupees -----------------------------------			l
Total	investments - net measurement of Unrealized gain / (loss) on re-	of defined benefit Remeasurement liability	Total Reserve	Accumulated loss	General reserve	Certificate oremium account	utory g នី	Certificate capital
					Reserve

lance as at July 01, 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)	561,703,765
tal comprehensive income for the period					2,556,058	2,556,058		52,705,558	55,261,616
lance as at December 31, 2024					524,400,000 164,334,2100 131,100,000 17,321,036 2015,1019,145} 000,004,1350			2,873,713 27,955,567	616,965,381
lance 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
tal comprehensive income for the period					15,430,125	15,430,125		36,631,772	52,061,897

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

664,876,084

70,136,349

4,013,719

66,326,016

$(246, 429, 230)$

17,321,036

131,100,000

164,334,210

524,400,000

lance as at December 31, 2025

RIVER

zi Obaid Ullah

Chief Executive Officer Premier Financial Adil A. Ghaffar

Service (Pvt.) Ltd. Premier Financial NHANN

Premier Financial Service (Pvt.) Ltd.

lef Financial Officer

Service (Pvt.) Ltd.

FIRST EQUITY MODARABA UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE QUARTER AND SIX MONTHS PERIOD ENDED DECEMBER 31, 2025

	December 31, 2025	December 31, 2024
	Rupees	Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax and levy (final & minimum tax)	16,650,126	3,361,452
Adjustments for non cash items:
Depreciation	446,712	451,801
Dividend income	(6,663,615)	(4,027,063)
	(6,724,403)	(3,575,262)
Operating profit / (loss) before working capital changes	9,925,723	(213, 810)
Decrease / (increase) 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 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 tax paid	(1,220,001)	(805, 393)
Net cash inflow 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 tangible assets	(441, 388)	(100, 500)
Net cash inflow from investing activities	(954, 089)	10,128,988
Net increase in cash and cash equivalents	25,531,396	16,047,687
	18,926,528	16,545,521
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period	44,457,924	32,593,208

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

Qazi Obaid Ullah

$\mathcal{L}$ $\tilde{L}$ 1

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Adil A. Ghaffar

C bakertilly

Baker Tilly Mehmood Idrees Qamar Chartered Accountants 4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi - Pakistan

T: +92 (021) 35644872-7 F: +92 (021) 35644873

info@bakertilly.pk www.bakertilly.pk

FIRST EQUITY MODARABA

AUDITORS' REPORT TO THE CERTIFICATE HOLDERS ON REVIEW OF UNCONSOLIDATED CONDENSED INTERIM FINANCIAL INFORMATION

Introduction

We have reviewed the accompanying unconsolidated condensed interim statement 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 unconsolidated condensed 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 profit for the period would have been increased 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 Matter

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 or loss and unconsolidated condensed interim statement of comprehensive income for the three months period ended December 31, 2025 and December 31, 2024 have not been reviewed by us.

The engagement partner on the review resulting in this independent auditor's report is Muhammad Ageel Ashraf Tabani.

Baker Tilly Mchnood Idren Om

Chartered Accountants

Karachi.

Date: February 25, 2026

UDIN: RR202510542asWSu4EKP

FIRST EQUITY MODARABA

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

	Quarter ended		Half year ended
	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2024
	Rupees	Rupees	Rupees	Rupees
Income	5,234,089	(46, 302, 728)	(3,973,215)	(80, 343, 446)
Expenditures
Operating expenses	(20, 862, 228)	(21, 278, 328)	(42, 012, 011)	(44, 520, 343)
Distribution and selling expenses		9,890		(3,681,181)
	(20, 862, 228)	(21, 268, 438)	(42, 012, 011)	(48, 201, 524)
Operating profit	(15, 628, 139)	(67, 571, 166)	(45, 985, 226)	(128, 544, 970)
Other Charges	(127, 104, 390)		(127, 104, 390)
Financial charges	(2,519,865)	(4,440,838)	(6,053,397)	(15, 547, 672)
	(145, 252, 394)	(72, 012, 004)	(179, 143, 013)	(144, 092, 642)
Other income	1,943,237	2,369,242	3,838,177	6,425,581
Loss before taxation	(143, 309, 157)	(69, 642, 762)	(175, 304, 836)	(137, 667, 061)
Final Tax	(965,090)	(665, 423)	(1,068,553)	(676, 308)
Minumum Tax	(201, 444)	(587, 165)	(220, 459)	(4,040,673)
Taxation	(144, 475, 691)	(70, 895, 350)	(176, 593, 848)	(142, 384, 042)
- current
- prior				51,961,507
- deferred	9,574,983	23,084,959	11,658,119 11,658,119	51,961,507
	9,574,983	23,084,959
Loss for the period	(134, 900, 708)	(47,810,391)	(164,935,729)	(90,422,535)
(Loss) / Earnings per certificate	(2.57)	(0.91)	(3.15)	(1.72)

Ghaffar Qazi Obaid Ullah Adil A

Chief Financial Officer

Chief Executive Officer Premier Financial Service (Pvt.) Ltd.

Director Premier Financial Service (Pvt.) Ltd.

Director

Premier Financial Service (Pvt.) Ltd.